Federal Reserve Bulletin, 1954-12

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

VOLUME 40 December 1954 NUMBER 12 USE OF MONETARY INSTRUMENTS SINCE MID-19521 At any given time the Federal Reserve Sys- Discount policy relates to Federal Reserve tem pursues the policy it believes appropriate Bank lending to member banks. The initiafor the credit and economic situation. It tive in such credit extensions is taken by has three major instruments available for individual member banks when it is neceseffectuating its policy—open market opera- sary for them to build up their reserve positions, discount policy, and changes in reserve tions to required levels. The discount rates requirements. These instruments are com- at which the Federal Reserve Banks will lend plementary and mutually reinforcing. Ex- to member banks are established by each tent of reliance on any one of the instru- Reserve Bank from time to time, subject to ments depends upon the System's judgment review and determination by the Board of as to what may be most appropriate under Governors, in accordance with the credit and the circumstances to further the general economic situation. credit policy being pursued. Member banks, as a matter of well-established banking practice, are generally reluc- DESCRIPTION OF THE INSTRUMENTS tant to operate on borrowed funds, or to Open market operations are carried out stay long in debt. Therefore, under ordiat the initiative of the System by making nary circumstances, borrowing at the Fedpurchases or sales of United States Governeral Reserve by individual banks is usually ment securities in the market. Purchases of on a temporary, short-term basis. In unusual securities supply reserves to member banks. or emergency situations, of course, Federal Sales of securities absorb or extinguish mem- Reserve discount credit may be outstanding ber bank reserves. These operations can be to individual banks for longer periods. The used to offset losses or gains in reserves from general principles governing Reserve Bank changes in such factors as currency in ciradministration of the discount window arise culation or gold stock or to expand or reduce out of law, regulation, and Federal Reserve the volume of bank reserves. discount experience. 1 Reply of the Chairman of the Board of Governors to the By raising or lowering reserve requirefollowing question submitted by the Subcommittee on Eco- ments of the various reserve classes of memnomic Stabilization of the Joint Committee on the Economic Report, in connection with Subcommittee hearings on De- ber banks—within specified limits for each cember 7, 1954: "How has the emphasis in the use of mone- class as permitted by law—the Federal Retary instruments changed during the period since mid-1952? serve at its initiative may diminish or en- For example, how have the various instruments—open market operations, discount policy, and reserve requirement large the volume of funds which member changes—been used under varying conditions? Has there banks have available for lending. Action been any reliance on moral suasion during this period?" DECEMBER 1954 1237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

USE OF MONETARY INSTRUMENTS SINCE MID-19 52 of this type thus influences the liquidity posi- The Federal Reserve discount rate is a tion of banks and their ability to expand pivotal interest rate in the credit market. deposits in relation to their reserves. By In particular, short-term open market rates their nature, changes in reserve requirements tend to array themselves in relationship to affect at the same time and to the same ex- the Federal Reserve discount rate, except in tent all member banks within each reserve a period when the reserve positions of memclass subject to the action. ber banks are so easy as to obviate the need for borrowing at the Reserve Banks. When INTERRELATIONSHIP OF THE INSTRUMENTS through open market operations bank re- Although any one of these three major serve positions have been put under pressure instruments will tighten or ease credit con- (or have been allowed to get under pressure ditions, each of them has a somewhat unique as bank credit and deposits expand), money role in carrying out System credit and monerates will tend to range higher in their relatary policy. Open market operations have tionship to the discount rate. Conversely, become the chief instrument by which the as bank reserve positions ease, they will be System influences on a current basis the lower in relation to that rate. volume of unborrowed reserves of member In a period, for example, when restraint on banks. Such operations are also actively bank credit and monetary expansion is used to exert important restrictive or expanneeded, open market operations and changes sive pressure on bank credit conditions when in the discount rate need to be used to reinthe economic situation calls for fundamental force each other. In the first instance, inchange in these conditions. Since a purchase creasing pressure on bank reserve positions or sale of Government securities by the Sys- (increased need for borrowing) may be tem adds to or subtracts from the reserves of the member banks, it will be reflected ini- developed through use of the open market tially, other things unchanged, in the volume instrument alone. At a point, however, it of excess reserves held by member banks or will become appropriate to support the efin the volume of reserves that member banks fectiveness of this open market action by need to obtain by borrowing at the Federal an increase in the discount rate, strengthen- Reserve Banks. ing the reluctance of member banks to re- Reflecting the reluctance of member banks main indebted to the Federal Reserve by to incur indebtedness or remain long in debt, making borrowing more expensive as a changes in the volume of member bank ex- means of adjusting bank reserve positions. cess reserves or borrowing are promptly re- Such discount rate adjustments tend to lag flected in conditions of credit availability and behind adjustments in market rates in a interest rates in the money market. Bank tightening credit situation. With an upward credit is restricted as banks become increas- adjustment of the discount rate, market rates ingly indebted and is eased as the volume may shift further upward over a period of of that indebtedness is diminished or the time as they reform around the new and amount of excess reserves is increased. Open higher discount rate. market operations are thus a flexible means In a period when it is appropriate to ease for helping to achieve whatever condition of credit conditions, open market operations credit tightness, ease, or moderation may may be undertaken to supply reserve funds. be appropriate. Member banks may use these funds initially 1238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

USE OF MONETARY INSTRUMENTS SINCE MID-19 5 2 to reduce their borrowing. Since this action fecting bank reserve positions on a day-towill put banks in a stronger position to in- day and week-to-week basis, as are open marcrease their lending and investing activities, ket operations. Nor is the instrument as it will tend to be reflected in a stronger tone sensitive and flexible a means of affecting in money markets and in lower market rates general credit conditions as is the combined in relation to the discount rate. To rein- use of open market and discount operations. force this credit-easing action, it may be In fact, it may be desirable to engage in appropriate at some stage to lower the dis- partially offsetting open market actions in count rate, thereby keeping the cost of using order to cushion the impact of reserve rethis avenue for the temporary adjustment of quirement changes in credit markets. bank reserve positions more nearly in line USE OF THE INSTRUMENTS SINCE MID-1952 with the cost of making these adjustments through the sale and subsequent repurchase In the tabulation on pages 1242-1244, the of market paper or securities. various credit actions taken by the Federal Changes in reserve requirements can be Reserve after mid-1952 are set forth, together used, like open market operations, to tighten with a summary of the surrounding credit or ease bank reserve positions. As with open and economic circumstances. The followmarket operations, the effect shows up ini- ing chart shows the interrelated effects of tially in changes in the volume of member these actions on member bank borrowings bank excess reserves and borrowing at the and excess reserves. Examination of these Reserve Banks. The impact on the money measures will make clear the interaction and market and the availability of bank credit is, interrelation of the major instruments foltherefore, similar in many respects to that of lowing a pattern similar to that described a comparable open market action. above. The reserve requirement instrument, how- As may be seen from the chart, the System ever, is not interchangeable with the open did not fully meet through open market market instrument. Unlike open market operations, the results affect immediately EXCESS RESERVES AND BORROWINGS ALL MEMBER BANKS and simultaneously all banks in each reserve Billions of dollars class. Changes in requirements, moreover, 2.0 cannot be made frequently—especially on the up side—without unduly disturbing the operations of individual banks, since in our 1.5 country adherence to reserve requirements is a basic rule to be observed in conducting a banking business. Changes in reserve re- 1.0 quirements are, therefore, made infrequently and typically involve a fairly sizable volume of funds. The effects tend to be large and V .5 concentrated within a short period of time. The instrument is more appropriate for BORROWINGS AT F. R. BANKS making a major change in the volume of available bank reserves than it is for short- 1950 1952 1954 run adjustments. It is not adaptable to af- NOTE.—Monthly averages of daily figures; latest figure shown is for November. DECEMBER 1954 1239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

USE OF MONETARY INSTRUMENTS SINCE MID-19 5 2 operations the heavy demands of banks for open market purchases begun in early May reserves in the fall of 1952, with the result and made on an increasing scale through that there was a build-up in the volume of June. These open market purchases were discounts. This pressure on bank reserves supplemented at mid-1953 by a reduction in was reflected in a rise in interest rates, partic- reserve requirements. Taken together, these ularly in the short-term sector. The restric- actions made available sufficient reserve funds tiveness of this development was reinforced to meet seasonal reserve drains and credit in early 1953 by an increase in the discount needs at the midyear, including large Treasrates of the Reserve Banks from 1% to 2 ury needs, and at the same time greatly to per cent. Restraint on bank reserve posi- ease pressures on bank reserve positions and tions was maintained over the first several to reduce member bank borrowing needs. months of 1953. Reflecting the very strong Additional open market actions were demand for credit from a variety of sources, taken over the second half of 1953 to exinterest rates, both long- and short-term, rose pand further the supply of reserves available further. to member banks in accordance with usual The revival in this period in the use of the seasonal factors. Actual credit demands did discount instrument, little used since the not come up to seasonal expectations, howearly 1930's, raised some problems of discount ever, and member banks used surplus reserve administration for the System. Through a funds to reduce their borrowings at the Relapse of time some member banks had lost serve Banks. By early 1954 banks were familiarity with the principles of law and largely out of debt to the Reserve Banks and regulation relating to the appropriate occa- over the first half of the year excess reserves sions for borrowing at the Reserve Banks. increased steadily, largely reflecting seasonal Under the excess profits tax law then in ef- factors. Easing actions by the open market fect, it was profitable for member banks in instrument were supported by reductions in excess profits tax brackets to borrow to in- the discount rates of the Reserve Banks first crease their tax base, and, in order t^ improve in February and again in April and May. their tax situations, a few of these banks Interest rates declined sharply over the pebegan to rely on borrowing at the Reserve riod in response to this combination of ac- Bank, rather than on adjustments in asset tions and the reduced demand for shortpositions, in maintaining their reserve posi- term credit. tions. Some other banks seemed willing to In May of 1954 the Federal Reserve again remain indebted at the Reserve Banks for began to supply bank reserves through open extended periods in order to profit from market operations, and around midyear redifferentials between market rates of interest serve requirements of member banks were and the discount rate. As these develop- further reduced. This action was taken in ments became apparent, they were dealt with order to promote further bank credit and administratively by the Reserve Banks on a monetary expansion and to make available case-by-case basis. funds to meet seasonal reserve drains and With signs of an abatement of the infla- credit needs, including those of the Treasury. tionary threat in the spring of 1953, the Fed- It was foreseen that the action would supply eral Reserve modified its credit policy. Eas- more reserves than were called for at the ing actions were first undertaken through time and accordingly open market sales were 1240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

USE OF MONETARY INSTRUMENTS SINCE MID-19 5 2 made to absorb a part of the funds. It was to 50 per cent. The 75 per cent margin reanticipated that these funds would be re- quirement had been set in January 1951 as a leased to the market over the fall months, preventative measure during that inflationary as needed, by open market purchases and period. The action in early 1953 was taken this was done. The dovetailing of reserve in the judgment that a 50 per cent requirerequirement and open market actions in the ment would be adequate to prevent an exsummer of 1954 illustrates how the impact cessive use of credit for purchasing and carryof a change in reserve requirements may be ing securities. cushioned and spread over time by temporarily offsetting open market measures. USE OF MORAL SUASION Moral suasion is generally taken to refer SELECTIVE CREDIT ACTIONS to oral or written statements, appeals, or In addition to its general credit instru- warnings made by the banking and monements, the System had during this period one tary authorities to all or special groups of continuing instrument of selective credit ac- lenders with the intent of influencing their tion, namely, margin requirements on stock credit extension activities. During the pemarket credit.2 Margin requirements estab- riod under review only minor use was made lished by the Board of Governors limit the of this instrument within the Federal Reamount which brokers, dealers, and banks serve System.3 may lend to customers in order to purchase The term moral suasion is sometimes given or carry securities. Their statutory purpose a broader meaning to include any public or is to prevent undue use of credit for stock private statements made by Federal Reserve market transactions. From the standpoint of officials in the discharge of their responcredit and monetary administration, margin sibilities. As so defined it would include requirement regulation serves to minimize statements made to promote awareness and the bearing that stock speculation might understanding of current credit and monehave on the use of the general instruments tary problems on the part of the public and of System policy discussed above. the financial community. It would also in- In February 1953 margin requirements on clude conferences with member banks, instock market credit were reduced from 75 dividually and in groups, and with others in connection with the administration of vari- 2 At times during the past the Board has also had tem- ous System functions, including particularly porary authority to regulate the terms of consumer and real estate credit. Most recently, for example, regulation of con- the discount function. On the basis of this sumer credit was undertaken in the early fall of 1950 under broader definition, it may be said that moral temporary authority granted by the Defense Production Act. The Board suspended such regulation in May 1952, and in suasion is constantly being employed by the the Defense Production Act amendments, approved June 30, System to promote public understanding of 1952, Congress repealed the authority to regulate consumer System actions and to ensure compliance credit. In the fall of 1950 the Board was also given temporary authority to regulate real estate credit terms. Such with the law and with regulations issued regulation was begun in midfall of that year and suspended pursuant to the law. in September 1952 to conform with the provisions of the Defense Production Act as amended. That Act continued the authority for real estate credit regulation until mid-1953, 3 For example, the Federal Reserve Bank of Boston, on but required that the regulation be relaxed earlier if the May 15, 1953, addressed a letter to all commercial banks estimated number of dwelling units started in each of three in the First Federal Reserve District calling attention to successive months was below a seasonally adjusted annual relaxation of credit standards taking place in the market for rate of 1,200,000. instalment credit. DECEMBER 1954 1241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

USE OF MONETARY INSTRUMENTS SINCE MID-19 52 USE OF FEDERAL RESERVE INSTRUMENTS, JULY 1952-OCTOBER 1954 Purpose of action Intent with Date Action respect to effect on Explanation credit and money September Suspension of regulation of None To conform with the terms of the 1952 real estate credit. Defense Production Act, as amended, requiring suspension of regulation if housing starts in each of three consecutive months fell short of an annual rate of 1,200,000 units, seasonally adjusted. July-December Limited net purchases of Restrictive To meet seasonal and other reserve 1952 U. S. Government securities in drains only in part, requiring banks to open market to 1.8 billion dol- borrow some of the reserves needed so lars. as to restrain bank credit and deposit expansion at a time when credit demand was very large and the economy was fully employed. Purchases in August and September were made primarily at times of Treasury refunding operations and were offset in part by subsequent sales. January-April Sold in open market or re- Restrictive To offset seasonal changes in factors 1953 deemed 800 million dollars net affecting reserves and thus to maintain of U. S. Government securities. pressure on member bank reserve positions. January Raised discount rates from Restrictive To bring discount rates as well as buy- 1953 1% to 2 per cent and buying ing rates on acceptances into closer alignrates on 90-day bankers' ac- ment with open market money rates and ceptances from 1% to 2Y per to provide an additional deterrent to 8 cent. member bank borrowing from the Reserve Banks. February Reduced margin require- None To reduce margin requirements from 1953 ments on loans for purchasing the high level imposed early in 1951, in or carrying listed securities the judgment that the lower requirement from 75 to 50 per cent of mar- would be adequate to prevent excessive ket value of securities. use of credit for purchasing and carrying stocks. 1242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

USE OF MONETARY INSTRUMENTS SINCE MID-19 5 2 USE OF FEDERAL RESERVE INSTRUMENTS, JULY 1952-OCTOBER 1954—Continued Purpose of action Intent with Date Action respect to effect on Explanation credit and money May-June Purchased in open market Relief of To provide banks with reserves and 1953 about 900 million dollars of credit to permit a reduction of member bank U. S. Government securities. market borrowing from the Reserve Banks at tensions a time when such borrowing was high, credit and capital markets were showing strain, and seasonal needs for funds were imminent. July Reduced reserve require- Expansive To free additional bank reserves for 1953 ments on net demand deposits meeting expected seasonal and growth by 2 percentage points at cen- credit demands, including Treasury fitral reserve city banks and by nancing needs, and to further reduce the 1 percentage point at reserve pressure on member bank reserve posicity and country banks, thus tions. freeing an estimated L2 billion dollars of reserves. July-December Made net purchases in open Expansive To provide banks with reserves to 1953 market of U. S. Government meet seasonal and growth needs and to securities totaling 1.7 billion offset continuing gold outflow with little dollars. or no additional recourse to borrowing. This action and the following one were taken in pursuance of a policy of active ease adopted in view of the business downturn. January-June Limited net sales of U. S. Expansive To absorb only part of the reserves 1954 Government securities in open made available by seasonal deposit conmarket to about 900 million traction and return flow of currency, dollars. thereby further easing bank reserve positions. February Reduced discount rates from Expansive To bring discount rates as well as 1954 2 to 1% per cent and buying buying rates on bankers' acceptances into rates on 90-day bankers' accept- closer alignment with market rates of ances from 2Ys to 1% per cent. interest and to eliminate any undue April-May Reduced discount rates from deterrent to bank borrowing from the 1954 1% to ll/ per cent and buying Reserve Banks for making temporary 2 rates on 90-day bankers' accept- reserve adjustments. ances from 1% to 1/4 per cent. DECEMBER 1954 1243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

USE OF MONETARY INSTRUMENTS SINCE MID-19 5 2 USE OF FEDERAL RESERVE INSTRUMENTS, JULY 1952—OCTOBER 1954—Continued Purpose of action Intent with Date Action respect to effect on Explanation credit and money June-October Reduced reserve requirements Expansive To supply the banking system with 1954 on net demand deposits by 2 reserves to meet expected growth and percentage points at central seasonal demands for credit and money, reserve city banks and by 1 including Treasury financing needs. percentage point at reserve city and country banks, and requirements on time deposits by 1 percentage point at all member banks, thus freeing about 1.5 billion dollars of reserves in the period June 16-August 1. Sold in open market or re-Cushioning Reductions in reserve requirements deemed U. S. Government se- were offset in part by temporary sales curities totaling about 1.0 bil- of securities in order to prevent excess lion dollars in July and August. reserves from increasing unduly at the Made net purchases in open time, but security purchases were remarket of about 400 million sumed as need for funds developed. dollars in September and October. 1244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTLY PLACED FINANCE COMPANY PAPERS The larger sales finance companies have November 1954 the amount of directly placed obtained a large proportion of their short- paper outstanding averaged more than 250 term funds from nonbank sources in recent million dollars for each of the five companies years. A ready market for their short-term as against an average of less than 2 million notes, placed directly with investors at rela- for the approximately 500 concerns reported tively low rates, has been provided by expand- to be using dealer placements. The three ing corporate and institutional funds seeking largest companies started placing their paper short-term investment. At the same time, directly 15 or more years ago—one as early statutory limits on bank loans to individual as 1919—and the two smaller companies in borrowers and occasional periods of credit 1952 and 1953. stringency have tended to prevent an in- It is estimated that these five companies crease in bank borrowing commensurate hold nearly two-thirds of the total instalment with the huge expansion of the sales finance and other receivables held by all sales finance business since 1950. companies in the United States, and account The amount of directly placed finance com- for a considerably larger proportion of the pany paper outstanding increased 1 billion combined total of open market and directly dollars from 1948 to 1953, rising from less placed sales finance company paper outstandthan half to more than three-fifths of the ing. Hence directly placed paper, in addicombined short-term debt of the issuing com- tion to being an important element in the panies. With its expansion, this type of bor- short-term money market, has some imporrowing has become an increasingly impor- tance as a source of short-term funds for the tant element in the short-term money mar- sales finance business as a whole. ket. Currently it is substantially larger in Current cost advantages and ready market amount outstanding than either bankers' demand might support a substantial further acceptances or commercial paper placed expansion of direct financing. The larger through commercial paper dealers, and it sales finance companies, however, appear to carries discount rates as low as or lower than have placed more or less definite limits on rates on prime money market issues. the amount of paper they intend to place Only five sales finance companies with the directly in relation to their other sources highest credit rating, a national reputation, of credit. These limits, which are set in and a huge volume of short-term financing order to avoid too much reliance on the paper have been placing their paper directly with market and to protect bank-customer relainvestors rather than through dealers. The tionships, have been a factor in the moderate typical company financing through com- reduction of the aggregate amount of directly mercial paper dealers has a relatively small placed paper outstanding since the fall of volume of paper outstanding compared with 1953. the average amount placed directly. As of The five sales finance companies are now making available to the Federal Reserve pre- 1 This article was prepared by Francis R. Pawley of the viously unpublished monthly data on the Consumer Credit and Finances Section of the Board's Division of Research and Statistics. amount of short-term paper they are plac- DECEMBER 1954 1245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTLY PLACED FINANCE COMPANY PAPER ing directly with corporate, institutional, and ible maturity feature is especially attractive other investors, and the discount rate that to investors who have other uses for their it carries. This paper includes a minor funds on an exact day. The average maturity amount of notes sold to commercial banks, of paper sold from month to month may which the companies distinguish from their vary considerably depending on the time at bank borrowing under established lines of which investors specify repayments, but the credit. Since the issuing companies place average maturity of all paper outstanding these notes directly with investors rather than tends to be relatively stable. It was approxithrough dealers, this paper is readily dis- mately four months at the end of 1953, actinguished also from the open market com- cording to the experience of two of the five mercial and finance company paper placed companies. Moreover, there appears to be through commercial paper dealers, for which a fairly even distribution of maturities, with data have been published for many years on a moderate tendency for them to concentrate the basis of dealer reports. The two new on the short side of the 1- to 9-month range. series now made available, on amounts of Discount rates. The directly placed paper directly placed paper outstanding and the of all five of the sales finance companies gendiscount rates for the 3- to 6-month maturity, erally carries the same rate of discount; a are being published in the Federal Reserve rate change initiated by one of the com- BULLETIN, beginning with the issue of No- panies is usually followed by the other four vember 1954. companies within a few days. There is normally l/s of 1 per cent differential between CHARACTERISTICS OF DIRECTLY PLACED PAPER each of the maturity classes, grouped for purposes of rate differences at 30-89 days, The five sales finance companies engaging 90-179 days, 180-265 days, and 270 days. The in direct financing are General Motors Acrate is usually changed in steps of % of 1 ceptance Corporation, C.I.T. Financial Corper cent and has been changed twice in the poration, Commercial Credit Company, and same month on several occasions in recent Associates Investment Company, which rank years. Major variations in the rate, such as in that order as the four largest sales the rise from 1950 to the spring and summer finance companies; and General Electric of 1953 and the subsequent decline shown Credit Corporation. All five companies in the chart on page 1249, naturally have reissue this paper in the form of unsecured flected the changing conditions of tightness promissory notes payable to bearer. Denomior ease in the short-term money market as nations of the notes offered vary somewhat a whole. among the five companies, with the minimum note ranging from $500 to $5,000 and the maximum from 1 million to 5 million GROWTH OF DIRECTLY PLACED PAPER dollars. Direct placements are typically The amounts of directly placed paper outhandled by a small staff at the home office standing are shown in Table 1 for the end of or a financial branch office of the company each year since 1948 and for each month offering the paper. Investors often apply since January 1953. The three largest sales for paper on an informal basis by telephone. finance companies accounted for all of the Maturities. The directly placed notes are paper reported from 1948 to 1951 inclusive. offered to mature on any day specified by the Another sales finance company was added purchaser from 30 to 270 days. This flex- in 1952 and the fifth was added beginning 1246 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTLY PLACED FINANCE COMPANY PAPER TABLE 1 relation to bank loans occurred in large part DIRECTLY PLACED FINANCE COMPANY PAPER in 1951 and 1953, when bank credit tightened [In millions of dollars] considerably. In 1951, when the prime Amount bank rate was advanced from 2% per cent End of month outstanding1 to 3 per cent in three steps and when the 1948—December. 397 banks were less active in seeking loans, the 1949—December. 567 ratio of directly placed paper to total short- 1950—December. 575 term debt increased from about two-fifths to 1951—December. 882 nearly three-fifths. Availability of bank 1952—December. 1,193 credit was further restricted in early 1953, 1953—January ,312 February.. ,354 as the prime bank rate was increased to 3% March ,389 April ,425 per cent, and the directly placed paper of the May ,415 June ,339 five large finance companies increased to a July ,386 August ,396 somewhat larger proportion of their com- September. ,500 O N c o t v o e b m er ber. , , 6 5 0 9 1 6 bined short-term debt at the year-end. In December. . ,402 1937 the open market and directly placed 1954—January ,520 February.. ,592 paper financing of the three largest sales March ,556 April ,521 finance companies represented little more May ,527 June ,471 than a third of their total short-term debt.2 July ,461 August ,434 September. ,389 October ,286 LIMITATIONS ON EXPANSION OF BANK LINES November. ,263 The practical difficulty of expanding bank 1 Based on data reported to the Federal Reserve by five large sales finance companies. credit lines in proportion to the huge exwith January 1953, as these two companies pansion of financing requirements in recent started to place their paper directly. The years has helped to influence the larger sales increase from 397 million dollars outstanding finance companies to obtain more of their in 1948 to 1,402 million at the end of 1953 short-term financing from nonbank sources. reflected to a minor extent the addition of the One factor in this development has been the two companies in 1952 and 1953. Mainly it tightening of bank credit resulting from inreflected an expansion of the combined creased total credit demand together with short-term financing requirements of the restrictions on credit expansion exerted by directly placing companies and a shift away the monetary authorities at various times. from bank borrowing. Another factor has been the National Bank- The growth in financing requirements is ing Act provision that the total obligaindicated by the increase of 3.5 billion dollars tions of one borrower to one national bank in company receivables shown in Table 2, may not exceed 10 per cent of the bank's capipage 1251. About two-fifths of this amount tal and surplus. The bank lines of the larger was financed through expansion of total sales finance companies in 1953 were at or short-term borrowing. Direct financing in close to the statutory lending limits at many turn accounted for nearly three-fourths of of the major commercial banks. A survey the increase in total short-term debt. Ex- of 295 banks, representing about half of all pansion of bank loans was a comparatively small part of the increase in short-term debt. 2 Wilbur C. Plummer and Ralph A. Young, Sales Finance Companies and Their Credit Practices, National Bureau of The expansion of directly placed paper in Economic Research, New York (1940). DECEMBER 1954 1247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTLY PLACED FINANCE COMPANY PAPER commercial banks in terms of capital and relation to total bank capital accounts or surplus, indicated that on April 30, 1953 the loans. Thus, one of the larger finance comcredit lines extended by a typical bank to its panies desiring to expand its credit lines five largest finance company customers might not be able to obtain loans to the full totaled about 45 per cent of its capital and statutory limit from additional banks, parsurplus, or an average of 9 per cent for each ticularly when credit conditions are tight. company.3 THE MARKET FOR DIRECTLY PLACED PAPER Total outstanding short-term indebtedness of the three largest sales finance companies The major banks with which the larger at the end of 1953, as published in their an- sales finance companies have their borrowing nual reports, was as follows: General Motors relations generally are unable to purchase Acceptance Corporation (excluding foreign much if any of their paper without running debt), 729 million dollars; C.I.T. Financial the risk of exceeding legal lending limits, Corporation, 658 million; and Commercial since the banks' commitments to lend to Credit Company, 483 million. In order for these companies in many cases are already these companies to have obtained as much at or close to these limits. Hence only a as half of this short-term financing from relatively small part of the directly placed bank loans, assuming a 50 per cent rate of paper is sold to banks, which traditionally borrowing against bank credit lines, they have constituted the major purchasers of would have needed credit lines at least as commercial and finance company paper. The large as their total short-term debt. Because combined holdings of directly placed finance most of the larger commercial banks with the paper of all commercial banks at the end of greatest lending power are already lending 1953 probably represented not more than to the large sales finance companies, these one-fifth of the amount outstanding. companies would have had to establish ad- The growth of demand for directly placed ditional lines of credit with a large number paper from nonbank investors in recent of smaller banks in order to increase their years, however, has more than offset the intotal credit lines materially. ability of the commercial banks to absorb Credit lines totaling 650 million dollars, for the expanding volume. According to the example, would require the full lending experience of some of the largest sales ficapacity to individual borrowers of the 400 nance companies, business corporations are largest member banks, assuming a 10 per the most important single class of customer, cent lending limit. To increase the avail- and these corporate investors are estimated able lending capacity on this basis by as much to hold somewhat less than half of the comas 10 per cent or 65 million dollars, through bined total outstanding. These investors inlines with additional banks, would require clude a wide variety of large and small inlines with at least 400 more banks. More- dustrial, utility, and railroad corporations. over, many commercial banks place their Other sizable classes of customers include enown limits on the aggregate lines of credit dowment funds of colleges and other instithey will extend to finance companies in tutions, pension funds, insurance companies, and foreign funds placed in the United 3 Estimated from data given by Robert Morris Associates States. There are normally very few resales in A Survey of Ban\ Credit to the Finance Industry and to Consumers, Philadelphia (1954). by the original purchasers; although the 1248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTLY PLACED FINANCE COMPANY PAPER paper is issued in negotiable form, it is cus- the Treasury bill rate reflect to some extent tomarily held to maturity by the initial in- changes in short-term financing requirevestors. ments of the sales finance companies and, Several factors have contributed to the in particular, the extent to which these comgrowth of nonbank demand for paper of the panies rely on direct placement. The rate large sales finance companies in recent years, on such paper of 90-179-day maturity is usuaccording to company officials. A basic ally maintained at % to % of 1 per cent above factor has been the developing confidence the rate on 90-day Treasury bills. of corporate and institutional investors in In 1951, however, when bank credit became the financial soundness of the large sales tighter, the rate for directly placed paper was finance companies. In contrast to the 1920's raised considerably faster than the bill rate, and early 1930's, when finance company as may be seen in the chart. In the spring notes did not have a time-tested credit status, of 1953, although bank credit was further the short-term borrowings of the larger sales restricted, the paper rate was held exceptionfinance companies now have the highest ally close to the bill rate as the need to expand credit standing, with corporate and institu- directly placed paper was curtailed by the tional lenders as well as with commercial large volume of longer term financing underbanks. taken by the companies. From the fall of Another important market influence has been the expanded volume of funds seeking SELECTED SHORT-TERM MONEY RATES short-term investment as a result of such Per cent developments as increased corporate profits and savings, rising corporate depreciation al- lowances, and, in the past year, liquidation of inventories. Substantial demand has also re- K 1 1 PRIME BAN sulted from expanded corporate investment _r 1 PRIME programs involving the accumulation of J COMMER f CIA t L P APE - R temporarily surplus funds, through internal FINANCE COMPANY PAPER or external financing, for planned future PLACED DIRECTLY _} *\ / *" \ \\ expenditures. Some directly placed paper is lf/ also acquired in anticipation of tax payments. r \ 1 A/ i \ V There is a slight tendency, evident in Table 1 /— 14 T 1, for the amount of directly placed paper A \1 \ _if ^/ % '/NEW TREASURY I outstanding to decline around statement BILLS \ dates in June and December, when some in- -/v- 1 vestors prefer to hold cash. MARKET POSITION OF PAPER RATES As an outlet for short-term surplus funds, I 1 1 1 1948 1950 1952 1954 directly placed paper competes to some ex- NOTE.—Latest rates shown are for November. The prime tent with 90-day Treasury bills, which gener- bank rate is that charged by the large city banks for loans to customers with the highest credit standing. Rates shown for ally carry a lower yield, and with other short- prime commercial paper are monthly averages of weekly prevailing rates for the 4- to 6-month maturity set by commercial paper term money market issues. Variations in the dealers. Rates for finance company paper placed directly are rates as set by the finance companies from time to time for the 90-179-day (3- to 6-month) maturity. Rate for Treasury bills rate on directly placed paper in relation to is monthly average of discount on new issues of 3-month bills. DECEMBER 1954 1249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTLY PLACED FINANCE COMPANY PAPER 1953 to mid-1954, repeated cuts in the paper to maintain an appropriate balance between rate did not keep pace with the sharp drop the maturities of their debt and their rein the rate for Treasury bills, and the paper ceivables. With such a balanced debt strucrate for the 90-179-day maturity ranged be- ture, they are able to adapt their operations tween l/ and % of 1 per cent above the bill readily to the rapid expansions and contrac- 2 rate. It is reported in the trade that during tions that occur in their business from time this period requests for paper exceeded the to time; the normal liquidation of receivables supply. The rate of 1% per cent reached provides funds to pay off the outstanding in June 1954 was the lowest since the middle debt as it comes due and the companies are in of 1948, when the companies relied upon a flexible position to increase or reduce bordirect paper financing to a comparatively rowing as needed. small extent. In view of the large proportion of receiv- The interest cost of borrowing on directly ables typically maturing within one year and placed paper has been considerably lower the fluctuations in these receivables, a balthan the prime rate charged by commercial anced debt requires a large proportion of banks, recently at 3 per cent as shown by short-term borrowing. The long-term debt the chart. Moreover, the relative cost of of these companies can generally be called bank loans has tended to be somewhat higher for payment before maturity if necessary but than the rate differential would indicate be- this may involve a considerable penalty cost. cause of the larger compensatory balances In recent years, as shown in Table 2, the generally required when loans are outstand- combined short-term debt of these companies ing. Commercial banks patronized by the has ranged between 44 per cent and 58 per large sales finance companies generally re- cent of their receivables. At the end of 1953, quire that they maintain balances with the between 50 and 60 per cent of the receivables bank of either 15 per cent of credit lines of the largest sales finance companies was whether used or not, or 10 per cent of un- due within six months. used credit lines plus 20 per cent of outstand- While most retail instalment receivables ing loans. pay out in a longer average period than six months, the wholesale and commercial re- DIRECTLY PLACED PAPER IN RELATION TO ceivables of the larger sales finance compa- OTHER FINANCING SOURCES nies turn over in a much shorter period. Expansion of direct financing by the large Thus the appropriate ratios of short-term sales finance companies to its present volume debt to receivables vary from time to time has been a departure from the traditional and from company to company, depending practice of relying principally on bank credit on such factors as the ratio of wholesale for short-term funds. As noted earlier, the to retail receivables, the average maturity of availability of funds from nonbank investors retail receivables, and the stability of receivat relatively low cost, the great expansion ables. of short-term financing requirements, and On the basis of the data in Table 2, the limitations on expansion of bank borrowing five companies using direct placements of have all contributed toward the change. paper increased the ratio of their combined A major consideration in the expansion short-term debt to receivables from about 50 of paper financing by these companies, aside per cent in 1950 to 58 per cent in 1952 by from its cost advantage, has been the desire expanding their directly placed paper out- 1250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTLY PLACED FINANCE COMPANY PAPER TABLE 2 DIRECTLY PLACED FINANCE PAPER AND OTHER SHORT-TERM BORROWING IN RELATION TO RECEIVABLES1 [Dollar amounts in millions] Percentage relationships Other End of year s b h o o T r r r o t o - t w t a e l i r n m g p s a f t D p i a n e n i a r r d n e i c c o n e t u g t- b b s o a h r n m o r k o r o t w - l s t o i t e n l a y r g n m — s2 Receivables3 s b h o t f o D o i r p n r r i a o t a t r - o p n e w t e t c c e i a r t e r n l m g r s b e h o c o T r e r r i o o t t v o - t w a t a e b l i r n l m e g s re p c f D a i e n p i i a v e r n e r a c c b e t t l o es 1948 $ 906 $ 397 $509 $1,657 43.8 54.7 24.0 1949 1,128 567 561 2,237 50.3 50.4 25.3 1950 1,414 575 839 2,825 40.7 50.1 20.4 1951 1,529 882 647 2,884 57.7 53.0 30.6 1952 2,090 1,193 897 3,624 57.1 57.7 32.9 1953 2,276 1,402 874 5,190 61.6 43.9 27.0 Increase, 1948-53. . 1,370 1,005 365 3,533 73.4 38.8 28.4 Increase, 1950-53 862 827 35 2,365 95.9 36.4 35.0 1 Based on data for large sales finance companies placing their paper directly with investors and reporting to Federal Reserve. Data for three companies from 1948 to 1951, four in 1952, and five in 1953. 2May include minor amounts of paper placed through dealers, current maturities on longer term debt, and short-term notes placed in Canada, which some companies did not report separately. 3Partly estimated; includes minor amounts of Canadian receivables for some companies. Sources.—Published annual reports of the five companies and their reports to the Federal Reserve. standing, which rose from 20 per cent of paper outstanding, the large companies in receivables in 1950 to 33 per cent in 1952. the past year or so have tried to maintain In 1953 the ratio of short-term debt to re- unused credit lines equal to at least half of ceivables was reduced to about 44 per cent, their directly placed paper outstanding. Unlargely because of an increase in longer term used credit lines in this proportion would financing. In 1953 these companies issued provide a wide margin of protection against more than 1 billion dollars of new longer the possibility of a greater decrease in the term obligations, at rates ranging from 3l/ demand for their paper than in the demand s to 4% per cent. With the shift to longer for instalment and other financing by their term debt, the ratio of directly placed paper customers, on the basis of the data in Table to receivables dropped to 27 per cent at the 2. With outstanding directly placed paper end of 1953. Hence the substantial expan- equal to 27 per cent of receivables at the end sion of direct financing by these companies of 1953, available unused credit lines of 50 since 1950, under conditions of relatively re- per cent of paper outstanding would assure stricted bank credit expansion, has helped short-term financing sources in the event of them to maintain their short-term debt in a total elimination of direct demand for comparatively reasonable balance with the paper if receivables were paid down by about rapid turnover of their receivables. 14 per cent. Under these conditions, a 50 In view of their highly liquid assets, the per cent decrease in paper demand would larger sales finance companies have felt that not require any liquidation of receivables. their expanded paper financing, with less The potential further expansion of directly reliance on bank credit than was considered placed paper financing is dependent to some appropriate some years ago, was sound. As extent upon the availability of bank credit. against the old theory that at least one dollar Bank credit lines not only provide a subof unused bank credit lines should be main- stantial part of the large sales finance comtained for each dollar of finance company panies' short-term funds in the form of bank DECEMBER 1954 1251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTLY PLACED FINANCE COMPANY PAPER loans but they also provide support for their lines, the smaller the unused lines available paper financing in the form of available to support their directly placed paper. Thus credit to pay off such paper if necessary. the potential expansion of directly placed Hence the maintenance of adequate bank paper financing by any individual finance credit lines is of primary importance to these company tends to be limited at some stage, companies. The banks naturally are inter- either directly by the need to use bank borested in having the finance companies make rowing rather than paper financing in order substantial use of their lines of credit, at to prevent loss of established credit lines, or least when credit conditions are not restric- indirectly by the need to maintain unused tive. With limited possibilities for expansion credit lines as protection of financing sources of bank lines, however, the more the large in the event of a sharp decline in the demand sales finance companies borrow against their for paper. 1252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings vember 16, 1954, announced the election of Mr. A meeting of the Chairmen and Deputy Chair- S. J. Beauchamp, Jr., President, Terminal Waremen of the Federal Reserve Banks with the mem- house Co., Little Rock, Arkansas, as a Class B bers of the Board of Governors was held in Wash- director of the Bank for the term ending Decemington on December 2-3, 1954. ber 31, 1955. He succeeded Mr. Ralph E. Plunkett, The Conference of Presidents of the Federal Re- President, Plunkett-Jarrell Grocer Co., Little Rock, serve Banks met in Washington on December 6, Arkansas, deceased. Mr. Beauchamp had been 1954. serving as a director of the Little Rock Branch of On December 7 a meeting of the Federal Open the Federal Reserve Bank of St. Louis since January Market Committee was held. 1, 1950. Appointment of Branch Director Changes in the Board's Staff On December 15, 1954, the Board of Governors Mr. Edwin J. Johnson, who has been serving as announced the appointment of Mr. A. Howard Controller since August 1, 1953 was appointed Di- Stebbins, Jr., President, Stebbins and Roberts, Inc., rector of the Division of Personnel Administration, Little Rock, Arkansas, as a director of the Little effective December 1, 1954. He will continue to Rock Branch of the Federal Reserve Bank of St. serve also as Controller. Louis for the term ending December 31, 1955. Mr. Mr. Johnson has been associated with the Fed- Stebbins succeeded Mr. S. J. Beauchamp, President, eral Reserve System since 1925, except for a period Terminal Warehouse Company, Little Rock, Arof military service and a short period of service with kansas, who was elected a Class B director of the the Treasury Department. He was appointed to Federal Reserve Bank of St. Louis. the Board's staff in January 1939, after having been a member of the stafT of the Baltimore Branch of Admission of State Bank to Membership in the the Federal Reserve Bank of Richmond for approxi- Federal Reserve System mately fourteen years. The following State bank was admitted to mem- Mr. H. Franklin Sprecher, Jr. will be Assistant bership in the Federal Reserve System during the Director of the Division of Personnel Administra- period October 16, 1954 to November 15, 1954: tion and in that capacity will have additional re- California sponsibilities. Los Angeles—Bank of Los Angeles, at West- Mr. Mortimer B. Daniels, who has been serving wood (Westwood Village). as Chief of the Reserve Bank Operations Section of the Division of Bank Operations since Novem- Tables Published Annually and Semiannually, with ber 1949, was appointed Assistant Controller to Latest BULLETIN Reference assist in the supervision of the work of that office, Semiannually Issue Page effective December 1, 1954. Banking offices: Mr. Daniels became associated with the Board of Analysis of changes in number of... Aug. 1954 903 On, and not on, Federal Reserve Par Governors as an Assistant Federal Reserve Ex- List, number of Aug. 1954 904 aminer in the Division of Examinations in February Annually 1934. On March 1, 1936, he transferred to the Earnings and expenses: Federal Reserve Banks Feb. 1954 208-209 Division of Bank Operations as a Technical As- Member banks: Calendar year May 1954 524-534 sistant. First half of year Oct. 1954 1118 Insured commercial banks May 1954 535 Election of Class B Director Banks and branches, number of, by class and State May 1954 536-537 The Federal Reserve Bank of St. Louis on No- Operating ratios, member banks Aug. 1954 900-902 DECEMBER 1954 1253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication December 15] Industrial production continued to rise in Novem- ently changed little in November. Production of ber and early December, and retail sales increased. household goods was maintained at advanced levels. Construction activity was maintained at very high Steel ingot production in the first half of December levels in November. Unemployment increased less was at the highest rate for the year—82 per cent than seasonally. Average wholesale prices declined of capacity, up one-third from the seasonal low slightly from early November to mid-December, reached last summer. Output of primary nonferrous as farm product prices decreased while industrial metals, which earlier had declined only moderately, material prices strengthened. Bank loans to busi- exceeded the year-ago level in November. ness increased considerably. Output of nondurable goods was at 118 per cent of the 1947-49 average in November, after allow- INDUSTRIAL PRODUCTION ance for seasonal variation, as compared with a low of 112 last December and the record high of 123 The Board's seasonally adjusted index of indusin May 1953. The textile and apparel industries trial production advanced 3 points further in showed further recovery in November, and output November to 129 per cent of the 1947-49 average. of paper and chemical products continued at very This level was 6 points above the low reached last advanced levels. Crude petroleum output and spring and again last summer and 8 points below refining activity increased slightly in November the high reached in mid-1953. The increase since and early December. last summer has reflected substantial gains in the steel and auto industries, a further increase in output CONSTRUCTION of household durable goods, and some increase for building materials and most nondurable goods. Total value of new construction work put in Output of 1955 model autos expanded sharply place in November, seasonally adjusted, increased in November and the first half of December as sales slightly from earlier advanced levels. Value of were large and dealers began to replenish their contract awards declined in November but restocks. Truck production also increased following mained substantially larger than a year earlier. The model-changeovers, but at a less rapid rate, while number of private housing starts was at the highest output of most other producers' equipment appar- seasonally adjusted rate since mid-1950. CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION nt, physicol volume, seosonolly adjusted, 1947-49 • 100 Millions of dollars ~~~—~ " 140 RESIDENTIAL 0 800 ^ PRIVATE NONRESIDENTIAL 1951 1952 1953 1954 1951 1952 1953 1954 Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States, for November. Monthly figures, latest shown are for November. 1254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS EMPLOYMENT support level, and prices of some cotton and synthetic textiles increased. While there was a Seasonally adjusted employment in nonfarm further increase in the estimate of this year's establishments increased somewhat further in cotton crop, it is still 2.5 million bales under last November. The average factory workweek at 40.1 year's large output of 16.1 million. Prices of hogs hours was up one-fifth of an hour from October and products and some other foodstuffs declined. and at the year-ago level. Average weekly earnings Hog marketings in early December were at new at factories reached a new peak of $72.98, while highs for this season and were considerably above hourly earnings were little changed at $1.82. the seasonal peaks reached in November 1953. Unemployment increased somewhat less than seasonally to 2.9 million but was 1.2 million above the level of a year ago. BANK CREDIT AND RESERVES Total loans at banks in leading cities increased DISTRIBUTION substantially during November and early December. Seasonally adjusted sales at retail stores in Agricultural loans rose as banks purchased Com- November were up 2 per cent from October as well modity Credit Corporation participation certificates. as from a year ago. The rise from October to Business loans increased by more than 400 million November reflected mainly an increase in auto sales dollars compared with some decline in the same following new model introductions. New car stocks period last year. Bank holdings of United States at the end of November, although up from the Government securities declined somewhat following model-changeover low, were still one-third under substantial purchases in recent months. a year ago. Department store sales continued Free reserves of all member banks averaged close somewhat above a year ago in November to 500 million dollars during the last half and early December. of November and the early part of December, somewhat below earlier prevailing levels. Seasonal COMMODITY PRICES currency outflows and increases in Treasury deposits Average prices of industrial materials advanced at the Reserve Banks absorbed a larger volume somewhat further from early November to mid- of reserves than were supplied through Federal December, reflecting increases in nickel, stainless Reserve purchases of Government securities. steel, brass products, cement, and plywood. Cotton prices were firm at slightly above the Federal SECURITY MARKETS Yields on intermediate- and long-term Govern- PRICES AND TRADE ment securities fluctuated narrowly between mid- WHOLESALE PRICES November and mid-December, while yields on 120 - - OTHER, shorter term Government securities, after recovering f CONSUMER temporary mid-November declines, advanced to the V ALL PRICES COMMODITIES ' 100 highest levels since the beginning of the year. Holders of more than 17 billion dollars of Treasury PRODUCTS 1 1... 1,1 1 R0 !,,, , securities maturing in December exchanged nearly 7 billion into the new 2Yz per cent bonds DISPOSA I B N L C E O M PE E R , SONAL MO - of August 1963, a little more than 5 billion / \ STOCKS /^ into new 1J4 per cent one-year certificates, 120 "1/1 and nearly 5 billion into August 1955 certificates which were reopened. Cash redemptions in the V^v/yT V vy^ v refunding were only about 2 per cent of the total 100 SALES holdings eligible for exchange. Corporate bond ,.,,,„!,,.„„!,,, ,.,„„,„,! -., •illimiiii yields were stable during the latter part of Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail November and early December, while municipal sales, based on Department of Commerce data; department bond yields rose somewhat. Common stock yields store trade, Federal Reserve. "Other" wholesale prices exclude processed foods, included in total but not shown separately. declined further through early December to the Monthly figures, latest shown: October for income and department store stocks; November for other series. November con- lowest level since mid-1946. sumer prices estimated by Federal Reserve. DECEMBER 1954 1255 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 1259-1260 Federal Reserve Bank rates; margin requirements; reserve requirements 1260-1261 Reserves and deposits of member banks 1262 Federal Reserve Bank statistics 1263-1265 Regulation V: guaranteed loans, fees, and rates 1265-1266 Bank debits and deposit turnover; Postal Savings System 1266 Money in circulation 1267 Consolidated statement of the monetary system; deposits and currency 1268 All banks in the United States, by classes 1269-1271 All commercial banks in the United States, by classes 1272-1273 Weekly reporting member banks 1274-1275 Commercial paper and bankers' acceptances 1276 Life insurance companies; savings and loan associations 1277 Government corporations and credit agencies 1278-1279 Security prices and brokers' balances 1280 Money rates; bank rates on business loans; bond and stock yields 1281 Treasury finance 1282-1287 New security issues 1288 Business finance 1289-1290 Real estate credit statistics 1291-1293 Statistics on short- and intermediate-term consumer credit 1294-1296 Business indexes 1297-1306 Merchandise exports and imports 1306 Department store statistics 1307-1311 Consumer and wholesale prices 1312-1313 Gross national product, national income, and personal income 1314-1315 List of tables published in BULLETIN annually or semiannually, with references for latest data 1253 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. DECEMBER 1954 1257 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 15 . EEXXCCEESSSS RREESSEERRVVEESS -I 2 FEDERAL RESERVE CREDIT 0 UNDER -] ;E AGREEMENTS A -j 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Nov. 24. See p. 1260. 