Federal Reserve Bulletin, 1955-01

F E D E R AL E S E R VE BULLETIN JANUARY 1955 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. CONTENTS PAGE The Current Business Situation. . 1-7 Law Department . 8-14 Current Events and Announcements. . 15-19 National Summary of Business Conditions.,. 20-21 Financial, Industrial, Commercial Statistics, U. S. (See p. 23 for list of tables) . . 23-81 International Financial Statistics (See p. 83 for list of tables) . . 83-101 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 102 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 103 Federal Reserve Board Publications.. 104-105 Map of Federal Reserve Districts. . 106 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 41 January 195 5 NUMBER 1 THE CURRENT BUSINESS SITUATION Industrial production recovered by Decem- ACTIVITY AND PRICES ber half of the decline which occurred from 1947-49=100 Per cent mid-1953 to March 1954 and the Board's 180 seasonally adjusted index covering manufactures and minerals was 130 per cent of the 1947-49 average. A further rise is indicated 160 in January. The largest increases recently have been in durable goods which earlier had 140 decreased the most as curtailments in defense production and inventories were concentrated in these lines. Output of nondurable goods 120 began to recover early in 1954 and is now not far below its previous high, and minerals 100 production has shown substantial improvement. 80 Electric and gas utilities have continued | WHOLESALE PRICES "1 their relatively steady postwar growth. Con- V C I O N M DU M S O T D R I I T A IE L S 120 struction activity, already at an advanced I level last spring, has since expanded further -I 100 owing mainly to increased residential building. Activity in most other lines, including trade, service, and State and local govern- 80 1950 1952 1954 ment, has changed little or tended to increase NOTE.—Physical volume activity indexes are seasonally adsomewhat further since mid-1953. Un- justed. Food prices include materials as well as finished items, and industrial commodities include all other goods in the wholesale price index. Construction, utilities, and price indexes comemployment, after allowance for seasonal in- piled from data reported respectively by Commerce Department; Federal Power Commission and American Gas Association; and fluences, was declining in late 1954, but was Bureau of Labor Statistics. substantially above the low 1953 levels. ing, and railroad transportation. Recent Strength last year in markets for consumer recovery in industrial output has been accomgoods and services and for new housing was panied by increased employment and weekly associated with generally sustained personal earnings, and total wage and salary income incomes despite some curtailment of wage has been rising. Dividend and interest and salary incomes arising mainly from re- income continued to rise in 1954 and unduced employment in manufacturing, min- employment compensation payments were JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT BUSINESS SITUATION substantially larger than in 1953. Moreover, avoid an excessive use of credit for purchasbenefits under the social security program in- ing or carrying securities, the Board of Govcreased beginning with October payments. ernors on January 4, 1955 raised margin re- Farm income declined a little further from quirements on such credit to 60 per cent from earlier reduced levels. 50 per cent, effective at the close of business. Federal outlays for national security were CONSUMER DURABLE GOODS relatively stable in late 1954 following the sharp curtailments which began in the third Total output of consumer durable goods quarter of 1953. Most other Federal expendi- at the outset of 1955 was up about one-fifth tures have continued to show little change in from the reduced year-ago level. Most of recent months. State and local government the rise reflected increases in autos and major outlays have expanded further. household goods, as shown in the chart. Out- Business outlays for plant and equipment put of other consumer durables increased were reduced somewhat during the year about one-tenth from last spring's low level. from record levels reached in 1953. Corpo- Household goods. More active consumer rate profits after taxes were maintained at buying in 1954—influenced by price concesonly moderately reduced levels, despite a con- sions, new products, expanding replacement siderable decrease in profits before taxes, and needs, and increased home building—was acin the final quarter of the year were rising companied by reductions in inventories of again as activity expanded and more efficient use was made of available resources. Bank OUTPUT OF CONSUMER DURABLES loans to business increased substantially after 1947-49=100 r j 1 1 i early November. _ _ - 180 Prices of industrial materials strength- !A \AUTOS 1 ened generally in the latter part of 1954. I fa Prices of some products were raised, but most \ ' 140 finished industrial products continued to A 1 V / V change little at wholesale. Prices of foods K r f 1 decreased as supplies of livestock and prod- — A ' y* MAJORV V 11 - 100 ucts increased considerably. Consumer prices HOUSEHOLD jj w GOODS of most goods declined, while prices of serv- - V 1 1 ! 1 L_ L. 60 ices continued to advance. Further substan- ._._ tial gains in industrial production abroad j\ APPLIANCES j \ AND TELEVISION 180 provided an important element of strength in world markets throughout the year and led to a rise in United States exports. 140 Common stock prices rose sharply during 1954 and at the beginning of 1955 averaged 100 well above the 1929 high. After a slow expansion prior to midyear, stock market credit extended to customers by brokers and banks 1948 1950 1952 1954 rose fairly rapidly. For the year as a whole NOTE.—Seasonally adjusted indexes. Major household goods it increased more than a third. To help is a combination of appliances and television (including radios and furnaces) and furniture and carpets. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT BUSINESS SITUATION major household goods and a marked recov- expansion carried auto assemblies to an exery in output. At the outset of 1955 total ceptionally high rate of around 150,000 units output of these goods was up about one- per week in December and early January— fourth from the sharply reduced rate reached close to the rate for the record third quarter a year ago, and was about one-third above of 1950. Last January when the 1954 model the 1947-49 average. This volume of pro- change-over had just been completed, assemduction appears to be approximately in bal- blies averaged 115,000 units per week. ance with the current rate of sales to con- Auto production for the year 1954 totaled sumers and building contractors. 5.5 million units, about 10 per cent less than Rapid growth in television in recent years 1953. In contrast to 1953, however, output has been a factor in maintaining the aggre- in 1954 was exceeded by sales. Total sales, gate value of production of major household including exports, amounted to 5.7 million goods at levels about as high as those for cars. This was only 5 per cent below 1953 new autos or residential building. Television and about 40 per cent above the 1947-49 averset production reached a record rate of 230,- age. 000 units per week during last autumn's sea- Output since October has been stimulated sonal peak, and in December output was al- partly by the need to replenish dealers' stocks most double the sharply reduced year-ago which had been sharply reduced during the rate. Recovery in appliance production was change-over period. As shown in the chart, uneven—output of washing machines and stocks at the end of October were at the driers reached new record levels, while re- lowest point since the 1952 steel strike period. frigerators and ranges increased more mod- Consumer reception of the new models has erately. Production of furniture and floor coverings has been maintained in recent RETAIL SALES STOCKS OF NEW AUTOS months at a level about one-tenth above the 1953-54=100 low reached last spring. Consumer purchases of household goods were stimulated last year by significant reductions in prices, which frequently took the form of discounts from list or over-allowances on trade-ins. These practices are reported in the trade to have become more widespread during the year, partly in response to competition from discount houses, which have claimed an increased share of the market. Autos, Auto production was sharply curtailed early last autumn in the most exten- 40 sive model change-over of the postwar period. The prospect of this drop had considerable effects during the third quarter on out- 20 put and inventory changes in steel and other 1951 1952 1953 1954 supplying industries. The subsequent sharp NOTE.—Federal Reserve seasonally adjusted indexes, based on Department of Commerce data on numbers of cars. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT BUSINESS SITUATION been favorable, and, despite the very high tary hard goods, including machine tools and level of output, dealers' stocks have con- other production equipment as well as ordtinued substantially below last year's ad- nance and vehicles, were down two-fifths vanced level. Instalment credit terms on new from the peak levels of mid-1953. Military cars eased, beginning last spring, and since contract awards had been reduced even more midyear a larger proportion of autos. has sharply. Large long-term commitments were been sold on credit. allowed to run out, and many contracts Sales of used cars were maintained in 1954 were canceled. In the fiscal year ended June 1954, awards were three-fifths below those at the advanced 1953 rate. Dealers' stocks dein the preceding year. Since mid-1954 miliclined about one-fifth by November but rose tary procurement has increased to a level subsequently as new car sales and the flow more closely in line with the reduced rate of of trade-ins expanded. Prices of used cars, current and planned expenditures. after allowance for depreciation, changed little during 1954 from the sharply reduced METALS AND BUILDING MATERIALS levels reached at the end of 1953. Steel production began to expand after EQUIPMENT AND DEFENSE Labor Day following a substantial reduc- Activity in producers' and military equip- tion in inventories of steel and of fabricated ment industries showed little change in the steel products. During the summer, steel closing months of 1954 following a marked output was moderately below the 1947-49 decrease in the latter part of 1953 and a mod- average, but consumption of steel in such erate further decline through the third quar- major lines as autos, machinery, appliances, ter of 1954. These reductions reflected in containers, and construction was well above part decreased private demands but mainly that average. Construction activity and mansharp curtailments in defense production. ufacture of household durable goods were in- Output of farm machinery, which showed creasing and output declines in equipment a marked curtailment through the end of industries were moderating. 1953, held fairly steady beginning last spring The sharp recovery in steel ingot output at a level moderately above its earlier low. from the seasonal low of 63 per cent of capac- Production of railroad equipment, which had ity in July and August was importantly inshown an especially sharp decline, leveled off fluenced by large orders from the auto inin late 1954. Truck output declined through dustry in advance of the stepped-up rate of the summer but picked up in November and assembly of new models, but it also reflected December following an important model a broadly based increase in steel buying. By change-over. For the year as a whole truck early December the steel operating rate had production was 15 per cent smaller than in climbed to 82 per cent of capacity, and it was 1953. Output of durable equipment for up somewhat further in January. offices and stores and of equipment pur- Nonferrous metals production declined litchased for general use by manufacturers was tle in 1954 partly because activity in the airapparently sustained. New orders for some craft industry—the largest consumer of alumtypes of machinery picked up by the end of inum—was maintained despite the general 1954. curtailment in defense output, partly be- By the autumn of 1954 deliveries of mili- cause use by the construction industry in- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT BUSINESS SITUATION creased, and partly because purchases for OUTPUT OF NONDURABLE MANUFACTURES Federal stockpiles were enlarged. The slack 1947-49=100 Per cent in uses that developed for lead, zinc, and tin was absorbed in part by reductions in im- 140 ports. Output of lumber, stone, clay, and glass products, a major proportion of which is used in the construction industry, decreased -i 120 moderately in early 1954 as stocks had increased. Lumber output was sharply curtailed in the summer by a protracted wage dispute, which was settled in mid-September. -i 100 Subsequently, lumber production recovered rapidly and activity at millwork and plywood plants showed an especially marked rise to new record levels. Over-all building 80 materials production was at an advanced 1948 1950 1952 1954 NOTE.—Indexes shown are seasonally adjusted and include level at the end of 1954. all nondurable manufactures except foods, beverages, and tobacco. Textile mill products for the period beginning 1952 is a tentative revision of the published index. NONDURABLE GOODS AND MINERALS Production of refined petroleum products Nondurable goods manufacturing, which was maintained until late spring when heavy recovered moderately last spring, rose furstocks resulted in curtailments, but output ther during the fourth quarter to a level 6 recovered again by the year-end. per cent above the reduced rate reached a Reflecting increased refinery operations, year earlier. In some lines that had lagged output of crude oil has risen considerably in earlier in the year, recovery was marked recent months. Output of coal and other in the autumn months. Textile production minerals had been stepped up by the end rose considerably, as shown in the chart, folof the year. lowing a period of sustained inventory curtailment when activity in apparel and other COMMODITY PRICES major textile consuming industries continued Recovery in economic activity has been at relatively high levels. During the third accompanied by continued diverse changes quarter output of tires and some other prod- in prices in wholesale and retail markets. ucts using textile materials was reduced by Average prices of foods at wholesale have dea work stoppage in the rubber industry and clined since last springs while industrial comby the extensive model-change-over curtail- modities have advanced, as the chart on page ment in auto production. 1 shows. Increases for some basic materials In the chemical and paper industries, have been large, owing in part to strong whose products have continued to find stead- foreign demands and purchases for the Fedily expanding uses for direct consumption eral stockpile, while most finished industrial and for industrial purposes, output by mid- goods at wholesale have continued stable. year was back to earlier advanced levels and Retail prices of many consumer goods, such in the autumn showed small further gains. as foods, television, appliances, and textile JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT BUSINESS SITUATION housefurnishings, have declined, and the slightly last year to a new high, and prices postwar advance in rents and prices of other declined below the levels of a year earlier. consumer services has slowed down. Federal price support levels for dairy prod- Foods. A 7 per cent decline in average ucts were reduced about one-sixth, effective wholesale prices of foods since last spring last April. has reflected mainly substantial reductions Corn and wheat harvests were smaller in in prices of livestock and products, which 1954 than in 1953, reflecting less favorable have been associated with a further increase weather and Federal acreage restrictions. Alin marketings of these products, as shown though total supplies of both grains—includin the chart. Hog prices had advanced ing carryovers—are still very large, market supplies have been limited because the WHOLESALE PRICES OF FOODS greater part of stocks is held by the Com- 1947-49=100 Per cent modity Credit Corporation under Federal LIVESTOCK AND PRODUCTS MARKETINGS r ~ 120 price support programs. In the second half / of the year wheat prices rose from the seasonally low June levels. Corn prices de- - 100 clined during the autumn harvest season, but subsequently recovered somewhat. For PRICES^ V^ both crops, prices are still below the effective i i : 80 support levels. Average support prices for 120 grains have been reduced for next season, .CROPS AND PRODUCTS with those for corn about unchanged, those for other feed grains cut 18 per cent, and P R ICES ^ V x ^ ^•^q ioo those for wheat reduced 8 per cent. Prices of cereal and bakery products have risen in recent months to a level 17 per cent ! ! 1 I i 80 above the 1947-49 average. Output of fresh 1948 1952 1954 NOTE.—Price indexes compiled from B.L.S. midmonth data fruits and vegetables was smaller during the and include food materials as well as finished items. Nonfood crops such as cotton are not included. Marketings index, quar- past season, and wholesale prices of these terly and seasonally adjusted, compiled from Dept. of Agriculture data on commercial slaughter of hogs, cattle, and poultry foods in the second half of 1954 averaged and farm output of milk and eggs. moderately higher than a year earlier. Prices sharply in 1953, and in 1954 about one-eighth of coffee and cocoa, not included in the inmore pigs were raised. Hog marketings be- dexes charted, advanced sharply further durgan to rise sharply in the summer and prices ing the first half of 1954, but subsequently dropped considerably from the earlier ad- declined considerably, reflecting in part revanced levels. Cattle slaughter, meanwhile, duced buying and some improvement in the continued at advanced levels but steer prices supply outlook. rose about one-sixth. Industrial commodities. The advance in Output of poultry and eggs also increased prices of industrial materials began last considerably during 1954, and in the second March with increases in metals. Prices of half of the year prices of these foods averaged steel scrap, zinc, and lead rose as industrial about one-fourth below the corresponding production in this country leveled out, acperiod in 1953. Milk production increased tivity in Western Europe continued to ex- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT BUSINESS SITUATION pand, and new stockpiling policies were de- been stable since then. Although prices of veloped for zinc and lead. Expansion of some basic metals are well below earlier steel scrap exports to very high levels con- highs, average prices of all metals and semitributed to the price advance. By June, prices fabricated products are at record highs. of steel scrap and zinc had advanced one- Price rises for textile materials became evififth and copper scrap and lead about one- dent later in 1954 and have been smaller than eighth. for metals. Inventories at various stages had been considerably reduced, and in recent In late summer and early autumn, prices of months increased demands for cotton and aluminum were raised and other basic metals synthetic textiles have been accompanied by advanced somewhat further as fabricator demoderate price advances. Prices of raw wool mands increased and work stoppages created and wool yarns, however, declined in the a very tight supply situation for copper. Copautumn, and average prices of textiles, inper supplies remained tight despite the release cluding fibers, continue not far above the of some Government stocks after termination 1949 lows. of the stoppages in mid-autumn. Average prices of other industrial materials Beginning in late December steel scrap have also risen. Prices of many building prices rose further, reaching levels about onematerials have been advanced since mid-1954. half higher than the low last March. Prices Natural rubber prices have risen very sharply of nonferrous scrap advanced, and with since March as world demands expanded. prices of some refined metals higher abroad In recent months orders for and output of than in the United States, aluminum was synthetic rubber have increased substantially. raised again. Strikes in Rhodesia contributed Higher prices for woodpulp and some other to a furthering tightening in copper supplies. materials have become effective since mid- Prices of nonferrous metal products such December. Prices of most paper products as wire and cable have recovered somewhat and chemicals have changed little despite exsince mid-1954. List prices of steel were panded demands, and prices of hides and raised 2 to 3 per cent at midyear, following leather have declined further as livestock an increase in wage rates, and have generally marketings have continued large. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Margin Requirements for Purchasing 40 per cent of its current market value, as de- Securities termined by any reasonable method. Supplements to Regulations T and U Advances and Discounts by Federal The Board of Governors of the Federal Reserve Reserve Banks System, effective at the close of business January Regulation A Revised 4, 1955, amended the Supplement to Regulation T entitled "Extension and Maintenance of Credit by The Board of Governors of the Federal Reserve Brokers, Dealers, and Members of National Securi- System, effective February 15, 1955, revised Reguties Exchanges," and amended the Supplement to lation A which relates to advances and discounts Regulation U entitled "Loans by Banks for the by Federal Reserve Banks, While this revision Purpose of Purchasing or Carrying Stocks Regis- makes certain changes in the language of the Regutered on a National Securities Exchange" so as to lation itself, the most important change is the reincrease the margin requirements from 50 per cent vision of the forword entitled General Principles to 60 per cent for credit extended by brokers and to restate and clarify certain guiding principles banks to finance purchases of stock exchange securi- which are observed by the Federal Reserve Banks ties. The increased margins also apply to short in making advances and discounts in accordance sales. The texts of the Supplements as thus with the applicable provisions of the Federal Reamended are as follows: serve Act and of Regulation A. The revision is not intended to further restrict or restrain access by SUPPLEMENT TO REGULATION T member banks to the credit facilities of the Federal Issued by the Board of Governors of the Federal Reserve Reserve Banks. The text of the Regulation, pre- System ceded by the statement of General Principles, reads Effective January 4, 1955 as follows: Maximum loan value for general accounts. The Foreword to Regulation A maximum loan value of: a registered security (other General Principles than an exempted security) in a general account, subject to section 3 of Regulation T, shall be 40 per A principal function of the Federal Reserve Banks cent of its current market value. under the law7 is to provide credit assistance to mem- Margin required for short sales in general accounts. ber banks, through advances and discounts, in order The amount to be included in the adjusted debit to accommodate commerce, industry, and agriculbalance of a general account, pursuant to section ture. This function is administered in the light of 3(d)(3) of Regulation T, as margin required for the basic objective which underlies all Federal Reshort sales of securities (other than exempted securiserve credit policy, i.e., the advancement of the pubties) shall be 60 per cent of the current market value lic interest by contributing to the greatest extent posof each such security. sible to economic stability and growth. The Federal Reserve System promotes this objec- SUPPLEMENT TO REGULATION U tive largely by influencing the availability and cost Issued by the Board of Governors of the Federal Reserve of credit through action affecting the volume and System cost of reserves available to the member banks. Effective January 4, 1955 Through open market operations and through For the purpose of section 1 of Regulation U, the changes in reserve requirements of member banks, maximum loan value of any stock, whether or not the Federal Reserve may release or absorb reserve registered on a national securities exchange, shall be funds in accordance with the credit and monetary 8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT needs of the economy as a whole. An individual modation are considered by a Federal Reserve Bank member bank may also obtain reserves by borrow- in the light of its best judgment in conformity with ing from its Federal Reserve Bank at a discount the foregoing principles and with the provisions of rate which is raised or lowered from time to time the Federal Reserve Act and Regulation A. to adjust to the credit and economic situation. The effects of borrowing from the Federal Reserve Banks REGULATION A by individual member banks are not localized, as Revised Effective February 15, 1955 such borrowing adds to the supply of reserves of the banking system as a whole. Therefore, use of the ADVANCES AND DISCOUNTS BY FEDERAL borrowing facility by member banks has an im- RESERVE BANKS portant bearing on the effectiveness of System credit SECTION 1. INTRODUCTION policy. This Regulation is based upon and issued pur- Access to the Federal Reserve discount facilities suant to various provisions of the Federal Reserve is granted as a privilege of membership in the Fed- Act, the most important of which, together with eral Reserve System in the light of the following related provisions of law, are published in the Apgeneral guiding principles.* pendix hereto. The Regulation is applicable to the Federal Reserve credit is generally extended on a short-term basis to a member bank in order to en- following forms of borrowing from a Federal Reable it to adjust its asset position when necessary serve Bank: (1) advances to member banks on their because of developments such as a sudden with- own notes secured (a) by direct obligations of the drawal of deposits or seasonal requirements for United States, by paper eligible for discount or purcredit beyond those which can reasonably be met chase by Federal Reserve Banks, or by obligations by use of the bank's own resources. Federal Re- of certain corporations owned by the United States, serve credit is also available for longer periods when or (b) by other security which is satisfactory to the necessary in order to assist member banks in meet- Federal Reserve Bank; (2) discounts for member ing unusual situations, such as may result from na- banks of commercial, agricultural and industrial pational, regional, or local difficulties or from excep- per and bankers' acceptances; and (3) discounts for tional circumstances involving only particular mem- Federal Intermediate Credit banks. ber banks. Under ordinary conditions, the continuous use of Federal Reserve credit by a member SECTION 2. ADVANCES TO MEMBER BANKS bank over a considerable period of time is not re- (a) Advances on Government obligations.—Any garded as appropriate. Federal Reserve Bank may make advances, under In considering a request for credit accommodaauthority of section 13 of the Federal Reserve Act, tion, each Federal Reserve Bank gives due regard to any of its member banks for periods not exceedto the purpose of the credit and to its probable ef- ing fifteen days 2 on the promissory note of such fects upon the maintenance of sound credit condimember bank secured (1) by the deposit or pledge tions, both as to the individual institution and the of bonds, notes, certificates of indebtedness, or economy generally. It keeps informed of and takes Treasury bills of the United States, or (2) by the into account the general character and amount of deposit or pledge of debentures or other such oblithe loans and investments of the member bank. It gations of Federal Intermediate Credit banks having considers whether the bank is borrowing principally for the purpose of obtaining a tax advantage or 1 Under the last paragraph of section 13 of the Federal profiting from rate differentials' and whether the Reserve Act, a Federal Reserve Bank has authority to make bank is extending an undue amount of credit for the advances for periods not exceeding ninety days to individuals, speculative carrying of or trading in securities, real partnership, and corporations (including member and nonestate, or commodities, or otherwise. member banks) on their promissory notes secured by direct Applications for Federal Reserve credit accom- obligations of the United States. However, advances to member banks on the security of direct obligations of the United * These principles arise out of statutory and regulatory re- States are normally for short periods of not exceeding fifteen quirements. See especially paragraph 8 of section 4 of the days; and it is not the practice to make advances to others Federal Reserve Act set forth at p. 10 of the Appendix to this than member banks except in unusual or exigent circum- Regulation. stances. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT maturities of not exceeding six months from the SECTION 3. DISCOUNT OF NOTES, DRAFTS AND BILLS FOR date of the advance.2 MEMBER BANKS 4 (k) Advances on eligible paper.—(1) Any Federal (#) Commercial, agricultural and industrial pa- Reserve Bank may make advances, under authority per,—Any Federal Reserve Bank may discount for of section 13 of the Federal Reserve Act, to any of any of its member banks, under authority of secits member banks for periods not exceeding ninety tions 13 and 13a of the Federal Reserve Act, any days 3 on the promissory note of such member bank note, draft, or bill of exchange which meets the folsecured by such notes, drafts, bills of exchange, or lowing requirements: bankers' acceptances as are eligible for discount by (1) It must be a negotiable note, draft, or Federal Reserve Banks under the provisions of this bill of exchange, bearing the endorsement of a Regulation or for purchase by such banks under the member bank, which has been issued or drawn, provisions of the Federal Reserve Act. or the proceeds of which have been used or are (2) In the event notes which evidence loans made to be used, in producing, purchasing, carrying pursuant to a commodity loan program of the Com- or marketing goods 5 in one or more of the modity Credit Corporation and which comply with steps of the process of production, manufacthe maturity requirements of subsection (a) of sec- ture, or distribution, or in meeting current option 3 of this Regulation have been deposited in a erating expenses of a commercial, agricultural pool of notes operated by the Commodity Credit or industrial business, or for the purpose of Corporation, the certificate of interest issued by the carrying or trading in direct obligations of the Commodity Credit Corporation which evidences the United States (i.e., bonds, notes, Treasury bills deposit of such notes may be accepted as security or certificates of indebtedness of the United for an advance made to a member bank under this States); subsection. (2) It must not be a note, draft, or bill of (c) Advances on other security under section 10 (b) exchange the proceeds of which have been used of the Federal Reserve Act—Any Federal Reserve or are to be used for permanent or fixed in- Bank may make advances, under authority of sec- vestments of any kind, such as land, buildings tion 10(b) of the Federal Reserve Act, to any of its or machinery, or for any other fixed capital member banks upon the latter's promissory note se- purpose; cured to the satisfaction of such Federal Reserve (3) It must not be a note, draft, or bill of Bank regardless of whether the collateral offered as exchange the proceeds of which have been used security conforms to eligibility requirements under or are to be used for transactions of a purely other provisions of this Regulation. The rate on speculative character or issued or drawn for advances made under the provisions of this sub- the purpose of carrying or trading in stocks, section shall in no event be less than one-half of 1 bonds or other investment securities except diper cent per annum higher than the highest rate rect obligations of the United States (i.e., bonds, applicable to discounts for member banks under the notes, Treasury bills or certificates of indebtedprovisions of sections 13 and 13a of the Federal Re- ness of the United States); and serve Act in effect at such Federal Reserve Bank. (4) It must have a maturity at the time of Such an advance must be evidenced by the promis- discount of not exceeding ninety days, exclusive sory note of such member bank payable either (1) of days of grace, except that agricultural paper on a definite date not more than four months after as defined below in this section of this Regulathe date of such advance, or (2) at the option of tion may have a maturity of not exceeding nine the holder on or before a definite date not more than * Even though paper is not eligible for discount by a Fedfour months after the date of such advance. eral Reserve Bank for a member bank under the provisions of this Regulation, it may be used as security for an advance by a Federal Reserve Bank to a member bank under the 2 Such advances may also be made on notes secured by the terms and conditions of subsection (c) of section 2 of this deposit or pledge of Federal Farm Mortgage Corporation Regulation if it constitutes security satisfactory to the Federal bonds issued under the Federal Farm Mortgage Corporation Reserve Bank. Act. 5 As used in this Regulation the word "goods" shall be 8 However, borrowings by member banks are generally for construed to include goods, wares, merchandise, or agriculshort periods. tural products, including livestock. 10 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT months, exclusive of days of grace; but this or (2) which has been drawn by a bank or banker requirement is not applicable with respect to in a foreign country or dependency or insular posbills of exchange payable at sight or on de- session of the United States for the purpose of furmand of the kind described in subsection (b) nishing dollar exchange as provided in section 2 of of this section. Regulation C; provided, that any such acceptance (£) Bills of exchange payable at sight or on de- shall have a maturity at the time of discount of not mand,—Any Federal Reserve Bank may discount more than ninety days' sight, exclusive of days of for any of its member banks, under authority of grace, except that an acceptance drawn for agrisection 13 of the Federal Reserve Act, negotiable cultural purposes and secured at the time of acceptbills of exchange payable at sight or on demand ance by warehouse receipts or other such docuwhich (1) bear the endorsement of a member bank, ments conveying or securing title covering readily (2) grow out of the domestic shipment or the ex- marketable staples may be discounted with a maportation of nonperishable, readily marketable turity at the time of discount of not more than six staples,6 and (3) are secured by bills of lading or months' sight, exclusive of days of grace;10 and proother shipping documents conveying or securing vided further, that acceptances for any one customer title to such staples. All such bills of exchange shall in excess of ten per cent of the capital and surplus be forwarded promptly for collection, and demand of the accepting bank must remain actually secured for payment shall be made promptly, unless the throughout the life of the acceptance.11 drawer instructs that they be held until arrival of regularly inspected by State or Federal authorities with whom such staples at their destination, in which event all receipts for such staples and all transfers thereof are regthey must be presented for payment within a reaistered and without whose consent no staples may be withsonable time after notice of such arrival has been drawn; and the acceptor must remain secured throughout the received. In no event shall any such bill be held life of the acceptance. If the goods are withdrawn from by or for the account of a Federal Reserve Bank storage before maturity of the acceptance or retirement of the credit, a trust receipt or other similar document covering for a period in excess of ninety days. the goods may be substituted in lieu of the original docu- (c) Bankers' Acceptances.—Any Federal Reserve ment, provided that such substitution is conditioned upon a Bank may discount for any of its member banks a reasonably prompt liquidation of the credit; and, to this end, banker's acceptance 7 which bears the endorsement it should be required, when the original document is released, either that the proceeds of the goods will be applied of a member bank and (1) which grows out of within a specified time toward a liquidation of the acceptance transactions involving the importation or exporta- credit or that a new document, similar to the original one, tion of goods, the shipment of goods within the will be resubstituted within a specified time. United States, or the storage of readily marketable 9 The bill itself should be drawn so as to evidence the staples,8 as such transactions are more fully de- character of the underlying transaction, but if it is not so drawn evidence of eligibility may consist of a stamp or cerscribed in paragraphs (1), (2), and (3), respectificate affixed by the acceptor in form satisfactory to the Fedtively, of section l(a) of the Board's Regulation C 9 eral Reserve Bank. 10 No acceptance discounted by a Federal Reserve Bank °A readily marketable staple within the meaning of this should have a maturity in excess of the usual or customary Regulation means an article of commerce, agriculture, or in- period of credit required to finance the underlying transacdustry of such uses as to make it the subject of constant deal- tion or of the period reasonably necessary to finance such ings in ready markets with such frequent quotations of price transaction; and no acceptance growing out of the storage as to make (a) the price easily and definitely ascertainable of readily marketable staples should have a maturity in excess and (b) the staple itself easy to realize upon by sale at any of the time ordinarily necessary to effect a reasonably prompt time. sale, shipment, or distribution into the process of manufac- 7 A banker's acceptance within the meaning of this Regu- ture or consumption. lation is a draft or bill of exchange, whether payable in the 11 In the case of the acceptances of member banks this United States or abroad and whether payable in dollars or security must consist of shipping documents, warehouse resome other money, accepted by a bank or trust company ceipts, or other such documents, or some other actual security or a firm, person, company, or corporation engaged gen- growing out of the same transaction as the acceptance, such erally in the business of granting bankers' acceptance credits. as documentary drafts, trade acceptances, terminal receipts, 8 In the case of an acceptance growing out of the storage or trust receipts which have been issued under such circumof readily marketable staples, the bill must be secured at the stances, and which cover goods of such a character, as to time of acceptance by a warehouse, terminal, or other similar insure at all times a continuance of an effective and lawful receipt, conveying security title to such staples, issued by lien in favor of the accepting bank, other trust receipts not a party independent of the customer or issued by a grain ele- being considered such actual security if they permit the cusvator or warehouse company duly bonded and licensed and tomer to have access to or control over the goods. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (d) Construction loans.—In addition to paper of Paper of cooperative marketing associations the prothe kinds specified above, any Federal Reserve Bank ceeds of which have been or are to be used (1) to may discount for any of its member banks, under defray the expenses of organizing such associations, authority of section 24 of the Federal Reserve Act, or (2) for the acquisition of warehouses, for the a negotiable note which (1) represents a loan made purchase or improvement of real estate, or for any to finance the construction of a residential or a farm other permanent or fixed investment of any kind, building whether or not secured by lien upon real is not eligible for discount, even though such wareestate, (2) is endorsed by such member bank, (3) houses or other property is to be used exclusively is accompanied by a valid and binding agreement, in connection with the ordinary operations of the entered into by a person 12 acceptable to the dis- association. counting Federal Reserve Bank, requiring such (#) Factors' paper.—Notes, drafts, and bills of experson to advance the full amount of the loan upon change of factors issued as such for the purpose of the completion of the construction of such resi- making advances exclusively to producers of staple dential or farm building, and (4) matures not agricultural products in their raw state are eligible more than six months from the date such loan was for discount with maturities not in excess of ninety made and not more than ninety days from the date days, exclusive of days of grace. of such discount by such Federal Reserve Bank, (h) Collateral securing discounted paper.—Any exclusive of days of grace. note, draft, or bill of exchange eligible for discount (e) Agricultural paper.—Agricultural paper, is not rendered ineligible because it is secured by the within the meaning of this Regulation, is a nego- pledge of goods or collateral of any nature, includtiable note, draft, or bill of exchange issued or ing paper ineligible for discount. drawn, or the proceeds of which have been or are (/) Determination of eligibility.—(1) A Federal to be used, for agricultural purposes, including the Reserve Bank shall take such steps as may be necesproduction of agricultural products, the marketing sary to satisfy itself as to the eligibility of any paper of agricultural products by the growers thereof, or offered for discount. Compliance of paper with the the carrying of agricultural products by the growers provisions of paragraph (2) of subsection (a) of thereof pending orderly marketing, and the breed- this section may be evidenced by a statement which ing, raising, fattening, or marketing of livestock. adequately reflects the borrower's financial worth (f) Paper of cooperative marketing associations and evidences a reasonable excess of quick assets Notes, drafts, bills of exchange, or acceptances is- over current liabilities, or such compliance may be sued or drawn by cooperative marketing associa- evidenced in any other manner satisfactory to the tions composed of producers of agricultural prod- Federal Reserve Bank. ucts are deemed to have been issued or drawn for (2) The requirement of this section that a note an agricultural purpose within the meaning of the be negotiable shall not be applicable with respect foregoing definition of "agricultural paper," if the to any note evidencing a loan which is made purproceeds thereof have been or are to be used by such suant to a commodity loan program of the Comassociation in making advances to any members modity Credit Corporation and which is subject to thereof for an agricultural purpose, in making pay- a commitment to purchase by the Commodity ments to any members thereof on account of agri- Credit Corporation or with respect to any note cultural products delivered by such members to the evidencing a loan which is in whole or in part the association, or to meet expenditures incurred or to subject of a guarantee or commitment made purbe incurred by the association in connection with suant to section 301 of the Defense Production Act the grading, processing, packing, preparation for of 1950 as amended. market, or marketing of any agricultural product (;) Limitations.—(1) The aggregate of notes, handled by such association for any of its mem- drafts, and bills upon which any person, copartnerbers. In addition, any other paper of such asso- ship, association, or corporation is liable as maker, ciations which complies with the applicable re- acceptor, endorser, drawer, or guarantor, discounted quirements of this Regulation may be discounted. for any member bank shall at no time exceed the amount for which such person, copartnership, as- 12 Such person may be the member bank offering the note for discount or any other individual, partnership, association sociation, or corporation may lawfully become liable or corporation. to a national bank under the terms of section 5200 12 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of the Revised Statutes of the United States, as hied with it statements, or certified copies thereof, amended.18 which adequately reflect the financial worth (1) of (2) The law forbids a Federal Reserve Bank to one or more parties to any obligation offered as sediscount for any State member bank notes, drafts, curity for an advance or to any note, draft, or bill of or bills of exchange of any one borrower who is exchange offered for discount and (2) of any corliable for borrowed money to such State member porations or firms affiliated with or subsidiary to bank in an amount greater than that which could such party or parties. A Federal Reserve Bank may be borrowed lawfully from such State member bank in any case require such other information as it were it a national bank. deems necessary. (c) Other information.—Each Federal Reserve SECTION 4. GENERAL REQUIREMENTS AS TO ADVANCES Bank is required by law to keep itself informed of AND DISCOUNTS the general character and amount of the loans and (a) Applications for advances or discounts.— investments of its member banks with a view to (1) Every application by a member bank for an ascertaining whether undue use is being made of advance to such bank or for the discount of paper bank credit for the speculative carrying of or tradmust contain a certificate of such bank, in form to ing in securities, real estate, or commodities, or for be prescribed by the Federal Reserve Bank, that the any other purpose inconsistent with the maintenance security offered for the advance or the paper of- of sound credit conditions; and, in determining fered for discount, as the case may be, has not been whether to grant or refuse advances or discounts, acquired from a nonmember bank (otherwise than the Federal Reserve Bank is required to give conin accordance with section 5 of this Regulation) or, sideration to such information. Each Federal Reif so acquired, that the applying member bank has serve Bank may require such information from its received permission from the Board of Governors member banks as it may deem necessary in order of the Federal Reserve System to obtain advances to determine whether such undue use of bank credit from the Federal Reserve Bank on security so ac- is being made and whether the granting of any quired or to discount with the Federal Reserve requested credit accommodation would be consis- Bank paper acquired from nonmember banks. tent with the general principles applicable to exten- (2) Every such application shall also contain sions of credit under this Regulation. a notation by the member bank as to whether it has (d) Amount of collateral.—In connection with on file a statement which adequately reflects the any advance or discount under this Regulation, a financial worth of a party primarily liable on the Federal Reserve Bank may require such collateral paper offered as security for an advance or for dis- as it may deem advisable or necessary; but it is excount or of the person from whom the member pected that the Federal Reserve Bank in determining bank acquired such paper if such person is legally the amount of collateral will give due regard to the liable thereon. public welfare and the general effects that its ac- (3) Every application of a State member bank tion may have on the position of the member bank, for the discount of paper must contain a certificate on its depositors, and on the community; and in or guaranty to the effect that the borrower is not general a Federal Reserve Bank should limit the liable and will not be permitted to become liable amount of collateral it requires to the minimum to such bank for borrowed money during the time consistent with safety. his paper is under discount with the Federal Reserve Bank in an amount greater than that which SECTION 5. PAPER ACQUIRED FROM NONMEMBER could be borrowed lawfully from such State bank BANKS were it a national bank. (a) Prohibition upon acceptance of nonmember (b) Financial statements.