1258 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] Date T U o .S t . a l Go B r R v o o i t u g e u . t s h g - s e h t e r t c v u e u r c a m r H e h n g i B t p e e a d r i a n l u e e s e d n e s e t r r k - - v c c D o a a r a n u e n d is d c n - d - i e t t s s ou F t l s o t a a t nd o e i A n t r h * l g l - Total s G to o c ld k T s r c o t e u i r u a n u n r e r n g t c y a - - d y s - - M c t c u o i i i o n r l n a - n e - y T h c i u r n o a r e g l s d a y h s s - - T p th w u o d r r a e e r s e i D - s i y t n a t h e s s e r - m p v F o e e p . F s e m o d i R b i o e s t g b a s - r i . n t , e - l s a B r o n a t b c h O n p a e d i e e o k t n s t e r h r s s , s - k - - c O s F o e R e a t e r u r c h e d a v - n - e - l e t r s Tot r a e M l se e r m q v u e b R i r e b e e r - a d b l * a a n n c k c e E e s x s - s' Wednesday 1953 Oct. 7 25,348 25,348 281 606 26.238 22.128 4,872 30,374 1.284 524 484 370 89919.303 18,757 546 Oct. 14.... 25,363 25,348 15 271 685 26.322 22.128 4,873 30,412 1,271 348 461 375 89919,557 18,728 829 Oct. 21 25,348 25,348 260 826 26,437 22,077 4,874 30,305 1,270 530 461 358 89719,567 18,817 750 Oct. 28 25.348 25.348 359 599 26.309 22,077 4,874 30,268 1.282 644 471 366 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 80520.044 9,1P4 ••860 Nov. 25 25,022 24,993 "29 768 636 26.428 22,027 4,879 30,691 777 522 429 335 80519,775 '19,147 '628 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 30,904 778 488 491 331 880 19,720 19,053 667 Dec. 16 25,457 25,243 214 268 1.193 26.921 22.028 4,884 30,953 769 224 464 259 936 20.229 19,309 920 Dec. 23 25,886 25,318 568 435 1,369 27,692 22,029 4,886 31.156 763 799 461 427 937 20,064 19,297 767 Dec. 30 25,902 25,318 584 100 973 26,977 22.029 4,889 30.890 773 377 474 380 936 2T0,066 19,364 702 1954 Jan. 6.... 25,384 25,318 66 170 963 26,519 22,029 4,890 30,591 770 222 440 397 83620.184 19,390 794 Jan. 13 25,318 !5.318 156 754 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 83119,859 19,217 642 Feb. 3. . .. 24,774 24,717 515 569 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 82819,654 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 91920,307 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 91919,739 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 24,63224,632 177 546 25,357 21,966 4,935 29,795 823 570 491 371 936 19.272 18,651 621 Apr. 14 24,63224,632 171 599 25,404 21,966 4,943 29,793 831 639 469 353 93519.293 18.585 708 Apr. 21 24,63224,632 155 704 25,493 21,967 4,945 29,673 839 565 443 388 93119,566 18.648 918 Apr. 28 24,632 24,632 217 533 25,383 21,968 4.947 29,645 829 499 469 305 85219,699 18,759 940 May 5.... 24,63224,632 140 501 25,274 21.969 4,951 29.756 837 617 601 328 84919,207 18.837 370 May 12 24,63224,632 268 582 25,484 21,970 4,952 29,759 840 542 579 357 84819,481 18.717 764 May 19 24,68724,687 177 662 25,528 21,971 4,956 29,707 841 418 533 390 880 19,686 18,937 749 May 26 24,73724,737 202 550 25,490 21,972 4.957 29,697 834 505 502 383 88119,617 18,961 656 June 2. . .. 24,81224,812 175 593 25,582 21,923 4,958 29,934 831 448 520 379 87719,474 18,898 576 June 9 24,98724,987 177 574 25,740 21,924 4,957 29,873 825 250 563 201 876 20,032 18,906 1,126 June 16.. .. 24,91024,910 136 797 25,844 21,925 4,956 29,803 810 459 543 199 99719,914 18,993 921 June 23 25,231 25,139 92 609 751 26,593 21,926 4,955 29,735 812 1,220 544 339 99919,825 18,828 997 June 30 25,03725,037 37 567 25,642 21,927 4,959 29,922 811 875 545 377 98819,011 18,412 599 July 7.... 25,03725,037 84 614 25,736 21,928 4,959 30,154 826 300 571 380 98719,406 18,420 986 July 14.... 24,90224,902 83 683 25,669 21,929 4,958 29,981 810 557 771 400 98519,052 18,340 712 July 21 24,71424,714 93 654 25,463 21,931 4,958 29,854 808 536 629 402 98319,141 18,366 775 July 28.... 24,51724,517 220 525 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 23,956 23,876 80 460 766 25,183 21,858 4,960 29,866 812 646 548 427 92818,776 17,683 1,093 Aug. 25 23,90823,824 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 23,98723,987 198 834 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 93418,379 17,680 699 Sept. 29 24.045 24,045 299 511 24,857 21,810 4,971 29,922 796 769 398 93218,331 17,685 646 Oct. 6 24,58024,580 255 664 25,501 21,810 4,971 30,051 799 625 556 427 95118,875 18,198 677 Oct. 13 24,60924,580 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 18.288 749 Oct. 27 24,381 24,381 305 609 25,297 21,759 4,973 29,970 816 588 443 373 95018,888 18,248 640 Nov. 3 24,67024,645 519 304 25,495 21,759 4,977 30,138 801 567 88618,998 18,218 780 Nov. 10. . . .24,745 24,745 293 542 25,581 21,709 4,978 30,278 801 213 432 249 88419,410 18,257 1,153 Nov. 17. . . .24,62824,628 299 25,933 21,709 4,979 30,233 802 544 414 381 88219,365 P18.500 P865 Nov. 24. . . .24,553 24,533 437 '636 25,627 21,709 4,982 30,412 804 538 400 363 88118,920P18.496 P424 End of month 1953 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 30,781 761 346 423 493 839 20,160 19,397 763 1954 Jan 24,640 24,640 156 640 ,437 21 956 899 29,981 793 405 440 459 83019,384 19,016 368 Feb 24,509 24,509 350 827 ,688 21 958 913 29,904 811 542 490 491 90919,412 18,821 591 Mar 24,632 24,632 147 535 ,316 21 965 93 29,707 819 722 494 363 91719,194 18,689 505 Apr 24,632 24,632 172 576 ,382 21 969 951 29,735 819 579 471 321 85019,528 18,844 684 May 24,81224,812 245 723 ,781 2l 957 29,870 820 408 527 645 87819,563 18.891 672 June 25,03725,037 37 567 ,642 21 92 959 29,922 811 875 545 377 98819.011 18.412 599 July 24,32524,325 184 672 .183 21 908 960 29,892 798 716 533 503 90818,702 17,763 939 Aug. 24,023 23.894 129 200 473 ,696 21 809 966 29,929 811 511 477 501 92518,316 17,572 744 Sept 24,27024,270 132 779 .183 21 810 972 29,98 786 704 461 422 93118,676 17,724 952 Oct 24,381 24,381 297 721 ,401 21,759 977 '30,074 ••806 729 426 496 88418,722 18,251 471 Nov 24,88824.888 398 657 ,944P21.71O 98: P30.492 P8O7 694 397 381 88018,985 P18.425 P560 P Preliminary. rRevised. For footnotes see following page. 1259 DECEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money 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 erai or Held counts All stock rency cir- cash Reperiod Total B r o o ig u u h g t- h t t u r c a m e n h g p e a d r u n e s e e e r t r - - va a a n n d c d - es Float o e t r h * - 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 g s r i - n t - s 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 es x s - ' End of month: 1929—June. 216 148 68 1,037 52 95 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1 19 9 3 3 9 3 — — D jUe n c e . . 2 1 , ,9 4 9 8 8 4 2 1 , ,9 4 9 8 8 4 164 7 91 4 5 1 4 1 2 2 , ,5 2 9 2 3 0 1 4 7 , , 0 6 3 4 1 4 2 2 , , 2 9 8 6 6 3 5 7 , , 4 5 3 9 4 8 2,4 2 0 6 9 4 63 3 4 5 39 1 7 5 2 1 5 5 6 1 3 2 4 5 6 11 2 1 , , 2 6 9 5 2 3 6 1 , ,8 4 1 4 7 4 5,2 4 0 7 9 5 1941—Dec.. 2,254 2,254 3 94 10 2,36122,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1 19 9 4 4 7 5 — — D D eecc#.. 2 2 4 2 , , 2 5 6 5 2 9 2 2 2 4 , ,2 5 6 5 2 9 2 8 4 5 9 5 5 3 7 5 8 2 12 2 3 5 , , 1 0 8 9 1 1 2 2 2 0 , ,0 7 6 5 5 4 4 4 , , 5 3 6 3 2 9 2 2 8 8 , , 8 5 6 1 8 5 2 1 . , 2 33 8 6 7 8 9 7 7 0 7 3 8 9 6 2 2 4 56 4 9 6 4 5 9 6 5 31 1 7 5 , , 8 91 9 5 9 1 1 6 4 , , 4 45 0 7 0 1 1 , , 4 4 9 5 9 8 1 1 9 9 4 5 9 0 — — D Deecc. 2 1 0 8 , , 7 88 7 5 8 2 1 0 8 , , 7 8 2 8 5 5 53 6 7 7 8 1,3 5 6 3 8 4 2 3 2 1 2 9 , , 2 4 1 9 6 92 2 4 2 , , 4 7 2 0 7 6 4 4, , 6 5 3 9 6 82 27 7 , , 7 6 4 0 1 0 1 1 , , 3 2 1 9 2 3 6 8 6 2 8 1 8 7 9 6 5 7 5 7 6 5 5 0 7 7 0 1 6 4 1 17 6 , , 6 5 8 6 1 8 1 16 5 , , 5 5 0 5 9 0 1 1 , 1 0 7 1 2 8 1951—Dec. 23,801 23,605 196 19 1,184 5 25,00922,695 4,70929,206 1,270 247 526 363 74620,056 19,667 389 1952—June. 22,906 22,764 142 59 581 5 23,55123,346 4,75429,026 1,283 333 548 298 78319,381 19,573 -192 Dec. 24,697 24,034 663 156 967 4 25,82523,187 4,81230,433 1,270 389 550 455 777 19,950 20,520 -570 1953—June. 24,746 24,718 28 64 601 3 25,41422,463 4,85430,125 1,259 132 527 176 951 19,561 19,459 102 Averages of daily figures Monthly: 1953—Nov. 25,172 25,078 94 494 744 3 26,41322,057 4,87830,555 915 497 434 424 805 19,718 19,035 683 Dec. 25,639 25,218 421 448 1,018 2 27,10722,028 4,88530,967 767 602 466 390 908 19,920 19,227 693 1954—Jan.. 25,263 25,149 114 118 861 2 26,24322,015 4,89130,282 778 201 453 422 834 20,179 19,243 936 Feb.. 24,770 24,729 41 308 667 2 25,74621,957 4,90429,903 811 568 470 429 870 19,557 18,925 632 Mar. 24,633 24,620 13 205 712 2 25,55321,963 4,92029,800 813 490 494 352 913 19,573 18,881 692 Apr.. 24,635 24,632 3 151 696 25,48321,966 4,94129,755 825 584 481 427 926 19,392 18,627 765 May. 24,689 24,680 9 172 640 25,50321,971 4,95429,773 830 486 531 412 864 19,533 18,817 716 June. 24,998 24,960 38 166 710 25,87621,927 4,95629,856 815 602 553 321 941 19,670 18,813 857 July. 24,771 24,761 10 104 695 25,57121,926 4,95929,968 810 498 632 409 973 19,164 18,329 835 Aug.. 23,989 23,930 59 210 654 24,85521,871 4,96029,896 806 591 536 464 916 18,478 17,638 840 Sept..23,941 23,928 13 170 725 24,83821,809 4,96729,991 796 541 522 431 929 18,403 17,628 775 Oct.. 24,485 24,472 13 254 720 25,45921,787 4.97330.077 797 610 455 444 944 18.893 18,173 720 Nov. 24,661 24,654 7 345 769 25,77621,724 4,97930,287 801 492 416 393 883 19,207 Weekending: 1954 Aug. 4.... 24,325 24,325 175 653 25,15421,908 4,95929,889 803 742 526 455 908 18,698 17.666 1,032 Aug. 11 24,040 24,023 17 287 598 24,92521,901 4,95929,932 803 584 544 430 905 18,586 17,688 898 Aug. 18.... 23,980 23,876 104 229 723 24,93321,858 4,96029,919 805 558 579 452 914 18,525 17,662 863 Aug. 25 23,813 23,747 66 178 698 24,69021,858 4,96129,850 807 566 557 450 927 18,353 17,627 726 Sept. 1 23,938 23,845 93 185 576 24,69921,837 4,96229,887 808 551 465 516 926 18,346 17,603 743 Sept. 8 24,013 23,977 36 147 598 24,75921,809 4,96530,046 802 479 518 428 923 18,336 17,556 780 Sept. 15.... 24,035 24,035 189 714 24,93921,809 4,96730,073 795 558 559 432 925 18,373 17,594 779 Sept! 22. 23', 78923,789 141 977 24,90821,810 4,96729,969 793 446 514 435 934 18,596 17,691 905 Sept. 29..'.'." 23,868 23,868 191 627 24,68721,810 4,96829,888 795 652 511 437 933 18,250 17,663 587 Oct. 6.... 24,492 24,492 179 667 25,33821,810 4,97130,010 793 676 484 452 948 18,756 17,894 862 Oct. 13.... 24,606 24,581 25 259 599 25,46521,810 4,97230,143 790 594 466 472 950 18,832 18,201 631 Oct. 20.... 24,487 24,456 31 284 927 25,69921,788 4,97330,125 796 570 443 440 950 19,136 18,269 867 Oct. 27.... 24,381 24,381 257 721 25,36021,759 4,97330,028 801 567 442 411 949 18,895 18,224 671 Nov. 3.... 24,464 24,448 16 355 617 25,43621,759 4,97630,088 806 669 432 472 895 18,810 18,233 577 Nov. 10 24,754 24,745 9 277 669 25,70121,752 4,97730,206 796 362 423 394 886 19,364 18,244 1,120 Nov. 17.... 24,685 24,685 271 751 25,70821,709 4,97830,262 799 397 425 324 883 19,306 P18,408 P899 Nov. 24.... 24,553 24,553 300 1,046 25,90021,709 4,98030,318 800 576 409 399 882 19,205 P18,471 P734 P Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. a 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, 1935Jan. 1,1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more 2H For extensions of credit by brokers In 90 days to 6 months. . . and dealers on listed securities 50 75 50 In less than 90 days 1 For short sales 50 75 50 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of 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. 1260 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member A o d b v li a g n a c t e io s n s s e c a u n r d e d d i b s y c ou G n o ts v e o r f n m an e d nt Other secured advances o b b a l n ig k a s ti s o e n cu s r o e f d th b e y U di . r S ec . t Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Nov. 30 beginning— rate Nov. 30 beginning— rate Nov. 30 beginning— rate Boston Apr. 27,1954 Apr. 27,1954 V Feb. 5, 1954 New York... Apr. 16,1954 Apr. 16,1954 Jan. 16, 1953 Philadelphia.. May 21,1954 May 21,1954 Jan. 16, 1953 Cleveland Apr. 23,1954 Apr. 23,1954 Aug.17, 1953 Richmond May 15,1954 May 15,1954 2% Jan.23,1953 Atlanta May 15,1954 May 15,1954 Feb. 9, 1954 Chicago Apr. 14,1954 Sept. 13,1954 3 Aug.13, 1948 St. Louis Apr. 23,1954 Apr. 23.1954 3 * May 18,1953 Minneapolis. . Apr. 29,1954 Apr. 29,1954 3 Jan.26, 1953 Kansas City., Apr. 23,1954 Feb. 12,1954 V Jan. 16, 1953 Dallas Apr. 23,1954 Apr. 23,1954 Jan.23, 1953 San Francisco Apr. 16,1954 Apr. 16,1954 Jan.20, 1953 3 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 Maturity R N a o t v e . o 3 n 0 In g i e n f n fe in ct g — be- Pr r e a v t i e ous Effective date de T p im os e its 91 1- - 12 9 0 0 d d a a y y s s A A p p r r . . 1 1 6 6 , , 1 1 9 9 5 5 4 4 1% of change C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k tr s y m b e a ( m n a k l b l s e ) r 121-180 days Apr. 16, 1954 1917—June 21. 13 10 NOTE.—Effective minimum buying rates on prime bankers' accept- 1936—Aug. 16. 19*£ 15 ances payable in dollars. Back figures.—See Banking and Monetary 1937—Mar. 1. 22*4 12* Statistics, Table 117, pp. 443-445. May 1. 26 20 14 1938—Apr. 16. 22$* 17H 12 FEDERA A L N D R E C SE O R M V M E I T B M AN E K N T R S AT U E N S D E O R N I S N E D C U T S IO T N R IA 13 L B LOANS 1941—Nov. 1. 26 20 14 OF THE FEDERAL RESERVE ACT 1942—Aug. 20. 24 Sept. 14. 22 Maturities not exceeding five years Oct. 3. 20 [In effect November 30. Per cent per annum] 1948—Feb. 27. 22 June 11. 24 Sept. 16. 16 27* To c o in m d m us e t r r c i i a a l l or To financing institutions Sept. 24. 26 22 37* businesses 1949—May 1. 15 27 May 5. '24* 21 37 R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or A A J J u u u u n l g g y e . . 1 3 1 1 0 1 . . . . 23** 20 1 1 3 4 3 3 2 5 6 6 Bank On On Aug. 16. 12 25 On commit- Portion commit- Aug. 18. 23 19 loans1 ments fo in r s w ti h tu ic - h ma R in e- ing ments A Se u p g t . . 25 1 . . 2 2 2 2H 1 1 8 8 ** ob ti l o ig n a t i e s d portion 1951— J J a an n . . 1 1 1 6 . . 23 19 13 8 2 6 6 Jan. 25. 24 Feb. 1. 20 " 14 Boston New York 1953—July 1 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 S M t. i n L n o e u a is polis.... 3-5 In effect Dec. 1, 19544 20 18 12 Kansas City.... Dallas 1 Demand deposits subject to reserve requirements, which beginning San Francisco... Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Including loans made in participation with financing institutions. Apr. 13, 1943-June 30, 1947). 2Rate charged borrower less commitment rate. 2 Requirement became effective at country banks. 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 *£ per cent per annum is made on undisbursed portion 4 Present legal minimum and maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; reserve cities, •Charge 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. DECEMBER 1954 1261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MBMBBR BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve week en M di o n n g t h W , o e r dnesday b m a b A n e e m l k r l s - 1 N c e i w ty ban C k h s i- b s c R a e i r n t e v y k - e s b C a t o n r u y k n s - 1 week en M di o n n g t h W , o e r dnesday b m a b A n e e m l k r l s - 1 N c e i w ty ban C k h s i- b s c a R e i n r e t v y - k e s b C a t o n r u y k n s - 1 York cago York cago Total reserves held: Excess reserves: 1953—August 19,526 4.713 1,293 7,805 5,714 1953—August 643 6 1 99 537 September 19,552 4,717 1,283 7,779 5,773 September 718 31 -2 116 573 October 19,536 4,718 1,270 7,780 5,768 October 752 37 1 148 566 1954—August 18,478 4.311 1,171 7.502 5,493 1954—August 839 —9 112 736 September 18,403 4.288 1.154 7,506 5,455 September 775 21 4 105 645 October 18,893 4,482 1,183 7,703 5,524 October 720 15 2 96 607 Oct. 20 19,136 4,540 1,197 7,751 5,649 Oct. 20 868 43 14 96 715 Oct. 27 18,895 4,487 1,187 7,741 5,479 Oct. 27 671 20 4 96 551 Nov. 3 18,810 4,441 1,186 7,681 5,503 Nov. 3 577 -19 -9 46 559 Nov. 10 19,364 4,556 1,230 7,873 5,705 Nov. 10 1,119 127 48 209 735 Nov. 17 19,306 4,505 1,212 7,908 5,680 Nov. 17 P899 69 12 132 P686 Nov. 24 19,205 4,470 1,208 7,888 5,639 Nov. 24 P734 5 -7 84 P652 Borrowings at Federal Required reserves:3 Reserve Banks: 1953—August 18,882 4,706 1,292 7.706 5,177 1953—August 650 53 79 365 154 September 18.834 4,686 1,285 7,663 5,200 September 468 32 51 275 110 October 18,784 4,681 1,269 7,633 5,202 October 363 2 18 241 102 1954—August 17,638 4,320 1,172 7,390 4,757 1954—August 115 30 11 37 37 September 17,628 4.266 1,151 7,401 4,810 September 67 2 9 28 28 October 18,173 4,467 1,181 7,608 4,918 October 82 1 2 50 29 Oct. 20 18,269 4,497 1,183 7,655 4,934 Oct. 20 99 2 63 34 Oct. 27 18,224 4,467 1,184 7,645 4,928 Oct. 27 71 1 35 35 Nov. 6 18,233 4,459 1,195 7,635 4,944 Nov. 3 170 31 10 84 45 Nov. 10 18,244 4,429 1,181 7,664 4,970 Nov. 10 92 1 54 37 Nov. 17 P18.408 4,436 1,201 7,776 P4.995 Nov. 17 86 2 45 39 Nov. 24 P18.471 4,465 1,216 7,804 P4.986 Nov. 24 120 9 2 71 38 * Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc 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.l In millions of dollars] Central reserve Central reserve Item b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c a R e i n r t e v y k - e s C ba t o r n u y k n s - b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c a R e i n r t e v y k - e s C ba t o r n u y k n s - York cago York cago October 1954 October 1953 Gross demand deposits: Total 113,213 23,883 6,227 43,974 39,129 107,849 22,727 6,098 41,644 37,380 Interbank 13,530 4,141 1,307 6.748 1,333 12,676 3,932 1,301 6,305 1,139 Other 99,683 19,742 4,920 37,226 37,796 95,173 18,795 4,797 35,340 36,241 Net demand deposits2 98,091 21.432 5,584 37,952 33,124 93,604 20,558 5,437 35,730 31,880 Time deposits 39,276 3,616 1,283 15,523 18,854 35,536 2,637 1,211 14,064 17,624 Demand balances due from domestic banks... 6,983 49 122 2,090 4,722 6,459 41 125 2,012 4,282 Reserves with Federal Reserve Banks: Total 18,893 4,482 1,183 7,703 5,524 19,536 718 1,270 7,780 5,768 Required » 18,173 4,467 1,181 7,608 4,918 18,784 681 1,269 7,633 5,202 Excess 720 15 2 96 607 752 37 1 148 566 Borrowings at Federal Reserve Banks 82 50 29 363 18 241 102 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. • Demand 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. 8 See table on preceding page for changes in reserve requirements. 1262 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1954 1954 1953 Nov. 24 Nov. 17 Nov. 10 Nov. 3 Oct. 27 Nov. Oct. Nov. Assets Gold certificates 20,176,10420,180,10020,185,10220,235,10: 20,225,10220,166,10220,235,10320,501,100 Redemption fund for F. R. notes. . 853,877 851,416 841,416 843,800 843,937 863,877 843,938 847,247 Total gold certificate reserves. 21,029,98121,031,51621,026,51821,078,90221,069,03921,029,97921,079,04121,348,347 F. R. notes of other Banks.. . 128,650 148,058 139,034 130,253 160,448 123,338 147,649 136,218 Other cash 326,751 328,107 315,184 326,807 329,448 320,730 335,656 309,614 Discounts and advances: For member banks 265,640 113,939 107,753 334,324 120,213 225,530 112,360 361,716 For nonmember banks, etc. 171,667 185,000 185,000 185,000 185,000 172,667 185,000 7,000 Industrial loans 509 722 772 733 797 641 800 2,524 U. S. Government securities: Bought outright: BBiillllss. 1,832,000 1,907,000 2,024,000 1,924,000 1,660,000 2,167,000 1,660,000 2,221,312 Certificates: Special. . . Other.... 6,599,791 6,599,791 6,599,791 6,599,791 ,599,791 6,599,791 6,599,791 5,841,541 Notes 13,029,02113,029,02113,029,02113,029,021 ,029,02113,029,02113,029,02113,273,671 Bonds 3,092,550 3,092,550 3,092,550 3,092,550 ,092,550 3,092,550 3,092,550 3,656,150 Total bought outright 24,553,36224,628,36224,745,36224,645,36224,381,36224,888,36224,381,36224,992,674 Held under repurchase agreement. 25,000 102,500 Total U. S. Government securities 24,553,36224,628,36224,745,36224,670,362 24,381,36224,888,36224,381,362 25,095,174 Total loans and securities 24,991,17824,928,02325,038,88725,190,419 24,687,37225,287,20024,679,52225,466,414 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items. . 3,906,265 5,031,950 3,679,419 3,558,418 ,776,253 3,844,467 3,567,683 3,589,924 Bank premises 54,337 54,411 54,200 54,163 54,215 54,346 54,157 50,364 Other assets 197,218 188,593 180,464 173,077 165,982 203,360 170,797 248,754 Total assets. .. 50,634,40251,710,680 50,433,72850,512,06150,242,77950,863,44250,034,52751,149,657 Liabilities Federal Reserve notes 26,009,93725,854,99525,872,79325,739,16625,613,678 26,081,31425,705,62126,454,703 Deposits: Member bank—reserve accounts.. 18,919 72119,364,94119,410,28618,997,94818,888,24918,984,89818,722,08219433,693 U. S. Treasurer—general account. 537 883 544 213,432 567,483 588,197 694,336 728,963 450,555 Foreign 400 315 413 431,631 424,622 443,004 396,635 426,227 417,137 Other 362 868 380 249,353 415,806 372,917 381,089 496,128 367,187 Total deposits. 20,220,78720,703,41620,304,70220,405,859 20,292,36720,456,95820,373,40020,668,572 Deferred availability cash items 3,270 4,027,121 3,137,325 3,254,215 3,166,853 3,187,399 2,846,363 ,922,916 Other liabilities and accrued dividends. 21, 19,311 19,314 19,404 20,384 20,855 18,441 21,362 Total liabilities. 49,522,51350,604,843 49,334,134 49,418,644 49,093,282 49,746,526 48,943,82550,067,553 Capital Accounts Capital paid in 283,869 283,415 282,822 282,351 276,871 283,954 281,900 263,289 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 175,464 169,866 164,216 158,510 220,070 180,406 156,246 206,596 Total liabilities and capital accounts. 50,634,40251,710,68050,433,72850,512,06150,242.779 50,863,44250,034,52751,149,657 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.5 45.7 45.9 45.2 45.7 45.3 Contingent liability on acceptances purchased for foreign correspondents 17,872 16,071 14,743 14,212 12,910 18,583 14,118 19,817 Industrial loan commitments 2,040 1,829 1,779 1,819 2,098 1,899 1,895 3,096 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 437,307 298,939 292,753 519,324 305,213 398,197 297,360 368,716 Within 15 days 285,517 150,238 109,291 327,482 139,032 246,321 131,667 336,883 16 days to 90 days 45,029 28,635 63,429 71,809 46,137 45,140 45,649 31,650 91 days to 1 year 106,761 120,066 120,033 120,033 120,044 106,736 120,044 183 Industrial loans—total 509 722 772 733 797 641 800 2,524 Within 15 days 110 2 2 2 2 2 3 536 16 days to 90 days 79 226 138 161 168 186 165 605 91 days to 1 year 289 463 600 538 595 422 600 1,319 Over 1 year to 5 years 31 31 32 32 32 31 32 64 U. S. Government securities—total.. 24,553,36224,628,362 24,745,362 24,670,36224,381,362 24,888,362 24,381,362 25,095,174 Within 15 days 365,800 390,000 179,700 276,700 166,000 7 5"3- 2,5-"50 146,700 ,366,550 16 days to 90 days 670,950 12,721,750 9,126,850 8,954,850 776,550 5 839,200 8,795,850 ,636,562 91 days to 1 year 767,391 767,391 6,689,591 6,689,591 6,689,591 2 767,391 6,689,591 ,860,541 Over 1 year to 5 years 320,750 320,750 6,320,750 6,320,750 6,320,750 6,320,750 6,320,750 ,442,264 Over 5 years to 10 years 013,614 013,614 013,614 ,013,614 013,614 013,614 ,013,614 ,374,400 Over 10 years 414,857 414,857 414,857 ,414,857 414,857 414,857 ,414,857 .414,857 1 Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. DECEMBER 1954 1263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1954 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificates.20,166,102 1,011,410 5,519,4001,199,0841,718,0141,126,469 883,9393,592,264 829,159 442,176 771,574 771,0262,301,587 for F. R. notes. 863,877 51,801 184,602 57,179 75,236 75,550 54,079 144,260 47,235 24,674 39,841 28,852 80,568 Total gold certificate reserves. . 21,029,979 1,063,211 5,704,0021,256,2631,793,2501,202,019 938,0183,736,524 876,394 466,850 811,415 799,8782,382,155 F. R. notes of other Banks... 123,338 5,032 29,589 5,120 4,676 9,456 21,035 15,747 6,832 3,085 4,824 7,722 10,220 Other cash 320,730 18,829 64,966 17,339 33,678 17,913 27,911 51,913 21,123 7,863 11,789 12,788 34,618 advances: Secured by U. S. Govt. securities.. . 225,030 6,630 12,580 17,050 8,280 23,213 38,100 18,950 5,975 950 73,476 8,080 11,746 Other 173,167 10,533 50,073 12,777 15,885 8,806 7,425 24,152 6,561 4,317 6,911 8,115 17,612 Industrial loans.. 641 564 77 U. S. Government securities: Bought outright 24,888,362 1,373,290 6,357,2841,514,6562,133,107 1,465,8751,267,5894,350,934 1,041,454 611,1831,073,783 977,9632,721,244 Held under repurchase agreement... Total loans and securities 25,287,200 1,390,453 6,419,9371,545,0472,157,272 1,497,8941,313,1144,394,036 1,053,990 616,527 1,154,170 994,1582,750,602 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash 3,844,467 319,392 821,507 217,330 375,952 299,*/02 244,798 619,664 156,999 103,428 202,145 162.32S 321,225 Bank premises... 54,346 5,862 7,245 5,156 5,099 4,509 3,892 6,300 2,837 1,012 2,453 1,082 8,899 Other assets 203,360 11,106 50,791 12,137 17,775 11,873 11,111 35,383 8,767 4,937 9,040 8,525 21,915 Total assets 50,863,442 2,813,886 13,098,0433,058,3944,387,7043,043,3672,559,8808,859,5702,126,943 1,203,7032,195,837 1,986,4795,529,636 Liabilities F. R. notes 26,081,314 1,600,751 5,868,3211,831,4742,402,8631,862,9091,373,9445,025,9581,166,545 583,0981,021,333 744,8282,599,290 Deposits: Member bk.— reserve accts.18,984,898 787,343 5,665,849 870,755 1,469,826 800,328 865,8183,075,996 705,803 455,937 888,481 959,0032,439,759 T T ^5 Tran ct gen. acct.... 69^,336 37,242 165,553 39,365 60,250 42,512 38,097 85,887 55,955 34,036 52,510 53,128 29,801 Foreign 396,635 23,851 2119,006 28,934 35,972 19,941 16,813 54,349 14,858 9,775 14,858 18,377 39,901 Other 381,089 4,741 305,059 9,747 7,642 2,225 836 3,246 7,419 1,549 3,678 608 34,339 Total deposits... 20,456,958 853,177 6,255,467 948,801 1,573,690 865,006 921,5643,219,478 784,035 501,297 959,527 1,031,1162,543,800 ability cash items . ... 3,187,399 290,908 652,131 195,484 307,461 255,486 212,770 454,128 131,084 89,248 170,312 157,892 270,495 Other liabilities and accrued dividends 20,855 1,019 6,621 1,099 2,231 895 953 3,123 692 779 779 753 1,911 Total liabilities..49,746,526 2,745,85512,782,5402,976,8584,286,2452,984,2962,509,2318,702,6872,082,356 1,174,4222,151,951 1,934,5895,415,496 Capital Accounts Capital paid in. . 283,954 14,931 89,076 18,779 26,868 12,544 12,118 36,828 9,824 6,164 10,656 14,429 31,737 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 180,406 11,310 42,475 12,359 15,937 11,428 9,735 27,834 8,777 5,825 8,637 8,008 18,081 Total liabilities and capital accounts 50,863,442 2,813,886 13,098,0433,058,3944,387,7043,043,3672,559,8808,859,5702,126,943 1,203,7032,195,837 1,986,4795,529,636 Reserve ratio 45.2% 43.3% 47.0% 45.2% 45.1% 44.1% 40.9% 45.3% 44.9% 43.1% 41.0% 45.0% 46.3% Contingent liability on acceptances purchased for forspondents 18,583 1,092 35,874 1,325 1,647 913 770 2,488 680 447 680 841 1,826 Industrial loan commitments.. 1,899 477 598 39 106 18 661 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $277,610,000 participations of other Federal Reserve Banks. « After deducting $12,709,000 participations of other Federal Reserve Banks. 1264 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 thousandsof dollars] Wednesday figures End of month Item 1954 1954 1953 Nov. 24 Nov. 17 Nov. 10 Nov.3 Oct. 27 Nov. Oct. Nov. F. R. notes outstanding (issued to Bank) 26,863,91126,739,71326,716,21326,566, 54125,561,98127,053,58226 597,961 27,388,037 Collateral held against notes outstanding: Gold certificates 11 00011,093 00011,093 00011,093, 0001109 ^ 00011 168 00011093,000 ,493,000 Eligible paper . . .. 108 ,364 52 53 47?. 130, 81? 53,738 ,040 47,027 203,620 U. S. Government securities 16,965,000 16,965,000 16,965 000 16,865, 000 16,865,000 16,965,00016,865,000 16,620,000 Total collateral 28,216,36428,110,23728,111 472 28,088, 812 28,011,73828,272,04028,005,027 28,316,620 EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1954 [In thousands of dollars] San 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 r i a sc n o - F. R. notes outstanding (issued to Bank) 27,053,582 1,642,406 6,134,1051,902,3042,517,661 1,905,2161,439,480 5,123,8611,220,434618,919 1,046,423 787,7112,715,062 Collateral held: Gold certificates11,168,000 640,000 2,670,000 800,0001,050,000 650,000 485,000 2,400,000 355,000175,000 280,000 283,0001,380,000 Eligible paper. . 139,040 6,630 17,050 23,213 5,975 950 73,476 11,746 U. S. Govt. securities 16,965,000 1,200,000 3,600,0001,200,0001,500,0001,300,0001,000,000 2,800,000 920,000 500,000 800,000 525,0001,620,000 Total collateral. . 28,272,040 1,846,630 6,270,000 2,017,050 2,550,000 1,973,2131,485,0005,200,000 1,280,975675,9501,153,476 808,0003,011,746 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] Applications Ap- pations y E m e n a o d r n t o o h f r N b u e m r a - p to p r d o A a v t m e e d ount ( b p a p m u c l r e t o o o t m v e n u e d - n o d 1 t t) s ( t a L a m o n o u o d a t u i n - n n s g t) 2 s ( C a t m a o m o n m e u o d n m t u i - t n n s i g t t ) - s o i ( n a t t f a g u m o n f t i u i o d i n o n t u i a - n s n n n t s g t c i ) - 1 - y E m e n a o d r n t o o h f r Gua a r u a t t o n h t o d e r e a i d t z e e l d oans o G u u t a s lo t r a a a n n n d t s e in ed g u a A b v n a o a d d m i r d e l r r a i o o t b i w u g o l n e u e n t r a a s t r l o - Num- Total Portion antee agreeber Amount amount guaran- ments 1945 3,511 544,961 320 1,995 1,644 1,086 teed outstanding 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 62 31,326 8,017 6,265 8,299 1949 3,649 629,326 539 2,178 2,288 2,947 1951 854 1,395,444 675,459 546,597 472,827 1950 3,698 651,389 4,819 2,632 3,754 3,745 1952 1,159 2,124,123 979,428 803,132 586,303 1951 3,736 710,931 3,513 4,687 6,036 11,985 1952 3,753 766,492 1,638 3,921 3,210 3,289 1953 1953 October... 1,279 2,320,187 842,529 695,550 416,690 November. 1,284 2,324,612 837,238 691,727 375,977 October. . . 3,762 797,656 1,242 2,685 3,381 2,970 December. 1,294 2,358,387 804,686 666,205 363,667 November. 3,764 800,420 1,682 2,546 3,097 3,640 December.. 3,765 803,429 1,951 1,900 3,569 3,469 1954 1954 January... 1,304 2,377,628 788,320 652,706 347,969 February.. 1,310 2,380,186 772,647 640,121 355,056 January. .. 3,765 805,115 1,234 1,885 3,532 3,414 March.... 1,316 2,399,321 737,605 612,265 321,619 February.. 3,765 806,648 1,345 1,792 3,145 3,344 April 1,322 2,406,651 684,631 569,551 347,823 March 3,766 808,505 1,720 1,487 2,957 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 1,342 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 Fuly 3,768 813,465 45 1,130 2,354 1,812 September. 1,355 2,477,939 546,930 455,618 295,805 August.... 3,768 814,765 45 630 2,794 1,773 October. . . 1,357 2,478,939 527,074 416,713 283,510 September. 3,769 815,449 395 991 1,943 1,559 October. . . 3,769 816,582 395 812 1,896 1,343 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to bor- 1 Includes applications approved conditionally by the Federal Re- rowers under guarantee agreements outstanding represents amounts serve Banks and under consideration by applicant. repaid, guarantees authorized but not completed, and authorizations 2 Includes industrial loans past due 3 months or more, which are not expired or withdrawn. included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. sNot 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. DECEMBER 1954 1265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PEES 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 November 30] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month i b to al r - s' C i a n sh G U ov . e S rn . - re C s a e s r h ve ances l Total deposi- ment funds, Guarantee fee Percentage of tory securi- etc.» Percentage of (percentage of any commitment banks ties loan guaranteed interest payable fee charged by borrower) borrower 1945—December 2,933 3,022 6 2,837 179 1946—December 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December.... 3,417 3,525 6 3,308 212 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—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 S O e c p to t b e e m r ber... 2 2 , , 4 3 0 8 1 7 2 2, , 6 5 1 9 8 6 3 3 3 3 2 2 , , 4 4 3 2 5 8 1 1 3 5 5 0 [Per cent per annum] November.. . 2,373 2,577 31 2,407 139 December... 2,359 2,558 31 2,389 138 Interest rate 1954—January 2,343 2,540 31 2,373 136 Commitment rate. 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 June 2,251 2,399 31 2,240 128 July *2,229 August P2.208 September. . *>2,189 October P2.171 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 .. J 017 f)«4 406,790 218,477 391 817 25 1 18 3 14 1 1947 ,103,720 398,464 246,739 458,517 23 8 19 7 15 5 1948 L,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 L,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 L,642,853 597,815 349,904 695,133 34 4 24 1 18 4 1953 L.759.069 632,801 385,831 740,436 36 7 25 6 18 9 1953—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 ••154,281 62,306 30,806 ••61,170 42.7 24.1 18.6 42.5 24.6 18.4 February ••141,926 56,115 29,341 '56,470 42.7 25.5 19.2 43.8 26.2 19.3 March ••171,354 67,913 36,666 '66,776 44.6 29.2 19.7 43.5 26.7 19.8 April ••154,759 60,479 33,152 ••61,128 41.3 27.6 18.8 41.9 26.8 19.4 May rl49,812 59,535 31,159 ••59,118 41.9 25.5 18.8 43.0 25.9 19.2 ••163,508 64,965 33,785 ••64,757 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 19.7 149,899 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 23 6 18 6 40 5 24 3 18 6 November 156,843 58,787 32,230 65,826 42.2 P26.2 P2O.7 42.6 P25.8 P19.6 pPreliminary. rRevised. 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. 1266 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency8 Large denomination currency8 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin »$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 1949 27,600 19,025 1,484 1,066 62 2,004 5.897 8,512 8,578 2,435 5,056 382 689 i 11 1950 27,741 19,305 1,554 1.113 64 2.049 5.998 8,529 8,438 2,422 5,043 368 588 i 12 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 * 12 1952 30,433 21,450 1,750 1.228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 * 10 1953—October 30,398 21,414 1,802 1,214 70 2,071 6,524 9,734 8,986 2,665 5,488 333 489 4 8 November.. 30.807 21,771 1,816 1,232 71 2,123 6,659 9,871 9,038 2,689 5,519 332 487 8 December... 30.781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 11 1954—January 29,981 20,939 1,775 1,180 70 2,031 6,351 9,531 9,045 2,693 5,526 331 484 8 February 29,904 20,908 1,770 1,170 70 2,021 6,365 9,512 8,999 2,674 5,502 330 482 8 March. 29,707 20,757 1,776 1,166 70 2,010 6.304 9,431 8,952 2,654 5,473 328 481 * 12 April... 29,735 20,799 1,783 1,173 70 2,006 6,325 9,443 8,936 2,651 5,470 327 478 8 May... 29,870 20,946 1,787 1,182 69 2,036 6,375 9,496 8,926 2,651 5,463 325 475 8 June... 29,922 20,999 1,795 1,183 71 2,023 6,377 9,551 8,924 2,659 5,457 324 473 4 8 July... 29,892 20,984 1,793 1,174 70 2,016 6,366 9,564 8,910 2,654 5,451 322 471 4 8 August. 29,929 21.015 1,801 1,183 70 2,023 6,361 9,578 8,916 2,653 5,461 321 469 4 8 September... 29,985 21.054 1,811 1,200 70 2.034 6,378 9,561 8,932 2,648 5,486 320 466 4 8 October 30,074 21,118 1,819 1,212 70 2,049 6,400 9.568 8,958 2,650 5,514 318 464 J 8 * 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Oc 1 t 9 . 5 3 4 1, g a o g ld a i a n n st d Treasury R Fe e d se e r r v a e l B R an e k se s r a v n e d Oct. 31, Sept. 30, Oct. 31, silver cash Banks and agents 1954 1954 1953 certificates agents Gold 21,759 21,114 2 645 Gold certificates . . 21 ,114 18,263 2,816 35 35 36 Federal Reserve notes 26 598 71 1,040 25,487 25,413 25,879 Treasury currency—total 4,977 32.4/0 90 336 4,552 4,536 4,482 Standard silver dollars 491 243 28 4 216 215 207 Silver bullion 2,166 2,166 Silver certificates and Treasury notes of 1890. . ^2,410 239 2,171 2,161 2,099 Subsidiary silver coin 1,287 53 55 1,179 1,172 1,174 Minor coin 441 5 11 424 423 420 United States notes 347 3 24 320 319 316 Federal Reserve Bank notes . . . 176 (5) 1 174 175 193 National bank notes 70 (5) (5) 69 69 72 Total—Oct. 31, 1954 (4) 23,524 806 18,263 4,191 30,074 O Se c p t t. 3 3 0 1 , 1 1 9 9 5 5 4 3 ( ( 4 4 ) ) 2 2 3 3 , , 5 3 7 0 8 3 1,2 7 7 8 5 6 1 1 8 8 , , 3 0 1 8 4 1 4 4 , , 2 3 3 0 7 8 29,985 30,398 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. 1259. 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. 8 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. DECEMBER 1954 1267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS x [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Tc>tal assets, ne Date Gold T s r t o c e u r i a u n u n e r n r a g t c y d - - s y - - Total Lo n a e n t s, To U ta . l S. G m C o a e v o n r e c m d r ia - n l me R F nt e e < d s o e e r b r v a li e l gatio O n t s her O s ri e t t c h ie u e s - r c l T a i i a n p a t c> b i a e i e t i d t t l a s a - l l , c d u e T a r p o r n o e t d s a n i l c ts y C c m o a a n a u p n i c e n s - d i t c t t a . s, l savings Banks banks 1929—June 29 4,037 2,019 58, 642 41,082 5 741 5,499 216 26 11,819 64, 698 55,776 8,922 1933—June 30 4,031 2,286 42, 148 21,957 10 328 8,199 1,998 131 9,863 48, 465 42,029 6,436 1939—Dec. 30 17,644 2,963 54, 564 22,157 23 105 19,417 2,484 1 204 9,302 75 171 68,359 6,812 1941—Dec. 31 22,737 3,247 64 653 26,605 ?9 049 25,511 7 254 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 4,662 160, 832 43,023 107 086 81,199 ??, 559 328 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 ?3 801 ? 664 15,918 ?08 727 193,410 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 19? 866 75,484 100 008 72,740 ?4 697 ? 571 17,374 ??0 865 204,220 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 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 «954—jan# 27. 22,000 4,900 198 ooc 79,100 100,400 73,400 ?4 700 ? 400 18,500 ??4 900 207,100 17,800 Feb. 24 22,000 4,900 197 300 79,300 99,100 72,000 24 600 2 400 18,900 224 100 206,200 17,900 Mar.31 22,000 4,900 196 100 80,300 96 800 69,800 ?4 600 ? 300 19,000 ??^ 000 205,100 17,800 Apr. 28 22,000 4,900 197 200 79,900 98 200 71,200 24 600 2 300 19,200 224 100 206,200 17,900 May 26 22,000 5,000 198 800 80,100 99,400 72,400 ?4 700 ? 300 19,300 ??s 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 2 200 19,800 227 500 209,100 18,400 Aug. 25P 21,900 5,000 ?0? 500 80,200 10?,300 76,200 71 900 ? 200 19,900 ??9 300 210,500 18,800 Sept.29P 21,800 5,000 204 000 81,400 102.400 76,200 24 000 2 200 20,200 230 800 211,800 19,000 Oct. 27P 21,800 5,000 207 800 81,900 105,600 79,000 24 400 2 200 20,300 234 500 215,400 19,100 Deposits and Currency U.S. Government balances Deposits adjusted and currency I)ate Fo b r a e n i k gn Treas- At com- Time deposits3 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 c n d k i g a s s l R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C e a o r n c m k ia - s l M b sa a v u n i t k n u s g a * 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 n u n s r k i c - d s y e 1929—June 29 .. 55,776 365 204 381 36 54,790 22 540 28,611 19,557 8,905 149 3,639 1933—June 30 42,029 50 264 852 35 40,828 14,411 71,656 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 ?,215 1,895 867 76,336 38 99? 77 7?9 15,884 10,532 1,313 9,615 1945—Dec. 31 180,806 2,141 ?,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 1,293 2,989 668 176,917 9?,272 59,247 36,314 ?0,009 2,923 25,398 1951—Dec. 31 . . 193,410 2,279 1,270 3,615 247 185,999 98,234 61,450 37,859 20,887 2,704 26,315 1952—June 30 194,960 2,319 1,283 6,121 333 184,904 94 754 63,676 39,302 ?1 755 2,619 26,474 Dec. 31 204,220 2,501 1,270 5,259 389 194,801 101,508 65,799 40,666 ??,586 2,547 27,494 1953—June 30 . .. . 200,360 2,467 1,259 3,942 132 192,560 96,898 68,293 42,245 23,589 2,459 27,369 Oct. 28 205,500 2,600 1,300 3,800 600 197,300 100 300 69,600 43,200 24,100 2,400 27,400 Nov. 25 207,100 2,700 800 5,700 500 197,400 100,200 69,300 42,900 ?4,000 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 10?,300 70,600 43,700 ?4,600 2.300 26,900 Feb. 24 206,200 2,900 800 4,500 500 197,400 99,600 71,000 44,000 24,700 2,300 26,900 Mar. 31 205,100 3,000 800 5,400 700 195,200 96,700 71,700 44,500 ?4,900 2,300 26,900 Apr. 28 206,200 3,100 800 4,500 500 197,300 98,600 7?,000 44,700 ?5,000 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 7S,292 45,653 ?5,388 2,251 27,093 July 28P 209,100 3,400 800 3,900 500 200,400 100,000 73,700 46,000 ?S,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 Oct. 27P 215,400 3,200 800 6,100 600 204,800 103,100 74,700 46,700 25,900 2,200 26,900 pPreliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. ^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. 4Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1268 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 investmen.s Total Deposits Cla a s n s d o d f a b te ank Total Loans G o U m t o b i v o l . e i e n g n S r s a t . n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 a a li s c c a Ts c a b a e o o p i n t l u st i d i a t — n t a i l t e l s s 2 Total i b In a t n e k r - i m D a e n - d Other Time a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er 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 1953—Oct. 28 169,580 79,720 71,660 18,200 40,980 213,350 193,140 14,300 111,260 67,580 16,120 14,518 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—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. 25P 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 Oct. 27P 181,680 82,380 79,030 20,270 41,590 226,360 205,330 15,720 116,700 72,910 17,000 14,422 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 15,319 116,600 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 1953—Oct. 28 143,970 67,120 62,340 14,510 40,100 186,480 169,050 14,300 111,220 43,530 13,570 13,990 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—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 Oct. UP 154,090 67,790 70,190 16,110 40,680 197,480 179,380 15,720 116,650 47,010 14,340 13,895 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 1953—Oct. 28. 121,050 57,415 51,663 11,972 35,168 158,321 143,453 13,610 95,022 34,821 11,299 6,752 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—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. 25P 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. 29* 126,851 57,164 56,373 13,314 34,796 163,964 148,964 14,692 96,730 37,542 11,868 6,707 Oct. 21 P 129,973 57,662 58,906 13,405 35,582 167,936 152,537 14,924 99,764 37,849 11,980 6,701 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1 19 9 4 4 5 1 — — D rj eecc 3 3 1 i 1 1 0 6 , 3 2 7 0 9 8 4 4 , , 2 90 7 1 9 1 3 0 , , 7 6 0 8 4 2 1 1 , , 2 7 4 7 6 4 6 7 0 9 9 3 1 1 1 7 , 8 0 0 2 4 0 1 1 0 5 , 5 3 3 8 3 5 1 6 4 1 1 0 5 , 5 3 2 7 7 1 1 1, , 5 2 9 4 2 1 5 54 4 2 8 1947—Dec. 313 18^641 4',944 11^978 1,718 886 19,714 17,763 1 17 \ 7,745 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 1953—Oct. 28 25,610 12,600 9,320 3,690 880 26,870 24,090 3 40 24,050 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—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 Oct. 27P 27,590 14,590 8,840 4,160 910 28,880 25,950 3 50 25,900 2,660 527 P Preliminary. "Corrected. * "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 4 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. 2Includes "other" assets and liabilities, not shown separately. For other footnotes see following two pages. 1269 DECEMBER 1954 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 OP BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Total Deposits ssets— Cla a s n s d o d f a b te ank Total Loans G o U m t o b i v l o . 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 s a se sh ts1 l i a c c T b a c a o p o i n l t u i i d a t t n a i l t e l s s 2 Total i I b n a t n e k r- ^ m D a e n - d Other Time a c c T a c o p o t i u a ta 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 Oct. 28 21,901 12,487 7,482 1,932 6,932 29,341 25,505 4,719 18,780 2,006 2,566 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—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 2$P.... 22,727 11,574 8,789 2,364 6,611 29,949 26,117 5,379 18,379 2,359 2,642 22 Aug. 25* 22,966 11,380 9,233 2,353 6,654 30,220 26,151 5,241 18,558 2,352 2,646 22 Sept. 29* 22,949 11.504 8,976 2,469 7.296 30,830 26,938 5,338 19,269 2,331 2,644 22 Oct. 27P 23,877 11,741 9,687 2,449 6,984 31,463 27,406 5,410 19,622 2,374 2,657 21 Chicago: 1939—Dec. 30 2,105 569 333 1.446 3,595 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 376 1,566 4,363 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 385 1,489 7,459 7,046 1,312 5,015 719 377 12 1947—Dec. 31 5,088 1,801 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 Oct. 28 5,984 2,597 2,824 563 1,972 8,003 7,323 1,315 4,804 1,204 558 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—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. 25*. . . 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 Oct. 27P 6,287 2,454 3,259 574 1,951 8,290 7,619 1,352 4,993 1,274 590 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 Oct. 28 46,221 22,712 19,049 4,460 14,179 61,271 55,710 6,443 35,320 13,947 3,953 319 Dec. 31 46,755 22,763 19,559 4,434 15,925 63,547 58,663 7,254 37,277 14,132 3,984 '319 1954—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 Oct. 27P. . . 49,933 22,745 22,128 5,060 14,175 65,086 59,544 6,852 37,361 15,331 4,247 303 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 Oct. 28 46,944 19,619 22,308 ,017 12,085 59,706 54,915 1,133 36,118 17,664 4,222 6,398 Dec. 31 47,404 19,934 22,423 ,047 13,268 61,385 56,740 1,315 37,735 17,690 4,194 6,389 1954—May 26 47,416 20,216 22,099 ,101 11,852 60,016 55,013 1,126 35,656 18,231 4,323 6,380 JuneT30.... 47,474 20,537 21,779 ,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 ,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 ,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 Oct. 27P. . . 49,876 20,722 23,832 5,322 12,472 63.097 57,968 1,310 37,788 18,870 4,486 6,364 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. 1270 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—Con tinned [Amounts in millions of dollars] Loans and investments Total Deposits Cla a s n s d o d f a b t a e nk Total Loans G U m ov . e e S n r . t n- O se t c h u e - r a C s a se sh ts1 li c a T a b a p o i n l t i i d t a t a l i l es Total i I b n a t n e k r- i Other a c c T a c p o o t i u t a a n l l ts N b u a o m n f k b s er o t b i l o i n ga s - rities accounts2 m D a e n - d Time All insured commercial banks: 1941—Dec. 31 .... 290 ,259 21,046 6,984 ,788 76,820 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 I'M,809 75,765 88,912 7 34,292 1S7,544 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec. 31 .... 114 274 37,583 67,941 8,750 36,926 1S?,733 141,851 1?,670 94,300 34,882 9,734 13,398 1951—Dec. 31 130 820 S7,256 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 44.398 190,638 174,697 1S.548 115,538 43.610 13,239 13.412 1954—june 30 144,451 66,805 62,461 IS,185 41,164 188,191 17?,048 IS,044 111,408 45,596 13,714 13,380 National member banks: 1941—Dec. 31 07 571 11 77S 12,039 3,806 14,977 43,433 39,458 6,786 74,350 8,322 3,640 5,117 1945—Dec. 31 60 312 13,925 51 250 4,137 70 114 90,220 84,939 9,229 59,486 16,224 4,644 5 017 1947—Dec. 31 '280 ,428 38,674 s,178 7?,024 88,182 8?,023 8,410 54,335 19,278 5,409 5,005 1951—Dec 31 75,255 32,317 35,063 7,875 25,951 102,462 94,173 9,788 63,477 20,908 6,653 4,939 1952—Dec. 31 .... 80 180 36,004 35,835 8,341 76,333 107,830 98,974 9,918 66,362 22,694 7,042 4 009 1953—Dec. 31 81,913 37,831 35,482 8,600 76 479 109,804 100,654 10.152 66,343 24,160 7,391 *1,856 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 t1,835 State member banks: 1941—Dec. 31 is 950 6,295 7,500 ,155 8,145 74,688 ,259 3,739 14,495 4,025 2,246 11,502 1945—Dec. 31 .. 37 871 8 850 27 089 t,933 9,731 48,084 44,730 4,411 3?,334 7,986 2,945 L 867 1947—Dec. 31 3? 566 11 200 19,240 ,125 10,822 43,879 40,505 3,993 77,449 9,062 3,055 11,918 1951—Dec. 31 36 992 17 743 16,558 3,191 13 301 SO,977 46,843 4,637 37,491 9,715 3,565 1,901 1952—Dec. 31 39 367 19 030 16,928 3,409 1?,922 S?,996 48,553 4,699 33,658 10,196 3,719 11,889 1953—Dec. 31 40 509 19 931 17,121 3 4S7 1?903 S4,179 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 RR<\ Insured nonmember commercial banks: 1941—Dec. 31 s 776 3 241 1,509 1,025 ,668 8,708 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14 639 ? 992 10,584 1,063 4,448 19,256 18,119 244 17,196 5,680 1,083 6,416 1947—Dec. 31 16 444 4 958 10.039 1 448 4 083 70,691 19,340 266 12,515 6,558 1,271 6,478 1951—Dec. 31 18 591 7 701 i$,923 1,967 4,926 73,732 71,912 353 14,415 7,144 1,686 6,602 1952—Dec. 31 242 8 605 <),556 ,081 4,970 75,451 ?3,464 373 15,351 7,740 1,804 6,627 1953—Dec. 31 21 396 9 328 (),790 ,278 s,020 76,679 74,555 378 15,758 8,419 1.925 6.672 1954—jUne 30 21 288 9 615 <?,362 2,310 4,444 26,012 23,819 312 14,789 8,718 2,007 6,662 Noninsured nonmember, commercial banks: 1941—Dec 31 1 457 455 761 241 763 ,283 1,872 329 1,291 253 329 852 1945—Dec. 31 211 318 1,693 200 514 7,768 7,452 181 1,905 365 279 714 1947—Dec 313 2 009 474 11,280 255 576 2,643 2,251 363 1,411 478 325 783 1951—Dec. 31 .... 1 789 490 991 308 469 ,313 1,932 308 1,235 388 314 650 1952—Dec. 31 1 854 531 1,010 31? 444 7,348 1,960 329 1,229 402 326 624 1953—Dec. 31 1 891 511 1,045 335 430 ,372 ,005 407 1,212 386 320 569 1954—june 30 1 932 532 1,047 354 405 2,394 2,020 453 1,179 388 325 *557 All nonmember commercial banks: 1941—Dec. 31 7 233 3 696 >,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16 849 310 r{,277 1,262 4,962 7?,024 70,571 425 14,101 6,045 1,362 7,130 1947—Dec. 313. . 18 454 S 432 .318 1,703 4,659 73,334 ,591 629 13,926 7,036 1,596 7,261 1951—Dec. 31 20,380 8 192 9,914 2,275 5,395 26,046 23,843 661 15,650 7,533 1,999 7,252 1952—Dec. 31 9? 096 9 136 10,567 ,393 5,414 77,799 75,424 702 16,580 8,142 2,129 7,251 1953—Dec. 31 287 9 838 10,835 ,613 5.450 79,051 ?6,560 784 16,970 8,806 2,245 7.241 1954—June 30 23 220 10 147 10,409 2,664 4,849 28,406 25,838 764 15,968 9,106 2,332 47,219 Insured mutual savings banks: 1941—Dec 31 1693 642 fVQ 421 151 1,958 1,789 1,789 1*4 52 1945—Dec 31 10 846 3 081 r,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 683 3 560 f$,165 958 675 13,499 1?,207 1 14 12,192 1,252 194 1951—Dec. 31 16 190 7 523 f>,921 1,746 695 17,129 15,368 2 23 15,343 11,678 202 1952—Dec. 31 17 621 8 691 (>,593 337 73? 18,612 16,785 2 30 16,753 11,730 206 1953—Dec. 31 . . 10 252 10 016 t),476 ,760 799 70,334 18,383 2 35 18,345 1,819 219 1954—june 30 . . 20,121 10 804 t>,309 3,008 807 21,237 19,195 3 47 19,145 L.868 219 Noninsured mutual savings banks: 1941 Dec 31 3 687 4 259 \ 075 1 353 642 9,846 8,744 6 8,738 1 077 496 1945—Dec 31 s361 1 198 \ 522 641 180 s,596 5,022 2 5,020 558 350 1947—Dec. 313 5,957 1,384 •1,813 760 211 6,215 5,556 3 5,553 637 339 1951 Dec 31 5 069 339 2 897 833 191 6,310 s,547 3 5,544 729 327 1952—Dec 31 6 382 2*658 829 895 187 6,622 5,836 2 5,833 749 323 1953—Dec 31 558 2'910 ,707 941 184 6,796 6,015 2 6,013 740 309 1954 Time 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 in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. DECEMBER 1954 1271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES ' LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Cla c s a s l a l o n d f d a b te ank i m T n lo a v o e a n e t n n d a s t s t l s - Total i C c o m m c k i l p p i p o i n u n a e a a e e m e r g d r - - l r t n - - , - - A t c g u u a r r l l i - - - b o p d a L s T e e r r u n e e r r o o o r a c c d s s k a c a l u - - n h r r r a s i o t y s e T f i t i i o e r n h n o s r s - g g l R t o e a a e s t n - a e l s O lo v u i d t t i a n a h d o i n - - l e - s s r O lo t a h n e s r Total Total U. B S i . l ls Go C o d v c n e e f a e e r e d r b t t i s e - n i n t D s f s - m i - - ir e e N n c t o t o te b s lig B at o io n n ds s G t a e u n e a - d r- S O s p d s t a t i g i u i b o c o i o a n o a v b a l l f n t - d n i i i e l - t - - s s - sO s ri e t t h c ie e u s r - All commercial banks:* 1947—Dec. 31... 116,28438,057 18,167 1,660 8301,220 9,393 5,7231,063 78,22669,221 2,193 7,789 6,034 53,191 5,276 3,729 1951—Dec. 31. . .132,61057,74625,879 3,4081,581 980 14; 580 10,4511,681 74,863 61,524 7,337 7,65711,408 35,101 9,198 4.141 1952—Dec. 31. . .141,62464,16327,8713,9192,0601,10315,71212,684 ,718 77,46163,318 7,761 5,580 11,87838,077 10,188 3,955 1953—Dec. 31... 145,68767,59327,204 4,965 2,3611,20216,69414,4611^666 78| 094 63,426 5,00410,23712,439 35-,713 10,8213,847 1954—June 30. ..146,38367,33726,120 5,1432,4621,25617,22714,4621,657 79,047 63,508 4,704 5,57212,376 40,818 11,930 3,608 All Insured commercial banks: 1941—Dec. 31.. . 49,29021,259 9,214 1,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 4, 3,6513,333 1945—Dec. 31. . .121,80925,765 9,4611,3143,164 3606 4,677 2,361 ,18196,043 88/,9122,45519,07116,045 5511,321 3,8733,258 1947—Dec. 31. . .114,27437,583 18,0121,610 823 190 9,266 5,654 028 76,69167,9412,124 7,552 5,91852,334 14 5,129 3,621 1951—Dec. 31. ..130,82057,25625,744 3,3211,571 96014,45010,378 645 731564 60,5337,219 7,52611,256 3344,511 8,989 4,042 1952—Dec. 31. ..139,77063,63227,739 31805 2,050 108215,57212,603 683 76,138 62,3087,622 5,49411,71437,456 9,977 3,854 1953—Dec. 31. . ,143,79667,08227,082 4,867 21344 18116,56614,373 629 76,714 62,3814,89510,07612,— -,093 10,5873,746 1954—June 30. . 144,45166,80525,976 5,057 2,439 22817,10114,370 1,62377,646 62,4614,575 5,50512,223 40,121 38 11,682 3,502 Member banks, total: 1941—Dec. 31. . 43,521 18,021 8,671 972 594 598 494 3,692 25,500 19,539 971 3,007 11.7293,832 3,090 2,871 1945—Dec. 31... 107,18322,775 8,949 855 3,133 3,378 455 1,900 1,104 84,408 78,3382,27516,98514,27144,792 163,254 2,815 1947—Dec. 31.. 97,84632,62816,9621,046 8111,065 130 4,662 952 65,218 57,9141,987 5,816 4,815 45-,286 10 4,1993,105 1951—Dec. 31... 112,24749,56124,3472,140 1,551 851 334 8,5241,535 62,687 51,6216,399 6,010 9,596 29,601 157,"5"2"8 33,538 1952—Dec. 31... 119,54755,03426,232 21416 2,032 966 ,214 10,396 1,577 64,514 52,7636,565 4,255 9,83532,087 198,4093,342 1953—Dec. 31... 122,42257,76225,519 3,263 2,3211,060 13,020 11,9111,518 64,660 52,6034,095 8,287 10,300 29,890 318,8713,185 1954—June 30. .,123,18557,19724,362 3,402 2,4111,10613,44011,8401,513 65988 53,1113,915 4,417 10,37434,369 36 9,890 2,987 New York City:* 1941—Dec. 31. .. 12,896 4,072 2,807 412 169 123 5 4 8,823 7,265 311 1,623 3,6521,679 729 830 1945—Dec. 31. . 26,143 7,334 3,044 2,4531,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 111 564 330 13,21411,972 1,002 640 558 9,771 638 604 1951—Dec. 31. . 21,37911,146 7,852 1,219 262 514 920 55110,233 8,129 1,122 616 1,428 4,960 21,385 719 1952—Dec. 31. . 22,13012,376 8,680 1,531 286 386 1,136 539 9,754 7,678 1,079 233 1,170 5,195 11,453 623 1953—Dec. 31.. 22,05812,289 8,218 126 1,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 11,365 639 1954—June 30. . 22,681 11,619 7,447 144 1,778 364 390 1,220 46611,062 8,695 1,014 711 1,454 5,510 1,851 516 Chicago:* 1941—Dec. 31.. 2,760 954 732 6 48 52 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31. . 5,088 1,801 1,418 3 73 87 149 26 3,287 2,890 132 235 248 2,274 213 185 1951—Dec. 31.. 5,731 2,468 1,977 16 94 63 180 109 3,264 2,711 334 332 520 1,526 351 201 1952—Dec. 31.. 6,240 2,748 2,080 14 239 66 211 120 3,493 2,912 407 224 607 1,674 384 197 1953—Dec. 31. . 6,204 2,776 1,912 158 286 75 234 96 3,428 2,856 123 450 684 1,598 400 172 1954—June 30. . 5,975 2,589 1,835 134 242 74 206 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 4271,503 1,459 855 404 31,594 29,552 1,034 6,982 5,65315,878 51,126 916 1947—Dec. 31.. 36,04013,449 7,088 225 170 484 3,147 1,969 366 22; 59120,196 373 2,358 1,901 15,560 31,342 1,053 1951—Dec. 31. . 42,69419,651 10,140 513 203 347 4,651 3,518 57223,04319,1942,524 2,493 3,64010,528 82",4581,390 1952—Dec. 31. . 45,58321,69710,842 501 218 422 5,099 4,347 59523,88619,6242,387 1,774 3,85411,594 14 2,9341,328 1953—Dec. 31.. 46,75522,763 10,568 774 308 456 5,453 4,942 61123,99319,5591,230 3,357 4,201 10,746 25 3; 196 1,238 1954—June 30.. 47,05622,453 10,010 953 326 468 5,639 4,797 629 24,60319,8131,241 1,590 4,183 12,773 26 3,5851,206 Country banks: 1941—Dec. 31. . 12,518 5,890 ,676 659 183 1,823 1,30 6,628 4,377 110 481 2,926 8611,222 1,028 1945—Dec. 31.. 35,002 5,596 ,484 648 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 91,342 1,067 1947—Dec. 31. . 36,32410,199 ,096 818 227 3,827 1,979 229 26,125 22,857 480 2,583 2,10817,681 6 2I006 1,262 1951—Dec. 31. . 42,44416,296 ,3771,610 178 6,099 3,906 30326,148 21,5872,418 2,568 4,00812,587 53,3341,227 1952—Dec. 31... 45,59418,213 630 1,901 191 6,662 4,702 32227,38122,5492,692 2,024 4,20413,625 43,6391,194 1953—Dec. 31.. 47,40419,934 ,822 2,204 210 7,114 5,441 336 27,470 22,423 1,819 3,374 4,28512,940 53,9111,136 1954—June 30.. 47,47420,537 5,0712,170 200 7,331 5,618 34526,93721,7791,548 1,855 4,01714,355 ,0671,090 All nonmember banks:* 1947—Dec. 31. . 18,454 5,432 1,205 614 156 2,266 1,061 11113,02111,318 206 ,973 1,219 7,916 1,078 625 1951—Dec. 31... 20,380 8,192 1,5331,268 130 3,252 1,927 14612,189 9,914 939 ,647 1,812 5,510 6 1,671 604 1952—Dec. 31... 22,096 9,136 1,6391,503 137 3,505 2,288 14112,96010,5671,196 ,325 2,043 6,000 31,781 613 1953—Dec. 31. . 23,287 9,838 1,6851,702 142 3,681 2,551 14813,44910,835 909 ,951 2,139 5,834 21,951 662 1954—June 30. . 23,22010,147 1,7581,741 150 3,795 2,622 14413,07310,409 790 ,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 4 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. * Beginning June 30, 1948, figures for various loan items 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. 1272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R R e a r d r i v n e e t e v - e h - 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 a o s t k l e 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 6 m D e I s d n o t e - i t c e p 4 r o b s a i F e t n i s o g k r n - U G m 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 o e a f e e e i f t n e f c r r c d i d t s k . - i ' s - , a p v n s a p i I t h d d r i n o o t i u d r n p c n a a i e s o s - l - , r s r - - , I b n a t n er k - P U m G S e i a o n r . a o n e n g s v d v n S t - s - - a t . l v S p s i a u i s o t c n a i b 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 s r - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s All commerical banks:2 1947—Dec. 31.. 17,796 2,216 10,216 87,123 11.362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1951—Dec. 31.. 19,911 2,697 11,969 98,243 13,123 1,413 3,359 8,426 3,166 96,666 550 278 1,536 36,323 34 12,216 1952—Dec. 31.. 19,809 2,753 11,875 101,506 13,109 1,465 4,941 8,910 2,956 99,793 744 346 1,620 39,046 188 12,888 1953—Dec. 31.. 19,995 2,512 12,103 102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 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 5514,038 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 L.379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1951—Dec. 31.. 19,911 2,665 11,561 97,048 12,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—Dec. 31.. 19,809 2,720 11,489 100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 1953—Dec. 31.. 19,995 2,482 11,724 101,289 13,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 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 L ,4314,567 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 1,071 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 1,109 16,601 1,246 51 151 2,014 1 2,630 Chicago:3 1941—oec< 31.. 1,021 43 298 2,215 1.027 8 127 233 34 2,152 476 288 1945—Dec. 31.. 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31. . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1951—Dec. 31.. 1,407 32 165 4,121 1,269 38 242 240 66 4,404 i 5 11 1,128 513 1952—Dec. 31. . 1,144 32 169 4,126 1,308 37 343 242 56 4,491 5 4 11 1,190 541 1953—Dec. 31.. 1,287 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 1954—June 30.. 1,290 30 154 3,844 1,287 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 11 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 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 L.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 1,211 11 1,362 4,261 720 29,898 19 148 759 17,553 26 4,372 All nonmember banks:2 1 1 9 9 4 5 7 1 — — D j)e ec c # 3 3 i i 6 5 3 4 5 4 4 3 , , 5 9 0 4 7 7 1 1 3 5 , , 5 1 9 4 5 4 3 4 8 8 5 9 4 5 4 5 2 1 5 6 8 7 1 1, , 7 2 6 9 1 5 2 1 0 8 5 0 1 1 2 3 , , 2 4 8 2 4 6 1 1 2 9 8 0 22 6 2 1 9 7 8 2 6 7, , 2 8 1 5 3 8 12 g 1 1 , , 9 5 9 9 9 6 1952—Dec. 31.. 672 4,498 15,964 516 34 374 1,881 212 14,113 152 25 317 7,800 23 2,129 1953—Dec. 31.. 