—In order to determine bank paper.—Except with the permission of the whether security offered for an advance or paper Board of Governors of the Federal Reserve System, offered for discount is eligible and acceptable, any no Federal Reserve Bank shall accept as security for Federal Reserve Bank may require that there be an advance or discount any assets acquired by a member bank from, or bearing the signature or en- 13 Section 5200 of the Revised Statutes of the United dorsement of, a nonmember bank, except assets States is printed in the Appendix to this Regulation (page otherwise eligible which were purchased by the of- 15). JANUARY 1955 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT fering bank on the open market or otherwise ac- Federal Reserve Act, may, with the permission of quired in good faith and not for the purpose of the Board of Governors, discount for any Federal obtaining credit for a nonmember bank. Intermediate Credit bank (1) agricultural paper (£) Applications for permission.—An application as defined in section 3 of this Regulation, or (2) for permission to use as security for advances assets notes payable to such Federal Intermediate Credit acquired from nonmember banks or to discount bank covering loans or advances made by it purpaper acquired from nonmember banks shall be suant to the provisions of section 202(a) of Title made by the member bank which desires to offer II of the Federal Farm Loan Act, which are secured such assets as security or such paper for discount by notes, drafts, or bills of exchange eligible for disand shall state fully the facts which give rise to count by Federal Reserve Banks. Any paper dissuch application and the reasons why the applying counted for a Federal Intermediate Credit bank member bank desires such permission. Such appli- must bear the endorsement of such bank and must cation shall be addressed to the Board of Governors have a maturity at the time of discount of not more of the Federal Reserve System but shall be sub- than nine months, exclusive of days of grace. mitted by the member bank to the Federal Reserve (fr) Limitations.—No Federal Reserve Bank shall Bank of the district, which will forward it promptly discount for any Federal Intermediate Credit bank to the Board of Governors of the Federal Reserve any paper which bears the endorsement of any System with its recommendation. nonmember State bank or trust company which is (c) Paper acquired from Federal Intermediate eligible for membership in the Federal Reserve Sys- Credit banks—The Board of Governors of the Fed- tem under the terms of section 9 of the Federal eral Reserve System hereby grants permission to Reserve Act. In acting upon applications for the Federal Reserve Banks to make advances to mem- discount of paper for Federal Intermediate Credit ber banks upon the security of paper or assets bear- banks, each Federal Reserve Bank shall give preing the signature or endorsement of, or acquired ference to the demands of its own member banks from, Federal Intermediate Credit banks or to dis- and shall have due regard to the probable future count for member banks paper bearing such a signa- needs of its own member banks. ture or endorsement or so acquired, if otherwise eligible under the law and this Regulation. Appendix SECTION 6. DISCOUNTS FOR FEDERAL INTERMEDIATE STATUTORY PROVISIONS CREDIT BANKS (a) Kinds and maturity of paper.—Any Federal [The Appendix to the Regulation contains only Reserve Bank, under authority of section 13a of the excerpts from relevant provisions of law.] FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Earnings and Expenses of the Federal Reserve Banks tion of Mr. C. Richard Youngdahl. Mr. Koch, who in 1954 and 1953 has been a member of the Board's staff since March A condensed comparative statement of earnings 1946, had been Chief of the Banking Section of the and expenses of the Federal Reserve Banks in 1954 Division of Research and Statistics since August and 1953 is shown below. A detailed statement of 1950. Prior to that time he had served for two earnings and expenses of each Federal Reserve Bank 5'ears as Chief of the Business Finance and Capital in 1954 will appear in the February Federal Reserve Markets Section. BULLETIN. Appointment of Class C Director On December 28, 1954, the Board of Governors Thousands of dollars announced the appointment of Mr. James R. Kil- Item lian, Jr., President, Massachusetts Institute of Tech- 1954 1953 nology, Cambridge, Massachusetts, as a Class C Current earnings 438,486 513,037 director of the Federal Reserve Bank of Boston for Current expenses 109,733 113,515 the term ending December 31, 1956. Mr. Killian Current net earnings 328,753 399,522 succeeded Mr. Karl T. Compton, Chairman of the Additions to current net earnings 1527 !2,096 Deductions from current net earnings .... 661 3,155 Corporation, Massachusetts Institute of Technology, Cambridge, Massachusetts, deceased. Net deductions 134 1.059 Net earnings before payments to U. S. Treasurv 328,619 398.463 Tables Published Annually and Semiannually, with Paid U. S. Treasury (interest on F. R. Latest BULLETIN Reference notes) 276,289 342,568 Semiannually Issue Page Dividends 16,442 15,558 Transferred to surplus (Sec. 7) 35.888 40,337 Banking offices: Analysis of changes in number of... Aug. 1954 903 On, and not on, Federal Reserve Par List, number of Aug. 1954 904 1 Includes net profits of S482.000 in 1954 and $1,952,000 in 1953 on sales of U. S. Government securities. Annually Earnings and expenses: Federal Reserve Banks Feb. 1954 208-209 Changes in the Board's Staff Member banks: Calendar year May 1954 524-534 Mr. Albert R. Koch was appointed Assistant Di- First half of year Oct. 1954 1118 rector of the Division of Research and Statistics Insured commercial banks May 1954 535 Banks and branches, number of, by class effective December 9, 1954, in view of the resigna- and State May 1954 536-537 Operating ratios, member banks. Aug. 1954 900-902 Appointments of Chairmen, Deputy Chairmen, and Directors The following designations and appointments at the Federal Reserve Banks and branches have been made by the Board of Governors of the Federal Reserve System: Federal Reserve Ban\ Name of Appointee CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1955 Boston H. D. Hodgkinson of Boston, Massachusetts New York Jay E. Crane of Orange, New Jersey Philadelphia William J. Meinel of Philadelphia, Pennsylvania Cleveland John C. Virden of Shaker Heights, Ohio JANUARY 1955 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Ban\ Name of Appointee Richmond . J. B. Woodward, Jr., of Newport News, Virginia Atlanta Rufus C. Harris of New Orleans, Louisiana Chicago . John S. Coleman of Detroit, Michigan St. Louis M. Moss Alexander of St. Louis, Missouri Minneapolis Leslie N. Perrin of Minneapolis, Minnesota Kansas City Raymond W. Hall of Kansas City, Missouri Dallas . . . ^Robert J. Smith of Dallas, Texas San Francisco A. H. Brawner of San Mateo, California DEPUTY CHAIRMEN FOR YEAR 1955 New York *F. F. Hill of Ithaca, New York Philadelphia Henderson Supplee, Jr., of Radnor, Pennsylvania Cleveland . ^Sidney A. Swensrud of Pittsburgh, Pennsylvania Richmond #Alonzo G. Decker, Jr., of Lutherville, Maryland Atlanta . *Harllee Branch, Jr., of Atlanta, Georgia Chicago . Bert R. Prall of Winnetka, Illinois St. Louis .... Cafifey Robertson of Memphis, Tennessee Kansas City . . . Cecil Puckett of Denver, Colorado Dallas ... • *Hal Bogle of Dexter, New Mexico San Francisco . Y. Frank Freeman of Beverly Hills, California FEDERAL RESERVE BANK DIRECTORS t (Appointed by the Board of Governors for three-year terms beginning January 1, 1955) New York *F. F. Hill of Ithaca, New York Philadelphia William J. Meinel of Philadelphia, Pennsylvania Cleveland *Frank J. Welch of Lexington, Kentucky Richmond . *Dean W. Colvard of Raleigh, North Carolina Chicago Bert R. Prall of Winnetka, Illinois St. Louis . Joseph H. Moore of Charleston, Missouri Kansas City ... *Joe W. Seacrest of Lincoln, Nerbaska Dallas . . t*Henry P. Drought of San Antonio, Texas Dallas Robert J. Smith of Dallas, Texas * Indicates position filled by a new incumbent. t Each Federal Reserve Bank has a Board of Directors consisting of nine members, divided into three classes, designated as Classes A, B, and C. The six A and B directors are elected by the member banks, and the three C directors are appointed by the Board of Governors. The terms of two of the elected directors and one of the appointed directors expire at the end of each year. + Indicates appointment for uncxpired portion of term. 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS FEDERAL RESERVE BANK BRANCH DIRECTORS ft Federal Reserve Ban\ and Branch Name of Appointee New Yor\ Buffalo Clayton G. White of Stow, New York Cleveland Cincinnati #W. Bay Irvine of Marietta, Ohio Pittsburgh #J. C. Warner of Pittsburgh, Pennsylvania Richmond Baltimore C. R. Zarfoss of Baltimore, Maryland Charlotte Paul T. Taylor of Winston-Salem, North Carolina Atlanta Birmingham Edwin C. Bottcher of Hanceville, Alabama Jacksonville J. Wayne Reitz of Gainesville, Florida Nashville .... *A. Carter Myers of Knoxville, Tennessee New Orleans . Joel L. Fletcher, Jr., of Lafayette, Louisiana Chicago Detroit John A. Hannah of East Lansing, Michigan St. Louis Little Rock . Shuford R. Nichols of Des Arc, Arkansas Louisville Pierre B. McBride of Louisville, Kentucky Memphis A. E. Hohenberg of Memphis, Tennessee Minneapolis Helena JCarl McFarland of Missoula, Montana Kansas City Oklahoma City JPhil H. Lowery of Loco, Oklahoma Omaha JManville Kendrick of Sheridan, Wyoming Dallas El Paso . James A. Dick of El Paso, Texas San Francisco Los Angeles . J Bryant Essick oE Los Angeles, California Portland (William H. Steiwer, Sr., of Fossil, Oregon Salt Lake City JGeorge H. Watkins of Idaho Falls, Idaho Seattle J Ralph Sundquist of Yakima, Washington It Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others arc appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. % Indicates appointment for two-year term beginning January 1, 1955. All other appointments are for three-year terms. * Indicates position filled by a new incumbent. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS The new appointees are as follows: Federal Reserve Bank of New York Mr. F. F. Hill of Ithaca, New York, was appointed a director of the Federal Reserve Bank of New York for a three-year term beginning January 1, 1955, and Deputy Chairman for the year 1955. Mr. Hill is the Provost of Cornell University, Ithaca, New York. As a Class C director and Deputy Chairman, he succeeded Mr. William I. Myers, Dean, New York State College of Agriculture, Cornell University, whose term as a director and Deputy Chairman expired December 31, 1954. Federal Reserve Bank of Cleveland Mr. Frank J. Welch of Lexington, Kentucky, was appointed a director of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1955. Mr. Welch is the Dean and Director of the College of Agriculture and Home Economics, University of Kentucky, Lexington, Kentucky. He succeeded Mr. Leo L. Rummell, Dean, College of Agriculture, The Ohio State University, Columbus, Ohio, whose term as a director and Deputy Chairman expired December 31, 1954. Mr. Sidney A. Swensrud of Pittsburgh, Pennsylvania, who has been serving as a Board-appointed director of the Federal Reserve Bank of Cleveland since January 1, 1953, was appointed Deputy Chairman for the year 1955. Mr. Swensrud is Chairman of the Board of the Gulf Oil Corporation, Pittsburgh, Pennsylvania. He succeeded Mr. Leo L. Rummell, whose term expired December 31, 1954. Mr. W. Bay Irvine of Marietta, Ohio, was appointed a director of the Cincinnati Branch of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1955. Mr. Irvine is President of Marietta College, Marietta, Ohio. He succeeded Mr. John C. Baker, President, Ohio University, Athens, Ohio, whose term expired December 31, 1954. Mr. J. C. Warner of Pittsburgh, Pennsylvania, who had been serving as a Bank-appointed director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland since June 10, 1954, was appointed by the Board of Governors as a director of the Pittsburgh Branch for a three-year term beginning January 1, 1955. Mr. Warner is President of the Carnegie Institute of Technology, Pittsburgh, Pennsylvania. He succeeded Mr. Clifford F. Hood, President, United States Steel Corporation, Pittsburgh, Pennsylvania, whose term expired December 31, 1954. Federal Reserve Bank of Richmond Mr. Alonzo G. Decker, Jr. of Lutherville, Maryland, who has been serving as a Board-appointed director of the Federal Reserve Bank of Richmond since January 1, 1954, was appointed Deputy Chairman for the year 1955. Mr. Decker is Vice President of The Black and Decker Manufacturing Company, Towson, Maryland. As Deputy Chairman, he succeeded Mr. W. G. Wysor, Management Counsel, Southern States Cooperative, Inc., Richmond, Virginia whose term as a director and Deputy Chairman expired December 31, 1954. Mr. Dean W. Colvard of Raleigh, North Carolina, was appointed a director of the Federal Reserve Bank of Richmond for a three-year term beginning January 1, 1955. Mr. Colvard is the Dean of Agriculture, North Carolina State College of Agriculture and Engineering, Raleigh, North Carolina. He succeeded Mr. W. G. Wysor, whose term expired December 31, 1954. Federal Reserve Bank of Atlanta Mr. Harllee Branch, Jr., of Atlanta, Georgia, who has been serving as a Board-appointed director of the Federal Reserve Bank of Atlanta since January 1, 1954, was appointed Deputy Chairman for the year 1955. Mr. Branch is President of the Georgia Power Company, Atlanta, Georgia. As Deputy Chairman, he succeeded Mr. Paul E. Reinhold, Chairman of the Board, Foremost Dairies, Inc., Jacksonville, Florida, whose term as a director and Deputy Chairman expired December 31, 1954. Mr. A. Carter Myers of Knoxville, Tennessee, was appointed a director of the Nashville Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1955. Mr. Myers 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS is Vice President of the Knoxville Fertilizer Company, Knoxville, Tennessee. He succeeded Mr. H. C. Meacham, who is engaged in farming at Franklin, Tennessee, and whose term expired December 31, 1954. Federal Reserve Bank of Kansas City Mr. Joe W. Seacrest of Lincoln, Nebraska, was appointed a director of the Federal Reserve Bank of Kansas City for a three-year term beginning January 1, 1955. Mr. Seacrest is President of the State Journal Company, Lincoln, Nebraska. He succeeded Mr. Lyle L. Hague, a farmer.and stockman of Cherokee, Oklahoma, whose term expired December 31, 1954. Mr. Seacrest served as a Boardappointed director of the Omaha Branch of the Federal Reserve Bank of Kansas City from April 16, 1948, through December 31, 1953. Federal Reserve Bank of Dallas Mr. R.obert J. Smith of Dallas, Texas, who had been serving as a Board-appointed director of the Federal Reserve Bank of Dallas and Deputy Chairman since February 10, 1953, was designated Chairman and Federal Reserve Agent for the year 1955. Mr. Smith is President of the Pioneer Air Lines, Inc., Dallas, Texas. As Chairman and Federal Reserve Agent, he succeeded Mr. J. R. Parten, President of the Woodley Petroleum Company, Houston, Texas, who resigned. Mr. Hal Bogle of Dexter, New Mexico, who has been serving as a Board-appointed director of the Federal Reserve Bank of Dallas since October 1, 1952, was appointed Deputy Chairman for the year 1955. Mr. Bogle is engaged in livestock feeding, farming, and ranching. As Deputy Chairman he succeeded Mr. Robert J. Smith, who was appointed Chairman and Federal Reserve Agent. Mr. Henry P. Drought of San Antonio, Texas, who had been serving as a Board-appointed director of the San Antonio Branch of the Federal Reserve Bank of Dallas since November 6, 1946, was appointed a director of the Federal Reserve Bank of Dallas for the unexpired portion of the term ending December 31, 1955. Mr. Drought is an Attorney at Law. As a director, he succeeded Mr. J. R. Parten, who resigned. JANUARY 1955 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS {Released for publication January 14] Industrial production rose further in December, Activity in the textile, apparel, and chemical inand construction activity and retail sales reached dustries rose further in December. Petroleum renew highs. Unemployment showed a small, contra- finery operations in December and early January seasonal decline. In early January department store were at new record levels for this season of the year sales continued at advanced levels. Prices of indus- and crude oil output increased substantially. trial materials rose further and prices of farm prod- CONSTRUCTION ucts advanced somewhat. Value of new construction activity in December, INDUSTRIAL PRODUCTION seasonally adjusted, increased to a new high reflect- The Board's seasonally adjusted index of indus- ing chiefly gains in private residential and public trial production rose 1 point further in December construction. A record 37.2 billion dollars of conto 130 per cent of the 1947-49 average. Reflecting struction was put in place during 1954, 5 per cent mainly reduced levels earlier in the year, output for larger than in 1953. Value of contract awards in- 1954 as a whole averaged 125 per cent as compared creased sharply in December and was two-fifths with 134 in 1953. larger than a year earlier. The number of private Durable goods output continued to expand in housing units started in December, at a seasonally December. Auto output showed a further sharp adjusted annual rate of close to 1.5 million, was the advance to a record rate for the month. In early highest on record for that month. January assemblies were maintained at the advanced EMPLOYMENT December level. Production of household durable Seasonally adjusted employment in nonagriculgoods generally held steady in December at a level tural establishments at 48.3 million persons in Deabout one-fourth above the sharply reduced year-ago cember was little changed from November. Emrate. Activity in producers' and military equipment ployment increased further at automobile plants but industries continued to change little at the curtailed changed little in most other industries. The averlevel reached in early autumn. Steel output rose age workweek at factories increased about seasonally somewhat further in the first half of January to 82 and at 40.5 hours in December was somewhat above per cent of capacity, which is now rated at 125.8 million tons annually as compared with 124.3 last PRICES AND TRADE year. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS Seasonally adjusted, millions of persons H42 Seasonally adjusted^except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices exclude processed foods, included in total but not shown separately. Bureau of Labor Statistics data. Proprietors, self-employed Monthly figures, latest shown: November for income and departpersons and domestic servants are not included. Midmonth ment store stocks; December for other series. December configures, latest shown are for December. sumer prices estimated by Federal Reserve. 20 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS year-ago levels and appreciably above the spring the period of seasonally large marketings, but cattle low. Hourly earnings were unchanged but average prices have risen further. Total meat production weekly earnings rose to a new peak of $74.12— has fallen ofl from the advanced early December considerably above the reduced spring levels and level but remains large for this season of the year. more than 2 per cent above a year ago. Unemployment, which usually rises at this time of year, de- BANK CREDIT AND RESERVES clined slightly in early December to 2.8 million. Total loans and investments at banks in leading cities increased further during most of December DISTRIBUTION due to expansion in bank loans and holdings of Retail sales rose substantially further in December municipal and corporate securities. Holdings of to a new high, reflecting a large further gain in sales U. S. Government securities declined. A substantial at auto dealers and somewhat more than seasonal increase in loans to business in December contrasted increases at department stores and most other outwith a decline a year earlier. At the turn of the lets. Sales at department stores in early January year and in early January, bank credit declined, were maintained at advanced levels. With new reflecting the usual seasonal influences. auto sales at a record for December, dealers' stocks Free reserves of all member banks averaged less increased only moderately further. than 500 million dollars during December and COMMODITY PRICES early January, somewhat below the levels of other Prices of industrial materials rose somewhat recent months. In December a larger volume of further in the month ending mid-January, with funds was absorbed through currency outflows and aluminum, scrap metals, cotton textiles, rubber, and increases in required reserves than was provided tallow advancing. Prices of tires and some other through increased Federal Reserve holdings of Govindustrial products were also raised, but most ernment securities and the seasonal increase in Refinished industrial goods continued to change little. serve Bank float. In early January the post-Christ- Average prices of farm products recovered some- mas return flow of currency and a reduction in what from the reduced level of early December. required reserves provided a substantial volume of Hog prices have continued at the low reached in funds, but reserves were absorbed through sales and redemptions of Treasury bills by the Federal Reserve LOANS AND INVESTMENTS and through a reduction in Reserve Bank float. MEMBER BANKS IN LEADING CITIES Billions of doHa SECURITY MARKETS Yields on intermediate and long-term Government securities moved steadily higher from mid- December to mid-January. Although yields on short-term Treasury issues declined sharply after Christmas, they firmed again after the turn of the year. Yields on corporate and municipal bonds increased slightly during the latter part of December and in early January, and common stock prices rose further. On January 4, the Federal Reserve Board announced an increase to 60 from 50 per cent in margin requirements on newly purchased securities. Stock prices declined sharply on January 5 and 6 but through January 14 had recovered part of Federal Reserve data. Weekly figures, latest shown are for the loss. Jan. 5. JANUARY 1955 21 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. . 25-26 Federal Reserve Bank rates; margin requirements; reserve requirements 26-27 Reserves and deposits of member banks.. 28 Federal Reserve Bank statistics. . . . 29-31 Regulation V: guaranteed loans, fees, and rates 31-32 Bank debits and deposit turnover; Postal Savings System. . 32 Money in circulation 33 Consolidated statement of the monetary system; deposits and currency 34 All banks in the United States, by classes 35-37 All commercial banks in the United States, by classes. . 38-39 Weekly reporting member banks. . 40-41 Commercial paper and bankers' acceptances 42 Life insurance companies; savings and loan associations. . 43 Government corporations and credit agencies. . 44-45 Security prices and brokers' balances 46 Money market rates; bank rates on business loans; bond and stock yields 47 Treasury finance 48-53 New security issues. . 54 Business finance 55-56 Real estate credit statistics 57-59 Statistics on short- and intermediate-term consumer credit. . 60-62 Business indexes 63-72 Merchandise exports and imports. . 72 Department store statistics. . . 73-77 Consumer and wholesale prices 78-79 Gross national product, national income, and personal income. . . 80-81 List of tables published in BULLETIN annually or semiannually, with references for latest data. . 15 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. 23 JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesdoy Figures, 1946-1950, Weekly Averages of Daily Figures, 1951- Billions of Dollars 25 &&^3fi23^ 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Dec. 29. See p. 26. 24 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] U.S. Go R vt e . s s e e rv cu e ri B ti a e n s k credit outstanding T u re ry as- Money Treas- th re D a s n e e p r m v o e e s i m t b s b a , l e a o r n th b c e e a r s n , k O F t e h d e - r re M se e r m ve b e b r a l b a a n n c k es Date Total B r o o ig u u h g t- t ht u r c a m H e n h g p e e a d r l n u e s e d e e t r r - - v c D o a a a n u n i d s c d n - - e ts s Float o A th ll - Total s G to o c ld k s r o c e t i a u n n u n g r c t- - d y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - T p w u o d re r e s i y - a i t t h s s - F. p F e o d R i o s e g . r i - n - ts Ban O p d i k e o t t e s r s s h - - - c s e o R e a r u r c e a v - n - l e ts Total qu R i e r - ed2 Ex- Wednesday 1953 Nov. 4. . . . 25,44725,398 49 822 559 26,830 22,076 4,877 30,428 1,283 664 453 376 80119,779 18,845 934 Nov. 11 25,12324,958 165 365 622 26,111 22,077 4,878 30,540 784 322 449 534 80819,630 19,026 604 Nov. 18. . . .24,95824,958 594 933 26,487 22,076 4,878 30,487 786 503 419 398 80520,044 19,184 860 Nov. 25 25,02224,993 ' 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 77 488 491 331 88019,720 19,053 667 Dec. 16 25,45725,243 214 268 1,193 26,921 22,028 4,884 30,953 769 224 464 259 93620,229 19,309 920 Dec. 23 25,88625,318 568 435 1,369 27,692 22,029 4,886 31,156 763 799 461 427 93720,064 19,294 >770 Dec. 30. . . .25,90225,318 584 100 973 26,977 22,029 .,889 30,890 773 377 474 380 93620,066 19,364 702 1954 Jan. 6. . 25,38425,318 66 170 963 26,519 22,029 4,890 30,591 770 222 440 397 83620,184 19,390 794 Jan. 13.. 25,31825,318 156 754 26,230 22,030 .,890 30,284 775 86 500 441 83620,228 19,250 978 Jan. 20. . 25,36425,364 70 977 26,412 22,006 4,890 30,083 782 5 443 286 83320,874 19,335 1,539 Jan. 27. . 24,66'L 24,661 110 722 25,495 22,006 4,890 29,900 795 236 493 278 83119,859 19,217 642 Feb. 3. . 24,77424,717 515 569 25,860 21,956 4,899 29,930 807 457 477 345 82919,870 19,089 781 Feb. 10. . 24,863 24,806 440 509 25,815 21,957 4,902 29,923 818 638 473 338 82819,654 18,937 717 Feb. 17. . 24,80624,806 291 798 25,897 21,957 4,905 29,821 820 533 482 346 91219,845 18,921 924 Feb. 24... 24,55924,559 249 503 25,312 21,958 4,906 29,838 824 509 461 359 91119,273 18,853 420 Mar. 3... 14,559 24,559 267 861 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 93619,272 18,651 621 Apr. 14... 24,63224,632 171 599 25,404 21,966 4,943 29,793 831 639 469 353 93519,293 18,585 708 Apr. 21. .. 24,63224,632 155 704 25,493 21,967 4,945 29,673 839 565 443 388 93119,566 18,648 918 Apr. 28... 24,632 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. .. 24,632 24,632 268 582 25,484 21,970 4,952 29,759 840 542 579 357 848 19,481 18,71.7 764 May 19. .. 24,687 24,687 177 662 25,528 21,971 4,956 29,707 841 418 533 390 88019,686 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 87620,032 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. .. 24,902 24,902 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. .. 24,02324,023 487 554 25,066 21,858 4,960 29,911 799 593 559 387 90518,731 17,665 1,066 Aug. 18. .. 23,95623,876 80 460 766 25,183 21,858 4,960 29,866 812 646 548 427 92818,776 17,683 1,093 Aug. 25... 23,90823,824 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 29,922 796 769 489 398 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. .. 24,60924,580 312 346 25,267 21,810 4,973 30,159 792 643 468 418 95118,620 18,202 418 Oct. 20. . . 24,45624,456 330 733 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 25 519 304 25,495 21,759 4,977 30,138 801 567 425 416 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 1,005 25,933 21,709 4,979 30,233 802 544 414 381 88219,365 18,553 812 Nov. 24. . . 24,553 '24,553 437 636 25,627 21,709 4,982 30,412 804 538 400 363 88118,920 18,549 371 Dec. 1. . . 24,88824,888 377 699 25,965 21,710 4,982 30,504 813 742 386 390 87918,944 18,452 492 Dec. 8. . . 24,88824,888 345 624 25,858 21,711 4,982 30,697 818 350 358 380 87619,073 18,472 601 Dec. 15. .. 24,932 24,888 364 1,191 26,487 21,711 4,981 30,773 80 333 405 324 97519,562 18,611 951 Dec. 22. .. 24,88824,888 264 1,328 26,481 21,712 4,982 30,946 808 310 450 319 97519,367 P18.683 P684 Dec. 29. . . 24,951 24,f 565 854 26,371 21,712 4S984 30,638 809 465 577 370 97519,233 P18.623 P610 End of month 1953 Nov 25,095 24,993 102 369 667 26,133 22,028 4,885 30,80 766 451 41 367 80419,434 19,087 347 Dec 25,91625,318 598 28 935 26,880 22,030 4,894 30,781 761 346 423 493 83920,160 19,397 763 1954 Jan 24,64024,CA0 156 640 25,437 956 899 29,981 793 405 440 459 83019,384 19,016 368 Feb 24,50924,509 350 827 25,688 958 913 29,904 811 54: 490 491 90919,412 18,821 591 Mar 24,63224,632 147 535 25,316 965 935 29,70' 819 722 494 363 91 19,194 18,689 505 Apr 24,63224,632 172 576 25,382 969 951 29,735 819 579 471 321 85019,528 18,844 684 May 24,81224,812 245 723 25,781 973 957 29,870 820 408 527 645 87819,563 18,891 672 June 25,03725,037 37 567 25,642 927 959 29,922 811 875 545 377 98819,011 18,412 599 July 24,32= 24,325 184 672 25 183 908 960 29,89: 798 716 533 503 90818,702 17,763 939 Aug 24,02323,894 129 200 473 24 809 966 29,929 811 511 47 501 92518,316 17,572 744 Sept 24,27024,270 132 779 25;183 810 972 29,985 786 704 461 422 93118,676 17,724 952 Oct 24,381 24,381 297 721 25, 75' 977 30,074 806 729 426 496 88418,722 18,251 471 Nov 24,88824,888 398 657 25. 21,710 982 30,500 800 694 397 381 88018,985 18,467 518 Dec 24,93224,888 44 143 808 25! ?'21,712 984P30.503 P800 563 490 441 90 18,876 P18.611 P265 ^Preliminary. ••Revised. For footnotes see following page. JANUARY 1955 25 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 p D e o r a i r t o e d Bought u H n e d l e d r c D o a u n is n d - ts Float o A t l h l - Total s G to o c ld k s r o c e ta u n u n r c t - - d y c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - Treas- For- O e t r h- s e R e a r r c e a v - - l e Total r o ig u h t- t r c a m e h g p e a r u n e se e r t - - va a n d c - es ing p u o d r s e y - its p e o d i e s g - i n ts d it e s - count? Total qu R ir e e - d1 c E es x s - 2 End of month: 1929—June. 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 2,220 4,031 2,28C 5,434 264 35 15 151 34e 2,292 1,817 475 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 4 3 4 5 4 4 5 5 5 1 9 7 5 9 2 3 1 0 — — — — — — — — — D D D D D D J J D D u u e e e e e e e e n n c c c c c c c c e e . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 1 2 2 4 2 0 3 4 2 4 8 , , , , , , , , , , 2 4 2 7 8 5 6 9 7 8 6 5 8 0 9 4 8 5 0 7 1 4 4 7 5 9 6 2 8 6 2 2 2 2 2 2 2 1 2 2 4 2 2 4 3 4 0 8 , , , , , , , , , , 4 2 7 2 0 6 5 7 8 7 8 5 6 6 3 0 5 2 8 1 4 4 4 2 4 5 9 5 5 8 6 1 1 6 9 5 2 4 3 6 3 8 2 2 1 4 6 8 6 5 7 5 1 9 3 4 5 7 9 7 8 6 9 1 1, , 1 3 9 5 5 5 5 6 8 6 3 6 0 9 9 3 8 7 4 8 4 7 1 1 1 4 5 8 2 2 2 2 2 2 2 1 2 3 5 2 3 2 5 5 5 9 , , , , , , , , , , 1 5 0 3 5 2 8 4 0 4 8 5 9 6 9 1 2 1 0 9 " 1 1 1 1 3 6 5 4 9 9 2 2 2 2 2 2 2 1 2 2 2 2 0 4 2 2 7 3 2 3 , , , , , , , , , , 7 7 7 0 4 6 6 4 1 3 4 5 0 3 6 2 9 6 8 4 4 4 6 7 5 7 5 3 7 6 3 4 2 4 4 4 4 4 4 4 , , , , , , , , , , 2 6 8 3 7 5 9 5 8 7 4 1 5 6 3 3 5 6 9 0 2 7 4 2 9 4 3 8 9 6 2 2 3 2 2 2 3 2 1 7 7 0 8 9 9 7 8 0 ~ 1 , , , , , , , , , , 7 4 8 5 0 5 2 1 6 1 4 3 1 6 2 9 0 2 0 6 1 3 5 8 6 6 0 5 8 0 2 2 2 1 1 1 1 1 1 1 , , , , , , , , , , 2 4 2 2 3 2 3 2 2 2 1 9 0 3 8 8 1 5 7 7 5 3 9 6 3 7 2 9 0 0 6 6 9 8 8 2 3 3 8 1 3 2 6 7 4 6 7 3 8 3 4 1 8 7 7 7 0 3 9 2 3 3 8 8 5 5 5 5 7 7 9 9 6 9 2 4 7 2 6 5 7 2 2 5 1 6 8 4 7 7 0 7 2 4 3 4 7 5 5 5 2 1 5 5 4 8 6 6 6 9 7 5 6 5 6 6 3 5 9 8 6 0 2 2 4 5 9 7 7 7 7 7 5 9 5 9 6 0 1 4 8 7 1 1 1 5 3 6 4 6 3 7 2 1 1 1 1 1 1 1 1 1 0 7 5 9 9 7 6 2 1 9 , , , , , , , , , , 6 3 5 9 0 6 8 5 4 9 8 8 6 1 5 5 9 6 5 5 1 1 1 5 3 6 9 8 0 0 2 1 1 1 1 1 1 1 6 9 0 4 5 6 9 6 9 9 , . , , , , , , , , 3 4 5 4 6 5 5 4 4 5 6 4 5 2 6 0 5 5 0 7 7 5 0 7 4 9 9 0 0 3 3 5 1 1 1 1 - - , , , , , , 5 1 1 4 0 4 0 2 3 1 7 7 9 5 9 1 8 0 8 0 0 2 2 8 9 8 5 9 9 2 Averages of daily figures Monthly: 1953—Dec.. 25,639 25,218 421 448 1,018 27,107 22,028 4,88530,967 767 602 46f. 390 90819,920 19,227 693 1954—Jan.. 25,263 25,149 114 118 861 26,243 22,015 4,89130,282 778 201 453 422 83420,179 19,243 936 Feb.. 24,770 24,729 41 308 667 25,746 21,957 4,90429,903 811 568 470 429 87019,557 18,925 632 Mar. 24,633 24,620 13 205 712 25,553 21,963 4,92029,800 813 490 494 352 91319,573 18,881 692 Apr.. 24,635 24,632 3 151 696 25,483 21,966 4,94129,755 825 584 481 427 92619,392 18,627 765 May. 24,68924,680 9 172 640 25,503 21,971 4,95429,773 830 486 531 412 86419,533 18,817 716 June. 24,99824,960 38 166 710 25,876 21,927 4,95629,856 815 602 553 321 941 19,670 18,813 857 July. 24,771 24,761 10 104 695 25,571 21,926 4,95929.968 810 498 632 409 97319,164 18,329 835 Aug.. 23,98923,930 59 210 654 24,855 21,871 4,960 29,896 806 591 536 464 91618,478 17,638 840 Sept., 23,941 23,928 13 170 725 24,838 21,809 4,96729,991 796 541 522 431 92918,403 17,628 775 Oct.. 24,48524,472 13 254 720 25,459 21,787 4,97330,077 797 610 455 444 94418,893 18,173 720 Nov. 24,661 24,654 7 345 769 25,776 21,724 4,97930,287 r800 492 416 393 88319,207 18,393 814 24,91724,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 92919,279 Dec. Weekending: 1954 24,492 24,492 179 66' 25,338 21,810 4,97130,010 793 676 484 452 94818,756 17,894 862 Oct. 6.. 24,606 24,581 259 599 25,465 21,810 4,97230,143 790 594 466 472 95018,832 18,201 631 Oct. 13.. 24,487 24,456 284 927 25,699 21,788 4,97330,125 796 570 443 440 95019,136 18,269 867 Oct. 20.. 24,381 24,381 257 721 25,360 21,759 4,97330,028 801 567 442 411 94918,895 18,224 671 Oct. 27.. Nov. 3.. 24,46424,448 355 617 25,436 21,759 4,97630,088 806 669 432 89 =18,810 18,233 577 Nov. 10., 24,75424,745 277 669 25,701 21,752 4,97730,206 796 362 423 .394 88C-19,364 1.8.244 1,120 Nov. 17., 24,685 24,685 271 751 25,708 21,709 4,97830,262 799 397 425 883 19,306 18,423 883 Nov. 24. 24,553 24,553 300 1,046 25,900 21,709 4,980 30,318 800 576 409 19,205 18,524 681 Dec 1. , 24,72224,715 498 698 25,918 21,710 4,982 30,466 806 605 396 405 881 19,052 18,464 588 Dec 8., 24,891 24,889 465 724 26,080 21,710 4,982 30,623 806 535 361 408 877 19,162 18,444 718 Dec. 15. , 24,919 24,888 442 810 26,172 21,711 4,982 30,755 812 363 405 398 891 19,241 18,555 686 Dec. 22. , 24,92824,888 311 1,373 26,612 21,712 4,982 30,885 800 345 443 346 975 19,51 P18.674 P838 Dec. 29. . 24,91824,888 377 1,138 26,43321,712 4,982 30,828 801 453 523 295 976 19,250 P18.614 P636 P Preliminary. *• Revised. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 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 Jan. 17, Feb. 20, Effec- Jan. 31, 1935 Dec 31, 1935 Jan. 1,1936 Prescribed in accordance with 1951- 1953- tive Securities Exchange Act of 1934 Feb. 20, Jan. 4, Jan. 4, 1953 1955 1955 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months. . . and dealers on listed securities 75 50 60 In less than 90 days For short sales ... 75 50 60 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 75 50 60 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 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. Changes on effective Feb. 1, 1936, are the same as those in effect for member banks. Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. Back figures.—See Banking and Monetary Stastistics, Table 145, p. 504, and Annual Report for 1948, p. 77, and 1953, p. 76. 26 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advance ( s S s e e e c s u . r 1 e 3 d a b n y d el 1 i 3 g a ib )1 le paper [Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Dec. 31 beginning— rate Dec. 31 beginning— rate Dec. 31 beginning— rate Boston Apr. 27,1954 Apr. 27,1954 New York Apr. 16.1954 Apr. 16,1954 Philadelphia.. May 21,1954 May 21,1954 2M Cleveland Apr. 23,1954 Apr. 23,1954 Richmond May 15,1954 May 15,1954 3 Atlanta May 15,1954 May 15,1954 Chicago Apr. 14,1954 Sept. 13,1954 St. Louis Apr. 23,1954 Apr. 23.1954 3 * Minneapolis. . Apr. 29.1954 Apr. 29,1954 3 Kansas City.. Apr. 23,1954 Feb. 12,1954 Dallas Apr. 23,1954 Apr. 23,1954 2% San Francisco Apr. 16,1954 Apr. 16,1954 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 1- 90 d M ay a s turity R D a e t \ c e y . 2 3 o 1 n A In p g r i e . n f n f 1 e in 6 ct , g — 1 b 9 e 5 - 4 Pre ra v 1 t i « e ous Ef o fe f c t c i h v a e ng d e ate C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m d b e T e a p ( i m n a o m k l s b l e s i e ) ts r 91-120 days Apr. 16, 1954 IK banks 121-180 days Apr. 16, 1954 1917—June 21 13 10 7 3 NOTE.—Effective minimum buying rates on prime bankers' accept- 1936—Aug. 16 15 1a0M* ances payable in dollars. Back figures.—See Banking and Monetary 1937—Mar. 1 Statistics, Table 117, pp. 443-445. May 1 26 * 20 3 1938—Apr. 16 12 5 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND O C F O M TH M E I T F M E E D N E T R S A L U N R D E E S R E RV SE E CT A I C O T N 13B 1 19 9 4 4 2 1 — — A N u o g v . . 20 1 2 2 6 4 20 14 6 Sept. 14 22 Maturities not exceeding five years Oct. 3 20 [In effect December 31. Per cent per annum] 1948—Feb. 27 22 June 11 24 Sept. 16 . ... 16 To industrial or Sept. 24 26 22 c b o u m si m n ercial To financing institutions 1949_May 1 15 27 May 5 24 21 87 June 30 20 R F B e e d s a e e n r r k v a e l On com O m n it- P O or n t i p o d u n i r s c c h o a u s n e t s s or co O m n mit- A J A A A u u u u u l g y g g g . . . . 1 1 1 1 1 1 8 6 ... 2 2 3 3 )4 1 1 9 9H "u 1 1 " 3 4 2 2 6 5 loansl ments for which Re- ments Aug. 25 22)4 institu- maining Sept. 1 22 18 tion is portion 1951—Jan. 11 23 19 86 obligated Jan. 16 13 26 Jan. 25 24 20 Feb. 1 14 N Bo ew st on York.... 1953__j u ly i 13 Philadelphia. . July 9 22 19 Cleveland . . . 1954_j une 16 25 Richmond.... June 24 21 85 Atlanta July 29 20 18 Chicago Aug. 1 12 S M t. i n L n o e u a i p s olis. . In effect Jan. 1, 19554 20 18 12 5 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 J^ per cent per annum is made on undisbursed portion 4Present legal minimum and maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; reserve cities, •Charge of M 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. JANUARY 1955 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve Month, or m A em ll - city banks s R er e v - e Coun- Month, or m A em ll - city banks s R er e v - e Counweek ending Wednesday ba b n e k r s1 New Chi- b c a i n ty ks banks1 week ending Wednesday ba b n e k r s1 New Chi- b c a i n ty ks ba t n ry ks1 York cago York cago Total reserves held: Excess reserves: 1953—September . 19,552 4,717 1,283 7,779 5,773 1953—September.. 718 31 —2 116 573 October 19,536 4,718 1,270 7.780 5,768 October 752 37 1 148 566 November . 19,718 4,730 1,288 7,849 5,852 November 684 19 87 579 1954—September 18,403 4,288 1,154 7,506 5,455 1954—September 775 21 4 105 645 October 18,893 4,482 1,183 7,703 5,524 October 720 15 2 96 607 November 19,207 4,507 1,212 7,852 5,636 November 814 59 11 110 633 Nov. 17.. 19,306 4,505 1.212 7,908 5,680 Nov. 17 . 883 69 12 132 670 Nov. 24 19,205 4,470 1,208 7,888 5,639 Nov. 24 682 5 -7 84 600 Dec. 1 19,052 4,479 1,209 7,830 5,535 Dec. 1 589 18 3 50 518 Dec. 8... 19,162 4,470 1,208 7,852 5,631 Dec. 8 717 21 3 85 608 Dec 15 19,241 4,522 1,213 7,929 5,577 Dec. 15 686 16 2 108 560 Dec. 22 19,512 4,558 1,215 7,958 5,782 Dec. 22 P838 25 72 P741 Dec. 29 19,250 4,491 1,201 7,953 5,606 Dec. 29 P637 -1 -9 66 *581 Borrowings at Federal Required reserves:2 Reserve Banks: 1953—September 18.834 4,686 1,285 7,663 5,200 1953—September 468 32 51 275 110 October. 18,784 4,681 1,269 7,633 5,202 October 363 2 18 241 102 November 19,034 4,711 1,288 7,762 5,272 November 487 78 24 270 115 1954—September . 17,628 4,266 1,151 7,401 4,810 1954—September. . 67 2 9 28 28 October 18,173 4,467 1,181 7,608 4,918 October 82 1 2 50 29 November 18,393 4,447 1,200 7,742 5,003 November 170 32 7 82 48 Nov. 17 18,423 4,436 1,201 7,776 5,010 Nov. 17 86 2 45 39 Nov. 24. 18,524 4,465 1,216 7,804 5,039 Nov. 24.. 120 9 2 71 38 Dec. 1 18,464 4,461 1,206 7,780 5,017 Dec. 1 325 98 18 155 54 Dec. 8. 18,444 4,450 1,205 7,766 5,023 Dec. 8 290 118 1 118 53 Dec. 15 18,555 4,506 1.211 7,821 5,017 Dec. 15 263 75 18 111 59 Dec. 22 P18.674 4,533 1,214 7,886 P5,041 Dec. 22 147 21 3 70 53 Dec. 29 P18.614 4,492 1,210 7,887 P5,025 Dec. 29 244 29 36 129 50 9 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 OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve Item b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c a R e i n r e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c a R e i n r t e v y k - e s C ba t o r n u y k n s - York cago York cago November 1954 November 1953 Gross demand deposits: Total 115,171 23,914 6,352 44,899 40,006 109,694 22,979 6,178 42.437 38.101 Interbank 13,682 4,186 1,328 6,797 1,371 12,913 3,988 1,314 6,425 1,186 Other 101,489 19,728 5,024 38,102 38,635 96,782 18,991 4,864 36,013 36,914 Net demand deposits2 . . 99,566 21,341 5,681 38,701 33,844 95,010 20,653 5,525 36,410 32,423 Time deposits 39,223 3,582 1,285 15,523 18,833 35,706 2,797 1,217 14,067 17,624 Demand balances due from domestic banks... 7,108 51 125 2,121 4,811 6,568 48 117 2,008 4,394 Reserves with Federal Reserve Banks: Total 19,207 4,507 1,212 7,852 5,636 19,718 4,730 1,288 7.849 5.852 Required3 18,393 4,447 1,200 7,742 5,003 19,034 4,711 1.288 7,762 5.272 Excess 814 59 11 110 633 684 19 87 579 Borrowings at Federal Reserve Banks. 170 32 7 82 48 487 78 24 270 115 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. aDemand 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. 3See table on preceding page for changes in reserve requirements. 28 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 Dec. 29 Dec. 22 Dec. 15 Dec. 8 Dec. 1 Dec. Nov. Dec. Assets Gold certificates 20,165,102 20,165,101 20,165,104 20,164,105 20,166,103 20,165,102 20,166,102 20,453,102 Redemption fund for F. R. notes. . 867,405 867,405 868,582 864,581 863,876 867,405 863,877 900,644 Total gold certificate reserves. 21,032,507 21,032,50621,033,686 21,028,68621,029,979 21,032,50721,029,979 21,353,746 F. R. notes of other Banks.. . 206,806 151,031 149,617 143,542 136,064 239,001 123,338 214,128 Other cash 341,279 298,882 312,040 302,469 319,768 374,660 320,730 371,761 Discounts and advances: For member banks 431,235 131,076 190,842 161,469 204,095 9,971 225,530 12,855 For nonmember banks, etc., 133,333 133,333 172,667 183,667 172,667 133,333 172,667 15,000 Industrial loans 622 641 742 622 607 708 641 1,879 U. S. Government securities: Bought outright: Bills 2,167,000 2,167,000 2,167,000 2,167,000 2,167,000 2,167,000 2,167,000 2,596,312 Certificates: Special No O te t s her 1 6 3 , , 0 8 3 8 7 2 , ; 3 2 4 7 1 1 1 6 3 , , 0 8 3 8 7 2 , ,3 2 4 7 1 1 13 0 8 3 82 7 , , 3 2 4 7 1 1 1 6 3 , , 5 0 9 29 9. 0 7 2 9 1 1 1 6 3 , , 5 0 9 2 9 9 , , 7 0 9 2 1 1 1 6 3 , , 0 8 3 8 7 2 , , 2 34 7 1 1 1 6 3 , , 5 0 9 2 9 9, , 0 7 2 9 1 1 1 5 3 , , 8 2 1 6 6 3 , , 5 67 4 1 1 Bonds 2,801,750 2,801,750 801,750 3,092 550 3,092,550 2,801,750 3,092,550 3,641,150 Total bought outright 24,888 362 24,888,362 ,888,362 24,888,362 24,888,362 24,888,362 24,888,362 25,317,674 Held under repurchase agreement. 63 000 43,400 44,000 597,900 Total U. S. Government securities. 24,951,362 24,888,362 24,931,762 24,888,362 24,888,36224,932.362 24,888,362 25,915,574 Total loans and securities 25,516.552 25,153,4.1225,296,013 25,234,120 25,265,73125 ,076,374 25,287 ,200 25,945,308 Due from foreign banks.. 22 22 22 22 22 22 22 Uncollected cash items. . 4,103,953 4,694,442 ,013,960 3,567, 6054,004,827 3,958,555 4,225,210 Bank premises 54,847 54,833 54,665 54,547 54,339 54,748 52,465 Other assets 134,483 128,512 122,386 214,425 204,533 136,268 151,917 Total assets. 51,390,449 51,513,64051,982 ,389 50,545,41651,015,263 50,872,135 50,863,442 52,314,557 Liabilities Federal Reserve notes 26,330,38726,543,375 26,382,93526,297,015 26,110,089 26,253,133 26,081,31426,558,372 Deposits: Member bank—reserve accounts.. 19,232 19,366,87319,562,45819,072,50518,943,72118,876,12818,984,898 20,160,435 U. S. Treasurer—general account. 465 310,004 332,882 349,796 741,636 563,137 694,336 345,866 Foreign 576, 449.532 404,823 357,712 386,252 489,960 396,635 423,298 Other 370 318,558 323,858 379,884 389,799 441,493 381,089 492,815 Total deposits. . 20,645,450 20,444,967 20,624,021 20,159,897 20,461,408 20,370,718 20,456,958 21,422,414 Deferred availability cash items 3,249 3,366,698 3,823,325 2,943,283 3,305,890 3,150,357 3,187,399 .290,407 Other liabilities and accrued dividends. 22 22,168 20,849 21,487 20,284 13,945 20,855 18,170 Total liabilities. 50,248,67550,377,20850,851,130 49,421,682 49,897,671 49,788,153 49,746,526 51,289,363 Capital Accounts Capital paid in 287,558 286,602 286,179 284,464 284,047 287,754 283,954 265,266 Surplus (Section 7) 625,013 625,013 625,013 625,013 625,013 660,901 625,013 625,013 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 201,660 197,274 192,524 186,714 180,989 107,784 180,406 107,372 Total liabilities and capital accounts. 51,390,449 51,513,640 51,982,389 50,545,416 51,015,263 50,872,135 50,863,44252,314,557 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).... 44.8 44.8 44.7 45.2 45.1 45.2 44.5 Contingent liability on acceptances purchased for foreign correspondents 19,179 19,372 19,668 19,683 18.947 19,052 18,583 23,940 Industrial loan commitments 1,951 1,884 1,785 1,906 1,922 1,139 1,899 3,569 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances- -total. 564, 568 264,409 363,509 345.136 376,762 143,304 398,197 27,855 Within 15 days 429, 230 129,271 202,463 181,761 199,236 8,105 246,321 16,480 16 days to 90 days 41,968 41,764 54,201 56.639 70,651 41,865 45,140 11,375 91 days to 1 year 93,370 93,374 106,845 106,736 106,875 93,334 106,736 Industrial loans—total 622 641 742 622 607 708 641 1,879 Within 15 days 126 231 1 2 2 17 2 373 16 days to 90 days 32 3\ 271 137 186 182 186 655 91 days to 1 year 389 349 441 452 388 434 422 788 Over 1 year to 5 years 75 30 29 31 31 75 31 63 U. S. Government securities—total 24,951,36224888.362 24,931,76224,888,36224,888,36224,932,362 ,888,362 25,915,574 Within 15 days 693, 250 605,500 492,650 ,617,900 613,550 458,550 ,532,550 998,400 9 1 1 6 d d a a y y s s t t o o 9 1 0 y e d a a r ys 1 5 3 T , 5 1 4 9 8 3 ; ,7 7 6 5 4 0 1 5 3 , , 5 1 7 9 3 3 , , 5 7 0 6 0 4 5, , 7 1 2 9 9 3 , , 7 7 5 6 0 4 , 7 7 6 5 7 3 , , 3 8 9 5 1 0 , .7 7 6 5 7 8 , , 3 2 9 0 1 0 , , 7 1 6 9 4 3 , 4 , 5 7 0 64 , ,7 8 6 3 7 9 , , 3 2 9 0 1 0 , ,8 1 5 1 5 8 , , 2 0 4 1 1 2 Over 1 year to 5 years 3,087,127 ,087,127 ,087,127 320,750 .320,750 ,087,127 ,320,750 154,664 Over 5 years to 10 years 1,013,614 ,013,614 ,013,614 013,614 ,013,614 ,013,614 013,614 ,374,400 Over 10 years 1,414,857 ,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. JANUARY 1955 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1954 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates.20,165,102 1,030,159 5,322,8111,220,4961,717,4781,156,033 904,5783,581,139 782,928 421,328 838,886• 807,4062,381,860 Redemption fund for F. R. notes. 867,405 53,668 184,192 58,928 76,999 74,913 53,931 144,008 47,149 24,644 39,771 28,793 80,409 Total gold certificate reserves. .21,032,507 1,083,827 5,507,0031,279,4241,794,4771,230,946 958,5093,725,147 830,077 445,972 878,657 836,1992,462,269 other Banks... 239,001 14,846 47,323 17,291 16,882 22,852 42,243 20,411 12,393 8,567 10,673 9,212 16,308 Other cash 374,660 24,277 80,491 16,199 37,499 24,156 33,004 62,994 24,837 8,848 14,929 14,234 33,192 Discounts and advances: Secured by U. S. Govt. securities. . . 9,970 550 450 3,900 2,370 750 450 1,500 Other. . . 133,334 8,133 38,667 9,867 12,267 6,800 5,733 18,533 5,067 3,333 5,067 6,267 13,600 Industrial loans. 708 612 96 U. S. Government securities: right ?4 888 362 1 373 290 6 357 2841 514 6562 \33 1071 465 8751 267 5894 3 50 9341 041 454 611 1831,073 783 977,9632,721,244 Held under repurchase agreement... 44,000 44,000 Total loans and securities 25,076,374 1,381,973 6,440,4011,529,0352,147,744 1,473,4251,273,3224,369,467 1,046,521 615,0621,080,350 984,2302,734,844 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash items 3,958,555 295,141 771,896 235,683 371,459 333,590 311,508 638,551 154,706 101,402 205,672 208,977 329,970 Bank premises... 