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 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. ^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. DECEMBER 1954 1273 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 Loans Com- Date or month i T m n lo a v o n e a e t n n d a s s t t l s - i j m n u a a v s e n d t e n d e - s t d t s - 1 L u o a s a d te n - d s 1 i t n m c a r d i i n e a a u 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 Bonds8 O r s i e t t c h ie u e s - r b L a o C n a k o 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 v n a S - - t s . . O c t s u t i e h e r - s i e - rG t U l 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 i e - r n e e d s - s Total— Leading Cities 1953—November. 80,204 79,562 39,757 23,309 1,895 753 6,448 7,97332,362 2,274 5,442 6,76017,886 7 ,443 642 1954—September. 82,947 82,347 38,138 20,934 2,208 919 6,865 7,87135,756 3,018 2,520 6,66223,556 8,453 600 October. . . 85,455 84,747 38,679 21,116 2,410 969 6,941 7,90537,478 2,659 2,426 8,65323,7408,590 708 November. 85,876 85,249 39,221 21,620 2,246 1,009 7,038 7,970 3^7,456 2,611 2,348 8,61523,8828,572 627 1954—Sept. 1... 82,778 82,20437,967 20,798 2,228 904 6,831 7,866 35,862 3,135 2,559 6,65323,5158,375 574 Sept. 8... 82,670 82,02038,034 20,829 2,265 904 6,838 7,85635,526 2,876 2,505 6,648 23,4978,460 650 Sept. 15. .. 83,084 82,44038,175 21,023 2,145 913 6,871 7,88235,790 3,090 2,534 6,67123,4958,475 644 Sept. 22... 82,980 82,381 38,018 21,005 1,999 932 6,884 7,85835,908 3,124 2,497 6.66823,6198,455 599 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, 6 • 5 "• 4 8,498 533 Oct. 6... 85,346 84,803 38,548 21,102 2,363 955 6,907 7,88337,614 2,765 2,478 8,60823,763 8,641 543 Oct. 13. .. 85,567 84,722 38,781 21,195 2,457 956 6,924 7,91037,364 2,535 2,447 8,66523,717 8,577 845 Oct. 20... 85,412 84,675 38,709 21,126 2,412 973 6,955 7,90537,403 2,628 2,402 8,649 23,7248,563 737 Oct. 27. .. 85,498 84,78938,679 21,043 2,407 993 6,978 7,920 37,533 2,706 2,375 8,688 23,7648,577 709 Nov. 3... 85,721 84,93238,844 21,104 2,466 991 6,997 7,94937,358 2,500 2,369 8,68823,8018.730 789 Nov. 10. .. 84,930 84,42438,588 21,133 2,165 1,001 7,026 7,92537,377 2,539 2,362 8,62623,850 8,459 506 Nov. 17. .. 86,331 85,74539,503 22,107 2,022 1,014 7,051 7,97137,677 2,802 2,359 8,58623,930 8,565 586 Nov. 24. .. 86,523 85,89739,952 22,137 2,333 1,032 7,07 8,03537,411 2,605 2,300 8,56023,946 8,534 626 New York City 1953—November. 21,884 21,509 12,091 8,554 1,039 41 200 391 1,633 7,473 719 1,144 1,177 4,4331,945 375 1954—September. 22,750 22,38011,067 558 1,090 14 338 418 ,577 8,874 903 570 1,429 5,9722,439 370 October. . . 23.833 23.379 11,402 660 1,181 18 355 42' ,600 9,513 796 550 2,182 5,9852,464 454 November. 23,685 23,286 11,336 3921,264 14 375 44 ,632 9,52 842 492 2,127 6,064 2,425 399 1954—Sept. 1... 22,719 22,409 10,995 7,246 590 1,023 15 332 411 ,572 9,010 1,041 57 1,431 5,963 2,404 310 Sept. 8... 22,604 22,195 11,038 7,232 630 1,046 14 332 41 ,561 8,715 789 550 1,420 5.9562,442 409 Sept. 15. .. 22,727 22,379 11,100 7,297 586 1,050 14 33 424 ,586 8,829 883 566 1,422 5,958 2,450 348 Sept. 22... 22,808 22,351 10,974 283 437 ,090 14 34 420 ,581 8,938 949 579 1,427 5,9832,439 457 Sept. 29. .. 22,894 22,57011,232 270 547 ,242 14 345 419 ,588 8,878 852 578 1,446 6,0022,460 324 Oct. 6... 23,853 23,445 11,331 7,342 642 ,159 18 349 419 ,596 9,610 868 557 2,170 6.0152,504 408 Oct. 13... 23,791 23,295 11,436 7,384 692 ,160 18 350 423 ,602 9,391 704 549 2,176 5,9622,468 496 Oct. 20. .. 23,850 23,36911,468 7,379 717 ,163 18 35 431 ,597 9,461 767 559 2,169 5,9662,440 481 Oct. 27. 23,839 23,406 11,374 7,315 588 ,243 17 36: 436 ,607 9,590 844 536 2,213 5,9972,442 433 Nov. 3... 23,813 23,33811,332 7,300 536 ,254 19 363 441 ,61 9,483 747 51 2,206 6,0182,523 475 Nov. 10. .. 23,306 22,969 11,10' 7,260 338 ,269 12 37 445 ,604 9,483 802 496 2,129 6,0562,379 337 Nov. 17... 23,727 23,320 11,319 7,527 276 ,227 13 381 448 ,640 9,599 930 508 2,096 6,06! 2,402 407 Nov. 24. .. 23,897 23,518 11,585 7,532 ,305 11 386 45: ,672 9,536 889 453 2,076 6,1182,397 379 Outside New York City 1953—November. 58,320 58,05327,666 14,755 436 512 6,05 6,34024,889 1,555 4,298 5,58313,4535,498 267 1954—September 60,197 59,96727,071 13,668 560 567 6,44 6,294 26,882 2,115 1,950 5,23317,5846.014 230 October. . . 61,622 61,36827.277 13,761 569 596 6,514 6.30527,96i 1,863 1,876 6,471 17,7556,126 254 November. 62,191 61,96327,885 14,215 590 620 6,591 6,33827,931 1,769 1,856 6,48817,8186,147 228 1954—Sept. 1. . 60,059 59,795 26,972 13,552 615 557 6,420 6,294 26,852 2,094 1,984 5,22 17,5525,971 264 Sept. 8. . 60,066 59,82526,996 13,59 589 558 6,421 6,29526,811 2,087 1,955 5,22817,5416,018 241 Sept. 15. . 60,357 60,06 27,075 13,726 509 562 6,447 6,29626,961 2,207 1,968 5,24917,5376,025 296 Sept. 22. . 60,172 60.03C 27,04- 13,722 472 575 6,464 6,27 26,970 2,175 1,918 5,24117,6366,016 142 Sept. 29. . 60,328 60,115 27,263 13,745 614 582 6,483 6,30526,818 2,016 1,926 5,224 17,65:6,038 209 Oct. 6. .61,493 61,358 27,217 13,760 562 588 6,488 6,28728,004 1,897 1,921 6,43817,7486,137 135 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 6,52- 6,31527,942 1,861 1,843 6,48017,7586,123 256 Oct. 27. . 61,65 61,383 27,305 13,728 576 614 6,542 6,31327,943 1,86: 1,83! 6,47. 17,7676,135 276 Nov. 3. .61,90? 61,59' 27,512 13,804 676 609 6,556 6,33 27,87 1,753 1,857 6,48: 17,7836,207 314 Nov. 10. .61,62 61,455 27,481 13,873 558 617 6,58 6,32127,89. 1,737 1,866 6,49717,7946,080 169 Nov. 17. .62,604 62,425 28,18' 14,580 519 620 6,603 6,33128,07; 1,87: 1,851 6,49017,8656,163 179 Nov. 24. .62,626 62,379 28,367 14,605 608 635 6,625 6,36327,87. 1,716 1,847 6,48417,8286,137 247 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 3 Includes guaranteed obligations. For other footnotes see opposite page. 1274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e a n d t v - h l k - e s v C a i a n u s l h t m b a w a n d e n i o c s t - e k h ti s s c i m p u o a d s a d e s t n e - i - t d d s 8 s p p u v n h a c o a a i o e n i d r r l p r r d s a t - - - s - , - , S p s d s a i t i o u c i a o n v l b a t n d i i - e l t - s - s c C h c o a f e e e e i f t n e r c f r c s d i d t . k - * i s - , U m G e . r o e n v n S - - t . s p p u v n h c a o a a o i e i n d r r l p r r d s a t - - - s - , - , S p d s a t i o u i c a n v l b a t d i i - e l t - - s P U m G S e i o a n r . a o n s e n g v t d v n S a - s - - t . l m D t e i D o c s - - eman F e d i o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts tions tions Total- Leading Cities 1953—November 14,529. 978 2,54953,91955,539 3,657 1,768 3,54017,354 860 10,874 1,275 936 1,069 7,569 1954—September 13,431 941 2,64154,43255,734 3,753 1,900 2,73318,491 1,218 19811,298 1,269 1,561 545 7,886 October 13,786 972 2,75355,11756,931 3,563 1,827 4,43718,642 1,215 20511,545 1,336 1,482 633 7,926 November 14,014 965 2,71955,74557,405 3,790 2,087 4,22218,633 1,198 20311,602 1,315 1,460 633 8,136 1954—Sept. 1 13,522 885 2,489 54,06654,746 3,939 1,864 3,247 18,433 1,257 19710,911 1,301 1,560 583 886 Sept. 8 13,327 943 2,634 54,01355,000 3,738 1,617 2,731 18,487 1,253 19711,354 1,272 1,566 571 888 Sept. 15 13,569 936 2,805 54,49057,230 3,754 2,089 2,400 18,501 1,193 19911,970 1,252 1,562 585 878 Sept. 22 13,297 951 2,731 54,54755,812 3,579 1,700 2,681 18,514 1,194 19911,277 1,257 1,565 451 880 Sept. 29 13,438 992 2,544 55,04355,884 3,756 2,228 2,605 18,520 1,195 200 10,977 1,262 1,552 537 897 Oct. 6 13,754 904 2,750 54,27655,403 3,664 1,720 5,190 18,608 1,181 20311,744 1,285 1,526 462 913 Oct. 13 13,602 1,032 2,815 54,67257,837 3,442 1,802 4,611 18,639 1,209 20311,750 1,353 1,479 767 920 Oct. 20 13,924 947 2,786 55,47057,203 3,503 1,857 4,165 18,641 1,238 20411,494 1,357 1,463 681 921 Oct. 27 13,864 1,003 2,662 56,05057,281 3,642 1,929 3,783 18,681 1,231 21111,190 1,349 1,459 621 7,949 Nov. 3 13,877 951 2,616 55,47257,256 3,865 2,104 3,793 18,699 1,220 20311,516 1,324 1,461 983 8,131 Nov. 10 14,186 984 2,738 55,57356,926 3,698 1,964 3,833 18,679 1,215 20311,657 1,293 1,463 387 8,132 Nov. 17 14,056 964 2,982 55,68257,879 3,796 1,939 4,741 18,578 1,179 20312,119 1,307 1,461 474 8,137 13,935 960 2,542 56,25457,557 3,803 2,342 4,522 18,578 1,176 20311,116 1,334 1,456 689 8,142 Nov. 24 New York City 4,874 164 15,49016,518 347 873 1,257 1,798 116 2,980 1,032 763 377 2,546 1953—November 4,428 146 15,66516,584 306 1,021 841 1,993 248 3,061 1,017 ,287 246 2,613 1954—September 4,447 156 15,74616,767 328 949 1,683 2,027 241 3,151 1,081 ,208 275 2,622 October 4,491 163 15,80516,837 356 1,130 1,393 2,021 237 3,189 1,059 ,194 297 2,776 S S N S S S e e e e e o p p p p p v t t t t t e . . . . . m 2 2 1 9 2 8 5 1 ber 4 4 4 4 4 , , , , , 1 5 4 4 5 8 3 1 5 5 2 7 7 5 1 1 1 1 1 1 3 5 5 4 4 4 0 9 0 6 4 3 4 4 9 1 1 1 1 1 1 5 5 5 6 5 , , , , , 6 5 5 0 6 1 0 1 9 0 3 5 3 2 4 1 1 1 1 1 6 6 6 6 6 , , , , , 3 2 4 9 8 7 6 7 3 6 7 6 5 2 8 3 2 3 2 3 7 4 0 7 3 1 2 7 8 4 1 1, , 9 8 8 3 1 7 4 2 2 4 3 5 0 3 4 1, 9 0 7 7 7 9 0 1 7 2 1 4 1 3 7 2 2 2 1 1 , , , , , 9 0 0 9 0 6 8 0 0 0 0 8 7 4 8 2 2 2 2 2 3 7 3 7 3 3 3 3 0 2 2 3 3 3 3 , , , , , 0 9 0 0 2 1 6 8 0 3 9 3 2 4 6 1 1 1 1 1 , , , , , 0 0 0 0 0 0 1 3 2 0 5 2 9 2 7 , , , , , 2 2 2 2 2 9 9 8 8 7 2 2 5 7 7 3 2 2 2 1 6 2 4 4 5 1 9 8 0 3 2 2 2 2 2 , , , , , 6 6 6 6 6 1 1 0 0 1 6 4 9 9 9 Oct. 6 4,459 149 40 15,61516,434 342 882 ,978 2,034 227 3,175 1,046 ,250 153 2,626 Oct. 13 4,496 171 15,54916,941 325 909 ,778 2,033 228 3,169 1,101 ,203 414 2,620 Oct. 20 4,404 145 15,82716,796 290 959 ,576 2,013 256 3,154 1,098 ,193 264 2,622 Oct. 27 4,429 159 15,99416,896 356 1,046 ,398 2,026 254 3,107 1,079 ,188 268 2,621 Nov. 3 4,560 155 15,80116,930 449 1,217 ,375 2,026 253 3,139 1,070 ,192 538 2,776 Nov. 10 4,550 173 15,69016,595 331 1,051 ,357 2,028 252 3,172 1 ,043 ,194 154 2,777 Nov. 17 4,395 156 15,75116,876 345 881 1,463 2,005 222 3,343 1,052 ,192 113 2,779 Nov. 24 4,458 167 15,97816,946 299 1,370 1,378 2,025 222 3,103 1,070 ,196 381 2,774 Outside New York City 1953—November. . .. 9,655 814 2,50838,429 39,021 3,310 895 2,28315,556 7,894 243 173 692 5,023 1954—September 9,003 795 2,602 38,76739,150 3,447 879 1,89216,498 970 145 8,237 252 274 299 5,273 October 9,339 816 2,707 39,37140,164 3,235 878 2,75416,615 974 151 8,394 255 274 358 5,304 November.. . . 9,523 802 2,673 39,94040,568 3,434 957 2,82916,612 961 149 8,413 256 266 336 5,360 Sept. 1 8,985 751 2,451 38,56138,369 3,632 891 2,15616,473 984 144 7,948 262 268 254 5,267 Sept. 8 8,910 793 2,601 38,50038,734 3,467 797 1,82716,499 983 144 8,335 260 274 323 5,272 Sept. 15 9,114 796 2,761 38,87740,362 3,412 945 1,68916,497 960 146 8,734 247 277 324 5,264 Sept. 22 9,115 805 2,692 38,94339,337 3,301 855 1,90816,507 961 146 8,195 250 278 298 5,271 Sept. 29 8,887 833 2,503 38,95138,952 3,422 905 1,87816,512 963 147 7,973 240 275 297 5,288 Oct. 6 9,295 755 2,710 38,66138,969 3,322 838 3,212 16,574 954 149 8,569 239 276 309 5,287 Oct. 13 9,106 861 2,766 39,12340,896 3,117 893 2,833 16,606 981 149 8,581 252 276 353 5,300 Oct. 20 9,520 802 2,737 39,64340,407 3,213 898 2,589 16,628 982 150 8,340 259 270 417 5,299 Oct. 27 9,435 844 2,616 40,05640,385 3,286 883 2,385 16,655 977 157 8,083 270 271 353 5,328 Nov. 3 9,31 796 2,576 39,67140,326 3,416 887 2,41816,673 967 8,377 254 269 445 5,355 Nov. 10 9,636 811 2,695 39,88340,331 3,367 913 2,47616,651 963 8,485 250 269 233 5,355 Nov. 17 9,661 808 2,92 39,93141,003 3,451 1,058 3,27816,573 95 149 8,776 255 269 361 5,358 Nov. 24 9,47 793 2,498 40,27640,611 3,504 972 3,14416,553 954 149 8,013 264 260 308 5,368 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227. DECEMBER 1954 1275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OP A SAMPLE OP WEEKLY REPORTING MEMBER BANKS BY INDUSTRY * [Net declines, ( —). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. Period2 t l o F iq b a o n u a o c o d d c r , , o a T l p e e a p a x n t a t h i d r l e e e r l s , , p m M r m ( a o a i e c n e d n t h c t u d a a i l c l n . l s t - s ch P l e c e a e m o u n t a m r i d o l c , , a - l, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t ( t r i o u i i a l o n b r i n t n c t l i a s l i ) e . c - - s s C t ti r o o u n n c - - bu o ty s A t o i h p n l f e e l e r s ss c c h l N f a a i n e s e g d s t i e - s ch t i a a o a n g n t n d a g r d ' ' l e l l * , . — ery and rubber trans, equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 -2 1JB -28 -546 -637 July-Dec 754 -40 250 36 141 662 544 -57 13 191 2,494 2,435 1953—Jan.-June.. . -657 156 420 -45 90 215 -644 -91 12 18 —11 -536 -805 July-Dec 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 November... 130 -44 -49 -14 -18 30 131 63 13 24 62 328 1,094 Week ending: 1954—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 Nov. 3 -1 -8 -38 14 -18 -7 39 29 23 7 13 52 61 Nov. 10 48 -9 -5 -36 -1 25 25 -21 16 7 -24 25 29 Nov. 17 60 -13 5 3 10 58 48 7 13 42 233 974 Nov. 24 24 -15 -10 5 1 1 8 8 -33 -3 32 19 30 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2Figures for other than weekly periods are based on weekly changes during period. •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 FINANCEI PAPER AND BANKERS' ACCEPTANCES OUTSTANDING fin millions of dollars! Dollar acceptances outstanding Commercial andfinance 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 t P hr la o c u e g d h dir l e y ct- st i a n n g d- a ( c fo c r t. Oth- p in or to ts p fr o o r m ts D e o x ll - ar points in dealers2 (finance To- Own Bills of United United change 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 1 1 1 1 9 9 9 9 4 5 5 5 9 0 2 1 — — — — D D D D e e e e c c c c e e e e m m m m b b b b e e e e r r r r 1 1 , , 3 7 8 9 3 4 3 2 1 5 7 0 3 4 2 5 4 4 5 7 5 9 2 0 1,1 5 5 8 9 6 8 7 3 7 2 5 4 2 3 4 7 9 9 9 2 2 0 4 1 1 1 1 9 9 2 8 7 2 8 3 1 1 1 5 1 1 2 8 4 9 6 5 7 7 7 7 0 8 9 2 2 2 1 1 1 0 1 2 2 1 1 7 8 3 8 2 9 3 0 2 2 2 1 3 3 4 8 5 2 5 4 1 1 4 8 2 3 9 7 5 3 3 2 9 3 2' " 3 6 2 5 0 4 8 5 3 4 3 2 4 2 9 1953—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 October 2,048 762 1,286 687 271 217 55 14 402 207 148 72 205 55 *New series; not comparable with earlier data. 2 3A A s s r r e e p p o o r rn t t e e d d b b y y f d i e n a a l n er c s e ; c i o n m cl p u a d n es ie s fi n th an at c e p c la o c m e p t a h n ei y r p p a a p p e e r r a d s i r w ec e t l l l y a w s i o t t h h e in r v c e o s m to m rs e . rcial paper sold in the open market. Back figurrees.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127,pp. 465-467; for description see p. 427. 1276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets 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 gages estate loans assets 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:5 1951—December 67,983 13,579 10,958 1,702 919 28,042 25,975 2,067 19,291 1,617 2,575 2,879 1952—December .. 73,034 12,683 10,195 L ,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—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 .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 September 82,362 12,094 9,086 2,485 523 36,326 33,717 2,609 25,035 2,205 3,049 3,653 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 rt s - 2 G m o o v b e e l n i r - t n- Cash Others capital quarter 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 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 L,O72 19,143 1945 8,747 5,376 2,420 450 356 7,365 1946 10,202 7,141 2,009 536 381 8,548 1953—1.... 23,442 19,051 1,926 1,259 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 1949 14,622 11,616 1,462 880 566 12,471 4 26,638 21,882 1,923 1,500 1,258 22,778 1950 16,846 13,622 1,489 951 692 13,978 1951 19,164 15,520 1,606 1,082 866 16,073 1954—1P... 27,667 22,722 1,928 1,613 1,330 23,901 1952 22,585 18,336 1,791 1,306 1,072 19,143 2P... 29,105 23,847 1,961 1,782 1,442 25,163 1953 26,638 21,882 1,923 1,500 1,258 22,778 3P... 30,168 25,053 1,972 1,671 1,400 25,895 P Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. DECEMBER 1954 1277 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 2,878 2,884 2,299 3,632 4,362 3,884 4,161 5,070 5,512 6,811 7,370 6,389 Banks for cooperatives 197 73? 776 305 30? 345 475 424 336 Ml 354 309 Federal intermediate credit banks 731 773 336 476 437 510 6^3 673 781 590 658 774 Federal land banks2 1 088 986 Federal Farm Mortgage Corporation . . 149 109 80 60 45 34 25 20 18 17 16 Farmers Home Administration3 604 590 558 525 523 535 539 596 658 648 739 754 Rural Electrification Administration 407 578 734 999 1 301 1 1 74? 1,920 2,062 7,096 ,130 2,164 Commodity Credit Corporation 99 1?0 780 1 793 1 7?9 898 78? 1,426 1,651 3 076 •a 468 2,368 Other agencies 9 6 7 5 9 7 6 6 5 5 5 4 To aid home owners, total 896 619 116 768 1 14? 2,603 2,986 930 818 2,814 Federal National Mortgage Assn 7 6 4 199 828 1,347 1,850 2,242 2,540 2,462 2,366 2,301 Home Owners' Loan Corporation2 85? 636 486 369 7S1 10 Reconstruction Finance Corporation4 * 12 10 177 168 137 123 115 110 108 106 104 O V t e h te e r r a a n g s e A nc d i m es i 4 nistration i 25 6 65 22 24 35 169 246 / I 27 6 5 1 30 6 0 0 32 6 6 1 34 6 8 2 To railroads, total ?,23 171 147 140 114 110 101 82 79 79 79 12 Reconstruction Finance Corporation* 205 153 145 138 11? 108 99 80 77 77 77 10 Other agencies 18 18 3 3 3 2 2 2 2 2 2 2 To other industry, total 232 192 272 310 462 418 488 516 536 109 49? 415 Reconstruction Finance Corporation * 7 149 151 241 272 423 400 415 457 473 8794 770 191 Other agencies 83 41 31 38 38 58 74 58 63 8214 223 224 To financing institutions, total ?.67 314 447 121 441 824 814 864 802 91? 630 678 Reconstruction Finance Corporation * 60 14 7 6 8 8 8 Federal home loan banks 195 793 436 515 433 816 806 864 801 95? 630 675 Other agencies 12 7 4 4 4 3 Foreign, total 126 284 1,673 6 10? 6 090 6 078 6 110 7,736 8,010 8 043 7,987 7,965 Export-Import Bank 252 1,749 1,978 7,145 7,187 7,776 7,796 2,496 2,758 7 833 783 2,762 Reconstruction Finance Corporation* ' 274 235 246 206 154 101 64 58 52 52 45 42 U. S. Treasury Department10 800 3,450 3 750 3 750 3 750 3 750 3,667 3,666 6?0 3 6?0 3,618 "1,515 1,533 1,537 1,539 1,544 All other purposes, total 707 623 714 184 484 131 779 1,095 830 763 641 471 Reconstruction Finance Corporation* ^.. 309 737 •340 190 88 59 61 50 57 57 ?9 32 Public Housing Administration12 286 278 278 294 297 366 609 919 612 535 478 245 Other agencies 112 113 96 100 99 105 109 126 160 171 184 195 Less: Reserve for losses 438 478 395 368 476 181 173 140 252 203 181 255 Total loans receivable (net) 5,290 6,649 9,714 11,692 12,733 13,228 14,422 17,826 18,502 19,883 19,877 18,489 Investments: U. S Government securities, total 1,683 1873 1,685 814 047 071 ,?.26 2,421 2,586 60? 960 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 62 63 50 50 Production credit corporations 67 70 72 66 39 42 43 43 45 45 43 42 145 136 Federal home loan banks .. . . 118 145 139 ?74 775 199 749 311 397 387 706 672 Federal Savings and Loan Insurance Corp 161 172 184 199 214 193 200 208 211 217 77? 228 Home Owners' Loan Corporation2 1S 17 1? 1? 8 Federal Housing Administration 106 122 132 144 188 244 285 316 318 319 310 257 Reconstruction Finance Corporation 8 7 * 49 48 1 Federal Deposit Insurance Corporation 897 1 045 1 070 1 064 70S 1 307 1, 353 1,437 1,509 i 576 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 3 381 3 381 3 381 ? 381 3,385 3,385 3 381 3, 381 3,385 Other securities, total 321 ?30 114 133 107 88 78 44 44 40 40 54 Reconstruction Finance Corporation * 244 159 108 98 83 71 66 36 38 35 35 50 Production credit corporations 55 46 35 29 22 16 11 8 5 5 5 4 Other agencies 26 24 11 6 2 1 1 1 1 1 1 Commodities, supplies, and materials, total , . 2,288 ,265 822 627 1,549 1,774 1,461 1,280 2,259 2,514 2,696 3,369 Commodity Credit Corporation 034 463 448 437 1,376 1,638 1 174 978 1,884 7 086 7 70? 2,802 Reconstruction Finance Corporation* ''. . 1,131 667 235 157 142 108 129 172 134 156 168 91 Other agencies 122 134 138 32 30 28 159 131 241 272 327 476 Land, structures, and equipment, total .... 71,017 16,924 1?,600 3,060 ,962 ,945 3,358 3,213 7,911 8,06? 8 8,077 Public Housing Administration12 727 704 1 448 1, 357 1 748 1 751 1,173 1,030 1 018 958 823 Reconstruction Finance Corporation* * 6,919 861 35 630 611 60S 594 199 181 175 169 161 Tennessee Valley Authority 771 777 754 793 830 886 1 048 1,251 1,405 1,475 1,549 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.... P4,802 4*834 4^849 4,829 Other agencies18 1 948 7,044 1,793 189 168 706 465 590 493 561 511 634 Bonds, notes, and debentures payable (not guaranteed), total 1,113 1,?52 689 965 772 1.190 1.369 1,330 1,243 1,18? 949 971 Banks for cooperatives 8 33 69 70 78 110 170 181 119 150 133 120 Federal intermediate credit banks 745 793 358 480 490 570 674 704 776 619 626 736 Federal land banks2 79? 756 Federal home loan banks 69 169 262 415 204 560 525 445 349 414 190 115 For footnotes see following page. 1278 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] Liabilities, other than Assets, other than interagency items» interagency items m Co o m di - - I m nv e e n s t t s - Land, t B u a o r n e n d s d s p d , a e n b y o e a t n b e l - s e , U G er . o n v S - - . v P a r te i- ly Date, and corporation or agency Total Cash L c a o r e b e a i l v - n e - s m p s r t a i l i u a n i e a e p t s l d e s s - , , - G U s ri e o t . c i v e u S t s - . . O s ri e t t c h ie u e s - r e s t m u q t a r u r n e u e i d n c p s t - , - O s a t e h s t - e s r a F g n u b u te a l y l e r y - d Other l O i i a t t i b h e i e s l r - i m n e t e s e n t r t - o in w e t s e n t r e - d U.S. All agencies: 1 1 9 9 4 4 6 7 — — D D e e c c . . 3 3 1 12 3 30 0 , , 9 4 6 0 6 9 1 1, , 4 3 8 9 1 8 6 9 , , 6 7 4 1 9 4 1, 8 26 22 5 1 1 , , 6 8 8 7 5 3 3,5 5 3 47 91 1 2 6 , ,9 6 2 0 4 0 1,7 1 5 2 3 5 26 8 1 2 1, 6 25 89 2 3 2 , , 5 0 8 3 8 7 2 28 4 , , 0 8 1 1 5 0 4 1 9 4 8 3 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 ,190 1,19321,995 234 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 ,369 1,16123,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 ,330 1,728 26,456 378 1953—Sept. 302 37,141 1,09618,502 2,259 2,586 3,429 7,911 1,357 63 ,243 2,07533,335 424 Dec. 31 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 ,182 3,818 33,429 434 1954—Mar. 31 39,313 1,13919.877 2.696 2,969 3.42S 8.035 1.173 75 949 4.920 32.899 470 June 30 39,602 1,23218,489 3,369 2,911 3,439 8,077 2,085 81 971 4,033 34,030 486 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 40 672 4 115 824 -8 460 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 2,314 Other 135 15 97 4 134 Reconstruction Finance Corporation: Assets held for U. S. Treasury« " 285 2 1 91 29 284 Others 605 197 347 12 581 Small Business Administration 3 1 2 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 1,630 9 67 1,866 Federal Maritime Board and Maritime Adm.. . 5,381 153 4,829 355 176 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 3,651 3,385 ,000 8,036 Foreign Operations Administration 1,562 18 1 .544 22 1.539 All other 870 52 278 387 57 96 51 819 p Preliminary. 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses. 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. 5RFC figures for the end of the third quarter 1953 were for Sept. 28; on Sept. 29, pursuant to the act approved July 30, 1953 (67 Stat. 230), the RFC started liquidation of its activities except those which existing law or this law permitted to be transferred elsewhere. Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 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." SRefiects 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. ^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. 12Reflects 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. 1279 DECEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series ume (index, 1935-39=100) (index, 1939=100) of Cor- trad- Ye o ar r , w m e o ek nth, r O i s e e l s d - * r N i s e e e - s w 3 g n ( r M i h a c i u i d g p - e h a ) - l 'g ( r r p h a a o d i t g - e e h )* - fe P r r r e e - d" T ta o l - d t I a u r n i l s - - - R ro a a i d l- u P i l t u t i i y c b l - - T ta o l - T t M a o l - anu D f r b a a l u c e - - turi N n d b ra o u g le - n - - T p t r o i a o r n n t s a - - u P i l t t u i i y c l b - - T a s a f r e n i i n a c r c n e d v d e - e - , , M in in g - s s t h i h a n a ( o o n i g r f n d e u « s s - ) Number of issues.. 3-7 1 15 17 15 480 420 20 40 265 170 98 72 21 29 31 14 1951 average 98.85 133.0 117.7 170.4 177 192 149 112 185 207 179 233 199 113 208 205 1,684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 276 1,313 1953 average 93.90101.46 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 241 1,419 1953—Nov 94 98103.67 121.4 113.6 168.8 188 202 159 124 191 219 190 245 204 123 207 231 1,482 Dec 95.85 104.93 122.3 113.5 166.5 191 206 157 125 193 222 192 249 200 125 209 230 1,644 1954—jan. . 97.42 106.16 123.6 114.6 168.7 195 212 160 127 198 228 199 256 206 126 213 239 1,669 Feb 98 62107 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 1,919 Apr. . . 100.36 109.65 123.9 118.1 174.3 213 233 164 133 216 253 223 280 212 132 220 266 2,089 May 99.68 109.39 123.6 117.5 173.8 220 242 173 135 223 263 233 291 221 134 226 270 2,096 June 99 49109 74 123 9 117 0 172.9 222 244 176 135 224 263 237 288 225 134 228 266 1,919 July 100.36 111.07 126.9 117.5 173.3 231 255 184 140 233 275 254 294 234 139 236 257 2,469 Aug 100.28 111.50 128.4 117.8 174.7 236 261 187 142 237 280 257 301 237 141 243 263 2,588 Sept 99 92110 68 127 2 117 6 175 8 239 264 182 141 240 286 260 309 236 140 247 268 1,963 Ot 99.69 110.59 126.9 117.5 178.1 244 271 187 139 244 291 267 313 240 138 249 269 2,103 Nov 99.27 109.88 127.4 117.4 178.9 252 282 197 141 254 305 284 324 259 141 260 278 3,196 Week ending: 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 Nov. 6.... 99.41 109.89 127.1 117.4 179.1 245 273 187 140 248 297 276 315 248 140 253 273 2,640 Nov. 13 99.30 109.91 127.5 117.4 179.0 251 280 195 142 254 305 285 323 260 141 259 275 3,231 Nov. 20.... 99.30 109.93 127.5 117.3 178.6 255 285 202 142 254 304 285 322 263 141 263 278 3,358 Nov. 27 99.21 109.89 127.5 117.4 178.8 259 290 204 143 262 315 292 336 268 143 266 285 3,422 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 2)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. 3Th.e 3H per cent bonds of 1978-83, issued May 1, 1953. * Prices 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. « Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Customers' bal D an e c b e i s t in bal D an e c b e it s in Cash on credit balances1 Other credit balances End of month ba ( d n l e a e b n t i ) c t i es a imn n a p v d c a e c t r s o r t t u a n m d n e e i t r s n n s g ' t a in n a v d c e c f s t i o r r t u m m a n d e t i n s n t g a b h n a a d n n k d i s n bo M rr o o n w e e y d2 Free O (n th et e ) r a i I n n n a v d c p e c t s a o r t r a u m t d n n e i t e n s n r g t s' a in n a v I d c n e c t s o f r t i u m a r n d m e t i n s n t g I a n 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—October 31,641 31,098 *672 November.. 31,654 31,127 »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 10 492 309 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 October.... 32,131 31,364 3924 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of 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): August, 31; September, 34; October, 36. 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. 1280 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] Fi- securities (taxable) mo w Y n e e th e a k , r , or m 4 m p P - c o a r e o t n p i o r m m t e c h 6 r i - e a , s - 1 l m 3 d p n p - o i l a a r a l t n y n e p o c t , c c e e h 6 e t r d s - - 1 a a P b d c n e a r a 9 c r c i n y s 0 m e e ' k s p s e 1 - , t- M 3 a -m rk o e n t th o n R b i a n l t l e e s w 9 m i - s t s o o u n e t 1 s h 2 2 - 3 i - s y s t e u o a e r s 5 3 - Area and period lo A a l n l s $ $ S 1 1 i - z 0 e of $ $ l 1 1 o 0 0 a - 0 n (t $ $ h 1 2 o 0 0 u 0 0 s - . o a f n $ d d 2 o 0 o l. 0 v ) er yield issues Annual averages: 19 cities: 1945 2.2 4.3 3.2 2.3 2.0 1 1 1 9 9 9 5 5 5 2 1 3 a a a v v v e e e r r r a a a g g g e. e e . . . . . . . . . . . 2 2 2. . . 5 1 3 2 6 3 2 2 1 . . . 1 3 8 6 3 7 1 1 1 . . . 8 7 6 7 5 0 1 1 1 . . . 5 7 9 2 2 0 1 1 1 . . . 5 7 9 5 6 3 2 6 1 2 1 1 . . . 0 8 7 7 1 3 1 2 2. . . 5 9 1 7 3 3 1 1 1 1 9 9 9 9 4 4 4 4 7 6 9 8 2 2 2 2. . . . 7 1 5 1 4 4 4 4 . . . . 2 2 4 6 3 3 3 3 . . . . 7 1 5 1 3 2 2 2 . . . . 0 8 2 5 2 2 1 1 . . . . 4 2 7 8 1953— D N e o c v 2 2 . . 3 2 1 5 2 2 . . 1 1 3 3 1 1 . . 8 8 8 8 1 1 . . 4 6 4 0 1 1 . . 4 6 2 3 7 0 1 1 . . 5 6 3 1 2 2. . 2 3 2 6 1 1 1 9 9 9 5 5 52 1 0 . 3 3 2 . . . 1 5 7 4 4 4 . . . 9 7 5 4 4 3. . . 6 2 0 3 3 3 . . . 7 4 0 3 2 2 . . . 3 4 9 1954—Jan 2.11 2.06 1.88 1.18 1.214 1.33 2.04 1953 3.7 5.0 4.4 3.9 3.5 J J N A A S O M F M u u e e u o c p l a n a p b t g v y r y r e t il 2 2 1 1 L 1 L L L . . . . . . 5 3 7 5 0 0 . . . . 3 4 3 3 6 0 0 3 6 8 1 5 1 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . 2 2 2 2 3 2 3 5 7 5 5 5 5 5 1 5 8 0 8 8 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . 2 2 2 2 2 2 2 2 6 4 5 5 5 5 5 5 5 5 8 8 1 1 . . . . . . . . . . 0 0 9 7 6 9 9 7 9 9 1 2 3 2 4 8 3 6 6 7 1 1 1 . . . . . . . . . . 0 0 0 8 9 6 7 7 9 9 0 9 1 8 8 5 1 5 4 8 2 2 7 7 0 0 1 8 4 3 1 1 1 . . . . . . . . . . 0 0 0 6 9 7 6 7 8 9 2 3 4 4 6 1 5 6 9 0 1 1 t 1 1 t 1 1 L L . . . . . . . . . . 7 6 7 7 8 8 7 8 8 9 1 9 4 9 5 4 0 8 0 0 N 19 e 1 1 1 1 w c 9 9 9 9 i Q 5 5 5 5 t Y i 3 3 4 4 e u — — — — o s a r : r k J J S D D M M t u u e e e e C n n r a a p c c l r e e r t y i . t : y: 3 3 3 3 3 3 3 . . . . . . . 7 3 5 5 6 5 7 2 4 6 1 0 0 6 4 4 4 4 4 4 4 . . . . . . . 9 9 7 7 7 9 9 7 9 9 5 0 9 8 4 4 4 4 4 4 4 . . . . . . . 3 2 3 3 2 3 2 2 7 7 5 4 9 5 3 3 3 3 3 3 3 . . . . . . . 8 8 7 9 9 7 7 2 9 5 4 6 1 7 3 3 3 3 3 3 3 . . . . . . . 3 5 3 3 5 3 1 2 2 7 8 7 7 9 Week e O N N N N n c o o o d o t v v i v v . n . . . . g 3 2 2 1 : 6 0 7 0 3 . . . . . . . . . . . . . . . 1 1 1 1 1. . . . . 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1. . . . . 2 2 2 2 2 5 5 5 5 5 1 1 1 1 1 . , . . . 2 2 2 2 2 5 5 5 5 5 1 1 . . . . . 0 0 9 8 9 0 2 9 0 0 1 1 . . . . . 0 0 8 9 9 0 2 9 3 4 7 1 7 0 3 1 1 . . . . . 0 0 8 8 9 6 5 8 8 6 L L L L L .9 . . . . 9 8 9 8 0 2 7 2 9 7 N 1 1 9 9 o e 5 5 r r 3 t 4 n h — — e c r J S S D M i n u t e e i e n a p p e a c e r s t t n . : d East- 3 3 3 3 3 . . . . . 5 6 7 7 2 7 1 4 9 9 5 4 5 5 5 . . . . . 0 0 0 0 8 7 6 7 4 1 4 4 4 4 4 . . . . . 3 3 3 4 2 1 6 4 0 1 3 3 3 3 3 . . . . . 9 8 9 9 5 7 3 6 4 4 3 3 3 3 3 . . . . . 4 5 3 6 1 2 7 6 3 3 11 Southern and 3 2 1 S S D e e a r r i i t e e a s s a i i n r n e c c l l a u u v d d e e e r s s a g c s e e e r s l t e i o c fi t f c e a d d t a e n i s l o y o t e f p r a i e n n v d d a e i b b li t o n e n g d d n r e a i s s t s s e u s a . e n s d . selected note and bond issues. 1 1 9 9 W 5 5 3 4 e — — st J D M e u r e n n a c e r cities: 4 4 3. . . 9 0 1 8 3 0 5 5 5 . . . 0 0 0 5 5 6 4 4 4 . . . 4 4 4 6 3 3 4 4 4 . . . 0 0 0 9 3 5 3 3 3 . . . 7 6 8 6 7 6 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. Sept. 3.95 5.03 4.39 3.91 3.68 448-459, 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 YIELDS 1 (Per cent per annum] Bonds Industrial stocks Corporate (Moody's)5 Earn- U. S. Govt. Dividends/ ings/ Year, month, (long-term) Munic- price ratio price or week ipal By ratings By groups ratio (highgrade) 4 Total se O ri l e d s2 se N r e ie w s3 Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c fe P rr r e e d - © m Co o m n7 - C m o o m n8 - Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 1951 average 2.57 2.00 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2.19 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 3.16 2.72 3.43 3.20 3.31 3.47 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1953—November... 2.85 3.04 2.62 3.38 3.11 3.26 3.40 3.75 3.27 3.51 3.38 4.15 5.53 December. .. 2.79 2.96 2.59 3.39 3.13 3.28 3.40 3.74 3.28 3.52 3.37 4.21 5.54 10.49 1954—January 2.68 2.90 2.50 3.34 3.06 3.22 3.35 3.71 3.23 3.47 3.31 4.15 5.28 February 2.60 2.85 2.39 3.23 2.95 3.12 3.25 3.61 3.12 3.35 3.23 4.08 5.29 March 2.51 2.73 2.38 3.14 2.86 3.03 3.16 3.51 3.05 3.24 3.14 4.04 5.07 9.06 April 2.47 2.70 2.47 3.12 2.85 3.00 3.15 3.47 3.04 3.19 3.13 4.02 4.86 May........ 2.52 2.72 2.49 3.13 2.88 3.03 3.15 3.47 3.06 3.21 3.13 4.03 4.81 June 2.54 2.70 2.48 3.16 2.90 3.06 3.18 3.49 3.10 3.23 3.15 4.05 4.74 8.74 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 r7.29 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 November... 2.55 2.68 2.28 3.13 2.89 3.04 3.13 3.45 3.06 3.22 3.10 3.91 4.29 Week ending: Oct. 30 2.54 2.67 2.30 2.87 3.04 3.13 3.45 3.05 3.22 3.10 3.91 4.43 Nov. 6 2.54 2.68 2.30 Vl3 2.88 3.04 3.14 3.46 3.06 3.22 3.11 3.91 4.43 Nov. 13 2.55 2.68 2.28 3.13 2.89 3.04 3.14 3.45 3.06 3.23 3.11 3.91 4.32 Nov. 20 2.55 2.68 2.28 3.13 2.89 3.04 3.13 3.45 3.05 3.22 3.11 3.92 4.40 Nov. 27 2.56 2.68 2.28 3.12 2.88 3.03 3.13 3.45 3.06 3.22 3.10 3.92 4.28 P Corrected. ^-Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio). 2Fully taxable, marketable 2^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3\i per cent bonds of 1978-83, issued May 1, 1953. 4Standard and Poor's Corporation. fiMoody'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. DECEMBER 1954 1281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollars] Summary Budget receipts and Excess of receipts d I e n c c re re a a se se ( — or ) General fundof the Treasury expenditures or expenditures (—) during period (end 0F period) Period Deposits in re N ce e ip t ts p t e u E n r x e d - s i- S d u e r o f p i r c l i u t s c T o o a a t r u n h c u n d - e s t r t s r o e i o b o n d a a f l e i i g m c m g e G o a a n p o t a r c i t k v i o i y x o e t n u . n t s s C co i l a n e u c a g - n r t - p d G d u ir r e b e o b l c s t i s t c G ba f e u l n a n e n d r c a e l f a g e u n e i r n n a c n d l e - A f a u F v b n . a l d e i R s l- . B I c n e a o s n s p l k l r e s o o c f c - - S d it p e a e p r c o i i e s a s - l O s n a t e h s e t - t s er tion Cal. yr.—1950 37,834 138,255 1 -422 i-38 349 87 -423 —447 4,232 690 129 2,344 1,069 1951 53,488 56,846 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 1,134 1952 .. 65,523 71,366 -5,842 49 -90 -319 7,973 1, 770 6,064 389 176 4,368 1,132 1953 64,469 73,626 -9,157 82 19 -209 7,777 -1, 188 4,577 346 131 3,358 742 Fiscal yr.—1951. .. 48,143 144,633 13,510 1295 384 -214 -2,135 1, S39 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, 396 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,<362 4,295 321 146 2,693 1,134 1952—Jan.-June. 38,320 34,869 3,451 -72 -136 -255 -313 2, 574 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—Jan.-June. 38,014 38,110 -96 341 -71 -248 -1,320 — If394 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. r1.a. n.a. -3,909 2, 190 6,766 875 274 4,836 781 Monthly: 1953—Nbv 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— F ja e n b . .2 3 5 4 ,4 4 4 7 4 1 3 4 5 , 7 0 0 7 7 1 — 7 6 3 0 7 0 — 5 1 2 4 7 4 -1 - 1 2 7 8 -1 5 3 5 5 9 -3 -6 2 7 0 -53 U 3 4 4 4,9 0 8 4 8 4 4 54 0 8 4 3 1 6 6 3 7 2 3 , , 4 4 0 5 6 8 8 8 7 1 1 6 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 -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 2,639 4,857 -2,218 -288 -23 -104 3,942 1, 518 6,663 736 175 4,936 816 Nov, n.a. n.a. n.a. n.a. ni.a. n.a. 101 541 7,304 694 137 5,584 889 Budget expenditures Major nationalsecurity programs Period Total Total* t f i N e d o n e n a s - - a e l a a M b a t s a n r s i o r i c l s y a i e t - d - n t I i a e n o n o c i t m a d n o e - * - a r ic - l A E C t m s n o o i e m i o m s r n - i g - c y I d n e o e t s n e b t r t - A e i t d V s i r m o t a e r n n t a i - * n s - - g c S p u r o s a r r e c o i m - i - t a y s l 0 t A c u g u r l r e - i 7 - n h a a i o f n n n m i g d - c e e P w u o b r l k i s c o P d f i f c e o ic f i s t - e t c 1 t o f r a r e t u u c o a r n - s s n t t s s - Other Cal. yr.—1950 38,255 18,509 13,476 291 4,012 611 5,580 5,714 1,351 1,499 -17 1,551 643 961 2,464 1951 56,846 37,154 30,275 1 559 3,560 ,278 5,983 5,088 ,463 1,010 694 ,438 684 1,016 2,315 1952 71,366 51,121 43,176 2 975 2,652 ,813 6,065 4,433 ,508 1,564 646 ,573 775 1,193 2,487 1953 73,626 52,817 44,465 3 810 2,190 1,889 6,357 4,157 ,630 3,238 -159 ,685 525 783 2,593 Fiscal yr.—1951. ... 44,633 25,891 19,955 884 3,863 908 5,613 5,288 ,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 ,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 ,593 3,063 382 1,655 660 1,079 2,570 19542... 67,579 P48.259 P40.638 3 520 ,599 1,893 6,371 4,176 P] ,670 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 ,389 711 2,761 2,479 718 540 392 858 320 848 1,249 1952—Jan.-June.. 34,869 25,206 21,208 1306 ,514 937 3,099 2,269 706 679 222 657 420 457 1,153 July-Dec.. 36,497 25,915 21,968 1669 ,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 ,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 ,056 963 2.816 2,072 839 1,059 -117 945 220 441 1,357 Monthly: 1953—Oct. 5 477 4,266 3,647 155 175 208 354 336 211 — 12 —46 161 18 189 Nov. 5,423 4,034 3,540 198 162 95 164 343 123 302 —89 157 60 95 234 Dec. 6,387 4,377 3,465 484 141 231 1,294 371 108 —137 —32 140 57 209 1954— F ja e n b # .2 3 4 5 , 7 0 0 7 7 1 P P 3 3 , . 6 8 8 0 1 9 P 3 3 , . 0 2 0 2 1 5 3 1 8 9 5 4 P H 1 8 0 3 4 1 1 4 6 2 0 3 2 7 4 2 5 3 3 4 4 0 0 P1 1 2 72 8 P-1 3 3 0 5 9 -1 — 0 3 4 1 P 9 90 7 "42 5 P P 1 2 6 4 1 1 Mar. . . 5,555 P3,916 P3.339 321 P54 181 588 334 P114 P194 —54 *>102 91 6 P263 Apr 5,296 P3.847 J»3,195 343 164 350 375 P120 P468 — 195 P116 9 P205 May 5,203 P3.565 P2.884 331 »126 169 249 346 P124 P694 — 14 P109 5 P123 June.. . 7,115 P4.245 P3.554 407 109 1,752 370 P171 P248 —84 P109 iii 6 P188 July 4,827 P3,188 P2.565 334 P84 174 213 333 P141 P27O 49 P156 55 P421 Aug 6.731 P3.553 P2.984 228 P100 169 332 333 P121 P2,039 -39 P137 2 P253 Sept. 5 019 P3,486 P2,902 210 P161 160 541 320 P140 P144 —5 P158 1 P235 Oct 4,857 P3, 450 P2.954 187 P75 170 346 341 P173 P170 6 P164 P8 P192 pPreliminary. n.a. Not available. 1 Beginning November 1950. investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." 2Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954, p. A2. Monthly breakdown on new basis not yet available prior to February 1954 for most items. 3Not adjusted for Treasury's revised treatment of carriers' taxes. * Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. *Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department and United States Information Agency expenditures. 6 Excludes 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. 1282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Con tinned [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Internal revenue collections Budget receipts, by principal sources (on basis of Internal Revenue Service) Income Deduct Period p W l h e o b e m i y y t l e h d i - n r - s a su n r d a v n I o i n c d l d d e u i - a O - a t l a g t x h e e e s r t n c M e e r e e i n e r n o l n i v u l s - u a a - - e - s l c a p o T a n m l f e o r a d o m r o y x 8 n i r e e e - o e o r r s n s s r O ce r t i e h p - e t r s b c T u e r o d i e p t g - a t e l s t A to t t p f p i r a u r o u g o p n i n a s l e 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 c I a h o n g e i m d e t l h d i e v i t - n a i a d s x n u u e d O r a s a l t o n h i l c n e d e - r - C p r t c a r a a o o i o t x n n r m i f p o e d - it o s e n s - t a g E a n i s f t d t - e 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 18,84010,362 16,565 801 1952 23,658 34,174 10,416 902 2,639 71,788 3,814 2,451 65,523 23,09011,980 22,140 849 1953 26,323 30,524 11,211 896 2,570 71,524 3,918 3,137 64,469 26,16211,401 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 21,31311,545 21,467 833 1953... 25,058 33.101 10,870 902 2,525 72,455 4,086 3,151 65,218 '24,74911,604 21,595 891 19541.. 26,210 10,761 121,483 10,987 888 2,737 73,067 4,537 3,377 64,550 26,08610,947 21,546 935 Semiannual totals: 1951—Jan.-June. 9,445 17,376 4,644 494 ,223 33,184 1,709 1,796 29,679 9,043 8,027 9,416 427 July-Dec. 9,947 9,499 4,748 449 ,114 25,757 1,646 302 23,809 9,798 2,335 7,149 374 1952—Jan.-June. 11,942 23,526 4,978 545 ,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—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.i 3,664 1,044 396 860 261 199 6,425 598 306 »5,444 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 8 4,951 Oct 1,265 199 361 850 25 187 2,887 188 39 2,639 Treasury receipts—Continued Trust and other accounts (on In b te a r s n is a l o f r e I v n e t n e u rn e a c l o R lle e c v t e io n n u s e — S c e o rv n i t c . e) Social security Other accounts6 retirement, and Period Excise and miscellaneous taxes insurance accounts Totals Total Liquor Tobacco M an an d u e r x f e a c t c i a s t i e u le re rs rs ' ' Other ce R i e p - ts I m nv e e n s t t s - Ex tu p r e e n s di- m In e v n e t s s t 7 - Others Cal. yr.—1950 8,150 2,419 ,348 2,519 1,864 -38 6,543 56 6,214 -22 -333 1951 8,682 2,460 ,446 2,790 1,987 759 7,906 3,155 4,507 271 786 1952 9,558 2,727 ,662 3,054 2,115 49 8,315 3,504 4,942 329 508 1953 9,714 2,819 ,614 3,262 2,020 82 8,123 2,387 5,811 153 310 Fiscal yr.—1951 8,704 2,547 ,380 2,841 1.936 295 7,251 3,360 3,752 196 353 1952 8,971 2,549 ,565 2.824 2,032 219 8,210 3,361 4,885 275 530 1953.... 9,946 2,781 ,655 3,359 2,152 462 8,531 3,059 5,257 242 489 1954 9,517 2,783 ,580 3,127 2,027 1393 8,698 1,687 6,846 357 584 Semiannual totals: 1951—July-Dec. 4,440 1,304 748 1,343 1,045 291 3,967 1,352 2,398 52 126 1952—Jan.-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—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 8328 -135 389 -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 Oct n.a. n.a. n.a. n.a. n.a. -288 334 -148 640 6 -124 ••Revised, n.a. Not available. 1 Beginning February 1954, on new reporting basis. See footnote 2 on preceding page. 2Not adjusted for Treasury's revised treatment of carriers' taxes. 3Carriers' taxes deducted. 4Beginning March, income and profits taxes announced in the Treasury's Monthly Statement. 5Excess of receipts, or expenditures ( —). 6Consists 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. 7Consists 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). 8Beginning July, includes undistributed depositary receipts. DECEMBER 1954 1283 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 h n s 1 - : Total c L N a e o s ss n h : - 2 inc in o g me Total A p a u c ls c b r t li u o c - 3 t I G r n a o t n r v s a t . - . 4 Total c L N a e o s s h n s : - 5 F S l u t t i i a z n o a b d n - i- 8 i C c n o g le u a a n r c t - - ou in t g go ou o t r go Cal. yr.—1950 37,834 171 7,001 2,211 42,451 38,255 503 2,307 6,923 65 —262 -87 41,969 482 1951 53,488 222 8,582 2,508 59 338 56 846 567 2,625 4,397 90 —26 106 58 034 1 304 1952. . 65,523 184 8,707 2.649 71,396 71,366 734 2,807 4,825 28 38 319 72,980 — 1,583 1953 64,469 275 8,596 2,347 70,440 73,626 575 2,585 5,974 34 -82 209 76,529 —6,090 Fiscal yr.—1951 48,143 256 7,796 2,244 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 1952 62,129 138 8,807 2,705 68,093 66,145 710 2,837 4,952 5 9 401 67,956 137 1953 65,218 210 8,932 2,595 71,344 74,607 694 2,774 5,169 31 -28 312 76,561 -5,217 19547... 64,550 n.a. 9,152 n.a. 71,781 67,579 509 n.a. 6,716 n.a. -109 452 71,933 -152 Semiannual totals: 1951—Jan.-June. . 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec.. . 23,809 58 4,349 1,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1952—Jan.-June. . 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 July-Dec... 27,204 107 4,248 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 1953—Jan.-June. . 38,014 104 4,683 1,351 41,241 38,110 298 1,456 2,642 -2 -44 248 39,203 2,038 July-Dec. 7. 26,454 171 3,913 996 29,199 35,515 277 1,129 3,332 36 -38 -40 37,326 -8,128 Monthly: 1953—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— F jaenb# 7 8 5 4 ,4 4 7 4 1 4 n 5 a 1 . 9 2 9 3 3 7 n 8 5 a 5 4 6 ,6 5 0 2 2 9 8 4 5 ,0 7 7 0 1 7 7 1 2 6 n 8 . 9 a 7 4 4 2 1 7 1 n a 8 . -12 — 1 5 3 5 5 9 4 5 ,7 3 4 0 9 0 1 — 2 1 2 4 8 7 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 6,228 -1,347 June 10 539 n a 1 445 n a 11 265 7 115 76 n a 604 n a 3 6 881 4 384 July 2,827 n a. 434 n.a. 2,956 4,827 70 n.a. 660 n.a. -31 97 5,142 —2,186 Aug.. . 3,911 n.a. 1.224 n.a. 5,375 6,731 38 n.a. 526 n.a. 16 222 7,788 -2,412 Sept. 4 951 n a 457 n a 5 280 5,019 57 n a 788 n a — 112 —21 5,364 —84 Oct 2,639 n.a. 370 n.a. 2,617 4,857 50 n.a. 800 n.a. -6 -104 5,095 -2,478 Nov n.a. n.a. n.a. n.a. 5,122 n.a. 45 n.a. n.a. n.a. -9 n.a. 4,385 737 n.a. Not available. * 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 securites, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash 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). 6Cash transactions between Intl. Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) 7Beginning February 1954, on new reporting basis. See footnote 8 on following page. 8Not adjusted for Treasury's revised treatment of carriers' taxes. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In- Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease, issuance of Net cash repayment (—) of borrowing to the public2 Period d ( c o i g - d r r r ) r . e e . o d a 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 c e r r d u - a r l it a ie g a s g N e n n u o t o a c e f n i r e e - - d s G & N o i s n t v e e r c t t . F . . f i a e b u n g d y n v e . . d n s . T I b n r o A t e . n a c d o s c .i s n r . a u b s a n i a l l d v l s s . to P F f p o a e u d r y b m . t l s s i . o c e i 1 f c n . b b r i ( n o o e -) r g r p i o n r r , a g f o o y o w w t r . - - m & i D s k s i c t r u o a e e b n c s t l v 3 e . . S b p ( a i o r v s i n s i c n u d e g e ) s s S n av o i t n es gs S s a P i p s v o s e . s u c t S i e a a s y 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 84,829 8-344 248 -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 85,294 8-103 -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 8-2,028 818 -1,335 -68 -20 July-Dec.. 9,097 24 66 840 283 32 8,034 6,857 -362 1,583 -94 50 1954—Jan.-June « -3,909 6 n.a. n.a. 241 63 n.a. n.a. -19 -955 -145 n.a. Monthly: 1953—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 — 1 -27 -46 73 11 -386 -178 -92 -73 -12 -31 Feb.« -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 July -276 -61 -2 -84 71 30 -356 -85 -137 -88 7 -54 Aug 3,971 6 1 312 39 -17 3,645 3,678 33 -64 -7 5 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 Nov 101 1 29 174 45 9 -96 -57 12 -62 -22 32 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. 3 Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 5Excludes exchanges of savings bonds into marketable bonds, in the amount of 417 million dollars, of which 409 million represents issue price. 8Beginning 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. 1284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cash operating outgo Period Total t i a n D u x d i a e i r l v s e s i c 1 o d t n - t c a a D o t x i i r e o r p s e n o c s o r t 1 - n E m t a a x n x i c s d e i c s s . e i c n S e s o i . p c r i t a e s l 2 - c O c o i a t m n h s - h e e r 3 R D c o e e e f f d i u p u r n e t c d s - t s : Total n g M a r p t a a l r m . o j o s - s e r 4 c. e I d s n e t t b e o t r s n - g e V p r r a r a e o m n t - - s s6 s g e S r p c o a u r c m o r i - i a s t l 7 y Other Cal yr—1950 42 451 19 191 9,937 8,113 5,121 2,245 2,156 41,969 18,347 4,072 8,864 4,400 6,286 1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 37,279 4,137 6,121 4,915 5,582 1952 71,396 32,728 22,140 9,567 6,589 2,823 2,451 72,980 51,195 4,230 5,209 5,617 6,729 1953 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 52,753 4,589 4,885 6,648 7,654 Fiscal yr.—1951 53,439 24,095 14,388 8,693 5,839 2,531 2,107 45,804 26,038 4,052 5,980 4,458 5,276 1952 68,093 30,713 21,467 8,893 6,521 2,801 2,302 67,956 46,396 4,059 5,826 5,206 6,469 1953 71,344 33,370 21,595 9,978 6,858 2,694 3,151 76,561 52,843 4,658 4,920 6,124 8,016 19548 71,781 33,514 21,650 9,694 7,196 3,147 3,419 71,933 P48.164 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 1,383 2,000 35,622 25,250 1,984 2,709 2,741 2,938 July-Dec 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 25,944 2,246 2,500 2,876 3,791 1953— J J u a l n y . - -J D u e n c e 8 4 2 1 9 , , 2 1 4 9 1 9 2 1 0 4 , , 3 4 2 7 9 8 1 5 3 , , 2 7 7 7 2 3 4 5, , 3 9 5 3 7 1 3 3 , , 6 0 5 3 6 7 1 1 , , 4 25 9 2 2 2,7 4 0 3 0 7 3 3 9 7 , , 2 32 0 6 3 2 2 6 5 , , 8 8 9 5 8 4 2 2 , , 4 1 1 7 3 6 2 2, , 4 4 6 2 5 0 3 3 , , 2 4 4 0 7 1 3 4 , , 4 2 3 2 0 5 Monthly: 1953—NOV 5,396 3,172 336 912 791 245 60 6,258 4,034 122 393 572 1,137 Dec 5,339 2,059 1,938 856 256 299 69 6,294 4,318 901 423 586 66 1954—jan# 4,602 3 008 490 683 170 315 64 4,749 P3,670 170 393 697 P-181 Feb.* 6,530 4,355 469 741 1,093 177 306 5,302 P3,810 352 411 P674 P55 Mar 12 260 4,185 7,356 673 718 267 940 6,231 P3,878 563 428 P729 P634 3,036 1,791 763 735 378 277 907 5,303 P3,862 299 414 *>718 P9 !May . 4,882 2 875 397 787 1 188 251 616 6,228 r3,533 196 392 P692 P1,415 June 11,265 2,859 6,903 797 616 240 150 6,881 i»4,246 877 444 P763 P552 July 2,956 1,120 549 702 304 363 82 5,142 P3,158 152 194 P677 P961 Aug 5,375 2,985 302 760 1,177 220 69 7,788 P3,57O 314 381 P716 P2.807 Sept 5 280 2,936 1,108 722 371 204 60 5,364 P3,375 461 375 P718 P435 Oct. 2,617 1,040 352 768 260 237 39 5,095 P3,453 286 374 P76O P222 Nov 5,122 2,881 271 783 P939 296 47 4,385 n.a. 328 419 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. 3 Represents 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. Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance and Government employees and Railroad retirement funds. 8Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954 p. A2. Monthly breakdown on new basis not yet available prior to February 1954 for most items. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Tax and savings notes Year or All series Series A-E and H Series F, G, J and K month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1945 12,937 5,503 48,183 9,822 5,135 34,204 3,115 368 13,979 5,504 7,111 8,235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4,572 1949 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7,610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 4,530 57,940 3,575 3,622 35,324 586 908 22,616 3,726 5,491 5,770 1953 4,800 5,661 57,710 4,368 3,625 36,663 432 2,035 21,047 5,730 5,475 6,026 1953—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 !57,71O 381 309 36,663 42 i281 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 51,191 422 308 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 58,088 367 322 37,808 97 185 20,280 100 4,829 Oct.. . 456 467 58,126 369 293 37,930 87 175 20,196 63 4,766 1 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. 2 Due 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. DECEMBER 1954 1285 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 c t s 2 l t Total Total Bills c e i C n a d e t d n e r e e t s i b s f o s i t - f - Notes B e b l a l i e g n i 4 k B - 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 Total5 b S i o n a n g v d s - s n T s i a o n a n a t g v d x e s - s S i p ss 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 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec 259,487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—Dec 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—Dec 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June 2o>7,377 257,357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—June 255,251 255,222 218,198 137,917 13,614 9,509 35,806 42,928 36,061 13,573 66,708 57,572 7,818 34,653 Dec 259,461 259,419 221,168 142,685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—June 259,151 259,105 219,124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6,612 37,739 Dec 267,445 267,391 226,143 148,581 21,713 16,712 30,266 58,874 21,016 12,500 65,062 57,940 5,770 39,150 1953—June 266,123 266,071 223,408 147,335 19,707 15,854 30,425 64,104 17,245 12,340 63,733 57,886 4,453 40,538 1953—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 274,982 274,95;> 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 Nov 278,888 278,853 234,160 158,152 19,507 18,184 36,196 75,596 8,668 11,780 64,228 58,186 4,704 42,351 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 530 million dollars on Nov. 30, 1954) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3Includes amount held by Government agencies and trust funds, which aggregated 7,047 million dollars on Oct. 31, 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 tors 3 ties) 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200, 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,600 8,900 1949—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 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,400 8,700 49,900 17,600 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 19,700* 8,800 49,600 16,700 10,500 1951—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—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 Sept 274,838 42,407 7,042 225,389 24,271 67,100 8,900 15,100 17,500 13,300 49,700 16,300 13,400 includes the Postal Savings System. 2 Includes 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. FEDERAL RESERVE X Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outstanding November 30, 1954 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasurybonds Treasury bonds—Cont. Feb. 15, 1955 1% 7,007 Dec. 15, 1954, 2 8,662 Dec. 15, 1963-68. . .2^ 2,826 Dec. 2, 1954 1,500 Mar. 22, 19552 1 3,734 Dec. 15, 19543 2 510 June 15, 1964-69. . .2^ 3,754 Dec. 9, 1954 1,502 May 17, 1955 1}4 3,886 Mar. 15, 1955-604..2% 2,611 Dec. 15, 1964-69. ..2}4 3,830 Dec. 16, 1954 1,500 Aug. 15, 1955 1H 3,558 Mar. 15, 1956-58. ..2H 1,449 Mar. 15, 1965-70...2H 4,719 Dec. 23, 1954 1,500 Sept. 15, 1956-595. .2% 982 Mar. 15, 1966-71 6.. 2^ 2,961 Dec. 30, 1954 1,502 Treasury notes Sept. 15, 1956-59. . .2M 3,822 June 15, 1967-72 6.. 2 3^ 1,888 Dec. 15, 1954 1% 8,175 Mar. 15, 1957-59. ..2% 927 Sept. 15, 1967-72. . .2^ 2,716 Jan. 6, 1955 1,500 Mar. 15, 1955 1H 5,365 June 15, 1958 2% 4,245 Dec. 15, 1967-726 .2H 3,819 Jan. 13, 1955 1,500 Dec. 15, 1955 \% 6,854 June 15, 1958-63 5. .2% 919 June 15, 1978-83... 3M 1,606 J J a a n n . . 2 2 0 7, , 1 1 9 9 5 5 5 5 1 1 , , 5 5 0 0 0 0 O A c p t r . . 1 1 , , 1 1 9 9 5 5 6 6 l} \y 4 2 1,0 5 0 5 7 0 J D u e n c e . 1 1 5 5 , , 1 19 9 5 5 8 9 -62... 2 2% H 5 2 , , 2 3 7 6 7 8 Postal Savings Mar. 15, 1957 2% 2,997 Dec. 15, 1959-62. . .2M 3,465 bonds 2H 35 Feb. 3, 1955 1,501 Apr. 1,1957 1^ 531 Nov. 15, 1960 2% 3,806 Panama Canal Loan. .3 50 Feb. 10, 1955 1,501 May 15, 1957 4,155 Dec. 15, 1960-65 5. .2M 1,485 Feb. 17, 1955 1,500 Oct. 1,1957 824 Sept. 15, 1961 2% 2,239 Feb. 24, 1955 1,500 Apr. 1,1958 383 Nov. 15, 1961 234 11,177 Convertible bonds F O e c b t . . 1 1 5 , , 1 1 9 9 5 5 8 9 5,1 1 0 2 2 1 June 15, 1962-67... 2 Y2 2,116 A In p v r e . st 1 m , 1 en 9 t 7 S 5 e r 8 ie 0 s . . B . 2% 11,780 Apr. 1, 1959 H 119 Oct. 1, 1959 \y2 12 iSold on discount basis. See table on Money Market Rates, p. 1281. 2 Tax anticipation series. 3 Called for redemption. 4Partially tax-exempt, called for redemption. 5Partially tax-exempt. 6 Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES • Marketable and Convertible Direct Public Securities [Par value in millions of dollars] U. S. U.S. Total Govt. Fed- Com- Mu- Insurance Total Govt. Fed- Com- Mu- Insurance out- agen- eral mer- tual companies out- agen- eral mer- tual companies End of month stand- cies Re- cial sav- Other End of month stand- cies Re- cial sav- Other ing and serve banks ings ing and serve banks ings trust Banks trust Banks hanks funds banks 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 1,356 3,172 362 3,864 1953—June 159,675 6,899 24,74651,365 8,816 9,347 4,808 53,694 Dec 12,500 3,438 185 1,352 3,179 360 3,987 Dec. 166,619 6,989 25,91655,933 8,524 9,120 4,905 55,233 1953—June 12,340 3,439 182 1,314 3,133 353 3,919 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 Aug 165,873 6,907 24,02359,316 8,279 8,507 4,906 53,937 1954—June 11,861 3,439 165 1,265 2,876 317 3,800 Sept 165,783 6,916 24,27159,413 8,233 8,428 4,906 53,616 Aug 11,853 3,439 164 1,252 2,875 316 3,808 Treasury bills: Sept 11,820 3,439 165 1,250 2,867 306 3,793 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 13,155Within 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 A Se u p g t 1 1 9 9 , , 5 5 0 1 8 0 4 3 3 6 1 1 , , 3 5 0 4 2 9 5 4, ,0 9 6 62 8 1 9 0 5 1 4 46 5 0 1 1 1 0 1 4 8 1 12 2 , , 2 4 8 4 2 6 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 10 6 7 7 3 5 1 1 1 6 5 6 , , , 2 9 5 8 7 0 0 2 5 2 1 1 5 7 9 , , , 0 6 5 8 6 8 4 2 0 4 4 29 7 7 4 6 5 3 4 5 9 6 3 0 8 7 1 1 , , 0 0 6 8 6 5 2 1 2 2 2 2 7 4 9 , , , 3 5 0 9 6 2 3 8 3 Ce 1 rt 9 i 5 fi 2 c — at D e 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 6 4 , , 8 7 7 91 7 1 3 2 7 0 7 5 6 6 3 3 7 1 8 7 9 6 , , 0 4 9 2 2 4 A Se u p g t 6 6 0 0 , , 5 4 3 4 2 2 9 6 2 8 1 1 5 5 , , 2 5 7 2 4 1 1 1 8 7 , ,9 1 7 1 2 5 2 2 9 0 9 0 4 4 6 8 7 5 6 63 0 9 9 2 25 5 , , 4 7 4 0 2 1 1953—June 15,854 30 4,996 4,351 87 27 310 6,052 1-5 years: Dec 26,386 63 5,967 9,215 184 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 A Se u p g t 1 1 8 8 , ,1 2 8 7 4 7 1 8 9 6 6 , , 6 6 0 0 0 0 4 4 , , 2 17 5 8 8 7 6 7 6 6 1 1 1 5 5 4 4 7 7 , , 1 1 8 6 0 1 1 1 9 9 5 5 4 3 — — D J J u u e n n c e e 3 2 2 2 9 7 , , , 3 3 9 3 6 6 0 7 5 2 1 1 5 9 0 2 2 5 6 6 6 , , , 1 4 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 3 7 4 1 6 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 es: 3 1 0 8 , , 2 9 6 6 6 3 1 2 6 1 5 3 , , 5 7 6 74 81 10 0 , , 9 4 5 3 5 1 4 4 9 2 5 8 3 4 2 8 7 6 4 2 , , 9 5 7 8 8 7 A Se u p g t 2 3 7 2 , , 4 2 1 5 6 3 1 14 4 9 5 6 6, ,2 3 9 21 91 1 4 8 , , 3 1 4 2 7 3 4 4 4 7 0 5 1 16 1 6 3 1,0 8 0 7 4 4 5 6, , 0 1 1 9 5 8 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 A Se u p g t 3 3 1 2 , , 9 0 6 0 7 1 6 6 2 7 1 1 3 3 , , 0 0 2 2 9 9 1 11 1 , , 4 4 2 4 9 0 1 1 9 9 7 5 6 6 6 1 6 5 0 9 0 3 6 6, , 6 5 2 7 2 9 1 1 9 9 5 5 3 4 — — 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 0 3 7 7 3 4 4 51 1 8 8 0 , , , 7 7 0 7 4 5 2 1 1 1 1 1, , , 3 3 3 8 9 1 9 5 5 5 7 7 1 4 2 6 5 5 1 1 1 , , , 1 6 1 0 5 9 4 5 8 4 6 5 , , , 7 8 2 1 1 6 1 1 5 Ma 1 r 9 k 5 e 2 t — ab D J le u e n b c e onds:* 7 79 5 , , 8 8 9 0 0 2 2 3 , ,0 9 4 28 6 4 4 , , 5 4 2 2 2 23 32 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 2 1 3 , , 5 0 8 7 0 2 A Se u p g t 3 2 4 9 , , 3 54 4 4 8 5 4 0 8 9 8 1 1 , , 0 01 3 4 52 1 1 7 , , 5 9 4 5 2 9 1 1 , , 4 3 3 8 2 5 5 4 2 4 2 5 1 , , 7 62 7 0 1 6 7 , , 6 5 3 3 5 6 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 3,537 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 A Se u p g t 8 84 4 , , 2 2 6 6 8 7 3 3 , , 3 3 6 4 2 9 3 3 , , 0 0 9 9 3 3 3 38 8 , , 6 3 7 8 9 5 6 6 , , 6 6 5 2 3 7 5 5 , , 1 0 1 2 9 8 3 3, , 7 7 3 3 4 2 2 2 3 3 , , 9 7 2 5 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 3 2 9 6 5 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 !3 3 1, , , 9 1 0 3 6 3 0 7 9 4 4 4 , , , 9 8 5 6 6 8 9 8 2 1 1 1 , , , 3 3 3 3 5 3 9 6 9 1 1 1 1 1 1 , , , 6 7 7 3 2 1 4 1 6 Aug 31,724 2,746 1,415 5,148 1,857 4,530 1,335 11,694 Sept 31,724 2,748 1,415 5,193 1,834 4,466 1,337 11,731 * 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. DBGEMBIR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES ] [Estimates, in millions of dollars] Gross proceeds, allissuers2 Propo a s ll e d c o u r s p e o s r a o t f e n i e ss t u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total State Bonds Mis- t R ir e e - - m ti e re n - t G m U o e v . n S er t . s n- ag F e e e r n a d c l - y4 n m a p i n c a u d i l - - Other* 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 e i- e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N on ew ey7 p l p a o o u n u s r e e s - - s m d b e e t a o e c b n f n . k t 8 t , s ri e t o c i f e u s - 1938 5,926 2,480 115 1,108 69 2,155 2,044 1,353 691 86 25 903 681 7 215 1,206 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 iPO 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 >16? 569 19 174 1,854 1941 15,157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1 ,<HO 868 28 144 1,583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 <547 474 35 138 396 1943 44,518 42,815 2 435 97 1,170 990 621 365 124 56 108 308 27 73 789 1944 56,310 52,424 1 661 22 3,202 2,670 1,892 77S 369 163 6S7 47 49 2,389 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1 ,?47 1,080 133 134 4,555 1946 18,685 10,217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 *89 ,279 231 379 2,868 1947 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 5 4,591 168 356 1,352 1948 20,250 10,327 2,690 156 7,078 5,973 2,963 3.01C) 492 614 SSI 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,434 2,455 424 736 S >S8 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2.56C) 631 811 4 <390 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,32(> 838 1,212 7, 70 6 531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,95/ 564 1,369 8 7\6 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,22?5 489 1,326 8 <W 5 7,960 535 260 1953—Oct 2,291 1,070 76 483 60 603 375 153 222 18 210 S77 550 28 12 Nov 3,506 2,610 411 27 459 353 95 25? 37 69 il?9 406 23 22 Dec 2,736 423 777 57 1,478 1,385 1,057 327 43 51 H8 1,413 25 26 1954 jan 1 655 561 399 123 571 462 284 175 20 90 544 531 13 18 Feb 1,386 515 414 1 456 366 178 185 27 63 H9 410 29 9 Mar 1 913 602 522 63 726 513 226 28(> 69 144 S60 590 70 53 Apr 1,947 511 71 735 1 628 408 216 192 110 111 *86 471 16 129 May 4,386 2,669 80 783 5 850 647 424 224[ 130 73 552 614 38 183 June 2,438 523 855 4 1,057 808 343 46! 131 118 B59 812 47 182 July 2,151 508 123 280 3 1,237 1,077 714 36C 74 87 398 853 * 45 325 1 298 546 300 8 443 369 166 204[ 44 30 M6 310 36 91 Sept r2 131 464 r652 2 1,014 893 581 312I 59 62 777 749 27 224 Oct 6,411 4,611 184 589 2 1,025 708 470 23<) 52 264 895 751 144 114 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 an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Year or month T c p n e o r e e o t d t a - s l i N c t a a e p l w " - m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d a t - s l N i c t a a e p w l9 - m R e e n ti t r s e l - 0 T c p n e o r e e o t d t a - s l N i c t a a e p l w * - m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d a t - s l N i c t a a e p l w - * m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d t a - s l N i c t a a e p l w - » m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d t a - s l N ita e f w t m R e e n ti t r s e 1 - 0 1948 2,180 2,126 54 403 382 21 748 691 56 ?,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 ?,412 ?, 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 ?,972 2 905 ft7 874 871 3 1,561 1,536 24 1953—October.... 66 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 8 608 608 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 7 269 269 7 7 51 51 March 107 107 68 62 5 58 57 2 362 316 46 30 30 88 88 April 86 79 6 86 72 14 58 46 12 309 237 73 26 26 51 27 25 May 204 196 § 44 42 2 20 20 501 328 173 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 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 38 125' 248 173 75 328 326 2 48 45 3 October.... 191 185 6 213 197 16 47 22 25 248 188 60 93 93 217 209 8 * Revised. 1 Estimates of new issues sold for cash in the United States. 2Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 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 notation, i.e., compensation to underwriters, agents, etc., and expenses. 7Includes proceeds for plant and equipment and working capital. •Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. 'Includes all issues other than those for retirement of securities. "Retirement of securities only. Source.—Securities and Exchange Commission 1288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1953 1954 1948 1949 1950 1951 1952 1953 1 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales . 38,341 37,94845,35152 44453,90562,665 15,739 16,566 15 45914,902 ••14,23314,776 13,406 Profits before taxes 5,468 5,168 8,042 8,702 7,147 8,225 2,254 2,484 2,093 1,395 ••1,754 1,923 1,549 Profits after taxes . . .. 3,411 3,186 4,143 3,486 3,117 3,560 855 928 885 892 '891 '977 787 Dividends 1,446 1,710 2,295 2,036 2,036 2,110 493 491 495 631 524 523 520 Nondurable goods industries (94 corps.):* Sales 14,739 14,051 15,994 18,670 18,90820,276 4,994 5,116 5 082 5 084'4 961 ••4,972 4,952 Profits before taxes 2,360 1,975 2,847 3,324 2,715 2,908 761 782 783 581 669 ••676 635 Profits after taxes . 1,574 1,297 1,599 1,481 1,313 1,446 345 355 376 371 '365 ••376 353 Dividends 698 759 942 894 912 934 218 219 222 275 228 229 233 Durable goods industries (106 corps.)2 Sales 23,602 23,897 29,357 33,77434,99742,390 10,745 11,450 10,377 9 817 9 272 r9,804 8,455 Profits before taxes 3,108 3,193 5,195 5,378 4,432 5,317 1,493 1,702 1,309 814 1,084 1,247 914 Profits after taxes . . . 1,837 1,888 2,544 2,005 1,804 2,114 511 573 509 521 •"526 ••600 434 Dividends 748 950 1,352 1,142 1,119 1,176 275 272 274 356 296 ••294 287 Selected industries: Foods and kindred products (28 corps.): Sales 4,528 4,223 4,402 4,909 5,042 5,411 1,316 1,346 1,355 1,394 1,337 1,351 1,338 Profits before taxes . . . 455 434 532 473 446 465 100 128 131 107 99 132 123 Profits after taxes 285 268 289 227 204 211 46 54 57 54 46 63 60 Dividends . . .. 148 149 161 159 154 154 35 37 37 45 36 ••36 37 Chemicals and allied products (26 corps.) Sales 3,674 3,680 4,577 5,574 5,695 6,071 1,545 1,568 1 506 1 453 1 4341,471 1,461 Profits before taxes 674 693 1,133 1,421 1,200 1,260 360 346 330 224 272 r27l 267 Profits after taxes 420 415 572 496 458 493 123 125 124 121 133 136 132 Dividends 263 321 448 363 381 398 90 90 91 127 ••98 98 99 Petroleum refining (14 corps.): Sales . . . 3,983 3,907 4,260 4,966 5,290 5,757 1,376 1,410 1,473 1,498 1 479 1,442 1,440 Profits before taxes 775 552 673 869 689 796 195 195 229 176 214 189 165 Profits after taxes 588 428 464 532 495 571 131 129 155 157 148 138 124 Dividends 184 191 223 247 268 274 66 66 67 74 68 68 69 Primary metals and products (39 corps.): Sales . . .. . . .. 9,066 8,187 10,446 12,497 11,557 13,750 3,428 3,653 3,476 3,194 2,910 •"3,019 2,723 Profits before taxes 1,174 993 1,700 2,092 1,161 1,824 457 560 510 295 301 359 305 Profits after taxes 720 578 854 776 575 793 183 212 203 196 150 179 151 Dividends ... 270 285 377 381 367 377 88 88 88 113 100 92 92 Machinery (27 corps.): Sales 4,563 4,363 5,071 6,183 7,082 8,009 1,967 2,045 1,959 2,038 1,917 1,937 1,864 Profits before taxes 570 520 850 1,003 974 1,009 276 298 241 193 252 237 202 Profits ater taxes 334 321 425 370 380 402 89 103 95 115 117 107 103 Dividends 127 138 208 192 200 239 50 49 49 90 58 64 65 Automobiles and equipment (15 corps.): Sales . . 8,093 9,577 11,805 12,496 12,825 16,377 4,308 4,657 3,917 3 495 3 485 3,731 2 922 Profits before taxes 1,131 1,473 2,305 1,913 1,945 2,048 648 714 451 235 434 532 299 Profits after taxes 639 861 1,087 705 698 747 200 211 168 168 '214 '257 127 Dividends . .. .... 282 451 671 479 462 463 117 114 114 117 114 113 106 Public Utility Railroad: Operating revenue 9,672 8,580 9,473 10,391 10,581 10,664 2,596 2,732 2,755 2,582 2,275 2,335 2,366 Profits before taxes 1,146 700 1,385 1,260 1,451 1,404 336 397 399 272 156 199 226 Profits after taxes 698 438 784 693 832 871 186 231 234 219 88 136 172 Dividends 289 252 312 328 338 412 97 73 79 162 96 73 74 Electric power: Operating revenue . . 4,830 5,069 5,528 6,058 6,549 7,113 1,850 1,725 1,716 1,821 1,974 1 810 1 817 983 1,129 1,313 1,482 1,740 1,893 551 456 428 458 571 487 478 Profits after taxes 657 757 822 814 947 1,046 294 249 235 268 324 268 266 Dividends 493 560 619 651 725 771 182 189 194 206 212 210 211 Telephone: Operating revenue 2,694 2,967 3,342 3,729 4,136 4,525 1,092 1,126 1,129 1,178 1,174 1,210 1,233 Profits before taxes . . . ... 292 333 580 691 787 925 223 234 220 248 242 262 262 186 207 331 341 384 452 109 114 107 122 116 125 141 Dividends . .. . 178 213 276 318 355 412 100 101 104 108 109 111 112 'Revised. 1 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). DECEMBER 1954 1289 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 typea Bonds and notes Stocks q Y u e a a r r t e o r r P b r e o fo fi r t e s co In m - e P a r f o t f e i r ts C di a v s i h - tr U ib n u d t i e s- d Y qu ea a r r te o r r New Retire- Net New Retire- Net New Retire- Net taxes taxes taxes dends profits issues ments change issues ments change issues ments changt 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 4,655 400 1,232 1946 22.6 9.1 13.4 5.8 7.7 1949 6,731 1,875 4,856 4,867 l]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 3,577 666 ',700 \950 40.0 17.8 22.1 9.2 12.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 348 ?,987 1951 41.2 22.5 18.7 9 1 9.6 1953r 9,550 2,428 7,121 6,651 1,896 4,755 2,'898 533 2,366 1952 37.2 20.0 17.2 9.1 8.1 1953—3 r. . 1,861 532 1,328 1,313 419 894 548 113 435 1953 39.4 21.1 18.3 9.4 8.9 4". . 2,455 639 1,816 1,785 508 1,277 670 131 539 1953—1 42.4 22.7 19.7 9.1 10 6 1954—1. .. 2,700 977 1,724 1,619 758 862 1,081 219 862 2 41.9 22.5 19.5 9.3 10 2 2. . . 2,8^8 1,139 1,719 1,863 847 1,016 995 292 703 3 40.9 21.9 19.0 9.5 9 5 3. . . 3,027 1,314 1,714 2,314 938 1,377 713 376 337 4 32.5 17.4 15.1 9 6 5.5 1954—1 2 . . 3 3 4 4 . . 5 5 1 1 7 7 .0 0 1 1 7 7 . . 5 5 9 9 . . 6 6 7 7 . . 9 9 1 r R R e e v fl i e s c e t d s . cash transactions only. As compared with data shown on p. 1288, new 33.5 16.5 17.0 9.8 7.2 issues exclude foreign and include investment company offerings, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Re- 1 Preliminary estimates by Council of Economic Ad- tirements include the same types of issues, and also securities retired with internal visers. funds or with proceeds of issues for that purpose shown on p. 1288. 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 End of year Net Notes and accts. Notes and accts. or quarter w c o a r p k it in al g Total Cash er U G n . o m v S e - . nt receivable I t n o v ri e e n s - Other Total payable 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. . 2 Other liabilities 1939 24.5 54.5 10.8 2.2 .0 22.1 18.0 ) * 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 5.4 45.8 .9 24.8 10.4 9.7 1946 56.2 108.1 22.8 15.3 .7 an n 37.6 1.7 51.9 1 31 J5 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 5 9.3 14.0 1950 81.7 161.5 28.1 19.7 1.1 55.7 55.1 L 7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 l.l 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 IA 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 IA 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—1 92.9 183.3 27.8 19.7 2.8 63.2 67.3 2.5 90.4 2.5 53.9 14.9 19.1 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 ach 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 incl. utili- others ing ing roads than ties cations min- rail- ties rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1953—i 6 339 2 972 650 O9 5 1 792 1945 8,692 3,983 383 548 574 505 321 2,378 2. 7,289 3,426 725 1,158 1,979 3 7,098 3,210 686 1,219 1,984 1946 14,848 6,790 427 583 923 792 817 4,516 4. 7 666 3 680 717 1 246 2 023 1947 20,612 8,703 691 889 1,298 1,539 1,399 6,093 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 1954—i 6,240 2,864 608 910 1,859 1949 19,285 7,149 792 11,352 887 3,125 1,320 4,660 2 6,918 3,198 600 1,108 2,013 1950 20,605 7,491 707 1,111 1,212 3,309 1,104 5,671 3' 6,629 2,962 535 1,058 2,075 44' 6,894 3,238 514 1,134 2,009 1951 25,644 10,852 929 1,474 1,490 3,664 1,319 5,916 1952 26,493 11,632 985 1,396 1,500 3,887 7 094 1955—I4 6,096 2,737 531 858 1,971 1953 28.391 12,276 1.011 .312 1.464 4,548 7 778 1954*r 26,682 11,240 1,021 848 1,408 4,209 7,955 ••Revised. 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 1290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm 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 il r y o p a e n rt d ies1 E o n r d q o u f a r y t e er ar h A e o r l l d s 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 t s e 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 ld s 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 th r 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 s1 1941 . . 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 1.5 4.9 1942 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 1.4 4.5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 1.3 4.1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1.3 3.7 1945 35.5 21.0 .9 13.7 30.8 18.5 12.2 6.4 12.2 7.5 4.7 4.8 1.3 3.4 1946 41.8 26.0 .6 15.1 36.9 23.1 16.0 7.0 13.8 8.4 5.4 4.9 1.5 3.4 1947 48.9 31.8 .5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 1.7 3.3 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1.9 3.4 1949 62.7 42.9 1.1 18.7 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.6 2.1 3.5 1950 72.8 51.6 1.4 19.7 66.7 45.1 35.3 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.1 59.5 2.0 20.7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6.6 2.6 4.0 1952 91.1 66.8 2.4 21.9 84.0 58.7 47.0 11.7 25.3 17.0 8.3 7.2 2.8 4.3 1953 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 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 June 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. . . . 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 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 June? 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. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2 Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of ;the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings2 Vlutual savings bank holdings4 Nonfarm NTonfarm End of year or quarter Total Residential3 Residential3 Farm Total Farm Total Other Total Other FHA- VA- Con- FHA- VA- Con- Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941. 4,906 4,340 3,292 1,048 566 4,812 4,784 3,884 900 28 1942. 4,746 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943. 4 4 058 3 80? 463 4,420 4,395 3,558 837 25 1944. 4,430 3,967 3,218 749 463 4,305 4,281 3,476 805 24 1945. 4 77? 4 395 856 4,208 4 184 3,387 797 24 1946. 7,234 6 533 5,146 1 387 702 4,441 4,415 3,588 827 26 1947. 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 «Q1 28 1948. 10 897 10 8,066 1957 874 5,806 5 773 4,758 1,015 34 1949 11,644 10,736 8,676 ,060 909 6,705 6,668 5,569 1,099 37 1950. 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 1,164 44 1951. 14,732 ,728 11,270 3 4?i 2,92 i "\ 9?9 458 1,004 9,916 Q,869 8,595 567 i J726 4^303 1,274 47 1952. 15,867 14,809 12,188 3,675 3,012 5 501 2,621 1,058 11,379 11,327 9,883 3,168 2,237 4,477 1,444 53 1953. 16,850 15,768 12,925 3,912 3,061 5 951 2,843 1,082 12,943 12,890 11,334 3,489 3,053 4,792 L,556 53 1953-—March 16,080 ,000 3 719 3,010 5 ,680 108011,680 11,630 10,165 3 2,395 4,540 1,465 50 Tune 16,387 ^ ^ 1?,545 3 798 3,013 5 734 738 1 104 12,112 1?,06? 10,574 3 325 2,590 4,658 1,488 50 September 16,640 15,550 12,770 3 860 3,040 5 870 2,780 1,09012,500 12,450 10,930 3,405 2,785 4,740 L,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 t ,556 53 1954—Ma rrhP 16,970 15,870 12,965 3 920 3,075 5 970 2,905 1,100 13,345 13,292 11,700 3 560 3,295 4,845 1,592 53 June? 17,366 16,227 13,220 3 960 3,116 6 144 3 007 1 13913,881 13,826 12,181 3 659 3,579 4,942 L ,645 55 September P. ... 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 P Preliminary. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies, Comptroller of the Currency, and Federal Reserve. 1291 DECEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Year or month Nonfarm Nonfarm Total Total in F s H ur A e - d a g n V 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 a e r e - - d Other Farm 1940 5,972 5,073 668 899 1941 .. 6,442 5,529 815 913 1942 898 6,726 5,830 1,096 896 1943 855 6,714 5,873 1,286 841 1944 935 6,686 5,886 1,408 800 1945 976 6,636 5,860 1,394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4,876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949. 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 ,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 L.527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 L.705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 ,886 1953—October. 339 310 60 42 208 29 22,884 21,020 5,958 3,477 11,585 ,864 November 353 328 60 56 212 25 23,062 21,192 . 5,979 3,515 11,698 1,870 December 480 435 65 79 291 45 23,322 21,436 6,012 3,560 11 864 1,886 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 .062 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 October 471 446 56 148 242 25 25,260 23,235 6,103 4,302 12,830 2,025 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 T 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 h o u a m r- e p O p o t u s h r e e - s r 1 Total* F su H in r A e - d - a g n V u te A a e r - - d t C i v o o e n n n a - - l' m T o o e n r a t r h N b u e m r - Total in S lo g a a s v n - & p I c a n a o n s n m c u ie e r - s - b C m c a o i n e a m r k l - s - M b s i u a n a n t g v u k s - a s l Other a co m l ( a d r r r e o d o - s u e l ) - d nt 1940 1,200 399 426 375 4,125 1940. 1,456 4,031 ,283 334 1,006 170 2,769 1941 1,379 437 581 361 4,578 1941., 1,628 4,732 ,490 404 1,166 218 ,454 2,906 1942 1,051 190 574 287 4,583 1942., 1,351 3,943 ,170 362 886 166 ,359 2,918 1943 1,184 106 802 276 4,584 1943.. 1,274 3,861 ,237 280 753 152 ,439 3,031 1944 1,454 95 1,064 295 4,800 1944.. 1,446 4,606 ,560 257 878 165 ,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 8,313 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 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 1953 7,767 2,475 3,488 1,804 21,882 1,044 3.961 16,877 1953. 3,164 19,747 7,365 1,480 3.680 1,327 5,895 6,241 1953-Oct.... 688 219 318 151 1953-Oct... 278 1,746 658 123 320 123 522 6,283 Nov... 586 190 265 131 Nov.. 345 1,549 564 114 290 113 468 6,311 Dec... 584 187 259 138 21.882 1,044 3^961 i6,877 Dec. 255 1,622 569 126 291 128 508 6,372 1954-Jan.... 495 152 217 126 1954-Jan.. 218 1,372 467 108 263 85 449 6,292 Feb.... 539 176 220 143 Feb.. 229 1,425 517 105 274 85 444 6,223 Mar... 710 246 288 176 22,722 1,083 4,111 17,528 Mar.. 281 1,784 666 124 335 103 556 6,339 732 257 298 177 280 1,793 669 130 333 112 550 6,411 May.'.'. 728 254 301 173 May.. 278 1,805 675 124 330 118 558 6,484 June... 810 283 341 185 23,847 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... 828 282 369 177 25,053 1,150 4,503 19,400 Sept.. 313 2,122 766 164 383 141 668 6,789 Oct.... 824 283 364 177 Oct... 314 2,156 765 178 393 140 679 6,874 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. 1 Prior to 1948, data are not available for classifications shown. 'Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 1292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS-—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans8 Home Home Governmentm Y o o e n r a t r h Total Total e p N r r m t o e i w o e p s r - tga i e p g s E r r t e t o i x i s n e p - 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 o r e o t n v n y p - s e t - 2 - Total p e N r r m t o e i w o p es - rtga i e p s g E r r t e t o i x i s n 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 nde F r H i w n A - ri - tten g V u A ar - - t C i v o e o n n n a - - l sured anteed j 939 925 925 486 208 52 179 1940 991 991 588 175 13 216 1939 16.3 1.8 1.8 14.5 1941 1,152 1,152 728 183 14 228 1940 17.3 2.3 2.3 15.0 1942 1,121 1,121 766 208 21 126 1941 18.4 3 0 3.0 15.4 1943 934 934 553 210 85 86 1942 18.2 3 7 3.7 14.5 1944 877 877 484 224 56 114 1943 17.8 4 1 4 1 13.7 1945 857 665 257 217 20 171 192 1944 17.9 4 2 4.2 13.7 1946 3,058 756 120 302 13 321 2,302 1945 18.5 4.3 4.1 2 14.2 1947 5,074 1,788 477 418 360 534 3,286 1946 23.1 6.1 3.7 2.4 17.0 1948 5,222 3,341 1,434 684 609 614 1,881 1947 28.2 9.3 3.8 5.5 18.9 1949 5,250 3,826 1,319 892 1,021 594 1,424 793 629 3 1948 33.3 12.5 5.3 7.2 20.8 1950 7,416 4,343 1,637 856 1,157 694 3,073 1,865 1,202 5 1949 37.5 15.0 6.9 8.1 22.5 1951 6,834 3,220 1,216 713 582 708 3,614 2,667 942 6 1950 45.1 18.9 8.6 10.3 26.2 1952 - 5.830 3,113 969 974 322 848 2.721 1,824 890 6 1951 51.9 22.9 9.7 13.2 29.0 1953 6,946 3,882 1,259 1,030 259 1,334 3,064 2,045 1,014 6 1952 58.7 25.4 10.8 14.6 33.3 694 408 105 68 25 210 286 192 93 .5 1953 66.3 28.1 12.0 16.1 38.2 Dec. 556 304 110 63 15 116 252 170 82 .4 1952—Mar 53.3 23.5 9.9 13.6 29.8 1954—Jan. . 512 265 117 66 12 69 247 174 73 4 June.. 55.1 24.0 10.1 13.9 31.1 Feb.. 488 221 94 60 13 54 267 188 79 4 Sept.. 57.0 24.7 10.4 14.3 32.3 Mar. 471 246 95 67 16 69 225 160 65 4 Dec... 58.7 25.4 10.8 14.6 33.3 Apr.. 493 245 83 70 17 76 248 163 85 .8 May . 512 243 74 72 25 71 269 171 98 .3 1953—Mar... 60.4 26.1 11.1 15.0 34.3 June . 579 270 86 79 24 82 309 200 109 .3 June.. 62.5 26.7 11.4 15.3 35.8 July.. 531 238 75 79 14 70 293 178 115 .3 Sept... 64.6 27.5 11.7 15.8 37.1 Aug.. . 680 262 72 79 40 71 418 251 167 .2 Dec.. . 66.3 28.1 12.0 16.1 38.2 Sept.. 679 269 77 59 33 101 410 252 157 .5 Oct. . 770 252 80 74 9 89 518 307 211 .4 1954—Mar. P. 67.7 28.8 12.2 16.6 38.9 JuneP. 70.0 29.7 12.4 17.3 40.3 Sept. P. 72.6 30.5 12.6 17.9 42.1 xMonthly figures do not reflect mortgage amendments included in annual totals. aFHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those P Preliminary. for more than that amount must be. NOTE.—For total debt outstanding, figures for "Prior to 1949, data are not available for classifications shown. first three quarters are Federal Reserve estimates. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- For conventional, figures are derived. anteed loans, gross amount of loans closed. Figures do not take account of principal repay- Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and ments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by Federal Reserve. type are derived from data on number and average amount of loans closed. 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 y th ear A m f c u u i u i o z t n t n e m h t d d - e o s - d r- b m C u m e d u o r i i n n s s t m t - e - - - s d 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 a s e r - e - 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 ( l a e n n c d e S s t 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 - 3 1 1 1 1 1 1 9 9 9 9 9 9 5 4 5 5 5 4 3 9 2 0 1 8 1,0 8 9 6 5 5 8 6 4 1 5 2 5 1 8 8 0 8 8 4 3 6 2 2 8 2 2 2 3 3 5 3 4 7 8 9 2 2 1 1 , , . , 8 4 3 2 8 1 4 2 6 5 4 9 7 8 0 2 2 9 4 6 2 3 1 1 0 2 0 6 2 8 3 1 4 9 0 8 1 1 1 1, . , , 8 4 9 6 1 4 2 4 2 7 1 1 2 6 5 8 1 1, 6 6 0 5 5 1 7 4 7 4 3 9 2 4 7 2 8 8 4 2 1 6 2 1 2 5 9 1 1 0 6 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 5 4 4 5 7 5 6 1 9 8 0 3 3 3 2 2 6 4 5 2 7 2 5 6 7 1 9 5 3 6 0 8 2 4 2 2 3 2 2 3 3 0 1 3 9 8 1 3 9 3 7 2 0 4 2 4 5 8 8 1 3 3 9 1 0 1 9 6 3 3 5 6 6 5 2 2 2 5 5 1 1 3 1 5 0 4 7 8 1 8 7 8 7 6 4 2 2 2 2 2 1 0 6 1 9 5 1 0 2 9 7 8 8 9 9 1953— N O o ct v o e b m er b . e . r 5 5 5 5 6 2 6 5 0 6 8 8 2 2 , , 5 4 2 9 6 0 5 5 8 9 5 4 1 1 , , 9 8 4 9 1 6 3 3 9 0 4 5 4 9 1 1 9 95 5 2 3 6 5 7 8 4 6 6 5 1 2 1 8 9 8 5 6 2 4 6 56 3 5 4 3 2 1 9 7 9 December. 550 638 2.462 621 1,841 42 61 1953—November, 71 25 865 589 276 1954—January.. 550 666 2,434 625 1,809 37 57 December 79 14 952 634 317 J J O S A A M M F u e u c e p u n a p a t b r g y l o e t r i r u e l b y c u . m s e h a . t r . b . r . . . . y e . . . . . . r . . . . 6 6 5 5 5 5 5 5 5 3 7 9 4 7 6 4 3 3 1 8 4 0 0 0 2 9 9 6 6 7 7 6 8 7 7 7 0 5 3 0 9 1 7 8 4 3 4 7 0 1 2 9 5 5 2 2 2 2 2 2 2 2 2 , , . , , , , . . 3 3 3 3 3 2 2 3 4 6 6 5 0 7 9 6 9 2 2 8 5 1 1 9 6 9 4 7 6 6 7 6 6 7 7 7 5 4 2 5 3 8 4 6 0 2 5 4 3 3 0 1 7 0 1 1 1 1 1 1 1 1 1 , , , , , , , , 6 6 6 6 6 6 7 7 .6 1 2 0 4 3 1 8 1 1 6 2 1 7 2 9 3 3 8 1 3 3 3 3 4 4 5 5 2 9 3 8 8 9 7 0 0 0 1 2 3 9 3 5 3 3 0 1 3 9 8 7 0 0 7 8 9 1954— S J F J A A M M J u u e e a u p p a a n l b n g r y r y t e r i u u e c u l . m s h a . . a t r . r b y y . . e . . r . . 1 6 3 3 2 5 2 5 0 1 9 6 5 8 3 6 9 6 5 2 3 9 2 8 8 5 3 3 3 8 8 6 8 4 1 3 1 9 6 6 6 6 6 6 6 6 7 8 5 1 5 7 0 7 3 3 9 1 3 9 5 8 7 0 0 4 3 3 4 4 4 4 4 3 2 5 8 9 0 3 7 2 9 2 2 2 6 6 8 7 8 6 2 2 2 2 2 2 2 2 2 3 3 3 5 2 4 3 3 3 1 7 1 5 3 7 9 3 6 October. . 63 4.S 708 471 236 Source.—Federal National Mortgage Association. November 74 38 743 495 248 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. DECEMBER 1954 1293 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 End of year Total Other Repair or month Total Au p to a m pe o r b 1 ile co p g n a o s p o u e d m r s 1 er e a r n l n d o i a z m n at s o i 2 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 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 ,720 1953—October 28,600 21,766 10,373 5,529 1,619 4,245 6,834 2,199 2,886 ,749 November 28,760 21,907 10,404 5,587 1,645 4,271 6,853 2,183 2,931 .739 December 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 ,720 1954—January 28,724 21,836 10,158 5,697 1,635 4,346 6,888 2,165 3,002 ,721 February 28,140 21,582 10,010 5,588 1,623 4,361 6,558 2,133 2,682 ,743 March 27,833 21,381 9,919 5,443 1,614 4,405 6,452 2,150 2,564 ,738 April 28,095 21,426 9,942 5,413 1,617 4,454 6,669 2,181 2,723 .765 1 May 28,372 21,487 10,002 5,370 1,634 4,481 6,885 2,313 2,786 ,786 June 28,666 21,717 10,168 5,367 1,635 4,547 6,949 2,334 2,819 ,796 July 28,725 21,849 10,298 5,328 1,637 4,586 6,876 2,303 2,773 ,800 August 28,736 21,901 10,349 5,294 1,642 4,616 6,835 2,312 2,734 ,789 September 28,856 21,935 10,365 5,287 1,642 4,641 6,921 2.335 2,807 ,779 October 28,975 21,952 10,340 5,324 1,637 4,651 7,023 2,377 2,892 1,754 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 are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a n a m l i n e e s c - 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 1,197 132 657 438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 22,187 18,758 8,998 6,147 1,124 2,489 3,429 1,040 903 291 380 815 1953—October 21,766 18,610 9,009 6,093 1,093 2,415 3,156 937 842 278 383 716 November 21,907 18,697 9,006 6,147 1,107 2,437 3,210 960 858 284 383 725 December 22,187 18,758 8,998 6,147 1,124 2,489 3,429 1,040 903 291 380 815 1954—January 21,836 18,545 8.914 6,062 1,103 2,466 3,291 995 872 285 375 764 February 21,582 18,300 8,755 5,974 ,115 2,456 3,282 1,065 849 281 370 717 March 21,381 18,192 8,714 5.892 ,136 2,450 3,189 1,031 829 276 366 687 April 21,426 18,245 8,722 5,901 ,157 2,465 3,181 1,032 823 274 368 684 May 21,487 18,325 8,729 5,944 ,175 2,477 3,162 1,027 821 271 771 672 June 21,717 18,538 8.783 6,060 ,207 2,488 3,179 1,037 820 273 379 670 July 21,849 18,671 8,763 6,189 ,228 2,491 3,178 1,032 818 277 386 665 August 21,901 18,731 8,731 6,256 ,250 2,494 3,170 1,032 821 276 389 652 September 21,935 18,753 8,688 6,294 ,267 2,504 3,182 1,041 822 278 390 651 October 21,952 18,726 8,637 6,315 ,270 2,504 3,226 1,063 830 282 390 661 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 1294 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 o s o e e t t d n n a a i - l t l t - C m ( i o n s m e i s n n t - g i t t l u e l t - o i p a o a n n y s s - ) D a e c ( - o c c u h o t a u le r n g t t s e s) S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O p g c u o a t o m p o h n d e e e - r r s r e R l m r o t a e n i n a o p o iz n d d n a a s - ir - s l P o o a e n n r a - s l mer- Other part- Other cial ment banks stores1 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1942 . 862 149 134 153 124 302 1940 . 2,824 636 164 251 1,220 553 1941 .. , 3,087 693 152 275 1,370 597 1945 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1 19 9 4 4 7 6 4 4 . , 2 8 1 7 2 5 1 1 , , 0 2 0 0 8 3 1 1 1 5 4 3 4 53 5 2 2 1 1 , . 6 8 2 2 4 1 1 1 , , 0 1 1 6 4 6 1 1 9 9 5 4 0 9 .. . ..... . 4 5 , , 4 7 3 9 9 8 1,1 8 7 4 7 9 1,2 9 9 4f 4 t 1 1 , , 0 4 1 5 6 6 8 7 3 1 4 5 1,0 9 3 1 7 3 1948 . 5.443 1,261 184 575 2,138 1.285 1951 5,771 1,135 1,311 1,315 888 1,122 1949 5,588 1,334 198 584 2,096 1,376 1952 . 7,524 1,633 1,629 1,751 1,137 1,374 1950 6,323 1.576 245 641 2,365 1,496 1953 8,998 2,215 1,867 2,078 1,317 1,521 1951. 6,631 1,684 250 685 2,411 1,601 1952 7,143 1,844 250 730 2,612 1,707 1953—October. . 9,009 2,213 1,928 2,060 1,303 1,505 1953 7,350 1,899 320 748 2,663 1,720 November 9,006 2,220 [,906 2,061 1,318 1,501 1953—October. . . 6,834 1,901 298 512 2,374 1,749 December 8,998 2,215 1,867 2,078 1,317 1,521 November. 6,853 1,839 344 563 2,368 1,739 1954—January.. . 8,914 2,191 1,807 2,092 1,303 1,521 December. 7,350 1,899 320 748 2,663 1,720 February.. 8,755 2,162 1,773 1,997 1,290 1,533 March. . . . 8,714 2,164 1,755 1,955 1,279 1,561 1954—January... 6,888 1,880 285 607 2,395 1,721 April 8,722 2,180 1,745 1,939 1,281 1,577 February.. 6,558 1,841 292 526 2,156 1,743 May 8,729 2,195 1,735 1,925 1,293 1,581 March. . . . 6,452 1,845 305 483 2,081 1,738 June 8,783 2,237 1,729 1,913 1,293 1,611 April 6,669 1,883 298 502 2,221 1,765 July 8,763 2,240 L ,720 1,880 1,297 1,626 May 6,885 1,918 395 499 2,287 1,786 August.... 8,731 2,230 1,707 1,857 1,299 1,638 June 6,949 1,977 357 497 2,322 1,796 September. 8,688 2,224 1,686 1,835 1,299 1,644 A Ju u ly gust.... 6 6 , , 8 8 3 7 5 6 1 1 , , 9 9 8 8 9 5 3 3 2 1 7 4 4 44 4 6 8 2 2 , , 2 3 8 2 8 5 1 1, , 7 8 8 0 9 0 October. . . 8,637 2,207 ],663 1,822 1,296 L.649 September. 6,921 1,997 338 488 2,319 1,779 October. . . 7,023 2,067 310 517 2,375 1,754 1 Includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Other Repair End of year i T n o st t a a l l - Auto- O c t o h n e - r R a e n p d air Per- E o n r d m o o f n y t e h ar i T m ns o e t t n a a l t l - m A pa o u p b t e o il r - e s g c u o o m o n d e - s r m iz a o a n d ti d e o r n n- s l P o o a e n n r a - s l or month ment m pa o p b e il r e s g u o m od e s r m iz o a d ti e o r n n- s lo o a n n a s l credit paper loans credit paper loans 1939 789 81 24 15 . 669 1940 891 102 30 16 743 1939 1,197 878 115 148 56 1941 957 122 36 14 785 1940 1,575 1,187 136 190 62 1942 726 65 27 14 620 1941 1,797 1,363 167 201 66 1942 588 341 78 117 52 1945 731 54 20 14 643 1946 991 77 34 22 858 1945 300 164 24 58 54 1947 1,275 130 69 39 1,037 1946 677 377 67 141 92 1948 1,573 189 99 59 1,226 1947 1,355 802 185 242 126 1949 1,858 240 137 89 1,392 1948 1,990 1.378 232 216 164 1950 2,237 330 182 115 1,610 1949 2,950 2,425 303 83 139 1951 2,537 358 209 132 1,838 1950 3,785 3,257 313 57 158 1952 3,053 457 279 187 2,130 1951 3,769 3.183 241 70 275 1953 3,613 573 337 249 2,454 1952 4,833 4,072 332 82 347 1953 6,147 5,306 367 83 391 1953—October... 3,508 577 324 240 2,367 November. 3,544 574 331 248 2,391 1953—October.... 6.093 5 272 372 76 373 December. 3,613 573 337 249 2,454 November. 6,147 5 321 368 79 379 December.. 6.147 5,306 367 83 391 1954—January... 3,569 557 330 246 2,436 February.. 3,571 555 328 248 2,440 1954—January... 6,062 5,228 359 86 389 March 3,586 555 325 251 2,455 February.. 5,974 5.150 351 85 388 April 3,622 560 325 252 2,485 March 5,892 5,079 340 84 389 May 3,652 565 323 258 2,506 April 5,901 5,089 336 84 392 June 3,695 674 323 259 2,539 May 5,944 5,136 331 83 394 July 3,719 581 321 258 2,559 June 6,060 5,249 331 83 397 August. . . 3,744 587 321 261 2,575 July 6,189 5,371 335 82 401 September. 3,771 591 324 262 2,594 August 6,256 5,436 335 82 403 October... 3,774 589 329 260 2,596 September. 6,294 5,474 336 81 403 October 6,315 5,491 337 81 406 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. DECEMBER 1954 1295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Automobile Other consumer Repair and Personal Total paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3.086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3.823 3.436 2,929 2,827 312 307 2,361 2,284 1945 5 379 5,093 999 941 2,024 1 999 206 %143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 . . 15,540 13.267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15.454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 . 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953. 30,321 26,818 13,621 11,379 8,014 7,511 1,387 1,144 7,299 6,784 WITHOUT SEASONAL ADJUSTMENT 1953—October 2 540 2,355 1,132 1,019 693 656 134 103 581 577 November 2 355 2,214 987 956 667 609 118 92 583 557 December 2,696 2,416 964 1,027 883 639 103 99 746 651 1954—January . 1,947 2,298 780 963 538 672 75 89 554 574 February 1,956 2.210 809 957 510 619 88 100 549 534 March 2,380 2.581 1,020 1,111 574 719 104 113 682 638 April 2,400 2,355 1,038 1,015 615 645 105 102 642 593 ^May 2,397 2,336 1,047 987 607 650 121 104 622 595 June. . . . 2,703 2,473 1,244 L.078 659 662 109 108 691 625 July 2,549 2,417 1,163 L.033 622 661 107 105 657 618 August 2,477 2,425 1,114 1,063 607 641 112 107 644 614 September 2.441 2.407 1 .062 .046 6?9 636 11> 115 635 610 October 2,454 2,437 1,031 .056 687 650 106 111 630 620 SEASONALLY ADJUSTED* 1953—October 2,444 2,257 1,128 965 611 635 113 96 592 561 November 2,502 2,312 1,095 1,008 653 623 116 96 638 585 December 2,414 2,323 1,053 1,026 637 620 109 97 615 580 1954—January 2,306 2,368 907 985 689 681 97 84 613 618 February . .... 2,356 2,377 958 1,041 636 644 119 102 643 590 JVIarch 2,293 2,456 956 1,053 601 688 115 110 621 605 April. .. 2,357 2,358 963 1,025 644 629 108 109 642 595 May 2,319 2,392 983 1,010 603 658 115 115 618 609 Tune 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 August 2,407 2.479 1.034 1,067 612 678 101 105 660 629 September . .... 2,472 2,404 1 ,076 1,014 608 635 107 118 681 637 October 2,459 2,425 1,067 1,039 632 653 93 107 667 626 * 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. Monthly figures for 1953 are shown in the BULLETIN for November 1954, p. 1212. 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 J Pe fr r o c m en ta p g re e c e c d h i a n n g ge f m P ro o e m r n c t e h c n o o ta r f r g e e p s r p c e o 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 1 O 9 c 5 t 4 . S 1 e 9 p 5 t 4 . A 19 u 5 g 4 . 1 O 9 c 5 t 4 . S 1 e 9 p 5 t 4 . A 19 u 5 g 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 H p s o l t o l i o d a u r n a s e c e p s e - - D s m e to p e r a n e r t s t- Net sales: 1953 Total + 12 -1 +7 -5 -3 -6 October 14 12 10 48 C C a re s d h i t s a s l a e l s es: + 11 -2 +4 -9 -4 -7 N D o ec v e e m m b b e e r r , 1 1 4 4 1 1 1 1 9 9 4 4 7 6 Instalment + 13 -2 +7 -4 -4 -6 Charge account +4 i + 14 + 1 +7 +2 1954 Accounts receivable, end January 14 12 9 45 of month: February 14 11 9 43 Total + 1 +1 +2 0 -2 -3 March 15 13 10 48 Instalment + 1 0 0 -1 -3 -3 April 14 12 9 45 Charge accounts + 1 +3 +8 +2 0 -2 J M u a n y e 1 1 4 4 1 1 2 2 1 1 0 0 4 4 6 7 Inventories, end of July 14 12 10 45 month, at retail value. +3 +4 0 -7 -9 -9 August 13 12 10 45 September 13 12 10 46 October 14 12 10 47 1 Collections during month as percentage of accounts outstanding at beginning of month. 1296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjustec" and 'unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Industrial production contracts1 Employment and payrolls2 (physical volume)* awarded (value) 1947-49=100 (1947-49 = 100) 1947-49 = 100 Depart- Whole- Freight ment Con- sale carload- store sumer com- Non- Manufacturing ings* sales* prices 2 modity Year Manufactures agri- production workers 1947-4Q (retail 1947-49 prices2 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 p m t e c u l u m e o r l n a 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 0 4 ) 9 3 = 100 19 = 4 1 7 0 - 0 49 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.4 68.7 31 1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62.0 69.0 37.1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76 4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.4 66 9 32 6 107 34 72 9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30 4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 ,110 36 75 0 1926 51 50 52 48 63 69 73 67 67.6 65 5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64 1 32 4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 68.0 64.2 32.8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71 0 68 3 35 0 115 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66.7 59 5 28 3 99 35 71 4 56 1 1931 40 39 31 48 51 34 22 41 60.4 50 2 21 5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53.5 42.6 14.8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53.7 47 2 15 9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20 4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61 3 58 8 23 5 69 29 58 7 52 0 1936 56 55 49 61 63 30 22 35 65.9 63 9 27 2 81 33 59 3 52 5 1937 61 60 55 64 71 32 25 36 70.3 70.1 32 6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66 1 59 6 25 3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29 9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73 3 71 2 34 0 83 37 59 9 51 1 1941 87 88 91 84 81 66 54 74 82.7 87.9 49.3 98 44 62 9 56 8 1942 106 110 126 93 84 89 49 116 90.8 103.9 72 2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96.2 121.4 99.0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 94.9 118.1 102 8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 91.7 104.0 87.8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94.8 97.9 81.2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99 4 103 4 97 7 108 98 95 5 96 4 1948 104 103 104 102 106 102 98 105 101.5 102.8 105.1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99 1 93 8 97 2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111 0 114 8 1952 124 125 136 114 114 183 183 183 110 5 106 3 136 6 95 110 113 5 111 6 1953 P134 P136 J»153 P118 P116 192 178 201 113.6 112.0 151.6 96 112 114.4 110.1 1953 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 ••111 115.4 110.2 November.. 129 130 131 146 115 111 224 176 255 113.1 108.7 109.4 148.0 92 113 115.0 109. a December. . 126 124 127 142 112 113 208 177 229 112.4 107.1 107.7 147.2 88 ni3 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 123 123 125 135 114 109 218 244 202 109.7 99.7 100.6 135.1 84 112 115.0 110.5 September.. 124 125 126 136 115 108 231 253 217 110 r 100.2 102.0 138.4 84 107 114.7 110.0 October 126 130 128 139 117 109 241 263 226 110.2 101.0 102.3 139.6 87 P113 114.5 109.7 November.. P129 P130 P131 P144 P118 P110 P110.4P101.8P102.5 •141.3 89 e114 109.8 eEstimated. pPreliminary. rRevised. *Average per working day. 1 Three-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. 1305. 2The 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. 3For indexes by Federal Reserve districts and for other department store data, see pp. 1307-1311. Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. DECEMBER 1954 1297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 Industry proportion 1952 1953P Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct SEASONALLY ADJUSTED Industrial Production—Total , 100.00 124 134 132 129 126 125 125 123 123 125 124 123 123 124 126 Manufactures—Total , 90.02 125 136 134 131 127 127 126 125 125 126 125 124 125 126 128 Durable Manufactures—Total 45.17 136 153 131 146 142 141 139 135 134 136 135 134 135 136 139 Primary metals 6.70 116 132 128 122 113 111 109 103 103 106 108 103 105 105 110 Metal fabricating 28.52 146 167 166 159 156 155 151 147 147 148 147 147 148 148 149 Fabricated metal products 5.73 121 136 134 130 126 126 123 120 119 121 122 122 124 121 123 Machinery 13.68 147 160 159 152 146 143 141 138 138 138 139 141 144 147 148 Nonelectrical machinery 9.04 136 143 141 136 133 130 130 125 125 124 124 125 125 125 124 Electrical machinery 4.64 167 194 193 184 172 169 163 163 163 163 170 173 181 '189 197 Transportation equipment 7.54 154 189 189 180 182 185 179 173 174 178 170 170 166 '161 164 Instruments and related products... 1.29 142 155 154 155 154 148 147 144 139 138 135 136 135 '137 137 Clay, glass, and lumber products 5.91 118 125 124 123 119 120 125 123 121 125 118 113 114 124 130 Stone, clay, and glass products 2.82 125 133 133 132 129 125 130 130 128 130 129 131 132 '134 133 Lumber and products 3.09 111 118 117 115 110 115 120 116 114 120 108 96 97 '116 127 Furniture and misc. manufactures 4.04 118 131 129 126 124 120 120 119 117 118 120 120 123 123 123 Furniture and fixtures 1.64 113 117 113 109 106 105 103 104 103 102 104 106 109 109 110 Miscellaneous manufactures 2.40 122 140 140 138 136 130 132 130 127 128 131 130 133 '132 132 Nondurable Manufactures—Total 44.83 114 118 117 115 112 113 114 114 115 117 116 114 114 115 117 Textiles and apparel 11.87 105 107 102 98 95 97 98 99 101 101 99 98 99 97 103 Textile mill products 6.32 103 104 98 95 90 91 91 91 94 95 93 95 94 93 101 Apparel and allied products 5.55 108 110 107 101 101 104 106 108 109 107 106 102 103 101 104 Rubber and leather products 3.20 107 113 105 103 104 103 102 103 103 106 107 99 103 107 Rubber products 1.47 116 128 120 118 116 112 110 113 113 119 120 97 '98 116 123 Leather and products 1.73 99 99 93 91 93 94 94 93 94 94 95 100 96 '91 94 Paper and Printing 8.93 118 125 126 125 122 122 123 124 125 126 126 126 126 127 127 Paper and allied products 3.46 120 132 132 132 125 126 129 131 133 137 136 133 135 137 138 Printing and publishing 5.47 116 121 123 121 120 120 119 119 120 120 121 121 121 121 121 Chemical and petroleum products 9.34 133 142 142 141 140 138 141 139 140 142 142 141 141 144 144 Chemicals and allied products 6.84 137 147 146 145 145 143 146 146 146 148 148 148 149 '150 150 Petroleum and coal products 2.50 123 130 129 129 128 124 126 122 124 125 124 122 121 125 P127 Foods, beverages, and tobacco 11.51 106 107 108 108 103 105 105 106 106 110 108 105 105 105 105 Food and beverage manufactures. .. 10.73 105 107 108 108 103 105 106 106 107 110 108 105 105 105 105 Tobacco manufactures .78 110 108 106 108 112 100 98 103 103 108 107 101 99 102 Minerals—Total 9.98 114 116 114 111 113 113 113 112 109 111 114 112 109 108 109 Mineral fuels 8.35 113 115 113 111 112 114 113 112 111 112 115 112 110 109 vlll Coal 2.68 83 78 76 70 69 70 68 62 58 65 69 70 68 67 70 Anthracite .36 78 57 54 50 55 62 59 52 46 44 48 56 50 49 43 Bituminous coal 2.32 84 81 80 73 71 72 69 63 60 68 72 72 71 70 74 Crude oil and natural gas 5.67 128 133 131 131 133 134 135 137 137 134 136 133 130 129 Pi 30 Metal, stone, and earth minerals 1.63 115 119 116 114 114 HI 112 110 99 106 110 108 102 r102 Metal mining .82 108 113 108 103 101 103 101 96 78 91 99 91 83 '82 Stone and earth minerals .81 123 124 125 127 119 124 124 120 121 122 125 121 121 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 124 134 136 130 124 124 126 126 124 124 124 116 123 125 130 MANUFACTURES—TOTAL 90.02 125 136 138 132 125 126 128 128 125 125 125 116 125 127 132 Durable Manufactures—Total.. 45.17 136 153 154 146 140 140 141 140 137 136 135 125 132 135 140 Primary metals 6.70 116 132 129 122 110 113 113 108 107 108 109 94 100 103 111 Ferrous metals 5.03 115 133 130 122 110 111 111 104 102 104 105 91 95 '98 106 Pig iron and steel 3.51 115 138 136 128 114 115 113 105 104 107 108 95 96 101 111 Pig iron .37 107 130 132 127 117 113 108 100 93 94 99 94 93 93 101 Steel.... 3.05 117 139 136 129 114 115 114 106 105 108 109 96 97 102 112 Carbon steel 2.62 112 135 138 131 116 115 113 105 103 108 111 96 96 101 111 Alloy steel .43 144 165 126 113 105 115 119 114 113 109 102 93 104 111 120 Ferrous castings and forgings 1.52 114 121 117 108 101 103 106 101 98 97 97 80 90 90 94 Iron and steel castings 1.29 109 115 113 103 98 98 103 100 98 96 96 79 90 89 92 Steel forgings .23 143 154 139 134 122 130 125 111 104 100 101 87 91 98 106 v Preliminary. r Revised. • Corrected. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 1298 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 pro- Industry portion 1952 1953P Oct. Nov. Dec Jan. Feb. Mar. Apr May June July Aug. Sept. Oct WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 119 129 128 121 108 118 120 119 122 120 122 103 117 119 127 Primary nonferrous metals .38 123 144 147 146 145 145 147 147 147 147 149 142 139 137 142 Copper smelting .09 106 112 114 109 109 104 102 101 99 97 109 93 76 88 97 Copper refining .06 99 116 124 121 121 110 113 115 114 107 114 105 102 89 91 Lead .04 100 101 99 120 108 108 103 113 107 109 97 79 98 109 114 Zinc .10 112 113 115 107 108 107 102 97 100 102 102 97 98 ••84 P90 Aluminum .09 156 209 213 215 217 228 240 240 245 246 245 248 246 244 246 Secondary nonferrous metals .13 114 114 111 106 101 96 103 107 115 108 109 86 '105 '104 Nonferrous shapes and castings.... 1.16 119 126 123 114 96 112 113 111 114 113 115 91 111 114 124' Copper mill shapes .63 113 112 110 103 78 100 100 96 101 102 101 76 100 103 115 Aluminum mill shapes .20 140 168 158 136 126 136 139 143 154 149 162 145 163 162 Nonferrous castings .33 115 130 127 121 114 ,122 118 116 112 112 103 107 Metal Fabricating 28.52 146 167 167 158 155 155 155 153 150 148 147 138 144 145 150 Fabricated metal products 5.73 121 136 137 130 126 124 123 121 120 121 122 116 124 124 125 Structural metal parts 2.68 121 137 136 134 135 129 127 125 123 125 126 123 125 •125 126 Stampings and misc. metal products. . 2.12 121 138 133 130 131 127 124 121 117 116 114 106 109 111 115 Tin cans .30 122 129 139 124 69 104 107 105 122 125 143 153 196 172 Furnaces, gas ranges, and heaters. .. . .63 89 93 113 82 63 74 73 78 84 93 75 104 109 122 Machinery 13.68 147 160 161 154 149 146 147 145 141 138 137 128 138 145 151 Nonelectrical machinery 9.04 136 143 138 135 137 132 134 132 128 126 125 119 118 122 121 Farm and industrial machinery 8.13 135 139 135 133 134 130 129 127 124 122 121 117 116 116 116 Farm machinery 1.02 103 96 79 73 74 76 80 84 85 84 84 79 74 '75 73 Industrial and commercial machinery 7.11 140 145 143 141 142 138 136 134 129 127 127 122 122 122 122 Machine tools and presses .68 179 188 188 185 186 181 181 177 167 161 157 152 150 •150 147 Laundry and refrigeration appliances. .69 108 128 112 99 110 106 129 122 120 112 111 91 125 126 Electrical machinery 4.64 167 205 191 172 172 172 172 166 162 162 145 176 189 209 Electrical apparatus and parts 3.23 162 179 178 176 176 169 167 164 160 159 156 151 152 154 159 Radio and television sets .74 184 230 276 230 157 173 170 182 172 156 166 116 234 280 341 Transportation equipment 7.54 154 189 189 173 174 183 183 182 181 180 175 165 165 155 159 Autos, trucks, and parts 4.80 102 126 122 103 101 115 114 114 117 116 111 96 98 81 90 Autos 1.50 103 146 151 107 107 135 138 142 151 146 143 125 123 8] 70 Trucks .66 111 118 106 95 98 103 103 101 101 101 96 78 79 74 77 Light trucks .22 105 112 106 85 100 112 103 104 104 104 99 86 81 76 74 Medium trucks .19 69 58 50 47 56 67 62 66 68 63 64 57 54 43 46 Heavy trucks .14 194 183 146 134 150 145 164 152 150 148 132 99 113 110 119 Truck trailers .07 137 229 232 229 149 137 143 133 132 141 146 102 109 119 Auto and truck parts 2.58 98 117 109 102 99 106 104 100 101 102 96 85 88 84 105" Aircraft and parts 1.30 368 465 481 463 483 483 489 485 475 472 472 469 465 470 462 Shipbuilding and repair .81 136 135 127 124 127 124 124 124 120 118 115 112 107 104 106 Railroad equipment .53 74 72 83 67 53 59 54 54 49 43 39 26 32 '33 28 62 64 41 17 25 Railroad cars .35 83 61 49 42 44 39 32 25 22 18 142 155 155 132 137 Instruments and related products.. 1.29 156 156 148 147 145 140 138 135 132 138 118 125 113 109 129 Clay, Glass, and Lumber Products. 5.9/ 131 123 112 120 122 124 126 122 118 136 2.82 125 133 139 134 128 122 126 128 128 130 131 128 134 136 140 Stone, clay, and glass products 1.09 114 123 128 122 116 115 120 121 117 117 115 107 116 118 126 Glass and pottery products .60 122 136 141 139 136 130 130 130 124 124 123 119 126 134 142 Flat glass and vitreous products. . . .47 124 139 145 143 140 132 133 131 126 126 125 119 127 136 146 Flat and other glass .26 112 120 127 114 102 115 121 125 121 126 127 118 125 112 119 Glass containers .23 94 91 93 86 77 79 92 93 93 87 81 63 80 '84 90 Home glassware and pottery .32 124 132 145 137 119 104 110 118 132 137 138 150 151 155 152 Cement .35 112 110 116 112 106 97 101 107 111 111 115 111 116 118 116 Structural clay products .12 108 106 116 109 97 81 90 102 115 113 124 116 126 128 121 Brick .20 116 115 118 116 113 110 110 111 110 112 111 109 112 112 114 Clay firebrick, pipe, and tile .48 155 163 170 163 157 143 148 152 157 161 164 170 172 169 167 Concrete and plaster products .58 131 143 146 143 146 140 141 139 135 135 136 134 140 •144 146 Misc. stone and earth manufactures.. Lumber and products 3.09 111 118 123 114 99 104 116 117 119 122 115 91 102 123 134 Lumber 2.05 105 112 120 110 93 98 109 109 113 117 106 91 98 110 119 Millwork and plywood .60 138 149 148 141 124 140 160 164 163 161 154 93 128 187 207 Millwork .39 118 118 116 101 87 96 110 109 111 119 128 90 116 157 164 Softwood plywood .12 167 199 198 206 184 212 241 253 248 229 195 95 145 232 274 Wood containers .29 99 99 96 94 94 88 90 90 90 91 92 85 83 87 91 Furniture and Misc. Manufactures 4.04 118 131 135 132 127 119 122 121 115 114 116 112 121 125 129 Furniture and fixtures 1.64 113 117 116 114 112 106 107 106 101 98 100 99 107 111 113 H Fi o x u tu se re h s o l a d n d fu r o n ff i i t c u e r e furniture 1. . 1 5 0 4 1 1 1 1 3 2 1 1 1 1 8 6 1 1 1 1 6 7 1 1 1 1 5 3 1 1 0 1 9 7 1 1 0 1 3 3 1 1 0 1 5 0 1 1 0 0 5 7 1 1 0 0 0 3 1 9 0 6 3 1 9 0 8 5 1 9 0 8 0 1 1 0 0 8 6 • 1 1 0 12 8 1 1 1 0 6 7 Miscellaneous manufactures 2.40 122 140 148 145 138 128 133 131 125 124 127 121 130 136 140 v Preliminary. r Revised. For other footnotes see preceding page. DECEMBER 1954 1299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 'l 001 1947-49 Annual 1953 1954 pro- Industry portion 1952 1953P Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 44 85 114 118 122 118 110 Ill 115 115 114 114 115 108 117 119 123 Nondurable Manufactures—Total... 11.87 105 107 103 98 92 99 105 104 100 98 95 86 103 98 105 Textiles and Apparel Textile mill products 6 32 103 104 100 96 87 91 95 94 93 94 92 82 97 95 103 3.72 105 107 101 102 90 97 100 100 99 99 96 85 101 96 109 Cotton consumption 2.30 104 104 103 101 89 100 101 100 97 95 92 80 99 91 104 97 112 115 102 105 95 89 98 100 102 107 110 105 104 112 120 Fabric finishing .... 45 102 101 87 96 83 96 102 103 97 96 82 »-65 98 86 100 Wool textiles 97 85 78 74 64 61 58 58 60 63 68 70 68 74 '67 71 ^^ool apparel yarns 16 96 91 82 68 59 68 72 72 80 84 81 78 86 73 Wool fabrics 75 83 75 73 63 62 56 54 58 59 64 68 66 71 '66 P67 Knit goods.. 1 15 115 116 115 108 97 103 109 105 103 105 106 89 109 113 114 Hosiery ... 65 116 113 114 109 94 113 119 112 111 110 106 78 106 113 115 Full-fashioned hosiery 45 121 118 118 114 97 120 127 120 119 116 110 79 108 116 118 20 105 102 104 98 87 96 102 93 91 95 98 77 100 107 107 Knit garments 50 113 119 116 107 101 90 95 96 93 99 106 103 113 112 112 Floor coverings .48 95 99 101 87 88 89 96 94 90 81 80 64 88 95 97 Woven carpets .. .. 31 80 86 89 69 72 76 85 83 77 68 66 36 70 79 P81 5 55 108 110 107 100 98 107 115 116 108 103 99 91 110 101 106 1 78 105 113 105 104 87 111 117 102 111 108 95 80 110 95 108 Men's suits and coats 73 87 96 90 88 78 96 92 77 79 88 81 56 98 77 82 50 83 92 83 86 81 102 96 80 78 84 75 52 92 73 80 Men's outercoats .13 83 89 94 71 46 52 56 48 65 80 87 57 98 7? 72 Shirts and work clothing .99 114 124 114 113 90 120 133 118 132 121 101 94 118 106 124 Women's outerwear 1 85 108 103 96 83 98 113 126 138 116 105 104 96 114 100 102 ^Vomen's suits and coats .76 123 117 118 90 122 144 164 165 102 80 114 127 146 no 127 Misc apparel and allied mfrs 1.92 111 112 114 109 105 98 104 107 96 97 98 97 105 107 110 Rubber and Leather Products 3.20 107 113 111 103 98 103 108 108 104 103 106 86 '98 105 113 Rubber products 1.47 116 128 127 120 111 114 114 118 116 118 121 85 r94 117 131 Tires and tubes .70 115 117 108 101 93 96 112 108 111 111 119 84 75 104 116 Auto tires .... 40 106 117 •109 99 89 92 111 113 120 122 133 94 81 107 117 Truck and bus tires 30 128 118 106 103 99 102 114 101 99 96 100 71 69 99 114 Miscellaneous rubber products .... .77 117 133 122 124 105 129 116 126 120 125 124 86 111 132 145 Leather and products 1.73 99 99 97 89 87 94 102 100 94 89 94 87 101 94 P97 Leather .. . .44 87 91 91 87 81 87 95 89 86 90 89 71 87 83 Cattlehide leathers . . .29 87 92 94 91 86 93 101 92 93 96 93 75 91 89 Skin leathers .15 86 89 87 79 72 74 82 82 73 79 81 65 r78 70 .90 Miscellaneous leather products .39 101 100 101 99 92 85 91 91 82 79 84 87 94 '95 97 Paper and Printing 8 93 118 125 132 129 121 120 124 127 128 126 126 116 124 128 133 3 46 120 132 140 135 119 126 133 135 136 134 136 120 137 137 146 Pulp and paper 1.76 120 130 138 133 117 128 132 133 131 132 136 116 r134 r133 140 Wood pulp .51 132 142 151 147 129 142 145 148 146 148 153 133 150 148 158 1.25 116 125 132 127 113 122 127 127 125 125 129 109 128 1?6 133 Printing paper . .22 111 119 124 120 112 120 122 124 121 117 120 99 121 120 1?2 Fine paper .14 117 116 121 120 109 112 121 121 121 120 123 96 122 120 130 Coarse paper .20 112 118 127 124 113 122 125 122 116 117 119 102 121 124 .18 123 129 136 131 123 135 139 138 137 134 136 126 137 1 16 145 Paperboard .41 117 134 143 137 115 128 130 131 128 132 136 112 133 129 138 Building paper and board .10 112 118 123 108 92 96 113 121 124 125 137 123 131 117 135 Converted paper products 1.70 120 134 143 136 121 123 134 137 141 136 135 124 139 141 152 Shipping containers .51 120 133 140 135 118 115 126 133 135 133 132 119 136 141 151 Sanitarv DaDer Droducts .11 126 138 151 139 131 147 155 149 158 144 144 139 146 141 152 Printing and publishing .. . 5.47 116 121 126 126 122 116 118 121 122 121 119 113 116 122 125 1.85 115 118 129 131 117 108 114 120 129 125 119 102 107 120 129 Job printing and periodicals 3.62 117 122 125 123 125 121 120 121 119 119 120 119 120 123 122 Chemical and Petroleum Products. 9 34 133 142 145 145 141 140 144 142 140 139 139 133 139 143 147 Chemicals and allied products 6 84 137 147 151 150 146 146 150 150 147 145 144 138 144 149 155 Industrial chemicals 2.54 140 154 151 149 147 145 150 150 150 150 152 146 '150 153 158 Basic inorcanic chemicals .57 137 149 153 153 148 141 157 159 157 159 155 148 151 155 161 Industrial organic chemicals 1.97 141 155 150 148 147 145 148 148 148 147 151 145 '•iso 152 157 Plastics materials 24 157 183 179 173 166 168 192 193 190 179 183 149 170 195 Synthetic rubber . 11 175 186 147 152 153 148 152 144 127 120 122 121 126 137 143 Synthetic fibers .59 141 156 143 135 136 133 135 142 M45 149 157 148 '•152 148 156 Miscellaneous organic chemicals.. 1.03 133 144 148 149 149 147 144 141 141 141 143 143 146 '147 147 Vegetable and animal oils 64 112 116 140 141 135 138 138 122 114 104 96 91 96 rlO9 138 48 110 112 144 141 137 138 138 122 109 95 85 80 84 101 139 Grease and tallow . 16 119 131 129 140 127 138 140 122 131 132 1?7 126 129 131 134 Soap and allied products 71 110 113 134 128 117 118 124 127 111 104 99 69 104 116 117 Paints 66 112 118 117 117 116 114 115 115 116 116 11 7 117 117 rl1 5 us Fertilizers 23 122 I'M 108 101 106 112 136 170 173 137 107 95 99 '109 115 p Preliminary. r Revised. 1 Publication suspended pending adjustment to revised Census production figures for the period 1950 to date. 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. 1300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [FederalReserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1952 1953P Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 123 130 131 131 128 125 126 121 120 123 124 122 124 127 P12S PePtertorloeluemum arnefdi ncionacl products 1.97 128 135 135 137 137 134 136 129 128 130 131 130 131 133 P!33 Gasoline 1.04 132 144 143 147 146 140 141 135 137 140 141 141 142 142 P139 Automotive gasoline .98 128 139 138 143 141 136 136 131 132 136 136 136 137 138 Aviation gasoline .. . .06 194 227 220 211 228 214 227 212 215 218 235 229 233 215 Fuel oil .56 128 130 128 130 129 131 135 127 121 121 122 122 123 127 P129 Distillate fuel oil .30 151 155 155 155 153 156 164 155 146 145 148 150 154 161 Residual fuel oil .26 102 101 97 100 102 104 102 96 93 94 92 89 87 89 .10 119 117 116 116 124 128 135 116 106 99 100 97 99 98 Lubricating oil .17 112 106 111 112 109 105 111 104 103 109 111 104 109 111 Coke .26 97 111 109 107 102 97 90 86 80 80 79 77 75 77 85 .15 102 99 121 90 53 57 67 78 103 118 135 110 127 147 Foods, Beverages, and Tobacco 11.51 106 107 120 111 98 97 96 98 98 104 110 108 rl14 119 116 Food and beverage manufactures.. 10.73 105 107 120 111 99 97 96 98 98 103 110 109 115 120 117 Food manufactures . . . 8.49 106 108 121 114 102 101 98 98 97 100 106 107 116 '124 118 Meat products 1.48 114 115 123 135 125 126 112 115 106 105 108 102 108 120 127 Beef . . .46 100 129 144 139 134 141 129 132 127 132 137 135 138 141 142 Pork .83 119 104 107 128 116 114 99 102 91 87 89 81 88 104 115 .69 98 105 85 80 81 86 96 104 119 135 145 128 115 97 85 Butter .14 92 108 82 86 94 110 115 124 128 152 145 115 99 84 81 .07 103 112 89 86 93 100 109 117 133 159 161 129 114 98 89 Concentrated milk .19 91 93 67 68 74 78 84 95 115 139 139 109 94 76 66 Ice cream .28 102 106 94 80 73 72 87 92 107 110 139 143 133 113 96 Canned and frozen foods 1.13 117 121 154 104 86 76 72 71 75 85 99 138 194 '212 140 Grain-mill products 1.16 108 106 111 103 101 106 104 101 99 106 114 112 110 '114 110 Wheat flour .46 84 81 90 82 76 86 83 78 75 76 78 78 82 86 90 Cereals and feeds .70 124 122 125 117 117 119 118 116 114 127 137 134 129 132 123 Bakery products . 1.64 101 100 101 99 97 95 97 96 96 96 98 99 98 98 98 Sugar .27 104 113 250 277 177 89 63 58 63 76 82 72 94 109 Cane sugar .11 109 113 105 97 96 97 104 116 103 109 121 112 115 115 Beet sugar .13 94 108 370 429 242 77 24 2 24 42 43 32 71 99 Confectionery .71 102 102 135 128 88 111 110 99 89 81 80 66 91 131 123 Miscellaneous food preparations ... 1.41 100 104 110 107 102 100 103 105 103 105 108 109 108 '106 109 Beverages 2.24 102 105 116 99 84 82 89 98 103 115 126 118 '108 '107 110 Bottled soft drinks .54 116 Alcoholic beverages 1.70 98 100 118 100 80 78 86 98 100 108 iii 103 96 98 107 Beer and ale . .. 1.02 102 103 100 79 76 79 86 102 106 117 128 122 112 93 84 Liquor distilling .17 54 60 122 88 65 61 71 69 64 64 62 42 39 69 121 .37 99 107 148 146 89 79 88 101 98 104 104 85 85 115 142 Tobacco manufactures .78 110 108 116 111 92 98 96 101 99 108 113 92 111 109 Cigarettes .46 114 111 118 110 96 105 100 106 103 112 119 98 115 111 Cigars .17 105 108 120 122 90 90 96 97 95 109 111 83 112 113 MINERALS—TOTAL 9.98 114 116 118 113 111 111 110 109 109 112 115 110 111 '111 112 Mineral Fuels 8.35 113 115 116 113 113 115 113 112 111 111 113 108 110 110 vll3 Coal 2.68 83 78 84 76 71 74 68 61 58 62 63 57 68 70 77 Anthracite .36 78 57 66 55 51 62 59 48 44 45 50 44 48 51 52 2.32 84 81 87 79 74 75 69 63 60 65 65 59 71 72 81 Crude oil and natural gas 5.67 128 133 131 131 133 134 135 137 137 134 136 133 130 129 *>130 4.82 125 129 126 128 128 128 130 131 132 129 129 124 123 124 P125 Crude oil 4.12 120 124 120 120 120 120 122 125 127 124 125 120 118 118 P118 Natural gas .34 159 167 165 179 188 190 182 182 167 160 161 .36 145 157 159 162 166 163 167 161 156 155 156 151* 151 159 Oil and gas well drilling...... .85 144 154 158 147 163 170 163 165 163 163 176 180 166 159 no Metal, Stone, and Earth Minerals . 1.63 115 119 127 98 91 94 93 99 116 123 119 rll5 rll3 108 Metal mining .82 108 113 122 95 74 74 76 73 79 108 119 108 '100 98 ?88 Iron ore .33 104 128 155 85 40 39 42 39 58 126 152 139 132 117 87 .49 110 104 100 101 97 98 98 95 93 96 98 87 '78 '85 89 Copper mining .24 114 114 114 116 110 111 105 102 102 106 108 95 '77 93 .09 97 86 79 78 80 75 91 87 82 78 80 74 83 76 78 .06 107 87 72 74 71 75 80 77 78 78 79 72 75 67 71 .81 123 124 132 126 122 108 113 114 119 125 127 130 130 '129 129 p Preliminary. f Revised. For other footnotes see preceding page DECEMBER 1954 1301 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 105 127 118 112 109 112 113, 112 116 119 119 117 115 107 104 Major Durables 69.72 109 138 126 117 114 119 121 119 126 130 128 127 125 111 106 Autos 32.10 103 146 132 127 127 133 134 133 139 145 136 127 121 87 78 Major household goods 36.13 115 132 121 110 104 108 110 109 116 120 124 128 131 134 133 Furniture and floor coverings 15.32 109 113 107 102 99 98 99 99 97 96 96 102 106 107 107 11.31 113 118 112 109 104 102 103 103 102 100 102 104 110 111 113 Floor coverings 4.01 95 99 93 84 87 87 87 86 82 84 79 97 97 '96 90 Appliances and heaters 15.60 99 118 101 93 95 104 111 105 114 117 110 115 109 113 11.88 100 123 104 98 100 108 117 109 117 120 111 HP 113 117 114 Ranges 2.60 75 90 77 68 67 70 85 84 76 83 81 83 74 80 79 Refrigeration appliances 4.98 106 137 105 98 108 114 131 118 136 144 131 135 125 117 109 Laundry appliances 2.51 115 141 137 136 125 145 140 129 134 124 113 136 146 169 Heating apparatus 3.72 94 100 92 79 79 90 89 91 103 106 107 101 98 96 Radio and television sets 5.21 184 230 221 185 145 148 142 151 178 198 246 245 270 278 268 Radio sets 3 42 53 67 65 66 59 58 47 43 43 43 45 47 56 46 62 1.79 436 541 518 413 307 321 325 356 436 493 631 625 678 722 661 Other Consumer Durables 30.28 95 102 101 101 97 95 96 94 93 93 96 93 91 98 98 Auto parts and tires 14.00 90 91 88 89 88 88 90 88 89 90 96 89 85 95 96 Misc. home and personal goods 16.28 100 111 112 110 106 101 102 100 96 96 96 96 97 101 100 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL.. 100.00 105 127 131 110 103 112 117 119 119 116 116 102 113 108 109 Major Durables 69.72 109 138 142 113 106 121 127 129 131 126 125 107 121 '111 111 Autos 32.10 103 146 151 107 107 135 138 142 151 146 143 125 123 81 70 Major household goods 36.13 115 132 137 120 106 109 119 120 116 110 112 92 121 '139 150 Furniture and floor coverings 15.32 109 113 112 106 104 99 103 102 97 92 93 89 102 108 111 Household furniture 11.31 113 118 116 113 109 103 105 105 100 96 98 98 108 112 116 Floor coverings 4 01 95 99 102 87 88 89 96 94 90 81 80 64 88 '96 98 Appliances and heaters 15.60 99 118 114 96 92 98 117 117 116 112 112 88 101 122 124 Major appliances . . . 11.88 100 123 110 98 100 106 130 129 124 117 114 88 96 121 121 Ranges 2.60 75 90 86 75 66 71 91 93 79 80 76 53 68 87 87 Refrigeration appliances 4.98 106 137 100 86 111 114 145 144 153 147 141 109 99 116 104 Laundry appliances 2 51* 115 141 160 149 122 135 159 151 130 111 117 90 128 181 Heating apparatus 3.72 94 100 127 90 68 73 75 79 91 96 104 86 116 124 Radio and television sets . 5.21 184 230 276 230 156 173 170 182 172 155 165 116 234 279 338 Radio sets 3.42 53 67 68 68 57 58 51 49 49 48 44 29 51 48 64 Television sets 1.79 436 541 673 541 347 391 397 435 406 360 397 281 583 722 860 Other Consumer Durables 30.28 95 102 106 103 96 92 95 94 92 92 94 90 94 101 103 Auto parts and tires 14.00 90 91 93 89 84 84 87 85 87 90 96 91 90 100 101 Misc. home and personal goods 16.28 100 111 117 115 107 99 103 102 96 94 93 89 97 102 105 'Revised. 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. SEASONALLY ADJUSTED Total 13,447 13 13 063 12,935 12,840 12,705 12,632 12,589 1? 