54,748 5,919 7,149 5,164 5,260 4,495 3,879 6,281 2,832 1,007 2,533 1,133 9,096 Other assets 136,268 7,165 33,268 7,915 11,328 7,854 7,609 25,246 5,962 3,238 6,082 5,877 14,724 Total assets 50,872,135 2,813,149 12,887,5373,090,7134,384,6513,097,3192,630,0758,848,1002,077,3291,184,0972,198,8972,059,8635,600,405 Liabilities F. R. notes 26,253,133 1,608,630 5,950,8581,845,9592,417,961 1,864,2451,387,7285,064,8091,177,567 583,5111,028,614 739,4722,583,779 Deposits: Member bk.— reserve accts.18,876,128 795,449 5,482,319 884,622 1,467,287 829,940 866,8042,979,096 670,349 443,527 912,171 1,039,8142,504,750 TT ^ Trn-ic gen. acct 563,137 47,253 95,808 39,713 42,858 44,619 38,350 97,481 28,356 27,339 31,581 23,692 46,087 Foreign 489,960 29,402 2147,721 35,668 44,344 24,582 20,726 66,998 18,316 12,050 18,316 22,654 49,183 Other 441,493 7,609 322,038 14,135 13,025 5,627 3,613 15,350 8,885 2,316 4,837 2,355 41,703 Total deposits... 20,370,718 879,713 6,047,886 974,1381,567,514 904,768 929,4933,158,925 725,906 485,232 966,905 1,088,5152,641,723 ability cash items 3,150,357 258,100 575,375 190,709 299,652 270,806 263,481 471,408 130,210 86,438 160,467 180,275 263,436 OfViQt- linKiliViaa and accrued dividends 13,945 619 5,456 684 1,121 556 528 2,319 462 347 460 398 995 Total liabilities. .49,788,153 2,747,062 12,579,5753,011,4904,286,2483,040,3752,581,2308,697,4612,034,145 1,155,5282,156,4462,008,6605,489,933 Capital Accounts Capital paid in. . 287,754 14,998 89,949 18,982 27,318 12,618 12,203 38,354 9,935 6,360 10,912 14,457 31,668 Surplus (Sec. 7). 660,901 40,309 188,070 47,773 60,222 33,480 29,480 96,566 26,619 16,918 24,755 29,985 66,724 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 107,784 7,769 22,624 7,979 9,857 7,497 6,400 14,290 6,109 4,218 5,647 5,454 9,940 Total liabilities and capital accounts 50,872,135 2,813,149 12,887,5373,090,7134,384;6513,097,3192,630,0758,848,1002,077,329 1,184,0972,198,8972,059,8635,600,405 Reserve ratio 45.1% 43.6% 45.9% 45.4% 45.0% 44.5% 41.4% 45.3%, 43.6% 41.7% 44.0% 45.7% 47.1% Contingent liability on acceptances purchased for foreign correspondents 19,052 1,171 35,420 1,421 1,766 979 826 2,669 730 480 730 902 1,958 Industrial loan commitments.. 1,139 128 598 39 104 17 253 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $342,220,000 participations of other Federal Reserve Banks. 'After deducting $ 13,632,000 participations of other Federal Reserve Banks. 30 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1954 1954 1953 Dec. 29 Dec. 22 Dec. 15 Dec. 8 Dec. 1 Dec. Nov. Dec. F. R. notes outstanding (issued to Bank) 27,383,938 27,424,396 27,365,843 27,203,178 27,035,53827,346,789 27,053,582 27,771,106 Collateral held against notes outstanding: Gold certificates ; 11,208,00011,208,00011,168,000 11,168,000 11,208,000 11 168,000 11,093,000 Eligible paper 151,363 58,069 117,312 101,185 7.150 139,040 10,130 U. S. Government securities 17,140,00017,140,00017,140,000 16,965,000 17,140,000 16,965,00017.420,000 Total collateral 28,490,36328,406,069 28,425,31228,327,574 28,234,185 28,355,150 28,272,040 28 ,523,130 EACH FEDERAL RESERVE BANK ON DECEMBER 31, 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) 27,346,789 1,670,5189 6.,,183,612 1,916,984 2,559,7791,939,3351,467,6715,185,253 1,227,557 622,8371,063,357789,6752,720,140 Collateral held: Gold certificates11,208,000 640,000(0 2,670,000 800,000 1,050,000 675,000 500,000 2,400,000 355,000 175,000 2800,,000000 283,0001,380,000 Eligible paper. .. 7,150 550 3,900 750 450 1,500 U. S. Govt. securities 17,140,000 1,200,000 3,600,000 1,200,000 1,550,0001,300,0001,000,000 2,900,000 945,000 500,000 800,000 525,0005,620,000 Total collateral. . 28,355,150 ,840,5506,270,000 2,003,900 2,600,000 1,975,750 1,500,0005,300,000 1,300,000 675,4501,081,500 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] 19 y 4 E m e 5 n a o d r n t o o h f r N 3, b u 5 A e m 1 r a p 1 - p t p o p l i r c d o A a 5 a v t 4 t m i e e o 4 d o n ,9 u s 6 n 1 t ( b p a p u m c l r A e t o o o t P m v 3 e n u - e 2 d - n o d 0 1 t t) s ( t a L a m o 1 n o u , o d a 9 t u i n 9 - n n s 5 g t) 2 s ( C a t m a o m 1 o n m e , u o d 6 n m t u i 4 - t n n s 4 i g t t ) - s o i ( n a t p t f a g u m a o 1 f n t t i , u i o i d i n 0 o o n t u i a 8 - n n s n n n 6 s t s g t c i ) - ' - y E m e n a o d r n t o o h f r N G b u u e m a r a r - u a t t o n h t o e d r e A a i d t z m e e l d o o u a n n t s am To o t o G u a u n l u t t a s Io r ta a a n n n d t 3 e g P i e n u o t d g e a r e r ti a d o n n - a a u o A n b v n u a t o a d d t e m s m i r d e e l t r r a i e a o o t b n a n i w u g o l g t d n e s e u n r i t r e a n a s t e r l g o - - 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 i1,869 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 r5,745 1952 1,159 2,124,123 979,428 803,132 586,303 1 19 9 5 5 2 1 3 3 , , 7 7 3 5 6 3 7 76 1 6 0 , , 4 9 9 3 2 1 3 1 , ,6 5 3 1 8 3 t1 $ , , 6 9 8 2 7 1 3 6 , , 2 0 1 3 0 6 1 5 , , 9 2 8 8 5 9 1953 1953 November. 1,284 2,324,612 837,238 691,727 375,977 December. 1,294 2,358,387 804,686 666,205 363,667 November. 3,764 800,420 1,682 2,546 3,097 5,640 December.. 3,765 803,429 1,951 1,900 3,569 5,469 1954 1954 January... 1,304 2,377,628 788,320 652,706 347,969 February.. 1,310 2,380,186 772,647 640,121 355,056 January... 3,765 805,115 1,234 L,885 3,532 5,414 March 1,316 2,399,321 737,605 612,265 321,619 February. . 3,765 806,648 1,345 L.792 3,145 5,344 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 L,855 August 1,350 2,457,689 559,859 466,089 300,676 A S T e u u p l g y te u m st b . e .. r . . 3 3 3 , , , 7 7 7 6 6 6 9 8 8 8 8 8 1 1 1 4 5 3 , , , 7 4 4 6 4 6 5 9 5 39 4 4 5 5 5 1,1 9 6 3 9 3 0 1 0 2 2 1 , , ,9 3 7 4 5 9 3 4 4 1 L 1 , , 8 5 , 1 5 7 2 9 73 S O N e c o p t v o t e e b m m er b b . e e . r r . . . 1 1 1 . , , 3 3 3 5 6 5 7 1 5 2 2 2 , . , 4 4 4 7 8 7 7 1 8 , . , 9 6 9 3 6 3 9 9 9 5 5 5 0 2 4 4 7 6 , , , 0 7 9 7 0 3 4 8 0 3 4 4 9 1 5 5 6 5 , , , 7 6 3 1 1 8 3 8 8 2 2 2 0 8 6 5 3 6 , , , 8 5 7 0 1 9 5 0 8 October S 769 816,582 395 812 1,896 .343 November. 3,770 817,605 520 652 1 ,898 ,202 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 2Includes industrial loans past due 3 months or more, which are not expired or withdrawn. included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. 31 JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEES AND RATES ESTABLISHED UNDER REGULATION V POSTAL SAVINGS SYSTEM ON LOANS GUARANTEED PURSUANT TO DEFENSE [In millions of dollars] PRODUCTION ACT OF 1950 [In effect December 311 Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month i b to a r l- s' C i a n sh G U ov . e S r . n- re C s a e s r h ve ances * 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—August. . . 2,419 2,635 33 2,452 151 September. 2,401 2,618 33 2,435 150 October... 2,387 2,596 33 2,428 135 Maximum Rates Financing Institution May Charge Borrower November. 2,373 2,577 31 2,407 139 [Per cent per annum] December. 2,359 2.558 31 2,389 138 1954—January... 2,343 2,540 31 2,373 136 Interest rate February.. 2,326 2,505 31 2,336 139 Commitment rate. A M p a r r il ch.... 2 2 , , 2 3 9 0 0 9 2 2 , , 4 4 3 7 4 0 3 3 1 1 2 2, , 2 2 7 9 8 9 1 1 2 4 5 0 May 2,271 2,416 31 2,256 130 June 2,251 2,399 31 2,240 128 July 2,230 2,379 31 2,220 129 August P2.2O8 September. *>2,189 October... P2.171 November P2.154 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 1944., 848,561 327,490 194,751 326,320 22.3 18.3 14.6 1945. 924,464 382,760 200,202 341,502 24.1 17.5 13.5 1946,, 1,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947. 1,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948. 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949. 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950. 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951. i,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952. 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953. 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954. 1,887,372 738,925 390,066 758,382 42.3 P26.0 P19.3 1953—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 149,812 59,535 31,159 59,118 41.9 25.5 18.8 43.0 25.9 19.2 June 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 September. 149,899 56,744 30,922 62,233 40.4 25.3 19.4 39.4 25.6 19.1 October 152,321 58,792 30,706 62,823 39.3 23.6 18.6 40.5 24.3 18.6 November.. 156,843 58,787 32,230 65,826 42.2 26.3 20.7 42.6 25.9 19.6 December.. 186,317 73,817 38,217 74,282 48.1 P28A P21.2 42.6 ^20.1 ^Preliminary. 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. 32 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 currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$1 $2 $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 ,019 909 70 973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 1944 25,307 17,580 ,156 987 81 150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 1945 28,515 20,683 ,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1946 28,952 20,437 .361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 S 26 1947 28,868 20,020 1404 1,048 65 110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1948 28,224 19,529 ,464 ,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 1949 27,600 19,025 ,484 ,066 62 004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27,741 19,305 ,554 ,113 64 049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 ,654 ,182 67 120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 ,750 ,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953—November.. 30,807 21,771 ,816 ,232 71 2,123 6,659 9,871 9,038 2,689 5,519 332 487 4 8 December. . 30,781 21,636 ,812 ,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 S954--January... 29,981 20,939 ,775 ,180 70 2,031 6,351 9,531 9,045 2,693 5,526 331 4S4 4 S February.. 29,904 20,908 ,770 ,170 70 2,021 6,365 9,512 8,999 2,674 5,502 330 482 4 8 March 29,707 20,757 ,776 ,166 70 2,010 6.304 9,431 8,952 2,654 5,473 328 481 4 12 April 29,735 20,799 ,783 ,173 70 2,006 6,325 9,443 8,936 2,651 5,470 327 478 4 8 May 29,870 20,946 ,787 ,182 69 2,036 6,375 9,496 8,926 651 5,463 325 475 4 8 June 29,922 20,999 ,795 ,183 71 2,023 6,377 9.551 8,924 659 5,457 324 473 4 8 July 29,892 20,984 ,793 ,174 70 2,016 6,366 9,564 8,910 654 5,451 322 471 4 8 August. . ., 29,929 21,015 ,801 ,183 70 2,023 6,361 578 8,916 653 5,461 321 469 4 8 September 29,985 21,054 ,811 ,200 70 2,034 6,378 9,561 8,932 648 5,486 320 466 4 8 October. . . 30,074 21,118 ,819 ,212 70 2,049 6,400 9.568 8,958 650 5,514 318 464 3 8 November, 30,500 21,473 ,836 1,236 71 2.091 6.524 9,716 9,028 2,677 5,555 320 465 3 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; Si 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 No 1 v 9 . 5 4 30, g a o s g l i d a lv i a n e n r st d Tr c e a a s s h ury B R F an e e d k se s e r r a v a n e l d B R a a n e g k s e e s n r t v a s n e d No 1 v 9 . 5 3 4 0, Oc 1 t 9 . 5 3 4 1, No 1 v 9 . 5 3 3 0, certificates agents Gold 21,710 21,065 2 645 Gold certificates 2.1,065 18,214 2,816 35 35 36 Federal Reserve notes 27,054 63 1 ,096 25,895 25,487 26,249 Treasury currency—total 4,982 32,403 92 321 4,570 4,552 4,522 Standard silver dollars 491 234 35 5 216 216 208 Silver bullion 2,169 2,169 Silver certificates and Troasurv notes of 1890 a 2 403 230 2,173 2,in 2,121 Subsidiarv silver coin 1,290 48 50 1.191 1,179 1,185 Minor coin 442 5 9 428 424 423 United State notes 347 3 24 319 320 321 Federal Reserve Bank notes 175 1 2 173 174 192 National bank notes 69 (5) 1 69 69 72 Total—Nov. 30, 1954.. (4) 23,468 800 18,214 4,232 30,500 Oct. 3U 1954 (4) 23,524 806 18,263 4,191 30!074 Nov. 30, 1953 (4) 23,758 766 18,533 4,195 30,807 iOutside 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. 25. 2Includes $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. 3 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. 33 JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n c g t d - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e it d t al, c d u e r a p r n o e d s n i c ts y c m o n a u i c e s n - t c ts . , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25.511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1949—Dec. 31. 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—Dec. 30. 22/706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Dec. 31. 22,695 4,709 181,323 67,597 97,808 71.343 23,801 2,664 15,918 208,727 193,410 15,317 1952—June 30. 23,346 4,754 182,980 69,712 96,266 70,783 22,906 2,577 17,002 211,080 194,960 16,120 Dec. 31. 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220.865 204,220 16,647 1953—June 30. 22,463 4,854 190,277 77,071 95,350 68,108 24,746 2,496 17,856 217,594 200,360 17,234 Nov. 25. 22,000 4,900 198,200 79,500 100,400 73,000 25,000 2,400 18,200 225,100 207,100 18,000 Dec. 31. 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—Jan. 27 22,000 4,900 198,00C 79,100 100,400 73,400 24,700 2,400 18,500 224,900 207,100 17,800 Feb. 24 22,000 4,900 197,300 79,300 99,100 72,000 24,600 2,400 18,900 224,100 206,200 17,900 Mar. 31 22,000 4,900 196,100 80,300 96,800 69,800 24,600 2,300 19,000 223,000 205,100 17,800 Apr. 28 22,000 4,900 197,200 79,900 98,200 71,200 24,600 2,300 19,200 224,100 206,200 17,900 May 26 22,000 5,000 198,800 80,100 99,400 72,400 24,700 2,300 19,300 225,800 207,600 18,200 June 30 21,927 4,959 200,628 81,21.0 99,827 72,525 25,037 2,265 19,591 227,514 209,354 18,161 July 2SP 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 5,000 202,500 80,200 102,300 76,200 23,900 2,200 19,900 229,300 210,500 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.-100 2 ,200 20.300 234.500 215.400 19,100 Nov. 24P 21,700 5,000 210,100 84,100 105,700 79,000 24,600 2,200 20,300 1236,800 217,500 19,300 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e o b p n r a o e e n i s t g k it n s, T h c i u r n o a e r g l s a y d h s s - - A s m b a t a e a v c n r n i c o n d k i m 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 ep em os a i n ts d 2 Total m T b C e a i o m r n c m k i e a s - l dep b M s o a a s v u n i i t t k n s u s 3 g a 4 s l S S P a y o v s s i t n e ta m g l s o b r u C a e t n n u s k c i r d y s - e 1929—June 29.. 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30. . 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30. . 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941--Dec. 31.. 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945— Dec. 31.. 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1947—Dec. 31.. 175,348 i,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 92,272 59,247 36,314 20,009 2,923 25,398 1951—Dec. 31.. 193,410 2,279 1,270 3,615 247 185,999 98,234 61,450 37,859 20,887 2,704 26,315 1952—June 30. . 194,960 2,319 1,283 6,121 333 184,904 94,754 63,676 39,302 21,755 2,619 26,474 Dec, 31.. 204,220 2,501 1,270 5,259 389 194,801 101,508 65,799 40,666 22,586 2,547 27,494 1953—June 30.. 200,360 2,467 1,259 3,942 132 192,560 96,898 68,293 42,245 23,589 2,459 27,369 Nov. 25.. 207,100 2,700 800 5.700 500 197,400 100,200 69,300 42,900 24,000 2,400 27,900 Dec. 31.. 209,175 2,694 761 4,457 346 200,917 102,451 70,375 43,659 24,358 2,359 28,091 1954—Jan, 27.. 207,100 2,800 800 3,400 200 199,800 102,300 70,600 43,700 24,600 2,300 26,900 Feb. 24.. 206,200 2,900 800 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 24,900 2,300 26,900 Apr. 28.. 206,200 3,100 800 4,500 500 197,300 98,600 72,000 44,700 25,000 2,300 26.700 May 26. . 207,600 3,100 800 5,100 500 198,000 98,700 72,500 45,000 25,200 2,300 26,800 June 30.. 209,354 3,256 811 5,895 875 198,517 98,132 73,292 45,653 25,388 2,251 27,093 July 28P. 209,100 3,400 800 3,900 500 200,400 100,000 73,700 46,000 25,500 2,200 26,800 Aug. 25P. 210,500 3,400 800 5,500 600 200,300 99,400 74,000 46,200 25,600 2,200 26,900 Sept. 29P. 211,800 3,300 800 4,400 800 202,500 101,200 74,400 46,400 25,800 2,200 26,900 Oct. 27*.. 215,400 3,200 800 6,100 600 204,800 103.100 74,700 46,700 25.900 2.200 26,900 Nov. 24P. 217,500 3,200 800 7,000 500 206.000 104,200 74,300 46,300 25,900 2,200 27,500 ^Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 8Excludes 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. 34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars! Loans and investments Total Deposits issets— Cla a s n s d o d f a b te ank Total Loans G o U m o b v l . e i e S g n r . a t n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 i c a T a b a o p i n l t i d i a t t a l i l es Total 1 b In a t n e k r - 1 De- Other a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er tions icco unts2 mand Time 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 1.945—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 1 t,A. 974 43,002 81 199 10 723 38,388 175 091 161,865 13 033 95 727 53 105 ll 948 14 714 1950—Dec. 30. 148,021 60',386 72]894 14', 741 41 ',086 j9l',317 175,296 14',039 104[744 56^513 13]837 14!65o j 9s; —Dec. 31 154,869 67,608 71,343 15,918 45,531 202,903 185,756 15,087 111, 644 59,025 j4 ,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—Tune 30 163,082 77,117 68,108 17,856 42,023 207,758 189,159 13,600 109',389 66\170 15.791 14,53'/ Nov. 25 171,240 80,010 72,990 18.240 41,520 215,620 194,990 14,230 113,480 67,280 16, 200 14,510 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—fune 30 !73,343 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 11,910 110,590 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.29 P 178,040 81,680 76,200 20.160 40,620 221 ,710 201,150 15.470 1 13, 140 72.540 16. 860 14,436 Oct. 27P 181,680 82.380 79.030 20,270 41,630 226.440 205.330 15.720 1 16,700 72.910 1/.080 14,422 Nov. 24-P 183,730 84,440 79,000 20,290 42,240 229,110 207,660 15,670 119,460 72,530 17,330 14,406 All COSTS mercia' 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 79,101 71,283 10,982 44, 349 15.952 7.173 14,278 10/-! 5—Dec.31 124,019 26,083 90,606 7,331 34,806 !60,312 150,227 14,065 105, 921 30,241 8.950 14.on 1.917—Dec. 31* 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—Doc. 30 126,675 52,249 62,027 !2,399 40.289 168,932 155,265 14,039 104,723 36,503 11, 590 14,121 1951— Doc. 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 1957—Dec. 31 141,624 64,163 63 ,318 14,143 44,666 1 FH, 603172,931 15,319 116, 600 41,012 12,888 14,046 1953—Tune 30 137,957 65,025 58,644 14,287 41.156 181,425 165,531 13.598 109 352 42,581 13,275 14,000 Nov. 25 145,530 67,250 63,720 14.560 40,710 188,720 170.920 1.4,230 113,440 43,250 13, 630 13,98? Dec. 31 145,687 67,593 63,426 11,668 44,828 193,010 176,702 15,955 116. 750 43,997 13, 559 13,981 1954 rune 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 '.! 89,190 171,770 14,940 M0,540 46,290 14, 060 13,929 Al!g. 25 v 149,490 66,450 67,300 15.740 38,540 190,670 173,130 15,210 111,380 46,540 14. 1 20 1.3.910 Sept.20P 150.580 67,250 67.330 16.000 39,670 192,900 175.300 15.4 70 113. 090 46.740 14.200 13.909 Oct. 27;'.', .'.' 154.OOO 67. 7^0 70.190 16 ,110 40.720 197,560 179,380 15.720 116.650 47.010 1 i.420 13.89S Nov. 24 v 156,070 69,660 70.250 16,160 41,320 200,140 181,680 15,670 1.1.9,410 46.600 14, 650 13,S79 All member banks: 1939—Dec. 30 33,941 13,962 14.328 5,651 19,782 55,361. 49,340 9, 110 28,231 11,690 5,522 6, 362 1941—Dec. 31 43,521 18, on 19,539 5,961 23,123 68,121 61,717 10,525 38,816 12.34 7 5.886 ,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 H.64O 91,8?0 24,210 7,589 6,884 1917—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 81, 785 PIS.340 8.464 6,923 1950—Dec, 30 107,424 44,705 52.365 10,355 35,524 114,660 133,089 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 9fi,968 30,623 10,218 6,840 1952—Dec. 31 119,5-17 55,034 52,763 1.1,751 39,255 160.826 147,527 14,617 • 00,070 32,890 10,761 6,798 1953—Tune 30.. H5. 789 55,613 48,318 U ,858 36,467 154,258 140,830 12,933 93 780 34,117 11,070 6. 765 Nov. 25..... 122.299 57,465 52,845 11 .989 35,775 160,251. 145.028 13.520 96. 896 34.612 11.344 6.747 Dec. 31 122,422 57,762 52,603 12,057 39,381 163,983 150,!64 15,170 99,780 35 ,213 11. 316 6. 743 1954—June 30 123,185 57,197 53 ,111 12,876 36,722 162,203 11.8,252 1.4,733 96. 620 36.900 11, 709 6.721 July 28» 123,915 57,114 S3,S3 2 12,969 34,514 !60,748 145,975 1 4,204 9! ,616 37,155 1). 724 6.716 Aug. 25P... 1?6,001 56,453 56,4 76 13,072 33,819 ! ()'?., 136147,179 14 ,437 95,36? 37,380 1 1, 794 6.713 vSept.29 P 126.851 57,164 56,373 \3,31A- 34.796 163,964 148.964 14.692 96. 730 37.542 11. 868 f>'707 Oct. 27P '?<), 9 73 57.662 58,906 13.405 35.607 167.991 152.537 14.924 00 7M 37.849 \'l 0S5 701 Nov. 24P 131,769 59,366 58,956 13,447 36,264 170,459 154,680 14,857 3 02, 234 37,589 12,268 6.'687 All mutual savings banks: 1030—Dec. 30 10,216 4,927 3,101 2,188 818 11.852 10,524 3 10,521 1,309 551 1911—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10.527 1,241 548 1915 —Dec, 31 16,208 4,279 10,682 1 ,246 609 17,020 15,385 14 15,371 1, 592 542 19,17—Dec 313 18 ,6-11 4,944 11 ,978 1,718 886 19 714 17,763 1 17 17.745 |, 889 533 1950—Dec. 30 21 ,'346 8,137 10,868 2,342 797 22,385 20,031 22 20,009 2'?47 529 1951—Dec 3! 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 ? 33 22,586 2,479 529 1953—Tune 30 25,124 12.091 9.461 3,569 867 26.333 23,628 3 31 23,589 2,516 528 Nov. 25 25,710 12,760 9,270 3,680 810 26,900 24,070 3 40 24,030 2.570 528 Dec. 31 25,810 1.2,925 9,184 3.701 983 27,130 24,398 3 38 24,358 ?,559 528 1954—Tune 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 8 010 4 150 940 28 6^0 25,650 3 50 25.600 2, 650 527 Sept.20 P 27.460 14,430 8.870 4,160 950 28.810 25.850 3 50 25.800 2, 660 527 Ot. 27P.'.'.".' 2",590 14,590 8.8-10 4.1 60 910 28.880 25,950 3 50 25.900 2, 660 527 Nov. 24P 27.660 .14,780 8,750 4.130 920 28,970 25,980 3 50 25,930 2,680 527 7'Prelirninan * "All banks" comprise "all commercial banks" anr "all mutual savings banks." "All commercial •;anks" comprise "all nonniember cornmercia! banks" and "all member banks" including one bank in Alaska (total deposits of approximately 4million dollars) tha became a member bank on Apr. 15 1954, but excluding three mutual savings banks that became members in 1941. Stock saving.1 banks and nondeposit trust comnanies are included with "commercial" banks. Number of banks includes a few loninsurec banks for which asset and liabilitv dn rf> nrti the lion at all insured commercial banks. 2Includes "other" assets and liabilities, not shown separately. For other footnotes see following two pages. 35 JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Total Deposits assets— Cla a s n s d o d f a b te ank Total Loans G U m ov . e S e n r . t n- O se t c h u e - r a C ss a e sh tsx li c a T a b a o p n il i t d i t a t a l ie l s Total i I b n a t n e k r- 1 Other a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er o t b i l o i n g s a- rities accounts2 m D a e n - d Time 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. 3\ 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 Nov. 25 21,926 12,290 7,704 1,932 7,085 29,561 25,462 4,713 18,723 2,026 2,573 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—yune 30 22,681 11,619 8,695 2,367 7,524 30,771 27,225 5,517 19,492 2,216 2,630 22 July 28P 22,727 11,574 8,789 2,364 6,611 29,949 26,117 5,379 18,379 2,359 2,642 22 Aug. 25P 22,966 11,380 9,233 2,353 6,654 30,220 26,151 5,241 18,558 2,352 2,646 22 Sept. 29P 22,949 11,504 8,976 2,469 7,296 30,830 26,938 5,338 19,269 2,331 2,644 22 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 Nov. 24P 24,154 12,012 9,719 2,423 7,408 32,214 27,926 5,407 20,136 2,383 2,829 21 Chicago: 1939—Dec. 30 2,105 569 1 ,203 333 1,446 3.595 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 2,546 476 288 13 1945—Dec 31 5 931 1,333 4 213 385 1,489 7,459 7,046 1 .312 5,015 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 4,273 913 426 14 1950—Dec. 30. 5,569 2,083 2,911 576 2,034 7,649 7,109 ,229 4,778 ,103 490 13 1951—Dec. 31 5,731 2,468 2,711 552 2,196 7,972 7,402 ,307 4,952 ,143 513 13 1952—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 ,350 5,132 ,205 541 13 1953—june 30 5,627 2,552 2,529 546 2,058 7,729 7,119 ,216 4,696 ,207 551 13 Nov. 25 6,093 2,607 2,918 568 1,994 8,141 7,448 ,269 4,963 ,216 559 13 Dec. 31 6.204 2,776 2,856 572 2,115 8,360 7,724 ,387 5,095 L.242 566 13 1954—yune 30 5 975 2,589 2,825 561 2,036 8,064 7,419 ,339 4,813 ,267 583 13 July 28P 5,980 - 2,521 2,896 563 1,936 7,971 7,270 ,281 4,733 1,256 583 13 Aug. 25P 6,124 2,477 3,077 570 1,902 8,077 7,395 ,339 4,802 1,254 587 13 Sept. 29P 6,189 2,497 3,110 582 1,835 8,070 7,343 :,310 4,775 L,258 590 13 Oct. 27P 6,287 2,454 3,259 574 1 ,951 8.290 7,619 ],352 4,993 .274 590 13 Nov. 24? 6,422 2,580 3,25C 592 1,866 8,341 7,651 1,306 5,079 L ,266 592 13 Reserve city member banks: 1939—Dec. 30 . . 12,272 5,329 5 194 1 749 6,785 19,687 17,741 5 <SR6 9 439 Lt 61 fi 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—Tune 30 44 352 22 150 17 756 4 446 14,447 59,587 54,861 6 066 35 052 13 743 3,874 321 Nov. 25 ...... 46,825 22,801 19,592 4,432 1.4,444 62,168 56,541 6,378 36,290 13,873 3,970 319 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—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 Nov. 24/' 50,612 23,580 21,986 5,046 14,485 66,063 60,391 6,807 38,338 15,246 4,281 303 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 43,418 223 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 , 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 ,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—Tune 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 Nov. 25 47,455 19,767 22,631 5,057 12.252 60,381 55,577 ,160 36,920 1.7,497 4,242 6,393 Dec. 31 47,404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 37,735 17,690 4,194 6,389 1954_june 30 47,474 20,537 21,779 5,158 12,506 60,745 55,943 L ,241 36,242 18 460 4 372 6 376 July 28P 47,808 20,614 22,011 5,183 12,149 60,699 55,750 ,178 36,021 18,551 4,372 6,372 Aug. 25P 48,325 20,328 22,768 5,229 11,909 60,981 56,110 1,243 36,180 18,687 4,393 6,371 Sept. 29P 48,934 20,558 23,100 5,276 12,099 61,788 56,848 1 ,272 36,801 18,775 4,429 6,366 Oct. 27P 49.876 20,722 23,832 5,322 12,497 63,152 57,968 1 ,310 37,788 18,870 4,541 6,364 Nov. 24P 50,581 21,194 24,001 5,386 12,505 63,841 58,712 1,337 38,681 18,694 4,566 6,350 3 Beginning 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 1.15 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. 36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Total Deposits assets— Cla a s n s d o d f a b te ank Total Loans G o U m t o b 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 s a se sh ts1 a li c c a T c a b a o o p i n l u t i i d a t n t a i l t e l s s 2 Total i I b n a t n e k r- i m D a e n - d Other Time a c c T a c 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 insured commercial banks: 1941—Dec. 31 49.290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 43,059 15,699 6,844 13.426 1945—Dec. 31 121^809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 52,733 141,851 12,670 94,300 34,882 9,734 13,398 1951—Dec. 31 130,820 57,256 60,533 13,031 44,176 177,151 162,908 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. 31 143,796 67,082 62,381 14,333 44,398 190,638 174,697 15,548 115,538 43.610 13,239 13,412 1954—June 30 144,451 66,805 62,461 15,185 41,164 188,191 172,048 15,044 111,408 45,596 13,714 13,380 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51.250 4.137 20,114 90,220 84,939 9,229 59,486 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38^674 5; 178 22,024 88,182 82,023 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 26,333 107,830 98,974 9,918 66,362 22,694 7,042 4,909 1953—Dec. 31 81,913 37,831 35,482 8,600 26,479 109,804 100,654 10.152 66,343 24,160 7,391 4,856 1954—June 30 82,482 37,672 35,759 9,051 24,636 108,611 99,362 9,750 64,153 25,459 7,686 4,835 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 14.495 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1.933 9,731 48.084 44,730 4,411 32,334 7.986 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 27,449 9,062 3,055 1,918 1951—Dec. 31 36,992 17,243 16,558 3,191 13,301 50,977 46,843 4,637 32,491 9,715 3,565 1,901 1952—Dec. 31 39,367 19,030 16,928 3,409 12,922 52,996 48,553 4,699 33,658 10,196 3,719 1,889 1953—Dec. 31 40,509 19,931 17,121 3,457 12,903 54,179 49.510 5,019 33,437 11.054 3.925 1,887 1954—June 30 40,704 19,525 17,353 3,826 12,086 53,593 48,890 4,983 32,467 11,441 4,023 1,886 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 12,196 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 12,515 6,558 1,271 6,478 1951—Dec. 31 18,591 7,701 8,923 1,967 4,926 23,732 21,912 353 14,415 7,144 1,686 6,602 1952—Dec. 3\ 20,242 8,605 9,556 2,081 4,970 25.451 23,464 373 15,351 7,740 1,804 6,627 1953—Dec. 31 21,396 9,328 9,790 2,278 5,020 26.679 24,555 378 15,758 8,419 1,925 6.672 1954—June 30 21,288 9,615 9,362 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 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2.211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 313 2,009 474 1,280 255 576 2,643 2,251 363 1,411 478 325 783 1951—Dec. 31 1,789 490 991 308 469 2,313 1,932 308 1,235 388 314 650 1952—Dec. 31 1,854 531 1,010 312 444 2,348 1,960 329 1,229 402 326 624 1953—Dec. 31 1 ,891 511 1.045 335 430 2,372 2,005 407 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 2.270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 313 18,454 5,432 11,318 1,703 4.659 23,334 21.591 629 13,926 7,036 i;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 22,096 9,136 10,567 2,393 5 414 27.799 25,424 702 16,580 8 142 2,129 7,251 1953—Dec. 31 23,287 9 838 10.835 2.613 .5 ^0 29,051 26,560 784 16,970 8 - 806 2,245 7,241 3 954—June 30 23,220 10,147 10,409 2,664 4,849 28,406 25,838 764 15,968 9,106 2,332 7,219 Insured mutual savings banks: 1941—Dec. 31 1 ,693 642 629 421 151 1.958 1, 7S9 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1 034 192 1947—Dec. 31 12,683 3,560 8 165 958 075 13,499 12,207 14 12,192 1J252 194 1951—Dec. 31 16,190 7,523 6,921 1,746 695 17,129 15,368 23 15,343 1,678 202 1952—Dec. 31 17,621 8,691 6,593 2.337 732 18,612 16,785 30 16,753 1,730 206 1953—Dec. 3\ 19,252 10 016 6.476 2 760 799 20,334 18,383 35 18,345 1,819 219 1954—June 30 20,121 10.804 6,309 3,008 807 21,237 19,195 47 19,145 1,868 219 Noninsured mutual savings banks: 1941—Dec. 31. .... 8,687 4,259 3,075 1,353 642 9,846 S,744 8.738 I 077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 313 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1951—Dec. 31 6,069 2.339 2,897 833 191 6,310 5,547 5,544 729 327 1052—Dec. 31 6,382 2,658 829 895 187 6,622 5,836 5,833 749 323 1953 -Dec. 31 6,558 2,910 707 941 184 6,796 6,015 6,013 740 309 1954—Tune 30 6,838 3,086 2,708 1,044 180 7,078 6,246 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. 37 JANUARY 1955 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 u Com- Loans for S. Government obligations Oblimer- purchasing ga- Total cial, or carrying Other tions Class of bank loans in- securities loans Direct of and and clud- Agri- Real to States0ther call date i m nv e e n s t t s - Total1 o m i p n a e g r n c tu a u r l l - b T ro o k- To l t o e a a s t n e s v i d i n i d - - - O lo th an er s Total Total C c e a r t t e if s i- G a u n a - r- p a i o c n a l d i l ts r e it c ie u s ket ers oth- uals Bills of in- Notes Bonds teed subpa- and ers debt- diviper deal- ed- sions ers ness All commercial banks:2 1947—Dec. 31. . . 116,284 38,057 18 167 [,660 830 1,220 9,393 5,723 1,063 78,226 69,221 2,193 7 789 6.034 53, 191 14 5,276 1.729 1952—Dec. 31. .. 141,624 64, 163 27 871 3,9192,060 1,103 15 712 12.684 1,718 77,461 63,318 7,761 5 580 11 878 38,077 22 10,188 [,955 1953—Dec. 31. .. 145,687 67,593 27 204 4,9652,361 1,202 16 694 14,461 1,666 78,094 63,426 5,004 10 237 12 439 35,713 34 0,8213,847 1954—june 30 146,383 67 337 26 no s 143 2,462 t ?S6 17 ??7 14,46? 1,6S7 79 047 63,SOS i,704 5 S7? 12 376 40 818 38 11,930 t,608 All insured commercial banks: 1941—Dec. 31. .. 49,290 21,259 9 214 1,450 614 662 4 773 4,545 28,031 21,046 988 3, 159 12,797 4,102 3,651 3,333 1945—Dec. 31. .. 121,809 25, 765 9 461 1,3143,164 3,606 4 677 2,361 1,181 96,043 88,912 ,455 19 071 16 045 51,321 22 3,873 ;,258 1947—Dec. 31... 114,274 37,583 18 012 1,610 823 1,190 9,266 5,654 I,028 76,691 67,941 ;,124 7 552 5 918 52 334 14 5,129 3,621 1952—Dec. 31. .. 139,770 63 632 27 739 3,8052,050 1,082 15 572 12 603 1,683 76,138 62,308 7,622 5 494 11,714 37,456 22 9,977 3,854 1953—Dec, 31. .. 143,796 67 082 27 082 4,8672,344 1,181 16 566 14 373 1,629 76,714 62,381 4,895 10 076 12 283 35 093 33 10,5873,746 1954—June 30... 144,451 66 805 25 976 5,057 2,430 1,228 17 101 1.4370 1 ,623 77,646 62,461 4,575 5 505 12 223 40 121 38 11,6823,502 Member banks, total i 1941—Dec. 31 43 521 18 021 8 671 972 594 598 3 494 3,e92 25,500 19,539 971 3 007 11 729 3,832 3,090 2 871 1945—Dec. 31. . . 107,183 22 775 8 949 855 3,133 3,378 3 455 1 900 1,104 84',408 78,338 2,275 16 985 14 271 44 792 163,254 2,815 1947—Dec. 31. . . 97, 84632 628 16 962 1,046 811 1,065 7 130 4 662 052 65,218 57 914 ,987 5 816 4 815 45 286 104,199 3,105 1952—Dec. 31. .. 119,547 55 034 26 232 2,4162,032 966 12 214 10 396 1,577 64,514 52 763 6,565 4 255 9 835 32 087 198,409 ,342 1953—Dec. 31. .. 122,422 57 762 25 519 3,2632,321 1,060 13 020 11 911 1 ,518 64,660 52 603 4,095 8 287 10 300 29 890 31 8,871 3,185 1954—Tune 30... 123.185 57 107 24 362 .4022,411 1,106 13 440 11 840 1 ,513 65, 088.S3 111 3,915 4 417 10 374 34 369 36 ).89O2,987 Oct. 7. . .129,519 57 233 24 357 2,391 2,451 1,1681.3913 11 915 1,926 72,286 58 7.574,531 3 74C 012 37 460 13 10,490i,039 New York City:* 1941—Dec. 31. .. 12,896 4 072 2 807 8 412 169 123 514 8,823 7 265 311 1 623 3 652 1,679 729 830 1 19 9 4 4 7 5 — — D D e ec c . . 3 3 1 1. . . 2 2 6 0 , , 1 3 4 9 3 3 7 7 3 1 3 7 4 9 3 5 0 36 4 1 4 2 4 5 5 45 31 2 1 6 7 7 2 11 8 1 0 5 28 6 7 4 2 33 9 0 8 1 1 3 8, , 8 2 0 1 9 4 1 1 7 1 9 5 7 7 2 4 1,0 4 0 77 2 3 4 6 3 4 3 0 3 3 5 2 5 5 8 10 9 3 7 3 7 7 1 1 6 63 0 8 6 6 60 2 4 9 1952—Dec. 31... 22 130 12 376 8 680 1,531 286 386 1 136 539 9,754 7 678 1,079 233 1 170 5 195 j 1,453 623 1953—Dec. 31. . . 22,058 12 289 8 218 126 1,667 320 383 1 294 475 9[769 7 765 '924 1,104 1 130 4 605 11,365 639 1954—Tune 30. . . 72.681 11 619 7 447 144 1.778 364 3 00 1 220 466 11.062 8 605 1,014 711 1,454 5 510 6 1 .851 516 Oct. 7. . . 23, 794 11 633 7 304 2 1 ,792 364 41.8 1 216 730 .12,161 9 643 844 552 2 179 6 064 c 2.016 501 Chicago:* 1941—Dec. 31. .. 2,760 954 732 6 48 52 22 <6 1,806 1 430 256 153 903 119 182 193 1945—Dec. 31. .. 5,931 1 333 760 2 211 233 36 51 40 4,598 4 213 133 i',467 749 1 864 181 204 1947—Dec. 31. .. 5,088 1 801 1 418 3 73 87 46 149 26 3,287 2 890 132 235 248 2 274 213 185 1952—Dec. 31 6,240 2 748 2,080 14 239 66 67 211 120 3 493 2 912 407 224 607 1 674 384 197 1953—Dec. 31. .. 6,204 2 776 1,912 158 286 75 70 234 96 3!428 2 856 123 450 684 1 598 400 172 1954— O jucnte. 3 7 0... 5 6, 9 3 7 4 5 3 2 2 4 S 7 8Q 3 1 1, 8 8 3 3 ^ 3 134 6 2 2 4 3 2 8 7 7 4 3 8 8 0 1 2 2 1 0 1 6 8 7 8 4 3 3^ ,3 8 8 7 6 0 3 2 3 8 0 2 2 5 2 1 4 1 4 3 2 2 6 2 1 3 8 7 6 2 4 1 1 1 9 7 7 3 0 1 3 3 7 8 8 7 1 19 7 1 4 Reserve city banks: 1941—Dec. 31. . . 15,347 7 105 3,456 300 114 194 1,527 1,512 8,243 6 467 295 751 4 248 1,173 956 820 1945—Dec. 31. .. 40,108 8 514 3,661 205 427 1,503 1,459 855 '40431,594 29 552 1,034 6^982 5 653 15,878 c 1,126 916 1947—Dec. 31. .. 36,040 13 449 7,088 225 170 484 3,147 1,969 366 22,591 20 196 373 2,358 1,901 15,560 1,342 l,053 1952—Dec. 31. .. 45,583 21 697 10,842 501 218 422 5,099 4,347 595 23,886 19 624 2,387 1,774 3 854 11,594 14 2,934 l,328 1953—Dec. 31. .. 46,755 22 763 10,568 774 308 456 5,453 4,942 611 23,993 19 559 1,230 3,357 4,201 10,746 25 3,196 l,238 1954—Tune 30... 47.056 22 453 10.010 053 326 468 5,630 4.707 62<>24. 603 10 813 1,241 1, 500 4,183 12.773 26 3,585 1,206 Oct. 7. . . 49,676 22 531 10,128 407 346 523 5,860 4,825 726 27, 1.4522 042 1,381 1,474 5,122 14,060 ( 3,875 l,228 Country banks: 1941—Dec. 31... 12,518 5 890 1,676 650 20 183 1,823 1,530 6,628 4 377 110 481 2,926 861 1,222 l,028 1945—Dec. 31. . . 35.002 5 596 I,484 648 42 471 1,881 707 363 29,407 26 999 630 5,102 4,544 16,713 c 1,342 l,067 1947—Dec. 31 ... 36,324 10, 190 3, 096 818 23 227 3,827 1,979 229 26,125 22 857 480 2,583 2,108 17,681 62,006 l,262 1952—Dec. 31. .. 45,594 18,213 4,630 1,901 43 191 6,662 4,702 322 27,381 22 549 2,692 2,024 4,204 13,625 L3,639 l,194 1953—Dec. 31. . 47,404 19,934 4,8222,204 59 210 7,114 5,441 336 27.470 22 423 1,819 3,374 4,285 12,940 e3,911 l,136 1954—Tune 30... 47.474 20.537 5.071 2.170 66 200 7.331 5,618 345 26,037 21,770 1,548 1,855 4,017 14,355 l 4,067 1,090 Oct. 7. . . 49. 70620, 596 5,092 1.885 75 208 7,555 5,662 383 29,110 23,770 2,062 1, 492 4,847 15,36f 34,221 l,119 All nonmember i banks:2 i 1947—Dec. 31. . . 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916 i 1,078 625 1952—Dec. 31. . . 22,096 9, 136 1,630 t,503 29 137 3, 505 2,288 141 12,96( 10, 567 1,19f 1,325 2,043 6,000 ; 1,781 613 1953—Dec. 31. .. 23,287 9,838 1,685 1,702 40 142 3,681 2,551 148 13,449 10,835 909 1,951 2,139 5,834 1,951 662 1954—June 30. .. 23,220 10,147 1,758 1,741 51 15( 3,795 2,622 144 13,073 10,409 790 1,155 2,002 6,460 2,042 621 2 * 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. 1 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. 38 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 d r i r e v n e t e v - - h e k r e s a s l v C a i a n u s l h t b m a w a B n d e n a i o c s t k l - e t h - i s s c 4 j p m l o D a i d s a d s e e t n i - e - - t d d s 5 m D e I s n o d t - i e t c e p 4 r o b s a F i e t n i o s g k r n - U m G er . o e n n v S - t - . p v S s o i u a t l s a i b n i t o t d i d e c n i s a - s l c C h c e o f a e e e i t f n e c f c r r i d d s t . k - i ' s - , a p v n s a p i t I h d d i r n o o t i u d r n p c n a a i e s o s - l - , r s r - - , I b n a t n e k r- P U m G S e i a o n r a . n o e g s n v d n v S t s - - a t - . l v s p S i a u i s o t c n i a b l a o d i t d l t n e - i s s - p a 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 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 12,103102,452 13,444 1,344 4,146 9,546 2.996 100,062 1,167 338 1,944 41,714 62 13,559 1954—June 30. . 18,924 2,660 11,033 98,117 12,470 1,328 5,591 9,925 2,789 94,282 ! ,699 331 2,319 43,334 55 14,038 All Insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1.077 36.544 158 59 492 15,146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29.277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 1.1,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 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 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1952—Dec. 31.. 19,810 2,081 7,378 85,543 12,594 1,431 4,567 7.029 2.744 85,680 592 321 1,303 31.266 165 10,761 1953—Dec. 31 .. 19,997 1,870 7,554 86,127 12,858 1,291 3,756 7.530 2,783 85,711 1,021 308 1,595 33.311 43 11,316 1954—Tune 30. , 18.925 2.001 7.062 82.783 11.956 1 .280 5.165 7 830 '? 581 81.034 1 .497 .3 oo 1 01? 34 ««7 38 11 709 Oct. 7.. 18,908 1,930 6,896 85,341 12,280 1,352 6,546 7,058 2.435 82,775 1,560 324 2,01.7 35,370 409 12,012 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 ' " ' i ('> 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 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 Oct. 7. . 4,63f 154 39 15,693 3,076 1,083 1 994 333 1,098 16,240 1,276 54 216 2,090 147 2,654 Chicago:* 1941—Dec. 31 1 .021 43 298 2,215 1,027 8 127 233 34 2.152 476 288 1945—Dec. 31 942 3f; 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 2 902 426 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 1.66 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 1954-June 30 . 1 290 3( 154 3.844 1 .287 34 410 297 74 4.032 18 4 10 1 ,253 583 Oct. 7.. 1 ,13f 26 119 3,933 1 ,276 41 465 265 58 4,074 24 4 10 1,245 15 592 Reserve city banks. 1941-—Dec. 31 4,06( 425 2.590 11,117 4,302 54 491 1,144 286 11,127 104 2<> 243 4,542 1,967 1945—Dec. 31 6,32f 494 2 ,1 74 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 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 8.08-1 568 2,463 30,986 6,869 219 1,504 2,880 828 32,065 166 98 830 13,203 ..... 3,984 1954—Tune 30 . . 7.553 611 2 3>? 29.940 6,220 202 2.015 2.877 677 30.$03 214 07 0<>2 13,867 4,124 Oct. 7 7,724 598 2,048 30,812 6,616 216 2,453 2,392 625 31,217 239 103 977 14,186 204 4,226 Country banks: 194.1 —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 4.52? 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 5:? 219 12.224 11 2,525 1947—Dec. 31 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 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 1.23f 4.496 33.569 1.211 11 1,362 4.261 720 29,808 19 148 759 17,553 26 4,372 Oct. 7. . 5.411 1,152 4,690 34,903 1,311 11 1,635 4,068 654 31,244 20 162 815 17,850 43 4,540 All nonmember banks:2 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 *=, 172 6,858 12 1,596 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 2Breakdown 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. 4Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 6Demand deposits other than interbank and U. S. Government, less cash items reported as in- process of collection. For other footnotes see preceding page. Back figures.See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JANUARY 1955 39 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] Loansl U. S. Governmentobligations For purchasing or carrying securities Total Loans Com- Date or month in lo a v n a e n d s s t- i m n a a v e n d e n d - s t t s - Lo a a d n - s i t n m c r d i i e a a u r l l s , - , - a T n o d b d r e o a k e e r r s s To others e R st e a a t l e Other Total Bills o c C t f a i e f t i i e r n - - s - Notes Bonds2 O r s i e t t c h ie u e s - r b L a o t n o a k n s s ments justed1 justed1 and loans loans debtt a c u g u r r l a i - - l G U t l i o i o o g . b v n a S - - s t . . O c t s u t i e h e r - s e i- r G t l U i o i o o g b . n v S 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—December.. 80,832 80,141 39,882 23,217 2,045 791 6,464 7,98732,798 2,509 5,351 6,42418,514 7,461 691 1954-—October 8S 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 "85,248 "39,220 "21,619 2,246 1,009 7,038 7,97037,456 2,611 2,348 8,615 23,8828,572 "628 December.. 86,965 86,187 40,549 22,347 2,538 1,062 7,128 8,13437,028 2,491 2,547 8,37723,6138,610 778 1954—Oct. 6... 85,346 84,803 38,548 21,102 2,363 955 6,907 7,88337,614 2,765 2,478 8,60823,7638,641 543 Oct. \3. . . 85,567 84,722 38,781 21,195 2,457 956 6,924 7,910 37,364 2,535 2,447 8,66523,7178,577 845 Oct. 20... 85,41.2 84,675 38,709 21,126 2,412 973 6,955 7,90537,403 2,628 2,402 8,64923,7248,563 737 Oct. 27. .. 85,498 84,789 38,679 21,043 2,407 993 6,978 7,92037,533 2,706 2,375 8,68823,7648,577 709 Nov. 3... 85,721. 84,932 38,844 21,104 2,466 991 6,997 7,94937,358 2,500 2,369 8,68823,8018.730 789 Nov. 10 84 930 84,424 38,588 21,133 2,165 1,001 7,026 7,92537,377 2,539 2,362 8,62623,8508,459 506 Nov. 17. 86,331 85,745 39 503 22,107 2,022 1,014 7,051 7,971 37,677 2,802 2,359 8,58623,9308,565 586 Nov. 24 . . . 86,523 "85,892 "39,947 "22,132 2,333 1,032 7,077 8,03537,411 2,605 2,300 8,56023,9468,534 "631 Dec. 1 ... 86,553 85,783 40,114 22,214 2,367 1,037 7,083 8,07537,106 2,378 2,240 8,55223,9368,563 770 Dec. 8... 86,376 85,583 40,181 22,255 2,390 1,034 7,088 8,07836,752 2,225 2,150 8,48823,8898,650 793 Dec. 15 ... 87,200 86,470 40,690 22,35-; 2,679 1,049 7,136 8,12537,174 2,615 2,763 8,35723,4398,606 730 Dec. 22. . .87,448 86,564 40,751 22,423 2,567 1,077 7,156 8,187 37,205 2,693 2,816 8,28623,4108,608 884 Dec. 29... 87,249 86,534 41,008 22,486 2,688 1,113 7,176 8,20536,902 2,543 2,768 8,20023,3918,624 715 New York City 1953- -December.. 22,182 21,759 12,146 8.468 450 1,117 49 215 392 1,642 7,641 865 1,137 1,136 4,503 1,972 423 1954—October. . . 23,833 23,379 11,402 7,355 6601,181 18 355 427 1,600 9,513 796 550 2,182 5,9852,464 454 November. 23,685 23,286 11,336 7,405 3921,264 14 375 447 1,632 9,525 842 492 2,127 6,0642,425 399 December.. 24,081 23,623 11,788 7,563 4791,371 16 387 458 1,707 9,382 840 497 2,002 6,0432,453 458 1954-Oct. 6... 23,853 23,445 11,331 7,342 6421,159 18 349 419 1 ,596 9,610 868 557 2,170 6.015 2,504 408 Oct. 13 ... 23,791 23,295 11,436 7,384 6921,160 18 350 423 1,602 9,391 704 549 2,176 5,9622,468 496 Oct. 20. .. 23,850 23,369 11,468 7,379 7171,163 18 357 431 1,597 9,461 767 559 2,169 5,9662,440 481 Oct. 27. .. 23,839 23,406 11,374 7,315 5881,243 17 362 436 1,607 9,590 844 536 2,213 5,9972,442 433 Nov. 3... 23,813 23,338 11,332 7,300 5361,254 19 363 441 1 ,612 9,483 747 512 2,206 6,018 2,523 475 Nov 10 >3 306 22,969 11,107 7,260 3381,269 12 372 445 1,604 9,483 802 496 2,129 6,0562,379 337 Nov. 17. .. 23,727 23,320 11,319 7,527 2761,227 13 381 448 1,640 9,599 930 508 2,096 6,0652,402 407 Nov.24... 23,897 23,518 11,585 7,532 4201,305 11 386 452 1,672 9,536 889 453 2,076 6,118 2,397 379 Dec. 1 ... 24,022 23,559 11,688 7,575 4561 ,302 11 389 451 1,697 9,474 821 447 2,090 6,116 2,397 463 Dec. 8. . . 23,828 23,417 11,667 7,567 4221,337 11 376 448 1,699 9,297 761 409 2,026 6,101 2,453 411 Dec. 15. .. 24,290 23,869 11,924 7,558 5881,413 12 386 461 1,700 9,479 890 558 2,006 6,0252,466 421. Dec. 22 ... 24,134 23,587 11,758 7,547 4201,398 13 395 465 1,714 9,369 874 541 1,968 5,9862,460 547 Dec. 29. .. 24,134 23,686 11,904 7,568 5081,407 34 391 467 1,724 9,294 853 531 1,921 5,9892,488 448 Outside New York City 1953—December.. 58,650 58,382 27,736 14,749 478 527 6,072 6,34525,157 1,644 4,214 5,28814,0115,489 268 1954- October. . . 61,622 61,368 27.277 13,761 569 596 6,514 6,30527,965 1,863 1,876 6,471 17,7556,126 254 November. 62,191 "61,962 "27,884 "14,214 590 620 6,591 6,33827,931 1,769 1,856 6,48817,8186,147 "229 December.. 62,884 62,564 28,761 14,784 688 659 6,670 6,42727,646 1,651 2,050 6,37517,5706,157 320 1954—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 6,524 6,31527,942 1,861 1,843 6,48017,7586,123 256 Oct. 27. .. 61,659 61,383 27,305 13,728 576 614 6,b\2 6,31327,943 1,862 1,839 6,47517,7676,135 276 Nov. 3. . .61,908 61,594 27,512 13,804 676 609 6,556 6,33727,875 1,753 1,857 6,482 17,7836,207 314 Nov. 10. .. 61,624 61,455 27,481 13,873 558 617 6,581 6,32127,894 1,737 1,866 6,497 17,7946,080 169 Nov. 17. .. 62,604 62,425 28,184 14,580 519 620 6,603 6,33128,078 1,872 1,851 6,49017,8656,163 179 Nov. 24... 62,626 "62,374 "28,362 "14,600 608 635 6,625 6,36327,875 1,716 1,847 6,48417,8286,137 "252 Dec. 1 ... 62,531 62.224 28,426 14,639 609 637 6,632 6,37827,632 1,557 1,793 6,46217,8206,166 307 Dec. 8... 62,548 62,166128,514 14,688 631 647 6,640 6,37927,455 1,464 1,741 6,46217,7886,197 382 Dec. 15. .. 62,910 62,601128,766 14,801 678 651 6,675 6,42527,695 1,725 2,205 6,351 17,4146,140 309 Dec. 22... 63,314 62,977128,993 14,876 749 669 6,691 6,47327,836 1,819 2,275 6,318 17,4246,148 337 Dec. 29... 63,115 62,848,29,104 14,918 773 688 6,709 6,481 27,608 1,690 2,237 6,27917,4026,136 267 "Revised. 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2 Includes guaranteed obligations. For other footnotes see opposite page. 40 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 t d v - h l k - e s v C a i a n u s l h t b m a w a n d e n o i c s t - e k h ti s s c j p m u o a d s a d s e t n e - i - t d d s * s p p u v n c h a o a a o i 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 a o f e e e e i f t n e c f r c r d i d t s . k - i ' s - , m U G er . 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 s d s a i t i o u i c a o n v l b a t n d i i - e l t - s - s P U m G S e o i 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—December 14,583 1,048 2,691 55,50357,022 3,778 1,802 2,683 17,438 919 19011,128 1,289 987 872 7,566 1954—October 13,786 972 2,75355,11756,931 3,563 1,827 4.437 18,642 1,215 205 11,545 1,336 ,482 633 7,926 November 14,014 965 2,719 55.74557,405 3,790 2,087 4,222 18,633 1 ,198 203 11,602 1,315 ,460 633 8,136 December 14,107 1,052 2,70657,478 59,275 3,876 2,289 3,387 18,674 1,182 206 11,556 1,404 ,448 816 8,156 1954—Oct. 6 13,754 904 2,750 54,276 55,403 3,664 1,720 5,190 .18,608 1,181 203 11,744 1,285 ,526 462 7,913 Oct. \3 13,602 1,032 2,815 54,67257,837 3,442 1,802 4,611 18,639 1,209 203 11,750 1,353 ,479 767 7,920 Oct. 20 13.924 947 2,786 55,47057,203 3,503 1,857 4,165 18,641 1,238 204 11,494 1,357 ,463 681 7,921 Oct. 27 13,864 1 ,003 2,66256,050 57,281 3,642 1,929 3,783 18,681 1,231 211 11,190 1 ,349 ,459 621 7,949 Nov. 3 13,87 951 2,616 55,47257,256 3,865 2,104 3,793 18,699 1 ,220 203 1.1.516 1,324 1,461 983 8,131 Nov. 10 14,186 984 2,738 55,57356,926 3,698 1,96-1 3,833 18,679 .1,215 203 11,657 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 1,179 203 12,119 1,307 1,461 474 8,137 Nov. 24 13,935 960 2,542 56,25457,557 3,803 2,342 4,522 .18,578 1,176 203 11,116 1 ,334 1,456 689 8,142 Dec. 1 13,891 967 2,64256,41457,876 3,956 2,426 4,223 18,555 1,183 203 11,303 1,354 1 ,456 766 8,162 Dec. 8 13.980 1,059 2,569 56,58357,64:8 3,754 1,849 3,706 18,62.1 1,180 203 11,426 1,380 1,458 761 8,152 Dec. 15 1.4,355 1,065 2,83057,92661,036 3,816 2,793 3,226 18,655 1,195 209 1.1,953 1,393 1 ,443 724 8,146 Dec. 22 14,167 1,084 2,79458,02559,697 3,917 2,249 3.184 18,732 1,198 209 11,737 1,425 1,440 824 8,144 Dec. 29 14,141 1,084 2,693 58,44560,117 3,939 2,129 2,597 18,806 1 ,154 209 11,359 1 ,470 1 ,444 1 ,005 8,174 New York City 1953—December. . 