371 '12,334 '1?,^88 1?,489 1? Durable goods 7,868 7 748 7 621 7,509 7,405 7,295 7,227 7,182 7,020 6,972 '7,007 7,111 7,194 Ordnance and accessories 187 184 177 165 150 137 125 120 117 113 114 113 112 Lumber and wood products 685 667 653 657 663 656 676 684 592 589 '673 696 690 Furniture and fixtures 300 789 286 287 ?84 284 284 ?83 292 ?Q3 Stone, clay, and glass products. . 457 446 432 431 429 426 427 425 430 432 435 436 438 Primary metal industries 1,088 1 069 1 044 1,022 1,005 991 981 983 979 973 '965 07? 980 Fabricated metal products 898 866 865 855 844 836 837 839 834 827 Machinery except electrical 1,253 1 226 1 212 1,202 1,184 1,169 1,153 1,140 1,119 1,121 1 ,123 1,115 1,105 Electrical machinery 900 866 847 831 819 811 799 784 798 '802 810 Transportation equipment 1,449 1 487 1 470 1,435 1,409 1,380 1,342 1,324 1,277 1,237 ,184 1,257 1,337 Instruments and related products 242 239 236 232 228 223 221 216 214 212 214 212 212 Misc. manufacturing industries.. 409 403 396 393 387 382 382 383 382 378 '382 384 380 Nondurable goods 5,579 5 503 5,442 5,426 5,435 5,410 5,405 5,407 5,351 '5,362 5,381 5,378 5,399 Food and kindred products 1,135 1 114 1 102 1,103 1,109 1,110 1,111 1,106 1,084 1,080 1 ,077 1,070 1,083 Tobacco manufactures 94 97 96 94 93 93 94 94 95 93 92 92 95 Textile-mill products 1,036 1 987 980 979 979 974 986 977 996 '997 901 08^ Apparel and other finished textiles 1,085 1 068 1 0S1 1,051 1,064 1,046 1,037 1,034 1,026 1 029 1 027 1 033 1 0-1S Paper and allied products 442 436 435 434 433 435 438 439 438 443 440 438 Printing, publishing and allied industries 517 517 514 517 517 519 518 519 518 519 '523 519 519 Chemicals and allied products... 543 537 540 533 531 529 530 525 523 524 '521 523 524 Products of petroleum and coal. 184 182 180 180 179 178 180 180 179 175 174 176 175 Rubber products 207 206 204 202 199 196 198 199 178 179 199 203 205 Leather and leather products. . . 336 334 332 331 330 327 328 326 332 329 328 331 333 For footnote see following page. 1302 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov WITHOUT SEASONAL ADJUSTMENT Total 13,534 13,319 13,002 12,906 12,818 12,590 12,437 12,480 12,212 12,449 •12,611 12,655 12,679 Durable goods 7,910 7,791 7,616 7,520 7,430 7,309 7,208 7,177 6,917 6,933 '7,015 7,139 7,232 Ordnance and accessories 187 184 177 165 150 137 125 120 117 113 114 113 112 Lumber and wood products 695 654 617 627 643 649 679 701 604 613 ••697 710 700 Furniture and fixtures 308 301 293 292 290 283 277 275 272 288 ••296 299 297 Stone, clay, and glass products.. 459 448 428 427 429 428 427 427 424 434 437 438 440 Primary metal industries 1,088 1,074 1,049 1,027 1,010 991 976 983 969 968 '965 972 980 Fabricated metal products 902 875 874 864 852 840 833 831 809 819 '820 827 833 Machinery except electrical 1,240 1,238 1,230 1,220 1,202 1,187 1,165 1,151 1,108 1,093 '1,095 1,093 1,094 Electrical machinery 913 883 855 839 827 811 791 776 765 782 '802 818 833 Transportation equipment 1,449 1,487 1,470 1,435 1,409 1,380 1,342 1,324 1,277 1,237 '1,184 1,257 1,337 Instruments and related products 243 241 237 233 229 224 220 215 210 210 214 213 213 Misc. manufacturing industries.. 407 386 393 389 380 374 375 363 378 '392 399 395 425 Nondurable goods 5,528 5,386 5,386 5,388 5,281 5,229 5,303 5,295 5,516 '5,596 5,516 5,447 5,624 Food and kindred products 1,083 1,024 1,009 1,009 1,011 1,031 1,079 1,142 1,224 '1,252 1,165 1,099 Tobacco manufactures 1,149 104 97 90 84 82 82 82 83 102 110 110 102 Textile-mill products 101 1,028 997 995 989 979 969 981 953 981 '987 991 992 Apparel and other finished tex- 1,046 tiles 1,085 1,084 1,062 1,088 1,101 1,030 985 987 980 1,050 '1,053 1,049 1,045 Paper and allied products 446 442 438 437 436 433 433 436 430 436 441 440 442 Printing, publishing and allied industries 522 525 514 514 517 516 515 519 513 514 '523 524 524 Chemical and allied products.... 548 540 540 536 539 534 525 517 513 516 '524 528 529 Products of petroleum and coal. 184 181 178 178 177 176 179 181 181 179 177 176 175 Rubber products 210 209 206 203 199 195 197 198 173 177 '199 205 208 Leather and leather products. .. 334 332 332 339 338 325 315 324 327 337 330 329 331 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 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Total 71.60 71.86 72.22 72.98 40.0 39.7 39.9 40.1 1.79 1.81 1.81 1.82 Durable goods 76.73 '77.39 77.97 78.36 40.6 40.1 40.4 40.6 1.89 '1.93 1.93 1.93 Ordnance and accessories 76.21 '80.60 81.41 81.40 39.9 40.1 40.5 40.7 1.91 '2.01 2.01 2.00 Lumber and wood products 65.20 '67.47 69.38 67.49 40.0 -•40.4 41.3 40.9 1.63 1.67 1.68 1.65 Furniture and fixtures 63.49 64.46 65.10 64.62 40.7 40.8 41.2 40.9 1.56 1.58 1.58 1.58 Stone, clay, and glass products 71.05 72.85 73.34 72.98 40.6 40.7 41.2 41.0 1.75 1.79 1.78 1.78 Primary metal industries 82.78 '82.39 82.47 83.10 39.8 38.5 38.9 39.2 2.08 '2.14 2.12 2.12 Fabricated metal products 76.67 '77.74 78.34 79.52 41.0 '40.7 40.8 41.2 1.87 '1.91 1.92 1.93 Machinery except electrical 82.78 '81.81 81.61 81.40 41.6 '40.3 40.2 40.1 1.99 2.03 2.03 2.03 Electrical machinery 72.14 72.98 73.93 74.30 40.3 40.1 40.4 40.6 1.79 1.82 1.83 1.83 Transportation equipment 84.84 '86.00 86.86 89.21 40.4 r40.0 40.4 41.3 2.10 2.15 2.15 2.16 Instruments and related products 74.75 73.82 74.00 74.37 41.3 39.9 40.0 40.2 1.81 1.85 1.85 1.85 Miscellaneous manufacturing industries. 65.12 '64.40 65.04 65.29 40.7 r40.0 40.4 40.3 1.60 1.61 1.61 1.62 Nondurable goods 63.73 65.24 65.07 65.80 39.1 39.3 39.2 39.4 1.63 1.66 1.66 1.67 Food and kindred products 68.31 '68.48 68.30 70.86 41.4 '41.5 40.9 41.2 1.65 1.67 1.72 Tobacco manufactures 47.49 '48.86 49.88 47.34 38.3 '39.4 39.9 36.7 1.24 1.25 1.29 Textile-mill products. 52.33 '52.50 53.31 54.53 38.2 '38.6 39.2 39.8 1.37 1.36 1.37 Apparel and other finished products.... 48.06 '48.82 47.84 48.01 35.6 r35.9 35 36.1 1.35 1.34 1.33 Paper and allied products 73.36 75.23 75.58 76.54 42.9 42.5 42.7 43.0 1.71 1.77 1.77 1.78 Printing, publishing and allied products. 86.14 88.39 88.39 88.39 38.8 38.6 38.6 38.6 2.22 2.29 2.29 2.29 Chemicals and allied products 76.82 '79.52 78.50 79.32 41.3 41.2 41.1 41.1 1.86 '1.93 1.91 1.93 Products of petroleum and coal 92.21 95.58 93.02 93.66 40.8 41.2 40.8 40.9 2.26 2.32 2.28 2.29 Rubber products 75.65 '77.81 81.41 82.82 39.4 '39.3 40.3 40.8 1.92 1.98 2.02 2.03 Leather and leather products 49.82 '49.96 49.76 49.82 36.1 '36.2 35.8 36.1 1.38 1.38 1.39 1.38 'Revised. NOTE.—Data are for production and related workers. Figures for November 1954 are preliminary. Back data are available from the Bureau of Labor Statistics. DECEMBER 1954 1303 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 l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,438 15,290 943 1,982 4,122 9,196 1,641 4,807 5,456 1948 44,382 15,321 982 2,169 4,141 9,519 1,711 4,925 5,614 1949 43,295 14,178 918 2,165 3,949 9,513 1,736 5,000 5,837 1950 44,696 14,967 889 2,333 3,977 9,645 1,796 5,098 5,992 1951.. . . . .. 47,289 16,104 916 2,603 4,166 10,012 1,862 5,278 6,348 1952 48,306 16,334 885 2,634 4,185 10,281 L.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—November 49,422 16,901 825 2,708 4,205 10,577 2,044 5,494 6,668 December 49,109 16,704 818 2,686 4,176 10,579 2,050 5,490 6,606 1954—January 48,812 16,497 805 2,581 4,118 10,577 2,054 5,487 6,693 February.... 48,607 16,349 794 2,618 4,087 10,543 2,065 5,490 6,661 March 48,441 16,262 772 2,654 4,012 10,552 2,067 5,488 6,634 April 48,268 16,122 753 2,641 4,015 10,524 2,075 5,506 6,632 May 48,177 16,038 744 2,634 4,011 10,494 2,081 5,508 6,667 June 48,102 15,994 740 2,624 4,016 10,480 2,083 5,518 6,647 Tulv 47,982 15,775 742 2,637 4,014 10,507 2,095 5,555 6,657 August '47,945 15,733 730 2,640 4,001 10,504 2,095 5,551 6,691 September '48,054 '15,789 '715 '2,633 '4,016 '10,480 '2,115 5,523 6,783 October. 48,167 15,878 713 2,608 4,004 10,460 2,119 5,546 6,839 November 48,248 15,984 715 2,614 3,983 10,479 2,116 5,537 6.820 WITHOUT SEASONAL ADJUSTMENT 1953—November 49,851 16,988 829 2,789 4,216 10,828 2,034 5,467 6,700 December 50,197 16,765 822 2,632 4,187 11,361 2,040 5,435 6,955 1954—January 48,147 16,434 805 2,349 4,069 10,421 2,033 5,377 6,659 February ... 47,880 16,322 790 2,356 4,039 10,310 2,044 5,380 6,639 March 47,848 16,234 772 2,415 3,992 10,305 2,057 5,406 6,667 April 48,068 16,000 749 2,535 4,008 10,496 2,075 5,506 6,699 May 47,935 15,836 737 2,634 4,008 10,375 2,081 5,563 6,701 June 48,137 15,888 744 2,729 4,032 10,414 2,104 5,601 6,625 Tulv 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 ••48,526 16,019 '719 '2,817 '4,032 '10,480 '2,115 5,606 6,738 October 48,620 16,045 713 2,764 4,014 10,565 2,108 5,546 6,865 November . 48,673 16,071 719 2,692 3,993 10,727 2,105 5,509 6,857 '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. November 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—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 47.3<J5 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 n, 743 48,357 November 116,644 67,909 64,624 61,731 55,577 6,154 2,893 48,735 'Revised. includes self-employed, unpaid family, and domestic service workers. 2Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained from the Bureau of the Census. 1304 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 u B 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 d r t e t o e i h s a n n i l e - - - r Total M ta i r l y i- H w ig ay h- C va o t n i s o e n r- o A th l e l r 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 5,16a 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—November. 2,936 2,002 976 726 164 187 375 300 934 75 277 59 52$ 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 July 3,086 2,168 1,145 708 167 174 367 315 918 75 292 62 489 August 3,114 2,196 1,169 718 164 187 367 309 918 70 288 59 501 September? 3,153 2,216 1,196 714 156 191 367 306 937 71 299 55 512 October? 3,106 2,207 1,196 707 152 188 367 304 899 75 277 53 494 November? 3,177 2,238 1,207 717 156 193 368 314 939 80 291 54 514 ^Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building 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—November J .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 L ,221 436 785 509 106 93 144 125 244 March ,528 484 1,043 668 80 134 179 140 328 April ,692 477 1,215 796 94 178 171 163 290 May ,925 669 1,256 825 86 179 189 218 428 June . 733 625 ,108 720 107 192 186 172 357 July 1,837 681 1,156 745 108 145 201 187 450 August . 1,573 509 ,064 693 93 141 181 136 330 September 1,816 589 .227 777 160 130 182 175 392 October 1,965 633 1,332 852 145 186 155 186 443 November 1,499 475 1,024 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—August L ,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 October 1,892 104 279 125 339 145 287 237 139 73 52 112 1954—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 October ,965 122 288 120 207 226 214 360 127 56 101 145 DECEMBER 1954 1305 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 •/ 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 932 625 407 914 763 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—November 82 39 43 80 70 3 7 2 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 16 108 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 June 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 114 n.a. n.a. 113 103 3 7 1 r60 '27 33 September J>114 n.a. n.a. P112 n.a. n.a. n.a. 92 60 26 34 October P\ 06 n.a. n.a. P106 n.a. n.a. n.a. P(i) '59 '25 34 November... P103 n.a. n.a. P103 n.a. n.a. n.a. P(i) 62 26 36 pPreliminary. n.a. Not available. 1Le_ss than 500 units. rRevised. 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 Meld 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 Oct. May June July Aug. Sept. Oct. Oct. May June July Aug. Sept. Oct. Total 126 127 126 112 111 109 Ill Ill 115 135 114 116 114 114 120 124 Coal. 109 103 110 84 85 80 90 98 105 110 84 85 80 90 98 105 Coke 168 171 163 94 95 94 90 98 111 160 93 93 91 87 97 109 Grain . . . 142 135 157 144 155 151 138 131 150 157 127 158 181 149 147 150 Livestock . ... 69 63 70 58 54 54 59 67 72 108 53 41 47 56 89 111 Forest products 144 143 136 128 127 119 119 129 141 144 133 132 120 125 140 149 Ore 181 215 172 136 164 159 145 137 109 263 224 255 255 217 205 170 Miscellaneous 140 143 137 128 125 125 126 123 125 149 130 129 126 127 133 136 Merchandise, 1. c. 1 46 43 44 39 38 38 40 39 40 45 39 38 38 40 41 41 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Month 1952 1953 1954 1952 1953 1954 1952 1953 1954 January 1,254 1,293 1.092 1,189 1,016 922 922 922 833 February 1,344 '1,200 1,183 1,260 '927 998 893 856 809 March 1,447 n ,390 1,125 1,330 1,052 '922 964 1,004 862 April 1 355 1,394 r1,425 1,187 1,054 1,258 933 1,013 '957 May 1,480 1.453 1,399 1,244 1,085 1,135 835 902 829 June 1,171 '1,385 1,473 1,058 1,013 '1,114 861 933 '947 July 1,030 '1,360 1,291 893 '962 '1,023 839 908 822 August 1,087 1,187 r1,154 916 911 '954 818 840 '825 September... . 1,229 '1,253 P1,108 981 1,052 P952 877 926 J>781 October 1,216 1,259 1.274 1,043 1,019 •1,168 918 813 «764 November. . ... L 190 1,247 995 1,031 805 849 December .391 1,353 1,108 rL. 138 1,053 907 January-October 12,613 13,174 «12,524 11,101 10,088 "10,446 8,860 9,119 •8,429 "Preliminary. 'Estimated. 'Revised. 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. 1306 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 hi g - o Lo S u t. is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES1 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—October rill 107 ••106 ••107 110 ••119 128 109 ••109 103 108 122 111 November 113 107 102 108 115 118 128 113 114 105 112 127 112 112 108 101 108 112 121 127 115 113 107 114 125 109 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 107 109 102 107 101 115 121 106 104 101 107 114 110 October P113 110 105 105 106 124 P138 111 112 106 P116 129 116 WITHOUT SEASONAL ADJUSTMENT 1953—October 115 107 ••111 ••115 115 ••125 130 112 119 118 114 128 111 November 136 129 129 142 142 144 146 137 136 121 129 144 131 December 192 194 178 188 187 211 219 188 185 171 189 209 195 1954—January 83 83 81 80 80 80 94 82 83 75 83 94 85 February 86 81 83 84 80 89 101 83 88 83 86 98 86 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 J une 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 98 100 99 104 115 111 September 112 115 106 111 105 122 123 113 111 111 114 121 112 October ... P118 110 110 113 111 130 P141 114 123 121 P121 135 116 STOCKS1 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 107 105 105 107 107 105 108 111 102 110 108 110 107 1949. . . . . . .. 100 100 97 99 100 101 102 100 96 100 100 101 100 1950 109 109 105 108 106 113 120 110 107 104 113 112 110 1951 .... 129 124 124 127 128 133 140 128 128 117 132 132 131 1952 118 111 113 113 111 130 135 115 117 107 124 126 125 1953 126 116 116 119 119 141 146 123 126 115 136 138 133 SEASONALLY ADJUSTED 1953—October 128 117 '118 122 124 rl44 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 125 118 115 117 115 141 143 124 r120 ••123 135 134 128 October P124 116 116 116 116 147 141 122 115 120 P131 P132 128 WITHOUT SEASONAL ADJUSTMENT 1953—October ••142 132 ••132 139 137 ••155 161 139 138 126 149 152 148 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 M^arch 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 129 121 120 121 121 146 147 120 r128 124 138 139 132 October P138 131 130 132 128 158 154 136 129 129 P141 »144 144 pPreliminary. 'Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end ot the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. 1307 DECEMBER 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 t f k d h s ) 2 o m ( s r e o O t i d n u n a n e d t n t r g - d h s o - ) 2 f 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 f d 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 t n e g d r - - s S s o t t o p r i o u a l d n t c n u e g d k r - s - s s ce R i e p - ts 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 1945 average .. 276 604 775 277 291 2.3 3.0 5.3 1.0 1946 average 345 767 964 373 354 2.3 3.0 5.3 1.1 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 361 975 373 358 358 2.7 1.1 3.8 1.0 1950 average.... . . 376 ,012 495 391 401 2.8 1.4 4.2 1.1 1951 average 391 ,202 460 390 379 3.2 1.3 4.4 1.0 1952 average 397 ,097 435 397 401 2.9 1.2 4.1 1.0 1953 average 402 ,157 421 403 397 3.0 1.1 4.2 1.0 1953—October r444 ,305 462 '536 '506 2.9 '1.0 4.0 1.2 November 477 1,327 371 r499 '408 2.8 0.8 3.6 '1.0 December .... . . . . . 725 1,042 288 440 357 1.4 0.4 1.8 0.6 1954—January 310 1,010 370 278 360 3.3 1.2 4.5 0.9 February 299 1,075 403 364 397 3.6 1.3 4.9 1.2 March 351 1,176 343 452 392 3.4 1.0 4.3 1.3 April 402 1,183 ••281 409 '347 2.9 0.7 3.6 1.0 May 372 1,161 r249 350 318 3.1 0.7 3.8 0.9 June 378 1,067 '390 284 '425 2.8 1.0 '3.9 0.8 July. 306 1,042 '471 281 r362 3 4 1 5 4.9 0 9 August 350 1,095 465 403 '397 3.1 1.3 4.5 1.2 September 400 1,184 486 489 510 3.0 1.2 4.2 1.2 October? 437 1,268 477 521 512 2.9 1.1 4.0 1.2 ^Preliminary. 'Revised. !The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 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 1951 1952 1953 1954 1951 1952 1953 1954 Jan. 6 98Jan. 5 78Jan. 3 81 an. 2 81 uly 7 75 uly 5 79 Tuly 4 79 Fuly 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. 2 110 14 100 12 111 11 97 10 113 13 117 11 126 10 120 9 118 21 97 19 97 18 105 17 118 20 116 18 124 17 118 16 119 28 101 26 105 25 104 24 101 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 '127 12 110 10 117 9 128 8 123 10 127 8 118 14 133 13 .130 19 99 17 99 16 105 15 97 17 130 15 130 21 131 20 .134 26 100 24 105 23 112 22 106 24 123 22 134 28 133 27 .133 31 97 30 97 29 104 29 138 June 2 95June 7 111June 6 118June 5 9 Dec. 1 161Dec. 6 195Dec. 5 190Dec. 4. . . ..191 9 108 14.. . .116 13 112 12. . . .11 8 191 13 223 12 . 216 11 16 106 21. . . .98 20 ...111 19.... 11 15 213 20 237 19 234 18 23 92 28 91 27 94 26 9 22 228 27 146 26 163 25 . 30 89 29 92 r Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 3.S9-362. 1308 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 i c e c t, s i e ty rve 1 O 9 c 5 t 4 . 1 S 9 e 5 p 4 t. m 19 1 o 0 5 s 4 . Fe a d r e e d r a i a , s l t o r R r i c e c t, s i e ty rve O 19 c 5 t 4 . S 19 e 5 p 4 t. m 19 1 o 5 0 s 4 . Fe a d r e e d r a i a , s l t o r R r i c e c t, s i e ty rve 1 O 9 c 5 t 4 . S 19 e 5 p 4 t. 19 1 5 0 4 Fe a d r e e d r a i a , s l t o r R r i c e c t, s i e ty rve 1 O 9 c 5 t 4 . S 19 e 5 p 4 t. 1954 United States.. P-2 0 -3 Cleve.-cont. Chicago-cont. Kan. City-cont. Met. Areas-cont. Met. Areas-cont. Met. Areas-cont. Boston -1 +3 +1 Wheeling- Decatur2 — 1 0 Wichita +17 +16 Steubenville2.. -5 Peoria2 + 1 2 —5 St. Joseph -3 -6 -6 Met. Areas1 Rockf ord , -11 -8 Omaha 0 +4 +3 Portland +1 -1 -1 City Tri-Cities2 +3 -7 -6 Albuquerque. . . +9 +1 -2 Boston + 1 +6 +2 Portsmouth2. . . + 1 (Moline, Oklahoma City. +14 + 14 +6 Downtown Rockland; Tulsa -2 +3 Boston2 -2 +4 0 Richmond P+1 -2 Davenport) Lo S w B u C b e o l u s a l- t r m o b n b an ridge.. +8 0 + + 1 6 1 + + 2 7 M W e D t a W . o s w h a A s i n h n r t e g o a t w s o 1 n n2. .. + -3 1 + -1 1 + -2 1 S F T In o o e d u r rt r i t e a h W n H a B a p a y e o u n n l t i e d e s 2 2 2 2 . . . . . . . . . , - - - 5 3 3 0 + - + 1 - 1 3 0 2 8 - + 1 - - 5 4 6 6 C J H G i o t r u i p e e t l s e c i l n h e i y nson + + -1 1 7 + -1 4 0 - - 6 2 0 Lawrence -7 Q -3 Baltimore2 0 +2 -1 Cedar Rapids.. , +6 +7 +3 Kansas City +5 +3 -1 N W e o w r c B es e t d e f r o 2 rd. . . -6 0 + -1 6 - - 5 3 A R s a h le e i v g i h ll 2 e2 +2 + -3 2 - - 4 4 D D e u s b u M q o u i e nes. . ., - - 2 2 - - 1 7 - - 2 3 Enid -3 -4 -2 C N M S A P i e e A p t r l i w t o b r e . l n i s v a b n e Y n i a g c A d y n f o t r e i y - a r e e n S d k a l c d c y s e h 1 - 2 e T - roy - - - - 1 5 3 6 0 + + + + -9 4 4 1 1 + - - - 2 3 2 0 1 W C N C C R R G P h h o o i o r i W c o e a a n r l a h u f e r r r s n . o l l n t m m t o e e s l o V v k s s k m o b n i - t t a e l n i - o o o l a . 2 S d 2 e n n 2 u 2 a 2 , , t l h S e 2 m . C . 2 . . 2 + + + + + - - 2 5 3 4 7 5 6 - + 1 - - - - - - 1 6 1 1 2 5 0 9 » + + - - + - - 6 1 3 3 3 2 l S W J S F D K L M G G a i a l a r a r e o c a a i g e n a l t n u d k t i e a r n s e x t n i s n o m d 2 i r s a o n i l o w C a t o n g B n 2 z o R 2 2 i a t o a y y o p . ids2 , , , , P - - + 3 1 - - - - 3 1 5 7 0 3 0 0 2 A - + + 1 - - - - - 3 7 4 2 3 0 2 3 2 - j i + + - - — - - - - - - 1 9 4 5 4 9 2 5 2 4 1 D M W D F S H C E a e h o l o a o t a l r r . l r u l P c t e l p a o s a a v s u A t s W s e s o 2 r o p e n o o C a 2 r s r h t t r h is . t . i . . . . + + + + + - - 1 1 3 5 6 6 1 2 0 + + + + + - - - 1 1 2 3 2 2 1 8 2 - - - - - - - 2 1 2 1 5 3 2 0 Schenectady... -11 -3 -3 Cities Milwaukee2 -3 + 1 0 Binghamton... . -3 +4 -2 Cumberland- San Francisco.. P+1 +1 -4 N B N N B N u e N . f w u i e f a f w e a Y f g w l Y a o a . a l r o r o J a k C r 2 e 2 k i r F - s t N a y e l 2 y . l . . s . . E . .. . . - - - - - 7 7 3 4 6 c + + + - - 1 2 9 5 6 0 + - - — 3 3 2 0 0 1 S L N H P H p a y e u r a w a n n k r g c t p e t i e h a o r n r s n b r s g t b b t u t o u o u N r w r g n r e g 2 2 g n w . . . . . . . . . s . . . . . . . . . . . - - - - 6 6 3 2 0 2 - + 1 - - - - 5 6 4 4 3 1 - - - - - 4 9 6 9 9 C A S D M P B it h o p a a i u e e r p n t s t s b t l v k l e o e H i e t l y o g l u C g e n o r a r n o n e n e . k . . . . . . -1 - - - - 5 2 6 4 2 0 -1 - - - - - 6 8 7 4 1 1 - - - 1 1 1 - - - 8 3 2 0 1 1 M F P L e r h o t e D s o . s e o A n n w A o n i r 2 x n g e 2 t e a o l s e w 1 s n 2 . .. P-\ - - - 7 4 3 + + 1 2 7 A -1 - - 2 6 1 S R y o r c a h c e u s s t e e 2 r2 -3 2 + -1 3 + -1 3 Atlanta P+4 +1 St. Louis -1 +1 -1 W L e . s A ts . i 2 de L.A.* + -2 3 + -3 4 -4 0 Utica-Rome -4 0 -4 Met. Areas1 Long Beach2.. +5 0 -3 Utica -1 +6 0 Birmingham2... +5 +3 -3 Met. Areas Pasadena +2 0 -1 Mobile -1 -2 Fort Smith +2 -8 -2 Santa Monica.. +9 +7 -1 C P B E it o l r i m e i u d s g i g r h a e k p e o e r p t2 sie... -1 - - 3 2 0 + - - 3 6 8 + - - 7 6 1 J O S M M a t r . o i c l a a k n P m n s t e g d o i t 2 o o e n m r v s i e b l r u l y e r . 2 g . - . . . . P P + + + + 1 7 6 62 + + + + 3 4 1 1 + + + -1 2 2 3 S S L L E p t o i v . t r u a t i L l n i n e s g o s v f v u i R i i l i e l l s o l l e 2 d e c 2 2 k2.... - + 1 -1 7 9 0 j - + + 1 - - 1 1 4 4 4 - + 1 - - 3 2 3 0 1 S S R a a i n S n v c a e a r D n a r rs d m i i i e B d n e g e e o n o r t - 2 a o2 n . d . . P + -5 4 0 + + -6 5 1 - - 2 2 Philadelphia... -6 +3 -4 S T t. a P m e p t a ersburg. + -1 3 + -1 1 - - 1 2 Memphis2 +4 0 0 San O a F k r l a a n n c d i 2 s c . o . - .. +4 -2 -2 C C M W T S W Y L P R i l e H t c h r a e e o y t i i e r . n i v a l a l r a l n k m c k d e z a n e t a A 2 l l i d i t o s e a n s n r o e - n t t n g e n g B o l e 2 a 2 d p t r n s a o 2 h 2 r n i r . a e 2 - . . . . . P - -1 1 - - - - - - - 7 4 5 3 3 5 4 2 2 + + + + + + - - - 7 2 5 6 9 6 2 1 1 - + 1 - - - - - - - 8 5 1 6 2 8 6 0 1 A A J C S N M N K B C a T a o u t a a e n h c a v l w a l t s g o a k a c u o a h m u x t o n s n m n v t s O v o n t p a n i t a b i n 2 a l n a r R a l 2 l 2 u l l 2 h o e e e o s 2 o 2 a u g n g a s e 2 2 . 2 . .. . . P + + + + + + + - - - - — 1 2 3 3 1 9 3 6 2 6 1 5 3 + - + + + + 1 - - — - - 1 3 3 2 1 1 9 3 3 2 2 1 1 + + + + - - - - - - 4 7 3 3 2 3 2 4 2 2 0 0 M M C C Q S P M i e S i M i a i t u t o t p i n i t d . e i e . u i l n n s u s s n x P c . c e n A - y a a F a S e r h u e a a p t a . l l p 2 o l s s o 1 l P l i a i s s . u 2 l . . 2 , . . -1 - - - - - 2 1 2 4 1 2 0 - + + + + 1 -2 8 4 3 4 2 1 - + + + 2 - - 1 1 3 1 0 1 1 S S S S S T P O S V a a t e p o a o n l B a a o c r a a t c n D t t l o k k e J t l l k O L r m l a l e o a o F t a k e a j n n w a o s o 2 r n a e k e k d e n a 2 n d l e 2 2 2 2 l n e - t a y c o C n 2 i w s d i n c t 2 y . o 2 2 . . P - - + + + + 4 1 - - - 2 3 7 6 3 2 7 2 0 1 + r - + + + - 1 - - - 1 3 2 5 6 3 4 1 3 1 0 0 -1 - - - - - - - - - - 7 4 1 5 7 1 4 1 4 1 2 M A C L e e a k t x . n r i o t n o A n g 2 n r t e 2 o a n s - - 1 1 -9 2 1 - - - 8 7 4 - - 9 4 o C R M B it r o i e i e m s r s i t e o d l ian + - - 2 9 1 - - 1 1 -9 0 3 - - - 7 4 7 D M G S u r a u e l n p a u k t e t h a r F - i t o o a r l 2 ls - - 6 3 1 + — -3 1 1 + + -4 2 1 C T B i u t a i c e k s s e o r n sfield2.... + -6 6 + -4 1 C Cl i e n v c e i l n a n nd a 2 ti2.... -8 i - - 3 7 - - 4 7 Chicago G La r C an r d o s F se orks. . . - - 5 1 + -3 2 - - 2 5 B N oi a s m e p a a nd +5 + 11 -1 S C p o r l i u n m gf b ie u l s d 2 2. . . . + -1 1 - - 2 2 — -8 1M C e h t. i ca A g r o e 2 as1 -2 +4 0 Kansas City... . +3 +4 -1 T Id w a i h n o F F a a l l ls ls + + 7 8 + + 1 5 0 - - 4 3 Y T E o r o i l u e e 2 n d g o s 2 town2.. -1 - - 5 7 0 -1 - — 2 2 5 -1 - - 6 8 1 J A E o l u l g r i i e o n t r 2 a + -1 3 + -5 8 - - 7 6 0 M D e e t. n v A er reas +6 + 11 + 1 W E B v e a l e l l l r i a n e g tt W h 2 a a m lla2... ( ( + 3 3 ) ) 7 + - - 2 3 6 - -1 1 2 2 0 Pittsburgh2. . . . Gary -15 -6 -12 Topeka +4 -2 -3 Yakima2 P-3 +2 -5 P Preliminary. r Revised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 3 Data not available. 4Nine months 1954. DECEMBER 1954 1309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage change from a year ago Sales Stocks during (end of Department period month) Nine Sept. months Sept. 1954 1954 1954 GRAND TOTAL—entire stores -fl -2 —3 MAIN STORE—total + 1 -2 -2 Piece goods and household textiles -1 -1 -4 Piece goods + 1 0 -7 Silks velvets and synthetics + 1 -3 -10 W^oolen yard goods . . .. -3 -7 -11 Cotton yard goods +5 +7 0 Household textiles —2 -2 -3 Linens and towels — 1 -3 -2 Domestics—muslins, sheetings -2 -1 -5 Blankets comforters and spreads -4 -1 -2 Small wares +4 0 0 Laces, trimmings, embroideries, and ribbons -3 -4 -2 Notions .. 0 -2 0 Toilet articles drug sundries +4 + 1 +3 Silverware and jewelry +9 +2 -1 Silverware and clocks +2 + 1 -7 Costume jewelry .. + 16 +3 -2 Fine jewelry and watches +9 +2 +3 Art needlework -2 c -3 Books and stationery + 1 0 + 1 Books and magazines -3 -2 -3 Stationery +3 + 1 Women's and misses' apparel and accessories -2 Women's and misses' ready-to-wear accessories -1 -2 Neckwear and scarfs -3 -3 Handkerchiefs -4 -6 Millinery -7 -7 Wromen's and children's gloves -6 -7 Corsets and brassieres +4 +2 Women's and children's hosiery -2 -2 Underwear slips and negligees -3 -1 Knit underwear -1 0 Silk and muslin underwear and slips -3 0 Negligees, robes, and lounging apparel -6 -5 Infants' wear -1 -1 Handbags and small leather goods +3 0 Women's and children's shoes . . . + 1 Children's shoes + 1 0 Women's shoes . . .... +1 -1 Women's and misses* ready-to-wear apparel 0 -3 Women's and misses' coats and suits -9 -10 Coats -7 -9 Suits -9 -12 Juniors' and girls' wear 0 -1 Juniors' coats suits and dresses . -2 -3 Girls' wear *s, + 1 +2 Women's and misses' dresses +3 -2 +3 -3 Better dresses . + 1 -3 Blouses, skirts, and sportswear +2 + 1 Aprons housedresses and uniforms . 0 -2 Furs + 15 + 1 Men's and boys' wear +2 -2 Men's clothing + 1 -3 +3 -1 + 1 -1 Bova' wear . . .. . Men's and boys' shoes and slippers +4 -1 ot © O Ratio of Federal Reserve index numbers stocks to without seasonal adjustment, sales1 1947-49 average = 1002 September Sales during Stocks at end period of month 1954 1953 1954 1953 1954 1953 Sept. Aug. Sept. Sept. Aug. Sept. 3.2 3.3 3.4 3.5 100 86 100 123 Ill 126 3.9 4.0 84 97 85 106 98 110 3.6 3.9 73 60 72 92 88 99 3.8 4.3 60 47 60 84 82 93 2.8 3.0 110 81 113 105 108 118 4.1 4.3 66 73 63 102 95 102 3.9 4.0 92 123 95 113 103 117 4.6 4.7 81 105 82 102 93 105 3.8 3.9 89 150 91 131 117 138 3.3 3.2 117 115 122 116 108 118 3.8 3.9 96 81 92 114 106 113 4.1 4.1 77 63 80 104 101 105 3.6 3.6 99 76 98 125 118 125 3.5 3.5 98 90 94 103 99 100 4.4 4.9 93 76 85 118 108 120 5.9 6.4 81 78 80 125 120 133 2.7 3.2 104 78 89 113 102 115 8.0 8.5 85 71 78 115 101 111 4.6 4.6 88 76 90 111 102 114 3.4 3.4 102 83 101 122 112 121 3.1 3.0 91 82 94 102 95 105 3.6 3.6 108 82 105 132 118 129 2.7 2.6 109 87 110 134 120 134 3.2 3.2 106 79 107 134 122 135 0 2.4 2.3 118 87 122 145 132 145 -7 4.8 4.9 49 44 51 78 66 83 -7 0.8 0.8 143 69 153 112 104 121 -5 5.9 5.8 69 36 74 115 96 121 +7 3.1 3.1 124 103 119 146 133 136 +4 2.6 2.5 85 63 87 126 112 -4 3.8 3.8 72 68 74 121 101 -5 3.6 3.7 92 87 93 154 126 -4 4.0 4.0 61 60 64 107 92 -3 3.3 3.3 70 66 74 109 89 -1 2.7 2.7 129 105 130 137 129 + 1 2.3 2.3 111 73 108 124 112 0 4.4 4.4 130 91 129 153 147 +3 3.6 3.5 141 122 139 149 153 -1 4.6 4.7 128 83 127 154 147 + 1 2.2 2.1 113 95 113 134 119 2.5 2.4 95 70 104 145 121 -5 2.6 2.6 90 78 98 153 127 -1 2.1 1.9 102 62 112 112 113 +4 2.0 1.9 129 122 129 149 132 +3 1.8 1.7 110 99 112 134 119 +5 2.2 2.2 152 151 150 160 143 +3 1.6 1.6 105 77 103 114 95 +7 1.3 1.2 99 76 96 102 91 + 1 1.9 1.9 112 82 111 119. 101 +3 2.1 2.0 145 119 143 151 144 +2 2.2 2.1 79 77 79 93 87 -8 4.9 6.1 91 115 79 119 105 -3 4.9 5.2 91 71 89 138 120 -3 6.0 6.3 90 65 89 153 134 A 4.9 5.3 75 60 73 128 110 3.5 3.6 129 110 128 132 118 0 5.5 5.7 110 82 106 136 126 ot o 162 112 113 138 122 153 145 156 133 149 161 113 142 131 152 110 96 119 146 91 129 142 157 133 137 136 For footnotes see following page. 1310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures] Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales i 1947-49 average = 1002 Sales Stocks Sales during Stocks at end Department d p u er r i i o n d g ( m en o d n t o h f ) September period of month S 1 e 9 p 5 t 4 . m N o 19 n in 5 th e 4 s S 1 e 9 p 5 t 4 . 1954 1953 Sept. 1 95 A 4 ug, S 1 e 9 p 5 t 3 . Sept 1 . 95 A 4 ug, S 1 e 9 p 5 t 3 . Homefurnishings +1 -4 -6 3.8 4.1 101 94 100 110 103 117 Furniture and bedding +3 -5 -10 3.6 4.1 115 131 112 110 103 122 U M p a h tt o r l e s s t s e e re s d , s a p n ri d n g o s t , h e a r n f d u s rn tu it d u io re beds + + 2 4 -6 A - - 1 1 0 0 4 1 . . 4 6 5 1 . . 0 8 1 1 4 0 1 3 1 1 6 1 6 9 1 1 0 3 1 6 1 10 2 5 7 1 1 1 0 3 2 1 1 1 4 7 2 Domestic floor coverings -2 Q 4.4 4.7 91 77 93 107 97 118 Rugs and carpets -1 -9 4.5 4.9 85 81 86 103 100 113 Linoleum -7 -6 4.4 4.4 49 50 53 62 60 66 Draperies, curtains, and upholstery 0 -4 -4 4.2 4.4 100 82 101 115 107 120 Lamps and shades +2 -5 -8 3.8 4.2 89 71 87 109 100 118 China and glassware -6 A -3 7.4 7.3 98 90 103 126 125 130 Major household appliances +3 -3 -6 2.4 2.6 72 73 70 81 79 86 Housewares (including small appliances) + 1 -2 0 3.5 3.6 108 89 107 119 112 119 Gift shop -4 -4 -1 6.0 5.7 93 90 97 137 128 138 Radios, phonographs, television, records, etc +4 -15 2.2 2.7 123 89 119 93 87 109 Radios, phonographs, television + 1 -25 1.6 2.2 143 96 141 89 85 118 Records, sheet music, and instruments + 11 +2 4.1 4.5 68 61 78 100 76 + 12 77 Miscellaneous merchandise departments -2 4.0 4.3 78 75 126 105 129 Toys, games, sporting goods, cameras +4 0 -3 6.6 7.2 77 75 72' 158 121 164 T Sp o o y r s t i a n n g d g g o a o m ds e s and cameras + + 6 8 + 1 -5 0 5 7 . . 8 1 8 5 . . 1 9 8 7 5 1 5 8 7 8 7 0 6 8 5 3 1 12 8 1 4 1 1 0 2 9 7 1 1 2 9 1 5 C Lu a g n g d a y ge + + + 2 2 4 + -4 3 + - 1 6 2 4 1 . . 6 3 4 1 . . 9 2 7 7 4 5 9 6 4 6 7 7 3 2 1 8 1 9 0 10 7 3 1 1 8 1 0 7 2.3 2.4 87 118 104 121 BASEMENT STORE—total -3 -3 104 104 -6 2.8 2.7 116 117 108 122 Domestics and blankets -5 -4 104 111 -3 1.9 1.9 84 115 102 117 Women's and misses' ready-to-wear -4 -2 101 103 i -1 0 2.5 2.5 83 119 106 Intimate apparel -3 3 0 2.0 2.0 94 95 Hosiery -1 0 0 2.7 2.6 () () ()) () () () Underwear, corsets and brassieres -11 -12 -8 2.0 2.0 78 59 88 114 99 125 D Co re a s t s s e a s nd suits + -5 2 + -8 1 +5 1 1 . . 2 5 1 1. . 5 1 13 7 9 5 11 7 1 0 1 7 37 8 1 8 26 7 11 7 0 7 1 8 2 3 7 Blouses, skirts, and sportswear +3 +2 +3 1.6 1.6 148 144 144 141 125 138 Girls' wear +2 0 2.0 2.1 151 114 149 134 122 139 Infants' wear -11 -10 -6 2.8 2.7 Aprons, housedresses, uniforms Men's and boys' wear +6 +3 -2 2.7 2.9 115 91 108 133 112 136 Men's wear +9 +3 -2 2.9 3.2 103 78 95 131 109 134 Men's clothing + 12 +5 -1 3.0 3.4 114 85 102 136 120 137 Men's furnishings + 7 +2 2.8 3.1 95 76 89 124 105 128 Boys' wear +2 +2 -2 2.1 2.2 154 140 151 141 120 144 Homefurnishings +3 -5 -5 2.9 3.1 97 83 94 108 100 114 Shoes +2 -1 -2 3.3 3.5 115 91 113 123 116 125 NONMERGHANDISE—total + 1 +1 102 99 101 Barber and beauty shop +3 +7 103 111 100 iThe 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. 1307. 4 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown consequently, the sample for the individual departments is not so comprehensive as that for the total. DECEMBER 1954 1311 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 a G l n e a d c s - f S 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 ar p e - 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 c i i n n o re g d n a- g s a i o e c n r o 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—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 3 107.0 120.3 115.0 113.9 119.2 128.6 107.8 121.9 105.4 117.3 103.7 126.6 125.5 113.4 106.6 120.2 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 Oct 114.5 111.8 119.5 129.0 108.5 123.8 105.6 117.6 104.6 125.0 125.9 113.4 106.9 120.1 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 d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d d e - s - l - l H s 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 i o e a m i g u n r w n h i a e g d a e - l t , - l r s ,C a p i u h a l c r l c n e o a ie t m d l d s s d - - p R u a b r u c n o e t b 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 c n 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 a d 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 d n d e s - - - - F h d o h t a b o u u t u o n l h u r r e r l d n e s a e d s e r - i- -e s N t r t m t m a a u r o l l i r u l e s n n a i c — - c - l - - b b e m o b a T r a t e a n f c t o r v g l d c s - e - e o . d s n c M e e l o i l s u a - - s 1947 96 4 100 0 98 2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92 5 95 6 93 9 98 0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 . 103 1 97 5 99 8 105.0 99.2 104.6 103.0 96.3 120.5 113 9 100 9 110 3 108 6 105 3 106 9 102 4 96 6 1951 114 8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114 1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1953 October 110 2 95 3 104 7 114.6 96.5 97.1 111.2 106.7 124.2 118.1 117.5 127.9 124 1 114 8 120 7 118 1 94.4 November 109.8 93.7 103.8 114.5 96.2 97.1 111.2 107.2 124.3 117.3 117.3 127.9 124.2 114.9 120.8 118 1 93.2 December 110.1 94.4 104.3 114.6 95.8 95.6 111.1 107.1 124.8 117.4 117.1 127.5 124.3 115 0 120 8 118 1 100.1 1954 January 110 9 97 8 106.2 114.6 96.1 95.3 110.8 107.2 124.8 117.0 117.0 127.2 124 4 115 2 120.9 118.2 101.1 February 110.5 97.7 104.8 114.4 95.3 94.9 110.5 107.5 124.6 116.8 117.1 126.2 124.5 115.1 121.0 118.0 102.8 March . 110.5 98.4 105.3 114.2 95.0 94.7 109.2 107.4 124.9 116.7 116.6 126.3 124.5 115.0 121.0 117.9 104.9 April 111.0 99.4 105.9 114.5 94.7 94.6 108.6 107.2 125.0 116.2 116.3 126.8 124.4 115.6 120.8 121.5 110.3 May 110.9 97.9 106.8 114.5 94.8 96.0 108.2 107.1 125.1 116.1 115.8 127.1 124.4 115.5 119.3 121.4 109.2 June 110.0 94 8 105 0 114.2 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 3 95.1 94 9 106.2 106.7 126 8 119 1 116 2 128 0 124 3 115 3 120 4 121 4 103.9 August. 110.5 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 r93.0 '•106.9 106.8 126.9 r119.3 116.3 '•129.1 124.4 '115.3 121.7 121.5 '99.1 October 109.7 93.1 103.7 114.5 95.4 92.3 106.7 106.9 128.5 119.8 116.3 129.7 124.3 115.6 121.9 121.5 96.7 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313 1312 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 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm Products: Pulp, Paper and Allied Products— Continued Fres^h and dried produce 94.2 108.3 99.8 101.9 Grains 87.9 91.2 93.6 92.9 Paperboard 126.2 124.2 124.2 124.2 Livestock and poultry 82.0 83.4 80.7 77.5 Converted paper and paperboard.. 113.2 112.0 112.0 111.9 Plant and animal fibers 103.2 106.7 107.4 107.1 Building paper and board 123.0 127.6 127.6 127.6 Fluid milk 100.7 89.7 '91.7 93.8 Eggs 126.3 86.4 77.3 82.5 Metals and Metal Products: Hay and seeds 84.3 94.2 87.5 91.7 Other farm products 146.2 168.8 164.6 159.6 Iron and steel 133.4 133.8 134.1 135.0 Nonferrous metals 122.1 125.1 126.2 127.4 Processed Foods: Metal containers 128.7 131.2 131.2 131.2 Hardware 137.2 138.9 140.9 141.6 Cereal and bakery products 112.0 113.2 113.8 114.5 Plumbing equipment 118.2 118.5 118.5 118.7 Meats, poultry, and fish 88.9 92.0 92.0 85.8 Heating equipment 115.8 114.1 114.1 114.3 Dairy products and ice cream 112.7 105.9 106.6 108.7 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 117.7 117.7 118.0 117.9 bles 104.9 104.8 '105.0 105.6 Fabricated nonstructural metal Sugar and confectionery 110.2 114.5 113.0 112.0 products 127.2 126.0 126.0 126.0 Packaged beverage materials.... 169.8 226.5 206.0 206.3 Other processed foods 117.1 109.6 103.5 99.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122.4 122.1 121.9 122.0 Cotton products 92.4 89.1 89.2 89.8 Construction machinery and equip- Wool products 111.6 110.3 109.6 108.5 ment 131.0 131.5 131.6 131.6 Synthetic textiles 85.9 85.7 85.8 86.1 Metal working machinery 132.7 132.7 133.3 133.8 Silk products 135.8 126.3 128.4 127.0 General purpose machinery and Apparel 98.7 98.6 98.6 98.6 equipment 128.2 127.9 128.1 128.1 Other textile products 82.7 79.8 80.3 80.9 Miscellaneous machinery 124.1 125.6 125.9 126.1 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 126.5 125.7 125.6 125.6 Motor vehicles 118.5 118.9 118.9 118.5 Hides and skins 64.4 55.8 51.5 49.2 Leather 90.4 84.4 '82.9 82.1 Furniture and Other Household Dura- Footwear 111.7 111.8 111.8 111.8 bles: Other leather products 99.1 96.7 96.5 96.1 Household furniture 114.2 112.9 112.8 112.8 Fuel, Power, and Lighting Materials: Commercial furniture 125.8 126.2 126.2 127.3 Floor covering 125.2 123.5 124.4 124.0 Coal 112.5 105.2 '105.5 105.0 Household appliances 109.0 109.7 109.4 109.5 Coke 132.5 132.4 132.4 132.4 Radio 94.8 95.4 95.4 93.4 Gas 106.6 105.4 106.0 106.0 Television 74.2 68.5 68.7 68.7 Electricity 98.5 102.4 '101.2 101.2 Other household durable goods 126.8 130.4 130.5 131.3 Petroleum and products 116.6 109.3 109.4 109.3 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 124.7 124.7 123.9 123.9 Industrial chemicals 119.5 117.4 117.4 117.6 Concrete ingredients 119.4 122.2 122.1 122.1 Prepared paint 112.1 112.8 112.8 112.8 Concrete products 117.4 11«7.9 117.8 117.8 Paint materials 98.0 97.8 97.0 97.3 Structural clay products 132.0 132.3 135.4 135.4 Drugs, Pharmaceuticals, cosmetics 93.5 94.0 94.0 93.6 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 53.3 53.5 '54.0 56.6 Prepared asphalt roofing 109.9 98.6 104.1 106.1 Mixed fertilizers 111.7 109.8 109.3 109.2 Other nonmetallic minerals 118.0 120.8 120.8 120.8 Fertilizer materials 112.9 112.1 112.3 112.1 Other chemicals and products 103.4 107.6 '107.6 107.6 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 111.3 123.5 125.6 132.0 Cigars 103.5 103.7 103.7 103.7 Tires and tubes 130.1 129.6 129.6 129.6 Other tobacco products 120.7 121.4 121.4 121.4 Other rubber products 123.2 123.7 '124.0 125.2 Alcoholic beverages 114.9 114.3 114.3 114.3 Nonalcoholic beverages 125.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 117.2 118.7 '119.0 119.5 Millwork 131.2 129.7 '130.2 130.2 Toys, sporting goods, small arms.. 114.1 113.4 112.7 112.7 Plywood 104.7 105.4 103.2 104.3 Manufactured animal feeds 81.0 95.2 89.0 84.3 Notions and accessories 93.5 101.6 101.2 101.2 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 101.9 102.8 103.2 103.2 Other miscellaneous 119.5 121.2 121.2 121.2 Woodpulp 109.7 109.6 109.6 109.6 Wastepaper , 112.9 80.0 80.0 83.8 Paper , 126.6 126.5 126.5 126.5 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 131-313. DECEMBER 1954 1313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1953 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 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 Leas: 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 S B t u a s t i i n s e ti ss ca t l r d a i n s s c f r e e r p p a a n y cy ments . . 6 3 . . 7 9 . . 5 4 .7 . . 8 1 . . 8 2 1 1. . 3 0 1.0 1 1 . . 0 0 2 1 . . 1 0 1.0 1.0 1.0 n 1 . . a 0 . Plus: g S o u v b e s r i n d m ie e s nt le e ss n t c e u r r p r r e i nt ses surplus of - .1 .0 .1 -2.1 - .2 .2 .2 .6 - .5 — .4 .6 - 3 .0 - 3 .8 -.3 - .2 — .2 — .4 - .1 Equals: National income 87.8 40.2 104.7 216.2 240.0 277.0 305.0 306.2 299.9 n.a. 221.6 291.0 298.9 299.6 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 — .1 - .1 -.1 .0 .0 .0 Plus: Government transfer payments... .9 1.5 2.6 10.5 11.6 14.3 11.6 12 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 96.3 208.7 206.8 227.1 255.3 271.2 286.1 287.5 287.3 285.1 285.7 286.2 47.2 Less: Personal tax and related payments.. 2.6 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 1.5 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 .5 1.3 • 2.1 2.5 2.7 3.7 3.7 State and local 3.0 3.2 3.5 3.5 3.6 3.7 83.1 1.0 93.0 187.6 188.2 206.1 252.9 253.2 Equals: Disposable personal income. 226.1 236.9 250.1 251.2 251.2 252.3 79.0 45.7 81.9 177.6 180.6 194.0 233.1 234.8 Leas: Personal consumption expenditures 208.3 218.4 230.1 231.2 229.7 230.5 4.2 46.4 11.1 10.0 7.6 12.1 19.7 18.4 Equals: Personal saving 17.7 18.4 20.0 20.0 21.5 21.8 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates 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 salaries* 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 17.4 17.0 17.0 n.a. 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 - .4 .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. 2 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1314 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 Annual totals Seasonally adjusted annual ratea by quarters 1953 1929 1933 1941 1948 1949 1950 1951 1952 1953 Gross national product 104.4 56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 367.2 360.5 355.8 356.0 355.5 Personal 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 96.9 100.4 111.1 116.0 118.9 118.6 118.7 118.8 120.0 121.1 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 41.2 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 -5.0 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 in s P c o e o n r m a - l e Total d p m i C u n ro o g s o d d t m r i u i i n t e c - y - s - D i u n i tr 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 r 4 s' 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 t - s s - 8 b c i s a u o n o n f t n s c o i c u o t i r e r a r n i 8 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 12.4 2.2 190.8 1950 227 1 146 5 63 5 41 3 19.5 22 2 3 8 44 6 19 8 15 1 2 9 210 5 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952. . . . . . 271.2 185.1 80.6 48.7 23.0 32.8 5.5 49.9 21.4 13.1 3.8 253.3 1953 286.1 198.1 88.1 51.7 24.8 33.6 6.3 49.0 22.8 13.8 4.0 270.0 1953—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. . ... 286 6 195 4 82.4 52 9 25.9 34.2 6.6 48.8 24 4 16.0 4.6 271.1 October? 285.9 195.8 82.7 52.7 26.1 34.3 6.6 47.2 24.5 16.4 4.6 271 .8 pPreliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 4 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 5Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 6Prior to 1952 includes employee contributions only; beginning January 1952, 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. 7 Includes 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. DECEMBER 1954 1315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States 1318-1322 Gold production 1322 Estimated foreign gold reserves and dollar holdings 1323 Reported gold reserves of central banks and governments 1324 Net gold purchases and gold stock of the United States 1325 International Monetary Fund and Bank 1326 Central banks 1326-1330 Money rates in foreign countries 1331 Commercial banks 1332 Foreign exchange rates 1333 Price movements in principal countries: Wholesale prices 1334 Consumers' price indexes 1335 Security prices 1335 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. DECEMBER 1954 1317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a a i- l - Official U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a er n it - d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions2 and Officials private 1950—Dec. 31... 1.527.8 7,116.9 3,620.3 656.6 260.7 193.6 553.0 314.71,007.8 2,986.3 899.0 1,612.9 1,364.2254.5 1951—Dec. 31... ,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 L.836.5335.6 1953—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 ,984.2 349 0 Nov. 30.. L.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.. ,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.. I,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 L.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 L,892.0 330.8 Mar. 31*. I,698!5 io[35o!o 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. L,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.. 1,656.5 10,770.3 6,438.6 942.2 376.5 305.7 680.5 468.82,639.1 5,412.8 1,342.0 2,036.7 1,693.2 285.6 Aug. 31 P. 1,745.2 10,657.6 6,265.5 851.0 414.8 252.8 679.6 500.72,646.4 5,345.3 1,373.5 1,916.6 1,747.6274.5 Sept. 30P. 1,801.9 10,721.2 6,313.3 838.2 473.4 247.6 667.4 527 A2,672 8 5,426.8 1,378.4 1,889.0 1,764.1262.9 Oct. 31 P. 1,773.9 10,737.4 6,387.3 842.8 489.6 248.7 650.0 553.92,700.1 5,485.0 1,365.1 1,838.8 ,777.5 271.1 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 o z s e l c o h - - m De a n rk - F la i n n d - m F a e n d. y, Greece N w o a r y - l P an o- d tu P g o a r- l m R a u n - ia Spain S d w en e- T k u e r y - U.S.S.R.s Y la u v g i o a - ot A h l e l r vakia Rep. of 1950—Dec. 31.. 1,007.8 41.9 128.2 5.6 45.5 18.3 221.6 32.3 43.6 4.2 45.7 6.1 21.3115.3 14.3 4.0 13.2246.8 1951—Dec. 31.. 1,103.4 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 71.7 14.1 2.5 7.1 124.7 1952—Dec. 31.. 1,441.3 91.1 123.9 .6 70.4 28.5 551.1 47.3110.3 3.4 57.4 6.1 19.2 91.0 8.4 1.7 12.0218.8 1953—Oct. 31.. 2,037.3 169.9 118.2 .5 88.1 33.5 827.2 85.1 115.7 2.2 70.0 5.8 32.7 96.0 16.7 2.0 9.0 364.8 Nov. 30.. 2,127.7 182.2 126.9 .6 92.8 35.7 850.0 92.0117.6 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 6.9 383.5 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.S 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 21.9119.2 9.4 1.8 5.8 436.8 Apr. 30*. 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 31.. 2,639.1 260.5 118.0 .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*. 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. 30*. 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 Oct. 31 P. 2,700.1 285.0 104.6 .8 68.8 39.1 1,256.2 93.8 125.8 1.9 85.0 8.1 66.1 179.4 8.2 2.0 6.8 368.4 Table lb.—Latin America Neth- 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 i o a - - Cuba m p i D R c u i a o e b n n - - - - G m u a a l t a e- M ic e o x- l W I a a n e n n d r e d d - i s e s t s a P p R m u a e b n a - - - , Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a m t c h t a i e e n r r - 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. 1,455.2 249.7 27.8 100.3 54.0 106.4 263.6 45.8 27.3 158.2 34.9 67.7 47.2 27.8 84.7 71.9 87.8 1952—Dec. 31. 1,612.9 138.8 24.5 72.5 79.3 118.2 301.2 44.2 34.3 231.2 44.3 80.8 60.9 25.6 94.1 145.5 117.4 1953—Oct. 31. 1,734.9 143.1 19.9110.0 86.0 116.2 385.0 41.9 32.7 180.2 49.0 82.8 68.2 28.7 93.5 173.1 124.6 Nov. 30. 1,762.4 137.1 18.8148.9 81.5 132.0 352.6 42.4 32.1 189.3 52.2 79.9 73.5 24.9 89.4 184.1 123.5 Dec. 31. 1,768.4 130.0 19.1101.7 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. 1,772.5 139.2 18.8101.4 68.6 152.5 345.1 42.8 44.7 184.9 53.3 87.8 73.7 38.0 99.5 201.4 120.8 Feb. 28. 1,788.1 160.8 20.3 90.1 65.7 151.2 353.5 45.4 52.0 187.4 55.7 89.3 69.9 42.5 99.1 179.2 126.0 Mar. 31* 1,866.8 170.4 27.1 110.1 60.5 160.6 362.2 49.2 53.1 167.1 52.4 92.8 73.0 47.2 102.3 188.7 150.2 Apr. 30« 1,998.6 175.4 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. 1,993.9 173.8 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. 1,954.3 176.7 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. 2,036.7 181.8 28.0 167.4 73.9 236.2 328.8 61.1 44.9 210.0 50.9 91.6 66.6 36.3 112.8 207.7 138.7 Aug. 31 P 1,916.6 191.1 27.3102.6 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 1,889.0204.8 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 Oct. 31 P ,838.8 190.7 31.9 139.1 72.8 147.7 269.0 58.5 34.1 265.4 46.3 76/6 79.2 23.0 98.5 183.0 123.0 'Preliminary. For footnotes see following page. 1318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES— Continued [Amounts outstanding, in millions of dollars] Table lc—Asia and All Other For- Ko- Egypt Date Asia C M m a h n o a i d s n in a a - H K o o n n g g India n In es d i o a - Iran IsraelJapan p r R l u e i e b a c - - , ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a C g B o i e n a l g n - o A E t a n g i n a g y d n l p o - - A S U f o r o n u ic f i t o a h n 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 26.6596.0 26.2 329.7 96.7 142.2 297.4 38.5 54.5 110.7 7.0 86.8 1952—Dec. 31. 1,836.5 76.4 70.9 64.6 61.0 19.2 18.8808.0 54.4 315.1 181.0 167.1 335.6 47.2 118.6 59.7 23.6 86.5 1953 —Oct. 31. 1,984.2 77.1 67.8 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 65.8120.2 74.6 40.5 20.0737.7 95.5 313.0 157.5 188.0 330.8 53.4 87.7 45.9 44.8 99.0 Mar. 31 ^ 1,801.7 79.6 65.3 82.2 68.3 47.7 33.7675.8102.8 309.9 155.1 181.2 330.9 49.6 83.3 49.7 43.9 104.3 Apr. 305 1,762.1 79.0 66.3 85.1 65.2 45.4 31.0639.7103.7 317.7 144.6 184.3 319.9 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 27.4616.9104.7 303.1 139.3 186.3 308.7 49.6 74.1 51.3 34.2 99.5 June 30. ,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 31. 1,693.2 75.1 64.6 79.2 60.5 28.6 25.1616.0101.2 308.2 127.1 207.6 285.6 42.8 51.3 51.5 38.6 101.3 Aug. 31 P 1,747 6 74.2 63.7 75.5 81.9 23.3 36.0639.9101.5 314 2 126 2 211 2 274.5 41.3 45.5 47.7 37.9 102.1 Sept. 30? L,764.1 69.6 64.3 73.4 87.3 26.1 33.1668.5 94.9 308.5 125.0 213.3 262.9 35.4 44.2 45.1 38.5 99.7 Oct. 31 v 1,777.5 71.1 64.7 77.7 95.4 24.7 24.7689.8 93.8 289.7 117.8 228.0 271.1 40.6 47.0 45.2 39.4 99.0 Table Id.—Supplementary Areas and Countries 7 End of year End of year Area or country Area or country 1950 1951 1952 1953 1950 1951 1952 1953 Other Europe: Other Asia: Albania .6 .1 .2 n.a. Afghanistan 8.3 10.6 4.0 n.a. Azores .1 .3 .3 n.a. British dependencies 23.7 21.0 25.5 19.8 British dependencies .5 .6 .4 .4 Burma .4 9.5 16.9 n.a. Bulgaria .6 .6 .6 .6 Ceylon 3.4 19.2 13.9 n.a. Estonia 2.9 2.7 1.9 1.9 French India .8 1.3 1.8 n.a. Hungary 1.1 1.0 1.0 1.0 Indochina 3.1 7.3 7.7 6.9 Iceland 2.1 3.5 3.7 7.5 Iraq 2.9 12.9 14.1 13.8 Ireland, Republic of 9.2 15.9 12.6 n.a. Jordan .5 .5 .6 .9 Latvia 6.4 1.3 1.3 1.3 Lebanon 12.3 15.3 19.3 23.9 Lithuania 1.0 .6 .6 .4 Pakistan 13.0 13.1 14.4 9.7 Luxembourg 11.9 11.8 5.0 4.0 Portuguese 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: Allother: 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 French dependencies 26.5 36.5 27.0 22.2 French West Indies and French Italian Somaliland .2 .1 1.1 .3 Guiana .2 .8 2.2 .6 Liberia 1.6 6.1 10.3 11.8 Haiti 7.7 10.3 11.6 9.3 Libya .3 .5 2.3 n.a. Honduras 9.8 17.2 15.4 n.a. New Zealand 2.7 5.2 3.5 2.1 Nicaragua 5,7 8.3 13.4 16.0 Portuguese dependencies . 3.0 4.3 6.3 5.0 Paraguay 4.1 5.4 5.0 6.0 Spanish dependencies .2 .2 .2 .2 Tangier 16.9 21.5 26.7 36.1 pPreliminary. n.a. Not available. 1 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial paper and of liabilities payable in foreign currencies are also included. ^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." 8Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 4 Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 15.9 million dollars of such liabilities on that date. 5Beginning Apr. 30, 1954, includes liabilities to foreigners held by banks in the territories and possessions of the United States. These banks reported a total of 16 million dollars of such liabilities on that date. 6Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 7These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount in the "other" categories. NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order, and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545. DECEMBER 1954 1319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES » [Amounts outstanding, in millions of dollars] Date Total U K d n o in it m g ed - France N la e e n r t d - h s - S l w a er n it - d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e 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—Sept. 30 901 8 33.9 # 9.9 7.2 14.7 21.7 91.7 179.1 56.7 540.4 105.3 20.3 Oct. 31.. . . 906.5 39.5 9.8 9.1 15.4 20.0 103.1 196.8 80.7 502.4 104.3 22.3 Nov. 30 910 0 48 1 8 2 6 3 16.8 20 3 97 6 197.2 67.1 506.5 117.7 21.6 Dec. 31 904.5 70.5 10.6 8.6 17.9 18.8 109.5 235.9 56.4 472.7 114.8 24.9 1954—jan, 31 923.8 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 A 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 ••971.1 '•77.0 10.2 11.9 12.1 15.3 131.5 '258.0 65.2 499.3 113.3 35.3 July 31 1 109 6 85 1 9 5 9 3 14 6 16 7 128 4 263.6 66.4 625.8 117.5 36.2 Aug. 31 P 1 100 2 88.4 7.5 9 4 16.1 13 4 129 9 264.6 63.1 614.7 124.9 32.8 Sept. 30P 1,178.2 123.8 14.1 10.9 17.4 12.9 125.2 304.4 67.3 646.5 124.8 35.2 rable 2a.—Other Europe Ger- Date E O u th ro e p r e A tr u i s a - g B iu el m - m De a n rk - l F a i n n d - m F a e n d y . , Greece N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- Y 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 5.2 25.4 .2 L.4 .5 1.6 6.9 .9 4.0 1951—Dec. 31 111.8 («) 39.6 4.8 5.1 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 >.6 26.8 .2 L.9 .5 11.2 2.5 38.8 8.6 5.4 1953—Sept. 30 91.7 .3 11.1 4.3 5.3 33.6 .4 L.O .5 24.1 2.2 1.0 4.2 6.7 Oct. 31 103.1 .1 11.0 5.7 J.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 .8 31.3 .7 .8 .6 22.8 Dec. 31 109.5 .8 13.0 6.2 1.9 30.5 1.3 L.O .6 24.3 2.7 15.7 4.8 6.8 1954—Jan. 31 132.3 .2 13.4 6.0 .5 40.1 1.4 L.2 .4 24.4 2.1 29.2 4.5 7.9 Feb. 28 131.1 .2 14.3 4.1 .3 43.6 1.4 L.6 .5 19.8 1.7 31.0 5.4 6.2 Mar. 312 134.7 .2 13.2 2.9 L.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 L.4 .6 10.6 2.2 29.8 5.2 6.6 May 31 149.3 .1 15.2 3.5 L.6 57.0 1.9 i.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 31 128.4 .1 15.3 4.2 L.8 52.5 2.6 L.5 .7 2.1 2.7 32.7 5.7 6.5 Aug. 31 P 129.9 .2 14.7 3.5 L.4 51.9 2.6 L.4 .5 3.5 2.6 37.0 4.2 6.3 Sept. 30* 125.2 .2 16.0 4.8 >.O 48.4 3.6 L.7 .5 4.0 2.4 33.3 3.0 5.3 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 i - a Brazil Chile l C b om i o a - - Cuba m p i D R c l u i i a 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 s e i t - s s l a p P i R m c u a e b n o a - - - f , Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a m t c h t a e i e n r r nam 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 3.1 11.0 6.8 8.0 49.4 14.6 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 3.0 11.8 9.5 10.5 41.7 14.5 1952—Dec. 31.. 662.0 8.2 5.8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 1.3 6.5 14.8 9.1 14.3 36.7 13.7 1953—Sept. 30.. 540.4 7.5 13.2 273.7 7.5 47.4 21.6 1.7 3.6 79.3 1.8 5.8 16.8 4.8 3.4 36.3 16.1 Oct. 31.. 502.4 7.0 11.9 203.6 6.1 47.1 41.7 1.7 4.2 86.3 3.0 4.9 17.7 6.0 3.8 39.2 18.2 Nov. 30.. 506.5 6.7 9.7 186.5 7.1 52.0 49.4 1.7 4.7 90.1 1.6 7.4 18.5 7.9 4.4 40.3 18.6 Dec. 31.. 472.7 7.1 10.8 125.1 22.6 56.9 51.2 1.9 4.1 92.9 2.6 4.6 20.2 8.2 3.7 41.6 19.3 1954—Jan. 31.. 473.3 7.3 9.2 121.9 20.9 53.1 60.0 2.0 3.4 98.1 2.6 5.7 18.8 8.9 2.8 40.8 17.8 Feb. 28.. 450.4 7.2 8.7 116.7 20.1 50.6 62.2 1.8 3.4 87.2 1.8 6.2 17.2 7.4 3.3 38.8 17.8 Mar. 312. 426.4 5.4 1.9 117.3 19.9 47.8 58.4 1.6 2.6 85.3 1.1 7.1 14.7 5.5 2.1 38.9 16.9 Apr. 30. . 433.3 6.2 1.7 117.4 19.6 54.4 55.2 2.2 3.2 77.3 1.5 7.4 16.4 5.0 2.7 45.7 17.3 May 31.. 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.. 625.8 5.8 2.9 276.6 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 Sept. 30P . 646.5 5.8 2.5 288.0 11.3 70.2 62.7 2.4 3.6 94.7 1.8 6.4 13.9 7.1 3.2 52.7 20.2 ^Preliminary. rRevised. 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. 1320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2c—Asia and All Other For- Egypt mosa Korea, and Union Date Asia C a h n i d na H K o o n n g g India I n n e d s o ia - Iran IsraelJapan p R u e b - - ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a g .B ia e n l- A E n g g y l p o - - So o u f th Other Main- lic of1 Congo tian Africa land Sudan 1950—Dec. 31.. 95.4 18.2 3.0 16.2 .2 6.6 18.9 12.1 4.9 1.5 13.9 60.0 40.8 4.4 .3 7.3 7.2 1951—Dec. 31. . 161.8 10.1 3.1 13.4 .3 9.3 30.0 12.2 ...... 29.3 2.5 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—Dec. 31.. 89.8 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 24.6 22.4 10.1 6.0 .5 2.0 3.8 1953—Sept. 30.. 105.3 8.5 2.9 2.9 1.1 13.0 24.4 20.5 9.4 5.9 16.7 20.3 7.0 5.7 .1 2.3 5.1 Oct. 31. . 104.3 8.5 2.6 3.4 .6 14.2 25.9 17.7 5.5 6.2 19.7 22.3 5.8 5.7 .2 2.7 7.8 Nov. 30. . 117.7 8.5 4.3 4.1 .6 13.3 23.4 26.6 5.2 6.8 24.9 21.6 5.7 5.8 .4 2.3 7.4 Dec. 31 114 8 8 1 3.1 3.7 .8 13.8 22.9 25.6 5.8 6 1 24.7 24.9 8.0 6.3 .5 2.4 7.8 1954—Jan. 31.. 125.5 8.1 2.3 2.9 1.0 14.7 32.7 28.5 6.0 5.5 23.9 25.7 6.9 6.5 .7 4.7 6.8 Feb. 28 126 7 8.1 2.2 3.2 .9 14.7 27.6 31.7 8 0 5 2 25 0 24.0 7.2 6 5 .5 5 1 4 6 Mar. 312. 111 4 8 4 2.2 4.1 .7 14.3 22.1 32.8 .1 4.9 4 3 17.5 25 8 7 6 6 7 1 3 4 5 5.7 Apr. 30. . 101.9 8.1 3.2 3.9 .5 15.1 16.2 30.6 (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.. 117.5 8.1 3.6 4.2 .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 Sept. 30P. 124.8 8.1 2.4 3.7 .6 16.9 9.3 30.0 .2 12.3 6.7 34.5 35.2 10.5 6.9 .5 5.3 12.1 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. Government bonds U. S. corporate sonds 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—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 1954—January 33 7 38 0 -4.3 68 7 71.6 -2.9 58 6 234.4 — 175 9 28 1 26 9 1 2 February 87.4 99.9 -12.6 77.1 85.7 -8.6 64.8 35.6 29.1 26.9 38.9 -12.0 March 55 0 22 1 32.9 98.0 95.8 2.2 46 8 82 6 —35 8 32 6 41 6 —9 0 April 65.2 30.0 35.2 112.1 96.5 15.6 54.3 80.0 -25.7 31.3 46.5 -15.2 !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 July 33.4 24.3 9.1 133.2 100.5 32.7 56.3 49.0 7.4 34.8 39.6 -4.8 August^ 86 9 33 9 53.0 110.6 108 4 2 2 62 4 38 6 23 8 38 1 101 4 —63 3 September? 38.1 37.7 .4 102.5 87.5 14.9 102.1 80.0 22.1 31.4 40.7 -9.3 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Y m e o a n r th or n t a I u in n t t i i s t o o e t n i n r - - a s l f c o T t o r r o e i u e t i n a g s - l n U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1950 121.2 823.2 64.0 197.8 -6.3 19.0 -.7 73.8 347.5 458.2 30.1 —15.3 2.7 1951 — 15.9 -568.4 21.4 6.0 —22.2 45.9 1.9 -43.8 9.2 —595.5 13.9 4.8 — .7 1952 14.7 300.2 70.4 5.5 -21.9 50.7 .5 6.2 111.4 191.6 4.7 —9.5 1.9 1953 22.7 -34.3 71.3 —41.7 —21.3 57.1 — .5 -2.5 62.4 — 120.6 24.9 (3) — .9 1953—Sept... -14.1 -36.2 2.6 .7 -.8 9.6 .5 12.7 -50.5 .3 .4 1.0 Oct.... -8.2 6.3 4.2 .3 -2.8 1.3 (3) 1.6 4.7 -9.9 11.8 .1 -.3 Nov.... 8.5 -13.0 -2.5 .2 -.1 2.1 -.5 (3) -.7 -14.9 3.9 -.5 -.8 Dec... -4.4 14.2 25.7 1.1 -1.1 1.2 .1 1.6 28.5 -17.4 2.7 -.5 .9 1954—Jan .9 -8.1 9.0 -7.1 -2.0 1.1 (3) 1.0 2.1 -6.8 -3.3 -.3 .3 Feb.... .7 -21.8 6.1 -16.2 -2.9 .1 -.1 1.9 -11.1 -6.7 -2.9 -.1 -1.0 Mar.... .5 34.5 9.2 21.4 -3.7 2.3 — .4 1.4 30.2 -.3 3.2 (8) 1.4 .6 50.1 5.0 36.1 -4.6 10.5 .1 2.7 49.7 -5.2 3.3 .8 1.4 M*ay*. 1! 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 July.. . -4.4 46.2 5.7 3.0 -1.5 24.8 (*) .9 32.8 -3.5 15.8 1.1 .1 Aug. P.. 41.2 13.9 6.5 .1 -2.9 .5 .6 .5 5.2 -1.6 10.5 -.3 .1 Sept. P.. -1.5 16.8 .7 .2 -3.4 4.5 .1 8.6 10.6 -4.6 11.2 .5 -.9 v Preliminary. *Not reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. •Less than $50,000. 4 Includes transactions of international institutions. DECEMBER 1954 1321 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 RBSBRVB 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 tu in t s io ti n - s c t o ri u e n s - Europe ada A i i m c ca a er- Asia other Date Deposits U. S. Govt. Miscelsecurities2 laneous8 1950 —3 6 —141.8 13 4 —190.0 29.8 1.0 3.9 1951 -152.7 -224.3 28.5 —258.6 33^8 —36^0 7!9 1952—Dec. 31 550 2,156 86 1952 — 118.1 —99.8 19.9 —141.0 25.3 — 10.0 6 0 1953 —61.2 — 11.0 96.3 —137.8 34.6 —29^9 25^8 1953—Nov. 30 417 2,694 99 Dec. 31 423 2,586 106 1953—Sept... I1) 14.0 6.5 5.1 2.4 -.7 .7 1954—jan# 3i ,, _ 440 2,632 99 Oct.... -73.1 41.1 33.7 -9.8 9.3 -.8 8.8 Feb. 28 490 2,716 88 Nov.. . .6 -45.5 4.8 -49.6 2.2 -3.5 .5 Mar. 31 494 2,784 92 Dec... -.5 -20.3 4.7 -23.3 1.6 -5.4 2.1 Apr. 30 471 2,840 96 May 31 527 2,969 93 1954—Jan.... —100.6 -74.0 8.9 -95.3 5.6 -2.6 9.4 June 30 545 2,900 87 Feb. .. 10.5 6.7 10.7 8.0 .1 -4.8 -7.4 July 31 533 3,033 85 Mar... .1 -44.8 8.3 -53.2 1.3 -2.2 1.0 Aug. 31 477 2,989 82 Apr.... .7 -41.6 -5.9 -35.9 1.7 -2.5 .9 Sept. 30 461 3,013 101 May. . -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 Nov. 30 397 3,002 104 July.. — 1.1 3.7 .2 -3.2 1.4 -2.6 8.0 Aug. P. -3.1 -36.4 -4.2 -36.4 1 .8 -1 4 4.0 1954—Nov. 3 425 3,044 98 Sept.p. -54.6 67.4 23.2 31.4 8.6 1.9 2.3 Nov 10 432 3,025 99 Nov. 17 414 3,008 100 Nov 24 400 3,016 103 » Preliminary. iLess than $50,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1325, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars 1 Production reported monthly Estimated Y m e o a n r t o h r pr o o w u d t o u s r i c l d d t e ion re T p o o t r a t J ed Africa North and South America Other U.S.S.R.I monthly A So fr u i t c h a d R e h s o ia - A W fr e i s c t a2 C B o el n g g ia o n 2 U St n a i t t e e s d 3 C ad an a - M ic e o x- C b ol i o a m- Chile r N ag i u ca a - * Au li s a tra- India2 $ I grains of gold Xo fine: i.e., an ounee of fine gold - JUS. 