4,778 183 16,02617,116 267 864 800 1 ,862 3,098 1,033 2,532 1954—October 4,447 KS6 15,746 16,767 328 949 1,683 2,027 241 3,151 1,081 1,208 275 2,622 November 4,491 163 15.805 16,837 356 1,130 1,393 2.021 237 3,189 1,059 1,194 297 2,776 December 4,498 181 16,415 17,630 310 1,304 967 2,060 220 3,211 1,133 1,185 389 2,770 Oct. 6 4,459 149 15,61516,434 342 882 1,978 2,034 227 3,175 1,046 1,250 153 626 Oct. 13 4,496 171 15,54916,941 325 909 1,778 2,033 228 3,169 1,101 1,203 414 620 Oct. 20 4,404 145 15,82716,796 290 959 1,576 2,013 256 3,154 1,098 1,193 264 622 Oct. 27 4,429 159 15,99416,896 356 1,046 1,398 2,026 254 3,107 1,079 1,188 268 2,621 Nov. 3 4,560 155 15,801 16,930 449 1,217 1,375 2,026 253 3,139 1,070 1,192 538 2,776 Nov. 10 4,550 173 15,69016,595 331 1,051 1 ,357 2,028 252 3,172 1 ,043 1 ,194 154 2,in N N o o v v . . 2 1 4 7 4 4 , , 3 4 9 5 5 8 1 16 5 7 6 1 1 5 5 , , 7 9 5 7 1 8 1 1 6 6 , , 8 9 7 4 6 6 3 2 4 9 5 9 1,3 88 7 1 0 1 1 , , 4 3 6 7 3 8 2 2 , , 0 0 0 2 5 5 2 2 2 2 2 2 3 3 , , 3 1 4 0 3 3 1 1 , ,0 0 5 7 2 0 1 1 , , 1 1 9 9 2 6 3 1 8 1 1 3 2 2 , , 7 7 7 7 9 4 Dec. 1. 4,354 162 16,18417,310 312 1,405 1.279 2,019 220 3,126 1,080 1,198 316 780 Dec. 4,490 193 16,11816,964 277 917 1,096 2,037 215 3,106 1,114 1,199 419 768 Dec. 15 4,553 188 16,62418,256 336 1,752 898 2,069 222 3,368 1,132 1,185 331 Dec. 22 4,513 189 16,47017,531 299 1,269 862 2,097 240 3,208 1,157 1,169 444 2,766 Dec. 29 4,581 175 16,68118,090 328 1,175 698 2,078 204 3,249 1 ,184 1.173 438 2,770 Outside New York City 1953—December. 9,805 865 2,643 39,47739,906 3,511 938 1,883 15,576 793 137 8,030 256 184 517 5,034 1954—October 9,339 816 2,70739,37140,164 3,235 878 2,754 16,615 974 8,394 255 274 358 5,304 November 9,523 802 2,67339, , 5683,434 957 2,829 16,612 961 149 8,413 256 266 336 5,360 December 9,609 871 2,652 41,063 41,645 3,566 985 2,420 16,614 962 152 8,345 271 263 427 5,386 Oct. 6 9,295 755 2,71038,661 38,969 3,322 838 3,212 16,574 954 149 8,569 239 276 309 287 Oct. 13 9.106 861 2,766 3399,,123 40,896 3,117 893 2,833 16,606 981 149 8,581 252 276 353 300 Oct. 20 9,520 802 2,73739, ,407 3,213 898 2,589 16,628 982 150 8,340 259 270 417 5,299 Oct. 27 9,435 844 2,616 40,056 40,385 3,286 883 2,385 16,655 977 157 8,083 270 271 353 5,328 Nov. 3 9,317 796 2,57639,67140,326 3,416 88 2,418 16,673 967 149 8,377 254 269 445 5,355 Nov. 10 9,636 811 2,69539,88340,331 3,367 913 2,476 16,651 963 149 8,485 250 269 233 5,355 Nov. 17 9,661 808 2,92739,93141,003 3,451 1,058 3,278 16,573 957 149 8,776 255 269 361 5,358 Nov. 24 9,477 793 2,498 40,276 40,611 3,504 972 3,144 16,553 954 149 8,013 264 260 308 5,368 Dec. 1. 9,537 805 2,564 40,230 40,566 3,644 1,021 2,944 16,536 963 149 8,177 274 258 450 5,382 Dec. 9,490 866 2,528 40,465 40,684 3,477 932 2,f (5, 584 965 149 8.320 266 259 342 5,384 Dec. 15 9,802 877 2,782 41,302 42,780 3,480 1,041 2,328 16,586 973 155 8,585 261 258 393 5,382 Dec. 22 9,654 895 2,742 41,555 42,166 3,618 980 2,322 16,635 958 155 8.529 268 27.1 380 5,378 Dec. 29 9,560 909 2,642 41,764 42,027 3,611 954 1,89916,728 950 155 8,110 286 27.1 567 5,404 3Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, .1.952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures Tuly 1946-Tune 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old .series, see Banking and Monetary Statistics, pp. 127-227. 41 JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY^ [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. ind'l, Period2 t l o F i b q a o n a u o c d o d c r , , o a T l p e e a p a x n t a t h d i r l e e e r l s , , p m e M r m r ( a y o a i e c n e n d t a h t c d u a a n i l i c n . l s d t - s ch P l e c e a e m o u n t a r m i d l o 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 o i u i i a l o n b r i n c n t t l a i s l i ) e . c - - s s C t t i r o o u n n c - - bu t o y s A t o i p h n f l e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch t a a o a g n t n r g a d 'l e l . 3 — trans, rubber equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec.. . . 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Tan.-Tune. . . -868 -73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -637 July-Dec.. . . 754 -40 250 36 141 662 544 -57 13 191 2,494 2,435 1953—Jan.-Tune. . . -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—Tan.-Tune. . . -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec. . . 498 -26 -548 88 -62 120 539 32 -225 82 167 665 602 1954—October 113 -47 -69 90 -26 113 95 -117 -180 7 59 38 28 November... 130 -44 -49 -14 -1.8 30 131 63 13 24 '50 '316 '1,087 December.. . 111 -30 -24 49 -17 -68 78 228 46 14 4 390 354 Week ending: 1954—Oct. 6 32 i -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 i -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 '34 '225 974 Nov. 24 24 — 15 -10 5 1 8 8 -33 -3 m '14 '25 Dec. 1 .... 51 -28 -10 7 -4 9 41 45 -22 -1 3 91 82 Dec. 8.... 34 2 -31 39 -3 7 4 -8 8 -7 45 41 Dec. 15 50 —3 25 -14 -25 4 74 -20 9 96 104 Dec. 22 \1 3 3 8 -3 -25 22 29 19 14 -31 55 64 Dec. 29 —41 —4 -10 9 -2 -34 7 88 68 -8 30 104 63 '"Revised. Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks." 2Figures for other than weekly periods are based on weekly changes during period. 3Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter, For description of .revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING Tin millions of dollar?! Commercial and finance Dollar acceptancesoutstanding 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 c v ct- st i a n n g d- a ( c fo c r t. Oth- p i o n r to ts p fr o o r m ts D e o x l - lar points in dealers - (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 5 5 5 4 1 0 2 9 — — — — ] 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 , , 9 8 3 7 3 2 3 4 7 0 1 5 3 2 4 55 4 4 7 2 5 9 0 1,1 5 5 8 9 8 6 7 3 2 7 5 3 4 2 4 7 9 9 9 2 2 4 0 1 1 1 1 9 8 2 9 2 3 8 7 1 1 1 5 1 2 1 8 4 6 9 5 7 7 7 7 8 9 0 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 4 3 8 2 5 5 4 1 1 4 8 2 3 9 7 5 3 2 3 3 9 2 ' 3 2 5 6 0 8 5 4 4 3 3 4 2 2 9 1953—November. . . 2,191 595 1.596 534 170 125 45 20 34.4 246 139 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 61.6 227 171 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 Tuly 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 November. . . 2,032 769 1,263 768 313 242 71 19 437 248 164 42 247 66 1New series; not comparable with earlier data. 2 As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. 3 As reported by finance companies that place their paper directly with investors. Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427. 42 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Date Total Mort- Real Policy Other assets Total U S n ta i t t e e s d St l a o t c e a a l n i d Foreign2 Total Bonds3 Stocks gages estate loans assets End of year:* 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 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 t,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 1.4,754 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:3 1951—December 67,983 13,579 10,958 1,702 919 28,042 25,975 2,067 19,291 1,617 2,575 2,879 1952—December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1QS3—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 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—'January 78,866 12,470 9,779 2,105 586 34,639 32,266 2,373 23,435 2,039 2,905 3,378 Febru ary 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 Mav 80,547 12,452 9,539 2,326 587 35,371 32,871 2,500 24,174 2,102 3,000 3,448 Tmie 80,981 12,294 9,343 2,363 588 35,683 33,150 2,533 24,384 2,129 3,023 3,468 Tulv 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 October 82,850 12,013 9,024 2,509 480 36,579 33,979 2,600 25,260 2,241 3,061 3,696 ] 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 ov e e n r t n- Cash Other3 capital quarter Total i g M ag o e rt s - 2 G m ov e e n r t n- Cash Others capital obli- obligations gations 1939 5,597 3,806 73 274 1,124 4,118 1951—4.... 19,164 15,520 1,606 1,082 866 16,073 1940 5,733 4,125 71 307 940 4,322 1941 6,049 4,578 107 344 775 4,682 1952—1 19,688 16,057 1,690 1 ,080 774 16,811 1942 6,150 4,583 318 410 612 4,941 2 20,599 16,875 1,687 1,182 770 17,656 1943 6,604 4,584 853 465 493 5,494 3.... 21,295 17,696 1,765 1,044 708 18,198 1944 7,458 4,800 1,671 413 391 6,305 4.... 22,585 18,336 1,791 1,306 1,072 19,143 1945 8,747 5,376 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 J947 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—I?'... 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 3r>... 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. JANUARY 1955 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 197 232 276 305 302 345 425 424 336 377 354 309 Federal intermediate credit banks . , ... 231 273 336 426 437 510 633 673 781 590 658 774 Federal land banks2 1,088 986 Federal Farm jVtortgage Corporation 242 149 109 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 407 528 734 999 1,301 1,543 1,742 1,920 2,062 2,096 2,130 2,164 Commodity Credit Corporation . ... 99 120 280 1,293 1,729 898 782 1,426 1,651 3,076 3,468 2,368 Other agencies . 9 6 7 5 9 7 6 6 5 5 5 4 To aid home owners total 896 659 556 768 1,251 1,528 2,142 2,603 2,986 2,930 2,858 2,814 Federal National Mortgage A.ssn 7 6 4 199 828 1,347 1,850 2,242 2,540 2,462 2,366 2,301 Home Owners' Loan Corporation2 852 636 486 369 231 10 Reconstruction Finance Corporation4 5 12 10 61 177 168 137 123 115 110 108 106 104 O V t e h te e r r a a n g s e A nc d i m es i ^ nistration } » 6 65 22 24 35 169 246/ 1 27 6 5 1 30 6 0 0 32 6 6 1 34 6 8 2 To railroads, total 223 171 147 140 114 110 101 82 79 79 79 12 Reconstruction Finance Corporation5 205 153 145 138 112 108 99 80 77 77 77 10 Other agencies 18 18 3 3 3 2 2 2 2 2 2 2 To other industry, total 232 192 272 310 462 458 488 516 536 509 492 415 Reconstruction Finance Corporation® ^ 149 151 241 272 423 400 415 457 473 8294 270 191 Other agencies 83 41 31 38 38 58 74 58 63 »214 223 224 To financing institutions, total . ... 267 314 447 525 445 824 814 864 802 952 630 678 Reconstruction Finance Corporation 5 60 14 7 6 8 8 8 (9) (9) (9) (9) (9) Federal home loan banks 195 293 436 515 433 816 806 864 801 952 630 675 Other agencies 12 7 4 4 4 3 Foreign, total. . . 526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,010 8,043 7,987 7,965 Export-Import Bank 252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,758 2,833 2,783 2,762 Reconstruction Finance Corporation6 ' .. 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 3,620 3,620 3,618 "1,515 1,533 1,537 1,539 1,544 All other purposes total 707 623 714 584 484 531 779 1,095 830 763 641 471 Reconstruction Finance Corporation 5 7 309 232 8340 190 88 59 61 50 57 57 29 32 Public Housing Administration12 286 278 278 294 297 366 609 919 612 535 428 245 Other agencies 112 113 96 100 99 105 109 126 160 171 184 195 Less: Reserve for losses 438 478 395 368 476 185 173 140 252 203 181 255 Total loans receivable (net) 5,290 6,649 9,714 11,69212,73313,228 14,422 17,82618,50219,88319,877 18,489 Investments: JJ'. S Government securities total 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,586 2,602 2,969 2,911 Banks for cooperatives . . . . .... 43 43 48 43 43 43 43 43 43 43 43 52 Federal intermediate credit banks 43 47 48 44 74 46 51 60 62 63 50 50 Production credit corporations 67 70 72 66 39 42 43 43 45 45 43 42 FVrier'O land Tinnlr^ 145 136 Federal home loan banks 118 145 139 274 275 199 249 311 397 387 706 672 Federal Savings and Loan Insurance Corp 161 172 184 199 214 193 200 208 211 217 222 228 Home Owners' Loan Corporation2 15 17 12 12 8 Federal Housing Administration.... 106 122 132 144 188 244 285 316 318 319 310 257 Reconstruction Finance Corooration 5 ^ 49 48 (9) 1 Federal Deposit Insurance Corporation 897 1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,509 1,526 1,593 1,609 Other agencies . . . . . .. 38 28 29 9 1 1 1 1 1 1 1 1 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 325 230 154 133 107 88 78 44 44 40 40 54 Reconstruction Finance Corporation5 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 (9) 1 1 1 1 Commodities, supplies, and materials, total 2,288 1,265 822 627 1,549 1,774 1,461 1,280 2,259 2,514 2,696 3,369 Commodity Credit CorDoration 1,034 463 448 437 1,376 1,638 1,174 978 1,884 2,086 2,202 2,802 Reconstruction Finance Corporation 5 ^ 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 21,017 16,92412,600 3,060 2,962 2,945 3,358 3,213 7,911 8,062 8,035 8,077 Public Housing Administration12 222 227 204 1,448 1,352 1,248 1,251 1,173"1,030 1,018 958 823 Reconstruction Finance Corporation 5 ^ 6,919 2,861 35 630 611 605 594 199 181 175 169 161 Tennessee Valley Authoritv 721 727 754 793 830 886 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 agencies13 1,948 2,044 1,793 189 168 206 465 590 493 561 511 634 Bonds, notes, and debentures payable (not guaranteed), total 1,113 1,252 689 965 772 1,190 1,369 1,330 1,243 1,182 949 971 Banks for cooperatives 8 33 69 70 78 110 170 181 119 150 133 120 F F e e d d e e r r a a l l l i a n n te d r m ba e n di k a s t 2 e credit banks 2 7 4 9 5 2 2 7 9 5 3 6 358 480 490 520 674 704 776 619 626 736 Federal home loan banks . 69 169 262 415 204 560 525 445 349 414 190 115 For footnotes see following page. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items1 Liabilities, other than interagency items Date, and corporation or agency Total Cash L c a o r e b e a i l - v n e - s m m C p s r t a i l i i o o a n i e a i e m d p t s d l e s s - , i - , - - G U r s i e o t . c i v I S e u m n t s - . . v e e n s O t s r s t i e - t t c h ie u e s - r e L s t m u q t a a r r u n e n u e i d n d c p s t - , , - O s a t e h s t - e s r a t B F g u n a u u b o r t n a e e y l n d l s r e d y - d s d p , e a n O b y o e a t t h n b e - e l s e r , O li i a t t i b h e i e s l r - i I m G n e T e r t o e . s e n n v t S r - t - - . o v in P w a e t r t s e n i e t - r e l - y d U. S. All agencies: 1946—Dec. 31.. 30,409 ,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,, 588 24,810 498 1947—Dec. 312. 30,966 ,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,037 28,015 143 1948—Dec. 312. 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 31.. 23,733 44.112,733 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 1,193 21,995 234 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 1,096 18,502 2,259 2,586 3,429 7,911 1,357 63 ,243 075 33,335 424 Dec. 31 .. 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 ,182 818 33,429 434 1954—Mar. 31. . 39,313 1,139 19,877 2,696 2,969 3,425 8,035 1,173 75 949 920 32,899 470 June 30. . 39,602 1,23218,489 3,369 2,911 3,439 8,077 2,085 81 971 033 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 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 ,031 Farmers Home Administration . . 695 649 28 691 Federal Crop Insurance Corp 32 5 23 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,392 40 675 672 4 115 824 460 Federal Savings and Loan Insurance Corp.. 235 1 228 5 9 226 Public Housing Administration 1,263 71 251 823 118 28 1,235 Federal Housing Administration 541 135 43 257 1 105 80 233 227 Office of the Administrator: Federal National Mortgage Association. . . 2,323 2,301 14 2,314 Other 135 97 4 134 Reconstruction Finance Corporation: Assets held for U. S. Treasury* " 285 2 1 91 161 29 284 Others 605 197 347 12 24 581 Small Business Administration 3 1 3 Export-Import Bank 2,807 5 2.775 C9) 27 93 2,713 Federal Deposit Insurance Corp 1 ,618 3 () (9) 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 463 349 3 22 6 457 Department of the Treasury 8,036 3,65.1 3,385 1,000 8,036 Foreign Operations Administration 1,562 1,544 22 1,539 All other 870 278 387 57 96 51 819 P Preliminary. iLoans 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 1.952 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. ^Figures 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 Tuly 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 8 Reflects transfer of RFC lending under Defense Production Act of 1950 from the RFC to the Treasury Dept. 9Less than $500,000. 10Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury compilation. 1 * 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. 45 JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS* 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 2 N ri s e e e s - w 3 g n ( r M i h a c d i i u g p e - h a ) - 4 l g ( r r h p a a o d i t g - e e h )4 -fe P rr r e e d - * T ta o l - d t I u r a n i s l - - - R ro a a i d l- u P i l t u t i i y c b l- - T ta o l - T t M a o l - 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 ta s- - u P i l t u t i i y c b l- - T a s a f r e n i i a n c r c n e v d d e - - e , , M in i g n- s s t h i h a a n ( o n o i r g f n e d u 6 s s - ) Number of issues. . 3-7 1 15 17 15 480 420 20 40 265 170 98 72 21 29 31 14 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 90mi 46 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 241 1,419 1954 average 99.51 109.60 125.8 117.2 174.5 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1953—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 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 87109 11 125.6 117 9 173.3 205 223 165 131 207 240 210 268 212 130 215 259 1,919 100.36 109.65 123.9 118.1 174.3 213 233 164 133 216 253 223 280 212 132 220 266 2,089 May 99 68109 39 123 6 117 5 173.8 220 242 173 135 223 263 233 291 221 134 226 270 2,096 June 99.49 109.74 123.9 117.0 172.9 222 244 176 135 224 263 237 288 225 134 228 266 1,919 July 100 36111 07 126.9 117 5 173.3 231 255 184 140 233 275 254 294 234 139 236 257 2,469 Aug 100 28111 50 128.4 117 8 174.7 236 261 187 142 237 280 257 301 237 141 243 263 2,588 Sept 99.92 110.68 127.2 117.6 175.8 239 264 182 141 240 286 260 309 236 140 247 268 1,963 Oct 99.69 110.59 126.9 117.5 178.1 244 271 187 139 244 291 267 313 240 138 249 269 2,103 Nov 99 27109.88 127.4 117.4 178.9 252 282 197 141 254 305 284 324 259 141 260 278 3,196 Dec 98.97 109.91 126.6 117.0 178.3 265 297 218 144 268 323 298 345 285 144 268 310 3,475 Week ending: Dec. 4 99.07 109.81 127.3 117.3 178.5 258 289 204 143 264 317 291 341 272 144 267 286 3,364 Dec. 11.... 99.20 109.97 126.9 117.2 178.2 265 297 216 145 264 318 292 342 277 144 266 301 3,701 Dec. 18.... 98.89 109.80 126.4 117.0 178.5 262 293 214 144 267 322 298 343 287 144 266 318 3,041 Dec. 25.... 98.80 109.77 126.2 116.8 178.7 268 301 225 144 269 325 301 346 292 144 268 322 3,542 Jan. 1 98.84 110.06 126.2 116.8 177.7 271 304 229 144 274 332 310 352 295 145 271 324 3,697 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 2^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3% per cent bonds of 1978-83, issued May 1, 1953. 4Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 5Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on cre C d u it s t b o a m la e n r c s' es1 Other credit balances End of month ba d l e a b n i c t es in p v a e r s tn tm er e s n ' t inve fi s r t m ment a h n a d n d in bo M rr o o n w e e y d2 Other i I n n v p e a st r m tn e e n r t s' inv In e s f t i m rm ent In capital (net) i an a d c c t o r u ad n i ts ng an a d c c t o r u a n d t i s ng banks Free (net) an a d c c t o r u ad n i ts ng an a d c c t o r u ad n i ts ng ac ( c n o e u t n ) ts 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—Tune 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—November. . 31,654 31,127 3682 December... 1,694 8 404 297 1,170 709 208 28 31 313 1954—January.... 31,690 31,108 3 741 February... 31,688 31,062 3 768 March 31,716 31,054 3787 April 31,786 31,094 3819 May 31,841 31,186 3836 J J u u n ly e 3 1 1 , , 8 9 5 2 7 6 10 492 309 3 1 1 , , 1 1 7 6 3 9 38 8 7 3 7 8 248 23 45 372 August 31,998 31,194 3910 September. . 32,081 31,291 3924 October.... 32,131 31,364 3924 November. . 32,242 31,416 3972 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): September, 34; October, 36; November, 40. 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. 46 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 Fi- U. S. Government [Per cent per annum] mo w Y n e e th e a k , r , or m 4 m p P - c o a r o e t n i p r o m m t c e h i - r 6 e a , s - l 1 3 d p n p - p c i l a a o r a a l t n y e p o m c n c c , e e y 6 - e t r d - - 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 s t e h o c n R u b r a i n i l t t l e e i s w es 9 ( m i t - s a t s o o x u n a e 1 t b s h 2 2 le - ) 3 i - s y s t e u o a e r 5 s3 - Area and period lo A a l n l s $ $ S 1 1 i - 0 ze of $ $ l 1 1 o 0 0 a 0 - n (t S h $ 1 2 o 0 0 u 0 0 s - . o a f n d $ d 2 o 0 l o . 0 v ) er mortths1 yield issues Annual averages: 19 cities: 1946 2.1 4.2 3.1 2.2 1.7 1 1 1 9 9 9 5 5 5 2 4 3 a a a v v v e e e r r r a a a g g g e. e e . . . . . . . . . . . 2 2 1 . . .5 5 3 8 2 3 2 2 1 . . .4 1 3 1 6 3 1 . 1 . . . 8 7 3 7 5 5 1 1 . . . 7 9 9 2 0 4 1 1. . . 9 7 9 3 6 5 1 6 3 2 1 . . . 8 0 9 1 7 2 2 2 L . 5 A .8 7 3 2 1 1 1 1 9 9 9 9 4 4 4 5 7 9 8 0 2 2 2 2 . . . . 1 7 5 7 4 4 4 4 . . . . 4 6 2 5 3 3 3 3 . . . . 1 7 5 6 3 2 3 2 . . . . 0 0 8 5 2 2 2 1 . . . . 2 4 4 8 1953—Dec 2.25 2.13 1.88 1.60 1.630 1.61 2.22 1 19 9 5 5 2 1 3 3 . . 1 5 4 4. . 9 7 4 4 . . 2 0 3 3. . 7 4 3 2 . . 3 9 1954—Jan 2.11 2.06 L .88 1.18 1.214 1.33 2.04 1953 3.7 5.0 4.4 3.9 3.5 Feb 2.00 1.78 1.68 .97 .984 1.01 •L.84 1954.. . 3.6 5.0 4.3 3.9 3.4 Mar 2.00 1.58 1.48 1.03 1.053 1.02 L.80 April 1.76 1.50 1.25 .96 1.011 .90 1.71 Quarterly: May 1 .58 1.38 1.25 .76 .782 .76 t .78 19 cities: June 1.56 1.31 L .25 .64 . 650 .76 1.79 1954—Mar 3.72 4.99 4.37 3.94 3.52 July 1.45 1.25 1.25 .72 .710 .65 1.69 June 3.60 4.97 4.35 3.89 3.37 Aug 1.33 1.25 L.25 .92 .892 .64 1.74 Sept 3.56 4.99 4.32 3.82 3.32 Sept 1.31 1.25 1.25 1.01 1.007 .89 .80 Dec 3.55 4.92 4.29 3.84 3.31 Get 1.31 1.25 1.25 .98 .987 1.03 L.85 New York City: Nov 1.31 1.25 .25 .93 .948 .94 1.90 1954—Mar 3.50 4.79 4.27 3.75 3.37 Dec 1.31 1.25 ..25 1.14 1.174 1.10 .94 June 3.34 4.75 4.24 3.71 3.1v; Sept 3.29 4.81. 4*21 3.54 3.13 Week e J D D D D n a e e e e d n c c c c i . . . . . n 2 g 1 1 : 4 5 1 8 1 . . . . . . . . . . . . . . . 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 L 1 L . . . . . 2 2 2 2 2 5 5 5 5 5 1 1 1 1 1 . . . . . 0 2 2 0 0 2 5 4 9 8 1 1 1 1 1 . . . . . 0 2 3 0 1 8 4 2 7 3 7 7 9 5 3 1 1 1 1 1 . . . . 0 . 1 1 1 0 1 6 3 3 4 L L 1 L . . . . . 9 9 9 9 9 6 1 2 7 4 7 N 19 o e 5 r r t 4 n h — e c r J S D M D n i u t e e e i a n p e a c c r e t s n : d East- 3 3 3 3 3 . . . . . 6 3 5 5 7 1 0 5 7 4 4 4 5 5 5 . . . . . 0 6 0 9 0 6 6 7 9 4 4 4 4 4 4 . . . . . 3 1 3 3 3 1 5 1 4 6 3 3 3 3 3 . . . . . 8 9 6 9 8 9 7 4 4 3 3 3 3 3 3 . . . . . 3 4 5 1 3 3 2 7 5 6 11 Southern and 3 2 JD S S e e a r r t i i a e e s s a i i r n n e c c a l l u u v d d e e e r s a s g c s e e e s r l t e i o c f f i t c e d a d a t e i n l s y o o te p f r a i e n v n d a d e i l b b i t n o e g n d d n r e a i s t s e s s s u a . e n s d . selected note and bond issues. 19 W 54 e — st J S M e u r e n a n p r e t cities: 4 3 3. . . 9 9 0 5 8 3 5 5 5 . . . 0 0 0 5 3 5 4 4 4 . . . 4 3 4 3 9 3 4 4 3. . . 9 0 0 1 3 5 3 3 3 . . . 7 6 6 6 7 8 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. Dec 3.90 5.01 4.36 3.93 3.60 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETTN for March 1949, pp. 228-237. BOND AND STOCK YIELDS i [Per cent per annum] 1Bonds Industrial stocks Corporate (Moody 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 ri e e w s ? Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c fe P rr re e - d6 m Co o m n7 - C m o o m n8 - Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 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 2.93 3J6* 2.72 3.43 3.20 3.31 3.47 3.74 3.30 3,55 3.45 4.27 5.51 10.14 1954 average 2.53 2.70 2.37 3.16 2.90 3.06 3.18 3.51 3.09 3.25 3.15 4.01 4.66 1953—December. .. 2.79 2.96 2.59 3.39 3.13 3.28 3.40 3.74 3.28 3.52 3.37 <4.20 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 7.29 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 "2.29 3.13 2.89 3.04 3.13 3.45 3.06 3.22 3.10 3.91 4.29 December. .. 2.57 2.68 2.33 3.13 2.90 3.04 3.14 3.45 3.07 3.23 3.10 3.93 4.09 Week ending: Dec 4 2 57 2 68 2 29 3.13 2.89 3.04 3.13 3.45 3.06 3.22 3 10 3.92 4 25 Dec. 11 2.56 2.67 2.31 3.13 2.89 3.03 3.13 3.45 3.06 3.22 3.10 3.93 4.23 Dec. 18 2.58 2.69 2.34 3.13 2.90 3.04 3.14 3.45 3.06 3.23 3.10 3.92 4.22 Dec. 25 2.59 2.69 2.35 3.14 2.91 3.05 3.14 3.45 3.07 3.24 3.11 3.92 4.17 Jan. 1 2.58 2.67 2.35 3.14 2.92 3.05 3.15 3.44 3.07 3.24 3.11 3.94 4.09 "Corrected. 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 23^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to nd Poor's Corporation. nber of suitable issues, there has been some variation in the number of bonds included in some of the groups. aStandard 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. JANUARY 1955 47 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollars] Summary Bud e g x e p t e r n e d c i e t i u p r t e s s and or E x ex ce p s e s n d o i f t u r r e e c s e i ( p — ts ) d d u I e n c ri c r n e r g e a a se s p e e ( r — o io r d ) General ( e f n un d d o f o f p e th ri e o d T ) reasury Deposits in Period rec N e e 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 S n b o d a a f l e l g i m e m g e G s a n a p a t o r c i t n k v o y io e t n d . n t s s C co i l a n e u c a g - n r t - p d G d u i r e r b o e b l s c t i s c t G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l - e - A a F v b . a l i e R l- . B I c n e a o s n p s l k l r e s o o c c - f - S d it p e a e p r c i o e i s a s - l O s n a t e h s e t - t e s r funds tion Cal. yr.—1951 53,488 56,846 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 1,134 1952 ... 65,523 71,366 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 1,132 1953 64,469 73,626 -9,157 82 19 -209 7,777 -1,488 4,577 346 131 3,358 742 19541.... n.a. n.a. n.a. n.a. n.a. n.a. 3,582 603 5,180 563 111 3,461 1,045 Fiscal yr.—1951. . . 48,143 244,633 23,510 -'295 384 -214 —2,135 1,839 7,357 338 250 5,680 1,089 1952... 62,129 66,145 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5,106 1,175 1953... 65,218 74,607 -9,389 462 -25 -312 6,966 -2,299 4,670 132 210 3,071 1,256 19541.. 64,550 67,579 -3,029 393 -4 -452 5,189 2,096 6,766 875 274 4,836 781 Semiannual totals: 1952—Jan.-June. 38,320 34,869 3,451 -72 -136 -255 -3\3 2,674 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—Jan.-June. 38,014 38,110 -96 341 -71 -248 -1,320 — 1,394 4,670 132 210 3,071 1,256 July-Dec.. 26,454 35,515 -9,061 -259 90 40 9,097 -94 4,577 346 131 3,358 742 1954—Jan.-June i n.a. n.a. n.a. n.a. n.a. n.a. -3,909 2,190 6,766 875 274 4,836 781 July-Dec.. n.a. n.a. n.a. n.a. n.a. n.a. 7,490 -1,587 5,180 563 111 3,461 1,045 Monthly: 1953—Dec 5,183 6,387 -1,204 -72 -59 29 -40 -1,346 4,577 346 131 3,358 742 1954—Tan 34,471 35,071 -600 -144 -28 559 -320 -533 4,044 404 363 2,406 871 Feb.i 5,444 4,707 737 527 -117 -135 -67 944 4,988 548 167 3,458 816 Mar 11,434 5,555 5,879 253 -60 -160 -4,546 1,366 6,355 722 462 4,379 792 Apr 2,751 5,296 -2,545 -375 -53 593 811 -1,567 4,787 579 180 3,273 756 May 3,592 5,203 -1,611 271 123 -511 2,428 700 5,487 422 146 4,095 824 June 10,539 7,115 3,424 42 32 -3 -2,215 1,280 6,766 875 274 4,836 781 July 2,827 4,827 -2,000 -1.35 -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 1,51.8 6,663 736 175 4,936 816 Nov 4,201 3,842 358 358 33 -209 101 641 7,304 694 137 5,584 889 Dec. n.a. n.a. n.a. n.a. n.a. n.a. -103 -2,124 5,180 563 111 3,461 1,045 Budget expenditures Major national security programs Period Total Total4 t f i N e d o n e n a s - - a e l a a M b a t s a n r s i o r i c l s y a i e t - d - n t I i n e o n o c t m a n o e - - a r ic - l A E C t m s n o o i e o i m 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 o m t a e r n n t a i - n « s - - g c S p r u o s a r r c e o m i - i - t a y s l 6 t A c u g u r r l e - i 7 - H n h a a i o o f n n n m i u g d - c s e e - P w u o b r l k i s c o P d f i f c o e ic i f s t e - t T c t o f r r a e t u a u c o r n n s - s t s ts - Other aids Cal. yr.—1950 38,255 18,509 13,476 291 4,012 611 5,580 5,714 ,351 1,499 -17 1,551 643 961 1,4:64 1951 56,846 37,154 30,275 1,559 3,560 1,278 5,983 5,088 ,463 1,010 694 1,438 684 1,016 1,315 1952 . 71,366 51,121 43,176 2,975 2,652 L.813 6,065 4,433 ,508 1,564 646 1,573 775 1,193 >,487 1953 73,626 52,817 44,465 3,810 2,190 1,889 6,357 4,157 ,630 3,238 -159 1,685 525 783 J.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 S,276 1952.... 66,145 46,319 39,033 2,228 2,904 ,648 5,859 4,748 ,424 1,219 614 1,515 740 1,305 J.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 >,570 19541... 67,579 P48.259 P40.638 3,520 Pi,599 1,893 6,371 4,176 p] ,670 P2.842 -614 Pl.513 462 152 p;1,74:7 Semiannual totals: 1951—Jan.-June.. 25,570 16,041 12,450 637 2,170 567 3,223 2,610 745 470 302 580 364 168 1,066 July-Dec. . 31,276 21,113 17,825 921 1,389 711 2,761 2,479 718 540 392 858 320 848 1,249 1952—Jan.-June.. 34,869 25,206 21,208 1,306 1,514 937 3,099 2,269 706 679 222 657 420 457 1,153 July-Dec. . 36,497 25,915 21,968 1,669 1,137 876 2,966 2,164 802 885 424 916 355 737 1,333 1953—Jan.-June.. 38,110 26,932 22,616 2,092 1,134 926 3,542 2,086 791 2,178 —42 740 305 342 1,236 July-Dec1. 35,515 25,885 21,848 1,718 1,056 963 2,816 2,072 839 1,059 -117 945 220 441 1,357 Monthly: 1953—Nov 5,423 4,034 3,540 198 162 95 164 343 123 302 -89 157 60 95 234 Dec 6,387 4,377 3,465 484 141 231 1,294 371 108 -137 -32 140 57 209 1954—Jan 35,071 P3,681 3,001 385 P104 142 245 340 172 309 -31 97 316 P241 Feb.i 4,707 P3.809 P3.225 194 P183 160 372 340 P128 P-135 -104 P90 42 5 P161 Mar 5,555 P3.916 P3,339 321 P54 181 588 334 P114 P194 -54 P102 91 6 P263 Apr 5 296 P3.847 P3.195 343 P117 164 350 375 P120 P468 -195 P116 9 P2O5 J M u a n y e 5 7 , ,1 2 1 0 5 3 P P4 3 , , 2 5 4 6 5 5 P P 2 3 . . 8 5 8 5 4 4 3 4 3 0 1 7 P P 12 52 6 1 1 6 0 9 9 1,7 2 5 4 2 9 3 3 4 7 6 0 P P 1 1 2 7 4 1 P P 6 2 9 4 4 8 - - 1 8 4 4 P P 1 1 0 0 9 9 iii' 5 6 P P 1 1 8 2 8 3 July 4,827 P3.188 P2.565 334 P84 174 213 333 P141 P270 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 P2,9O2 210 P161 160 541 320 P140 P144 -5 P158 1 P235 Oct 4,857 P3.450 P2,954 187 P75 170 346 341 Pi 73 P170 6 P164 8 P192 Nov 3,842 P3.391 P2.990 181 P95 156 368 372 P133 P-1,034 96 P142 'i48* P225 pPreliminary. n.a. Xot available. 1 Fiscal and calendar 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. 2 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." 3 Not adjusted for Treasury's revised treatment of carriers' taxes. 4Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 5Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department and United States Information Agency expenditures. 6 Excludes transfers to trust accounts, which are shown separately. 7Includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails, which are included with public works. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Budget receipts, by principal sources Internal revenue collections (on basis of Internal Revenue Service) Income Deduct and old-age Taxes Individual in- Period insurance taxes cella- on come and old- Corponeous c a a n r d r ie o r n s Other b T u o d t g a e l t A p p r p ia r - o- Re- bu N d e g t et age i t n ax su es rance ra i t n io - n t E a s te - With- Other in- em- re- re- tions funds re- come and held ployers ceipts to old- of ceipts and gift pl e o b m y y e - rs v I i n d d u i a - l C ra o t r i p o o n - enue o m f o 8 r e or t f r a u u g n e s d t ce r i e p - ts W he it ld h- Other p t r a o x f e it s s taxes Cal. yr.—1950. . 13,775 17 361 8,771 770 1,980 42,657 2,667 2,156 37,834 12,963 7,384 9,937 658 1951 19,392 26 876 9,392 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16,565 801 1952 23,658 34,174 10,416 902 2,639 71,788 3,814 2,451 65,523 23,090 11 ,980 22,140 849 1953 26,323 30 524 11,211 896 2,570 71,524 3,918 3,137 64,469 26,162 11,401 19,195 923 Fiscal yr.—1951 16,654 24 218 9,423 811 2,263 53,369 3,120 2,107 48,143 15,901 9,908 14,388 730 1952 „. 21,889 33 026 9,726 994 2,364 67,999 3,569 2,302 62,129 21,313 11,545 21,467 833 1953 25,058 33,101 10,870 902 2,525 72,455 4,086 3,151 65,218 24,749 11,604 21,595 891 19541.... 26,210 10,761 21,483 10,987 888 2,737 73,067 4,537 3,377 64,550 26,086 10,947 21,546 935 Semiannual totals: 1951—Jan.-June... 9,445 17,376 4,644 494 1,223 33,184 1,709 1,796 29,679 9,043 8,027 9,416 427 July-Dec... 9,947 9,499 4,748 449 1,114 25,757 1,646 302 23,809 9,798 2,335 7,149 374 1952—Jan.-June... 11,942 23,526 4,978 545 1,251 42,242 1,922 2,000 38,320 11,515 9,210 14,318 459 July-Dec... 11,716 10,647 5,438 357 1,388 29,546 1,891 451 27,204 11,574 2,770 7,821 390 1953—Jan.-June... 13,342 22,454 5,432 545 1,137 42,910 2,195 2,700 38,014 13,176 8,834 13,773 502 July-Dec. .. 12,981 2,799 5,272 5,779 352 1,433 28,614 1,723 437 26,454 12,986 2,567 5,422 422 Monthly: 1953—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.! 3,664 1,044 396 860 261 199 6,425 598 306 35,444 n.a. n.a. n.a. 86 Mar 2,002 2,454 7,353 954 56 193 13,013 589 940 11,434 W 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 72 Oct. 1 ,265 199 361 850 25 187 2 887 188 39 2 639 Nov 3,313 78 290 839 110 275 4,905 554 56 4,201 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 al c o R ll e e v c e ti n o u n e s — S c e a rv n i t c . e) Social security Other accounts6 retirement, and Period Excise and miscellaneous taxes insurance accounts Total5 Total Liquor Tobacco M a a n n d u r f e a t c a t i u l r e e rs r ' s' Other Re- Invest- Expendi- m In e v n e t s s t 7 excise ceipts ments tures Cal. yr.—1950 8,150 2,419 1,348 2,519 y 864 -38 6,543 56 6,214 —22 —333 1951 8,682 2,460 1,446 2,790 1 987 759 7,906 3,155 4,507 271 786 1952 9,558 2,727 1,662 3,054 2 115 49 8,315 3,504 4,942 329 508 1953 9.714 2,819 1,614 3,262 020 82 8,123 2,387 5,811 153 310 Fiscal yr.—1951.... 8,704 2,547 1,380 2,841 1 936 295 7,251 3,360 3,752 196 353 1952.... 8,971 2,549 1,565 2,824 2 032 219 8,210 3,361 4,885 275 530 1953 9,946 2,781 1,655 3,359 2 152 462 8,531 3,059 5,257 242 489 1954.... 9,517 2,783 1,580 3,127 2 027 1393 8,698 1,687 6,846 357 584 Semiannual totals: 1951—July-Dec... 4,440 1,304 748 1,343 1045 291 3,967 1,352 2,398 52 126 1952—Jan.-Tune.. 4,531 1,245 817 1,481 988 -72 4,242 2,009 2,486 223 404 July-Dec.. 5,027 1,482 845 1,573 1 127 121 4,073 1,495 2,456 106 105 1953— J J u a l n y . - - D Ju e n c e . . . . . 4 4 , , 9 79 1 5 9 1 1 , , 2 5 9 2 9 1 8 80 1 4 0 1 1 , , 4 7 7 8 6 6 1 9 0 9 2 5 5 -2 3 5 4 9 1 4 3 , , 4 6 5 6 8 5 1,5 8 6 2 4 3 2 3 , , 8 0 0 0 2 9 13 1 6 7 - 3 7 8 4 5 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—T\TOV> m m # 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 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 *328 -135 389 -98 648 7 32 Aug 765 207 141 692 -276 387 1,200 281 606 30 104 Sent 766 250 137 3 377 —283 414 —82 682 34 —63 Oct.. n.a. n.a. n.a. n.a. n.a. -288 334 -148 640 6 -124 Nov n.a. n.a. n.a. n.a. n.a. 358 956 111 641 56 210 n.a. Not available. 1 Beginning February 1954, on new reporting basis. See footnote 1 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 7, 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. 49 JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY GASH 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. ing inre T c n o e e t i t a p l ts c L N a e o s s n h s: - 1 Total c L N a e o s s h n s a : - o i . n p c i e n o r g m at e - Total A p a u l c s b c l r t i u o c - 3 t I G r n a o t n r v s a t . - . 4 Total c N L a e o s s h n s : - s F S l u t t i i a z n o b a d n - i - 6 i C c n o g le u a a n r c t - - o o Cp u i e n a t rs g g an o t- o c u o o t m r g e o Cal. yr.—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 19547 n.a. n.a. n.a. n.a. 68,550 n.a. 565 n.a. n.a. n.a. -188 n.a. 68,859 -309 Fiscai 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: 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.. , 26,454 171 3,913 996 29,199 35,515 277 1,129 3,332 36 -38 -40 37,326 -8,128 1954—Jan.-June7. n.a. n.a. n.a. n.a. 42,582 n.a. 234 n.a. n.a. n.a. -71 n.a. 34,689 7,893 July-Dec.. , n.a. n.a. n.a. n.a. 25,968 n.a. 331 n.a. n.a. n.a. -117 n.a. 34,170 -8,202 Monthly: 1953—Dec 5,183 80 627 391 5,339 6,387 82 483 549 -12 -60 -29 6,294 -956 1954—Jan 84,471 51 237 855 4,602 85,071 72 897 427 8 -12 -559 4,749 -147 Feb.* 5,444 n.a. 993 n.a. 6,529 4,707 16 n.a. 411 n.a. 135 5,300 1,228 Mar 11,434 n.a. 824 n.a. 12,260 5,555 8 n.a. 601 n.a. -39 160 6,232 6,028 Apr , 2,751 n.a. 479 n.a. 3.036 5,296 19 n.a. 810 n.a. 13 -593 5,303 -2,267 May 3,592 n.a. 1,230 n.a. 4,882 5,203 43 n.a. 568 n.a. —33 511 6,228 -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 Get 2,639 n.a. 370 n.a. 2,617 4.857 50 n.a. 800 n.a. -6 -104 5.095 -2,478 Nov 4,201 n.a. 994 n.a. 5,122 3,842 45 n.a. 469 n.a. -9 209 4,385 737 Dec n.a. n.a. n.a. n.a. 4,617 n.a. 71 n.a. n.a. n.a. 25 n.a. 6,396 -1,780 1 Represents principally interest paid to Treasury by Government agencies and repay men vernment corporations. 2Represents principally interest 011 investments in (J. S. ( 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 c o r r e d as e e - Fe s d e e c r u a r l it a ie g s e n o c f ies N in e t F i e n d v . . Accruals to public1 b i o n r g ro , w o - r Direct Savings Postal d (( — i g d r r . e ) o \ , b p s t u s in\- b n . a G n u te a e r d - a g N n u t o e a n e r - d - G & o s t v e r c . t . . a f b u g y n e d n s . T I b n r o t e . n a d o s s . n b a s i n a ll d v s . P F f a e o y d rm . t s s . e o i c f n . b ( o - i r n ) ro o g w f - m & is k s c t u a o e b n s l v 3 e . . b p (i o r s i n s c u d e e ) s S n av o i t n es gs S s a i p v s e s . u c S i e a s y l s. Other* Cal. yr.—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 54,829 3 -344 248 -162 30 1954° 3 582 —42 —249 1,626 577 176 912 3,027 -175 -1 ,469 -195 -276 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 65,294 5-103 -2,164 -100 -9 1954« 5,189 29 -250 2,101 524 94 2,248 2,483 -381 628 —239 -243 Semiannual totals: 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 -69 1,700 308 34 -3,433 3-2.028 518 -1,335 -68 -20 Tuly-Dec.. . . 9,097 24 66 840 283 32 8,034 6,857 -362 1,583 -94 50 1954—Jan.-June e. . -3,909 6 -254 1,241 241 64 -5,703 -4,354 -19 -955 -145 -230 July-Dec.. . . 7,490 -47 5 385 336 112 6,615 7,381 -156 -514 -50 -46 Monthly: 1953—j)eCr —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.6 -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 "VI ay 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 Get 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 Dec -103 -34 161 72 -26 -345 -168 -9 -136 -31 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 3Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4Includes 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. 6Beginning February 1954, on new reporting basis. See footnote 8 on following page. This table is based on Treasury daily statement, which differs from monthly budget statement. 50 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 GASH 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 o i d t n - t c a a D o t x i i r e o r p s e n o c o s r t 1 - n E m t a a x n x i c s d i e c s s . e i c n S e s o i . c p r i t a e s l 2 - c O c o a t m h s e h e r 3 R D c o e e e f f d i u p u r n e t c d s - t s : Total n g M a r p t a l a r . m o j o - s s e r 4 c. e I d s n e t t b e o t r n 5 - g e V p r r a r a e o m n t - - s s6 s g e S r p c o a r u c m o r i - a i s t l y 7 Other Cal. yr.—1951 ,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 37,279 4,137 6,121 4,915 5,582 1952 , 396 32,728 22,140 9,567 6,589 2,823 2,451 72,980 51,195 4,230 5,209 5,617 6,729 1953 ,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 52,753 4,589 4,885 6.648 7,654 I9548 , 550 31,936 20,112 8,817 7.654 3,390 3,358 68,859 n.a. 4,666 4,668 n.a. n.a. Fiscal yr.—1951 ,439 24,095 14,388 8,693 5,839 2,531 2,107 45,804 26,038 4,052 5,980 4,458 5,276 1952 ,093 30,713 21,467 8,893 6,521 2,801 2,302 67,956 46,396 4,059 5,826 5,206 6,469 1953 ,344 33,370 21,595 9,978 6,858 2,694 3,151 76,561 52,843 4,658 4,920 6,124 8,016 1954 8 ,781 33,514 21,650 9,694 7,196 3,147 3,419 71,933 M8.164 4,633 4,947 P7.675 P6.514 Semiannual totals: 1952—Jan.-June 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 104 13,041 7,821 5,048 3,202 1,443 451 37,357 25,944 2,246 2,500 2,876 3,791 1953—Jan.-June 241 20,329 13,773 4,931 3,656 1,252 2,700 39,203 26,898 2,413 2,420 3,247 4,225 July-Dec 199 14,478 5.272 5,357 3,037 1 ,492 437 37,326 25,854 2,176 2,465 3,401 3,430 1954—Jan.-June8 582 19,036 16.378 4,338 4,165 1,648 2,982 34,689 n.a. 2,299 2,482 n.a. n.a. July-Dec 968 12,899 3,734 4,479 *3,490 1,742 376 34,170 n.a. 2,367 2,186 n.a. n.a. Monthly: 1953—Dec 339 2,059 1,938 856 256 299 69 6,294 4,318 901 423 586 66 1954—Jan 602 3,008 490 683 170 315 64 4,749 P3,670 170 393 697 P-181 Feb.* 530 4,355 469 741 1,093 177 306 5,302 P3,810 352 411 P674 P55 Mar 260 4,185 7,356 673 718 267 940 6,231 P3,878 563 428 P729 P634 Apr 036 1,791 763 735 378 277 907 5,303 P3.862 299 414 P718 May 882 2,875 397 787 1,188 251 616 6,228 P3,533 196 392 P692 June 265 2,859 6,903 797 616 240 150 6,881 P4,246 877 444 P763 P552 July 956 1,120 549 702 304 363 82 5,142 P3,158 152 194 P677 P961 Aug 375 2,985 302 760 1,177 220 69 7,788 P3,57() 314 381 P716 P2.8O7 Sept 280 2,936 1,108 722 371 204 60 5.364 P3.375 461 375 P718 P435 Oct 617 1 ,040 352 768 260 237 39 5,095 f'3,453 286 374 P760 P222 Nov 122 2,88 J 271 783 939 296 47 4,385 P3,383 328 419 P722 P-468 Dec 617 1,938 1,153 744 422 80 6,396 n.a. 826 443 n.a. n.a. P Preliminary. n.a. Not available. 1 Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to Treasury daily statement. Income taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement. 2Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 3Represents mostly nontax receipts. 4 Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 6Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. 6Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance and Government employees and Railroad retirement funds. 8Fiscal and calendar 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 II 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 3,135 368 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—Nov. . 369 390 57,806 339 270 36,509 29 120 21,297 2 55 6,204 Dec.. . 423 1590 157,710 381 309 36,663 42 1281 121,047 178 6,026 1954—Jan.. . 561 652 57,736 485 330 36,887 77 322 20,848 70 5,956 Feb.. . 515 496 57,797 422 308 37,029 93 188 20 769 68 5 887 Mar. . 602 525 57,902 474 347 37,175 128 179 20,728 306 5,581 Apr.. . 5il 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 Tuly. . 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 37.030 87 175 20.196 63 4 "66 Nov. . 466 453 58,186 384 P293 38,069 82 PI 60 20,118 62 4,704 p Preliminary. figures include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds. In accordance with Treasury practice all unredeemed bonds of this series were carried as outstanding interest-bearing debt until the entire series matured. 2Due to changes in Treasury processing, a large amount of redemptions of E bonds in June and July 1954 was not broken down as to issue price and accrued discount. Hence, the redemption figures include some accrued discount, which is being deducted in subsequent months. NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and series A-D, and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included in amount outstanding. JANUARY 1955 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s i l d d T g i e r o r o b e t s a t c s s l t Total Total Bills c e i C n a d e t d n e r e e t s i b s f o s i t - - f Notes B el a ig n i B k - ond B s r a e n - k b v C i o b e o n r l n d e t- - s Total5 b S i o n a n g v d s - s s i T a n a n a g v d x s - S is p s e u c e ia s l ble* stricted notes 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 ' '2*,47i 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 2^7,377 257,357 222,853 155,310 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—Dec 275,244 275,168 231,684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6,026 41,197 1954—Jan 274,924 274,849 231,623 154,631 19,512 26,386 31,419 63,916 13,398 11,976 65,017 57,736 5,956 41,009 Feb 274,859 274,782 231,466 154,500 19,510 25,278 26,866 74,171 8,675 11,957 65,009 57,797 5,887 41,070 Mar 270,312 270,235 226,821 150,081 21,013 19,377 26,787 74,134 8,674 11,932 64,807 57,902 5,581 41,002 Apr 271,127 271,047 227,806 151,104 22,014 19,377 26,809 74,230 8,674 11,910 64,792 57,967 5,500 41,049 May 273,555 273,475 229,913 153,325 22,019 18,577 31,923 72,133 8,674 11,899 64,690 58,025 5,344 41,367 June 271,341 271,260 226,681 150,354 19,515 18,405 31,960 71,802 8,672 11,861 64,465 58,061 5,079 42,229 July 271,005 270,984 226,528 150,342 19,512 18,405 31,964 71,790 8,671 11,857 64,329 58,005 4,993 42,152 Aug 274,982 274,955 230,214 154,020 19,508 18,277 31,967 75,596 8,671 11,853 64,341 58,078 4,929 42,479 Sept 274,838 274,810 230,033 153,963 19,510 18,184 32,001 75,597 8,671 11,820 64,250 58,088 4,829 42,407 Oct 278,786 278,752 234,161 158,148 19,509 18,184 36,188 75,597 8,669 11,787 64,226 58,126 4,766 42,238 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 4,701 42,351 Dec 278,784 278,750 233,165 157,832 19,506 28,458 28,033 76,129 5,706 11,767 63,565 57,672 4.548 42,566 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 528 million dollars on Dec. 31, 1954) and fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt, not shown separately. 3Includes amount held by Government agencies and trust funds, which aggregated 7,080 million dollars on Nov. 30, 1954. 4Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Field by the public gross U. S. Government End of month (i d n e c b lu t 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 a se n c te u e ri d - S is p s e u c e ia s l P is u s b u l e i s c Banks bankS2 banks p c a o n m ie s rations g m ov e e n r t n s - S b a o v n in d g s s se O cu th ri e ti r es i t n o v r e s s 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 5,4.00 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,600 8,900 1949—Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,800 8,100 49,300 17,000 9,400 1950—June 267,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,400 8,700 49,900 17,600 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 19,700 8,800 49,600 16,700 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 20,000 9,400 49,100 16,400 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,500 20,700 9,600 49,100 15,500 10,600 1952—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 19,100 10,400 49,000 15,400 11,600 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,100 20,400 11,100 49,200 15,500 11,700 1953—June 266,123 40,538 7,022 218,563 24,746 58,800 9,500 16,000 18,900 12,000 49,300 16,600 12,800 1953—Oct 273,452 40,888 7,078 225,486 25,348 62,800 9,300 15,900 21,000 '12,700 49,200 15,700 13,500 Nov 275,282 41,013 7,156 227,113 25,095 63,900 9,300 15,900 21,700 12,800 49,300 15,700 13,500 Dec 275,244! 41,197 7,116 226,931 25,916 63,700 9,200 15,800 21,500 12,900 49,300 15,600 12,900 1954—Jan 274,924 41,009 7,245 226,670 24,639 64,100 9,200 15,700 21,500 13,200 49,400 15,600 13,300 Feb 274,859 41,070 7,223 226,566 24,509 63,100 9,200 15,700 22,100 13,300 49,400 15,600 13,600 Mar 270,312' 41,002 7,203 222,107 24,632 60,900 9,200 15,600 19,700 13,600 49,400 15,600 13,500 Apr 271,127 41,049 7,151 222,927 24,632 62,500 9,200 15,600 19,100 13,800 49,500 15.200 13,500 May 273,555 41,367 7,182 225,006 24,812 63,500 9,200 15,500 1.9,500 14,100 49,500 15,500 13,500 June 271,341 42,229 7,111 222,001 25,037 63,700 9,100 15,300 16,800 14,300 49,600 14,900 13,700 July 271,005 42,152 7,081 221,772 24,325 64,800 9,000 15,100 '•16,800 14,300 49,600 14,500 13,400 Aug 274,982 42.479 7,032 225,471 24,023 67,000 9,000 15,100 '•I 8,500 14,400 49,700 14,300 13,300 Sept 274,838 42,407 7.042 225,389 24,271 67,100 8,900 15,100 18,600 14,400 49,700 14,000 13,400 Oct 278,786 42,238 7,047 229,501 24,381 70,000 8,900 15,100 19,100 14,500 49,700 14,100 13,700 '•Revised. 1 Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1954. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investorgroups are estimated by the Treasury Department. * 52 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outstanding December 31, 1954 [On basi3 of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasury bonds—Cont. Tan. 6, 195.5 . . 1,500 F M e a b r . . 2 1 2 5 , , 1 1 9 9 5 5 5 5 2 iy 1 8 7 3 , , 0 73 0 4 7 M M a a r r . . 1 1 5 5 , , 1 19 9 5 5 5 6 - - 6 5 0 8 3 . . . . . 2 2 ^ ? 2 1 , , 6 4 1 4 1 9 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 3 4 - - 6 6 8 9 . . .. . 2 .2' 2 3, , 7 8 5 2 4 6 J T a a n n . . 2 1 0 3 , , 1 1 9 9 5 5 5 5 . . . . 1 1 , , 5 5 0 0 0 0 A M u a g y . 1 15 7 , , 1 1 9 9 5 5 5 5 \ W Y% * 8 3 , , 4 88 8 6 2 S S e e p p t t . . 1 15 5 , , 1 1 9 9 5 5 6 6 - - 5 5 9 9 . * . . . . 2 2 ^ \ 3,8 9 2 8 2 2 D M e a c r . . 1 1 5 5 , , 1 1 9 96 6 5 4 - - 7 6 0 9 . . . . . . 2 2 3 4 , , 8 7 3 1 0 8 Jan. 27, 1955. . 1,500 Dec. 15, 1955 1M 5,350 Mar. 15, 1957-59. . .2^ 927 Mar. 15, 1966-71. ..2 2,961 Tune 15, 1958 2^ 4,245 June 15, 1967-725..2' 1,888 F F e e b b . . 1 3 0 , , 1 1 9 9 5 5 5 5 . . . . 1,5 5 0 0 1 1 T M re a a r s . u 1 r 5 y , n 19 o 5 t 5 e s 114 5,365 J D u e n c e . 1 1 5 5, , 1 1 9 95 5 8 8 -634. >2 2 £ \ 2,3 9 6 1 8 9 S D e e p c. t . 1 15 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . 5 . .. . 2 2 • 2 3, , 8 7 1 1 9 6 Feb. 17, 1955. . 500 Dec. 15, 1955 1% 6,854 June 15, 1959-62. . .2^ 5,277 June 15, 1978-83...3li 1,606 Feb. 24, 1955 . . 500 Apr. 1, 1956 \¥t 1,007 Dec. 15, 1959-62. . .2\ 3,465 Oct. 1, 1956 1 550 Nov. 15, 1960 2J 3,806 Postal Savings Mar. 3, 1955. . 500 Mar. 15, 1957 2,997 Dec. 15, 1960-65*. .2^ 1,485 bonds 2H 35 Mar. 10, 1955. . 500 Apr. 1, 1957 1 531 Sept. 15, 1961 2£ 2,239 Panama Canal Loan. .3 50 Mar. 17, 1955. . 501 May 15, 1957 1 4,155 Nov. 15, 1961 2J 11,177 Mar. 24, 1955. . 1,502 Oct. 1, 1957 1 824 Aug. 15, 1963 2} 6,744 Mar. 31, 1955. . 1 ,501 Apr. 1,1958 i; 383 June 15, 1962-67...2) 2,116 Convertible bonds Oct. i, 1958......1 121 Investment Series B Feb. 15, 1959 1 5,102 Apr. 1, 1975-80. . .2M 11,767 Apr. 1, 1959 1 119 Oct. 1, 1959 1 25 J Sold on discount basis. See table on Money Market Rates, p. 47. 2 Tax anticipation series. ;J Partially tax-exempt, called for redemption. 4Partially tax-exempt. ^Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable and Convertible Direct Public Securities [Par value in millions of dollars] U.S. U.S. End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e H e a e r r n e a d v - k l - e s b C m c a o i n e a m r k l - s - M t s in u a g a v u l s - - c I o n m su p r a a n n i c e e s Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e R e a e r r n e a d v k - l - e s b C m c a o i n e a m r k l - s - b M t s i a n u a n g a v u k l s - - s c I o n m su p r a a n n i c e e s Other 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 1Q53 June 159,675 6,899 24,74651 3658 8169 3474 80853 694 Dec 12,500 3 438 185 1 3523 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 1 X Q wW SJ x 4 T U S U e , i , l c nOe t ' • • • • 1 1 0 6 5 2 , , 7 2 8 1 3 6 6 6 , , 9 9 1 8 6 5 2 2 4 5 , , 2 0 7 3 1 75 5 6 9 , , 1 4 9 1 9 3 8 8 , , 3 2 5 3 3 3 8 8, , 4 6 2 6 8 7 4 4 , , 9 85 0 4 6 5 53 2 , , 6 1 1 2 6 1 1954— D Ju e n c e 1 1 1 1 ,8 9 6 8 1 9 3 3, , 4 4 3 3 9 9 1 1 6 6 8 5 1 1 , , 2 2 6 6 4 5 2 2 ^ 8 9 7 3 6 5 3 3 2 1 8 7 3 3 , 8 80 5 0 4 Oct 169,935 6,921 24,38162,150 8,205 8,357 4,993 54,927 . Sept 11,820 3,439 165 1,250 2,867 306 3,793 Treasury bills? Oct 11,787 3,439 165 1,247 2,865 306 3,766 1952—June 17,219 41 381 5,828 103 504 92 10,268 Marketable secu- Dec 21,713 86 1,341 7,047 137 464 119 12,518 rities, maturing: 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 Within 1 year Dec. 19,511 102 2,993 4,368 126 410 109 11,402 1952—June 45,642 101 12,202 12,705 223 581 470 19,360 1954—June 19,515 46 2,316 4,187 98 520 101 12,248 Dec 56,953 133 14,749 16,996 263 532 733 23,547 S O e c n t t 1 1 9 9 , , 5 5 0 1 9 0 4 6 3 2 1 1 , , 5 6 4 6 9 0 4 4 , , 9 8 6 9 2 0 9 7 5 3 4 4 6 5 0 3 1 1 1 1 8 5 1 12 2 , , 2 2 5 8 6 2 1 19 9 5 5 3 4 — -J D J u u e n n c e e 6 7 6 4 0 3 , , , 5 1 2 8 2 3 9 3 5 1 1 1 0 6 7 7 3 5 1 1 1 6 6 5 , , , 2 9 5 7 8 0 2 0 5 2 1 1 5 7 9 , , , 0 6 5 6 8 8 2 4 0 4 4 2 7 9 7 6 4 5 3 4 5 9 6 3 0 8 7 1 1 , , 0 0 6 8 6 5 2 1 2 2 2 2 4 7 9 , , , 5 3 0 6 9 2 8 3 3 Ce 1 rt 9 i 5 fi 2 c — ate D J s u e : n c e 2 1 8 6 , , 4 71 2 2 3 2 6 7 0 1 5 1 , , 0 8 6 2 1 1 4 6 , , 7 87 9 7 1 1 3 2 7 0 5 7 6 6 3 31 7 7 8 9 6 , , 0 42 9 4 2 S O e c p t t 6 6 0 0 , , 4 44 4 1 2 9 9 3 2 1 1 5 5 , , 5 6 2 3 1 2 1 1 7 7 , , 9 8 7 2 2 2 2 2 9 5 0 5 4 46 8 6 5 6 6 3 3 9 1 2 2 5 5 , , 4 5 4 4 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 O Se c p t t 1 1 8 8 , , 1 1 8 8 4 4 1 4 9 6 6 , , 6 6 0 0 0 0 4 4 , , 1 0 . 3 7 5 8 6 5 6 2 6 1 1 1 5 5 4 1 7 7 , , 1 3 6 4 1 0 1 1 9 9 5 5 3 4 — — D J J u u e n n c e e 3 2 2 2 9 7 , , , 3 3 9 6 3 6 7 0 5 2 1 1 5 0 9 2 5 2 6 6 6 , , , 4 1 3 5 5 0 5 2 7 1 1 1 8 6 4 , , , 3 0 6 4 5 2 4 6 4 4 4 4 6 3 7 4 1 6 1 1 1 2 0 5 3 9 5 9 9 8 1 8 9 4 0 0 5 5 5 , , , 4 8 3 3 0 9 0 8 5 Tre 1 a 9 s 5 u 2 r — y D J n u e o n c t e es: S 1 O 8, , 9 2 6 6 3 6 1 2 6 1 5 3 , , 5 7 6 7 8 4 1 1 0 0 , , 4 9 3 5 1 5 4 4 2 9 5 8 3 4 2 8 7 6 4 2 , , 9 58 7 7 8 S O e c p t t 3 3 6 2 , , 4 2 4 5 0 3 1 1 4 6 9 0 6 6, , 3 3 2 2 1 12 1 0 8 , , 9 1 1 2 8 3 4 5 7 2 5 9 1 1 7 6 0 6 1 1 , , 0 0 8 0 9 4 6 7 , , 0 2 1 5 5 3 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 O Se c p t t 3 3 2 6 , , 0 1 0 8 1 8 6 7 7 8 1 1 3 3 , , 0 02 2 9 91 1 4 1 , , 2 42 1 9 4 2 1 4 9 8 5 7 6 0 6 5 6 9 9 3 1 6 7 , , 6 8 2 5 2 7 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 9 2 1 4 2 8 1 1 1 , , , 3 0 3 7 7 3 4 4 5 1 1 8 8 0 , , , 7 7 0 4 7 5 1 2 1 1 1 1 , , , 3 3 3 8 1 9 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 5 6 , , , 2 7 8 1 1 6 1 5 1 Ma 1 r 9 k 5 e 2 t — ab D J le u e n b c e onds:1 7 79 5 , , 8 8 9 0 0 2 2 3, , 0 9 4 2 6 8 4 4 , , 4 5 2 2 2 2 3 32 0 , , 8 7 4 1 9 0 7 7 , , 1 2 6 2 5 1 5 5, , 8 8 0 5 7 5 3 3, , 4 0 2 8 9 7 2 23 1 , , 0 5 7 8 2 0 O Se c p t t 2 2 9 9, , 5 5 4 4 4 5 4 4 8 8 2 8 1 1 , , 0 0 1 1 4 4 1 1 7 8 , , 9 0 5 2 9 7 1 1 , , 3 3 6 8 8 5 4 4 4 4 0 5 1 1 , , 6 6 2 1 0 4 6 6 , , 6 6 3 0 5 0 1953-June 81,349 3,300 4,52232,066 7,232 5,855 3,484 24,890 After 10 years: Dec 77,327 3,377 3,66730,671 6,820 5,686 3,418 23,688 1952—June 34,698 2,496 2,109 5,544 5,537 5,301 1,652 12,059 1954—June 80,474 3,395 3,09335,481 6,669 5,164 3,641 23,032 Dec 31,081 2,464 1,415 5,207 5,091 4,870 1,361 10,673 O Se c p t t 8 8 4 4 , , 2 2 6 6 8 6 3 3 , , 3 34 3 9 6 3 3 , , 0 0 9 9 3 33 3 8 8 , , 8 67 4 9 6 6 6 , , 5 6 8 2 5 7 4 5 , ,0 9 2 6 8 8 3 3 , , 7 7 3 3 4 0 2 2 3 3 , , 7 75 0 8 8 1 19 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 4 2 6 0 3 5 1 1 1 , , , 4 4 4 1 1 1 5 5 5 4 4 4 , , , 4 5 9 8 9 8 8 5 5 5 5 4? , , 1 9 0 6 3 3 7 0 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 , , , 7 6 7 3 2 1 4 1 6 Sept 31,724 2,748 1,415 5,193 4,834 4,466 1,337 11,731 Oct 31,722 2,748 1,415 5,218 4,806 4,416 1,353 11,766 * 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. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES ] [Estimates, in millions of dollars] Gross proceeds, all issuers > Propo a s ll e d c o u r s p e o s r o a f te n i e s t s u p e ro rs c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total State Bonds Mis- t R ir e e - - m ti e re n - t G m U o e v . n e S t r 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 5 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 - d k C s m t o o o m c n k - Total m N on ew ey7 p l p a c o o u e n u s l r e s e - - - s d m b e e t a o e c b n f n . k t s t , s ri e o t c i f e u s - 1938 5,926 2,480 115 1,108 69 2,155 2,044 1,353 691 86 25 003 681 7 215 1 ,206 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 325 26 69 1 695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 76? 569 19 174 854 1941 15,157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1 ,040 868 28 144 1 583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 138 396 1943 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 52,424 1 661 22 3,202 2.670 1,892 778 369 163 7SS 657 47 49 ',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 1,126 891 880 3,279 231 379 2.868 1947 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 11S 4,591 168 356 1 3S2 1948 .. 20,250 10,327 2,690 156 7,078 5,973 2,963 3,010 492 614 6, 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,434 2,455 424 736 5 SS8 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,J90 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7, 6,531 36.3 486 1952.. 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1 ,369 8 716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8 49 S 7,960 535 260 1953—Nov 3,506 2,610 411 27 459 353 95 258 37 69 429 406 23 22 Dec 2,736 423 777 57 1,478 1,385 1,057 327 43 51 1,438 1,413 25 26 1954—Jan 1,655 561 399 123 571 462 284 178 20 90 •544 531 13 18 Feb 1.386 515 414 1 456 366 178 188 27 63 439 410 29 9 Mar '•1,961 602 '570 63 726 513 226 286 69 144 660 590 70 53 Apr 1,947 511 71 735 1 628 408 216 192 110 111 486 471 16 129 May 4,386 2,669 80 783 5 850 647 424 224 130 73 6S? 614 38 183 June 2,438 523 855 4 1,057 808 343 465 131 118 859 812 47 182 July 2,151 508 * 123' 280 3 1,237 1 ,077 71.4 363 74 87 898 853 45 325 Auj? 1 298 546 300 8 443 369 166 204 44 30 310 36 91 Sept 2,131 464 652 2 1 ,014 893 581 312 59 62 777 749 27 224 Oct ••6.437 4,611 184 til 5 2 1 ,025 708 470 239 52 264 751 144 114 Nov.... 1,298 466 432 4 396 296 116 179 34 66 262 211 51 126 Proposed uses of net proceeds, by major groups o:corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd ea f l i n e a s n ta c t i e al Year or month T c p e n o r e e o t d t a - s l i N c t a a e p w l - " m R e e n ti t r s e 1 - 0 T c p e n o r e e t o d a t - s l i N c t a a e p l w * - m R e e n ti t r s e i - 0 T c p n e o r e e o t d a t - s l i N c t a a e p l w - 9 m R e e n ti t r s e i - ° T c p n e o r e e t o d a t - s l N i c t a e a p w l - ' m R e e n ti t r s e 1 - (l T c p e n o r e e o t d t a - s l N i c t a a e p l w - 9 m R e e n ti t r s e l - 0 T c p e n o r e e o t d a t - s l N i c t a a e p l w - 9 m R e e n ti t r s e 1 - 0 1948 2,180 2,126 54 403 382 21 748 691 56 ?,150 S.005 144 891 890 2 587 557 30 1949 1,391 1,347 44 338 310 28 795 784 11 ?,276 2.043 ?33 567 517 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 1 462 56 490 437 53 41?, 5 326 85 605 600 5 515 449 66 1952 3,973 3,712 261 536 512 24 983 758 225 2,626 .539 88 753 747 6 5081 448 60 1953 2,218 2,128 90 542 502 40 5S9 553 36 972 2.905 67 874 871 3 1,561 1,536 24 1953—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 L6 50 48 2 65 65 276 26 26 12 12 February 52 51 26 ! 25 1 43 36 7 269 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 73 26 26 51 27 25 May 204 196 8 44 42 2 20 20 501 3?8 173 40 40 26 25 1 June 305 284 21 88 84 4 37 37 442 38? 60 9 9 159 63 97 July 528 524 4 96 64 33 97 66 31 310 181 129 2 2 190 61 128 A Se u p g t u e s m t ber.. 1 15 2 2 3 1 1 0 3 6 5 1 1 6 7 6 6 1 2 4 6 5 0 1 1 7 1 5 6 1 3 5 3 1 8 125 2 1 4 5 8 9 1 1 0 7 4 3 5 75 5 32 2 8 7 32 2 6 7 ""2' 4 1 S 0 4 1 5 3 3 3 October.... 191 185 6 213 197 16 47 22 25 248 188 60 93 93 217 20ft 8 November.. 64 61 3 1.12 108 4 57 6 51 53 39 14 77 23 ••54' 25 24 1 r 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 3Includes issues guaranteed. 4 Issues not guaranteed. 6Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7Includes proceeds for plant and equipment and working capital. 8Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. includes all issues other than those for retirement of securities. 10Retirement of securities only. Source.—Securities and Exchange Commission. 54 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 38,34137,94845,35152,44453,90562,665 15,739 16,566 15 45914,902 14.233 14,776 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.):1 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 29,35733,77434,99742,390 10,745 11,450 10,377 9,817 9,272 9,804 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 Profiti5 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 1,434 1,471 1,461 Profits before taxes 674 693 1,133 1,42.1 1,200 1,260 360 346 330 224 272 271 267 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.): S^les 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 faxes 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 2,048 648 714 451 235 434 532 299 639 861 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 Profits before taxes 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 Telep O h p o e n r e a : t ping 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 Profits after taxes 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 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). JANUARY 1955 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks q Y u e a a r r t o er r P b 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 t o er r New Retire- Net New Retire- Net New Retire- Net taxes taxes taxes dends profits issues ments change issues ments change issues ments change 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 1941 17.0 7.6 9.4 4.5 4.9 1943 24.6 14,1 10.5 4.5 6.0 1947 6,882 2,523 4.359 s 01 S ? 011 3,004 1,867 512 1,355 1945 19.0 10.7 8.3 4.7 3.6 1948 7,570 1,683 s 887 5,938 1 ?83 4,655 1,632 400 1 ?3? 1 1 9 9 4 4 7 8 3 2 2 9. . 5 8 1 12 1 . . 5 3 2 1 0 8. . 2 3 6 7 . . 5 2 1 1 3 1. . 7 0 1 1 9 94 5 9 0 6 7 , , 7 2 3 2 1 4 3 1 , , 5 87 0 5 1 4 H 8 7 S ?4 6 4 4. ,8 8 6 06 7 7 1 8 s 0 m ? 3 2 , ,0 2 0 8 4 4 2 1 , ,8 4 6 1 4 8 2 6 9 9 2 8 1 1,7 5 2 7? 0 1949 26.2 10.4 15.8 7.5 8.3 1951 9,048 2,772 6 277 5,682 2 105 3,577 3,366 666 2,700 1950 40.0 17.8 22.1 9.2 12.9 1952. 10 679 2 751 7<m 7 344 0 •103 4,940 3,335 348 ? 987 1951 41.2 22.5 18.7 9.1 9.6 1953 9,550 2,428 7 1?1 6 1 896 4,755 2,898 533 ?.,366 1 1 1 9 9 95 5 5 4 2 3 1 3 3 30 5 7 . . 2 0 4 2 2 1 1 0 7 . . 0 2 1 1 1 1 7 8 7 . . . 8 2 3 9 9 9. . . 4 9 1 8 8 8 . . . 0 1 9 1953— 4 3 . . . . . . 2 1 , ,8 4 6 5 1 5 5 6 3 3 2 9 1 13 81 2 6 8 1 1, ,7 3 8 1 5 3 4 5 1 0 9 8 1,2 8 7 9 7 4 5 6 4 7 8 0 1 1 3 1 1 3 4 53 3 9 5 1954—1. .. 2,700 977 1 724 1,619 758 862 1,081 219 862 1953— 3 4 2. . . 4 4 3 1 2 0 . . . 9 5 9 2 2 1 1 2 7 . . . 5 9 4 1 1 1 9 9 5 . . . 5 0 1 9 9 9 . . . 5 3 6 1 9 5 0 . . . 5 5 2 3 2 . . . . . . 3 2 , ,8 0 5 2 8 7 1 1 , ,1 3 3 1 9 4 1 1 7 7 1 1 < 4 > 2 1, , 3 8 1 6 4 3 9 84 3 7 8 1 1 , 3 ,0 7 1 7 6 9 7 9 1 . 3 S 3 29 7 2 6 3 7 3 0 7 3 1954—1. . 34.5 17.0 17.5 9.6 7.9 1 Reflects cash transactions only. As compared with data shown on o. 54, new 2 34.5 17.0 17.5 9.6 7.9 issues exclude foreign and include investment company offerings, sales of securities 3 34.2 16.8 17.4 9.8 7.6 held by affiliated companies or RFC, special offerings to employees, and also new 4 * ... 37.0 18.2 18.8 10.4 8.4 stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal 1 Preliminary estimates by Council of Economic Ad- funds or with proceeds of issues for that purpose shown on p. 54. visers. Source.—Securities and Exchange Commission. Source.—Department of Commerce. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y te e r ar w c o a N p rk e it i t a n l g Total Cash er U G n . o m v S e - . nt Not r e e s c e a i n v d ab a l c e cts. I t n o v ri e e n s - Other Total Note p s a a y n ab d l e accts. F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v S t. . 2 Other liabilities 1939 24.5 54 5 10.8 2.2 .0 22 1 18.0 j 4 30 0 0 21 9 1.2 6.9 1941... 32.3 72.9 13.9 4.0 .6 27.4 25.6 L.4 40 7 8 25 6 7.1 7.2 1943 42.1 93.8 21.6 16.4 5,0 21.9 27.6 L.3 51.6 22 24 1 16.6 8.7 1945 51.6 97 4 21.7 21.1 2.7 23 2 26.3 I 4 45 8 9 24 8 10.4 9.7 1947 62.1 123.6 25.0 14.1 3*.3 44.6 L.6 61 5 37.6 10.7 13.2 1948 68.6 133 0 25 3 14.8 42 4 43 9 L 6 64 * 39 3 11 .5 13 5 1949 72.4 133 1 26.5 16.8 43 0 45.3 L 4 60 7 37 5 9.3 14.0 1950... *81 6 161.5 28.1 19.7 1.1 55.7 55.1 I 7 79 8 4 47 9 16.7 14.9 1951 86.5 179 1 30 0 20.7 2 7 58 8 64 9 2 1 92 6 I 3 53 6 21.3 16 5 1952 90 1 186 2 30.6 20.4 2.8 64.7 65.4 2.4 96 1 2 3 57 8 17 7 18.3 1953 92.6 189 7 30.7 21.5 2.6 65 0 67.5 2 4 97.1 2 2 57 3 18.7 18.9 1954—i 92.9 183.3 27.8 19.7 2.8 63.2 67.3 2.5 90 4 2.5 53.9 14.9 19.1 2 rC)4 2 rl79 6 '28 9 16.8 2.4 r63 4 r65.5 2 6 r$5 4 2 4 r~>2 5 Ml .7 M8 8 3 95.3 183.9 30.1 18.6 2.3 65.2 65.1 2.7 88.6 2.6 53.0 13.6 19.4 rRevised. "Corrected. 1 Excludes banks and insurance companies. 2Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT ' [Estimates, in millions of dollars] Trans- Manu- Transporta- factur- porta- Manu- tion Public Com- tion Public All Year Total factur- Min- Rail- other utili- muni- Other2 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_1. e m 6,339 2,972 650 925 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 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—1 6,240 2,864 608 910 1,859 1949 19 285 7,149 792 1,352 887 3 125 1,320 4 660 2 6 918 3 198 600 1 108 2 01S 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 1,312 1.464 4,548 7,778 19544 26,682 11,240 1,021 848 1,408 4,209 7,955 1 Corporate and noncorporate business, excluding agriculture. 2Includes trade, service, finance, and construction. 3 Includes communications and other. 4 Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 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 ]Vonfarm Farm E o n r d q o u f a r y t e e a r r h A e o r l l d s l - t F u i i n c t n i i s a o a t l i n n - - s S F e a e c l g d e i e e e c n h r s t O e a - o d l l t d h v e e o i r r I d a s t n h u n d e a d i r l - s s h A e o r l l s d l - T 1 o - t a to l 4- t F f u i a i n c m t n i i s o a a i t l i l n n y - - s ho O h u e o s th r e l s d s e - r c T o o m t M a m l u e l r ti c t - F i u f i a i n a c t n l i m i s o a a t p i l n i n r - l - s y o p a e O n r h t d e o t i h r e l s d e s - 1 r h A e o r l l s d l - t F u in i c t n i s i o a a ti l n n - s - h O ol t d h e e r r s3 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 23 .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 Tune .. . 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 Tunep 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 BANKS1 [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings4 Nonfarm Nonfarm End of year or quarter Total Residential3 Residential3 Farm Total Farm Total Other Total Other FHA- VA- Con- FHA- VA- Con- Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 4,340 3,292 1.048 566 4,812 4,784 3,884 900 28 1942 4,746 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943 4,521 4,058 3,256 802 463 4,420 4,395 3,558 837 25 1944 4,430 3,967 3,218 749 463 4,305 4,281 3,476 805 24 1945 4,772 4,251 3,395 856 521 4,208 4,184 3,387 797 24 1946 7,234 6,533 5,146 1,387 702 4,441 4,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5,569 L.099 37 1950 . .. 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 1,164 44 1951 14,732 13,728 11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 14,809 12,188 3,675 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 15,000 12,320 3,719 3,010 5,591 2,680 1.080 11,680 11,630 10,165 3,230 2,395 4,540 1,465 50 June 16,387 15,283 12,545 3,798 3,013 5,734°-2.738 1,104 12,112 12,062 10,574 3,325 2,590 4,658 L,488 50 September 16,640 15,550 12,770 3,860 3,040 5,870 2,780 1,090 12,500 12,450 10,930 3,405 2,785 4,740 1,520 50 December 16,850 15,768 12,925 3,912 3,061 5,951 2,843 1,082 12,943 12,890 11,334 3,489 3,053 4,792 1,556 53 1954—March? 16,970 15,870 12,955 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 TuneP 17,366 16,227 13,220 3,960 3,116 6,144 3,007 1,139 13,881 13,826 12,181 3,659 3,579 4,942 1 645 55 September* 17,970 16,810 13,690 4,105 3,230 6,355 3,120 1,160 14,415 14,360 12,665 3,770 3,830 5,065 1,695 55 pPreliminary. 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. 4Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies, Comptroller of the Currency, and Federal Reserve. 57 JANUARY 1955 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 V n u t A a e r e - - d Other Farm 1940 5,972 5,073 668 899 1941 6,442 5,529 815 913 1942 . 898 6,726 5,830 1 096 896 1943 855 6,714 5,873 1,286 841 1944 935 6,686 5,886 1,408 800 1945 976 6,636 5,860 1,394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4 876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5 538 895 1948 \ 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11.768 3,454 1 224 7 090 i,138 1950.o 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1 1 9 9 5 5 2 1 3 5 , ,1 9 3 7 4 8 3 4 , , 6 7 0 23 6 1,0 8 5 6 8 4 1,2 4 9 2 4 9 2 2 , , 3 3 1 7 3 1 4 37 1 2 1 2 1 1 9 , . 2 3 5 1 1 4 1 1 9 7 , , 5 7 4 8 6 7 55,,628517 3 3 ,3 1 4 3 7 1 1 9 0 ,5 3 1 9 8 9 1 1 , , 5 7 2 0 7 5 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1953—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 3 509 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 4-7 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 4-8 85 185 24 24,174 22,212 6,088 3 804 12 3?() 1 962 June 451 410 60 100 250 41 24,384 22,403 6,091 3,886 Y> 426 1,981 A jU u ly gust 4 4 2 6 1 4 4 3 3 9 5 3 5 5 3 1 1 9 3 8 3 2 2 4 4 9 4 2 2 8 9 2 2 4 4, , 5 7 7 9 2 5 2 2 2 2, , 5 7 7 8 5 6 6 6, 1 0 0 9 0 5 4 3 0 95 4 1 8 1 1 2 2 5 6 ? 3 Q 8 2 1 0 9 0 9 9 7 September 484 450 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 November.. 571 538 80 183 275 33 25,574 23,540 6,133 4.451 12,956 2,034 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 ,4GTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)" Amount, by type of lender Average Y m e o ar n t o h r Total s N c t t i r o o e u n n w c - - H c p h o u a m r s - e e p O p o t u s h e r e - s r 1 Totals F su H in r A e - d - a g n V u te A a e r - - d ti C v o o e n n n a - - l8 a Y ao o e n r a t r h N b u e m r - Total i a n S l s o g s a a s n v n s - & . p I c a n a o n s n m c u ie e r - s - b C m c a o i n e a m k r l - s - M b s i u a n a n t g v u k s - a s l Other a c m o l ( a d r r e r o d o s - u e l ) - d nt 1940 1,200 399 428 375 4,125 1940 1,456 4,031 1,283 334 1,006 170 1,238 2,769 1941 1,379 437 581 381 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 190 574 287 4,583 1942 1,351 3,943 1,170 362 888 166 1,359 2,918 1943 l|l84 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 . . 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945. 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 . 2,567 11,729 3,650 847 3,004 597 3,831 4,570 1948 3,607 1,048 1,710 851 10,305 563 2,397 7,3451948 2,535 11,882 3,629 1,016 2,864 745 3,828 4,688 1949 3,638 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,648 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950 3,032 18,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 ..... 5,250 1,657 2,357 1,238 15,520 864 3,125 11,5301951 2,878 18,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2,955 1,557 18,336 904 3,385 14,0471952 3,028 18,018 6,452 1,420 3.600 1,137 5,409 5.950 1953 7,767 2,475 3,488 1,804 21,882 1,044 3,961 18,8771953 3,164 19,747 7,365 1,480 31680 1,327 5,895 6,241 1953-Nov... 588 190 285 131 1953-Nov... 245 1,549 564 114 290 113 468 6,311 Dee.... 584 187 259 138 21,882 1,044 3,961 16,877 Dec... 255 1,622 589 126 291 128 508 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 1,784 666 124 335 103 558 6,339 Apr.. . 732 257 298 177 Apr. . 280 1,793 669 130 333 112 550 6,411 May... 728 254 301 173 May... 278 1,805 675 124 330 118 558 6,484 June... 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 2,086 770 186 369 138 643 6,684 Sopt... 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 Nov... 807 298 357 172 Nov 307 2,148 757 177 399 147 667 7,004 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. aPrior to 1948, data are not avaMable for classifications shown. 'Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 58 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 p e N r r m t o e i w o p es r - tga i e p g s E r r t e t o i x i s n p e - g s - g m P t e a y r o c g o p r t e - j e t s - - 1 p l P m o e r i r a m r o e o t n v n y p - s e t - 2 - Total e p N r r m t o e i w o p es r - tga 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 l p n i t a o e d i n r r - 2 q y E u e n a a d r r t o o e f r r Total Tota u l nde F r H i w n A - ri - tten g V u A ar - - t C i v o e o n n n a - - l sured anteed 1939 925 925 486 208 52 179 1940 991 991 588 175 13 216 1939 16.3 1.8 1.8 14.5 1941,, 1,152 1,152 728 183 14 228 1940 17 3 2 3 2*3 15 0 1942 1,121 1,121 766 208 21 126 1941".'. '.'.'.".', '. 18^4 3^0 15!4 1943 934 934 553 210 85 86 1942 18 2 3 7 37 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 4j .2 14.2 1947 5,074 t,788 477 418 360 534 3.286 1946 23! 1 6\1 3 j 7 2.4 17.0 1948 5,222 3,341 1.434 684 609 614 i!881 1947 28^2 9.3 3 g 5 ] 5 18.*9 1949. 5,250 3-826 1,319 892 ir021 594 l|424 793 629 3 1948 33.3 12!s 5^3 7*2 20!8 1950......... 7,436 4,343 ? ,637 856 1,157 694 3,073 1,865 1,202 5 1949 37.5 15!o 6.9 8.1 22.5 1951 6,834 3,220 1,216 713 582 708 3f614 2,667 942 6 1950 45.1 is! 9 8!6 io!3 26!2 1952 5,830 3,113 969 322 848 2.721 1,824 890 6 19s)! 51! 9 22 9 g 7 13 .2 29 0 1953 6.946 3,882 1,259 1,030 259 1.334 3,064 2,045 1,014 6 1952 . . 58'. 7 25 4 10 8 14 6 33.3 1953—Dec 556 304 110 63 15 116 252 170 82 .4 1953 66.3 28.1 12.0 16.1 38.2 1954—Jan. . .. 512 265 117 66 12 69 247 174 73 4 1952—Mar. . 53.3 23.5 9.9 13.6 29.8 Feb. . 488 221. 94 60 13 54 267 188 79 .4 June.. 55.1 24.0 10.1 13.9 31.1 Mar. 471 246 95 67 16 69 225 160 65 A Sept,. 57.0 24.7 10.4 14.3 32.3 Apr.. 493 245 83 70 17 76 248 163 85 .8 Dec... 58.7 25.4 10.8 14.6 33.3 May. 512 243 74 72 25 71 269 171 98 ,3 June . 579 270 86 79 24 82 309 200 109 .3 1953—Mar... 60.4 26.1 11.1 15.0 34.3 July. 531 238 75 79 14 70 293 178 115 .3 June.. 62.5 26.7 11 .4 15.3 35.8 Aug.. 680 262 72 79 40 71 418 251 167 .2 Sept... 64.6 27.5 11.7 15.8 37.1 Sept. 679 269 77 59 33 101 410 252 157 ,5 Dec.. . 66.3 28.1 12.0 16.1 38.2 Oct.. . 770 252 80 74 9 89 518 307 211 A Nov.. 760 266 91 92 7 76 494 304 189 .5 1954—Mar.*. 67.7 28.8 12.2 16.6 38.9 June P. 70.0 29.7 12.4 17.3 40.3 Sept.". 72.6 30.5 12.6 17.9 42.1 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2FHA-insured property improvement loans are not ordinarily secured by mortgagee ; VAguaranteed alteration and repair loans of $1,000 or less need aot be secured,whereas those P Preliminary. for more than that amount must be. NOTE.—F01- total debt outstanding, figures for 3 Prior to 1949,. data are not available for classiftcations shown. first three quarters are Federal Reserve estimates. NOTE.—FHA-insured loans reoresent eross amount of insurance written; VA-guar- For conventional, figures are derived anteed loans, gross amount of loans closed. Figures do not take account of principal repay- Sources.—Home Loan Bank Board Federal Housments on previously insured oi guaranteed loans. For VA-guaranteed loans, amounts by ing Administration, Veterans Administration, and Sype are derived from data on number and average amount of loans closed. Federal Reserve. Sources.—Federal Housing Administration and Veterans Administs•alien, FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY 1 FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Advances outstanding E o n r d m o o f n y t e h ar A m f c u i u u i o z t n t n h e m t d - d e o - s d r- 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 s A e a e r - - d ( c p M d p h e g u a r u o a i r s r g r o i - e t e n 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 ts y- Tota ( l end S t o h e f o r r p m t e 1 - riod L t ) o e n r g m - 3 1 1 1 5 1 1 9 . 9 9 9 9 9 5 4 5 5 5 4 3 9 2 1 0 8.. 1, 8 5 9 6 5 0 6 4 2 1 5 8 1 8 8 8 0 5 2 2 £ 1 , , , , 2 4 8 3 8 1 5 4 6 4 2 9 0 2 2 7 8 9 4 2 3 6 1 1 0 2 0 2 8 6 3 1 4 0 8 9 1 1 1 1 , , , , 4 1 8 9 6 2 1 4 2 4 7 5 1 1 2 6 8 1, 6 6 5 5 1 0 7 7 4 3 9 4 2 7 2 8 8 4 4 2 1 6 2 2 5 1 9 1 0 6 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 5 5 5 6 7 8 0 9 1..... 2 3 3 3 4 2 6 5 2 7 2 7 5 6 1 9 8 3 5 6 0 2 2 2 2 4 3 2 3 1 0 3 8 9 3 1 3 9 3 0 2 7 2 4 4 5 8 8 1 3 9 1 3 1 0 9 3 3 5 6 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 1 5 0 6 9 1 0 7 8 2 9 8 9 9 1953— D N e o c v e e m m b b e er r .. . 5 5 5 5 2 0 2 2 . ,4 49 6 0 2 6 5 2 9 1 4 1 1 , ,8 8 4 9 1 6 4 3 2 0 5 6 9 1 1 1 9 9 5 5 2 3 5 6 8 7 6 4 5 61 2 1 8 8 9 6 5 4 2 5 6 6 3 5 4 2 3 9 1 9 7 1954— F J e a b n r u u a a r r y y .. . . . 5 5 5 4 0 2 2 2 , , 4 4 3 2 4 4 6 64 2 1 5 1 1 , , 8 7 0 8 9 3 3 4 7 7 5 5 7 0 1953— D N e o c v e e m m b b e er r . . 7 7 9 1 2 1 5 4 8 9 6 5 5 2 5 6 8 3 9 4 3 2 1 7 7 6 J J O N A A S M M u u e p c u o l n a a p t y r g v y e r o i t u c e l e b h s m m e t . r b b e . e . r r . . . 6 6 5 5 5 5 5 5 7 3 9 4 7 6 3 3 8 1 4 0 0 0 9 9 2 2 2 2 2 2 2 2 2 , , , , , , , , , 3 3 3 3 3 2 3 2 3 6 9 5 6 7 9 6 9 0 2 6 5 8 1 9 6 9 i 6 6 6 7 7 7 7 7 7 7 5 5 3 4 2 6 8 0 3 2 3 3 5 4 7 0 0 1 1 1 1 1 1 1 1 1 , , , , , , , , , 6 6 6 6 6 6 6 6 7 2 1 3 4 0 2 1 1 1 2 6 2 7 1 3 8 9 3 1 3 3 4 3 3 5 5 5 2 9 3 9 8 8 0 0 0 0 1 2 9 3 3 3 3 1 0 1 3 8 7 0 9 7 1 8 9 1954— S J A F J A M M J u e u e a u p a a p n b n l g r y r t e i y u r u e c l u a h s . m a t r . y b . r . . y e . * r . . . . . 1 2 3 3 2 5 6 5 0 1 6 6 5 8 3 9 9 6 5 2 8 3 3 3 2 8 5 3 9 8 3 1 8 6 4 1 9 8 6 6 6 6 6 6 6 7 6 1 7 7 5 5 8 3 0 3 3 7 5 9 1 9 0 8 0 4 4 3 3 3 4 4 4 4 9 9 8 2 3 7 2 0 5 6 6 2 2 3 7 8 6 2 2 2 2 2 2 2 2 2 2 5 3 3 3 3 2 4 3 3 5 1 1 9 3 3 7 7 6 October.. . 63 45 708 471 236 xNo authorization figures shown after October since under its new charter, November, 74 38 743 495 248 effective Nov. 1, 1954, FNMA maintains three separate programs, for which the type of fund authorization varies. Other figures represent the combined pro- 1 Secured or unsecured loans maturing in one year or less. grams: secondary market, special assistance, and management and liquidation. 2Secured loans, amortized quarterly, having maturities of Source.—Federal National Mortgage Association. more than one year but not more than ten years. Source.—Home Loan Bank Board. JANUARY 1955 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar Total Total Au p to ap m e o r b i ile co p O g n a o s t p o h u e d e m r s r 1 er e a r n R l n d o i e a z p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1 ,122 2,076 1,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 1,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 1,707 1953 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 J .720 1953—November 28,760 21,907 10,404 5,587 1,645 4,271 6,853 2,183 2,931 1,739 December 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 L.72O 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 1,743 March 27,833 21,381 9,919 5,443 1,614 4,405 6,452 2,150 2,564 L,738 April 28,095 21,426 9,942 5,413 1,617 4,454 6,669 2,181 2,723 ,765 May 28,372 21,487 10,002 5,370 1,634 4,481 6,885 2,313 2,786 L,786 June 28,666 21,717 10,168 5,367 1,635 4,547 6,949 2,334 2,819 L.796 July- 28,725 21,849 10,298 5,328 1,637 4,586 6,876 2,303 2,773 1,800 August . . . 28,736 21.901 10,349 5,294 1 ,642 4,616 6,835 2,312 2,734 1,789 September 28,856 21,935 10,365 5,287 1,642 4,641 6,921 2,335 2,807 L,779 October 28,975 21,952 10,340 5,324 1,637 4,651 7,023 2,377 2,892 1,754 November 29,209 22,014 10,296 5,398 1,631 4,689 7,195 2,407 3,042 1,746 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 a n i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n r s t t 1 - F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - d m A ea o u l b t e o i r l - s e 2 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 22,187 18,758 8,998 6,147 1,124 2,489 3,429 1,040 903 291 380 815 1953—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 1,115 2,456 3,282 1 ,065 849 281 370 717 March 21.381 18,192 8,714 5,892 1,136 2,450 3,189 1,031 829 276 366 687 April . 21,426 18,245 8,722 5,901 1,157 2,465 3,181 1,032 823 274 368 684 May 21,487 18,325 8,729 5,944 1,175 2,477 3,162 1,027 821 271 771 672 June 21,717 18,538 8.783 6,060 1,207 2,488 3,179 1,037 820 273 379 670 JUIy 21,849 18,671 8,763 6,189 1,228 2,491 3,178 1,032 818 277 386 665 August . . . 21,901 18,731 8,731 6,256 1,250 2,494 3,170 1,032 821 276 389 652 September 21,935 18,753 8,688 6,294 1,267 2,504 3,182 1,041 822 278 390 651 October 21,952 18,726 8,637 6,315 1,270 2,504 3,226 1,063 830 282 390 661 November 22,014 18,719 8,586 6,325 1,282 2,526 3,295 1,098 846 283 390 678 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 60 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 e m i s n n t - g t i 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 le ect 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 t o a e n i n o a p o iz n d d n a a s - ir - s l P o o a e n n r a - s l m ci e a r l - Other m pa e r n t- t Other banks 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 L.227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 1,014 1949 4,439 849 946 1,016 715 913 1947.. 4,875 153 532 891 1,166 1950 5,798 1,177 1,294 1,456 834 ,037 1948 5,443 1,261 184 575 2,138 1.285 1951 5,771 1,135 J .311 1,315 ftftft 1,122 1949 5,588 1,334 198 584 2,096 1,376 1952 7,524 1,633 ,629 1,751 L ,137 ,374 1 1 9 9 5 5 0 1... 6 6, , 6 3 3 2 1 3 1 1 , , 5 6 7 8 6 4 2 2 4 5 5 0 6 6 4 8 1 5 2 2, , 4 3 1 6 1 5 1 1, , 6 4 0 9 1 6 1953 8,998 2,215 1,867 2.078 1,317 1,521 1952 7,143 1,844 250 730 2,612 1,707 1953—November. 9,006 2,220 1,906 2,061 1,318 1,501 1953 7,350 1,899 320 748 2,663 1,720 December. 8,998 2.215 :1,867 2,078 1,317 1,521 1953—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 L,899 320 748 2,663 1,720 February.. 8,755 2,162 1,773 L ,997 L.290 1,533 March. . . . 8,714 2,164 L, 755 1,955 1,279 L ,501 1954—January... 6,888 1,880 285 607 2,395 1,721 April 8,722 2,180 1,745 L.939 L ,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 L.845 305 483 2,081 1,738 Tune 8,783 2,237 1,729 1,913 ,293 1,611 April 6,669 1,883 298 502 2,221 1,765 July . 8,763 2,240 ,720 1,880 1,297 1,626 May 6,885 1,918 395 499 2,287 1,786 August.... 8,731 2,230 L, 707 1,857 1,299 L.638 June 6,949 1,977 357 497 2,322 1,796 September. 8,688 2,224 ,686 ,835 L.299 1,644 July 6,876 1,989 314 448 2,325 1,800 October.. . 8,637 2.207 ,663 1,822 L.296 1,649 August.... 6,835 1,985 327 446 2,288 1,789 November. 8,586 2,1.88 1,636 ,822 1,287 L, 653 September. 6,921 1,997 338 488 2,319 1,779 October. .. 7,023 2,067 310 517 2,375 1,754 November. 7,195 2,049 358 574 2,468 1,746 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 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 t l l - m A pa o u p b t e o il r - e s O g c u o t o m o h n d e e - r s r - m i R z a o e a n d p ti d e a o r i n r n- s l P o o e a n r n a - s l 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 t l l t - m A pa o u p b t e o il r - e s g p c u o a o m o p n d e e - r s r m iz lo a o a n a d ti n d e o s r n n- s l P o o e a n n r a - s l 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—November... . 3,544 574 331 248 2,391 1953—November. . . 6,147 5,321 368 79 379 December... . 3,613 573 337 249 2,454 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 Tune 3.695 574 323 259 2,539 May 5,944 5,136 331 83 394 Tuly 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 November. . . 3,808 591 331 263 2,623 October 6,315 - 5.491 337 81 406 November. . . 6,325 5,491 340 81 413 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. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Automobile Other consumer Repair and Personal 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—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—Tantiary 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 IVIav 2,397 2,336 1,047 987 607 650 121 104 622 595 Tune . .. 2,703 2,473 1,244 1,078 659 662 109 108 691 625 July 2,549 2,417 1,163 1,033 622 661 107 105 657 618 August 2,477 2,425 1,114 1,063 607 641 112 107 644 614 September. 2,441 2,407 1,062 1 ,046 629 636 1 IS 115 635 610 October 2,454 2,437 1,031 1,056 687 650 106 111 630 620 November 2,534 2,472 1,022 J .066 714 640 108 114 690 652 SEASONALLY ADJUSTED* 1953—November 2,502 2,312 1,095 1,008 653 623 116 96 638 585 December 2,414 2,323 1,053 L,026 637 620 109 97 615 580 1954—Tanuary 2,306 2,368 907 985 689 681 97 84 613 618 February 2,356 2,377 958 ,041 636 644 119 102 643 590 March. ... 2,293 2,456 956 L,053 601 688 115 110 621 605 '\pril 2,357 2,358 963 L.O25 644 629 108 109 642 595 Mav 2,319 2,392 983 L,010 603 658 115 115 618 609 Tune 2.492 2,413 1,113 ,056 648 658 95 108 636 591 Tulv 2,452 2,363 1,059 1,006 665 667 98 100 630 590 August. 2,407 2,479 1,034 ,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 ,039 632 653 93 107 667 626 November. 2,590 2,481 1,090 1,080 674 630 102 114 724 657 * 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 * Percentage change f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o ar u g n e ts from preceding month of preceding Item N 19 o 5 v 4 . m 1 O o 9 c n 5 t t 4 . h S 1 e 9 p 5 t 4 . N 19 o 5 v 4 . y O 19 e c 5 a t r 4 . S 1 e 9 p 5 t 4 . Year or month D s m e to p e r a n e r t s t- Fu t r ur ni e - h p H s o l t l o i o a d u r n e s a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1953 Total +5 +12 -1 +4 -5 -3 November 14 11 47 Cash sales + 12 +11 -2 +5 -9 -4 December 14 11 46 Credit sales: Instalment +3 +13 -2 +3 -4 -4 1954 Charge account +4 +4 -1 +6 +1 +7 January 14 12 9 45 Accounts receivable, end February 14 11 9 43 of month: March 15 13 10 48 Total +3 x+\1 +1 + 1 0 -2 April 14 12 9 45 I C n h s a ta rg lm e e a n c t counts ii +3 0 +7 + -1 2 -3 0 J J M u u n l a y y e 1 1 1 4 4 4 1 1 1 2 2 2 1 1 1 0 0 0 4 4 4 6 7 5 Inventories, end of August 13 12 10 45 month, at retail value. -l +3 +4 -7 -7 -9 September 13 12 10 46 October 14 12 10 47 November 13 12 10 48 1 Collections during month as percentage of accounts outstanding at beginning of month. 62 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction 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 1947-49 (retail 1947-49 prices2 or month Total Total r D ab u l - e N ra d o b u n - le - M er i a n ls - Total R d t e e ia s n l i - - o A th l e l r m p t e c u l m u 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 u 7 0 e - 0 4 ) 9 3 -1C0 19 = 4 1 7 0 -4 0 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- m 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 ?~ 74 0 1920 41 39 42 36 S3 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 S3 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 4'? 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 ? 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 SO 3 52 5 1937 61 60 55 64 71 3? 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 SI 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 SI I 1941 87 88 91 84 81 66 54 74 82 7 87 9 49 3 98 44 ft? 9 56 8 1942 106 110 126 93 84 89 49 116 90 8 103 9 72 2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96 2 121 4 99 0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 94 9 118.1 102 8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 91 7 104 0 87 8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94 8 97 9 81 2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95! 5 96.4 1948 104 103 104 102 106 102 98 105 101 5 102.8 105.1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99 1 93 8 97 2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108 2 106 4 129 8 101 109 111 0 114 8 1952 124 125 136 114 114 183 183 183 110.5 106.3 136.6 95 110 113.5 111.6 1953 P134 P136 P153 P118 P116 192 178 201 113 6 112.0 151.6 96 112 114 4 110 1 195-1 P125 P127 pin Pi 10 5 P102.1 "138.2 86 1953 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 1.12 115.0 110.6 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 )13 115.0 109.8 December. . 126 124 127 142 112 113 208 177 229 112.4 107.1 107.7 147.2 88 .113 114.9 110.1 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 M26 126 136 115 108 231 2.53 217 110.0 100.2 102.0 138.4 84 107 114.7 110.0 October. . . . 126 130 1.28 139 117 109 241 263 226 '110.3 '•100.9 102.3 '139.5 87 113 114.5 .109.7 November.. 129 1.30 131 143 118 112 255 264 250 110.7 102.1 102.8 142.8 89 Pi 14 114.6 110.0 December. . Pi 30 P128 P132 Pi 45 v 1.19 Pi 16 Pi 10.6P102.2 PJ.02.7 «143.8 93 "116 109.5 "Estimated. 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. 71. 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. 73-77. Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100] 947 -49 Annual 1953 1954 pro- Industry portion 1952 1953P Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Xo SEASONALLY ADJUSTED industrial Production—Total 100 00 124 134 129 126 125 125 123 123 125 124 123 123 124 126 129 Manufactures—Total 90.02 125 136 131 127 127 126 125 125 126 125 124 125 126 128 131 Durable Manufactures—Total 43.17 136 153 146 142 141 139 235 134 136 135 134 135 136 139 143 Primary metals. 6.70 116 132 122 113 111 109 103 103 106 108 103 105 105 110 118 Metal fabricating 28.52 146 167 159 156 155 151 147 147 148 147 147 148 148 149 155 Fabricated metal products 5.73 121 136 130 126 126 123 120 119 121 122 122 124 121 -124 126 Machinery 13.68 147 160 152 146 143 141 138 138 138 139 141 144 147 148 149 Nonelectrical machinery 9.04 136 143 136 133 130 130 125 125 124 124 125 125 125 •123 122 Electrical machinery 167 194 184 172 169 163 163 163 163 170 173 181 189 195 199 Transportation equipment 154 189 180 182 185 179 173 174 178 170 170 166 161 164 184 Instruments and related products. . , . 142 155 155 154 148 147 144 139 138 135 136 135 137 137 138 Clay, glass, and lumber products 118 125 123 119 120 125 123 121 125 118 113 114 124 130 130 Stone, clay, and glass products 125 133 132 129 125 130 130 128 130 129 131 132 134 •132 137 Lumber and products 111 118 115 110 115 120 116 114 120 108 96 97 116 -128 124 Furniture and misc. manufactures 4.04 118 131 126 124 120 120 117 118 120 120 123 123 123 123 Furniture and fixtures 1 64 113 117 109 106 105 103 104 103 102 104 106 109 109 '109 109 Miscellaneous manufactures 2.40 122 140 138 136 130 132 130 127 128 131 130 133 132 132 132 Nondurable Manufactures—Total.. 44 85 114 118 225 112 113 114 114 115 227 116 114 114 225 227 118 Textiles and apparel 11.87 105 107 98 95 97 98 99 101 101 99 98 99 104 Textile mill products 6.32 103 104 95 90 91 91 91 94 95 93 95 94 '95 101 102 Apparel and allied products 5.55 108 110 101 101 104 106 108 109 107 106 102 103 101 104 108 Ru R bb u e b r b a e n r d p r le o a d t u h c e t r s products 3 1 . . 2 4 0 7 1 11 0 6 7 1 12 1 8 3 1 11 0 8 3 1 11 0 6 4 1 11 0 2 3 1 11 0 0 2 1 11 0 3 3 1 11 0 3 3 1 11 0 9 6 1 12 0 0 7 9 9 7 9 9 9 7 8 n1n03 '1 1 0 2 8 3 1 1 0 2 8 2 Leather and products 1.73 99 99 91 93 94 94 93 94 94 95 100 96 91 94 Paper and printing 8.93 118 125 125 122 122 123 124 125 126 126 126 126 727 127 127 Paper and allied products 3.46 120 132 132 125 126 129 131 133 137 136 133 135 137 138 136 Printing and publishing 5.47 116 121 121 120 120 119 119 120 120 121 121 121 121 121 120 Chemical and petroleum products 9 34 133 142 141 140 138 141 139 140 142 142 141 141 144 r143 144 Chemicals and allied products 6 84 137 147 145 145 143 146 146 146 148 148 148 149 150 150 151 Petroleum and coal products 2.50 123 130 129 128 124 126 124 125 124 122 121 125 '124 Foods, beverages, and tobacco 11 51 107 108 103 105 105 106 106 110 108 105 105 105 105 Food and beverage manufactures 10 73 105 107 108 103 105 106 106 107 110 108 105 105 105 105 105 Tobacco manufactures 78 110 108 108 112 100 98 103 103 108 107 101 99 102 102 Minerals—Total 9 98 114 116 111 113 113 113 112 109 111 114 112 109 108 109 112 Mineral fuels 8 35 113 115 111 112 114 113 112 112 115 112 110 109 P113 Coal 2 68 83 78 70 69 70 68 62 58 65 69 70 68 67 70 69 Anthracite 36 78 57 50 55 62 59 52 46 44 48 56 50 49 43 51 Bituminous coal 2 32 84 81 73 71 72 69 63 60 68 72 72 71 70 74 72 Crude oil and natural gas 5.67 128 133 131 133 134 135 137 137 134 136 133 130 129 130 2>134 Metal, stone, and earth minerals 1.63 115 119 114 114 112 99 106 110 108 102 102 103 Metal mining .82 108 113 103 101 103 101 96 78 91 99 91 83 82 P81 Stone and earth minerals 81 123 124 125 127 119 124 124 120 121 122 125 121 121 125 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100 00 124 134 130 124 124 126 126 124 124 124 116 123 126 130 130 MANUFACTURES—TOTAL. . . 90 02 125 136 132 125 126 128 128 125 125 125 116 125 127 131 132 Durable Manufactures—Total. 45.17 136 153 146 140 140 141 140 137 136 135 125 132 135 140 144 Primary metals 6.70 116 132 122 110 113 113 108 107 108 109 94 100 103 112 118 Ferrous metals 5.03 115 133 122 110 111 111 104 102 104 105 91 95 98 •107 114 Pig iron and steel 3.51 115 138 128 114 115 113 105 104 107 108 95 96 101 111 121 Pig iron .37 107 130 127 117 113 108 100 93 94 99 94 93 93 101 110 Steel 3.05 117 139 129 114 115 114 106 105 108 109 96 97 102 112 122 Carbon steel 2.62 112 135 131 116 115 113 105 103 108 111 96 96 101 111 119 Alloy steel .43 144 165 113 105 115 119 114 113 109 102 93 104 111 120 138 Ferrous castings and forgings. 1.52 114 121 108 101 103 106 101 98 97 97 80 90 90 '97 97 Iron and steel castings 1,29 109 115 103 98 98 103 100 98 96 96 79 90 89 '95 96 Steel forgings .23 143 154 134 122 130 125 111 104 100 101 87 91 98 106 107 * Preliminary. ' Revised. c Corrected. N9TE.—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. 64 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 = 1001 1947-49 Annual 1953 pro- Industry portion 1952 1953* Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1 67 119 129 121 108 118 120 119 122 120 122 103 117 ••118 127 130 S N P e r o Z A A C C N i C c L n m o e i o o o l l o f n u u n a e a p p p n d d m m r r c p p p f r y a . e e e e o i i r r n n r r r u y n r u u o s o m s r m m n e u m n s i f o s f l h i e l n e n m a l c r f i s t p r n a e i i h l o n e s g r l a u r t s g i p o s s n a h e u g n s m a s s d p e m e t c s a e a l t s s a t l i s ngs . . . 1 , . . . 2 6 3 0 0 0 0 3 1 1 1 0 3 3 9 4 9 6 8 3 6 0 1 1 1 1 1 1 1 1 1 1 1 1 1 0 9 1 1 4 5 0 2 2 9 4 0 9 3 5 0 6 6 3 2 1 1 1 1 1 1 1 1 1 1 0 1 0 6 1 2 3 1 1 1 4 9 4 1 8 2 6 0 3 2 6 4 2 1 1 1 1 1 1 1 1 1 1 1 2 0 3 0 2 1 2 0 4 0 5 1 3 6 6 1 4 0 7 6 9 2 1 1 1 1 1 1 1 1 9 4 1 7 0 1 2 0 0 2 0 . 6 ' 7 8 1 4 6 8 8 1 9 - 2 1 1 1 1 1 1 1 1 1 9 2 1 3 0 2 0 0 1 4 0 6 8 2 6 0 0 8 7 0 5 4 2 1 1 1 1 1 1 1 1 1 1 4 1 2 3 0 0 0 0 1 0 4 0 3 2 9 0 3 2 3 3 2 7 2 1 1 1 1 1 1 1 1 9 9 4 4 1 1 0 0 1 1 4 6 7 0 3 8 1 7 1 3 5 7 2 1 1 1 1 1 1 1 1 1 0 4 1 9 1 1 5 0 0 1 4 1 5 6 9 5 4 4 0 7 4 7 2 1 1 1 1 1 1 1 1 1 4 0 1 1 4 9 0 0 0 0 4 6 2 3 2 9 7 8 2 9 7 7 2 1 1 1 1 1 1 1 1 1 9 4 0 1 6 1 0 0 1 0 4 7 5 1 5 2 2 9 2 4 9 9 2 1 1 1 9 8 8 9 4 4 9 7 7 0 4 1 6 8 7 8 5 3 6 9 5 2 2 1 1 1 1 1 1 1 9 4 9 1 6 0 0 0 0 3 7 8 6 8 1 3 3 5 0 2 9 6 P 2 1 1 1 1 1 1 1 4 8 8 0 8 0 1 0 0 5 3 4 9 4 3 8 9 4 5 7 9 7 2 1 1 1 1 1 1 i 9 4 6 2 9 1 2 9 4 1 0 0 6 0 0 1 5 4 7 2 4 6 1 1 1 1 1 1 1 1 6 2 0 1 6 2 1 2 2 7 7 0 7 Metal Fabricating, 28 52 146 167 158 155 155 155 153 150 148 147 138 144 145 150 156 Fabricated metal products 5 73 121 136 130 126 124 123 121 120 121 122 116 124 124 126 126 Structural metal parts 121 137 134 135 129 127 125 123 125 126 123 125 125 127 129 Stampings and misc. metal products 121 138 130 131 127 124 121 117 116 114 106 109 111 115 121 Tin cans 122 129 124 69 104 107 105 122 125 143 153 196 172 143 103 Furnaces, gas ranges, and heaters 89 93 82 63 74 73 78 84 93 75 104 109 122 110 Machinery 13 68 147 160 154 149 146 147 145 141 138 137 128 138 145 150 150 Nonelectrical machinery 9.04 136 143 135 137 132 134 132 128 126 125 119 118 122 121 121 Farm and industrial machinery 8.13 135 139 133 134 130 129 127 124 122 121 117 116 116 116 116 Farm machinery 1.02 103 96 73 74 76 84 85 84 84 79 74 75 73 76 Industrial and commercial ma chinery 7.11 140 145 141 142 138 136 134 129 127 127 122 122 122 122 Machine tools and presses .68 179 188 185 186 181 181 177 167 161 157 152 150 150 147 146 Laundry and refrigeration appliances. .69 108 128 99 110 106 129 122 120 112 111 88 91 125 123 121 Electrical machinery 4.64 167 194 191 172 172 172 172 166 162 162 145 176 189 ••207 207 Electrical apparatus and parts 3.23 162 179 176 176 169 167 164 160 159 156 151 152 154 •158 163 Radio and television sets .74 184 230 230 157 173 170 182 172 156 166 116 234 280 341 325 Transportation equipment 7.54 154 189 173 174 183 183 182 181 180 175 165 165 155 159 182 Autos, trucks, and parts 4.80 102 126 103 101 115 114 114 117 116 111 96 98 81 90 124 Autos 1.50 103 146 107 107 135 138 142 151 146 143 125 123 81 70 144 Trucks .66 111 118 95 98 103 103 101 101 101 96 78 79 74 r78 93 Light trucks .22 105 112 85 100 112 103 104 104 104 99 86 81 76 74 99 Medium trucks .19 69 58 47 56 67 62 66 68 63 64 57 54 43 46 58 Heavy trucks .14 194 183 134 150 145 164 152 150 148 132 99 113 110 119 134 Truck trailers .07 137 229 229 149 137 143 133 132 141 146 102 109 119 132 134 Auto and truck parts 2.58 98 117 102 99 106 104 100 101 102 96 85 88 84 105 Aircraft and parts 1.30 368 465 463 483 483 489 485 475 472 472 469 465 470 "464 ' 475' Shipbuilding and repair .81 136 135 124 127 124 124 124 120 118 115 112 107 104 106 104 Railroad equipment .53 74 72 67 53 59 54 54 49 43 39 26 32 33 28 24 Railroad cars .35 62 64 61 41 49 42 44 39 32 25 17 22 25 18 12 Instruments and related products.. 