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 805 0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 . . .. 840 0 753.2 409.7 18 5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 864 5 780 9 413.7 17 4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 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—September. 65.7 35.0 1.5 2.1 1.2 6.2 11.7 1.3 1.9 .4 .7 3.0 .7 October 64 9 35 6 s 2 2 1.2 6.8 10.0 1.4 L 3 .5 8 3 1 .6 November. 64.3 35.1 5 2.2 1.1 6.2 9.6 2.0 L.6 .4 .7 3.3 .6 December. 64.4 35.7 1.5 2 2 .9 6.1 9.6 2.1 l.l .4 .7 3.7 .5 1954——January 63.4 35 7 5 2.1 1.5 5.1 10.3 1.0 .4 .4 .7 2.9 .6 February 61 8 34 5 s 2.2 1.1 4.9 10.9 .9 3 7 3 0 .6 March.... 68.7 37 5 S 2 2 1.2 5.4 12.9 1.6 1 4 .7 '3.5 April 66.0 37.0 6 2.2 11 4 9 12.5 .8 .9 .3 .7 3.2 .7 May 38 3 6 2 3 I 0 5 0 13.4 0 .5 .7 3 3 .6 June 38 3 r .7 2 3 1 0 6 1 13 2 .3 .7 .7 July 3« 4 2 3 1 0 6 1 13 3 0 8 .7 August .. 30 8 2 4 1 4 5.8 1.2 .7 .7 September. 39 9 2.4 1.1 5.1 13.1 7 .6 r Revised. Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. 3Yearly 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. 1322 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 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30*> Continental Western Europe: Austria . . . . .... 92 107 126 143 154 166 208 238 267 289 332 Belgium-Luxembourg (and Belgian Congo) . 848 898 1,036 1,035 1,052 1,044 1,081 1,098 1,124 1,055 1,024 France (and dependencies) * ... 834 896 •1,021 967 883 926 1,003 1,049 1,060 1,092 1,124 Germany (Federal Republic of)... 222 434 604 691 770 893 1,053 1,225 1,381 1,503 1,821 Italy . . . . . .. 571 633 638 655 651 660 714 812 841 802 873 Netherlands (and Netherlands West Indies and Surinam)... . 559 524 ••733 815 905 953 1,022 1,055 1,064 1,125 1,118 94 150 154 160 171 164 169 171 169 178 178 Portugal (and dependencies) 257 331 356 374 391 412 437 469 499 516 537 Spain (and dependencies) 132 128 131 130 130 134 138 150 136 142 174 Sweden 205 224 280 275 283 280 309 335 337 342 399 Switzerland 2,023 1,973 '2,018 2,053 2,051 2.091 2,120 2,133 2,134 2,105 2,170 Turkey 164 165 155 151 153 152 157 157 153 151 152 Other* 828 651 '942 919 980 1,032 1,091 1,183 1,292 1,318 1,202 Total 6,829 7,114 '8,194 8,368 8,574 8,907 9,502 10,075 10,457 10,618 11,104 Sterling Area: 3,557 2,843 2,241 2,318 2,627 2,886 3,051 3,009 3,198 3,536 3 388 United Kingdom dependencies.... 120 99 109 113 113 109 111 108 105 105 104 India 303 309 302 312 323 334 340 346 329 338 320 Union of South Africa 241 197 170 194 207 212 214 214 221 225 234 Other 232 326 353 347 356 369 354 '373 371 '373 366 Total 4,453 3,774 3,175 3,284 3,626 3,910 4,070 '4,050 4,224 '4,577 4,412 Canada 1,988 2,157 2,437 2,492 2,435 2,238 2,292 2,417 2,487 2,463 2,537 Latin America: 518 518 398 427 485 519 520 503 543 550 578 Brazil.. .. .... 543 417 406 390 393 451 481 423 431 417 413 Chile 120 99 100 121 128 129 134 121 102 103 117 Cuba 530 575 601 515 527 579 587 531 548 532 473 Mexico 415 366 320 375 393 339 325 341 329 258 3313 Uruguay 311 306 302 301 309 311 311 337 329 335 329 Venezuela 458 445 527 519 490 530 571 595 562 621 618 Other 560 634 683 721 812 814 779 772 868 907 819 Total 3,455 3,360 3,337 3,369 3,537 3,672 3.708 3,623 3,712 3,723 3 660 Asia: Indonesia . 324 421 367 296 275 246 198 184 166 140 168 160 163 156 157 156 155 168 181 185 171 163 Japan . . 587 729 898 936 1,026 1,022 1,062 958 807 747 801 Philippines 377 337 329 324 334 316 318 304 319 308 318 Thailand 166 210 271 294 306 311 304 281 268 243 238 Other 256 325 355 360 401 363 374 401 451 444 465 Total 1,870 2,185 2,376 2,367 2,498 2,413 2,424 2,309 2,196 2,053 2,153 Eastern Europe 4 344 309 310 307 307 306 314 306 308 309 308 All other: Egypt 173 285 266 234 227 229 218 217 224 226 219 Other 28 42 ••45 49 57 61 63 67 74 67 70 Total 201 327 '311 283 284 290 281 284 298 293 289 Total foreign countries 19,140 19,226 '20,140 20,470 21,261 21,736 22,591 '23,064 23,682 '24,036 24,463 International ^ . . . .. 3,090 3,171 '3,265 3,287 3,249 3,272 3,212 3,331 3,401 3,364 3,536 Grand total 22,230 22,397 '23,405 23,757 24,510 25,008 25,803 '26,395 27,083 '27,400 27,999 P Preliminary. 'Revised. 1 Includes gold reserves of Bank of France and French dependencies only. 2 Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. 3 Includes latest available figure for Mexican gold reserves (July 31). ^Excludes gold reserves of the U. S. S R. 6Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private dollar holdings as shown in Tables 1 and la-Id of the preceding section, as well as certain longer term U. S. Government securities reported as purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245. DECEMBER 1954 1323 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 ota ( 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.)i Treasury Total2 1949—Dec 35,410 24,427 24,563 216 | 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec 36,280 23,186 23,252 706 21 317 896 42 214 31 23 1953—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 ,005 42 186 31 23 Feb. . 21,958 22,036 787 21 321 ,017 42 186 31 23 Mar. . . 36.920 21,965 22,035 787 8 321 ,022 42 186 31 23 Apr 21,969 22,083 788 8 321 ,030 42 186 31 23 May. .. 21.973 22,039 779 321 L.034 42 186 31 23 June... 37.100 21,927 22,027 765 321 1,042 42 186 31 23 July 21,908 21,960 765 322 1,050 42 186 31 23 Aug 21,809 21,897 756 322 L.O52 42 186 31 23 Sept P37.2OO 21,810 21,863 760 322 L.O59 42 186 31 23 Oct 21,759 21,827 760 0<S5 31 23 Ger- E m n o d n t o h f Egypt France3 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d si o a - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - Pa ta k n is- Peru of 1949—Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—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 27 247 137 346 58 794 45 38 34 Aug 174 576 544 27 247 137 796 45 38 34 Sept.. . 174 576 574 27 247 796 45 38 34 Oct 174 576 599 796 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 ,504 118 154 41,688 178 373 ,451 68 1950—Dec 192 23 197 61 90 ,470 118 150 43,300 236 373 ,495 167 1951—Dec 265 26 190 51 152 ,452 113 151 42,335 221 373 L.530 115 1952—Dec 286 29 170 51 184 ,411 113 143 41,846 207 373 L.692 196 1953—Oct 348 29 175 54 219 ,460 113 143 42,520 222 373 ,700 195 Nov.. . . 350 29 175 54 219 ,460 113 143 42,561 222 373 L .701 190 Dec 361 29 176 54 218 1,459 113 143 42,518 227 373 L.7O2 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 ,469 113 144 42,583 227 373 1,702 190 Mar 386 29 177 54 218 L.469 113 144 42,685 227 373 L.7O3 199 Apr 391 29 180 54 218 L ,471 113 144 42,820 227 373 L ,719 197 May.... 393 29 180 55 218 L.450 113 144 42,985 227 373 1,727 186 June 393 29 187 56 219 1,469 113 144 43,017 227 403 1,727 182 July.... 403 29 188 56 219 1,485 113 144 43,013 227 403 11,733 186 Aug 410 29 193 56 219 1,490 113 144 42,918 227 403 1,734 193 Sept 416 29 195 56 219 1,503 113 144 42,901 227 403 1,734 195 Oct 422 29 P199 224 p ,513 42,936 403 193 ^Preliminary. 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." 8 Rep resents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). * 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. 1324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THB UNITED STATES, BY COUNTRIES (Negative figures indicate net sales by the United States) (In millions of dollars at $35 per fine troy ounce] Y qu e a a r r t e o r r Total K U in n g i d te o d m g B iu e m l- France R m F G e a p e e n . d r y - . o , f N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o 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 -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 -130.0 -65.0 -59.9 -20.6 -65.0 -111.8 -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 -30.0 -25.0 -15.0 -10.0 -20.0 '-45.0 -54.9 -28.1 Apr.-June. -128.2 -40.0 -3.4 -10.0 -15.0 -25.0 '-8.8 -20.0 July-Sept. -306.6 -120.0 -12.4 -40.0 -46! 6 -15.0 -15.0 '-42.8 -10.0 Oct.-Dec. . -130.3 -32.6 -50.0 -15.0 -5.0 '-15.3 1954 Jan.-Mar.. -63.0 -40.0 20.0 -2 4 Apr.-June. -19.6 -50.0 -15.6 -5.0 -1 80.3 July-Sept., -171.8 -20.0 -8.0 -2.5 NET GOLD PURCHASES BY THB 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 te 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 d i 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 y a s o - fp T e o ri t o a d l1 I i n n s g c to o r t e o l c d a t k a s l e g p e o o x N ld r p e t o t i o m rt r -g m o c c o l r r a r d e e r : a a k i 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 3-188.3 3.7 1946 -4.9 -9.2 25.0 13.7 94.3 22.9 1942 22,726 22,739 —23.0 315.7 —458.4 125.4 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1943 .. 21,938 21,981 — 757 9 68 9 —803 6 48 3 1948 10.7 -108.0 13.4 -4.1 498.6 6.9 1944 20,619 20,631 -1,349.8 -845 4 -459 8 35 8 1949 -14.4 -50.0 -7.5 -52.1 195.7 -1.6 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1 1 9 9 5 5 0 1 — 2 6 2 4 . 2 8 -.9 - - 1 1 7 7 . . 2 2 5- - 5 3 0 5. . 4 1 5 1 2 3 . . 1 1 4 4 - - 4 8 7 4 . . 2 0 1 1 9 9 4 4 6 7 2 2 2 0 , , 7 5 5 2 4 9 2 2 2 0 , , 8 7 6 0 8 6 22,1 6 6 2 2 3 . . 1 1 1,8 3 6 11 6 . . 5 3 2 4 1 6 0 5 . . 0 4 5 7 1 5 . . 2 8 1952 14 9 -25.1 -7.0 11.5 -2.0 1948 . .. 24,244 24,399 1,530.4 1,680 4 — 159 2 70 9 1953 -15.0 -3.8 -6.1 -9.9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 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 -.1 1953—Nov. . 22,028 22,112 -34.0 -.6 -35.1 6.2 Oct.-Dec 4.8 2.0 -1.8 -1.9 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 Feb... 21,958 22,036 -7.7 1.6 -9.9 4.9 Jan.-Mar -10.0 -3.6 -1.1 Mar. . 21,965 22,035 -1.5 9.0 -2.0 5.4 Apr.-June.. —5 0 -1.2 Apr... 21,969 22,083 47.9 2.4 37.5 4.9 July-Sept j — 1 4 May.. 21,973 22,039 -44.1 1.2 -48.4 5.0 Oct.-Dec -.1 -2.4 -9.9 June.. 21,927 22,027 -11.6 3.3 -16.9 6.1 July.. 21,908 21,960 -66.5 1.5 -72.7 6.1 1954 Aug... 21,809 21,897 -63.6 1.7 -65.4 5.8 Sept.. . 21,810 21,863 -33.6 1.1 -34.6 5.1 A J T a u p n l r v . . - - - M S J e u a o n r t e.. . . -5.0 ' -30.6 1 2 3 . . 0 2 - -1 8 . . 2 9 O No ct v . . . . . . . * 2 2 1 1, , 7 7 1 5 O 9 P 2 2 1 1 , . 8 7 2 9 7 1 P - - 3 3 6 6 . . 7 0 C 1 O .6 4- - 3 3 6 4 . . 7 6 5 (3 . ) 6 pPreliminary. r Revised. 1 See footnote 2 on opposite page. 1 Includes Bank for International Settlements. 2Change includes transfer of 687.5 million dollars gold subscrip- 3 Includes sale of 114.3 million dollars of gold to Italy. tion to International Monetary Fund. 3 Includes sales of 185.3 million dollars of gold to China. 3 Not yet available. 4Includes sales of gold to Egypt as follows: 1950, 44.8 million 4 Gold held under earmark at the Federal Reserve Banks for foreign dollars; and 1951, 76.0 million. account, including gold held for the account of international institu- ^Includes sales of 45.0 million dollars of gold to Indonesia. tions, amounted to 6,810.7 million dollars on Nov. 30, 1954. Gold 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. DECEMBER 1954 1325 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 I_r. S. securities 478 415 468 427 379 Gold 1,733 1,719 1,702 1,700 1,699 O Ef t f h e e c r t iv c e u rr l e o n a c n i s e 2 s and securitie31 . 1 1 , , 0 6 4 2 9 0 1 1 ,0 6 3 6 4 3 1 9 5 9 6 0 2 1 1 , , 0 5 1 3 1 5 1 1 , , 0 4 1 0 8 8 Curre U n n c i i t e e s d : 1 States 1,472 1,408 1,386 1,310 1,332 Other assets8 33 31 33 25 21 Other 4,746 4 824 4 847 4 92C 4 885 IBRD bonds outstatiding 850 777 742 653 567 Unpaid member subscriptions... 892 889 796 799 812 Undisbursed loans.. 336 38C) 357 401 325 Member subscripts3ns 8,853 8,849 8,739 8,735 8,737 Other liabilities 9 1C) 7 7 5 Accumulated net irlrnme —9 —8 —8 —8 Reserves 154 Ut> 137 129 122 Capital8 1,831 1.83C) 1,80? 1,808 1,808 Cumulative net drawings Sub- on the FundB Loans as of October 31.1954 scrip- Country8 Quota p ti a o i n d 1954 1953 Country* Outstanding go in ld Prin- Dis- Undis- Re- Sept. Aug. July Sept. cipal bursed bursed paid Sold Total to others1 Australia 200 8.4 20.0 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 . . 204.0 172.0 32.0 172.0 4.5 France . 525 108.1 105.0 105.0 105.0 125.0 Belgium 86.0 86.0 1.5 84.5 18.4 Germany 330 33.0 —46.1 -46.1 -46.1 -4.4 Brazil 194.1 133.0 61.1 2.0 130.9 4.3 India 400 27.5 53.3 53.3 53.3 100.0 Chile 37.3 17.2 20.1 3.2 14.0 .2 Indonesia 110 15.5 15.0 15.0 69.3 37.4 31.9 2.9 34.5 .9 Japan 250 62.5 62.4 62.4 62.4 14.0 Denmark 40.0 40.0 1.2 38.8 1.0 Mexico 90 22.5 22.5 22.5 22.5 Finland 38.1 32.0 6.1 4 7 27.3 Turkey 43 10.8 27.0 27 0 27 0 30.0 France 257.5 250.0 7.5 5.3 244.7 5.2 United States 2,750 687.5 -455.8 -461.8 -558.7 -724.7 India 100.5 56.0 44.5 12.5 43.5 5.3 Mexico 1 4 4 0 1 .2 3 6 9 3 . 5 7 3 7 0 7 . 7 6 3 0 6 9 0 . 5 7 6 2 .1 6 1 Currencies include demand obligations held in lieu of deposits. Netherlands 221.5 221.5 79.9 141 6 10 5 2 Represents total principal of authorized loans, less loans not yet Norway . 25 0 25 0 25 0 4 3 effective, repayments, the net amount outstanding on loans sold or Pakistan 44.5 15.7 28 7 1 3 14 5 agreed to be sold to others, and exchange adjustment. Thailand 25.4 22.3 3.1 .5 21.8 3 Excludes uncalled portions of capital subscriptions. Turkey 63 4 25 8 37 6 2 25 6 * Loans to dependencies of member countries are included with Union of S. Africa. 110.0 100.3 9.7 .6 99.7 6.1 member. United Kingdom... 42.0 35.5 6.5 35.5 5.9 ^Includes also effective loans agreed to be sold but not yet disbursed. Uruguay 33.0 26 9 6.1 26 9 5 •Includes 121 million dollars in loans not yet effective. 60.7 50.0 10.7 2.7 47.3 *Of this amount, 23 million dollars is guaranteed and 57 million is Other 143.4 73.9 69.5 2.4 71.5 3.6 not 8 I g n u c a lu ra d n e t s e e c d o u b n y tr t ie h s e h B a a v n i k n . g cumulative net drawings of 10 million Total 61 977 11 493 8483 3 124 0 1 369 8779 4 dollars (+ or —) on the latest date. •Represents for each country purchases 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 t o m f e is n s t ue Ass d e e ts p a o r f tm 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 te i r l l l i i n o g n ) s of Gold* a O ss th et e s r 2 N c a o o n t i d e n s a c n o D d u i s n a - t d s - Se t c ie u s ri- ci t r i c o u n l s a- Deposits t l i O i e a s t b h a i e l n i r - d vances Bankers' Public ECA Other capital 1944—Dec. 27 ,250.0 13.5 5.1 317.4 ,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 ,400.0 20.7 8.4 327.0 ,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 ,450.0 23.4 13.6 327.6 ,428.2 278.9 10.3 57.3 18. 1947—Dec. 31 ,450.0 100.8 15.2 331.3 ,349.7 315.1 18.6 95.5 18. 1948—Dec. 29 ,325.0 36.1 16.7 401.1 ,293.1 314.5 11.7 17.4 92.1 18. 1949—Dec. 28 ,350.0 33.7 14.8 489.6 ,321.9 299.2 11.6 97.9 111.2 18. 1950—Dec. 27 ,375.0 19.2 29.2 384.0 ,357.7 313.5 15.4 .4 85.0 18. 1951—Dec. 26 ,450.0 14.1 18.2 389.2 ,437.9 299.8 13.4 .6 89.8 18. 1952—Dec. 31 ,575.0 51.3 11.2 371.2 ,525.5 302.8 10.0 24.3 78.5 18. 1953—Nov. 25 ,575.0 27.9 7.6 362.9 ,549.9 288.8 10.4 11.5 69.9 17.9 Dec. 30 ,675.0 57.8 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 1954—Jan. 27 41,575.0 42.6 15.4 330.2 ,535.2 278.6 10.7 12.5 68.1 18.3 Feb. 24 ,575.0 29.9 14.0 340.1 ,547.9 284.0 10.9 4.7 65.9 18.4 Mar. 31 ,625.0 51.3 15.2 319.3 ,576.9 262.7 30.6 1.0 72.9 18.6 Apr. 28 ,625.0 15.5 7.5 369.5 ,612.6 289.3 11.7 6.6 67.1 17.8 May 26 ,625.0 14.7 7.0 352.5 ,613.4 267.8 14.0 4.6 69.8 18.0 June 30 M,675.0 30.2 11.7 374.6 ,647.4 307.7 10.6 8.7 71.3 18.2 July 28 ,750.0 36.8 8.2 338.7 ,715.8 269.1 14.8 10.2 71.3 18.3 Aug. 25 ,700.0 48.7 7.0 310.1 ,654.0 267.2 14.6 1.7 63.8 18.4 Sept. 29 41,675.0 42.3 6.5 337.6 ,635.4 276.1 16.4 6.3 69.0 18.5 Oct. 27 1,675.0 41.7 2.1 351.1 ,635.9 295.6 9.8 6.3 65.4 17.8 *On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8Notes issued less amounts held in banking department. 4 Fiduciary 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. 1326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a es d i i a n n m d i o ll l i l o a n rs s ) of Gold* an S d S t e ta r U l t i n e n s i g ted securities Other circ N ul o a t t e ion3 lia O b a t i n h li d e ti r es dollars S te h r o m rt 2 - Other assets Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other capital4 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55. 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209. 1945—Dec. 31. 156 8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198. 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42. 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42. 1948—Dec. 31. .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43. 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950— Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—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 1,585.3 521.4 81.8 25.8 123.2 Oct. 30. 52.3 ,438.2 809.9 105.5 1,579.8 595.2 49.8 31.4 149.5 Assets Liabilitie Bank of France Advances to mill ( io F n ig s u o re f s f r i a n ncs) Gold* F c o h e r a x e n i - g g e n m O a p r e k n e D t8 om Sp es e t c i i c a l bills Other Cu G rr o e v n e t r nm O e t n h t e 6 r a O ss th et e s r 9 ci N r ti c o o u t n l e a- G m ov e e n r t n- De E p C o A sits7 Other c l O a i i a a t p t n i b h e i d t i e s l a r - l 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 •21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 *15,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67[900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 1,841,608 29 10,587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,727 ,123,514 27 897 137,727 49,305 1953—Nov. 26. 201,282 12,444 255,680 59,533 836,117 200,000 654,949 150,222 ,168,977 78 458 131,490 69,224 Dec. 31. 201,282 15,421 292,465 61,108 891,560 200,000 679,849 169,964 ,310,452 21 2,061 142,823 56,292 1954—Jan. 28. 201,282 18,596 262,211 56,988 895,508 195,000 657,549 162,772 ,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 ,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 2,333,133 100 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 Oct. 28. 201,282 48,971 264,861 32,697 1,027,934 195,000 626,249 '218,288 2,428,122 93 98 119,406 67,563 *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. * Beginning November 1944, includes a certain amount of sterling and United States dollars. *For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. «For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. * Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. •Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580; 1942, 16,857; 1943, 10,724. ^Includes advance to Stabilization Fund, amounting to 79.1 billion francs on Oct. 28. 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. DECEMBER 1954 1327 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) Oct. Sept. Au Oct. date of month) Oct. Sept. Aug. Oct. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Cold reported separately 1,623 1,623 1,623 Loans and discounts 491,641 451,770 395,838 334,671 Other gold and foreign exchange. 1,685 1,679 1,328 Government loans and securities. 293,928 290,381289,645 229,485 Government securities 3,712 3,717 3,208 Other assets 105,982 111,331 120,762 93,346 Rediscounts and loans to banks.. 64,909 63,889 55,405 Note circulation 641,822 663344,,884499 647^218 546,234 Other assets 274 273 263 Deposits 511,703 501,777 516,874 367,455 Currency circulation 27,412 26,984 23,626 Other liabilities and capital 123,954 124,504 121,941 92,366 Deposits—Nationalized 39,514 39,054 33,900 Central Bank of Costa Rica Other sight obligations 562 545 410 (thousands of colones): Other liabilities and capital 4,714 4,598 3,892 Gold 11,503 11,503 11,503 11,511 Commonwealth Bank of Aus- Foreign exchange 48,502 60,461 72,251 90,807 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,032 7,032 7,032 7,031 Gold and foreign exchange 425,542 425,470 449,507 487,588 Loans and discounts 121,244 116,687 109,112 90,134 Checks and bills of other banks.. 5,863 5,673 7,054 4,148 Securities 3,828 3,828 3,762 Securities (ind. Government and Other assets. 26,581 24,480 24,847 24,697 Treasury bills) 467,859 485,057438,647 386,373 Note circulation 140,041 138,705 136,752 133,407 Other assets 60,551 59,620 67,872 32,870 Demand deposits 47,368 54,989 62,046 62,547 Note circulation 352,327351,077 347,577 333,113 Other liabilities and capital 31,281 30,297 29,709 28,226 Deposits of Trading Banks: National Bank of Cuba Special 310,670311,870331,370 251,730 (thousands of pesos): Other 36,677 35,157 31,826 28,619 Gold 185,876 185,871 185,748 Other liabilities and capital 260,142 277,717252,307 297,516 Foreign exchange (net) 32,536 27,767 56,741 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 266,566 287,542 260,587 Gold 498 442 413 101 Silver 8,896 Foreign exchange (net) 9,674 9,898 9,758 6,131 Net claim on Int'l. Fund2 12,512 12,512 12,512 Loans and discounts 5,158 5,111 5,199 5,737 Loans and discounts 33,660 32,012 34,603 Claim against Government 1,776 1,777 1,777 1,852 Credits to Government 52,006 36,052 26,377 Other assets 22 23 29 31 Other assets 77,264 76,949 71,616 Note circulation 11,575 11,355 11,265 9,664 Note circulation 408,034 411,871 407,034 Deposits—Banks 2,890 3,105 3,257 1,502 Deposits 233,837 228,715 234,617 Other 812 883 771 673 Other liabilities and capital 18,549 18,120 15,428 Blocked 1,850 1,907 1,884 2,014National Bank of Czechoslovakia3 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold 37,976 37,993 37,777 37,702 Gold 69 69 69 69 Foreign claims and balances (net) 12,205 11,684 11,147 13,679 Foreign exchange 730 781 810 927 Loans and discounts 6,180 8,444 8,463 7,108 Loans and discounts 322 280 181 152 Consolidated Government debt. . 34,660 34,660 34,660 34,660 Securities 510 510 514 462 Government securities 9,882 8,694 8,880 6,887 Govt. compensation account.... 3,215 3,216 3,216 3,256 Other assets 4,667 4,599 4,490 4,840 Other assets. 383 295 337 189 Note circulation 100,371 101,162 100,140 98,602 Note circulation 1,964 1,919 1,896 1,916 Deposits—Demand 1,820 1,553 1,498 1,896 Deposits—Government 1,279 1,269 1,271 1,562 ECA 89 99 125 187 Other 1,739 1,723 1,722 1,372 Other liabilities and capital 3,291 3,260 3,654 4,193 Other liabilities and capital 246 241 238 205 Central Bank of Bolivia—Mone- Central Bank of the Dominican tary dept. (millions of bolivianos): (Apr.)* Republic (thousands of pesos): Gold at home and abroad 1,903 4,418 Gold 12,076 12,076 12,076 12,076 Foreign exchange (net)l 12,745 7,910 Foreign exchange (net) 24,521 25,569 27,333 14,862 Loans and discounts 6,411 3,573 Net claim on Int'l. Fund2 1,250 1,250 1,250 1,250 Government securities 2,505 2,505 Loans and discounts 3,165 2,459 2,371 1,684 Other assets. 235 576 Government securities 9,420 9,420 9,420 9,950 Note circulation 13,779 10,874 Other assets 7,456 7,309 7,131 1,672 Deposits 3,309 1,533 Note circulation 38,359 38,076 38,010 33,454 Other liabilities and capital 6,710 6,576 Demand deposits 17,243 17,764 19,356 5,999 Central Bank of Ceylon (thousands Other liabilities and capital 2,286 2,242 2,214 2,041 of rupees): Central Bank of Ecuador Foreign exchange 484,519 467,456 450,108 281,543 (thousands of sucres): Advances to Government 23,300 65,800 25,000 74,100 Gold 342,,752 342663342,656 340,460 Government securities 19,014 18,543 25,212 118,717 Foreign exchange (net) 165,719 149 688126,640 128,862 Other assets 5,254 6,017 9,120 12,347 Net claim on Int'l. Fund2 18,757 18 757 18,757 18,757 Currency in circulation 380,973 377,987 368,700 375,178 Credits—Government 375,,652 382 112383,947 313,579 Deposits—Government 7,279 13,69" 3,108 1,171 Other 240,427 256,359 266,308 260,595 Banks 92,532 115,930 88,323 65,602 Other assets 210,877 203 265209,616 188,180 Other liabilities and capital.... 51,302 50,202 49,309 44,757 Note circulation , 726,945 720 045 713,130 602,413 Central Bank of Chile (millions Demand deposits—Private banki. 230,678 219 134 223,968 175,910 of pesos): Other 160,259 175 570172,176 178,549 Gold 5,71 5,704 5,699 5,637 Other liabilities and capital 236,302 238 095238,650 293,562 Foreign exchange (net) 979 1,420 1,097 432 National Bank of Egypt (thou- Discounts for member banks. .. 3,139 3,307 2,480 2,489 sands of pounds): Loans to Government 11,468 11,469 11,469 5,535 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 9,13 9,488 9,765 6,667 Foreign exchange 18,628 18,830 20,000 18,905 Other assets 3,421 3,33: 3,170 2,666 Foreign and Egyptian Note circulation 22,132 22,05 20,668 15,664 Government securities 271,676 243,176 243,079 293,835 Deposits—Bank 3,510 3,964 5,002 3,293 Loans and discounts 26,799 25,751 22,575 20,965 Other 610 986 449 50 Advances to Government 11 Other liabilities and capital.... 7,601 7,71 7,561 3,963 Other assets 2,845 2,368 3,228 3,402 Bank of the Republic of Colombia Note circulation 185,367 165,620 163,102 192,850 (thousands of pesos): Deposits—Government 76,966 52,431 47,573 87,494 Gold and foreign exchange 361,549383,270 455,409 324,176 Other 107,378 120,904 129,110 106,160 Net claim on Int'l. Fund2 24,379 24,377 24,377 24,376 Other liabilities and capital 10,791 11,722 9,661 11,155 •Latest month available. 1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2 This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 1328 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug Oct. Central Reserve Bank of £1 Salva- Bank Indonesia—Cont. dor (thousands of colones): Note circulation 6,525 6,321 6,212 4,883 Gold 71,966 72,027 72,089 72,809 Deposits—ECA 495 495 495 495 Foreign exchange (net) 20,658 35,635 45,287 39,566 Other 2,220 2,207 2,116 1,290 Net claim on Int'l. Fund1 1,568 1,568 1,568 1,566 Other liabilities and capital 524 502 482 504 Loans and discounts 45,138 37,929 33,182 22,396Central Bank of Ireland (thousands Government debt and securities.. 5,723 5,789 7,103 5,026 of pounds) : Other assets.. 7,338 7,453 7,246 2,648 Gold 2,646 2,646 2,646 2,646 Note circulation 87,525 88,524 90,849 84,322 Sterling funds 67,331 65,034 64,135 65,711 Deposits 53,186 61,172 65,053 51,259 Note circulation 69,977 67,680 66,781 68,357 Other liabilities and capital 11,680 10,703 10,573 8,430Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 4 4 kaa): Foreign exchange 82 79 77 60 Gold 6,973 6,973 5,862 Advances to Treasury 567 567 567 567 Foreign assets (net) 20,516 17,397 11,652 Loans and discounts 379 357 364 332 Clearings (net) 7,113 7,722 8,121 Government securities 322 322 311 246 Loans and discounts 37,146 33,059 40,580 Other assets 810 835 774 717 Securities 2,214 2,244 2,308 Note circulation 1,403 1,410 1,395 1,300 Other assets 2,025 1,985 1,936 Deposits—Government 39 35 30 35 Note circulation 45,080 45,850 42,759 Demand 56 60 69 63 Deposits 15,250 7,996 9,454 Other 532 523 475 409 Other liabilities and capital 15,657 15,534 18,246 Other liabilities and capital 133 136 129 118 Bank of German States2 Bank of Japan (millions of yen): (millions of German marks): Bullion 448 448 448 448 Gold 2,514 2,413 2,286 1,185 Advances to Government 1,377 ,377 1,400 11,513 Foreign exchange 8,259 8,198 8,148 6,356 Loans and discounts 380,952 ,913435,759 446,320 Loans and discounts 1,632 1,734 1,586 2,056 Government securities 288,562 ,379193,934 176,234 Loans to Government 4,401 4,167 4,941 6,385 Other assets 85,440 ,467 82,562 118,420 Other assets 1,121 1,106 916 833 Note circulation 529,814 ,346521,725 533,568 Note circulation 12,127 11,966 11,686 11,372 Deposits—Government 42,785 ,533 42,423 96,892 Deposits—Government 1,103 1,122 1,096 1,085 Other 85,000 ,766 75,366 68,171 Banks 2,616 2,412 2,966 2,424 Other liabilities 99,179 ,939 74,590 54,303 Other 220 293 306 227 Bank of Mexico (millions of pesos): Other liabilities and capital 1,861 1,825 1,825 1,706 Monetary reserve7 1,321 1,288 1,271 1,151 Bank of Greece3 (millions of drach- "Authorized" holdings of secumae): rities, etc 3,451 3,436 3,393 2,796 Gold and foreign exchange (net). 4,684 4,852 44,669 Bills and discounts 507 486 475 683 Loans and discounts 187 174 4298 Other assets 772 720 729 472 Advances—Government 8,801 9,116 48,618 Note circulation 3,871 3,728 3,745 3,210 Other 4,472 4,436 43,405 Demand liabilities 1,412 1,423 1,340 1,393 Other assets 2,119 2,228 42,261 Other liabilities and capital 770 779 783 499 Note circulation 3,612 3,468 43,141Netherlands Bank (millions of Deposits—Government 1,511 1,681 41,225 guilders): Reconstruction and Gold 3,015 3,015 3,015 2,775 relief acts 7,006 6,961 46,949 Silver (including subsidiary coin). 19 18 18 16 Other 3,019 3,092 42,596 Foreign assets (net) 1,295 1,324 1,335 1,454 Other liabilities and capital 5,114 5,605 45,340 Loans and discounts 30 30 28 35 Bank of Guatemala (thousands of Govt. debt and securities 735 703 695 1,217 quetzales): Other assets 478 463 436 428 Gold 27,228 27,228 27,228 Note circulation—Old 29 29 29 31 Foreign exchange (net) 7,547 10,156 7,428 New 3,367 3,373 3,418 3,120 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Deposits—Government 305 420 406 596 Rediscounts and advances 9,824 11,364 13,656 ECA 803 801 801 1,201 Other assets 45,526 44,669 27,681 Other 833 696 640 767 Circulation—Notes 51,370 51,940 44,587 Other liabilities and capital 235 234 232 211 Coin 3,699 3,701 3,604Reserve Bank of New Zealand Deposits—Government 5,575 8,870 3,019 (thousands of pounds): Banks 12,277 13,321 10,273 Gold 6,174 6,173 6,172 6,028 Other liabilities and capital 18,455 16,835 15,760 Foreign exchange reserve 62,661 73,940 85,822 63,010 National Bank of Hungary6 Loans and discounts 13,464 11,019 13,369 6,019 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings 34,365 26,906 30,847 54,280 Issue department: Investments 33,421 33,413 23,964 47,030 Gold at home and abroad 400 400 400 Other assets 1,301 1,819 1,475 1,515 Foreign securities 6,132 6,132 5,582 Note circulation 69,169 67,916 67,930 64,667 Indian Govt. securities 4,177 4,212 4,214 Demand deposits 73,780 77,043 85,469 104,891 Rupee coin. 1,064 1,049 979 Other liabilities and capital 8,436 8,311 8,249 8,322 Note circulation 11,471 11,373 10,778Bank of Norway (millions of kroner): Banking department: Gold 203 203 203 281 Notes of issue department 302 419 397 Foreign assets (net) 67 82 176 84 Balances abroad ,174 1,154 1,422 Clearing accounts (net) -84 -83 -75 -2 Bills discounted 80 35 16 Loans and discounts 50 50 52 69 Loans to Government 9 15 Securities 25 26 26 38 Other assets ,209 1,135 Occupation account (net) 5,546 5,546 5,546 5,546 Deposits ,523 2,537 2,574 Other assets 72 94 57 63 Other liabilities and capital. . . j 252 221 280 Note circulation 3,124 3,100 3,119 2,916 Bank Indonesia (millions of rupiah): Deposits—Government 1,248 1,343 1,341 1,849 Gold and foreign exchange (net)6. 917 769 582 1,393 Banks 684 626 741 671 Loans and discounts 503 424 717 756 FOA—MSA 214 207 207 176 Advances to Government | 7,990 8,013 ,707 4,746 Other liabilities and capital 608 643 578 467 Other assets 354 319 299 276 iThis figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2 Combined figures for the Bank of German States and the nine Land Central Banks. 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. 6For 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. DECEMBER 1954 1329 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 37,579 36,?4? 32 106 Issue department: Note circulation 40,517 39,738 37,595 Gold at home and abroad... 81 81 81 81 5469 5375 3 501 Sterling securities 382 382 381 425 Other 3 209 3 324 3,448 Pakistan Govt. securities. . . 1 339 1,?99 1 ,300 1,147 Other liabilities and capital. .. . 3? 543 31087 28 335 Govt. of India securities.... 147 147 147 126Bank of Sweden (millions of kronor): 300 300 300 300 Gold 494 482 482 483 Rupee coin .... 55 57 57 68 Foreicrn assets (ncO 1,416 1 439 1359 1374 Notes in circulation 2 209 2, 171 2, 164 2, 147 Net claim on Int'l. Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department.. 94 95 102 113 vances to National Debt Office3 2,642 2 477 2 572 2 352 Bills discounted . 13 6 54 Other domestic bills and advances 44 84 46 325 Loans to Government 99 101 73 ?4 Other assets 883 868 860 883 384 363 4?0 455 Note circulation 4 730 4 615 4 523 4 503 Deposits 460 463 508 557 Demand deposits—Government.. 105 149 150 192 Other liabilities and capital.. 131 96 93 89 Other 85 33 78 113 Central Bank of Paraguay Other liabilities and capital 688 682 697 738 (thousands of guaranies): (Miiy)* Swiss National Bank (millions of Gold 1 ? 846 1 138 francs) * 91 307 46 439 Gold 6,321 6 278 6 221 6 092 ?8 11 Foreign exchange 508 527 530 509 Loans and discounts 450,566 268 661 Loans and discounts 107 109 102 207 Government loans and securities. 537,452 397 402 Other assets 94 98 92 73 Other assets ??q 189 472 181 Note circulation 5 066 s052 /\ 957 4 943 Note and coin issue 625 964 481 165 Other sight liabilities 1,758 1 754 1 785 1 731 Deposits—Government 138 965 131 649 Other liabilities and capital 206 205 203 208 Other 155 762 208 016 Central Bank of the Republic of Other liabilities and capital 390 697 365 004 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 364 333 416 clearings 194 198 216 196 Net claim on Int'l. Fund2 ... 67 67 67 Loans and discounts 9 637 9 529 9 385 1 993 Loans and discounts to banks. . . 669 696 5?9 Securities 30 30 30 26 Loans to Government 1 160 1 189 1 003 Other assets 98 92 92 141 Other assets 105 88 165 Note circulation 1 554 1 500 1 469 1 474 Note circulation 1 737 1 759 1 539 DeDosits—Gold 154 154 1 ^4. 153 Deposits 384 387 384 Other 1,166 1 092 983 805 Other liabilities and capital 244 229 258 Other liabilities and capital 487 506 519 325 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (July)* Gold 18,813 18813 18 813 18 813 Gold 344,167 336,572 Foreign exchange 410 0094? 5 ?35455 454 443 339 Silver 8 .58.1 9 157 Net claim on Int'l. Fund2 29,504 29 504 29 504 29 504 Advances to State and Govern- Loans 37,388 20 037 5 217 16 180 ment bodies 132,958 113,250 ??5 573??4 059??6 445 228 1?5 Other loans and discounts 374,919 345 852 Other assets 168 008 166 141 161 IIS 156,126 Other assets 558 292 624 317 Circulation—Notes 604,784601 737 599 715 574 786 465,970 410 47« Coin 85 110 84 99? 84 9?8 85 260 Deposits—Government 164 270 137 128 Demand deposits 138,70? 138 684 157 339 181 958 Other 333,536 342 529 Other liabilities and capital 60,693 58 376 54 564 50,084 Other liabilities and capital 455,143 539,014 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 5463 5 369 4 887 Gold 1 ?33 1 232 1,?3? 1 141 Foreign exchange (net) 13,098 13,084 12,272 Foreign exchange (net) 218 293 212 291 Loans and discounts . 890 737 685 Other assets 168 174 142 85 Advances to Government 1408 1404 1,430 Note circulation 990 982 99? 906 Other assets 1,087 1,021 748 Deposits 202 253 223 248 Note circulation 10,052 9,834 9,238 Other liabilities and capital 427 464 371 364 Demand deposits—Government. 2,165 2,153 1,532 Bank for International Settle- ECA ( 6 ments (millions of Swiss gold Other 7464 7 407 7,11? francs): Other liabilities and capital . 2,248 2,215 2,135 Gold in bars 589 596 591 597 South African Reserve Bank Cash on hand and with banks... 58 49 89 77 (thousands of pounds): Sight funds at interest 1 Gold 70,431 68,975 68,267 62,101 Rediscountable bills and accept- Foreign bills 52,494 47,289 41,291 26,281 ances (at cost) 303 262 293 303 Other bills and loans Q,745 8,181 16,737 34,475 Time funds at interest 346 369 386 46 Other assets . .. 45,443 47,836 45,922 43,301 Sundry bills and investments.... 473 466 442 248 Note circulation 101,458101,507 100,225 95,818 Funds invested in Germany 297 297 297 297 57,5« 5?,70? 5?,887 51, 314- Other assets 2 Other liabilities and capital 19,073 18,07? 19,105 19,025 432 431 436 449 Bank of Spain (millions of pesetas): Short-term deposits: Gold 613 613 596 Central banks—Own account.. 1,098 1,079 1,134 556 Silver . .. 323 323 336 Other 31 25 27 58 Government loans and securities 16,191 16,202 15,899 Long-term deposits: Special.... 229 229 229 229 27,032 26,143 23,942 Other liabilities and capital.... 283 282 28 278 * Latest month available. *On 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. 1330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o i n m t g ed - Francem 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 la w e n r i - d tz- ba C n e k n t o r f a — l O R 3 a c 1 t t . e ef D fec a t t i e ve ba C n e k n t o r f a — l R O 3 a c 1 t t e . ef D fec a t t i e ve In effect Dec. 31, Argentina 3 V^i Mar. 1, 1936 Ireland J« Mar. 25, 1952 1948 2 3 15 ..:». Austria June 3, 1954 Italy Apr. 6, 1950 May 27, 1949. . Belgium Oct. 29, 1953 Japan 5.84 Oct. 1, 1951 July 14 14 Bolivia 6 4 Sept. 30, 1950 Mexico June 4,1942 Oct. 6... 3\i. June 8, 1950 2X Sept. 11 3$£ Sept. 26 3 Canada 2 Oct. 17, 1950 Netherlands. Apr. 7, 1953 Oct. 27 16 Ceylon 2 V*» June 11, 1954 New Zealand. Apr. 12, 1954 Dec. 1... 3 Chile June 13, 1935 Norway Jan. 9, 1946 Apr. 17, 1951. . 4 Colombia 4 July 18, 1933 Pakistan 3 July 1, 1948 July 5 Costa Rica 4 Feb. 1, 1950 Sept. 13 3M Oct. 11 .. 3 Nov. 8 2X Nov. 9 4 Denmark June 23, 1954 Peru 6 Nov. 13, 1947 Jan. 22, 1952 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 i4i^ Dec. 18... . 3 Jan. 8, 1953. . 14 Apr. 7 .. 2i^ France Feb. 4, 1954 Switzerland.. Nov. 26, 1936 June 11 134/ Germany 13 4 May 20, 1954 Turkey Feb. 26, 1951 Sept. 17 3X 3X Greece 10 Jan. 1, 1954 United King- Oct. 29 .. 2 »/ India Nov. 15, 1951 dom 3 May 13, 1954 Nov. 20 2%. Indonesia 3 2 Apr. 1, 1946 U.S.S.R 4 July 1, 1936 Feb. 4, 1954. . 3M May 13 3 May 20 X3 1 Rates established for the Land Central banks, In effect Oct. NOTE.—Changes sinee Oct. 31: France—Dec. 2, froi71 3%to 3; and New 31, 1954 3 SH 13 2K 2H Zealand—Nov. 26, fron1 33^ to 4 per cent. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1944—September .38 1.03 1.01 1.13 .50 1.73 3sy 2 :.25 1945—September .36 1.03 1.00 ] .13 .50 1.41 1.72 1.08 2^-5 .25 1946—September. . . . .40 .53 .51 .63 .50 1.32 L.30 1.00 2^-4^ .25 1947—September .41 .53 .51 .63 .50 1.44 L.08 .75 .25 1948—September. . . . .41 .56 .51 .63 .50 2.84 L .10 .84 2j|-4j| .63 1949—September .51 .69 .52 .63 .50 P2.03 1.15 1.01 2^-43^ .50 1950—September. ... .62 .69 .52 .63 .50 2.22 L.33 .91 2X-*X .50 1 1 1 9 9 9 5 5 5 3 2 1 — — — S S S e e e p p p t t t e e e m m m b b b e e e r r r . . . . . . . . 1 L . . 1 8 .9 8 4 1 3 2 1 . . . 0 6 0 0 7 0 2 2 . . . 2 4 5 7 9 1 2 2 . . . 2 0 6 5 9 3 2 1 . . . 0 8 5 0 8 0 4 4 2 . . . 3 0 5 4 0 6 L . . . 8 4 2 5 3 4 1. . . 0 6 5 0 2 0 3 3 3 - - - 5 5 5 : 1L . . . 5 5 5 0 0 0 1953—October 1.93 2.19 2.11 L.94 1.75 3.91 .38 .50 3-5 11.50 D N e o c v e e m m b b er er.... L L . . 9 8 0 8 2 2 . . 1 1 9 9 2 2 . . 1 1 0 1 L t. . 9 9 4 4 1 1 . . 7 7 5 5 4 3. . 7 0 5 0 . . 2 0 8 3 . . 5 5 0 0 3 3- - 5 5 1L L . . 5 5 0 0 L88 2.19 2.12 1.94 1.75 3.66 .23 .50 2H-5 L.50 February 1.74 2.15 2.07 L.94 1.75 3.55 .25 .50 2%-S 1.50 L .61 2.16 2.10 1.94 1.75 3.42 .45 .50 2H-s L.50 J J A A M u u p u l a n y r g y e i u l st L 1 1 L 1 . . . . . 5 6 3 5 3 9 0 3 6 9 2 1 1 1 1 . . . . . 6 1 6 6 8 7 2 6 0 9 2 1 1 1 1 . . . . . 5 6 6 0 7 7 9 1 0 9 L L 1 L L . . . . . 4 9 4 4 6 4 4 4 4 3 1 1 1 1 1 . . . . . 2 2 7 2 4 5 5 5 5 4 3 3 3 3 3 . . . . . 8 5 7 5 5 2 7 9 5 4 . . . . . 3 4 3 7 4 8 1 8 5 0 . . . . . 5 5 5 5 5 0 0 0 3 0 2 2 2 2 H H H H S - - - 5 5 5 L 1 L L L . . . . . 5 5 5 5 5 0 0 0 0 0 September.... L .21 1.65 1.63 1.44 1.25 3.77 .88 .51 2H-s L.50 2M-5 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. DECEMBER 1954 1331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities (11 London clearing m ba i n ll k io s s n . t e s r F l o in i f g g p u ) o re u s n i d n s re C se a r s v h es M c n a s o l o h n l t o e i a c r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs O as t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1948—December. 502 485 741 1,397 1,478 1,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 1,512 1,534 579 6,202 ,161 2,041 427 1950—December. 540 592 1,408 456 1,528 1,660 735 6,368 ,262 2,106 550 1951—December. 531 598 972 102 1,965 1,950 867 6,333 ,290 2,042 651 1952—December. 549 529 1,248 2,148 1,764 748 6,460 ,232 2,228 528 1953—November 520 469 1,354 2,245 1,687 626 6,419 ,080 2,339 483 December. 542 501 1,417 2,275 1,725 729 6,694 ,327 2,368 495 1954—January. . 526 483 1,330 2,277 1,706 633 6,457 4,124 2,333 499 February. 504 454 1,113 2,275 1,754 638 6,237 3,954 2,283 501 March.... 512 468 1,078 2,269 1,773 632 6,243 3,957 2,286 489 April 535 489 1,088 2,280 1,786 699 6,378 4,056 2,321 499 May 501 463 1,122 2,305 1,804 643 6,335 4,005 2,330 502 June 531 455 1,170 2,311 1,856 711 6,533 4,193 2,340 501 July 534 428 1,185 2,351 1,836 643 6,466 4,121 2,345 510 August. . . 534 438 1,209 2,348 1,840 656 6,519 4,173 2,346 505 September 521 418 1,262 2,360 1,828 670 6,539 4,171 2,367 520 October... 532 437 1,296 2,364 1,836 691 6,609 4,214 2,396 545 Assets Liabilities Canada* Security Deposits payable in Canada E (1 n C 1 d a i c n n o h a f a d m r m i t i a e l o n l r i n o e d t d n h o s l b l f o a a i f r n g s k u ) ? re . s Cas E h ntire S ly e lo c i a u n n r i s C ty ana l d o d i O a s a c n t o s h u e a n r n t d s d a a f u b n o l b o e a r d r e a n o f i n r n k g a o s e s d n m t Securities O as t s h e e ts r Notes* e T x o cl t u a d l ing i D n e te m rb a a n n d k de T po im si e ts li c a O a b a p t i n h l i i d e t t a i r e l s 1948—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2,776 171 4,286 ,304 7,828 3,270 4,558 ,667 1951—December. 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 ,714 1952—December. 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 ,736 1953—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 June 872 238 3,943 360 3,806 ,540 8,929 3,506 5,423 ,829 July 780 211 3,924 352 4,096 ,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 September 802 175 3,890 322 4,337 1,396 9,226 3,641 5,585 ,695 Assets Liabilities France (4 large banks. End Deposits Own Other o m f i m lli o o n n t s h o f f i g f u ra re n s c s i ) n re C se a r s v h es Du b e a n f k ro s m B co il u ls n d te i d s- Loans O as t s h e e t r s a a c n c c e e p s t- liab a i n l d ities 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—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 August 47,292 84,294 719.014 227,750 49,845 ,043,036 999,131 43,905 24,248 60,910 1 This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, excep t in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 3 In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures shown 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. 1332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada Year or month P (p re e f s e o r ) - ( t p A r o a u u l s n i - a d) ( A sc u h s il t l r in ia g) B (f e r l a g n i c u ) m (c B r r u a ze z i i r P o) M B (d r a o s i i l l t a l a i a s y r h ) - (dollar) Basic ential Free 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 "l3!333' "*8!289' 223.15 1.9908 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 5.4406 32.849 94.939 1952 20.000 13.333 7.163 222.63 1.9878 5.4406 32.601 102.149 1953 20.000 13.333 7.198 224.12 23.8580 2.0009 S.S 4420 32.595 101.650 1953—December 20.000 13.333 7.198 223.93 3.8580 2.0053 iL2808 3.5261 32.635 102.754 1954—January 20.000 13.333 7.198 224.01 3.8580 2.0023 tL2808 3.5261 32.646 102.781 February 20.000 13.333 7.198 224.13 3.8580 2.0036 i1.2808 3.5261 32.656 103.439 March 20.000 13.333 7.198 224.27 3.8580 "1.9931 t1.2808 3.5261 32.668 102.996 April 20.000 13.333 7.198 224.55 3.8580 1.9868 1.2808 3.5261 32.689 101.786 May 20.000 13.333 7.198 224.58 3.8580 1.9909 L2808 3.5261 32.681 101.575 20.000 13.333 7.198 224.56 3.8580 2.0032 *t•1.2808 3.5261 32.666 101.882 July 20.000 13.333 7.198 224.51 3.8580 2.0009 i1.2808 3.5261 32.689 102.611 August 20.000 13.333 7.198 224.13 3.8580 1.9994 44.2808 *3.5261 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 November 20.000 13.333 7.198 222.67 3.8580 1.9982 32.625 103.160 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—December 21.037 .4354 .2856 21.039 281.03 11.626 26.410 278.25 1954—January 21.038 .4354 .2856 21.039 281.14 11.619 26.405 278.35 February 21.044 .4354 .2856 21.047 281.29 11.614 26.408 278.50 March 21.052 .4354 .2856 21.056 281.45 11.608 26.408 278.67 April 21.079 .4354 .2856 «23.838 21.084 281.81 «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 .4354 .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 November 20.920 .4354 .2856 23.838 20.922 279.45 8.005 26.290 276.68 Year or month N (k o r r o w n a e y ) R P ( e p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t d l u o - ) ( A S po o fr u u i n c th d a ) (k S d r w o e e n n - a) e S (f r w r l a a i n t n z c d - ) ( U K p d o n i o u i n m t n g e d - d ) Ur ( u p g es u o a ) y7 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 «56.180 842.553 »34.217 1953—December 14.015 49.677 3.4900 279.98 19.323 23.289 281.03 865.833 856.180 842.553 832.573 1954—January 14.008 49.677 3.4900 280.09 19.333 23.308 281.14 February 14.008 49.677 3.4900 280.23 19.333 23.315 281.29 March 14.008 49.677 3.4900 280.40 19.333 23.308 281.45 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 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 November 14.008 49.677 3.4900 278.40 19.333 23.328 279.45 "Corrected. JFor 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. 3Offidal 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. 6Based on quotations beginning Apr. 1, 1954. flThe 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 55.1914. 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. 1333 DECEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U 1 = S 9 n t 1 4 a i 0 7 t t 0 e - e ) 4 d s 9 ( C 1 = a 9 1 n 3 0 5 a 0 - d ) 3 a 9 M (1 1 e 9 0 x 3 0 i 9 ) c = o K U ( i 1 n 1 n 9 g 0 i 3 0 t d 0 e ) o d = m F (1 r 1 9 a 0 4 n 0 9 ) c = e (1 I 1 t 9 0 a 3 0 l 8 y ) = ( a 1 J v 9 = a e 3 p 1 r 4 a ) a - g n 3 e 6 N ( l 1 e a 1 9 t 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 u l 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—October 110 220 401 326 136 5,237 359 133 295 212 110 219 396 328 137 5,222 360 134 297 212 110 219 396 326 138 5,256 361 134 296 211 111 220 396 326 138 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 5,292 358 137 296 214 110 218 437 332 135 5,256 354 137 298 215 July 110 217 437 333 134 '5,251 355 134 297 214 August 111 216 441 329 136 5,257 352 134 296 214 September 110 215 439 P329 *135 P5.272 134 P295 215 October 110 214 450 *329 P134 P215 9 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 Raw and Fully and pr F o a d r u m ct! Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p g c a o a t r o u n t d r u l e y s - d fa c m g h c o a t i o u e n f d r u l e s y - d Foods p I r n t o r d d ia u u l s c - ts Foods t p r I r i n o a d d l r u u a s c - w ts p f I i r n n t o r i d d s i h a u u l e s c - d ts 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 »364 122 171 143 1952 107 109 113 250 219 231 284 »352 129 166 135 1953 97 105 114 '221 207 229 307 123 156 132 1953—-October 95 105 115 ••212 205 229 304 120 154 132 94 104 115 '208 203 228 305 122 153 132 December 94 104 115 r210 204 228 302 122 153 132 1954——Tanuary 98 106 115 r213 207 228 302 127 153 133 98 105 114 '212 205 227 305 128 153 133 March 98 105 114 r210 204 227 311 126 154 133 April 99 106 115 r209 206 225 310 127 153 133 May 98 107 115 n 13 208 225 310 129 155 133 95 105 114 ••213 207 225 311 131 155 134 July 96 107 114 '218 207 224 313 118 r155 133 August 96 106 114 208 205 222 304 116 '156 135 September 94 106 114 204 203 223 302 116 156 135 October 93 104 115 201 201 222 P301 n.a. Not available. » Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 1334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S 1 t 9 n a 4 i t t 7 e e - s d 49 = C ( a 1 a 1 d 9 0 n 4 a 0 9 - ) 1 K 5 d (J , o i 1 a n m n 9 g . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( e a 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g = . ( U - S 1 1 9 n t 0 a 4 i 0 7 t t e e - ) 4 d s 1 9 = C ( a 1 a d 1 9 0 n 4 a 0 9 - ) 1 K 5 d ( , J i o n a 1 m n 9 g 5 . - 2 F = ( r 1 a 1 9 n 0 4 c 0 9 e ) N l = ( a e 1 t n 1 9 h 0 d 4 e 0 9 s r ) - 1 ( l 9 A a e 3 n r u 9 - d - g. = 100) 100) = 100) 100) 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1948 . 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 . 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 124 184 1953—October 115 117 106 141 121 170 114 116 111 132 125 187 November 115 116 106 141 120 170 112 113 111 132 124 187 115 116 106 142 120 170 112 112 110 134 122 186 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 IVlarch 115 116 107 144 124 169 112 111 112 136 127 184 April 115 116 107 142 125 170 112 110 113 134 129 185 May 115 116 107 144 126 170 113 110 112 137 131 186 115 116 107 144 127 171 114 112 114 136 134 187 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 115 117 108 143 126 172 112 114 115 134 130 191 October 115 117 109 P143 127 P173 112 114 116 *>134 v Preliminary. i These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 •• 100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g t ( r n h a a i i t d t g 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 n e n 1 c g i e = d t m e 1 o d 0 b m 0 e ) r F = ( r 1 1 a 9 0 n 4 0 c 9 ) e N la e n th d e s r * - ( U 1 S = 9 n t 1 3 a i 0 5 t t 0 e e - ) 3 d s 9 ( C 1 = a 9 1 n 3 0 5 a 0 - d ) 3 a 9 ( K 1 U 9 in 2 n 6 g i = d te 1 o d 0 m 0) (1 F 94 r 9 a = n 1 c 0 e 0) 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—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 97.8 199 261 117.0 100.3 116.0 114.9 106.3 221.8 180.5 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. .. 117.6 102.1 118.9 116.4 104.3 238.5 189.5 102.1 234 289 October 117.5 101.9 119.4 243.5 190.2 103.1 300 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. •Average of the ratios of current prices to nominal values, expressed as a percentage. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. DECEMBER 1954 1335 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 LEGAL DIVISION ARTHUR H. LANG, Chief Federal Reserve Examiner GEORGE B. VEST, General Counsel ROBERT C. MASTERS, Assistant Director FREDERIC SOLOMON, Assistant General Counsel GLENN M. GOODMAN, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel HENRY BENNER, Assistant Director DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director 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 DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE LOANS ARTHUR W. MARGET, Director LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Administrator DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director OFFICE OF THE CONTROLLER J. E. HORBETT, Assistant Director EDWIN J. JOHNSON, Controller LOWELL MYRICK, Assistant Director M. B. DANIELS, Assistant Controller Special Assistants to the Board—CHARLFS 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 1336 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 l 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 vork. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse William I. Myers William F. Treiber John 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. Vergari * 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. Ha W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson L. H. Jones2 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 E. B. Larson Otis R. Preston A. W. Mills H. a McConnell M. H. Strothman, Jr. 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 * Y. Frank Freeman H. N. Mangels H. F. Slade O. P. Wheeler VICE 1PRESIDENTS 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. 4 Counsel. DECEMBER 1954 1337 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 copy. No charge for individual sections (un- THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. Revised edition. July 1954. 224 bound). pages. A STATISTICAL STUDY OF REGULATION V LOANS. September 1950. 74 pages. 25 cents per copy; ANNUAL REPORT of the Board of Governors of the in quantities of 10 or more copies for single Federal Reserve System. Issued each year. shipment, 15 cents each. FEDERAL RESERVE BULLETIN. Issued monthly. Sub- THE DEVELOPMENT OF BANK DEBITS AND CLEARscription price in the United States and its pos- INGS AND THEIR USE IN ECONOMIC ANALYSIS. sessions, Bolivia, Canada, Chile, Colombia, Costa January 1952. 175 pages. 25 cents per copy; in Rica, Cuba, Dominican Republic, Ecuador, quantities of 10 or more copies for single ship- Guatemala, Haiti, Republic of Honduras, Mexico, ment, 15 cents each. Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or THE FEDERAL RESERVE ACT, as amended to Novem- 20 cents per copy; elsewhere $2.60 per annum or ber 1, 1946, with an Appendix containing pro- 25 cents per copy. Group subscriptions in the visions of certain other statutes affecting the United States for 10 or more copies to one ad- Federal Reserve System. 372 pages. 50 cents per dress, 15 cents per copy per month, or $1.50 paper-bound copy; $1.00 per cloth-bound copy. for 12 months. COMPILATION OF FEDERAL AND STATE LAWS RELAT- FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY ING TO BRANCH BANKING WITHIN THE UNITED RATES, AND BUSINESS. Issued monthly. $6.00 STATES (July 1, 1951). December 1951. 33 pages. per annum including one issue of historical supplement (listed below). 60 cents per copy; in RULES OF ORGANIZATION AND RULES OF PROCEDURE quantities of 10 or more copies of a particular —Board of Governors of the Federal Reserve issue for single shipment, 50 cents each. (Do- System (with Amendments). September 1946. mestic rates) 31 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE REGULATIONS OF THE BOARD OF GOVERNORS OF THB CHARTS ON BANK CREDIT, MONEY RATES, AND FEDERAL RESERVE SYSTEM. Individual regulations BUSINESS. Issued annually in September. Annual with amendments and supplements thereto. 1338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS PERIODIC RELEASES EMPLOYMENT IN NONAGRICULTURAL ESTABLISH- MENTS WEEKLY FEDERAL RESERVE PAR LIST (Also annual list. Both available at Federal Reserve Banks only) CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS, BY INDUSTRY INTERDISTRICT SETTLEMENT FUND CHANGES IN STATE BANK MEMBERSHIP INDEX NUMBERS OF WHOLESALE PRICES CONDITION OF THE FEDERAL RESERVE BANKS MONTHLY DEPARTMENT STORE SALES MONTHLY DEPARTMENT STORE SALES AND STOCKS, CONDITION OF WEEKLY REPORTING MEMBER BANKS BY MAJOR DEPARTMENTS IN LEADING CITIES MONTHLY DEPARTMENT STORE STOCKS CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES MONTHLY FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES NATIONAL SUMMARY OF BUSINESS CONDITIONS OPEN-MARKET MONEY RATES AND BOND PRICES WEEKLY DEPARTMENT STORE SALES—SELECTED CITIES AND AREAS RETAIL FURNITURE REPORT WEEKLY FOREIGN EXCHANGE RATES SALES FINANCE COMPANIES WEEKLY REVIEW OF PERIODICALS (Available only STATE MEMBER BANKS OF THE FEDERAL RESERVE SYSfor domestic distribution) TEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL RESERVE BANKS (Also annual list) SEMIMONTHLY DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS SEMIANNUAL-QUARTERLY MONTHLY ALL BANKS IN THE UNITED STATES AND POSSESSIONS— PRINCIPAL ASSETS AND LIABILITIES ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES. (Including Consolidated State- MEMBER BANK CALL REPORT ment for Banks and the Monetary System) MEMBER BANK EARNINGS ASSETS AND LIABILITIES OF ALL MEMBER BANKS, BY MEMBER BANK LOANS DISTRICTS SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORA- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS TIONS BUSINESS INDEXES ANNUAL CONSUMER CREDIT (Short- and Intermediate-Term and Consumer Instalment Credit Extended and BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS Repaid) DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS CONSUMER FINANCE COMPANIES—LOANS OUTSTAND- ING AND VOLUME OF LOANS MADE IRREGULAR CONSUMER INSTALMENT CREDIT AT COMMERCIAL DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND BANKS STANDARD METROPOLITAN AREAS (NOW biennial) DEPARTMENT STORE CREDIT SELECTED LIST OF ADDITIONS TO THE RESEARCH DEPARTMENT STORE MERCHANDISING DATA LIBRARY DECEMBER 1954 1339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS THE PHILIPPINE CENTRAL BANK ACT and Text of /IT ,D on*- i * JJU + • u\ tne Act. In Part a reprint from the August rj (From Federal Reserve Bulletin unless preceded by an asterisk) r r & 1948 BULLETIN. 36 pages. TH I E N H T IS H T E O R UT Y TN O IT F E R D E S S E - T R A V T E E R S. E QU XN I T R o E v M em EN . b T e S r F m 1 O 9 - R ^ 3 o B 8 A . NK o 2 S n 0 TL AT O I F N ^ P A A A M Y E M R E I N CA T » S S ~ T P P R O > O S T B W LE A M R S I T . N F X L NT A o T v I e O m N . b A e N r D 1 1 r r B > 9M A 4O L 8 A . N 1t C 1 E 1 pages. r & pages. THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- N EW STATISTICS OF INTEREST RATES ON BUSINESS SERVE BANKS. February 1940. 8 pages. i es. LoANs March im 0 pag HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- ]SJOTES ON FOREIGN CURRENCY ADJUSTMENTS. NO- SERVE POLICY. April 1940. 11 pages. vember 1949. 14 pages. GENERAL INDEXES OF BUSINESS ACTIVITY. June 1940. A STUDY OF INSTALMENT CREDIT TERMS. Decem- 7 pages. ber 1949. 8 pages. MEASUREMENT OF PRODUCTION. September 1940. REVISED ESTIMATES OF CONSUMER CREDIT. Novem- 16 pages. ber 1950. 2 pages. ^ F EDERAL R ^ ESERV w E B ^ ANK TL ™ EN DIN r G » ~ PO WER ™ NO T D ^ E- ME i A n1e S 9n U 5 R 0 E .n M 9 E N p T a g O es F . CONSUMER CREDIT. November PENDENT ON MEMBER BANK RESERVE BALANCES. r ° February 1941. 2 pages. # THE TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN COUNTRIES—PROCEDURES AND TECH- ADJUSTMENT FOR SEASONAL VARIATION. Descrip- ber 1950. April 1951. 19 pages, NIQU£S# Novem tion of method used by Board in adjusting economic data for seasonal variation. June 1941. 11 oases HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING THE INTRODUCTION OF REAL ESTATE CREDIT REGU- LATION. July 1951. 23 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28. p em . p g s. SAVING IN THE DEFENSE ECONOMY. September 1951. 5 pages. BUSINESS LOANS OF MEMBER BANKS. March, May, June, July, and August 1947. 80 pages. R W CREDIT AND SAJ Eg REPORTED BY EGULATION REGISTRANTS. October 1951. 12 pages. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS FOR ECONOMIC RESEARCH. March 1947. VOLUNTARY ACTION TO HELP CURB INFLATION. 9 Pages. November 1951. 9 pages. REVISION OF NATIONAL INCOME AND PRODUCT STA- REVISED INDEXES OF DEPARTMENT STORE SALES AND TISTICS. September 1947. 12 pages. STOCKS. December 1951. 53 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE THE SECOND ARMAMENT BUDGET. February 1952. 1929. January 1948. 9 pages. 9 pages. SALES FINANCE COMPANY OPERATIONS IN 1947. RECENT CHANGES IN GERMANY'S FOREIGN TRADE July 1948. 6 pages. BALANCE. March 1952. 7 pages. 1340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS BANKING IN THE SOVIET UNION. April 1952. 8 DEPARTMENT STORE SALES AND STOCKS, BY MAJOR pages. DEPARTMENTS (Revised Indexes). November REVISED WEEKLY INDEX OF DEPARTMENT STORE 1953. 65 pages. SALES. April 1952. 4 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- PRODUCTION, 1953 Revision. December 1953. 96 ERNORS BEFORE SUBCOMMITTEE ON GENERAL pages. CREDIT CONTROL AND DEBT MANAGEMENT, MARCH EXTENSIONS AND REPAYMENTS OF CONSUMER IN- 11,1952. April 1952. 4 pages. STALMENT CREDIT. January 1954. 14 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. BANK CREDIT AND MONEY IN 1953. February 1954. 6 pages. 6 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. LATION X. June 1952. 18 pages. March 1954. 9 pages. (Also, similar article from March 1953 BULLETIN) PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. 1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CONSUMER REVISED SERIES ON DEPARTMENT STORE SALES, FINANCES. March 1954. 4 pages. PURCHASES OF STOCKS, AND ORDERS. October 1952. 5 pages. DURABLE GOODS AND HOUSES IN 1953. June 1954. 17 pages. THE FINANCIAL POSITION AND COM- RECENT CREDIT EXPANSION. December 1952. 7 MITMENTS OF CONSUMERS. July 1954. 20 pages. pages. (Also, similar surveys for earlier years from 1946, CREDIT AND MONETARY REVIEW FOR 1952. February 1947, 1948, 1949, 1950, 1951, 1952, and 1953 1953. 7 pages. BULLETINS) THE MONETARY SYSTEM OF THE UNITED STATES. NEW INDEXES OF OUTPUT OF CONSUMER DURABLE February 1953. 16 pages. GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN) INFLUENCE OF CREDIT AND MONETARY MEASURES ON ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS ECONOMIC STABILITY. March 1953. 16 pages. AND BUSINESSES. July 1954. 2 pages. (Also, FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- similar article from July 1953 BULLETIN) BILITY. May 1953. 7 pages. MONETARY AND CREDIT DEVELOPMENTS SINCE MID- 1953. July 1954. 8 pages. REVISION OF CONSUMER CREDIT STATISTICS. April 1953. 19 pages. FINANCING OF LARGE CORPORATIONS IN 1953. August 1954. 9 pages. •DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE- THE BALANCE SHEET OF AGRICULTURE, 1954. August TERM CONSUMER CREDIT STATISTICS (supplemen- 1954. 13 pages. tary details for item listed above), April 1953. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- 25 pages. tember 1954. 