1.29 142 155 156 155 148 147 145 140 138 135 132 132 137 138 139 Clay, Glass, and Lumber Products. 5 91 118 125 123 113 112 120 122 124 126 122 109 118 129 136 130 2.82 125 133 134 128 122 126 128 128 130 131 128 134 136 139 138 Stone, clay, and glass products 1.09 114 123 122 116 115 120 121 117 117 115 107 116 118 125 124 Glass and pottery products .60 122 136 139 136 130 130 130 124 124 123 119 126 134 141 145 F H G l l o a F a m t s l s a e g t l c g a a o s l n n a s d s t a a s i n w o n d t a e h r r e v e s r i t a r g n e l d a o s u s p s o p tt r e o r d y ucts. . . . . . . 2 4 3 2 6 7 2 3 1 1 1 9 1 2 2 4 2 4 4 1 1 1 9 3 2 3 1 2 0 9 1 1 1 8 4 3 1 6 3 7 4 1 1 1 7 0 1 4 7 2 9 0 1 1 1 7 3 1 0 9 2 5 4 1 1 1 9 2 3 1 2 1 3 0 1 1 1 9 3 2 1 3 1 5 8 1 1 1 9 2 3 2 3 1 2 6 1 1 1 8 2 2 3 7 6 6 7 1 1 1 8 2 2 3 1 5 7 8 1 1 1 6 1 1 5 3 9 8 0 1 1 1 8 5 2 2 0 1 5 7 1 1 1 8 1 5 3 4 2 5 6 • 1 1 • 1 • 1 5 4 9 Q 2 4 2 1 1 9 0 4 4 5 8 Cement .35 112 110 112 106 97 101 107 111 111 115 111 116 118 115 11 7' Structural clay products .12 108 106 109 97 81 90 102 115 113 124 116 126 128 121 124 Brick .20 116 115 116 113 110 110 111 110 112 111 109 112 112 •113 114 Clay firebrick, pipe, and tile .48 155 163 163 157 143 148 152 157 161 164 170 172 169 P168 167 Concrete and plaster products .58 131 143 143 146 140 141 139 135 135 136 134 140 144 146 147 Misc. stone and earth manufactures.. Lumber and products 3 09 111 118 114 99 104 116 117 119 122 115 91 102 123 134 123 Lumber 2.05 105 112 110 93 98 109 109 113 117 106 91 98 110 119 107 Milhvork and plywood .60 138 149 141 124 140 160 164 163 161 154 93 128 187 207 191 Millwork .39 118 118 101 87 96 110 109 111 119 128 90 116 157 164 139 Softwood plywood .12 167 199 206 184 212 241 253 248 229 195 95 145 232 274 275 Wood containers .29 99 99 94 94 88 90 90 90 91 92 85 83 87 91 89 Furniture and Misc. Manufactures 4.04 US 131 132 127 119 122 121 115 114 116 112 121 125 129 128 Furniture and fixtures 1,64 113 117 114 112 106 107 106 101 98 100 99 107 111 113 113 Household furniture 1.10 113 118 113 109 103 105 105 100 96 98 98 108 112 116 117 Fixtures and office furniture .54 112 116 115 117 113 110 107 103 103 105 100 106 108 107 107 Miscellaneous manufactures 2.40 122 140 145 138 128 133 131 125 124 127 121 130 136 140 139 p Preliminary. r Revised. For other footnotes see preceding page. JANUARY 1955 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1952 1953P Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 118 118 110 Ill 115 115 114 114 115 108 117 119 123 120 Nondurable Manufactures—Total... 11.87 105 107 98 92 99 105 104 100 98 95 86 103 "99 105 104 Textiles and Apparel Textile mill products 6.32 103 104 96 87 91 95 94 93 94 92 82 97 C97 103 103 Cotton and synthetic fabrics .. 3.72 105 107 102 90 97 100 100 99 99 96 85 101 '-100 109 110 Cotton consumption 2.30 104 104 101 89 100 101 100 97 95 92 80 99 <=96 104 104 .97 112 115 105 95 89 98 100 102 107 110 105 104 112 r\2\ 124 Fabric finishing . .45 102 101 96 83 96 102 103 97 96 82 65 98 86 'I 01 104 Wool textiles .97 85 78 64 61 58 58 60 63 68 70 68 74 67 '69 *>70 .16 96 91 68 59 68 72 72 80 84 81 78 86 73 77 Wool fabrics .75 83 75 63 62 56 54 58 59 64 68 66 71 66 67 P69 Knit goods 1.15 115 116 108 97 103 109 105 103 105 106 89 109 113 r]13 110 Hosiery .. . . .65 116 113 109 94 113 119 112 111 110 106 78 106 113 115 109 .45 121 118 114 97 120 127 120 119 116 110 79 108 116 118 112 Seamless hosiery .... .20 105 102 98 87 96 102 93 91 95 98 77 100 107 107 102 TCnit garments .50 113 119 107 101 90 95 96 93 99 106 103 113 112 112 111 Floor coverings .48 95 99 87 88 89 96 94 90 81 80 64 88 95 »-98 91 Woven carpets .... ... .31 80 86 69 72 76 85 83 77 68 66 36 70 79 82 i>65 Apparel and allied products 5.55 108 110 100 98 107 115 116 108 103 99 91 110 101 106 107 1.78 105 113 104 87 111 117 102 111 108 95 80 110 95 108 108 Men's suits and coats .73 87 96 88 78 96 92 77 79 88 81 56 98 77 82 87 .50 83 92 86 81 102 96 80 78 84 75 52 92 73 80 87 Men's outercoats .13 83 89 71 46 52 56 48 65 80 87 57 98 72 72 66 .99 114 124 113 90 120 133 118 132 121 101 94 118 106 124 121 Women's outerwear 1.85 108 103 83 98 113 126 138 116 105 104 96 114 100 10? 102 .76 123 117 90 122 144 164 165 102 80 114 127 146 130 127 130 Misc apparel and allied mfrs. • • 1.92 111 112 109 105 98 104 107 96 97 98 97 105 107 110 109 Rubber and Leather Products 3.20 107 113 103 98 103 108 108 104 103 106 86 98 105 113 108 Rubber prodvicts 1.47 116 128 120 111 114 114 118 116 118 121 85 94 '118 131 124 Tires and tubes .70 115 117 101 93 96 112 108 111 111 119 84 75 104 116 110 .40 106 117 99 89 92 111 113 120 122 133 94 81 107 117 111 Truck and bus tires .30 128 118 103 99 102 114 101 99 96 100 71 69 99 114 110 Miscellaneous rubber products .77 117 133 124 105 129 116 126 120 125 124 86 111 132 145 Leather and products 1.73 99 99 89 87 94 102 100 94 89 94 87 101 94 98 r>94 Leather . ... .... .44 87 91 87 81 87 95 89 86 90 89 71 87 83 88 Cattlehide leathers .29 87 92 91 86 93 101 92 93 96 93 75 91 89 96 Skin leathers . .15 86 89 79 72 74 82 82 73 79 81 65 78 70 73 .90 Miscellaneous leather products .39 101 100 99 92 85 91 91 82 79 84 87 94 95 97 98 8.93 118 125 129 121 120 124 127 128 126 126 116 124 128 133 131 Paper and allied products 3.46 120 132 135 119 126 133 135 136 134 136 120 137 137 146 139 1.76 120 130 133 117 128 132 133 131 132 136 116 134 133 140 138 Wood pulp .51 132 142 147 129 142 145 148 146 148 153 133 150 148 158 158 1.25 116 125 127 113 122 127 127 125 125 129 109 128 126 133 130 .22 111 119 120 112 120 122 124 121 117 120 99 121 120 1?? 121 .14 117 116 120 109 112 121 121 121 120 123 96 122 120 130 127 Coarse oaoer .. .20 112 118 124 113 122 125 122 116 117 119 102 121 118 124 124 .18 123 129 131 123 135 139 138 137 134 136 126 137 136 145 142 Paperboard . . .41 117 134 137 115 128 130 131 128 132 136 112 133 129 1 38 135 Building paper and board . .10 112 118 108 92 96 113 121 124 125 137 123 131 137 135 129 1.70 120 134 136 121 123 134 137 141 136 135 124 139 141 1 S? 140 Shipping containers . .51 120 133 135 118 115 126 133 135 133 132 119 136 141 151 .11 126 138 139 131 147 155 149 158 144 144 139 146 141 '•153 141 Printing and publishing • .... 5.47 116 121 126 122 116 118 121 122 121 119 113 116 122 125 125 NewsDrint consumption 1.85 115 118 131 117 108 114 120 129 125 119 102 107 120 129 130 Job printing and periodicals 3.62 117 122 123 125 121 120 121 119 119 120 119 120 123 122 122 Chemical and Petroleum Products. 9.34 133 142 145 141 140 144 142 140 139 139 133 139 143 147 148 Chemicals and allied products 6.84 137 147 150 146 146 150 150 147 145 144 138 144 149 '•154 155 V F P e e a r g i V B t e n e a i t t g s M l S P s a i i e l i y z b c a t s n e s l a t c r i t e h e b s n i e l l c o a t e l s r n i a g o d c m n a i a e l n f a t o s i i n e u b c i r s e m i r c o a a s h r l l e g s m a o i i n c l i a s c l c s h . e . m . i . cals . .. . 2 1 1 . . . . . . . . . . . . . 5 0 9 1 5 7 4 2 1 5 6 6 2 4 3 1 7 9 1 8 4 6 7 4 6 3 1 1 1 1 1 1 1 1 1 1 1 1 1 4 7 4 4 3 1 3 5 1 1 1 1 2 1 5 1 0 3 2 7 7 0 9 2 0 2 1 1 1 1 1 1 1 1 1 1 1 1 1 . 4 5 8 3 1 5 8 1 1 1 4 2 5 9 6 6 1 2 5 3 3 6 8 4 4 4 1 1 1 1 1 1 1 1 1 1 1 1 1 4 4 5 7 3 4 4 0 5 4 1 4 2 1 1 3 3 5 0 9 1 2 9 7 8 8 1 1 1 1 1 1 1 1 1 1 1 1 1 3 5 3 1 4 3 2 4 4 1 4 6 0 5 3 6 7 8 7 7 9 7 6 7 6 6 1 1 1 1 1 1 1 1 1 1 1 1 1 3 4 4 6 4 4 3 4 3 3 1 1 1 3 1 5 8 5 8 8 7 8 8 8 4 2 1 1 1 1 1 1 1 1 1 1 1 1 1 5 4 3 3 4 2 9 4 3 1 5 5 3 2 8 8 5 4 4 2 0 8 5 7 0 6 1 1 1 1 1 1 1 1 1 1 1 1 1 4 2 2 2 4 9 2 5 1 4 4 5 7 1 2 2 2 2 3 7 9 5 8 4 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 4 3 1 4 0 5 9 1 5 4 2 1 7 1 1 1 5 9 7 0 4 0 8 7 6 3 1 1 1 1 1 1 1 1 1 1 1 1 9 4 4 3 4 7 0 5 2 1 0 5 3 5 1 9 2 7 9 4 9 0 6 4 0 7 1 1 1 1 1 1 1 1 1 1 9 9 8 5 2 4 1 5 8 5 2 0 5 9 6 5 1 2 3 7 5 3 7 7 7 2 1 1 1 1 1 1 1 1 1 9 2 4 4 2 8 6 9 4 4 4 4 1 1 1 5 3 6 0 9 5 9 6 8 8 7 1 I 1 1 1 1 1 1 1 1 5 9 9 5 S 2 8 5 4 2 7 0 1 1 6 9 2 O 6 4 0 6 9 0 4 7 1 1 1 1 1 1 1 1 1 1 1 1 1 . 0 0 4 1 5 9 5 4 1 3 0 3 S 1 9 8 6 5 5 2 7 5 7 9 1 3 ' r ' l • 1 1 1 1 1 1 1 1 1 1 1 S 6 1 3 3 3 9 4 1 5 5 4 7 1 7 9 8 4 7 3 5 6 6 8 1 1 1 1 1 1 1 1 1 1 6 3 5 4 6 4 1 7 5 0 " 7 9 0 4 0 7 0 0 9 > p Preliminary. 'Revised. "Corrected. 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. 66 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] 947-49 Annual 1953 1954 pro- Industry portion 1952 953 v Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 123 130 131 128 125 126 121 120 123 124 122 124 127 126 "128 PePtreotrleomleumm a rnedfi ncinogal products .... 1.97 128 135 137 137 134 136 129 128 130 131 130 131 133 132 P135 Gasoline 1.04 132 144 147 146 140 141 135 137 140 141 141 142 142 140 Automotive gasoline . .98 128 139 143 141 136 136 131 132 136 136 136 137 138 135 Aviation gasoline .06 1 194 227 211 228 214 227 212 215 218 235 229 233 215 214 Fuel oil .56 128 130 130 129 131 135 127 121 121 122 122 123 127 128 /'134 Distillate fuel oil .30 151 155 155 153 156 164 155 146 145 148 150 154 161 164 Residual fuel oil .26 102 101 100 102 104 102 96 93 94 92 89 87 89 87 Kcosene .10 119 117 116 124 128 135 116 106 99 100 97 99 98 101 Lubricating oil .17 112 106 112 109 105 111 104 103 109 111 104 109 111 106 Coke .26 97 111 107 102 97 90 86 80 80 79 77 75 77 85 Asphalt roofing and siding .15 102 99 90 53 57 67 78 103 118 135 110 127 147 133 Foods, Beverages, and Tobacco 11,51 106 107 111 98 97 96 98 98 104 110 108 114 119 116 108 Food and beverage manufactures,. 10.73 105 107 111 99 97 96 98 98 103 110 109 115 120 117 108 Fo M od e a m t a D riu ro f d p u c c tu fs res 8 1 . . 4 4 9 8 1 11 0 4 6 1 1 0 1 8 5 1 1 3 1 5 4 1 10 2 2 5 1 1 0 2 1 6 *ill 1 9 1 8 5 1 9 0 7 6 1 1 0 0 5 0 1 1 0 0 6 8 1 10 0 2 7 1 1 1 0 6 8 1 1 2 2 4 0 1 1 2 1 7 8 1 1 1 3 0 5 Beef .46 100 129 139 134 141 129 132 127 132 137 135 138 141 142 136 Pork .83 119 104 128 116 114 99 102 91 87 89 81 88 104 115 131 Dairy products . . .69 98 105 80 81 86 96 104 119 135 145 128 115 97 85 78 Butter .14 92 108 86 94 110 115 124 128 152 145 115 99 84 81 79 Natural cheese .07 103 112 86 93 100 109 117 133 159 161 129 114 98 89 87 Concentrated milk . .19 91 93 68 74 78 84 95 139 139 109 94 76 66 65 Ice cream .28 102 106 80 73 72 87 92 107 110 139 143 133 113 96 80 Canned and frozen foods 1.13 117 121 104 86 76 72 71 75 85 99 138 194 212 103 Gram-mili products 1.16 108 106 103 101 106 104 101 99 106 114 132 110 114 110 104 Wheat flour .46 84 81 82 76 86 83 78 75 76 78 78 82 86 90 84 Cereals and feeds .70 124 122 117 117 119 118 116 114 127 137 134 129 132 123 117 Bakery products 1.64 101 100 99 97 95 97 96 96 96 98 99 98 98 99 Si7 gar .27 104 113 277 177 89 63 58 63 76 82 72 94 109 258 Cane sugar .11 109 113 97 96 97 104 116 103 109 121 112 115 115 105 .13 94 108 429 242 77 24 2 24 42 43 32 71 99 385 Confectionery .71 102 102 128 88 111 110 99 89 81 80 66 91 131 123 125 Miscellaneous food preparations ... 1.41 100 104 107 102 100 103 105 103 105 108 109 108 106 108 106 Beverages 2.24 102 105 99 84 82 89 98 103 115 126 118 108 107 110 97 Bottled soft drinks .54 116 Alcoholic beverages 1.70 98 ioo 100 80 78 86 98 100 108 114 103 96 98 107 99 Beer and ale 1. . 0 1 2 7 10 5 2 4 16003 8 7 8 9 6 7 5 6 6 7 1 9 8 71 6 1 6 0 9 2 1 6 0 4 6 1 6 1 4 7 1 6 2 2 8 1 4 2 2 2 1 3 1 9 2 9 69 3 84 9 7 2 9 LiQuor bottling . . .37 99 107 146 89 79 88 101 98 104 104 85 85 115 142 139 Tobacco manufactures .78 110 108 111 92 98 96 101 99 108 113 92 111 109 111 Cigarettes .46 114 111 110 96 105 100 106 103 112 119 98 115 111 111 .17 105 108 122 90 90 96 97 95 109 111 83 112 113 121 MINERALS—TOTAL 9.98 114 116 113 111 111 110 109 109 112 115 110 111 111 112 113 Mineral Fuels 8.35 113 115 113 113 115 113 112 111 111 113 108 110 110 113 Goal 2.68 83 78 76 71 74 68 61 58 62 63 57 68 70 77 75 Anthracite .36 78 57 55 51 62 59 48 44 45 50 44 48 51 52 57 2.32 84 81 79 74 75 69 63 60 65 65 59 71 72 8t 78 Crude oil and natural £as 5.67 128 133 131 133 134 135 137 137 134 136 133 130 129 130 P134 Oil and gas extraction . 4.82 125 129 128 128 128 130 131 132 129 129 124 123 124 124 P127 Crude oil 4.12 120 124 120 120 120 122 125 127 124 125 120 118 118 118 P120 .34 159 167 179 188 190 182 182 167 160 161 Natural gss liquids .36 145 157 162 166 163 167 161 156 155 156 151 151 159 163 Oil and gas well drilling .85 144 154 147 163 170 163 165 163 163 176 180 166 159 163 Metal, Stone, and Earth Minerals 1.63 115 119 110 98 91 94 93 99 116 123 119 115 113 100 fyf etal mining .82 108 113 95 74 74 76 73 79 108 119 108 100 98 91 P75 .33 104 128 85 40 39 42 39 58 126 152 139 132 117 87 43 Nonferrous metal mining .49 110 104 101 97 98 98 95 93 96 98 87 78 85 '94 .24 114 114 116 110 111 105 102 102 106 108 95 77 106 Lead mining .09 97 86 78 80 75 91 87 82 78 80 74 83 76 78 Zinc mining . .06 107 87 74 71 75 80 77 78 78 79 72 75 67 71 .81 123 124 126 122 108 113 114 119 125 127 130 130 129 129 126 * Preliminary. ' Revised. c Corrected. For other footnotes see preceding page. JANUARY 1955 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 Product proportion 1952 1953 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 105 127 112 109 112 113 112 116 119 119 117 115 109 '106 125 Major Durables 69.72 109 138 117 114 119 121 119 126 130 128 127 125 114 '109 136 Autos 32 10 103 146 127 127 133 134 133 139 145 136 127 121 ^86 144 Major household goods 36.13 115 132 110 104 107 110 109 rl!5 120 124 128 131 134 -132 132 Furniture and floor coverings 15.32 109 113 102 99 98 99 99 97 96 96 102 106 107 107 106 Household furniture 11.31 113 118 109 104 102 103 103 102 100 102 104 110 111 Ml 2 112 Floor coverings 4.01 95 99 84 87 87 87 86 82 84 79 97 97 96 Appliances and heaters 15.60 99 118 93 95 •103 105 '•112 117 110 115 109 112 111 ' i 15 ' Major appliances 11.88 100 123 98 100 107 109 117 120 111 119 113 117 114 118 Ranges 2.60 75 90 68 67 70 85 84 76 83 81 83 74 80 79 Refrigeration appliances 4.98 106 137 98 108 .ll '128 118 136 144 131 135 125 117 -110 iii' Laundry appliances 2.51 115 141 136 125 145 140 129 134 124 113 136 146 169 170 Heating apparatus 3.72 94 100 79 79 90 89 91 '98 106 107 101 98 96 99 Radio and television sets 5.21 184 230 185 145 148 142 151 178 198 246 245 270 278 268 257 Radio sets 3.42 53 67 66 59 58 47 43 43 43 45 47 56 46 62 70 Television sets 1.79 436 541 413 307 321 325 356 436 493 625 678 722 661 616 Other Consumer Durables 30.28 95 102 101 97 95 96 94 93 93 93 9! 98 98 99 Auto parts and tires 14.00 90 91 89 88 88 90 88 89 90 89 85 95 96 97 Misc. home and personal goods 16.28 100 111 110 106 101 102 100 96 96 96 97 101 100 101 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL.. 100.00 105 127 110 103 112 117 119 119 116 116 102 113 108 109 130 Major Durables 69.72 109 138 113 106 121 127 129 131 126 125 107 121 111 111 143 Autos 32 10 103 146 107 107 135 138 142 151 146 143 125 123 81 70 144 Major household goods 36 13 115 132 120 106 109 119 120 116 110 112 92 121 139 ri49 144 F A u p F H r p n l o l o i i u o t a u s n r e r c e c h e o o s a v l n d a e d n r f i d n u f g l r h o n s e o i a t r u te r c e r o s verings 1 1 1 4 5 1 5 . . . . 0 3 3 6 1 1 2 0 1 1 9 9 1 0 9 5 3 9 1 1 1 9 1 1 1 9 3 8 8 1 1 9 8 1 0 6 7 3 6 1 1 9 8 0 0 2 8 9 4 1 9 9 8 0 8 9 9 3 1 1 1 9 0 0 1 6 5 3 7 1 1 1 9 0 0 1 4 5 2 7 1 1 9 9 1 0 7 0 6 0 1 9 9 8 1 2 6 1 2 1 8 9 9 1 0 3 8 2 8 9 6 9 8 4 1 1 1 0 8 0 0 1 8 8 2 1 1 1 9 1 0 2 6 2 8 2 1 1 1 r9 1 2 1 9 1 4 6 1 i 1 i 1 1 s 0 7 ' Major appliances 11.88 100 123 98 100 106 130 129 124 117 114 96 121 121 118 Ranges 2.60 75 90 75 66 71 91 93 79 80 76 53 68 87 87 Refrigeration appliances 4.98 106 137 86 111 114 145 144 153 147 141 109 99 116 M04 ior/ Laundry appliances 2.51 115 141 149 122 135 159 151 130 111 117 90 128 181 199 Heating apparatus 3.72 94 100 90 68 73 75 79 91 96 104 86 116 124 135 Radio and television sets 5.21 184 230 230 156 173 170 182 172 155 165 116 234 279 338 324 Radio sets 3.42 53 67 68 57 58 51 49 49 48 44 29 51 48 64 71 Television sets 1.79 436 541 541 347 391 397 435 406 360 397 281 583 722 860 806 Other Consumer Durables 30.28 95 102 103 96 92 95 94 92 92 94 90 94 101 '104 101 Auto parts and tires 14.00 90 91 89 84 84 87 85 87 90 96 91 90 100 101 97 Misc. home and personal goods 16.28 100 111 115 107 99 103 102 96 94 93 89 97 102 r106 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. SEASONALLY ADJUSTED Total 13,751 13, 063 12, 935 12,840 12,705 12637 1?,589 12,371 17,334 12,388 ,485 17, 17,6V> Durable goods 7,748 7,621 7,509 7,405 7,295 7,227 7,182 7,020 6,972 7,007 ,104 7,211 7,244 Ordnance and accessories 184 177 165 150 137 125 120 117 113 114 Ml 2 109 109 Lumber and wood products 667 653 657 663 656 676 684 592 589 673 '•706 706 708 Furniture and fixtures 295 289 286 287 284 284 284 283 292 295 293 292 291 Stone, clay, and glass products. . 446 432 431 429 426 427 425 430 432 435 436 438 438 Primary metal industries 1,069 1,044 1 1,00S 991 981 983 979 973 965 989 991 Fabricated metal products 866 865 855 844 836 837 839 834 827 820 '825 836 825 Machinery except electrical 1,226 1,212 1,202 1,184 1, 169 1,153 1,140 1,119 1,121 1,123 n,113 1,106 1,091 Klectrical machinery 866 847 831 819 811 799 784 793 802 R9() Transportation equipment 1,487 1,470 1,435 1,409 1,380 1,342 1,324 1,277 1,237 1 ,184 .246 1,323 1,384 Instruments and related products 939 ?39 9?3 919 214 212 91? Misc. manufacturing industries.. 403 396 393 387 382 382 383 382 378 382 380 383 Nondurable goods 5,503 5,442 5,426 5,435 5,410 5,405 5,407 5,351 5,362 5,381 '5,381 5,414 5,395 Food and kindred products 1,114 1,102 1,103 1,109 1,110 1,111 1, 1.06 1,084 1,080 1,077 '•I,073 1,092 1,086 97 96 94 93 94 94 OS 93 92 96 9S Textile-mill products 1,013 987 980 979 979 974 986 977 996 997 '988 983 983 Apparel and other finished textiles 1,068 1,051 1,051 1,064 1,046 1,037 1,034 1,026 1,029 1,027 'I .034 1 ,052 1,037 Paper and allied products . . 43S 436 43S 434 433 43S 438 439 438 443 440 437 433 Printing, publishing and allied industries S17 514 517 S17 S19 518 S19 S18 S19 523 '•520 SI 9 Chemicals and allied products... 537 540 533 531. 529 530 525 523 524 521 ••524 523 525 Products of petroleum and coal. 182 180 180 179 178 180 180 179 175 174 r175 174 174 Rubber products 206 199 196 198 199 178 179 199 '•202 904 90S Leather and leather products. . . 334 332 331 330 327 328 326 332 329 328 331 334 338 For footnote see following page. 68 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] Industry group Jan. I"eb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec WITHOUT SEASONAL ADJUSTMENT Total 13,319 13,002 12,906 12,818 12,590 12,437 12,480 12,212 12,449 12,611 12,652 12,711 12,702 Durable goods 7,791 7,616 7,520 7,430 7,309 7,208 7,177 6,917 6,933 7,015 '7,133 7,252 7,283 Ordnance and accessories 184 177 165 150 137 125 120 117 113 114 '112 109 109 Lumber and wood products 654 617 627 643 649 679 701 604 613 697 '•720 717 694 Furniture and fixtures 301 293 292 290 283 277 275 272 288 296 299 299 297 Stone, clay, and glass products.. 448 428 427 429 428 427 427 424 434 437 438 440 440 Primary metal industries 1.074 1,049 1,027 1,010 991 976 983 969 968 965 '969 989 996 Fabricated metal products 875 874 864 852 840 833 831 809 819 820 '829 840 833 Machinery except electrical 1,238 1,230 1,220 1,202 1,187 1,165 1,151 1,108 1,093 1,095 r\ .091 1,095 1 ,102 Electrical machinery 883 855 839 827 811 791 776 765 782 802 '•817 832 828 Transportation equipment 1,487 1,470 1,435 1,409 1,380 1,342 1,324 1,277 1,237 1,184 r\ ,246 \,323 1 ,384 Instruments and related products 241 237 233 229 224 220 215 210 210 214 213 213 214 Misc. manufacturing industries.. 407 386 393 389 380 374 375 363 378 392 '308 395 387 Nondurable goods....... 5,528 5,336 5,386 5,388 5,281 5,229 5,303 5,295 5,516 5,596 '5,519 5,459 5,419 Food and kindred products 1.083 1,024 1,009 1,009 1,011 1,031 1 ,079 1,142 1 ,224 1,252 '1,169 1 ,106 1 ,055 Tobacco manufactures 104 97 90 84 82 82 82 83 102 110 '112 103 102 Textile-mill products 1,028 997 995 989 979 969 981 953 981 987 '988 993 998 Apparel and other finished textiles 1,084 1,062 1,088 1,101 1,030 985 987 980 1,050 1,053 '1,050 1 ,052 1 ,053 Paper and allied products 442 438 437 436 433 433 436 430 436 441 440 441 4-10 Printing, publishing and allied industries 525 514 514 517 516 515 519 513 514 523 '525 524 527 Chemical and allied products... 540 540 536 539 534 525 517 513 516 524 '529 528 528 Products of petroleum and coal 181 178 178 177 176 179 181 181 179 177 '175 174 .173 Rubber products 209 206 203 199 195 197 198 173 177 199 '204 207 208 Leather and leather products. .. 332 332 339 338 325 315 324 327 337 330 329 332 336 'Revised. NOTE.—Covers production and related workers only: data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for December 1954 are preliminary. Seasonally adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by the Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1953 1954 1953 1954 1953 1954 Dec. Oct. Nov. Dec. Doc. Oct. Xov. Dec. Dec. Oct. Nov. Dec. Total 72.36 72.22 73.57 74.12 40.2 39.9 40.2 40.5 1.81 1.83 1.83 Durable goods. 77.52 77.97 79.15 80.15 40.8 40.4 4G.8 41.1 1.90 1.93 1.94 1.95 Ordnance and accessories 78.94 81 .41 82.01 81 .81 40.9 40.5 40.8 40.3 1.93 2.01 2.01 2.03 Lumber and wood products 64.32 '70.14 69.31 68.31 40.2 11 .5 41 .5 41 .4 1 .60 '1 .69 1 .67 1.65 Furniture and fixtures 63.90 65.10 64.78 65.41 40.7 41.2 41.0 41 .4 1 .57 1 .58 1 .58 1 .58 Stone, clay, and glass products 71.23 73.34 73.98 73.34 40.7 41 .2 41 .1 41.2 1 .75 1 .78 1.80 1.78 Primary metal industries 82.78 '82.64 84.10 85.57 39.8 38.8 30.3 30.8 2.08 '2.13 2.14 2.15 Fabricated metal products 78.02 '78.53 79.52 80.10 4.1.5 40.9 41 .2 41 .5 1 .88 1.. 92 1.93 1..93 Machinery except electrical 84.42 81 .61 81.81 83.03 42.0 40.2 40.3 40.7 2.01 2.03 2.03 2.04 Electrical machinery 72.36 73.93 74.48 73.93 40.2 40.4 40. 7 40.4 1 .80 1 .83 1 .83 1.83 Transportation equipment 85.88 '87.26 90.69 92.64 40. 7 10.4 41 .6 42.3 2.11 '•2.16 2.18 2.19 Instruments and related products 75.1.7 '74.19 74.56 76.07 41 .3 40.1 40.3 40.9 1 .82 1 .85 1 .85 1 .86 Miscellaneous manufacturing industries.. 65.53 '65.21 65.04 66.10 40. 7 4-0.5 40.4 40.8 1 .61 1.61 1.61 1 .62 Nondurable goods 64.45 65.07 65.97 66.47 39.3 39.2 39.5 39.8 1.64 1.66 1.67 1.67 Food and kindred products 68.15 68.30 70.79 70.97 41.3 40.9 41.4 41 .5 1 .65 1 .67 1.71 1.71 Tobacco manufactures 49.13 '•1-9.72 47.60 47.21 39.3 10.1 36.0 36.6 1.25 '1.24 1 .20 1 .20 Textile-mill products 52.61 53.31 54.66 54.94 38.4 30.2 39.9 40. 1. 1.37 1.36 1 .37 1.37 Apparel and other finished products 48.82 47.84 48.37 49.37 35.9 35.7 36.1 36.3 1 .36 1 .34 1.34 1 .36 Paper and allied products 73.62 '76.01 75.76 75.76 42.8 42.7 42.8 42.8 1.72 '1 .78 1 .77 1.77 Printing, publishing and allied products.. 88.43 ••87.94 88.1 7 89.93 39.3 38.4 38.5 30.1 2.25 2.29 2.20 2.30 Chemicals and allied products 77.61 '78.69 79.71 80.51 -11.5 41.2 41.3 41.5 1 .87 1 .91 1 .03 1.04 Products of petroleum and coal 01 .98 '92.57 93.43 90.97 40. 7 «). 6 40.8 39.0 2.26 2.28 2.20 2.28 Rubber products 75.66 '81 .20 83.22 86.29 39.2 -10.4 41 .2 42.3 1 .93 '2.01 2.02 2.04 Leather and leather products 52.03 '49.62 50.92 53.2 7 37.7 35.7 36.0 38.6 .1.38 1.30 1.38 1 .38 'Revised. NOTE.—Data are for production and related workers. Figures for December 1954, arc preliminary, Back data are available from the Bureau of Labor Statistics. JANUARY 1955 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 1,957 5,423 6,609 1953 49,660 17,259 844 2,644 4,224 10,533 2,025 5,486 6,645 SEASONALLY ADJUSTED 1953—December 49,109 16.704 818 2,686 4,176 10,579 2,050 5,490 6,606 1954—January 48,812 16,497 805 2,581 4,118 10,577 2,054 5,487 6,693 February 48,607 16,349 794 2,618 4,087 10,543 2,065 5,490 6,661 March 48,441 16,262 772 2,654 4,012 10,552 2,067 5,488 6,634 April 48,268 16,122 753 2,641 4,015 10,524 2,075 5,506 6,632 May 48,177 16,038 744 2,634 4,011 10,494 2,081 5,508 6,667 June 48,102 15,994 740 2,624 4,016 10,480 2,083 5,518 6,647 July 47,982 15 775 742 2,637 4,014 10,507 2,095 5,555 6,657 August 47,945 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... '48 209 '15,886 '716 '2,620 '4,002 '10,476 '2,121 '5,549 6,839 November 48,401 16,017 718 2,643 3,979 10,537 2,119 5,537 6,851 December 48 349 16 043 709 2,602 3,978 10,548 2,125 5,530 6,814 WITHOUT SEASONAL ADJUSTMENT 1953—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 '48,668 '16,058 '716 '2,777 '4,0.12 '10,581 '2,110 '5,549 6,865 November 48 830 16 106 722 2,722 3,989 10,787 2,108 5,509 6,887 December 49,432 16,102 713 2,550 3,988 11,327 2,114 5,475 7.163 •"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. December 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 aie and over] Civilian labor force Total non- Total Employed1 Not in the Year or month institutional labor labor force population force Total Unem- Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 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 J9532 '•115.095 '67,362 '63,815 '•62,213 '55,651 '6.562 '1,602 '47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1953—November 115,544 '67,495 '63.975 r62,276 '•55,659 '6,617 '1,699 '48,049 December 115,634 '•66,485 '"62,993 '60,680 p55,3l0 '5,370 '2,313 '49,149 1954—January 115,738 66,292 62,840 59,753 54,469 5,284 3,087 '49,446 February 115,819 67,139 63,725 60,055 54,351 5,704 '3.670 '48,680 March 115,914 67,218 63,825 60,100 54,225 5,875 '3,724 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 '116,217 68,824 65,494 62,148 54,661 7,486 '3,347 p*7.393 August 116,329 68,856 65,522 '62,277 55,349 6,928 '3,245 47,473 September 116,432 68,565 '•65,244 '•62,145 '54,618 7,527 '3,100 '47,865 October 116,547 68,190 64,882 62,141 54,902 7.239 '2,741 48,357 November '"116.659 67,909 6-4,624 p6l,732 55,577 6,154 2,893 '48.750 December 116,763 66,811 63.526 60,688 55,363 5,325 2,838 49,952 'Revised. 1 Includes self-employed, unpaid family, and domestic service workers. 2 Monthly estimates of the labor force beginning 1953 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. 70 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 Business Other Total d R en e t s i i a - l Total Indus- Com- Public n d re o e s n n i - - - Total M ta i r l y i- H w ig ay h- C va o t n i s o e n r- o A th l e l r trial mercial utility tial 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 ?,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942. 14,075 ,415 1,715 t,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. s,259 9,186 815 989 208 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. ,678 16.853 8,580 5,693 n,397 253 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 ,764 10,973 7,217 9 117 1371 3,729 3,574 9,418 887 2,518 853 5,160 1952 . ,008 99 ,107 11,100 7.460 9 320 1 137 4 003 3 547 10,901 1,388 2,820 854 5,839 1953 35,256 71,877 11,930 8.436 9 229 1 787 4,416 3,511 11 ,379 1,307 3,165 830 6,077 \954r> 37,170 ,720 13,450 8,593 9 011 9 182 4,400 3,677 11,450 1,010 3,525 710 6,205 1953 —December 2,955 1,992 981 718 164 188 366 293 963 69 289 64 541 1 954—Tj-innnrv 2,965 1, 995 978 724 170 189 365 293 970 89 270 60 551 February. . . 3,051 2,004 980 728 176 187 365 296 1,047 91. 327 59 570 March .005 ,011 989 724 182 176 366 298 994 92 300 62 540 April 3,027 2,059 1,040 714 183 165 366 305 968 87 293 66 522 May ,089 ,131 1 ,105 713 175 171 367 313 958 83 297 66 512 ]u no . . 3,078 2,122 .1 ,102 710 171 172 367 310 956 91 292 63 510 July 3, 094 2,173 1 ,150 708 .167 174 367 315 921 80 292 59 490 August . . 3,145 2,219 1,192 718 164 187 367 309 926 77 288 56 505 September... . ,157 9, 234 1 ,214 714 156 191 367 306 923 75 299 53 496 October^ 3. 105 ,221 1,210 707 152 188 367 304 884 75 274 53 482 November^ ,192 9.259 1 228 717 156 193 368 314 933 80 288 54 511 December P 3,262 2,292 1,262 716 159 189 368 314 970 90 305 59 516 ^Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. NOTE.—Monthly data for 1954 have been revised. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 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 1954 19,770 8,518 1,274 1,815 2,063 1,958 4,142 1953—December 1 .300 479 82 i 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 L 528 484 L 043 668 80 134 179 140 328 I , 692 477 1,215 796 94 178 171 163 290 May L,925 669 L ,256 825 86 179 189 218 428 June I 733 625 L ,108 720 107 192 186 172 357 July 1,837 681 1,156 745 108 145 201 187 450 August . ... L 573 509 L 064 693 93 141 181 136 330 September ,816 589 ,227 777 160 130 182 175 392 October ,965 633 ,332 852 145 186 155 186 443 November 499 475 ft94 709 82 129 140 141 299 December , 830 762 104 194 204 200 366 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. i , s M ap in o n li e s - K C an it s y as Dallas 1953—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 November 1,394 76 196 95 221 168 154 201 78 51 42 112 1954—September L ,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 November . 499 97 243 109 155 194 153 239 73 48 60 127 71 JANUARY 1955 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 1- 2- Multi- Total FHA VA Total family family family 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 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 6?5 407 914 763 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 7S 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 1954P 1,216 n.a. n.a. 1,196 n.a. n.a. n.a. 19 583 276 307 1953—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 25 117 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 60 27 33 September 116 n.a. n.a. 113 104 3 6 2 60 26 34 October P106 n.a. n.a. P106 n.a. n.a. n.a. H1) 59 25 34 November P1Q3 n.a. n.a. P103 n.a. n.a. n.a. 62 26 36 December P91 n.a. n.a. P90 n.a. n.a. n.a. n 51 22 29 pPreliminary. n.a. Not available. 1Less than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adjusted ]Monthly—without seasonal adjustment Annual Class 1953 1954 1953 1954 1952 1953 Nov. June July Aug. Sept. Oct. Nov. Nov. June July Aug. Sept. Oct. Nov. Total . . .. 126 127 122 111 109 Ill Ill 115 118 124 116 114 114 120 124 121 Coal 109 103 104 85 80 90 98 105 106 104 85 80 90 98 105 106 Coke 168 171 155 95 94 90 98 111 116 155 93 91 87 97 109 116 Grain.. . . 142 135 140 155 151 138 131 150 163 137 158 181 149 147 150 159 Livestock 69 63 69 54 54 59 67 72 68 86 41 47 56 89 111 85 Forest products 144 143 145 127 119 119 129 141 146 142 132 120 125 140 149 143 Ore 181 215 172 164 159 145 137 109 109 160 255 255 217 205 170 98 Miscellaneous 140 143 134 125 125 126 123 125 129 140 129 126 127 133 136 134 Merchandise, 1. c. 1 46 43 42 38 38 40 39 40 40 43 38 38 40 41 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 ,254 1,293 1,092 1,189 1,016 922 922 922 833 February ,344 1,200 '1,182 1,260 927 998 893 856 809 March ,447 1,390 1,125 1,330 1,052 922 964 1,004 862 April ,355 1,394 1,425 1,187 1,054 1,258 933 1,013 957 May ,480 1,453 1,399 1,244 1,085 1,135 835 902 829 June ,171 1,385 1,473 1,058 1.013 1,114 861 933 '946 July ,030 1,360 1.291 893 962 '1,024 839 908 822 August ,087 1,187 '1,155 916 911 954 818 840 '824 September ,229 ••1,256 1,113 981 1,052 954 877 926 781 October ,216 1,253 P 1,266 1.043 1,019 P1,163 918 813 P763 November ,190 1,247 "1.219 995 1,031 <;1 ,135 805 849 '847 December ,391 1,353 1,108 1,138 1,053 907 January-November 13,801 14,418 13,740 12,096 11,122 Ml,579 9,665 9,968 «9,273 pPreliminary. Estimated. 'Revised. 1 Exports of domestic and foreign merchandise. 2Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 3General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 72 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 Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - 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—November 113 107 102 '109 115 ••120 '•I 29 113 Ml 5 105 112 127 112 December rll3 108 101 108 112 '124 127 115 113 107 114 125 109 J954—January 107 105 101 106 104 109 122 106 108 104 110 119 108 February 109 109 102 111 104 117 123 107 112 108 109 121 107 105 102 99 106 92 119 117 101 108 95 103 115 111 April 111 105 102 109 104 122 127 ill 114 100 113 120 111 May ., 108 102 100 105 98 115 122 108 106 104 109 123 114 112 106 102 109 107 120 129 110 122 103 115 127 114 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 113 110 105 105 106 124 138 111 112 106 116 129 116 November "114 no 105 111 109 P124 P135 110 115 103 113 130 114 WITHOUT SEASONAL ADJUSTMENT 1953—November 136 129 129 M43 142 r]47 T-147 137 rl37 121 129 144 131 192 194 178 188 187 r2l6 219 188 185 171 189 209 195 1954—January c 83 83 81 80 80 80 94 82 83 75 83 94 85 86 81 83 84 80 89 101 83 88 83 86 98 86 March 89 86 85 91 82 97 110 86 92 79 90 102 88 110 108 101 109 105 124 129 109 112 101 110 119 107 May 106 102 98 104 98 114 120 108 106 104 109 119 107 106 106 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 118 110 110 113 111 130 141 114 123 '122 121 135 116 November P138 134 132 146 134 Pi 53 »154 133 137 119 130 147 134 STOCKS i 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 107 105 105 107 107 105 108 111 102 110 108 110 107 1949 100 100 97 99 100 101 102 100 96 100 100 101 100 1950 109 109 105 108 106 113 120 110 107 104 113 112 110 1951 129 124 124 127 128 133 140 128 128 117 132 132 131 1952 118 111 113 113 111 130 135 115 117 107 124 126 125 1953 126 116 116 119 119 141 146 123 126 115 136 138 133 SEASONALLY ADJUSTED 1953—November 127 115 115 120 121 '145 149 124 121 115 137 136 133 December 123 112 113 117 121 ••135 142 122 118 111 133 131 129 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 121 120 115 116 117 137 137 122 118 111 127 128 119 122 117 114 117 115 139 135 122 119 112 131 131 122 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 125 118 115 117 115 141 143 124 120 123 135 134 128 October 124 116 116 116 116 147 141 122 115 120 131 132 128 November P124 118 113 118 115 145 144 122 116 120 P!32 P129 130 WITHOUT SEASONAL ADJUSTMENT 1953—November 142 134 132 137 136 »-152 165 143 132 128 152 151 144 December 109 105 104 103 106 "•118 125 111 104 101 117 120 108 1954—January 108 102 98 99 104 120 130 108 99 100 118 115 111 February 114 106 104 111 111 127 139 114 108 106 125 127 113 March 126 120 116 120 119 142 147 126 123 115 133 136 125 April 127 122 118 123 120 146 143 126 124 116 134 135 125 May 126 121 118 119 119 146 138 124 123 113 134 130 129 June 116 110 107 109 109 133 128 116 119 107 127 121 122 JUly 115 105 104 103 106 135 128 114 120 109 125 123 125 August 120 114 111 110 112 139 136 118 119 114 130 129 122 September 129 121 120 121 121 146 147 126 128 124 138 139 132 October 138 131 130 132 128 158 154 136 129 M28 142 144 144 November P!39 138 1.20 134 130 152 160 140 127 133 PJ48 P143 141 P Preliminary. r 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. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales3 Year or month m S (t a o f o o l n e t r t a s h l i ) S m t ( o o e o n n c f d k th s ) ' o m ( s e r O t o n d i a n u d n n e g t t r d - h o s - ) l f m c ( e o R t f i o o n p e t r - t t a h s l 2 ) o m r ( o N t d f n e o o e w t t r r a h s l ) 2 Stocks s o O t r i a d n u n e g t d r - s - S s o t o p t r i a o d n l u n u c e g t d k s - rs - s ce R i e p - ts 1945 average. 276 604 775 277 291 2.3 3.0 5.3 1.0 1946 average. 345 767 964 373 354 2.3 3.0 5.3 1.1 1947 average. 365 887 588 366 364 2 5 1.7 4.3 1.0 1948 average. 381 979 494 386 363 2 7 1 .4 4.1 1.0 1949 average. 361 925 373 358 358 2 7 1 .1 3.8 1.0 1950 average. 376 1,012 495 391 401 2 8 1.4 4.2 1.1 1951 average. 391 1 .202 460 390 379 3 2 1.3 4.4 1.0 1952 average. 397 1 .097 435 397 401 2 9 1.2 4.1 1.0 1953 average. 402 1 157 421 403 397 3 0 1.1 4.2 1.0 1953—November.. . '483 '•1,335 ••372 ••513 '423 2.8 0.8 "•3.5 rl.l December. . . 725 1,042 288 ••432 '348 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 1,161 249 350 318 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 1,042 471 281 362 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 November P. 509 1 ,318 403 559 485 2.6 0.8 3.4 1.1 ^Preliminary. r Revised. 1 These figures are not estimates ior 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. 2Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. 3 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. 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 Feb. 3 81Feb. 2 84Feb. 7 88Feb. 6 86 ^.ug. 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 ior 24 123 22 134 28 133 27 .133 31 97 30 97 29 104 29 138 June 2 95June 7 111June 6 118June 5 97Dec 1 161Dec. 6 195Dec. 5 190Dec. 4 '192 9 108 14 116 13 112 12 111 8 191 13 223 12 216 11 .224 16 106 21 98 20 111 19 115 15 213 20 237 19 234 18 . 240 23 92 28 91 27 94 26. . . .97 22 228 27 146 26 163 25 .190 30 89 29 92 1952 1953 1954 1955 July 7 75July 5 79July 4 79July 3 93Jan. 5. . . 78Jan. 3. . . .81Jan. 2 81Jan. 1 80 14 83 12. ... 83 11 92 10 77 12. .. 92 10 89 9 94 8 21 81 19 82 18 84 17. . . .88 19. . . 90 17 92 16 85 15 28. . . 80 26.... 79 25.... 83 24... . 84 26... 83 24 86 23 86 22 31 87 31 87 30. . 85 29 r Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Fe a d r e e d r a i a , s l t o r R i r c e c t s , i e ty rve i | V l Q s S > ? i . 4 : i ; ! 1 m 1 9 1 5 o 4 s. Fe a d r e e d r a i a , s l t o r R i r c e t c s , i e ty rve I 11 area, or city 1954 ! 1954 m 1 1 9 o 5 1 s 4 . Fe a d r e e d r a i a , s l t o r R i r c e c t s , i e ty rve 1 N 9 o 5 v 4 . 1 O 9 c 5 t 4 . m 19 1 o 5 1 s 4 . United States. -2\ -2 Cleve.-cont. hicago-cont. Kan. City-cont. Met. Areas-cont. Met. Areas-cont. Met. Areas-cont. Boston -l! +2 Wheeling- Decatur2 -1- Wichita + 19! +17 +2 Met. Areas1 Steubenville2.. -2; —2; -7 P R e o o c r k i f a o 2 rd +41 + l: - - 4 7 O St m . J a o h s a eph + -3 3 i 1 -3 0 ; ! + -5 3 P B D o o r s o t t w l o a n n n t d own I +7i +3 C P it o y rtsmouth2. . . +5; i o j : + 1 T ( r M R i-C o o c l i i t k n i l e e a s , n 2 d; -5 A O Tu k lb l l s a u a h q o u m er a q u C e i . t y . . . + + + 23 8 8| ! | + - + 1 2 9 4 1 ! ! +8 0 N M C A L N S W P e i L A e p o r S t l e w i t o o b B r a w B n w l e u . i b v r a w n s C o e b e o c A n a i Y g c s l u r d e s a B n y r l f e t t t - s r m o e e i o a y - o n b e e t n S a r d n e n c l b d a c s k d c y 2 r e n r f 1 2 e h - i o 2 d T e r - g r d o e . . . > . 1 ! \ i j | | ! + + + + l + 3 5 8 1 7 i ! ! ! ; + = - 8 5 01 + + + + + - - - - - - 2 2 1 2 3 1 8 3 1 1 1 R M W A W B C C N R R C G R i D e P h o a s h a i o o c r W W t a i c h o e l l o a . l n a r h a s t e h u f e e r r r w n s i h m a . o A i l m l m n t v m t g o e e s l i s o n V r v i k n h h s s o k o m b l o e n t i l t - t 2 g o a e n n l a i r e o o - l o a . 2 w e t S d s 2 d e n n 2 o 2 u 2 1 2 2 a , , n n t l S h e 2. . 2 m C . . 2 . . . 2 + + (* H + + + + + ) 1 1 6 8 8 9 0 2 | , i , i , : ; ! (3 + + + - — - ) 3 5 2 7 0 i 2 2 : . ; ; | i : : + + — — - - - - 2 3 5 2 2 3 3 0 0 j 1 S W J S F T C D S I D D F G G M K L n a o a i o l e a e e r r u e a o D c i a a d g u e r r a d n s l n t b u k d t t r i e i a n t r a a s e n e t x u a h s i M o n m i d 2 v r r s W a o n n q i l o e C H w a o t B n g o u a B R n n 2 z R a o 2 2 i e n p a e a p o a t y i o y a n y u o p o e n p l d t r s i i e i e t d . 2 s ) d . 2 2 2 s . . . s . . . . . . 2 . . . . . . . . . + + + — + + + + - - 1 1 1 1 2 2 2 4 6 8 2 0 3 ; 5 ; : ^ - 1 ' ; i : | ! i -1 + + — - - - - — - I 3 2 3 0 s 6 3 - 0 ; ! : 7 1 . ! 1 . ' . ; ' - + 1 + + + + - — - - - - - 2 4 1 8 5 3 5 4 5 5 3 1 3 D M " J S D W G H F K E C H E i o a e t o h n l o r a u a o i p a l t e r i e r r l n t l u . P c l d t e l p c e a s i s s a o A a l n h u s v a W e t s s r i o s s y e 2 o n e n o p a s C C 2 r o o s h t i n r h r t t . i y . s . . . t . . i . . . .. + + + + + + + + 1 1 1 6 6 1 4 0 9 5 2 0 1 i ; i ; ; : ! : + + + + + - U 1 1 7 2 5 o ' ; ; ; | 1 + - - - - - - - - 2 - 6 1 1 2 4 1 2 1 1 0 0 B S i c n h g e h n a e m c t t o ad n y .. . . . . . | j + -2 2 i | - - n 3 ! 1 -3 < C C it u ie m s berland- Milwaukee2.... -li 0 San Francisco.. \ P+6! +11 -3 C P M C C N S U B W T P L S B R P W Y E R i h i l N U N N B e H y c o t h u t r l e a t o r e e o i y m N t i i i i r e r i f u w u i . e t i a v e n c . l l l r a c a f d a l i a n k m s a f g d k e w h a e i c a a Y n c z A c g f g r t e l w h 2 d i l e Y a - d a a l u i a o t o a r a e n s a . R n o s e k l e e s e s - n r r p o o g n t n g J t e B a C k e l a l o t e 2 2 r o 2 o p d e p e e t 2 2 s k r m a o i r n r F h p 2 r h r - t t s n 2 2 e s 3 i r N a y . i e . a . . e i . . a l 2 . e y . 2 - l . . . . . . . . . . . s . . E . . . . . . . . . . . J i ! 1 1 + + + 4 + $ + + + + + - I l 1 4 7 9 3 7 3 6 3 i O O 0 0 1 ' ' j ; ! i j i i j - - - — - - — — - - - — - - - 1 4 3 7 6 4 5 2 6 3 2 % 7 3 3 ! ' 5 ; ! ; ! J 1 i 1 ' 7 ] ! ! + + + + + + - - - - — - - - - - — 9 6 4 2 6 3 3 3 1 2 2 1 4 7 0 b / 1 1 7 : : / A M C S J A O S N A S L H M M J P B C M M N B N C K i a a t S H T e p t a a t y o r a u e i t e u a h l n . c c o i o a t i T v t l l r r a a a t w n w e l . a g s a o . n a a k k a b c k m n o u r P a a m s h n g m c u n t x n o t s i t A p s e n t m n P m e t l v i a e h s i t g o d v O o n r t o p e a r n i n t n e a n t r i a s b b o 2 o n i e n 2 p e a r n R l a s a g t r l g b 2 b t l u u 2 r m a e a l v 2 t l o h e t u h s e o o u e s r r s o i N 2 o b e 2 r g s a 1 a r w u l n g g g l u r b 2 m e n g e y 2 n . r a u w s . 2 e g . 2 . 2 . 2 r . . 2 . s . - . . g . . . . . . . . . . . . . . . . . p+ + + + + + + + + + + + + + 1 2 - 1 1 5 1 4 3 l 0 1 S 3 6 6 2 1 5 i 6 5 0 3 i 1 1 j ! ! i ! ; ' ; | ! i j 1 j - 1 ' ' I - + + — — + + - — - - + • - + + 1 3 1 6 2 3 - I 5 4 j - 6 2 1 2 6 ( 3 6 : , . 2 0 ) ; 3 l ; i ; : ; | ' ; i ; ' ; i + + + + 4 + + — - + - - - - - - - - 8 5 7 3 4 6 I 2 2 3 3 3 4 3 3 6 0 0 0 0 0 2 1 6 • I j S M M M C C C A S F S Q D S M P M P S B L E L M t i i i S M e p h i o t . o e a i p o t t i v t u a a o . u i e i p t t i r n / e d t r r p u e t n a i e . e L t . u i . m s t t i l n t b L l u n s n n i l s v s s n l k x e A A s e c o o P e g c S o . s H p i e e n v - t y r y l u r f a a v u F o m g h S a l R e i e i C e u g h e u l i e i i n o a i a t a p a l l s s r i a s l o . l r e l l n t p s d 2 o s 2 2 o n e l e h 2 c s 1 o n P 2 e l k l . k i a 2 i s . u . s . . . 2 l . . . . . . 2 . . . . . j i j j P p + - - + 2 + + + + + 1 - - 2 1 0 4 1 1 5 4 ( ! i ! 2 ; ! ^ r ! ; ; i — - - _ - 1 + + - - - - - - i 1 l 2 6 5 4 2 4 l i 9 ; | i 0 4 ! O ' 2 1 : 1 . 1 ! ! : i - - - - + 1 1 + + 2 - 1 - - - - - 7 9 1 2 1 2 0 1 4 3 1 1 0 1 0 9 M S S S F S S S P L R S P S T S O V S a a L e a P r a o a h e p t o a i O o S n e n W n D t n B v a a l c a s a o o o c r a a . t s D c L n a a n e t r t s n l o e k k e a o A n A F l t D J l O k n a r e r a L t . n g r e m k l a l a o w d o s F a o s m r d a t e r k n j i i n n a A i l w a o a t i s e o 2 r n x e 2 B e d n a a e s g B n k M e k d n e e a n a g . n d 2 n i 2 l n t e e e o 2 e 2 2 c n d 2 n e l o 2 e s o a - t r d l a o i y c o e w t 1 e - a 2 s C 2 a n o n i 2 s w c c L s n n d 2 i 2 i o h c c . d . n t , 2 A . - y o a 2 . . . . . . 2 2 . . . . * . . I ! + + + + + + + + 1 1 1 | 7 4 j 3 7 0 5 1 ! ; ; - + + + + n + + + 1 - - - 6 7 2 3 3 9 2 5 4 3 0 O 7 ! | ! ; 1 1 | ; , I i - + + 1 - - — - - - - 4 5 1 7 1 3 1 0 1 1 6 0 0 0 0 A 3 A M L A C e e a k t x n . r i o t n A o n g r n 2 t e 2 o a n s 3 - - — 1 H 2 9 i j 1 - - - 4 8 7 R M B o r e i m s r t i e o d l ian + -3 2 , i - - 9 2 l ; - - 6 3 /: 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 ll 2 s + - r 9! - - 1 6 ! 1 +1 C T B it u a i c e k s s e o r n sfield2.... ti -7 A S Y P C C T C E p i o l r i o o t e n i r l t u l e i v e c s u n 2 n d e b i m g g n l o u a f s n 2 b i r n t e a g u o d l t h d s w 2 i2 2 2 2 . . . n . . . 2 . . . . . . . . . + + + -4 6 3 1 = + - — 1 ? 0 l ^ ! 7 | ! 1 i -1 - — — - 3 8 (1 0 7 : 7 C M C h J A G e E h o t i l u i a . c l g c i r r a i A a e y o n g g t r r 2 o a o ea 2 s1 +? | ! 3i | + -6 1 M K G L T D a e a o e r t n C a p n . n s e v r A a d o k e r s s a r e F s a C e o s i r t k y s . . . I I ! J \ + + + — 6 5 7 3 ; | i i i + + + — — 3 6 4 5 1 i - 1 : ! ! Y T W B B E Id N w o v a e a a i k l a e i l s h l n l m r i e i o a m e n p F a t g F a W t a n a 2 h 2 a d l a a l l m s l l . s l a . . . . 2 . . . . . + +3 | 6! + + + — 5 7 6 3! ; ; ! -1 - - - - 3 3 9 5 0 0 0 -8' -15, -12 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. 75 JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales1 1947-49 average = 1002 Department d p S u e a r r l i i e o n s d g m ( S e t o n o d n c t k o h s f ) October Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd Ten 1954 ; 1953 1954 1953 Oct. months Oct. 1954 1953 1954 1954 1954 Oct. Sept. Oct. Oct. vSept. Oct. GRAND TOTAL—entire stores _3 -2 —3 3 2 3 2 MAIN STORE—total -3 -2 -3 3.4 3.4 109 100 112 132 123 136 Piece goods and household textiles . . .. -5 -2 -3 3.8 3.7 89 84 94 110 106 114 Piece gocxls . -4 0 -4 3.2 3.2 79 73 82 90 92 94 S V i v l ^ k o s o , le v n e l y v a e r t d s , g a o n o d d s s ynt . h . etics . _2c — -7 3 -1 _ 0 7 2 3 .3 3 2 3 .5 4 1 6 1 8 7 1 6 1 0 0 12 7 3 0 9 81 6 . 1 8 0 4 5 1 8 0 7 7 Cotton yard goods -1 +6 +2 3.9 3.8 70 66 70 102 102 100 Household textiles -6 -2 -3 4.1 3.9 96 92 103 121 113 124 Linens and towels —3 —2 4 7 4 5 89 81 94 115 102 117 Domestics—muslins sheetings . . — 10 -2 ^ 4.1 3.9 81 89 90 132 131 137 Blankets comforters, and spreads -5 -1 -4 3.3 3.2 126 117 133 123 116 128 Small wares -1 0 + 1 4.0 3.9 105 96 106 131 114 130 Laces trimmings embroideries and ribbons ... CJ -4 + 1 4.1 3.9 85 77 90 114 104 113 Notions —3 —2 0 3 8 3 8 99 99 102 13^ 125 135 Toilet articles drug sundries +1 +2 3.9 3.8 102 98 105 121 103 119 Sil C S v i o e l r v s w t e u r a m w re e a r a e j n e d a w n e j d e l r w y c e lo lr c y ks . . + + + 1 8 2 4 + + + 4 3 1 — -2 0 5 2 4 5. . . 5 5 1 2 4 5 . . 9 5 9 1 1 3 9 1 1 4 1 1 9 8 0 3 1 4 1 1 1 9 0 5 3 3 1 1 1 3 3 3 4 4 6 1 1 11 2 1 3 5 8 1 1 1 3 3 4 7 4 3 Fine jewelry and watches +4 +2 +4 7.4 102 85 98 137 115 131 7.4 Art needlework -6 -5 4.0 104 88 112 115 111 119 3.9 —5 0 +3 3.9 112 102 118 155 122 150 Books and magazines -13 -4 + 1 3.5 33..06 101 91 116 131 102 129 Stationery 9 + 1 +3 4.1 3.8 115 108 118 161 132 155 Women's and misses' apparel and accessories . . -3 -2 -3 2.7 2.7 112 109 116 140 134 143 —3 -2 -2 3.2 3.2 110 106 113 142 134 146 Neckwear and scarfs -8 -4 -2 2.3 2.2 134 118 145 167 145 171 Handkerchiefs -9 -7 -9 4.8 4.8 60 49 65 95 78 104 Millinery . . . . -9 -7 -8 0.9 0.9 131 143 143 112 112 122 Women's and children's gloves -3 -6 —6 4.5 4.6 103 69 107 131 115 139 Corsets and brassieres + 1 +2 +5 3.1 2.9 128 124 127 146 146 139 -8 -4 -1 2.6 2.5 90 85 97 135 126 136 Underwear slips and negligees ... .. 4. -^ —6 3.8 3.9 85 72 : 89 142 121 151 Knit underwear 2 0 -6 3.6 3.7 112 92 : 114 175 154 186 Silk aw' muslin underwear, and slips -3 0 -8 3.8 4.0 73 61 75 121 .107 131 r%eg3itTees robes and lounging apparel -8 -5 -3 3.7 3.5 80 70 87 144 109 149 Infants' wear , -1 -1 -2 2.8 2.9 131 129 132 145 137 148 Handbags and small leather goods + 1 0 ^ 2.4 2.5 118 111 117 138 124 142 Women's and children's shoes -1 •y -1 4.7 4.7 119 130 120 150 153 151 Ch'ldren's shoes . .. 0 0 +2 4.9 4.8 102 141 103 148 149 145 Women's shoes -1 -1 -2 4.6 4.6 122 128 123 149 154 151 Women's and misses' ready-to-wear apparel -3 —3 -3 2.2 2.1 114 113 119 136 134 140 Women's and misses' coats and suits -8 -10 -8 1.9 1.9 115 95 125 132 145 144 Coats -6 -9 -10 1.8 1.9 121 90 130 144 153 159 Suits -13 -12 -2 2.0 1.7 85 102 98 92 112 94 Juniors' and girls' wear -3 -1 + 1 2.3 2.2 121 129 124 154 149 153 Juniors' coats, suits, and dresses "7 -4 1.8 1.7 103 110 112 132 1.34 134 +2 +2 +3 2.6 2.6 142 152 139 172 160 168 A -2 2 1.7 1.7 100 105 105 117 114 120 -6 -3 — I 1.4 1.3 96 99 102 111 102 112 Better dresses ... -4 3 -4 2.0 2.0 106 112 no 120 119 125 Blouses skirts and sportswear . ... -1 0 -1 2.3 2.3 137 145 139 157 151 159 -1 -2 A 2.4 2.5 78 79 79 103 93 107 Furs +6 +2 -5 3.7 4.1 122 91 115 119 119 125 +2 -1 4, 4.5 4.7 109 91 107 149 138 155 Men's clothinc +1 -3 -4 4.6 4.9 121 90 120 156 153 163 +2 -1 j_ 4.5 4.8 96 75 94 149 128 155 Bovs' wear +2 0 -4 3.9 4.1 122 129 119 140 132 145 0 -1 i 5.7 5.7 113 110 112 142 136 144 For footnotes see following page. 76 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 sales1 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 ) October period of month Oct. Ten Oct. 1954 1953 1954 1953 1954 months 1954 1954 1953 1954 Oct. Sept. Oct. Oct. Sept. Oct. Hotnef urnishings. -5 3.5 3.6 113 101 118 115 110 121 Furniture and bedding -j 3.3 3.5 128 115 132 112 110 121 Mattresses, springs, and studio beds. — 2 -4 -7 1.7 1 .8 148 14-1. 150 131 127 141 Upholstered and other furniture. -3 -6 -9 3.8 4.0 118 103 123 106 105 117 Domestic floor coverings -10 -8 — 7 3.6 110 91 122 106 107 114 Rugs and carpets -13 -9 -8 3.6 109 85 125 105 103 114 Linoleum -2 — 12 -13 3.9 64 49 65 67 62 77 Draperies, curtains, and upholstery -6 -4 -3 3.4 3.3 1.26 100 134 118 115 122 Lamps and shades -7 -5 3.4 3.4 108 89 1.17 119 109 128 China and glassware -9 -5 -I 7.4 6.8 101 98 112 134 126 136 Major household appliances + -1 — 7 2.0 2.3 82 72 75 80 81 86 Bousewarcs (including small appliances) 2 0 3.9 3.7 105 108 109 127 119 127 Gift shop -4 -1 6.0 5.6 116 93 125 171 137 173 — 7 Radios, phonographs, television, records, etc -3 2 -\3 2.3 2.5 1.37 123 141 108 93 123 Radios, phonographs, television -7 -20 1.8 2.2 158 1.43 166 112 89 141 Records, sheet music, and instruments -1 +9 +5 4.0 3.8 102 68 103 121 116 Miscellaneous merchandise departments -2 4.1 4.2 95 78 97 158 126 162 Toys, games, sporting goods, cameras. 0 0 -3 6.6 99 77 99 206 158 21.1 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 + 0 1 + 1 - - 4 1 5.9 6 5. . 9 8 1 9 0 3 2 8 7 5 1 1 9 0 2 3 2 1 5 3 7 6 1 1 8 2 4 1 2 1 6 3 8 7 Luggage. +4 -3 5.6 6.4 73 74 71 133 110 145 Candy... -.1 +2 1.2 1.2 99 75 101 110 89 105 BASEMENT STORE—total -3 -3 2.3 2.3 110 104 113 124 118 130 Domestics and blankets -8 -6 -3 2.7 2.6 110 104 120 123 117 126 Women's and misses' ready-to-wear. . -5 -4 -5 1.9 1.9 IC5 101 111 121 115 127 Intimate apparel -1 -1 2.5 2.5 102 94 105 127 119 130 Hosiery -8 —3 9 2.1 (0 r-o CO CO (0 (-0 Underwear, corsets and brassieres — 5 0 -2 2.7 (0 CO CO (-0 CO D A C B G In l o r p i f o r e a r a l u s o s t n s s s ' n e t e s s w s a s , ' , n e h w d a s o r k e s u i a r u s r t e i s t d , s r a e n ss d e s s , p o u r n t i s f w or e m ar s - - 1 1 — --1! 4 0 • 0 6 + -8 2 0 0 - - 1 + 1 - — - 3 6 3 3 3 2 2 1 1 1 1 . . . . . 5 8 0 8 6 .3 2.1 1 1 1 ( 9 2 7 4 4 0 7 7 6 0 9 ( 1 1 1 ( •'•) 5 7 7 3 4 0 1 8 5 9 8 1 1 1 1 0 8 4 3 4 1 ) 1 1 2 9 3 1 1 1 C 1 9 O 0 3 3 4 5 7 6 7 8 1 1 1 1 (0 4 8 1 2 3 1 7 4 6 4 1 1 1 ( 1 0 9 4 2 5 4 4 5 3 3 1 -10 Men's and boys' wear. +6 +3 -5 2.7 3.0 123 115 116 142 133 149 Men's wear + 7 A 2.7 3.1 116 103 109 138 131 144 Men's clothing , 4-8 4-5 0 2.7 2.9 130 114 121 139 136 139 Men's furnishings. . . 4-6 -j-2 "J 2.8 3.1 111 95 104 136 124 146 Boys' wear -i-2 +2 -6 2.6 136 154 133 148 158 Homefurnishings -4 A 2.4 2.4 120 97 124 115 108 Shoes 3.5 3.7 110 115 109 124 123 128 NONMERCHANDISE—total (0 (0 (0 118 102 123 CO (0 Barber and beauty shop (0 CO CO 104 103 107 (0 CO CO 1The 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. 3The 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. 73. 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. 77 JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a d c s - S f a u o r 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 i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73 3 65 6 117 4 60 3 1933 55.3 41.6 83 6 45.9 1941.. . 62.9 52.2 88 4 55 6 1942 69.7 61 3 90 4 64 9 1943 ... 74.0 68 3 90 3 67 8 1944 75 2 67.4 90 6 72.6 1945 . 76.9 68.9 90 9 76 3 1946 83.4 79.0 91 4 83.7 1947 95 5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948.... 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113 5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1953—November 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 December 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—January 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 February 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 March 114.8 1.12.1 119.0 128.0 107.6 125.8 107.2 117.5 104.3 129.0 124.4 114.1 108.2 120.1 April 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 August 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 September 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 October 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 November 114.6 111.1 119.5 129.2 108.7 124.2 105.4 117.8 104.6 127.6 126.1 113.8 106.8 120.0 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 a t r a i e c n o p l r x t d e d - e s - l - l H s e p u k a a r i n c i o t d n h t d d e s s e s - , r , p l t F o i e a m i g u n r w n h i e a g d a e l - t l , - r s ,C a p i u a h 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 n c o e b t d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p a P p u a l a r u l 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 d a a s l - l s p c u M m a t e h r i c n o r v i o a y t n d d e s - - - - F h d o h t b a o u u t u o n l h u r r e r l d e n s a e d s e r - i- -e s N r t t m t m a u a r o l l r i u e s l n a n 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 o l i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102. 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 6105 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 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 3115.0 120.8 118.1 100.1 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 93.0 106.9 106.8 126.9 119.3 116.3 129.1 124.4 115.3 121.7 121.5 99.1 October 109.7 93.1 103.7 114. 95.4 ••92.4••106.9 106.9 128.5 119.8 116.3 129.7 124.3 115.6 121.9 121.5 96.7 November 109.8 93.1 103.8 114.6 95.2 92.9 107.0 107.0 131.4 119.9 116.0 129.9 124.5 115.7 121.8 121.5 97.0 »• Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 78 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 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm Products: Pulp, Paper and Allied Products- Continued Fresh and dried produce 94.2 99.8 101.9 103.2 Grains 89.3 93.6 92.9 93.5 Paperboard 126.0 124.2 124.2 1.24.1 Livestock and poultry 78.4 80.7 77.5 76.4 Converted paper and paperboard.. 113.4 112.0 111.9 111 .3 Plant and animal fibers 103.5 107.4 107.1 104.5 Building paper and board 123.0 127.6 127.6 127.6 Fluid milk 101 .9 91 .7 93.8 94.8 Eggs 111,6 77.3 82.5 83.5 Metals and Metal Products: Hay and seeds 88.0 87.5 91 .7 91 .0 Other farm products 145.9 164.6 159.6 164.6 Iron and steel 133.6 134.1 135.0 135.5 Nonferrous metals 122.3 126.2 127.4 127.2 Processed Foods: Metal containers 128.7 131.2 131.2 131 .6 Hardware 137.2 140.9 141 .6 142.0 Cereal and bakery products 112.6 113.8 114.5 116.5 Plumbing equipment 118.2 118.5 118.7 118.7 Meats, poultry, and fish 86.2 92.0 85.8 86.3 Heating equipment 115.8 114.1 114.3 114.3 Dairy products and ice cream 113.9 106.6 108.7 108.8 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 117.5 118.0 117.9 117.4 bles 104.7 105.0 '105.5 105.6 Fabricated nonstructural metal Sugar and confectionery 108.7 113.0 112.0 112.3 products 127.2 126.0 126.2 Packaged beverage materials.... 171 .0 206.0 206.3 197.8 Other processed foods 110.2 103.5 99.8 97.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122.5 121.9 122.0 122.0 W Co o t o to l n p r p o r d o u d c u t c s ts 1 9 11 1 . . 5 6 1 8 0 9 9 . . 2 6 1 r8 08 9. . 9 4 10 8 6 9. . 9 6 Co m ns e t n ru t ction machinery and equip- 131.1 131 .6 131.6 131.6 Synthetic textiles 85.2 85.8 86.1 86.9 Meta! working machinery 132.8 133.3 134.0 133.9 Silk products 136.5 128.4 127.0 127.4 General purpose machinery and Apparel 98.7 98.6 98.6 98.4 equipment 128.5 128.1 128.1 128.1 Other textile products 83.5 80.3 80.9 77.6 Miscellaneous machinery 124.4 125.9 126.1 126.0 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 126.6 125.6 125.2 126.3 Motor vehicles 118.5 118.9 118.6 118.6 Hides and skins 64.3 51.5 r49 .5 52.7 Leather 90.4 82.9 82.1 82.1 Furniture and Other Household Dura- Footwear 111 .8 111.8 111.8 111.7 bles: Other leather products 98.8 96.5 96.1 96.1 Household furniture 114.1 112.8 112.8 112.9 Fuel, Power, and Lighting Materials: Commercial furniture 126.2 126.2 127.3 128.6 Floor covering 125.0 124.4 124.0 124.0 Coal 112.5 105.5 '105.1 105.1 Household appliances 109.0 109.4 109.5 109.3 Coke 132.5 132.4 132.4 132.4 Radio 94.3 95.4 '95.4 95.4 Gas 106.3 106.0 '105.8 .105.8 Television 74.2 68.7 68.7 69.2 Electricity 99.6 101.2 '101.8 101 .8 Other household durable goods... 127.6 130.5 131.3 131.5 Petroleum and products 116.3 109.4 109.3 109.5 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 124.7 123.9 123.9 123.9 Industrial chemicals 119.2 117.4 117.6 117.6 Concrete ingredients 119.4 122.1 122.1 122.1 Prepared paint 112.7 112.8 112.8 112.8 Concrete products 117.4 117.8 117.8 117.4 Paint materials 97.7 97.0 '97.2 96.6 Structural clay products 132.1 135.4 135.4 135.4 Drugs, Pharmaceuticals, cosmetics 93.5 94.0 93.6 93.6 Gypsum products 122.1 122.1 122.1 122. Fats and oils, inedible 58.0 54.0 r56.5 57.8 Prepared asphalt roofing 109.9 104.1 106.1 106. Mixed fertilizers 111.5 109.3 109.2 109.1 Other nonmetallic minerals 118.9 120.8 120.8 119.5 Fertilizer materials 112.9 112.3 112.1 112.2 Other chemicals and products.... 105.0 107.6 107.6 107.6 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 112.0 125.6 132.0 134.1 Cigars 103.5 103.7 103.7 103.7 Tires and tubes 130.1 129.6 129.6 134.9 Other tobacco products. 120.7 121.4 121.4 121.4 Other rubber products 123.2 124.0 125.2 125.4 Alcoholic beverages 114.9 114.3 114.3 114.4 Nonalcoholic beverages. 125.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber U6.3 119.0 119.5 119.6 Millwork 131 .2 130.2 130.2 130.2 Toys, sporting goods, small arms.. 114.0 112.7 112.7 112.7 Plywood 103.1 103.2 104.3 104.3 Manufactured animal feeds 78.7 89.0 84.3 85.0 Notions and accessories 93.5 101.2 101.2 101.2 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment, 101.9 103.2 ••103.5 103.5 Other miscellaneous 119.5 121.2 '120.8 120.8 Woodpulp 109.7 109.6 109.6 109.6 Wastepaper 90.8 80.0 83.8 87.3 Paper 126.8 126.5 126.5 126.5 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 131-313. JANUARY 1955 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1953 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 Gross national product 194.4 56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 367.2 360.5 355.8 356.0 355.5 Less: Capital consumption allowances.. 8.6 7.2 9.0 16.5 18.4 20.5 23.5 25.3 27.2 27.4 27.9 28.2 29.0 29.8 Indirect business tax and related liabilkies 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 st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 4 5 .7 . . 1 8 . . 8 2 1 1 . . 0 3 1.0 1 1 . . 0 0 2 1 . . 1 0 1.0 1.0 1.0 -4 1 .4 .0 Plus: g . o S v u e b r s n i m di e e n s t l e es n s t e c rp u r r i r s e e n s t . surplus of -.1 .0 .1 -2.1 -.2 .2 .2 .6 -.5 -.4 .6 -3.0 -3.8 -.3 Equals:. National, income . 87.8 40.2 104.7 -.2 216.2 240.0 277.0 -.2 305.0 306.2 -.8 — .4 — .1 298.8 221.6 291.0 299.9 298.9 299.6 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 33.9 Contributions for social insurance.. .2 .3 2.8 5.2 5.7 6.9 8.2 8.7 8.8 8.7 8.6 9.8 9.7 9.6 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .1 .0 -.1 -.1 -.1 .0 .0 .0 Plua:. Government transfer payments... .9 1.5 2.6 10.5 11.6 14.3 11.6 12.1 12.8 12.6 13.3 14.2 14.8 14.7 Net interest paid by government. . 1.0 1.2 1.3 4.4 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.2 5.3 5.4 Dividends 5.8 2.1 4.5 7.2 7.5 9.2 9.1 9.1 9.4 9.5 9.6 9.6 9.6 9.8 Btisiness transfer payments .6 .5 .7 .8 .8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 .7 Equals: Personal income 85.8 96.3 208.7 206.8 227.1 255.3 271.2 286.1 287.5 287.3 285.1 285.7 286.2 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 1.3 2.1 2.5 2.7 3.5 3.7 3.7 3.7 .5 State and local 3.0 3.2 3.5 3.6 83.1 1.0 93.0 187.6 188.2 206.1 250.1 252.3 252.9 253.2 Equals: Disposable personal income. 226.1 236.9 251.2 251.2 79.0 45.7 81.9 177.6 180.6 194.0 230.1 230.5 233.1 234.8 Leas: Personal consumption expenditures 208.3 218.4 231.2 229.7 4.2 46.4 11.1 10.0 7.6 12.1 20.0 21.8 19.7 18.4 Equals: Personal saving 17.7 18.4 20.0 21.5 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1953 1954 1929 1933 1941 1948 1949 1951 1952 National Income 87.8 40.2 104.7 221.6 216.2 240.0 277.0 291.0 305.0 306.2 299.9 298.9 299.6 298.8 Compensation of employees 51.1 29.5 64.8 140.9 140.9 154.3 180.4 195.4 209.1 211.4 208.8 206.4 206.6 207.2 Wages and salaries1... 50.4 29.0 62.1 135.2 134.3 146.5 170.9 185.0 198.0 200.3 197.6 194.6 194.9 195.6 Private 45.5 23.9 51.9 116.4 113.9 124.3 142.1 152.2 164.5 166.7 164.1 161.2 161.5 161.6 Military .3 .3 1.9 4.0 4.2 5.0 8.7 10.5 10.2 10.2 9.9 9.7 9.5 9.6 Government, civilian 4.6 4.9 8.3 14.8 16.2 17.2 20.1 22.4 23.3 23.4 23.5 23.7 23.8 24.4 Supplements to wages and salaries.. .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 33.9 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 34.2 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 16.8 Corporate profits after tax 8.3 -.4 9.4 20.3 15.8 22.1 18.7 17.2 18.3 19.0 15.1 17.5 17.5 17.4 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 9.1 9.1 9.2 1 Includes employee contributions to social insurance funds. 2Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 80 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual ratea Annual totals by quarters 1953 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 Gross national product 104.4 56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 367.2 360.5 355.8 356.0 355.5 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 84.3 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 Feder N O al t a h ti e o r nal security 1 1 . . 3 3 2 2. . 0 0 1 1 3 6 3 . . . 9 2 8 2 1 5 1 6 . . . 0 6 0 2 1 6 5 9 . . . 6 4 3 2 1 3 2 8 . . . 1 9 5 4 3 1 4 7 . . . 0 2 3 5 4 4 5 8 . . . 0 8 5 6 5 0 8 2 . . . 1 5 0 6 5 0 8 2 . . . 3 4 3 5 5 9 9 0 . . . 8 6 6 5 4 8 5 6 . . . 4 0 9 5 4 1 6 4 . . . 3 9 7 4 4 7 6 2 . . . 9 1 1 Less: Government sales2 .0 .0 .0 .5 .4 .3 .4 .4 .4 .4 .3 .3 .3 State and local 7.2 6.0 7.8 15.6 18.2 19.9 21.8 23.2 25.1 25.1 26.2 26.9 27.0 27*. 7 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage and salary disbursements Divi- pe L r e so ss nal Year or month in s P c o e o n r m a - l e Total d p m i C u r n o o s g 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 r n o m t t d o a - e l rs 4 ' i i n d n s p t a c o e e e n 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 - 5 b c i a s u n o o n f t n s c o i c u o t i r e r a r n i 6 - l - s i a n g N c t r u o i o c r m n u a e l - 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-—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 L.8 268.2 March 285.0 194.5 84.2 52.0 25.0 33.3 6.6 48.9 23.9 15.8 t% 7 268.8 April 284.4 194.3 83 7 52.0 25 2 33 4 6.6 48 2 24.0 15.9 1.6 269.1 May. 286.2 195.0 84.2 52.3 25.2 33.3 6.6 49.4 24.0 15.8 1 6 269.7 286.5 195.5 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 286.3 196.1 82.9 52.9 26.1 34.2 6.6 47.2 24.5 16.5 4.6 272.3 November^ 287.6 197.4 83.8 53.0 26.3 34.3 6.6 47.2 24.5 16.4 4.7 273.8 'Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. ^Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. •Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 7Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 81 JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States... 84-88 Gold production 88 Estimated foreign gold reserves and dollar holdings . 89 Reported gold reserves of central banks and governments . 90 Net gold purchases and gold stock of the United States. . 91 International Monetary Fund and Bank . 92 Central banks 92-96 Money rates in foreign countries. . 97 Commercial banks 98 Foreign exchange rates. . 99 Price movements in principal countries: Wholesale prices 100 Consumers' price indexes. . 101 Security prices 101 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. JANUARY 1955 83 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 , terna- United Neth- Switz- Date tu t i f t n o i s o n t n a i- l s2 Of a f n ic d ial Official8 K d i o n m g- France la e n r d - s la er n - d 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 hc l I 1 T private 195C—Dec.31... 1,527.8 7,116.9 3,620.3 656 6 260.7 193.6 553.0 314.7 1,007.8 2,986.3 899.0 1,612.9 1,364.2 254.5 1951—Dec.31... 1,641.1 7,661.1 3,547.6 642 6 289.4 148.8 521.3 300.5 1,103.4 3,005.9 1,307.1 1,455.2 1,595.5 297.4 1952—Dec. 31 . . L,584.9 8,961.2 4,654.2 817 9 342.6 203.1 641.8 308.9 1.441.3 3,755.5 1,420.7 1,612.9 1.836.5 335.6 1953—Nov. 30.. L,563.9 10,127.5 5,651.9 907 8 423.4 252.8 653.7 430.1 2,127.7 4,795.3 1,260.3 1,762.4 1,985.7323 8 Dec. 31.. L.629.4 10,019.0 5,666.9 708 9 428.5 242.9 674.2 465.7 2,213.4 4,733.6 1,295.5 1,768.4 1,895.5326 1 1954—Jan. 31. . 1,702 1 10,127.0 5,741.2 714.0 412.0 211.6 670.4 474.5 2,315.8 4,798.3 1,334.9 1,772.5 1,901.9 319.3 Feb. 28.. 1,677 6 10,300.1 5,903.1 734 4 435.6 215.6 671.7 491.8 2,391.7 4,940.8 1,348.4 1,788.1 1,892.0 330 8 Mar. 31*. 1,698 5 10,350.0 5,925.2 797 9 419.9 215.4 665.2 494.6 2,417.3 5,010.3 L.340.4 1,866.8 1,801.7 330 9 Apr. 30 *. 1,678 0 10,460.6 6,062.9 899 5 285.9 226.9 664.8 519.2 2,501.4 5,097.7 :L,282.3 1,998.6 1,762.1 319 9 May- 31. . 1,679 0 10,575.7 6,265.0 952 2 387.0 250.4 651.8 483.0 2,550.9 5,275.4 L.286.6 1,993.9 1,711.0 308 7 June 30.. 1,637 0 10,561.3 6,307.0 986 1 441.4 272.3 636.0 455.6 2,513.8 5,305.4 1,320.6 1,954.3 1,682.5 298 5 July 31 .. 1,656.5 10,770.3 6,438.6 942 2 376.5 305.7 680.5 468.8 2,639.1 5,412.8 1,342.0 2,036.7 1,693.2 285.6 Aug. 31. . [,751.0 10,685.9 6,287.3 851 7 418.9 252.9 680.8 510.7 2,648.9 5,363.9 ,380.4 1,918.2 1,748.2 275 2 Sept. 30 P ,801.9 10,726.9 6,313.3 838 2 473 A 247.6 667.4 527.4 2,672.8 5,426.8 1,384.1 1,889.0 1,764.1 262 9 Oct. 31 P . ,773.9 10,737.4 6,387.3 842 8 489.6 248.7 650.0 553.9 2,700.1 5,485.0 L,365.1 1,838.8 1,777.5 271 1 Nov. 30 P. ,792.8 10,781.9 6,375.3 829 7 502.1 239.4 622.4 566.0 2,719.9 5,479.5 1,376.4 1,849.4 1,812.8 263 8 Table la.—Other Europe Ger- Date E O u th ro e p r e A tr u i s a - g B iu e m l- C v o z a s e k l c o i h - a - m De a n rk r l F a i n n d . m F a e n d y . Greece N w o a r y - l P an o d - t P ug o a r- l m R a u n - ia Spain S d w en e- T k u ey r- U.S.S.R.Y sl u a g v o ia - ot A h l e l r R^ 1950—Dec. 31.. 1,007.8 41.9 128.2 5.6 45.5 18.3 221.6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 14.3 4.0 13.2246.8 1951—Dec. 31.. 1,103.4 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 71.7 14.1 2.5 7.1 124.7 1952—Dec. 31.. 1,441.3 91. 1 123.9 .6 70.4 28.5 551.1 47.3 110.3 3.4 57.4 6.1 19.2 91.0 8.4 1.7 12.0218.8 1953—Nov. 30.. 2,127.7 182.2 126.9 .6 92.8 35.7 850.0 92.0 117.6 2.9 73.1 6.0 35.9 105.2 22.6 2.8 7.7 373.6 Dec. 31.. 2,213.4 190.9 130.3 .6 95.7 37.9 898.8 100.9 118.5 2.2 72.4 5.8 36.0 116.7 14.2 2.0 6.9 383.5 1954—Jan. 31.. 2,315.8 199.7 135.1 .6 104.2, 39.7 943.1 106.5 118.5 2.9 71.9 5.7 32.6 124.7 10.9 3.1 6.1 410.4 Feb. 28.. 2,391.7 208.4 133.9 .6 97.0 42.5 971.7 110.8 118.7 3.8 74.2 7.8 22.0 129.4 8.8 2.3 6.3 453.3 Mar. 31*. 2,417.3 217.4 142.1 .6 102.4 44.7 994.3 112.4 122.0 2.4 76.1 7.9 21.9 119.2 9.4 1.8 5.8 436.8 Apr. 30». 2,501.4 227 6 121.2 .9 102.0 39.1 I,039.3 109.3 130.1 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 1,051.2 116.0 130.6 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 1,084.9 114.0 131.2 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 1,222.1 112.1 127.2 2.2 88.5 7.9 37.5 157.0 6.4 2.8 6.8 366.4 Aug. 31. . 2,648.9 275.6 99.3 .6 79.5 41.0 1,225.1 104.5 129.1 1.7 83.8 7.9 46.0 173.6 6.2 3.0 6.4 365.5 Sept. 30P. 2,672.8 279.4 104.0 .7 76.4 36.2 1,246.6 94.3 133.1 1.8 83.5 7.9 58.3 180.5 7.6 2.1 6.9 353.5 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 Nov. 30*\ 2,719.9 274.9 103.2 .7 69.0 40.0 1,287.2 110.2 113.8 2.2 88.9 8.0 70.9 159.0 8.1 5.2 9.0 369.6 Table lb.—Latin America Nethm D i o n - - la e n r d - s Pan- Other Date A L i m 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 p i R c u a e b n - - G m u a a l t a e- M ic e o x- W I a n n d e d i s e t s a p R m u e b a - - , Peru v S a t a d L l o L - r g U u r a u y - V zu e e n l e a - A L i a m c t a i e n rlic 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 27.8100.3 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—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— Tan. 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. 314 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 26.5100.7 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 1.67.4 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. 1,918.2 191.1 27.3102.6 78.9 215.0 309.6 60.9 40.4 236.8 50.1 86.2 69.2 30.5 104.1 179.1 136.6 Sept. 3()P 1,889.0 204.8 30.2 91.3 74.7 168.2 287.2 60.7 37.1 254.7 50.1 76.3 76.4 25.0 101.6 214.5 136.1 Oct. 3W 1,838.8 190.7 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 Nov. 30P 1,849.4 175.3 32.3 160.3 73.2 168.6 243.7 58.2 31.5 265.5 46.9 75.1 79.6 20.4 93.5 202.2 123.2 ^Preliminary. For footnotes see following page. 84 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued T A B LE 1.— S H O R T - T E RM LIABILITIES TO F O R E I G N E RS R E P O R T ED BY B A N KS IN T HE U N I T ED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table lc—Asia and All Other For- j Ko- Egypt mosa rea, Bel- and Union Date Asia C M a h a n i d i na n- H K o o n n g g India n I e n s d ia o- Iran Israel Japan p R l u e ic - b- ip P p h i i n l- es T l h a a nd i- O A t s h ia e r . • ot A h ll er t A r u al s- ia C g o i n an go A E t n g i g y an l p- o- A S f o r o u f ic t a h Other land of« Sudan 1950—Dec. 31. 1,364.2 81.7 86.1 55.7 114.7 20.3 12.6 458.5 19.5 374.4 48.2 92.4 254.5 19.1 58.1 75.6 44.0j 57.7 1951—Dec. 31. 1,595,5 87.4 62.4 62.1 140.6 25.5 26.6 596.0 26.2 329.7 96.7 142.2' 297.4 38.5 54.5 110.7 7.0 86.8 1952—Dec, 31. 1,836.5 76.4 70.9 64.6 61.0 19.2 18.8 808.0 54.4 315.1 181.0 .167.1' 335.6 47.2 118.6 59.7 23.6 86.5 1953-Nov. 30. 1,985.7 77.2 68.7 100.0 34.0 42.6 14.4 914.9 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 18.0 827.9 91.5 295.5 167.9 171.2J 326,1 59.2 89.6 43.3 38. 2i 95.7 1954—Jan. 31. 1,901.9 77.0 68.0 97.5 75.7 41.5 26.0: 795.4 98.7 298.1 153.3 170.7* 3119.3 51.5 91.1 44.0 34.5) 98. ff Feb. 28 1.892 0 79 2 65.8 120.2 74 6 40.5 20.01 737 7 95.5 313 0 157.. 5 188 0 330.8 53.4 87.7 45.9 44.8: 99. © Mar. 314 1,801.7 79.6 65.3 82.2 68.3 47.7 33.7 675.8 102.8 309.9 155.1 181.2; 330.9 49.6 83.3 49.7 43.9 104.& Apr. 305 1,762.1 79.0 66.3 85. 1 65.2 45.4 31 .()•639.7 103.7 317.7 144.6 184.3 319.9 49.5 81.1 51.8 32.8 104.S M ay 31. 1,711.0 76.7 66,8 86 7 63.8 39.4 27.4 616.9 104.7 303.1 139.3 186.3 308.7 49.6 74.1 51.3 34.2; 99.5 June 30. 1,682.5 75.8 65.1 91.3 59 2 34.0 28.9 615.4 105.9 298.9 130.1 177.8 298.5 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 25.1 616.0 101.2 308.2 127.1 207.6 285.6 42.8 51.3 51.5 38.6 101.3 Aug. 31 . 1,748.2 74.2 64.2 75.5 81.9 23.3 36.0 643.4 98.2 314.2 126.2 211.2 275.2 41.3 45.5 47.7 37.9 102.& Sept. 30P 1,764.1 69.6 64.3 73.4 87.3 26.1 33.1 668.5 94.9 308.5 125.0 213.3 262.9 35.4 44.2 45.1 38.5 99.7' Oct. 31 P 1,777.5 71.1 64.7 77.7 95 4 24.7 24.7 689,8 93.8 289. 7 117.8 228.0 271.1 40.6 47.0 45.2 39 4 99.0 Nov. 3QP 1,812.8 71.3 64.6 82.1. 100.6 28.2 26.0 712.6 88,7 277.0 .124.2 237.6 263.8 36.. 3 44.4 47.6 38. .1 97.4 Table Id.—Supplementary Areas and Countries 7 End of year End of year Area or country Area or country 1950 1951 1952 1953 1950 1951 1952 1953 Other Europe: Other Asia: Albania .6 .1 .2 n.a. Afghanistan 8.3 10.6 4.0 n.a. Azores .1 .3 .3 n.a. British dependencies 23.7 21.0 25.5 L9.8 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: All other: British dependencies. .. 8.7 14.6 14.6 18.0 British dependencies. .9 1.2 1.6 1,6 Costa Rica. „ 6.5 8.7 12.1 13.4 Ethiopia 3.3 6.9 3.0 n.a. Ecuador 19.3 11.4 23.7 17.7 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. ^'Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in saet more than one year irom their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial paper and of liabilities payaMf^ in foreign currencies are also included. 2Includes international Bank for Reconstruction and Development, Internationa;! Monetary Fund, and United Nations and other international' organizations. Excludes Bant for International Settlements, reported under "Other Europe." 3Represents funds held with banks and bankers in the United States (and an accounts with the U. S. Treasury) by foreign central banksand by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 4Beginning Mar. 3-1, 1954, brinks whose total .liabilities to foreigners are less than $500,009 are excluded. Banks claiming this exemption reported a total of 15.9 million dollars of such liabilities on that date. ^Beginning Apr. 30, 1954, in hides liabilities to foreigners held by banks in the territories and possessions of the United States. These banks; reported a total of 16 million dollars of such liabilities on that date. ^Through 1952, reported by "banks in the Second (New York) Federal Reserve District only. 7These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of the amounts shown in the "other** categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount in the "other" categories. NOTE.—The statistics in thi* section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting formsand instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, orderCn 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 M ay 1954, pp. 540-545. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Co»fi«ti^ TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding,, in millions of dollars] Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- 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—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—Tan. 3i 923.8 66.9 7.4 6.2 18.1 16.7 132.3 247.6 51.7 473.3 125.5 25.7 Feb. 28 .. 901.5 59.9 7.1 9.4 16.1 17.5 131.1 241.2 59.2 450.4 126.7 24.0 Mar. 312 867.1 59.5 9.6 13.1 12.8 13.7 134 7 243.5 60 0 4?6 4 111 4 25 8 Apr. 30 879.9 87.0 9.2 7.9 12.5 14.4 138.2 269.2 47.5 433.3 101 9 27.9 May 31 .. 915.4 79.7 8.9 8.8 10.7 14.4 149.3 271.7 52.6 447.9 114.6 28.6 June 30. 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. 3\ . . . . . .. 1,107 9 93 7 7 5 9 4 lo 1 13 4 129 9 270 0 65 6 613 9 125 7 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 Oct. 3! P 1.286.4 124.8 7.1 11.2 16.4 15.8 142.4 317.8 66.9 739.9 128.1 33.9 Table 2a.—Other Europe Ger- Date E O u th ro e p r e A tr u ia s- g B iu e m l- m D a en rk - l F a i n n d - m F a e n d y . , Greece N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u av go ia - o A th l e l r Rep. of 1950—Dec. 31 68 0 2 21 5 3 2 2 2 25 4 .2 1 4 .5 1.6 6.9 9 4 0 1951— Dec. 31 111.8 (3) 39.6 4 8 3.1 28.3 .2 2.5 .8 18.8 5.4 .6 3.9 4.0 1952—Dec. 31 120.7 .8 16.2 2.1 5.6 26.8 .2 1.9 .5 11 2 2.5 38.8 8.6 5.4 1953—Oct 31 103.1 .1 11.0 5.7 2 7 37.3 .5 .9 .4 22.6 1.7 7.7 5.3 7 1 Nov. 30. . . 97 6 2 12 3 5 3 8 31 3 .7 8 6 22 8 2 4 7 7 4 3 7 5 Dec. 31 109.5 .8 13.0 6.2 .9 30.5 1.3 1.0 .6 24.3 2.7 15.7 4.8 6.8 1954—Jan. 3i 132.3 .2 13.4 6.0 5 40.1 1.4 1.2 .4 24.4 2,1 29.2 4 5 7 9 Feb 28 131 1 2 14 3 4 1 43 6 1 4 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 .3 .4 12.2 1 4 35.4 5.9 5 6 Apr. 30 138.2 .2 14.9 4.3 L.6 58.9 2.0 1.4 .6 10.6 2.2 29.8 5.2 6.6 May 31 149 3 .1 15 2 3 5 57 0 1.9 .6 5.7 1 9 49 2 5 1 6 1 June 30 131.5 .2 14.8 4.1 .9 53.7 1 .8 .3 .6 3.5 2.4 35.9 5.3 6.2 July 31 128.4 .1 15.3 4.2 .8 52.5 2.6 1.5 .7 2.1 2.7 32.7 5.7 6.5 Aup\ 31 . . 129.9 .2 14.7 3.5 4 51.9 2.6 .4 .5 3.5 2.6 37.0 4.2 6.3 Sent 30P 125 2 2 1fi 0 4 8 2 0 48 4 3 6 7 .5 4 0 2 4 33 3 3 0 5 3 Oct 3W 142.4 .2 14.3 6.0 2.3 47.3 3.6 1 .4 .7 4.0 2.8 55.0 .6 4.4 Table 2b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W n • c a a S e 1 d n n ui r e i r d d - r e ; s i s s t - a l P p i R m c u a e b n a o - - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a m t c h t a i e e n r r nam 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 3.1 13.0 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—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 i954—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 16 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. . 613.9 5.8 1.7 269.6 14.9 64.0 59.7 2.4 3.2 91.7 2.0 5.4 14.2 5.1 3.3 50.4 20.4 Sent. 30P. 646.5 5.8 2.5 288.0 11.3 70.2 62.7 2.4 3.6 04.7 1 8 6.4 13 .0 7.1 3.2 52.7 20.2 Oct. 31P. 739.9 6.1 2.2 361.5 6.8 79.9 63.9 2.2 3 3 99.2 1 .3 6.3 14.2 9.5 3.7 57.3 22.3 pPreliminary. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity •of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that aie being collected by bank- Ing institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institution? 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 domi< iled 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. 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 AH Other For- Egypt Date Asia m C a h n o i d s n a a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan K p R o u r e b e - - a, ip P p h i i n l e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a g B i e a l n - A E a n g n g y d l p o - - S U o o n u f i t o h n 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—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 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 !i 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 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..125.7 8.2 2.8 3.9 .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 S.I 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 Oct. 31 P 128 1 8 1 2 6 4 8 6 17 7 8 2 33.3 .4 10.8 6.9 34.8 33.9 10.9 6.8 .5 5.2 10.4 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. Government bonds U. S. corporate bonds and notes and stocks Foreign bonds Foreign stocks Year or month Net Net Net Net pur- pur- pur- pur- Pur- Sales chases Pur Sales chases Pur- Sales chases Pur- Sales chases chases or sales chases or sales chases or sales chases or sales (-) (-) (-) (-) 1950 1,236.4 294.3 942.1 774.7 772 3 2.4 589.2 710.2 -121.0 173.8 198.2 -24.4 1951 673 6 \ ,356 6 -683.0 859 8 761.0 98.7 500.4 801.0 -300.6 272.3 348.7 -76.4 1Q52 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 19 S3—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 (8) December . . . . 191 1 192 6 -1 5 75.4 64 I 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 Tune 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 60.6 35.1 25.5 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 October?. . . 48.0 25.9 22.1 117.1 111.4 5.7 93.1 51.5 41.5 36.4 49.1 -12.7 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( —). In millions of dollars] Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u t e 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—Oct -8.2 6.3 4.2 .3 -2.8 1.3 (3) 1.6 4.7 -9.9 11.8 .1 -.3 Nov.... 8.5 -13.0 -2.5 .2 -.1 2.1 -.5 (3) -.7 - 14.9 3.9 -.5 — 8 Dec.... -4.4 14.2 25.7 1.1 -1.1 1.2 .1 1.6 28.5 -17.4 2.7 -.5 .9 1954—Jan .9 -8.1 9.0 -7.1 -2.0 1.1 (3) 1.0 2.1 -6.8 -3.3 -.3 .3 Feb.. .. .7 —21.8 6.1 -16.2 -2.9 .1 -.1 1.9 -11.1 -6.7 -2.9 -.1 -1.0 Mar.... .5 34.5 9.2 21.4 -3.7 2.3 -.4 1.4 30.2 -.3 3.2 (3) 1.4 Apr.. .. .6 50.1 5.0 36.1 -4.6 10.5 .1 2.7 49.7 -5.2 3.3 .8 1.4 May... 21.8 -8.6 3.4 2.2 -3.4 5.4 — .4 3.6 10.8 -34.3 14.8 — .2 .4 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 (3) .9 32.8 -3.5 15.8 1.1 .1 Aug 41.2 13.9 6.5 .1 -2.9 .5 .6 .4 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 o Oct.P. . 25.6 2.2 5.9 .9 -.9 4.5 -1.2 -.7 8.6 -5.2 .1 .1 -1 .1 p Preliminary. iNot reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. 8Less than $50,000. 4 Includes transactions of international institutions. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN UNITED STATES, BY AREAS CORRESPONDENTS x [Net sales, (—). In millions of dollars] [In millions of dollars] Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al f c o T o r o e u t i n a g l - n E T u o ro ta p l e C a a d n a - A La m ti e n r- Asia o A th l e l r Date Deposits Assets incustody tutions tries ica U. S. Govt. Miscelsecurities2 laneous3 1950 -3.6 -141.8 13.4 —190.0 29.8 1.0 3.9 1951 — 152.7—224.3 28.5 —258.6 33.8 —36.0 7.9 1952—Dec. 31 550 2,156 86 1952 — 118.1 —99.8 19.9 —141^0 25 3 —io!o 6.0 1953—r3ec# 31 423 2,586 106 1953 -61.2 -11.0 96.3 — 137.8 34.6 —29.9 25^8 1954—jan 31 440 2,632 99 1953—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 M 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 Q 3.9 -3.6 .4 Oct 31 426 3,050 99 June. . y -41.1 -9.9 -29^3 2.4 -4.7 .3 Nov ^0 397 3,002 104 July.. —i !i 3.7 .2 -3.2 1.4 -2.6 8.0 Dec. 31 490 2,908 105 Aug.. . -6.0 —31.8 -.7 -35.4 1.8 -1 .4 4.0 Sept. P. -54.6 67.4 23.2 31.4 8.6 1 .9 2.3 1954—Dec. 1 386 3,002 105 Oct. P.. -2.9 31.7 -10.3 43.4 1.7 -2.8 -.2 Dec. 8 358 3,014 108 Dec 1 S 405 2,992 110 Dec. 22 450 2,963 107 Preliminary. Dec 29 577 2,947 105 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4. p. 91, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars! Production reported monthly Estimated Y m e o a n r t o h r p U r o . o w S u d . t o u S s r i c l . d d R t e i . o 1 n r m e T o p o n o t t r a h t l e l d y A So fr u ic th a d R e h s o i A a - fric A a W fr e ic s a t 2 C B o el n g g ia o n 3 U St n a i t t e e s d * C a a d N n a - orth M a i n c e o d x - S ; ou C th o b l i o a A m m - eri C ca hile r N ag ic u a a - 4 Au l s ia tr O a- the I r ndia2 $1 = 15 ftI grainsof gold Yx) fine: i. e., an ounee of fine gold = $35. 1947 . . . 766 5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 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—October 64.9 35.6 1.5 2.2 1.2 6.8 10.0 1.4 1.3 .5 ,8 3.1 .6 November. 64.3 35.1 1.5 2.2 1.1 6.2 9.6 2.0 1.6 .4 .7 3.3 .6 December. 64.4 35.7 1.5 2.2 9 6.1 9.6 2 1 1.1 ,4 .7 3.7 .5 1954—January 63 4 35 7 1.5 2.1 1.5 5.1 10.3 1.0 1.4 .4 .7 2 9 6 February. 61 .8 34.5 1.5 2.2 1.1 4.9 10.9 .9 1.2 3 ,7 3 0 .6 March 68 7 37 5 1.5 2 2 1 2 5 4 12.9 1.6 1 1 4 7 3 5 7 April . .. 66 0 37.0 1.6 2.2 1 1 4.9 12.5 .8 .9 .7 3 2 .7 May 38.3 1 .6 2.3 1 0 5.0 13 4 1.0 .5 .7 3.3 .6 J u rie 38 3 1 7 2 3 I 0 6 1 13 2 1 2 7 7 Julv 39 4 1 .6 2 3 1 0 6 1 13 3 1.0 .8 .7 August 39 8 1 6 2 4 1 4 5 8 12 9 1 f 7 7 September. 39 9 2.4 1.1 5.1 13.1 1 1 7 .6 October 40 5 2.3 .9 5.6 .6 Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936. 187 million; 1937. 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. 3Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. 4Goid exports reported by the National Bank of Nicaragua, which states thai they represent approximately 90 per cent of tota' 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. 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 Mair. 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)1 834 896 1,021 967 883 926 1,003 1 049 1,060 1,092 124 Germany (Federal Republic of)... 222 434 604 691 770 893 1,053 1 225 1 381 1.503 l] 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 Norway 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 Spa^n (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 Other2 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 10075 10457 10,618 11,104 Sterling Area: United Kingdom 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 A frica 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 2 543 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 :$314 311 306 302 301 309 311 311 337 329 335 329 458 445 577 519 490 530 571 595 562 621 618 Other 560 634 683 721 812 814 779 772 868 907 818 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 V>7 296 275 246 198 184 166 140 168 Iran 160 163 156 157 156 155 168 181 185 171 163 Japan 587 729 898 936 1,026 1,022 1,062 958 807 747 801 377 337 329 324 334 316 318 304 319 308 318 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 Europe4 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 24,469 International5 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 28,005 *> Preliminary. 1 Includes gold reserves of Bank of France and French dependencies only. 2Includes holdings of other Continental OEEC countries. Finland, Yugoslavia, Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. 3Includes latest available figure for Mexican gold reserves (August 31). 4Excludes gold reserves of the U. S. S R. 5Includes 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. JANUARY 1955 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- U.S.S.R.)1 Treasury Total* 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35.820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35 970 22 695 22 873 268 621 23 317 850 45 311 31 22 1952—Dec 36 280 r23 187 23 252 706 21 317 896 42 214 31 23 1953—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 1,005 42 186 31 23 Feb. 21,958 22,036 787 21 321 1,017 42 186 31 23 Mar 36 920 21 965 22 035 787 8 321 1,022 42 186 31 23 Apr 21,969 22,083 788 8 321 1,030 42 186 31 23 May. . 21,973 22,039 779 5 321 1,034 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 1,052 42 186 31 23 Sept P37 200 21 810 21 863 760 322 1,059 42 186 31 23 Oct... ?1 750 21.827 760 322 1 .065 42 186 31 23 Nov. 21,710 21,791 767 322 1,071 31 23 Ger- E m n o d n t o h f Egypt France3 F m ed an er y a , l G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o ay r- Pa ta k n is- Peru Republic of 1949—Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec... 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—No v 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 r138 346 87 772 47 38 36 June.... 174 576 418 27 247 '138 346 57 777 47 38 36 Tulv 174 576 478 27 247 r138 346 58 794 45 38 34 A u g. . 174 576 544 27 247 '138 346 59 796 45 38 34 Sept 17-1 576 574 27 247 796 45 38 34 Ort 174 576 599 27 247 796 45 38 Nov.. . . 174 576 612 27 796 45 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a I e t n i t o t t e l n e r a - - l Fund ments 1949-Dec 178 17 128 85 70 1,504 118 154 41,688 178 373 1,451 68 1950-Dec 192 23 197 61 90 1,470 its 150 43,300 236 373 ., 495 167 1951 —Dec 265 26 190 51 152 1,452 113 151 42.335 221 373 L, 530 115 1952-Dec 286 29 170 51 184 1,411 113 143 41,846 207 373 1,692 196 1953 -Nov.. . . 350 29 175 54 219 1,460 113 143 42,561 222 373 1,701 190 Dec 361 29 176 54 218 1,459 113 143 42,518 227 373 1,702 193 1954— Tan 373 29 176 54 218 1,458 113 144 42,543 227 373 L.7O2 194 Feb 379 29 177 54 218 1,469 113 144 42,583 227 373 , 702 190 Mar 386 29 177 54 218 1 ,469 113 144 42,685 227 373 , 703 199 Apr 391 29 180 54 218 1 ,471 113 144 42,820 227 373 ,719 197 May.... 393 29 180 55 218 1 ,450 113 144 42,985 227 373 1,727 186 June 393 29 187 56 219 1 .469 113 144 43,017 227 403 ,727 182 July.... 403 29 188 56 219 1,485 113 144 43,013 227 403 , 733 186 Aug 410 29 193 56 219 1 ,490 113 144 42,918 227 403 L, 734 193 Sept 416 29 195 56 219 1,503 113 144 42.901 227 403 ,734 195 Ort 422 29 199 56 224 1 .513 144 42.936 227 403 ,734 193 Nov 29 194 56 246 PI ,513 144 •12,925 403 1 ,736 193 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES (Negative figures indicate net sales by the United States) [In millions of dollars at $35 per fine troy ounce] 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 h p er e1 Canada A t r i g n e a n- Cuba Mexico 1945 —452 9 31.1 278.5 —47 9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721 3 _ 2 14 2 — 10 0 80 2 —29 9 27 3 337 9 153 2 30 0 36 9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510 0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114 1 — 10 0 61 6 1949 193.3 446.3 -41.0 —23 5 14 0 -40.0 2-159.9 3.4 -49.9 -to.o -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 — 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 -2208. 02 -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 -20.0 -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 -40.0 -15.0 -io.6 -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 1 80.3 July-Sept.. -171.8 -140.0 -20.0 -8.0 -2.5 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES (Negative figures indicate net sales by the United States) [In millions of dollars] [In millions of dollars at $35 per fine troy ounce] Gold s_ock at Ear- Y qu e a a r r t o er r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia A S U o f n o r u i i f o c th a n o A th l e l r P(iriod T e u r n e r d y a s o - f p T e o ri t o a d l1 I i n n s g c to o r to e l c d a t k a s l e g p e o o x N ld r p t e o i t o m rt r -g m o c c o l r r a r d e e r : a a i k n s s e d e e - d e- p D ti r c o t o i m o d g n u o e l c s d - - (-) 1945 -37.9 -73.1 -27.8 3-188.3 3.7 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 5 4 5 4 4 5 5 7 2 6 1 8 9 3 0 - — — 1 - 2 2 1 1 6 4 4 1 5 2 4 0 4 . 5 . . . 9 4 1 2 7 8 < 0 ? -1 -5 - - 0 9 3 — 0 8 . . . . 2 7 0 0 .9 - - - 1 2 1 — - 2 7 1 7 7 5 7 5 9 3 3 . . . . . . 5 . 1 2 2 0 1 4 8 5 - - — 3 5 - - — 1 4 7 5 2 5 3 1 6 . . . 0 . . . 1 0 4 1 . 0 7 1 1 " 4 2 1 9 5 9 5 1 1 9 4 2 8 6 3 1 5 " . . . . . . 1 1 6 7 5 0 3 • * 1 - - - - - 8 2 1 1 9 2 4 6 2 4 1 7 . . . . . . 9 0 . 6 9 9 9 . 0 2 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 2 4 9 6 3 5 7 8 . . . . . 2 2 2 2 2 2 2 2 1 2 2 4 0 0 4 0 , , , , , , , , 7 9 7 2 6 4 0 5 2 2 3 5 4 1 6 2 6 7 8 4 4 9 5 9 2 2 2 2 2 2 2 2 1 2 0 0 4 2 0 4 , , , , , , , , 9 7 6 0 7 3 8 5 8 3 3 0 8 9 6 6 1 9 1 6 3 9 8 3 — 22 1 — - 1 ,1 , 5 — , 5 6 1 6 3 4 7 2 3 6 2 4 2 7 5 3 0 . 4 9 3 ! 1 7 . . . 1 4 8 6 . 0 8 9 1 1 - — , 1 , 6 8 3 3 6 8 0 1 8 6 6 1 8 4 6 1 8 0 5 6 6 5 ^ ^ . . . . 3 4 . 7 5 4 3 9 5 — - — — — — 3 4 2 8 4 4 4 1 5 6 1 9 0 5 5 5 6 5 0 5 3 9 8 9 0 4 4 ( 8 2 7 7 ) 1 4 3 6 3 5 2 7 7 2 8 5 1 7 5 0 5 ^ ^ . . . . 3 9 8 2 0 3 8 4 1950. 22,706 22,820 — 1,743.3—371 .3-1,352 4 80 A 1952 1951 22,695 22,873 52.7 —549.0 617 6 66.3 1952 r23,187 23,252 r379.8 684'. 3 —304 8 67! 4 A Ja p n r . - - M Ju a n r e 10.0 -1 -7 7 . . 4 6 - - 3 2 . . 2 4 4 7 . . 3 2 1953 22,030 22,091 p—1,161.9 2 .2-1,170 8 69.7 O Ju c l t y - - S D e e p c t . 4 8 -2 2 . . 0 0 -1.8 .4 -1 -. . 1 9 1953—Dec. . 22,030 22,091 -21.9 -1.4 -21.2 6.1 1953 1954— F J e a b n . .. . . . 2 2 1 1 , , 9 9 5 5 6 8 2 2 2 2 , , 0 0 4 3 4 6 -4 -7 6 . . 7 6 -5 1 . . 5 6 -4 -9 3 3 9 4 5. . 1 9 J A a n n r - - M Tu a n r e . — — 1 5 0 0 0 —3 6 — — 1 1 2 ! A M M p a a r r y . . . . . . . 2 2 2 1 1 1 , , , 9 9 9 6 6 7 5 9 3 2 2 2 2 2 2 , , , 0 0 0 3 3 8 5 9 3 -4 - 4 1 4 7 . . . 5 1 9 9 2 1 . . . 0 4 2 -4 - 3 2 8 7 0 4 5 4 5 5 . . . 9 4 0 O Tu c l t y .- - D Se e p c t. -A i - — 2 1 .4 .4 -9.9 J Ju u l n y e . . . . 2 2 1 1 , , 9 9 2 0 7 8 2 2 2 1 , , 0 9 2 6 7 0 - -6 1 6 1 . . 5 6 3 1 . . 3 5 - - 1 72 6.9 7 6 6. . 1 1 1954 S A e u p g t. . . . . . 2 2 1 1 . , 8 80 1 9 0 2 2 1 1 , , 8 8 9 6 7 3 - - 3 6 3 3 .6 .6 1 1 . . 7 1 - - 3 65 4.6 4 5 5 . . 8 1 J J A u a p ^ n r y . - - - M S T e u a o n r t e . -5.0 -30.0 1 2 3 . . 0 2 - - 1 8 . . 9 2 j O N D o o e t c v . . . . . . P 2 2 2 1 1 1 , . 7 7 ,7 5 1 1 9 2 0 i» 2 2 2 1 1 1 , , , 7 8 7 9 2 9 1 7 3 - - 3 3 P 6 5 2 . . . 7 9 4 (3 1 1 ) . . 5 6 - -3 3 4 6 4 1 6 8 7 5 5 (3 . ) 6 6 4 2 1 3 I I I I n n n n c c c c l l l l u u u u d d d d e e e e s s s s s s B s a a a l a l l e e n e s s k o o f f o o f 1 f r 1 1 4 8 I g n . 5 o 3 t . l 3 e d m r m n i t l a i l o l t i l o i i o o n E n n g a d y l d o p o l S l t l a l e r a t s a r t s l s o e o m f f o f g e l g l o n o o l t w d s ld . s t : o to 1 I t C 9 a 5 h ly 0 in . , a 4 . 4.8 million tio ' 3 2 n J P S C N r e t h e o o e a l t i n f I m y o g n e o e i t t e n t n r a a i n o n r v a y t c a e t . l i i u l o 2 a d n b e o a s l l n e r . R t M o r e a p o v n p n i s o s f e s e e t i d a r t e r . y o p f a F g u 6 e n 8 . 7 d . . 5 million dollars gold subscripdol 5 l I a n r d s; u d a e n s d s 1 a 9 le 5 s 1 , o 7 f 6 4 .0 5 . m 0 i m lli i o ll n io . n dollars of gold to Indonesia. acc 4 o G u o n l t d , h in e c ld lu d u i n n d g e r g e o a ld r m h a e r l k d a fo t r t h t e h e F e a d c e c r o a u l n R t e o s f e r i v n e t e B rn a a n t k io s n f a o l r i f n o s re ti i t g u n tions, amounted to 6,808.9 million dollars on Dec. 31, 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. 91 JANUARY 1955 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 1953 International Bank Monetary Fund Sept. June Mar, Dec. Sept. Oct. July Apr. Jan, Oct. Dollar deposits and U. S. securities 478 415 468 427 379 Gold 1,733 1,733 1,719 1,702 1,700 Other currencies and securities1. 1,049 1,034 990 1,011 1,018 Currencies:1 Effective loans2 1,620 1,663 1,562 1,535 1,408 United States 1,574 1,472 1 ,408 1,386 1,310 Other assets3 33 31 33 25 21 Other 4,739 4,746 4,824 4,847 4,920 IBRD bonds outstanding 850 777 742 653 567 Unpaid member subscriptions... 798 892 889 796 799 Undisbursed loans 336 380 357 401 325 Member subscriptions 8,853 8,853 8,849 8,739 8,739 Other liabilities 9 10 7 7 5 Accumulated net income -9 -9 -8 -8 Reserves 154 146 137 129 122 Capital 1,831 1,830 1,808 1,808 1,808 Cumulative net drawings Sub- on the Fund9 Loans as of November 30, 1954 scrip- Country 8 Quota tion paid 1954 1953 Country4 Outstanding go in ld Prin- Dis- Undis- Re- Oct. Sept. Aug. Oct. cipal bursed bursed paid Sold Total to others5 Australia 200 8.4 20.0 20.0 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 204.0 174.0 30.0 174.0 5.0 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 194.1 133.6 60.4 2.0 131.6 4.3 India 400 27.5 53.3 53.3 53.3 100.0 Chile 37.3 17.4 19.9 3.2 14.2 .5 Indonesia 110 15.5 15.0 15.0 15.0 Colombia 69.3 37.6 31.7 4.5 33.1 Japan 250 62.5 62.4 62 A 62.4 14.0 Denmark 40.0 40.0 1.2 38.8 i'.o' Mexico 90 22.5 22.5 22.5 22.5 Finland 38.1 32.2 5.9 4.7 27.5 Turkey .. 43 10.8 27.0 27.0 27.0 30.0 France 257.5 250.0 7.5 6.8 243.2 United States 2,750 687.5 -455.8 -455.8 -461.8 -724.7 India 116.7 56.0 60.7 12.5 43.5 5.7 J N M N a o e e p t r x a h w i n e c a o r y lands 2 1 2 4 2 4 5 0 1 1 . . . . 2 0 5 3 2 6 2 2 9 4 5 1 . . . . 9 1 0 5 3 7 0 7 . . 3 2 7 i 9 '. . o 9 14 6 2 1 9 1 5 . . . . 9 2 0 6 1 6 2 0 . . . . 1 0 8 2 eff 2 e 1 R c C t e i u v p r e r r , e e n se r c e n ie p t s s a y i t n m o c t e l a u n l d ts e p , r d i t n e h c m e i p a n a n l e d t o o a f b m l a i o g u u a th t n i o t o r n i o z s u e h d ts e t l a l d o n a i d n n i s n l , g i e l u e o s n o s f l l o d o a e a n p n s s o s n s it o o s l t . d y o e r t T T Pa u h k a rk i i s l e a t y a n n d 4 2 6 4 5 3 . . . 5 4 4 2 2 1 2 6 6 . . . 6 6 3 3 2 2 6 8 . . . 8 1 8 1. . . 3 2 5 2 2 1 2 6 5 . . . 1 4 0 2.3 agr 4 3 e L E e o x d c a l n t u o s d b e t s e o u so d n l e c d p a l e t l n o e d d o e t n p h c o e i r e r t s s i , o n a o s n f d o m f e x e c c m a h p b a i e t n a r g l e c s a o u d u b j n s u c t s r r t i i e p m s t i e o r a n i r t s e . . included with Union of S. Africa. 110.0 100.3 9.7 1.3 99.1 5.5 member. U U Yu n ru g it g o e u s d l a a y K vi i a ngdom... 3 4 6 3 0 2 . . . 0 7 0 3 5 2 6 1 7 . . . 6 0 2 5 5 9 . . . 4 7 8 2.7 4 3 2 8 7 6 . . . 2 6 3 6. . 0 5 6 7 i I O n n c f c l l u t u h d d i e s e s s a a m 1 l 2 s o o 8 u e m n f t f i , e l l c 2 i t o 1 iv n e m d l o i o l l l a l i a o n r n s s a d i g n o r l e l l o a e r d a s n t s i o s n b g o e u t s a y o r e l a d t n t b e e f u e f t d e c n t a o i n v t e d y . e 5 t 6 d m isb il u li r o s n e d i . s Other 148.4 75.3 73.1 2.5 72.8 3.2 not 8 I g n u cl a u ra d n e t s e e c d o u b n y t ri t e h s e h B a a v n in k g . cumulative net drawings of 10 million Total 81,998.3 1,503.3 495.0 127.8 1,375.5 777.3 dol 9 l R ar e s p r ( e + s e o n r t s — fo ) r o n e a t c h h e l c a o te u s n t t r d y a t p e. urchases of other currencies from Fund less purchases of own currency by it or other countries. CENTRAL BANKS Assets of issue Assets of banking department department 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 v c n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c p osit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - l d 1944—Dec. 27 .2 ,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 ,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 ,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18. 1947—Dec. 31 .2 ,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95 18. 1948—Dec. 29 .2 ,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92 18. 1949—Dec. 28 .4 ,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18. 1950—Dec. 27 .4 ,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18. 1951—Dec. 26 .4 ,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18. 1952—Dec. 31 .4 ,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18. 1953—Dec. 30 .4 ,675.0 57.8 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—Jan. 27 .4 ,575.0 42.6 15.4 330.2 1,535.2 278.6 10.7 12.5 68.1 18.3 Feb. 24 .4 ,575.0 29.9 14.0 340.1 1,547.9 284.0 10.9 4.7 65.9 18.4 Mar. 31 .4 ,625.0 51.3 15.2 319.3 1,576.9 262.7 30.6 1.0 72.9 18.6 Apr. 28 .4 ,625.0 15.5 7.5 369.5 1,612.6 289.3 11.7 6.6 67.1 17.8 May 26 .4 ,625.0 14.7 7.0 352.5 1,613.4 267.8 14.0 4.6 69.8 18.0 June 30 .4 ,675.0 30.2 11.7 374.6 1,647.4 307.7 10.6 8.7 71.3 18.2 July 28 .4 41,750.0 36.8 8.2 338.7 1,715.8 269.1 14.8 10.2 71.3 18.3 Aug. 25 .4 41,700.0 48.7 7.0 310.1 1,654.0 267.2 14.6 1.7 63.8 18.4 Sept. 29 .4 *1,675.0 42.3 6.5 337.6 1,635.4 276.1 16.4 6.3 69.0 18.5 Oct. 27 .4 1 675.0 41.7 2.1 351.1 1,635.9 205.6 9.8 6.3 65.4 17.8 Nov. 24 .4 1,675.0 25.9 4.5 374.9 1,651.9 293.7 11.7 9.6 72.3 17.9 xOn June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3Notes issued less amounts held in banking department. 4Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27; increased by 50 million on Mar. 17, June 2 and July 13, by 25 million on July 28; decreased by 50 million on Aug. 18, by 25 million on Sept. 1. For details on previous changes, see BULLETIN for February 1954. p. 222. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 92 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Sterling securities lDther ian dollars) Gold* md S ta U t n es ited O as t s h e e t r s circ N ul o a t t e ion3 liab a i n l d ities dollars S te h r o m rt 2 - Other Ch b a a r n te k r s ed D g o o m m v e e in n rn t io - n Other capital4 1941—Dec. 31 200 9 391 8 ?i6 7 33 5 40 6 0 232 0 73 q 6 0 35 1 1942—Dec. 31 ... 5 807 2 209 2 31 3 693 6 259 9 51 19 1 24 0 1943—Dec. 787 6 477 8 47 3 874 4 340 2 20 c 17 8 55 4 1944__Dec, 30 172 906 9 573 9 34 3 1,036 0 401 7 12 9 27 7 209 1 1945—Dec 31 156 1 57 3 688 3 ?Q 5 1 329 1 521 2 153 29 8 198 5 194(5—Dec. 31 . . i97 4 70S 2 4? 1 1 186 2 565 5 60 s 93 8 42 7 1947 -Dec. 31 ... 2 0 022 0 858 5 43 7 1,211 4 536 2 68 8 67 5 42 4 1948 .-Dec 31 /j ?33 7 779 1 45 4 1 289 1 547 3 98 I 81 0 43 1 1949—Dec. 31... 74 1 781 4 227 8 4? 5 1 307 4 541 7 30 7 126 9 119 2 1950—Dec. 30. . . 111 4 ,229 3 712 5 797 1 1,367 4 578 6 24 7 207 1 172 6 1951—Dec 31 117 s 141 g 1 049 3 135 2 1 464 ? 619 0 94 9 66 1 200 0 1952—Dec. 31 ... 77 1 459 8 767 2 77 3 1 561 2 626 6 16 44 5 132 9 1953—Dec. 31. .. 54 o ,376 6 893 7 112 0 1.599 1 623 9 51 s 29 5 133 1 1954—jan 30 61 328 3 880 6 103 1 1 519 2 634 4 48 8 29 5 141 6 Feb. 27 . . 53 0 ,374 8 900 8 116 7 1.506 2 676 6 126 1 34 4 102 0 Mar 31 50 0 552 8 636 3 146 2 1 512 6 660 0 81 28 9 102 0 Apr. 30 58 3 703 8 568 0 101 2 1 535 7 661 7 86 0 27 3 120 6 May 31 . . 61 , 740.4 520 5 103 2 1,546 6 589 3 143 8 30 3 115 7 Tune30 54 9 568 5 702 0 112 9 1 553 5 624 4 99 0 41 4 119 2 July 31 . . 53 6 1,651 2 502 3 109 9 1 ,572 1 543 9 50 s 30 9 119 5 31 ... 56 9 ,669.9 502 4 77 2 1.573 0 531 0 49 6 3\ 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 Nov. 30. . . 57. 7 ,444.3 837.5 85.1 1 ,587.1 528.8 141.1 36.0 131.5 Assets Liabilities Bank of France (Figures in Foreign Domestic bills G A o d v v e a r n n c m es e n to t6 Other Note Deposits7 O lia t b h i e l r millions of francs) Gold 8 ex- assets8 circula- ities change m O a p rk en et ° Special Other Current Other tion G m ov e e n r t n- EX. A Other ca a p n i d tal 1941—Dec. 31... 84,598 38 f,812 12 4.517 69,500 182.507 17.424 270,144 1,517 25, 272 «68,474 1942—Dec. 31... 84,598 37 ?,420 169 5,368 68.250 250,965 16.990 382,774 7/0 29. 935 821 318 1943--Dec. 30... 84,598 37 ,518 29 7,543 64.400 566,973 16.601 500,386 578 33. 137 815.596 1944--Dec. 28 . 75,151 47 ,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 1 ,278,211 1,168 158. 973 19.377 1950—Dec. 28.,. 182, 785 162,017 13(=,947 34,08 593,054 158.900 481,039 212.822 1,560,561 70 15 058 161. 720 24,234 1951-Dec. 27... 191,447 28,320 23' ,923 31,956 741,267 160,000 481,039 190,830 1 8,41,608 29 10 587 166, 226 41 332 1952—Dec. 31... 200,187 31,068 274.003 57.042 937,459 172,000 479.982 150.727 I (123.514 27 897 137. 727 49.305 1953—Dec. 31... 201,282 15,421 292.465 61,108 891,560 200,000 679,849 169,964 2, 310,452 21 2 061 142. 823 56.292 1954—Jan. 28... 201,282 18,596 262,211 56,988 895,508 195,000 657,549 162,772 2, 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 2, 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 2, 235,417 70 79 114, 617 62,064 Apr. 29... 201,282 27,862 216,436 33.162 982,829 195,000 663,349 192,424 2, 322,140 15 98 132, 387 59,704 May 26... 201,282 3\ ,344 20?,288 26,612 934,538 195,000 651,849 2.10,331 2, 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 7 270,081 84 202 119, 155 65,04,3 July 29... 201,282 37,884 26<,197 12,206 1,018,726 195,000 652,449 196,282 2, 386,357 70 348 132, 203 59,047 Aug. 26... 701,282 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... 201.28? 48.971 ?6* .8*1 32.697 1.027.934 195.000 626.249 218.288 2, 428,122 93 98 119, 406 67 563 Nov. 25... 201,282 51,939 224,487 44, 593 1,013,121 195,000 619,549 »218,584 2, 386,103 65 3 304 106, 920 72,162 *On May I, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). ^Securities maturing in two years or less. 3 Includes notes held by the chartered banks, which constitute an important part of their reserves. 4Beginning November 1944, includes a certain amount of sterling and United States dollars. 5For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. «For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. •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. 9Includes advance to Stabilization Fund, amounting to 91.2 billion francs on Nov. 25. 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. JANUARY 1955 93 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) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept, Nov. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,623 1,623 1,623 Loans and discounts 408,018'459,965'420,093 323,749 Other gold and foreign exchange. 1,653 1,685 1,459 Government loans and securities.332,147'325.604 '•322,058238,663 Government securities 3,710 3,712 3,665 Other assets 98,249105,982111,331 90,321 Rediscounts and loans to banks.. 65,594 64,909 55,978 Note circulation 657,451641,,822 63'4,849 580,018 Other assets 278 274 290 Deposits 468,423 511,703501,777 337,976 Currency circulation 27,773 27,412 24,344 Other liabilities and capital 130,032123,954 124,504 97,847 Deposits—Nationalized 39,666 39,514 34,218Central Bank of Costa Rica Other sight obligations 603 562 451 (thousands of colones): Other liabilities and capital 4,816 4,714 4,002 Gold 11,503 11,503 11,503 11,511 Commonwealth Bank of Aus- Foreign exchange 55,430 48,502 60,461 86,111 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,032 7,032 7,032 7,032 Gold and foreign exchange 422,712 425,542 425,470 492,055 Loans and discounts 130,341121,244116,687 100,527 Checks and bills of other banks.. 6,751 5,863 5,673 5,928 Securities 2,828 3,828 3,828 Securities (incl. Government and. Other assets 26,726 26,581 24,480 "25!394 Treasury bills) 459, 693 467,859 485,057 413.808 Note circulation 147,7.18140,041138,705 135,968 Other assets 55,498 60,551 59,620 29,090 Demand deposits 54,061 47,368 54,989 65,308 Note circulation 353,827352,327 351,077 335,113 Other liabilities and capital 32,080 31,281 30,297 29,299 Deposits of Trading Banks: National Bank of Cuba Special 295,670 310,670 311,870 251,530 (thousands of pesos): Other 37,714 35,157 33,849 Gold 185,875185,876 185,748 Other liabilities and capital 257,444 260,142 277,717 320,388 Foreign exchange (net) 33,202 32,536 51,025 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 246,740 266,566 254,547 Gold 556 498 442 101 Silver 8,275 Foreign exchange (net) 9,079 9,674 9,898 6,395 Net claim on Int'l. Fund2 12,512 12,512 12,512 Loans and discounts 176 5,158 5,111 5,742 Loans and discounts 42.663 33,660 28,909 Claim against Government 1,776 1,776 1,777 1,852 Credits to Government 58,379 52,006 31,375 Other assets 372 22 23 33 Other assets 77,764 77,264 71,290 Note circulation 11,656 11.575 11 ,355 9,883 Note circulation 418,322408,034 402,474 Deposits—Banks 2,638 2,890 3,105 1,424 Deposits 219,857233,837 225,197 Other 819 812 883 873 Other liabilities and capital. . 18,958 18,549 16,010 Blocked 1,846 1,850 1,907 1,943 National Bank of Czechoslovakia3 National Bank of Belgium National Bank of Denmark (millions of francs) : (millions of kroner): Gold 38,345 37.976 37,993 38,290 Gold 68 69 69 69 Foreign claims and balances (net) 12,234 12 205 11,684 13,812 Foreign exchange 715 730 781 945 Loans and discounts 7,465 6,180 8,444 6,096 Loans and discounts 254 322 280 132 Consolidated Government debt 34,660 34,660 34,660 34,660 Securities 505 510 510 476 Government securities 6,163 9 882 8,694 6,566 Govt. compensation account.... 3,214 3,215 3,216 3,251 Other assets 4,809 4 667 4,599 4,567 Other assets 41.8 383 295 192 Note circulation 98,857ioo!371101,162 98,103 Note circulation 1,991 1,964 1,919 1,933 Deposits—Demand 1,271 820 1,553 1,542 Deposits—Government 1,285 1,279 1,269 1,398 ECA 87 89 99 192 Other 1,652 1,739 1,723 1,526 Other liabilities and capital 3,460 291 3,260 4,154 Other liabilities and capital 247 246 241 207 Central Bank of Bolivia—Mone- Central Dank of the Dominican tary dept. (millions of bolivianos): (July)' Republic (thousands of pesos): Gold at home and abroad 1,515 4,418 Gold 12,076 12,076 12,076 12,076 Foreign exchange (net)l 12,818 8,740 Foreign exchange (net) 23,979 24,521 25,569 14,251 Loans and discounts 8,768 3,941 Net claim on Int'l. Fund2 1 ,250 1,250 1,250 1,250 Government securities 2,505 2,505 Loans and discounts 3,339 3,165 2,459 1,896 Other assets 1,037 496 Government securities 9,420 9,420 9,420 9,950 Note circulation 16,713 11,304 Other assets 7,424 7,456 7,309 4,723 Deposits 3,460 1,922 Note circulation 40,647 38,359 38,076 33,646 Other liabilities and capital 6,470 6,874 Demand deposits 14,511 17,243 17,764 8,427 Central Bank of Ceylon (thousands Other liabilities and capital 2,330 2,286 2,242 2,073 of rupees): Central Bank of Ecuador Foreign exchange 501,436484,5 t67,456 259,680 (thousands of sucres): Advances to Government 23,300 65,800 81,400 Gold 342,861342 752342,663 341,536 Government securities 26,612 19,014 18,543 121,543 Foreign exchange (net) 168,988165 719149,688 138,082 Other assets 6.687 5,254 6,017 9,942 Net claim on Int'l. Fund2 18,757 18,757 18,757 18,757 Currency in circulation 373,292380,973377,987 363,752 Credits—Government 361,364375,652382,112 310,722 Deposits—Government 13,668 7,279 13,697 974 Other 226,830240,427256,359 241,862 Banks 89,320 92,532115,930 61,986 Other assets 210,762210,877203,265 188,595 Other liabilities and capital 51,856 51,302 50,202 45,853 Note circulation 708,602726 945720,045 597,948 Centra! Bank of Chile (millions Demand deposits—Private banks.227,051230,678219,134 176,815 of pesos): Other 161,077160 259 175,570 171,040 Gold 5,737 5,712 5,704 5,639 Other liabilities and capital 232,832236 302 238,095 293,752 Foreign exchange (net) 865 979 1,420 648 National Bank of Egypt (thou- Discounts for member banks. . . 2,569 3,139 3,307 2,763 sands of pounds): Loans to Government 11,468 11.468 11,469 5,435 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 10,442 9,134 9,488 6,691 Foreign exchange 19,523 18,628 18,830 18,425 Other assets 3,519 3,421 3,332 2,711 Foreign and Egyptian Note circulation 21,953 22,132 22,052 15,876 Government securities 271,843271,676243,176 281,172 Deposits—Bank 3,849 3,510 3,964 3,308 Loans and discounts 22,346 26,799 25,751 18,136 Other 1,066 610 986 622 Advances to Government Other liabilities and capital 7,732 7,601 7,717 4,081 Other assets 2,940 2,845 2,368 4,118 Bank of the Republic of Colombia Note circulation 181,093185,367165,620 186,323 (thousands of pesos): Deposits—Government 78,201 76,966 52,431 78,506 Gold and foreign exchange 393.112361,549 383,270 338,733 Other 106,596107,378120 904 105,885 Net claim on Int'l. Fund2 24,380 24,379 24,377 24,376 Other liabilities and capital 11,314 10,791 11,722 11,690 ••Revised. •Latest month available. 1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2This 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. 94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1953 1954 1953 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept. Nov. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Note circulation 6,789 6,525 6,321 4,853 Gold 71,891 71,966 72,027 72,745 Deposits—ECA 495 495 495 495 Foreign exchange (net) 14,835 20,658 35,635 31,635 Other 2,160 2 220 2,207 1,357 Net claim on Int'l. Fund1 1,568 1 ,568 1,568 1,566 Other liabilities and capital 621 524 502 548 Loans and discounts 50,803 45,138 37,929 22,734Central Bank of Ireland (thousands Government debt and securities.. 6,578 5,723 5,789 8,528 of pounds): Other assets 7,138 7,338 7,453 3.019 Gold 2,646 2,646 2,646 2,646 Note circulation 92,441 87,525 88,524 85,847 Sterling funds. . . 68,087 67,331 65,034 66,205 Deposits 50,899 53,186 61,172 45,965 Note circulation. 70,733 69,977 67,680 68,851 Other liabilities and capital 9,473 11,680 10,703 8,415 Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 4 4 kaa): Foreign exchange 80 82 79 61 Gold 6.940 6,946 6,973 5,862 Advances to Treasury 567 567 567 567 Foreign assets (net) 24,374 21,686 20,516 11,667 Loans and discounts 370 379 357 319 Clearings (net) 5,392 6,575 7,113 8,925 Government securities 329 322 322 261 Loans and discounts 35,880 35,300 37,146 39,576 Other assets 831 810 835 730 Securities 2,174 2,1 79 2,214 2,261 Note circulation 1,403 1,403 1,410 1,317 Other assets 1,943 1,976 2,025 2,020 Deposits—Government 42 39 35 23 Note circulation 48,711 46,498 45,080 45,590 Demand 57 56 60 53 Deposits 12,189 12,749 15,250 6,39! Other 537 532 523 427 Other liabilities and capital 15,802 15,416 15,657 18,332 Other liabilities and capital 142 133 136 123 Bank of German States2 Bank of Japan (millions of yen): (millions of German marks): Bullion 448 448 4*8 Gold 2,568 2,514 2,413 1,273 Advances to Government 1 ,377 1,377 11,513 Foreign exchange 8,288 8,259 8,198 6,547 Loans and discounts 380,952415,913 410,776 Loans and discounts 1,703 1 .632 1 ,734 2,129 Government securities 288,562200,379 234,816 Loans to Government 4,190 4,401 4,167 6,153 Other assets 85,440 92,467 95,236 Other assets 1 ,225 1,121 1 ,106 889 Note circulation 529.814515,346 547,253 Note circulation 12,164 12.127 1i ,966 11,403 Deposits—Government 42,78: 41,533 75,906 Deposits—Government 1,109 1,103 1 ,122 1 .214 Other 85,000 75,766 79,783 Banks 2.643 2.616 2,41.2 2,424 Other liabilities 90,179 77,939 49,846 Other 224 220 293 259 S?ank of Mexico (millions of pesos): Other liabilities and capital 1,835 1.861 1,825 1,691 Monetary reserve7 1,338 1,321 1,288 1,165 Bank of Greece3 (millions of drach- "Authorized" holdings of secumae): rities, etc .402 3,451 3,436 2,820 Gold and foreign exchange (net). 4,679 4.684 44.898 Bills and discounts 507 507 486 644 Loans and discounts 205 187 4221 Other assets 857 772 720 532 Advances—Government 8.609 8,801 4 8,441 Note circulation ,001 3.871 3,728 3,299 Other 4,538 4.472 *3,558 Demand liabilities ,353 1,412 1,423 1,360 Other assets 1 ,985 2,119 42,152 Other liabilities and capital 751 770 779 502 Note circulation 3.582 3.612 43,173 Netherlands Bank (millions of Deposits—Government 1,441 1,511 41,280 guilders): Re r c e o li n ef s t a ru c c c t ts ion and 7.006 7,006 46,857 S G i o lv ld e r . ( . i # ncluding subsidiary coin). 3,01 2 5 1 3,01 1 5 9 3,01 I 5 S 2,77 1 5 6 Other 3,019 42,741 Foreign assets (net) 1,369 1,295 1,324 1,496 Other liabilities and capital 4,630 5,114 45,219 Loans and discounts 35 30 30 40 Bank of Guatemala (thousands of Govt. debt and securities 735 735 703 1,217 quetzales): Other assets 474 478 463 437 Gold 27,227 27,228 27,228 27,228 Note circulation—Old 28 29 29 31 Foreign exchange (net) 4,099 3.884 7.547 9,086 New 3,516 3,367 3,373 3.253 Gold contribution to Int'l. Fund 1 ,250 1 ,250 1,250 1 ,250 Deposits—Government 455 305 420 681 Rediscounts and advances 12,538 11 ,390 9,824 17,436 ECA 704 803 801 999 Other assets 46.808 46,564 45.526 26.422 Other 710 S33 696 802 Circulation—Notes 51,257 50,720 51,370 48,056 Other liabilities and capital 237 235 234 215 ^ Coin 3,701 3,701 3,699 3,622 Reserve Bank of New Zealand Deposits—Government 5 .100 6,309 5,575 2,083 (thousands of pounds): Banks 1.1 ,273 9.919 12,277 12,161 Gold 6,175 6,1 74 6,173 6,028 Other liabilities and capital 20,591 19,667 18,455 15,499 Foreign exchange reserve 52,548 62,661 73,940 61,971 Nationa! Bank of Hungary6 Loans and discounts 20,808 13,464 11,019 6,019 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings 38,503 34,365 26,906 55,168 Issue department: Investments 33,430 33,421 33,^3 52.049 Gold at home and abroad 400 400 400 400 Other assets 1,749 1 ,301 1,819 1 ,488 Foreign securities 6.232 6,232 6.132 5 ,682 Note circulation 70,065 69,169 67,916 65,800 Indian Govt. securities 4,177 4,177 4,177 4,214 Demand deposits 73,937 73,780 77.043 108,249 Rupee coin 1 ,070 1,064 1,064 975 Other liabilities and capital 9,211 8,436 8,311 8,674 Note circulation 11,619 11,619 11,471 10,969 Bank of Norway (millions of kroner): Banking department: Gold 203 203 203 281 Notes of issue department.... 260 253 302 302 Foreign assets (net) -63 67 82 39 Balances abroad 979 1,022 1,174 1,416 Clearing accounts (net) -97 -84 -83 -32 Bills discounted 45 351 80 50 Loans and discounts 48 50 50 71 Loans to Government 9 7! 9 14 Securities 25 25 26 38 Other assets 1 .098 1,221 1,209 995 Occupation account (net) 5,546 5,546 5,546 5,546 Deposits 2,098 2,266 2.523 2.492 Other assets 59 72 94 63 Other liabilities and capital. . . 294 273 252 285 Note circulation 3,134 3,124 3,100 2,938 Bank Indonesia (millions of rupiah): Deposits—Government 1,237 1,248 1,343 1,788 Gold and foreign exchange (net)6. 994 917 769 1,396 Banks 527 684 626 641 Loans and discounts 484 503 424 544 FOA—MSA 161 2.14 207 182 Advances to Government 8,249 7,990 8,013 5 .035 Other liabilities and capital 664 608 643 456 Other assets 339 354| 319 278 ^his figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2Combined figures for the Bank of German States and the nine Land Central Banks. 3On May 1, 1954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar. 4Figure expressed in billions of drachmae. 6For last, available report (February 1950), see BULLETIN for September 1950, p. 1263. •fiGold not reported separately beginning January 1954. 7Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. JANUARY 1955 95 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) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept, Nov. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 37,814 37,636 37,579 3i,555 Issue department: Note circulation 40,622 41,083 40,517 37,069 Gold at home and abroad... 81 81 81 81 Deposits—Government 7,620 5,900 5,469 3.880 Sterling securities 383 382 382 425' Other 3,068 3,074 3,209 3,522 Pakistan Goyt. securities. . 1,357 1,339 1,299 1,187 Other liabilities and capital 32,636 31,375 32,543 27,835 Govt. of India securities. . 178 147 147 126;Bank of Sweden (millions of kronor): India currency „ 300 300 300 300: Gold 543 494 482- 482 Rupee coin 52 55 57 65! Foreign assets (net) 1,274 1,416 1 ,439 1 ,416 Notes in circulation 2,286 2,209 2,171 2,097! Net claim on Int'l.*Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 64 94 95 i 86;! vances to National Debt Office3 2,699 2,642 2,477 2,326 Central O B O L D B o i a t t e l h h a p l n s e e n k o r r s d s i o a i l t t s i o s f s a c s b o e G P i u t l a s o i n t r v t i a e e e g d s r n u a m a n y d e n c t apital.. 3 4 1 1 0 9 6 1 1 1 7 0 3 2 3 4 1 9 8 6 3 1 9 4 0 1 3 ' " 3 4 6 6 i 9 3 3 6 oi 4 5 1 5 0 0 4 3 7 6 6 o 0 j ! ! : . ; j O O D O N t t t e o h h h m t e e e e r r r a c n d l a i d i r o s a c s m b u d e i l t e e l s a i s p t t t i i o i e o c s s n i b t a s i n — ll d s O G a c t n o a h d v p e e i r a t r a d n l v m . a e n . n . c t . e . . . s 4,7 9 2 6 3 5 8 1 2 7 0 9 4 3 9 2 4,7 6 8 1 3 8 4 8 8 0 0 8 4 5 3 5 4,6 8 6 1 1 8 3 4 6 8 5 3 9 2 8 4 4,5 3 8 2 7 1 2 0 5 3 8 1 5 5 4 4 2 (thousands of guaranies): Swiss National Bank (millions of Gold i 3.984 1 ,138; francs).: Foreign exchange (net) 58,730 43,465; Gold 6,321 6,321 6,278 6,092 Net claim on Int'l. Fund2 40 11" Foreign exchange 488 508 527 504 Loans and discounts 469,142 268,661 Loans and discounts 116 107 109 207 Government loans and securities. 489,182 400,293; Other assets. 96 94 98 73 Other assets 368,608 581.894 Note circulation 5,115 5,066. 5,052 4,993 Note and coin issue 604,602 495.008: Other sight liabilities 1,700 1,758 1., 754 1,676 Deposits—Government 152,644 148,704; Other liabilities and capital 206 206 205 207 Other 159.663 230,143!Central Bank of the Republic of Other liabilities and capital 472,778 421 ,608] Turkev (millions of pounds): Central Reserve Bank of Peru Gold" 402 402 402 402 (millions of soles): Foreign exchange and foreign Gold and foreign exchange 379 364 434 clearings 182 194 198 202 Net claim on Int'l. Fund2 67 67 67 Loans and discounts 2,657 2.637 2,529 2,047 Loans and discounts to banks. . . 647 669 523 Securities 30 30 30 26 Loans to Government 1,144 1,160 1.006 Other assets 93 98 92 159 Other assets 109 105 128 Note circulation 1,500 1,554 1,500 1,439 Note circulation 1,728 1,737 1 .557 Deposits—Gold 154 ^54 154 153 Deposits 375 384 380. Other 1,242 1,166 1.092 853 Other liabilities and capital 24.4 244 2.2.1 Other liabilities and capital 467 487 506 389 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (July)* Gold 18.813 18,813 ,813 18,813 Gold 344,167 336,572 Foreign exchange 387,660 410.002 , 235430,198 Silver 8,583 9,044 Net claim on Int'l. Fund2 29,504 504 . 504 29,504 Advances to State and Govern- Loans 49,708 388 i 20,037 16,767 ment bodies .132,958 110,086 Domestic securities 226,095 225 573224,059 227,696 Other loans and discounts 374,919 347,741 Other assets 166,644168,008166,141 161,233 Other assets 558 292 608,991 Circulation—Notes 608,149 604,784 601,737 586.080 Note circulation 465 970 414,329 Coin 85,297 85 110 ,992 84.931 Deposits—Government 164,270 129,081 Demand deposits 121,272 138 702 ,084 169 896 Other 333,536 333,184 Other liabilities and capital 63,705 60 693 58376 43,304 Other liabilities and capital 455,143 535,840 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 5,544 5,479 5,463 4,906 Gold 1,233 1,233 1 ,232 1 ,141 Foreign exchange (net) 13,147 13,097 13,098 12,304 Foreign exchange (net) 221 218 293 276 Loans and discounts 977 890 890 704 Other assets 186 168 174 129 Advances to Government 1,414 1,408 1 .408 1,432 Note circulation 1,038 990 982 933 Other assets 1,094 1 ,056 1 ,087 756 Deposits 262 202 253 257 Note circulation 10,118 10.012 10,052 9,260 Other liabilities and capital. ... 339 427 464 357 Demand deposits—Government.. 2,195 2,305 2,165 1,558ftank for International Settle- EGA 25 17 17 6 ments (millions of Swiss gold Other 7,590 7,377. 7,464 ,137 francs): Other liabilities and capital 2 ,249 2,219 2,248 2,1.40 Gold in bars 592 589 596 583 South African Reserve Bank Cash on hand and with banks. . 72 58 49 62 (th G o o u l s d ands of pounds): 68,900 70,431 68,975 61,924 S R i e g d h i t s c f o u u n n d t s a b a l t e » in b t i e ll r s e s a t nd accept- 1 1 2 1 Foreign bills 57,709 52,494 47,289 27.896 ances (at cost) 319 303 262 295 Other hills and loans 6,203 9,745 8,181 32,849 Time funds at interest 350 346 369 89 Other assets 46,556 45,443 47,836 43,644 Sundry bills and investments. . 469 473 466 291 Note circulation 101,986101,458101,507 96,679 Funds invested in Germany..,. 297 297 297 297 Deposits 58,599 57,581 52,702 49,412 Other assets 5 4 5 2 Other liabilities and capital. . . 18,784 19,073 18,072 20,221 Demand deposits (gold) 436 432 431 449 Bank of Spain (millions of pesetas): Short-term deposits: Gold 613 613 613 596 Central banks—Own account.. 1,128 1,098 1,079 604 Silver 323 323 323 336 Other 29 31 25 60 Government loans and securities! 16,070 14,838 16,191 16,157 Long-term deposits: Special 229 229 229 229 Other loans and discounts .... 29,125 28,022 27,032 23,663 Other liabilities and capital 284 283 282 279 * Latest month available. *On Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 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. FEDERAL RESERVE BULLETINT 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— ef D fec a t t i e ve U K d n i o i n m t g e - d Prancem G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n t o r f a — l N R 3 o a 0 v te . ef D fec a t t i e ve ba C n e k n t o r f a — l N R 3 a o 0 t v e . ef D fe a ct t i e ve P In effect Dec. 31, Argentina Mar. 1, 1936 Ireland Mar. 25, 1952 1948 2 3 15 *H 2H 2H IM Austria June 3, 1954 Italy 4 a Apr. 6, 1950 May 27, 1949. . Belgium Oct. 29, 1953 Japan 5.84 Oct. 1, 1951 July 14 Sept. 30, 1950 June 4, 1942 Oct. 6 .. 3\4, June 8, 1950 2H Sept. 11 3% Sept. 26 3 Canada 2 Oct. 17, 1950 Netherlands. Apr. 7, 1953 Oct. 27 16 Ceylon June 11, 1954 New Zealand. 4 Nov. 26, 1954 D A e p c r. . 1 1 7, 1951. . 4 3 C C h o i l l o e mbia 4 3 J Ju u l n y e 1 18 3 , , 1 1 9 9 3 3 5 3 N Pa o k r i w st a a y n I" J Ju an ly . 9 1 , , 1 1 9 9 4 4 6 8 July 5 3M Costa Rica.... 4 Feb. 1, 1950 Sept. 13 3\4L Oct. 11 3 N No o v v . . 8 9 2y2 4 Denmark June 23, 1954 Peru 6 Nov. 13, 1947 Jan. 22, 1952 . . sy Ecuador May 13, 1948 Portugal.... Jan. 12, 1944 Mar. 12 " 4" 2 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 5% Dec. 16, 1951 Sweden Nov. 20, 1953 Aug. 21... 14 y£ Dec. 18 . 3 Jan. 8 1953 14 Apr. 7 2H Feb. 4, 1954 Switzerland.. I" Nov. 26, 1936 June 11 13}/ Germany 13 4 May 20, 1954 Turkey Feb. 26, 1951 Sept. 17 SH SH Greece 10 Jan. 1. 1954 United King- Oct. 29 2% Nov. 15, 1951 dom 3 May 13, 1954 Nov. 20... 2% Indonesia 3 3 Apr. 1, 1946 U.S.S.R, 4 July 1, 1936 Feb. 4, 1954. . SH May 13 3 May 20 13 1 Rates established for the Land Central banks. In effect Nov. NOTE.—Changes since Nov. 30: France—Dec. 2, frorr1 3\£ to3 per cent. 30, 1954 3 13 2y2 2% OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months1 3 months 3 months money on deposits money 3 months money 3 months rate 1944—October .38 1.03 1.00 1.10 .50 1.73 3-5H 1.25 1945—October .36 .83 .75 .96 .50 1 .25 1.30 1.00 1.25 1946—October .40 .53 .51 .63 .50 1.29 1.07 .90 2H-5 1.25 1 3 9 9 4 4 7 8 — — O O c c t t o o b b e e r r . . 4 4 1 1 . . 5 5 3 6 . . 5 5 1 1 . . 6 6 3 3 . . 5 5 0 0 2 1 . 0 .6 9 4 1. . 0 9 3 5 . . 9 7 5 8 2 2 y y2 2 - - ^ 4 y y2 2 1 1 . . 3 6 8 3 1949—October .51 .69 .52 .63 .50 P2 .25 1.07 .78 2^-4^ 1.50 1950—October .62 .69 .51 .63 .50 2.28 1.27 .88 234-43^ 1.50 1 1 9 9 5 5 1 2 — — O O c c t t o o b b e e r r 1. . 1 9 9 3 3 1 . 0 .0 0 0 2. . 4 5 3 1 2. . 2 6 5 3 2. . 0 5 0 0 2 3. . 9 78 8 1. . 1 8 6 4 1. . 0 5 0 0 2y23 - - $ 5 y2 1 1 . . 5 5 0 0 1953—October 1.94 2.19 2.11 1.94 1.75 3.91 .38 .50 3-5 1.50 3-5 1953—November. . . . 1.90 2.19 2.10 1.94 1.75 4.00 .28 .50 3-5 1.50 December 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 1.50 1954—January 1.86 2.19 2.12 1.94 1.75 3.66 .23 .50 2M-5 1 .50 February 1.75 2.15 2.07 1.94 1.75 3.55 .25 .50 1.50 March 1.62 2.16 2.10 1.94 1.75 3.42 .45 .50 2H-5 1.50 April 1.58 2.17 2.09 1.94 1.75 3.55 .41 .50 2M-5 1.50 May 1.60 1.89 1.79 1 .63 1.44 3.54 .38 .50 2 3<L—5 1.50 June 1.57 1.66 1.61 1.44 1.25 3.57 .38 .50 2M-5 1.50 July 1.38 1.60 1.57 1.44 1.25 3.79 .40 .50 2^-5 1 .50 August 1.32 cl .61 1.60 1.44 1.25 3.82 .75 .53 2M-5 1.50 September.... 1 .21 C1.64 1.63 1.44 1.25 3.77 .88 .51 2M-5 1.50 October 1.18 1.62 1.59 1.44 1.25 3.65 .88 .63 2%-5 1.50 ^Preliminary. rRevised. cCorrected. 1 Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent, tender rates made nearest to the 15th of each month. 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. JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities ( m b 11 a i n ll L k io o s s n . n t e s d r o F o li n f i n g g p u c ) l o r e e u a s n r i i d n n s g re C se a r s v h es M c n a s o l o h n l t o e i a c r y n t e d at B co il u ls n d te i d s- T r d e r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s 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 r i l es 194g—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 4,161 2,041 427 1950—December 540 592 1,408 456 1,528 1,660 735 6,368 4,262 2,106 550 1951—December . 531 598 972 102 1,965 1,950 867 6,333 4,290 2,042 651 1952—December 549 529 1,248 ,148 1,764 748 6,460 4,232 2,228 528 1953—December 542 501 1,417 2,275 1,725 729 6,694 4,327 2,368 495 1954——Tanuarv 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 ,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 ,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 ,348 1,840 656 6,519 4,173 2,346 505 September 521 418 1 262 2 360 I 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 November 534 452 1,300 2,364 1,871 725 6,684 4,244 2,440 562 Assets Liabilities Canada8 Security Deposits payable in Canada (11 chartered bank? Entirely in Canada loans excluding interbank deposits End in o f m m il o li n o t n h s f o i f gures a a n b d r o n a e d t Securities Other Notes4 lia O b t i h li e ti r es Canadian dollars) re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d f u b o e a r e n f i k r g o s n m assets Total Demand Time ca a p n i d tal 194 g—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4.057 1,537 1949—December 765 133 2,271 146 4,345 I ,058 14 7,227 2,794 4,433 1,477 1950—December 824 134 2,776 171 4,286 1,304 7,828 3,270 4,558 1,667 1951—December 907 107 3,028 227 ,876 1,464 7,896 3,284 4,612 1,714 1952—December 916 155 3,289 326 3,955 1,516 8,421 3,497 4,924 1,736 1953—November. . . . 899 152 3,977 390 3,789 1,512 8,918 3,851 5.068 1,801 December 906 154 3,897 424 3,831 1,510 8,881 3,847 5,034 1,841 1954—Tanuary 881 143 3,929 370 3,944 1,337 8.772 3.679 5,093 1,832 February 898 197 3,951 370 3.885 1,332 8,843 3,681 5,162 1,791 March 923 167 3 899 421 775 1,426 8,780 3,535 5,245 1 830 April 892 144 3 925 398 ,780 1,408 8,708 3,397 5,312 1 839 May 866 215 3,925 382 3,780 1,481 8,818 3,441 5,378 1,830 Tune 872 238 3,943 360 3, 806 ,540 8.929 3.506 5,423 1,829 Tuly 780 211 3,924 352 4,096 ,266 8,946 3,474 5,473 1,683 August 809 174 3,917 312 4,220 1,280 9,022 3,487 5,535 1,690 September 802 175 322 4,337 . 396 9,226 3,641 5,585 1 ,605 October 833 293 3,892 330 4,442 ,454 9,469 3,781 5,687 1,777 Assets Liabilities France (4 large banks. End Deposits Own Other of month figures in Cash Due from Bills dis- Other accept- liabilities millions of francs) reserves banks counted Loans assets ances and Total Demand Time capital 1948—December . . 45,397 35,633 354.245 126.246 34,030 552,221 545,538 6.683 30,638 12,691 1949—December 40,937 42,311 426,690 129.501 29.843 627,266 619,204 8,062 26,355 15,662 1950—December 48.131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 19 SI—December 60,2!5 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—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 f.954—January 46,077 76,601 782,293 180.524 37.840 1 ,056,908 1,013,546 43,363 31,301 35,126 February 44.083 75,183 770.445 193.050 40,242 1,054,531 1,010,245 44,286 32,539 35,933 March 43,889 80,266 714,717 201,349 45,611 1,011,093 968,648 42,444 34,322 40,416 April 43,467 78,411 710,596 206,008 45,340 1,007,632 967,024 40,608 31,538 44,652 May 49,186 79,438 719,284 213,557 46,594 1,030.758 989,474 41 ,284 29,721 47,580 Tune 45,701 85,313 721,240 214,988 48,348 1,034,079 993,533 40.546 28,422 53,090 July 51 ,277 90,693 787,898 208,091 49,709 1,103,289 1,061,250 42.039 26,945 57,432 Aucu^t 47,292 84,294 719.014 227,750 49,845 1 ,043,036 999,131 43,905 24,248 60.910 September 46,676 87,028 730,466 223,746 52,147 1,052,196 1,007,956 44,241 23,179 64,688 !This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2Represent six-month loans to the Treasury with a yield of Y% per cent after October 1945. 3In 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. 4In 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada (peso) Aus- Austria Belgium Brazil M Br a i l t a is y h - (dollar) Year or month Basic P e r n e t f i e a r l - Free ( t p r o a u l n ia d) (schilling) (franc) (cruzeiro) (do si l a lar) Official Free 1949 29 774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7 067 223.07 1.9859 5.4406 32.849 94.939 1952 20.000 13.333 7 163 222.63 1.9878 5.4406 32.601 102.149 1953 20.000 13.333 7 198 224.12 3.8580 2.0009 32.505 101.650 1954 20.000 13.333 7.198 223.80 3.8580 1.9976 14.2808 13.5261 32.641 102.724 1954—January 20.000 13.333 7,198 224.01 3 8580 2.0023 4 2808 3.5261 32.646 102.781 February 20.000 13.333 7.198 224.13 3 8580 2.0036 4.2808 3.5261 32.656 103.439 20.000 13.333 7.198 224.27 3.8580 1.9931 4.2808 3.5261 32.668 102.996 April 20.000 13.333 7.198 224.55 3.8580 1.9868 4.2808 3 5261 32.689 101.786 May 20.000 13.333 7.198 224.58 3.8580 1.9909 4.2808 3.5261 32.681 101.575 June. 20.000 13.333 7.198 224.56 3.8580 2.0032 4.2808 3.5261 32.666 101.882 July 20.000 13.333 7.198 224.51 3.8580 2.0009 4.2808 3.5261 32.689 102.611 August 20.000 13.333 7.198 224.13 3.8580 1.9994 14.2808 13.5261 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 7 108 222.67 3.8580 1.0082 32 625 103.160 December 20.000 13.333 7.198 222.10 3.8580 1.9954 32.544 103.292 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 (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1949 27.839 19.117 .4671 .3017 27.706 12.620 34.528 1950 20.850 14.494 .2858 "23!838 20.870 11.570 26.252 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 1952 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 26.315 1953 21 046 4354 . 2856 21.049 281.7.7 11.607 26.340 1954 21 017 4354 .2856 ' 223.838 21.020 280.87 39.052 26.381 1954—January 21.038 .4354 .2856 21.039 281.14 11.619 26.405 February 21.044 .4354 .2856 21.047 281.29 11 614 26.408 March . ... 21.052 . 4354 2856 21.056 281.45 11.608 26.408 April 21.079 .4354 .2856 223.838 21.084 281.81 39.965 26.413 May 21.078 .4354 .2856 23.838 21.084 281.85 7.995 26.418 June 21.077 .4354 .2856 23.838 21.085 281.82 7.995 26.426 July 21.094 .4354 .2856 23.838 21.094 281.76 8.000 26.415 August 21.059 .4354 .2856 23.838 21.061 281.29 8.005 26.396 September. . 20 968 4354 .2856 23.838 20.970 280.08 8.005 26.364 October 20.935 .4354 .2856 23.838 20.938 279.72 8.005 26.267 November . . . .. 20 920 4354 .2856 23.838 20.922 279.45 8.005 26.290 December 20.863 .4354 .2856 23.838 20.863 278.74 8.006 26.346 Year or month Z (p e N o a e l u a w n n d d ) 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 e b p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n c th d a ) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur ( u p g es u o a ) y4 1949 365.07 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65 830 56.180 42.553 1950 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65 833 56.180 42.553 1952 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1053 278.48 14.015 40 676 3 4*87 280 71 19 323 23 316 281 77 65.833 56.180 42.553 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1954—January 278.35 14.008 49.677 3.4900 280.09 19.333 23.308 281.14 February 278.50 14.008 49.677 3.4900 280.23 19.333 23.315 281.29 March 278.67 14.008 49.677 3.4900 280.40 19.333 23.308 281.45 April 279.02 14.008 49.677 3.4900 280.76 19.333 23.313 281.81 May 279.06 14.008 49.677 3.4900 280.80 19.333 23.333 281.85 June 279.03 14.008 49.677 3.4900 280.76 19.333 23.334 281.82 July 278.97 14.008 49.677 3.4900 280.71 19.333 23.320 281.76 August 278.50 14.008 49.677 3.4900 280.24 19.333 23.322 281.29 September 277.31 14.008 49.677 3.4900 279.04 19.333 23.325 280.08 October 276.95 14.008 49.677 3.4900 278.68 19.333 23.320 279.72 November 276.68 14.008 49.677 3.4000 278.40 19.333 23.328 .279.45 December 275.98 14.008 49.677 3.4900 277.69 19.333 23.335 278.74 1 Based on quotations through Aug. 13, 1954. 2Based on quotations beginning Apr. 1, 1954. 3The Mexican peso was devalued, effective Apr. 10, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. 4For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333, The average for this period was 34.217. 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 1954, p. 1333. 99 JANUARY 1955 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 0 i 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 e 0 ) o d = m F (1 r 1 9 a 0 4 n 0 9 ) c = e (1 I 1 t 9 0 a 3 0 l 8 y ) = ( a 1 J v 9 = a e 3 p 1 r 4 a ) a - g n 3 e 6 N ( l 1 e a 1 9 t n 0 h 4 0 d e 8 ) s r = - S (1 w 1 9 0 e 3 0 d 5 ) e = n ( S A = w l u 1 a i g t 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—November 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 June 110 218 437 332 135 5,256 354 137 298 215 July no 217 437 333 134 5,251 ••351 134 297 214 August 111 216 441 329 136 r5,261 352 134 296 214 September 110 215 439 329 135 5,272 351 134 295 215 October no 214 450 P329 P134 136 P296 215 November no 215 454 P331 P135 P216 pPreliminary. 'Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month Raw and Fully and pr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p g c a o a t r u o n t d r l u e y s - d fa c m g c h o a t i o e u n f d r u l e s y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d d l u u r s a c - w ts p f I i r n n o tr i d d s ia u h 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 ioo 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 P364 122 171 143 1952 107 109 113 250 219 231 284 P352 129 166 135 1953 97 105 114 221 207 229 307 123 156 132 1953—November 94 104 115 208 203 228 305 122 153 132 December 94 104 115 210 204 228 302 122 153 132 1954—January 98 106 115 213 207 228 302 127 153 133 February 98 105 114 212 205 227 305 128 153 133 March 98 105 114 210 204 227 311 126 154 133 April 99 106 115 209 206 225 310 127 153 133 May .. .. 98 107 115 213 208 225 310 129 155 133 June 95 105 114 213 207 225 311 131 155 134 July 96 107 114 218 207 224 313 118 155 133 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 122 156 135 November 93 104 115 204 202 222 P305 n.a. Not available. PPreliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p.. 1356. 100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S 1 = t 9 n a 1 4 i t 0 7 t e e 0 - s d 4 )i 9 = C ( a 1 a d 9 1 n 0 a 4 - 0 9 ) 1 K 5 d ( , J i o n a m 1 n g 9 . - 52 F = ( r 1 a 9 1 n 0 4 c 0 9 e ) N l = ( a e 1 n t 9 1 h d 4 0 e 0 s 9 r ) - 1 ( l 9 A a e 3 n r u 9 - d g = . ( U S 1 = 9 n t 1 a 4 i 0 7 t t e 0 e - s 4 d )1 9 = C ( a 1 a d 9 1 n a 4 0 - 0 9 ) 1 K 5 d ( , J i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 9 1 n 4 0 c 0 9 e ) N l = ( e a 1 n t 9 1 h 4 0 d e 0 9 s ) r- 1 ( l 9 A a e 3 n r u 9 - d g . * = 100) 100) = 100) 100) 1946 . . .. 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 124 184 1953—November 115 116 106 141 120 170 112 113 111 132 124 187 December 115 116 106 142 120 170 112 112 110 134 122 186 1954—January 115 116 106 143 123 170 113 112 110 136 124 1S5 February 115 116 106 144 124 170 113 112 110 137 126 185 March 115 116 107 144 124 169 112 111 112 136 127 184 April 115 116 107 142 125 170 112 11.0 113 134 129 185 Mav 115 116 107 144 126 170 113 110 112 137 131 186 115 116 t()7 144 127 171 114 112 114 136 134 187 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 115 117 108 143 126 172 112 114 115 134 130 101 October 115 117 109 143 127 173 112 !H 116 134 130 102 November 115 117 Pi 44 127 Pi 73 111 113 P135 129 P192 9 Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES (Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g ( t r n h a a i i t d g t e e e h s d ) 1 ( C 1 = a 9 1 n 3 0 5 a 0 - d 3 ) a 9 1 K (D 9 U i 2 e n n 1 c g i e = t d m 1 e o d 0 b m 0 e ) r F = ( r 1 1 a 9 0 n 4 0 c 9 ) e N la e n th d e s2 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 i 2 n n 6 g i = t d e 1 o d 0 m 0) (1 F 94 ra 9 n = c 1 e 00) N la e n th d e s r ' - 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 '86.9 176.5 168.3 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—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 '102.7 190.7 153.6 93.5 170 230 1954—January 114.6 87.0 114.3 114.6 ••103.0 195.4 157.4 94.1 180 239 February.... 116.5 88.7 114.8 114.9 '100.9 199.6 163.2 95.8 184 245 March 117.9 95.5 115.3 116.0 '98.8 204.9 165.0 95.6 187 250 April 118.1 99.8 116.6 115.7 '100.0 212.7 173.6 97.0 194 256 May 117.5 100.3 117.3 115.4 '101.8 219.8 179.5 97.8 199 261 June 117.0 100.3 116.0 114.9 '105.0 221.8 180.5 98.5 194 269 July 117.5 102.1 118.5 114.9 '103.7 231,1 182.3 100.0 198 282 August 117.8 102.8 119.7 116.6 '102.7 236.4 187.0 101.7 221 285 September. .. 117.6 102.1 118.9 116.4 '103.4 238.5 189.5 102.1 234 289 October 117.5 101.9 119.4 117.6 104.3 243.5 100.2 "103.8 240 300 November. . . 117.4 101.2 119.7 106.3 252.2 199.5 105.3 322 1 'R P e r v ic is e e s d d ., e r m iv ed from c C a o v rr e e r c a t g e e d . y > ields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 3 Average of the ratios of current prices to nominal values, expressed as a percentage. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. JANUARY 1955 101 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 H. FRANKLIN SPRECHER, JR., Assistant Director RALPH A. YOUNG, 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 ALBERT R. KOCH, Assistant Director DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE LOANS ARTHUR W. MARGET, Director GARDNER L. BOOTHE, II, Administrator LEWIS N. DEMBITZ, Assistant Director DIVISION OF BANK OPERATIONS OFFICE OF THE CONTROLLER ROBERT F. LEONARD, Director EDWIN J. JOHNSON, Controller J. E. HORBETT, Assistant Director M. B. DANIELS, Assistant Controller LOWELL MYRICK, Assistant Director Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT C. CANBY BALDERSTON M. S. SZYMCZAK WILLIAM R. K. MITCHELL PHILADELPHIA DISTRICT MALCOLM BRYAN JAMES K. VARDAMAN, JR. H. G. LEEDY ALFRED H. WILLIAMS FRANK R. DENTON CLEVELAND DISTRICT A. L. MILLS, JR. C. S. YOUNG ROBERT V. FLEMING, RICHMOND DISTRICT J. L. ROBERTSON WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel W. W. CAMPBELL, ST. LOUIS DISTRICT WOODLIEF THOMAS, Economist 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 GEO. G. MATKIN, DALLAS DISTRICT CLARENCE W. TOW, Associate Economist RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 102 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 1 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 3 Carl B. Pitman Alfred C. Neal E. O. Latham O. A. Schlaikjer R. F. Van Amringe New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse F. F. Hill 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 a Wm. G. McCreedy Cleveland. John C. Virden W. D. Fulton Dwight L. Allen Martin Morrison Sidney A. Swensrud 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 Alonzo G. Decker, Jr. 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 Harllee Branch, Jr. Lewis M. Clark J. E. Denmark Earle L. Rauber John L. Liles, Jr.3 S. P. Schuessler Harold T. Patterson Chicago. John S. Coleman C. S. Young Neil B. Dawes L. G. Meyer Bert R. Prall E. C. Harris W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson L. H. Jones 2 Alfred T. Sihler W. W. Turner St. Louis M. Moss Alexander Delos C. Johns Dale M. Lewis H. H. Weigel Caffey Robertson Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis. . Leslie N. Perrin O. S. Powell E. B. Larson Otis R. Preston A. W. Mills H. G< McConnell M. H. Strothman, Jr. Sigurd Ueland Kansas City.. Raymond W. Hall H. G. Leedy John T. Boysen 3 E. D. Vanderhoof Cecil Puckett Henry O. Koppang Clarence W. Tow D. W. Woolley Dallas Robert J. Smith Watrous H. Irons E. B. Austin L. G. Pondrom Hal Bogle W. D. Gentry W. H. Holloway3 Morgan H, Rice T. W. Plant Harry A. Shuford San Francisco... A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan 3 Y. Frank Freeman H. N. Mangels H. F. Slade O. P. Wheeler VICE 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 CM. Rowland Jacksonville T. A. Lanford Houston J. L. Cook 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. 103 JANUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from subscription to monthly chart book includes one the Division of Administrative Services, Board of issue of supplement. Single copies, 60 cents each; Governors of the Federal Reserve System, Wash- in quantities of 10 or more copies for single ington 25, D. C. Where a charge is indicated, shipment, 50 cents each. (Domestic rates) remittance should be made payable to the order of the Board of Governors of the Federal Reserve BANKING AND MONETARY STATISTICS. Statistics of System. banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per THE FEDERAL RESERVE SYSTEM—PURPOSES AND copy. No charge for individual sections (un- FUNCTIONS. Revised edition. July 1954. 224 bound). pages. ANNUAL REPORT of the Board of Governors of the A STATISTICAL STUDY OF REGULATION V LOANS. Federal Reserve System. Issued each year. September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single FEDERAL RESERVE BULLETIN. Issued monthly. Sub- shipment, 15 cents each. scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Rica, Cuba, Dominican Republic, Ecuador, INGS AND THEIR USE IN ECONOMIC ANALYSIS. Guatemala, Haiti, Republic of Honduras, Mexico, January 1952. 175 pages. 25 cents per copy; in Nicaragua, Panama, Paraguay, Peru, El Salvador, quantities of 10 or more copies for single ship- Uruguay, and Venezuela is $2.00 per annum or ment, 15 cents each. 20 cents per copy; elsewhere $2.60 per annum or 25 cents per copy. Group subscriptions in the THE FEDERAL RESERVE ACT, as amended to Novem- United States for 10 or more copies to one ad- ber 1, 1946, with an Appendix containing prodress, 15 cents per copy per month, or $1.50 visions of certain other statutes affecting the for 12 months. Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $6.00 COMPILATION OF FEDERAL AND STATE LAWS RELATper annum including one issue of historical sup- ING TO BRANCH BANKING WITHIN THE UNITED plement (listed below). 60 cents per copy; in STATES (July 1, 1951). December 1951. 33 pages. quantities of 10 or more copies of a particular issue for single shipment, 50 cents each. (Do- RULES OF ORGANIZATION AND RULES OF PROCEDURE mestic rates) —Board of Governors of the Federal Reserve HISTORICAL SUPPLEMENT TO FEDERAL RESERVE System (with Amendments). September 1946. CHARTS ON BANK CREDIT, MONEY RATES, AND 31 pages. BUSINESS. Issued annually in September. Annual REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodic releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 1338-41 of the December 1954 with amendments and supplements thereto. BULLETIN. 104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes). November (From Federal Reserve Bulletin unless preceded by an asterisk) 1953. 65 pages. BANKING IN THE SOVIET UNION. April 1952. 8 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December 1953. 96 REVISED WEEKLY INDEX OF DEPARTMENT STORE pages. SALES. April 1952. 4 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- STALMENT CREDIT. January 1954. 14 pages. ERNORS BEFORE SUBCOMMITTEE ON GENERAL CREDIT CONTROL AND DEBT MANAGEMENT, MARCH BANK CREDIT AND MONEY IN 1953. February 1954. 11,1952. April 1952. 4 pages. 6 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. 6 pages. March 1954. 9 pages. (Also, similar article from March 1953 BULLETIN) REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- LATION X. June 1952. 18 pages. 1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY PROBLEMS OF TRADE EQUILIBRIUM. October 1952. FINDINGS OF THE 1954 SURVEY OF CONSUMER 9 pages. FINANCES. March 1954. 4 pages. PURCHASES OF DURABLE GOODS AND HOUSES IN 1953. June 1954. REVISED SERIES ON DEPARTMENT STORE SALES, 17 pages. THE FINANCIAL POSITION AND COM- STOCKS, AND ORDERS. October 1952. 5 pages. MITMENTS OF CONSUMERS. July 1954. 20 pages. (Also, similar surveys for earlier years from 1946, RECENT CREDIT EXPANSION. December 1952. 7 1947, 1948, 1949, 1950, 1951, 1952, and 1953 pages. BULLETINS) CREDIT AND MONETARY REVIEW FOR 1952. February 1953. 7 pages. NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages. (Also, similar re- THE MONETARY SYSTEM OF THE UNITED STATES. print from October 1951 BULLETIN) February 1953. 16 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS INFLUENCE OF CREDIT AND MONETARY MEASURES ON AND BUSINESSES. July 1954. 2 pages. (Also, ECONOMIC STABILITY. March 1953. 16 pages. similar article from July 1953 BULLETIN) FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- MONETARY AND CREDIT DEVELOPMENTS SINCE MID- BILITY. May 1953. 7 pages. 1953. July 1954. 8 pages. REVISION OF CONSUMER CREDIT STATISTICS. April FINANCING OF LARGE CORPORATIONS IN 1953. August 1953. 19 pages. 1954. 9 pages. •DETAILED DESCRIPTION OF SOURCES AND METHODS THE BALANCE SHEET OF AGRICULTURE, 1954. August USED IN REVISION OF SHORT- AND INTERMEDIATE- 1954. 13 pages. TERM CONSUMER CREDIT STATISTICS (supplementary details for item listed above), April 1953. THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. 25 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. JANUARY 1955 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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