10 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May RECENT FINANCIAL CHANGES IN WESTERN GER- 1953. 5 pages. MANY. October 1954. 10 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN USE OF MONETARY INSTRUMENTS SINCE MID-1952. AMERICA. May 1953. 6 pages. December 1954. 8 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE DIRECTLY PLACED FINANCE COMPANY PAPER. De- CORPORATIONS. July 1953. 12 pages. cember 1954. 8 pages. • 1341 DECEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES > 35=5. BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ss if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 GUIDE TO PAGE NUMBERS Month of Issue Pages Month of Issue Pages Month of Issue Pages January 1-118 May 433-562 September 929-1032 February 119-236 June 563-680 October 1033-1142 March 237-338 July 681-804 November 1143-1236 April 339-432 August 805-928 December 1237-1368 Pages Pages Acceptances, bankers': Articles: (See Leading articles; Special articles) Buying rates 39, 153, 259, 353, 469, 599, Asia: 725, 845, 953, 1063, 1157, 1261 Gold reserves and dollar holdings 661, 787, 911, Money market rates. 1177, 1281 1015, 1125, 1219, 1323 Open market rates 59, 173, 279, 373, International capital transactions . . .99, 217, 319, 413, 489, 619, 745, 865, 973, 1083 543, 659, 785, 909, 1013, 1123, 1217, 1321 Outstanding 54, 168, 274, 368, Assessment on Federal Reserve Banks for expenses of 484, 614, 740, 860, 968, 1078 Board of Governors 208 Adams, K. S., elected Class B director at Kansas City. .251 Assets: Admission of national bank in Alaska to membership Life insurance companies 55, 169, 275, 369, 485, in Federal Reserve System 461 615, 741, 861, 969, 1079, 1173, 1277 Admissions of State banks to membership in Federal Savings institutions 55, 169, 275, 369, 485, Reserve System 26, 144, 252, 461, 615, 741, 861, 969, 1079, 1173, 1277 591, 836, 946, 1055, 1150, 1253 Savings and loan associations. . . .55, 169, 275, 369, 485 Affiliates: 615, 741, 861, 969, 1079, 1173, 1277 Stock of company holding bank premises, invest- Assets and liabilities: ments by member banks, amendments to sec- Agriculture, 1954 822, 825 tions 23A and 24A of Federal Reserve Act 715 All banks in United States, by classes 47, 161, 267, Agricultural loans: 361, 477, 607, 733, 853, 961, 1071, 1165, 1269 Commercial banks 50, 164, 270, 364, 480, 610, Commercial banks in United Kingdom, Canada, 736, 856, 964, 1074, 1168, 1272 and France 110, 228, 330, 424, 554, 670, Agriculture: 796, 920, 1024, 1134, 1228, 1332 Balance sheet, 1954 821 Federal Reserve Banks: National summary of business conditions. .. .719, 840, All banks 41, 155, 261, 355, 471, 947, 1057 601, 727, 847, 955, 1065, 1159, 1263 Alaska: Each bank 42, 156, 262, 356, 472, Admission of City National Bank of Anchorage to 602, 728, 848, 956, 1066, 1160, 1264 membership in Federal Reserve System 461 Foreign central banks 104, 222, 324, 418, 548, Designation as being in or of Twelfth Federal 664, 790, 914, 1018, 1128, 1222, 1326 Reserve District for purposes of Regulations G Government corporations and credit agencies 56, 170, andj 717 276, 370, 486, 616, 742, 862, 970, 1080, 1174, 1278 Alexander, M. Moss, appointed Class C director at St. Audit of Board of Governors, Federal Open Market Louis and designated Chairman and Federal Re- Committee, and Federal Reserve Banks and serve Agent 30 branches, statement of Mr. Martin on bill H.R. Alford, John R., elected Class B director at Dallas 251 Allen, Dwight L., resignation as Director of Division 7602 to direct Comptroller General to make 587 of Personnel Administration to become Vice Presi- Australia: dent of Federal Reserve Bank of Cleveland 590 Commonwealth Bank of: Annual reports: Condition 106, 224, 326, 420, 550, Balance sheet of agriculture, 1954 821 666, 792, 916, 1020, 1130, 1224, 1328 Argentina: Foreign exchange rates Ill, 229, 331, 425, 555, Central Bank of: 671, 797, 921, 1025, 1135, 1229, 1333 Condition 106, 224, 326, 420, 550, Gold production 101, 219, 321, 415, 545, 666, 792, 916, 1020, 1130, 1224, 1328 660, 786, 910, 1014, 1124, 1218, 1322 Discount rate 109, 227, 329, 423, 553, Austria: 669, 795, 919, 1023, 1133, 1227, 1331 Austrian National Bank: Gold reserves 102, 220, 322, 416, 546, Condition 106, 224, 326, 420, 550, 662, 788, 912, 1016, 1126, 1220, 1324 666, 792, 916, 1020, 1130, 1224, 1328 Foreign exchange rates Ill, 229, 331, 425, 555, Discount rate 109, 227, 329, 423, 553, 671, 797, 921, 1025, 1135, 1229, 1333 669, 795, 919, 1023, 1133, 1227, 1331 Gold movements 103, 221, 323, 417, 547, Foreign exchange rates Ill, 229, 331, 425, 555, 663, 789, 913, 1017, 1127, 1221, 1325 671,797, 921, 1025, 1135, 1229, 1333 Gold reserves and dollar holdings 661, 787, 911, Gold reserves and dollar holdings 661, 787, 911, 1015, 1125, 1219, 1323 1015, 1125, 1219, 1323 DECEMBER 1954 1343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Automobiles: Banks for cooperatives—Continued Consumer durable goods market 434 Loans and investments 56, 170, 276, 370, 486, Consumer purchases 570 616, 742, 862, 970, 1080, 1174, 1279 Ayers, Clarence E., appointed director at San Antonio Beall, W. F., Class B director at Dallas, death of 26 Branch 251 Beauchamp, S. J., Jr., elected Class B director at Balance of payments: St. Louis 1253 Influence on world trade and production 1040 Belgian Congo: United States: Gold production 101, 219, 321, 415, 545, 1952 and 1953 compared 238 660, 786, 910, 1014, 1124, 1218, 1322 1953-1954 1035 Belgium: Balance sheet of agriculture, 1954 821 Foreign exchange rates Ill, 229, 331, 425, 555, Balance sheet and income statement, large corpora- 671, 797, 921, 1025, 1135, 1229, 1333 tions in selected industries, 1951-1953 818 Gold movements 103, 221, 323, 417, 547, Balderston, C. Canby, appointment as member of 663, 789, 913, 1017, 1127, 1221, 1325 Board of Governors 835 National Bank of: Bank credit, since mid-1953 683 Condition 106, 224, 326, 420, 550, Bank credit and money in 1953 119 666, 792, 916, 1020, 1130, 1224, 1328 Bank credit, money rates, and business: Discount rate 109, 227, 329, 423, 553, Historical supplement to monthly Federal Re- 669, 795, 919, 1023, 1133, 1227, 1331 serve Chart Book: Gold reserves 102, 220, 322, 416, 546, Annual edition 144 662, 788, 912, 1016, 1126, 1220, 1324 Data for 461 Belgium-Luxembourg and Belgian Congo: 1954 edition 946 Gold reserves and dollar holdings .661, 787, 911, 1015, Bank credit and reserves: 1125, 1219, 1323 National summary of business conditions .33, 146, Bills discounted by Federal Reserve Banks: 148, 254, 348, 463, 593, 719, 840, 948, 1057, 1152, 1255 All banks combined. .37, 151, 257, 351, 467, 597, 723, Bank debits: (See Debits to deposit accounts) 843, 951, 1061, 1155, 1259 Bank deposits: (See Deposits) Maturity distribution 41, 155, 261, 355, 471, 601, Bank for International Settlements: 727, 847, 955, 1065, 1159, 1263 Condition 108, 226, 328, 422, 552, Member and nonmember banks 41, 155, 261, 355, 668, 794, 918, 1022, 1132, 1226, 1330 471, 601, 727, 847, 955, 1065, 1159, 1263 Gold reserves 102, 220, 322, 416, 546, Board of Governors: 662, 788, 912, 1016, 1126, 1220, 1324 Chairmen, list covering period 1914-1954 838 Bank loans: (See Loans; Loans and investments) Expenses, assessment on Federal Reserve Banks . . 208 Bank premises: H. R. 7602, bill to direct Comptroller General to Federal Reserve Banks 42, 156, 262, 356, 472, audit, statement of Mr. Martin 587 602, 728, 848, 956, 1066, 1160, 1264 Members : Investment in stock of affiliate holding, amend- Balderston, C. Canby, appointment of 835 ments ot sections 23A and 24A of Federal Evans, R. M., expiration of term of office 835 Reserve Act 715 List covering period 1913-1954 837 Bank suspensions: Martin, Wm. McC, Jr.: Changes in banking offices 210 Federal Reserve notes, statement on S. Bankers' acceptances: (See Acceptances, bankers') 3268 to amend section 16 of Federal Bankers' balances: Reserve Act with respect to 453 Commercial banks 51, 165, 271, 365, 481, Gold redemption bill, statement before 611, 737, 857, 965, 1075, 1169, 1273 Subcommittee on Federal Reserve Weekly reporting member banks: Matters 345 New York city and outside. .53, 167, 273, 367, 483, H. R. 7602, to direct Comptroller General 613, 739, 859, 967, 1077, 1171, 1275 to audit Board, Federal Open Market Banking funds, foreign, increase in United States Committee, and Federal Reserve 96, 214, 316, 410, 540 Banks and branches, statement on 587 Banking offices: Purchase of Government obligations by Number of: Federal Reserve Banks, statement on By districts and by States 211, 904 S. 3206 with respect to 453 Changes in 210, 903 Reelected Chairman of Federal Open Banks: Market Committee 251 Consolidations and absorptions 210, 903 Reply to question submitted by Sub- Government securities held by. . . 64, 178, 284, 378, committee on Economic Stabilization 494, 624, 750, 870, 978, 1088, 1182, 1286 on use of monetary instruments since Number of: mid-1952 1237 By classes of banks 47, 161, 267, 361, Statement on credit and monetary pol- 477, 607, 733, 853, 961, 1071, 1165, 1269 icy in competitive markets, before By districts and by States 211, 904 Joint Committee on the Economic Changes in 210, 903 Report 125 December 31, 1953 536 Miller, Paul E.: Banks for cooperatives: Appointment of 835 Amendment to section 5136 of Revised Statutes Death of nso permitting member banks to deal in and under- Members and officers, list 114, 232, 334, 428, 528, write obligations of 945 674, 800, 924, 1028, 1138, 1232, 1336 1344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Board of Governors—Continued Brazil: Publications of 116, 234, 336, 430, 560, 676, 802, Foreign exchange rates 111, 229, 331, 425, 555, 671, 926, 1030, 1140, 1234, 1338 797, 921, 1025, 1135, 1229, 1333 Staff: (See Staff of Board of Governors) Gold reserves 102, 220, 322, 416, 546, 662, 788, Vice Chairmen, list covering period 1914-1947 838 912, 1016, 1126, 1220, 1324 Bolivia: Gold reserves and dollar holdings .661, 787 y 911, 1015, Central Bank of: 1125, 1219, 1323 Condition 106, 224, 326, 420, 550, 666, British Malaysia: 792, 916, 1020, 1130, 1224, 1328 Foreign exchange rates. . . .111, 229, 331, 425, 555, 671, Discount rate 109, 227, 329, 423, 553, 669, 797, 921, 1025, 1135, 1229, 1333 795, 919, 1023, 1133, 1227, 1331 Brokerage balances: Gold reserves 102, 220, 322, 416, 546, 662, Movement to United States from abroad . . .101, 219, 788, 912, 1016, 1126, 1220, 1324 321, 415, 545 Bonds: Brokers and dealers in securities, loans to: Life insurance company holdings of business Commercial banks 50, 164, 270, 364, 480, 610, securities 55, 169, 275, 369, 485, 615, 736, 856, 964, 1074, 1168, 1272 741, 861, 969, 1079, 1173, 1277 Weekly reporting member banks: New security issues 66, 180, 286, 380, 496, 626, New York City and outside 52, 166, 272, 366, 752, 872, 980, 1090, 1184, 1288 Prices in principal countries 113, 231, 333, 427, 557, 482, 612, 738, 858, 966, 1076, 1170, 1274 673, 799, 923, 1027, 1137, 1231, 1335 Brown, Edward E., reelected President of Federal Prices in United States 58, 172, 278, 372 488, 618, Advisory Council 251 y 744, 864, 972, 1082, 1176, 1280 Burges, C. W., Class A director at Minneapolis, death of 251 United States savings, sales, redemptions and Business conditions, national summary of. .32, 145, 147, 253, amount outstanding 63, 177, 283, 377, 493, 623, 347, 462, 592, 718, 839, 947, 1056, 1151, 1254 749, 869, 977, 1087, 1181, 1285 Advance in release date 144 Yields: Business expenditures: Government, municipal, and corporate. ...59, 173, New plant and equipment 68, 182, 288, 382, 498, 279, 373, 489, 619, 745, 865, 973, 1083, 1177, 1281 628, 754, 874, 982, 1092, 1186, 1290 1951-1954, discussion of 343 Article on 339 (See also Government securities) Business fixed investment. 1147 Business indexes, monthly and yearly figures. .75, 189, 295, Borrowings: 389, 505, 635, 761, 881, 989, 1099, 1193, 1297 Commercial banks 51, 165, 271, 365, 481, 611, Business inventories, change in 1148 737, 857, 965, 1075, 1169, 1273 Canada: Cost of borrowing, review since mid-1953 687 Bank of: Member banks, at Federal Reserve Banks. .40, 154, 260, Condition 105, 223, 325, 419, 549, 665, 791, 354, 470, 600, 726, 846, 954, 1064, 1158, 1262 915, 1019, 1129, 1223, 1327 Treasury 62, 176, 282, 376, 492, 622, 748, Discount rate 109, 227, 329, 423, 553, 669, 868, 976, 1086, 1180, 1284 795, 919, 1023, 1133, 1227, 1331 Weekly reporting member banks: Gold reserves 102, 220, 322, 416, 546, 662, New York City and outside 53, 167, 273, 367, 788, 912, 1016, 1126, 1220, 1324 483, 613, 739, 859, 967, 1077, 1171, 1275 Brokerage balances, inflow to United States. .101, 219, Bovaird, Davis D., appointed director at Oklahoma 321, 415, 545 City Branch 31 Commercial banks, assets and liabilities. .110, 228, 330, Branch banks, domestic: 424, 554, 670, 796, 920, 1024, 1134, 1228, 1332 Number of: Consumers' price indexes. .113, 231, 333, 427, 557, 673, By districts and by States 211, 904 799, 923, 1027, 1137, 1231, 1335 Changes in 210, 903 Foreign exchange rates 111, 229, 331, 425, 555, 671, December 31, 1953 537 797, 921, 1025, 1135, 1229, 1333 Branch banks, Federal Reserve System: Gold movements 103, 221, 323, 417, 547, 663, Detroit, transfer of counties in Michigan from 789, 913, 1017, 1127, 1221, 1325 territory of Federal Reserve Bank of Chicago 26 Gold production 101, 219, 321, 415, 545, 660, 786, Directors: (See Directors, Federal Reserve 910, 1014, 1124, 1218, 1322 Branch Banks) Gold reserves and dollar holdings. . .661, 787, 911, 1015, Los Angeles, transfer of three California counties 1125, 1219, 1323 from territory of Federal Reserve Bank of San Industrial production 1039 Francisco and Nevada county from territory of International capital transactions. . . .96, 214, 316, 410, Salt Lake City Branch 1150 540, 656, 782, 906, 1010, 1120, 1214, 1318 Managing officers 115, 233, 335, 429, 559, 675, Retail food prices 113, 231, 333, 427, 557, 673, 799, 801, 925, 1029, 1139, 1233, 1337 923, 1027, 1137, 1231, 1335 Salt Lake City, transfer of Nevada county to Security prices 113, 231, 333, 427, 557, 673, 799, territory of Los Angeles Branch 1150 923, 1027, 1137, 1231, 1335 Branch, Harllee, Jr., appointed Class C director at Wholesale prices 112, 230, 332, 426, 556, 672, Atlanta 30 798, 922, 1026, 1136, 1230, 1334 Brawner, A. EL, appointed Class C director at San Capital accounts: Francisco and designated Chairman and Federal Commercial banks 51, 165, 271, 365, 481, 611, Reserve Agent 31 737, 857, 965, 1075, 1169, 1273 1345 DECEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Capital accounts—Continued Charts: Federal Reserve Banks: Auto prices 435 All banks combined. .. .41, 155, 261, 355, 471, 601, Average weekly earnings in manufacturing 806 727, 847, 955, 1065, 1159, 1263 Balance sheet of agriculture 821 Each bank 42, 156, 262, 356, 472, 602, 728, Bank loans and investments, all commercial banks. . 684 848, 956, 1066, 1160, 1264 Bar gold prices 939 Insured commercial banks in United States and Bond yields 344 possessions, 1950-1953 535 Business indexes 1 Weekly reporting member banks: Business sales and inventories 1148 New York City and outside. ...53, 167, 273, 367, Change in plant and equipment expenditures, 483, 613, 739, 859, 967, 1077, 1171, 1275 1952-1953 813 Capital markets: Changes in bank loans, selected industries 121 Developments since mid-1953 686 Changes in dollar value of farm land 825 Capital movement to United States. .96, 214, 316, 410, 540 Construction contracts awarded 347, 592, 839, Capital outlays and security offerings 339 1056, 1254 Cash in vault: Construction outlays 564 Commercial banks 51, 165, 271, 365, 481, 611, Consumer durable goods, output of 442 737, 857, 965, 1075, 1169, 1273 Major consumer durable goods 434, 438 Weekly reporting member banks: Major household goods 440 New York City and outside... .53, 167, 273, 367, Other consumer durable goods 442 483, 613, 739, 859, 967, 1077, 1171, 1275 Seasonal adjustment factors for autos 444 Cash income, outgo, and borrowing of Treasury. ...62, 176, Consumer instalment credit 10, 14, 930 282, 376, 492, 622, 748, 868, 976, 1086, 1180, 1284 Corporate funds from operations 341 Central banks: {See Foreign banks) Corporate new capital issues 341 Central reserve city member banks: Deposits and currency 122, 685 Employment in nonagricultural establishments... 146, Condition of 50, 164, 270, 364, 480, 610, 736, 718, 1151 856, 964, 1074, 1168, 1272 Excess reserves and borrowings, all member banks. 1239 Deposits 48, 162, 268, 362, 478, 608, 734, Extensions and repayments of instalment credit... .932 854, 962, 1072, 1166, 1270 Farm mortgage debt held by major lenders 831 Deposits, reserves, and borrowings. .. .40, 154, 260, 354, Farm product prices 7 470, 600, 726, 846, 954, 1064, 1158, 1262 Federal Reserve credit 682 Earnings and expenses: Foreign gold reserves and dollar holdings. .. .237, 242 1952 and 1953 458 Gross national product 1144 First half of 1954 1118 Household durable goods 436 Reserves and borrowings. .40, 154, 260, 354, 470, 600, Industrial production 32, 145, 253, 347, 462, 592, 726, 846, 954, 1064, 1158, 1262 839, 947, 1056, 1151, 1254 Ceylon: Industrial production, Western Europe and Condition of Central Bank. .. .106, 224, 326, 420, 550, United States 1033 666, 792, 916, 1020, 1130, 1224, 1328 Instalment credit 437 Foreign exchange rates 111, 229, 331, 425, 555, 671, Instalment credit outstanding 931 797, 921, 1025, 1135, 1229, 1333 Inventories 3 Chairmen, Board of Governors: Loans and investments, member banks in List, 1914-1954 838 leading cities 33, 463, 948, 1152 Chairmen, Federal Reserve Banks: Manufacturing output 4 Alexander, M. Moss, designated at St. Louis 30 Member bank reserves and related items 123 Appointments for 1954 26 Member bank reserves, Reserve Bank credit, Brawner, A. H., designated at San Francisco 31 and related items 36, 150, 256, 350, 466, 596, 722, Harris, Rufus C, designated at Atlanta 29 842, 950, 1060, 1154, 1258 List of 115, 233, 335, 429, 559, 675, Money rates 124, 254, 593, 687 801, 925, 1029, 1139, 1233, 1337 Mortgage status related to length of house Meetings: ownership, early 1954 575 December 2-3, 1954 1253 Nonagricultural employment 805 Miller, Paul E., Minneapolis: Nonfarm mortgage lending 563 Appointment as member of Board of Gov- Nonmanufacturing employment 810 ernors 835 Non-real-estate farm loans 831, 832 Designation for 1954 31 Output of major consumer durable goods 434 Perrin, Leslie N., designated at Minneapolis 836 Ownership of demand deposits by individuals Woodward, John B., Jr., designated at Richmond. . .29 and businesses 711 Chandler, Lester V., appointed Class C director at Personal consumption expenditures 1145 Philadelphia 29 Personal income, consumption, and saving 1146 Changes in number of banking offices in United Prices and trade 32, 145, 254, 348, 462, 719, 840, States 210, 903 948, 1057, 1255 Chart books: Private domestic investment 1148 Historical supplement to monthly, on bank Production 433 credit, money rates, and business: Purchasers of automobiles within regions 571 Annual edition 144 Purchases of furniture and household goods Data for 461 related to length of residence, 1953 574 1954 edition 946 Radios and television 436 1346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Charts—Continued Commercial banks—Continued Ratio of instalment credit extended to sales 933 Branches, number of, December 31, 1953 537 Real estate mortgage debt 567 Condition of, by classes 50, 164, 270, 364, 480, 610, Requests for Federally aided financing 565 736, 856, 964, 1074, 1168, 1272 Reserves and discounts, all member banks 682 Instalment credit held, by type of credit. . .73, 187, 293, Selected business indexes 1143 387, 503, 633, 759, 879, 987, 1097, 1191, 1295 Selected short-term money rates 1249 Insured, farm-mortgage debt outstanding, se- Selected sources of funds, 1946-53 816 lected years, 1940-54 830 Selected uses of funds, 1946-53 814 Insured, in United States and possessions, earn- State and local construction 342 ings, 1950-53 535 State and local new capital issues 343 Mortgage loans held by. . .69, 183, 289, 383, 499, 629, Unemployment 811 755, 875, 983, 1093, 1187, 1291 United States balance of payments 238 Mortgages, nonfarm, recordings of $20,000 United States foreign, trade 1034 or less 70, 184, 290, 384, 500, 630, 756, Uses and sources of funds 812 876, 984, 1094, 1188, 1292 Western European industrial production 1038 Noninstalment credit held. . .73, 187, 293, 387, 503, 633, Wholesale prices 5 759, 879, 987, 1097, 1191, 1295 World exports 1037 Number of, by class and by State 536 World imports 1037 Commercial and finance paper: Check clearing and collection: {See Clearing and collection) Money market rates 1177, 1281 Chile: Outstanding 1172, 1276 Central Bank of: Commercial, industrial, and agricultural loans of Condition 106, 224, 326, 420, 500, 666, 792, weekly reporting member banks: 916, 1020, 1130, 1224, 1328 Discount rate . . .109, 227, 329, 423, 553, 669, 795, New York City and outside. .. .52, 166, 272, 366, 482, 919, 1023, 1133, 1227, 1331 612, 738, 858, 966, 1076, 1170, 1274 Gold reserves 102, 220, 322, 416, 546, 662, 788, Commercial loans: 912, 1016, 1126, 1220, 1324 By classes 50, 164, 270, 364, 480, 610, 736, Gold production 101, 219, 321, 415, 545, 660, 856, 964, 1074, 1168, 1272 786, 910, 1014, 1124, 1218, 1322 Commercial paper: Gold reserves and dollar holdings 661, 787, 911, Open market rates on 59, 173, 279, 373, 489, 619, 1015, 1125, 1219, 1323 745, 865, 973, 1083 City National Bank of Anchorage, Alaska, admission Outstanding 54, 168, 274, 368, 484, 614, 740, to membership in Federal Reserve System 461 860, 968, 1078 Clearing and collection: {See also Commercial and finance paper) Alaska and Hawaii, amendments to Regulations Commitment fees under Regulation V 44, 158, 264, 358, G and J designating as being in or of Twelfth 474, 604, 730, 850, 958, 1068, 1162, 1266 Federal Reserve District 717 Commitments: Collection of checks drawn on nonmember par- Fixed commitments of consumers, 1954 survey remitting banks in Territories, dependencies, and insular possessions outside continental of consumer finances 692 United States, amendment to Regulation J 717 Under Section 13b, rates on 39, 153, 259, 353, 469, Collection of noncash items payable in Terri- 599, 725, 845, 953, 1063, 1157, 1261 tories, dependencies, and insular possessions Committees: outside continental United States, amendment Banking and Currency of Senate, Subcommittee to Regulation G 716 on Federal Reserve Matters: Number of banking offices on par list and not Statement of Mr. Martin on gold redemption on par list, by districts and by States 211, 904 bill 345 Cocks, David F., appointed director at Louisville Statement of Mr. Martin on S. 3206 and Branch 30 S. 3268 .453 Coins, circulation of 45, 159, 265, 359, 475, 605, 731, Federal Open Market Committee: {See Federal 851, 959, 1069, 1163, 1267 Open Market Committee) Collins, James W., director at Salt Lake City Branch, House Committee on Government Operations: death of 946 H. R. 7602, bill to direct Comptroller Gen- Colombia: eral to audit Board, Federal Open Mar- Bank of Republic of: ket Committee, and Federal Reserve Condition 106, 224, 326, 420, 550, 666, 792, Banks and branches, statement of Mr. 916, 1020, 1130, 1224, 1328 Martin 587 Discount rate... .109, 227, 329, 423, 553, 669, 795, Joint Committee on the Economic Report: 919, 1023, 1133, 1227, 1331 Statement of Mr. Martin on credit and Gold reserves 102, 220, 322, 416, 546, 662, 788, monetary policy in competitive markets 125 912, 1016, 1126, 1220, 1324 Subcommittee on Economic Stabilization: Gold production 101, 219, 321, 415, 545, 660, 786, Reply of Chairman of Board of Gov- 910, 1014, 1124, 1218, 1322 ernors to question on use of monetary Commercial banks: instruments since mid-1952 1237 Assets and liabilities in United Kingdom, Canada, National Voluntary Mortgage Credit Extension and France 110, 228, 330, 424, 554, 670, 796, Committee, legislation providing for estab- 920, 1024, 1134, 1228, 1332 lishment of 946 DECEMBER 1954 1347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Commodity Credit Corporation: Consumer credit—Continued Assets and liabilities 56, 170, 276, 370, 486, 616, Instalment credit—Continued 742, 862, 970, 1080, 1174, 1278 Extended and repaid 74, 188, 294, 388, 504, Loans by 56, 170, 276, 370, 486, 616, 742, 634, 760, 880, 988, 1098, 1192, 1296 862, 970, 1080, 1174, 1278 Revised estimates for 1953 1212 Commodity markets, influence on European production. 1039 Extensions and repayments, article on 9 Commodity prices: Instalment credit held, by type: National summary of business conditions. .33, 146, 148, Commercial banks 73, 187, 293, 387, 503, 633, 254, 348, 463, 593, 719, 840, 948, 1057, 1152, 1255 759, 879, 987, 1097, 1191,1295 (See also Prices; Wholesale prices) Financial institutions other than commercial Common trust funds, inter-trust transfer of par- banks and sales finance companies. .73, 187, 293, ticipations, interpretation of Regulation F 834 387, 503, 633, 759, 879, 987, 1097, 1191, 1295 Comptrollers of the Currency, list of those who were Revised estimates for 1953 1212 ex-officio members of Board 838 Sales finance companies 73, 187, 293, 387, 503, Condition statements: 633, 759, 879, 987, 1097, 1191, 1295 Noninstalment credit, by holder 73, 187, 293, 387, Commercial banks, classes of banks. . .50, 164, 270, 364, 503, 633, 759, 879, 987, 1097, 1191, 1295 480, 610, 736, 856, 964, 1074, 1168, 1272 Revised estimates for 1953 1212 Commercial banks in United Kingdom, Canada, Ratio of collections to accounts receivable. .74, 188, 294, and France 110, 228, 330, 424, 554, 670, 796, 388, 504, 634, 760, 880, 988, 1098, 1192, 1296 920, 1024, 1134, 1228, 1332 Short- and intermediate-term: Federal Reserve Banks: Revised estimates for 1953 1212 All banks combined 41, 155, 261, 355, 471, 601, Statistics on 72, 186, 292, 386, 502, 632, 758, 727, 847, 955, 1065, 1159, 1263 878, 986, 1096, 1190, 1294 Each bank 42, 156, 262, 356, 472, 602, 728, Consumer durable goods: 848, 956, 1066, 1160, 1264 Markets 433 Foreign central banks 104, 222, 324, 418, 548, 664, Output of 80, 194, 300, 510, 640, 766, 886, 790, 914, 1018, 1128, 1222, 1326 994, 1104, 1198, 1302 Government corporations and credit agencies. .56, 170, Revision of index 438 276, 370, 486, 616, 742,862,970,1080,1174, 1278 Recent developments 4 International Bank for Reconstruction and De- Consumer expenditures 1144 velopment and International Monetary Fund Consumer finances, 1954 survey of: 104, 222, 324, 418, 548, 664, 790, Financial position and commitments of consumers. .689 914, 1018, 1128, 1222, 1326 Preliminary findings 246 Weekly reporting member banks: Purchases of durable goods and houses in 1953 570 New York City and outside. .. .52, 166, 272, 366, Consumer prices: 482, 612, 738, 858, 966, 1076, 1170, 1274 Index for moderate income families 90, 204, 310, Conferences: (See Meetings) 404, 520, 650, 776, 896, 1004, 1114, 1208, 1312 Construction: Indexes for principal countries. .. .113, 231, 333, 427, National summary of business conditions. . .32, 145, 147, 557, 673, 799, 923, 1027, 1137, 1231, 1335 253, 347, 462, 592, 718, 839, 947, 1056, 1151, 1254 Recent developments, article on 8 Outlays 563 Corette, John E., elected Class B director at Minneapolis 31 Private nonresidential 564 Corporate bonds: Public 564 Prices in United States 58, 172, 278, 372, 488, 618, Residential 565, 1145 714, 864, 972, 1082, 1177, 1281 State and local 342 Yields on 59, 173, 279, 373, 489, 619, 745, 865, Value of new activity 83, 197, 303, 397, 513, 643, 973, 1083, 1177, 1281 769, 889, 997, 1107, 1201, 1305 Corporate funds: Construction contracts awarded: Sources and uses of funds, large corporations in By districts 83, 197, 303, 397, 513, 643, 769, selected industries: 889, 997, 1107, 1201, 1305 1952-1953 820 By type of ownership and by type of con- 1953 and postwar period 814-817 struction 83, 197, 303, 397, 513, 643, 769, Corporate profits, taxes, and dividends. . . .68, 182, 288, 382, 889, 997, 1107, 1201, 1305 498, 628, 754, 874, 982, 1092, 1186, 1290 Charts 347, 592, 839, 1056, 1254 Corporate security issues: Index of value of 75, 189, 295, 389, 505, 635, For new capital 341 761, 881, 989, 1099, 1193, 1297 Proposed use of proceeds: Consumer credit: All issuers 66, 180, 286, 380, 496, 626, 752, By major parts 72, 186, 292, 386, 502, 632, 872, 980, 1090, 1184, 1288 758, 878, 986, 1096, 1190, 1294 Major groups of issuers 66, 180, 286, 380, 496, Revised estimates for 1953 1212 626, 752, 872, 980, 1090, 1184, 1288 Furniture store statistics 74, 188, 294, 388, 504, Corporate stocks: 634, 760, 880, 988, 1098, 1192, 1296 Prices in United States 58, 172, 278, 372, 488, 618, Instalment credit: 744, 864, 972, 1082, 1176, 1280 Article on 929 Yields on 59, 173, 279, 373, 489, 619, 745, 865, By holder 72, 186, 292, 386, 502, 632, 758, 973, 1083, 1177, 1281 878, 986, 1096, 1190, 1294 Corporations: Revised estimates for 1953 1212 Balance sheet and income statement, large corpo- Consumer durable goods 437 rations in selected industries, 1951-1953 818 1348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Corporations—Continued Deaths—Continued Financing of large corporations in 1953 812 Burges, C. W., Class A director at Minneapolis 251 Sales, profits, and dividends 67, 181, 287, 381, 497, Collins, James W., director at Salt Lake City 627, 753, 873, 981, 1091, 1185, 1289 Branch 946 Costa Rica: Compton, Karl T., Class C director at Boston 714 National Bank of: Jackson, George H., director at Seattle Branch. . . .1150 Condition 106, 224, 326, 420, 550, 666, 792, Jenkins, W. M., director at Seattle Branch 461 916, 1020, 1130, 1224, 1328 Jones, Montfort, director at Pittsburgh Branch. .. .461 Discount rate 109, 227, 329, 423, 553, 669, 795, Keck, Ray M., director at San Antonio Branch. . . .251 919, 1023, 1133, 1227, 1331 Miller, Paul E., member of Board of Governors . . 1150 Country member banks: Plunkett, Ralph E., Class B director at St. Louis. . .714 Assets and liabilities of all banks in United Debits to deposit accounts: States 48, 162, 268, 362, 478, 608, 734, Reporting centers, year and month 44, 158, 264, 854, 962, 1072, 1166, 1270 358, 474, 604, 730, 850, 958, 1068, 1162, 1266 Condition 50, 164, 270, 364, 480, 610, 736, Debt: 856, 964, 1074, 1168, 1272 Consumer, 1953 and early 1954 691 Deposits, reserves, and borrowings. .. .40, 154, 260, 354, Farm real estate debt 829 470, 600, 726, 846, 954, 1064, 1158, 1262 Government, volume and kind of securities. .64, 178, Earnings and expenses: 284, 378, 494, 624, 750, 870, 978, 1088, 1182, 1286 1953 527 Mortgage outstanding: First half of 1954 1118 By type of property and by type of holder. ...69, Reserves and borrowings 40, 154, 260, 354, 470, 183, 289, 383, 499, 629, 755, 875, 983, 600, 726, 846, 954, 1064, 1158, 1262 1093, 1187, 1291 Credit: Nonfarm 1- to 4-family properties. .. .71, 185, 291, Bank credit: {See Bank credit) 385, 501, 631, 757, 877, 985, 1095, 1189, 1293 Consumer credit: {See Consumer credit) Real estate mortgage 567 Federal Reserve: Decker, Alonzo G., Jr., appointed Class C director Chart 36, 150, 256, 350, 466, 596, 722, 842, at Richmond 29 950, 1060, 1154, 1258 Defense production loans: Outstanding, Wednesday figures. .37, 151, 257, 351, Fees and rates on 44, 158, 264, 358, 474, 604, 730, 467, 597, 723, 843, 951, 1060, 1155, 1259 850, 958, 1068, 1162, 1266 Monetary developments and, since mid-1953 681 Guaranteed under Regulation V 43, 157, 263, 357, Monetary policy and, in competitive markets, 473, 603, 729, 849, 957, 1067, 1161, 1265 statement of Mr. Martin before Joint Commit- Denmark: tee on the Economic Report 125 Foreign exchange rates Ill, 229, 331, 425, 555, Real estate credit: 671, 797, 921, 1025, 1135, 1229, 1333 Statistics 69, 183, 289, 383, 499, 629, 755, National Bank of: 875, 983, 1093, 1187, 1291 Condition 106, 224, 326, 420, 550, 666, {See also Real estate credit) 792, 916, 1020, 1130, 1224, 1328 Cuba: Discount rate 109, 227, 329, 423, 553, 669, Gold purchases by United States from. . . . 103, 221, 323, 795, 919, 1023, 1133, 1227, 1331 417, 547, 663, 789, 913, 1017, 1127, 1221, 1325 Gold reserves 102, 220, 322, 416, 546, 662, 788, Gold reserves and dollar holdings 611, 787, 911, 912, 1016, 1126, 1220, 1324 1015, 1125, 1219, 1323 Department of Agriculture: National Bank of: Balance sheet of agriculture, 1954 821 Condition 106, 224, 326, 420, 550, 666, 792, Department stores: 916, 1020, 1130, 1224, 1328 Merchandising data 86, 200, 306, 400, 516, 646, Gold reserves. . 102, 220, 322, 416, 546, 662, 772, 892, 1000, 1110, 1204, 1308 788, 912, 1016, 1126, 1220, 1324 Sales: Currency: By Federal Reserve districts, metropolitan Changes in 685, 709 areas, and cities 87, 201, 307, 401, 517, Circulation, by denominations 45, 159, 265, 359, 647, 773, 893, 1001, 1111, 1205, 1309 475, 605, 731, 851, 959, 1069, 1163, 1267 Index of retail value. . . .75, 189, 295, 389, 505, 635, Kinds of money outstanding and in circulation .45, 159, 761, 881, 989, 1099, 1193, 1297 265, 359, 475, 605, 731, 851, 959, 1069, 1163, 1267 Weekly index of 86, 200, 306, 400, 516, 646, Outside banks 46, 160, 266, 360, 476, 606, 732, 772, 892, 1000, 1110, 1204, 1308 852, 960, 1070, 1164, 1268 Sales and stocks: Review for 1953 122 By Federal Reserve districts 8S, 199, 305, 399, Treasury, outstanding 37, 151, 257, 351, 467, 597, 515, 645, 771, 891, 999, 1109, 1203, 1307 723, 843, 951, 1061, 1155, 1259 By major departments 88, 202, 308, 402, 518, Customers' debit balances 58, 172, 278, 372, 488, 618, 648, 774, 894, 1002, 1112, 1206, 1310 Sales, stocks, and outstanding orders 86, 200, 306, 744, 864, 972, 1082, 1176, 1280 400, 516, 646, 772, 892, 1000, 1110, 1204, 1308 Daniels, Mortimer B., appointment as Assistant Con- Deposits: troller of Board of Governors 1253 Adjusted, of all banks and currency outside Dearmont, Russell L., resignation as Class C director banks 46, 160, 266, 360, 476, 606, 732, 852, at St. Louis 30 960, 1070, 1164, 1268 Deaths: Adjustment of interest on loan as payment of Beall, W. F., Class B director at Dallas 26 interest on 589 DECEMBER 1954 1349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Deposits—Continued Deposits—Continued All banks in United States, by classes. .47, 161, 267, 361, Time: 477, 607, 733, 853, 961, 1071, 1165, 1269 Maximum rates on 38, 152, 258, 352, 468, 598, Changes in 685, 709, 711, 828 724, 844, 952, 1062, 1156, 1260 Commercial banks 51, 165, 271, 365, 481, 611, Treasury: 737, 857, 965, 1075, 1169, 1273 Chart 36, 150, 256, 350, 466, 596 Federal Reserve Banks: 722, 842, 950, 1060, 1154, 1258 f All banks combined 41, 155, 261, 355, 471, 601, With Federal Reserve Banks 37 151, 257, 351, 727, 847, 955, 1065, 1159, 1263 467, 597, 723, 843, 951, 10 y 61, 1155, 1259 Each bank 42, 156, 262, 356, 472, 602, Turnover 44, 158, 264, 358, 474, 604, 728, 848, 956, 1066, 1160, 1264 730, 850, 958, 1068, 1162, 1266 Foreign: Weekly reporting member banks: Commercial banks, by classes 51, 165, 271, New York City and outside 53, 167, 273, 367, 365, 481, 611, 737, 857, 965, 1075, 1169, 1273 Federal Reserve Banks 42, 156, 262, 356, 472, 483, 613, 739, 859, 967, 1077, 1171, 1275 602, 728, 848, 956, 1066, 1160, 1264 Deputy Chairmen, Federal Reserve Banks: Held for foreign correspondents. .101, 219, 321, Appointments for 1954 27 415, 545, 660, 786, Freeman, Y. Frank, appointed at San Francisco 31 910, 1014, 1124, 1218, 1322 List of 115, 233, 335, 429, 559, 675, Government: 801, 925, 1029, 1139, 1233, 1337 Commercial banks. ......51, 165, 271, 365, 481, Perrin, Leslie N., Minneapolis: 611, 737, 857, 965, 1075, 1169, 1273 Appointment for 1954 31 Federal Reserve Banks, each bank. . .42, 156, 262, Designated Chairman 836 356, 472, 602, 728, 848, 956, 1066, 1160, 1264 Reinhold, Paul E., appointed at Atlanta 30 Weekly reporting member banks: Robertson, Caffey, appointed at St. Louis 30 New York City and outside 53, 167, 273, Supplee, Henderson, Jr., appointed at Philadel- 367, 483, 613, 739, phia 29 859, 967, 1077, 1171, 1275 Wysor, W. G., appointed at Richmond 29 Insured commercial banks 51, 165, 271, 365, 481, Dines, T. A., Class A director at Kansas City, 611, 737, 857, 965, 1075, 1169, 1273 resignation 144 Insured commercial banks in United States and Directly placed finance company paper, article on. .. .1245 possessions, 1950-1953 535 Directors, Federal Reserve Banks: Interest on loan, adjustment of, as payment of Adams, K. S., elected Class B at Kansas City 251 interest on 589 Alexander, M. Moss, Class B at St. Louis, ap- Member banks: pointed Class C and designated Chairman and Classes of banks 40, 154, 260, 354, 470, Federal Reserve Agent 30 600, 726, 846, 954, 1064, 1158, 1262 Alford, John R., elected Class B at Dallas 251 Mutual savings banks 49, 163, 269, 363, 479, 609, Appointments for 1954 27 735, 855, 963, 1073, 1167, 1271 Beall, W. F., Class B at Dallas, death of 26 National banks 49, 163, 269, 363, 479, 609, Beauchamp, S. J. Jr., elected Class B at St. 735, 855, 963, 1073, 1167, 1271 Louis 1253 Nonmember banks: Branch, Harllee, Jr., appointed Class C at At- Chart 36, 150, 256, 350, 466, 596, lanta 30 722, 842, 950, 1060, 1154, 1258 Brawner, A. H., appointed Class C at San Commercial banks 49, 163, 269, 363, 479, Francisco and designated Chairman and Federal 609, 735, 855, 963, 1073, 1167, 1271 Reserve Agent 31 Insured commercial banks in United States Burges, C. W., Class A at Minneapolis, death of 251 and possessions, 1950-1953 535 Chairmen and Federal Reserve Agents appointed Ownership of demand 711 for 1954 26 Payroll deduction savings accounts, use of cards (See also Chairmen, Federal Reserve Banks) as passbooks 460 Chandler, Lester V., appointed Class C at Phila- Postal savings: delphia 29 Consolidated condition statement... .46, 160, 266, Compton, Karl T., Class C at Boston, death of 714 360, 476, 606, 732, 852, 960, 1070, 1164, 1268 Corette, John E., elected Class B at Minneapolis 31 Depositors' balances and assets 44, 158, 264, Dearmont, Russell L., resignation as Class C at 358, 474, 604, 730, 850, 958, 1068, 1162, 1266 St. Louis 30 Rates on 38, 152, 258, Decker, Alonzo G., Jr., appointed Class C at 352, 468, 598, 724, 844, 952, 1062, 1156, 1260 Richmond 29 Ratios of time deposits to total deposits 901 Deputy Chairmen appointed for 1954 27 Review for 1953 122 (See also Deputy Chairmen, Federal Re- Savings: serve Banks) Interest rate on 38, 152, 258, 352, 468, 598, Dines, T. A., resignation as Class A at Kansas City.. 144 724, 844, 952, 1062, 1156, 1260 Freeman, Y. Frank, appointed Class C and Passbooks, use of cards as 460 Deputy Chairman at San Francisco 31 Harris, Rufus C, Class C at Atlanta, designated States and political subdivisions: Chairman and Federal Reserve Agent 29 Commercial banks. 51, 165, 271, 365, 481, 611, Kountze, Harold, elected Class A at Kansas City.. .461 737, 857, 965, 1075, 1169, 1273 List of 130 1350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Directors, Federal Reserve Banks—Continued Directors, Federal Reserve Branch Banks—Continued Miller, Paul E., Minneapolis: Williams, John D., appointed at Memphis 30 Appointment as member of Board of Gov- Zarfoss, Clarence R., appointed at Baltimore 29 ernors 835 Directory: Designated Chairman and Federal Reserve Board of Governors 114, 232, 334, 428, 528, Agent 31 674, 800, 924, 1028, 1138, 1232, 1336 Perrin, Leslie N., Minneapolis: Federal Advisory Council 114, 232, 334, 428, 528, Appointed Class C and Deputy Chairman 31 674, 800, 924, 1028, 1138, 1232, 1336 Designated Chairman and Federal Reserve Federal Open Market Committee. . . .114, 232, 334, 428, Agent 836 528, 674, 800, 924, 1028, 1138, 1232, 1336 Plunkett, Ralph E., Class B at St. Louis, death of. . .714 Federal Reserve Banks and Branches. . . .115, 233, 335, Reinhold, Paul E., Class C at Atlanta, appointed 429, 559, 675, 801, 925, 1029, 1139, 1233, 1337 Deputy Chairman 30 Discount rates: Robertson, Caffey, appointed Class C and Deputy Federal Reserve Banks 39, 153, 259, 353, 469, Chairman at St. Louis 30 599, 725, 845, 953, 1063, 1157, 1261 Russell, J. Stuart, appointed Class C at Chicago 591 Foreign central banks 109, 227, 329, 423, 553, Scott, John W., elected Class A at Minneapolis 461 669, 795, 919, 1023, 1133, 1227, 1331 Supplee, Henderson, Jr., Class C at Philadelphia, Discounts and advances: {See Bills discounted by appointed Deputy Chairman 29 Federal Reserve Banks) Wieck, Leo J., elected Class B at St. Louis 346 Dividends: Wilbur, Brayton, resignation as Class C at San All member banks, by classes: Francisco 31 1953 524 Woodward, John B., Jr., Class C at Richmond, First half of 1954 1118 designated Chairman and Federal Reserve Corporate 67, 181, 287, 381, 497, 627, Agent 29 753, 873, 981, 1091, 1185, 1289 Wysor, W. G., Class C at Richmond, appointed Federal Reserve Banks: Deputy Chairman 29 1952 and 1953 26 Directors, Federal Reserve Branch Banks: 1953 208 Appointments for 1954 28 Insured commercial banks in United States and Ayers, Clarence E., appointed at San Antonio. .. .251 possessions, 1950-1953 535 Beauchamp, S. J., Jr., Little Rock, elected Class Manufacturing corporations 67, 181, 287, 381, 497, B director at St. Louis 1253 627, 753, 873, 981, 1091, 1185, 1289 Bovaird, Davis D., appointed at Oklahoma City. .. .31 Member banks: Cocks, David F., appointed at Louisville 30 1953 454, 524 Collins, James W., Salt Lake City, death of 946 First half of 1954 1051, 1118 Corette, John E., Helena, elected Class B director Public utility corporations 67, 181, 287, 381, 497, at Minneapolis 31 627, 753, 873, 981, 1091, 1185, 1289 Decker, Alonzo G., Jr., Baltimore, appointed Dollar assets held at Federal Reserve Banks for for- Class C director at Richmond 29 eign correspondents 101, 219, 321, 415, 545, Dunn, Burton, appointed at San Antonio 346 660, 786, 910, 1014, 1124, 1218, 1322 Fletcher,Theodore E., Sr., appointed at Baltimore. .. 590 Dollar holdings and gold reserves of foreign coun- Grier, William H., appointed at Charlotte 144 tries and international institutions 661, 787, 911, Hannah, John A., appointed at Detroit 1055 1015, 1125, 1219, 1323 Hanson, R. S., appointed at Salt Lake City 1055 Dominican Republic: Hardin, C. M., resignation at Detroit 714 Condition of central bank 106, 224, 326, 420, 550, Haswell, Anthony, appointed at Cincinnati 29 666, 792, 916, 1020, 1130, 1224, 1328 Hohenberg, A. E., appointed at Memphis 30 Dunn, Burton, appointed director at San Antonio Jackson, George H., Seattle, death of 1150 Branch 346 Jenkins, W. M., Seattle, death of 461 Durable goods: Jones, Montford, Pittsburgh, death of 461 Consumer purchases in 1953 570 Keck, Ray M., San Antonio Branch, death of 251 Durable goods industries, changes in 2 Lafromboise, S. B., appointed at Seattle 590 Dwelling units started, permanent nonfarm.... 84, 198, 304, List of , 131 398, 514, 644, 770, 890, 998, 1108, 1202, 1306 McFarland, Carl, appointed at Helena 31 Earnings: Production workers in manufacturing indus- Moore, Ira A., appointed at Detroit 251 tries 81, 195, 301, 395, 511, 641, Reitz, J. Wayne, appointed at Jacksonville 144 767, 887, 995, 1105, 1199, 1303 Robertson, Caffey, Memphis, appointed Class C Ratios of all member banks: director and Deputy Chairman at St. Louis 30 By classes 531 Smith, McGregor, appointed at Jacksonville 144 By Federal Reserve districts 531 Stebbins, A. Howard, Jr., appointed at Little Ratios of country member banks 534 Rock 1253 Ratios of reserve city member banks 534 Swanson, Gilbert C, appointed at Omaha 31 Earnings and expenses: Vanderploeg, Watson H., appointed at Detroit. . . .346 All member banks: Ward, Frank B., appointed at Nashville 30 By classes: Warner, John Christian, appointed at Pittsburgh... 590 1953 524 Weil, Adolph, Sr., appointed at Birmingham 30 First half of 1954 1118 Welk, Philip I., appointed at Portland 31 By Federal Reserve districts, 1953 525 Wild, Everett E., appointed at New Orleans 30 By size, 1953 528 DECEMBER 1954 1351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Earnings and expenses—Continued Estimated liquid asset holdings of individuals and Federal Reserve Banks: businesses , 709 1952 and 1953 26 Europe: 1953 208 Gold reserves and dollar holdings 661, 787, 911, Insured commercial banks in United States and 1015, 1125, 1219, 1323 possessions, 1950-1953 535 Industrial production, discussion of 1038 Member banks: International capital transactions. .. .96, 214, 316, 410, 1953 454 540, 656, 782, 906, 1010, 1120, 1214, 1318 First half of 1954 1051, 1118 Evans, R. M., expiration of term of office as mem- National banks, 1953 529 ber of Board of Governors 835 State member banks, 1953 530 Examiners: Ecuador: Inter-Agency Bank Examination School, article Central bank of: on 23 Condition 106, 224, 326, 420, 550, Expenditures: 666, 792, 916, 1020, 1130, 1224, 1328 Business, on new plant and equipment. ...68, 182, 288, Discount rate 109, 227, 329, 423, 553, 382, 498, 628, 754, 874, 982, 1092, 1186, 1290 669, 795, 919, 1023, 1133, 1227, 1331 Article on 339 Gold reserves 102, 220, 322, 416, 546, Consumer, in 1954 1143 Government, in 1954 1149 662, 788, 912, 1016, 1126, 1220, 1324 1954 1143 Egypt: Treasury 60, 174, 280, 374, 490, Gold reserves and dollar holdings 661, 787, 911, 620, 746, 866, 974, 1084, 1178, 1282 1015, 1125, 1219, 1323 Export-Import Bank: National bank of: Loans by 56, 170, 276, 370, 486, Condition 106, 224, 326, 420, 550, 616, 742, 862, 970, 1080, 1174, 1278 666, 792, 916, 1020, 1130, 1224, 1328 Exports, merchandise 84, 198, 304, 398, 514, 644, Discount rate 109, 227, 329, 423, 553, 770, 890, 998, 1108, 1202, 1306 669, 795, 919, 1023, 1133, 1227, 1331 Extensions and repayments of consumer instalment Gold reserves 102, 220, 322, 416, 546, credit, article on 9 662, 788, 912, 1016, 1126, 1220, 1324 Farm Credit Administration: El Salvador: Assets and liabilities 57, 171, 277, 371, 487, 617, Central reserve bank of: 743, 863, 971, 1081, 1175, 1279 Condition 107, 225, 327, 421, 551, Farm-mortgage debt outstanding, by lenders, selected 667, 793, 917, 1021, 1131, 1225, 1329 years, 1940-54 830 Discount rate 109, 227, 329, 423, 553, Farm products: 669, 795, 919, 1023, 1133, 1227, 1331 Prices, recent developments 7 Gold reserves 102, 220, 322, 416, 546, Wholesale price indexes: 662, 788 912, 1016, 1126, 1220, 1324 y Principal countries 112, 230, 332, 426, 556, Employees: 672, 798, 922, 1026, 1136, 1230, 1334 Government, number of Federal, State, and United States 90, 204, 310, 404, 520, 650, local 82, 196, 302, 396, 512, 776, 896, 1004, 1114, 1208, 1312 642, 768, 888, 996, 1106, 1200, 1304 Farmers Home Administration: Insured commercial banks in United States and Farm-mortgage debt outstanding, selected years, possessions, 1950-1953 535 1940-54 830 Manufacturing industries, July 1954 809 Loans by 56, 170, 276, 370, 486, 616, 742, Member banks: 862, 970, 1080, 1174, 1278 1953 524 Fauver, Clarke L., designated Special Assistant to the First half of 1954 1118 Board 251 Nonagricultural establishments, July 1954 808 Federal Advisory Council: Employment: Meetings: Labor force 82, 196, 302, 396, 512, February 14-16, 1954 251 642, 768, 888, 996, 1106, 1200, 1304 May 16-18, 1954 461 Labor market in mid-1954 805 September 19-21, 1954 1055 National summary of business conditions 33, 146, 147, November 14-16, 1954 1150 253, 347, 463, 593, 718, Members: 839, 947, 1056, 1151, 1255 Brown, Edward E., reelected President 251 Nonagricultural: Fleming, Robert V., reelected Vice President. .251 Business index 75, 189, 295, 389, 505, List of 114, 232, 334, 428, 528, 674, 800, 635, 761, 881, 989, 1099, 1193, 1297 924, 1028, 1138, 1232, 1336 Decline during past year 807 Staff: Total in each classification. .82, 196, 302, 396, 512, Prochnow, Herbert V., reappointed Secretary. .251 642, 768, 888, 996, 1106, 1200, 1304 Federal Deposit Insurance Corporation: Nonmanufacturing, mid-1954 809 Assets and liabilities 56, 170, 276, 370, 486, 616, Production worker, in manufacturing industries: 742, 862, 970, 1080, 1174, 1278 Business index 75, 189, 295, 389, 505, Federal Farm Mortgage Corporation: 635, 761, 881, 989, 1099, 1193, 1297 Farm-mortgage debt outstanding, selected years, By industries 80, 194, 300, 394, 510, 1940-54 830 640, 766, 886, 994, 1104, 1198, 1302 Loans by 56, 170, 276, 370, 486, 616, 742, England: (See United Kingdom) 862, 970, 1080, 1174, 1278 1352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Federal Home Loan Banks: Federal Reserve Act—Continued Advances and repayments 71, 185, 291, 385, 501, Sections 23A and 24A, amendments with respect 631, 757, 877, 985, 1095, 1189, 1293 to investment in stock of affiliate holding bank Loans by 56, 170, 276, 370, 486, 616, 742, 862, premises 715 970, 1080, 1174, 1278 Section 24: Federal Housing Administration: Amendment with respect to loans insured by Assets and liabilities 57, 171, 277, 371, 487, Secretary of Agriculture relating to con- 617, 743, 863, 971, 1081, 1175, 1279 servation of water resources 945 Insured mortgage loans: Amendment with respect to national bank Acquired and outstanding, life insurance loans to industrial or commercial busicompanies 70, 184, 290, 384, 500, 630, nesses in which Small Business Administra- 756, 876, 984, 1094, 1188, 1292 tion cooperates or purchases participations. . 834 Held by: Federal Reserve Agents: Banks 69, 183, 289, 383, 499, 629, Appointments for 1954 26 755, 875, 983, 1093, 1187, 1291 Perrin, Leslie N., designated at Minneapolis 836 Federal National Mortgage Association. . . .71, Federal Reserve Bank Notes: 185, 291, 385, 501, 631, 757, Circulation and outstanding 45, 159, 265, 359, 475, 877, 985, 1095, 1189, 1293 605, 731, 851, 959, 1069, 1163, 1267 Mortgage debt outstanding on nonfarm Federal Reserve Bank of Chicago: 1- to 4-family properties 71, 185, 291, 385, Transfer of counties in Michigan to territory of 501, 631, 757, 877, 985, 1095, 1189, 1293 Outstanding, savings and loan associations. .70, 184, Detroit Branch 26 290, 384, 500, 630, 756, 876, 984, Federal Reserve Bank of Cleveland: 1094, 1188, 1292 Staff: Residential loans underwritten by. . . .71, 185, 291, 385, Allen, Dwight L., appointed Vice President. . . .590 501, 631, 757, 877, 985, 1095, 1189, 1293 Federal Reserve Bank of Dallas: Federal Intermediate Credit Banks: Staff: Loans by 56, 170, 276, 370, 486, 616, 742, Irons, Watrous H., appointed President 251 862, 970, 1080, 1174, 1278 Federal Reserve Bank of New York: Federal land banks: Staff: Farm-mortgage debt outstanding, selected years, Sproul, Allan, reelected Vice Chairman of 1940-54 830 Federal Open Market Committee 251 Federal National Mortgage Association: Federal Reserve Bank of San Francisco: Amendment to section 5136 of Revised Statutes Transfer of three California counties to territory permitting member banks to deal in and under- of Los Angeles Branch 1150 write obligations of 946 Federal Reserve Banks: Amendments to National Housing Act 945 Assessment for expenses of Board of Governors. . . .208 Assets and liabilities 56, 170, 276, 370, 486, Assets and liabilities 41, 155, 261, 355, 471, 601, 616, 742, 862, 970, 1080, 1174, 1278 727, 847, 955, 1065, 1159, 1263 Mortgage activity of 71, 185, 291, 385, 501, 631, Authority to purchase Government obligations: 757, 877, 985, 1095, 1189, 1293 Amendment to section 14 (b) of Federal Re- Federal Open Market Committee: serve Act extending 715 H. R. 7602, bill to direct Comptroller General to Statement of Mr. Martin on S. 3206 to extend .453 audit, statement oi Mr. Martin 587 Authorization to act as depositaries, custodians, Meetings: and fiscal agents for Federal National Mort- March 3, 1954 251 gage Association 945 June 23, 1954 714 Branches: (See Branch banks, Federal Reserve September 22, 1954 1055 System) December 7, 1954 1253 Capital and surplus of each bank. . . .42, 156, 262, 356, Members: 472, 602, 728, 848, 956, 1066, 1160, 1264 Elected 251 Chairmen: (See Chairmen, Federal Reserve Banks) Martin, Wm. McC, Jr., reelected Chairman 251 Condition statement, each bank 42, 156, 262, 356, Sproul, Allan, reelected Vice Chairman 251 472, 602, 728, 848, 956, 1066, 1160, 1264 Members and officers, list 114, 232, 334, 428, Deposits and other dollar assets held for foreign 528, 674, 800, 924, 1028, 1138, 1232, 1336 correspondents 101, 219, 321, 415, 545, 660, Federal Reserve Act: 786, 910, 1014, 1124, 1218, 1322 Section 9, amendment correcting obsolete refer- Deputy Chairmen: (See Deputy Chairmen, Fedence 1054 eral Reserve Banks) Section 14(b), authority of Federal Reserve Directors: (See Directors) Banks to purchase Government obligations: Dividends: Amendment extending 715 1952 and 1953 26 Statement of Mr. Martin on S. 3206 453 1953 208 Section 16, provisions prohibiting one Federal Earnings and expenses: Reserve Bank from paying out Federal Reserve 1952 and 1953 26 notes of another Federal Reserve Bank: 1953 208 Amendment repealing 834 Federal Reserve Agents: (See Federal Reserve Statement of Mr. Martin on S. 3268 453 Agents) Section 22, subsection (f), amendment correcting Government securities held by. . .64, 178, 284, 378, 494, obsolete reference 1054 624, 750, 870, 978, 1088, 1182, 1286 DECEMBER 1954 1353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Federal Reserve Banks—Continued H. R. 7602, bill to direct Comptroller General Financial changes in Western Germany 1041 to audit, statement of Mr. Martin 587 Financial position and commitments of Officers 115, 233, 335, 429, 559, 675, 801, consumers 689 925, 1029, 1139, 1233, 1337 Financing of large corporations in 1953 812 Salaries, 1953 208 Finland: Surplus, 1953 208 Bank of: Federal Reserve Chart Book: Condition 107, 225, 327, 421, 551, 667, Historical supplement: 793, 917, 1021, 1131, 1225, 1329 Annual edition 144 Discount rate 109, 227, 329, 423, 553, 669, Data for 461 795, 919, 1023, 1133, 1227, 1331 1954 edition 946 Foreign exchange rates Ill, 229, 331, 425, 555, 671, Federal Reserve districts: 797, 921, 1025, 1135, 1229, 1333 Designation of Alaska and Hawaii as being in or First Vice Presidents of Federal of Twelfth District for purposes of Regulations Reserve Banks, list of 115, 233, 335, 429, 559, 675, G and J 717 801, 925, 1029, 1139, 1233, 1337 Map of 118, 236, 338, 432, 562, 680, 804, 928, Fleming, Robert V., reelected Vice 1032, 1142, 1236, 1342 President of Federal Advisory Council 251 Federal Reserve notes: Fletcher, Theodore E., Sr., appointed Circulation: director at Baltimore Branch 590 All banks combined 41, 155, 261, 355, 471, Food: 601, 727, 847, 955, 1065, 1159, 1263 Consumers' price index, principal Each bank, condition statement 42, 156, 262, countries 113, 231, 333, 427, 557, 673, 356, 472, 602, 728, 848, 956, 1066, 1160, 1264 799, 923, 1027, 1137, 1231, 1335 Each bank, Federal Reserve Agents' ac- Wholesale prices: counts 43, 157, 263, 357, 473, 603, 729, Principal countries. . . .112, 230, 332, 426, 556, 672, 849, 957, 1067, 1161, 1265 798, 922, 1026, 1136, 1230, 1334 Collateral security for 43, 157, 263, 357, 473, 603, United States 90, 204, 310, 404, 520, 650, 729, 849, 957, 1067, 1161, 1265 776, 896, 1004, 1114, 1208, 1312 Federal Reserve Agents' accounts: Foreign banking corporations: All Federal Reserve banks 43, 157, 263, 357, Sections XI and XV of Regulation K, 473, 603, 729, 849, 957, 1067, 1161, 1265 amendment 1053 Each bank 43, 157, 263, 357, 473, 603, 729, Foreign banks: 849, 957, 1067, 1161, 1265 Commercial banks, condition of. . 110, 228, 330, 424, 554, Interest paid to Treasury on 208 670, 796, 920, 1024, 1134, 1228, 1332 Outstanding and in circulation 45, 159, 265, 359, 475, Condition of central banks. .104, 222, 324, 418, 458, 664, 605, 731, 851, 959, 1069, 1163, 1267 790, 914, 1018, 1128, 1222, 1326 Provisions of section 16 of Federal Reserve Act Deposits held by member banks, prohibiting one Federal Reserve Bank from by classes 51, 165, 271, 365, 481, 611, paying out notes of another Federal Reserve 737, 857, 965, 1075, 1169, 1273 Bank: Deposits of weekly reporting Amendment repealing 834 member banks: Statement of Mr. Martin on S. 3268 453 New York City and outside. .53, 167, 273, 367, 483, Redemption fund: 613, 739, 859, 967, 1077, 1171, 1275 All banks combined 41, 155, 261, 355, 471, Discount rates of central banks. .109, 227, 329, 423, 553, 669, 795, 919, 1023, 1133, 1227, 1331 601, 727, 847, 955, 1065, 1159, 1263 Gold reserves of central banks. .102, 220, 322, 416, 546, Each bank 42, 156, 262, 356, 472, 602, 662, 788, 912, 1016, 1126, 1220, 1324 728, 848, 956, 1066, 1160, 1264 Foreign deposits held by Federal Reserve Federal Reserve System: Banks: Admission of national bank in Alaska to mem- All banks combined 41, 155, 261, 355, 471, 601, bership 461 727, 847, 955, 1065, 1159, 1263 Admissions of State banks to membership. .26, 144, 252, Each bank 42, 156^262, 356, 472, 602, 461, 591, 836, 946, 1055, 1150, 1253 728, 848, 956, 1066, 1160, 1264 Map of 118, 236, 338, 432, 562, 680, 804, For foreign correspondents. .101, 219, 321, 415, 545, 660, 928, 1032, 1142, 1236, 1342 786, 910, 1014, 1124, 1218, 1322 Federal Reserve System—Purposes and Functions, revised edition 252 Foreign exchange rates Ill, 229, 331, 425, 555, 671, Fees: 797, 921, 1025, 1135, 1229, 1333 Guarantee and commitment under France: Regulation V 44, 158, 264, 358, 474, 604, Bank of: 730, 850, 958, 1068, 1162, 1266 Condition 105, 223, 325, 419, 549, 665, Fiduciary powers: 791, 915, 1019, 1129, 1223, 1327 Common trust funds, inter-trust Discount rate 109, 227, 329, 423, 553, 669, transfer of participations 834 795, 919, 1023, 1133, 1227, 1331 Finance and commercial paper: Gold reserves 102, 220, 322, 416, 546, 662, Money market rates on 1177, 1281 788, 912, 1016, 1126, 1220, 1324 Outstanding 1172, 1276 Commercial banks, assets and Finance company paper, directly placed, liabilities 110, 228, 330, 424, 554, 670, article on 1245 796, 920, 1024, 1134, 1228, 1332 1354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages France—Continued Gold—Continued Consumers' price indexes. .113, 231, 333, 427, 557, 673, Stock—Continued 799, 923, 1027, 1137, 1231, 1335 United States, analysis of Foreign exchange rates Ill, 229, 331, 425, 555, 671, changes 103, 221, 323, 417, 547, 663, 797, 921, 1025, 1135, 1229, 1333 789, 913, 1017, 1127, 1221, 1325 Gold purchases by United States Wednesday figures 37, 151, 257, 351, 467, 597, from 103, 221, 323, 417, 547, 663, 723, 843, 951, 1061, 1155, 1259 789, 913, 1017, 1127, 1221, 1325 Supplies and uses, 1931-53 938 Gold reserves and dollar holdings 661, 787, 911, Gold and dollar movements, international 237 1015, 1125,1219,1323 Gold certificates: International capital transactions 96, 214, 316, 410, Federal Reserve Bank holdings: 540, 656, 782, 906, 1010, 1120, 1214, 1318 All banks combined. .. .41, 155, 261, 355, 471, 601, Security prices, index numbers. .113, 231, 333, 427, 557, 727, 847, 955, 1065, 1159, 1263 673, 799, 923, 1027, 1137, 1231, 1335 Each bank 42, 156, 262, 356, 472, 602, Wholesale prices 112, 230, 332, 426, 556, 672, 728, 848, 956, 1066, 1160, 1264 798, 922, 1026, 1136, 1230, 1334 Outstanding and in circulation. ...45, 159, 265, 359, 475, 605, 731, 851, 959, 1069, 1163, 1267 Frechtling, John, article on 1954 Gold reserves and dollar holdings of survey of consumer finances 570 foreign countries and international Freeman, Y. Frank, appointed Class C institutions 661, 787, 911, 1015, 1125, 1219, 1323 director and Deputy Chairman at San Francisco 31 Government corporations and credit agencies: Assets and liabilities 56, 170, 276, 370, 486, 616, Freight carloadings: 742, 862, 970, 1080, 1174, 1278 Classes 84, 198, 304, 398, 514, 644, Loans by 56, 170, 276, 370, 486, 616, 770, 890, 998, 1108, 1202, 1306 742, 862, 970, 1080, 1174, 1278 Index of 75, 189, 295, 389, 505, 635, Government debt: 761, 881, 989, 1099, 1193, 1297 Volume and kind of securities. ...64, 178, 284, 378, 494, Furniture and major household appliances, 624, 750, 870, 978, 1088, 1182, 1286 consumer purchases 572 Government employees, number of Federal, Furniture store statistics 74, 188, 294, 388, 504, 634, State, and local 82, 196, 302, 396, 512, 642, 760, 880, 988, 1098, 1192, 1296 768, 888, 996, 1106, 1200, 1304 Garber, Margaret, article on private demand Government expenditures 1149 for gold, 1931-53 935 Government securities: Germany: Authority of Federal Reserve Banks to purchase: Bank of German States, condition 107, 225, 327, 421, Amendment to section 14(b) of Federal 551, 667, 793, 917, 1021, 1131, 1225, 1329 Reserve Act extending 715 Discount rate 109, 227, 329, 423, 553, 669, Statement of Mr. Martin on S. 3206 453 795, 919, 1023, 1133, 1227, 1331 Bond prices 58, 172, 278, 372, 488, 618, Foreign exchange rates Ill, 229, 331, 425, 555, 671, 744 864, 972, 1082, 1176, 1280 797, 921, 1025, 1135, 1229, 1333 Commercial bank holdings. . ? 50, 164, 270, 364, 480, 610, Gold reserves and dollar holdings. . .661, 787, 911, 1015, 736, 856, 964, 1074, 1168, 1272 1125, 1219, 1323 Direct public issues outstanding, Western Germany, recent financial changes in 1041 volume and kind 65, 179, 285, 379, 495, 625, Gold: 751, 871, 979, 1089, 1183, 1287 Earmarked 103, 221, 323, 417, 547, 663, Federal Reserve Bank holdings: 789, 913, 1017, 1127, 1221, 1325 All banks combined 41, 155, 261, 355, 471, 601, Gold redemption bill, statement of 727, 847, 955, 1065, 1159, 1263 Mr. Martin before Subcommittee Each bank 42, 156, 262, 356, 472, 602, on Federal Reserve Matters 345 728, 848, 956, 1066, 1160, 1264 Movements: For foreign correspondents 101, 219, 321, 415, Geographic pattern of gold flows 940 545, 660, 786, 910, 1014, 1124, 1218, 1322 United States 103, 221, 323, 417, 547, 663, Maturity distribution 41, 155, 261, 355, 471, 789, 913, 1017, 1127, 1221, 1325 601, 727, 847, 955, 1065, 1159, 1263 Outstanding, United States money 45, 159, 265, 359, Wednesday figures 37, 151, 257, 351, 467, 597, 475, 605, 731, 851, 959, 1069, 1163, 1267 723, 843, 951, 1061, 1155, 1259 Private demand for gold, 1931-53, article on 935 Holdings, review for 1953 121 Production: Insured commercial banks 50, 164, 270, 364, 480, United States 103, 221, 323, 417, 547, 663, 610, 736, 856, 964, 1074, 1168, 1272 Investments by weekly reporting 789,913, 1017, 1127, 1221, 1325 member banks: World 101, 219, 321, 415, 545, 660, New York City and outside 52, 166, 272, 366, 786, 910, 1014, 1124, 1218, 1322 482, 612, 738, 858, 966, 1076, 1170, 1274 Reserves: Life insurance company holdings 55, 169, 275, 369, Central banks and governments 102, 220, 322, 485, 615, 741, 861, 969, 1079, 1173, 1277 416, 546, 662, 788, 912, 1016, 1126, 1220, 1324 Marketable and convertible out- Stock: standing 65, 179, 285, 379, 495, 625, 751, 871, 979, 1089, 1183, 1287 Chart 36, 150, 256, 350, 466, 596, Money market rates 1177, 1281 722, 842, 950, 1060, 1154, 1258 DECEMBER 1954 1355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Government securities—Continued Income: Ownership of direct and Agricultural 823 guaranteed 64, 178, 284, 378, 494, 624, Consumer, 1953 689 750, 870, 978, 1088, 1182, 1286 Large corporations, income statements, 1951-1953 . .818 Savings and loan association National 92, 206, 312, 406, 522, 652, holdings 55, 169, 275, 369, 485, 615, 778, 898, 1006, 1116, 1210, 1314 741, 861, 969, 1079, 1173, 1277 Personal 93, 207, 313, 407, 523, 653, Savings bonds and notes, sales, 779, 899, 1007, 1117, 1211, 1315 redemptions, and amount out- Personal income and saving .1146 standing 63, 177, 283, 377, 493, 623, Taxes, internal revenue collections 61, 175, 281, 375, 749, 869, 977, 1087, 1181, 1285 491, 621, 747, 867, 975, 1085, 1179, 1283 Summary data from Treasury survey Index numbers: of ownership 65, 179, 285, 379, 495, 625, 751, Bond prices 58, 172, 278, 372, 488, 618, 744, 871, 979, 1089, 1183, 1287 864, 972, 1082, 1176, 1280 Yields on 59, 173, 279, 373, 489, 619, Business indexes 75, 189, 295, 389, 505, 635, 745, 865, 973, 1083, 1177, 1281 761, 881, 989, 1099, 1193, 1297 Greece: Construction contracts awarded. . .75, 189, 295, 389, 505, Bank of: 635, 761, 881, 989, 1099, 1193, 1297 Condition 107, 225, 327, 421, 551, 667, Consumer durable goods, output of. . .80, 194, 300, 510, 793, 917, 1021, 1131, 1225, 1329 640, 766, 886, 994, 1104, 1198, 1302 Discount rate 109, 227, 329, 423, 553, 669, Revision of 438 795, 919, 1023, 1133, 1227, 1331 Consumers' price, moderate income Grier, William H., appointed director families 90, 204, 310, 404, 520, 650, at Charlotte Branch 144 776, 896, 1004, 1114, 1208, 1312 Gross national product: Consumers' price, principal 1953 and 1954 1144 countries 113, 231, 333,427, 557, 673, Relation of national income, 799, 923, 1027,1137, 1231,1335 personal income, and saving. . .92, 206, 312, 406, 522, Department stores: 652, 778, 898, 1006, 1116, 1210, 1314 Sales, adjusted 75, 189, 295, 389, 505, 635, Guatemala: 761, 881, 989, 1099, 1193, 1297 Condition of Bank of 107, 225, 327, 421, 551, 667, Sales, by Federal Reserve 793, 917, 1021, 1131, 1225, 1329 districts, metropolitan Gold reserves 102, 220, 322, 416, 546, 662, areas, and cities 87, 201, 307, 401, 517, 647, 788, 912, 1016, 1126, 1220, 1324 773, 893, 1001, 1111, 1205, 1309 Hannah, John A., appointed director Sales, weekly 86, 200, 306, 400, 516, 646, at Detroit Branch 1055 772, 892, 1000, 1110, 1204, 1308 Hanson, R. S., appointed director at Salt Sales and stocks, by Lake City Branch 1055 Federal Reserve districts 85, 199, 305, 399, 515, Hardin, CM., resignation as director at 645, 771, 891, 999, 1109, 1203, 1307 Detroit Branch 714 Sales and stocks, by major Harris, Rufus C, designated Chairman departments 88, 202, 308, 402, 518, 648, and Federal Reserve Agent at Atlanta 29 774, 894, 1002, 1112, 1206,1310 Haswell, Anthony, appointed director at Freight carloadings: Cincinnati Branch 29 Adjusted 75, 189, 295, 389, 505, 635, Hawaii, designation as being in or of 761, 881, 989, 1099, 1193, 1297 Twelfth Federal Reserve District for Classes 84, 198, 304, 398, 514, 644, purposes of Regulations G and J 717 770, 890, 998, 1108, 1202, 1306 Heuser, Henry K., article on recent Industrial production: financial changes in Western Germany 1041 Adjusted for seasonal variation . . .76, 190, 296, 390, Hohenberg, A. E., appointed director at Memphis Branch 30 506, 636, 762, 882, 990, 1100, 1194, 1298 Home Owners' Loan Corporation: Physical volume 75, 189, 295, 389, 505, 635, Loans by 56, 170, 276, 370, 486, 616, 761, 881, 989, 1099, 1193, 1297 742, 862, 970, 1080, 1174, 1278 Without seasonal adjustment. . . . 76, 190, 296, 390, Hours and earnings of production workers in manufacturing industries . . .81, 195, 301, 395, 506, 636, 762, 882, 990, 1100, 1194, 1298 511, 641, 767, 887, 995, 1105, 1199, 1303 Manufacturing production workers, Housing: business index 75, 189, 295, 389, 505, 635, Consumer purchases of houses 574 761, 881, 989, 1099, 1193, 1297 Pending legislation 569 Output of consumer durable goods, Housing Act of 1954, amendments to National revision of 438 Housing Act 945 Security prices in principal Imports: countries 113, 231, 333, 427, 557, 673, Balance of trade and imports, 1953-54 1034 799, 923, 1027, 1137, 1231, 1335 Gold movements to United States 103, 221, 323, 417, Stock prices 58, 172, 278, 372, 488, 618, 547, 663, 789, 913, 1017, 1127, 1221, 1325 744, 864, 972, 1082, 1176, 1280 Imports and exports: Wholesale prices: Merchandise 84. 198. 304. 398, 514, 644, Commodities. . . 75, 189, 295, 389, 505, 635, 770, 890, 998, 1108, 1202, 1306 761, 881, 989, 1099, 1193, 1297 1356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Index numbers—Continued Insurance companies—Continued Wholesale prices—Continued Mortgage activity of life insur- Groups of commodities 90, 204, 310, 404, 520, ance companies 70, 184, 290, 384, 500, 630, 756, 650, 776, 896, 1004, 1114, 1208, 1312 876, 984, 1094, 1188, 1292 Principal countries. . . 112, 230, 332, 426, 556, 672, Insured commercial banks: 798, 922, 1026, 1136, 1230, 1334 Branches, number of 537 India: Earnings, 1950-1953, in United Foreign exchange rates Ill, 229, 331, 425, 555, 671, States and possessions 535 797, 921, 1025, 1135, 1229, 1333 Farm-mortgage debt outstanding, selected Gold production 101, 219, 321, 415, 545, 660, years, 1940-54 830 786, 910, 1014, 1124, 1218, 1322 Loans and investments 50, 164, 270, 364, 480, 610, Gold reserves and dollar holdings. . . .661, 787, 911, 1015, 736, 856, 964, 1074, 1168, 1272 1125, 1219, 1323 Number of, by class and by State 536 Reserve Bank of: Inter-Agency Bank Examination School, article on 23 Condition 107, 225, 327,421,551, 667, Interest rates: 793, 917, 1021, 1131, 1225, 1329 Business loans by banks in Discount rate 109, 227, 329, 423, 553, 669, selected cities 59, 173, 279, 373, 489, 619, 745, 795, 919, 1023, 1133, 1227, 1331 865, 973, 1083, 1177, 1281 Gold reserves 102, 220, 322, 416, 546, 662, Money market rates 1177, 1281 788, 912, 1016, 1126, 1220, 1324 Open market rates in New York Indonesia, Bank of: City 59, 173, 279, 373, 489, 619, 745, Condition 107, 225, 327, 421, 551, 667, 865, 973, 1083 793, 917, 1021, 1131, 1225, 1329 Regulation V loans, guarantee fees Discount rate 109, 227, 329, 423, 553, 669, and rates on 44, 158, 264, 358, 474, 604, 730, 795, 919, 1023, 1133, 1227, 1331 850, 958, 1068, 1162, 1266 Gold reserves 102, 220, 322, 416, 546, 662, Review for 1953 124 788, 912, 1016, 1126, 1220, 1324 Time deposits, maximum rates on. . . 38, 152, 258, 352, Industrial activity, recent decline in 2 468, 598, 724, 844, 952, 1062, 1156, 1260 Industrial advances by Federal Reserve Internal revenue collections 61, 175, 281, 375, 491, 621, Banks: 747, 867, 975, 1085, 1179, 1283 All banks combined 41, 155, 261, 355, 471, 601, 727, International Bank for Reconstruction and 847, 955, 1065, 1159, 1263 Development: Commitments 42, 156, 262, 356, 472, 602, 728, Condition 104, 222, 324, 418, 548, 664, 848, 956, 1066, 1160, 1264 790, 914, 1018, 1128, 1222, 1326 Each bank 42, 156, 262, 356, 472, 602, 728, Gold reserves 102, 220, 322, 416, 546, 662, 848, 956, 1066, 1160, 1264 788, 912, 1016, 1126, 1220, 1324 Maturity distribution 41, 155, 261, 355, 471, 601, 727, International capital transactions 847, 955, 1065, 1159, 1263 of the United States 96, 214, 316, 410, 540, 656, Number and amount. ...43, 157, 263, 357, 473, 603, 729, 782, 906, 1010, 1120, 1214, 1318 849, 957, 1067, 1161, 1265 Changes in Bulletin tables 591 Rates on loans and commitments 39, 153, 259, 353, International gold and dollar movements 237 469, 599, 725, 845, 953, 1063, 1157, 1261 International institutions: Industrial production: Gold reserves and dollar holdings 661, 787, 911 Business index 75, 189, 295, 389, 505, 635, 761, 1015, 1125, 1219, 1323 881, 989,1099, 1193, 1297 International Monetary Fund: By industries: Condition 104, 222, 324, 418, 548, 664, Adjusted for seasonal 790, 914. 1018, 1128, 1222, 1326 variation 76, 190, 296, 390, 506, 636, 762, Gold reserves 102, 220, 322, 416, 546, 662, 882, 990, 1100, 1194, 1298 788, 912, 1016, 1126, 1220, 1324 Without seasonal adjustment 76, 190, 296, 390, Interpretations: 506, 636, 762, 882, 990, 1100, 1194, 1298 Regulation F: Canada 1039 Common trust funds, inter-trust Charts 32, 145, 253, 347, 462, 592, 839, transfers of participations 834 947, 1056, 1151, 1254 Regulation Q: European, discussion of 1038 Adjustment of interest on loan as Japan 1039 payment of interest on deposits 589 National summary of business Payroll deduction savings accounts, conditions 32, 145, 147, 253, 347, 462, 592, use of cards as passbooks 460 718, 839, 947, 1056, 1151, 1254 Inventories: Wholesale price index 112, 230, 332, 426, 556, 672, Business inventories, change in 1148 798, 922, 1026, 1136, 1230, 1334 Instalment loans: (See Consumer credit) Investments: Insurance companies: All banks in the United States, Assets 55, 169, 275, 369, 485, 741, 861, 969, by classes 48, 162, 268, 362, 478, 608, 1079, 1173, 1277 734, 854, 962, 1072, 1166, 1270 Farm-mortgage debt outstanding, Bank premises, stock of affiliate selected years, 1940-54 830 holding, amendments to sections Government securities held by 64, 178, 284, 378, 494, 23A and 24A of Federal Reserve Act 715 624, 750, 870, 978, 1088, 1182, 1286 Business fixed investment 1147 1357 DECEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Investments—Continued Latin American Republics—Continued Weekly reporting member banks: International capital transactions 96, 214, 316, 410, New York City and outside. . . .52, 166, 272, 366, 540, 656, 782, 906, 1010, 1120, 1214, 1318 482, 612, 738, 858, 966, 1076, 1170, 1274 Leading articles: {See also Loans and investments) Bank credit and money in 1953 119 Iran: Consumer durable goods markets 433 Gold reserves 102, 220, 322, 416, 546, 662, Consumer instalment credit 929 788, 912, 1016, 1126, 1220, 1324 Expenditures in 1954 1143 Gold reserves and dollar holdings 661, 787, 911, International gold and dollar 1015, 1125, 1219, 1323 movements 237 Ireland: Labor market in mid-1954 805 Central bank of: Monetary and credit developments Condition 107, 225, 327, 421, 551, 667, since mid-1953 681 793, 917,1021, 1131, 1225, 1329 Real estate in mid-1954 563 Discount rate 109, 227, 329, 423, 553, 669, Recent production and price 795, 919, 1023, 1133, 1227, 1331 developments 1 Foreign exchange rates Ill, 229, 331, 425, 555, 671, Use of monetary instruments since 797, 921, 1025, 1135, 1229, 1333 mid-1952, reply of Chairman of Irons, Watrous H., appointed President Board of Governors to question subof Federal Reserve Bank of Dallas 251 mitted by Subcommittee on Economic Italy: Stabilization 1237 Bank of: World trade and production in Condition 107, 225, 327, 421, 551, 667, 1953-54 1033 793, 917, 1021, 1131, 1225, 1329 Discount rate 109, 227, 329, 423, 553, 669, Legislation: 795, 919, 1023, 1133, 1227, 1331 Authority of Federal Reserve Banks to Gold reserves 102, 220, 322, 416, 546, 662, purchase Government obligations: 788, 912, 1016, 1126, 1220, 1324 Amendment to section 14 (b) of Gold reserves and dollar holdings 661, 787, 911, Federal Reserve Act extending 715 1015, 1125, 1219, 1323 Statement of Mr. Martin on S. 3206 453 International capital transactions. ... 96, 214, 316, 410, Correction of obsolete references in 540, 656, 782, 906, 1010, 1120, 1214, 1318 sections 9 and 22 (f) of Federal Wholesale prices 112, 230, 332, 426, 556, 672, Reserve Act and section 5144 (d) 798, 922, 1026, 1136, 1230, 1334 of Revised Statutes 1054 Jackson, George H., director at Seattle Branch, Federal Reserve notes, provisions of death of 1150 section 16 of Federal Reserve Act Japan: prohibiting one Federal Reserve Bank Bank of: from paying out notes of another Fed- Condition 107, 225, 327, 421, 551, 667, eral Reserve Bank: 793, 917, 1021, 1131, 1225, 1329 Amendment repealing 834 Discount rate 109, 227, 329, 423, 553, 669, Statement of Mr. Martin on S. 3268 453 795, 919, 1023, 1133, 1227, 1331 Gold redemption bill, statement of Mr. Martin Gold reserves and dollar holdings 616, 787, 911, before Subcommittee on Federal Reserve 1015, 1125, 1219, 1323 Matters 345 Industrial production, discussion of 1039 Wholesale prices 112, 230, 332, 426, 556, 672, H. R. 7602, bill to direct Comptroller 798, 922, 1026, 1136, 1230, 1334 General to audit Board of Governors, Jenkins, W. M., director at Seattle Branch, death of. .. .461 Federal Open Market Committee, and Johnson, Edwin J., appointment as Director of Federal Reserve Banks and branches, statement of Mr. Martin 587 Division of Personnel Administration 1253 Jones, Montfort, director at Pittsburgh Branch, Housing Act of 1954: death of 461 Amendments to National Housing Act 945 Jones, Oliver H., articles on member bank Proposed 569 earnings 454, 1051 Investment in stock of affiliate holding Keck, Ray M., director at San Antonio Branch, bank premises, amendments to sections death of 251 23A and 24A of Federal Reserve Act 715 Kompton, Karl T., Class C director at Boston, Loans insured by Secretary of Agriculture death of 714 relating to conservation of water resources, Kountze, Harold, elected Class A director at amendment to section 24 of Federal Reserve Kansas City 461 Act 945 Labor market in mid-1954 805 Lafromboise, S. B., appointed director at National bank loans to industrial or commercial Seattle Branch 590 businesses in which Small Business Administra- Latin American Republics: tion participates or purchases participation, Gold movements 103, 221, 323, 417, 547, 663, amendment to section 24 of Federal Reserve Act. .834 789, 913, 1017, 1127, 1221, 1325 Obligations of banks for cooperatives, amendment Gold reserves and dollar holdings 661, 787, 911, to section 5136 of Revised Statutes permitting 1015, 1125, 1219, 1323 member banks to deal in and underwrite 945 1358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Legislation—Continued Loans and investments—Continued Obligations of Federal National Mortgage Asso- Commercial banks, review for 1953 119 ciation, amendment to section 5136 of Revised Insured commercial banks 50, 164, 270, 364, 480, Statutes permitting member banks to deal in 610, 736, 856, 964, 1074, 1168, 1272 and underwrite 946 Member banks: Life insurance companies: {See Insurance companies) By classes 48, 162, 268, 362, 478, 608, Liquid asset holdings of: 734, 854, 962, 1072, 1166, 1270 Consumers 690 December 31, 1953 455 Individuals and businesses 709 In leading cities, charts 33, 463, 948, 1152 List of directors of Federal Reserve Banks Mutual savings banks 49, 163, 269, 363, 479, 609, and branches 130 735, 855, 963, 1073, 1167, 1271 List of members of Board of Governors, 1913-1954 837 National banks . . 49, 163, 269, 363, 479, 609, Loans: 735, 855, 963, 1073, 1167, 1271 Agricultural: Nonmember banks . . 49, 163, 269, 363, 479, 609, Commercial banks 50, 164, 270, 364, 480, 610, 735, 855, 963, 1073, 1167, 127l 736, 856, 964, 1074, 1168, 1272 Weekly reporting member banks: Brokers and dealers in securities, New York City and outside 52, 166, 272, 366, by weekly reporting member banks: 482, 612, 738, 858, 966, 1076, 1170, 1274 New York City and outside 52, 166, 272, 366, Luxembourg-Belgium and Belgian Congo: 482, 612, 738, 858, 966, 1076, 1170, 1274 Gold reserves and dollar holdings . . 661, 787, 911, Business, bank rates on 59, 173, 279, 373, 489, 619, 1015, 1125,1219, 1323 745, 865, 973, 1083, 1177, 1281 Manufactures: Commercial, industrial, and agricultural, Industrial production, index of 75, 189, 295, 389, by weekly reporting member banks: 505, 635, 761, 881, 989, 1099, 1193, 1297 New York City and outside 52, 166, 272, 366, Manufacturing industries: 482, 612, 738, 858, 966, 1076, 1170, 1274 Hours and earnings of production Defense production: workers 81, 195, 301, 395, 511, 641, Guarantee fees and rates under 767, 887, 995, 1105, 1199, 1303 Regulation V 44, 158, 264, 358, 474, 604, Nondurable, recent developments 5 730, 850, 958, 1068, 1162, 1266 Sales, profits, and dividends of FHA-insured: {See Federal Housing Administration) large corporations 67, 181, 287, 381, 497, 627, Federal Home Loan Banks, advances 753, 873, 981, 1091, 1185, 1289 and repayments 71, 185, 291, 385, 501, 631, Maps: 757, 877, 985, 1095, 1189, 1293 Federal Reserve System . . .118, 236, 338, 432, 562, 680, Government corporations and credit 804, 928, 1032, 1142, 1236, 1342 agencies 56, 170, 276, 370, 486, 616, Margin accounts: 742, 862, 970, 1080, 1174, 1278 Statistics of stock exchange firms 58, 172, 278, 372, Government-underwritten residential 71, 185, 291, 488, 618, 744, 864, 972, 1082, 1176, 1280 385, 501, 631, 757, 877, 985, 1095, 1189, 1293 Margin requirements: Industrial: {See Industrial advances) Table 38, 152, 258, 352, 468, 598, Instalment 72, 186, 292, 386, 502, 632, 724, 844, 952, 1062, 1156, 1260 758, 878, 986, 1096, 1190, 1294 Martin, Wm. McC, Jr.: Insured by Secretary of Agriculture relating to Federal Reserve notes, statement on S. 3268 to conservation of water resources, amendment amend section 16 of Federal Reserve Act to section 24 of Federal Reserve Act 945 with respect to 453 Life insurance company policy loans 55, 169, 275, Gold redemption bill, statement before Subcom- 369, 485, 615, 741, 861, 969, 1079, 1173, 1277 mittee on Federal Reserve Matters 345 Mortgage: H. R. 7602, bill to direct Comptroller General to Held by banks 69, 183, 289, 383, 499, 629, audit Board, Federal Open Market Committee, 755,875, 983, 1093, 1187, 1291 and Federal Reserve Banks and branches, state- {See also Mortgage activity; Mortgages) ment before House Committee on Government National bank loans to industrial or commercial Operations 587 businesses in which Small Business Ad- Purchase of Government obligations by Federal ministration cooperates or purchases Reserve Banks, statement on S. 3206 with participation, amendment to section 24 respect to 453 of Federal Reserve Act 834 Reelected Chairman of Federal Open Real estate: Market Committee 251 Weekly reporting member banks: Reply to question submitted by Subcommittee New York City and outside .52, 166, 272, 366, on Economic Stabilization on use of monetary 482, 612, 738, 858, 966, 1076, 1170, 1274 instruments since mid-1952 1237 {See also Real estate) Statement on credit and monetary policy in com- VA-guaranteed: {See Veterans Administration) petitive markets, before Joint Committee on Loans and investments: the Economic Report 125 All banks in United States, by Maturity distribution of loans and classes 48, 162, 268, 362, 478, 608, Government securities 41, 155, 261, 355, 471, 601, 734, 854, 962, 1072, 1166, 1270 727, 847, 955, 1065, 1159, 1263 Commercial banks 50, 164, 270, 364, 480, 610, McFarland, Carl, appointed director at 736, 856, 964, 1074, 1168, 1272 Helena Branch 31 DECEMBER 1954 1359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Meetings: Merchandise: Chairmen of Federal Reserve Banks: Exports and imports 84, 198, 304, 398, 514, 644, December 2-3, 1954 1253 770, 890, 998, 1108, 1202, 1306 Federal Advisory Council: Mexico: February 14-16, 1954 251 Bank of: May 16-18, 1954 461 Condition 107, 225, 327, 421, 551, 667, September 19-21, 1954 1055 793, 914, 1021, 1131, 1225, 1329 November 14-16, 1954 1150 Discount rate 109, 227, 329, 423, 553, 669, Federal Open Market Committee: 795, 919, 1023, 1133, 1227, 1331 March 3, 1954 251 Gold reserves 102, 220, 322, 416, 546, 662, June 23, 1954 714 788, 912, 1016, 1126, 1220, 1324 September 22, 1954 1055 Foreign exchange rates Ill, 229, 331, 425, 555, 671, December 7, 1954 1253 797, 921, 1025, 1135, 1229, 1333 Presidents of Federal Reserve Banks: Gold movements 103, 221, 323, 417, 547, 663, March 1-3, 1954 251 789, 913, 1017, 1127, 1221, 1325 June 21-23, 1954 714 Gold production 101, 219, 321, 415, 545, 660, September 20-22, 1954 1055 786, 910, 1014, 1124, 1218, 1322 December 6, 1954 1253 Gold reserves and dollar holdings 661, 787, 911, Member banks: 1015, 1125, 1219, 1323 Branches: Miller, Paul E.: Number of, by districts and by States... .211, 904 Appointment as member of Board of Governors . . 835 Number of, December 31, 1953 537 Class C director at Minneapolis, designated Chair- Number and changes 210, 903 man and Federal Reserve Agent 31 Changes in number of banking offices 210, 903 Death of 1150 Dealings in obligations of banks for cooperatives, Minerals: amendment to section 5136 of Revised Statutes. . .945 Industrial production, index of 75, 189, 295, 289, 505, Dealings in obligations of Federal National 635, 761, 881, 989, 1099, 1193, 1297 Mortgage Association, amendment to section Molony, Charles, designated Special 5136 of Revised Statutes 946 Assistant to the Board 251 Deposits, reserves, and borrowings. . . .40, 154, 260, 354, 470, 600, 726, 846, 954, 1064, 1158, 1262 Monetary and credit developments since mid-1953 681 Earnings and expenses: Monetary and credit policy in competitive markets, 1953 454, 524 statement of Mr. Martin before Joint Committee First half of 1954 1051, 1118 on the Economic Report 125 Employees, 1953 524 Monetary instruments, use since mid-1952, reply of Investment in stock of affiliate holding bank Chairman of Board of Governors to question subpremises, amendments to sections 23A and 24A mitted by Subcommittee on Economic Stabilization. .1237 of Federal Reserve Act 715 Money and bank credit in 1953 119 Loans and investments 48, 162, 268, 362, 478, 608, Money in circulation: 734, 854, 962, 1072, 1166, 1270 By denominations 45, 159, 265, 359, 475, 605, Number of: 731, 851, 959, 1069, 1163, 1267 By class and by State 536 By kinds 45, 159, 265, 359, 475, 605, By classes 48, 162, 268, 362, 478, 608, 731, 851, 959, 1069, 1163, 1267 734, 854, 962, 1072, 1166, 1270 Chart 36, 150, 356, 350, 466, 596, By districts and by States 211, 904 722, 842, 950, 1060, 1154, 1258 End of 1953 454, 524 Wednesday figures 37, 151, 257, 351, 467, 597, Officers, 1953 524 723, 843, 951, 1061, 1155, 1259 Operating ratios, 1953 900 Money rates: Par list 211, 904 Business loans by banks . . 59, 173, 279, 373, 489, 619, Reserve position of 681 745, 865, 973, 1083, 1177, 1281 Reserve requirements 39, 153, 259, 353, 469, 599, Charts 56, 124, 170, 254, 276, 370, 486, 593, 725, 845, 953, 1063, 1157, 1261 616, 687, 742, 862, 970, 1080, 1174, 1278 Reserves and borrowings. . . .40, 154, 260, 354, 470, 600, Foreign countries 109, 227, 329, 423, 553, 669, 726, 846, 954, 1064, 1158, 1262 795, 919, 1023, 1133, 1227, 1331 Reserves and liabilities 51, 165, 271, 365, 481, 611, Money market rates 1177, 1281 737, 857, 965, 1075, 1169, 1273 Open market, New York City. .. .59, 173, 279, 373, 489, Reserves, Reserve Bank credit, and 619, 745, 865, 973, 1083 related items 37, 151, 257, 351, 467, 597, Paper rates, market position of 1249 723, 843, 951, 1061, 1155, 1259 Moore, Ira A., appointed director at Detroit Branch 251 Stock of Federal National Mortgage Association, Mortgage activity: legislation permitting purchase 945 Federal National Mortgage Association. . .71, 185, 291, Suspensions 210 385, 501, 631, 757, 877, 985, 1095, 1189, 1293 Membership in Federal Reserve System: Life insurance companies. . . .70, 184, 290, 384, 500, 630, Admission of national bank in Alaska 461 756, 875, 984, 1094, 1188, 1292 Admissions of State banks 26, 144, 252, 461, 591, Savings and loan associations. . . .70, 184, 290, 384, 500, 836, 946, 1055, 1150, 1253 630, 756, 876, 984, 1094, 1188, 1292 Membership of Board of Governors of the Federal Mortgage debt: Reserve System, 1913-1954 837 Real estate 567 1360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Mortgage debt outstanding: National Housing Act, amendments to 945 By type of property and type of holder. . 69, 183, 289, National summary of business conditions . 32, 145, 147. 383, 499, 629, 755, 875, 983, 1093, 1187, 1291 253, 347, 462, 592, 718, 839, 947, 1056, 1151, 1254 Farm-mortgage, by lenders 830 Advance in release date 144 Nonfarm 1- to 4-family properties 71, 185, 291, 385, National Voluntary Mortgage Credit Extension Com- 501, 631, 757, 877, 985, 1095, 1189, 1293 mittee, legislation providing for establishment of 946 Mortgage lending 566 Netherlands: Mortgages: Bank of: FHA-insured: {See Federal Housing Administra- Condition 107, 225, 327, 421, 551, 667, tion) 793, 917, 1021,1131, 1225, 1329 Government-underwritten residential. .71, 185, 291, 385, Discount rate 109, 227, 329, 423, 553, 669, 501, 631, 757, 877, 985, 1095, 1189, 1293 795, 919, 1023, 1133, 1227, 1331 Loans held by banks 69, 183, 289, 383, 499, 629, Gold reserves 102, 220, 322, 416, 546, 662, 755, 875, 983, 1093, 1187, 1291 788, 912, 1016, 1126, 1220, 1324 Nonfarm, recordings of $20,000 or less. . . . 70, 184, 290, Consumers' price indexes. . .113, 231, 333, 427, 557, 673, 384, 500, 630, 756, 875, 984, 1094, 1188, 1292 799, 923, 1027, 1137, 1231, 1335 VA-guaranteed: {See Veterans Administration) Foreign exchange rates Ill, 229, 331, 425, 555, 671, Moss, Milton, article on new indexes of 797, 921, 1025, 1135, 1229, 1333 output of consumer durable goods 438 Gold movements 103, 221, 323, 417, 547, 663, Mutual savings banks: 789, 913, 1017, 1127, 1221, 1325 Branches: Gold reserves and dollar holdings 661, 787, 911, Number, December 31, 1953 537 1015, 1125, 1219, 1323 Number and changes 210, 903 International capital transactions. . . .96, 214, 316, 410, Changes in number of banking offices 210, 903 540, 656, 782, 906, 1010, 1120, 1214, 1318 Deposits 49, 163, 269, 363, 479, 609, Open market rates 109, 227, 329, 423, 553, 669, 735, 855, 963, 1073, 1167, 1271 795, 919,1023, 1133, 1227, 1331 Government securities held by. . .64, 178, 284, 378, 494, Retail food prices 113, 231, 333, 427, 557, 673, 624, 750, 870, 978, 1088, 1182, 1286 799, 923,1027,1137, 1231, 1335 Loans and investments 49, 163, 269, 363, 479, 609, Security prices, index numbers 113, 231, 333, 427, 735, 855, 963, 1073, 1167, 1271 557, 673, 799, 923, 1027, 1137, 1231, 1335 Mortgage loans held by 69, 183, 289, 383, 499, 629, Wholesale prices 112, 230, 332, 426, 556, 672, 755, 875, 983, 1093, 1187, 1291 798, 922, 1026, 1136, 1230, 1334 Mortgages, nonfarm, recordings of New York Stock Exchange: $20,000 or less 70, 184, 290, 384, 500, 630, 756, Customers' debit balances, money 876, 984, 1094, 1188, 1292 borrowed and related items. . .58, 172, 278, 372, 488, Number of, by States 536 618, 744, 864, 972, 1082, 1176, 1280 National bank notes, outstanding New Zealand: and in circulation 45, 159, 265, 359, 475, 605, Foreign exchange rates Ill, 229, 331, 425, 555, 671, 731,851, 959, 1069, 1163, 1267 797, 921, 1025, 1135, 1229, 1333 National banks: Reserve Bank of: Admission of City National Bank of Condition 107, 225, 327, 421, 551, 667, Anchorage, Alaska, to membership in 793, 917, 1021, 1131, 1225, 1329 Federal Reserve System 461 Discount rate 109, 227, 329, 423, 553, 669, Branches: 795, 919, 1023, 1133, 1227, 1331 Number, December 31, 1953 537 Gold reserves 102, 220, 322, 416, 546, 662, Number and changes 210, 903 788, 912, 1016, 1126, 1220, 1324 Changes in number of banking offices 210, 903 Nicaragua: Dealings in obligations of banks for Gold production 101, 219, 321, 415, 545, 660, cooperatives, amendment to section 786, 910, 1014, 1124, 1218, 1322 5136 of Revised Statutes 945 Nondurable manufacturing industries, recent Dealings in obligations of Federal National developments 5 Mortgage Association, amendment to section Nonfarm dwelling units started. .84, 198, 304, 398, 514, 644, 5136 of Revised Statutes 946 770,890,998, 1108, 1202, 1306 Deposits 49, 163, 269, 363, 479, 609, Nonmember banks: 735, 855, 963, 1073, 1167, 1271 Branches: Earnings and expenses, 1953 529 Number of, by districts and by States. . . .211, 904 Loans insured by Secretary of Agriculture relat- Number of, December 31, 1953 537 ing to conservation of water resources, amend- Number and changes 210, 903 ment to section 24 of Federal Reserve Act 945 Changes in number of banking offices . . .210, 903 Loans to industrial or commercial businesses in Collection of checks drawn on nonmember parwhich Small Business Administration cooper- remitting banks in Territories, dependencies, ates or purchases participation, amendment and insular possessions outside continental to section 24 of Federal Reserve Act 834 United States, amendments to Regulation J 717 Number of 49, 163, 269, 363, 479, 609, Deposits: 735, 855, 963, 1073, 1167, 1271 Chart 36, 150, 256, 350, 466, 596, By States 536 722, 842, 950, 1060, 1154, 1258 Stock of Federal National Mortgage Association, Classified and total. . . 49, 163, 269, 363, 479, 609, legislation permitting purchase 945 735, 855, 963, 1073, 1167, 1271 DECEMBER 1954 1361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Nonmember banks—Continued Loans and investments. ... 49, 163, 269, 363, 479, 609, Personal income and saving 1146 735, 855, 963, 1073, 1167, 1271 Peru: Number of: Central Reserve Bank of: By districts and by States 211, 904 Condition 108, 226, 328, 422, 552, 668, Commercial banks 49, 163, 269, 363, 479, 609, 794, 918, 1022, 1132, 1226, 1330 735, 855, 963, 1073, 1167, 1271 Discount rate 109, 227, 329, 423, 553, 669, Par list 211, 904 795, 919, 1023, 1133, 1227, 1331 Reserves and liabilities 51, 165, 271, 365, 481, 611, Gold reserves 102, 220, 322, 416, 546, 662, 737, 857, 965, 1075, 1169, 1273 788, 912, 1016, 1126, 1220, 1324 Norway: Philippine Republic: Bank of: Central Bank of the Philippines: Condition 107, 225, 327, 421, 551, 667, Condition 108, 226, 328, 422, 552, 668, 793, 917, 1021, 1131, 1225, 1329 794, 918, 1022, 1132, 1226, 1330 Discount rate 109, 227, 329, 423, 553, 669, Foreign exchange rates Ill, 229, 331, 425, 555, 671, 795, 919, 1023, 1133, 1227, 1331 797, 921, 1025, 1135,1229, 1333 Gold reserves 102, 220, 322, 416, 546, 662, Gold reserves and dollar holdings 661, 787, 911, 788, 912, 1016, 1126, 1220, 1324 1015, 1125, 1219, 1323 Foreign exchange rates Ill, 229, 331, 425, 555, 671, Plunkett, Ralph E., Class B director at St. Louis, 797, 921, 1025, 1135, 1229, 1333 death of 714 Gold reserves and dollar holdings 661, 787, 911, Portugal: 1015, 1125, 1219, 1323 Bank of: Obligations of banks for cooperatives, amendment Condition .108, 226, 328, 422, 552, 668, to section 5136 of Revised Statutes permitting 794, 918, 1022, 1132, 1226, 1330 member banks to deal in and underwrite 945 Discount rate 109, 227, 329, 423, 553, 669, Obligations of Federal National Mortgage Association, 795, 919, 1023, 1133, 1227, 1331 amendment to section 5136 of Revised Statutes per- Gold reserves 102, 220, 322, 416, 546, 662, mitting member banks to deal in and underwrite 946 788, 912, 1016, 1126, 1220, 1324 Open market paper: Foreign exchange rates Ill, 229, 331, 425, 555, 671, Commercial banks 50, 164, 270, 364, 480, 610, 797, 921, 1025, 1135, 1229, 1333 736, 856, 964, 1074, 1168, 1272 Gold purchases by United States from. ... 103, 221, 323, Open market rates: 417, 547, 663, 789, 913, 1017, 1127, 1221, 1325 Foreign countries 109, 227, 329, 423, 553, 669, Gold reserves and dollar holdings 661, 787, 911, 795, 919, 1023, 1133, 1227, 1331 1015, 1125, 1219, 1323 New York City 59, 173, 279, 373, Postal savings deposits: 489, 619, 745, 865, 973, 1083 Commercial banks 51, 165, 271, 365, 481, 611, Operating ratios of member banks, 1953 900 737, 857, 965, 1075, 1169, 1273 Ownership of demand deposits 711 Depositors' balances and assets 44, 158, 264, 358, Ownership of Government securities 64, 178, 284, 378, 474, 604, 730, 850, 958, 1068, 1162, 1266 494, 624, 750, 780, 978, 1088, 1182, 1286 Interest rates on 38, 152, 258, 352, 468, 598, Pakistan, State Bank of: 724, 844, 952, 1062, 1156, 1260 Condition 108, 226, 328, 422, 552, 668, Weekly reporting member banks: 794, 918, 1022, 1132, 1226, 1330 New York City and outside 53, 167, 273, 367, Discount rate 109, 227, 329, 423, 553, 669, 483, 613, 739, 859, 967, 1077, 1171, 1275 795, 919, 1023, 1133, 1227, 1331 Presidents of Federal Reserve Banks: Gold reserves 102, 220, 322, 416, 546, 662, Irons, Watrous H., appointment at Dallas 251 788, 912, 1016, 1126, 1220, 1324 List of 115, 233, 335, 429, 559, 675, Pamphlets: {See Publications) 801, 925, 1029, 1139, 1233, 1337 Paper currency, circulation 45, 159, 265, 359, Meetings: 475, 605, 731, 851, 959, 1069, 1163, 1267 March 1-3, 1954 251 Paper rates, market position of 1249 June 21-23, 1954 714 Par list, number of banking offices, September 20-22, 1954 1055 by districts and by States 211, 904 December 6, 1954 1253 Paraguay: Prices: Condition of central bank 108, 226, 328, 422, Charts on trade and 32, 145, 254, 348, 462, 552, 668, 794, 918, 1022, 1132, 1226,1330 719, 840, 948, 1057,1255 Pawley, Francis R., article on directly placed finance Commodity prices, national summary company paper 1245 of business conditions 33, 146, 148, 254, 348, 463, Payrolls, manufacturing production workers: 593, 719, 840, 948, 1057, 1152, 1255 Business index of 75, 189, 295, 389, 505, 635, Consumer: 761, 881, 989, 1099, 1193, 1297 Index for moderate income families. . . .90, 204, 310, Perrin, Leslie N.: 404, 520, 650, 776, 896, 1004, 1114, 1208, 1312 Appointed Class C director and Deputy Chair- Indexes for principal countries 113, 231, 333, man at Minneapolis 31 427, 557, 673, 799, 923, 1027, 1137, 1231, 1335 Designation as Chairman and Federal Reserve Recent developments 8 Agent at Minneapolis . . 836 Recent developments, article on l Personal income 93, 207, 313, 407, 523, 653, Securities, in principal countries 113, 231, 333, 427, 779, 899, 1007, 1117, 1211, 1315 557, 673, 799, 923, 1027, 1137, 1231, 1335 1362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Prices—Continued Rates—Continued Wholesale, recent developments 5 Paper rates, market position of 1249 Wholesale commodity: Postal savings deposits 38, 152, 258, 352, 468, 598, Business index 75, 189, 295, 389, 505, 635, 724, 844, 952, 1062, 1156, 1260 761, 881, 989, 1099, 1193, 1297 Regulation V loans, guarantee By groups of commodities. ...90, 204, 310, 414, 520, fees and rates 44, 158, 264, 358, 474, 604, 650, 776, 896, 1004, 1114, 1208, 1312 730, 850, 958, 1068, 1162, 1266 Index of 112, 230, 332, 426, 556, 672, Time deposits, maximum interest on 38, 152, 258, 798, 922, 1026, 1136, 1230, 1334 352, 468, 598, 724, 844, 952, 1062, 1156, 1260 Private demand for gold, 1931-53, article on 935 Ratios: Prochnow, Herbert V., reappointed Secretary Earnings: of Federal Advisory Council 251 All member banks: Production: By classes 531 Industrial: (See Industrial production) By Federal Reserve districts 532 World trade and production in 1953-54, article on. . 1033 Country member banks 534 Production and employment, statement of Mr. Martin Reserve city member banks 533 before Joint Committee on the Economic Report 125 Operating ratios of member banks, 1953 900 Production and price developments, article on 1 Real estate: Profits: Credit: Insured commercial banks in United States and Statistics 69, 183, 289, 383, 499, 629, possessions, 1950-53 535 755, 875, 983, 1093, 1187, 1291 Large corporations 67, 181, 287, 381, 497, 627, Loans: 753, 873, 981, 1091, 1185, 1289 Commercial banks 50, 164, 270, 364, 480, 610, Member banks: 736, 856, 964, 1074, 1168, 1272 1953 454, 524 Weekly reporting member banks: First half of 1954 1051, 1118 New York City and outside 52, 166, 272, Public debt: 366, 482, 612, 738, 858, 966, 1076, 1170, 1274 Volume and kind of securities. . .64, 178, 284, 378, 494, Mid-1954 563 624, 750, 870, 978, 1088, 1182, 1286 (See also Government securities) Receipts: Public Housing Administration: Treasury, summary of operations. . . .60, 174, 280, 374, Loans by 56, 170, 276, 370, 486, 616, 490, 620, 746, 866, 974, 1084, 1178, 1282 742, 862, 970, 1080, 1174, 1278 Recent financial changes in Western Germany 1041 Public utility corporations: Recent production and price developments 1 Sales, profits, and dividends 67, 181, 287, 381, 497, Reconstruction Finance Corporation: 627, 753, 873, 981, 1091, 1185, 1289 Assets and liabilities 57, 171, 277, 371, 487, 617, Publications: 743, 863, 971, 1081, 1175, 1279 Board of Governors, list. .116, 234, 336, 430, 560, 676, Loans by 56, 170, 276, 370, 486, 616, 802, 926, 1030, 1140, 1234, 1338 742, 862, 970, 1080, 1174, 1278 Federal Reserve Chart Book on Bank Regulations, Board of Governors: Credit, Money Rates, and Business: D, Reserves of Member Banks: Historical supplement: Amendment to supplement decreasing 715 Annual edition 144 F, Trust Powers of National Banks: Data for 461 Common trust funds, inter-trust 1954 edition 946 transfer of participations 834 Federal Reserve System—Purposes and G, Collection of Noncash Items: Functions, revised edition 252 Amendment designating Alaska and Hawaii National summary of business conditions, as being in or of Twelfth Federal advance in release date 144 Reserve District 717 Rates: Amendment with respect to items payable in Acceptances, bankers' buying. . .39, 153, 259, 353, 469, Territories, dependencies, and insular pos- 599, 725, 845, 953, 1063, 1157, 1261 sessions outside continental United States. . . .716 Business loans by banks...59, 173, 279, 373, 489, 619, J, Check Clearing and Collection: 745, 865, 973, 1083, 1177, 1281 Amendment designating Alaska and Hawaii Discount: as being in or of Twelfth Federal Reserve Central banks 109, 227, 329, 423, 553, 669, District 717 795, 919, 1023, 1133, 1227, 1331 Amendment with respect to checks drawn on Federal Reserve Banks. . .39, 153, 259, 353, 469, 599, nonmember par-remitting banks in Terri- 725, 845, 953, 1063, 1157, 1261 tories, dependencies, and insular possessions Foreign exchange Ill, 229, 331, 425, 555, 671, outside continental United States 717 797, 921, 1025, 1135, 1229, 1333 Industrial loans and commitments. . .39, 153, 259, 353, K, Banking Corporations Authorized to Do For- 469, 599, 725, 845, 953, 1063, 1157, 1261 eign Banking Business under the Terms of Money market 1177, 1281 Section 25(a) of the Federal Reserve Act: Open market: Sections XI and XV, amendment 1053 Foreign central banks 109, 227, 329, 423, 553, Q, Payment of Interest on Deposits: 669, 795, 919, 1023, 1133, 1227, 1331 Adjustment of interest on loan 589 New York City 59, 173, 279, 373, 489, Payroll deduction savings accounts, use of 619, 745, 865, 973, 1083 cards as passbooks 460 DECEMBER 1954 1363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Regulations, Board of Governors—Continued Revised Statutes: V, Loan Guarantees for Defense Production: Section 5136: Guarantee fees and commitments under. . . 44, 158, Amendment permiting member banks to deal 264, 358, 474, 604, 730, 850, 958, 1068, 1162, 1266 in and underwrite obligations of banks Loans guaranteed under 43, 157, 263, 357, for cooperatives 945 473, 603, 729, 849, 957, 1067, 1161, 1265 Amendment permitting member banks to Reinhold, Paul E., appointed Deputy Chairman at deal in and underwrite obligations of Atlanta 30 Federal National Mortgage Association.... 946 Reitz, J. Wayne, appointed director at Jacksonville Section 5144(d), amendment correcting Branch 144 obsolete reference 1054 Reserve cities, classification of 250 Rhodesia: Reserve city member banks: Gold production 101, 219, 321, 415, 545, 660, Condition 48, 162, 268, 362, 478, 608, 786, 910,1014, 1124, 1218, 1322 734, 854, 962, 1072, 1166, 1270 Robertson, Caffey, appointed Class C Deposits, reserves, and borrowings . 40, 154, 260, 354, director and Deputy Chairman at St. Louis 30 470, 600, 726, 846, 954, 1064, 1158, 1262 Rural Electrification Administration: Earnings and expenses: Assets and liabilities 57, 171, 277, 371, 487, 617, 1953 526 743, 863, 971, 1081, 1175, 1279 First half of 1954 1118 Loans by 56, 170, 276, 370, 486, 616, Reserves and borrowings . . 40, 154, 260, 354, 470, 600, 742, 862, 970, 1080, 1174, 1278 726, 846, 954, 1064, 1158, 1262 Russell, J. Stuart, appointed Class C Reserve position of: director at Chicago 591 Foreign countries 1035 Russia: Member banks 123, 681 Discount rate 109, 227, 329, 423, 553, 669, Reserve requirements: 795, 919, 1023, 1133, 1227, 1331 Member banks: Salaries: Amendment to supplement to Regulation D Federal Reserve Banks, 1953 208 decreasing 715 Insured commercial banks in United States and Per cent of deposits . . 39, 153, 259, 353, 469, 599, possessions, officers and employees, 1950-1953 . . .535 725, 845, 953, 1063, 1157, 1261 Member banks: Reductions in 683 1953 454, 524 Reserves: First half of 1954 1051, 1118 Commercial banks, with Federal Sales finance companies: Reserve Banks 51, 165, 271, 365, 481, 611, Instalment credit held, by type of credit 73, 187, 737, 857, 965, 1075, 1169, 1273 293, 387, 503, 633, 759, 879, 987, 1097, 1191, 1295 Federal Reserve Banks: Sales, profits, and dividends: All banks combined . . 41, 155, 261, 355, 471, 601, Large corporations 67, 181, 287, 381, 497, 627, 727, 847, 955, 1065, 1159, 1263 753, 873,981, 1091, 1185, 1289 Each bank 42, 156, 262, 356, 472, 602, Savings: 728, 848, 956, 1066, 1160, 1264 Personal income and saving 1146 Foreign monetary reserves, adequacy of . 243 Savings and loan associations: Gold: Assets 55, 169, 275, 369, 485, 615, Central banks and governments 102, 220, 322, 416, 741, 861, 969, 1079, 1173, 1277 546, 662, 788, 912, 1016, 1126, 1220, 1324 Mortgage activity of 70, 184, 290, 384, 500, 630, Member banks: 756, 876,984, 1094, 1188, 1292 Accounts with Federal Reserve Savings bonds: Banks 42, 156, 262, 356, 472, 602, Sales, redemptions, and amount 728, 848, 956, 1066, 1160, 1264 outstanding 63, 177, 283, 377, 493, 623, By classes of banks. . . 40, 154, 260, 354, 470, 600, 749, 869, 977, 1087, 1181, 1285 726, 846, 954, 1064, 1158, 1262 Savings deposits: Excess, Wednesday figures. . .37, 151, 257, 351, 467, Interest rates on 38, 152, 258, 352, 468, 598, 597, 723, 843, 951, 1061, 1155, 1259 724, 844, 952, 1062, 1156, 1260 Total held, all banks 27, 151, 257, 351, 467, 597, Schools: 723, 843, 951, 1061, 1155, 1259 Inter-Agency Bank Examination School, article on... 23 Weekly reporting member banks: Schweiger, Irving, article on 1954 survey New York City and outside 53, 167, 273, 367, of consumer finances 689 483, 613, 739, 859, 967, 1077, 1171, 1275 Scott, John W., elected Class A director Resignations: at Minneapolis 461 Allen, Dwight L., as Director of Division of Secretaries of the Treasury, list of those who Personnel Administration, to become Vice were ex-officio members of Board 838 President of Federal Reserve Bank of Cleve- Secretary of Agriculture: land 590 Loans insured by, relating to conservation Dearmont, Russell L., as Class C director at of water resources, amendment to section 24 St. Louis 30 of Federal Reserve Act 945 Dines, T. A., as Class A director Securities: at Kansas City 144 Domestic, inflow of foreign funds . . 96, 214, 316, 410, Hardin, C. M., as director at Detroit Branch 714 540, 656, 782, 906, 1010, 1120 Wilbur, Brayton, as Class C director Foreign, return of United States funds . . .96, 214, 316, at San Francisco 31 410, 540, 656, 782, 906, 1010, 1120 1364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Pages Securities—Continued Spain: Life insurance company holdings. . . .55, 169, 275, 369, Bank of: 485, 615, 741, 861, 969, 1079,1173,1277 Condition 108, 226, 328, 422, 552, 668, Loans for purchasing or carrying: 794, 918, 1022, 1132, 1226, 1330 Commercial banks 50, 164, 270, 364, 480, 610, Discount rate 109, 227, 329, 423, 553, 669, 736, 856, 964, 1074, 1168, 1272 795, 919, 1023, 1133, 1227, 1331 Weekly reporting member banks: Gold reserves 102, 220, 322, 416, 546, 662, New York City and outside. .52, 166, 272, 366, 788, 912, 1016, 1126, 1220, 1324 482, 612, 738, 858, 966, 1076, 1170, 1274 Gold reserves and dollar holdings 661, 787, 911, Securities exchange administration: 1015, 1125, 1219, 1323 Margin requirements under Regulations Special articles: T and U, table 38, 152, 258, 352, 468 598, Balance sheet of agriculture, 1954 821 724, 844, 952, 1062, 1156, 1260 Capital outlays and security offerings 339 Security issues: Credit and monetary policy in competitive mar- Corporate: kets, statement of Mr. Martin before Joint For new capital 341 Committee on the Economic Report 125 Proposed use of proceeds. ...66, 180, 286, 380, 496, Directly placed finance company paper 1245 626, 752, 872, 980, 1090, 1184, 1288 Estimated liquid asset holdings of individuals New 66, 180, 286, 380, 496, 626, and businesses 709 752, 872, 980, 1090, 1184, 1288 Extensions and repayments of consumer instal- State and local 343 ment credit 9 4 Security markets: Financing of large corporations in 1953 812 Bond and stock prices 58, 172, 278, 372, 488, 618, Gold redemption bill, statement of Mr. Martin 744, 864, 972, 1082, 1176, 1280 before Subcommittee on Federal Reserve Mat- National summary of business ters 345 conditions 33, 146, 148, 254, 348, 463, H.R. bill 7602 587 593, 719, 840, 948, 1057, 1152, 1255 Inter-Agency Bank Examination School 23 Principal countries 113, 231, 333, 427, 557, 673, Member bank earnings, 1953 454 799, 923, 1027, 1137,1231, 1335 Member bank earnings, first half of 1954 1051 Security offerings and capital outlays 339 New indexes of output of consumer durable goods. .438 Silver and silver certificates, outstanding Ownership of demand deposits 711 and in circulation 45, 159, 265, 359, 475, 605 Private demand for gold, 1931-53 935 731, 851, 959, 1069, 1163, 1267 Recent financial changes in Western Germany 1041 Small Business Administration; Senate bills 3206 and 3268, statement of Mr. National bank loans to industrial or commercial Martin before Subcommittee on Federal Rebusinesses in which small business administra- serve Matters 453 tion cooperates or purchases participation, Survey of consumer finances, 1954: amendment to section 24 of Federal Reserve Financial position and commitments of con- Act 834 sumers 689 Smith, McGregor, appointed director at Preliminary findings 246 Jacksonville Branch 144 Purchases of durable goods and houses in 1953 . . 570 Smith, Paul F., article on extensions and Sproul, Allan, reelected Vice Chairman of Federal repayments of consumer instalment credit 9 Open Market Committee 251 Smith, Tynan, article on 1954 survey of Staff of Board of Governors: consumer finances 570 Allen, Dwight L., Director of Division of Per- Snyder, Edward P., article on ownership of sonnel Administration, resignation to become demand deposits 711 Vice President of Federal Reserve Bank of Sources and uses of funds, large corporations Cleveland 590 in selected industries: Daniels, Mortimer B., appointment as Assistant 1952-1953 820 Controller 1253 1953 and in postwar period 814-817 Fauver, Clarke L., designated Special Assistant Sources and uses of funds, Western Germany 1044 to the Board 251 South Africa: Frechtling, John, article on 1954 survey of con- Foreign exchange rates 111, 229, 331, 425, 555, 671, sumer finances 570 797, 921, 1025, 1135, 1229, 1333 Garber, Margaret, article on private demand for Gold movements 103, 221, 323, 417, 547, 663, gold, 1931-53 935 789, 913, 1017, 1127, 1221, 1325 Heuser, Henry K., article on recent financial Gold production 101, 219, 321, 415, 545, 660, changes in Western Germany 1041 786, 910, 1014, 1124, 1218, 1322 Johnson, Edwin J., appointment as Director of Gold reserves and dollar holdings 661, 787, 911, Division of Personnel Administration 1253 1015, 1125, 1219, 1323 Jones, Oliver H., articles on member bank earn- Reserve bank: ings 454, 1051 Condition 108, 226, 328, 422, 552, 668, Molony, Charles, designated Special Assistant to 794, 918, 1022, 1132, 1226, 1330 the Board 251 Discount rate 109, 227, 329, 423, 553, 669, Moss, Milton, article on new indexes of ouput of 795, 919, 1023, 1133, 1227, 1331 consumer durable goods 438 Gold reserves 102, 220, 322, 416, 546, 662, Pawley, Francis R., article on directly placed 788, 912, 1016, 1126, 1220, 1324 finance company paper 1245 DECEMBER 1954 1365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Staff of Board of Governors—Continued Surplus—Continued Schweiger, Irving, article on 1954 survey of con- Federal Reserve Banks—Continued sumer finances 689 Each bank 42, 156, 262, 356, 472, 602, Smith, Paul F., article on extensions and repay- 728, 848, 956, 1066, 1160, 1264 ments of consumer instalment credit 9 1953 208 Smith, Tynan, article on 1954 survey of consumer Surveys: finances 570 Consumer finances, 1954: Snyder, Edward P., article on ownership of de- Financial position and commitments mand deposits 711 of consumers 689 Tamagna, Frank M., article on private demand Preliminary findings 246 for gold, 1931-53 935 Purchase of durable goods and houses in 1953. .570 State member banks: Suspensions of banks 210 Admissions to membership in Federal Swanson, Gilbert C, appointed director at Reserve System 26, 144, 252, 461, 591, Omaha Branch 31 836, 946, 1055, 1150, 1253 Sweden: Assets and liabilities 49, 163, 269, 363, 479, 609, Bank of: 735, 855, 963, 1073,. 1167, 1271 Condition 108, 226, 328, 422, 552, 668, Branches: 794, 918, 1022, 1132, 1226,1330 Number, December 31, 1953 537 Discount rate 109, 227, 329, 423, 553, 669, Number and changes 210, 903 795, 919, 1023, 1133, 1227, 1331 Changes in number of banking offices 210, 903 Gold reserves 102, 220, 322, 416, 546, 662, Deposits 49, 163, 269, 363, 479, 609, 788, 912, 1016, 1126,1220, 1324 735, 855, 963, 1073, 1167, 1271 Foreign exchange rates Ill, 229, 331, 425, 555, 671, Earnings and 'expenses, 1953 530 797, 921, 1025, 1135, 1229, 1333 Number of 49, 163, 269, 363, 479, 609, Gold movements 103, 221, 323, 417, 547, 663, 735, 855, 963, 1073, 1167, 1271 789, 913, 1017, 1127, 1221, 1325 By States 536 Gold reserves and dollar holdings 661, 787, 911, Stock of Federal National Mortgage Asso- 1015, 1125, 1219, 1323 ciation, legislation permitting purchase 945 Open market rates 109, 227, 329, 423, 553, 669, Suspensions 210 795, 919, 1023, 1133, 1227,1331 States and political subdivisions: Wholesale prices in 112, 230, 332, 426, 556, 672, Deposits: 798, 922, 1026, 1136, 1230, 1334 Commercial banks, by classes. . . 51, 165, 271, 365, Switzerland: 481, 611, 737, 857, 965, 1075, 1169, 1273 Consumers' price indexes. . .113, 231, 333, 427, 557, 673, Weekly reporting member banks: 799, 923, 1027, 1137, 1231, 1335 New York City and outside .53, 167, 273, 367, Foreign exchange rates Ill, 229, 331, 425, 555, 671, 483, 613, 739, 859, 967, 1077, 1171, 1275 797, 921, 1025, 1135, 1229,1333 Investments of commercial banks in Gold purchases by United obligations of 50, 164, 270, 364, 480, 610, States from 103, 221, 323, 417, 547, 663, 736, 856, 964, 1074, 1168, 1272 789, 913, 1017, 1127, 1221, 1325 Stebbins, A. Howard, Jr., appointed director at Gold reserves and dollar holdings 661, 787, 911, Little Rock Branch 1253 1015, 1125, 1219, 1323 Sterling area: International capital transactions. ... 96, 214, 316, 410, Gold reserves and dollar holdings 661, 787, 911, 540, 656, 782, 906, 1010, 1120, 1214, 1318 Open market rates 109, 227, 329, 423, 553, 669, 1015, 1125, 1219, 1323 795, 919, 1023, 1133, 1227, 1331 Stock exchange: Retail food prices 113, 231, 333, 427, 557, 673, Customers' debit balances, money borrowed 799, 923, 1027, 1137, 1231, 1335 and principal related items of firms Swiss National Bank: carrying margin accounts 58, 172, 278, 372, 488, Condition 108, 226, 328, 422, 552, 668, 618, 744, 864, 972, 1082, 1176, 1280 794, 918, 1022, 1132, 1226, 1330 Stocks: Discount rate 109, 227, 329, 423, 553, 669, Life insurance company holdings 795, 919, 1023, 1133, 1227, 1331 of business securities 55, 169, 275, 369, 485, Gold reserves 102, 220, 322, 416, 546, 662, 615, 741, 861, 969, 1079, 1173, 1277 788, 912, 1016, 1126, 1220, 1324 Prices in principal countries. . . .113, 231, 333, 427, 557, Wholesale prices in 112, 230, 332, 426, 556, 672, 673, 799, 923, 1027, 1137, 1231, 1335 798, 922, 1026, 1136, 1230, 1334 Prices in United States 58, 172, 278, 372, 488, 618, Tables: 744, 864, 972, 1082, 1176, 1280 Changes in Bulletin 438, 591, 1150 Published annually and semiannually, with latest Yields on 59, 173, 279, 373, 489, 619, Bulletin reference 26, 144, 252, 346, 461, 591, 745, 865, 973, 1083, 1177, 1281 714, 836, 1055, 1150, 1253 Supplee, Henderson, Jr., appointed Deputy Tamagna, Frank M., article on private demand for Chairman at Philadelphia 29 gold, 1931-53 935 Surplus: Taxes: Federal Reserve Banks: Corporate 68, 182, 288, 382, 498, 628, All banks combined 41, 155, 261, 355, 471, 754, 874, 982, 1092, 1186, 1290 601, 727, 847, 955, 1065, 1159, 1263 1366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Taxes—Continued United Kingdom—Continued Insured commercial banks in United States and Commercial banks, assets and possessions, 1950-1953 535 liabilities 110, 228, 330, 424, 554, 670, Internal revenue collections 61, 175, 281, 375, 491, 796, 920, 1024, 1134, 1228, 1332 621, 747, 867, 975, 1085, 1179, 1283 Consumers' price indexes. . .113, 231, 333, 427, 557, 673, Member banks, 1953 524 799, 923, 1027, 1137, 1231, 1335 Territory: Foreign exchange rates Ill, 229, 331, 425, 555, 671, Detroit Branch, transfer of counties in Michigan 797, 921, 1025, 1135, 1229, 1333 from Federal Reserve Bank of Chicago 26 Gold movements 103, 221, 323, 417, 547, 663, Los Angeles Branch, transfer of three California 789, 913, 1017, 1127, 1221, 1325 counties from Federal Reserve Bank of San Gold reserves and dollar holdings 661, 787, 911, Francisco and Nevada county from Salt Lake 1015, 1125, 1219, 1323 International capital trans- City Branch 1150 actions 96, 214, 316, 410, 540, 656, Thailand: 782, 906, 1010, 1120, 1214,1318 Gold reserves 102, 220, 322, 416, 546, 662, Open market rates 109, 227, 329, 423, 553, 669, 788, 912, 1016, 1126,1220, 1324 795, 919, 1023, 1133, 1227, 1331 Gold reserves and dollar holdings. . .661, 787, 911, 1015, Retail food prices 113, 231, 333, 427, 557, 673, 1125, 1219,1323 799, 923,1027, 1137, 1231, 1335 Trade: Security prices, index numbers. .113, 231, 333, 427, 557, Charts on prices and 32, 145, 254, 348, 462, 719, 673, 799, 923, 1027, 1137, 1231, 1335 840, 948, 1057, 1255 Wholesale prices 112, 230, 332, 426, 556, 672, World trade and production in 1953-54, article on. . 1033 798, 922, 1026,1136, 1230,1334 Treasury bills: United States: Commercial bank holdings 50, 164, 270, 364, 480, Balance of payments: 610, 736, 856, 964, 1074, 1168, 1272 1952-1953 238 Investments in, by weekly reporting member 1953-1954 1035 banks: Consumers' price indexes . .113, 231, 333, 427, 557, 673, New York City and outside 52, 166, 272, 366, 799, 923, 1027, 1137, 1231, 1335 482, 612, 738, 858, 966, 1076, 1170, 1274 Gold movements 103, 221, 323, 417, 547, 663, Open market rate in New York City. .59, 173, 279, 373, 789, 913, 1017, 1127, 1221, 1325 489, 619, 745, 865, 973, 1083 Gold production 101, 219, 321, 415, 545, 660, Outstanding 65, 179, 285, 379, 495, 625, 786, 910, 1014, 1124, 1218, 1322 751, 871, 979, 1089, 1183, 1287 Gold reserves 102, 220, 322, 416, 546, 662, Treasury borrowing, review since mid-1953 685 788, 912, 1016, 1126, 1220, 1324 Treasury cash income, outgo, and borrowing. ... .62, 176, 282, International capital trans- 376, 492, 622, 748, 868, 976, 1086, 1180, 1284 actions 96, 214, 316, 410, 540, 656, Treasury currency outstanding, Wednesday 782, 906, 1010, 1120, 1214, 1318 figures 37, 151, 257, 351, 467, 597, Changes in Bulletin tables 591 723, 843, 951, 1061, 1155, 1259 Retail food prices 113, 231, 333, 427, 557, 673, Treasury receipts, expenditures, and related 799, 923, 1027, 1137, 1231, 1335 items 60, 174, 280, 374, 490, 620, Security prices, index of. . .113, 231, 333, 427, 557, 673, 746,866, 974, 1084, 1178, 1282 799, 923, 1027, 1137, 1231, 1335 Trust funds: Wholesale prices in 112, 230, 332, 426, 556, 672, Common, inter-trust transfer of participations 834 798, 922, 1026, 1136, 1230, 1334 Turkey: United States notes: Central Bank of the Republic of: Outstanding and in circulation. . .45, 159, 265, 359, 475, Condition 108, 226, 328, 422, 552, 668, 605, 731, 851, 959, 1069, 1163, 1267 794, 918, 1022, 1132, 1226, 1330 Uruguay: Discount rate 109, 227, 329, 423, 553, 669, Bank of the Republic of: 795, 919, 1023, 1133, 1227,1331 Condition 108, 226, 328, 422, 552, 668, Gold reserves 102, 220, 322, 416, 546, 662, 794, 918, 1022, 1132, 1226, 1330 788, 912, 1016, 1126, 1220, 1324 Foreign exchange rates 109, 227, 329, 423, 553, 669, Gold reserves and dollar holdings. ...661, 787, 911, 1015, 795, 919, 1023, 1133, 1227, 1331 1125, 1219, 1323 Gold purchases by United States from 103, 221, 323, Unemployment 810 417, 547, 663, 789, 913, 1017, 1127, 1221, 1325 Union of Soviet Socialist Republics: Gold reserves 102, 220, 322, 416, 546, 662, Discount rate 109, 227, 329, 423, 553, 669, 788, 912, 1016, 1126, 1220, 1324 795, 919, 1023, 1133, 1227, 1331 Gold reserves and dollar holdings.. .661, 787, 911, 1015, United Kingdom: 1125, 1219, 1323 Bank of England: Use of monetary instruments since mid-1952, reply Condition 104, 222, 324, 418, 548, 664, of Chairman of Board of Governors to question 790, 914, 1018, 1128,1222, 1326 submitted by Subcommittee on Economic Stabili- Discount rate 109, 227, 329, 423, 553, 669, zation 1237 795, 919, 1023, 1133, 1227, 1331 Gold reserves 102, 220, 322, 416, 546, 662, Vanderploeg, Watson H., appointed director at De- 788, 912, 1016, 1126,1220, 1324 troit Branch 346 DECEMBER 1954 1367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 40 Pages Venezuela: Weil, Adolph, Sr., appointed director at Birmingham Central Bank of: Branch 30 Condition 108, 226, 328, 422, 552, 668, Welk, Philip I., appointed director at Portland Branch. . .31 794, 918, 1022, 1132, 1226, 1330 West Africa: Gold reserves 102, 220, 322, 416, 546, 662, Gold production 101, 219, 321, 415, 545, 600, 788, 912, 1016, 1126, 1220, 1324 786, 910, 1014, 1124, 1218, 1322 Gold purchases by United States from 103, 221, 323, Western Germany, recent financial changes in 1041 417, 547, 663, 789, 913, 1017, 1127, 1221, 1325 Wholesale prices: Gold reserves and dollar holdings. .. .661, 787, 911, 1015, Commodity 75, 189, 295, 389, 505, 635, 1125, 1219, 1323 761, 881, 989, 1099, 1193, 1297 Veterans Administration: Groups of commodities 90, 204, 310, 404, 520, 650, Guaranteed mortgage loans: 776, 896, 1004, 1114, 1208, 1312 Acquired and outstanding, life insurance Principal countries 112, 230, 332, 426, 556, 672, companies 70, 184, 290, 384, 500, 630, 798, 922, 1026, 1136, 1230, 1334 756, 876, 984, 1094, 1188, 1292 Recent developments 5 Held by: Wieck, Leo J., elected Class B director Banks 69, 183, 289, 383, 499, 629, at St. Louis. 346 755, 875, 983, 1093, 1187, 1291 Wilbur, Brayton, resignation as Federal National Mortgage Associa- Class C director at San Francisco 31 tion 71, 185, 291, 385, 501, 631, Wild, Everett E., appointed director 757, 877, 985, 1095, 1189, 1293 at New Orleans Branch 30 Mortgage debt outstanding on nonfarm 1- Williams, John D., appointed director and 4-family properties .71, 185, 291, 385, 501, at Memphis Branch 30 631, 757, 877, 985, 1095, 1189, 1293 Woodward, John B., Jr., designated Chairman and Outstanding, savings and loan Federal Reserve Agent at Richmond 29 associations 70, 184, 290, 384, 500, 630, World trade and production in 1953-54 1033 756, 876, 984, 1094, 1188, 1392 Wysor, W. G., appointed Deputy Chairman Residential loans underwritten by 71, 185, 291, 385, at Richmond 29 501, 631, 757, 877, 985, 1095, 1189, 1393 Yields: Vice Chairmen, Board of Governors: Bonds and stocks 59, 173, 279, 373, 489, 619, List, 1914-1947 838 745, 865, 973, 1083, 1177, 1281 Wages, increases over past year and factors influencing.. 806 Government securities 59, 173, 279, 373, 489, 619, Ward, Frank B., appointed director at Nashville Branch.. 30 745, 865, 973, 1083, 1177, 1281 Warner, John Christian, appointed director at Pitts- Zarfoss, Clarence R., appointed director burgh Branch 590 at Baltimore Branch 29 1368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis