Federal Reserve Bulletin, 1955-02

F E D E R AL E S E RV ULLETIN FEBRUARY 1955 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 Credit and Monetary Expansion in 1954. . 107-114 The Federal Budget for 1956. . 115-125 Directors of Federal Reserve Banks and Branches. . 126-141 Law Department . 142 Current Events and Announcements.. 143-144 National Summary of Business Conditions. . 145-146 Financial, Industrial, Commercial Statistics, U. S. (See p. 147 for list of tables). 147-216 International Financial Statistics (See p. 217 for list of tables) . 217-235 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 236 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 237 Federal Reserve Board Publications.. 238-239 Map of Federal Reserve Districts. . 240 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 tor 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 February 19'5 5 NUMBER 2 CREDIT AND MONETARY EXPANSION IN 1954 Demand deposits and currency held by spring. Additional reserves were made individuals and businesses increased about available through Federal Reserve purchases 3 per cent in 1954, more than twice as much of Government securities in May and early as in 1953. After declining about the usual June and through reduction in reserve reseasonal amount early in the year, demand quirements on demand and time deposits of deposits increased sharply after midyear. all member banks during the summer. To Currency outside banks declined slightly prevent excess reserves from becoming unover the year. Time deposits and other duly large temporarily as a result of the forms of liquid savings continued the rapid latter action, the Federal Reserve reduced expansion of recent years until the last its holdings of Treasury bills during July quarter of 1954 when the rate of growth and August. Thereafter, it made purchases slowed down somewhat. in order to provide for seasonal expansion Throughout 1954 credit was readily avail- in credit and currency needs and to promote able on terms attractive to borrowers, and revival of business activity. demand for many types of credit continued Late in the year economic recovery became to grow. Total loans and investments of quite marked, credit demands were considcommercial banks increased more than in erably larger, and a less aggressive creditany other postwar year. Banks increased easing policy was followed by the Fedtheir United States Government security eral Reserve. As a result, beginning in late portfolios nearly 10 per cent and also made November and continuing into early 1955, substantial additions to their holdings of excess reserves of member banks were State and local government securities and smaller, and their borrowing from Reserve real estate loans. Banks larger, than during most of 1954. To cushion defense and inventory read- Interest rates declined sharply early in justments and to foster revival and sustained 1954. After the first quarter yields on most economic growth, the Federal Reserve until intermediate- and long-term securities tended late 1954 followed a policy of actively pro- to stabilize, while those on prime short-term moting credit ease. Reserves made avail- open market paper and on Treasury bills able by the usual seasonal inflow of currency continued to decline into the summer. and contraction of demand deposits in the Yields on nearly all types of securities, but early months of the year were not completely particularly Treasury bills, showed firming absorbed by Federal Reserve action, and tendencies during the second half of the Federal Reserve Bank discount rates were year. The rise in interest rates continued in reduced twice, in February and again in mid- early 1955. FEBRUARY 1955 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY EXPANSION IN 1954 BANK LOANS AND INVESTMENTS BANK LOANS AND INVESTMENTS ALL COMMERCIAL BANKS The rise in total outstanding bank credit Billions of dollars ~i 160 in 1954 was close to 11 billion dollars, or more than 7 per cent. More than half of the increase was in bank holdings of United 150 States Government securities, as shown in the accompanying table. The remainder, was distributed among holdings of State and local government securities, real estate mortgages, and agricultural, security, and other loans. 1 1 LOANS AND INVESTMENTS OF COMMERCIAL BANKS OTHER LOANS / fin billions of dollars! AND INVESTMENTS _ - 80 Out- Change Tvpe of loan or standing, _ /— investment Dec. 31, 1954i 19541 1953 1952 70 Loans and investments, total.. 156.2 + 10.7 +4.1 +9.0 U.S GOVT. SECURITIES r* 1'. S. Government securities... 69.4 +6.0 +0.1 + 1.8 AND LOANS ON GOVTS. J Other securities 16.3 + 1.6 +0.5 +0.8 N. ^^*N ) Loans, total 70.6 +3.2 +3.4 +6.4 - 60 Business.... 26 8 —0 4 —0 7 + ? 0 Real estate 18.4 +1.7 + 1.0 + 1.1 A Se g c r u ic r u it l y tural 4 5 5 3 + +0 0 . . 9 3 + + 0 1 . . 4 0 + + 0 0 . . 5 6 1952 1953 1954 Consumer 10.7 -0.2 + 1.5 + 1 .9 NOTE.—Figures are partly estimated. Data exclude inter- Other 5.9 +0.8 +0.2 +0.3 bank loans. Loans on U. S. Government securities are those of weekly reporting banks in New York City and Chicago. Data are for last Wednesday of month except for June and Preliminary data. December call dates. Figures for last half of 1954* are pre- NOTE.—Data exclude interbank loans. Total loans are after, liminary. and types of loans before, deductions for valuation reserves. Consumer and "other" loans are partly estimated for all dates. Details may not add to totals because of rounding. Investments. In 1954 available reserve The upswing in business activity after mid- funds continued to be in excess of requireyear resulted in a marked expansion of bank ments to support private needs for credit, credit to borrowers other than the United and banks increased their United States Gov- States Government in November and De- ernment security portfolios 6 billion dollars cember, as the chart shows. In early 1955 the or nearly 10 per cent. The largest perdecline in loans was much less than in early centage increases occurred at New York City 1954 when there were large repayments of banks, where outstanding loans declined, borrowing associated with the excess profits and the smallest at banks outside leading tax which expired on December 31, 1953. cities, where loan demands were well sus- Banks purchased a large volume of Federal tained during most of the year. National Mortgage Association notes issued Banks began to acquire Government sein January, but reduced their holdings of curities in April and continued such acqui- United States Government and other securi- sitions through October. Holdings declined ties, undoubtedly in large part because of about 3 billion dollars during the first quarless easy credit conditions. In January 1954 ter, in part reflecting retirement of tax anticibank holdings of Government and other pation certificates by the Treasury. Acquisecurities had increased. sitions were particularly heavy in May, 108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY EXPANSION IN 1954 August, and October when the Treasury The maturity distribution of bank port sold new securities for cash. As private folios of United States Government securicredit demand strengthened in November ties lengthened substantially in 1954, reflectand December, banks reduced their holdings ing in large part intermediate-term Treasury somewhat. offerings during the year. Holdings of cer- The Government securities acquired by tificates declined about 5 billion dollars as banks over the year, directly or indirectly, a large volume of these securities was retired. came largely from nonfinancial corporations, In major refundings during February, August, and December, banks exchanged about life insurance companies, mutual savings 16 billion dollars of maturing issues for banks, and individuals. Net cash borrowbonds with 6-9 year maturities. Bank holding by the Treasury amounted to less than ings of Treasury notes, particularly 3-5 year 1 billion dollars and holdings of the Federal maturities, were also increased substantially Reserve Banks decreased by about the same over the year through refundings and cash amount. Thus commercial bank purchases purchases. Holdings of Treasury bills rose of Government securities indirectly proonly slightly, but there was some shifting vided a part of the large supply of funds among classes of banks; central reserve city made available to private borrowers by other banks reduced their bill portfolios while relending institutions in 1954, and thereby serve city and country banks increased theirs. contributed to the expansion in investment activity that figured so prominently in eco- Commercial banks also supplied a substantial volume of investment funds through nomic recovery. purchases of State and local government se- OWNERSHIP OF TIIV. UNITED STATES GOVERNMENT DF.BT curities. The increase in their holdings ex- [In billions of dollars, par value, partly estimated] ceeded 1.5 billion dollars—about three times the increase during 1953—and accounted for Net change Item E 1 n 9 d 5 4 of about one-third of the net increase in the outstanding volume of such securities over Total debt outstanding +3.6 + 7.8 the year. Debt held by: Loans. Total loans of commercial banks Federal agencies and trust rose more than 3 billion dollars in 1954, funds 49.6 + 1.3 +2.4 +3.6 F C e o d m e m ra e l rc R ia e l s e b rv a e n k B s anks 6 24 9 .2 9 + -1 5 . . 5 0 + + 0 1 .3 .2 + + 0 1 . . 9 8 about the same as in 1953. A sharp ex- Other investors, total 135.1 -2.2 +3.9 + 1.6 pansion in the final quarter more than offset Insurance companies 15.0 -0.8 -0.3 -0.4 an earlier cumulative decline. Active de- Mutual savings banks 8.8 -0.4 -0.3 -0.3 Other corporations 19.3 -2.2 + 1 .1 -0.3 mand for most types of bank loans was evi- State and local governments 14.6 + 1.7 + 1.8 + 1.5 Miscellaneous investors... . 13.7 +0.8 + 1.2 + 1 .1 dent late in the year. Individuals, total 63.7 -1 .3 +0.4 ) Savings bonds.. 49.7 +0.4 +0.2 +0.1 Among the various types of loans, business Other 14.0 -1.6 +0.1 0) loans rose substantially in late 1954 whereas 1 Less than 50 million dollars. in the same period of 1953 they had declined. NOTE.—Includes matured and noninterest-bearing debt, guaranteed securities, special issues to Government accounts, and also Nevertheless, the increase did not offset increases in debt reflecting the crediting of interest on savings bonds. Changes in total debt differ from net cash borrowing, quoted in the earlier reductions and these loans declined text, which amounted to 0.9 billion dollars in 1.954, 4.6 billion in 1953, and 3.4 billion in 1952. Details may not add to totals slightly over the year. The strength of the because of rounding. Differences in figures for commercial banks compared to those business loan demand late in the year varied in table on page 108 result largely from the use here of par value data. Changes for Federal Reserve differ from those in the table with the nature of the borrower's business. on page 112 because changes here, are based on end-of-year figures. FEBRUARY 1955 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY EXPANSION IN 1954 New borrowing by some industries with ris- standing credit and capital in 1954 was in ing seasonal requirements during this period, real estate mortgages, the volume of which such as food processors and commodity increased 12 billion dollars compared to 9.8 dealers, was larger in 1954 than in 1953. billion in 1953. Heavy demand for new Constructions loans also rose, although us- homes and commercial facilities, combined ually they decline during the fall and winter. with an ample supply of funds, resulted in The prolonged liquidation of outstanding a record volume of mortgage loans. Savings loans by metals manufacturers tapered off and loan associations increased their holdand that by sales finance companies was reings 4.2 billion dollars, or about 20 per cent, versed. Although outstanding public utility and life insurance companies and mutual loans declined more in late 1954 than in late savings banks, as well as commercial banks, 1953, the reduction probably represented a were also large purchasers. substitution of long-term borrowing for The net increase in outstanding corporate bank loans and not a decline in the total bonds and stocks, excluding those of indemand for funds from this industry. vestment and consumer finance companies, Real estate loans of commercial banks inwas substantially larger in 1954 than in 1953. creased 1.7 billion dollars in 1954. They New offerings exceeded retirements by rose rapidly in the last half of the year, at about 6.1 billion dollars compared to 5.4 more than twice the rate earlier in the year billion in 1953. New issues of consumer and throughout 1953. Consumer loans definance companies, however, were down clined slightly over the year, with reductions in the first and third quarters and advances substantially, and those of investment comin the spring and late in the year. Loans for panies were off slightly. carrying Government and other securities State and local governments added 5.2 increased almost a billion dollars, more than billion dollars to their outstanding debt in twice as much as in 1953. Agricultural loans 1954 compared to 4.6 billion in 1953. Flotaincreased much less than in 1953. Less credit tions of revenue issues continued to grow in was extended for the price support activities importance. Highway construction was the of the Commodity Credit Corporation, but most important use of borrowed funds, but short-term agricultural production loans amounts for educational and miscellaneous changed little after declining in 1953. purposes also grew substantially. The proportion of new funds supplied by com- DEBT AND EQUITY FINANCING mercial banks and other financial institutions increased while that by individual Funds for all types of debt and equity investors declined. financing were available in 1954 from other lending institutions as well as commercial The outstanding volume of consumer banks on terms favorable to borrowers, and financing, an important short-term credit found a large demand. The nature of credit demand, increased only 0.6 billion dollars demand was considerably different from the over the year compared to 3.7 billion in 1953. preceding year, however, with demand for Extensions of instalment credit, after adjustlong-term credit heavier and that for short- ment for seasonal variations, leveled off durterm credit lighter. ing the first half of 1954 and then rose in the A major part of the increase in total out- second half, as a greater proportion of sales 110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY EXPANSION IN 1954 of autos and other consumer durable goods DEPOSITS AND CURRENCY was financed with instalment credit. A con- Monetary expansion was substantially tinuing high level of repayments dampened greater in 1954 than in 1953. Demand dethe growth in outstanding credit. posits and currency held by businesses and Cash outgo of the Federal Government in individuals increased about 4 billion dollars calendar year 1954 exceeded cash receipts by DEPOSITS AND CURRENCY only 300 million dollars. In view of the Billions of dollars small deficit, net cash borrowing amounted DEMAND DEPOSITS 80 ADJUSTED to less than 1 billion dollars in contrast with 4.6 billion in 1953. Net cash offerings of marketable securities totaled 12.6 billion dollars, slightly less than in 1953. These provided funds for redemption of maturing tax anticipation issues, net redemptions of nonmarketable savings bonds and notes, and attrition on refundings, as well as for the cash deficit and an increase in the cash balance. During 1954 the Treasury refunded more than 50 billion dollars of maturing securities—nearly 15 billion more than in 1953. This included the two largest individual refundings on record in February and December. By providing advance exchange offerings on some maturities, the number 1952 1953 1954 1952 1953 1954 of refundings was reduced to one in each NOTK.—Figures arc partly estimated. Demand and time deposits ai-e for all banks in the United States and are adjusted quarter. New securities offered both in re- to exclude XJ. S. Government and interbank deposits. Demand deposits are also adjusted to exclude items in process of collecfundings and for cash were restricted tion. Time deposits include deposits in the Postal Savings System and in mutual saving's banks. Figures are for last throughout the year to intermediate and Wednesday of month except for June and December call dates. Figures for last half of 1954 are preliminary. short maturities that would not interfere compared to 1.5 billion in 1953 and a decline with the flow of funds into long-term priof 0.5 billion in the 1949 recession year. Exvate investment. There was, nevertheless, pansion in 1954 was concentrated in the last an appreciable reduction in the proportion half of the year. It reflected a marked inof the debt maturing within two years and crease in demand deposits and some decline an increase in intermediate-term securities. in currency outside banks, as shown in the In early 1955, with construction continu- above chart. ing at boom levels and with other economic Demand deposits adjusted declined slightly activity showing marked recovery, the more than the usual seasonal amount early Treasury refunded nearly 2 billion dollars in the year and then rose slightly more than of maturing bonds with a new forty-year seasonally in the second quarter. A 9 billion 3 per cent issue, the first long-term Govern- dollar increase in the last half of the year exment offering since the spring of 1953. ceeded seasonal expansion by about 3 billion FEBRUARY 1955 111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY EXPANSION IN 1954 dollars. The annual rate of growth in this CHANGI.S IN MEMBER BANK RKSIZRVES WITH RELATED FACTORS [Based on monthly averages of daily figures, in billions of dollars] period was about 6 per cent compared to 4 pe T r h c e e nt p f o o s r t -h th o e l id y a e y ar a re n t d u r 1 n pe o r f ce c n u t r r f e o n r c 1 y 9 5 t 3 o . Item 1 D D 1 9 9 e e 5 5 c c 3 4 . . - 1 A D 1 9 9 e p 5 5 c 3 r 4 . . - A A 1 p 0 u 5 r g . 4 . - A D 1 u 9 e g 5 c. 4 .banks early in 1954 exceeded the usual sea- Member bank reserves sonal inflow, and followed a smaller than Total reserves -0.6 -0.9 +0.8 usual outflow late in 1953. This downward Excess reserves 0) +0.1 f-0.1 -0.1 trend of currency outside banks, after allow- Required reserves, total -0.7 -0.6 -10 +0.9 j Effect of: ance for seasonal movements, continued until Reduction in reserve rethe closing months of the year when it ap- Ch q a 1 n 1 g e ir e i n m e d n e t p o p s e it r s cent a ges+ -1 0 . .6 9 -0.6 i ! + - 0 1 . . 6 6 +0.9 parently was reversed as economic activity Principal r f e a s c e t r o v r e s s affecting (Signs indicate effect on reserves) and consumer spending increased. Currency in circulation +0.2 + 1.2 -0.1 -0.9 Time deposits of businesses and individuals T G r o e l a d s u st r o y c k o p a e n r d a ti f o o n re s ign accounts + — 0 0 . . 2 3 -0 0 . ) 1 0) + -0 0 . . 1 2 Float 0) -0.3 -0.2 +0.3 continued their rapid growth of recent years, Other factors 0) -0.1 (') +0.1 <l) increasing almost 5 billion dollars, somewhat Federal Reserve loans and investments: more than in 1953. Expansion was gener- I.'. S. Govt. securities, total. . -0.7 -1 .0 -0.6 +0.9 ally substantially ahead of that in 1953 until Bought outright -0.3 -0.6 -0.7 Held under repurchase autumn, when it tended to slow down. Disco ag u r n e t e s m a e n n d t s advances: -0.4 -0.4 +0.1 0) To member banks -0.2 -0.3 0) +0.1 Turnover of demand deposits was gen- To others " " +0.2 0) +0.1 +0.1 erally slightly faster in 1954 than in the pre- 1 Less than 50 million dollars. vious year, rising from 18.9 times to 19.2 NOTE.—Details may not add to totals because of rounding. times for banks outside financial centers. ernment borrowers without increasing their Turnover in New York City, however, was debt to the Reserve Banks. up substantially, reflecting in large part in- In December free reserves—that is, excess creased activity in the securities markets. reserves less discounts and advances to member banks—though somewhat larger than a year earlier, were smaller than in the sum- BANK RESERVE POSITIONS mer and fall months. After the turn of the For 1954 as a whole, the reserves needed year they declined further. by member banks to back deposit expansion Bank reserve positions eased in the first amounted to about 900 million dollars, which four months of 1954, as shown in the acwas considerably less than the 1.6 billion dolcompanying table. A large seasonal curlar reduction in reserve requirements during rency inflow, together with a seasonal decline the summer. Thus, total required reserves in deposits and required reserves, released were reduced about 700 million dollars. A substantially more reserve funds than were decrease in currency supplied reserves apabsorbed, largely by Federal Reserve sales proximately equal to the drain resulting from and redemptions of Treasury bills and some a decrease in the country's gold stock. Rereduction in float. Member banks reduced flecting the net reduction in required retheir borrowing from Reserve Banks 300 serves, Reserve Bank holdings of Govern- million dollars and increased their excess ment securities declined 700 million dollars reserves 100 million. Free reserves rose to and banks were able to meet credit and mon- an average of more than 600 million dollars etary demands from both private and gov- in April. 112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY EXPANSION IN 1954 The reserve position continued to ease reached about 700 million dollars in June through August. Reserves were made avail- and fluctuated around that level until late able through open market purchases by the in the year. Member bank borrowing re- Federal Reserve in May and early June, and mained small until late in the year. through a reduction in reserve requirements Bank reserve positions were somewhat less on demand and time deposits during the pe- easy in late November and December. Reserve funds from System purchases of Treasriod June 16-August 1. In order to prevent ury bills in the market and under repurchase excess reserves from becoming unduly large agreements with dealers, and from the yeartemporarily in July and August, the Federal end expansion of float, fell somewhat short of the amounts needed for a larger-than- MEMBER BANK RESERVES AND RELATED ITEMS Billions of Dollars usual growth in required reserves and currency in circulation. Banks found it necessary to reduce excess reserves somewhat and to increase their borrowing from Reserve Banks. Free reserves declined to below 500 million dollars on the average. In January and early February 1955, member bank borrowings increased somewhat further and free reserves declined to an average level of about 350 million dollars. Reserve funds absorbed through Federal Reserve sales and redemptions of United States Government securities and the postholiday reduction in Reserve Bank float were somewhat greater than those supplied to banks through the seasonal inflow of currency and decline in required reserves. INTEREST RATES 18 Interest rates declined sharply in the early part of 1954, continuing the downward trend BORROWINGS that began in mid-1953. The decline reflected the large volume of funds available as well as some diminution of credit 1952 1953 1954 '55 demand, particularly for short-term funds, NOTE.—Data are monthly averages of daily figures. The supply of funds reflected easy bank re- Reserve sold in the open market or redeemed serve positions and also a flow of savings Treasury bills. Thereafter, it supplied re- into life insurance, savings and loan shares, serves through open market purchases in and other institutional channels in unpreorder to meet fall needs for growth in re- cedented volume for the postwar period. quired reserves and currency as well as to During the closing months of the year, facilitate business recovery. Free reserves most interest rates moved higher and they FEBRUARY 1955 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY EXPANSION IN 1954 MONEY RATES vance during midsummer reflected in part Per cent per annum a technical market reaction from the previous sharp drop and in part some tightening in the money centers as a result of a temporary HIGH-GRADE CORPORATE Aaa maldistribution of bank reserves. There- MUNICIPAL after, the bill rate remained around 1.00 per cent until late November and December. During the last half of December and January, the rate averaged about the same as in January 1954. By early February Treasury bill rates declined somewhat, reflecting a substantial demand for bills from nonbank sources, related in part to shifts in funds in connection with the large Treasury refunding operation. Banks, experiencing pressure on their reserve positions, sold bills. Yields on corporate and United States Government bonds declined steadily dur- 1952 1953 1954 '55 ing the first quarter of 1954 to around 2.85 NOTE.—Treasury bill rates are market rates on longest bills. Yields on long-term U. S. Governments exclude 3)4 per cent per cent for high-grade corporate issues and bonds of 1978-83, issued May 1, 1953. Corporate Aaa rates are from Moody's Investors Service; high-grade municipals, just under 2.50 per cent for Government from Standard aanndd PPoooorr''ss CCoorrppoornation. Discount rate is for the Federal Reserve Bank of New York. Latest figures are bonds. During the latter part of the year for week ending February 4. and early 1955, increases were slight for highcontinued to rise in early 1955. Demand for grade corporate bonds but somewhat greater both long- and short-term credit strength- for United States Government bonds. Highened and the increase in savings slackened grade municipal yields also declined steadily somewhat. The Treasury, which had re- during the first quarter, then rose in the sectired debt in the first half of the year, again ond quarter as new offerings reached an borrowed extensively. After late Novem- unprecedented volume and inventories of ber bank reserve positions became less easy. unsold issues accumulated at investment The Treasury bill rate showed the sharpest banking houses. Municipal yields declined decline during the first half of the year and again during the summer, but at their low the sharpest rise during the last half. At its in August were still substantially above June low, 0.61 per cent, the rate was only early 1952 levels. During the remainder about one-fourth of the mid-1953 high and of the year and in early 1955, yields on the lowest since mid-1947, when the Reserve municipal securities generally moved up- Banks discontinued buying bills at a posted ward, reflecting mainly the continuing large rate of % of 1 per cent. The sharp ad- supply of new offerings. 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR 1956 * In the fiscal year July 1, 1955-June 30, of three broad considerations of national 1956, according to estimates in the Federal policy. First, priority continues to be given Budget, the Treasury's cash income will to defense against attack from without. exceed its cash outgo for the first time in About 67 per cent of the 1956 Budget is the four years. The anticipated cash surplus cost of protection against war, including of almost 600 million dollars is the excess major national security activities and ecoof 68.8 billion dollars of receipts from the nomic assistance abroad. Another 10 per public over 68.2 billion of payments to the cent goes for interest on the Federal debt— public. a cost attributable largely to war. Cash expenditures are expected to decline Promotion of human welfare and eco- 800 million dollars from the fiscal year 1955, nomic expansion, while avoiding encroacha much smaller amount than during the two ment on the private sector of the economy, is preceding years. Cash receipts in fiscal year the second consideration. It is covered in 1956 are estimated to be about 2.1 billion the Budget by the cost of civil benefits to more than in the current year, following a different groups and of general governdecline of almost 5 billion from 1954 to ment operations. These functions account 1955. The drop in 1955 reflected statutory for 23 per cent of 1956 Budget expenditures. tax reductions and reduced corporate profits Although the total of such expenditures during the contraction in economic activity. will not increase, the Budget Message indi- The estimated increase in receipts in 1956 cates that programs will be expanded, results entirely from an anticipated rise in financed outside of the conventional Budget. personal and corporate incomes. Maintenance of financial strength, par- The Budget indicates how much of the ticularly a stable price level, is the third nation's output is devoted to activities carried major goal of Budget policy. Further econout by the Government in contrast with omies in expenditures and the proposed conthose conducted privately. About 45 billion tinuance of corporate income and excise tax dollars of the estimated expenditures in the rates at their present levels would avoid a fiscal year 1956 will be purchases of goods cash deficit and thus result in a Budget which and services, amounting to about 12 per cent in an over-all sense has neither a substanof gross national product. This compares to tially expansive nor contractive impact on the recent peak of 16 per cent in 1953 and to the economy. 9 per cent in 1950, the last year before the Korean emergency. THE CASH BUDGET The Budget Message also summarizes the The cash Budget, showing the flow of financial aspects of the President's program money between the public and the Federal for the United States Government in terms Government, is valuable in considering the 1This article was prepared by-William F. Hellmuth, Jr., economic impact of Federal financial operaunder the supervision of Donald C. Miller, Chief of the tions. A large excess of Federal payments to Government Finance Section of the Board's Division of Research and Statistics. the public over receipts from the public FEBRUARY 1955 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR 1956 tends to indicate an expansive effect, and CONSOLIDATED CASH BUDGET substantial net receipts to indicate a restrain- [In billions of dollars] ing effect on the economy. This comparison Fiscal year ending June 30— of Treasury cash income and outgo also Item 1956'11955' 19532 indicates the timing and extent of the Treasury's needs in the money markets. Receipts from the public, total. 68.81 66.6 71.6 71.5 40.9 Budget receipts 60.01 59.0 64.7 64.8 36.5 While the cash Budget, consolidating the Trust i"iirid receipts 11.3| 9.8 9.2 8.9 6.7 Less: I nongovernmental transconventional Budget and the trust funds, actions and seigniorage;< 5: 2.3 2.2 is the most comprehensive single measure of Pa T B y r u m u d s e g t n e f t t u s e n x d to p e e t n x h d p e i e t n u p d r u e it s b u l r i e c s , total. . 6 6 8 2 8 . . . 8 4 2 6 6 8 9 3 . . . 4 5 0 6 7 7 1 .8 .9 7 7 5 6 4 . . . 3 3 8 4 39 3 7 . . . 6 2 0 the impact of Federal financial activities on Less: Intragovernmental trans- 7.2 actions 2.5 2.1 2.2 2.2 the economy, other factors are involved Net. accrued interest and other 2.1 transactions4 .6 1.2 in determining the prospective, full eco- 1 .0 Gash surplus, or deficit (—).... -2.4 -5.3 -2.2 nomic effects of Federal financial transac- Budget deficit ( —) -2.4 -.2 -3.1 -3.1 tions. In 1956 these include the size and 1 Estimated. '-Data from Treasury Bulletin adjusted to Budget Bureau basis composition of the Budget, the amount of of classification. 3Seigniorage on silver amounts to 73 million dollars or less in new obligational authority proposed, and the years shown. 4Other transactions include change in clearing account, net such extrabudgetary considerations as new transactions oi" Government sponsored enterprises, and relatively small noncash debt transactions. orders, Federal guaranties and insurance of NOTE.—The cash Budget provides a comprehensive picture, since it includes both the conventional Budget and the major trust private loans, financing of Federally spon- funds. Transactions between the Treasury, other Government agencies, and trust funds, such as interest paid on securfities held sored activities by revenue-type debentures, by trust funds, are eliminated. Other noncash transa* ions are also excluded. The. largest of these is interest accrue on savand debt management actions. ings bonds, which is reported as a conventional Budget ex jenditure at the time of accrual, although not actually paid until bonds are redeemed. Details may not add to totals because of "ou Ji ding. The following table summarizes the consolidation of the conventional Budget with placing of new orders. On the other hand, the trust funds to provide the totals of re- the larger cash deficit in fiscal year 1955 ceipts from and payments to the public, or tended to have an expansive effect on the the cash basis. In fiscal year 1956 the esti- economy. mated cash surplus of 558 million dollars compares to a deficit of 2.4 billion dollars in FEDERAL BUDGETING OF EXPENDITURES the conventional Budget. The differen- The expenditure program of the Governtial between net cash and Budget results, ment is presented in detail in terms of the which has averaged 3 billion dollars recently, administrative, or conventional, Budget. The reflects largely net receipts in the trust funds. total of these expenditures, at 62.4 bil- An approximately neutral effect of the lion dollars, is down 1.1 billion from the Budget on the economy according to the current year and 11.9 billion from the peak estimates for the forthcoming fiscal year expenditures of fiscal year 1953, with fourresults not only from the near balance in the fifths of the cuts from the 1953 total occurcash Budget, but also from the expectation ring in the Defense Department. that both expenditures and new orders wTill This estimate of expenditures represents continue at a relatively steady rate from 1955 expected payments during the fiscal year through fiscal year 1956. This is in contrast from both past and new appropriations. with the fiscal year 1954, when the relative About 40 per cent of 1956 expenditures will neutrality of the small cash deficit was offset be from unexpended balances of prior years' by a large decline in expenditures and in the appropriations. Generally, no expenditure 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR 1956 can be made unless there has been a prior tional authority, a slight increase over 1955, authorization from the Congress to incur following a year-to-year decline from 1952 an obligation. Many authorizations expire to 1955. This appears to indicate that the unless obligated by the end of the fiscal recent large declines in Budget expenditures year; payments to satisfy these obligations are about over. New obligational authority may be made during either the year author- for 1956 continues below Budget receipts and ized or the two following years. Other au- Budget expenditures. Unexpended balances thorizations are available beyond the year are expected to be reduced 4.3 billion dolin which voted. Many expenditures for lars during the coming fiscal year, as exitems completed in any one fiscal year and penditures for major national security prorequiring a long lead-time, such as atomic grams exceed new authorizations. energy plants and new type jet planes, rep- Forward looking also is the classification resent both authorizations made and orders that summarizes expenditures according to placed one or more years earlier. the degree of controllability. Major na- Budget information on new obligational tional security expenditures required by the authority and balances of appropriations international situation will cost 40.5 billion carried forward to the next fiscal year is an dollars in fiscal year 1956. Other programs indicator of the trend and the amount of required by existing legislation, such as vetfuture Budget expenditures. New obliga- erans' benefits, agricultural price supports, tional authority rose faster than expenditures interest, and public assistance grants to during the years 1951-52, as the chart shows, States, will cost 14.8 billion. This leaves only 7.2 billion for regular government BUDGET EXPENDITURES AND RELATED ITEMS operations and for international affairs and Billions of dollars finance; these activities provide about the 100 NEW only room for administrative discretion and ^.v OBLIGATiONAL y,^ \ AUTHORITY for annual review of authorizations and exf \(DURING YEAR) N -i 80 penditures. BUDGET EXPENDITURES - \ S^^CDURING YEAR) MAJOR NATIONAL SECURITY PROGRAMS • / k Expenditures for national security pro- \ - \ posed for the fiscal year 1956 are based on 40 the philosophy that our military strength • UNEXPENDEf) BALAr4CES must be maintained indefinitely on a basis OF APPROPRSAT1ONS that does not impair the soundness of the 1 (END OF YEAR) 20 - « United States economy and on the concept 1 \ that there is no assumed target date of maxi i \ 1 \ 1 \ 1 imum danger. This suggests that there 1952 1954 1956 Xo'F..—T^igfiires are for fiscal years eticling1 June 30. These would be major adjustments in the Budget for J955 and 1956 are estimates. if the international situation should change. and built up large unexpended balances Major national security expenditures in fiscal that are being drawn upon currently. For year 1956 are estimated to decline less than the fiscal year 1956, the President has re- 200 million dollars from 1955, suggesting a quested 58.6 billion dollars of new obliga- leveling-off near 40 billion dollars. For the FEBRUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR 1956 first time since fiscal year 1952, moreover, FEDERAL BUDGET EXPENDITURES the recommended authority to incur new [In billions of dollarsl obligations is higher than during the pre- Fiscal year ending June 30 — ceding year. Function 11956' .1955' 1954 1953 j 1950 Department of Defense. The Defense Department budget emphasizes the retalia- Budget expenditures, Lotal 62.4 63.5 67.8 74.3 39.6 tory power of Air Force and Naval aviation Major national security programs, total expenditures.. 40.5 40.6 46.5 50.3 13.0 armed with nuclear weapons as the principal Defense department, military... 34.0 43.6 deterrent to military aggression. Acceler- A St t o o c m k i p c i l e in n g ergy 2.0 1 .0 1. .9 8 .4 Mutual security, military 3.6 4.0 .1 ated development of continental air defense, Nondefense expenditures, total... . 22.0 mobile naval and ground forces, and new New oMigational authority: weapons and techniques supplements the Total '. 58.6 57.3 62.8 80.3 49.3 Major national security procontinued strengthening of air power. grams 36.7 34.4 39.5 57.3 17.0 About two-thirds of the proposed expend- 1 Estimated. itures of this department for fiscal year NOTE.—Details may not add to totals because of rounding. 1956 will be devoted to air power and related recent downward trend in this category. programs. Active aircraft in combat units Major procurement and production—about of the Air Force, Navy, and Marine Corps two-thirds of which goes for aircraft and will increase approximately one-fourth from guided missiles—is little changed from the July 1, 1954, to June 30, 1956. Planes of 1955 total of 12.7 billion. Military public greater speed, range, and capacity indicate works and research and development also a qualitative improvement also. Since 1950, continue near their recent levels. The when each of these services spent about 4 amount budgeted for reserve components inbillion dollars, expenditures for the Army creases substantially to 927 million dollars in and Navy have more than doubled, while 1956, reflecting the President's proposals for expenditures for the Air Force have more a more effective military reserve. than quadrupled. The total for the Defense Department is Military personnel will be reduced from reduced by the unusual step of deducting 3.2 million currently to about 3 million on 1,750 million dollars for unallocated reduc- June 30, 1955, and to something over 2.8 mil- tions, which the Secretary expects to realize lion a year later. However, the Air Force through savings, slippages, and program adwill be increased slightly, with the Navy and justments not yet specified as to Budget Marine Corps bearing small reductions and expenditure category. the Army the heaviest reduction in military Atomic ena'gy. Expenditures for atomic personnel. energy in fiscal year 1956 are estimated to The Department of Defense budget al- be slightly lower than 1955 but higher than locates 10.3 billion dollars for personnel in any other year. In 1956 capital expenditures 1956, about the same as in 1954 and 1955. will drop considerably, but operating ex- Increased pay and benefits to induce capable, penditures will increase from 60 to 75 per trained men to remain in the armed forces cent of the total as large new facilities are will offset the savings from the reduction in placed in operation and as raw uranium ores numerical strength. The 8.6 billion dollars are procured at a higher rate. The 1956 for operation and maintenance reverses the Budget provides greater expenditures than 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR 1956 ever before for peaceful applications of tinue as long as it is necessary to maintain atomic power, especially the development large armed forces in Asia and the Near East. of industrial power reactors. PROGRAMS OTHER THAN MAJOR NATIONAL Stockpiling. A new long-term program SECURITY may increase inventories of strategic and critical materials to a level 3.3 billion dollars Budget expenditures for programs other above the 65 billion of minimum objectives. than major national security account for 35 Procurement will generally be above the per cent of fiscal year 1956 expenditures. minimum stockpile level only when it serves They will be approximately 900 million dolboth to meet long-range objectives and to lars less than in 1955, but 700 million more maintain essential domestic production. Ex- than in 1954. penditures in 1956 are expected to increase Interest. Interest payments are down 180 minimum program inventories to 5.1 billion million dollars from the 1955 fiscal year to dollars and the additional long-range stock- 6.4 billion dollars for 1956. A decline in the pile to 1.2 billion. average interest rate on the debt from 2.41 to Mutual security—military. The major na- 2.29 per cent during calendar year 1954, retional security category includes the military sulting from lower rates on new Treasury assistance and direct-forces-support portions issues, is primarily responsible for the drop. of the mutual security program. The non- International affairs and finance. This military portions are classified under inter- class of expenditure is expected to decline national affairs and finance. further in fiscal year 1956. However, new u Mutual military assistance provides equip- obligational authority recommended is larger ment and training for the forces of our Euro- than in the preceding year, indicating that pean and Asian allies to the extent that these future expenditures may stabilize near, or countries cannot provide for themselves. increase somewhat over, the 1956 level. The estimate for fiscal year 1956 is not en- Non military economic aid under the tirely comparable with earlier years due to mutual security program is budgeted at one different methods of financing. Actual de- billion dollars in 1956, down slightly from liveries of equipment are projected to con- 1954 and 1955. Most 1956 funds'will go to tinue in fiscal years 1955 and 1956 at about Asia, the Middle East, Africa, and Latin the 3 billion dollar rate attained in 1954. America for economic development and Expenditures in 1956 will exceed the new technical cooperation, bilaterally and obligational authority requested and, accord- through the United Nations. Small iningly, will draw down the unexpended bal- creases are requested for refugee relief and ance of earlier appropriations. for foreign information and exchange ac- The fiscal year 1956 Budget includes 600 tivities. million dollars for uniforms, medicines, The new Budget includes 35 million dolrations, and similar items, exclusive of mili- lars as the United States' share of 100 million tary equipment, for the direct-forces-support capital for the proposed International Fiprogram. This relatively new program, as- nance Corporation. This Corporation, to be sisting only selected countries where our an affiliate of the International Bank for Resecurity requires active forces beyond the construction and Development, will provide country's own capacity, is expected to con- venture capital without government guaran- FEBRUARY 1955 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR 1956 PROGRAMS OTIIT:R THAN MAJOR NATIONAL SECURITY straight 50-50 Federal-State sharing of public [In billions of dollars! assistance costs, and extension of old-age and survivors' insurance to military and Federal Fiscal year ending June 30 — Function civilian personnel not now covered. 1055 1954 ; 1953 j 1950 The President on February 8 proposed a Total expenditures 22.0 22.9 21.3 24.0 26.6 Federal-State-local school construction pro- Interest 6.4 6.6 .6 5.8 gram totaling 7 billion dollars during three International affairs and finance. . 1 .3 1. .4 .2 4.7 Veterans services and benefits ... . 4.6 4.-1 .3i 6.6 years, of which 1.1 billion will require Fed- Welfare, health, and education 2.3 2.3J .21 1.7 Agriculture and agricultural resources 2.3| 3. 1 2.0\ 2.8 eral appropriations. The 1956 Budget allows Natural resources l.Oj 1 . 1 1 .1 Commerce and manpower 2.2| !.(' 2.4 Federal funds for the first year of this pro- General trover nme.nt 1 .6! 1 .? 1 .2 Other* • 31 . 1 .3 gram under the reserve for proposed legis- .ol SI New obligational authority. 21 .9 22.« lation and contingencies. Grants for part of the construction costs for the poorest 1 Estimated. -Reserves for proposed legislation and for contingencies 1955 school districts will require 200 million doland 1956; adjustment, to daily Treasury statement basis, 1950. NOTE.—Details may not add to totals because of rounding. lars, to be matched by State funds. The tees to private businesses in underdeveloped other 900 million will be used to buy bonds countries. of districts that are unable to borrow at a Veterans services and benefits. Net vet- reasonable rate of interest and to provide erans expenditures, which declined steadily reserves for State agencies that build schools from the 1947 postwar peak of 7.4 billion for lease and eventual purchase by local dollars to 4.3 billion in fiscal 1954, will in- school districts. This larger sum is expected crease in 1955 and 1956. The long-run out- to be repaid gradually to the Federal Treaslook is for further increases due to (1) the ury. large, growing number of eligible veterans— Agriculture and agricultural resources. An more than two-fifths of all adult males; (2) expected 50 per cent reduction of almost one the World War I veterans now reaching billion dollars in agricultural price support age 65 who are qualifying for pensions in payments is the major factor in the estimate large numbers; and (3) the increased scope that net Budget expenditures for agriculture and liberality of benefits. The largest 1956 and agricultural resources will decline to 2.3 components are 2.8 billion dollars for com- billion dollars in fiscal year 1956 from the pensation and pensions—equivalent to more postwar high of 3.1 billion in 1955. Small inthan half the payments from old-age and creases are recommended for the rural elecsurvivors' insurance; 770 million dollars for trification and telephone, agricultural conhospital and medical care; and 587 million servation, research, and extension programs. for education and training—90 per cent to The President's recommendation for 1.3 bil- Korean veterans. lion dollars of new obligational authority Welfare, health, and education. Total for agricultural programs during fiscal year 1956 expenditures will remain approximately 1956 is less than half that for 1955 or 1954. at the 1955 figure of 2.3 billion dollars. This drop is attributable almost entirely to About 1.4 billion provides for the public a decrease for the Commodity Credit Corassistance program. Significant new pro- poration. posals include 25 million dollars as the initial Net Budget expenditures of the Comcapitalization for health reinsurance, a modity Credit Corporation, which handles 120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR 1956 the farm price-support program, are the ex- control, irrigation, power, and multiple-purcess of its gross expenditures over its receipts. pose river developments. Local interests are Its gross expenditures are outlays during the expected to finance most power facilities on year for commodity loans and purchases and a partnership basis. A 5 million dollar exfor repayment of its certificates of interest penditure is also requested to initiate plans issued largely to banks with CCC-owned for two comprehensive river basin developcommodities as collateral. Its receipts come ments, with ultimate Federal costs estimated largely from commodity sales, repayment of at 1.1 billion dollars. commodity loans, and issuance of CCC cer- Commerce and manpower. A proposed tificates of interest. increase in postal rates and a shift to partial A decline of 1.5 billion dollars in CCC liquidation of mortgages now held by the gross price support expenditures estimated Federal National Mortgage Association are for fiscal year 1956 reflects largely the smaller the major factors accounting for the decline volume of new loans and purchases anticiexpected in total expenditures for commerce pated as a result of tighter restrictions on and manpower in fiscal year 1956. The acreages planted. Receipts anticipated from postal rate increase requested would provide the sale of commodities will rise as efforts to 400 million dollars, which would not only expand markets for farm products begin to cover the suggested postal pay increases but show results. Together these will more than also make the postal system almost selfoffset about 700 million dollars of net repaysupporting. ments of certificates of interest, necessitated In 1956, 1.5 billion dollars of receipts from by a decrease in commodity holdings needed liquidation of mortgages and properties held as collateral. CCC commodity holdings by Federal housing agencies will nearly offare expected to decline about 700 million set gross expenditures, so net Budget exdollars during 1956—the first decline since penditures for housing and community defiscal year 1952—to 5.6 billion at the end of velopment are estimated at only 82 million the fiscal year. Expenditure estimates for dollars. This figure is comparable to actual this program, which varies with choice net receipts of 445 million dollars in 1954 and of crops to raise, weather conditions, and estimated net expenditures of 387 million market prices, are subject to a wide margin in 1955. The change between 1955 and of error. Natural resources. The. lowTer expendi- 1956 is due largely to operations of the FNMA, which will show net expenditures tures estimated for natural resources reflect a in 1955 and net receipts in 1956. This reprospective decline in construction of new sults from the Housing Act of 1954, under facilities and increased operating receipts of the Tennessee Valley Authority. The Budget which the FNMA is liquidating most of its Message states that the.TVA is giving im- mortgage holdings and, after fulfilling its mediate attention to the possibilities of previous commitments, will purchase confinancing further expansion of its power sys- siderably fewer mortgages. tem by means other than Federal appropria- New obligational authority of 200 million tions. dollars for urban renewal and 100 million About two-thirds of the 1956 net expendi- for direct housing loans to veterans is retures for natural resources will be for flood quested, plus a two-year contract authoriza- 121 FEBRUAKY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR 1956 tion for 35,000 low-rent housing units each tion to the continuing programs, another year. 11 million dollars is budgeted in 1956 for Budget expenditures do not include Fed- the periodic census programs. Almost twoeral guaranties and insurance of private loans, thirds of the expenditures for statistical probut the Budget document does report them. grams are classified under commerce and Additional loan guaranty authority of more manpower, with agriculture accounting for than 6 billion dollars is requested to meet another quarter of the total. anticipated 1956 commitments on about 14 General government. The varied funcbillion of Federal guaranties and insurance tions and services included under this headof private housing loans. By June 30, 1956, ing are expected to require 344 million dolmortgage loans guaranteed by the VA or lars more in fiscal year 1956 than in 1955. insured by the Federal Housing Adminis- This increase results primarily from a protration are expected to total about 46 billion posed resumption of payments to help cover dollars—90 per cent of all outstanding Fed- the Government's share of current benefit eral guaranties and insurance. disbursements for retired Federal civilian Highway expenditures in the Budget con- employees and from an increase in certified tinue to rise slightly from fiscal year 1955 claims, mainly bills presented for payment to 725 million dollars in 1956. The Budget after the appropriation has lapsed. makes no provision for the special Ten-Year BUDGET RECEIPTS National Highway Program. In January the President's Advisory Committee on this The expansion of personal incomes and Program recommended average annual Fed- corporate profits accompanying a growing eral expenditures of 3.1 billion dollars, in- prosperity is expected to increase Budget cluding about 623 million of present Budget receipts by 1 billion dollars in the fiscal year expenditures, the remaining 2.5 billion 1956 to a total of 60 billion. Assuming tax yearly to be financed largely through bonds rates are unchanged from fiscal year 1955 of a new Federal Highway Corporation. to 1956, the Treasury estimates that an in- These would be repaid by 1985 from the crease of about 4 per cent in personal inanticipated increase in receipts from continu- FEDEKAL BUDGET RECEIPTS ing the gasoline tax at its present rate. fin billions of dollars] A brief special analysis of the Federal eco- Fiscal year ending June 30— nomic statistical programs is a new feature Source in the 1956 Budget. This summary per- 19561 19551 1954 1953 1950 mits evaluation of Government statistics by Budget receipts, total 60.0 59.0 64.7 64.8 36.5 subject-matter areas. Expenditures for the Individual income taxes 32.5 30.7 32.4 32.8 17.4 continuing programs are estimated at 32 Corporation income and excess profit taxes 17.0 18.5 21.5 21 .6 10.9 million dollars in fiscal year 1956, over half E E m xc p is l e o y t m ax e e n s t taxes 9 7 . . 4 1 9 6 . . 1 1 1 5 0 . . 4 0 9 5. . 0 9 2 7 . . 9 6 of which covers production and distribution, C E u st s a to te m a s nd gift taxes 1. . 0 6 . .6 9 . . 9 6 . . 6 9 . . 7 4 mostly in agriculture. Relatively large in- L M es is s c : ellaneous receipts 2.5 2.3 2.3 1 .9 1.4 Transfers to trust funds: creases are included in the 1956 Budget for Federal Old Age and Survivors Insurance 6.2 5.2 4.5 4.1 2.1 the statistical programs covering unemploy- Railroad Retirement .6 .6 .6 .6 .6 Refunds of receipts 3.2 3.3 3.4 3A 2.2 ment and wages, construction and housing, 1 Estimated, including President's tax proposals. and State and local governments. In addi- NOTE.--Details may not add to totals because of rounding. 122 FEDERAL RESERVE BULLETIN" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR 195 6 come from calendar year 1954 to calendar anticipated for revenue estimates, declined year 1955 will increase individual income slightly to about 357 billion. Corporate tax gross receipts 1.8 billion dollars, to 32.5 profits before taxes declined about 10 per billion, in fiscal year 1956. Receipts from cent from calendar year 1953 to 1954. The this source will approach the 1953 record resulting drop of 1.8 billion dollars in exdespite revenue losses since then from lower pected corporate tax receipts largely acrates and from changes in the 1954 Internal counted for the further reduction of 2.6 bil- Revenue Code. lion in estimated receipts for fiscal year 1955. An expected rise of about 7 per cent in Individual income tax receipts, after allowcorporate profits from calendar year 1954 ing for larger refunds, were approximately to the current year will cushion the drop in unchanged, as 1954 personal income recorporation tax receipts that is due to result mained at approximately the 1953 level. from statutory changes already made in this tax. The three principal changes are: (1) CASH BORROWING AND REPAYMENT The expiration of the excess profits tax on Over the long run, the level of total Fed- December 31, 1953, reducing fiscal year 1956 eral debt outstanding responds to the amount receipts about 2 billion dollars compared to of surpluses or deficits in the administrative fiscal year 1953 or 1954; (2) the more liberal Budget. Changes in the debt held by the deductions for depreciation and other ex- public, however, move more closely with penses under the 1954 Code, reducing cor- the amount of cash surplus or deficit. In porate tax liabilities collectible in fiscal year the short run, annual changes in the debt 1956 by about 1 billion compared to 1954; level differ from the corresponding surplus and (3) completion of the transition to the or deficit largely because of variations in the Mills plan in fiscal year 1955 so that 1956— Treasury cash balance. the first fiscal year since 1950 not to enjoy In fiscal year 1956, with no change anticiadditional receipts resulting from the acceler- pated in the Treasury's cash balance, the exation of corporate tax payments—will lose pected cash surplus will permit repayment about 1.7 billion dollars of receipts by com- of almost 600 million dollars of debt held by parison to 1954 or 1955. the public. Noncash borrowing of 2.8 bil- The sensitivity of Budget receipts to any lion dollars from trust funds and other Govsignificant change in general economic con- ernment agencies and of 500 million dollars ditions is highlighted by the reduction of from interest accruing on savings bonds, is 3.6 billion dollars in the receipts estimates anticipated. The Budget also estimates that for fiscal year 1955 between the January 1954 the Federal National Mortgage Association and the January 1955 Budget documents. and some other Government enterprises About 1 billion dollars of this revenue loss whose transactions are included in the is due to the reduction in some excises effec- Budget will borrow about 1 billion dollars in tive April 1, 1954, the only significant tax the market on their own obligations—not rate reduction not anticipated in the Janu- counted as part of the Federal debt—which ary 1954 estimate. But calendar year 1954 will reduce by a corresponding amount the economic activity, instead of maintaining the need for Treasury borrowing. These trans- 1953 level-^with gross national product at actions reconcile the cash surplus and net 365 billion dollars—as had apparently been cash repayment of about 600 million dollars, FEBRUARY 1955 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR 1956 THF. FL-DI-.RAL DKHT AN*D CASH BORROWING FROM THE PUBLIC pattern of tax collections, especially corporate fin billions of dollars! taxes, the Treasury expects to operate at a Fiscal year ending June 30- deficit of about 8 billion dollars over the July- Item December half of fiscal 1956, and to borrow 1056» 1955! 1954 1953 1950 from the public in this period a substantial Net cash surplus ( —) or deficit. . . -.6 .3 2.2 ? mount that can be repaid during the March- Change in Treasury cash balance. . +2.4 .3|+2.0 Net cash borrowing from, or June 1956 period of heavy receipts. Over repayments to (—), the ! public2 -.6 .6 2.5 4.2 the next 18 months, therefore, the public Plus: Noncash borrowing3 3.3 3.2 . 0 .3 Less: Increase in obligations of debt is likely to be largest, perhaps above Government enterprises held by the public H.O •1.8 (*) 280 billion, about January 1956. In view of Net increase in outstanding this, the President has requested the Condebt 17 3.0 5.2 4.6 Federal debt outstanding, enc\ of gress "to again increase the debt limit," but year 276.0 274.3i271 .3 266.1257.4 I without specifying a definite figure. 1 Estimated. The heavy March and June concentrations -'Adjusted by small amounts for seigniorage. Figures for 1950 and 1953 from Treasury Bulletin not necessarily comparable with of corporate tax receipts resulting from the Budget. Bureau basis of classification. ;i Represents principally increase in. Government security hold- Mills plan contributed to a cash deficit ings of Federal agencies ami trust funds and net interest accruals on savings bonds. •'.Includes sale to the public of Federal National Mortgage Asso- during July-December and a cash surplus ciation debentures in the amount of 750 million dollars in each year. during Januarv-June of each fiscal year 1952- "Decrease of less than 50 million dollars. NOTE.—Details may not add to totals because ol rounding. 55. To ease the Treasury's seasonal financing problems, the 1954 Internal Revenue shown in the table, with the net increase in Code provides for corporations to accelerate the outstanding debt. their tax payments and to make their pay- Increases in Federal obligations held by ments quarterly. The payments on calen- Government trust funds reduce by an equivadar year 1955 tax liabilities are due Septemlent amount the funds needed from outside ber and December of the current year and in the Government to finance the net increase March and June of 1956, instead of half in in the Federal debt. Over the period from each of the latter two months. The Sep- December 31, 1954, to June 30, 1956, the Fedtember and December payments begin at 5 eral debt is expected to decline from 278.3 per cent and increase gradually until the four billion to 276.0 billion dollars while the debt quarterly payments become equal in fiscal held within the Government increases 4.8 year 1960. These provisions apply only to billion to 52.3 billion. Thus, over a period corporations with annual tax liabilities in of 18 months the Treasury expects to retire excess of $100,000, but the approximately about 7.1 billion of debt now held outside the 20,000 corporations affected pay about 85 per Government. cent of all corporate taxes. The statutory limit on the public debt, The cash surplus anticipated for 1956 temporarily at 281 billion dollars, will revert would relieve the Treasury from the pressure to 275 billion on July 1, 1955, under present legislation. The estimated debt on that date of raising additional funds other than on a will squeeze under the ceiling, but the an- seasonal basis, and this would put the Treasticipated 1956 debt increase will put the ury in a more flexible position in managing debt subject to ceiling at 276 billion on June the Federal debt. On the otljer hand, if 30, 1956. Moreover, due to the seasonal some Government programs, as suggested 124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL BUDGET FOR 1956 for highways and TV A, are to be financed Budget deficit, recommends in the Budget outside the Budget by borrowing not subject Message against any further loss of revenue to the statutory debt limit, consideration through tax reductions this year. Specifically, needs to be given such new issues in analyz- he requests legislation to extend for one year ing the total demand for funds from the the current corporate and excise tax rates, public. The cash borrowing table does in- which under existing legislation will be autoclude net borrowing by some agencies, such matically reduced on April 1. The present as FNMA, whose expenditures are included 52 per cent corporate tax rate is scheduled in the Budget estimates although their obli- to drop to 47 per cent, at an anticipated fullgations are not counted as part of the Fed- year cost to the Treasury of 2 billion dollars. eral debt. The existing excise taxes on liquor, tobacco, gasoline, and automobiles, unless extended, OUTLOOK FOR THE FUTURE will be automatically reduced with a full Barring international developments which year revenue loss estimated at 1 billion. would upset present calculations, it appears The Budget Message states that "further that prospective Budget expenditures in 1957 tax reductions can only be made as savings and subsequent fiscal years may level off in governmental expenditures or increased near present totals. Major national security revenues resulting from growth in our econexpenditures seem to be stabilizing, in view omy are in sight." The President expresses of the small reduction from 1955 to 1956 the hope that savings in expenditures and an and a small increase in new obligational expanding tax base will justify tax reductions authority for 1956. Nondefense expendi- next year, "to spread the relief fairly among tures have been approximately constant in all taxpayers in a way which will be the the Budget but may increase in programs most effective to relieve individual tax financed outside the regular Budget. burdens and to increase incentive for effort The President, in view of the prospective and investment." "FEBRUARY 1955 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES l^OLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present con- -*- stituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve District are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. 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 are 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. Term Expires District No. 1—Boston Dec. 31 Class A: Oliver B. Ellsworth President, Riverside Trust Company, Hartford, Conn.. 1955 Lloyd D. Brace President, The First National Bank of Boston, Boston, Mass. 1956 Flarold I. Chandler. President, The Keene National Bank, Keenc, N. H.. 1957 Class B: Harry E. Umphrey. President, Aroostook Potato Growers, Inc., Presque Isle, Me.. 1955 Harvey P. Hood. President, H. P. Hood & Sons, Inc., Boston, Mass. 1956 Frederick S. Blackall, jr. President and Treasurer, The Tafr-Peirce Manufacturing Company, Woonsocket, R. I.. 1957 Class C: Vice President, General Manager and Chairman of Management Harold D. Hodgkinson Board, Wm. Filene's Sons Company, Boston, Mass.. 1955 President, Massachusetts Institute of Technology, Cambridge, James R. Killian, Jr. Mass. 1956 Vacancy 1957 1 Chairman. 126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires District No. 2—New York Dec. 31 Class A: N. Baxter Jackson. . Chairman o£ the Board, Chemical Corn Exchange Bank, New York, N. Y . ... 1955 John R. Evans. . President, The First National Bank of Poughkeepsie, Poughkeepsie, N. Y 1956 Ferd I. Collins. President and Trust Officer, Bound Brook Trust Company, Bound Brook, N. J... 1957 Class S.- Clarence Francis Director and Member of Executive Committee, General Foods Corporation, New York, N. Y 1955 Lansing P. Shield. President, The Grand Union Company, East Paterson, N. J. 1956 John E. Bierwirth. President, National Distillers Products Corporation, New York, N. Y. . 1957 Class C.- Franz Schneider. New York, N. Y 1955 Jay E. Crane !. Vice President, Standard Oil Company, (New Jersey), New York, N. Y 1956 Forrest F. Hill2. . Provost, Cornell University, Ithaca, N. Y.. . 1957 Buffalo Branch Appointed by Federal Reserve Ban\: Bernard E. Finucane. President, Security Trust Company of Rochester, Rochester, N. Y . 1955 Edward P. Vreeland. President, Salamanca Trust Company, Salamanca, N. Y.. 1955 Robert L. Davis. President, The First National Bank of Olean, Olean, N. Y.. 1956 Charles H. Diefendorf. President, The Marine Trust Company of Western New York, Buffalo, N. Y... 1957 Appointed by Board of Governors: Edgar F. Wendt1. . . President, Buffalo Forge Company, Buffalo, N. Y.. . . 1955 Robert C. Tait. President, Stromberg-Carlson Company, Rochester, N. Y 1956 Clayton G. White. . . Dairy farmer, Stow, N. Y.. . 1957 1 Chairman. 2 Deputy Chairman, FEBRUARY 1955 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires District No. 3—Philadelphia Dec. 31 Class A: Bernard C. Wolfe. . . President, The First National Bank of Towanda, Towanda, Pa. 1955 Wm. Fulton Kurtz. . Chairman of the Board, The Pennsylvania Company for Banking and Trusts, Philadelphia, Pa..... . . . 1956 W. Elbridge Brown. . President and Trust Officer, Clearfield Trust Company, Clearfield, Pa. 1957 Class B.- Charles E. Oakes. President, Pennsylvania Power and Light Company, Allentown, Pa 1955 Warren C. Newton. President, O. A. Newton and Son Company, Bridgeville, Del.. 1956 Bayard L. England President, Altantic City Electric Company, Atlantic City, N. J. 1957 Class C.- Henderson Supplee, Jr.2 .President, The Atlantic Refining Company, Philadelphia, Pa.. 1955 Lester V. Chandler. . . Professor of Economics, Princeton University, Princeton, N. J.. 1956 William J. Meinel ' . President and Chairman of the Board, Heintz Manufacturing Company, Philadelphia, Pa.. 1957 District No. 4—Cleveland Class A: John D. Bainer. President, The Merchants National Bank and Trust Company of Meadville, Meadville, Pa. . 1955 J. Brenner Root. . President, The Harter Bank & Trust Company, Canton, Ohio. 1956 Edison Hobstetter President, The Pomeroy National Bank, Pomeroy, Ohio 1957 Class B: Edward C. Doll. President, Lovell Manufacturing Company, Erie, Pa.. . . 1955 Alexander E. Walker. Chairman of the Board, The National Supply Company, Pittsburgh, Pa 1956 Joseph B. Hall. President, The Kroger Company, Cincinnati, Ohio 1957 Class C.- Sidney A. Swensrud 2. Chairman of the Board, Gulf Oil Corporation, Pittsburgh, Pa. 1955 John C. Virden '. . Chairman of the Board, John C. Virden Company, Cleveland, Ohio . . . . 1956 Frank J. Welch . Dean, College of Agriculture and Home Economics, University of Kentucky, Lexington, Ky.. 1957 1 Chairman. 3 Deputy Chairman. 128 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Cincinnati Branch Dec. 31 Appointed by Federal Reserve Bank: Fred A. Dowd. President, The First National Bank of Cincinnati, Cincinnati, Ohio 1955 Leonard M. Campbell. President, The Second National Bank of Ashland, Ashland, Ky. 1956 Roger Drackett President. The Drackett Company, Cincinnati, Ohio. 1957 Bernard H. Geyer. President, The Second National Bank of Hamilton, Hamilton, Ohio 1957 Appointed by Board of Governors: Henry C. Besuden. Farmer, Winchester, Ky ... 1955 Anthony Haswell3 President, The Dayton Malleable Iron Company, Dayton, Ohio 1956 W. Bay Irvine. President, Marietta College, Marietta, Ohio. 1957 Pittsburgh Branch Appointed by Federal Reserve Ban\: Paul Malone President, The Second National Bank of Uniontown, Uniontown, Pa 1955 Albert L. Rasmussen. President, The Warren National Bank, Warren, Pa.. 1956 John H. Lucas. President, Peoples First National Bank & Trust Company, Pittsburgh, Pa 1957 Irving W. Wilson. President, Aluminum Company of America, Pittsburgh, Pa.. 1957 Appointed by Board of Governors: Douglas M. Moorhead.. Farmer, North East, Pa... 1955 Henry A. Roemer, Jr.1. President, Sharon Steel Corporation, Sharon, Pa.. 1956 John C. Warner. President, Carnegie Institute of Technology, Pittsburgh, Pa.. 1957 District No. 5—Richmond Class A: Warren S. Johnson. Investment Counselor, Peoples Savings Bank & Trust Company, Wilmington, N. C 1955 John A. Sydenstricker. Executive Vice President, First National Bank in Marlinton, Marlinton, W. Va 1956 Daniel W. Bell. . President and Chairman of the Board, American Security and Trust Company, Washington, D. C... 1957 1 Chairman. FEBRUARY 1955 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class B: H. L. Rust, Jr.. . President, H. L. Rust Company, Washington, D. C 1955 W. A. L. Sibley.. Vice President and Treasurer, Monarch Mills, Union, S. C. . 1956 Robert O. Huffman. President, Drexel Furniture Company, Drexel, N. C. 1957 Class C: John B. Woodward, Jr.' . Chairman of the Board, Newport News Shipbuilding & Dry Dock Company, Newport News, Va 1955 Alonzo G. Decker, Jr.2. . Vice President, The Black & Decker Manufacturing Company, Towson, Md 1956 D. W. Colvard. . Dean of Agriculture, North Carolina State College of Agriculture and Engineering, Raleigh, N. C.. . 1957 Baltimore Branch Appointed by Federal Reserve Ban\: Lacy I. Rice. . . . President, The Old National Bank, Martinsburg, W. Va.. . 1955 Stanley B. Trott. . President, Maryland Trust Company, Baltimore, Md 1955 Charles W. Hoff. . . President, Union Trust Company of Maryland, Baltimore, Md. 1956 Charles A. Piper. . .President, The Liberty Trust Company, Cumberland, Md.. . 1957 Appointed by Board of Governors: Howard M. Taylor, Jr.1. President, International Bedding Company, Baltimore, Md.. 1955 Theodore E. Fletcher, Sr.. . . Senior Partner, Albert W. Sisk & Son, Preston, Md. 1956 Clarence R. Zarfoss. . Vice President, Western Maryland Railway Company, Baltimore, Md. .... 1957 Charlotte Branch Appointed by Federal Reserve Ban\: George S. Crouch. . Chairman of the Board, The Union National Bank, Charlotte, N. C 1955 Jonathan Woody . President, First National Bank, Waynesville, N. C 1955 Archie K. Davis. . . Senior Vice President, Wachovia Bank and Trust Company, Winston-Salem, N. C 1956 Ernest Patton . . Chairman of the Board, The Peoples National Bank of Greenville, Greenville, S. C. . . 1957 L Chairman. 2 Deputy Chairman.. 130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dee. 31 Appointed by Board oj Governors: T. Henry Wilson 1. . President & Treasurer, Henredon Furniture Industries, Inc., Morganton, N. C. 1955 William H. Grier. . Executive Vice President, Rock Hill Printing & Finishing Company, Rock Hill, S. C. 1956 Paul T. Taylor. . President, Taylor Warehouse Company, Winston-Salem, N. C.. 1957 District No. 6—Atlanta Class A: Leslie R. Driver. President, The First National Bank in Bristol, Bristol, Tenn.. 1955 Roland L. Adams. . President, Bank of York, York, Ala 1956 W. C. Bowman. . . Chairman of the Board, The First National Bank of Montgomery, Montgomery, Ala.. 1957 Class B.- Donald Comer . . Chairman of the Board, Avondale Mills, Birmingham, Ala. 1955 A. B. Freeman. Chairman of the Board, Louisiana Coca-Cola Bottling Company, Ltd., New Orleans, La 1956 Pollard Turman . President, J. M. Tull Metal & Supply Company. Inc., Atlanta, Ga. 1957 Class C: Rufus C. HarrisT. . President, The Tulane University of Louisiana, New Orleans, La 1955 Harllee Branch, Jr.2. . . President, Georgia Power Company, Atlanta. Ga.. 1956 Vacancy . 1957 Birmingham Branch Appointed by Federal Reserve Ban\: John B. Barnett, Jr.. . President, The Monroe County Bank, Monroeville, Ala.. 1955 Frank M. Moody. . Vice President, The First National Bank of Tuskaloosa. Tuscaloosa, Ala 1955 John Will Gay. . President, The First National Bank of Scottsboro, Scottsboro, Ala 1956 Malcolm A. Smith. . First Vice President, Birmingham Trust National Bank, Birmingham. Ala. . 1957 1 Chairman. 2 Deputy Chairman. FEBRUARY 1955 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec 31 Appointed by Board of Governors: Thad Holt1 .... . .Investments, Birmingham, Ala.. 1955 Adolf Weil, Sr . .President, Weil Brothers-Cotton, Inc., Montgomery, Ala.. 1956 Edwin C. Bottcher. . Farmer, Cullman, Ala.. . 1957 Jacksonville Branch Appointed by Federal Reserve Ban\: Frank W. Norris. . President, The Barnett National Bank of Jacksonville, Jacksonville, Fla 1955 J. Carlisle Rogers. . . .President, The First National Bank of Leesburg, Leesburg, Fla. 1955 T. A. Davis, Jr.. ... . President, Pan American Bank of Miami, Miami, Fla.. . . 1956 James L. Niblack. . . President, The First National Bank of Lake City, Lake City, Fla. 1957 Appointed by Board of Governors: Harry M. Smith J. . . . President and Manager, Winter Garden Ornamental Nursery, Inc., Winter Garden, Fla 1955 McGregor Smith . Chairman of the Board and Director, Florida Power and Light Company, Miami, Fla 1956 J. Wayne Reitz . . Provost for Agriculture, University of Florida, Gainesville, Fla. 1957 Nashville Branch Appointed by Federal Reserve Bdn\: James V. Sprouse. . President, The First National Bank of Springfield, Springfield, Tenn 3955 T. R. Keys . President, Erwin National Bank, Erwin, Tenn.. . . . 1955 W. E. Tomlinson. . . President, The Hamilton National Bank of Johnson City, Johnson City, Tenn .... 1956 J. R. Kellam, Jr.. . . Executive Vice President, Commerce Union Bank, Nashville, Tenn. ... 1957 Appointed by Board of Governors: Ernest J. Moench 1. . President, Tennessee Tufting Company, Nashville, Tenn.. 1955 Frank B. Ward. . Dean, College of Business Administration, University of Tennessee, Knoxville, Tenn 1956 A. Carter Myers. Treasurer, Knoxville Fertilizer Company, Knoxville, Tenn.. 1957 1 Chairman. 132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires New Orleans Branch Dec. 31 Appointed by Federal Reserve Ban\: Keehn W. Berry. . President, Whitney National Bank of New Orleans, New Orleans, La . . 1955 James T. Brown. . Chairman of the Board, First National Bank of Jackson, Jackson, Miss 1955 Leon J. Minvielle. . . President, The Peoples National Bank of New Iberia, New Iberia, La 1956 Philip C. Williams. . President, Bank of Yazoo City, Yazoo City, Miss.. 1957 Appointed by Board of Governors: E. O. Batson. . President, Batson-McGehee Company, Inc., Millard, Miss.. . 1955 E. E. Wild . Rice grower, Midland, La 1956 Joel L. Fletcher, Jr. \ President, Southwestern Louisiana Institute, Lafayette, La.. 1957 District No. 7—Chicago Class A: Nugent R. Oberwortmann. President, The North Shore National Bank of Chicago, Chicago, 111 1955 Vivian W. Johnson. President, First National Bank, Cedar Falls, Iowa. . . 1956 Walter J. Cummings. Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111.. 1957 Class B: William J. Grcde. . President, Grede Foundries, Inc., Milwaukee, Wis.. 1955 William A. Hanley Director, Eli Lilly and Company, Indianapolis, Ind. 1956 Walter E. Hawkinson Vice President in Charge of Finance, and Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wis.. 1957 Class C.- John S. Coleman 1. President, Burroughs Corporation, Detroit, Mich.. 1955 J. Stuart Russell. Farm Editor, The Des Moines Register & Tribune, Des Moines, Iowa 1956 Bert R. Prall2. President, Butler Bros., Chicago, 111... 1957 1 Chairman. ~ Deputy Chairman. FEBRUARY 1955 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Detroit Branch Dec. 31 Appointed by Federal Reserve Ban\: Raymond T. Perring .President, The Detroit Bank, Detroit, Mich.. 1955 Ira A. Moore . President, Peoples National Bank of Grand Rapids, Grand Rapids, Mich. 1956 Ernest W. Potter. President, Citizens Commercial & Savings Bank, Flint, Mich.. 1957 Howard P. Parshall. President, Bank of the Commonwealth, Detroit, Mich.. . 1957 Appointed by Board of Governors: William M. Day. Vice President and General Manager, Michigan Bell Telephone Company, Detroit, Mich 1955 Watson H. Vanderploeg n. President, Kellogg Company, Battle Creek, .Mich.. . 1956 John A. Hannah. President, Michigan State College, East Lansing, Mich.. 1957 District No. 8—St. Louis Class A: J. E. Etherton... .President, The Carbondale National Bank, Carbondale, 111.. 1955 William A. McDonnell. President, First National Bank in St. Louis, St. Louis, Mo.. 1956 Phil E. Chappell.. President, Planters Bank & Trust Company, Hopkinsville, Ky.. 1957 Class B: S. J. Beauchamp, Jr. President, Terminal Warehouse Company, Little Rock, Ark.. 1955 Louis Ruthenburg . Chairman of Board, Servel, Inc., Evansville, Ind.. . 1956 Leo J. Wieck . Vice President and Treasurer, The May Department Stores Company, St. Louis, Mo... 1957 Class C: Caffey Robertson 2 President, Cafifey Robertson Company, Memphis, Tenn.. 1955 M. Moss Alexander 1. . President, Missouri Portland Cement Company, St. Louis, Mo.. 1956 Joseph H. Moore Farmer, Charleston, Mo... 1957 Little Rock Branch Appointed by Federal Reserve Ban\: Harvey C. Couch, Jr.. . President, Union National Bank of Little Rock, Little Rock, Ark 1955 Donald Barger .... . President, Peoples Exchange Bank, Russellville, Ark 1956 H. C. McKinney, Jr.. President, The First National Bank of El Dorado, El Dorado, Ark ... 1957 E. C. Benton. . .President, Fordyce Bank and Trust Company, Fordyce, Ark.. 1957 1 Chairman. 2 Deputy Chairman. 134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Appointed by Board of Governors: A. Howard Stebbins, Jr. President, Stebbins and Roberts, Inc., Little Rock, Ark.. 1955 Vacancy .... ... . . 1956 Shuford R. Nichols1. Farmer, ginner and cotton broker, Des Arc, Ark.. 1957 Louisville Branch Appointed by Federal Reserve Ban\: Magnus J. Kreisle. President, The Tell City National Bank, Tell City, Ind.. 1955 Noel Rush . President, Lincoln Bank and Trust Company, Louisville, Ky.. 1956 M. C. Minor . . . President, The Farmers National Bank of Danville, Danville, Ky. 1957 W. Scott Mclntosh. President, State Bank of Hardinsburg, Hardinsburg, Ind.. 1957 Appointed by Board of Governors: Smith Broadbent, Jr.1. Farmer, Cadiz, Ky. . . 1955 David F. Cocks Vice President and Treasurer, Standard Oil Company (Kentucky), Louisville, Ky 1956 Pierre B. McBride. President, Porcelain Metals Corporation, Louisville, Ky.. 1957 Memphis Branch Appointed by Federal Reserve Ban\: Ben L. Ross. . . .Chairman of Board, Phillips National Bank, Helena, Ark.. 1955 John K. Wilson. . . President, The First National Bank of West Point, West Point, Miss. 1956 John A. McCall. . President, The First National Bank of Lexington, Lexington, Term. ... 1957 William B. Pollard. President, National Bank of Commerce in Memphis, Memphis, Tenn. 1957 Appointed by Board of Governors: Henry Banks" . . Farmer, Clarkedale, Ark.. . . 1955 John D. Williams. Chancellor, The University of Mississippi, University, Miss.. 1956 A. E. Hohenberg. President, Hohenberg Bros. Company, Memphis, Tenn.. 1957 District No. 9—Minneapolis Class A: Edgar F. Zelle . Chairman of the Board, First National Bank of Minneapolis, Minneapolis, Minn. ... . 1955 Harold N. Thomson. . Vice President, Farmers & Merchants Bank, Presho, S. D. 1956 Harold C. Refling Cashier, First National Bank in Bottineau, Bottineau, N. D.. . 1957 1 Chairman. FEBRUARY 1955 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class B: Homer P. Clark Honorary Chairman of the Board, West Publishing Company, St. Paul, Minn.. .. .... 1955 John E. Corette. President and General Manager, Montana Power Company, Butte, Mont. 1956 Ray C. Lange. President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. ' .... 1957 Class C: F. Albee Flodin. President and General Manager, Lake Shore Engineering Company, Iron Mountain, Mich 1955 Leslie N. Perrin1. Director, General Mills, Inc., Minneapolis, Minn.. 1956 Vacancy . . 1957 Helena Branch Appointed by Federal Reserve Ban\: A. W. Heidel. . President, Powder River County Bank, Broadus, Mont. 1955 J. Willard Johnson. Financial Vice President and Treasurer, Western Life Insurance Company, Helena, Mont 1956 Geo. N. Lund. . Chairman of the Board and President, The First National Bank of Reserve, Reserve, Mont 1956 Appointed by Board of Governors: George R. Milburn. Manager, N Bar Ranch, Grass Range, Mont.. .. 1955 Carl McFarland1. President, Montana State University, Missoula, Mont.. 1956 District No. 10—Kansas City Class A: W. S. Kennedy. President and Chairman of the Board, The First National Bank of Junction City, Junction City, Kan. 1955 W. L. Bunten. . . President, Goodland State Bank, Goodland, Kan 1956 Harold Kountze . President. The Colorado National Bank of Denver, Denver, Colo. 1957 Class B: E. M. Dodds. . President, United States Cold Storage Corporation, Kansas City, Mo 1955 K. S. Adams. . Chairman of the Board, Phillips Petroleum Company, Bartlesville, Okla 1956 Max A. Miller. Livestock rancher, Omaha, Neb... 1957 1 Chairman. 136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class C: Dec. 31 Raymond W. Halix. Vice President and Director, Hall Brothers, Inc., Kansas City, Mo 1955 Cecil Puckett2 Dean, College of Business Administration, University of Denver, Denver, Colo 1956 Joe W. Seacrest. . President, State Journal Company, Lincoln, Neb.. . 1957 Denver Branch Appointed by Federal Reserve Ban\: Merriam B. Berger. . Vice President, The Colorado National Bank of Denver, Denver, Colo 1955 Ralph S. Newcomer. Executive Vice President, First National Bank in Boulder, Boulder, Colo 1956 Arthur Johnson . . President, First National Bank in Raton, Raton, N. Mex.. . 1956 Appointed by Board of Governors: Aksel Nielsen1 President, The Title Guaranty Company, Denver, Colo.. 1955 Vacancy 1956 Oklahoma City Branch Appointed by Federal Reserve Ban\: George R. Gear. President, The City National Bank of Guymon, Guymon, Okia. 1955 F. M. Overstreet. . President, The First National Bank at Ponca City, Ponca City, Okla 1956 R. Otis McClintock.. President, The First National Bank and Trust Company of Tulsa, Tulsa, Okla.. 1956 Appointed by Board of Governors: Davis D. Bovaird 1. . . President, The Bovaird Supply Company, Tulsa, Okla.. .1955 Phil H. Lovvery. Owner, Lowery Hereford Ranch, Loco, Okla. 1956 Omaha Branch Appointed by Federal Reserve Ban\: Ellsworth Moser President, The United States National Bank of Omaha, Omaha, Neb. 1955 George J. Forbes. Executive Vice President, The First National Bank of Laramic, Laramie, Wyo .... 1955 William N. Mitten. . . Chairman of the Board and President, First National Bank of Fremont, Fremont, Neb.. . 1956 1 Chairman. 2 Deputy Chairman. FEBRUARY 1955 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 Gilbert C. Swanson ! . . Chairman of the Board, C. A. Swanson & Sons, Omaha, Neb.. .1955 Manville Kendrick . Rancher, Sheridan, Wyo. 1956 District No. 11—Dallas Class A: J. Edd McLaughlin. . President, Security State Bank & Trust Company, Rails, Tex. 1955 W. L. Peterson. President, The State National Bank of Denison, Denison, Tex. 1956 Sam D. Young. President, El Paso National Bank, El Paso, Tex. 1957 Class B: J. B. Thomas President and General Manager and Director, Texas Electric Service Company, Fort Worth, Tex.. . 1955 John R. Alford. Industrialist and Farmer, Henderson, Tex. 1956 D. A. Hulcy Chairman of the Board and President, Lone Star Gas Company, Dallas, Tex. 1957 Class C: Henry P. Drought Attorney at Law, San Antonio, Tex.. 1955 Hal Bogle 2 . Rancher and Feeder, Dexter, N. Mex.. 1956 Robert J. Smith l. President, Pioneer Air Lines, Inc., Dallas, Tex. 1957 El Paso Branch Appointed by Federal Reserve Ban\: Thomas C. Patterson. Vice President, El Paso National Bank, El Paso, Tex.. 1955 F. W. Barton. . President, The Marfa National Bank, Marfa, Tex.. 1956 John P. Butler. . President, The First National Bank of Midland, Midland, Tex.. 1957 J. M. Sakrison. President, Southern Arizona Bank and Trust Company, Tucson, Ariz. " 1957 Appointed by Board of Governors: E. J. Workman n. . President, and Director of Research and Development Division, New Mexico Institute of Mining and Technology, Socorro, N. Mex C 1955 D. F. Stahmann. . Farmer, Las Cruces, N. Mex.. .... 1956 James A. Dick. . President, James A. Dick Investment Company, El Paso, Tex,. 1957 1 Chairman. 2 Deputy Chairman. 138 FEDERAL RESERVE BULLETIN- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Houston Branch Dec. 3 1 Appointed by Federal Reserve Ban\: S. Marcus Greer. Chairman of Executive Committee, The City National Bank of Houston, Houston, Tex.. 1955 I. F. Betts President, The American National Bank of Beaumont, Beaumont, Tex. 1956 W. B. Callan. . President, The Victoria National Bank, Victoria, Tex. 1957 L. R. Br]'an, Jr.. President, The Second National Bank of Houston, Houston, Tex. 1957 Appointed by Board of Governors: Charles N. Shepardson "l. Dean oi: Agriculture, A. & M. College of Texas, College Station, Tex. .. " 1955 Herbert G. Sutton. T. O. Sutton and Sons, Colmesneil, Tex.. 1956 Vacancy 1957 San Antonio Branch Appointed by Federal Reserve Ban\: Burton Dunn . President. The Corpus Christi National Bank, Corpus Christi, Tex. ' 1955 E. C. Breedlove. President, The First National Bank, Harlingen, Tex.. 1956 V. S. Marett. President, Gonzales State Bank, Gonzales, Tex.. 1957 I. W. Beretta. President, First National Bank of San Antonio, San Antonio, Tex. 1957 Appointed by Board of Governors: D. Hayden Perry1. Livestock farming, Robstown, Tex.. 1955 Clarence E. Ayres. Professor of Economics, The University of Texas, Austin, Tex. 1956 Vacancy 1957 District No. 12—San Francisco Class A: John A. Schoonover. President, The Idaho First National Bank, Boise, Idaho 1955 M. Vilas Hubbard. .President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, Pasadena, Calif.. 1956 Carroll F. Byrd. . President. The First National Bank of Willows, Willows, Calif. 1957 1 Chairman. FEBRUARY 1955 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 Walter S. Johnson. . . President, American Forest Products Corporation, San Francisco, Calif 1955 Alden G. Roach. . . President, Columbia-Geneva Steel Division and Consolidated Western Steel Division, of United States Steel Corporation, San Francisco, Calif 1956 Reese H. Taylor. President, Union Oil Company of California, Los Angeles, Calif. 1957 Class C: Y. Frank Freeman 2. Vice President, Paramount Pictures Corporation, Hollywood, Calif 1955 A. H. Brawner *. . President, W. P. Fuller & Company, San Francisco, Calif.. 1956 Vacancy 1957 Los Angeles Branch Appointed by Federal Reserve Ban\: Hugh C. Gruwell. . . President, First National Bank of Arizona, Phoenix, Ariz.. . 1955 Anderson Borthwick . . President, The First National Trust and Savings Bank of San Diego, San Diego, Calif 1956 James E. Shelton. . President, Security-First National Bank of Los Angeles, Los Angeles, Calif 1956 Appointed by Board of Governors: Paul H. Helms . . President, Helms Bakeries, Los Angeles, Calif.. 1955 Bryant Essick T . President, Essick Manufacturing Company, Los Angeles, Calif. 1956 Portland Branch Appointed by Federal Reserve Ban\: E. C. Sammons. . President, The United States National Bank of Portland, Portland, Ore 1955 J. H. McNally. . . President, The First National Bank of Bonners Ferry, Bonners Ferry, Idaho . . . 1956 John B. Rogers . President, The First National Bank of Baker, Baker, Ore.. . 1956 Appointed by Board of Governors: Philip I. Welk1. .President, Preston-Shaffer Milling Company, Walla Walla, Wash 1955 William H. Steiwer, Sr Livestock and Farming, Fossil, Ore.. . . 1956 1 Chairman. 2 Deputy Chairman. HO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Salt Lake City Branch Appointed by Federal Reserve Ban\: Harry Eaton . . President, Twin Falls Bank and Trust Company, Twin Falls, Idaho 1955 Russell S. Hanson. . . .Executive Vice President, The First National Bank of Logan, Logan, Utah 1956 George S. Eccles. . . . President, First Security Bank of Utah, National Association, Salt Lake City, Utah.. 1956 Appointed by Board of Governors: Joseph Rosenblatt1 . . .President, The Eimco Corporation, Salt Lake City, Utah. 1955 Geo. W. Watkins. . President, Snake River Equipment Company, Idaho Falls, Idaho 1956 Seattle Branch Appointed by Federal Reserve Ban\: Charles F. Frankland. . . President, The Pacific National Bank of Seattle, Seattle, Wash. 1955 S. B. Lafromboise. . . President, The First National Bank of Enumclaw, Enumclaw, Wash 1956 James Brennan . President, First National Bank in Spokane, Spokane, Wash.. . 1956 Appointed by Board of Governors: D. K. MacDonald x. . Chairman of the Board, D. K. MacDonald & Company, Inc., Seattle, Wash 1955 Ralph Sundquist . Fruit Grower and Cold Storage Operator, Yakima, Wash.. 1956 1 Chairman. FEBRUARY 1955 141 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 Common Trust Fund publication in any form designed to reach outside the group comprising those who ordinarily would Publication of Information Concerning receive periodic accountings related to administra- The Board of Governors has been asked to tion of a common trust fund. comment with respect to the limitations con- The unsolicited furnishing of information to the tained in section 17 of Regulation F concerning general public, or to selected portions of the public, the publication of information on common trust should be confined to acquainting the reader with funds maintained by a bank. Preparation of a the existence of the common trust fund and the pamphlet descriptive of the operations of a compurpose and use of such fund. It is wholly appromon trust fund which would contain information priate, therefore, to publicize the fact that a comtaken from the annual audit report of such fund, mon trust fund has been established or is mainincluding information concerning the earnings tained by a bank, as well as to make known its realized on the fund and the value of the assets special and restricted purposes and uses. However, thereof, was proposed. It was planned to make the common trust fund is not to be regarded as an the pamphlet available to directors and stockholders of the bank, to present and prospective cus- investment "entity" to be popularized in and of tomers, to selected attorneys, and to correspondent itself. Publicity efforts of a trust institution operbanks for the purpose of furnishing information ating a common trust fund should be directed relative to the common trust fund and presumably toward demonstrating the desirability of and need to point out the desirability of its use by prospective for corporate fiduciary services. Reference to the trust customers. It is believed that the following common trust fund in such publicity should be indiscussion will clarify the principles and restrictions cidental to the provision of such services and should embodied in Regulation F with respect to the be discussed only as one medium possibly to faciladvertising of common trust funds. itate the investment of funds held for true fiduciary purposes. Furthermore, trusts created and used for The annual reports of audits required to be made bona fide fiduciary purposes are to be distinguished of common trust fund operations are for use solely from trusts created by individuals primarily seeking in informing those persons to whom a regular the benefits to be derived from corporate fiduciary periodic accounting of the trusts participating in investment management. the fund ordinarily would be rendered. Material While banks operating common trust funds are contained in these audit reports, or similar to that enjoined to use particular care in the preparation of so contained, cannot, under existing provisions of advertising and publicity material to see that it is Regulation F, be publicized in booklet form, or in in every way compatible with the spirit as well as any other form, with the intent to inform the genwith the letter of provisions of sections 17(a) and eral public concerning the operations of a common 17(V)(3) of Regulation F, the Board has not trust fund. The word "publish", as used in the publicity prohibition contained in sections I7(a) adopted a practice of determining the propriety of and 17(c)(3) of the Regulation, refers not only any specific common trust fund advertising in adto publication in newspapers or periodicals, but to vance of its use. 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Bulletin Tables A meeting of the Federal Open Market Com- This issue of the BULLETIN includes (pages 210mittee was held in Washington on January 11, 1955. 216) a set of special tables showing data for the The Federal Advisory Council met in Washing- full year 1954, on a monthly and a weekly basis, ton on February 13-15, 1955. The annual organi- for the following banking and monetary series: zation meeting of the Council was held on February Member Bank Reserves and Borrowings, Weekly 13, at which Edward E. Brown, Chairman of the Reporting Banks in Leading Cities (total cities), First National Bank of Chicago, was re-elected Changes in Commercial and Agricultural Loans President; Robert V. Fleming, President and Chair- for a Sample of Weekly Reporting Banks, Money man of The Riggs National Bank, was re-elected Market Rates, and Bond and Stock Yields. Vice President; and Herbert V. Prochnow was These tables, together with the new arrangement, reappointed Secretary. The Council met with the described below, of the table on Member Bank Board of Governors on February 15. Reserves and Related Items (averages of daily figures, weekly and monthly) will be available in a Resignation of Branch Director reprint. Requests for this reprint should be ad- Effective January 31, 1955, the Board of Gov- dressed to the Division of Administrative Services, ernors accepted the resignation of Mr. Sam B. Board of Governors of the Federal Reserve System, Strauss, President, Pfeifers of Arkansas, Little Washington 25, D. C. Monthly data for 1954 Rock, Arkansas, as a director of the Little Rock for the Consolidated Condition Statement for Banks Branch of the Federal Reserve Bank of St. Louis. and the Monetary System and for All Banks, by Classes, will be published later, probably in the Mr. Strauss had served the Branch as a director since January 1, 1951. BULLETIN for May. The following important changes have been made Federal Reserve Charts on Bank Credit, Money Rates, in tables shown regularly in the BULLETIN: and Business In view of the increasing use o(: weekly averages A revised edition of the monthly Federal Reserve of daily figures for analytical purposes, the first Chart Book on Bank Credit, Money Rates, and page of the table on Member Bank Reserves and Business, containing all information available Related Items (page 149) has been changed to through February 17 and with space for plotting show 14 months of weekly averages instead of that through 1956, is now available. Retrospect has amount of retrospect for Wednesday dates. Wednesbeen substantially cut; most charts now show data day figures are given for three months on the beginning with 1948, and some cover shorter second page of the table. Other data on these two periods. For earlier data, subscribers can refer to pages have also been rearranged. the historical supplement or to a recent issue of the Treasury financial statistics (pages 172-175) have preceding edition of the monthly Chart Book. been revised to reflect three adjustments: (1) A Revisions in some charts showing quarterly data revision in. the treatment of carriers taxes to coinwill be incorporated later, probably in the May cide with the treatment of Federal Old Age and issue, when data for the first quarter of 1955 will be Survivors Insurance Employment taxes, that is, to available. appropriate such taxes directly from general receipts The annual subscription price for 12 issues of the to the trust fund, rather than to include such taxes Chart Book, including one issue of the supple- in general receipts and then later show the transmentary historical Chart Book, is $6.00. Single fers to the trust account as an expenditure in gencopies of monthly issues or the historical supplement eral outlays. (2) To show the Treasury's current may be purchased for 60 cents each; in quantities classification of national security programs. This of 10 or more copies of a single issue for shipment now includes outlays for military functions of the to one address, there is a special price of 50 cents Department of Defense, the mutual military proper copy. gram (including Greek-Turkish assistance), atomic FEBRUARY 1955 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS energy, and stockpiling of strategic and critical membership in the Federal Reserve System during materials. (3) To show data on the Treasury's the period December 16, 1954 to January 15, 1955: new reporting basis as described in the Treasury Kansas Bulletin for April 1954, page A2, and in subsequent issues. Beginning with February 1954, the Treas- Plainville—The Plainville State Bank. ury's daily statement shows cash deposits and with- Michigan drawals in the account of the Treasurer of the Wayne—Wayne Bank. United States. Budget receipts and expenditures are reported in the monthly treasury statement. In the new daily statement cash withdrawals re- Tables Published Annually and Semiannually, with Latest BULLETIN Reference flect checks paid, versus checks issued in the monthly statement, and cash deposits reflect clearances, Semiannually Issue Page versus collections in the monthly statement. In ad- Banking offices: Analysis of changes in number of. . . Feb. 1955 208 dition, the daily statement eliminates Government On, and not on, Federal Reserve Par List, number of Feb. 1955 209 corporation and agency transactions that are not Annually cleared through the Treasurer's account. The Earnings and expenses: monthly statement includes these transactions. Federal Reserve Banks Feb. 1955 206-207 Member banks: Calendar year May 1954 524-534 First half of year Oct. 1954 1118 Admission of State Banks to Membership in the Insured commercial banks May 1954 535 Federal Reserve System Banks and branches, number of, by class and State May 1954 536-537 The following State banks were admitted to Operating ratios, member banks Aug. 1954 900-902 Banking and monetary statistics, 1954 Feb. 1955 210-216 144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication February 15] Industrial production rose slightly further in Activity in nondurable goods industries also January and construction activity continued at showed some increase in January, largely reflecting record levels. Unemployment increased somewhat further gains in output of chemicals and petroleum less than seasonally. Retail sales were maintained products. Activity in the textile and apparel indusat exceptionally high levels. Prices of industrial tries showed little change, according to preliminary materials continued to rise from mid-January to figures. Minerals production advanced considerably mid-February, and average prices of finished indus- further as crude petroleum output reached new trial goods and of farm products showed little record levels. change. CONSTRUCTION INDUSTRIAL PRODUCTION New construction work put in place in January The Board's seasonally adjusted index of indusincreased slightly further to a seasonally adjusted trial production rose in January to 131 per cent annual rate of more than 40 billion dollars—oneof the 1947-49 average. This level compares with sixth larger than a year earlier. Value of contract 130 in December and a low last year of 123. awards declined somewhat, but was almost one- Further increase in durable goods output in Januthird larger than a year earlier and the largest for ary stemmed mainly from continued strength in the any January on record. The number of private auto and steel industries. Assembly of1 660,000 housing units started in January continued unusuautos in January represented a new record rate for ally large for the winter, at a seasonally adjusted the month and daily average output continued to annual rate of over 1.4 million. advance in the first half of February. Television output declined further from, earlier exceptionally EMPLOYMENT high levels. Activity in producers and military Labor market conditions changed little from midequipment industries continued steady at reduced December to mid-January, after allowing for the levels in January. Output of building materials usual sharp seasonal reductions in retail trade, was apparently maintained at the record level Federal post offices, and construction and other reached in late 1954. Steel production has conoutdoor activities. Seasonally adjusted employment tinued to rise and in mid-February was scheduled in nonfarm establishments at 48.5 million in Januat 88 per cent o(: capacity as compared with 83 per ary was up about 500,000 from last summer's low cent in January. CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION 1952 1954 J950 1952 1954 1953 1954 Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for January. Monthly figures, latest shown are for January. FEBRUARY 1955 145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS but was about 1.4 million below its mid-1953 high. mid-January to early February, averaging about 300 Unemployment increased by 500,000 to 3.3 million million dollars over the period. Reserves absorbed in early January, a slightly less than seasonal in- through decrease in Federal Reserve holdings of crease. U. S. Government securities, reductions in float, DISTRIBUTION and increases in Treasury deposits at the Reserve Banks were greater than those supplied through Retail sales in January were about 10 per cent seasonal currency inflow and reduction in required above the reduced year-ago rate and close to the very high December rate after seasonal adjustment. reserves. Sales or furniture and appliances showed further SECURITY MARKETS strength, and auto sales were down only mod- Yields on long-term Treasury securities advanced erately from the advanced December rate. Dealers' slightly between mid-January and mid-February, stocks of new autos rose substantially but remained but other Government yields declined, particularly one-fifth below a year ago. Sales at department those on Treasury bills, which moved down sharply. stores in early February declined from the advanced Private short-term money rates increased in January. December-January level, owing mainly to unusually Early in February the Treasury offered a new 3 severe weather. per cent forty-year bond in exchange for a maturing 2.6 billion dollar partially tax-exempt issue. COMMODITY PRICES The Treasury also offered a thirteen-month note Prices of scrap metals, textiles, rubber, and some in exchange for the latter issue, and offered the other materials continued to rise in the month 13-month issue or a new 2 per cent 2/4 year note ending mid-February. Copper prices were raised in exchange for 12.4 billion maturing notes and 10 per cent and various copper and aluminum prod- certificates. Over 1.9 billion dollars of securities ucts were advanced. Strong world demands for were exchanged into the new bond, 8.5 billion into copper and a work stoppage in Rhodesia were the short-term note, and 3.8 billion into the reflected in sharp price rises in London, to about a intermediate-term note. Unexchanged securities third above domestic levels. In early February amounted to 5.6 per cent of all issues eligible for temporary Federal limitations on copper exports refunding. were imposed. Prices of most finished industrial Yields on corporate and municipal bonds ingoods continued to change little in wholesale and creased somewhat during late January and early retail markets. February. Common stock prices increased further Prices of farm products and foods changed little and were at record levels in mid-February. in the month ending mid-February. While prices of cows, poultry, and eggs advanced, hogs reached MONEY RATES new lows for the season and meats declined somewhat. Meat supplies contracted seasonally in recent weeks but continued moderately larger than a year earlier. Coffee prices broke sharply in early February as changes in Brazilian exchange regulations reduced minimum prices by nearly one-fifth. BANK CREDIT AND RESERVES Total loans and investments at banks in leading cities changed little in late January and early February, following a substantial decline immediately after the holidays. Bank holdings of U. S. Government securities declined, but holdings of other securities rose as banks purchased the new Federal National Mortgage Association notes. Security loans Figures except for Federal Reserve discount rate are monthly increased, but business loans declined as seasonal average market yields. Corporate Aaa bonds, Moody's Investors Service; U. S. Government long-term (excludes 3J4 per cent borrowing continued to be repaid. bonds issued May 1, 1953), U. S. Treasury Department and Federal Reserve; municipal high-grade bonds, Standard and Free reserves of member banks declined from Poor's Corporation; Treasury bills, Federal Reserve. Latest figures shown are for Feb. 12. 146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ah* Ai COMMERCIAL SI' STATES PAGE Member bank reserves, Reserve Bank credit, and related items. . . 149-150 Federal Reserve Bank rates; margin requirements; reserve requirements 150-151 Reserves and deposits of member banks. . 152 Federal Reserve Bank statistics 153-155 Regulation V: guaranteed loans, fees, and rates 155-156 Bank debits and deposit turnover; Postal Savings System. 156 Money in circulation 157 Consolidated statement of the monetary system; deposits and currency 158 All banks in the United States, by classes 159-161 All commercial banks in the United States, by classes. . 162-163 Weekly reporting member banks 164-165 Commercial paper and bankers' acceptances 166 Life insurance companies; savings and loan associations. 167 Government corporations and credit agencies.. 168-169 Security prices and brokers' balances 170 Money market rates; bank rates on business loans; bond and stock yields 17] Treasury finance . . . 172-177 New security issues. 178 Business finance 179-180 Real estate credit statistics 181-183 Statistics on short- and intermediate-term consumer credit. 184-186 Business indexes 187-196 Merchandise exports and imports. . 196 Department store statistics. ... 197-201 Consumer and wholesale prices. . .. 202-203 Gross national product, national income, and personal income.. 204-205 Earnings and expenses of Federal Reserve Banks during 1954. 206-207 Changes in number of banking offices in the United States. 208 Number of banking offices on Federal Reserve par list and not on par list, by Federal Reserve Districts and States. 209 Banking and monetary statistics, 1954 210-216 List of tables published in BULLETIN annually or semiannually, with references for latest data. . 144 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. FEBRUARY 1955 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•EMEk BANI BESEKVES, ilSii¥£ BANK CREDIT, AND ISIATEB WsdnascJay Figures, 1946-1950, Weekly Av»rages of Daily Figures, 1951- Biliions of Dollars 25 15 1********^^ 20 vM «llLj» L>«/ 19 • fflJt ^f^Vr^^t J\« TREASURY CA I - 1 NONMEMBER DEPOSITS 0 I I 30 FEDERAL RESERVE CREDIT 25 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Jan. 26. See p. 149. 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other Period U To .S t . a l Go B v o o t u u . t g s - h e t cu u r r H e i n t e p d i l e u e d s r r - c D o a a n u d is d n - - ts Float o e A t r h ^ l - l Total s G to o c ld k T s r o c e t u r a u n u e r n r y c t a - - d y s - - M c t c u o i i i o n l n r a n . - e - y T h c i u r n o a e r g l s y a d h s s - - T t w h u r r e a e r i y n s a th e s r - m v F e e . F e m R b i o g b a . r n l e - a B r n a b c n O e a k e s n t s , r h k - O s F e R e a t e r r h c e a d v - e - l - e r Tot r a e M l se e r m v q e u b R i e b r e r a e - l d b a 2 a i n c k c e E e s s x s - 2 right chase vances ing de- de- de- counts agree- posits posits I.) OSment its Averages of daily figures Week ending: 1953 Dec. 2 25,054 25,003 51 612 725 3 26,393 22,027 4,881 30,759 775 491 436 378 826 19,637 19,100 537 Dec. 9 25,252 25,084 168 678 714 2 26,647 22,027 4,883 30,872 775 52 i 450 369 879 19,691 19,081 610 Dec. 16. . . .25,553 25,207 346 449 844 2 26,848 22,028 4.884 30,942 770 381 501 343 896 19,926 19,232 694 Dec. 23 25,823 25,303 520 518 1,377 2 27,721 22.028 4,885 31,086 758 921 462 438 937 20,032 19,284 748 Dec. 30 26,052 25,318 734 226 1,206 2 27,486 22,029 4,887 31,051 763 652 471 406 938 20,121 19,308 813 1954 JJaann.. 136.... 2 2 5 5 , , 7 4 8 3 6 8 2 2 5 5 , , 3 3 1 1 8 8 4 1 6 2 8 0 1 1 1 5 1 5 9 7 8 7 7 5 2 2 2 2 6 6 , , 3 88 7 6 0 2 2 2 2 . , 0 0 2 3 9 0 4 4 , , 8 8 9 9 1 0 3 30 0 . , 4 7 5 2 7 1 7 77 6 1 9 3 33 2 4 8 4 4 3 6 1 9 4 5 4 2 4 5 8 8 3 3 8 7 2 1 0 9 , , 1 9 9 7 4 8 1 1 9 9 , ,3 1 6 9 7 9 8 7 2 7 7 9 Jan. 20 25,316 25,316 87 940 2 26,344 22,023 4 ,890 30,199 773 12 449 425 834 20,566 19,292 1,274 Jan. 27 24,958 24,958 91 880 2 25,930 22,006 4,890 29,999 788 46 466 322 832 20,374 19,236 1,138 Feb. 3 24,662 24,654 8 226 558 2 25,447 21,963 4,898 29,965 799 405 450 372 830 19,487 19.059 428 Feb. 10 24,869 ?4 803 66 375 552 2 25,798 21,956 4,900 29,941 807 589 458 371 829 19,659 18,986 673 Feb. 17 24,895 24,806 89 316 702 2 25,916 21,957 4,904 29,915 811 627 488 503 864 19,569 18,916 653 Feb. 24 24,723 24,723 215 796 2 25,735 21,957 4,905 29,836 815 558 461 448 912 19,569 18,867 702 Mar. 3 24,523 24,523 282 738 2 25,545 21,958 4,911 29,895 817 517 481 413 909 19,382 18,831 551 Mar. 10 24,67(1 24,662 14 256 684 2 25,617 21,960 4,916 29,916 818 566 460 385 908 19,441 18,765 676 Mar. 17 24,633 24,629 4 186 689 2 25,509 21.963 4,919 29,859 816 242 530 289 912 19,744 19,018 726 Mar. 24 24,62.1 24,597 24 111 766 2 25,565 21.964 4,923 29,722 806 487 505 317 918 19,697 19,017 680 Mar. 31 24,649 24,636 13 190 703 2 25,544 21,965 4,928 29,663 809 670 486 399 918 19,492 18,759 733 Apr. 7 24,632 24,632 153 583 2 25,370 21,965 4,933 29,780 819 526 507 399 936 19,300 18,595 705 Apr. 14. . . .24,643 24,632 ii 156 597 1 25,397 21,966 4,938 29,817 823 650 503 379 935 19,194 18,595 599 Apr. 21 24,632 24,632 141 955 1 25,730 21,967 4,945 29,780 831 680 461 574 933 19,384 18,612 772 Apr. 28 24,632 24,632 148 672 1 25,453 21,968 4,946 29,652 827 495 456 388 920 19,630 18,654 976 May 5.... 24,632 24,632 158 634 1 25,426 21,969 4,950 29,738 826 586 503 351 850 19,490 18,769 721 May 12 24,652 24,632 20 184 541 1 25,379 21,970 4,952 29,810 829 453 572 370 848 19,418 18,708 710 May 19. . . .24.659 24,640 19 143 739 25,542 21,971 4,955 29,769 838 551 532 411 862 19,506 18,785 721 May 26 24,709 24,709 164 638 25,512 21,972 4,957 29,707 829 397 500 437 880 19,690 18,924 766 June 2. . . . 24.812 24,812 216 613 25,642 21,966 4,958 29,874 827 452 521 458 878 19,555 18,912 643 June 9.... 24,960 24,960 170 670 25,802 21,924 4,958 29,928 823 342 549 358 877 19,805 18,885 920 June 16.... 24,955 24,955 142 665 25,764 21,925 4,957 29,870 813 341 549 227 910 19,934 19,043 891 June 23 25,018 24,986 ""32 194 920 26,134 21,926 4,955 29,793 806 757 547 296 998 19.818 18.958 860 June 30.... 25,113 24,980 133 157 630 25,901 21,926 4,956 29,813 812 1,010 579 384 996 19,188 18,349 839 July 7.... 25,082 25,038 44 71 675 25,829 21,927 4,959 30,066 821 464 588 413 986 19,377 18,419 958 Tuly 14 24,912 24,912 68 710 25,691 21,929 4,958 30,099 811 392 765 359 986 19,166 18,404 762 July 21 24,765 24,765 73 833 25,673 21,931 4,958 29,932 807 499 651 428 983 19,261 18,356 905 July 28.... 24,517 24,517 168 590 25,277 21,924 4,959 29,815 806 551 569 420 963 19,036 18,347 689 Aug. 4.... 24,325 24,325 175 653 ?5,154 21,908 r4:, 960r29,890 r802 742 526 455 908 18,698 17,666 1 032 Aug. 11 24,040 24,023 17 287 598 24.925 21,901 4,959 29,932 803 584 544 430 905 18,586 17,688 898 Aug. 18. . . .23,980 23,876 104 229 723 24,933 21,858 4,960 29,919 805 558 579 452 914 18,525 17,662 863 Aug. 25 23,813 23,747 66 178 698 24,690 21,858 4,961 29,850 807 566 557 450 927 18,353 17,627 726 Sept. 1 23,938 23,845 93 185 576 24,699 21,837 4,962 29,887 808 551 465 516 926 18,346 17,603 743 Sept. 8 24,013 23,977 3( 147 598 24,759 21,809 4,965 30,046 802 479 518 428 923 18,336 17,556 780 Sept. 15 24,035 24.035 189 714 24,939 21,809 4,967 30,073 795 558 559 432 925 18,373 17,594 779 Sept. 22 23,789 23,789 141 977 24,908 21,810 4,967 29,969 793 446 514 435 934 18,596 17,691 905 Sept. 29 23,868 23,868 191 627 24,687 21,810 4,968 29,888 795 652 511 437 933 18,250 17,663 587 Oct. 6 24,492 24,492 179 667 25,338 21,810 4,971 30,010 793 676 484 452 948 18,756 17,894 862 Oct. 13 24,60^ 24,581 ""25 259 599 25,465 21,810 4.972 30,143 790 594 466 472 950 18,832 18,201 631 Oct. 20.... 24,487 24,456 31 284 927 25,699 21,788 4,973 30,125 796 570 443 440 950 19,136 18,269 867 Oct. 27 24,381 24,381 257 721 25,360 21,759 4,973 30,028 801 567 442 411 949 18,895 18,224 671 Nov. 3.... 14.464 24,448 If 355 617 25,436 21,759 4,976 30,088 806 669 432 472 895 18,810 18,233 577 Nov. 10. . . .24,754 24.745 Q 277 669 25,701 21,752 4,977 30,206 796 362 423 394 886 19,364 18,244 1,120 Nov. 17 24,685 24,685 271 751 25,708 21,709 4,978 30,262 799 397 425 324 883 19,306 18,423 883 Nov. 24 24,553 24,553 300 1,046 25,900 21,709 4,980 30,318 800 576 409 399 882 19,205 18,524 681 Dec. 1 24,722 24,715 7 498 698 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. . . 24,9K 24,888 31 442 810 26,172 21 711 4,982 30 755 81? 363 405 398 891 19,241 18,555 686 Dec. 22 24,928 24,888 40 311 1,373 1 26,612 21,712 4,982 30,885 800 345 443 346 975 19,512 18.690 822 Dec. 29.... 24,918 24,888 30 377 1,138 1 26,433 21,712 4,982 30,828 801 453 523 295 976 19,250 18,630 620 1955 J J a a n n . . 1 5 2 2 24 4 , , 5 9 3 1 2 8 2 2 4 4 . , 8 5 7 1 4 1 4 2 4 1 3 5 7 0 2 4 8 7 8 5 5 6 1 1 2 2 6 5 , . 1 79 7 2 6 2 2 1 1 , , 7 7 1 1 2 3 4 4 , ,9 9 8 8 4 4 3 3 0 0 , , 3 5 6 0 1 1 8 8 1 0 4 4 4 3 4 7 9 8 4 5 9 2 3 7 4 4 1 0 3 9 9 9 0 1 5 6 1 1 9 9 , , 1 2 3 6 0 3 1 1 8 8 . , 5 4 8 3 0 6 6 6 9 8 4 3 Jan. 19 24,155 24,128 27 4.45 881 1 25,482 21,714 4,985 30.079 818 275 516 413 902 19,176 P.18,382 P794 Jan. 26.... 23,683 23,671 12 453 806 1 24,942 21,714 4,985 29,866 827 272 422 280 901 19,074 P18.427 HA1 Monthly: 1954-Tan... 25,263 25,149 114 118 861 2 26,243 22,015 4,891 30,282 778 201 453 422 834 20,179 19.243 936 Feb... 24,77( 24,729 41 308 667 2 25,746 21,957 4,904 29,903 811 568 470 429 870 19,557 18,925 632 Mar.. . 24,633 24,620 13 205 712 2 25,553 21,963 4,920 29,800 813 490 494 352 913 19,573 18,881 692 Apr. . .24.635 24,632 151 696 1 25,483 21.96C 4,941 29,755 825 584 4.81 427 926 19.392 1.8.627 765 May. . 24,689 24,680 c 172 640 1 25,503 21,971 4,954 29,773 830 486 531 412 864 19,533 18.817 716 June.. 24,998[24,960 38 166 710 1 25,876 21,927 4,956 29,856 815 602 553 321 941 19,670 18,8.13 857 July.. . 24.771 24,761 10 104 695 25,571 21,926 4,959 29,968 810 498 632 409 973 19,164 18,329 835 Aug... 23.989 23,930 59 210 654 24,855 21,871 4.960 29,896 806 591 536 464 916 18,478 1 7,638 840 Sept.. . 23.941 23,928 13 170 725 24,838 21,809 4,967 29,991 796 541 522 431 929 18,403 17,628 775 Oct. . .24,485 24,472 13 254 720 25,459 21,787 4,973 '•30,078 797 610 455 444 944 18,893 18,173 720 Nov.. . 24.66.1J24,654 7 345 769 25,776 21,724 4,979 30,287 800 492 416 393 883 19,207 18,393 814 Dec. . 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 (>9O19,279 18,576 703 1955-Jan... 24.200124,182 18 444 805 25,449 21,714 4,985 30,110 819 341 477 383 903 19,114 J» Preliminary. 'Revised. For footnotes see following page. FEBRUARY 1955 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued Reserve Bank credit outstandinj ! Deposits, other I than me in her bank Member bank. I u.s. t•ovt. securiti ! Treas-| Money | Treas-ji w re i s th e rv F e . b R a . l Banks O F t e h d e - r reserve balances p D e o r a i r t o e d | Total - Hold v c D o a a a n n u d is d c n - - e t; : Float Total s G c j o oc l k d j ! i j s r o e ta a n n t c - d y -! | . | c l o ~ i l o » a n . - j h . i c o u n a l r g d s y s h - - | T p r u o d e s r e a y i - s t - s e F i o g r n - O p d t e o e h r s - - - c s o e e R a r u r c e a v - n - l e ts Total q a R ir e e - d- c E es x s - its y year-end: 1929 —June. 2 Ifs 148 68 1,037 52 400 4,037 2,019 i,459 204 36 6 2! 374 356 2,333 23 1933—June. 1 ,998 ,998 164 41 ,220 4,031 2,2861 5,434 264 35 15 15! 346 292 1 ,817 475 1939—Dec. 2,484 ,484 91 ,559933 1..7.,.6..4 4. 2,963! 7 . 598 ,409 634 397 256 251 653 6,444 5,209 1 94 1 —Dec.2,254 ,25-1 94 .361 22, 73 71 3,247 1.1,160 ,215 867 774 586 291. 450 9,365 3,085 1945 Dec.24,262 ,262 249 578 . 09! 20.065! 4,339!28,515| 2,287 977 862 446 495 915 14.457! 1,458 1947—Doc. 22,550 .559 8. 535 18122.754J 4,562J28 868 i 1,336 870 392 569 563 899!i 16,400 1 ,499 1940—Dec. 18,885 78| 534 19,499 24,4271 4.598J27 600 ,312 8211 767 750 706 568; 15,550! 1 ,018 J 1 1 1 9 9 9 9 5 5 v 5 2 3 ! 0 — — — — D J D D D u e e e n e c e c e c . . . . . . 1 2 2 2 2 2 3 4 4 5 0, , , . , 8 6 7 9 7 0 9 1 4 7 1 7 6 6 8: , , , , 6 3 0 7 1 0 3 1 8 5 4 8 1 ! 1 | \ 6 5 1 9 6 5 2 9 8 3 3 8 6 1 6 2 5 6 5 - 8 6 7 i 9 : J j I 1 , , 1 9 6 9 3 8 0 6 3 6 4 1 7 5 8 2 2 2 2 2 5 5 2 6 5 , . , , , 4 0 8 2 8 1 8 0 1 2 4 0 9 6 5 2 2 2 2 2 2 2 2 2 3 , , , , , 6 4 7 0 1 9 6 0 3 8 3 6 5 0 7 1 ! 1 | 4 4 4 4 4 , . , , , 6 8 8 8 7 3 9 1 0 5 6 4 2 9 4 1 2 2 7 9 4 2 7 7 1 3 8 0 4 2 3 1 6 1 5 , , , , 2 2 2 7 2 5 7 7 6 9 9 0 0 1 3 ! | j j 6 3 3 2 1 8 4 6 4 3 9 6 8 7 2 j 4 8 5 9 2 2 5 6 3 3 5 6 6 3 5 9 8 7 7 7 . 5 3 4 7 1 1 9 6 7 1 20 0 6 9 5 1 5 6 5 8 6 1 0 1 6 0 ! 1 1 2 1 1 1 1 0 6 9 9 9 , , , , , 5 5 6 4 3 2 0 6 5 9 0 9 9 7 ' ! 1 i 1 1 — , 5 3 1 7 1 7 8 7 6 0 0 9 2 3 2 End of month: | 195-1- I Jan 24.610 ,640 6401 25,4.17 956 4,899 29 981 793! 405 459 830 19,384 19,016 368 Feb 2*. 509! ,509 350i 82 7 i 25,688 958 4,913129 904 811! 542 490 491 909 19,412 18,821 591 A M p a r r 2 2 4 4 , , 6 6 3 3 2 2 ! ! , , 6 6 3 3 2 2 1 \7 ^ > 7 \ j m 5 5 7 3 f 5 ) ! j 2 2 5 5 , , 3 3 8 1 2 6 2.1 9 9 6 6 9 5 4 4, , 9 9 5 3 1 5 ! 2 2 9 9, , 7 7 0 3 7 5 8 8 1 1 9 9 5 7 7 2 9 2 4 47 9 1 4 3 32 6 1 3 850 1 1 9 9 , , 5 1 2 9 8 4 ' 1 1 8 8 , ,8 6 4 8 4 9 6 5 8 0 - 5 1 May . . 245j 25,781|21 973 4,957 ,870 820 408 527 645 19,563 18,891 672 June 25.037! 037 25,642 92 7 4,959 .922 811 875 545 377 19,011 .18,412 599 J G S • N D u V e e o e l p u t v y c t g . . .' j J 1 2 2 2 2 M 2 4 4 4 4 4 . . , . , 9 3 3 . 8 2 0 3 2 8 8 7 2 2 0 5 1 8 3 " ! j , : 8 3 8 8 2 8 9 8 8 7 1 8 8 0 I j 129 3 2 2 1 1 1 9 0 9 3 8 4 0 8 2 4 7 3 ! ! | 1 1 ! 4 6 6 8 7 7 7 7 2 5 0 7 1 2 3 8 7 9 1 | i 2 2 2 2 2 2 5 5 5 4 5 5 , . . , , , 9 4 6 8 1 .1 4 0 9 8 8 8 4 1 6 5 3 3 , , , 9 8 7 7 7 0 0 1 5 1 9 8 0 9 3 1 ! ' ! 4 4 4 4 4 4 , , , , , , 9 9 9 9 9 9 7 7 8 8 6 6 7 2 2 5 0 6 30 . , , , , , 9 0 9 5 8 5 8 7 2 9 0 0 5 4 9 2 0 9 1 8 8 8 7 7 7 1 0 9 0 8 9 1 6 6 0 6 8 1 ! j j 5 6 5 7 7 7 ] 6 9 2 0 1 3 4 9 4 6 1 ! j 3 4 5 4 4 6 9 3 2 7 1 7 3 6 7 4 4 5 50 2 9 0 1 2 6 3 9 9 8 9 9 8 3 8 0 2 8 0 1 4 7 5 0 8 1 1 1 1 1 1 8 8 8 8 8 8 , . , , , , 3 7 7 9 6 8 . 2 0 8 7 7 1 2 2 5 6 6 6 . 1 1 1 1 1 1 8 8 8 7 7 , 7 , , , , 2 , 4 6 7 7 5 5 6 6 1 2 - 7 7 8 1 3 4 2 ! j 9 9 4 5 2 7 7 5 3 1 5 4 1 2 9 8 8 4 1955 i Jan 23,885 23,882 475 6001 24,960 P21,714 P29.787 360 441 419 899 18,918 18,364 P554 Wednesday 1954 Xov. 3.... 24,670 24,645 25 519 30! 25,495 21.759 4,977 30,138 80.1 567 425 41.6 886 18,998 18,218 780 Xov. 10 24,745 24, 74. ?D1 542 25,581 21,709 4,978 30,278 80.1 213 432 249 884 19,410 18,257 1,153 Xov. 17. . . .24,628!24,628 299 1 ,005 25,933 21,709 4,979 30,233 802 544 414 38! 882 19,365 18,553 K-.812 Nov. 24. . . .24,*5 53 '2• 4,,5555.3 43 7 636 25,627 21,709 4,982 30,4121 804 538 400 363 .18,920 18,549 "371 Doc. 1 24,888 2 -1. SS8 377 699 2 5.965121,710 4,982 30,504 813 742 386 390 18,944 18,452 492 Dec 8.... 24.888 24,8881 345 624 25,858121 ,711 4,98230,697 818! 350 358 380 19,073 18.472 601 Dec. 15.... 24,932 24.888 364 1,191 26,487 21,71.1 4,981 30,773 80 7! 333 405 324 975 19,562 18,611 951 Dec 22 24.888 >4. S3 8 26-1 1 ,328 26,481. 21 ,712 4,98230,946 808 310 450 319 975 19,367 18,699I 668 Dec 29 24,953 21,888 63 565 854 26,371 21,712 4,984 ,638 800 465 57 370 975 19,233 18,639: 594 1955 Jan. 5.... 24,838 24,838 358 1.010 26,207 21,712 4.984 30,434 813 222 564 401 905 19,566 18,565 1,001 Jan. 12 24 ,52-i! 24.497 537 678 25,739 21,713 4,9 84130,196 821 457 503 387 904 19,170 18,389 781 Jan. 1.9 23,909| [23,899 298 875 25,082 21,714 4.985 29,959 827 .160 391 902 !9,066 P18,413I "653 Jan. 26 23,674 J23,67.1 446 607 24,728121,714 4,985 29,752 834 396 434 220 901 18.890P18,438| P452 p Preliminary- 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2The.se 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 J I Per cent per annum] [Per cent of market value! Xov. 1, 1933-J Feb. 1, 1935- Effective Jan. 1 7, Feb. 20, Effec- Jan. 31, 1935,Dec 3.1. 1935Jan. 1, 1936 Prescribed in accordance \vith 1951- 1953- tive Securities Kxchange Act of 1934 Feb. 20, Jan. 4, Jan. 4, 1953 1955 1955 Savings deposits 3 Postal Savings deposits 3 Other deposits payable: Regulation T: In 6 mouths or more 3 For extensions of credit by brokers In 90 days to 6 months.. . . { 3 and dealers on listed securities 75 50 60 In less than 90 days 3 For short sales 75 50 60 Regulation I": For loans by banks on stocks 75 50 60 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and u limit the amount of credit that may be exmay not in any event exceed the maximum rate payable, by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like, deposits under the laws of the State specified percentage of its market value at the time of extension: the in which the member bank is located. Maximum rates that may be "margin requirement?" 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.-—Sen Banking and Monetary Statistics, Table 145, p. 504, and Annual Report for 1948, p. 77, and 1953, p. 76. 150 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, partner ships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances secured by eligible paper [Sec. lO(b)] obligations of the U. 3. (Sees. 13 and 13a)1 (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Jan. 31 beginning— rate Jan. 31 beginning-— rate Jan. 31 beginning— rate Boston Aor. 27,1954 2 Apr. 27,1954 V Feb. 5,1954 New York.. ., AD:\ 16,19 54: 2 Apr. 16,1954 Jan. 16,2953 Philadelphia. . May 21, 1954 2 May 21, 1954 V Jan. 16,1953 Cleveland Aor. 23,1954 2 Apr. 23,1954 Aug. 17,1953 R A Ch i t c l i a c h n a m g ta o o nd.. .. , A M M p a a r v y , 1 1 1 5 5 4 , , , 1 3 1 9 9 9 5 5 5 4 4 4 2 2 2 M M Se a a p y y t. 1 1 1 5 5 3 , , ,1 1 1 9 9 9 5 5 5 4 4 4 3 3M J A F a e u n b g . . . 2 1 3 . 9 3 , , . 1 1 1 9 9 9 5 4 5 3 3 4 St. .Louis Apr. 23,1954 2 Apr. 23,1954 2M May 18,1953 Minneapolis. . Apr. 29.1954 Apr. 29,1954 Jan. 26,19S3 Kansas City., Apr. 23,1954 Feb. 12,1954 Jan. 16 1953 Dallas Apr. 23,1954 \* Apr. 23,1954 Jan. 23,1953 San Francisco Apr. 16S1951 2 Apr. i6,1954 Jan. 20,1953 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks; w> days '.or discounts and advance? under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain backers' acceptances and of ag'-icultural paner 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 iimited to maximum maturities of 15 days; 4 month;-: for advances under Section HKb). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115--I1&, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent of deposits) [Per cent per annum' Net demand deposits1 Maturity Rate on In effect be- Previous Time Jan. 31 ginning— rale Effective date deposits 91 1 - - 1 2 0 0 0 d d a a y y s s . . IK I ia a n n . . 1 1 3 3 , , 1 1 9 9 5 5 5 5 I j of change C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e ( m n a k l b l s e ) r 121-180 days. Jan. 13. 1955 i 1917—June 21 13 10 7 3 NOTE.—Effective minimum buying rates on prime bankers' accept- 1936-Aug. 16 15 5 ances payable in dollars. Back figures.-See. Banking and Monetary 1937—Mar. 1 22M ? Statistics, Table 117, pp. 443-445. May 1 26 20 14 FEDERA A L N D R E C SE O R M V M E IT B M AN E K N T R S A T U E N S D E O R N I S N E D C U TI S O T N R IA 13 L B LOANS 1 1 1 9 9 9 3 4 4 8 2 1 — — — A A N p u o g r v . . . 2 1 0 i 6.. 2 2 2 2 6 4 H 2 i7 0 y2 1 1 4 2 6 5 OF THE FEDERAL RESERVE ACT Sept. 14 22 Maturities not exceeding five years Oct. 3 20 [hi effect January 31. Per cent per annum] 1948—Feb. 27 22 June 11 24 To industrial or S S e e p p t t . . 2 1 4 6 26 22 16 * 2 W 7H z commercial To financing institutions businesses 1949_May 1 15 27 May 5 24 21 37 June 30 20 36 R F B e e d s a e e n r r k v a e l On On p d u i r s c c h o a u s n e t s s or I On A A A Ju u u u l g g y g . . . 1 1 1 1 1 6 19^ 1 i 1 i 4 2 8 2 2 6 5 5 On commit- Portion commit- Aug. 18 23 19 loans1 ments for which Re- ments Aug. 25 22M institu- maining Sept. 1 22 18 tion is portion 1951—Jan. 11 23 19 36 obligated Jan. 16 13 26 Jan. 25 24 20 Feb. 1 .... 14 N Bo ew sto Y n ork 8 (3) 1953_ July i 13 Philadelphia July 9 22 19 Cleveland 8 1954—June 16 25 Richmond June 24 21 S5 Atlanta July 29 20 18 Chicago Aug. 1 12 St. Louis Minneapolis.... 8 In effect Feb. 1, 1.9551.. 20 18 12 5 Kansas City.... S D a a n ll a F s rancisco... ( 8 ) Au 1 g . D e 2 m 3, a n 1 d 9 3 d 5 e , p o h s a i v ts e s b u e b e j n ec t t o to ta l r e d se e r m ve a n r d e q d u e ir p e o m si e t n s ts m , i w n h us ic h c a b s e h g i i n t n em in s g in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Including loans made in participation with financing institutions. Apr. 13, 1943-June 30, 1947). 2Rate charged borrower less commitment rate. 2 Requirement became effective at country banks. 3Rate charged borrower. 4Rate charged borrower but not 3Requirement became effective at central reserve and reserve city to exceed 1 per cent above the discount rate. banks. 5Charge of y& per cent per annum is made on undisbursed portion 4Present legal minimum and. maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; reserve cities, °Charge of }4. per cent per annum is made on undisbursed portion 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time of loan. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. FEBRUARY 1955 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday- ber city- try week ending Wednesday ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago Total reserves held: Excess reserves:l 1953—October 19,536 4,718 1,270 7,780 5,768 1953—October 752 37 1 148 566 November 19,718 4,730 1 ,288 7,849 5,852 November 684 19 87 579 December 19 920 4 762 1,295 7,962 5,901 December 693 14 1 85 594 1054—October 18 893 4 482 1 183 7 703 S 524 1954—October 720 15 2 96 607 November 19,207 4,507 1,212 7,852 5,636 November . . 814 59 11 110 633 December . . . 19 279 4 508 1,210 7,927 5,634 December 704 12 — 1 91 602 Dec. ?2 19 512 4 558 1,215 7,958 5,782 Dec. 22 822 25 72 725 Dec 29 19,250 4,491 1,201 7,953 5,606 Dec 29 621 -1 -9 66 565 1955—Jan. 5 19,263 4,533 1,232 7,944 5,555 1955—jan 5 683 19 14 115 535 Tan. 1? . 19,130 4 401 1 ,191 7,902 5,635 Tan. 12 695 4 — 7 96 602 J<> 11 1 9 19,176 4,372 1,202 7,895 5,707 Jan 19 P794 18 4 104 P668 Jan 26 19,074 4,393 1,188 7,869 5,625 Jan. 26 ^648 3 -5 71 P579 Borrowings at Federal Required reserves:2 Reserve Banks:3 1953—October . 18 784 4 C>81 1,269 7,633 5,202 1953—October 363 2 18 241 102 November 19,034 4,711 1,288 7,762 5,272 November 486 78 24 ' 273 111 December 19 22 7 4 748 1 295 7,877 5 307 December 434 115 37 178 104 1954—October .18,1 73 4,467 1,181 7,608 4,91.8 1954—October 82 1 2 51 29 November 18,393 4,447 1,200 7,742 5,003 November 164 32 7 84 43 December 1.8,576 4,497 1,210 7,836 5,032 December 246 62 15 117 52 Dec 71 18 690 4 533 1 214 7 886 5 057 Dec. 22 147 21 3 71 51 Dec. 29 18 630 4 492 1,210 7,887 5,041 Dec. 29 243 29 36 129 49 1955--Jan. 5 18 580 4 513 1,218 7,829 5,020 1955—Jan. 5 239 31 37 147 24 Jnn \"> 18,436 4,398 1,199 7,806 5,033 Tan 1 ? 370 126 75 112 57 Tan 10 "18 382 4 354 , 198 7,791 "5,039 Jan. 19 312 90 81 82 59 fan. 26 -"18,427 4,390 1,193 7,798 "5,046 Jan. 26 325 76 49 149 51 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2See table on preceding page for changes in reserve requirements. 3Some of these figures are revisions of those published originally. NOTR.—Monthly"and weekly data for the full year 1954 are shown on pp. 2.10-211 of this BULLETIN. 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 All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber citi- try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago December 1954 December 1953 Gross demand deposits: Total 116,078 24,062 6.391 45,447 40,178 110.712 23,095 6,198 43,074 38,346 Interbank. . ... 13,640 4,201 1,296 6,781 1 ,362 1.3,056 4,025 1,288 6,541 1,202 Other 102,438 19,861 5,096 38,666 38,815 97,656 19,069 4,910 36,533 37,143 Net demand deposits2 100,689 21,581 5,729 39,212 34 167 96,055 20.787 5,550 36,989 32 729 Time deposits 39,109 3,607 1,294 15,562 18,645 35,832 2,914 1,233 14,147 17,538 Demand balances due from domestic banks. .. 6,982 52 119 2,108 4,703 6,623 48 118 2,063 4,394 Reserves with Federal Reserve Banks: Total 19,279 4,508 1,210 7,927 5,634 19,920 4,762 1,295 7,962 5,901 Required'5 18,576 4,497 1,210 7,836 5,032 19,227 4,748 1,295 7,877 5,307 Excess ... 704 12 — 1 91 602 693 14 1 85 594 Borrowings at Federal Reserve Banks 246 62 15 117 52 '•434 115 37 '178 '104 r Re vised. 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. 2 Dem and 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. 152 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 Knd of month Item 1955 1954 1955 1954 Jau. 26 Jan. 19 Jan. 12 Jan. 5 Dec. 29 Jan. Dec. Jan. Assets Gold certificates 20,174.10120,174.10320,165,10320,165,10120,165,10220.1 74,103 20,165,102 20.384.103 Redemption fund for F. R. notes. 863,798 865,213 865,214 867,287 867,405 563,796 857,405 890,116 Total gold certificate reserves 21,037,89921,039,31621,030,31721,032,38821,032,50721 ,037,899 21.032,50721,274,219 F. R. notes of other Banks 237,798 228.594 229,663 214,746 206,806 212 ,568 239,001 218.954 Other cash 461,798 434,823 412,433 381,900 341,279 467,535 374,660 472,786 Discounts and advances: For member banks 321,004 164,264 403,182 224.944 '•431.234 354,621 '9,973 140.676 For nonmember banks, etc 125,000 133,334 133,334 133,334 133,334 120,000 '133,334 15,000 Industrial loans 482 572 689 703 622 619 708 1.865 U. S. Government securities: Bought outright: Bills 949,744 1,177,944 1,775,744 2,117,000 2,167,000 1,160,144 2,167,000 1,918,000 Certificates: Special Other 13,882,341 13.882,34113882,34113,882,341 13,882,341 882.341 13.882 341 ,816,541 Notes 6,037,271 6,037,271 037,271 6,037,271 6.037,271 037,271 6.037,271 .263,671 Bonds 2,801,750 2,801,750 801,750 2,801,750 2,801,750 801.750 2,801 ,641,150 Total bought outright 23,671,106 23,899,30624497,10624,838,36224,888,362 881,50624,888,36224,639,362 Held under repurchase agreement 3,000 9,500 27,000 63,000 3,000 44, 000 Total U. S. Government securities. 23,674,106 23,908,806 24,524,106 24,838,362 24,951,362 23,884,506 24.932 362 ,639,362 Total loans and securities 24,120,592 24,206,976 25,061,311 25,197,343 25,516,552 24,359.746 25,076,374 ,796,903 Due from foreign banks.. 22 22 22 22 22 22 22 22 U B n an co k l l p e r c e t m ed i s c e a s sh items. . 3,97 5 7 4 , ,9 8 8 9 1 8 4,50 5 9 4 .4 .9 - 3 1 1 6 ,07 5 3 4 . . 4 8 2 7 7 3 4,14 5 8 4 , , 9 7 2 4 6 ! 4,10 5 3 4 , , 9 8 5 4 3 7 3.32 5 6 4 , , 4 9 0 1 1 5 3.95 5 8 4. , 7 55 4 5 8 .50 5 1 2 . . 4 8 4 0 5 9 Other assets 163,159 156.009 148,862 141,669 134,483 167,560 136 268 191,891 Total assets 50,054,147 50,630,117 51,010,908 51,171,735 51,390,449 49,625.64 (.50.872,135 50.509.029 Liabilities Federal Reserve notes 25,623,998 25,789,807 25,992,114 26,179.145 26,330,387 25,639,658 26,253,133 25,885,171 Deposits: Member bank—reserve accounts 18,890,240 19,066,342 19,169,560 19 19,232.875 18.918,221 18.876,128 U. S. Treasurer—general account 395,657 159,570 456,838 465,451 359.803 563,13 Foreign 434,195 475,479 502,733 576.703 441.059 489.960 Other 220,294 391,310 386,541 370,421 419.370 441.493 Total deposits. . 19,940,38620,092,701 20,515,672 20,751,681 20,645,450 20,138.453 20,370,718 20,687,939 Deferred availability cash items. 3.370.981 3,634,593 3,395,461 3,139,058 3,249,855 2,726,078 3,150.357 2,861,024 Other liabilities and accrued dividends. 15,475 14,880 14,539 14,050 22,983 14,369 13,945 15,994 Total liabilities. 48,950,84849,531,981 49,917,786 50,083,934 50,248,675 18,518,558 \), 788,15349,450,128 Capital Accounts Capital paid in 290,166 289,453 288,878 287,558 290.314 287,754 267,301 Surplus (Section 7) 660,901 660,901 660,901 625.013 660.901 660,901 625.012 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27 1543 27,543 27,543 Other capital accounts 124,689 120,239 115,800 201,660 128,330 107,784 139,045 Total liabilities and capital accounts 50,054,14 50,630,117 51,010,908 51,171,735 51 ,390,449 49.625,646 50.872,135 50,509,029 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).... 46. 44.8 44.8 45.1 Contingent liability on acceptances purchased for foreign correspondents 21,455 2\ .2.14 19,404 19,194 19,179 22.989 19,052 17,393 Industrial loan commitments 3,288 3,201 1 ,167 1.154 n, 961 3,151 '1 ,149 3,533 ••Revised. Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 446 004 297,598 536,516 358,278 564.568 474.621 143.304 155,676 Within 1.5 days 301 100 142,174 409,379 223,670 429,230 329.067 8,105 134,101 16 days to 90 days 64,864 62,051 33,787 41 ,275 41,908 65,514 41.865 21,575 91 days to 1 year 80,010 93,373 93.350 93,333 93,370 80,040 93 ,334 Industrial loans—total 482 572 689 703 622 619 708 '1^865 Within 15 days 85 85 16 17 126 17 17 320 16 days to 90 days 99 102 182 177 32 100 182 552 91 days to 1 year 225 312 416 434 389 429 434 914 Over I year to 5 years 73 73 75 75 75 73 75 79 U. S. Government securities—total 23,674 10623,908,806 ,524,106 24,838,362 24,951,362 ,884,506 24,932,362 ,639,362 Within 15 days 337 694 483,194 625,500 625,750 693,250 ,115.694 458,550 ,979,550 16 days to 90 days 4,627 050 4,716,250 ,189,244 ,503,250 5,548,750 ,059,450 ,764,450 ,860,650 91 days to 1 year 13.1.93 7641.3,193,764 13,193,764 13.193,764 13,1.93,764 13,193,764 ,193,764 .855,241 Over 1 year to 5 years 3.087 127 33,087,12 087,127 087,127 .087,127 087,12 ,087,127 .154.664 Over 5 years to 10 years 1,013 614 11.013.614 013,614 013,614 ,013,614 013,614 ,013.614 .374,400 Over 10 years 1 ,414857 11,414,857 414,857 414,857 ,414,85 414,857 ,414,857 ,414,857 Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. FEBRUARY 1955 153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1955 [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 la le n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Assets Gold certificates.20,174,103 1,000,351 5,394,7831,240,5081,764,9431,130,088 876,4013,546,454 787,492 424,304 821,963 780,4922,406,324 Redemption fund for F. R. notes. 863,796 53,522 183,390 58,607 76,736 73,874 53,716 143,720 47,045 21,595 39,689 28,703 80.199 Total gold certificate reserves. . 21,037,899 1,053,873 5,578,1731,299,1151,841,6791,203,962 930,1173,690,174 834,537 4 48,899 861,652 809,1952,486.523 F. R. notes of other Banks... 211,568 13,521 38,058 10,076 13,635 21,895 56,194 14,592 7,249 5,849 7,532 10,764 12,203 Other cash 467,535 34,182 108,936 22,922 49,009 24,41 7 39,246 73,509 25,757 10,434 15,784 15,885 4 7,454 Discounts and advances: Secured by U. S. Govt. securities. . . 354,554 14,225 78,890 5,660 21,945 9,385 37.025 79,050 25,650 12,650 43,999 17,000 >,O75 Other 120,067 7,200 35,0-10 8,760 10,920 6,000 5,160 16,867 4,560 3,000 4,560 5,640 12,360 Industrial loans.. 619 525 94 U. S. Government securities: Bought outright 23,881,506 1,317,734 6,100,101 .1,453,3812,046,812 1,406,5731,216,3094,174,9.17 999,322 586,458 1,030,343 938,4002,611,156 Held under repurchase agreement... 3.000 3,000 Total loans and securities 24,359,746 1,339,159 6,217,031 1,468,3262,079,677 1,421,9581,258,4944,270,834.l,02v,532 602,202 1,078,902 961,0402,632,591 Due from foreign banks 22 1 '6 2 2 t 1 3 1 1 1 I 2 Uncollected cash items 3,326,401 285,456 625,266 225,790 318,606 237.498 228,409 532,551 134,671 82,165 166,375 164,406 325,208 Bank premises... 54,915 5,899 7,128 5,235 5,254 4,476 3,865 6,261 2,827 1,001 2,574 1,178 9,217 Other assets 167,560 8,87.1 41,443 9,783 14,320 9,742 9,163 30,554 7,191 4,028 7,481 7,031 1 7,953 Total assets 49,625,646 2,740,962 12,616,0413,041,2494,322,1822,923,9492,525,4898,618,4782,041,765 1,154,5792,140,301 1,969,5005,531,151 Liabilities F. R. notes 25,639,658 1,560,006 5,787,7521,802,8832,357,629 1,822,3601,353,3364,973,062 1,155,4.40 572,753 1,016,734 721,2942,516,409 Deposits: Member bk.— reserve accts.18,918,221 779,178 5,533,714 875,747 1,449,807 792,311 906,5353,033,837 688,198 455,654 912,6501,009,8722,480,718 U. S. Treas.— gen. acct.... 359,803 20,726 59,086 26,826 38,191 24,140 3.1,319 42,743 20,680 13,715 26,263 2.1,677 34,437 Foreign 441,0591 25,320 2142,264 30,806 38,402 21,100 18,146 59,080 16,036 10,550 16,036 19,834 43,485 Other 419,370 6,274 311,229 .11,009 10,437 3,953 5,982 4,218 17,267 1,857 3,530 2,199 41,415 Total deposits... 20,138,453 831,498 6,046,293 944,3881,536,837 84.1,504 961,9823,139,878 742,181 481,776 958,479 1,053,5822,600,055 Deferred availitems 2,726,078 281,687 463,185 212,468 325,864 201,214 159,488 348,088 99,627 70,425 121,193 142,084 300,755 Other liabilities dividends 14,369 663 4,533 742 1,688 549 554 2,461 479 534 513 439 1,214 Total liabilities..48,518,558 2,673,854 12,301,7632,960,4814,222,0182,865,6272,475,3608,463,489 1,997,72 71,125,4882,096,919 1,917,3995,418,433 Capital Accounts Capital paid in. . 290,314 15,027 90,548 19,273 27,384 .12,879 12,538 38,767 10,066 6,448 11,048 1.4,692 31,644 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 128,330 8,761 28,341 9,233 11,552 8,614 7,349 18,227 6,832 4,652 6,442 6,117 12,210 Total liabilities accounts 49,625,646 2,740,962 12,616,0413,041,2494.322,1822,923,9492,525,4898,618,4782,041,765 1,154,5792,140,301 1,969,5005,531,151 Reserve ratio.... 46.0% 44.1% 47.1% 47.3% 47.3% 45.2% 40.2% 45.5% 44.0%; 42.6%. 43.6%: 45.6%, 48.6% Contingent liability on acceptances purchased for foreign correspondents 22,989 1,290 »7,767 1,569 1,956 1,075 924 3,010 817 538 817 1,011 2,215 Industrial loan commitments.. 3,151 215 598 39 101 16 2,182 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting §298,776,000 participations of other Federal Reserve Banks. 8 After deducting $1.5,222,000 participations of other Federal Reserve Banks. 154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDHKAL RESERVE NOTi-S i-KL^UAL PIi/CFRVi: AGENTS' ACCOUNTS u-jr.uN of (loll.ii-..; Wednesday figures Kncl of month Jan. 19 Jan. 12 Jan. 5 Dec. 29 Jan. Doc. :an F. R. notes out standing (issued to Bank) . . . . . j26,9O2,25227,012,747 27 ,117,312,27,273,013 27,383,938 26,821,154 2 7,346 , 78927,246, 470 Collateral held against notes outstanding: Gold certificates . |ll,208,000 31,208.000 j1,208,000! 11,208,000 1 1,208,00011,208.000, il ,208 . 000 11.0;)3.000 Kli.gi!.)le paper 137.3071 48.954 82.828j 74.075! 151 13631 " 1 20 '.64-i 7.! 50 74.980 T". S. Government st*curiLie-j J 7, 115,000 1.7,140.00017, 140,000 17,140.000! 17 ,140.. 00011 7,115 ,00017. 140'.oho! 7 05, 000 Total collateral 28,460,307 28.396,954 28,430,828 28,422,075128,499,363 28.443,644 28.355,15Oj28,472,98O EACH FEDERAL RESERVE BANK ON JAXUARV 31, 1955 fill thousands of dollars] Item Total - 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 " a M po L l M is .7 i.c ; - j C K i a ty nsas Dalla; j j F c S i r a s a c n n o - "I" F. K. notes outstanding (issued to Bank) 26,821,154 |; ,655,3726,0C0,009|i, 889,6682,5 i 0,098; 1,907,0451,428,4075,120,865 1,211,251 7,029J 1,048,4311772,:^6(}|2,659,619 Collateral held: Gold certificates ll,208,000 640,000 2,6 70,0001 800,0001,050,0001 675,000 500,000 2,400,000 3l5555,,OOo! I 75,0001 280.000 283,000 1,380,000 Eligible paper. . ] 20,6 14;! 14,255 j 5,660 25,650 ! 2,650 43,999 9,075 U. S. Govt. se- • 7,115,OOOJ|1 ,200,000 3,600,000j 1,200,0001,55O,OC(i|i,300.000! 1.000.0C02,900,000 920,000 500,000 800,000525,000 : ,620,000 Total, collateral... 8.443,644 11,854,2256J27C,COC!./,OO5,66O2/,00,000J 5,981,38"! i ,500,0005,300,000 ,3O(>,65o!;;87,65Oi i, 1 23,999808,(30013,009,075 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS ! LOANS GUARANTEED THROUGH FEDERAL RESERVE I BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars! ! DEFENSE PRODUCTION ACT OF 1950 Parti ci- [Amounts in thousands of dollars! End of A a p p t p o p l i r c d o a a v t t i e e o d ns b p u r A t o v p n e - o d t TL o o u a t n - s C m om en m ts it- o in p f g a f t l i i n n o a s u n t s i c - - G u a ra nteed 1 oans Guaranteed Additional year or com- standing2 out- tutions authorized loans amount month pleted1 (amount) standing out- to date OlltStcnd ing available to N b u e m r - Amount (amount) (amount) s ( t a a m n o d u in n g t) 3 y E e n a d r o o r r u b n o d r e r r o w gu e a rs rmonth v Total Portion antee agree- ' her Amount amount guaran- ments 1945 3.511 544,961. 320 1.995 1.644 1,086 teed outstanding 1946 3,542 565,913 4,577 554 8.309 2,670 1947 3,57-'! 586,726 945 1,387 7,434 4,869 19-18 3.607 6'. 5,653 335 995 1,643 1 .990 1950 62 3\ ,326 8,017 6,265 8,299 1949 3 ,649 629.326 539 2,178 2,288 2,94 7 195 i 854 1,395,444 675,459 546,597 472,827 1950 3,698 651,389 4,819 2.632 3.754 3,745 1952 1 ,159 2,124,123 979,428 803,132 586,303 1951 3,736 710,931 3,513 4.687 6.036 11,985 195? 3.753 766,492 1 ,638 3 .921 3,710 3,289 1953 \ <>53 3,765 803,429 1 ,951 1 ,900 3,569 3,469 December. 1 ,294 2,358,387 804,686 666,205 363,667 1954 1954 'fariuary . . . 3 , 765 805,115 1 ,234 1 ,885 3,532 3,414 January. . . 1 ,304 2,377.628 788,320 652,706 347,969 February.. 3 ,765 806,648 1,345 1,792 3,14 5 3.344 February.. 1 .310 2,380,186 772,647 640,121 355,056 March 3,766 808.505 1 ,720 1 ,487 2.957 2 ,666 March 1 ,316 2,399,321 737,605 612,265 32\ ,619 April 3,767 810,051 405 1 ,302 2,891 2,412 April 1 .322 2,406,651 684,631 569,551 34 7,823 May 3,767 810,779 45 1,298 2.373 1 ,869 May .1 .324 2,408,226 664,122 552,738 330,408 lime 3 .768 812,433 195 1,24 7 2,395 1,855 June, 1 .331 2,420,326 640,636 534,695 299,465 J A u u ly gust.... 3 3 . . 7 7 6 6 8 8 8 8 1 1 3 4 . , 4 7 6 6 5 5 4 4 5 5 1 , 6 1 3 3 0 0 2 2 , , 3 7 5 9 4 4 1 1 ,7 ,8 7 1 3 2 A Tu u l g v ust. . . . 1 1 . 3 3 4 5 2 0 2 2 , , 4 4 4 5 3 7 , , 0 6 2 8 1 9 6 55 0 9 4 , , 8 7 5 5 9 0 4 5 6 0 6 2, , 9 0 0 8 2 9 3 3 1 0 1 0 . , 1 6 9 7 1 6 September. 3 .769 815,449 395 991 1,943 1 .559 September. 1 ,355 2,477,939 546,930 455.618 295,805 October. . . 3\ 769 816,582 395 812 1,896 1,343 October. . . 1.357 2,478,939 527,074 416,713 283,510 Noyembcr. 3,770 817,605 520 652 1,898 1 ,202 November. 1 ,361 2,481,669 504,708 395,388 266,798 December . 3.771 818,224 520 719 1,148 1 ,027 December. 1,367 2,499.634 471,947 367,694 272.903 11ncludes applications approved conditionally by the Federal Re- NoTii.-—The difference between .guaranteed loans authorized and serve Ranks and under consideration by applicant. sum of loans outstanding and additional amounts available to bor- - Includes industrial loans past due 3 months or more, which are not rowers under guarantee agreements outstanding represents amounts included in industrial loans outstanding in weekly statement of con- j repaid, guarantees authorized but not completed, and authorizations dition of Federal Reserve Banks. expired or withdrawn. ;JNot covered by Federal Reserve Bank commitment to purchase or ! discount. J XOTK. --Tlie difference between amount of applications approved and i the sum of the following four columns represents repayments of ad- j vanc.es, and. applications for loans and commitments withdrawn or j expired. ' FEBRUARY 1955 155 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 January 31] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month i b to al r - s' C i a n sh G U ov . e S rn . - re C s a e s rv h e ances x 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—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 December 2.359 2,558 31 2 389 138 [Per cent per annum] 1954—January 2,343 2,540 31 2,373 136 February 2,326 2,505 31 2,336 139 Interest rate March 2,309 2,470 31 2,299 140 Commitment rate. April 2,290 2,434 31 2,278 125 May 2,271 2,416 31 2,256 130 June 2,251 2,399 31 2,240 128 July 2,230 2,379 31 2,220 129 P2 208 September P2 189 October .... P2.171 P2 154 December... . J»2,136 p Preliminary. i Outstanding principal, represented by certificates of deposit. 2Includes 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 centers' centers City centersx 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 . .. 1,017,084 406.790 218.477 301,817 25 1 18.3 14.1 1947 1,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27 9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544.367 336,885 661,302 31.9 24.0 18.4 1052 1.642.853 597,815 349,904 695,133 34.4 24.1 18.4 1,759,069 632.801 385.831 740.436 36 7 25.6 18.9 1954 rl, 887,366 738,925 390,066 •758,375 42.3 25.8 19.2 1953—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—Tanuary 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 19.3 171,354 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 M63 501 64,965 33 ,785 M4.751 44.2 26 8 19 7 40.9 26.3 19.7 July ••154.848 61,155 31,556 '52,137 41 .6 24 9 18.8 42.7 25.4 19.1 August r 151,504 58,316 31 .526 '61,662 40.0 24.8 18.5 46.2 27.1 19.7 September ' 149.898 56.744 30,922 r62,232 40.4 25.3 19.4 39 4 25.6 19.1 October M52 322 58.702 30.706 62,823 30 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 28.1 21.0 42.6 26.9 19.9 1955—January 163,382 62,642 33,531 67,209 42.0 P25.4 P19.5 41.8 z25.9 P19.3 T Revised. P 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. 156 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 Bank:?. In mill:ons of dollars] Total Coin and small denomination currency2 Lar ge d ei i.om i na lion cu r re ucy - End of year or in cir- Unasmonth cula- i sorted tion1 Total Coin 3SI $2 S10 S20 Total $50 $100 ^500 SI ,0C0|S5,000 S10,000 -. I 1939 598 5,553 500 559 36 i ,019 1 .7721 ,57612,048 4(0 •)19 191 425 20 32 1940 732 6.247 648 610 39 1,129 2.021 5 ,8002,489 538 1 ,112 227 523 30 60 1941 160 8.120 751 695 44 1 ,355 2,731 2,545 3.044 I 724 1,433 261 556 24 46 1942 410 1.1 ,576 880 801 55 1,693 4,051 4.096 3.837 II .019 1. ,910 287 586 9 25 1943 449 14,871 1,019 909 70 1 .973 " 194 5,705 5,580 1.481 2,912 407 749 9 22 1944 307 17,580 1 ,156 987 81 2,150 983 ,224 7,730 1.996 •1,153 555 990 10 24 1945 515 20,683 1,274 1 ,039 73 2,313 782 9,201 7,834 2,327 4,220 454 801 7 24 1 946 952 20.437 I .36! 11,029 67 2,173 497 9,310 8,51.8 12,492 4,771 438 783 26 1947 868 120.020 1 ,4.04ii .048 65 2,110 6,275 9,119 8,850 548 5,070 428 782 17 1948 224 19,529 U .464i1.049 64 2,047 6,060 8,846 8,698 I2.494 5,074 400 707 17 1949 600 19,025 ii ,484!i ,066 62 2,004 5,897 8,512 8,578 |2,435 5,056 382 689 11 1950 741 19,305 ' ,554 ll ,113 64 2,049 5,998 8,529 8,438 12,422 5,043 368 588 12 1951 206 20,530 .1 ,654! 1,182 67 2,120 6,329 9.177 8,678 \2,544 5,207 355 556 12 1952 433 2.1 ,450 ji ,750 1 .228 71 2,143 6,561 9,696 8,985 |2,669 5,447 343 512 10 1953 ,781 •21,636 .1 ,8121 .249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 11 1954—January 29,981 20.939 1 ,775j 1,180 70 2,031 6,351 9,531 9,045 2,693 5,526 331 484 February.. . . 29.904 i20,908 I ,770 1,170 70 2,021 6,365 9,512 8,999 2,674 5,502 330 482 8 March 29,707 120,757 1,776 1 ,166 70 2,010 6,304 9,431 ,952 2,654 5,473 328 481 12 April 29,735 (20.799 1 ,783 1 .173 70 2,006 6,325 ,443 8.936 651 5,470 327 478 May 29,870 120.946 1 ,787 1,182 69 2,036 6,375 9,496 8.926 651 5,463 325 475 June 29.922 20.999 1 ,795 1 .183 71 2,023 6,377 9,551 ,924 659 5,457 324 473 July 29,892 !20.984 1,793 1,174 70 2,016 6,366 9,564 8,910 2,654 5,451 322 471 August 29,929 121,015 1,801 1 ,1.83 70 2,023 6,361 9,578 8,916 2,653 5,461 321 469 September.. . 29,985 21,054 1,811 1 , 2C0 70 2,034 6,378 9,561 8,932 2,648 5,486 320 466 October 30,074 '21 ,118 1,819 1,212 70 2,049 6,400 9,568 5,958 |2.650 5,514 318 4.64 November. . .30,500 121,473 1 .836 1.236 71 2.091 6,524 9.716 >.028 12.677 5,555 320 465 December. . . 30,509 '21,374 1 ,834 1,256 71 2,098 6,450 9,665 9,136 |2 ,720 5,612 321 464 1 i 1 I 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 .s deessttrrooyyeead.. a Paper 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 Monev Total out- held by standing, As security For Federal De 1 c 9 . 5 3 4 1, g a o s g l i d a l v in a er s n t d Tr c e a a s s h ury B R F an e e d k se s e r r a v a n e l d B R a a n e g k s e e s n r a t v s n e d De 1 c 9 . 5 4 31 No 1 v 9 . 5 3 4 0, De 1 c 9 . 5 3 3 1, certificates agents Gold 21 ,713 21,067 2645 Gold certificates 21,067 18,217 2,816 35 35 36 Federal Reserve notes 27,347 69 1,333 25,945 25,895 26,253 Treasury currency—total 4,985 *2,416 82 375 4,529 4,570 4,491 Standard silver dollars 491 245 23 5 218 216 210 Silver bullion 2,171 2,171 Silver certificate** and Treasury notes of 1890. *2 4J6 272'' 2 J 44' "2', i 73 " 2,101 Subsidiary silver coin I ,291 48 56 1,186 1 ,191 1,179 Minor coin 443 6 9 429 428 424 United States notes 347 5 31 311 319 316 F N e a d ti e o r n al a l R B es a e n r k v e n o B t a e n s k notes 1 6 7 9 3 1 1 1 6 7 8 1 1 6 7 9 3 19 7 0 2 (•') Total—Dec 31 19S4 (4) 23,483 796 18.217 4,523 30,509 Nov. 30 1954 . (4) 23.468 800 18,214 4,232 30,500 Dec 31 1953 (4) 23.789 761 18,538 4,614 30,781 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above; totals by weeks in table on p. 149. 2Includes SI56,039,431 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. 4Because 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. r>Lcss than .S500.000. NOTV:.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890--SI 56,039,431 in gold bullion; (ii) as security for Treasury notes of 1.890—an equal dollar amount in standard silver dollars (these notes are being canceled and retiree! 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 Stales 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 agaiu-t 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. FEBRUARY 1955 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net- Treas- Total Date c u u ry r- 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 g c t d - y - Total Lo n a e n t s. Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h i u e e s - r ca a n p n e i d t 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 1 1 1 1 S 1 1 3 1 1 1 . 9 9 9 9 9 9 9 9 9 9 9 4 3 4 5 4 5 5 4 2 3 5 9 3 5 0 1 2 3 7 9 9 1 - • - — — - — — - - - • J J D J D D D D D D - D J u u e u e e D e e e e u e e n n c n c c c c c c n c c . e e . . . e . , . e . . 3 3 3 2 3 3 3 3 3 3 M 3 3 1 0 0 9 1 0 0 1 0 1 1 1 , , . ., 2 2 2 2 2 2 2 2 2 2 1 3 2 2 2 4 4 2 3 2 0 4 2 7 , , , . , , , , . , , . . 0 6 4 0 1 7 3 4 0 0 7 7 6 3 9 6 6 0 4 8 2 4 3 3 3 5 1 5 5 3 6 6 7 7 4 7 0 4 7 4 4 4 3 4 4 4 4 4 4 2 2 2 . , , , . , , . , , , , , 0 9 2 8 6 5 3 7 8 2 8 5 7 1 6 8 1 3 6 3 4 9 5 5 9 0 9 3 6 2 6 2 7 9 4 4 4 8 9 1 1 1 1 1 1 3 1 1 8 5 6 5 4 6 3 7 9 9 6 6 9 1 4 4 8 2 0 2 1 0 2 2 7 9 , , , , , , , , , , , , 5 6 8 6 2 6 9 3 1 8 7 3 6 6 3 4 6 8 7 8 8 9 6 4 5 2 2 7 1 7 1 0 1 6 4 8 2 3 3 4 4 8 4 3 6 6 6 2 7 7 2 2 3 0 9 7 9 7 0 0 1 2 5 1 6 . , . , , . , , . , . . , 0 0 7 4 6 5 3 3 0 1 6 4 9 7 2 1 8 9 6 0 8 0 5 8 8 5 1 3 2 6 7 6 4 7 5 7 2 4 7 1 1 1 1 1 9 9 9 2 9 2 0 1 0 0 0 2 5 6 5 6 7 9 3 0 0 7 0 8 0 , . . , , , . . , . , , . 7 5 2 3 8 0 1 4 4 0 9 3 0 4 6 1 6 5 0 4 0 5 3 8 2 0 1 6 7 0 8 9 5 5 6 8 8 0 6 1 6 8 7 2 7 7 7 7 0 1 7 8 5 1 2 8 0 2 8 9 1 2 i , . , , . , , , . , 1 4 5 1 4 1 8 7 7 2 6 . 1 ! 9 3 9 8 0 9 4 8 1 1 3 7 3 9 3 8 4 0 8 0 9 43 2 2 2 2 2 2 2 2 1 4 3 5 4 2 2 0 4 2 2 8 1 , , , . , , , . , , . 8 7 9 6 2 9 5 7 8 2 4 9 2 0 4 1 6 9 8 0 5 7 1 8 9 5 1 6 6 2 7 5 6 9 8 6 4 8 4 3 2 2 3 2 2 2 2 2 1 1 , . , . , . . / , , 5 4 1 2 5 2 . 8 3 8 6 4 1 8 0 7 9 3 7 6 8 2 6 2 3 0 4 4 1 8 6 7 7 8 8 4 6 1 9 1 1 1 1 1 1 1 1 1 9 9 8 2 4 7 8 7 7 5 0 1 8 , , . . , , . , . , , . . 6 7 0 8 3 9 5 3 8 9 7 8 3 2 4 0 6 0 9 7 5 7 2 1 1 7 1 1 2 6 4 3 8 9 3 2 7 9 0 2 2 2 2 2 1 1 1 S 2 1 6 9 1 4 2 0 7 9 8 9 9 0 7 0 4 5 1 6 8 8 9 8 1 1 , . , . , , , , , , , , , 1 8 7 6 4 5 6 7 0 0 7 1 7 7 6 1 6 2 3 9 9 8 0 8 0 4 1 5 5 5 7 7 8 4 0 9 5 6 8 J 2 2 1 1 1 1 1 1 2 5 8 0 0 4 6 8 9 7 7 9 8 0 2 4 5 0 2 8 4 4 5 7 0 3 9 , , , , , . , , , . , , . 8 2 7 0 3 3 9 3 4 3 3 8 1 1 2 8 2 6 7 5 0 1 4 1 6 7 1 0 5 9 0 0 6 9 6 3 8 5 0 1 1 1 1 1 1 1 1 ! 8 6 6 7 7 4 4 6 6 7 5 2 0 , , , , , ; , . , , , , . 8 9 5 4 8 6 3 2 6 3 1 8 9 1 2 3 9 3 2 1 2 4 3 2 0 7 2 S 2 2 4 7 7 6 6 0 9 4 0 £954—Jan. 27 ,000 4,900 198.00G 79.100 100,400 73,400 24,700 2,400 18,500 224,900 207,100 17,800 Feb. 24 ,000 4.900 197.300 79.300 99.100 72.000 24.600 2,400 18.900 224,100 1206,200 17,900 Mar. 31 ,000 4.900 196,100 80,300 96,800 69.800 24.600 2,300 19 - 000223,000 1205,100 17,800 Apr. 28 ,000 4,900 197,200 79,900 98,200 71.200 24.600 2,300 19,200 224,100 1206,200 17,900 May 26 ,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 ,927 4.959 200,628 81,210 99,827 72.525 25,037 2,265 19,591 227,514 1209,354 18,161 July 28P ,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 ,900 5,000 202,500 80,200 102,300 76,200 23.900 2,200 19,900 229,300 210,500 18,800 vSept. 29P ,800 5.000 204,000 81.400 102,400 76.200 24.000 2,200 20,200 230,800 211,800 19,000 Oct. 27v ,800 5.000 207.800 81,900 105,600 79,000 24.400 2.200 20,300 234.500 1215,400 19.100 Nov. 24P ,700 5,000 209,900 84,000 105,600 78,000 24,600 2,200 20,300 236,600 1217,300 19,300 Dec. 29P ,700 5,000 211,200 85,600 105,300 78,200 25,000 2,200 20,400 237,900 i218,700 19,200 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e o b p n r a o e e n i s t k g it n s, T h c i u r o n a e r l g 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 d A 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 r m n c m k e ia - s l dep M b s o a a s v u n it i t k n s u 3 s g a 4 s l S S P a y o v s s i t n t e a m g l s o b r u C a e t n n u s k c i r d s y - e 1929—-June 29. 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30. 42,029 50 264 852 35 40.828 14,411 21,656 10,849 9,621 1,186 4,761 1939 Dec. 30. 68,359 1.217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941 -Dec. 31 . 82,811 1,498 2,215 1,895 867 76,336 38.992 27,729 15,884 10,532 1.313 9.615 1945 -Dec. 31 . 180,806 2,141 2,287 24.608 977 150.793 75,851 48,452 30,135 15,385 2,932 26,490 1947 -Dec. 31. 175,348 1,682 1,336 1,452 870 170,008 87,121 56,411 35.249 17,746 3,416 26,476 1949- Dec. 3\ . 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—Tune 30. 200,360 2,467 1,259 3,942 132 192,560 96.898 68,293 42,245 23,589 2,459 27,369 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—Tan. 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. 20P 211,800 3.300 800 4,400 800 202,500 101.200 74.400 46,400 25,800 2,200 26,900 Oct. 27P 215,400 3.200 800 6,100 600 204,800 103,100 74,700 46.700 25.900 2,200 26,900 Nov. 24P 217,300 3.200 800 6,900 500 205,800 104,100 74,300 46,200 25,900 2,200 27,500 Dec. 29P. 218,700 3,400 800 4,600 500 209,400 106,900 75,100 46,700 26,300 2,100 27,400 pPreliminary. 1Treasury 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. •Excludes 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 Bui-LimN 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. 158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES * 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 ssets— Cla a s n s d o d f a t b e ank Total Loans G o o U m b t v l i . e e i o n g n r S t a s n . - - O s r t i e t h c i u e e - r s as C s a e s t h s1 l c c a T a c b a o p o i n t i l u d i t a n t a l t i l s e 2 s Total1 b In a t n e k r 1 - m D a e n - d Other Time a c c T a c o p o t i u t a n a l t l s N b u a o m n f b ks er All banks: 1939—Dec. 30. 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941 —Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 40,227 30,362 01,288 8,577 35,415 77,332 65,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 313 34,924 43,002 81,199 10,723 38,388 75,091 61,865 13,033 95,727 53,105 11.948 14,714 1950—Dec 30 48,021 60,386 72,894 14,741 41,086 .91,317 75,296 14039 104,744 56,513 13,837 14,650 1951—Dec. 31 54,869 67,608 71,343 15,918 45,531 ^02,903 85,756 1.5087 111,644 59,025 14,623 14,618 1952—Dec. 31 65,626 75,512 72,740 17,374 45,584 213,837 95,552 15321 116,633 63,598 15,367 14,575 1953— D j e un c e . 3 3 0 1 1 6 7 3 1 , , 0 4 8 9 2 7 8 7 0 7 , , 5 H 1 7 8 6 7 8 2 , 6 1 1 0 0 8 1 1 7 8 , , 8 3 5 7 6 0 4 42 5 ,0 8 2 1 3 1 2 2 0 2 7 0 , , 7 1 5 4 8 0 20 8 1 9 , , 1 1 0 5 0 9 1 1 3 5 6 95 0 7 0 1 1 0 1 9 6 , , 3 7 8 8 9 8 6 6 6 8 , ,3 1 5 7 4 0 1 1 6 5 , ,7 1 9 1 1 8 1 1 4 4 ,5 5 3 0 7 9 1954—Tune 30 173.343 81227 72525 19591 42556 218,900 99508 15500 112637 71,371 16,664 14465 July 28? 174J380 81340 73270 19770 40230 217,640 97310 14940 110590 71,780 16,690 14457 Aug. 25P 176,790 80690 76210 19890 39480 219,300 98780 15210 111430 72,140 16,770 14446 Sept. 29P 178,040 81680 76200 20160 40620 221710 201150 15470 113140 72540 16860 14436 Oct. 27P. . . .181,680 82380 79030 20270 41630 226440 205330 15720 116700 72910 3 7,080 14422 Nov. 24P 183,510 84320 78910 20280 42180 228830 207400 15660 19250 72490 17,320 14406 Dec. 29P 184,690 86150 78190 20350 43210 231140 209280 16050 119930 73,300 17,370 14370 SAX commercial banks: 1939—Dec. 30 40 668 17238 16316 7 114 22474 65216 57718 9874 32513 15331 6,885 14484 1941—Dec. 31 50^746 21714 21808 225 26551 79104 71283 10982 44349 15,952 7,173 14278 1945—Dec. 31 124,019 26083 90606 7331 34806 160312 150227 14065 105921 30241 8950 14011 1947—Dec. 31» 116,284 38057 69,221 9006 37,502 155377 144103 13032 95711 35360 10059 14181 1950—Dec. 30 126,675 52249 62,027 12399 40,289 168932 155265 14039 04723 36503 11590 14121 1951—Dec. 31 132,610 57746 61,524 13339 44645 179465 164840 15086 11618 38137 12216 14089 1952—Dec. 31 141,624 64163 63,318 14143 44666 188603 172931 15319 16600 410!2 12888 14046 1953—Tune 30 137,957 65025 58,644 14287 41156 181425 165531 13,598 09352 42581 13275 14009 Dec. 31 145,687 67593 63,426 14668 44828 193010 176702 15,955 116 750 43997 13559 13981 1954—june 30. . . 146 383 67,337 63,508 15,538 41,569 190585 174,068 15,497 112588 45983 14038 13937 July 28P 147,280 67,290 64,340 15,650 39,260 189190 171770 14,940 110540 46290 14060 13929 Aug. 25P. . . .149,490 66,450 67,300 15,740 38,540 190670 173130 15,210 111380 46540 14120 13919 Sept. 29P 150,580 67,250 67,330 16,000 39,670 192900 175,300 15,470 113090 46740 14200 13909 Oct. 27P 154,090 67,790 70,190 16,110 40,720 197560 179,380 15,720 116650 47010 14420 13895 Nov. 24P . . . .1SS 850 69, 540 70,160 16,150 41,260 199860 181,420 .1.5,660 119200 46560 14640 13879 Dec. 29P 156,850 71,150 69,460 16,240 42,180 201, 890 182,940 16,050 119,880 47010 14690 13843 AH member banks: 1939—Dec. 30 33,941 1.,3962 14,328 5,651 19,782 55,361 49,340 9,410 28231 11699 5522 6362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,7.17 10,525 38,846 12347 5886 6619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 91,8?0 24210 7589 6884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 81, 785 28340 8464 6923 1950—Dec 30 107,424 44, 705 52,365 10,355 35,524 144, 660 133,089 13.448 90,306 29336 9695 6873 1951—Dec 31. 112 247 49,561 51.,621 11,065 39,252 153,439 141,015 14,425 95,968 30623 10218 6,840 1952—Dec. 31 119,547 55,034 52,763 11,751 39,255 160,826 147,527 14,617 100,020 32890 10761 6,798 1953—Tune 30 115,789 55,613 48,318 11,858 36,467 154,258 140,830 12,933 93,780 34117 11070 6,765 Dec. 31 . 122 422 57,762 52,603 12,057 39,381 163,983 150,164 15,170 99,780 35,213 11316 6,743 1954—June 30 123,185 57,197 53,111 12,876 36,722 162,203 148,252 14,733 96,620 36,900 11709 6,721 July 28P 123,915 57,114 53,832 12,969 34,514 160,748 145,975 14,204 94,616 37, 155 11,724 6,716 Aug. 25P. .. . 126,001 56, 453 56,476 13,072 33,819 162, 136 147,179 14,437 95,362 37,380 11794 6,713 Sept. 29 P 126,851 57, 164 56.373 13,314 34,796 163,964 148,964 14,692 96,730 37, 542 11868 6,707 Oct. 27P 129,973 57, 662 58, 906 13, 405 35,607 167,991 .152,537 14,924 99, 764 37,849 12035 6, 701 Nov. 24P. . . .131,548 59,251 58, 869 13,428 36,205 170,177 154,420 14.854 102,022 37, 544 12,250 6,687 Dec. 29*.... 132,270 60,612 58,151 13,507 37,028 171,823 155,581 15,228 102, 546 37,807 12,280 6,662 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 194i—Dec Si 10,379 4901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—De<\ 31 16 208 4,279 10,682 1,246 609 17,020 15,385 . . „ 14 15,371 1,592 542 1947—Dec. 31» 18,641 4,944 11,978 1,718 886 19.714 17,763 17 17,745 1,889 533 1950—Dec 30 21 346 8,137 10868 2,342 797 22,385 20,031 22 20,009 2,247 529 1951—Dec. 31 22^259 9[862 9,819 2,579 886 23,439 20,915 2 26 20,888 2,407 529 1952— Dec. 31 24,003 11,349 9,422 3,231 918 25,233 22,621 2 33 22,586 2,479 529 1953—Tune 30 25,124 12,091 9,464 3, 569 867 26,333 23,628 3 37 23,589 2,516 528 Dec. 31 25,810 12,925 9,184 3,701 983 27, 130 24,398 3 38 24,358 2, 559 528 1954—june 30 26,959 13,890 9,017 4,052 987 28,315 25,440 3 50 25,388 2,626 528 July 28P.... 27,100 14,050 8,930 4,120 970 28,450 25,540 3 50 25,490 2, 630 528 Aug. 25P. .. . 27,300 14,240 8,910 4,150 940 28,630 25,650 3 50 25,600 2,650 527 Sept. 29P 27,460 14,430 8,870 4,160 950 28,810 25,850 3 50 25,800 2,660 527 Oct. 27P. . . . 27.590 14, 590 8,840 4.160 910 28,880 25, 950 3 50 25,900 2,660 527 Nov. 24P 27,660 14,780 8,750 4.130 920 28,970 25,980 3 50 25,930 2,680 527 Dec. 29P 27,840 15,000 8,730 4,110 1,030 29,250 26,340 3 50 26,290 2,680 527 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks' comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 4 million dollars) that became a member bank on Apr. 15, 1954, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications" of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2 Includes "other" assets and liabilities, not shown separately. For other footnotes see following two pages. 159 FEBRUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments 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 l o . e i S e n g n r . a s t n - - O s ri e t t c h ie u e s - r a C s a se sh ts1 a li c c a T c a b a o p o i n l u i t d i t a n t a i l t e l s s 2 Total i I b n a t n e k r- ^ m D a e n - d Other Time a c c T a c 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 Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1.559 6,637 19,862 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 24,227 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 19,307 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 19,287 1,722 2,351 23 1951—Dec. 31 21,379 11,146 8,129 2,104 8,564 30,464 26,859 4,832 20,348 1,679 2,425 22 1952—Dec. 31 22,130 12,376 7,678 2,076 8,419 31,053 27,309 4,965 20,504 1,840 2,505 22 1953—June 30 20,452 11,883 6,639 1,930 7,879 28.814 25,244 4,578 18,736 1,930 2,544 22 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— June 30 22,681 11,619 8.695 2,367 7,524 30,771 27,225 5,517 19,492 2,216 2,630 22 July 28P 22,727 11.574 8.789 2,364 6,611 29,949 26,117 5,379 18,379 2,359 2,642 22 Aug. 25P 22,966 11,380 9,233 2,353 6,654 30,220 26,151 5,241 18,558 2,352 2,646 22 Sept. 29P 22,949 11.504 8.976 2.469 7,296 30,830 26,938 5.338 19,269 2,331 2,644 22 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 23,933 11,897 9,632 2,404 7,349 31.932 27,666 5,404 19,924 2,338 2,811 21 Dec. 29? 24,160 12,278 9,386 2,496 7,786 32,667 28,233 5,643 20,219 2,371 2,805 21 Chicago: 1939—Dec. 30 2,105 569 .203 333 1,446 3.595 3,330 1,947 495 250 14 1941—Dec. 31 2,760 954 430 376 1,566 4.363 4,057 ,035 2,546 476 288 13 1945—Dec.31 5,931 1,333 4 213 385 1,489 7,459 7,046 ,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 1,103 490 13 1951—Dec.31 5,731 2,468 2.711 552 2,196 7,972 7,402 .307 4,952 1,143 513 13 1952—Dec.31 6,240 2,748 2,912 581 2,010 8,297 7,686 .350 5,132 1,205 541 13 1953—June30 5,627 2,552 2,529 546 2,058 7,729 7,119 ,216 4,696 1,207 551 13 Dec. 31. . . 6.204 2,776 2.856 572 2.115 8,366 7,724 ,387 5.095 1.242 566 13 1954—June30. . . 5,975 2,589 2.825 561 2,036 8064 7,419 ,339 4,813 1.267 583 13 July 28P. . 5.980 2,521 2.896 563 1.936 7,971 7,270 ,281 4.733 1,256 583 13 Aug.25* 6,124 2,477 3,077 570 1,902 8,077 7,395 .339 4.802 1,254 587 13 Sept.29P 189 2.497 3.110 582 1,835 8,070 7.343 ,310 4,775 1,258 590 13 Oct. 27P 6,287 2,454 3.259 574 1 ,951 8,290 7.619 .352 4,993 1.274 590 13 Nov.24P 6,422 2,580 3,250 592 1,866 8,341 7,651 ,306 5,079 1,266 592 13 Dec. 29P 6,492 2,780 3,110 602 2,034 8,570 7,742 ,279 5,179 1,284 597 13 Reserve city member banks: 1939—Dec. 30.... 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 13.047 4,806 1.967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 32,877 9,760 2,566 359 1947—Dec. 31. ... 36,040 13,449 20,196 2,396 13,066 49,659 46.467 5,649 29,395 11,423 2,844 353 1950—Dec. 30. ... 40,685 17,906 19,084 3.695 13,998 55,369 51,437 6.448 33.342 11,647 3,322 336 1951—Dec. 31 ... 42,694 19,651 19,194 3,849 15,199 58,654 54,466 6,976 35,218 12,272 3,521 321 1952—Dec. 31 45,583 21,697 19,624 4,262 15,544 61,941 57,357 7,001 37,095 13,261 3,745 319 1953—June 30 44,352 22,150 17,756 4,446 14,447 59,587 54,861 6,066 35,052 13,743 3,874 321 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. 24P 50,612 23,580 21,986 5,046 14,485 66,063 60,391 6,807 38,338 15,246 4,281 303 Dec. 29P 51,079 24,110 21,924 5,045 14,678 66,759 60,889 6,939 38,514 15,436 4,321 301 Country member banks: 1939—Dec. 30... 10,224 4,768 3,159 2,297 4,848 15.666 13,762 598 7,312 5,852 1,851 5,966 1941— Dec. 31. .. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 10,335 6.258 1,982 6,219 1945—Dec. 31. .. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 29,700 12.494 2,525 6,476 1947—Dec. 31... 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 28,810 14,560 2,934 6,519 1950—Dec. 30. .. 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 32,899 14,865 3,532 6,501 1951—Dec. 31... 42,444 16,296 21,587 4,561 13,292 56,349 52,288 1,309 35,449 15,530 3,760 6,484 1952—Dec. 31. .. 45,594 18,213 22,549 4,832 13.281 59,535 55,175 1,301 37,289 16,585 3,970 6,444 1953—June 30 45,359 19,028 21,394 4,936 12,083 58,129 53,606 1,073 35,295 17,237 4,101 6.409 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 1,241 36.242 18.460 4,372 6,376 July 28P 47,808 20.614 22,011 5,183 12,149 60,699 55,750 1,178 36,021 18,551 4,372 6,372 Aug. 25P 48,325 20,328 22,768 5,229 11,909 60,981 56,110 1,243 36,180 18,687 4,393 6,371 Sept. 29P 48,934 20,558 23,100 5,276 12,099 61,788 56,848 1,272 36,801 18,775 4,429 6,366 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 Dec. 29P 50,539 21,444 23,731 5,364 12,530 63,827 58,717 1,367 38,634 18,716 4,557 6,327 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 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 160 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 U m ov . e S e n . r t n- O se t c h u e - r a C ss a e s t h s* l c a T a b a o p i n l i t i d t a t a i l e l s Total1 I b n a t n e k r- i Other a c c T a c o p o t i u t a n a l t l s N b u a o m n f k b s er o t b i l o ig n a s - rities accounts2 m D a e n - d Time 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 6844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 04,015 29,876 8671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 41,851 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 10,382 37,749 11902 13,439 1952—Dec. 31 139,770 63,632 62.308 13,831 44,222 186,255 170,971 14,990 15,371 40,610 12563 13,422 1953—Dec. 31 143,796 67,082 62.381 14,333 44,398 190,638 74,697 15,548 .15,538 43.610 13239 13.412 1954—June 30 144,451 66,805 62,461 15,185 41,164 188,191 172,048 15,044 11,408 45,596 13714 13,380 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 ,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 ,220 84,939 9,229 59,486 16,224 4644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 ,182 82,023 8,410 54,335 19,278 5409 5,005 1951—Dec. 31 75,255 32,317 35,063 7,875 25,951 ,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 ,830 98,974 9,918 66,362 22,694 7042 4,909 1953—Dec. 31 81,913 37.831 35,482 8.600 26,479 ,804 100,654 10.152 66,34.1 24,160 7 391 4,856 1954—June 30 82,482 37,672 35,759 9,051 24,636 ,611 99,362 9,750 64,153 25,459 7686 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 2246 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 2945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,379 40,505 3,993 27,449 9,062 3055 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 40 5!0 5.019 33,437 11,054 3925 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 nonmeniber 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 5,680 083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 12,515 6,558 271 6.478 1951—Dec. 31 18,591 7,701 8,923 1,967 4,926 23,732 21,912 353 14,415 7,144 686 6,602 1952—Dec. 31 20,242 8,605 9,556 2,081 4,970 25,451 23,464 373 15,351 7,740 804 6,627 1953—Dec. 31 21,396 9,328 9,790 2,278 5,020 26,679 24,555 378 15,758 8.419 925 6,672 1954—Tune 30 21,288 9,615 9,362 2,310 4,444 26,012 23,819 312 14,789 8,718 2,007 6,062 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. 31» 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 9,573 157 5,504 3.613 I.288 7.662 1945—Dec. 31 16,849 3,310 12,277 1.262 4,962 22,024 20,571 425 54,101 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 1.596 7,261 1951—Dec. 31 20,380 8,192 9,914 2,275 5,395 26.046 23,843 661 15,650 7,533 1.999 7,252 1 1 9 9 5 5 3 2 — — D D e e c c . . 3 3 1 1 2 2 3 2 , , 2 09 8 6 7 9 9 , , 1 8 3 3 6 8 1 10 0 , , 8 5 3 6 5 7 2 2 , , 6 3 1 9 3 3 5 5 S4 4 1 5 4 0 2 29 7 , , 0 7 5 9 1 9 2 2 6 5 , 5 4 6 24 0 7 7 8 0 4 2 1 • 6 6 , . 5 9 8 7 0 0 8 S , 8 14 0 2 6 2 2, , 1 2 2 4 9 S 7 7 , , 2 2 5 4 1 1 1954—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: 1911—Dec. 31 1,693 642 629 421 151 1,958 i, 789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11.4.24 10,363 10.351 i034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12.207 12,192 252 194 1951—Dec. 31 16,190 7,523 6,921 1,746 695 17,129 15,368 15,343 1578 202 1952—Dec. 31 17.621 8,691 6,593 2,337 732 18,612 16,785 16 75* t730 206 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 18.345 1,819 219 1954—June 30 20,121 10,804 6,309 3,008 807 21,237 19,195 19,145 1,868 219 Noninsured mutual savings banks: 194i—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 077 496 1945—Dec. 31 5.361 1,198 3,522 641 180 5,596 5,022 5 020 55.8 350 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 10*?—Dec. 31 6,382 2,658 2,829 895 137 6,622 5,836 5,833 749 323 1953 -Dec. 31 6,558 2,910 2,707 941 184 6,796 6,015 6.013 740 309 1954—June 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. 5-1 Vn the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947f pp. 870-871. 161 FEBRUARY 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 f[n millions of dollars] Loansl Investments Cla c s a s l a l o nd f d a b te ank i m T l n o a v o e n a e t n n d a s t s l t s - Total i C c m o m c i h k p p o p i n e a a i e a e m e g d r l r t - r n , - - - - A c ti a u g i l r l r - - i- o b p d L a s e T e r r u n e e o r o r o r a s d c s c a k c l a u n - - h r r s a r i t y s o i e T f i i e t r n o n h o s s g r g - l R t o e a a e s t n a - e l s O v u i t d t i n a h o d i l - - e - s r O lo th an e s r Total Total U. B S i . l ls G C o o d c v e n e f a e r e e d t b t r s i e i - t n i s f D s n - i m - - ir e e N n c t o t te o s blig B a o t n io d n s s G t a e u n e a - d r- O S p d s s t a i t g i b u o i i c o a n o o v a a l l b f t d n i n i i - e l - - - t s s s - O s ri e t t h c ie e u s r - All commercial banks:2 1947—Dec. 31. .. 116,284 38,057 18,167 1,660 830 1,220 9,393 5,723 1,063 78,226 69,221 2,193 7,789 6.034 53,191 145,276 3.729 1952—Dec. 31. . . 141,624 64,163 27,8713,919 2,060 1,103 15,712 12,684 1,718 77,461 63,318 7,761 5,580 11,87838,077 22 10,1883,955 1953—Dec. 31. .. 145,687 67,593 27,204 4,965 2,361 1,202 16,694 14,461 1,666 78,094 63,426 5,004 10,237 12,43935,713 34 10,8213,847 1954—June 30. .. 146,383 67,337 26,1205,143 2,462 1,256 17,227 14,462 1,657 79,047 63,508 4,704 5,572 12,37640,818 38 11,9303,608 All insured commercial banks: 1941—Dec. 31. .. 49,290 21,259 9,214 1 ,450 614 662 4. 773 4,,j45 28,031 21,046 988 3,159 12,797 4,102 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,045 51,321 22 3,873 3,258 1947—Dec. 31... 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 14 5,129 3,621 1952—Dec. 31... 139,770 63,632 27,739 3,805 2,050 1,082 15,572 12,603 1,683 76,138 62,308 7,622 5,494 11,71437,456 22 9,977 3,854 1953—Dec, 31 . . . 143,796 67,082 27,082 4,867 2,344 1,181 16,566 14,373 1,629 76,714 62,381 4,895 10,076 12,28335,093 33 10,5873,746 1954—June 30. .. 144,451 66,805 25,976 5,057 2,439 1,228 17,101 14,370 1,623 77,646 62,461 4,575 5,505 12,22340,121 38 11,6823,502 Member banks, total: 1941 Dec 31 43 521 18,021 8,671 972 594 598 3 494 3 (92 25,500 19,539 971 3 00711,729 3 8323 0902,871 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 16 3*. 2542,815 1947—Dec. 31... 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1952—Dec. 31... 119,547 55,034 26,232 2,416 2,032 966 12,214 10,396 1,577 64,514 52,763 6,565 4,255 9,835 32,087 19 8,409 3,342 1953—Dec. 31. .. 122,422 57,762 25,5193,263 2,321 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 57,197 24,36? 3,402 2,411 1,106 13,440 11,840 1,513 (55,988 53,1 H 3,915 4,417 10,37434,369 36 9,890 2,987 Oct. 7... 129,519 57,233 24,357 2,391 2,451 1,168 13,913 11,915 1,926 72,286 58,757 4,531 3.74C 13,01237,460 13 10,4903,639 New York City:* 1941—Dec. 31. . . 12,896 4,072 2,807 8 412 169 123 5:4 8,823 7,265 311 1,623 3,652 1,679 729 830 1945 Dec 31 26,143 7 334 3,044 2,453 1 172 80 287 298 18', 809 17,574 477 3,433 3,325 10,337 1 606 629 1947—Dec. 31. . . 20,'393 7,179 5*361 '545 *267 111 564 330 13*214 11,972 1 002 640 558 9,771 638 604 1952—Dec. 31. . . 22,130 12,376 8,680 1,531 286 386 1,136 539 9 [754 7,678 1,079 233 1,170 5,195 11,453 623 1953—Dec. 31 22,058 12,289 8,218 " " 1261,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 11,365 639 1954—Tune 30. .. 22,681 11,619 7.447 144 1 ,778 364 390 1,220 466 11,062 8,695 1,014 711 1,454 5,510 6 1,851 516 Oct. 7... 23,794 11,633 7,304 2 1,792 364 418 1,216 730 12,161 9,643 844 552 2,179 6,064 52,016 501 Chicago:* 1941—Dec. 31... 2,760 954 732 6 48 52 22 c6 1,806 1,430 256 153 903 119 182 193 1945 Dec 'I 5 931 1,333 760 2 211 233 36 51 40 4,598 4 213 133 1 467 749 1,864 181 204 1 X J 9 ' 4 T*L 7 J —D A ~f e \^ c \^» . 3 \J- 1 .3. . • . a . • 5*,088 1,801 1,418 3 73 87 46 149 26 3^287 2,890 132 235 248 2,274 213 185 105? 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—Tune 30. .. 5,975 2,589 1,835 134 242 74 81 206 74 3,386 2,825 113 261 721 1,731 387 174 Oct. 7... 6,343 2,473 1,833 6 238 73 80 211 88 3,870 3,302 244 223 864 1,970 378 191 Reserve city banks: 1941—Dec. 3\ . . . 15,347 7,105 3,456 300 114 194 1,527 1,' 12 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 1,459 855 404 31,594 29,552 1,034 6\982 5,653 15,878 5 1,126 916 1947—Dec. 31. .. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 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 11,594 142,934 1.328 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 1,238 1954—Tune 30. ., 47,056 22,453 10,010 953 326 468 5,639 4,797 629 24,603 19,813 1,241 1 ,590 4,183 12,773 26 3,585 1,206 Oct. 7... 49,676 22,531 10,128 497 346 523 5,860 4,825 726 27,145 22,042 1,381 1,474 5,122 14,060 63,875 1,228 Country banks: 1941—Dec. 31. . . 12 518 5,890 1 676 659 20 183 1,823 1 «30 6 628 4 377 110 481 2 926 861 1,222 1 028 1945—Dec. 31 . . . 35,002 5,596 1,484 648 42 471 1,881 707 363 29i407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1947—Dec. 31 . . . 36,324 !0,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 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 43,639 1,194 1953—Dec. 31. .. 47,404 19,934 4,822 2,204 59 210 7,114 5,441 336 27,470 22,423 1,819 3,374 4,285 12,940 53,911 1,136 1954—June 30. .. 47,474 20,537 5,071 2,170 66 200 7,331 5,618 345 26,937 21,779 1,548 1,855 4,017 14,355 44,067 1,090 O~t. 7... 49,706 20,596 5,092 1,885 75 208 7,555 5,662 383 29,110 23,770 2,062 1,492 4,847 15,366 34,221 1,119 All nonmernber banks:2 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 4 1,078 625 1952—Dec. 31. .. 22.096 9,136 1,639 1,503 29 137 3,505 2,288 141 12,960 10,567 1,196 1,325 2,043 6,000 3 1,781 613 1953—Dec. 31. .. 23,287 9,838 1,685 1,702 40 142 3,681 2,551 148 13,449 10,835 909 1,951 2,139 5,834 2 1,951 662 1954—June 30. . . 23,220 10,147 1,758 1,741 51 150 3,795 2,622 144 13,073 10,409 790 1,155 2,002 6,460 22,042 621 * These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 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 paget 162 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 IJ A I?! LIT IKS [In. millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d d f a b te ank F s w e e R R r d i v e e e th e - - r s al v C a i a n u s l h t m a w B n d e i c a o s t e l t - h - i s c p m o a D d a d s e e n i - - t - d s I d n e te p r o b s a i n ts k G U o . v S - . p S o a t l a i n t t d i e c s al C o f a e i f n e f r d i d t - i- p v s a i I h d r n i t p u d n v a i e S - l , r s - , Inter- m G L er \ o e n v n S - - t . S p a o t n a l d i t t e - s p v s a i I h d r n t i u d n p a i e s - l , r s - , r i B o n o g w r 's - - c C o a t a u a c p - l n i t - s B se a r n v k e s banks4 justed5 m D es o ti - c4 F ei o g r n - m er e n n - t v s i u s b io d n i- s ch c e e e t c c r . s k ' s, an p t d i o o r c n a o s - r- bank P S a o a n s v d t - al v s i u i s c i b a o d l n i s - an p t d i o o r n c a o s - rings 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 11,875101,506 13.109 1.465 4,941 3,910 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 9,54ft 2 .996100,062 1,167 338 1.944 4! ,714 62 13,559 1954—June 30. . IS,924 2,660 11,033 98,117 12,470 1 ,328 5,591 9,925 2 ,789 94.282 1,699 331 2,319 43,334 55 14,038 Al! 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 5,008 2,585 72.593 70 103 496 29,277 215 8.671 1947—Dec. 31.. 17,796 2,145 9,736 85.751 11,236 1,379 1,325 6 <>9i 2.559 83 .723 54 111 826 33.946 61 9 734 1952—Dec. 31.. 19,809 2,720 11,489 100,32912.948 1 ,437 4.912 8 776 2.938 98.746 605 346 1,564 38,700 181 12,563 1953—Dec. 31.. 19,995 2.482 11,724 101,28913.221 1,296 4,116 9 407 2»78 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 73,52810,978 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 85,54312,594 1.433 4.567 7 029 2,744 85,680 592 321 1 ,30331.266 165 10,761 1953—Dec. 31.. 19,997 1,870 7,554 86,12712.858 1,291 3.756 7 530 2.783 85,711 1,021 308 1,595 33,3\) 43 11 .316 1954—Tune 30. . 18.925 2.001 7.062 82.78311.956 1 .280 5,165 7 83<) ? 5R1 81.034 1 .497 300 1 01? 34.687 38 11 709 Oct. 7.. 18,908 1,930 6,896 85,34112,280 1,352 6,546 7,058 2.435 82,775 1,560 324 2,017 35,370 409 12,012 New York City:* 1 1 9 9 4 4 1 5 — — J D 3 e ec c # . 3 3 i 1 . . . . 4 5 , ,1 0 0 1 5 5 1 9 1 3 1 1 7 4 8 1 1 1 5 0 , , 0 7 6 6 5 1 3 3 , , 5 5 9 3 5 5 1,1 6 0 0 5 7 6,9 8 4 6 0 6 3 2 1 3 9 7 1 4 3 5 3 0 8 1 1 1 5 , , 2 7 8 1 2 2 1 6 7 10 2 2 9 0 1,2 7 0 7 6 8 '' 195 2 1 , ,6 1 4 2 8 0 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?> '?371 033 1 378 404 1 100 16 601 1 ,246 51 1 si 2.014 1 2,630 Oct. 7.' .' 4,636 154 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—])ec# 3i 1,021 43 298 2.215 1,027 8 127 233 34 2 152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3 160 710 377 1947—Dec. 31. . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 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 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 1954—June 30. . 1,290 30 154 3.844 1.287 34 410 207 74 4 032 13 4 10 1 .253 583 Oct. 7. . 1,136 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. . 4,060 425 2,590 11,117 4,302 54 491 1.144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31. . 6,326 494 2.174 22,372 6,307 110 8,221 1.763 611 22,281 30 38 160 9.563 2 2.566 1947—Dec. 31. . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1952—Dec. 31.. 7,788 651 2,419 30,609 6,662 230 1,814 2,693 791 31,798 109 105 739 12,417 8 3,745 1953—Dec. 31. . 8,084 568 2,463 30,986 6,869 219 1,504 2.880 828 32,065 166 98 830 13,203 3,984 1954—Tune 30.. 7,553 fill 2.352 29,940 6,220 202 2.015 2.877 677 30,503 214 07 002 13,867 11 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: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1.982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2.004 435 21,797 17 52 219 12,224 11 2; 525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 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—Tune 30. . 5.468 1,230 4.496 33,569 1.211 11 1 ,362 4,26! 720 29.898 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 1 19 9 5 4 2 7 — — D D eecc . 3 3 1 1 6 5 7 4 2 4 4 3 , , 4 9 9 4 8 7 1 1 3 5 , , 5 9 9 6 5 4 3 5 8 1 5 6 5 3 5 4 3 1 7 6 4 7 1 1 , , 2 88 9 1 5 2 1 1 8 2 0 1 1 2 4 , , 2 1 8 1 4 3 1 15 9 2 0 25 6 3 1 1 7 7 2 6 7 , , 8 8 5 0 8 0 2 1 3 2 2 1 , , 1 59 2 6 9 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 3Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3Central 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. ^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. FEBRUARY 1955 163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date i T m l n a o v o e n a e t n d n a s t s l t s - i j m L n u a a o v s e n d a e t n d e - n s t d t s s - 1 L u o a s a d te n - d s 1 i C t n m c a r d o i i n e a a u m d r l l s , - , - - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C t f a e i e f t b i i e r n - t - s - - Notes Bonds- O s ri e t t c h ie u e s - r b L a o t n o a k n s s t a c u g u r r l a - i- l G U l o i o . g b v a - S - t . . O c s u t e h r - i e - r G U o o . b S v - . t. O c s u t e h r - i e - r n e e d s - s tions ties ties Total- Leading Cities 1954—January... 80,275 79,735 !9,218 22,744 1,812 859 6,483 7,95733,001 2,740 5,089 6,503 18,669 7,516 540 November. 85,876 85,248 9,220 21,619 2,246 1,009 7,038 7,970 37,456 2,611 2,348 8,615 23,88218.572 628 December.. 86,965 86,187 4"0,549 22,347 2,538 1,062 7,128 8,134 37,028 2,491 2,547 8,37723,613]8,610 778 1955—January... 86,398 85,620 40,443 22,202 2,434 1,079 7,225 8,20536,532 2,378 2,681 8,158 23,3158,645 778 1954—Nov. 3... 85,721 84,932 38,844 21,104 2,466 991 6,997 7,94937,358 2,500 2,369 8,68823,801 8.730 789 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 ?9,503 22,107 2,022 1,014 7,051 7,97137,677 2,80? 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 85,78340,114 22,214 2,367 1,037 7,083 8,07537,106 2,378 2,240 8,55223,9368,563 770 Dec. 8... 86,376 85,58340,181 22.255 2,390 1,034 7,088 8,07836.752 2,225 2,150 8,48823,8898,650 793 Dec. 15. .. 87,200 86,47040,690 22,359 2.679 1,049 7,136 8,125 37,174 2,615 2,763 8,357 23,439 8,606 730 Dec. 22... 87,448 86,56440,751 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 86,53441,008 22,486 2,688 1,113 7,176 8,20536,902 2,543 2,768 8,200 23,3918,624 715 1955—Tan. 5 . . .86,656 85,824 40,636 22,334 2,541 1,101 7,182 8,181 36,573 2,279 2,729 8,210 23,3558,615 832 Jan. 12... 86,290 85,481 40,451 22,237 2,419 1,082 7,217 8,20036,513 2,301 2,714 8,179 23,3198,517 809 Jan. 19. .. 86,152 85,44940,309 22,163 2,324 1,080 7,238 8,20836,602 2,497 2,644 8,166 23, 2958,538 703 Jan. 26... 86,495 85,72940,377 22,074 2,449 1,055 7,263 8,24036,441 2,434 2,638 8,07623,2938,911 766 New York City 1954—January... 21,678 21,288 11,674 8,209 2571 .069 258 381 1,646 7,569 889 982 1,120 4,578 2045 390 November. 23,685 23,286'11,336 7,405 3921,264 375 447 1,632 9.525 842 492 2,127 6,064 2,425 399 December.. 24,081 23,623 11,788 7,563 479 1,371 387 458 1,707 9,382 840 497 2,002 6,0432,453 458 1955—January. . . 23,630 23,172 11,629 7,404 3321,488 387 491 1,724 9,050 689 535 1,884 5,9422,493 458 1954—Nov. 3 . . 2.3,813 23,338 11,332 300 5361,254 363 441 1,61? 0,483 747 512 2,206 6,018 2,523 475 Nov. 10. ..23,306 22,969 11,107 260 3381,269 372 445 1 ,604 9,483 80? 496 2,129 6,0562,379 337 Nov. 17. ..23,727 23,320 11,319 527 2761,227 381 448 1,640 9,599 930 508 2,096 6,0652,402 407 Nov. 24. . .23,89" 23,518 11,585 7,53? 4201,305 386 452 1,672 9,536 889 453 2,076 6,118 2,397 379 24,022 23,559 11,688 7,575 1 ,302 389 451 1,697 9,474 821 447 2,090 6,116 2,397 463 23,828 23,417 11,667 7,567 4221,337 376 448 1,699 9,297 761 409 2,026 6,101 2,453 411 24,290 23,869 11,924 7,558 5881,413 386 461 1 ,700 9,479 890 558 2,006 6.025 2,466 421 24,134 23,587 11,758 7,547 420 .398 395 465 1,714 9,369 874 541 1,968 5,986 2,460 547 24,134 23,686 11,904 7,568 508 ,407 391 467 1,724 9,294 853 531 1,921 5,989 2,488 448 1955 23,800 23,340 11,727 7,454 ,447 390 469 1,726 9,136 709 588 1,891 5,9482,477 460 23,512 23,064 11,636 7,422 338 ,464 390 48<) 1,732 8,97 620 554 1,878 5,9252,451 448 23,446 23,020 11,549 7,381 286 ,479 382 497 1,724 8,994 679 495 1,885 5,9352,477 426 23,761 23,263 11,603 7,358 280 ,561 388 508 1,712 9,094 747 503 1,883 5,961 2,566 498 Outside New York City 1954—January... 58,597 58,447 27,544 14,535 486 552 6,102 6,311 25,432 1,851 4,107 5,383 14,091 5,471 150 November. 62,191 61,962 27,884 14,214 590 620 6,591 6,33827,931 1,769 1,856 6.488 17,8186,147 229 December.. 62,884 62,564 28,761 14,784 688 659 6,670 6,427 27,646 1,651 2,050 6,375 17,570 6,157 320 1955—January. 62,768 62,448 28,814 14,798 614 676 6,734 6,48327,482 1,689 2,146 6,274 17,3736,152 320 1954- 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 , 8666,497 17,7946,080 169 Nov. 17. 62 ,604 62,425 28,184 1.4,580 519 620 6,603 6,33128,078 1,872 ,851 6.490 17,8656,163 179 Nov. 24. 62,626 62,37428,362 14,600 608 635 6,625 6,36327,875 1 ,716 ,847 6,484 17,8286,13" 252 Dec. 1. 62,531 62,224 28,426 14,639 609 637 6,632 6,37827.632 1.557 ,793 6,462 17,820 6,166 307 Dec. 8. 62,548 62,166 28,514 14,688 631 647 6,640 6,379 27,455 1,464 ,741 6,462 17,788 6,197 382 Dec. 15. 62,910 62,601 28,766 14,801 678 651 6,675 6,425 27,695 1,725 2,205 6,351 17,414 6,140 309 Dec. 22. 63,314 62,977 28,993 14,876 749 669 6,691 6,47327,836 1,819 2,275 6,318 17,424 6, 148 337 Dec. 29. 63,115 62,84829,104 I4.y18 773 688 6,709 6,481 27,608 1,690 2,237 6,279 17,4026,136 267 1955—Jan. 5. 62.856 62,484 28,909 14,880 668 683 6,713 6,45527,43 1,570 2,141 6,319 17,407 6,138 372 Jan. 12. 62,778 62,417 28,815 14,815 617 678 6,728 6,46827,536 1,681 2,160 6,301 17,394 6, 066 361 Jan. 19. 62,706 62,429 28,760 14,782 559 684 6,741 6,48427,608 1,818 2,149 6.281 1.7,3606,061 277 Jan. 26. 62,734 62,466 28.774 14,716 608 657 6,755 6,52827,347 1,687 2,135 6,193 17,,33.312 6,345 268 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 3 Includes guaranteed obligations. For other footnotes see opposite page. 164 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] D ex e c m e a p n t d in d t e e p rb o a si n t k s, ex T c i e m pt e i d n e t p e s r i b t a s, nk In de te p r o b s a it n s k Borrowings Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e a n d t v - h l - k e s v C a a i u s n l h t b m a w a n d e n i c o s t - e k h t s i s c j p m li o a d s a d s e t n i e - - t d d s 2 s p p u v h n c a o a a o i n e i r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l b a d n i t i l - t e s - - s c C h c o a f e e e e i f n t e c f r r c d d i t s k . - i ' s - , I m G e T. r o e n v v n S - - t . s p p u v n c h a o a a o i n e i r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n d i t i l - t e - s - s P U m G S e i a o n r . a n o e s g n v d S n v t s - - a t - . l m D t e i D o c s - - eman F e d i o g r n - Time B F s F e R e r a e r r o e a n d v m - l k - e s F ot r h o e m rs c C o i a t a u c a p - n ] - ts tions tions Total- Leading Cities 1954—January . . 14,796 991 2,781 55,88057,112 3,932 1,826 1,95617,564 949 19011,437 1,258 1,025 531 7,591 November 14,014 965 2,719 55.74557,405 3,790 2,087 4,2221.8,633 1,198 203 11,602 1,315 1 ,460 633 8,136 December. 14,107 1,052 2,706 57,47859,275 3,876 2,289 3,38718,674 1,182 206 11 ,556 1,404 1,448 816 8,156 1955—January.. 13,978 980 58,23059,598 4,032 2,077 .,79218,856 1,141 211 11,482 1,386 1,464 238 8,160 1954—Nov. 3 . . 13,877 951 55,47257,256 3,865 2,104 .,793 18,699 1,220 203 11,516 1,324 ,461 983 8,131 Nov. 10. .14,186 984 55,57356,926 3.698 1 ,964 3,83318,679 1,215 203 11,657 1,293 .463 387 8,132 Nov. 17.. 14,056 964 55,68257.879 3,796 1 ,939 4,741 18,578 1,179 203 12,119 1,30 .461 474 8,137 Nov. 24. . 13,935 960 2.54256,25457,557 3,803 2,342 4,52218,578 1,1 76 203 11,116 1,334 ,456 689 8,142 Dec. 1 . .13,891 967 2,64256,41.457,876 3,956 2,426 4,22318,555 1,183 203 11,303 1 ,354 ,456 766 8,162 Dec. 8. . 13,980 1,059 2,56956,58357,648 3,754 1 .8493,70618.621 1,180 203 11,426 1,380 ,458 109 652 8,152 Dec. 15. . 14,355 1,065 2,83057, <; ,036 3,816 2,793 3,22618,655 1,195 209 11,953 1,393 ,443 128 596 8.146 Dec. 22. . 14,167 1,084 2,79458,02559,697 3,917 2,249 3,18418,732 1 ,198 209 11,737 1,425 ,440 78 746 8,144 Dec. 29. . 14,141 1,084 2,69358,44560,117 3,939 2,129 2,59718,806 1,154 209 11,359 1,470 ,444 373 632 8,174 1955—Jan. 5.. 14,329 958 2,69!57,85759.012 3,958 2,021 2,2421.8,845 1,158 213 12,012 1,420 1,440 197 713 8,1 76 Tan. 12.. 13,946 1,031 2,62757,98160,113 3,841 1,793 1,50218,865 1,157 210 11,717 1,403 1,464 355 669 8,154 Jan. 19.. 13,869 964 2,63058,36859,884 3,981 1,806 1,47718,857 1 ,122 210 11,502 1,372 1,473 136 563 8,138 Jan. 26. . 13,766 968 2,50458,71659,383 4,348 2,689 1,94818,856 1,126 211 10,695 1,347 1,481 263 563 8,172 New York City 1954—January.. 4,876 153 15,92316,972 284 951 525 1,846 139 3,217 1 ,000 837 202 2,546 November 4,491 163 15.80516,837 356 1,130 1,393 2,021 237 3,189 1 ,059 1,104 297 2,776 December 4,498 181 16,41517,630 310 1,304 967 2,060 220 3,211 1,133 1,185 389 2,770 1955—January.. 4,424 154 16,51717,532 359 1,124 471 2,079 191 3,167 1,084 1,174 39 355 2,780 1954—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 15,690 16,595 331 1,051 1,357 2,028 252 3.172 1,043 1 ,194 154 2,777 Nov. 17.. 4,395 156 15,751 16,876 345 881 1,463 2,005 222 3,343 1 ,052 1,192 113 2,779 Nov. 24. . 4,458 167 15,978 16,946 299 1,370 1,378 2,025 222 3,103 1,070 1 ,196 381 2,774 Dec. 1 . . 4,354 162 16,184 17,310 312 1,405 1,279 2,019 220 3,126 1,080 1,198 316 2,780 Dec. 8. . 4,490 193 16,118 16,964 277 917 1,096 2,037 215 3,106 1,114 1 .199 419 2,768 Dec. 15. . 4,553 188 16,624 18,256 336 1,752 898 2,069 222 3,368 1,132 1,185 331 2,764 Dec. 22 .. 4,513 189 16,470 17,531 299 1,269 862 2,097 240 3,208 1,157 1 ,1 69 444 2,766 Dec. 29. . 4,581 175 16,681 18,090 328 1,175 698 2,078 204 3,249 1 ,184 1,173 438 2,770 1955—-JTaann.. 5. . 4,556 155 3616,483 17,456 303 979 620 2,076 199 3,289 1,122 1 ,1 70 427 2.779 Jan. 12.. 4,515 163 16,320 17,467 289 884 403 2,074 208 3,186 1,108 1 ,1 70 155 420 2,779 Jan. 19.. 4,367 146 16,466 17.586 319 860 372 2,080 177 3,211 1.066 1 ,1 76 281 2,780 Jan. 26. . 4,259 151 16,799 17,620 525 1,770 491 2,085 18! 2,983 1 ,038 1 ,179 294 2,782 Outside New York City 1954—January.. 9,920 838 2,736 39,957 40,140 3,648 875 1,4311.5,718 810 136 8,220 258 1S8 329 5,045 November 9,523 802 2,673 39,940 40,568 3,434 957 2,82916,612 961 149 8,413 256 266 336 5,360 December. 9,609 871. 2,652 41 ,063 41, 6453,566 985 2,42016,614 962 152 8,345 271 263 427 5,386 1955—January.. 9,554 826 2,57041,713 42,066 3,673 953 1,32116,777 950 157 8,315 302 290 199 5,380 1954—Nov. 3 . . 9,317 796 2,576 39,671 40,326 3,416 2,41.8 16.673 967 8,377 254 269 445 5.355 Nov. 10. . 9,636 81.1 2,695 39,883 40.331 3,367 913 2,476 1.6,651 963 149 8,485 250 269 233 5.355 Nov. 17.. 9,661 808 2,927 39,931 41,003 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 40,23040,566 3,644 1,021 2,94416,536 963 8,177 274 258 450 5,382 Dec. 8. . 9,490 866 2,528 40,465 40,684 3,477 932 2,61016,584 965 8,320 266 259 109 233 5,384 Dec. 15.. 9,802 877 2.782 41 42,780 3,480 1,041 2.32816,586 973 155 8,585 261 258 128 265 5,382 Dec. 22. . 9,654 895 2.742 41,555 42,166 3,618 980 2.32216,635 958 155 8,529 268 27! 78 302 5,378 Dec. 29. . 9,560 909 2,642 41,764 42,027 3,611 954 1,89916,728 950 155 8,110 27.1 373 194 5,404 1955—Jan. 5 . . 9,773 803 2,65541,374 41.556 3,655 1 ,0421,622 1.6.769 959 159 8,723 270 1 286 5,397 Jan. 12. . 9,431 868 2,58541,661 42,646 3,552 909 1,099 16.701 949 156 8,531 295 294 200 249 5,375 Jan. 19. . 9,502 818 2,58141,902 42,298 3,662 946 1,105 16.777 945 155 8,291 30 297 13f 282 5,358 Jan. 26.. 9,507 817 2,459 41,91.741,763 3,823 919 1 ,45716.77.1 945 157 7,712 309 302 263 269 5,390 3Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. NOTE.—Monthly averages and Wednesday figures for total leading cities for full year 1954 are shown on pp. 212-213 of this BULLETIN. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227. 165 FEBRUARY 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 anc mining Comm'I. Metals Public ind'l, Period2 t l o F i b q a o n a u o d c o d c r , o , a T l p e e a p a x n t a t h d i r l e e e r l s , , o * m e t r r m ( a r y o a i a c e n d n h n a t c d u a i n s l n c l . . d t - s ch r P l e u c e a e m b o u n t a b r m i d l o c e , , a - r l, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n n m l i e c e s - e s u p t t t ( r i o i i a l o n r i n n c t t i a s l ) e . - - s s C t t i r o o u n n c - - bu t o y s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch t a a o a g n t n r a g d ' l e l . 3 — 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 -93 37 2,769 2,372 1952—Jan.-June. . .. -868 -73 1.111 176 76 -105 -634 -217 -2 18 -28 -546 -637 July-Dec... 754 -40 250 36 141 662 544 -57 13 191 2,494 2.435 1953— Jan.-June. . . -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 -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 Monthly: 1954—November... 130 -44 -49 -14 -18 30 131 63 13 24 50 316 "1,089 December... 111 -30 -24 49 -17 -68 78 228 46 14 4 390 354 1955—Janua.iv. — 119 28 7 — 10 — 116 -82 5 -9 4 —80 -371 -412 Week ending: 1954—Nov. 3 — 1 o -38 14 -18 -7 39 29 23 7 13 52 61 Nov. 10 48 -9 —5 -36 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 i 1 8 8 -33 -3 27 14 25 Dec. .1 .... 51 -28 -10 7 -4 9 41 45 -22 -1 3 91 82 Dec 8 34 2 —31 39 -2 7 4 o 8 "7 45 41 Dec 15 50 —3 25 — 14 —5 —25 4 74 -20 9 96 104 Dec. 22 17 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 1955—Jan. 5 -70 -1 3 9 -7 -56 -23 43 -4 -1 -37 -144 -152 Tan. 12.... -8 11 1 -17 4 -12 -43 -44 -1 4 4 -100 -97 Jan. 19.... -17 5 15 5 -2 -28 -9 11 14 1 -27 -32 -74 Tan, 26.... -24 14 -13 3 -6 -19 -7 -4 -1.8 -20 -95 -89 "Corrected. 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. NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 214 of this BULLETIN. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING fin millions of dollars! Dollar acceptances outstanding Commercial and finance paper outstanding1 Held by Based on End of month Total Accepting banks F. R. Goods stored in or Placed out- Banks Im- Ex- shipped between Total t P hr la o c u e g d h dir l e y ct- st i a n n g d- a ( c f c or t. Oth- p i o n r to ts p fr o o r m ts D e o x ll - ar ponits in dealers2 (finance To- Own Bills of United United change paper)3 tal bills bought for. States States United Foreign corr.) States countries 1948—December 674 277 397 259 146 71 76 3 109 164 57 1 25 12 1949—December.... 837 270 567 272 128 58 70 11 133 184 49 30 9 1950—December... . 920 345 575 394 192 114 78 21 180 245 87 2 28 1951—December 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952—December 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953—December 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954—January 2 ,155 635 1,520 586 195 144 51 17 373 266 157 45 73 46 February.... 2,308 716 1,592 545 185 149 36 10 350 238 151 44 71 41 March 2,291 735 1,556 580 198 149 50 13 369 247 139 47 107 39 April 2,215 694 1,521 623 228 165 63 17 379 270 142 38 127 46 May 2,168 641 1 ,527 616 227 171 56 14 374 277 143 36 115 45 June 2 ,150 679 1,471 589 220 164 56 14 355 246 143 60 96 43 July 2.208 747 1,461 589 205 164 41 9 376 225 136 92 91 46 August 2,228 794 1 ,434 563 198 155 43 5 360 205 134 75 101 47 September.. . 2.192 803 1,389 609 2s9 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 '=241 71 19 437 248 164 42 247 66 December.... 1,924 733 1 ,191 873 289 203 86 19 565 285 182 17 300 89 "Corrected. *New series; not comparable with earlier data. 2As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. 3As reported by finance companies that place their paper directly with investors. Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427. 166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAYINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Date a T s o s t e a ts l Total U St n a i t t e e s d St l a o t c e a a l 1 nd Foreign2 Total Bonds3 Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y a O s t s h e e ts r End of year:4 i939 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 3 04 5 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 19^6 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 104 7 . . 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 194 8 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 17,31.3 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 19SI 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 2,954 3,302 End of month:5 3951 —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 i, 733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—November 77,552 12.365 9,830 1,945 590 34,096 31,781 2.315 23,017 2,000 2,873 3,201 December 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—January 78,866 12,470 9,779 2,105 586 34,639 32,266 2,373 23,435 2,039 2,905 3,378 February ., 79,251 12,498 9,781 2,122 595 34,816 32,430 2,386 23,570 2,053 2,923 3,391 March 79,649 12,4-16 9,661 2,170 585 35,053 32,635 2,418 23,769 2,066 2.956 3,389 80,114 12,424 9,635 2,208 581 35,216 32,759 2,457 24,005 2,086 2,978 3,405 May 80,547 12,452 9,539 2,326 587 35,371 32,871 2,500 24,174 2,102 3.000 3,448 June . ,. 80,981 12,294 9,343 2 363 588 35,683 33 150 2 533 24,384 2,129 3,023 3,468 Tulv 81 ,510 12,222 9,189 2,456 577 35,943 33,369 2,574 24,572 2.147 3,045 3,581 Aut^'ift 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 November 83,338 11,992 8,936 2,575 481 36,663 34,040 2,623 25,574 2,260 3,075 3,774 'Includes United States and foreign. 2Centra] government only. 3Includes 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 dollars1, Assets Assets End of U. S. Savings End of U. S. Savings year Total 1 g M ag o e r s t- 2 G m o o v b e l e n i r - t n- Cash Others capital quarter Total 1 g M ag o e r s t- 2 G m o ob v e l e n i r - t n- Cash Others capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1951—4 19,164 15,520 [,606 1,082 866 16,073 2 940 5,733 4,125 71 307 940 4,322 1941 6,049 4,578 107 344 775 4,682 1952—1 19,688 16,057 1,690 1,080 774 16,811 1942 6,150 4,583 318 410 612 4,941 2 20,599 16,875 1,687 1,182 770 17,656 1943 6,604 4,584 853 465 493 5,494 3 21,295 17,696 1,765 1,044 708 18,198 1944 7,458 4,800 1,671 413 391 6,305 4 22,585 18,336 1,791 1,306 1,072 19,143 1945 8,747 5,376 >,420 450 356 7,365 1946 10,202 7,141 2.009 536 381 8,548 1953—1 .... 23,442 19,051 1,926 1,259 1,128 20,072 1947 11,687 8,856 1,740 560 416 9,753 2.... 24,724 20,099 ,997 1,333 1,218 21,140 1948 13,028 10,305 1.455 663 501 10.964 3.... 25,582 21,116 ,982 1 ,196 1,212 21,735 J 949 14,622 11,616 1,462 880 566 12,471 4.... 26,638 21,882 ,923 1 ,500 1,258 22,778 1950 16,846 13,622 L,489 951 692 13.978 1951 19,164 15,520 1,606 1 ,082 866 16,073 1954— 1P... 27,667 22,722 ,928 1,613 1,330 23,901 1952 22,585 18,336 ,791 1,306 1 ,072 19,143 2P... 29,105 23,847 1,961 1 ,782 1,442 25,3 63 1953 26,638 21,882 ,923 1.500 1,258 22,778 3 P ... 30,168 25,053 ,972 1,671 1,400 25,895 P Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. FEBRUARY 1955 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDTT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department, [n millions of dollars] End of year End of quarter Asset or liability, and agency 1953 1954 1945 1946 1947 1948 1949 1950 1951 1952 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 Mortgage 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 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 Assn 7 6 4 199 828 1,347 1,850 2,242 2,540 2,462 2,366 2.301 Home Owners' Loan Corporation.2 852 636 486 369 231 10 Reconstruction Finance Corporation45. 12 10 •1 177 168 137 123 115 110 108 106 104 V O e th te e r r a a n g s e A nc d i m es i 4 nistration \ 25 6 65 22 24 35 169 246 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 232 192 272 310 462 458 488 516 536 509 415 Reconstruction Finance Corporation5 T. 149 151 241 272 423 400 415 457 473 8294 270 191 Other agencies 83 41 31 38 38 58 74 63 8214 223 224 58 To financing institutions, total 267 314 447 525 445 824 814 802 P52 630 678 Reconstruction Finance Corporation5. 60 14 7 6 8 8 8 864 (•) (») Federal home loan banks 195 293 436 515 433 816 806 801 952 630 675 Other agencies 12 7 4 4 4 864 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 Corporation5 7. 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 Foreign Operations Administration "1,515 1,533 1,537 1,539 1,544 All other purposes, total 707 623 714 584 531 779 1,095 830 763 641 471 Reconstruction Finance Corporation5 r. 309 232 «340 190 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 11,692 12,733 13,228 14,422 17,826 18,502 19,883 19,877 18,489 Investments: U. S Government securities, total 1,683 1.873 1,685 1,854 2,047 2 075 2,226 2.421 2.586 2.602 2,960 2,911 Banks for cooperatives 43 43 48 43 43 43 43 43 43 43 43 52 Federal intermediate credit banks 43 47 48 44 74 46 51 . 60 62 63 50 50 Production credit corporations 67 70 72 66 39 42 43 43 45 45 43 42 Federal land banks2 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 VI 12 12 8 Federal Housing Administration 106 122 132 144 188 244 28.> 316 318 319 310 257 Reconstruction Finance Corporation5 7.... 49 48 () I Federal Deposit Insurance Corporation.... 80 1,045 1,020 1,064 1,307 1,353 1,437 1,509 1,526 1,593 1,609 Other agencies 38 28 29 9 1 1 I 1 1 1 1 Investment in international institutions. 318 3,385 3,385 3.385 3 385 3385 3,385 3,385 3,385 3,385 3,385 Other securities, total^ 325 230 154 133 107 88 78 44 40 40 54 Reconstruction Finance Corporation5. 244 159 108 98 83 71 66 38 35 35 50 Production credit corporations 55 46 35 29 22 16 11 5 5 4 Other agencies 26 24 11 6 2 1 1 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 Corporation 1,034 463 448 437 1,376 1,638 1,174 978 1,884 2,086 2,20: 2,802 Reconstruction Finance Corporation5 7 1,131 667 235 157 142 108 129 17? 134 156 168 91 Other agencies 122 134 138 32 30 28 159 131 241 272 32 476 Land, structures, and equipment, total 21,017 16,924 12,600 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 1.1 73 1,030 1 ,018 958 823 Reconstruction Finance Corporation5 7 6,91<> 2.861 35 630 611 605 594 1<)9 181 175 169 161 Tennessee Valley Authority 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 1,11 1,252 689 965 77: 1,190 1,369 1,330 1,243 1,182 949 971 Banks for cooperatives 8 33 69 70 78 110 170 181 119 150 133 120 Federal intermediate credit banks 245 293 358 480 490 520 674 704 776 619 626 736 Federal land banks2 79: 756 Federal home loan banks 69 169 262 415 204 560 525 349 414 190 115 For footnotes see following page. 168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items1 Li i a n b t i e l r it a i g e e s, n c o y th e it r e m th s an Date, and corporation or agency Total Cash L c a o r e b e a i l - v n e - s m m C p s t a i l u o o a n i e p e m d t s d e - s , i - , - - G U o . v I S m n t . . v e e n s O ts t- ther e L s t q u t a a r u r n u n e i d d c p s - , , - O a th s- er a t B F g u n a u u o r t n e a e l n d l s r e d y - d s d p , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - i u m G n e e . r t o e s e n t s v n r - - t - . o v in P w a e t r t s e n i e t - r e l - y d rials by U. S. All agencies: 1946—Dec. 31... 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,588 24,810 498 1947—Dec. 31 2.. 30,966 1,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,037 28,015 143 1948—Dec. 312.. 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,663 18,886 166 1949—Dec. 31... 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31... 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,193 21,995 234 1951—Dec. 312.. 26.744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,161 23,842 329 1952—Dec. 312.. 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 1,728 26,456 378 1953—Sept. 302 37.141 1,09618,502 2,259 2.586 3.429 7,911 1,357 63 1,243 2,075 33,335 424 Dec. 31 38,937 1,190 19.883 2,514 2,602 3,425 8,062 1,261 75 1,182 3,818 33,429 434 1954—Mar. 31 39.313 1 ,13919.877 2,696 2,969 3,425 8,035 1 ,173 75 949 4,920 32,899 470 June 30 39,602 1,23218,489 3,369 2,911 3,439 8,077 2,085 81 971 4,033 34,030 486 Classification by agency, June 30, 1954 Farm Credit Administration: Banks for cooperatives 386 306 120 238 26 Federal intermediate credit banks 844 774 736 101 Production credit corporations 46 42 46 Federal Farm Mortgage Corp 1.7 17 Department of Agriculture: Rural Electrification Administration 2,282 2,161 1 98 2,281 Commodity Credit Corporation 5,366 2,272 2,802 130 128 2,334 3,031 Farmers Home Administration 695 649 00 28 4 691 Federal Crop Insurance Corp 32 5 9 23 Mousing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1.392 40 675 672 4 824 -8 460 Federal Savings and Loan Insurance Corp. 235 1 228 5 9 226 Public Housing Administration 1.263 71 251 823 118 28 1,235 Federal Housing Administration 541 135 43 257 1 10J 80 233 227 Office of the Administrator: Federal National Mortgage Association. . 2,323 2,301 14 2,314 Other. . : 13. 97 4 134 Reconstruction Finance Corporation: Assets held for U. S. Treasury5 14 285 2 1 29 284 Others '. 605 197 347 49 12 24 581 Small Business Administration ) 3 Export-Import Bank 2,80' 2.77 = 27 93 2,713 Federal Deposit Insurance Corp 1,618 () 1,609 : 122 1,497 Tennessee Valley Authority 1,93 266 630 67 1,866 Federal Maritime Board and Maritime Adm.. 5,381 153 829 355 176 5,205 Panama Canal Company 484 44 423 4 1 472 Veterans Administration 463 86 349 45 Department of the Treasury 8,036 3,651 3,385 1 ,000 8,036 Foreign Operations Administration 1,562 1 ,544 1.539 All other 870 52 278 38' 5' 96 51 819 P Preliminary. 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e.f 2 a S f e te v r e r r a e l s e c r h v a e n g fo es r l i o n s s c e o s v . erage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 3Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration. 4 Figures 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. 6Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 7Figures adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 8Reflects 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 1.952 are based in part on information not shown in Treasury compilation. 11 Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance sheet for June 30, 19S2; 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. 169 FEBRUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bondprices Stock prices Common U. S. Govt. Vol- (long-term) Sta (i n n d d a e r x d , a 1 n 9 d 3 5 P - o 3 o 9 r = 's 1 s 0 e 0 r ) ies Securities an ( d i n E d x ex c , h a 1 n 9 g 3 e 9 = C 1 o 0 m 0 m ) ission series t u r o m a f d e - Ye o ar r , w m e o ek nth, r O i s e e l - s d 2 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 * - l g ( r C r h p a a o o i d t g r - e e - h ) - 4 fe P r r r e e - d* T ta o l - d t I u r a n i l s - - - R ro a a i d l- u P i l t t u i i y c l b - - T ta o l - T t M a o l - anuf D r b a a l u c e - - turi N n d b ra g o u le - - n- T p t r o i a o r n n ta s- - u P i l t t u i i y c l b - - T a s a f r e n i i a n c r n c e d v d e - - e , , M in i g n- s s t h i h a n a ( o n o i r g n f d u e 6 s s - ) NTuniber 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 i953 average 93 90 mi .46 119.7 11? 1 164 0 189 204 no 122 193 220 193 >45 219 122 207 241 1,419 1954 average 99.51 109.60 125.8 117.2 174.5 227 250 136 230 271 245 295 233 136 236 267 2,270 1954—jan 97 42 106 16 123 6 114 6 168 7 195 212 180 127 198 228 199 256 206 126 213 239 1,669 F M e a b r 9 9 9 8 8 6 7 2 1 1 0 0 9 7 1 0 1 4 1 1 2 2 5 5 . . 4 6 1 1 1 1 6 7 5 9 1 1 7 7 1 3 .7 3 2 20 0 5 0 2 2 1 2 7 3 1 1 1 6 6 6 6 5 0 1 1 3 2 1 9 2 20 0 7 3 2 2 4 3 0 4 2 2 0 1 4 0 2 26 6 1 8 2 2 1 1 5 2 1 1 2 3 8 0 2 2 1 1 5 6 2 2 5 5 9 0 1 1 , ,7 9 5 1 2 9 Apr 100 36109 65 123.9 118 1 174.3 213 233 164 133 216 253 223 280 212 132 220 266 2,089 May 99.68 109.39 123.6 117.5 173.8 220 242 173 135 223 263 233 291 221 134 226 270 2,096 June. 99 49109 74 123.9 117.0 172.9 222 244 176 135 224 263 237 288 225 134 228 266 1,919 July 100.36 111.07 126.9 117.5 173.3 231 255 184 140 233 275 254 294 234 139 236 257 2,469 100.28 111 50 128.4 117.8 174.7 236 261 187 142 237 280 257 301 237 141 243 263 2,588 Sent 99 9? 110 68 127 2 117 6 175 8 239 264 182 141 240 286 260 309 236 140 247 268 1,963 Oct 99 69110 59 126.9 117.5 178 1 244 271 187 139 244 291 267 313 240 138 249 269 2,103 Nov 99.27 109.88 127.4 117.4 1 78.9 252 282 197 141 254 305 284 324 259 141 260 278 3,196 Dec 98 97109 91 126 6 117 0 178 3 265 297 218 144 268 323 298 345 285 144 268 310 3,475 1955—Jan 97.88 108.43 125.4 116.7 175.7 269 302 222 145 271 326 307 344 288 145 270 314 3,555 Week ending: Tan. 1 98.84 110.06 126.2 116.8 1.77.7 271 304 229 144 274 332 310 352 295 145 271 324 3,697 Jan. 8.... 98-. 32 109.41 126.0 117.0 176.9 269 302 222 145 270 326 304 345 291 144 266 312 4,589 Tan. 15.... 97.96 108.42 125.3 116.9 176.4 271. 304 226 145 269 325 305 343 285 145 270 315 3,474 Fan. 22.... 97.80 108.09 125.3 116.4 174.8 266 298 220 145 270 325 306 342 284 146 269 315 2.803 Jan. 29.... 97.57 108.03 125.1 116.4 1 74.9 271 304 223 146 274 330 313 346 293 147 275 315 3,362 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). to Ap 2F r. u l 1 ly , 1 t 9 a 5 x 2 a , b l o e n , l y m b ar o k n e d t s a b d le u e 2 o Y r 2 f p ir e s r t c c e a n l t l a b bl o e n d a s ft e fi r r st 1 5 c a y l e la a b rs le w a e f r te e r in 1 c 2 lu y d e e a d r . s . Of the 3 s T e h t e h 3 e M 19 p 67 e - r 7 c 2 e n b t o n b d o s n d a s r e o t f h 1 e 9 l 7 o 8 n - g 8 e 3 s , t i t s e s r u m ed i s M su a e y s. 1, P 19 ri 5 o 3 r . 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. ^Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s t b o a m la e n r c s e ' s1 Other credit balances Customers' balances in balances in Cash on End of month ba ( d n l e a e b n t) i c t e > s a in n p a v d c a e c r t s t o r n t u a m e d n r e i t s s n n ' g t a in n a v d c e c fi t s o r r t m u a m n d e t i s n n g t a b h n a a d n n k i d n s bo M rr o o n w e e y d2 Free O (n th et e ) r a i I n n n a v d c p e c t s a o r t r u a m t d n n e i t e s n n r g t s' a in n a v d I c n e c t s o r f t u a i m r d n m e i t n s n g t I a n c ( c c n o a e u p t n ) it t a s l 1951—June 1,275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 December... 1,362 8 406 343 920 724 200 35 9 315 1953—Tune 1 ,684 7 347 282 1 ,216 653 163 23 16 319 December... 1,694 8 404 297 1,170 709 208 28 31 313 1954—January.... 31,690 31,108 3741 February. . . 31,688 31,062 3768 March 31,716 31,054 3787 April 31,786 31,094 3819 May 31,841 31,186 3836 June 1,857 10 492 309 1,173 838 248 23 45 372 July 31,926 31,169 3877 August 31,998 31,194 3910 September. . 32,081 31,291 »924 3? ni 31,364 3924 November. . 32,242 31,416 3972 December... a2,429 31,596 31,019 ! Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other ind (2) of firms' own partners. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503, 170 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 Y w n e e th a ek r , , or m 4 m p P - c o a r e o t n p i r o m m t c e h i r 6 - e a , s - l 1 m 3 d p n p p c - o i l a a o r a a l t n n y e p o m c n t c c , e e y h - 6 e t r d - s - 1 a a P b d c n e a r a 9 c r c i n y 0 s m e e k ' s p s e - 1 , t- M y 3 a i - e m r l k d o e n t s t e h o c i n R s u b s r i a n u i l t t l e e e i s w s es 9 ( m i t - s a t s o o x u n a e 1 t b s h 2 l 2 e - ) 3 i - s y s t e u o a e r s 5 3 - A A re n a n a u n al d a p v e e r r i a o g d es: lo A a l n l s $ $ S 1 1 i 0 - ze of $ $ l 1 1 o 0 0 a - 0 n (t $ h $ 1 o 2 0 0 u 0 0 s - . o a f n $ d d 2 o 0 o l. 0 v ) er 19 cities: 1946 2.1 4.2 3.1 2 .2 1.7 1952 average.... 2.33 >.16 1.75 1.72 1 .766 .81 2.13 1947 . 2.1 4.2 3.1 2^5 1.8 1 1 9 9 5 5 4 3 a a v v e er r a a g g e e . . . . . . . . 2 1 . . 5 5 2 8 : 1 . . 4 3 1 3 1 1 . . 8 3 7 5 1. . 9 9 0 4 1. . 9 9 3 53 1 :. . 0 9 7 2 2 1 . . 5 8 7 2 1 1 9 9 4 4 8 9 2 2 .7 5 4 4. . 6 4 3 3 . . 5 7 3 2 . . 0 8 2 2 . 4 2 1950 . 2.7 4 5 3.6 3.0 2.4 1954-Jan 2.11 I 06 1.88 I .18 1.214 33 2.04 1955 3 1 4 7 4 0 ^ 4 2.9 F M e a b r 2 2 . . 0 0 0 0 L .. . 5 7 8 8 1 1 . . 6 4 8 8 1. . 0 97 3 1 . . 0 9 5 8 3 4 i L . .0 0 2 1 1 1 . . 8 8 4 0 1 1 9 9 = 5 5 3 2 . . . 3 S . 5 7 4 5~ . ! 9 o 4 4 . . 2 4 3 3 . . 7 9 3 3 . 3 5 April 1.76 L. 50 1.25 . 96 \ .011 .90 1 71 1954 3 6 S 0 4.3 3.9 3.4 May 1.58 •1.38 1.25 .76 .782 .76 1.78 June 1 ,56 1.31 1.25 .64 . 650 .76 1.79 Quarterly: July 1.45 1.25 1.25 .72 .710 .65 1 .69 19 cities: Aug 1.33 .25 1.25 .92 .892 .64 1. . 74 1954—-Mar... . 3.72 4.99 4 37 3.94 3 52 Sept 1.31 .25 1.25 1.01 1.007 .89 1 .80 June 3.60 4.97 4.35 3.89 3.37 Oct 1.31 1.25 1.25 .98 .987 1.03 i . 85 Sept 3.56 4.99 4.32 3.82 3.32 Nov 1.31 1.25 1 .25 .93 .948 .94 1.90 Dec 3.55 4.92 4.29 3.84 3.31 Dec 1.31 1.25 1.25 1.14 1.1.74 1.10 1.94 New York City: 1954—Mar 3.50 4.79 4.27 3.75 3.37 1955—Jan 1.47 ..37 1 .33 1.23 1 .257 .36 2.11 [une 3.34 4.75 4.24 3 71 3.1* Sept ^ 29 4 8J 4 21 3 54 3.13 Week ending: Dec 3.30 4.66 4.15 3.64 3.15 Jan. 1 ... 1.31 1.25 1 .25 1 .08 1.175 .\3 1 .97 7 Northern and East- Jan. 8... 1.31 L.25 1.25 1.09 1 .049 .23 2.04 ern cities: Tan. 15... 1 .39 .25 1 .30 1 .28 1 .222 .39 2.13 1954—Mar. 3 74 5 06 4 36 3 97 3 57 Jan. 22... 1.54 .45 1.38 1 .32 1 .407 . 42 2.15 June 3.61 5. 0<* 4.31 3.83 3.42 Jan. 29... 1 60 .50 1 .38 1.24 1 .349 1 .40 2.11 Sept 3 57 5.07 4.34 3.94 3.36 Dec 3.55 4.99 4.31 3.89 3.33 11. Southern and •Data are averages of daily prevailing rates. Western cities: 2Series includes certificates of indebtedness and selected note and bond issues. 1954—Mar 4.03 5.05 4.43 4.03 3 76 3Series includes selected note and bond issues. June 3.98 5.05 4.43 4.05 3 67 NOTE.—Monthly and weekly data for the full year 1954 arc shown on p. 215 Sept 3 .95 5.03 4.39 3.91 3 68 of this BULLETIN. Dec 3.90 5.01 4.36 3.93 3.60 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. NOTE.—For description of series see BULLETIN for March 1251-1253. 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] ]Bonds Industrial stocks Corporate (Moodyfs)« Earn- U.S. Govt. Dividends/ ings/ Year, month, (long-term) Munic- price ratio price or week ipal By ratings By groups ratio (highgrade) 4 Total se O ri l e d s2 se N r e ie w s3 Aaa Aa A Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c fe P rr r e e- d0 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 1953 average 2 93 3 16 2 72 3 43 3.20 3 31 3 47 3 74 3.30 3 55 3 45 4 27 5.51 10.14 1954 averace 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 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 ?3 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 3) 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 2\ 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 1955—January 2.65 2.76 2.39 3.15 2.93 3.06 3.15 3.45 3.08 3.25 3.12 3.98 4.10 Week ending: Tan. 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 Jan. 8 2.62 2.71 2.36 3.14 2.91 3.05 3.15 3.45 3.07 3.24 3.10 3.96 4.18 Jan. 15 2.64 2.76 2.40 3.14 2.92 3.05 3.15 3.45 3.08 3.24 3.11 3.97 4.16 fan. 22 2.65 2.78 2.40 3.15 2 .93 3.07 3.16 3.46 3.08 3.25 3.12 4.00 4.19 Jan. 29 2.67 2.78 2.41 3.16 2.94 3.07 3.16 3.46 3.09 3.26 3.12 4.00 4.16 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). 2 Fully taxable, marketable 2}4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3M Per cent bonds of 1978-83, issued May 1, 1953. ^Standard and Poor's Corporation. 5Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups. 6Standard and Poor's Corporation. Ratio is based on 9 median, yields in a sample of noncallable issues, 12 industrial and 3 public utility. 7Moody's Investors Service. 8Coin|Hited by Federal Reserve from data published by Moody's Investors Service. Non;.-—Monthly and weekly data for the full year 195-1 arc shown on p. 216 of this 1JI!LU::TIX. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp 483-490, and October 947, pp. 1251-1253. FEBRUARY 1955 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS* [On basis of monthly 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 o di f t u re re c s e ip ( t — s ) d d u I e n c ri c r n e r g e a a se p s e e r (— o io r c ] I General (e f n u d n d of o f p e th ri e o d T ) reasury Period Deposits in 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 i g m e m g e G s a a n p o t r a c t i k v y i o n o e t d n . t n s s C co l i a n e u c a g - n r t - p d G d u i r r e b o e b l c s i t s c t G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l e - - a a F v b . a le R il- . B I c n e a o s n p s l k l r e s o o c f c - - S d it p e a e p r c o ie i s a s - l O s n a t e s h e - t t e s r funds tion Cal. yr.—1951 52,979 56,337 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 1,134 1952 64.840 70.682 -5.842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 1,132 1953 63.841 72,997 -9,157 82 25 -209 7,777 -1, 488 4,577 346 131 3,358 742 1.9541 .... 61 .171 64.854 -3.683 807 -73 -34 3,582 603 5,180 563 111 3,461 1,045 Fiscal yr.—1951 . 4 7^568 44,058 3,510 295 384 -214 2,135 1,839 7,357 338 250 5,680 1,089 1952 . 61.391 65.408 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5,106 1,175 19531.. 64.825 74,2 74 -9,449 460 -25 -250 6,966 ~2> 299 4,670 132 210 3,071 1,256 1954.. . 64.655 67,772 -3,117 332 -4 -303 5,189 2,096 6,766 875 274 4,836 781 Semiannual totals: 1952—Jan.-June 37,947 34.496 3,451 -72 -136 -255 -313 2,674 6,969 333 355 5,106 1,175 July-Dec.. 26.893 36,i 86 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—Jan.-June 37,703 37,801 -98 341 -71 -248 -1,320 — 1,394 4,670 132 210 3,071 1,256 July-Doc.1 25,757 34.484 -8.728 -312 99 -250 9.097 -94 4.577 346 131 3,358 742 1954—Jan.-June. 38.899 33.288 5.611 644 -103 -53 -3.909 2,190 6,766 875 274 4,836 781 July-Dec. 22,272 31,566 -9.294 164 30 23 7,490 -I] 587 5,180 563 111 3,461 1,045 Monthly: 1954—Tan 5.033 5.218 -185 — 9 -28 9 -320 -533 4,044 404 363 2,406 871 Feb. 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 10,644 7,308 3,336 - .19 32 146 -2,215 1,280 6,766 875 274 4,836 781 July . . 2,827 4.827 - 2.000 — M^ -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 -14 5 -3U 5.145 704 170 3,469 801 Oct. 2 .639 4 8 = 7 -2.21R -288 -23 104 3 .942 518 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 3.742 6.288 -2.546 126 -26 425 -103 2 124 5.180 563 111 3,461 1.045 1955--Jan n.a. n.a. n.a. n.a. n.a. n.a. -311 -451 4,728 360 320 2,907 1,142 Budget expenditures National security Period Total Total' D f M D e e n e i p l s - t i e - ., M m t p a u ro i r t l - y u i- al A E t n o e m rg i y c a a I n f n a n f a f n t a c i e t - d i e ' r r l 3n s - I d n e o e t s n e b t r t - A e i t V s d i r o t a m e r n n a t i - 4 s - n- c g S p u r o S a r r c e o i m i - t - a y s l A t c u u g r l r e - i- n h H a a i o f n n o n i m - g d u c e e s- P w u o b r l k i s c o P d i f c e o f f i i s c t - t e T c t o f r r a e t a u u c o r n - s n s t s t - s Other tary gram Cal vr—jo =;1 56 337 33, {)44 29,432 1 594 1 .278 3.524 5.983 5,088 1 ,463 1 ,010 694 1,438 684 507 2,901 .1952 70,682 4 7,936 42,078 3 052 .813 2,574 6,065 4.433 1,508 1 ,564 646 1,573 775 510 3,098 1.953 72,997 49,363 42.953 3 784 . 889 2 ,082 6,357 4.156 1,630 3. 238 -159 1 ,685 525 154 3,966 1954' 64.854 42.807 36.807 3 249 ,937 1 ,277 6.567 4.206 1 ,651 3, 437 -393 1 ,526 241 115 3.419 Fiscal vr.—-1951 44,058 21,663 19.148 948 908 3 ,798 5.613 5,288 1,415 635 460 1,458 624 397 2,706 1.952 65,408 42.867 38,077 2 292 , 648 2.839 5,859 4. 748 1 ,424 1 ,219 614 1,515 740 567 3,015 19531... 74.274 50,276 43,610 3 956 .791 2 .1 84 6.504 4.249 1,532 3, 134 385 1,660 659 461 3,231 1954 67,772 46,5.10 40,336 3 629 .895 1 ,566 6,382 4,176 1 ,640 2,841 -615 1 ,519 312 162 3,278 Se m i a nnu al t otals: 1951 -July-Dec. . 30,911 19.423 17,425 939 711 1 ,372 2,761 2,479 718 540 392 858 320 483 1,568 1952 —Jan.-June.. 34.496 23.444 20,652 1 353 937 1 ,467 3.099 2,269 706 679 222 657 420 84 1 ,448 Julv-Dec. . 36.186 24.491 21.426 1 699 876 1 ,107 2.966 2,1.64 802 885 424 916 355 426 1 ,650 1.953 -Jan.-Tune. 37.801 25,596 22,134 2 113 926 1,1.13 3,542 2,086 791 2, 178 -42 740 305 31 1 ,462 July-Dec i . 34.484 23.750 20.819 671 945 968 2.816 2,070 806 1 ,237 -176 900 220 118 1 ,774 1954—fan.-June.. 33,288 22.760 .19 ,517 t 958 950 597 3.567 2,106 834 1 ,604 -439 619 92 44 1 ,504 July-Dec. . 31,566 20,047 17,290 \ 292 987 680 3.000 2,100 819 1,833 46 907 149 71 1,915 Monthlv: 1953-—Dec. 6,437 4.228 3.423 553 187 118 1 ,294 371 101 -92 -26 145 i 5 294 1954 —fan 5,218 3,648 3,185 252 165 64 245 340 188 134 12 87 -1 3 496 Keb 4,707 3.568 3,156 194 160 177 372 340 126 -135 -104 90 42 5 227 Mar 5 .555 3,830 3,273 321 181 50 588 334 111 194 -54 102 91 6 303 Apr 5,296 3,691 3.137 343 164 105 350 375 118 468 -195 .116 9 259 May 5.203 3,374 2.834 331 169 120 249 346 122 694 -14 109 5 198 June 7.308 4.650 3,932 516 110 81 1 ,763 370 169 248 -85 1.14 -4.6' 16 21 July 4,827 3.061 2,493 334 174 81 213 333 139 270 49 156 56 468 Aug 6,731 3.370 2,913 228 169 94 332 333 118 2,039 -39 137 2 345 Sept 5.019 3,261 2.843 210 160 152 541 320 137 .144 -5 158 1 309 Oct 4,857 3.300 2.908 187 170 73 346 341 1.71 170 6 164 9 279 Xov. 3.842 3.316 2,853 181 156 89 368 372 13.1 -I, 034 96 142 ' 148' 1 212 Dec 6,288 3 ,739 3 ,280 152 .158 192 1 ,200 401 123 244 -61 149 2 1 300 n.a. Nrot available. *This and related tables on Treasury financial statistics arc revised in this issue of the BULLRTJN to take into account three factors: (1) to exclude carriers taxes from both net Budget receipts and expenditures, (2) to show the Treasury's current classification of national security, and (3) to reflect the Treasury's new reporting basis referred to in footnote 1. Data on the new' reporting basis are available by months only from July 1.953 and by fiscal years beginning with 1953. Figures for earlier periods are based on the old daily statements of the U. S. Treasury. See p. 143 of this BULLETIN for a more complete explanation of the changes. ] Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2. 2Includes stockpiling not shown separately. ^Consists of foreign economic: and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other nonmilitary foreign aid programs, and State Department. •"Excludes transfers to trust accounts, which arc; shown separately. 172 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 monthly statements of United States Treasury, unless otherwise noted. In millions of dollars] Budget receipts income and profits taxes Unem- Period Individual Estate ployand Excise ment Other With- r C a o ti r o p n o 1 - | ! Uxc& ^ taxesl i t a n a n s x u c e e r s - receipts held Other > Cal. yr.—1951 16,037 16,565 801 8,591 235 2,337 58,911 52,979 1952 20,045 22,140 849 9,566 266 2,639 71,788 64,840 1953 22,605 !9.045 923 10,288 269 2.570 71 .524 63, 1954* 20.787 19,915 960 9.136 285 2,932 70,217 61,171 Fiscal yr.—1.951 13.535 14,388 730 8:693 234 2,263 53,369 47,568 1952 18,521. 21,467 833 8,893 259 2,364 67,999 61,391 1953*... 21 ,351 21,595 891 9,934 277 2,478 72,649 64,825 195 1 2.1 ,635 2\ ,523 945 10,014 285 2,882 73,1 73 64,655 Semiannual totals: 3952— Jan. -June. 10,220 14,318 459 4,519 224 1 ,251. 37,947 July-Doc... 9,825 7,821 390 5,048 42 1 ,388 26,893 1.953—-Jau.-Juno.. 11,34 7 13,773 502 4,931 234 1,1.37 37,703 July-Dec*. 11.078 5,375 405 5,-105 40 1,255 25,757 1954-—Jan.-June.. 10,558 16,148 540 4,609 245 1 ,627 38,899 July-Dec... 10,230 3,767 420 4.527 40 1,305 22,272 Monthly: 1953—December. . ,476 1 ,877 46 644 2 241 4,588 1954—January. . . , ,097 440 64 703 33 397 5,033 February.. . 066 396 87 774 184 197 5,4 44 March .413 7,353 118 834 6 .196 11,434 April , 108 615 94 763 5 234 2,751 May ,601 358 73 804 .17 215 3,592 June 12 6,956 103 731 1 389 10,644 July ,035 532 77 713 4 299 2,827 August 2,578 300 64 766 16 166 3,911 September. ,422 1,104 72 767 1 164 4,951 October. . . ,077 361 65 785 4 187 2,639 November. 2,759 290 61 781 16 272 4,201 December. 1,359 1,181 82 715 21.6 3,742 Trust and other accounts Internal revenue collections (on basis of Internal Revenue Service) Social security, Other accounts5 retirement, and Period Excise and miscellaneous taxes insurance accounts Total4 Total Liquor Tobacco M a a n n d u e r f x e a c t c i a s t i e u le re rs r ' s' Other ce R i e p - ts I m nv e e n s ts t- Ex t p u e re n s di- m In e v n e t s s t 6 - Other* Cal. yr.—1951 8,682 2.460 1,446 2,790 1,987 759 7,906 3,155 4,507 271 786 1952 9,558 2,727 1,662 3,054 2,115 49 8.315 3,504 4.942 329 508 1953 9,714 2,819 1,614 3,262 2,020 82 8,123 2,387 5,81.1 153 310 1954 n.a. n.a. n.a. n.a. n.a. -'807 9,191 1,177 7,717 405 915 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 2 460 8,529 3,059 5,257 242 489 1.954 9,517 2,783 1 ,580 3,127 2,027 332 8,708 1 ,687 6,8-16 367 524 Semiannual totals: 1952- Jan.-Jane. 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--Tan.-Tune.. 4,919 \ ,299 810 1,786 1.025 341 4,458 1,564 2.80.2 136 385 July-Dec... 4 ,795 1 ,521 804 1,476 995 -312 3,660 823 3 ,003 37 — 109 1954—Jan.-June.. 4,722 1 ,262 777 1,651 1 ,032 644 5 ,048 864 3,843 331 633 July-Dec... n.a. n.a. n.a. n.a. n.a. 164 4,143 313 3,874 74 282 Monthly: 1953—-Dec 587 216 120 46 204 -126 584 188 521 -19 -20 1954- -Tan 395 166 123 45 61 -9 204 -334 579 259 292 Feb 1,316 181 111 757 267 527 965 28 627 27 244 Mar 629 224 135 60 211 253 768 -74 689 44 144 Apr 477 223 130 50 74 -375 436 25 665 18 -102 May 1,343 222 130 727 263 271 1.212 330 630 61 80 June 561 246 .147 11 157 -19 1,467 888 651 -79 -26 July 713 226 123 38 7328 -135 389 -98 648 7 32 . Aug 765 207 141 692 -276 387 1,200 281 606 30 104 Sept 766 250 137 3 377 -283 414 -82 682 34 -63 Oct 786 273 1.34 42 337 -288 334 -148 640 6 -124 Nov n.a. n.a. n.a. n.a. n.a. 358 956 111 641 56 210 Dec n.a. n.a. n.a. n.a. n.a. 126 850 249 657 -58 124 n.a. Not available. *See footnote * on preceding page. l Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953. Excise taxes and nonwithheld individual taxes for that period are obtained by subtracting IRS data from appropriate Treasury daily statement totals. -'Beginning new reporting basis. See footnote 1. on preceding page. 3Less than $500,000. 4 Excess of receipts, or expenditures (—). 3 Consists "of miscellaneous trust funds and accounts and deposit "fund accounts. The latter reflect principally net transactions of Government sponsored 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 6, but their operating transactions are included in Budget expenditures. 0 Consists of (a) net. investments in public debt securities of Government sponsored corporations and agencies and other trust funds and (b) beginning November 1950, net investments of wholly owned Government corporations and agencies, which prior to that date are included with Budget expenditures. 7Beginning July, includes undistributed depositary receipts. FEBRUARY 1955 173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING* DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars! Ca<h deposits, otherthan debt Cash withdrawals, other thandebt Excess of de- Less: Plus: Period B re N u c d e 't g t s e . t r T P a e r c l c u u c ' s t s t s : . t . t I G r L n a e o t n s r v s s a t : . - . 1 m O P j a u l e t u d h s n s - t e t - : s r 2 E p C q o d u a s e a s i - h t l s s: B p t e u e u n x r d e d - g s i e - t a T P o a c t r l n h u c u d t s e s s : r t . t I G r n a o t n r v s a t . - . l A p a u l c s b c l t r i u o c - s F E S l u t i x t i z n a o c a d b n h - 4 i . - c C o a i l n c u e g - a n r t - T T a o s c r r i u a c e d t t n - a e .» s s , . m O ju a e t d h s n - t t e - s r -' E d w C q r a u i a a l t s a w s h h l - s - : d p w o r a o i a s l t r w s i h t - s - Cal. yr.—1951 52,979 8,582 2,221 n.a. 59,338 56,337 4,397 2,221 567 -26 106 n.a. 58,034 1 ,304 1952 64,840 8,707 2,150 n.a. 71,396 70,682 4,825 2,150 734 38 319 n.a. 72,980 -I .583 1953 63,841 8.596 1,989 n.a. 70,440 72.997 5,974 1,989 575 -82 209 n.a. 76,529 -6.090 19546 61,17.1 9,571 n i. 68,550 64,854 7,182 n.a. 565 -188 34 n.a. 68,866 -317 Fiscal vr.—1951 .... 47,568 7 ,796 1 ,923 53,439 44,058 3,945 1,923 477 -13 214 -79 45,726 7,714 1952 61,391 8,807 2,104 68,093 65,408 4,952 2,104 710 9 401 -170 67,786 307 19536... 64,825 8,929 2,214 ' -2i5 71 ,326 74,274 5,169 2,214 694 -28 250 -155 ' -215 76,388 -5,062 1954.... 64,655 9,155 2,130 101 71,781 67,772 6,769 2,130 509 -109 303 -274 118 71,941 -159 Semiannual totals: 1952—-Jan.-Tune. . 37,947 4.458 1 110n.a. 41 ?os34 496 2,298 1,110 338 22 255 n.a. 35,622 5,671 July-Dec.. . 26,893 4,248 1 ,039 n.a. 30,104 36,186 2,527 1,039 396 16 64 n.a. 37,357 -7,254 1953—Jan.-June. . 37,703 4 ,683 1 ,144 n.a. 4,1 .241 37,801 2,642 1 ,144 298 -44 248 n.a. 39,203 2,038 I uly-Dec.«. 25.757 3,953 847 343 29,200 34,484 3,405 847 277 -38 246 -71 343 37,244 -8.045 1954—Tan.-June. . 38,899 5.203 1,282 -242 42,582 33,288 3,364 1,282 234 — 71 58 -202 -223 34,696 7,885 July-Dec. . 22,272 4,368 n i. 25,968 31,566 3,817 n.a. 331 -117 -23 n.a 34,170 -8,202 Monthly: 1954---Tan 5,033 233 82 -575 4.609 5,218 316 82 72 -12 —9 -21 -587 4,751 -142 Feb 5.444 993 91 184 6,530 4.707 411 91 16 135 -42 192 5.296 1.234 Mar 11 .434 824 64 66 12,260 5,555 60.1 64 8 -39 160 -52 85 6,237 6,023 Apr. 2,751 479 68 - 125 3,03c 5,296 810 68 19 -593 —24 — 111 5,303 -2,267 May 3,592 1 ,230 45 MM 4,882 5,203 568 45 43 -33 511 -38 105 6,228 -1 ,347 Tune 10.644 1 ,448 932 104 11.265 7,308 658 932 76 -146 -25 93 6,881 4.384 Tulv 2,827 434 132 -173 2 ,956 4.827 660 132 70 —31 97 —36 -174 5.142 -2,186 Aug. 3,911 1,224 49 289 5,375 6^731 526 49 38 16 222 89 289 7,788 -2.412 Sept 4,951 457 100 -28 5,280 5,019 788 100 57 -112 -21 — 126 -29 5,364 -84 Oct 2,639 370 74 -318 2,617 4,857 800 74 50 SL -104 -9 -318 5,095 -2,478 Nov. . . . 4,201 994 n.a. 5,122 3,842 469 n.a. 45 —9 209 ii. a. 4,385 737 Dec 3,742 890 n.a. 4,617 6,288 573 n.a. 71 25 -425 n.a. 6.396 -1 ,780 1955—Jan n.a. n.a. n.a. 4,299 n.a. n.a. n.a. 51 n.a. n.a. 5,009 -710 n.a. Not available. *See footnote * on p. 172. Represents principally (1) interest payments between Treasury and Government agencies and trust funds, (2) transfers shown as Budget expenditures, and (3) payroll deductions for Federal employees retirement funds. 2Principally adjustment for differences in reporting bases as between the monthly and daily Treasury statements. 3Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3). 5To exclude net transactions not cleared^ through Treasurer's account in securities by Government agencies, adjusted in table below. 6Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not comparable with the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC Plus: Les,~s: Noncash Details of net cash borrowing from or In- debt transactions Equals: repayment ( —) of borrowing to the public:{ c o r r e a d s e e - , Ca s s e h c u i r s i s t u ie a s n c o e f of A m dj e u n s t t- Accruals to public2 c N a e sh t Period •( c p d g d - r u i r e ) r e b o . a e b l s s c i t s i e c t n a F G n e u t d e a e e r r d - al ag a g e N n n u t o c e a n i e r e - - d s T t a r o s r c f a i u o e c d n a r t t e - s s . . 1 . I T b n s a o r t a n e . n w d a d o s s n . P f F o a i o e r y n m f d ts . . b b r i ( e o o n ~ p r i r g n r r ) a , o o g y o w o w t f r . - - m i D c s k a s o i t n u r n a e d e v b c s . l t ' e. b p ( S i i o r n s a i n s g c v u d e s - e s ) n S i o a n t v g e - s s s P i p S s S o e s a y s u c v s t e i a . . a s l l Other'' bills sec. Cal. yr.—1951 2,711 18 37 n.a. 718 -.125 1,242 1 ,999 -1,191 -1,099 -997 46 1952 7,973 12 -102 n.a. 770 -74 3,353 5,778 -406 -1,784 -113 -122 1953 7,777 22 -3 n.a. 591 66 4,601 «4,829 6 -344 248 — 162 -30 19547 3,582 -42 -31 n.a. 577 176 J>909 3.071 -175 -1,469 — 195/' -323 Fiscal yr.—1951 -2,135 10 374 -79 638 -149 5,874 —3,943 -467 -657 -1,093 286 1952 3.883 16 -88 -170 779 -79 -695 1 .639 -717 -1.209 -155 -252 1953 7.... 6,966 7 -32 -155 718 3 2 ,763 «5,294 o _94 -2,1.64 -100 -173 1954 5,189 29 -33 -•257 524 94 2 ,255 2 ,530 -381 628 -239 -283 Semiannual totals: 1952—Jan.-June.. . —313 3 -139 n.a. 361 -45 2,998 -I .544 -285 -955 -81 -134 July-Dec. . . 8.286 8 37 n.a. 409 -29 6,351 7,322 -121 -829 -32 11 1953—Jan.-June.. . -1,320 -2 -69 n.a. 308 34 3,433 "-2,028 0 18 -1 ,33: -68 -20 July-Dec. 7.. 9,097 24 76 -71 283 30 7,952 6,837 -362 1 ,583 -94 -12 1954—Jan.-June.. . -3,909 6 -109 -183 241 64 5.694 -4 .307 — 19 -955 -145 -268 July-Dec. . . 7,490 -47 78 n.a. 336 112 P6,603 7,378 -1.56 -514 -50 Monthly: 1.954- -Jan -320 i -27 -33 73 11 -391 -149 -92 -73 -12 -64 Feb —67 (8) -11.8 -34 17 i -290 -53 18 -71 -37 -147 Mar -4,546 1 -60 -33 9 38 4.656 -4.294 75 -310 -37 -89 Apr 811 4 -57 -10 20 -14 699 829 32 -82 -21 —59 May 2,428 1 122 -37 44 32 2 ,046 2.133 5 -152 -22 82 June -2.215 1 31 —36 76 -1 3.104 -2,773 -57 -267 -16 9 July -276 -61 27 -36 71 30 -356 — 77 -137 -88 -61 Aug 3,971 6 -90 89 39 -17 3,645 3.680 33 -64 3 Sept -145 1 161 -126 58 111 -229 -105 -44 -101 -8 28 Oct 3,942 5 -28 -9 51 5 3.996 4.129 -12 -64 -20 -37 Nov 101 1 32 n .a. 45 9 P-88 -50 12 -62 -22 »34 Dec -103 -25 n.a. 72 -24 P -366 -198 —9 -136 P-23 1955—Jan -311 -10 n.a. n.a. 51 -1 J»258 -216 51 —56 -26 P5O5 n.a. Not available. if Preliminary. *See footnote * on p. 172. 1 Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases. 2 Differs from "accruals to the public" shown in preceding table, principally because adjustments to I Exchange Stabilization Fund are included. ;JIncludes redemptions of tax anticipation securities and savings notes used in payment of taxes. •1Most 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. "'Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. (iICxcludes exchanges of savings bonds into marketable bonds, in the amount of 41 7 million dollars, of which 40) million represents issue price. 7 Beginning new reporting basis. See footnote 6 above, 8Less than $500,000, 174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING*—Continued DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS 1 [Classifications derived by Federal Reserve from Treasury data. In millions of dollars! Cash deposits (.'ash withdrawals Period Total ta D u i x v n i a e i r d l d s e s i - c - 2 o t n' t r a c D a x o i t e r r i p s o e o c n o - t s n E m t a a x n x i c s d e i c s s . e ! c S e i o r i n e c p s - i . t a s l 3 c O o c i t m a n h s - e e h - r 4 f D u c n e R e r d i d e e p s - u - t c s o t f : Total fa I a n i f r t - s 'l 6 e I d s n t e t e b o r t n - g e V p r r a r a e o m n t - - s s 7 g c S r p u o s a r r e c o m i - i - t a y s l 8 Other Cal. yr.—1951 338 27,149 16,565 8.591 6.362 2,769 2,098 58.034 3,498 4,137 6.121 4,915 6,169 1952 396 32.728 22.140 9.566 6,589 2,823 2,451 72,980 2.612 4,230 5,209 5,617 7,341 1953 440 34,807 19.045 10,288 6.693 2,744 3.137 76,529 2,0001 4.589 4,885 6,648 8,031 1954" 550 31 .936 20,112 8.817 7,654 3.391 3.358 68,866 1 ,089 4.666 4,668 8,587 7,456 Fiscal yr.--1951 439 24,095 14,388 .,693 5 ,839 2,531 2,107 45,726 3,785 4,052 5,980 4,458 5,628 1952. 093 30,713 21.467 8.893 6.521 2.801 2 ,302 67,786 2 .848 4.059 5 ,826 5,206 6.912 1953 '-> 326 33.370 21,595 9.978 6.849 2,685 3,151 76.388 2,156 4,658 4,920 6,063 8,340 1954 781 33,514 21,650 .,694 7,196 3,147 3,419 /I,941 1,457 4,633 4,947 7,645 6,837 Semiannual totals: 1952—Jan.-June. . . . 293 19,687 14,318 4,519 3,386 1 ,383 2,000 35,622 1 ,489 1 ,984 2,709 2,741 3,233 July-Dec 104 13,04.1 7,821 5,048 3,202 1 ,443 451 37,357 1,123 2,246 2,500 2,876 4,107 1953----Jan.-J une. . . . 241 20.329 1.3,773 4,931 3,656 1 .252 2,700 39,203 1 .069 2,413 2,420 3,247 4,448 July-Dec.9. .. 200 1.4.478 5,272 5,357 3,031 1 ,507 437 37,244 930 2,334 2,465 3.368 3,748 1954—Jan.-June. . . . 582 19,036 16,378 4.338 4,165 1 ,648 2,982 34,696 526 2,299 2,4.82 4.277 3,088 July-Dec 968 12,899 3,734 4,479 3,490 1,742 376 34,170 563 2,367 2,186 4,311 4,367 Monthly: 1954-:-Jau 609 2.987 490 589 172 435 64 4.751 52 180 393 714 -5 Feb 530 4.355 469 741 1,093 177 306 '5,296 177 352 411 671 107 Mar 260 4,1 ^ 7,356 673 71.8 267 940 '6,237 11 563 428 726 440 Apr 036 1 ,791 763 735 378 277 X)7 5,303 118 299 414 716 144 May 882 2,875 397 787 1 ,188 251 616 6,228 87 196 392 689 1,480 June 265 2,859 6.903 797 616 240 150 6.881 81 877 444 760 755 July 956 1,120 549 702 304 363 82 5,142 50 152 194 674 607 Aug 375 2,985 302 760 1,177 220 69 7,788 110 314 381 714 2,625 Sept 280 2,936 1,108 722 371 204 60 5,364 40 461 375 716 521 Oct 617 1 ,040 352 768 260 237 39 5,095 67 286 374 758 462 Nov 122 2,881 271 783 939 296 47 4,385 80 328 419 720 -477 Dec 617 1,938 1,153 744 439 422 80 6,396 217 826 443 730 630 1955—Tan 299 2,806 353 644 P197 350 52 5,009 n.a. 183 430 n.a. n.a. n.a. Not available. rRevised. *See footnote * on p. 172. 1 Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. 2 Includes estate and gift taxes. 3Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 4Represents mostly nontax receipts. "Ircludes net redemptions of armed forces leave bonds. ''Includes special International Bank and Monetary Fund notes. 7Includes payments from veterans life insurance funds. 8Includes benefit payments for old-age and unemployment insurance and Government employees and railroad retirement funds. "Beginning new reporting basis, described in Treasury Bulletin for April 1.954, p. A2. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Tax and savings notes Year or All series Series A-E and H Series ••', 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) 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 1954" 6,173 6,773 57,672 4,889 3,910 38,233 1,284 2,863 19,439 1,469 4,548 1953—Dec... 423 1590 157,710 381 309 36,663 42 1281 121,047 178 6,026 1954—Jan... 561 2615 57,736 485 330 36,887 77 2 2 85 20,848 70 5,956 Feb. 515 2 480 57,797 422 308 37,029 93 2171 20,769 68 5,887 Mar. . 602 2514 57,902 474 347 37,175 128 2167 20,728 306 5,581 Apr. 511 -'473 57,967 390 310 37,279 122 2163 20,687 81 5,500 May.. 464 2 453 58,025 354 289 37,393 110 2164 20,633 156 5,344 June., 523 2 3.S75 58,061 392 «386 37,482 130 2 3189 20,579 265 5,079 luly. . 508 2641 58,005 393 346 37,597 115 2 295 20 409 86 4 993 Aug... 546 251 1 58,078 415 339 37,714 131 2172 20,364 64 4,929 Sept.. 464 2505 58,088 367 322 37,808 97 2183 20,280 100 4,829 Oct. 456 -466 58.126 369 293 37,930 87 2173 20,196 63 4,766 Nov. . 466 2 451 58,186 384 293 38,069 82 2158 20,118 62 4,704 Dec.. . 557 M ,089 157,672 445 P347 38,233 112 pi 747 119,439 156 4,54.8 P Preliminary. 1 Figures for Dec. 1953 include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds; figures for Dec. 1954 include 526 million dollars of unredeemed Series 1954 F and G bonds. In accordance with Treasury practice all unredeemed bonds of these series were carried as outstanding interest-bearing debt until the entire series matured. 2Corrected to deduct redemptions of Series 1953 issue already included at maturity in December 1953. ;iDue to a June 1954 change in the Treasury procedure for classifying paid savings bonds, unusually large amounts of Series E and F bonds redeemed between June and October were not broken down as to issue price and accrued discount. Redemption figures in that period therefore included rather large amounts of accrued discount, which are 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 -I), 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. 175 FEBRUARY 1955 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 Total E m n o d n t o h f d T g e r o o b t s a t s 1 l d d g i e r r o b e s c t s 2 t Total Total Bills c i C n a e t d e r e t s i b f o i t - f - Notes B el a ig n i B k - ond B s r a e n - k b v C i o b e o n r l n e d t- - s 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 edness ble4 stricted notes 1940—Dec 50,942 45,025 39,089 35,645 1,310 6.178 28,156 3,444 3,195 5,370 1941— Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec.. • 112,471 108.170 98,276 76,488 6,627 io',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—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 Dec 275,244 275,168 231,684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6,026 41,197 1954—Tan 274,924 274,849 231,623 154,631 19,512 26.386 31,419 63,916 13,398 11,976 65,017 57,736 5,956 41,009 274,859 274,782 231,466 154,500 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 64,34,1 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 278,786 278.752 234.101 158,148 19,509 18,184 36,188 75,597 8,669 11,787 64,226 58,126 4,766 42,238 Nov 278,888 278 853 234.160 158,152 19,507 18,184 36,196 75,596 8,668 11,780 64,228 58,186 4,704 42,351 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 1955—Jan 278,463 278,439 233,427 157,834 19,507 28,462 28,037 81 ,828 11,764 63,830 57,967 4,498 42,268 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 514 million dollars on Jan. 31, 1955) and fully guaranteed securities, not shown separately. 2 Includes noniuterest-bearing debt, not shown separately. 3Includes amount held by Government agencies and trust funds, which aggregated 7,043 million dollars on Dec. 31, 1954. 4Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. ^Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public U. S. Government End of month (i gd n re c ob l s u ts d- a tr g u e s n t c i f e u s n a d n s d 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscelin a s g e n c t g e u u e ri a d - r- S is p s e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n rc k i s a 2 l s b a a v n in k g s s p c a a o n n m c ie e - s r c a o t r i p o o n - s g m o lo v e c e n a r t l n s - S b a o v n in d g s s se O cu th ri e t r ies la i t n n o v e r e o s s 3 u - s 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 8.200N 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36.200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,600 8,900 1949—Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,800 8,100 49,300 17,000 9,400 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,400 8,700 49,900 17,600 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 19,700 8,800 49,600 16,700 10,500 1951—Tune 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 20,000 9,400 49,100 16,400 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,500 20,700 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—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 19,500 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 18,500 14,400 49,700 ' 14,400 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 24,38.1 70,000 8.900 15.100 19,100 14,500 49,700 14,100 13,700 Nov 278,888 42,351 7.080 229,457 24,888 69,500 8.800 15,000 19,500 14.600 49,800 14,000 13,500 '•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. 'Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 176 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 January 31, 1955 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasurybonds—Gont. Feb. 15, 1955 \% 7,007 Mar. 15, 1955-603..21 2,611 Dec. 15,1963-68...2 2,826 Feb. 3, 1955. . 1,501 Mar. 22, 19552 1 3,734 Mar. 15, 1956-58...2^ 1,449 June 15,1964-69, 3,754 Feb. 10, 1955. . 1,501 May 17, 1955 1J 3,886 Sept. 15,1956-594..2% 982 Dec. 15,1964-69. 3,830 Feb. 17, 1055 . . 1 ,500 Aug. 15, 1955 1} 8,477 Sept. 15, 1956-59. ..23, 3.822 Mar. 15,1965-70. 4,718 Feb. 24, 1955 . . 1,500 Dec. 15, 1955 1} 5,359 Mar. 15, 1957-59. ..23, 927 Mar. 15,1966-71. 2,961 June 15, 1958 2^ 4,245 June 15,1967-72. 1,887 Mar. 3, 1955 . . 1,500 Treasiiury notes June 15, 1958-63*..2% 919 Sept. 15,1967-72. 2,716 Mar. 10, 1955. . 1,500 Mar. 15, 1955. .. 5,365 Dec. 15, 1958 2> 2,368 Dec. 15,1967-72.. 3,817 Mar. 17, 1955. . 1,501 Dec. 15, 1955. .. 6,854 June 15, 1959-62. ..2\. 5,277 June 15r1978-83...3}i 1,606 Mar. 24, 1955. . 1.502 Apr. 1, 1956... 1.007 Dec. 15, 1959-62...2£ 3,465 Mar. 31, 1955. . 1,501 Oct. 1, 1956 1} 550 Nov. 15, 1960 2), 3,806 Postal Savings Mar. 15, 1957 2% 2,997 Dec. 15, 1960-65*..2^ 1,485 bonds 2% 21 Apr. 7, 1955 . . 1,500 Apr. 1, 1957 13 531 Sept. 15,1961 2% 2,239 Panama Canal Loan.. 3 50 Apr. 14, 1955. . 1,501 May 15, 1957 1 J 4,155 Nov. 15,1961 2\ 11,177 Apr. 21, 1955. . 1 ,501 Oct. 1, 1957 13 824 Aug. 15, 1963 2> 6,754 Apr. 28, 1955. . 1,500 Apr. 1,1958 1J 383 June 15, 1962-67...2^ 2,116 Convertible bonds Oct. 1, 1958 1} 121 Investment Series B Feb. 15, 1959 1 ? 5.102 Apr. 1, 1975-80. . .2 11,764 Apr. 1, 1959 \\ 119 Oct. 1, 1959 H 29 xSold on discount basis. See table on Money Market Rates, p. 171. 2Tax anticipation series. 3Partially tax-exempt, called for redemption. 4Partially tax-exempt. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable and Convertible Direct Public Securities [Par value in millions of dollars] U. S. U.S. Total Govt. Fed- Com- Mu- Insurance Total Govt. Fed- Com- Mu- Insurance End of month st o a u n t d - - a c g i e e n s - e R r e a - l m ci e a r l - s tu a a v l - companies Other End of month st o a u n t d - - a c g i e e n s - e R r e a - l m ci e a r l - t s u a a v l - companies Other ing and serve banks ings ing and serve banks ings trust Banks trust Banks banks 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 3563 172 362 3,864 1953—June 159,675 6,899 24,74651,365 8,816 9,347 4,808 53,694 Dec 12,500 3,438 185 1,352 3,179 360 3,987 Dec. 166,619 6,989 25,91655,933 8,524 9,120 4,905 55,233 1953—Jun* 12 340 3,439 182 1,314 3,133 353 3,919 1954—June 162,216 6,985 25,03756,199 8,353 8,667 4,854 52,121 Dec. 11,989 3 439 168 1,264 2,935 328 3,854 Oct 169,935 6,921 24,38162,150 8,205 8,357 4,993 54,927 1954—June 11,861 3,439 165 1,265 2,876 317 3,800 Nov 169,93! 0,flo3 24,88S61,015 8,120 8,280 4,989 55,080 Oct 11.787 3,430 165 1,247 2,865 306 3,766 Treasury bills: Nov 11,780 3,439 163 1,244 2,865 305 3,703 1952—June 17,219 41 381 5,828 103 504 92 10,268 Marketable secu- Dec 21,713 86 1,341 7,047 137 464 119 12,518 rities, maturing: 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 Within 1 year* Dec. 19.511 102 2,993 4 368 126 410 109 11 402 1952—June 45 642 101 12 20212 705 223 581 470 19,360 1954—June 19,515 46 2,316 4,187 98 520 101 12,248 Dec 56,953 133 14,749 16,996 263 532 733 23,547 O N c o t v 1 ID 9. , 5 5 0 0 9 7 6 0 2 1 2 1 , . 1 6 6 6 7 0 4 4 , , 8 3 9 5 0 7 4 7 9 3 4 4 5 3 3 5 1 1. 2 1 4 5 1 1 2 2 , , 2 3 5 1 6 5 1 1 9 9 5 5 3 4 — — D J J u u e n n c e e 6 6 7 4 0 3 . , ; 5 1 2 8 2 3 9 3 5 1 1 10 6 7 7 3 5 1 1 1 6 5 6 , , , 9 2 5 7 8 0 2 0 5 2 1 1 5 7 9 , , , 0 6 5 6 8 8 2 4 0 4 4 2 7 9 7 6 4 5 4 3 5 6 9 3 8 0 7 1 1 , , 0 0 6 8 6 5 2 1 2 2 2 2 7 4 9 , , , 3 5 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 S 6 , , 4 7 2 1 3 2 6 2 0 7 1 5 1 , , 0 8 6 2 1 1 4 6 , , 7 8 9 7 1 7 1 3 2 7 0 5 7 6 6 3 31 7 7 8 9 6 , , 0 4 9 2 2 4 N Oc o t v 6 0 0 3 , ,0 4 5 4 0 1 1 0 0 3 8 1 1 5 6 , , 6 1 3 3 2 9 1 1 7 8 , , 8 9 2 8 2 1 3 2 0 5 3 5 4 4 0 6 5 6 0 63 9 1 7 2 2 5 0 , , 5 3 4 5 1 7 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 7,188 27,858 370 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 Nov 1 1 8 8 , , 1 1 8 8 4 4 1 4 8 0 6 , . 6 6 0 0 0 0 4 3, , 8 0 4 35 8 4 5 9 2 1 1 1 1 5 5 1 1 7 7. , 5 3 1 4 S 0 1 19 9 5 5 4 3 — — D J J u u e n n c e e 3 2 2 2 9 7 , , , 3 3 9 3 6 6 0 7 5 2 1 1 5 0 9 2 5 2 6 6 6 , , , 4 1 3 5 5 0 5 2 7 1 1 1 8 4 6 , , , 3 6 0 4 2 5 4 4 6 4 4 4 3 6 7 1 4 6 1 1 1 0 2 5 9 3 5 9 9 8 8 1 9 0 4 0 5 5 5 , , , 4 3 8 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: 3 1 0 8 , , 2 9 6 6 6 3 1 2 6 1 5 3 , , 5 77 6 4 81 1 0 0 , , 4 9 3 5 1 5 4 4 2 9 5 8 4 3 8 2 6 7 2 4 , , 5 9 8 7 7 8 O N c o t v 3 3 6 6 , , 4 4 4 4 0 8 1 1 0 6 3 0 6 0 , , 3 3 2 2 1 12 2 0 0 , , 9 9 3 1 3 8 5 5 2 0 9 8 1 1 7 6 0 8 1 1 . , 0 1 8 1 9 6 7 7 , , 2 2 5 3 3 9 1953—June 80,425 23 13,774 10,355 62 5 529 5,678 5-10 years: Dec 31,406 8 13,289 1.1,510 130 52 605 5,814 1952—June 15,122 387 693 7,740 1,357 497 765 3,684 1954—June 31,960 64 13,029 11,423 221 99 592 6,531 Dec 22,834 546 1,38711,058 1,775 885 1,348 5,835 O N c o t v 3 3 6 0 , , 1 1 8 9 8 6 7 8 8 4 1 13 3 , , 0 0 2 2 9 9 1 1 4 4 , , 2 2 1 0 4 4 2 2 4 4 8 1 7 6 0 S 6 70 9 6 1 7 7, , 8 8 0 5 4 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 1 2 4 8 2 1 1 1 , , , 3 0 3 7 7 3 4 4 5 1 1 8 0 8 , , , 7 0 7 7 5 4 2 1 1 1 1 1 , , , 3 3 3 8 1 9 9 5 5 5 7 7 1 2 4 6 5 5 1 1 1 , , , 6 1 1 0 5 9 4 5 8 4 6 5 , , , 7 8 2 1 6 1 1 5 1 Ma 1 r 9 k 5 e 2 t — ab D J le u e n b c e onds:* 7 79 5 , , 8 8 9 0 0 2 3 2 , . 0 9 4 2 6 8 4 4, , 5 4 2 2 2 2 3 3 2 0 , , 8 7 4 1 9 0 7 7 , , 2 1 2 6 1 5 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 N c o t v 2 2 6 9 , , 9 5 3 4 4 5 4 4 8 7 2 7 1 1 , , 0 0 1 1 4 4 I 1 S 6 , , 0 2 2 6 7 7 1 1 , , 3 3 2 6 8 8 4 41 4 4 0 1 1 , , 6 4 1 9 4 4 6 5 , , 6 9 0 4 0 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 N c o t v 8 8 4 4 . ? 2 2 6 0 6 4; 3 3, . 3 3 5 3 1 6 3 3 , , 0 0 9 9 3 3 3 39 8 , , 0 8 4 4 3 6 6 6, , 5 5 4 8 4 5 4 4 , , 9 9 1 6 0 8 3 3 , , 7 7 0 3 2 0 2 2 3 3 , , 7 0 0 2 8 1 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 8 9 8 5 5 5 5 4? , , 9 1 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 3 5 9 9 6 1 1 1 1 1 1 , , , 7 7 6 3 1 2 4 6 1 Oct 31,722 2,748 1,415 5,218 4,806 4,416 1.353 11,766 i Nov 31,720 2,700 1,415 5,271 4,743 4,368 1,370 11,781 * 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. 177 FEBRUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES3 [Estimates, in millions of dollars] Gross proceeds, all issuers2 Propo a s ll e d c o u rp se o s r a o t f e n is e s t u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total G m U o e v . n S er . t3 n- ag F e e e r n a d c l - y4 S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l o f i u c e n b r l d e y - d s p v P l a a r t c i e - e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N o e n w ey7 p l M p a c o o u e n u i s l s r e e s - - - - s d m b e t R i e t a o r e c b e n e f n . - t k - 8 t , m s r t i e i t o r e c i e f e n u - s t - 1939. 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 420 325 26 69 1,695 1940. 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 762 569 19 174 1,854 1941. 15,157 11.466 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942. 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943. 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944. 56,310 52,424 1 661 22 3,202 2,6701 1,892 778 369 163 753 657 47 49 2,389 1945. 54,712 47,353 506 795 47 6,011 4,855i 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1946. 18,685 10,217 357 1,157 56 6,900 4,88l| 3.019 1,8621,126 891 3,889 3,279 231 379 2,868 1947. 19,941 10.589 2,324 451 6,577 5,035; 2,888 2,147 761 778 5,115 4,591 168 356 1,352 1948. 20,250 10, 2,690 156 7,078 5,973! 2,963 3,010 492 614 6,651 5,929 234 488 307 1949. 21,110 11,804 216 ,907 132 6,052 4,890! 2,434 2,455 424 736 5,558 4. 606 315 637 401 1950. 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951. 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1 ,2127.120 6,531 226 363 486 1952 . 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1 ,3698,716 8,180 537 664 28.874 13.957 106 5.558 306 8.898 7,083 3.856 3.228 489 1 .3268,495 7.960 535 260 1954 29,793 12,532 458 6,953 286 9,563 7,545 4,004 3,541 814 1,204 7,561 6,987 575 1 ,857 1953—Dec... 2,736 777 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 73 652 614 38 183 June. 2,438 523 855 4 1,057 808 343 465 131 118 859 812 47 182 July.. 2,151 508 280 3 1,237 1,077 714 363 74 87 898 853 45 325 Aug... 1,298 546 300 8 443 369 166 204 44 30 346 310 36 91 Sept.. 2,131 464 652 2 1 .014 893 581 312 59 62 777 749 27 224 Oct... '6.547 4,61 !. 184 615 '1.133 '817 470 52 264 1 ,008 '865 '143 '109 Nov.. '1 .366 466 '459 4 '437 '334 116 '218 r37 66 '299 '48 '129 Dec... 2,529 557 891 71 .1 .01.1 852 288 564 61 97 592 530 62 404 I Proposed uses of net proceeds, by major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o a u n s d Transportation Public utility Communication a R nd ea l f in es a t n a c te ial Year or month T c p e n o r e e o t 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 1 - 0 T c p n e o r e e o t d a t - s l New 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 w l - 9 m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d a t - s l N i c t a a e p w l - 9 m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d a t - s l New m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d a t - s l N i c t a a e p l w * - m R e e n ti t r s e 1 - 0 1 1 9 9 4 5 9 0 1 1, , 1 3 7 9 5 1 1 1 , . 3 0 4 2 7 6 1 4 4 4 9 3 5 3 3 8 8 4 3 7 1 4 0 8 7 0 9 6 5 7 60 8 9 4 196 2 2, , 6 2 0 7 8 6 2 1 s , 0 9 4 2 3 7 2 6 3 8 3 2 5 3 6 9 7 5 3 5 1 1 4 7 5 73 9 9 3 i ! 5 6 5 3 8 9 1 3 0 5 0 1951 3,066 2,846 221 518 462 490 437 53 2,412 2,326 85 605 600 515; 449 66 1952 3,973 3,712 261 536 512 983 758 225 2,626 2,539 88 753 747 508 448 60 1953 2.218 2,128 90 542 502 589 553 36 2,972 2.905 67 874 871 1,561! 1,536 24 1954 2,292 2,131 160 926 S2S 778 507 271 3,670 2,673 997 712 655 1,041 766 274 1953—December. 41S 409 104 100 88 84 200 191 608 608 47 46 1954—January... 134 118 16 50 48 65 65 276 275 26 26 12 12 February.. 52 51 26 25 43 36 269 7 7 51 51 March.... 107 107 68 62 58 57 362 316 46 30 30 88 88 April 86 79 86 72 58 46 309 237 26 26 51 27 25 May 204 196 44 42 20 20 501 328 173 40 40 26 25 1 June 305 284 88 84 37 37 442 382 60 9 9 159 63 97 July 528 524 96 64 97 66 31 310 181 2 2 190 61 128 August 123 106 62 45 51 51 159 104 55 27 27 16! 13 3 September, 152 135 fil 60 38 125 248 173 75 328 326 4*j 45 3 October... '305 '•299 '131 '•118 '46 '21 25 '•271 '•210 '61 '!)S '98 '266 '262 November. '110 '•108 '79 r77 '69 '18 51 '•65 '46 '18 '75 '21 '31 '29 r2 December. 187 123 134 130 70 18 459 152 307 44 43 103] 92 11 ' Revised. mber of units by offering price. 3 Includes issues guaranteed. 4 Issues not guaranteed. 6Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. ^Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to u nderwriters, agents, etc., and expennsseess. 77IInncclluuddeess pprroocceeeeddss ffoorr ppllaanntt aanndd eeqquuiippmmeenntt aanndd wwoorrkkiinngg ccaappiittaall.. 88IInncclluuddeess pprroocceeeeddss ffoorr tthhee rreettiirreemmeenntt ooff mmoorrttggaaggeess aanndd bbaannkk ddeebbt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. 9Includes all issues other than those for retirement of securities. 10Retirement of securities only. Source.—Securities and Exchange Commission. 178 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 38,34137,94845,351 52,44453,90562,665 15,739 16,566 15,459 14,902 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 Nond D u i r v a i b d l e e n d g s oods industries (94 corps.):1 1 446 1,710 2,295 2,036 2 036 2,110 493 491 495 631 524 523 520 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 Dura D bl i e v i g d o e o n d d s s industries (106 corps.)2 698 759 942 894 912 934 218 219 222 275 228 229 Sales .... . .. 23,602 23,897 29,357 33,77434,99742,390 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 Profits after taxes 1,837 1,888 2,544 2,005 1,804 2,114 511 573 509 521 526 600 434 Dividends 748 950 1,352 1,142 1,119 l,17f 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 produces (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 1,421 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.): Snles 3,983 3,907 4,260 4,966 5,290 5,757 1,376 1,410 1,473 1,498 1,479 1,442 1,440 Profits before taxes . . 775 552 673 869 689 796 195 195 229 176 214 189 165 Profits after taxes 588 428 464 532 495 571 131 129 155 157 148 138 124 Dividends . .... 184 191 223 247 268 274 66 66 67 74 68 68 69 Primary metals and products (39 corps.): Sales 9,066 8 18710 44612,497 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 C27 corps.): Sales . . 4 563 4,363 5,071 6,183 7,082 8,009 1,967 2,045 1,959 2 038 1 917 1 937 1 864 Profits before taxes 570 520 850 1,003 974 1,009 276 298 241 193 252 237 202 Profits ater taxes 334 321 425 370 380 402 89 103 95 115 117 107 103 Dividends 127 138 208 192 200 239 50 49 49 90 58 64 65 Automobiles and equipment (15 corps.): Sales 8,093 9,577 11,805 12,496 12,825 16,377 4,308 4,657 3,917 3,495 3 485 3,731 2 922 Profits before taxes 1,131 1,473 2,305 1,913 1,945 2,048 648 714 451 235 434 532 299 Profits after taxes 639 861 1,087 705 698 747 200 211 168 168 214 257 127 Dividends 282 451 671 479 462 463 117 114 114 117 114 113 106 Public Utility Railroad: Operating revenue 9,672 8,580 9,473 10,391 10,581 10,664 2,596 2,732 2,755 2,582 2,275 2,335 2,366 Profits before taxes 1 14f 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 l,04f 294 249 235 268 324 268 266 Dividends 493 560 619 651 725 771 182 189 194 206 212 210 211 Telephone: Operating revenue 2,694 2,967 3,342 3,729 4,136 4,525 1,092 1,126 1,129 1,178 1,174 1,210 1,233 Profits before taxes 292 333 580 691 787 925 223 234 220 248 242 262 262 Profits a^ter taxes 186 207 331 341 384 452 109 114 107 122 116 125 141 Dividends 178 213 27f 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 seriea 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). 179 FEBRUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS. TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES1 UNITED STATES CORPORATIONS [Estimates, in. millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars'. All types Bonds and notes j Stocks q Y u e a a r r te o r r P b t e r a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s ts d d C e i a n v s i d h - s tr p U i r b n o u d fi t i t e s s - d Y qu e a ar r te o r r New i N ss e u w es R m e e t n ir t e s - ch N a e n t ge I i N ss e u w es ! Retire- ch N a e n t ge 1939 6.4 1 .4 5.0 3.8 1 .2 1945 . . .. 6,457| 6,906| -449 4,92-4 5,996 -l,O72| 1 .533 910 623 1941 17.0 7.6 9.4 4.5 4.9 1943 24.6 14.1 10.5 4.5 6.0 1947 6,8821 2.523 4.359 5.015 2,011 3.004; 1 ,867! 512 1 .355 1945 19.0 10.7 8.3 4.7 3.6 1948 7,570! 1.683 5,887 5,938 1,2831 4.655i 1.632! 400; 1,232 1 1 9 9 4 4 7 8 3 2 2 9. . 5 8 1 1 1 2 .5 .3 2 1 0 8 . . 3 2 6 7 . . 5 2 1 H 3 . . 0 7 1 19 9 5 4 0 9 6 7 . , 7 2 3 2 1 4 ; ; 3 1 . 5 . 0 8 1 75 3 4 , ,8 7 5 2 6 4 4 4 . , 8 8 6 0 7 6 2 1 , , 5 8 8 0 3 2 j 3 2 , , 2 0 8 0 4 4 i ! 2 1 , . 4 8 1 6 8 4 ! ! 2 6 0 9 2 8 1 j 1 1 , . 7 5 2 7 0 2 1949 26.2 10.4 15.8 7.5 8.3 .1951 9.048 2,772 6,277 5.682| 2.105 3.577: 3.366; 666! 2.700 1950 40.0 17.8 22.1 9.2 12.9 1952 10,679 2,751 7,927 7 , MA 2 .403 4,940i 3,335'' 348! 2,987 1951 41.2 22.5 .18.7 9.1 9.6 1953 9,550 2,428 7,12! 6,651 1,896 4.755J 2.898; 533i 2,366 1 1 1 9 9 9 5 5 5 4 2 3 1 . . . 3 3 3 5 7 9 . . . 2 0 4 | 2 2 1 1 0 7 . . . 1 0 2 1 1 1 7 7 8 . . . 2 8 3 9 9 9 . . . 1 9 4 8 8 8 . . . 1 0 9 1953— 4 3 . . . . 2 1 , 4 ,8 5 6 5 1 6 5 3 3 9 2 ! 1 1 , . 8 3 1 2 6 8 ! 1 1 , . 7 3 8 1 5 3 4 5 1 0 9 8 1,2 8 7 94 7 ; ; 6 5 7 4 0 8 ! ; U3| 4 5 3 3 5 9 1953—2 3 4 . . . 4 3 41 2 0 . . . 5 9 9 I 2 2 1 1 2 7 . . . 9 5 4 1 . 1 1 9 5 9 . . . 5 1 0 9 9 9 . . . 3 5 6 1 9 5 0 . . . 5 2 5 1954—1 3 2 . . . . . . 3 2 2 . . . 7 0 8 0 5 2 0 8 7| 1 1 , ,3 9 1 1 7 3 4 7 9 - 1 i j 1 1 1 , , 7 7 .7 2 1 4 1 4 - 9 1 1 ! 2 1 1 , , 3 6 .8 1 .1 6 4 9 3 1 8 9 7 3 4 5 7 8 8 ! i 1 1 . . 0 3 8 1 7 6 6 7 2 * ! ; 1.0 9 7 8 9 1 1 5 3 i i j 2 3 2 1 7 9 9 6 2 3 8 7 3 6 0 7 2 3 1954—1 . 34.5 17.0 17.5 9.6 7.9 1 Reflects cash transactions only. As compared with data shown on p. 178, new 2. 34.5 17.0 17.5 9.6 7.9 issues exclude foreign and include investment company offerings, sales of securities 3. 3 3 4 7 . . 2 0 1 18 6 . . 2 8 1 1 7 8 . . 4 8 1 9 0 . . 8 4 8 7 . . 4 6 s h t e o ld ck b i y s su a e f s fi l a ia n t d e d c a c sh o m p p r a o n ce ie e s d s o c r on R n F e C ct , ed s p w ec i i t a h l c o o f n fe v r e in rs g i s o n t s o o e f m b p o l n o d y s e e i s n , t o a n s d to c a k l s s . o n R e e w tirements 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. .178. visers. Source.—Securities and Exchange Commission. Source.—Department of Commerce. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1 [Estimates, in billions of dollars] Current assets C u rre nt iiabilit ies Notes and accts Notes and accts. E o n r d q o u f a r y te e r ar Cash er U G n . o m v S e - . nt receivable I to n r v i e e n s - Other Total payable F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v t S .- . ' Other liabilities 1939 24.5 54.5 10.8 2.2 .0 22.1 18.0 1.4 30.0 .0 21 .9 1 .2 6.9 1941.. 32 3 72.9 13.9 .6 27.4 25.6 1.4 40.7 .8 25.6 7.1 7.2 1943 42.1 93.8 21 .6 5.0 21.9 2 7.6 1 .3 51 .6 2.2 24.1 16.6 8.7 1945 51.6 97.4 21 .7 2.7 23.2 26.3 2.4 45.8 .9 24.8 10.4 9.7 1947. 62 1 123.6 25.0 14.1 38.3 44.6 1 .6 61.5 37.6 10.7 13.2 1948.. 68.6 133.0 25.3 14.8 42.4 48.9 1 .6 64.4 39.3 11 .5 13.5 1949 72 4 26.5 16.8 43.0 45.3 1.4 60.7 37.5 j 9.3 14.0 1950 8.1 .6 28.1 19.7 1 .1 55 . 7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20. 7 2.7 58.8 64.9 2.1 92 .6 1 .3 53.6 21 .3 16.5 1952 90.1 186.2 30.6 20.4 2.8 64. 7 65 .4 2.4 96.1. 2.3 57.8 17.7 18.3 1953... 92 .6 1 89. 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.<) 14.9 19.1 2 94.2 I 79.6 28.9 16.8 2.4 63.4 65.5 2.6 85.4 2.4 52.5 11 .7 18.8 3 95 .3 1 83.9 30.1 18.6 2.3 65 .2 65 .1 2.7 88.6 2.6 53.0 .13.6 19.4 1 Excludes banks and insurance companies. 2Receivables from and payable* 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 i [Estimates, in millions of dollars] Trans- Maim- i Trans- Year Total f M a i c a n t n g u u r- - M in i g n- r R o a a i d l s - p o t t o h t i h r o a t n e n a r - P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a c in n i t n u g d - r - ! | S i p i r t o n a i r o c i t l n l a - . - P u u t t i b i e l l s i i - c oth A e l r l 1* rail ing j roads 1939 5 512 1,943 326 280 365 520 302 1 ,776 1953—\ 6 339 2,972 ! 650 925 1,792 194=5 8,692 3,983 383 R48 574 505 321 2,378 2 7 .289 3.426 ! 725 1.158 1,979 3 7.098 3.2.10 i 686 1 .219 1,984 1947 20,612 8,703 691 889 1 ,298 1 ,539 1,399 6,093 4 7,686 3.680 i 7.17 1 ,246 2,023 1948 22.059 9,134 882 ,319 1,285 2,543 1 ,742 5,154 1949 1.9,285 7.149 792 ,352 887 3,125 1,320 4.660 1954—1 6,240 2.864 1 608 910 1 ,859 1950 20,605 7,491 707 1,111 1 ,21.2 3.309 1,104 5,671 2 6,918 3.198 i 600 1 ,108 2,013 3 6.629 2.962 ! 535 1,058 2,075 1951. ? S 644 10,852 929 , 174 1 ,490 3,664 1,319 5,916 4 i 6,894 3.238 | 514 1,134 2,009 1952 26,493 11.632 985 1.396 1 ,500 3,887 7 094 1953 28,391 12,276 1,011 1,312 1,464 4.548 7,778 1955- -1 ' 6,096 2,737 j 531 858 i ,971 1954* 26,682 11,240 1 ,021 848 1 ,408 4,209 7,955 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications and other. 4 Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm End of year h O ol t d h e e r r s 1- to 4-family 1louses com M m u e lt r i c - i f a a l m p i r ly o p a e n rt d ies1 or quarter h A e o r l l d s l - t F u i i n c t n i i s o a a ti l n n - - s S F e a e l g d e e e c n r t a e - l d vi I d a n u n d a d i l - s h A e o r l l s d l - Total F in i c n i s a a ti l n - - O ho th ld e - r Total F i i n c n i s a a ti l n - - O ho th ld e - r h A e o r l l s d l - t F u in i c t n i i s o a a ti l n n - s - h O ol t d h e e r r s* cies others tutions ers tutions ers 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 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 L4 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 L3 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 L3 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 L.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 s 3 4 19*7 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 0 3 4 1949 62.7 42.9 1.1 18.7 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.6 2.1 3.5 1950 72 8 51 6 1 4 r19 8 66 7 45.1 35.3 9 8 21.6 14 0 7 6 6 1 2 3 3 7 1951 '82.2 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 •"91.2 66.8 2.4 21.9 84.0 58.7 47.0 11.7 25.3 17.0 8.3 7.2 2.8 4.3 1953 101 0 75 0 2 8 r23 2 93 3 66 3 53.8 12.5 27 1 18 2 8 9 7 7 3 0 r4 6 1954P 113.6 85.7 2.8 25.0 105.3 75.6 62.4 13.2 29.7 20.0 9.7 8.2 3.3 5.0 1953—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 ••23.2 93.3 66.3 53.8 12.5 27.1 18.2 8.9 7.7 3.0 r4.6 1954—March P 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 JuneP 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.Q December P. . . 113.6 85.7 2.8 25.0 105.3 75.6 62.4 13.2 29.7 20.0 9.7 8.2 3.3 5.0 ^Preliminary. •"Revised. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2 Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings* Nonfarm Nonfarm End of year or quarter Total Residential3 Residentiais 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 Q00 28 1942 746 4 256 332 924 491 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 S?1 4,208 4,184 3,387 797 24 1946 7 234 6 533 S 146 1,387 702 4,441 4,415 3,588 8?7 26 1947 o 446 8 623 933 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 oi=; 34 1949. 11,644 10,736 8,676 .... 2,060 909 6,705 6,668 5,569 1,099 37 1950 1 3664 12 69S10431 2 264 968 8,261 8 218 7,054 1,164 44 1951. 14 73? 13,728 11 ?70 .34?1 ? 9?1 4,9?.Q 2,458 1,004 9,916 9,869 8,595 2,567 1 7?.fi 4 30.3 1,774 47 1952 IS,867 14,809 1?,188 3 67S 3 01 > S S01 2,621 1 0S8 11,379 11,327 9,883 3,168 ? ?.37 4 477 1 444 53 \6. 85015,768 1?,925 3,912 3 061 s,951 2,843 1 08? 12.943 12,890 11.334 .3.489 3 4 7Q? 1 55ft 53 1954P 18,630 17,465 14,200 4 ??S 3 37S 6 000 3,265 1 16S15,000 14,945 13,195 3,900 4 1S0 S 14S 1 7 SO 55 1953—june 16,387 15,283 12,545 3,798 3 013 5,734 2,738 1,10412,112 12,062 10,574 3,325 2 590 4 658 1,488 50 September 16,640 15,550 12,770 3,860 3 040 5,870 2,780 1,09012,500 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—MarrhP 16,970 15,870 1?,965 3,920 307S S,970 2,905 1 10013,345 13,292 11,700 3,560 3 ?9S 4 84^ 1 S9? 53 Tune? 17,366 16,227 n ??0 3,960 3 116 6 144 3,007 1 130 13,881 13,826 12,181 3,659 ,3 S79 4 94? 1 64 S 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 1.60* 55 December?. . . .18,630 17,465 14,200 4,225 3 375 6,600 3,265 1,165 15,000 14,945 13,195 3,900 4,150 5 145 1, 750 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. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies, Comptroller of the Currency, and Federal Reserve. 181 FEBRUARY 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 ofperiod) Nonfarm Nonfarm Year or month Total Total in F s H ur A ed - a g n V u t A a e r e - - d Other Farm Total Total in F s H ur A ed - a g n V u t A a e r e - - d Other Farm 1940 5,972 5,073 668 899 1941 6,442 5,529 815 913 1942 898 6,726 5,830 1,096 896 1943 855 6,714 5 873 1 286 841 1944 935 6,686 5,886 1,408 800 1945 976 6,636 5,860 1,394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4 876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949. , 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8 176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21.251 19,546 5.681 3,347 10,518 1,705 toss 4 34.5 3 9?5 817 45.S 2.653 420 23.322 21 .436 6,012 3 560 11 864 1 886 1954 5 334 4 (>21 673 1,377 2,871 413 25,927 23.881 6,122 4 636 13 123 2,046 1953—December 480 435 65 79 291 45 23,322 21,436 6,012 3,560 11,864 1,886 1954— January 318 282 51 57 174 36 23,435 21,538 6,027 3,599 11,912 1 .897 February. 319 277 44 46 187 42 23,570 21,660 6,037 3,626 11,997 1,910 March 419 372 68 77 227 47 23,769 21,845 6,066 3,683 12,096 1,924 April 443 403 47 86 270 40 24,005 22,060 6,081 3,746 12,233 1,945 May 342 318 48 85 185 24 24,174 22,212 6,088 3,804 12,320 1,962 J une 451 410 60 100 250 41 24,384 22,403 6,091 3,886 12,426 I ,981 July 421 393 51 98 244 28 24,572 22,575 6,095 3,951 12,529 .997 August 464 435 53 133 249 29 24,795 22,786 6,100 4,048 12,638 2.009 September 484 459 53 156 250 25 25,035 23,019 6,098 4,187 12.734 2,016 October 471 446 56 148 242 25 25,260 23,235 6,103 4,302 12 830 2,025 November 571 538 80 183 275 33 25,574 23,540 6,133 4 451 12 956 2 034 December 631 588 62 208 318 43 25,927 23.881 6.122 4.636 13.123 2.046 NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m e o a u r 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 Total8 F su H in r A e - d - a g n V u t A a ee r - d - t C i v o o e n n n a - - l' f Y ic o o e r a a r th N b u e m r - Total in S lo g a a s v n - & p I c a n a o n s n m u c ie e r - s - b C m c a o i n e m a r k 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 r e o d o - s u l e ) - d nt 1941 1,379 437 581 361 4,578 1941., ,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942. ,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943., ,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944., ,446 4,606 1,560 257 878 165 1,746 3,180 1945 1,913 181 1,358 374 5,376 1945., _,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946., 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947., 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948.. 3,607 1,046 1,710 851 10,305 563 2,397 7,345 1948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 . 3,638 1,083 1,559 994 11,616 717 2,586 8,313 2,488 11,828 3,646 ,046 2,446 750 3,940 4,755 1950 . 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 3,032 16,179 5,060 ,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,530 1951 2,878 16,405 5,295 ,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2,955 1,557 18,336 904 3,385 14,047 1952 3,028 18,018 6,452 ,420 3,600 1,137 5,409 5.950 1953 7.767 2.475 3.488 1.804 21 882 1,044 3.961 16,8771Q53 3,164 19.747 7.365 ,480 3.680 1.327 5,895 6.241 1954.. 8,969 3,076 3,846 2,047 26,142 1,171 4,714 20,2f>71954 3,458 22,974 8,312 ,768 4,239 1,501 7,154 6,644 1953-Dec... 584 187 259 138 21,882 1,044 3,961 16,8771953-Dec... 255 1,622 569 126 291 128 508 6,372 1954-Jan... 495 152 217 126 1954-Jan... 218 1,372 467 108 263 85 449 6,292 Feb... 539 176 220 143 Feb... 229 1,425 517 105 274 85 444 6,223 Mar.. 710 246 288 176 22,722 1,083 4,111 17,528 Mar.. 281 1,784 666 124 335 103 556 6,339 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 2S9 372 180 Aug.. 312 2,086 770 166 369 138 643 6,684 Sept.. 828 282 369 177 25,053 1,150 4,503 ig,466 Soot.. 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.. 807 278 357 172 Nov.... 307 2,148 757 177 399 147 667 7.004 Dec... 853 295 369 189 '26! U2 i'M'i 4,714' 20',25" 318 2,267 7S4 191 420 158 714 7,131 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. aPrior to 1948, data are not available for classifications shown. 8 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans8 Home Home Governmentm Y o o e n r a t r h Total Total e p N r r m t e o i w o p e r s - tga i e p s g r E r t e t o i x i n s p e - g s - g m P t e a y r o c g p o t r e - j e t s - - 1 p l P m o e r i r a m r o e o t n n v y - p s e t - 2 - Total e p N r r m t e o i w o p es r - tga i e p s g r E r t t e o i x i n s p e - g s - r A a e a t l p n t i a o e d r i n r - 2 q y E u e n a a d r r t o o e r f r Total Tota u l nd F er H i w n A - ri - tte g n V u A ar - - t C v io e o n n n a - - l sured anteed 1940 , 991 991 588 175 13 216 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 18 2 3 7 3 7 14 5 1944 877 877 484 224 56 114 1943 17 8 4 1 4 1 13 7 1945 857 665 257 217 20 171 192 1944 17 9 4 2 4 2 13 7 1946 3,058 756 120 302 13 321 2,302 1945 18 5 4 3 4 1 2 14 2 1947 5,074 1,788 477 418 360 534 3,286 1946 23 1 3 7 2 4 17 0 1948 5,222 3,341 1,434 684 609 614 1,881 1947 28 2 9 3 5 5 18 9 1949 5,250 3,826 1,319 892 1 ,021 594 1,424 793 629 3 1948 33 3 12 5 5 3 7 2 1950. 7,416 4,343 1,637 856 1,157 694 3,073 1,865 1,202 5 1949 37 5 15 0 6 9 8 1 22 5 1951 6,834 3,220 1,216 713 582 708 3,614 2,667 942 6 1950 45 1 18 9 8 6 10 3 26 2 1952 5,830 3,113 969 974 322 848 2.721 1,824 890 6 1951 51 9 22 9 9 7 13 2 29 0 1953 6.946 3,882 1,259 1,010 259 1,334 3,064 2,045 1,014 6 1952 58 7 25 4 10 8 14 6 33 3 1954 7,323 3,066 1 ,035 907 232 891 4,257 2,686 1 ,566 5 1953 66 3 28 1 12 0 16 1 ^8 2 1954* 75.6 31.5 12.8 18.7 44.1 1954—Jan 512 265 117 66 12 69 247 174 73 4 Feb 488 221 94 60 13 54 267 188 79 .4 1952—Mar. . 53.3 23.5 9.9 13.6 29.8 Mar. .. 471 246 95 67 16 69 225 160 65 .4 June.. 55.1 24.0 10.1 13.9 31.1 Apr.... 493 245 83 70 17 76 248 163 85 .8 Sept.. 57.0 24.7 10.4 14.3 32.3 May... 512 243 74 72 25 71 269 171 98 .3 Dec... 58.7 25.4 10.8 14.6 33.3 June ... 579 270 86 79 24 82 309 200 109 .3 July.... 531 238 75 79 14 70 293 178 115 .3 1953—Mar... 60.4 26.1 11.1 15.0 34.3 Aug 680 262 72 79 40 71 418 251 167 .2 Tune.. 62.5 26.7 11.4 15.3 35.8 Sept.. . 679 269 77 59 33 101 410 252 157 .5 Sept... 64.6 27.5 11.7 15.8 37.1 Oct 770 252 80 74 9 89 518 307 211 .4 Dec.. . 66.3 28.1 12.0 16.1 38.2 Nov.... 760 266 91 92 7 76 494 304 189 .5 Dec. .. 843 287 92 109 23 63 556 337 219 .4 1954—Mar. P. 67.7 28.8 12.2 16.6 38.9 June*. 70.0 29.7 12.4 17.3 40 3 1 Monthly figures do not reflect mortgage amendments included in annual totals. S D e e p c. t . i P '. . 7 7 2 5 . . 6 6 3 3 0 1 . . 5 5 1 1 2 2 . . 6 8 1 17 8 . Q 7 42 1 2FHA-insured property improvement loans are not ordinarily secured by mortgages: VA- 44.1 guaranteed alteration and repair loans of $1,000 or less neednot be secured,whereas those for more than that amount must be. v Preliminary. 3 Prior to 1949, data are notavailable for classifications shown. NOTE.—For total debt outstanding, figures for NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- first three quarters are Federal Reserve estimates. anteed loans, gross amount of loans closed- Figures do not take account of principal repay- For conventional, figures are derived. ments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by Sources.—Home Loan Bank Board Federal Houatype are derived from data on number and average amount of loans closed. ing Administration, Veterans Administration, and Sources.—Federal Housing Administration and Veterans Administration. Federal Reserve. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY 1 FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Author- Com- Mortgage holdings Mort- Advances outstanding ized mit- gage Mort- (end of period) E o n r d m o o f n y t e h ar m f c u u o i n t n m t d - e - s d b m u d u e r . i n n s s - ~ e t d s Total F s H u i r A n e - - d . a g n V u t A a e r e - - d ( c p d h p e u r u a r i s r o i e - n d s g ) ( p d s g e u a a r r l g i i e o n e s d g ) Year or month Ad- R m e e p n a t y s - Total S t h e o r r m t 1 - L te o r n m g - 2 1 i 1 1 1 1 9 9 9 9 9 9 5 5 4 4 5 5 4 1 9 8 2 0 1,0 8 9 6 5 5 8 6 4 1 * 2 5 1 8 8 0 8 4 4 2 8 2 3 6 8 7 2 3 2 2 3 5 6 7 K 4 3 9 2 2 2 1 1 , , . , , 8 2 4 4 1 8 3 2 4 6 9 3 5 4 8 9 2 2 4 0 7 4 2 3 6 8 1 1 9 0 0 0 6 2 8 1 3 2 4 9 0 8 i 1 1 1 1 . . . , , 4 8 1 9 6 6 2 4 1 2 3 4 7 5 1 1 2 2 6 8 1, 6 6 6 5 1 0 5 7 7 1 3 9 4 4 2 7 4 8 8 ? 4 4 5 ? H 6 2 2 5 ? i 9 5 0 6 i 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 5 4 5 4 5 5 6 7 2 8 1 9 0 2 3 3 2 4 3 6 5 5 2 7 2 5 7 8 6 1 9 8 3 6 5 6 0 2 2 2 2 3 2 4 5 3 1 0 3 9 2 3 8 1 3 9 3 2 8 7 0 2 4 4 8 5 8 8 1 3 9 3 6 1 1 0 9 3 3 6 4 5 6 6 5 2 5 2 2 5 5 1 1 3 1 0 6 5 4 7 8 1 8 8 5 7 7 6 4 2 2 2 2 2 2 1 0 1 5 9 6 9 1 0 2 7 8 9 9 8 9 9 i*-)54— F Ja e n b u r a u ry ary.... 5 54 5 2 0 6 6 6 8 6 5 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 1 1 9 9 5 5 4 3 < 7 =7 3 2 4 8 " 8 6 1 4 8 0 9 8 5 6 2 7 6 61 3 2 4 3 2 1 5 7 5 J O D J A S N A M M u u e p c u e o a a l n p t r g y c v y r o e t i u e l e c e b s m h m m e t r b b b e e e r r r . . . . . . . . . . 6 6 5 5 5 5 5 5 0 C 3 7 9 4 7 6 3 3 ) ' 1 8 4 0 0 0 9 9 ) 6 4 6 5 7 7 7 7 8 7 0 7 4 5 3 0 9 7 1 4 3 6 7 4 7 0 1 9 2 5 2 2 2 2 2 2 2 2 2 2 , , . , , , , , , , 3 3 3 4 3 3 3 3 2 2 6 9 5 3 6 0 7 6 9 9 2 6 5 4 8 1 1 6 9 9 8 7 6 7 6 6 7 7 7 7 0 4 5 3 7 5 6 8 2 0 2 5 2 3 3 3 7 0 4 0 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 6 6 6 6 6 6 6 6 6 7 2 3 1 1 2 3 0 4 1 1 2 2 6 8 3 2 1 7 3 9 1 3 5 3 3 6 4 5 3 5 2 9 0 3 8 4 9 0 8 0 0 1 3 3 9 3 2 1 0 3 1 1 7 9 8 0 3 5 8 7 1 9 1954— S O J A F J A M M u u J e e u c p a p a n a l b g t r n y r t o y e r i u e c u l u . b . . m s h . . . . a a t e r b r r y y . e . . . r . . . 1 3 2 3 2 5 6 6 0 1 5 5 6 6 8 3 6 9 3 5 9 2 3 3 4 2 3 3 9 8 8 5 8 1 5 6 3 9 8 8 4 1 6 6 6 6 6 6 6 6 7 7 5 8 7 0 0 1 3 7 5 3 9 9 5 8 8 3 0 7 1 0 4 4 3 3 4 4 4 4 4 3 7 2 7 9 0 2 5 3 8 9 1 2 7 6 6 8 2 8 2 6 2 2 2 2 2 2 2 2 2 2 3 2 3 5 4 3 3 3 3 3 1 3 6 5 7 7 9 1 6 3 .1.955--January 0) 418 2 ,462 817 1,645 10 D N e o c v e e m m b b e e r r . . 17 7 1 4 4 3 7 8 8 7 6 4 7 3 4 6 9 1 5 2 2 25 4 5 8 1No authorization figures shown after October since under its new charter, 1955—January. .. 38 188 717 491 226 effective Nov. I, 1954, FNMA maintains three separate programs, for which the type of fund authorization varies. Other figures represent the combined pro- cCorrected. grams: secondary market, special assistance, and management and liquidation. 1 Secured or unsecured loans maturing in one year or less. Source.—Federal National Mori gage Association. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. FEBRUARY 1955 183 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 a m pe o r b i ile co p O g n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e z a p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t * 1939 7,222 4,503 1,497 1,620 298 1.088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 ,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 L ,356 2,353 ,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 ,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 L ,532 2,680 ,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 ,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 L 934 3,096 ,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 .707 1951 29,537 22.187 10.341 5,831 1,649 4,366 7,350 2.219 3.411 .720 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 >,420 3,518 ,720 1954—January 28,724 21,836 10,158 5,697 1,635 4,346 6,888 2,165 3.002 L ,721 February 28,140 21,582 10,010 5,588 1,623 4,361 6,558 2,133 2.682 L ,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 ,786 June 28,666 21.717 10,168 5,367 1,635 4,547 6,949 2,334 2,819 ,796 July 28,725 21,849 10,298 5,328 1,637 4,586 6,876 2,303 2,773 ,800 August 28,736 21,901 10,349 5,294 1,642 4,616 6,835 2.312 2.734 1,789 September 28,856 21,935 10,365 5,287 1,642 4,641 6,921 2,335 2,807 1,779 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 ,746 December 30,125 22.467 10,396 5,668 1 ,616 4.787 7,658 2,420 3,518 .720 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k i s a - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n r s t t 1 - F s t t u u o r r r n e e i s - H a a h p o n o p u c l l s d e i e - - d m A ea o u l b t e o i r l - s e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 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 1954 22,467 18,935 8,633 6,421 1.293 2,588 3,532 1,201 890 293 394 754 1954—January 21,836 18,545 8,914 6,062 1,103 2,466 3,291 995 872 285 375 764 February 21,582 18,300 8,755 5,974 ,115 2,456 3,282 1,065 849 281 370 717 March 21,381 18,192 8,714 5,892 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 1,027 821 271 371 672 June 21,717 18,538 8.783 6,060 ,207 2,488 3,179 1,037 820 273 379 670 July 21,849 18,671 8,763 6,189 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 ,282 2,526 3,295 1,098 846 283 390 678 December ... 22,467 18,935 8,633 6,421 L, 293 2.588 3,532 1,201 890 293 394 754 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m of o n y t e h ar i c T m n n r s o o e e t t n d a n a i - l t l t - C m m c ( i o i n s e a e m i s r n l n - t - g i t t l u e l t - o i O p a o a n t n y h s s - ) er m p D a e a e r n c t ( - o - c c t u h o t a u le r n g O t t s e s t ) her S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t d t a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O p g c u o a t o m p o h n d e e e - r s r r e R l m r o t a e n i a n o o p i n z d d n a s a - ir - l s P o o a e n n r a - s l banks stores1 L939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1 1 9 9 3 4 9 0 2 2 , , 7 8 1 2 9 4 6 6 3 2 6 5 1 1 6 6 2 4 2 2 3 5 6 1 1 L , 2 17 2 8 0 5 5 5 1 3 8 1 19 9 4 4 2 1 1,7 8 2 6 6 2 4 1 4 4 7 9 3 1 3 3 8 4 3 1 0 5 9 3 1 1 2 6 4 1 4 30 7 2 1 1 19 9 4 4 2 1 3 2 , ,8 0 1 8 7 7 6 5 9 9 3 3 1 1 5 2 2 0 2 21 7 7 5 1 1, , 2 3 2 7 7 0 6 5 6 9 0 7 1 1 9 9 4 4 5 6 1,5 7 6 4 7 5 1 6 6 6 9 3 1 1 4 1 3 2 1 9 1 9 4 2 1 4 1 2 0 3 5 1 4 2 6 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 5 4 4 5 5 6 7 5 8 2 9 1 0 . .. 3 4 5 5 6 4 6 7 , , , , , , , , 2 6 1 4 3 8 5 2 1 3 4 7 2 4 8 0 2 1 3 5 3 3 8 3 1 1 1 1 1 1 1 , , , , , , , 6 5 8 2 3 0 2 6 4 8 7 3 6 0 0 7 4 4 6 4 1 8 3 4 2 2 2 1 1 1 1 4 5 5 8 7 1 9 5 5 0 0 4 2 4 8 3 2 4 5 5 6 6 5 7 5 8 4 7 8 9 3 3 2 4 1 5 5 0 2 0 2 2 2 2 2 1 L , . , , , . , . 6 3 0 1 4 3 8 6 1 6 9 1 2 3 2 2 2 5 6 1 2 8 1 4 1 1 1 L 1 1 1, , , , , , , 7 6 2 0 1 4 8 3 0 0 8 1 6 9 4 7 7 1 5 4 6 6 6 5 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 4 4 5 5 4 5 2 1 9 7 3 0 8 4 . . 3 4 2 5 5 7 8 8 , , , , , . , 7 4 6 5 5 7 6 O 7 3 2 2 2 9 3 O 1 9 5 9 4 8 3 ^ 1 2 2 1 1 , , . . , 1 1 6 2 1 3 5 8 7 3 3 1 9 5 7 4 7 5 3 5 8 2 5 9 , , , , , 5 9 7 3 2 6 6 8 4 3 5 1 2 9 4 6 6 9 3 1 Q 4 5 7 2 1 1 1 1 1 , , , , , , 7 3 0 0 5 4 7 8 5 1 1 5 7 9 5 3 1 0 4 5 6 8 6 9 , , , 8 4 8 5 7 1 2 3 3 3 8 1 6 3 7 1 4 7 8 5 8 7 5 7 , , , . , 8 9 7 0 1 5 3 6 3 1 4 2 2 3 7 7 3 9 7 1 2 7 4 6 1 1 9 95 5 4 3 7 7 , 6 3 5 5 8 0 2 1 , 0 .8 8 0 5 0 3 3 3 2 5 0 7 7 4 6 8 4 2 2 , , 6 7 6 5 3 4 . 1 . , 7 7 2 2 0 0 1954— F J e a b n r u u a a ry ry .. . . . 8 8 , , 9 7 1 5 4 5 1 1 9 6 1 2 , ,7 8 7 0 3 7 2 1 , ,9 0 9 9 7 2 , . 3 2 0 9 3 0 , , 5 5 2 3 1 3 1954— S O F J J A M A M J u u e e c p a u a a l n p b t y r n y g r e o t i r u c l e u b u m h a s e a . r t r b r y . . . y e . . . . . . r . . . . . . . 6 6 6 6 6 6 6 6 6 7 . , , , . , , , , , 9 4 8 8 8 8 6 9 5 0 2 5 8 3 7 8 6 4 5 2 1 2 5 5 6 8 9 9 3 8 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 9 9 9 8 9 8 8 0 8 9 8 7 9 4 8 4 8 8 1 6 9 7 7 5 5 1 0 3 8 7 2 2 3 3 3 3 3 2 3 3 9 5 8 9 0 1 1 2 9 3 2 7 5 5 5 4 0 7 8 8 6 5 4 4 4 4 4 4 5 5 0 0 9 2 4 8 4 9 1 8 2 7 7 6 6 3 8 9 7 8 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , 3 2 2 3 3 3 2 0 1 3 2 8 9 7 2 1 8 5 2 8 2 7 5 5 1 9 1 6 5 8 1 1 1 1 1 1 1 1 1 1. , , , , , , , , , 7 7 7 7 7 7 7 7 7 8 5 6 2 8 9 3 8 7 4 0 4 5 1 6 6 8 9 9 3 0 O A J J A S N M M D u u e p c u o e a a l n p t r y g v c y r e o i t u e e l c e b m m s h m e t . b b r b . . e e e . r r r . , . . . 8 8 8 8 8 8 8 8 8 8 , , , , , . , . , , 7 7 7 7 7 6 6 5 7 6 3 1 2 6 8 3 3 8 2 8 1 4 2 3 3 3 7 6 9 8 2 2 2 2 2 2 2 2 2 , , , , , , . , ,1 1 2 1 1 2 2 2 2 1 0 9 3 6 0 8 4 3 2 8 8 5 7 4 7 0 8 0 0 4 1 1 , , , , , , . , , , 6 6 7 6 7 7 6 7 7 7 3 4 4 6 2 0 8 2 3 5 5 3 9 7 6 6 0 5 5 5 1 1 1 1 1 1 1 1 1 1 , , , . , , , , , 8 9 8 9 8 9 9 8 8 ,8 2 5 5 2 1 3 3 8 3 2 2 7 5 5 3 5 9 0 9 2 1 1 1 1 1 1 1 1 1 1 , , , . , , . . 2 2 2 2 2 2 2 2 . . 2 2 7 9 9 9 8 9 9 7 0 8 9 7 3 3 1 9 9 5 6 7 , , , . , , , , . , 5 5 6 5 6 6 6 6 6 6 6 8 1 7 2 4 3 4 5 7 1 1 1 7 6 9 8 4 3 6 November. 7,195 2,049 358 574 2.468 I , 746 December. 7,658 2.085 335 764 2,754 1,720 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] Total Other Repair 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 - m A pa o u p b t e o il r - e s O g p c u o a t o m o p h n d e e e - r s r r m i R z lo o a e a n a d p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - 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 v m iz lo o a a n a d ti n d e o s r n n- s l P o o e a n r n a - s l 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 62 0 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 ^SO 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 3.613 573 337 240 2.4*4 19S2 .. 4,833 4,072 332 82 347 1954 3,881 596 340 260 2,685 1Q53 6 147 1954 6,421 5,563 351 81 426 1954—January 3.569 557 330 246 2,436 February 3,571 555 328 248 2,440 1954—January 6,062 5.228 359 86 389 March 3,586 555 325 251 2,455 February... 5.974 5,150 351 85 388 April 3,622 560 325 252 2,485 March 5,892 5,079 340 84 389 May 3,652 565 323 258 2,506 April 5,901 5,089 336 84 392 June 3.695 574 323 259 2,539 May 5,944 5,136 331 83 394 July 3,719 581 321 258 2,559 June 6,060 5,249 331 83 397 August 3 744 587 321 261 2,575 July 6,189 5,371 335 82 401 September.... 3,771 591 324 262 2,594 August 6.256 5,436 335 82 403 October 3.774 589 329 260 2,596 September. . . 6.204 5,474 336 81 403 November. . . 3.808 591 331 263 2,623 October 6.315 5.491 337 81 406 December... . 3.881 596 340 260 2.685 November. . . 6,325 5,491 340 8t 413 December.. . . 6,421. 5.563 351 81 426 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. FEBRUARY 1955 185 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 1954.. . 29,304 29,024 12.532 12,4 77 7,700 7,863 1 ,245 1 ,278 7,827 7,406 WITHOUT SEASONAL ADJUSTMENT 1953—December 2,696 2,416 964 1,027 883 639 103 99 746 651 1954—Tanuary 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 L ,020 1,111 574 719 104 113 682 638 April 2,400 2,355 L.038 1,015 615 645 105 102 642 593 May 2,397 2,336 1,047 987 607 650 121 104 622 595 June 2,703 2,473 1,244 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 ,114 1,063 607 641 112 107 644 614 September... 2,441 2,407 ,062 1,046 629 636 115 115 635 610 October 2.454 2,437 ,031 1,056 687 650 106 111 630 620 November '"2,554 r2.492 r ,040 rl.084 '716 '642 108 114 600 652 December . . 3.046 2,593 .184 1 ,084 036 666 95 110 831 733 SEASONALLY ADJUSTED* 1953 —December 2,414 2,323 1 ,053 1 ,026 637 620 109 07 615 580 1954—January 2,306 2.368 907 985 689 681 97 84 613 618 Februaryr 2,357 2.377 959 1.041 636 644 119 102 643 590 March r. . 2,294 2,456 957 . 053 601 688 115 110 621 605 April r 2.358 2,358 964 .025 644 629 108 100 642 595 Mav r.. 2,321 2.392 984 I ,010 604 658 115 115 618 600 June7" 2.495 2,413 1 ,114 .056 649 658 95 108 637 501 July- 2.455 2,364 1 .060 , 006 666 667 08 100 631 501 August r... 2.409 2,480 1 .035 .067 613 678 100 105 661 630 Septemberr 2.474 2.404 1 .077 ,014 609 634 106 118 682 638 October r 2.461 2,424 1 .068 ,039 633 652 92 106 668 627 Novemberr 2.612 2 .500 1 ,109 1 .098 677 631 101 113 725 658 December 2,762 2 ,488 1 ,298 I . 083 679 643 90 108 686 654 * Includes adjustment for differences in trading days. ''Revised. 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 * Pe fr r o c m en m t p a o r g n e e c t h e c d h i a n n g ge f m P ro o e m r n c t e h c n o o t y a r f e r g e a e p s r r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C cc h o a u rg n e ts Item D 19 e 5 c 4 . N 10 o 5 v 4 . 1 O 9 c 5 t 4 . D 10 e 5 c. 4 N 19 o 5 v 4 . 1 O 9 c 5 t 4 . Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t o l i o d a u r n s e 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 +23 + 12 +2 +4 -5 December 14 11 46 Cash sales + 11 0 +5 -9 Credit sales: 1954 Instalment +21 +3 + 13 +5 +3 -4 Charge account + 19 +4 +4 +2 +6 + 1 January 14 12 9 45 February 14 11 9 43 Accounts receivable, end March 15 13 10 48 of month: April 14 12 9 45 Total +6 +3 + 1 + 1 + 1 0 May 14 12 10 46 Instalment +5 +2 + 1 -1 -1 June 14 12 10 47 Charge accounts +8 +5 + 1 + 10 + 7 +2 July 14 12 10 45 August 13 12 10 45 Inventories, end of September 13 12 10 46 month, at retail value. -8 -1 +3 — 5 -7 -7 October 14 12 10 47 November 13 12 10 48 December 14 12 9 46 1 Collections during month as percentage of accounts outstanding at beginning of month. 186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d p ( u h 1 s y 9 t s r 4 i i c 7 a a - l 4 l 9 p v r = o o l d 1 u 0 u m 0 c e ) ti ) o * n aw C a o c rd n o e s n d t t r r u a c ( c v t t i a s o l 1 n ue) Employ "1 m 9 e 4 n 7 t - 4 a 9 n = d 1 0 p 0 ayrolls2 1947-49 = 100 Depart- Whole- Freight ment Con- sale ^load- store sumer com- Non- Manufacturing ings* sales* prices 2 modity Year Manufactures agri- production workers 1947-49 (retail 1947-49 prices2 or month Min- Resi- All cul- = 100 value)3 = 1CO 1947-49 Total erals Total den- other tural 1947-49 = 100 Total r D ab u l - e N ra d o b u n l - e - tial p m e l m o en y - t - Em m p e l n o t y- P ro a i y ls - = 100 1 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed j usted justed justed j usted justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61 .4 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34| 18 45 62 0 69 0 37 1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24 0 83 30 76 4 1922 . . .. 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.4 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73 1 1925. . .. 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 5ii 50 52 48 63 69 73 67 67 6 65 5 33 0 115 37 75 6 65 0 1927 51 i 50 49 50 64 69 71 68 67.9 64 1 32 4 111 37 74 2 62 0 1928 53j 52 53 51 63 731 76 70 68.0 64.2 32.8 112 37 73 3 62 9 19?9 59 58 60 56 68 63| 52 70 71 0 68 3 35 0 its 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66.7 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60 4 50.2 21 5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53.5 42.6 14.8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53 7 47.2 15 9 62 2* 55 3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48 7 1935 47 46 38 55 55 20 13 25 61 3 58 8 23 5 69 90 58 7 52 0 1936 56 55 49 61 63 30 22 35 65.9 63.9 27.2 81 33 59.3 52 5 1937 61 60 55 64 71 32 25 36 70.3 70.1 32.6 84 35 61 4 56 1 1038 48 46 35 57 62 35 27 40 66 1 59 6 25 3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69 3 66.2 29.9 76 35 59 4 50 1 1940 67 66 63 69 76 4.4 43 44 73 3 71 2 34 0 83 37 59 9 51 1 1941 87 88 91 84 81 66 54 74 82.7 87.9 49.3 98 44 62.9 56 8 1942 106 110 126 93 84 89 49 116 90 8 103.9 72 2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96.2 121.4 99.0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 94 9 118 1 102 8 106 62 75 2 67 6 1945 107 IK 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 KM 84 86 83 99.4 103.4 97.7 108 98 95 5 96 4 1948 104 103 104 10? ior 102 98 105 101 5 102.8 105 1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99 1 93.8 97.2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102 8 103 1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114 8 1952 124 125 136 114 114 183 183 183 110.5 106.3 136.6 95 110 113.5 HI 6 1953 P134 P!36 P153 pits P116 192 178 201 m 6 112.0 151 f 96 112 114.4 110 3 1954 Pl?5 P127 PI 38 P\U) Pill 216 232 201 P110.5 P102.1 PISS.2 86 114.8 1953 August . .. 136 136 138 157 119 119 205 184 220 114 1 112.7 113.8 154.0 98 112 115.0 110.6 September.. 133 135 135 152 117 118 218 180 243 113.7 Hi.7 113.7 153.4 96 107 115.2 111.0 October 132 136 134 151 117 114 230 183 262 113.7 110.6 112.0 152.6 95 111 115.4 110.2 November.. 129 130 131 146 115 111 224 176 255 113.1 108.7 109.4 148.0 92 113 115.0 109.8 December. . 126 124 127 142 112 113 208 177 229 112.4 107.1 107.7 147.2 88 112 114.9 110.1 1954 January.... 125 124 127 141 113 113 195 185 202 111.7 105.6 105.1 140.8 90 107 115.2 110.9 February... 125 126 126 139 114 113 196 201 192 111.2 104.6 104.3 140.5 88 109 115.0 110.5 March 123 126 125 135 114 112 191 205 182 110.8 103.8 103.6 138.4 85 105 114.8 110 5 April 123 124 125 134 115 109 196 213 184 110.4 102.7 101.8 135.0 84 111 114.6 111.0 Mav 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 Sentember.. 124 126 126 136 115 108 23! 253 217 110.0 100.2 102.0 138.4 84 107 114.7 110.0 October 126 130 128 "•138 117 109 241 263 226 110.3 100.9 102.3 139.5 87 113 114.5 109.7 November.. '•1.28 130 M30i M42 118 M13 255 264 250 110.7 101 .9 ••102.7 '142.7 89 114 114.6 110.0 December.. 130 128 132 145 118 117 259 277 248 110.7 102.6 143.9 93 Pi 17 114.3 109.5 1955 102.0 January... Pl 31 P130 P 133 Pi 46 I'll 9 P121 Pi 10.0 P101 .3 "141 .5 92 «117 110.2 'Estimated. pPreliminary. rRevised. *Average per working day. P101 .8 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. 195. 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. 197-201. Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1.328; department store sales, December 1951, pp. 1490-1515. FEBRUARY 1955 187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average =100] 1947-49 Annual 1953 1954 pro- Industry portion 1952 1953P Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. SEASONALLY ADJUSTED Industrial Production—Total 10®.00 124 134 126 125 125 123 123 125 124 123 123 124 126 ••128 130 Manufactures—Total 90.02 125 136 127 127 126 125 125 126 125 124 125 126 128 '130 132 Durable Manufactures—Total 45.17 136 153 142 141 139 135 134 136 135 134 135 136 138 rl42 145 Primary metals 6.70 116 132 113 ill 109 103 103 106 108 103 105 105 -111 118 120 Metal fabricating 28,52 146 167 156 155 151 147 147 148 147 147 148 148 149 •754 156 Fabricated metal products 5.73 121 136 126 126 123 120 119 121 122 122 124 121 124 «i25 126 Machinery 13.68 147 160 146 143 141 138 138 138 139 141 144 147 -147 ••148 144 Nonelectrical machinery 9.04 136 143 133 130 130 125 125 124 124 125 125 125 123 122 120 Electrical machinery 4.64 167 194 172 169 163 163 163 163 170 173 181 189 -194 ••198 192 Transportation equipment 7.54 154 189 182 185 179 173 174 178 170 170 166 161 164 ••181 195 Instruments and related products... 1.29 142 155 154 148 147 144 139 138 135 136 135 137 137 138 140 Clay, glass, and lumber products 5.91 118 125 119 120 125 123 121 125 118 113 114 124 130 130 133 Stone, clay, and glass products 2.82 125 133 129 125 130 130 128 130 129 131 132 134 132 "136 135 Lumber and products 3.09 ill 118 110 •114 120 116 114 120 108 96 97 116 128 124 131 Furniture and misc. manufactures 4.04 118 131 124 120 120 119 117 118 120 120 123 123 123 123 122 Furniture and fixtures 1.64 113 117 106 '106 103 104 103 102 104 106 109 109 "110 ••108 107 Miscellaneous manufactures 2.40 122 140 136 130 132 130 127 128 131 130 133 132 132 132 J31 Nondurable Manufactures—Total 44.85 114 118 112 113 114 114 115 117 116 114 114 115 117 118 118 Textiles and apparel 11.87 105 107 95 97 98 99 101 101 99 98 99 98 104 102 Textile mill products 6.32 103 104 90 91 91 91 94 95 93 95 94 95 rl()l 101 Apparel and allied products 5.55 108 110 101 104 106 108 109 107 106 102 103 101 "103 rl07 104 Rubber and leather products 3.20 107 113 104 103 102 103 103 106 107 99 97 103 108 108 115 Rubber products 1.47 116 128 116 112 110 \\3 113 119 120 97 98 117 r\25 121 133 Leather and products 1.73 . 99 93 94 94 93 94 94 95 100 96 91 94 96 P99 Paper and Printing 8,93 118 125 122 122 123 124 125 126 126 126 126 127 127 127 127 Paper and allied products 3.46 120 132 125 126 129 131 133 137 136 133 135 137 138 '•137 136 Printing and publishing 5.47 116 121 120 120 119 119 120 120 121 121 121 121 121 120 121 Chemical and petroleum, products 9.34 133 142 140 138 141 139 140 142 142 141 141 144 143 '145 148 Chemicals and allied products 6.84 137 147 145 143 146 146 146 148 148 148 149 150 150 151 154 Petroleum and coal products. . „ 2.50 123 130 128 124 126 122 124 125 124 122 121 125 124 127 P131 Fo F od o s o , d b e a v n e d r a b g e e v s e , r a ag n e d t m ob a a n c u c f o actures. . . 1 1 1 0 . . 5 7 1 3 1 1 0 0 6 5 1 1 0 0 7 7 1 1 0 0 3 3 1 1 0 0 5 5 1 1 0 0 5 6 1 1 0 0 6 6 1 10 0 7 6 1 n 1 o 0 1 1 0 0 8 8 1 10 0 5 5 1 1 0 0 5 5 1 10 0 5 5 1 10 0 5 5 •! 06 1 1 0 0 6 6 Tobacco manufactures .78 108 112 98 103 103 108 107 101 99 102 102 100 Minerals—Total 114 116 113 113 113 112 109 III 114 112 S©9 108 109 '113 117 Mineral fuels * 35 113 115 112 114 113 112 111 112 115 112 110 109 r110 115 Pi 17 Coal 2 68 83 78 69 70 68 62 58 65 69 70 68 67 70 69 13 Anthracite 36 78 57 55 62 59 52 46 44 48 56 50 49 43 51 66 Bituminous coal 2.32 84 81 71 72 69 63 60 68 72 72 71 70 74 72 74 Crude oil and natural gas 5.67 128 133 133 134 135 137 137 134 136 133 130 129 130 136 '138 Metal, stone, and earth minerals 1.63 115 119 114 111 112 110 99 106 110 108 102 102 101 '105 113 Metal mining .82 108 113 101 103 101 96 78 91 99 91 83 82 81 85 P<)9 Stone and earth minerals .81 123 124 127 119 124 124 120 121 122 125 121 121 121 125 127 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 124 134 124 124 126 126 124 124 124 116 123 126 130 130 128 MANUFACTURES—TOTAL ...„.,. 90. ©2 125 136 125 126 128 128 125 125 125 116 125 127 132 132 129 Durable Manufactures—Total 45.17 136 153 140 .140 141 140 137 136 135 125 132 135 140 -143 143 Primary metals 6.70 116 132 110 113 113 108 107 108 109 94 100 103 112 118 117 Ferrous metals , 5.03 115 133 110 111 111 104 102 104 105 91 95 98 107 114 115 Pig iron and steel 3.51 115 138 114 315 113 105 104 107 108 95 96 101 111 121 121 Pig iron ,37 107 130 117 113 108 100 93 94 99 94 93 93 101 110 .113 Steel 3.05 117 139 114 115 114 106 105 108 109 96 97 102 112 122 121 Carbon steel 2.62 112 135 116 115 113 105 103 108 111 96 96 101 111 119 118 Alloy steel .43 144 165 105 115 119 114 113 109 102 93 104 111 120 138 145 Ferrous castings and forgings . 1.52 114 121 101 103 106 101 98 97 97 80 90 90 97 ••98 1.01 Iron and steel castings 1.29 109 115 98 98 103 100 98 96 96 79 90 89 95 96 99 Steel forgings .23 143 154 122 130 125 111 104 100 101 87 91 98 106 107 lit) * Preliminary. ' Revised. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnan ce 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. 188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1952 1953* Bee. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Doc. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous '"Petals ...,,, 1,67 119 129 108 118 120 119 122 120 122 103 117 118 127 '129 123 Primary nonferrous metals. , .38 123 144 145 145 147 147 147 147 149 142 139 137 142 '158 161 Chopper smelting ,09 106 112 109 104 102 101 99 97 109 93 76 88 '98 '125 121 Oopoer rpf^nirg , ,06 99 116 121 110 113 115 114 107 114 105 102 89 91 '118 131 .04 100 101 108 108 103 113 107 109 97 79 98 109 114 107 103 10 112 113 108 107 102 97 100 102 102 97 98 84 90 112 P\ 16 Aliiminurp . .09 156 209 217 228 240 240 245 246 245 248 246 244 246 246 Secondary nonferrous metals. .13 114 114 101 96 103 107 115 108 109 86 105 105 106 P 104 Nonferrous shapes and castings.,.. 1.16 119 126 96 112 113 111 114 113 115 91 111 114 124 122 113 Oopoer mill shapes . .63 113 112 78 100 100 96 101 102 101 76 100 103 115 111 90 Aluminum mill shapes .20 140 168 126 136 139 143 154 149 162 145 163 159 160 162 ,33 115 130 114 120 122 118 116 112 112 88 103 107 r121 121 Metal Fabricating , . . 28.52 146 167 13S 155 155 153 ISO 148 147 135 144 145 150 '154 156 Fabrlcaf'ecl fintetal products 5.73 121 136 126 124 123 121 120 121 122 116 124 124 126 'J25 125 Structural ^retal parts 2,68 121 137 135 129 127 125 123 125 126 123 125 125 129 131 Stampings and misc. metal products.. 2.12 121 138 131 127 124 121 117 116 114 106 109 111 115 '122 125 Tii* cans -30 122 129 69 104 107 105 122 125 143 153 196 172 142 103 102 Furnaces, gas ranges, and heaters., .. .63 89 93 63 74 73 78 84 88 93 75 104 109 '121 '99 80 Machinery 13.68 147 160 149 146 1.47 145 141 138 137 128 138 145 150 150 146 Nonelectrical machinery . 9.04 136 143 137 132 134 132 128 126 125 119 118 12? 121 1.23 Farm and industrial rrachinerv 8.13 135 139 134 130 129 127 124 122 121 117 116 116 11.6 1 1 9 1.02 103 96 74 76 SO 84 85 84 84 79 74 75 73 '75 80 Industrial and commercial machinery 7.11 140 145 142 138 136 134 129 127 127 122 122 122 122 125 Machine tools ?>nd presses .. .68 179 J88 186 181 181 177 167 161 157 152 150 150 147 146 149 Laundry and refrigeration appliances. .69 108 128 110 106 129 122 120 112 ill 88 91 125 123 121 121. S»'er'tpf%a.' machinery ,. 4.64 J67 194 172 172 172 172 166 162 162 145 5 76 189 ?07 190 Electrical ppoaratus anc' parts 3.,23 162 179 176 169 167 164 160 159 156 151 152 1 ^ 4 1S8 >"162 164 .74 184 230 157 173 170 182 172 156 166 116 234 341 325 258 Transportation e<ju.jpment 7.54 154 189 174 J83 183 182 181 180 175 165 165 155 159 191 Aiitos trucks arid parts 4.80 102 126 101 115 114 11.4 117 116 111 96 98 81 90 '120 136 Autos . • . 1.50 103 146 107 135 138 142 151 146 143 125 123 81 70 144 174 Trucks .66 111 118 98 103 103 101 101 101 96 78 79 74 78 93 94- Tjifht trTicks * .22 105 112 100 112 103 104 J04 104 99 86 81 76 74 99 103 Medium trucks . 19 69 58 56 67 62 66 68 63 64 57 54 58 59 .14 194 183 150 145 164 152 150 148 132 99 113 iio '12* 134 130 07 229 149 137 141 \%?> 132 141 102 109 119 13? r13S 131 Auto and truck T>afts 2.58 98 117 99 106 104 100 101 102 96 85 88 84 S05 113 126 1,30 368 465 483 4S3 489 485 475 472 472 469 465 470 464 '471 478 Shipbuilding and reoair .81 136 135 127 124 124 124 120 118 115 112 107 106 104 107 „ 53 74 72 53 59 54 54 49 43 39 26 32 24 31 .35 •52 64 41 49 42 44 39 32 25 17 22 25 18 12 20 Snstrum exits arid related products.. 1.29 142 155 155 148 147 145 140 138 135 132 132 137 138 '140 141 Clay, Glasst and Lumber Products S.91 118 1ZS 113 112 120 122 124 126 122 109 118 129 136 130 325 Stone, clay, and glass products 2 82 125 133 12S 122 126 128 128 130 131 128 134 136 139 '137 134 Glass and pottery products 1 09 114 1 23 116 115 120 12? 117 117 115 107 116 118 125 124 120 Flat glass and vitreous products!. „ , .60 122 136 136 130 i 30 130 124 124 123 119 126 134 141 '144 117 Flat and other glass .47 124 139 140 232 133 t-31. 126 126 125 119 127 136 144 148 150 Glass containers .26 112 120 102 115 121 125 121 126 127 118 125 119 105 93 I'^o?ne nrlf-isc!'wcire and oottery .23 94 91 77 79 92 93 93 87 81 63 80 84 92 '93 80 Cemr-nt • • 32 124 132 119 104 110 118 132 137 138 150 151 155 152 145 .35 112 110 106 97 101 107 111 111 115 111 116 118 115 117 113 Brick .12 108 106 97 81 90 102 115 113 124 116 126 128 121 124 112 Clay firebrick, pipe, and tile . 20 H6 115 113 110 110 111 110 112 111 109 112 112 113 114 116 Concrete and plaster products .48 iS5 163 157 143 148 152 157 161 164 170 172 168 '166 162 Misc. stone and earth manufactures,., .58 131 143 146 140 141 139 135 135 136 134 140 144 146 146 119 Lumber and products 3.09 111 118 99 104 116 117 119 122 115 91 102 123 134 123 116 7-»umoer ... > 2.05 105 112 93 98 109 109 113 117 106 91 98 no 119 107 100 3Vf ill work and plvwood •>. ., . 60 138 149 124 140 160 164 163 161 154 93 128 187 207 191 1 86 Millwork ". ,39 118 118 87 96 110 109 111 119 128 90 116 157 164 139 137 Softwood nlvwood c ,12 167 199 184 212 241 253 248 229 195 95 145 23? 974 275 264 .29 99 99 94 88 90 90 90 91 92 85 83 87 91 '•88 89 Furniture and Misc. Manufactures 4.04 118 131 127 119 122 121 115 114 116 112 121 125 129 128 125 £?ur*ilture and fixtures 1.64 113 117 112 106 107 106 101 98 100 99 307 111 113 112 113 t^ous^hold furniture . 1.10 113 118 1.09 103 105 105 100 96 98 98 108 112 116 r11S 115 Fixtures and office furniture .54 112 116 117 113 110 107 103 103 105 100 106 103 107 107 108 Miscellaneous manufactures 2.40 122 143 138 128 133 131 125 124 127 121 130 136 140 139 134 p Preliminary. r Revised. For other footnotes see preceding page. FEBRUARY 1955 189 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 118 110 '112 115 115 114 114 115 108 117 119 123 120 115 Nondurable Manufactures—Total... 11.87 103 101 92 99 105 104 100 98 95 86 103 99 105 104 98 Textiles and Apparel Textile mill products 6.32 103 104 87 r92 95 94 93 94 92 82 97 97 103 rJ02 98 Cotton and synthetic fabrics 3.72 105 107 90 97 100 100 99 99 96 85 101 100 109 1.10 103 Cotton consumption .. .. 2.30 104 104 89 100 101 100 97 95 92 80 99 96 104 104 95 Synthetic fabrics .97 112 115 95 89 98 100 102 107 110 105 104 112 121 "•126 126 Fabric finishing .45 102 101 83 96 102 103 97 96 82 65 98 86 .101 M02 90 Wool textiles .97 85 78 61 58 58 60 63 68 70 68 74 67 69 69 "70 ^A^ool aooarel varns .16 96 91 59 68 72 72 80 84 81 78 86 73 77 72 Wool fabrics .. .. .. .75 83 75 62 56 54 58 59 64 68 66 71 66 67 69 7\ Knit goods 1.15 115 116 97 103 109 105 103 105 106 89 109 113 113 1.10 104 Hosiery . . .65 116 113 94 113 119 112 111 110 106 78 106 113 115 109 102 Full-fashioned hosiery .45 121 118 97 120 127 120 119 116 no 79 108 116 118 112 105 .20 105 102 87 96 102 93 91 95 98 77 100 107 107 102 93 Knit garments ... .50 113 119 101 90 95 96 93 99 106 103 113 112 112 111 106 .48 95 99 88 89 96 94 90 81 80 64 88 95 '99 '86 r>96 Woven carpets . .31 80 86 72 76 85 83 77 68 66 36 70 79 82 62 *73 Apparel and allied products . . 5.55 108 110 98 107 115 116 168 103 99 91 110 101 106 107 99 Men's outerwear.... 1.78 105 113 87 111 117 102 111 108 95 80 110 95 108 108 97 Mien's suits and coats .73 87 96 78 96 92 77 79 88 81 56 98 77 82 '88 90 J^ten's suits .50 83 92 81 102 96 80 78 84 75 52 92 73 80 '88 94 .13 83 89 46 52 56 48 65 80 87 57 98 72 72 66 52 Shirts and work clothing... .99 114 124 90 120 133 118 132 121 101 94 118 106 124 121 99 1.85 108 103 98 113 126 138 116 105 104 96 114 100 102 102 96 Women's suits and coats .76 123 117 122 144 164 165 102 80 114 127 14fi 130 127 130 115 Misc apparel and allied mfrs. 1.92 111 112 105 98 104 107 96 97 98 97 105 107 110 TIG 106 Rubber and Leather Products 3.20 101 113 98 103 108 108 104 103 106 86 98 105 ni4 108 109 Rubber products 1.47 116 128 111 114 114 118 116 118 121 85 94 118 ••132 124 128 .70 115 117 93 96 112 108 111 111 119 84 75 104 116 110 116 Auto tires .40 106 117 89 92 111 113 120 122 133 94 81 107 117 111 119 Truck and bus tires .30 128 118 99 102 114 101 99 96 100 71 69 90 114 110 113 Miscellaneous rubber products .. .77 117 133 105 129 116 126 120 125 124 86 111 132 nv 136 138 1.73 99 99 87 94 102 100 94 89 94 87 101 94 98 94 ?'<>3 Leather .44 87 91 81 87 95 89 86 90 89 71 87 83 88 88 Cattlehide leathers .29 87 92 86 93 101 92 93 96 93 75 91 89 96 94 Skin leathers .15 86 89 72 74 82 82 73 79 81 65 78 70 r72 75 .90 2t£iscellaneous leather products .. .39 101 100 92 85 91 91 82 79 84 87 94 95 97 98 94 Paper and Printing 8.93 118 125 121 120 124 127 128 126 126 116 124 128 133 131 125 Paper and allied products 3.46 120 132 119 126 133 135 136 134 136 120 137 137 146 '•140 129 1.76 120 130 117 128 132 133 131 132 136 116 134 133 140 ••139 127 Wood pulp .51 132 142 129 142 145 148 146 148 153 1.33 150 148 158 'I 60 142 1.25 116 125 113 122 127 127 125 125 129 109 128 126 133 ••131 121 .22 111 119 112 120 122 124 121 117 120 99 121 120 122 121 112 Fine paper .14 117 116 109 112 121 121 121 120 123 96 122 120 130 127 124 Coarse paper .20 112 118 113 122 125 122 116 117 119 102 121 118 124 124 113 Miscellaneous paper .18 123 129 123 135 139 138 137 134 136 126 137 136 145 142 134 Paperboard .41 117 134 115 128 130 131 128 132 136 112 133 129 138 '•137 123 Building paper and board .10 112 118 92 96 113 121 124 125 137 123 131 137 135 .129 115 Converted Daner Droducts 1.70 120 134 121 123 134 137 141 136 135 1.24 139 141 152 140 131 Shipping containers .51 120 133 118 115 126 133 135 133 132 119 136 141 151 140 131 Sanitarv oaoer Droducts .11 126 138 131 147 155 149 158 144 144 139 146 141 .153 141 128 Printing and publishing 5.47 116 121 122 116 118 121 122 121 119 113 116 122 125 125 123 Newsnrint consumDtion 1.85 115 118 117 108 114 120 129 125 119 102 107 120 129 .130 123 Job printing and periodicals 3.62 117 122 125 121 120 121 119 119 120 119 120 123 122 124 122 Chemical and Petroleum Products. 9.34 133 142 141 140 144 142 140 139 139 133 139 143 148 149 141 Chemicals and allied Droducts 6.84 137 147 146 146 150 150 147 145 144 138 144 149 155 155 Industrial chemicals • •. 2.54 140 154 147 145 150 150 150 150 152 146 150 1 53 154 ' 1 63 164 Basic inorganic chemicals .57 137 149 148 141 157 159 157 159 155 148 lSI 15=5 rl1S681 '171 170 Industrial organic chemicals 1.97 141 155 147 145 148 148 148 147 151 145 150 152 156 M61 163 Plastics materials .24 157 183 166 168 192 193 190 179 183 149 170 195 197 200 .11 175 186 153 148 152 144 127 120 122 121 126 137 143 147 Synthetic fibers .59 141 156 136 133 135 142 145 149 157 148 152 148 156 164 Miscellaneous organic chemicals.. 1.03 133 144 149 147 144 141 141 141 143 143 146 147 148 '151 154 .64 112 116 135 138 138 122 114 104 96 91 96 109 138 140 130 Vegetable oils .48 110 112 137 138 138 122 109 95 85 80 84 101 139 140 126 .16 119 131 127 138 140 122 131 132 127 126 1?9 1 M 134 137 139 .71 110 113 117 118 124 127 111 104 99 69 104 116 117 105 105 Paints .66 112 118 116 114 115 115 116 116 117 117 1J7 115 115 117 117 .23 122 124 106 112 136 170 173 137 107 95 99 109 113 '108 112 p Preliminary. ' Revised. 1 Publication suspended pending adjustment to revised Census production figures for the period 1950 to date. NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION~Co»/i»«^ [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1952 1953* Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 123 130 128 125 126 121 120 123 124 122 124 127 126 129 P!31 Petroleum and coal products 1.97 128 135 137 134 136 129 128 130 131 130 131 133 132 136 P142 Gasoline ... . 1.04 132 144 146 140 141 135 137 140 141 141 142 142 140 143 />148 Automotive gasoline .98 128 139 141 136 136 131 132 136 136 136 137 138 135 139 .06 194 227 228 214 227 212 215 218 235 229 233 215 214 219 Fuel oil .56 128 130 129 131 135 127 121 121 122 122 123 127 128 135 P140 Distillate fuel oil .30 151 155 153 156 164 155 146 145 148 150 154 161 164 172 Residual fuel oil .26 102 101 102 104 102 96 93 94 92 89 87 89 87 92 Kerosene .10 119 117 124 128 135 116 106 99 100 97 99 98 101 116 Lubricating oil .17 112 106 109 105 111 104 103 109 111 104 109 111 106 110 Coke . . .26 97 111 102 97 90 86 80 80 79 77 75 77 z-84 90 Asphalt roofing and siding .15 102 99 53 57 67 78 103 118 135 110 127 147 133 106 Foods, Beverages, and Tobacco 11.51 106 107 98 97 96 98 98 104 110 108 114 119 116 rW9 99 Food and beverage manufactures.. 10.73 105 107 99 97 96 98 98 103 110 109 115 120 117 '110 101 Food manufactures 8.49 106 108 102 101 98 98 97 100 106 107 116 124 118 Ml. 3 104 Meat products . ... 1.48 114 115 125 126 111 115 106 105 108 102 108 120 127 ]35 136 Beef .46 100 129 134 141 129 132 127 132 137 135 138 141 142 136 132 Pork .83 119 104 116 114 99 102 91 87 89 81 88 104 115 131 134 Dairy products .69 98 105 81 86 96 104 119 135 145 128 115 97 85 78 79 Butter .14 92 108 94 110 115 124 128 152 145 115 99 84 81 79 85 Natural cheese .07 103 112 93 100 109 117 133 159 161 129 114 98 r87 87 91 Concentrated milk .19 91 93 74 78 84 95 115 139 139 109 94 76 66 65 70 Ice cream . .28 102 106 73 72 87 92 107 110 139 143 133 113 '95 r81 74 Canned and frozen foods 1.13 117 121 86 76 72 71 75 85 99 138 194 212 141 rOO 86 Grain-mill products 1.16 108 106 101 106 104 101 99 106 114 112 110 114 110 M03 102 Wheat four .46 84 81 76 86 83 78 75 76 78 78 82 86 90 84 80 Cereals and feeds .70 124 122 117 119 118 116 114 127 137 134 129 132 123 117 117 Bakery products 1.64 101 100 97 95 97 96 96 96 98 99 98 98 99 "98 97 Sugar .27 104 113 177 89 63 58 63 76 82 72 94 109 258 273 Cane sugar .11 109 113 96 97 104 116 103 109 121 112 115 115 105 90 Beet sugar .13 94 108 242 77 24 2 24 42 43 32 71 99 385 427 Confectionery .71 102 102 88 111 110 99 89 81 80 66 91 131 123 125 87 Miscellaneous food preparations ... 1.41 100 104 102 100 103 105 103 105 108 109 108 106 108 M05 101 Beverages 2.24 102 105 84 82 89 98 103 115 126 118 108 107 110 97 88 Bottled soft drinks .54 116 Alcoholic beverages 1.70 98 100 80 78 86 98 ioo 108 114 103 96 98 107 99 84 Beer and ale 1.02 102 103 76 79 86 102 106 117 128 122 112 93 84 79 83 Liquor distilling .17 54 60 65 61 71 69 64 64 62 42 39 69 121 92 67 Liquor bottling .37 99 107 89 79 88 101 98 104 104 85 85 115 142 139 90 Tobacco manufactures .78 110 108 92 98 96 101 99» 108 113 92 111 109 111 103 Cigarettes .46 114 111 96 105 100 106 103 11? 119 98 115 111 111 102 Cigars .17 105 108 90 90 96 97 95 109 111 83 112 113 121 113 MINERALS—TOTAL 9.98 114 116 111 111 110 109 109 112 115 110 111 111 112 '114 115 Mineral Fuels 8.35 113 1/5 113 115 113 112 111 111 113 108 no no 113 117 vll8 Coal 2.68 83 78 71 74 68 61 58 62 63 57 68 70 77 75 75 Anthracite .36 78 57 51 62 59 48 44 45 50 44 48 51 52 57 61 Bituminous coal 2.32 84 81 74 75 69 63 60 65 65 59 71 72 81 78 77 Crude oil and natural gas 5.67 128 133 133 134 135 137 137 134 136 133 130 129 130 136 P138 Oil and gas extraction 4.82 125 129 128 128 130 131 132 129 129 124 123 124 124 130 P131 4.12 120 124 120 120 122 125 127 124 125 120 118 118 118 122 P!23 Natural gas . . .. .34 159 167 188 190 182 182 167 160 161 154 157 159 Natural gas liquids .36 145 157 166 163 167 161 156 155 156 151 151 159 163 170 Oil and gas well drilling .85 144 154 163 170 163 165 163 163 176 180 166 159 r160 171 Metal, Stone, and Earth Minerals . 1.63 115 119 98 91 94 93 99 116 123 119 115 113 no '102 98 Metal mining .82 108 113 74 74 76 73 79 108 119 108 100 98 78 P73 Iron ore .33 104 128 40 39 42 39 58 126 152 139 132 117 87 43 .49 110 104 97 98 98 95 93 96 98 87 78 85 95 102 101 • Copper mining .24 114 114 110 111 105 102 102 106 108 95 77 92 106 118 116 Lead mining .09 97 86 80 75 91 87 82 78 80 74 83 76 78 Zinc mining .06 107 87 71 75 80 77 78 78 79 72 75 67 71 Stone and earth minerals .81 123 124 122 108 113 114 119 125 127 130 130 129 129 126 122 9 Preliminary. » Revised. For other footnotes see preceding page. 191 FEBRUARY 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=1001 1947-49 Annual 1953 1954 Product proportion 1952 1953 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL . 100.00 105 127 109 112 113 'Ill 116 119 '118 '116 115 109 106 '124 130 69.72 109 138 114 119 '120 119 126 130 128 »-126 125 '113 109 '135 146 Autos 32 10 103 146 127 133 134 133 139 145 136 127 121 94 86 144 166 Furniture and floor coverings . 3 1 6 5 . .3 1 2 3 1 10 1 9 5 1 11 3 3 2 1 9 0 9 4 rUrO8O 1 9 1 9 0 1 9 0 9 9 1 9 1 7 5 '•1 9 1 6 9 '12 9 3 6 '1 1 2 0 7 2 1 10 3 6 1 •• 1 1 0 3 7 2 ' ' 1 1 0 3 6 1 ' ' 1 1 3 0 0 3 1 1 3 0 0 6 Household furniture 11.31 113 118 104 '•[03 103 103 102 100 102 104 '109 111 111 '111 111 Floor coverings 4.01 95 99 87 87 87 86 82 84 79 97 97 96 91 83 94 Appliances and heaters 15.60 99 118 95 103 110 '•104 112 n\6 110 '•114 109 112 110 '112 115 11.88 100 123 100 107 116 '!08 rl 16 111 '118 113 117 114 118 119 Ranges . . ... 2.60 75 90 67 70 '84 7<s 1 8•>3(> '79 83 74 30 79 77 Refrigeration appliances 4.98 106 137 108 r[1 1 128 ri!7 r! 35 'M3 131 '132 125 117 110 rJ22 116 Laundry appliances 2.51 115 141 125 145 140 129 134 124 113 136 146 169 170 166 Heating apparatus 3.72 94 100 79 90 89 91 98 106 107 101 98 96 05 Radio and television sets 5.21 184 230 1.45 ••150 142 151 178 '196 '243 '•241 270 •267 ••270 '259 242 Radio sets 3 42 53 67 59 58 47 43 43 43 45 47 56 i6 70 70 1.79 436 541 307 r326 325 356 436 '487 '621 '611 678 '687 '"667 '620 571 Other Consumer Durables 30.28 95 102 97 95 96 94 93 93 96 93 91 98 98 r97 96 Auto parts and thes 14.00 90 91 88 88 90 88 89 90 96 89 85 95 96 "•93 94 Misc. home and personal goods 16.28 100 111 106 101 102 100 96 96 96 96 97 101 100 101 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL..100 00 105 127 103 112 117 119 119 116 116 102 113 108 109 '129 133 Major Durables 69.72 109 138 106 121 127 '130 131 126 125 107 121 111 111 '141 149 Autos 32 10 103 146 107 135 138 142 151 146 143 125 123 81 70 144 174 Major household goods 36.13 115 132 106 109 119 120 116 110 112 92 121 139 149 '142 131 Furniture and floor coverings 15.32 109 113 104 99 103 102 97 92 93 89 102 108 111 '108 110 11.31 113 118 109 103 105 105 100 96 98 98 108 112 116 '115 115 Floor coverings 4.01 95 99 88 89 96 94 90 81 80 64 88 96 99 86 15.60 99 118 92 98 117 117 116 112 112 88 101 122 124 '114 109 IV^ajor appliances . . 11.88 100 123 100 106 130 129 124 117 114 88 96 121 121 Ml 6 115 Ranges 2 60 75 90 66 71 91 93 79 80 76 53 68 87 87 83 4.98 106 137 111 114 145 144 153 147 141 109 99 116 104 106 111 2.51 115 141 122 135 159 151 130 111 117 90 128 181 199 183 Heating apparatus 3.72 94 100 68 73 75 79 91 96 104 86 116 124 '•133 107 Radio and television sets 5.21 184 230 156 173 170 182 172 155 165 116 234 279 338 324 258 Radio sets 3.42 53 67 57 58 51 49 49 48 44 29 51 48 64 71 67 Television sets 1.79 436 541 347 391 397 435 406 360 397 281 583 72? 860 806 623 Other Consumer Durables 30.28 95 102 96 92 95 94 92 92 94 90 94 101 104 '100 94 14.00 90 91 84 84 87 85 87 90 96 91 90 100 101 '93 89 Misc. home and personal goods 16.28 100 111 107 99 103 102 96 94 93 89 97 102 106 105 ••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! 1954 1055 Industry group Jan. Feb. Mar. Apr. May June July Aug- Sept. Oct. X,V. cc. Jan. SEASONALLY ADJUSTED Total 13,063 1?,93* 12,840 12,705 12,632 12,589 ,371 1?,334 1? 1?,48=; rl 7,610 17 12,588 Durable goods 7,621 7,509 7,405 7,295 7,227 7,182 7,020 6,972 7,007 7,104 '7,206 7,226 7,210 Ordnance and accessories .... 177 165 150 137 125 120 117 in 114 112 '110 100 106 Lumber and wood products 653 657 663 656 676 684 592 589 673 706 '702 699 695 Furnitur** a.nd fixtures . 289 786 287 284 284 284 295 203 288 284 Stone, clay, and glass products. . 432 431 429 426 427 425 430 432 435 436 '437 435 432 1,044 1,077 1,005 991 981 983 970 07S 06 S 060 008 1 002 Fabricated metal products 865 855 844 836 837 839 834 827 820 825 '841 835 835 Machinery except electrical 1,212 1,202 1,184 1,169 1,153 1,140 1,119 1,121 1,123 1,113 '1..102 1, 094 1 ,092 Klectrical machinery 847 831 819 811 799 784 708 80-7 800 '•816 811 803 Transportation equipment 1,470 1,435 1,409 1,380 1,342 1,324 1,277 1,237 1,184 1.246 '1,326 1,371 1 ,376 Instruments and related products 936 228 223 221 216 714 71? 714 917 911 210 Misc. manufacturing industries.. 396 393 387 382 382 383 382 378 382 383 380 375 375 Nondurable goods 5,442 5,426 5,435 5,410 5,405 5,407 5,351 5,362 5,381 5,381 '5,404 5,396 5,378 Food and kindred products 1,102 1,103 1,109 1,110 1,111 1,106 1,084 1,080 1,077 1,073 '1,087 1,082 1,072 Tobacco manufactures ... 96 94 93 93 94 94 OS 92 94 96 04 09 Textile-mill products 987 980 979 979 974 986 977 996 007 088 '982 080 978 Apparel and other finished textiles 1 1,051 1,064 1,046 1,037 1,034 1 1 , 1 027 1 OU 1 049 1 042 Paper and allied products 436 435 434 433 435 438 439 438 443 440 '436 432 431 Printing, publishing and allied industries S14 Si7 517 519 518 519 518 S19 59() 51Q 517 519 Chemicals and allied products... 540 533 531 529 530 525 523 524 521 524 523 525 528 Products of petroleum and coal. 180 180 179 178 180 180 179 175 174 175 '173 173 171 704 199 196 198 199 178 179 100 707 907 209 Leather and leather products. .. 332 331 330 327 328 326 332 329 328 331 '333 337 336 For footnote see following page. 192 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] 1955 Industry group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. | Jan. WITHOUT SEASONAL ADJUSTMENT Total 13,002 12,906 12,818 12,590 12,437 12,480 12,212 12,449 12,611 12,652 '12,697: I2,686j 12,528 Durable goods 7,616 7,520 7,430 7,309 7,208 7,177 6,917 6,933 7,015 7,133 --7,247 7,265 7,200 Ordnance and accessories 177 165 150 137 125 120 117 113 114 112 1.09 106 Lumber and wood products 617 627 643 649 679 701 604 613 697 720 '7131 685 657 Furniture and fixtures 293 292 290 283 277 275 272 288 296 299 299 294 288 Stone, clay, and glass products.. 428 427 429 428 427 427 424 434 437 438 '439 437 428 Primary metal industries 1,049 1,027 1,010 991 976 983 969 968 965 969 ••988 1,003 1,007 Fabricated metal products 874 864 852 840 833 831 809 819 820 829 ••845 843 843 Machinery except electrical 1,230 1,220 1,202 1,187 1,165 1,151 1,108 1,093 1,095 1,091 '1,091 1,105 1,108 Electrical machinery 855 839 827 811 791 776 765 782 802 817 "•828 827 811 T In r s a t n r s u p m o e rt n a t t s i o a n n d e qu re ip la m te e d n t prod- 1,470 15435 1,409 1,380 1,342 1,324 1,277 1,237 1,184 1,246 '1,326 1,371| 1,376 ucts 237 233 229 224 220 215 210 210 214 213 213 213 211 Misc. manufacturing industries.. 386 393 389 380 374 375 363 378 392 398 395 379 366 Nondurable goods 5,386 5,386 5,388 5,281 5,229 5,303 5,295 5,516 5,596 5,519 '5,450 5,421 5,328 Food and kindred products 1,024 1,009 1,009 1,011 1,031 1,079 1,142 1,224 1,252 1,169! '1,102 1 ,052 1,000 Tobacco manufactures 97 90 84 82 82 82 83 102 110 112 103 101 93 Textile-mill products 997 995 989 979 969 981 953 981 987 988| '992 995 988 Apparel and other finished textiles 1,062 1,088 1,101 1,030 985 987 980 1,050 1,053 1,050 '1,053 1.065 1 ,052 Paper and allied products 438 437 436 433 433 436 430 436 441 440 '440 438 433 Printing, publishing and allied industries 514 514 517 516 515 519 513 514 523 525 524 525 519 Chemical and allied products 540 536 539 534 525 517 513 516 524 529 528 528 528 Products of petroleum and coal. 178 178 177 176 179 181 181 179 177 175 ••173 172 169 Rubber products 206 203 199 195 197 198 173 177 199 204 '205 210 211 Leather and leather products . . 332 339 338 325 315 324 327 337 330 329i '33 1| 335 336 ! rroduction and related workers who worked 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 1954 1954 1955 1954 1955 Jan. Xov. Dec. Jan. Jan. j Xov. Dec Jan. an. | Xov. Jan. Total 70.92 73.57 74.30 73.97 39.4 40.2 40.6 40.2 1.80 I 1.83 1.83 1.84 Durable goods. 76.59 79.15 80.15 80.16 40.1 40.8 41.1 40.9 1.91 ' 1.94 1.95 1.96 Ordnance and accessories 77.60 '81.81 82.21 80.79 40.0 '40.7 40. 7 39.8 1 .94 2.01 2 .02 2.03 Lumber and wood products 62.65 '68.64 66.67 64.88 39.4 '41.1 40.9 40.3 1 .59 1.67 S ! 63 1 .61 Furniture and fixtures 61.78 '64.62 65.5 7 63.83 39.6 '40.9 41 .5 40.4 1 .56 ! . 58 1.58 1 .58 Stone, clay, and glass products. 69.48 '74.39 73.80 72.72 39. 7 41 . 1 41 .0 40.4 | '1 .81 1 .80 1 .80 Primary metal industries 81.74 '84.53 86.03 87.08 39.3 '39.5 40.2 40.5 .08 2.14 2.15 Fabricated metal products 76.92 '79.71 80.90 80.93 40. 7 '41 .3 41.7 41.5 1 .89 1.93 \.<K j 1.95 Machinery except electrical 82.40 j'82.01 83.44 82.82 41 .2 '40.4 40.9 40.6 2.00 2.03 2.01 | 2.04 Electrical machinery 70.74 |'74.89 74.52 75.33 39.3 40.7 40.5 40.5 1.80 '1.84 1 .8-!- I 1 .86 Transportation equipment 85 .86 '90. 91 93.08 92.00 40.5 '•41 .7 42.5 42.2 2. 12 2.18 2.19 ! 2.18 Instruments and related products 72.22 74.56 75.33 74.96 39.9 40.3 40.5 40.3 1.81. 1 .85 1.86 ! 1 .86 Miscellaneous manufacturing industries. 63.43 '65.21 65.93 65.53 39.4 '40.5 40.7 40.2 1 .61 5 .61 1.62 ! 1 .63 Nondurable goods. 63.53 65.97 66.30 65.86 38.5 39.5 39.7 39.2 1.65 1.67 1.67 1.68 Food and kindred products 68.71 '70.62 70.79 70.07 40.9 '41.3 41.4 40.5 1 .68 1.71 1.7! 1.73 Tobacco manufactures 45.97 47.60 49.66 48.60 36.2 36.9 38.2 37.1 1.27 1 .29 1 .30 1.31 Textile-mill products 50.86 54.66 55.07 54.12 37.4 39.9 40.2 39.5 1 .36 1.37 1.37 | 1.37 Apparel and other finished products.... 47.68 48.37 49.14 48.47 34.8 36.1 36.4 35.9 1.37 1.34 1.35 ! 1 .35 Paper and allied products 72.07 '76.18 76.01 75.65 41.9 42.8 4-2.7 42.5 1.72 '1 .78 1.78 | 1.78 Printing, publishing and allied products.. 86.02 8.55 I 89.70 87.63 38.4 38.5 39.0 38.1 2.24 , '2.30 2.30 i 2.30 Chemicals and allied products 76.86 79.71 79.71 70.93 41.1 41.3 41.3 41 .2 1.87 1 1.93 1.93 | 1.94 Products of petroleum and coal 91 .53 '93.66 92.34 91 .94 40.5 '40.9 40.5 40.5 2.26 2.29 2.28 2.27 Rubber products 75.08 r83.02 85.69 85! 49 ! 38! 7 '41 . 1 41.8 41 .5 1.94 j 2.02 2.05 i 2.06 Leather and leather products 51.89 '51.06 52.54 52.30 | 37.6 '37.0 37.8 37.9 1.38 ! 1.38 1.39 i 1.38 I 'Revised NOTE.—Data are for production and related workers, Figures for January 1955 are preliminary. Back data are available from the Bureau of Labor Statistics. 193 FEBRUARY 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 a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 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 40.660 17,250 R44 2.644 4,274 10.533 2.025 5.486 6.645 1954 48,280 16,040 745 2,627 4,021 10,524 2,091 5,521 6,710 SEASONALLY ADJUSTED 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 r48. 3Q8 ''16,018 p7l7 r2,645 '3,982 '•10,532 2,119 '5,539 '6, 846 December 48,390 16,034 716 2,599 3,987 10,616 2,121 5,533 6,784 1955—T'cimiarv 48,463 15,996 712 2,582 3,985 10,665 2,121 5,531 6,871 WITHOUT SEASONAL ADJUSTMENT 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 July 47,808 15,627 735 2,795 4,043 10,377 2,126 5,638 6,467 August 48,045 15.863 737 2,851 4,030 10,350 2,126 5,634 6,454 September 48,526 16,019 719 2.817 4,032 10.480 2,115 5,606 6.738 October 48,668 16,058 716 2,777 4,012 10,581 2,110 5,549 6,865 November r48 827 16,107 r721 r2,724 r3,992 rt0,782 2 108 r5 511 r6 882 December 49.476 16,095 720 2,547 3,997 11,400 2,110 5,478 7,129 1955—Tanuarv 47,802 15,932 712 2,350 3,941 10,508 2,100 5,420 6,839 '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. January 1955 figures and 1954 annual averages are preliminary. Seasonally adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by the Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed1 Not in the Year or month in p s o t p it u u l t a i t o io n n al l f a o b rc o e r Total Total In nonagricul- In U pl n o e y m ed - labor force tural industries agriculture 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 19532 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—December 115,634 66,485 62,993 60,680 55,310 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 47.393 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 64,624 61 ,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 1955—January 116,855 66,700 63.497 60,150 54,853 5,297 3,347 50,156 1 Includes self-employed, unpaid family, and domestic service workers. 2Monthly 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. 194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Total Ind B us u - sine C ss om- Public O n d re t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- C va o t n i s o e n r- o A th l e l r trial mercial utility tial 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1 413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5 016 734 357 4 553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3 041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1 180 1946 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5.322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5,160 1952 33,008 22,107 11,100 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 854 5,839 1953 35.256 23.877 11 .930 8.436 2.229 <\1 ,791 4.416 3 *11 11 379 1 .307 3 165 «30 6.077 1954 37.170 25,720 13,450 8,593 2,011 2,182 4,400 3,677 11,450 1,010 3,525 710 6,205 1954—Tanuary 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 3,005 2,011 989 724 182 176 366 298 994 92 300 62 540 April 3,027 2,059 1,040 714 183 165 366 305 968 87 293 66 522 Mav 3,089 2,131 1 .105 713 175 171 367 313 958 83 297 66 512 June 3,078 2,122 1 \ 102 710 171 172 367 310 956 91 292 63 510 Tulv.... 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 3 157 2,234 1,214 714 156 191 367 306 923 75 299 S3 496 October .... 3,105 2,221 1,210 707 152 188 367 304 884 75 274 53 482 November. . . . 3,192 2.259 1,228 717 156 193 368 314 933 80 288 54 511 December 3,262 2.292 1,262 716 159 189 368 314 970 90 305 59 516 1955 — JanuarvP ^ 352 2,361 1 ,299 748 167 213 368 314 991 105 302 59 525 ?> Preliminary. cCorrected. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] B o y w n ty er p s e h ip of By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 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 19S3 17 443 6 334 11.109 rt.479 2.051 t 4R9 1 770 1 .60S 4.008 1954 19,770 6,558 13,212 8,518 1,274 1 ,8.15 2,063 1,958 4,142 1954—January 1.152 363 789 462 111 114 132 117 216 February [ ,221 436 785 509 106 93 144 125 244 March t ,528 484 1,043 668 80 134 179 140 328 April ,692 477 1,215 796 94 178 171 163 290 May 1,925 669 ,256 825 86 179 189 218 428 1,733 625 L,108 720 107 192 186 172 357 July 1,837 681 1,156 745 108 145 201 187 450 August L ,573 509 1,064 693 93 141 181 136 330 September .816 589 ,227 777 160 130 182 175 392 October 1 ,965 633 .332 852 145 186 155 186 443 November 1 ,499 475 1 ,024 709 82 129 140 141 299 December 1 .829 617 1,212 762 104 194 204 200 366 1955—January 1 ,504 690 85 166 131 184 249 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 la le n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas 1953—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 December 1,300 90 262 63 145 110 167 159 88 55 49 114 1954—October 1,965 122 288 120 207 226 214 360 127 56 101 145 November 1,499 97 243 109 155 194 153 239 73 48 60 127 December 1,829 109 308 119 205 159 233 274 106 42 113 160 195 FEBRUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED fin thousands of units] Private Governrneiu-imcie •writ ten Rural Year or month Total Urban non- Public farm •j _ 2- Multi- Total family family farnily Total FlIA VA 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 S3 1947 849 480 369 846 740 34 72 3 440 ? 29 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1 ,025 589 436 989 792 35 162 36 466 361 105 1950 1 ,396 828 568 1 ,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1.020 892 40 88 71 413 264 149 1 127 610 517 1 .069 939 46 84 58 420 2 79 141 1 953 1 ,104 565 539 1 .068 933 42 94 36 407 257 155 1954?' 1,220 n.'ti- n.a. 1 ,201 n.a. n.a. n.a. 19 583 276 307 1954 — y JI mi £> j- -\ - 66 ii . a n.a. 65 53 2 10 1 25 13 12 Fefanrarv 75 Ti.a. n.a. 74 65 2 7 1 30 16 14 "March 9=5 u a p. a 93 83 3 7 2 37 21 16 -\nril 108 n. a. n.a. 107 96 3 7 1 44 74. 20 M'E>V. 109 n.a. n.a. 107 98 3 7 1 49 24 25 [uno 1 17 n. a. n.a. \\3 102 3 8 4 56 28 28 Tulv \ 16 n.a. n.a. 113 102 3 8 3 52 ?=; 27 \upii^t.. .114 n.a. n.a. 113 103 3 7 \ 60 27 33 September 116 n.a. n.a. U.3 104 3 6 2 60 26 34 O N c o t v o e b m er ber P rl i 1 0 1 3 n n. . a a . . n 11 . . a H . . P M 1 i 0 l 3 n 1 . 0 a 0 . n n. . a a . . n.a 8 . n p( 1 i) ) 5 6 9 2 2 ?5 6 3 3 4 6 December P91 n.a. n.a. p'X) n.a. n.a. n.a. n 51 22 29 P88 n.a. n.a. P88 n.a. z>(.) 1 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 adj usted Monthly—without seasonal adjustment Annual Class 1953 1954 1953 1954 1953 1954 Dec. July Aug. Sept. Oct. Nov. Dec. Dec. July Aug. Sept. Oct. Nov. l>c. Total 127 114 117 109 Ill Ill 115 118 123 108 114 114 120 124 121 114 Coal 103 92 97 80 90 98 105 106 105 97 80 90 98 105 106 106 Coke 171 105 135 94 90 98 111 116 119 142 91 87 97 109 116 1 ?5 Grain.. 135 141 119 151 138 131 150 163 142 112 181 149 147 150 159 133 Livestock. . . 63 62 58 54 59 67 72 68 62 56 47 56 89 111 85 {•0 Forest products 143 132 135 119 119 129 141 146 154 120 120 125 140 149 143 137 Ore 215 1 44 201 159 145 137 109 109 184 62 255 217 205 170 98 57 143 129 132 125 126 123 125 129 135 124 126 127 133 136 134 127 Merchandise, L c. I 43 40 40 38 40 39 40 40 41 38 38 40 41 41 41 •40 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Month 1952 1953 1954 1952 1953 1954 1952 1953 1954 January .. 1 ,254 1.293 1.092 1,189 1.016 922 922 922 833 February 1,344 1,200 1,182 1,260 927 998 893 856 809 March 1,447 L 390 1,125 1,330 1 052 922 964 1 004 862 April ....... 1,355 1,394 t,425 1,187 1.054 1,258 933 1.013 957 May 1,480 I .453 1,399 1,244 1 085 1,135 835 902 829 June . . 1,171 1,385 1,473 1,058 1,013 1,114 861 933 946 July 1 ls , 0 0 3 8 0 7 1 1, , 1 3 8 6 7 0 1 , ,2 1 9 5 1 5 9 8 1 9 6 3 9 9 6 1 2 1 1,0 9 2 5 4 4 8 8 3 1 9 8 9 84 0 0 8 8 82 2 2 4 September . . 1 229 1,256 .113 981 1.052 954 877 926 781 October 1,216 1,253 266 1 043 1 ,019 1,163 918 813 763 November 1,190 1,247 M .242 995 1.031 '•I .157 805 849 '839 December 1,391 .353 P .312 1,108 1,138 Pl .214 1 ,053 907 ?'O42 Januarv-December 15,194 15,771 Pi5,073 13,204 12,260 P12,818 10,718 10,873 PIO.207 p Preliminary. r Revised. 1 Exports of domestic and foreign merchandise. 2Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 8General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average == 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A an t t - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES* 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 ill 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 Mil 113 r121 112 112 175 115 1954 P 111 P107 Pi 03 PI 09 Pi 05 Pi 21 Pi 28 P109 P!12 Pi 04 Pl 1.3 P125 P113 SEASONALLY ADJUSTED 1953—December '112 108 101 '109 112 '123 127 113 107 114 125 109 '954—Tanuary 107 105 101 106 104 109 122 106 108 104 110 119 108 February 109 109 102 ill 104 117 123 107 112 108 109 121 107 A M p a r r i c l h 1 11 0 1 5 1 J0 0 5 2 1 9 0 9 2 1 1 0 0 6 9 1 9 0 2 4 1 1 1 2 9 2 1 1 1 2 7 7 1 1 1 0 1 1 1 1 0 1 8 4 1 9 0 5 0 t 1 l 0 3 3 1 3 1 2 5 0 1 11 1 1 1 May 108 102 100 105 98 ? 15 122 108 106 104 109 123 114 June ....«....o 112 106 102 109 107 120 129 110 122 103 115 127 214 July 111 107 J01 109 105 117 132 106 112 105 118 132 115 August 112 104 105 107 108 131 ;08 no 105 112 127 115 September 107 109 1G2 107 101 1\z 121 106 104 101 107 114 110 October .. 113 HO 105 105 106 1 ?/1 138 111 112 106 116 129 116 November 134 110 105 111 109 124 135 110 115 M04 113 130 114 December v 11 7 1 i 1 105 1 13 1 1 6 v n > P136 11 5 118 113 121 134 118 WITHOUT SEASONAL ADJUSTMENT J953—December 192 194 178 '•186 r215 7-19 *-!85 185 171 189 '210 195 1954—January .. ..... 83 83 81 80 80 SO 94 82 83 75 83 94 85 F M e a b r r c u h ary 8 8 6 9 8 8 1 6 8 8 3 5 9 8 1 4 8 8 0 2 8 9 9 7 n 10 o 1 8 8 3 6 8 9 8 2 8 7 3 9 9 8 0 6 1 9 0 8 2 8 8 6 8 M Ap a ri y l n 10 o 6 1 1 0 0 8 2 1 9 01 8 1 ? 0 09 4 1 9 0 8 5 114 3 1 2 2 9 0 5 5 0 0 9 8 1 1 1 0 2 6 1 10 0 1 4 1 10 10 9 1 1 1 1 9 9 1 1 0 0 7 7 June 106 .106 99 104 i00 113 114 108 110 96 108 105 July 88 77 73 78 82 93 106 86 89 84 97 ill 100 August 98 83 80 85 94 102 115 98 100 99 104 us 111 September .... 112 H5 106 111 105 1?? 123 113 111 11? 114 121 112 October 118 110 110 113 111 130 141 114 123 122 121 135 116 r)T,l 146 154 1 ?>?. 137 M20 130 147 134 December P200 200 1S4 198 i>232 P233 3 88 193 180 201 225 210 STOCKS i 1948 107 i 05 105 107 107 105 108 111 102 110 108 110 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 in 113 113 111 ISO 135 115 117 107 124 126 125 1953 . . 116 116 119 110 146 123 17.6 It*. 136 1S7 1 V? 1954 ?>122 P i 17 P ! .13 Pi! 5 P139 P140 n 2i. P119 "1.14 PJ31 P130 Pi 25 SEASONALLY ADJUSTED 1953—December 123 112 113 117 121 '•132 142 122 118 111 133 129 $954—January 120 114 lii S14 115 133 142 J17 117 106 128 128 123 February ....,.«, 119 112 107 113 i 13 J41 117 127 110 128 130 121 121 118 111 112 112 1S6 3 41 121 120 111 129 127 124 April 120 117 113 114 113 IS* 135 122 116 111 125 127 116 May ... 121 120 115 116 1.17 137 137 122 118 111 127 128 119 122 117 114 j 17 £15 139 J35 122 IJ9 112 131 131 122 July 124 116 117 116 117 139 137 122 129 113 133 129 August 124 115 115 116 1 30 136 124 116 119 137 132 129 September . . . 125 318 115 (17 115 141 143 124 J20 123 135 134 128 October 124 116 116 116 116 147 141 122 115 120 \M 132 128 November 124 118 113 118 115 145 144 122 116 120 132 129 130 December P124 1 17 113 1?() 120 v i 3 7 143 17? 117 118 131 v! 3 1 1 ?9 WITHOUT SEASONAL ADJUSTMENT 1953—December 109 305 104 103 106 -316 125 Ill 104 J01 J17 '117 108 108 102 98 99 104 120 130 108 99 100 118 115 111 February . .. 114 106 104 111 111 127 139 114 108 106 125 127 11.3 March 126 120 116 120 119 142 147 126 123 115 133 136 125 Anril 127 122 118 123 120 146 143 126 124 116 134 135 125 May 126 121 118 119 119 146 138 124 123 113 134 130 129 116 110 107 109 109 133 128 116 119 107 127 121 122 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 138 130 132 128 158 154 136 129 128 142 144 144 November 139 138 129 134 1.30 152 160 140 127 133 146 143 141 December. . P110 110 103 106 Pi 05 Pi 20 126 111 103 107 116 1.07 J»Prelirainary. •'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 annuai average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp, 1463-1515. 197 FEBRUARY 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 ( o a t f o l o n e t r t a s h 1 l ) S m t ( o o e o n c n f k t d h s ) 1 o m ( s e r O t o n d i a n u d n e n g t t r d - h s o - ! ) f m c ( e o t R f i o o p n e t r t t - a s h l 2 ) o m ( r N o t d f o o n e e t r w r t a h s l 2 ) Stocks s o O t r i a d n u n e g t d - rs - S s o t o p t r i a o d u l n n u c e g t s d - k rs - s ce R i e p - ts 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 1 1 9 9 5 5 2 3 a a v v e e r ra a g g e e '• 3 4 9 0 7 6 M 1 . , 1 0 6 9 3 7 4 4? 3 1 5 p 3 4 9 0 7 8 M 4 0 0 1 1 2 3 .9 o 1 1 .2 1 '4 4 . . 1 1 1 1 . . 0 0 .1954 average P -.107 1,136 387 407 409 3.0 1 .0 4.0 1.0 1953- --December. . '733 ••1,047 '•284 ••445 '35 7 1.4 0.4 1.8 0.6 1954—January.. .. 310 1,010 370 ••273 '359 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. . 509 1,318 406 559 488 2.6 0.8 3.4 1.1. December P . 769 1,049 301 500 395 0.4 1.8 0.7 "Preliminary. 'Revised. 1 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1954, 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 Mar. 3 ooMar. 1 8SMar. 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. . .. 1.27 12 110 10.... 117 9 128 8. ...123 10 127 8 118 14 133 13 .130 19.... 99 17 99 16 105 15 97 17 130 15 130 21 131 20.....134 26 100 24.... 105 23.... 112 22. . . .106 24 123 22 134 28 133 27 .133 31 .... 97 30 97 29 104 29 138 June 2 95June 7 111June 6 118June 5 97Dec 1 161Dec. 6 195Dec. 5 190Dec. 4. . .. 1.92 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 .106 21. . . .81 19 82 18 84 17 88 19 90 17. ... 92 16 85 15..... 99 28 80 26 79 25 83 24.... 84 26 83 24 86 23 86 22 . 95 31 87 31 87 30 85 29 . 87 Aug. 4 88Aug. 2 87Aug. 1 . . . 8.6Aug. 7 92Feb. 2 84Feb. 7 88Feb. 6 86Feb. 5..... 85 11 . . . 8.7 9. ... 90 8 92 14 97 9 87 14 92 13 91 12.... 18 93 16 ... 95 15. ... 95 21. . . .10C 16 89 21 85 20 86 19 25 97 23 100 22 100 28 102 23 83 28 93 27 90 26. . . . 30 110 29 . 101 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 198 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] area, or city D 19 e 5 c 4 . i j N 1 o 9 v 5 . 4 Y 19 e 5 ar 4 Fe a d r e e d r a i a , s l t o r R i r c e t c s , i e ty rve D 19 e 5 c 4 .! I N 1 o 9 v 5 . 4 Y 19 e 5 a 4 r 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 D 19 e 5 c 4 . N 19 o 5 v 4 . Y 19 e 5 a 4 r 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 D 19 e 5 c 4 . N 19 o 5 v 4 . Y 19 e 5 a 4 r United States.. P +4, +5j Cleve.-cont. Chicago-cont. Kan. City-cont. Met. Areas-cont. Met. Areas-cont. Met. Areas-cont, Boston +3! +8J Wheeling- Decatur2 -2 Wichita +22 +19; +5 Met. Areas1 !. 1 Steubenville2.. -2! -6 P R e o o c r k i f a o 2 rd +4 1 1 : -6 O St m . J a o h s a eph + — r> l! ! — +3 3 ' 1 — +4 5 P B D o o r s o t t w l o a n n n t d own | +3 . ! i ft _ j i +3 0 C P i o ty rtsmouth3. . . +5; +2 T ( r M R i-C o o c l i i t k n i l e e a s , n 2 d; -2'. -4 A O Tu k lb l l s a u a h q o u m er a q u C e i . ty . . . + + + 1 1 3 4 7 , - ; + + 23 8 ! , + + 9 1 0 C N M A L N W S S P N B U B R i e L A S N e N N U p B t o y S r u l e o e i t i w t o B b r N e o w c a n r B f w u u i n w . . l i t e c i f r a a b w a c i h s n v C g o f b e h e w a e o c c Y c n Y f g a A a g e w s l i c h l u Y e r e a s a a u o y B a n l a d f - t n e r t o . t s s r a - l m o i s r - y a o o R r e n o b e t e t e r e m J S k C a e n e e a d n r 2 c l a k c n b d o e 2 2 d k c r r 2 s y e t n i t r F c 2 f r 2 m 1 h - o a t - i o s e N a y d e T d n e e 2 r l - 2 g . . y . r d y l . . . . e o s E . . . . . . . . . . . . . . y . ] . . . . . . . . 1 1 I i j j I + + + + + + + + + + + + + + + + - 2 2 2 3 4 3 3 4 3 2 2 1 4 4 i 0 0 0 0 7 ! - 7 ; i | ' i ; i ! ; , ! l ! | i • : ; ! ! 1 . + + + + + + + + - + + + + + + + 1 1 i - 1 - 2 8 i 7 5 2 1 2 5 6 3 0 1 7 0 2 7 6 4 1 o i 1 ! i | | , ; 5 ; ; : , ! ; ; | ! ! I , | + + + + + + + + - - - - — - 1 1 2 1 1 2 2 3 2 8 3 3 0 2 0 2 3 1 1 R A M C M A W W C S R C N R C N B R C H M G L P B i i D t H e P e p a t h s y h a o o u i a o c e i r u l i W W o t i t a c h r r o e l a a a l . o n n a w . l e m r a h a n b s e k h m t u f e e r r r s r n w n g s c i m h . a o i t i p e l A m t l b m n v A m t t g l h o i e e e t i s s l i o r a n o e V e v i n r a n r k r h h n b s o m k s s o b l o n n e t r r e i s g l t - t g b 2 o u a g e n n t l l i a e r o o - a t b o a l a t u h 2 . w e o r S t d d 2 s e s n n o 2 N n u 2 u o g r 2 1 a w 1 2 2 a , , n n g d t 2 r n m e l h S g 2 n - e 2 w . 2 . 2 . . m . C . . s . . . . . . 3 . . . . . . . 2 . . P ( + + + + 3 + + + ) 6 3 6 3 8 O : 1 , , ' ! i i ! + + + + + + + + + + + + - 1 1 1 2 6 8 7 9 5 3 3 4 8 . 2 0 0 , J ! . , 1 | ; , ! ; j ; ! 1 + + + + + + - — - - - — - + 1 5 2 1 4 2 2 4 2 ; 6 0 2 1 > 1 1 C S M A S S S W J F D D F S F I T D G L M D C K G M B M P t i a n i a o e h o o l t o . a e p e a e a u r r a o e c i D i u a a d g i t u e e a n r r r r e d p s t n l n . t u b L l k d t s t t r t i t a i e b n s r t a s a w l e v n t x e u l k a s h i m o n e A o o i M 2 d e v r r S s i W a o e n q H n t l a i l u y o r e C w H o m a o g l t n B g u a B R C e u o g e n 2 n i u z n R o o a 2 2 i e a p s e i a a k p r o i t a a n r y t s y o a n n e n u h o o e p y o n p e d l e e r t i i n k i e 2 t e d 2 s s ) d . 2 . . 2 2 s . . . . . s . . . . . . . . . . . 2 . . . . . . . . . . . . * + - + + + 1 + + + + + + + - - - - - 1 4 8 8 1 1 5 1 1 1 4 3 2 3 6 4 ; ! 5 A | ' - ; ! J . 1 2 | ; } ! , ! ! ; J I | + - + + + + + 1 + + - — - i. 4 5 2 2 4 5 4 2 2 3 2 , 2 | ' | i 1 ! ' ! ! ; ! 1 i : — - + + + + - - - — — - - 1 - - - — - - 2 1 2 1 1 2 9 2 1 4 4 1 4 4 4 7 4 - " 1 0 7 7 i 2 D M S M C J F S D W C H G H K E E F P L a o a S L e P i e h o r h o l n a o r a a o n u t p a D W t e t l a i e r a o r o s n i r l . . u l P t e c e s t L l d e n p l s n c a e o s s F i s o a A A n v a e A l a u t . g n n h W a w s e t s a s s e o d r r r o s n . . i s i A y 2 o t p e 2 x a e e n n s n B o g M a o C a n . C i 2 t n s 2 r e 2 d o s e r s a o t c h l o t e i w h 1 a e n i t r n s c L s y i n . i . s c 2 h . c . . A t o 2 a . i . . . . . . . . . . . . * . I P + p ++ + + + + + + + + + + + - + 1 l 3 5 8 6 6 6 3 5 4 6 l 2 8 7 1 , ! J i | ! | ; , | | I I I ; | ; 1 + - + + + + + + + + 1 + + + + + 1 + + + + 1 1 4 I 1 5 2 6 6 3 6 8 0 9 4 1 3 l 5 8 0 1 1 ! i 1 ! ! 1 i ! ! , ; " 5 + - - + + + + - - — _ - 4 2 I I 1 2 1 3 2 2 0 0 0 0 0 3 1 Cities Montgomery. . . +! + 1! + 1 Little Rock2 +2! +3! + 1 Riverside and I P B E o l r m i u d g i g r h a e k p e o e r p t2 s ie... I + -5 - 1 ' - + 6 3 i + -6 3 J O S M a t r . c i l a a k P m n s e d o i t 2 o e n r v s i b ll u e r 2 g .. - . P P + + + 2 4 2 3 1 1 | + + + 2 3 5 1! ; ; + + + 3 2 7 S S L E p t o v . r u a i L n i n s g o s v f v u i i i l e i l l s l e l 2 d e 2 2 p + -1 + + 1 0 3 l 8 ! ; ; ! + - + + H 1 6 6 2 i ! ! ; - + + 1 -1 3 2 1 S Sa a n S n c a a r D r a n d m i i B e n e g e o n o r t - 2 o2. . . p + -l j 7 0 i . + - 1 i 0 i ; + -6 1 C C P M W T S W Y L P R i h l e H c t h r a e e o y t i i i e r n v i . a l a r l l a n k l c k d a e z m a n A e t a l 2 l i d d t o a s e n r i s o - e e n n e t n t g n B o e l a l 2 g 2 d p p r n s a t 2 h 2 r h o r i n i e a a — 2 . . . . . . . . . . j j + + + + + + + -1 9 4 5 8 5 4 3 O ! - i ! , i ! ! | i + + + + + + + - 1 1 9 6 7 3 3 7 3 0 1 + - — — - - 3 1 r 3 6 2 r 7 : . s C J A A S N N C K M C B i a S T a t o u e a t a h n c i a T v t l a w t e l s g o a . k a c o u a m a h s u x t s n o n m n P m t v s o v O t n a p n e t i a b n i p 2 n a l a R a r t l 2 l u 2 l e a 2 l o h e e o e s r 2 o 2 s a u g b n g a u s e 2 2 r 2 . . g . . . . . + + + + + + l 8 5 4 6 9 b ; ! ' ! i . + + + + + + 1 1 1 6 5 4 3 0 5 4 ; ! : ! ! | ; + + + + + - - - + 2 5 1 4 6 4 3 1 1 C M M C Q P S M M i i S e M i a t t i u o i t i p e n d t e . e i u . m l i n u s n s s n x c P A c . p e n - y a a r F a S h e e h u a i p t a a s . l l p o 2 s 2 ls 1 o P li l a s i . s u 2 l . . 2 . . . p — + + 1 3 8 2 1 ; ! -2 + + -2 0 3 4 0 , ; | ; ; - + + 21 2 2 S S S S S S T P O V S a a a p t e o a o O n B l n a a o c r a a t c D n t t o l k k e a l t F J k l O L r m a a e l k l o o F t r a e k j n n a w a l o a s o n r 2 a e a k e d k n n e a 2 n d l n 2 e 2 2 l e n c 2 - t d a y i o c s C 3 n 2 i w c s d . i o c n t . 2 - y o . . 2 . 2 . . + + + + + - 3 1 7 5 5 0 0 ! . ! ; . ; ; + + 4 + + + + - 2 1 4 8 5 8 2 , . , + + + - - - 9 2 4 2 0 2 1 A 1 c M S A C L C C C e p e i a o k l t n r e x n . r l i v c o u n i t A i o n e n m g n r n l g 2 f e n a b i 2 t a e a n o u l s t d d n s i 2 2 2 2 . . . . . . . . . . . . . . + + + + - _ - 4 4 2 4 4 3 A - ! j ! ! j : + + - _ - - - 2 1 1 2 1 6 3 + - - — 5 I ^ 1 q 7 C M C R M B h e h o r e t i i m i . c s r c t i a A a e o d g g l i r a o o e n a 2 s1 P P + + + 2 2 2 + + + + 1 2 3 3 , | ; i -2 0 K D M G G L S a a r u r a u n C a e l n n p a u s r k t a d e o t h a r s s F i - t s F o o a C e o r l 2 l i r s t k y s. . . + + + 1 7 6 4 ; , ' r + - - + 3 9 i 6 8 - j ' • ! - + + + 2 — 2 4 4 1 C T T B B Id i N u w o a t a i c k i a e i h s s n e s m e o o r s n p F a f F a a i n a e l d l l l d l s s 2 p P + + + + \ 1 . 6 9 4 i ! 1 ' \ i + K — 1 3 3 1 j ! + - - 3 1 1 Y T E o r o i l u e e n 2 d g o s 2 town2. - - - 1 2 2! + - - 3 4 1 - - - 9 4 7 J A E o l u l g i r i e o n t r 2 a + -. 8 1 ; +- -2 l8i | + - -6 5 2 M D e e t. n v A e r r eas +11! +| +3 W B Ev e a l e l l l i r n a e g tt W h 2 am alla2... + + 6 i ! 0! ! - - 7 8 0 Pittsburgh2. . 3j Gary \ —81 -10 Topeka + 11 +5 -2 Yakima2 — 2i | -4 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. 5Eleven months 1954. 199 FEBRUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales i 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 n d c k t o h s f ) November Sale p s e r d io u d ring Sto of c k m s o at n t e h nd Eleven 1954 1953 1954 1953 N 19 o 5 v 4 . mo 19 n 5 th 4 s N 19 o 5 v 4 . 1954 1953 Nov. Oct Nov. Nov. Oct Nov. GRAND TOTAL—entire stored +4 2 -2 2.8 3.0 MAIN STORE—total +4 2 -2 3.0 3.2 127 109 123 135 132 138 93 j Piece goods and household textiles... +2 -1 -2 3.6 3.8 94 89 111 110 114 Piece goods +3 0 -3 3.2 3.3 75 79 73 I 84 90 87 Silks, velvets, and synthetics +5 -3 -6 3.0 3.3 71 68 67 76 8L 81 Woolen yard goods +3 -6 -8 2.9 96 117 93 i 87 96 94 Cotton yard goods +3 +6 +3 3.8 69 70 67 ! 97 102 94 Household textiles -2 -2 3.9 107 96 107 126 121 129 Linens and towels + -i -2 3.8 120 89 118 120 115 122 Domestics—muslins, sheetings -2 4.7 4.7 77 81 79 141 1.32 145 Blankets, comforters, and spreads +3 — 1 -4 3.3 3.5 127 126 123 124 123 129 Small wares +1 0 3.4 3.6 137 105 129 146 131 146 +6 Laces, trimmings, embroideries, and ribbons -4 0 3.8 3.7 96 85 96 118 114 118 N To o i t l i e o t n a s rticles, drug sundries + + 3 5 i + -1 1 -1 3 4 . . 8 0 3 4 . . 9 3 1 1 0 2 7 1 1 9 0 9 2 1 1 1 0 5 4 1 1 4 4 1 6 1 1 2 3 1 5 1 1 4 4 2 6 0 Silverware and jewelry + 14 +4 -1. 3.6 4.1 143 111 126 148 134 149 Silverware and clocks + 10 +2 -5 4.6 5.4 124 94 112 147 136 154 Costume jewelry +20 +7 -1 2.4 3.0 155 131 129 153 134 154 Fine jewelry and watches +4 +4 5.7 6.1 146 102 130 143 137 138 + 12 Art needlework 3.5 3.6 119 104 120 114 115 118 Books and stationery. . . -2 0 +2 2.5 2.5 191 112 186 168 155 165 S B t o a o ti k o s n a e n ry d magazines. +3 -2 + + 2 2 2 2 . . 7 4 2 2 . . 6 4 2 1 0 5 9 0 1 1 0 1 1 5 2 1 0 5 1 0 1 1 5 7 1 2 1 1 6 3 1 1 1 1 4 6 8 8 0 Women's and misses' apparel and accessories... +4 2 2.6 2.7 120 112 117 142 140 144 Women's and misses' ready-to-wear accessories. +3 -1 3.0 3.1 124 110 121 148 142 150 Neckwear and scarfs +4 2.4 2.3 151 134 152 190 167 183 Handkerchiefs 3.5 3.7 99 60 104 116 95 127 Millinery + 1 Q 0.9 1.0 102 131 101 86 112 99 Women's and children's gloves -13 3.1 3.4 148 103 144 130 131 138 Corsets and brassieres +3 -5 3.4 3.4 117 128 109 146 146 139 Women's and children's hosiery +8 +5 2.6 2.6 102 90 102 149 135 149 0 Underwear, slips, and negligees 0 2.9 3.1 125 85 123 160 142 167 Knit underwear + 1 -4 3.0 3.2 149 112 146 196 175 205 S N i e lk g l a ig n e d e s m , r u o s b li e n s , u a n n d d e r l w ou ea n r g , in a g n d a p s p li a p r s el +2 - - 5 4 3 2 . . 0 5 3 2 . . 2 7 1 1 0 3 5 8 8 7 0 3 1 13 0 8 4 1 1 3 6 6 6 1 1 2 4 1 4 1 17 4 3 3 Infants' wear + 1 0 -1 2.5 155 131 151 148 1.45 149 Handbags, and small leather goods +3 0 +1 -1 2.5 135 118 126 162 138 164 Women's and children's shoes +7 0 -1 5.1 110 119 106 144 150 145 Children's shoes +3 0 +4 4.4 110 102 111 148 148 143 Women's shoes -1 -4 5.3 110 122 105 141 149 146 Women's and misses' ready-to-wear apparel + + 4 4 2 -1 2.1 2.2 117 114 112 133 136 135 Wo C S m u o i a e ts t n s 's and misses' coats and suits + -4 1 I -1 — -7 1 9 - - — 4 2 4 2 1 1 . . 5 4 .7 2 1 1 .4 . . 7 6 1 1 5 1 3 7 2 2 1 12 8 1 1 5 5 1 1 5 1 3 9 2 0 1 1 1 2 7 3 8 9 1 14 9 3 - 2 2 1 1 1 8 3 1 3 1 8 Juniors' and girls' wear +4 0 +4 2.0 2.0 135 121 130 151 154 145 J G u i n rl i s o ' r w s' e c a o r ats, suits, and dresses + +5 1 +2 -^ + + 3 5 1.8 2 1 . . 2 8 1 1 0 7 3 4 1 1 0 4 3 2 1 1 0 6 2 5 1 1 6 2 9 9 1 1 3 7 2 2 1 1 2 6 5 0 Wo I B n m e e t e x t n e p r ' e s n d a s r n i e v d s e s e m d s r is e s s e se s' s dresses. + + + 5 4 6 - _ 2 2 2 + -2 1•! 2 1 1 . . . 2 9 5 2 2 1 . . . 0 6 4 9 9 9 2 0 6 1 1 9 0 0 6 6 0 9 8 8 1 8 7 1 1 11 1 1 1 7 5 1 1 .1 1 1 2 1 7 0 1 1 1 1 1 2 7 0 0 Blouses, skirts, and sportswear + 1 -3 2.4 136 137 130 167 157 172 Aprons, housedresses, and uniforms +2 2 -1 2.5 91 78 90 .121 103 122 Furs +24 +5 — 5 3.0 150 122 121 119 119 126 Men's and boys' wear. +6 -3 3.4 3.7 148 109 140 152 149 157 Men's clothing +6 2 -4 4.0 4.4 136 121 128 151 156 158 Men's furnishings and hats +6 0 -3 3.1 3.4 153 96 144 160 149 166 Boys' wear +4 0 0 3.0 3.2 160 .122 154 139 140 139 Men's and boys' shoes and slippers. +3 0 0 5.0 5.2 127 113 123 142 142 143 For footnotes see following page. 200 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 AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales i 1947-49 average —100 * 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 ) November Sale p s e r d io u d ring Sto of c k m s o at n t e h nd N 19 o 5 v 4 . m E o 1 le 9 n v 5 t e h 4 n s N 19 o 5 v 4 . 1954 1953 1954 1953 1.954 1953 Nov. Oct. Nov. Nov. Oct. Nov. Homef urnishings +4 -3 -4 3.3 3.6 123 113 118 115 115 120 Furniture and bedding +6 -8 3.3 3.8 128 128 121 110 112 120 Mattresses, springs, and studio beds +5 -3 —6 2.0 2.3 124 148 118 132 131 141 Upholstered and other furniture +6 -9 3.5 4.2 129 118 121 106 106 117 Domestic floor coverings +3 3.5 3.8 112 110 109 103 106 109 Rugs and carpets 0 3.5 3.7 112 109 111 102 105 107 Linoleum +3 3.9 4.4 62 64 61 66 67 70 Draperies, curtains, and upholstery +3 -3 -1 3.1 3.2 139 126 135 115 118 117 Lamps and shades +2 -4 -6 2.8 3.1 136 108 133 123 119 132 China and glassware +2 -4 i 5.3 5.5 146 101 142 136 134 138 M Ho a u jo s r e w h a o r u e s s e h (i o n ld c lu a d p i p n l g i a s n m ce a s ll appliances) + + 2 7 - - 1 1 -5 3 2 . . 5 5 3 2 . . 8 8 1 6 2 7 3 1 8 0 2 5 1 6 1 5 5 1 8 3 1 3 1 8 2 0 7 13 8 5 6 Gift shop +3 -3 -1 3.7 3.8 197 116 192 176 171 177 Radios, phonographs, television, records, etc -6 ^ -3 2.2 2.2 148 137 157 112 108 116 Radios, phonographs, television -9 -8 -6 1.8 1.8 180 158 199 132 112 141 Records, sheet music, and instruments +4 +9 +4 3.4 3.6 144 102 138 128 121 122 Miscellaneous merchandise departments + 1 2.4 2.4 172 95 170 165 158 165 Toys, games, sporting goods, cameras + 1 2.5 2.6 258 99 255 206 206 205 Toys and games 1 0 2.2 2.1 313 102 317 253 257 251 Sporting goods and cameras +9 0 4.1 4.4 149 93 136 149 136 150 Luggage -2 4.1 5.0 108 73 97 143 133 155 +7 +3 +5 1.5 1.6 120 99 112 160 110 151 Candy +4 -2 -3 2.0 2.2 128 110 123 126 124 130 BASEMENT STORE—total 0 -5 2 2.7 2.7 118 110 118 129 123 131 Domestics and blankets +2 -2 1.7 1.8 119 105 117 126 121 129 Women's and misses' ready-to-wear +2 -1 -4 2.2 2.3 123 102 134 127 140 C I D B G n o l r i t U o H r e i a l u m s t s n o s s s ' d s e e a i w e s s t e a e r , n r e w y s a d a k e r p s a i p r u r t a , i s t r , c s e o a l n rs d e t s s p a o n rt d s w b e ra a s r sieres + + + + - -1 3 6 6 4 6 0 - + + 1 + - — 3 1 2 0 1 1 7 + + - - 3 2 3 4 2 0 zj. 2 2 1 1 1 1 1 . . . . . . . 3 0 3 3 5 8 8 2 2 1 1 1 1 1 . . . . . . 0 4 6 9 9 3 .3 1 ( 1 1 1 ) 0 8 7 3 7 1 5 6 1 1 1 1 ( 1 ) 9 2 4 7 4 7 9 0 7 6 1 ( 1 1 ( 1 * ) 8 0 6 2 6 ) 2 8 2 9 6 0 ( 1 1 1 1 0 9 4 4 0 4 ) 8 7 5 6 6 0 (1 1 1 1 •') 9 0 3 3 4 ) 5 7 7 6 8 1 C 1 ( 1 1 1 •l) O 0 4 0 4 4 1 4 2 9 3 A In p f r a o n n t s s , ' h w o e u a s r edresses, uniforms -3 -10 -9 2.4 2.6 (0 C1) (*) Men's and boys' wear + 10 +4 2.1 2.4 165 123 151 144 142 151 Men's wear + .11 +4 2.1 2.4 162 116 146 144 138 152 M M e e n n ' ' s s c fu lo rn th is in h g ings + + 1 9 3 i + + 6 3 - — 6 5 2 2 . . 1 0 2 2 . . 5 3 1 16 6 2 0 1 1 1 3 1 0 1 1 4 4 1 8 137 1 1 3 3 9 6 1 1 5 4 5 4 147 Boys' wear +6 +2 -3 2.0 2.2 171 148 147 144 Homef urnishings. +4 -3 2.1 2.3 136 120 131 115 117 113 Shoes +3 -1 -2 3.3 3.4 114 110 111 124 124 122 NONMERCIIANDISE—total +2 + 1 CO 143 118 140 C1) (0 Barber and beauty shop +5 +6 0) (0 (0 105 (0 *The ratio of stocks to sales is obtained by dividing stocks at the end of the mouth 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. -The.l 947-49 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 Bo.LKTrx for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes tor the United States on p. 197. 4Data not available. NOTE.—Based on reports from a group of large department stores located in various cities t hroughout the country. In 1953, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store s:iles 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. 201 FEBRUARY 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 c d s - S f a u o r e l d l i s d H n f o i u u s r h s - e - - H o h p o o e u l r s d a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c 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 6"5 6 117 4 60.3 1933 55.3 41.6 83 6 45.9 1941 62 9 52 2 88 4 55.6 194? 69.7 61.3 90 4 64.9 1943 74.0 68.3 90 3 67 8 1944 7S 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—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 114.8 112.1 119.0 128.0 107.6 125.8 107.2 117.5 104.3 129.0 124.4 114.1 108.2 120.1 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 Tulv 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 11.7.4 104.3 126 A 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 December 114.3 110.4 119.7 129.4 109.1 125.5 105.4 117.7 104.3 127.3 126.3 113.6 106.6 119.9 NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t d e - d e s - - l l H s e p u k a a r i n c i o d t n h t d d e s s e s - , r , p l F t i o e m a i g u n r w n i h a e g d a e - l t l , - r s ,C a p i u a h l c r l n c 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 M u m t a e h r i c n o r v i o a y t d n d e - s - - - F h d o h t b a o u u t u o n l h u r r e r l d n s e a e d s e i r - - -e s N t r t m t m a a u r o l l i u r e l s n n a i c - — c - l - - b b e m o b a T a r t e a n f c t o r v 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 98 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1953 December 110.1 94.4 104.3 114.6 95.8 95.6 111.1 107.1 124.8 117.4 117.1 127.5 124.3 115.0 120.8 118.1 100.1 1954 January 110.9 97.8 106.2 114.6 96.1 95.3 110.8 107.2 124.8 117.0 117.0 127.2 124.4 115.2 120.9 118.2 101.1 February 110.5 97.7 104.8 114.4 95.3 94.9 110.5 107.5 124.6 116.8 117.1 126.2 124.5 115.1 121.0 118.0 102.8 March 110.5 98.4 105.3 114.2 95.0 94.7 109.2 107.4 124.9 116.7 116.6 126.3 124.5 115.0 121.0 117.9 104.9 April 111.0 99.4 105.9 114.5 94.7 94.6 108.6 107.2 125.0 116.2 116.3 126.8 124.4 115.6 120.8 121.5 110.3 May 110.9 97.9 106.8 114.5 94.8 96.0 108.2 107.1 125.1 116.1 115.8 127.1 124.4 115.5 119.3 121.4 109.2 June 110.0 94.8 105.0 114.2 94.9 95.6 1.07.8 106.8 126.1 116.3 115.8 127.1 124.3 115.4 119.1 121.4 105.1 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 93.1 103.7 114.5 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 '1.10.0! r<)3.2 103.8 "114.8! 95.2 '•92.8 107.4 -107.0 131 .4 119.9 116.0 129 9 M25.3 ••115.6 121.8 '•121.4 97.0 December 109.5! 90.0 103.4 114.91 95.2 91 .8!107.8 107.0 132.0 120.0 115.9 129.8! 125.6 115.7 121 .8121 .4 98.0 I r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 202 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 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce. 89.8 101.9 103.2 96.9 Grains 90.6 92.9 93.5 92.5 Paperboard 125.9 124.2 124.1 124.1 Livestock and poultry. . . 83.9 77.5 76.4 74.0 Converted paper and paperboard.. 113.4 111.9 111.3 111 .0 Plant and animal fibers. . .103.2 107.1 104 .5 105.0 Building paper and board 123.0 127.6 127.6 127.6 Fluid milk 99 5 93.8 '95.1 93.6 97.2 82.5 83.5 64.8 Metals and Metal Products: Hay and seeds 89.7 91.7 '92.0 93.8 Other farm products. 148.1 159.6 164.6 157.7 Iron and steel 132.8 135.0 135.5 135.0 Nonferrous metals 122.1 127.4 127.2 127.6 Processed Foods: Metal containers 1.28.7 131.2 131.6 131 .6 Hardware 137.2 141 .6 142.0 142.3 Cereal and bakery products 112.2 114.5 H6.5 116.8 Plumbing equipment 118.2 118.7 118.7 118.7 Meats, poultry, and fish 89.7 85.8 86.3 85.2 Heating equipment 11.5.5 114.3 114.3 114.3 Dairy products and ice cream.... 111.3 108.7 108.8 108.2 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 117.3 117.9 117.4 117.8 bles 103.9 105.5 105.5 105.6 Fabricated nonstructural metal Sugar and confectionery 108.9 112.0 112.3 111.6 products 127.2 126.0 1.26.2 125.9 Packaged beverage materials.... 171 .6 206.3 197.8 203.4 Other processed foods 113.9 99.8 97.8 98.4 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122.5 122.0 121.3 123 .3 Cotton products 90.9 89.9 89.9 90.0 Construction machinery and equip- Wool products 112.1 108.4 106.6 106.9 ment 131 .1 131 .6 •131 .8 131.9 Synthetic textiles 85.5 86.1. 86.9 87.2 Metal working machinery .1.32.8 134.0 134.0 134.2 Silk products 139.3 127.0 127.4 123.9 General purpose machinery and Apparel 97.9 98.6 98.4 98.4 equipment 128.6 1 28.1. 128.1 128.2 Other textile products. 82.4 80.9 77.6 76.9 Miscellaneous machinery 124.5 126.1 126.0 125.9 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 1.26.8 125.2 •126.7 126.7 Motor vehicles 118.5 118.6 121 .0 121 .6 Hides and skins 57.7 49.5 52.7 47.4 Leather 82 1 r82.O 81.5 Furniture and Other Household Dura- Footwear 111.8 111 .8 111.7 111.6 bles: Other leather products. 98.2 96.1 r96.0 95.9 Household furniture 114.1 112.8 112.9 112.9 Fuel, Power, and Lighting Materials: Commercial furniture 126.2 127.3 128.6 128.6 Floor covering 124.8 124.0 124.0 124.0 Coal 112.5 105.1 105.1 105.2 Household appliances 109.1 109.5 109.1 109.4 Coke 132.5 132.4 132.4 132.4 Radio 94 .3 95.4 95.4 95.4 Gas 109.6 105.8 •107.3 107.3 Television 74.0 68.7 69.2 69.2 Electricity 100.7 101 .8 "103.0 103.0 Other household durable goods.... 127.7 131 .3 131 .5 131 .5 Petroleum and products. 114.9 .109.3 109.5 110.4 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 124.7 123.9 123.9 123.9 Industrial chemicals 118.6 117.6 117.7 1.17.4 Concrete ingredients 119.6 122.1 122.1 122.3 Prepared paint 112.7 112.8 112.8 112.8 Concrete products 117.2 117.8 117.4 117.4 Paint materials 96.6 97.2 96.6 96.3 Structural clay products 132.1 135.4 135.1 135.4 Drugs, Pharmaceuticals, cosmetics 93.8 93.6 93.6 93.6 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 58.6 56.5 57.8 58.9 Prepared asphalt roofing 109.9 106.1 106.1 106.1 Mixed fertilizers 111 .4 109.2 109.1 108.9 Other nonmetallic minerals 118.9 1 20.8 119.5 119.5 Fertilizer materials .... 113.9 112.1 11.2.2 1 13 .3 Other chemicals and products.... 105.2 107.6 107.6 107.8 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 114.5 132.0 134.1 137.6 Cigars 103.5 103.7 103 . 7 103 .7 Tires and tubes 130.1 129.6 1.34.0 .134.9 Other tobacco products. 1 20. 7 121 .4 121.4 121 .4 Other rubber products 123.2 125.2 125.4 125.2 Alcoholic beverages 114.9 114.3 -•114.3 114.3 Nonalcoholic beverages. 125.1 M8.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber... 116.4 119.5 119.6 ! 19.8 Millwork. 131 .3 130.2 130.2 130.3 Toys, sporting goods, small arms.. 113.2 112.7 "•112.8 112.9 Plywood. . 103.9 104.3 104.3 104.3 Manufactured animal feeds 92.2 8-1 .3 85.0 86.8 Notions and accessories 93.5 101 .2 101.2 101 .2 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 101 .9 103 .5 103.5 103.5 Other miscellaneous 119.7 1 20.8 -120.9 120.9 Woodpulp... 109.7 109.6 109.6 109.6 Wastepaper. 79.1 83.8 87.3 85.5 Paper 126.8 1.26.5 1 26.5 126.9 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 131-313. 203 FEBRUARY 1955 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 annualrates Annual totals by quarters 1953 1954 1929 1933 1941 1949 1950 1951 1952 1953 1954 4 1 2 3 4 Gross national product 104.4 56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 360.5 355.8 356.0 355.5 362.0 Less: Capital consumption allowances.. 8.6 7.2 9.0 18.4 20.5 23.5 25.3 27.2 29.3 27.9 28.2 29.0 29.8 30.2 Indirect business tax and related liabilities 7.0 7.1 11.3 21.6 23.7 25.6 28.0 30.0 30.3 30.3 30.3 30.2 30.0 30.4 S B t u a s t i i n st e i s c s a l t r d an is s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 4 5 . . 8 1 . . 8 2 1 1. . 3 0 1. . 0 6 1 1 . 0 0 -3 1 . 7 .0 1. . 0 6 -3 1 . . 0 0 -3 1 . . 8 0 -4 1 . 4 0 n 1 . . a 0 . Plus: Subsidies less current surplus of government enterprises — .1 .0 .1 -.2 .2 .2 ___ 2 -.5 -.3 -.8 -.4 -.3 -.4 Equals: National income 87.8 40.2 104.7 216.2 240.0 277.0 291.0 305.0 300.0 299.9 298.9 299.6 298.8 n.a. Less: Corporate profits and inventory valuation adjustment 10 1 —2 0 14 5 28 1 35 1 39.9 38 2 38 5 34 9 33 1 34 1 34 9 33 9 n.a. Contributions for social insurance.. .2 .3 2.8 5.7 6.9 8.2 8.7 8.8 9.7 8.6 9.8 9.7 9.6 9.7 Excess of wage accruals over disbursements 0 o o 0 o 1 0 0 _ l 0 o o .0 Plus: Government transfer payments... .9 1.5 2.6 11.6 14.3 11.6 12.1 12.8 14.8 13.3 14.2 14.8 14.7 15.5 Net interest paid by government. . 1.0 1.2 1.3 4.6 4,7 4.8 4.9 5.0 5.3 5.2 5.2 5.3 5.4 5.4 Dividends 5.8 2.1 4 5 7.5 9 2 9 1 9 1 9.4 9.9 9.6 9.6 9 6 9 8 10.4 Business transfer payments .6 .7 .5 .8 .8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1 .0 Equals: Personal income 85.8 47.2 96.3 206.8 227.1 255.3 271.2 286.1 286.5 287.3 285.1 285.7 286 2 289.0 Less: Personal tax and related payments.. 2.6 1.5 3.3 18.7 20.9 29.3 34.4 36.0 32.9 36.1 32.8 32.9 32.9 33.1 Federal 1.3 .5 2.0 16.2 18.2 26.3 31.1 32.5 29.2 32.6 29.1 29.2 29 2 29.3 State and local 1.4 1.0 1.3 2.5 2.7 3.0 3.2 3.5 3.7 3.6 3.7 3.7 3.7 3.8 Equals: Disposable personal income. 83.1 45.7 93.0 188.2 206.1 226.1 236.9 250.1 253.5 251.2 252.3 252.9 253.2 255.9 Less: Personal consumption expenditures 79.0 46.4 81.9 180.6 194.0 208.3 218.4 230.1 23-1.0 229.7 230.5 233.1 234.8 237.7 Equals: Personal saving 4.2 -.6 11.1 7.6 12.1 17.7 18.4 20.© 19.5 21.5 21.8 19.7 18.4 18.2 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1953 1954 1929 1933 1941 1949 1950 1951 1952 1953 1954 National income. 87.8 40.2 104.7 216.2 240.0 277.0 291.0 305.0 300.0 299.9 298.9 299.6 298.8 n.a. Compensation of employees 51.1 29.5 64.8 140.9 154.3 180.4 195.4 209.1 207.3 208.8 206.4 206.6 207.2 208.9 Wa P g r e iv s a a t n e d salaries1 4550..54 2 29 3 . . 0 9 6 5 2 1 . . 1 9 1 1 3 1 4 3 . . 3 9 1 1 4 2 6 4 . . 5 3 1 1 7 4 0 2 . . 9 1 1 1 8 5 5 2 . . 0 2 1 1 9 6 8 4 . . 0 5 1 1 9 6 5 1 . . 7 9 1 1 9 6 7 4 . . 6 1 1 1 9 6 4 1 . . 6 2 1 1 9 6 4 1 . . 9 5 1 1 9 6 5 1 . . 6 6 1 1 9 6 7 3 . . 2 0 Military .3 .3 1.9 4.2 5.0 8.7 10.5 10.2 9.6 9.9 9.7 9.5 9.6 9.5 Government civilian 4.6 4.9 8.3 16.2 17.2 20.1 22.4 23.3 24.1 23.5 23.7 23.8 24.4 24.7 Supplements to wages and salaries.., .7 .5 2.7 6.5 7.8 9.5 10.4 11.1 11.7 11.2 11.8 11.7 11.6 11.7 Proprietors' and rental income2 20.2 7.6 20.9 42.0 44.6 49.9 49.9 49.0 48.7 49.1 49.4 49.0 48.5 48.1 Business and professional 8.8 3.2 10.9 21.4 22.9 24.8 25.7 26.2 25.9 25.9 25.6 25.9 25.9 26.3 Farm 6.0 2.4 6.5 12.7 13.3 16.0 14.2 12.2 11.9 12.3 13.0 12.2 11.6 11.0 Rental income of persons 5.4 2.0 3.5 7.9 8.5 9.1 10.0 10.6 10.9 10.8 10.8 10.9 10.9 10.9 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 28.1 35.1 39.9 38.2 38.5 34.9 33.1 34.1 34.9 33.9 n.a. Corporate profits before tax 9.6 .2 17.0 40.0 41.2 37.2 39.4 35.0 32.5 34.5 34.5 34.2 n.a. Corporate profits tax liability 1.4 .5 7.6 26.2 17.8 22.5 20.0 21.1 17.2 17.4 17.0 17.0 16.8 n.a. Corporate profits after tax 8.3 -.4 9.4 15.8 22.1 18.7 17.2 18.3 17.8 15.1 17.5 17.5 17.4 n.a. Inventory valuation adjustment .5 -2.1 -2.5 1.9 -4.9 -1.3 1.0 -1.0 -.2 .6 -.4 .4 -.3 -.4 Net interest 6.4 5.0 4.5 5.2 5.9 6.8 7.4 8.4 9.1 8.9 9.0 9.1 9.2 9.2 n.a. Not available. 1 Includes employee contributions to social insurance funds. aIncludes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by Quarters 1953 1954 1929 1933 1941 1949 1950 1951 1952 1953 1954 Gross national product 104.4 56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 360.5 355.8 356.0 355.5 362.0 Personal consumption expenditures 79.0 46.4 81.9 180.6 194.0 208.3 218.4 230.1 234.0 229.7 230.5 233.1 234.8 237.7 Durable goods 9.2 3.5 9.7 23.6 28.6 27.1 26.8 29.7 28.9 28.0 28.0 28.8 28.9 29.9 Nondurable goods 37.7 22.3 43.2 96.9 100.4 111.1 116.0 118.9 120.5 118.7 118.8 120.0 121.1 122.1 Services 32.1 20.7 29.0 60.1 65.0 70.1 75.6 81.4 84.6 83.0 83.6 84.3 84.8 85.7 Gross private domestic investment 16.2 1.4 18.1 32.5 51.2 56.9 50.7 51.4 46.1 45.5 44.5 45.6 45.3 49.5 New construction1 8.7 1.4 6.6 17.5 22 7 23.3 23.7 25.5 27.6 25.7 26.0 27.0 28.3 29.1 Residential, nonfarm 3.6 .5 3.5 8.3 12.6 11.0 11.1 11.9 13.3 li.7 11.7 12.8 14.0 14.8 Other 5.1 1.0 3.1 9.2 10.1 12.4 12,6 13,6 14.3 13.9 14.3 14.2 14.2 14.3 Producers' durable equipment 5.9 1.6 6.9 17.8 21.1 23.2 23.3 24.4 22.2 24.0 22.7 22.4 21.8 2.1.7 Change in business inventories.... 1.7 -1.6 4.5 -2.7 7.4 10.4 3.6 1.5 -3.7 -4.2 -4.2 -3.S -4.8 -1.3 Nonfarm only 1.8 -1.4 4.0 6.4 9.0 3.0 2.2 -3.8 -3.7 -4.2 -4.0 -5.0 -1.6 Net foreign investment .8 .2 1.1 ,5 -2.2 .2 -1.9 -.6 -1.1 -1.0 -.3. .8 Government purchases of goods and services 8.5 8.0 24.8 43.6 42,0 62,8 77.2 85.2 77.5 86.0 81.9 • 78,3 75.6 74.1 Fede O N ra t a l 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 6 5 9 . . . 6 4 3 2 1 3 2 8 . . . 9 5 1 4 3 1 4 7 . . . 0 2 3 5 4 4 5 8 . . . 0 8 5 6 5 8 0 2 . . . 1 5 0 5 4 0 6 3 . . . 0 7 6 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 4 4 5 5 0 . . . 9 6 5 Less: Government sales2 .0 .0 .0 .4 .3 .4 .4 .4 .3 .3 .3 .3 .2 2 State and local 7.2 6.0 7.8 18.2 19.9 21.8 23.2 25.1 27.5 26.2 26.9 27.0 27.7 28'.2 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Year cr month in s P c o e o n r m a - l e Total Wa d p m i g C u r n o e o g s o d d t m r a i u i i n n t e c - y - d s - sa D l i u a n t i r s r t d i y i t u e v r s i s e d b - i - sbu S i r n e t s r r d e i v m u e i s s c e - e nts m G er o e n n v - t - in O l c a t o b h m o e r r e3 i p n r r c e P a i o n e n ro m t t d o a - e l rs 4 ' i i n n d s D p a t c o e e e n i o n n v r r d m d a e - i- l s s e t m T p r e f a a e n y n r t - s s - 5 b p c i s a e u o n L o n f r t n s c o e s i c u o t i o s r e r a r s n n i 6 l - - s al i a n g N t c u r o o i r c m n a u l - e l- 7 1929 85 8 50 4 21.5 15.6 8.4 4.9 .6 20.2 13 2 1 5 1 77.2 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.4 1941 96 3 62 1 27 5 16 3 8 1 10 2 7 20 9 10 3 3 1 8 88 0 1948 . 208.7 135.1 60.2 38.8 17.4 18.7 2.7 45.6 16.1 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 3 286 1 198 1 88 1 51 7 74 8 33 6 6 3 49 0 2? 8 n 8 4 O 270 0 1954 286.5 195.7 83.8 52.6 25.5 33.7 6.6 48.7 24.3 15.9 4.7 270.7 1953—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 8954—January 284.9 194.7 84.5 51.9 24.8 33.5 6.6 49.6 23.9 14.8 4.7 267.9 February 285 0 194 7 84 6 51.8 24.9 33.4 6.6 49.6 23.9 15 0 4.8 268.2 March 285.0 194.5 84.2 52.0 25.0 33.3 6.6 48.9 23.9 15.8 4.7 268.8 284.4 194.3 83.7 52.0 25.2 33.4 6.6 48.2 24.0 15.9 4.6 269.1 May. 286.2 195.0 84.2 52.3 25.2 33.3 6.6 49.4 24.0 15.8 4.6 269.7 286 5 195.5 84.0 52.5 25.5 33.5 6.6 49.2 24.1 15.8 4.7 270.3 Tuiy . . 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 289.3 198.1 84.6 53.0 26.2 34.3 6.6 48.3 24.6 16.4 4.7 274.6 December ">' 291.1 197.4 84.3 52.9 26.0 34.2 6.6 48.9 26.2 16.7 4.7 276.1 '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. 4Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 6Includes 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. 7 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 205 FEBRUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1954 Item System Boston New York d P e h lp il h a i - a Cleveland Rich mond Atlanta Current Earnings Discounts and advances $3,478,513 SI 93,855 $749,576 $217,069 $276,513 $220,540 S276.644 Industrial loans 42,902 34,985 304 2,479 Commitments to make industrial loans 13,784 694 6,158 448 1.178 U. S. Government securities 434,837,470!23,951,036111,697,77326,360,236 37,127,258 25,627,42822,145,602 All other 113,371 9,885 19,690 7.181 12,211 6,532 12,090 Total current earnings 438,486,040 24,154,776112,467,03926,620,16537,422,14025,855,25222,437,993 Current Expenses Salaries: Officers 4,857,821 294,686 871,985 332,345 418,618 354,800 407,039 Employees 68,456,540 4,269,294 15,427,610 4,042,966 5,852,256 4,299,586 3,980,110 Directors' and other fees 312,044 18,356 26,301 14,860 60,426 16,390 41,177 Retirement contributions 6,766,917 423,511 1,455.672 393,815 580,087 440,183 417,934 Traveling expenses 1,249,748 84,463 180,493 51,707 107,611 100,915 106.410 Postage and expressage .... 15,618,786 1,234,294 2,326,553 918,222 1,328,437 1,386,941 1,361,017 Telephone and telegraph 924,293 52,828 194,701 50,024 68,204 61,573 81,259 Printing, stationery, and supplier 5 .162,460 372,015 923,649 290,014 400,516 360,091 398,626 Insurance ." 1,028,361 70,295 200,752 48,412 95,114 88,202 64.066 Taxes on real estate 2,771,539 450.210 616,585 119,437 249,961 130,058 138.170 Depreciation (building) 2,522,722 403,814 309,931 66.352 392,616 263,665 162.812 Light, heat, power, and water ,116.881 94,803 194,464 74,991 104,385 91.198 57,858 Repairs and alterations 647,542 33,281 32,979 111,689 2.16,81.1 36,706 29,509 Rent 499,688 1,418 3,512 37,248 64,029 2,025 105,584 Furniture and equipment: Purchases 1,556,999 71,281 135,157 149,165 281,330 164,743 207,542 Rentals 4,365,739 387,818 662,123 323,407 372,495 305,784 268.835 Assessment for expenses of Board of Governors 4,174,600 255,300 1,207,900 311,000 382,400 212,900 182,500 Federal Reserve currency 6,489,895 440,377 1,311,293 500,162 579,512 531,176 491,556 All other ." 11,665,852 127,525 283,170 118,519 415,066 120,868 108,810 Total '130,188,427 9,085,569 26,364,830 7,954,33511,969,874 8,967,804 8,610,814 Less reimbursement for certain fiscal agency and other expenses 120,455,496 1,117,461 3,901,978 1,085,998 1,838,603 1,160,133 1 ,389,514 Net expenses. 109,732,931 7,968,108 22,462,852 6,868,33710,131,271 7,807,671 7,221,300 Profit and Loss Current net earnings 328,753,109 16,186,668 90,004,18719,751,828 27,290,86918,047,581 15,216,693 Additions to current, net earnings: Profits on sales of I". S. Government securities (net). 481,620 32,661 111,31' 30,741 45,289 31,735 26,876 All other 45,246 538 11: 83 11,556 9,213 85 Total additions. 526,866 33,199 111 ,434 30,824 56,845 40,948 26,961 Deductions from current net. earnings: Reserves for contingencies 412 38.51.2 65 ,715 27,181 28,7.17 52,509 27,001 All other 247, 3,768 7,080 291 1,454 637 50,700 Total deductions. ... 660,507 42,280 72,795 27,472 30,171 53,146 77,701 Net deductions 133.6411 9,081 +38,639 +3,352 +26,674 12,198 50,740 Net earnings before payments to U. S. Treasury 338,619, 46816,177,587 90,042,82619,755,180 27,317,543 18,035,38315,165,953 Paid U. S. Treasury (interest on F. R. notes) 276,289.457 13,765,123 73,549,61316,779,30023.166,338 15,573.73313,012,038 Dividends paid 16,442,236 882,897 5,056,042 1,111,286 1,577,114 731,160 707,940 Transferred to surplus (Sec. 7).. . 35.887, 7 751 1,529,567 11,437,171 1 .864,594 2,574,091 1,730,490 1,445,975 Surplus (Sec. 7), January 1 625,013,743 38,779,128176,633,418 4.5,908,519 57,647,949 3.1,749,51528,034,120 Surplus (Sec. 7), December 31 660.901,518 40,308,695188,070,589 47,773,11360,222,04(133,480,00529,480,095 J After deducting 8389,553 of prorated inter-Bank expenses to avoid duplication in combined totals. 206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1954— Continued Chicago St. Louis Minneapolis K C an it s y as Dallas Fra b n a c n isco Item Current Earnings S632.661 §148,443 $144,803 $250,061 $131,054 $237,294 Discounts and advances 5,134 Industrial loans 171 5,135 Commitments to make industrial loans 75,691.706 18,200,386 10,679,996 18,789.637 17,116.359 47,450,053 U. S. Government securities 14,749 3.559 5,482 12.851 4.263 4,878 All other 76,339,287 18,352,388 10,835,415 19,057,684 17,251,676 47,692,225 Total current earnings Current Expenses Salaries: 564.316 344,340 26.1,667 302,200 297,951 407,874 Officers 11,008,883 3,963,345 2,063,321 3,528,492 3,298,237 6,722,440 Employees 18,552 28.328 15,239 25,159 18,597 28,659 Directors' and other fees 1.083,646 391,136 201,511 364,851 344,624 669.947 Retirement contributions 16.1 ,472 91,773 65,524 83,958 79,971 135,451 Traveling expenses 2,196.737 856,129 505,854 885,874 811 ,336 1,807,392 Postage and expressage 110.058 58.784 34,691 54,879 63,342 93,950 Telephone and telegraph 925,187 356,607 128,933 306,925 230,152 469,745 Printing, stationery, and supplies 124,962 70.217 33,203 78,043 47,759 107,336 Insurance 390,512 101,761 100,150 131,683 66,066 276,946 Taxes on real estate 268,506 68,052 48.684 118,067 37,469 382,754 Depreciation (building) 162,706 85,229 34,085 90.193 45,607 81,362 Light, heat, power, and water 42.120 73.566 14,977 15,858 12,966 27,080 Repairs and alterations 85,4-44 23,887 52,576 13,915 51,354 58,696 Rent Furniture and equipment: 187,057 137,804 37,494 53,625 50,146 8.1,655 Purchases 682,985 267,120 158,693 262,426 233,803 440,250 Rentals 578,800 159,800 105,500 158,100 194,300 426,100 Assessment for expenses of Board of Governors 1,077,102 340,930 125,569 251,012 194,090 647,116 Federal Reserve currency 281,132 113.073 104,114 127,485 84,727 170,916 All other 19,950,177 7,531,881 4,09.1 ,785 6,852,745 6,162,497 13.035,669 Total 3,589,960 1,279,010 603,044 1,468,944 1,210,442 2,199,962 Less reimbursement for certain fiscal agency and other expenses 16,360,217 6,252,871 3,488,741 5,383,801 4,952,055 10,835,707 Net expenses Profit and Loss 59,979,070 12.099,517 7,346,674 13,673,883 12,299,621 36,856,518 Current net earnings Additions to current net earnings: 72,999 25.452 14,804 21,791 21,920 46,035 Profits on sales of t". S. Government securities (net) 11,578 5,050 3,431 2,711 545 339 All other 84,577 30.502 18,235 24,502 22,465 46,374 Total additions Deductions from current net earnings: 49,792 21 .655 .13,429 23.210 21.921 43,097 Reserves for contingencies 111. ,432 5,524 402 57,158 2,1.77 7, .145 All other 1.61 ,224 27,179 13,831 80,368 24,098 50,242 Total deductions 76,647 +3,323 +4,404 55,866 1 ,633 3,868 Net deductions 59,902,423 12,102,840 7,351,078 13,618.017 12,297,988 36,852,650 Xct earnings before payments to U. S. Treasury 51.963.902 10,380,897 6.287,237 11,691,201 9,632.252 30,487.823 Paid U. S. Treasury (interest on F. R. notes) 2.164.551 568.325 365,163 627,677 826,455 1 ,823,626 Dividends paid 5,773.970 1 ,153,61.8 698,678 1,299,139 1,839.281 4,541.201 Transferred to surplus (Sec. 7) 90,791,917 25,465,369 16,2.19,368 23,456,04 2 28,145,914 62,182,484 Surplus (Sec. 7), January 1 96,565.887 26,618,987 16,918.046 24,755,181 29,985,195 66,723,685 Surplus (Sec. 7), December 31 FEBRUARY 1955 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES x Commercial and stock savings banks and nondeposit trust companies Mutual savings All Member banks Nonmember banks banks Total Total1 tio N n a a - l 1 me S m ta b te er2 Total su I n re - d in N su o r n e - d su I r n e - d2 in N s o u n re - d Batiks (head offices) Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1 ,343 68 511 Dec. 31. 1941 14,825 14,277 6,619 5,117 1,052 7,661 6,810 52 496 Dec 31 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec 31 i°473 14,714 14,181 6,923 5,005 1 ,918 7,261 6,478 783 194 339 Dec SI 1951 14 618 14 089 6 8*0 4 939 1 901 7 252 6 602 650 327 Dec. 31, 1952 14,575 14.046 6,798 4,909 1,889 7,251 6,627 624 206 323 Dec. 31,1953 14,509 13,981 6,743 4,856 1 ,887 7,241 6,672 569 219 309 June 30, 1954 '•14,465 M3.937 6,721 4,835 1,886 n, 219 6,662 '557 219 309 Dc" 31 1954 14,367 13,840 6,660 4,789 1,871 6,647 536 218 309 Branches and additional offices 7,183 Dec. 31, 1934 3,133 3,007 2,224 1,243 981 '1783 A\26 Dec. 31, 19-tl 3,699 3 564 2,580 1,565 1 ,015 984 93? 52 32 103 Dec. 31. 1946 4,138 3,981 2,913 1 ,781 1,132 ,076883 ,006 62 115 4? Dec. 31, 19473 4,332 4 161 3 051 1,870 1 181 ,110 , 043 67 124 47 Dec. 31,1951 5.383 5,153 3,837 2,370 1 ,467 ,316 ,275 41 165 65 Dec. 31, 1952 5,711 5.465 4,106 2,556 1,550 ,359 ,318 41 177 69 Dec. 31, 1953 6,096 5,826 4,398 2,746 1 .652 ,428 ,387 41 192 78 Tune 30. 1954 6,325 6,031 4,569 2,883 1 ,686 , 462 , 421 41 212 82 Dec 31 195J- 6,614 6,306 4,787 3,056 1,731 ^1Q 4R3 36 221 87 Changes, Jan. 1-Dec. 31, 1954 Banks New ba^ks5 .... +73 +73 +24 + 18 +6 . +49 +43 +6 Suspension'•i -3 -3 -3 -1 -2 Consolidations and absorptions: Banks converted into branches ... — 176 — 175 -102 -80 — 22 -73 -71 2 i Other -31 -31 -18 -14 -4 -13 -11 -2 Voluntarv liouidations6 . . -7 — 7 — 1 -I —6 —5 Other changes? + 1 + 1 + 1 + 1 Conversions: National into State -3 -3 +3 +3 Fede S ra f l a t R e e i s n e t r o v e n a m ti e o m na b l ersh ip:8 +8 + 12 — 8 — 7 — 1 Admission of national bank in Alaska. . . + 1 + 1 + 1 + 1 Admissions of State banks . .. + 12 + 12 -12 -11 -1 Fede W ral i t d h e d p ra o w si a t l i s n o su f r S a t n a c te e :9 bank^ —4 -4 +4 +4 Admissions of St'-ite banks +28 -28 Withdrawal of State bank -1 + 1 Net increase or decrease -142 -141 -83 -67 -16 -58 -25 -33 -1 Number of banks, Dec. 31, 1954 14,367 13,840 6,660 4,789 1,871 •,183 6,647 536 218 309 Branches and additional offices1 ° De novo branches +371 +341 +260 + .172 +88 +81 +79 +2 +21 +9 Banks converted into brandies + 176 + 174 + 127 + 101 +26 +47 +47 +2 Discontinued -28 -28 -22 -16 -6 -6 -6 Interclass branch changes: National to State member -4 +4 National to nonmember -5 — 5 +5 +5 State member to national +49 State member of nonmember . .. -4 +4 +4 Nol"1 member to national + 13 ••+13' -4 — 13 Noninember to State member +20 +20 — 20 —20 Nonmember com'l to mutual savings —6 -6 -6 +6 Nonin^ured to injured + 7 — 7 Net increase or decrease +519 +48.1 +389 +3.10 + 79 +92 —5 +29 +9 +97 Number of branches and additional offices Dec. 31, 1954 6,416 6,108 4,610 2,900 1,710 1,498 36 221 87 1 ,462 Banking facilities11 Established +8 +8 +6 +5 + 1 +2 I ~) i scon tinned -9 -9 —5 -2 +2 [nterciass change + 1 + 1 -1 Net increase. -1 -1 -1 -1 Number of banking facilities, Dec. 3.1, -1 1954 : 198 198 177 156 21 21 21 '•Revised. 1 Excludes banks in United States territories and possessions except one national bank in Alaska, with no branches, that became a member of the Federal Reserve System on Apr. 15, 1954. 2State member bank and insured mutual savings bank figures both include three member mutual savings banks not included in the total for "commercial banks." State member bank figures also include one noninsured trust company without deposits. 3As of June 30, 1947, the series was revised. The revision resulted in a net addition of 115 banks and 9 branches. 4Separate figures not available. "Exclusive of new banks organized to succeed operating banks. 0Exclusive of liquidations incident to succession, conversion, and absorption of banks. (One institution restored to series, previously eliminated because reported as not engaged in deposit or fiduciary banking. sExclusive of conversions of national banks into State bank members, or vice versa. Shown separately under conversions. "Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. 1 "Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent. 1L Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government at military and other Government establishments. Figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES l Total banks on On list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Banks a B nd ra n of c f h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd r an of d f i ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec. 31, 19:10 14,015 4,824 12,162 4,534 6,868 3,589 5,294 945 ,853 290 Dec. 3], 19.M 13,987 5,145 12,158 4,843 6,835 3,837 5,323 1 .006 ,829 302 Dec. 31, 19.'i2 13,942 5,456 12,122 5,152 6,792 4,1.06 5,330 1 ,046 ,820 304 Dec. 31, 1953 13,886 5,81.6 1.2,085 5.503 6,737 4,398 5,348 1 ,105 ,801 313 Dec. 31, 19M- 13,747 6,296 11., 960 5,979 6,654 4,787 5,306 1,192 ,787 317 By districts and by States Dec. 31, 1954 Distri :t Boston 454 456 454 456 311 357 143 99 New York 787 1 .178 787 1,1 78 680 1,086 107 92 Philadelphia Til 31.8 777 318 587 247 190 71 Cleveland 1,029 499 1,029 499 632 436 397 63 Richmond 1 ,004 749 817 597 476 385 341 212 1.87 152 Atlanta 1,244 294 659 252 373 217 286 35 585 42 Chicago 2,485 747 2,485 747 1,017 387 1,468 360 St. Louis 1,457 199 1,142 131 490 80 652 51 315 68 Minneapolis 1 ,280 116 679 74 473 29 206 45 601 42 Kansas City 1 ,754 28 1 ,747 28 749 18 998 10 7 Dallas 1,049 85 957 72 632 49 325 23 92 13 San Francisco"- 427 1,627 427 1,627 234 1,496 193 131 Slate Alabama. . 234 138 37 96 37 96 Alaska• . . . 1 1 1 Arizona. . . 12 82 12 82 4 59 8 23 Arkansas. . 231 23 115 6 70 3 45 3 116' 17 California. 163 1,120 163 1,120 107 1,033 56 87 Colorado 153 153 5 94 59 1 Connecticut 97 97 88 57 70 40 18 Delaware 34 33 34 33 13 13 21 20 District of Colimbia. .17 54 17 54 13 44 4 10 Florida 219 11 169 10 87 9 82 1 50 Georgia 401 59 121 56 65 51 56 5 280 Idaho 38 65 38 65 20 60 18 5 Illinois 907 3 905 3 513 3 392 Indiana 473 473 153 234 95 239 58 Iowa 664 664 162 166 2 498 160 Kansas 602 3 600 3 212 3 388 2 Kentucky 370 66 370 66 109 43 261 23 Louisiana 172 102 67 75 51 63 16 .12 105" 27 Maine 60 89 60 89 37 47 23 42 Marx-land 152 1.56 152 156 70 90 82 66 Massachusetts. . 173 232 173 232 136 205 37 27 Michigan 425 337 425 337 230 273 195 64 Minnesota 678 6 270 6 206 6 64 408 Mississippi. . . . 197 86 43 25 32 15 11 154 61 Missouri 596 1 535 1 177 1 358 61 Montana 110 110 83 27 Nebraska 413 1 4.13 1 139 1 274 Nevada 8 24 8 24 7 21 1 3 New Hampshire. 75 2 75 2 52 1 23 1 New Jersey 304 231 304 231 262 205 42 26 New Mexico. . . . 52 26 52 26 34 9 18 17 New York 558 960 558 960 490 899 68 61 North Carolina. 210 304 106 159 55 89 51 70 104 145 North Dakota. . 1.54 23 59 6 40 19 6 95 17 Ohio 634 333 634 333 407 295 227 38 Oklahoma 383 2 376 2 222 2 154 Oregon 46 1.38 46 138 20 129 26 9 Pennsylvania. . 8S3 396 853 396 644 335 209 61 Rhode Island. . 10 63 10 63 6 48 4 15 South Carolina. 151 78 72 71 34 57 38 14 South Dakota. . 170 52 72 27 62 23 10 4 98 25 Tennessee 295 128 212 114 84 85 128 29 83 14 Texas 922 17 879 17 577 17 302 43 Utah 54 38 54 38 29 34 25 Vermont 64 13 64 13 38 4 26 Virginia Washington West Virginia. . Wisconsin. Wyoming 1 Excludes Mutual savings banks, or Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports, FEBRUARY 1955 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS, 1954 [Averages of daily figures. In millions of dollars] Cent riil reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago Total reserves held: Required reserves: January 20,179 4,863 1 ,320 8,065 5,932 January ,243 4,717 1,313 7,903 5,311 February 19,557 4,652 1,269 7,825 5,811 February ,925 4,645 1,276 7,742 5,262 March 19,573 4,725 1,267 7,767 5,815 March ,881. 4,687 1,259 7,684 5,252 April 19,392 4,693 1,221 7,739 5,740 April ,627 4,627 1,210 7,591 5,199 May 19,533 4,738 1,255 7,785 5,754 May ,817 4,704 1,257 7,661 5,194 June 19,670 4,812 1,251 7,839 5,767 June ,813 4,749 1 ,240 7,686 5,138 July 19,164 4,508 1,198 7,780 5,678 July ,329 4,468 1,187 7,614 5,058 August 18,478 4,311 1,171 7,502 5,493 August ,638 4,320 1 ,172 7,390 4,757 September 18,403 4,288 1,154 7,506 5,455 September ,628 4,266 1,151 7,401 4,810 October 18,893 4,482 1 ,183 7,703 5,524 October ,173 4,467 1 ,181 7,608 4,918 November 19,207 4,507 1,212 7,852 5,636 November , 393 4,447 1,200 7,742 5,003 December 19,279 4,508 1,210 7,927 5,634 December ,576 4,497 1,210 7,836 5,032 Jan. 6 20,194 4,836 1,323 8,075 5,960 Jan. 6 19,367 4,816 1,326 909 5,316 Jan. 13 19,978 4,690 1,319 8,048 5,921 Jan. 13 19,199 4,679 1,311 893 5,316 Jan. 20 20,566 4,946 1,335 8,216 6,069 Jan. 20 19,291. 4,687 1,313 969 5,322 Jan. 27 20,374 5,048 1,320 8,078 5,929 Jan. 27 19,237 4,717 1,307 903 5,310 Feb. 3 19,487 4,691 1,289 802 5,705 Feb. 3 19,059 4,702 1,302 788 5,267 Feb. 10 19,659 4,664 1,295 865 5,835 Feb. 10 18,987 4,656 1,285 768 5,278 Feb. 17 19,569 4,630 1,259 817 5,863 Feb. 17 18,916 4,623 1,271 750 5,272 Feb. 24 19,569 4,701 1 ,268 799 5,802 Feb. 24 18,867 4,624 1,266 7,726 5,251 Mar. 3 19,382 4,637 1 ,259 7,735 5,751 Mar. 3 18,831 4,659 1,269 7,660 5,243 Mar. 10 19,441 4,658 1,254 697 5,831 Mar. 10 18,765 4,638 1,251 7,620 5,256 Mar. 17 19,744 4,757 1,270 833 5,885 Mar. 17 19,018 4,751 1,270 7,737 5,260 Mar. 24 19,697 4,734 1 ,270 830 5,863 Mar. 24 19,017 4,720 1,272 7,766 5,259 Mar. 31 19,492 4,777 1,254 7,772 5,689 Mar. 31 18,759 4,650 1,235 7,640 5,234 Apr. 7 19,300 4,657 1,191 7,686 5,766 Apr. 7 18,595 4,638 1 ,184 7,572 5,201 Apr. 14 19,194 4,578 1,215 7,684 5,717 Apr. 14 18,595 4,594 1 ,218 7,583 5,200 Apr. 21 19,384 4,665 1,218 7,715 5,787 Apr. 21 18,612 4,607 1,212 7,589 5,204 Apr. 28 19,630 4,824 1,240 7,830 .,735 Apr. 28 18,654 4,638 1,216 7,600 5,200 May 5 19,490 4,760 1,260 7,779 5,691. May 5 18,769 4,716 1,249 7,634 5,170 May 12 19,418 4,636 1,237 7,727 5,817 May 12 18,708 4,655 1,245 7,625 5,183 May 19 19,506 4,686 1,281 7,759 5,779 May 19 18,785 4,654 1,274 7,659 5,198 May 26 19,690 4,806 1,269 7,865 5,750 May 26 18,924 4,738 1,261 7,712 5,213 June 2 19,555 4,811 1,251 7,816 5,677 June 2 18.912 4,785 1,253 7,670 5,204 June 9 19,805 4,853 1,261 7,847 5,844 June 9 18,885 4,748 1,246 7,658 5,233 June 16 19,934 4,963 1,267 7,925 5,779 June 16 19,043 4,847 1,260 7,738 5,198 June 23 19,818 4,862 1,248 7,851. 5,858 June 23 18,958 4,860 1,260 7,770 5,068 June 30 19,188 4,619 1,215 7,756 5,598 June 30 18,349 4,540 1,186 7,594 5,029 July 7 19,377 4,589 .1 ,221 7,851 5,716 July 7 18.419 4,537 1,197 7,636 5,049 July 14 '19,166 4,487 1 ,185 7,791 5,703 July 14 18,404 4,494 1,192 7,661 5,057 July 21 19,261 4,485 1,210 7,830 .,736 July 21 18,356 4,432 1,191 7,665 5,069 July 28 19,036 4,481 1 ,188 7,767 5,600 July 28 18,347 4,467 1,185 7,637 5,058 Aug. 4 18,698 4,393 1 ,180 7,481 5,644 Aug. 4 17,666 4,339 1,153 7,286 4,888 Aug. 11 18,586 4,344 1,170 7,516 5,555 Aug. 11 17,688 4,367 1,179 7,394 4,748 Aug. 18 1.8,525 4,337 1,182 7,511 5,495 Aug. 18 17,662 4,316 1,175 7,421 4,750 Aug. 25 18,353 4,280 1,166 7,489 5,418 Aug. 25 17,627 4,285 1,169 7,407 4,766 Sept. 1 '18,346 4,309 1,171 7,488 5,379 vSept. 1 17,603 4,284 1,168 7,389 4,762 Sept. 8 '18,336 4,228 1 ,160 7,492 5,456 Sept. 8 17,556 4,239 1,159 7,364 4,794 Sept. 15 18,373 4,282 1,144 7,493 5,454 Sept. 15 17,594 4,261 1 ,147 7,393 ,793 Sept. 22 18,596 4,296 1 ,153 7,560 5,586 Sept. 22 17.691 4,267 1,147 7,437 ,840 Sept. 29 18,250 4,273 1,139 7,492 5,346 Sept. 29 17,663 4,285 1,148 7,414 4,816 Oct. 6 18,756 4,465 1,179 7,593 5,51.9 Oct. 6 17,894 4,387 1,163 7,460 4,884 Oct. 13 18,832 4,490 1,174 7,699 5,468 Oct. 13 18,201 4,500 1,184 7,621 4,896 Oct. 20 19,136 4,540 1,197 7,751 5,649 Oct. 20 18,269 4,497 1,183 7,655 4,934 Oct. 27 18,895 4,487 1,187 7,741 5,479 Oct. 27 18,224 4,467 1,184 7,645 4,928 Nov. 3 , 18,810 4,441 1,186 7,681 5,503 Nov. 3 4,459 1,195 7,635 4,944 Nov. 10 19,364 4,556 1,230 7,873 5,705 Nov. 10 , 4,429 1 ,181 7,664 4,970 Nov. 17 19,306 4,505 1,212 7,908 5,680 Nov. 17 18,244 4,436 1,201 7,776 5,010 Nov. 24 19,205 4,470 1 ,208 7,888 5,639 Nov. 24 18,423 4,465 1,216 7,804 5,039 18,524 Dec. 1 19,052 4,479 1,209 7,830 5,535 Dec. 1 18,464 4,461 1,206 780 5,017 Dec. 8 19,162 4,470 1,208 7,852 5,631 Dec. 8 18,444 4,450 1 ,205 766 5,023 Dec. 15 19,241 4,522 1,213 7,929 5,577 Dec. 15 18,555 4,506 1,211 821 5,017 Dec. 22 19,512 4,558 1,215 7,958 5,782 Dec. 22 18,690 4,533 1,214 886 5,057 Dec. 29 19,250 4,491 1,201 7,953 5,606 Dec. 29 18,630 4,492 1,210 5,041 cCorrected. 210 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS, 1954—Continued [Averages of daily figures In millions of dollars] Central reserve Central reserve Month, or m A e l m l - city banks s R er e v - e Coun- Month, or m A e l m l - 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 ba tr n y ks week ending Wednesday b b an er ks New Chi- b c a i n ty ks ba tr n y ks York cago York cago Excess reserves: Borrowings at Federal Reserve Banks:2 Tanuarv 936 146 7 162 621 Tanuarv 100 1 58 42 February 632 8 — 7 83 548 Februarv 993 36 46 148 63 March 692 38 8 83 563 March 189 1 16 29 79 65 April . . 765 66 11 148 541 April 139 | 9 71 59 716 35 —2 124 560 Mav 155 7 8 65 75 Tune 858 63 11 153 630 June 146 14 4 61 67 July 836 40 11 166 619 July 64 1. 25 39 839 —9 112 736 August 115 1.1 37 37 September . . . 775 21 4 105 645 September 67 2 9 28 28 October 790 15 2 96 607 October 82 ! 1 2 51 29 November 814 59 11 110 633 November 164 I 32 7 82 43 December 704 12 i 91 602 December 246 62 15 117 52 Ta n 6 8?7 91 —3 165 644 Tan. 6 96 2 67 26 Tan 13 779 \ \ 8 1 55 605 ] an 1 3 131 78 54 Jan 90 1 274 259 92 946 747 Tan. 90 70 30 41 Jan. 27 1 ,138 331 13 175 619 '[an. 27 76 1 39 36 Feb 3 428 — 11 — 13 438 Feb. 3 211 10 34 120 47 Feb 10 673 9 10 97 Feb 10 360 105 53 153 49 Feb. 17 653 7 -12 67 591 Feb. 17 301 27 56 136 81 Feb 24 702 76 2 73 551 Feb. 24 200 2 18 122 58 Mar 3 552 92 — 10 76 508 Mar. 3 266 27 73 Mar 10 678 21 4 78 575 Mar 10 236 16 43 99 79 Mar 17 796 6 — 1 96 625 Mar. 17 . . 170 16 18 61 76 Mar 94 680 14 — 2 64 604 Mar. 24 162 37 25 57 42 Mar. 31 732 127 18 132 455 Mar. 31 175 38 71 66 Apr 7 705 19 7 114 565 i A or. 7 134 23 64 47 Apr. 14 598 -17 -3 1.01 517 j Apr. 14 138 5 70 63 Apr 21 771 57 s 196 583 Apr 21 133 7 82 45 A or 98 977 186 25 231 535 Apr. 28 140 3 65 71 Mav 5 72^ 45 11 145 591 Mav 5 150 7 67 75 Mav 12 709 -19 o 102 634 Mav 12.. 1.74 28 15 63 67 Mav 19 722 33 8 100 581 Mav 19 120 8 46 66 Mav 26 766 68 8 153 537 Mav 26 141 1 3 62 75 June 2 643 26 -2 146 473 Tune 2 193 1 4 87 101 Tune 9 920 105 15 189 611 Tune 9 147 1 72 74 Tune 16 890 116 187 581 Tune 16 117 1 45 72 Tune 93 861 2 -12 81 790 1 Tune 23 178 45 14 69 50 Tune 30 839 79 29 162 569 Tune 30 138 16 1 56 66 Tulv 7 957 59 23 215 667 Tulv 7 56 23 32 Tulv 14 763 _7 —6 130 646 Tulv 14 53 12 41 Tulv 91 904 53 19 165 667 Tulv 21 57 1 24 31 Tulv 28 688 13 3 130 ^42 Tulv 28 85 2 38 45 A11fr 4 I 039 54 97 195 756 Aug 4 71 2 26 44 Aug. 11 898 — 93 — 8 129 807 Aug. 11 182 89 21 33 37 Aug 18 865 29 7 91 745 \ug 18 139 20 22 59 39 Aug. 25 725 -4 82 652 Aug. 25 88 23 2 32 32 Sept. 1 715 25 4 99 617 Sent. I . . .. 95 10 9 37 39 S S e e p p t t . 15 8 7 7 8 7 0 9 2 1 1 1 -j* 1 10 9 0 8 6 66 6 1 9 S S e e p p t t 1 8 5 5 8 7 4 20 2 2 2 1 9 3 3 5 5 Sept 22 904 99 123 746 Sept 2"> 36 1 21 14 Sept. 29 588 — 11 —9 78 530 Sept. 29 78 8 38 31 Oct 6 863 79 16 133 635 Oct. 6 62 1 3 46 13 Oct 13 6 30 — 10 — 10 78 579 Oct. \3 74 3 3 48 20 Oct 90 8^8 4 3 96 715 Oct 20 99 2 63 34 Oct 9 7 671 20 4 96 551 Oct. 27 72 1 37 34 Nov 3 577 — 19 —9 46 559 Nov. 3 170 31 10 84 45 Nov 10 1 119 197 48 909 735 Nov. 10 92 1 54 36 Nov 17 883 69 12 1 39 670 Nov 1 7 87 2 45 40 Nov 24 682 5 — 7 84 600 Nov. 24 121 9 2 73 37 Dec 1 589 18 3 50 518 Dec 1 396 98 18 156 53 Dec 8 717 21 3 85 608 Dec. 8 291 118 1 118 54 Dec 15 686 16 2 108 560 Dec. 15 263 75 18 111 60 Dec 92 822 25 72 725 Dec 22 147 21 3 71 51 Dec 29 621 -1 -9 66 565 Dec. 29 243 29 36 129 49 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Some of these figures are revisions of those published originally. 211 FEBRUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, 1954 LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date i m T n lo a v o e n a e n t n d a s t s t l s - i j L m n u a a o v s e n d a t e n e d - n s t d t s s - 1 j L u o a s a d te n - d s 1 i C t n m c a r d o i i n e a a u m d r l l s , - , - - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C t f a e i f e t b i i e r - n t - s - - Notes Bonds2 O s ri e t t c h ie u e s - r L ba o t n a o k n s s t a c u g u r r l a - i- l G U t l i o i o o g . b n v a - S - s t . . O c t s u t i e h e r - s e i- r S t l U i o i o o g b . n v a - S s - t. . O c t s u t i e h e r - s e i- r n e e d s - s January 275 79,73539,218 22,744 1,8.12 859 6,483 7,95733,001 2,740 5,089 6,503 18,669 ,516 540 February .036 79,30939,023 22,549 1 ,968 823 6,493 7,82332,555 2,210 4,401 5,82920,1157,731 727 March.". , 460 78,90339,034 22,682 1,887 821 6,503 7,77931,978 2,316 3,574 4,731 21,3577,89.1 557 April 949 78.36538,726 22,451 1 ,786 836 6,543 7,750 ,607 2,540 2,936 4,592 21,5398,032 584 May ,149 79,33438.729 22,005 2.178 898 6,568 7,720 32,592 2,536 3,008 5,48521,5638,013 815 June ,827 80,241 38,516 21,784 2,109 902 6,625 7 33,515 2,530 2,744 6,66321,5788.210 586 July , 183 80,581.38,501 21,614 2,151 882 6,699 7,809 33,841 2,737 2,749 6,66721,6888,239 602 August ,163 82.58637,973 20.783 2,3-13 901 6,781 7,820 36,321 3,536 3,456 6,68922,640 8,292 577 .September .947 82.34738,138 20,934 2,208 919 6,865 7,871 35,756 3,018 2,520 6,66223,556 8,453 600 October ,455 84,74738,679 21 ,116 2,410 969 6,941 7,90537,478 2,659 2,426 8,65323,7408,590 708 November .876 85,24839,220 21,619 2,246 1 ,009 7,038 7,97037,456 2,611 2,348 8,615 23,8828,572 628 December , 965 86,1.8740,549 22,347 2,538 1 ,062 7,128 8,13437,028 2,491. 2,547 8,37723,6138,610 778 Jan. 6. . 80.819 80,139.9,766 22,942 2,11.9 862 6,479 8,001 32,861. 2,594 5,202 6,482 18,5837.512 680 Tan. 13.. 80,376 79,778!39,432 22,846 1,913 856 6,490 7,96432,870 2,581 5,138 6,525 18,6267', 476 598 Jan. 20.. 79.838 79,478!38,960 22,686 1,633 859 6,484 7,93632,987 2,735 5,076 6,462 18,7147,531 360 Jan. 27.. 80,070 79,54538,714 22,502 1,583 858 6,480 7,92733,287 3,048 4,942 6,54318,7547,544 525 Feb. 3 80,660 80,11939.422 22,638 2,180 826 6,486 7,92432,989 2,517 4,764 6,75618,9527,708 541 Feb. 10 79,868 79,151 39,068| 22,556 2,031 818 6,485 7,81032,409 2,034 4.639 6,71419,0227,674 717 Feb. 17 79,872 79,08339.007 22,555 1,977 830 6,500 7,77732,346 2,074 4,110 4,97•4 21,1887,730 789 Feb. 24 79,744 78,883,38,596 22,446 1,682 819 6,501 7,782 52,476 2,216 4,091 4,87121,2987,811 861 Mar. 3 79,534 78,85538,722 22,407 1,907 811 6,478 7,754 32.292 2,084 4,097 4,798 2\ ,3137,841 679 Mar. 10 79,700 79,15038,902 22,481 2,005 81.1 6.489 7,75232,292 2,162 4,067 4,770 21, 2937,956 550 Mar. 17 80,765 80,06439,320 22,939 1,931 814 6,509 7,76732,848 2,591 4,121 4,744 21,392 7,896 701 Mar. 24 79.247 78.63439,1 53 22,821 1,834 820 6,517 7,80031,609 2,669 2,848 4,695 21,397 "72 613 Mar. 31 78,055 77.814-39,076 22,763 1,758 847 6,522 7,82530,850 2,076 2,737 4,649 21,388 8,8 241 Apr. 7 9,078 78,40638,858 22,714 676 828 6,532 7,74731,518 2,486 2,867 4,641 21,5248,030 672 Apr. 14 78.742 78.17538,839 22,558 799 828 6,542 7,75131.298 2,296 2,908 4,608 ,4868,038 567 Apr. 21 78,858 78,261 .8,767 22,348 925 840 6,544 7,75031,452 2,392 2,925 4,587 21,5488,042 597 Apr. 28 79,118 78,61838,441 22,183 744 849 6,553 7,75332,160 2,987 3,045 4,530 21,5988,017 500 May 5 79,893 79,12838,669 22,145 2,014 866 6,541 7,74332,377 2,985 3,285 4,45521,6528,082 765 May 12 79,670 78,79438,853 22,045 2,31.4 866 6,559 7,71031,994 2,383 3,408 4,44221,7617,947 876 May 19 80,530 79,76438,823 21,975 2,275 922 6.582 7,70932,958 2,400 2,660 6,51321,3857,983 766 May 26 80,502 79,64938,569 21,854 2,108 938 6,590 7,71933,041 2,377 2,680 6,53121,4538,039 853 Tune 2 80.5!9 79.62438,324 21,599 2,141 915 6,592 33,196 2,428 2,684 6,582 21 ,5028.104 895 June 9 80,151 79,47838,015 21,571 1 ,847 910 6,598 33,217 2,370 2,684 6,65621,5078,246 673 June 16 81,683 80,99738,707 21,973 2,1 20 891 6,623 7,74334,058 2,909 2,817 6,72521.6078,232 686 June 23 80,702 80,21038,5; 21,8% 2.059 893 6,641 7,74133,379 2,322 2,760 6,67921,6188,247 492 June 30 81,081 80,895 38,950 21,884 2,379 899 6,671 7,77233,724 2,619 2,777 6,674 21,6548,22.1 186 July 7. . 81.101 80,55838,737 21,728 2,263 890 6,674 7,83633,575 2.518 2,755 6,65121,6518,246 543 July .14.. 81,076 80,43738,675 21,647 2.271. 891 6,698 7,82333,549 2,522 2,729 6,66521,6338,213 639 July 21 .. 81 ,1.1.1 80,585.38,341 2.1,558 2,067 874 6,705 7,79034.018 2.861 2,758 6,67121,7288,226 526 July 28.. 81,445 80,74638,254 21,524 2,005 875 6,718 7,78734,221 3,045 2,754 6,680 21,7428,271 699 Aug. 4 83.548 82,85037,905 20,770 2,368 884 6,736 7,803 36,605 3,728 4,382 6,708 21,7878,340 698 Aug. 11 83.267 82,72038,072 20,829 2,409 917 6,766 7,80636.389 3,57" 4,256 6,690 21,8658,259 547 Aug. 18 82,861 82,40537,949 20,759 2,308 907 6,801 7,83136,185 3,414 2,614 6,70123,4568,271 456 Aug. 25 82,977 82,36837,963 20,773 2,286 897 6,823 7,83936,107 3,423 2,573 6,65823,4538,298 609 Sept. 1 82,778 82,20437,967 20,798 2,228 904 6,831 7.86635,862 3,135 2,559 6,65323,5158,375 574 Sept.. 8 82,670 82,02038,034 20,829 2,265 904 6,838 7,85635,526 2,876 2,505 .,64823,4978,460 650 Sept. 15 83,084 82,44038,175 21,023 2,145 913 6,871 7,88235,790 3,090 2,534 6,67123,4958,475 644 Sept. 22 82,980 82,381 38,018 21,005 1 ,999 932 6,884 7,85835,908 3,124 2,497 6,66823,6198,455. 599 Sept. 29 83,222 82,68938,495 21,015 2,403 941 6,902 7,89335,696 2,868 2,504 6,67023,6548,498 533 Oct. 6 85,346 84,80338,548 21,102 2,363 955 6,907 7,88337,614 2,765 2,478 8,60823,7638,641 543 Oct. 13 85,567 84,72 38,781 21,195 2,457 956 6,924 7,91037,364 2,535 2,447 8,66523,7178,577 845 Oct. 20 85,412 84,67538,709 21,126 2,412 973 6,955 7.90537,40; 2,628 2,402 .,649 23,7248,563 737 Oct. 27 85,498 84,78938,679 21,043 2,407 993 6,978 7,92037,533 2,706 2,375 8,68823,764 8,577 709 Nov. 3 85,721 84,93238,844 21,104 2,466 991 6,997 7,94937,358 2,500 2,369 8,68823,8018,730 789 Nov. 10. 84,930 84,42438,588 21,133 2,165 I ,001 7.026 7,92537,377 2,539 2,362 8,62623,8508,459 506 Nov. 17. 86,33.1. 85,745 39,503 22,107 2,022 1,014 7,051 7,97137,677 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 8,560 23,9468,534 631 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,,5583 40,181 22,255 2,390 1,034 7,088 8,078 36,752 2.225 2,150 8,488 23, 8898,650 793 Dec. 15 87,200 86,470j40,690 22,359 2,679 1,049 7,136 8,125 37,174 2,615 2,763 8,35 23,4398,606 730 D—e c. 2—2 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 8,205136,902 2,543 2,768 8,20023,39.1 , 624 715 ] Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2Includes guaranteed obligations. For references to back figures, see opposite page. 212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, 1954— Continued RESERVES AND LIABILITIES [Mcnthly 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- Month or date B s F w e R e a e r r i e n a d t v - h l k - e s v C a i a n u s l h t m b a w a n d e o n i c s t - e k h ti s s c ju p m s o a d t a e e d s n - d i - t d ^ s * s p p u n v c h a o a a o e n i i r d r l p r r d s a t - - - s - , - , S p s d s a i i o u t i c o n a v b l a n d i t - i l t e - s - s • C h c o a f e e e e i t f n e c c f r r d i d . k t s - i ' s - , U m G er . o e n v n S - - t . s p p u n v c h a o a a o e i n i r d r p l r r d a s t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n d t - i i l e . - s t ? - P m G V S c i a o n m a e n o . s g n v d v t - s S . - a - t l . ! D n t i o i e D c s - e - man 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 u a c a - n p l - ts tions tions January 96 991 2,781 ,88057,112 3,932 1 ,826 1.. 95617,564 949 190 11,437 1 ,258 1 .025 53\ 7,591 February ,386 946 2.485 ,63955,528 4,006 1,947 2.511 17,640 9671 190110,482 1 ,284 1 ,096 929 7,639 March ,381 916 2,59553,74054,767 3,895 1 ,776 2.905 17,750 .047 190 10,505 1,257 ,213 663 7,674 April ,192 936 2,63553,28854.135 4,098 1,7471 2.687 17.835 . 095 19210.400 1,272 ,317 537 7,731 May .231 930 2,59054,06854,646 4,346 1.758: 2.58817.939 ,1.37 19010.483 1,253 ,390 757 7,781 Tune ,386 928 2,71454,46255.359 4,225 1.848j 2,907 18,159 .140 18810,677 1,252 ,439 552 7,800 July ,979 953 ,09855,145 3,971 1,940! 2,666 18,301 ,248 18811,040 I , 292 , 505 486 7,818 August ,622 918 ,07754,775 3,932 1,90213.5 70; 18,41.1. ,267 19611., 170 1.323 ,543 688 7,852 September , 431 941 2,641 54,43255.734 3,753 1,900! 2,733 18,491 ,218 19811,298 1.269 ,561 545 7,886 October , 786 972 2,75355,117 56,931 3,563 1,82714,437 18,642 .215 20511,545 1 ,336 ,482 633 7,926 November .014 965 2.71955. 74557,405 3,790 2.087 4,222 18,633 1,198 203 11,602 1.315 .460 633 8,136 December ,107 1 ,052 2,70657,478 59.275 3,876 2,289 3,387 1.8,674 1,182 20611,556 1 ,404 1,448 816 8,156 Jan. 6 14,713 1.002 2,70055,27256,436| 3.973 2,028 2,31.317,580 945 19011,743 1 ,260 997 857 7,600 Jan. 13 14.786 1 ,022 2,721 56,04457,6371 3,843 1,974 1,745 17.562 943 18911,560 1,253 995 571 7,578 Jan. 20 15.159 961 3,00356,09057,591 3.905 1,75.1 1,92817,540 950 1901.1,677 1.246 1 ,045 242 7,579 Jan. 27 14,525 979 2,69956,11556,782 4,009 1,553 1,83917,574 959 19210,766 1,271 1,062 453 7,608 Feb. 3 14.598 912 2,421 55,588 55,831 4,093 2,378! 2,275 1.7,619 970 19010,619 1,260 1,069 895 7,630 Feb. .10 14,362 960 2,413 54.789 5155,230 4.049 ,742 2,107 17,635 961 1911.0,477 1 ,260 1 ,080 1,027 7,629 Feb. 17 14.487 923 2,559 54,143 55,739 3.953 1 ,979 2.862 17,642 967 19210,600 1,299| 1,104 899 7,640 Feb. 24 14,096 990 2,547 54,038 55,313 3,930 1,690 2,79817,663 972 18810,230 1,318 1 ,129 895 7,656 Mar. 3 114.263 900 2.47753.91354,791 3.908 1 ,543 2,424 1.7,734 994 18910,51.7 1 .303 1,163 796 7,667 Mar. 10 ; 14.304 939 2,45954,75355,689 3.803 1 ,594 1 ,89117.763 997 10,495 1 .279 1 ,198 725 7,669 Mar. 17 14.863 925 2,60854,89756,535 3.675 1,981 3,011 17,713 1 ,049 10,949 1.248 1 ,2.1.9 845 7,663 Mar. 24 M 4.483 933 2,44253,32553,994 3,858 1.774 3,36217,767 1.109 19010.028 1 .229! 1 .235 786 7,679 Mar. 31 [13,990 2 ,99251,81252,824 4,232 1 ,987 3,83817,771 1 ,087 19210,538 1J2271 1,252 161 7,692 Apr. 7 114.006 886 2,547 52,37652.764 3.996 1., 595 3,347 17,818 1,1.01 19210,403 1,269 1,282 647 7,723 Apr. 14 '14.041 965 2.670 52,93354.572 3.971 1 .813 2.498 17,817 1 ,120 19210,669 1,285 1,314 505 7,722 Apr. 21 114,299 922 2,613 53,736 54.714 4,119 1 .860 2.232 17.851 1 ,079 19310,354 1.255 1,330 568 7,725 Apr. 28 |14,423 970 2,710 54,10854.4 4.308 1,720 2,671 17,854 1,078 19210,171 1,279 1,344 429 7,755 May 5 113,954 874 2,66254,047 54,159 4.467 2,016 2,056i 17,895 1 ,147 19110.731 1.268 1,364 647 7,775 May 12 114,168 963 2,66554.153 55.321 4.332 1 ,655 1 ,601 17.916 1 ,123 19010.838 1,251! 1 ,364 943 7,778 May 19 ,14,433 918 2.54553. 715•';54.485 4.221 1,810 3 ,545117,949 1.142 19010.367 1.269 1,406 720 7,778 May 26 (14,370 965 2,48654,358154,619 4,362 1,552 3.149 17,996 1,136 190 9,995 1,223 1,427 718 7,794 June 2 1.4,241 915 2,52853.930 54,597 4,418 1,842 2,982 18,041. 1 ,129 18910.386 1,227 1 ,427 781 7,799 June 9 1.4,675 951 2,66454.77855,146 4.129 1,555 2,296 18,1101 1 .130 18810.599 1 ,235 1.421 535 7,802 June 16 14,449 913 2,92056.16657,765 4,086 1 ,914 1,983 18.127 1 ,1 75 18811,035 1.251 1 .440 541 7,788 June 23 14.60-1 949 2.47654,11654,572 4,163 1 ,924 3,192 18.21.2 1,121 10.214 1.285 1,447 876 7,804 June 30 13,961 909 2,98453,319 14,715 4,329 2,004 4,08518.304 1 ,146 11,151 1 ,260 1 ,459 29 7,806 July 7 14,131 931 2,85353,311 54.264 4,026 1 ,898 3,547:18,256 1,154 18811.403 1 ,293 1,466 410 7,823 Tuly 14 !3,920 986 2,74553.652 55,518 3.905 2,355 2,690 18.301 1,277 18911,306 1 ,260 1 ,491 548 7,815 July 21 13,913 930 2,7 ,48155.436 3.922 1 ,813 2.335 18,309 1,277 18710,936 1 ,261 1.527 371 7,805 July 28 13,952 966 2,57354,94955,360 4,033 1 ,695 2,091 18,337 1,285 10,516 1 ,355 1,535 613 7,831 Aug. 4 13,472 883 2,816 54.21754,564 4,046 2,612 3.68318,382 1,273 19511,494 1,345 1 ,553 533 7,848 Aug. 11 13,648 941 2,629 54,12755,107 3.951 1 ,591 3,413 18,405 1 .267 19611,361 1,325 1,539 793 7,852 Aug. 18 13.748 914 2.571 53,748 54,736 3 ,904 1.723 3 ,68818.411 1 ,265 19711,115 1,324 .1 ,534 717 7,850 Aug. 25 13,621 932 2,466 54,2.1554,693 3,826 1., 682 3 ,49518,443 1,263 10,710 1,297 1,54 710 7,859 Sept. 1 13.522 885 2,489154.066 54,746 3 ,939 1.864 3.24 718,433 1,257 19710,911 1 ,301 1 ,560 583 7,886 Sept. 8 13.327 943 2,6341=4.013 55,000 3,738 1 ,6.17 2.731 18,487 1,253 19711,354 1.272 1 ,566 571 7,888 Sept. 15 13,569 936 2.805 54,490j57,230 3.754 2,089 2,400 18,501 1 .193 19911.970 1 ,252 1 ,56_2 585 7,878 Sept. 22 1.3.297 951 2,731 o4,547155.81 2 3.579 1 ,700 2,681 18,514 1 ,194 19911 .277 1.2571 1,565 451 7,880 Sept. 29 13,438 992 2,544 55.043 55,884 3 ,756 2,228 2 ,60518,520 1,195 20010,977 1,262j 1,552 537 7,897 ,-i Oct. 6 13,754 901 2.75054,276 55,403 3 ,664 1 ,720 5 ,19018.608 1 ,18! 20311 ,744 1 ,285 1,526 462 7,913 Oct. 13,602 1 ,032 2.815 54,672 57.837 3.442 1,802 4,611 18.639 I , 209 20311 ,750 1 ,353 1 ,4 79 767 7,920 Oct. 20 13,924 947 2,786 5 5.4 70 i 5 7,203 3,503 1 ,857 4,165 18,641 1,238 201 11,494 1 ,357 1 ,463 681 7,921 Oct. 27 13,864 1 ,003 2,66256,050 57,281 3.642 1,929 3,78318,681 1,231 11,190 1,349 1,459 621 7,949 Nov. 3 13,877 951 2.616 55,472 57.256 3,865 2,104 3.79318.699 1 ,220 11,516 1 ,32-4 j 1 .461 983 8,131 Nov. 10 14,186 984 2,738 55,573 56,926 3.698 1 ,964 3,83318.679 1,215 20311,65 7 1 ,293 1,463 387 8,132 Nov. 17 14.056 964 2,98-2155.68257.879 3.796 1 ,939 4.741 18,578 1 ,179 20312,119 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 ,1 76 203 11,116 1. ,23 "23 14 11 ,4.K5A6 689 8,142 Dec. 1 13.891 967 2,64256,41457.876 3.956 2,426 4,22318,555 1 ,183 11,303 1,354 1,456 766 8,162 Dec. 8 13,980 1,059 2,56956,58357,648 3,75- 1.849 3.70618.621 1 ,180 203\\,426 1,380 1 ,458 761 8,152 Dec. 15 14.355 1 .065 2,83057.92661.036 3,816 2 ,793 3.22618,655 1 ,195 20911.953 1 .393 1 .443 724 8,146 Dec. 22 1.4,167 1 ,084. 2,79458,02559.697 3,917 2,249 3,184 18,732 1,198 20911 ,737 1 ,425 1,440 824 8,144 Dec. 29 14,141 1.084 2,69358,44560,117 3.939 2,129 2,597 18,806 1.154 20911,359 1 ,4 70; 1,444 1,005 8,174 3Demand deposits other than interbank and l\ S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May .1.953, pp. 550-555. For description of revision beginning July 3, 1945, and for revised figures July 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. FEBRUARY 1955 213 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, 1954 [Xet declines, (—). In millions of dollarsj business of borrower Manufacturing and mining Comm'l. Metals Public ind'l, Periodl t l o F i a b o q n a u o d o c d, r c , o a T l p e e a a p x n t a t h d i r l e e e r l s , , p m e r r m ( a y o a i c e d n n h t a d u d a i n . c l n d t - s ch P l e c e a e m o t u n a d i r m l c , , o- al, Other ( r T w e s a r h t a n a a d o le i d l e l) e- m d C e o a o d l m i e - ty rs f p i S c n a o a a n m n l i e c e - s e s u p t t ( t r i o i i a l o n r i n n t c t a s i h ) e - - s s C t t r i o o u n n c - - bu o t s y t A o i p h f ll n e e s r ess c c h l N f a a i n e s e d t s g i e - s ch t a a o a g t n n r a d ' g l l . 2 e— trans, rubber equip.) Monthly: January -98 14 -152 — 104 -31. -108 -37 -153 -16 -11 -43 -737 -878 February -94 46 6 8 -3 -32 -52 -83 -34 3 -2 -237 -56 March.... -58 29 133 21 36 72 -125 16 105 17 50 297 317 April -147 -29 -135 23 —9 7 -88 -11 -75 15 ' 34 -415 -580 Mav. . — 78 — 10 — 124 60 — 16 18 —25 — 12 —39 28 5 — 193 —329 Tune -31 5 -306 -18 22 2 -36 67 183 .18 63 -30 30 July 5 36 -133 —64 -13 -27 66 -14 -88 16 -29 -245 -360 August —24 40 —99 2 2 9 45 —44 — 16 19 3 -64 — 751 Se pi em her 164 20 -174 24 9 63 124 -84 2 81 229 242 October 113 —47 —69 90 — 26 113 95 — 117 — 180 7 59 38 28 November 130 -44 -49 -1.4 -.18 30 131 63 13 24 50 316 1.089 December 111 -30 -24 49 -1.7 -68 78 228 46 14 4 390 354 Week ending: Tan. 6 -95 -7 -152 -4 -22 -51 -10 -10 8 -3 -352 -438 Tan. 13. . 9 7 22 — 1 — 14 —26 -79 -8 1 -88 —96 Jan. 20.. 5 4 -18 -48 -25 3 -4 -9 4 —30 -118 -160 Jan. 27 — 16 10 —4 — 51 — i 6 — 17 — =5 —60 — 7 —9 — 11 — 179 — 184 Feb. 3 — 14 13 11 1 —4 —31 1 8 —2 -16 —35 136 Feb. 10 -28 9 3 5 — 19 — 28 -30 -4 3 6 -83 — 82 Feb. 17.. -24 17 16 2 —4 15 -6 -9 -14 5 3 2 -1 Feb. 24 — 29 7 —22 4 3 —20 —52 — 16 —2 6 — 121 — 109 Mar. 3 —24 — 1 —4 9 — 1 13 — 16 6 —6 i -7 —31 —39 Mar. 10. . -29 10 57 15 10 14 -12 -42 6 1 16 46 74 Mar. 17 34 23 102 10 39 27 -20 57 109 8 17 407 458 Mar. 24. . —30 -1. -13 -10 -6 10 -30 -1.7 5 4 —5 -93 -1.18 Mar. 31.. -10 _2 -9 -4 -6 8 -47 12 -9 5 30 -32 -58 Apr. 7. . -33 3 -11 -4 1 -1 -22 22 -39 5 32 -47 -49 Apr. 14 — 29 1 —58 3 —9 18 —36 —4 —24 8 23 -107 — 156 Apr. 21 . -34 -18 -40 4 2 2 -23 11 -26 3 -20 -139 -210 Apr. 28 -51 — 15 -26 20 -4 -12 -7 -40 14 -1 -1 -122 -165 M av 5 -19 -7 -20 18 -27 -2 -29 45 1 10 12 -17 -38 M av 12 — 20 — 1 —33 7 7 18 -50 8 10 7 -46 — 100 M av 19 -10 -2 -26 33 -4 9 -3 -2 -32 8 -3 -31 -70 M ay 26 —29 —46 8 Q 7 —6 -15 — 12 -98 — 121 June 2. . . . -42 -7 -171 -50 —5 -3 9 8 1 4 -261 -255 Tune 9 —4 —32 2 —4 — 1 —5 — 7 10 3 5 -34 —28 June 16 25 16 10 37 28 31 -19 52 147 8 31 365 402 June 23. . -1 -46 5 -9 -11 -40 13 6 .14 -74 -77 June 30 -9 -1 -67 -3 2 -14 2 53 6 11 -26 -12 Tulv 7. —3 8 —33 — 27 4 17 8 -48 —28 -102 — 156 Julv 14 -28 13 -14 3 -3 1 18 -25 — 16 11 4 -39 -81 July 21 .. 15 8 -44 -12 -4 -1.8 14 -8 -7 — 11 -68 -89 July 28 21 7 -42 -28 -13 18 11 -17 5 6 -36 -34 Aug. 4. . 16 5 —22 8 7 —21 -7 8 —20 -25 -754 Aug. 11 7 15 9 4 10 10 — 13 —4 3 15 31 59 Aug. 18 —31 15 -45 -18 2 23 -3 -16 3 -2 -71 -70 Aug. 25 -17 4 -8 2 -4 i 6 -7 10 5 11 2 14 Sept. 1. 24 6 -50 16 -1 -10 17 10 4 -3 21 34 25 Sept. 8 6 6 -31 6 -6 25 15 -8 -2 1 2 13 31 Sept. 15 65 10 -19 14 11. 28 20 -8 11 6 41 180 194 Sept. 22 24 — 7 — 28 —5 9 6 40 -44 —4 -4 5 -8 -18 Sept. 29. . 45 5 -46 -6 -3 13 32 -35 -9 2 12 10 10 Oct. 6 32 1 —22 19 —9 20 24 21 -74 1 53 68 87 Oct. 13. 48 1 -16 14 1 48 17 -52 y 8 4 64 93 Oct. 20 27 -34 -7 50 -10 31 17 -67 -27 -2 2 -21 -69 Oct. 27. . 7 -16 -23 7 -8 14 37 -20 -72 -1 1 -73 -83 Nov. 3. . -1 -8 -38 • 14 -18 -7 39 29 23 7 13 52 61 Nov. 10 48 -9 -5 -36 -1 25 25 -21 16 7 -24 25 29 Nov. 17 60 -13 5 3 10 58 48 7 13 34 225 974 Nov. 24. . 24 -15 -10 5 1 1 8 8 -33 -3 27 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 -5 -25 4 74 -20 9 96 104 Dec. 22. . 17 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 1 Monthly figures are based on weekly changes during month. 2Xet change at all banks in weekly .reporting series. NOTE.—Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per :ent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 214 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY MARKET RATES, 1954 [Per cent per annum] U. S. Government securities (taxable) Prime Finance commercial company Prime I Month or week m 4 p - o a n t p o t e h r 6 s , - x pa m d p 3 i e - o r r e n t o c p t t h l l 6 a y s c - ] , ed ic 9 b c 0 a e p n d t k a a e n y r c s s 1 e ' s, Mark 3 e -m t onth b R ill a s te on 9 i m - s s t o o u n e t 1 s h 2 2 - 3 i - s y s t e u o a c r s 5 3 yield new issues January .11 2.06 1.88 1.18 1.214 1.33 2.04 February 00 1 .78 .1 .68 .97 .984 1.01 1.84 March 00 1.58 1.48 1.03 1.053 1.02 1.80 April .76 1.50 1.25 .96 1.011 .90 1.71 May .58 1.38 1.25 .76 .782 .76 1.78 June .56 1 .31 1 .25 .64 .650 .76 1.79 July .45 1.25 1.25 .72 .710 .65 1 .69 August .33 1 .25 1.25 .92 .892 .64 1.74 September .31 1.25 1.25 1.01 1.007 .89 1.80 October .31 1.25 1.25 .98 .987 1.03 1.85 November .31 1.25 1.25 .93 .948 .94 1.90 December .31 1.25 1.25 1.14 1.174 1.10 1.94 Week ending." Jan. 2.. 2.25 2.13 1.88 1.48 1.574 1.58 2.14 Jan. 9.. 2.20 2.13 1.88 1.30 1.314 1.56 2.12 Jan. 16.. 2.13 2.13 1 .88 1.28 1.336 1 .44 2.07 Jan 23.. 2.13 2.13 1.88 1.12 1 .208 1.22 1.99 Tan. 30. . 2.00 1.88 1.88 1.01 . 998 1.09 1.97 Feb. 6. . . 2.00 1.88 1 .83 .99 1.031 1.04 1.93 Feb. 13... 2.00 1.75 1 .63 .91 .893 .99 1.87 Feb. 20. .. 2.00 1.75 1.63 .98 1.024 1.03 1 .82 Feb. 27... 2.00 1.75 1.63 .98 . 986 .96 1.74 Mar. 6. . 2.00 1.68 1.63 1.03 1.059 1.09 1 .85 Mar. 13. . 2.00 1.63 1.63 1 .04 1.066 1.09 1.85 Mar. 20. . 2.00 1.58 1.55 1.02 1.056 1.01 1.77 Mar. 27. . 2.00 1.50 1.25 1.03 1.030 .94 1.74 Apr. 3. . 2.00 1.50 1.25 1.03 1.063 .92 1.75 Apr. 10.. 1.88 1.50 1.25 1.00 1.013 .99 1 .73 Apr. 17.. 1 .69 1.50 1.25 1.04 1.066 .94 1.74, Apr. 24. . 1.69 1.50 1.25 .99 1 .027 1.70 May 1 . . 1.69 1.50 1.25 .82 .886 .78 1 .66 May 1.64 1.40 1.25 .75 .773 .69 1.70 May 15.. 1 .56 1.38 1 .25 .80 .825 .74 1.77 May 22. . 1.56 1.38 1.25 .79 .813 .82 1.81 May 29. . 1.56 1.38 1.25 .71 .718 .79 1.86 June 5. . 1.56 1 .38 1.25 .69 .714 .81 1.86 June 1.2. . 1 .56 1.38 1.25 .61 .616 .78 1.81 June 19. . 1 .56 1 .28 1.25 .63 .633 .75 1 .78 June 26. . 1.56 1.25 1.25 .62 .635 .72 1.74 July 3.. 1.56 1 .25 1 .25 .65 . 646 .71 1.72 July 10.. 1 .56 1.25 1.25 .66 .671 .69 1.68 July 17. . 1.45 1 .25 1.25 .72 .701 .66 1 .67 July 24. . 1.38 1 .25 1 .25 .74 .731 .63 1.70 July 3\. . 1.38 1.25 1.25 .78 .800 .60 1.72 Aug. 7. . 1 .38 1.25 1 .25 .79 .797 .58 1.74 Aug. 14. . 1 .31 1 .25 1.25 .91 .892 .63 1 .76 Aug. 21.. 1.31 1.25 1 .25 .92 .898 .62 1.74 Aug. 28. . 1.31 1.25 1.25 .99 .983 .69 1.74 Sept. 4.. 1.31 1 .25 1.25 1.03 1.023 .80 1.75 Sept. 11.. 1 .31 1.25 1 .25 1 .02 1.016 .85 1.77 Sept. 18. . 1.31 1.25 1 .25 1.02 1.024 .89 1.79 Sept, 25.. 1.31 1.25 1 .25 .99 .986 .91 1.82 Oct. 2 . . . 1 .31 1.25 1.25 .99 .984 .97 1.84 Oct. 9. . . 1.31 1 .25 1.25 .94 . 966 .98 1 .83 Oct. 16... 1.31 1.25 1 .25 .98 .966 .99 i .82 Oct. 23. . . 1 .31 1 .25 1.25 1 .00 1.009 1.06 1.86 Oct. 30. .. 1.31 1.25 1.25 1 .00 1.007 1.08 1.90 Nov. 6. 1.31 1.25 1.25 1.00 1.023 1.06 .92 Nov. 13. 1.31 1.25 1.25 .90 . 940 .96 .92 Nov. 20. 1.31 1.25 1.25 .89 .931 .85 .89 Nov. 27. 1.31 1.25 1.25 .92 .897 .88 .87 Dec. 4... 1.31. 1.25 1 .25 1.02 1 .029 1 .01 .91 Dec. 11. .. 1.31 1.25 1 .25 1.09 1.087 1.04 .92 Dec. 18. .. 1.31 1.25 1 .25 1.25 1.247 1.13 .94 Dec. 25. .. 1 .31 1.25 1.25 1 .24 1 .333 1.16 1.96 Dec. 31. .. 1.31 1.25 1.25 1.08 1.175 1.13 1.97 *Data are averages of daily prevailing rates. 2Series includes certificates of indebtedness and selected note and bond issues. 3Series includes selected note and bond issues. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and earlier BULLETINS. FEBRUARY 1955 215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND AND STOCK YIELDS, 1954x [Per cent per annum] Bonds Industrial stocks Corporate (Moody's) 5 Earn- U. S.Govt. Munic- Dividends/ ings/ Month or week (long-term) (h ip ig a h l - By ratings By groups price ratio p ra ri t c io e grade) 4 se O ri l e d s2 s N er e ie w s3 Total Aaa Aa A Baa In t d ri u a s l - R ro a a i d l- U Pu ti b li l t i y c fe P rr r e e- d6 m Co o m n7 - m Co o m n8 - Number of issues. . . 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 January 2.68 2.90 2.50 3.34 2.06 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 Tune... . 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 ? 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 «3.92 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: Jan. 2 2.74 2.92 2.58 3.39 3.12 3.27 3.40 3.74 3.28 3.51 3.36 4.20 5.54 Jan. 9 2.74 2.93 2.56 3.37 3.09 3.26 3.38 3.74 3.27 3.50 3.34 4.19 5.49 Jan. 16 2.71 2.91 2.52 3.35 3.08 3.24 3.37 3.72 3.25 3.49 3.32 4.17 5.40 Jan. 23 2.66 2.88 2.47 3.33 3.06 3.21 3.34 3.70 3.22 3.46 3.30 4.13 5.32 Jan. 30 2.63 2.87 2.4.3 3.30 3.03 3.18 3.31 3.67 3.18 3.43 3.28 4.11 5.28 Feb. 6. . 2.62 2.87 2.42 3.27 2.99 3.16 3.29 3.65 3.16 3.40 3.27 4.08 5.24 Feb. 13 2.59 2.86 2.39 3.23 2.94 3.12 3.26 3.62 3.13 3.34 3.23 4.07 5.26 Feb. 20 2.60 2.86 2.39 3.22 2.93 3.11 3.24 3.60 3.11 3.34 3.22 4.08 5.34 Feb. 27 2.57 2.79 2.37 3.21 2.92 3.10 3.23 3.58 3.10 3.33 3.20 4.08 5.29 Mar. 6 2.53 2.72 2.36 3.18 2.89 3.07 3.20 3.56 3.07 3.31 3.17 4.06 5.21 Mar. 13 2 52 2 74 2 36 3 15 2 86 3 04 3 16 3 53 3 05 3 26 3 14 4 04 5 16 Mar. 20 . 2 49 2.73 2.36 3 13 2 85 3 02 3 15 3.50 3 04 3.23 3 13 4 05 5.13 Mar. 27 2.50 2.74 2.40 3.12 2.85 3.00 3.15 3.47 3.03 3.20 3.13 4.03 5.17 Apr. 3 2.50 2.73 2.44 3.12 2.85 3.00 3.15 3.47 3.04 3.19 3.13 4.03 5.03 Apr. 10 2 45 2.70 2 .46 3.12 2.85 3.00 3.15 3.47 3.04 3.19 3.12 4.02 4.97 Apr. 17. ... 2 48 2.72 2.47 3 11 2 85 2 99 3 15 3.46 3 04 3.18 3 12 4 02 4.92 Apr. 24 2.47 2.70 2.48 3.12 2.85 3.00 3.15 3.47 3.04 3.19 3.12 4.01 4.90 May 1 2.46 2.69 2.48 3.13 2.87 3.01 3.15 3.47 3.05 3.20 3.13 4.02 4.86 May 8 2 48 2 69 2 47 3 13 2 87 3 02 3 15 3 47 3 05 3 20 3 13 4 03 4 82 May 15 2.52 2.71 2.47 3.12 2.87 3.01 3.14 3.47 3.05 . 3.20 3.12 4.02 4.84 Mav 22 2 54 2.72 2.50 3 A3 2.87 3.03 3.15 3.47 3.05 3.21 3.13 4.04 4.82 May 29 2.56 2.74 2.53 3.14 2.89 3.04 3.16 3.48 3.08 3.21 3.14 4.03 4.81 June 5 2.58 2.74 2.51 3.16 2.91 3.07 3.17 3.49 3.10 3.23 3.15 4.03 4.83 rune 12 2 56 2 70 2 54 3 16 2 91 3 06 3 17 3 50 3 10 3 24 3 15 4 05 4 93 June 19 2.53 2.68 2.52 3.15 2.90 3.05 3.18 3.49 3.10 3.23 3.14 4.05 4.82 June 26 2.51 2.68 2.42 3.15 2.90 3.05 3.17 3.49 3.09 3.23 3.14 4.05 4.74 Juiv 3 2 51 2.67 2.38 3.16 2.90 3.05 3.18 3.49 3.10 3.23 3.14 4.07 4.67 July 10 2.49 2.64 2.35 3.16 2 .90 3.05 3.18 3 .50 3.10 3.23 3.14 4.06 4.64 Tulv 17. . . 2.46 2.62 2.35 3.16 2 .89 3.05 3.18 3.50 3.10 3.23 3.14 4.05 4.66 July 24 2.46 2.61 2 .29 3.15 2.88 3.04 3.18 3.50 3.09 3 .23 3.13 4.03 4.60 July 31 2 .45 2.60 2.26 3.15 2.88 3.04 3.17 3.50 3.09 3.22 3.13 4.02 4.54 Aug. 7 2 .44 2.59 2.24 3.14 2.87 3.03 3.16 3.50 3.08 3.22 3.12 4.02 4.53 Aug. 14 2.47 2.59 2.23 3.14 2.87 3.02 3/16 3.49 3.08 3.2.1 3.12 4.02 4.53 Aug. 21 2.48 2.60 2.23 3.13 2.86 3.02 3.14 3.49 3.06 3.21 3.11 4.00 4.43 Aug. 28 2.49 • 2.61 2.23 3.13 2.87 3.03 3.13 3.47 3.06 3.21 3.12 4.00 4.54 Sept. 4. 2 50 2 63 2 24 3 13 2 88 3 03 3 13 3 47 3 06 3 21 3 12 4 01 4 57 Sept, 11 2.51 2.64 2.26 3.13 2.89 3.04 3.13 3.47 3.06 3.21 3.12 4.02 4.49 Sept. 18 2.51 2.64 2.31. 3.13 2.89 3.04 3.13 3.47 3.07 3.21 3.13 3.98 4.40 Sept. 25 2.51 2 .65 2.33 3.14 2.89 3.05 3.14 3.48 3.07 3.22 3.13 3.96 4.31 Oct. 2 2.51 2.65 2.33 3.14 2.89 3.05 3.14 3.48 3.06 3.23 3.12 3.95 4.31 Oct. 9 2.51 2.63 2.34 3.14 2.88 3.05 3.14 3.48 3.06 3.23 3.12 3.95 4.28 Oct. 16 ? =>2 2 63 2 32 3 13 2 88 3 04 3 14 3 47 3 06 3 22 3 12 3 94 4 41 Oct. 23 2 53 2 65 2 30 3 13 2 87 3 04 3 14 3 46 3 05 3 22 3 11 3 93 4 35 Oct. 30 2.54 2.67 2.30 3.12 2.87 3.04 3.13 3.45 3.05 3.22 3.10 3.91 4.43 Nov. 6. . 2.54 2.68 2.30 3.13 2.88 3.04 3.14 3.46 3.06 3.22 3.11 3.91 4.43 Nov. 13 2.55 2.68 2.28 3.13 2.89 3.04 3.14 3.45 3.06 3.23 3.11 3.91 4.32 Nov. 20 2.55 2.68 2.28 3.13 2.89 3.04 3.13 3.45 3.05 3.22 3.11 3.92 4.40 Nov. 27 2.56 2.68 2.28 3.12 2.88 3.03 3.13 3.45 3.06 3.22 3.10 3.92 4.28 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 Dec. 31 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 cCorrected. 1 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 are as of the end of the period (quarterly in the case of earnings/price ratio). 2Fully taxable, marketable 2x/i per cent bonds first callable alter 12 years. Of these the 1967-72 bonds are the longest term issues. ;sThe 3]4 per cent bonds of 1978-83, issued May 1, 1953. 4Standard and Poor's Corporation. 5Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups. "Standard 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 earlier BULLETINS. 216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTIC PAGE 218-222 International capital transactions of the United States... 222 Gold production 223 Estimated foreign gold reserves and dollar holdings... 224 Reported gold reserves of central banks and governments... 225 Net gold purchases and gold stock of the United States. . 226 International Monetary Fund and Bank. . 226-230 Central banks . 231 Money rates in foreign countries. . . 232 Commercial banks . 233 Foreign exchange rates. . Price movements in principal countries: Wholesale prices . 234 Consumers' price indexes.. 235 Security prices . 235 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 arc 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. FEBRUARY 1955 217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a a i- - l Official U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica Asia ot A h i e l r tutions2 and Officials private is?3()—Dec. 31... 1,527.8 7,116.9 3,620.3 656.6 260 7 193.6 553 0 314.71,007.8 2,986.3 899.0 1,612.9 1,364.2254.5 \o*\—Dec, 31.. 1,641.1 7,661.1 3,547,6 642.6 289.4 14S.8 521.3 300.51,103.4 3,005.9 1,307.1 1,455.2 1,595.5297.4 IO?-I —r>ec. 31 1,584.9 8,961.2 4,654.2 817.9 342 6 203.1 641.8 308.91.441.3 3,755.5 1,420.7 1,612.9 1,836.5335.6 ! 053—Dec. 31. . 1,629.4 10,019.0 5,666,9 708.9 428.5 242.9 674.2 465./ 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 5,741.2 714.0 412.0 211.6 670.4 474.52,315.8 4,798.3 1,334.9 1,772.5 1,901.9319.3 Feb. 28.. 1,677.6 10,300.1 5,903.1 734.4 435.6 215.6 671.7 491.82,391.7 4,940.8 1,348.4 1,788.1 1,892.0330.8 Mar. 3H. 1,698.5 10,350.0 5,925.2 797.9 419.9 215.4 665.2 494.62,417.3 5,010.3 1,340.4 1,866.8 1,801.7330.9 Apr. 30 5. 1,678.0 10.460.6 6,062.9 899.5 285.9 226.9 664.8 519.22,501.4 5,097.7 1,282.3 1,998.6 1,762.1319.9 May 31 . 1,679.0 10,575.7 6,265.0 952.2 387.0 250.4 651.8 483.02,550.9 5,275.4 1,286.6 1,993.9 1,711.0308.7 fune 30.. 1,637.0 10,561.3 6,307.0 986.1 441.4 272.3 636.0 455.62,513.8 5,305.4 1,320.6 1,954.3 1,682.5298.5 July 31 .. 1,656.5 10,770.3 6,438.6 942.2 376.5 305.7 680.5 468.82,639.1 5,412.8 1,342.0 2,036.7 1,693.2 285.6 Aug. 31.. 1,751.0 M0,686.1 6,287.3 '851.9 418.9 252.9 680.8 510.72,648.9 r5,364.0 1 ,380.4 1,918.2 1,748.2275.2 Sept. 30. 1,801.9 10,730.1 6,319.2 837.9 474.2 247.6 668.5 528.42,673.4 5,430.0 1,384.1 1,889.0 1,764.1 262.9 Oct. 31 P. t,773.0 10,737.4 6,387.3 84 2.8 489.6 248.7 650.0 553.92,700.1 5,485.0 1,365.1 1,838.8 1,777.5271.1 Nov. 30P. 1,792.8 10,781.9 6,375.3 829.7 502.1 239.4 622.4 566.02,719.9 5,479.5 1,376.4 1,849.4 1,812.8263.8 Dec. 31 P. 1,769.9 11,158.5 6,783.1 639.5 711 .9 249.3 672.5 578.92,765.4 5,617.4 1,533.3 1,917.3 1,825.5265.1 Table la.—Other Europe Ger- Date E O u th ro e p r e A tr u i s a - g B iu el m - C o z s e lo ch - - m De a n rk - l F a i n n d - m F a e n d y . , Greece N w o a r y - l P an o- d tu P g o a r- l m R a u ni : aSpain S d w e e n - T k u ey r- U.S.S.R. Y sla u v go ia - ot A he ll r vakia Rep. of 1950—Dec. 31. . 1,007.8 41 9 128.2 5.6 45 5 18 3 221.6 32 3 43 6 4 ? 45.7 6 1 21 3 115.3 14.3 4.0 13.2?46 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 1052—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—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 i 6.1 410.4 Feb. 28.. 2,391.7 208.4 133.9 .6 97.0 42.5 971.7 110.8118 7 3.8 74.2 7.8 22 0 129.4 8.8 2 3 6.3 453.3 Mar. 31*. 2,417.3 217.4 142.1 .6 102.4 44.7 994.3 112.4 122 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 1,039.3 109.3 130 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 1120.4 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. 30. . 2,673.4 281.9 104.0 .7 76.4 37.7 1,247.6 94.3 132 3 1.8 83.5 7.9 58 3 180.5 6.4 2.1 6.9 351.0 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 1179.4 8.2 2.0 6.8 368.4 Nov. 30 P. 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 Dec. 31 P.2,765.4 273.2 99.8 .7 71.1 41.3 I,372.2 112.7 103 4 2.1 91.3 7.8 71 3 141.0 8.2 2.0 8.6 358.8 Table lb.—Latin America Neth- 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 m p i D R c u i a o e b n n - - - - G m u a a l t a e- M ic e o x- l W I a a n e n n d r e d - d i s e s t s a P p R m u a e b n a - - - , Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a t m c h t a i e e n r r lic Suri- lic of nam 1950—Dec. 31. 1,612.9 301.8 20.4226.0 79.5 53.4 259.1 42.7 25.4 207.1 30.2 59.2 60.2 16.1 75.1 85.2 71.3 1951—Dec. 31. 1,455.2 249.7 27.8 100.3 54.0 106.4 263.6 45.8 27.3 158.2 34.9 67.7 47.2 27.8 84.7 71.9 87.8 1052—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—Dec. 31. 1,768.4 130.0 19.1101.7 78.8 150.2 340.8 39.3 37.9 183.2 51.5 89.9 68.0 26.8 109.6 222.4 119.2 1954—Jan. 31. 1,772.5 139.2 18.8101.4 68.6 152.5 345.1 42.8 44.7 184.9 53.3 87.8 73.7 38.0 99.5 201.4 120.8 Feb. 28. 1,788.1 160.8 20.3 90.1 65.7 151.2 353.5 45.4 52.0 187.4 55.7 89.3 69.9 42.5 99.1 179.2 126.0 Mar. 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. 306 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 28.0 167.4 73.9 236.2 328.8 61.1 44.9 210.0 50.9 91.6 66.6 36.3 112.8 207.7 138.7 Aug. 31. 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. 30. 1,889.0 204.8 30.2 91.3 74.7 168.2 291.2 60.7 37.1 254.7 50.1 76.3 76.4 25.0 101.6 210.5 136.1 Oct. 31 P I,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. 30 P 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 Dec. 31 v ,917.3 159.2 29.2 127.3 69.6 222.2 242.3 59.1 34.5 328.9 48.7 73.0 83.4 30.4 90.3 193.6 125.5 ^Preliminary. rRevised. For footnotes see following page. 218 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table lc.—Asia and All Other j For- Ko- Egypt Date Asia C m M a h n o a i d s n in a a - H K o o n n g g India n I e n s d i o a - Iran IsraelJapan p r R u l e i e b a c - - , ip P p h i i n l e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra us li - a C g B o i e n a l n g - o A E t a n g i n a g y d n l p o - - A S U f o r o n u i f i c t o a h n Other land of e Sudan 1950—Dec. 31. 1,364.2 81.7 86.1 55.7 114.7 20.3 12.6458.5 19.5 374.4 48.2 92.4 254.5 19.1 58.1 75.6 44.0 57.7 1951-Dec. 31 1,595.5 87.4 62.4 62.1 140.6 25.5 26.6596.0 26.2 329.7 96.7 142.2 297.4 38.5 54.5 110.7 7.0 86.8 1952-Dec. 31 . ,836.5 76 4 70 9 64.6 61.0 19.2 18.8808 0 54 4 315,1 181.0 167.1 335.6 47 2 118.6 59.7 23 6 86.5 1953—Dec, 31 ,895.5 73.6 68.0 99 0 39.3 43.6 18.0827.9 91.5 295.5 167.9 171.2 326.1 59.2 89.6 43.3 38.2 95.7 1954—Jan. 31. 1,901.9 77.0 68.0 97.5 75.7 41.5 26.0 795.4 98.7 298.1 153.3 170.7 319.3 51.5 91 1 44.0 34.5 98.1 Feb. 28. 1,892.0 79.2 65.8 120.2 74.6 40.5 20.0 737.7 95.5 313.0 157.5 188.0 330.8 53.4 87 7 45.9 44.8 99.0 Mar. 31* 1,801.7 79.6 65.3 82.2 68.3 47.7 33.7675.8 102.8 309.9 155.1 181 .2 330.9 49.6 83.3 49.7 43.9 104.3 Apr. 305 1,762.1 79.0 66.3 85.1 65.2 45.4 31.0639.7 103.7 317.7 144.6 184.3 319.9 49.5 81.1 51.8 32.8 104.8 May 31. L,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. ,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 . ,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 37.9 102.8 Sept. 30. L,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 33.5 99.7 Oct. 3?P ,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 30 4 99 _ o Nov. 30v ,812.8 71.3 64.6 82.11100.6 28.2 26.0 712.6 88.7 276.8 124.2 237.6 263.8 36.3 44.4 47.6 38.1 97.4 Dec. 31 P ,825.5 70.0 60.8 86.9 100.3 31.4 41 .0724.9 95.6 257.4 123.1 234.1 265. .1; 4 7.7 43.6 4 7.1 32.7 94.0 Table Id.—Supplementary Areas and Countries 7 End of year End of year Area or country Area or country 1950 1951 1952 1953 1950 1951 1952 1953 Other Europe: Other Asia: Albania .6 ,1 .2 n.a. Afghanistan . . .. 8.3 10.6 4.0 n.a. Azores .1 .3 .3 n.a. British dependencies 23.7 21.0 25.5 19.8 British dependencies .5 .6 .4 .4 Burma .4 9.5 16.9 n.a .6 .6 .6 .6 3 4 19 2 13.9 n..a. Estonia 2 9 2 7 1 9 1 9 French India g 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 t.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 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 Cost a R ica 6.5 8.7 12.1 13.4 Ethiopia 3.3 6.9 3.0 ii,a. Feu a dor 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 l!l !.1 Guiana .2 .8 2.2 .6 Liberia 1 6 6 1 10 3 11 8 Haiti 7 7 10 3 11 6 9 3 Libva 3 5 2 3 n a Honduras 9 8 17 2 15 4 n.a. New Zealand 2 7 5 2 3 5 2 i 5 7 8 3 13.4 16.0 Portuguese dependencies 3.0 4.3 6.3 5.0 4 1 5.4 5.0 6.0 .2 .2 .2 .2 Tangier 16.9 21.5 26.7 36.1 PPreliminary n.a. Not available. l"Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in aot more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial paper and of liabilities payable, in foreign currencies are also included. 2Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes Bank for International Settlements, reported under "Other Europe." 3 Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 'Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 15.9 million dollars of such liabilities on that date. ^Beginning Apr. 30, 1954, includes liabilities Lo foreigners held by banks in the territories and possessions of the United States. These banks reported a total of 16 million dollars of such liabilities on that date. 6Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 'These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdowr of the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount in. the "other" categories. NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order, and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545. FEBRUARY 1955 219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T ur o o ta p l e C a a d n a - A L m i 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—Nov. 30 910.0 48.1 8.2 6.3 16.8 20.3 97.6 197.2 67.1 506.5 117.7 21.6 Dec. 31 904.5 70.5 10.6 8.6 17.9 18.8 109.5 235.9 56.4 472.7 114.8 24.9 1954—Jan. 31 923.8 66 9 7 4 6 2 18.1 16.7 132.3 247.6 51.7 473.3 125.5 25.7 Feb. 28 901.5 59 9 7.1 9 4 16.1 17.5 131.1 241.2 59.2 450.4 126.7 24.0 A M M p a a r r y . . 3 3 3 1 1 0 2 8 9 9 8 1 7 7 6 5 9 1 7 . . . . 4 9 1 1 8 5 7 7 7 9 7 9 . . . . 0 7 5 0 1 9 9 8 0 . . . . 2 6 9 2 1 1 7 8 1 3 . . . . 9 8 9 1 1 1 1 1 2 2 0 2 . . . 1 7 5 8 1 1 1 1 4 4 3 5 . . . . 4 4 7 3 1 1 1 1 3 3 3 4 8 4 1 9 . . . . 2 7 5 3 2 2 2 2 4 6 7 5 9 1 8 3 . . . . 2 7 0 5 4 6 5 6 7 5 2 0 . . . . 2 5 6 0 4 4 4 4 4 9 2 3 7 6 9 3 . . . . 9 4 3 3 1 1 1 1 0 1 1 1 1 4 1 3 . . . . 9 6 4 3 2 3 2 2 5 5 7 8 . . . . 8 9 3 6 O J S J A u u e c u l n p t y g . e t . . 3 3 3 3 3 1 1 0 ] 0 v '• 1 1 1 1 1 , , , , , 3 1 2 1 1 2 8 8 0 0 0 7 6 9 8 . . . . . 4 4 4 6 6 1 1 1 f- 8 2 3 2 9 5 8 0 4 4 . . . . . 1 7 7 8 4 1 1 9 7 7 0 4 . . . . . 5 1 5 3 1 1 1 1 9 9 1 0 4 . . . . . 3 4 2 9 6 1 1 1 1 1 2 4 7 6 6 . . . . . 6 6 4 1 4 1 1 1 1 1 9 6 2 5 3 . . . . . 3 7 9 4 8 1 1 1 1 1 4 5 2 2 2 2 5 8 5 9 . . . . . 2 4 8 9 4 '2 3 3 3 2 7 0 4 1 6 0 9 3 7 3 . . . . . 7 2 2 8 6 6 6 6 6 7 6 6 6 5 0 . . . . . 2 4 9 9 6 6 6 6 7 7 4 2 1 4 3 6 5 8 3 9 . . . . . 5 5 8 9 9 1 1 1 1 1 2 2 2 1 2 9 5 5 7 8 . . . . . 9 7 5 1 6 3 3 3 3 3 2 5 6 3 2 . . . . . 2 2 5 9 8 Nov. 30* Table 2a.—Other Europe Ger- Date E O u th ro e p r e A tr u i s a - g B iu el m - m D a en rk - l F a i n n d - m F a e n d y . , Greece N w o ay r- t P u o g r a - l Spain S d w e e n - T k u ey r- Y sl u av g i o a - o A th l e l r Rep. of 1950—Dec. 31.. 68 0 2 21.5 3 2 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—Nov. 30. . 97.6 .2 12.3 5.3 1.8 31.3 .7 .8 .6 22.8 2.4 7.7 4.3 7.5 Dec. 31.. 109.5 .8 13.0 6.2 1.9 30.5 1.3 1.0 .6 24.3 2.7 15.7 4.8 6.8 1954—Jan. 31.. 132.3 .2 13.4 6.0 L.5 40.1 1.4 1.2 .4 24.4 2.1 29.2 4.5 7.9 Feb. 28.. 131.1 .2 14.3 4.1 1.3 43.6 1.4 1.6 .5 19.8 1.7 31.0 5.4 6.2 Mar. 312. 134.7 .2 13.2 2.9 1.3 53.4 1.5 .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 L.6 57.0 1.9 1.3 .6 5.7 1.9 49.2 5.1 6.1 June 30.. 131.5 .2 14.8 4.1 L.9 53.7 1.8 1.3 .6 3.5 2.4 35.9 5.3 6.2 July 31.. 128.4 .1 15.3 4.2 L.8 52.5 2.6 1.5 .7 2.1 2.7 32.7 5.7 6.5 Aug. 3\.. 129.9 .2 14.7 3.5 1.4 51.9 2.6 1.4 .5 3.5 2.6 37.0 4.2 6.3 Sept. 30.. 125.2 .2 16.0 4.8 2.0 48.4 3.6 L.7 .5 4.0 2.4 33.3 3.0 5.3 Oct. 31 P. 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 Nov. 30". 155.8 .3 17.0 7.5 >.l 56.1 3.4 1.7 .6 5.5 3.0 52.4 1.0 5.3 Table 2b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e b c n n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e i r d d - e s i- s s t l a p P i R m c u a e b n a o - - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a m t c h t a i e e n r r nam 1950—Dec. 31. . 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 3.1 11.0 6.8 8.0 49.4 14.6 1951—Dec. 31. . 489.3 7.6 7.5 185.0 24.8 43.7 32.3 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—Nov. 30. . 506.5 6.7 9.7 186.5 7.1 52.0 49.4 1.7 4.7 90.1 1.6 7.4 18.5 7.9 4.4 40.3 18.6 Dec. 31. . 472.7 7.1 10.8 125.1 22.6 56.9 51.2 1.9 4.1 92.9 2.6 4.6 20.2 8.2 3.7 41.6 19.3 1954—Jan. 31.. 473.3 7.3 9.2 121 .9 20.9 53.1 60.0 2.0 3.4 98.1 2.6 5.7 18.8 8.9 2.8 40.8 17.8 Feb. 28. . 450.4 7.2 8.7 116.7 20.1 50.6 62.2 1.8 3.4 87.2 1.8 6.2 17.2 7.4 3.3 38.8 17.8 Mar. 312. 426.4 5.4 1.9 117.3 19.9 47.8 58.4 1.6 2.6 85.3 1.1 7.1 14.7 5.5 2.1 38.9 16.9 Apr. 30. . 433.3 6.2 1.7 117.4 19.6 54.4 55.2 2.2 3.2 77.3 1.5 7.4 16.4 5.0 2.7 45.7 17.3 May 31.. 447.9 5.6 2.3 129.1 18.5 59.1 55.9 2.4 3.0 76.6 1.8 6.2 15.2 4.1 3.2 47.7 17.1 June 30.. 499.3 5.7 2.0 167 A 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 Sept. 30. . 646.5 5.8 2.5 288.0 11.3 70.2 62.7 2.4 3.6 94.7 1.8 6.4 13.9 7.1 3.2 52.7 20.2 Oct. 31*. 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 Nov. 30^. 748.5 7.0 2.2 319.9 11.8 91.8 62.0 2.5 4.9 114.7 1.3 12.0 14.6 12.7 5.8 61.4 23.8 P Preliminary. 'Revised. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity of not more, than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their customers in the United States. The term ''foreigner" is used to designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 2 Beginning Mar. 31, 1954, banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 9.6 million dollars of such claims on that date. 3 Less than $50,000. 220 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2c—Asia and All Other For- Egypt mosa Korea, and Union Date Asia M C a h n a i d i n n a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan l p i R c u e b o - - f1 ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a C g o i n a g n o A E t n i g a g y n l p o - - A S f o r o u i f c t a h Other land Sudan 1950—Dec. 31.. 95.4 18.2 3.0 16.2 .2 6.6 18.9 12.1 4.9 1.5 13.9 60.0 40.8 4.4 .3 7.3 7.2 1951—Dec. 31. . 161.8 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—Dec. 31.. 89.8 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 24.6 22.4 10.1 6.0 .5 2.0 3.8 1953—Nov. 30. .117.7 8.5 4 3 4 1 6 13 3 23.4 26.6 5 2 6 8 24 9 21 6 5 7 5 8 4 2.3 7.4 Dec. 31. . 114.8 8.1 3.1 3.7 .8 13.8 22.9 25.6 5.8 6.1 24.7 24.9 8.0 6.3 .5 2.4 7.8 1954—Jan. 31.. 125.5 8.1 2.3 2.9 1.0 14.7 32.7 28.5 6.0 5.5 23.9 25.7 6.9 6.5 .7 4.7 6.8 Feb. 28. . 126.7 8.1 2.2 3.2 .9 14.7 27.6 31.7 8.0 5.2 25.0 24.0 7.2 6.5 .5 5.1 4.6 Mar. 312. 111.4 8.4 2.2 4.1 .7 14.3 22.1 32.8 A 4.9 4.3 17.5 25.8 7.6 6.7 1.3 4.5 5.7 Apr. 30.. 101.9 8.1 3.2 3.9 .5 15.1 16.2 30.6 (3) 6.4 4.9 13.0 27.9 8.7 6.4 .3 5.5 7.0 May 31 . 114 6 8 2 3 4 5 1 1 4 15.3 8.8 36.7 .1 10.5 5.7 19.5 28 6 7.7 7.1 .5 5.8 7 6 Tune 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. 30. .125.6 8.1 2.4 4.5 .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 Nov. 30P. 129.9 8.1 3.3 4.4 .8 16.7 9.4 33.9 .3 10.7 7.1 35.3 32.5 10.4 6.6 .4 5.8 9.4 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. Government bonds U. S. corporate Donds and notes and stocks Foreign bonds Foreign stocks Year or month Net Net Net Net pur- pur- pur- pur- Pur- Sales chases Pur- Sales chases Pur- Sales chases Pur- Sales chases chases or sales chases or sales chases or sales chases or sales 1950 1,236.4 294.3 942.1 774.7 772.3 2.4 589.2 710.2 -121.0 173.8 198.2 -24.4 1951 673 6 1,356 6 —683 0 859 8 761.0 98.7 500.4 801 0 —300 6 272 3 348.7 -76 4 1952 533.7 231 A 302.3 850.3 837.7 12.6 495.3 677.4 -182.1 293.9 329.6 -35.8 1953 646.0 728.0 -82.0 801.9 731.4 70.5 542.5 621.5 -79.0 310.1 303.4 6.8 1953—November 37.0 38.6 -1.6 57.5 60.4 -3.0 34.6 79.6 -45.0 25.6 25.6 December 191.1 192.6 — 1.5 75.4 " 64.1 11.3 39.5 64.0 -24.4 34.5 30.9 3.6 1954—Jaruary 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 '49.2 '27.7 '21.4 107.2 99.9 7.3 '57.8 48.9 '8.9 29.7 79.6 -49.9 Tulv .. . 33 4 24 3 9 1 133.2 100 5 32.7 '57.3 49.0 '8 3 34 8 39.6 —4 8 August 86.9 33.9 53.0 110.6 '108.5 '2.1 '70.7 '37.5 '33.2 '37.5 101.4 '-63.9 September 38 6 39 2 — 6 103 8 86 6 17.2 126.0 78 7 47 3 30 3 40.7 — 10 3 October P 48 0 25 9 22 1 117.2 111.4 5.7 100.0 51.6 48.4 36 4 49.1 -12.7 November? 118.5 99.3 169.1 133.4 35.7 43.0 46.3 -3.4 39.3 60.0 -20.7 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 na I i n n ti t s o e t n i r - - al fo c T o r o e u t i n a g - 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 r t o a p l e Canada A L m i a c t a e in r- Asia o A th l e l r tutions tries 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 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—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 30.1 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 '28.1 3.5 1.5 — 1.9 -.2 '.2 1.5 4.6 '-8.7 31.2 '.4 .7 July... -4.4 46.2 5.7 3.0 -1.5 24.8 .9 32.8 —3. r> 15.8 1.1 I Aug.... 41 .2 '13.8 6.5 .1 -2.9 .5 .6 .4 5.2 r 1 7 10.5 — .3 A Sept... . 2.0 14.6 .7 9 -3.4 1 .2 .1 8.6 7.3 —4 \ 5 11.2 .5 A Oct.P. . 25.6 2.2 5.9 .9 o 4.5 — 1.2 -.7 8.6 -5.2 .1 .1 -1.4 Nov. P.. -.6 55.5 10.5 1.0 —2.1 16.4 .3 -4.7 20.8 -2.3 36.3 .1 .6 p Prelim inary. 'Revised. iNot reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. •Less than $50,000. 4Includes transactions of international institutions. FEBRUARY 1955 221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN UNITED STATES, BY AREAS CORRESPONDENTS * [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - 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 tutions tries 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 1953—Dec. 31 423 2,586 106 1952 — 118 1 —99.8 19.9 — 141.0 25.3 — 10.0 6 0 1953 —61.2 — 11.0 96.3 -137.8 34.6 —29.9 25.8 1954—Jan. 31 440 2,632 99 Feb. 28 490 2,716 88 1953—Nov... .6 -45.5 4.8 -49.6 2.2 -3.5 .5 Mar. 31 494 2,784 92 Dec... -.5 -20.3 4.7 -23.3 1.6 -5.4 2.1 Apr. 30 471 2,840 96 May 31 527 2,969 93 1954—Jan.... -100.6 -74.0 8.9 -95.3 5.6 -2.6 9.4 June 30 545 2,900 87 Feb. .. 10.5 6.7 10.7 8.0 .1 -4.8 -7.4 July 31 533 3,033 85 Mar... .1 -44.8 8.3 -53.2 1.3 -2.2 1.0 Aug. 31 477 2,989 82 Apr.... .7 —41.6 -5.9 -35.9 1.7 —2.5 .9 Sept. 30 461 3,013 101 May. . -4.7 -18.8 -18.6 -.9 3.9 -3.6 .4 Ot 31 426 3,050 99 June. . — .7 r-40.3 -9.9 -29.3 2.4 r -3.9 .3 Nov. 30 397 3,002 104 July.. — 1.1 r4.7 .2 "•-2.3 1.4 -2.6 8.0 Dec. 31 490 2,908 105 Aug.. . -6.0 r-24-!7 — 7 r-28.2 1 .8 -1 .4 4.0 Sept.. . -54.6 9! . 6 25! 9 52.9 8.6 1.9 2.3 1955—Jan. 31. .. 441 3,000 117 Oct. P.. -2.9 38.5 -10.3 50.3 1.7 -2.8 -.2 Nov. P. -1.9 -22.2 -9.3 -4.6 -.3 —6.4 -1.6 1955—Tan. 5 564 2,89.1 107 Jan. 12 503 2,960 113 Jan. 19 475 2,976 115 ^Preliminary. rRevised. Jan. 26 434 3,024 113 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 225, 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. fin millions of dollars] Production reportedmonthly Estimated Y m e o a n r t o h r pr o o w u d t o u s r i c l d d t e ion re T p o o t r a te l d Africa North and SouthAmerica Other U.S.S.R.1 monthly A So fr u ic th a d R e h s o i - a A W fr e ic st a2 C B o el n g g ia o n 2 U St n a i t t e e s d 3 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 4 Au li s a tra- India2 $1 = 15 ftI grainsof gold »io fine: i.e., an ounee of fine gold = \535. 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—November 64 3 35.1 1.5 2.2 1.1 6.2 9 6 2.0 6 4 7 3 3 6 December 64.4 35.7 1.5 2.2 .9 6.1 9.6 2.1 1 .4 .7 3.7 .5 1954—January 63.4 35.7 1.5 2.1 1.5 5.1 10.3 1.0 4 .4 .7 2 9 6 February.. 61 .8 34.5 1.5 2.2 1 4.9 10.9 .9 .3 .7 3 0 .6 March.... 68.7 37.5 1.5 2.2 2 5.4 12.9 1.6 1 .4 ,7 3.5 .7 April 66.0 37.0 1.6 2.2 1 4.9 12.5 .8 9 .3 .7 3 2 7 68.9 38.3 1.6 2.3 0 5.0 13.4 1.3 0 .5 .7 3.3 .6 70.0 38.3 1.7 2.3 0 6.1 13.2 1 .2 .3 .7 3.3 .7 July 71.1 39.4 1.6 2.3 0 6.1 13.3 1 .0 0 4 8 3 4 7 August... 71.4 39.8 1.6 2.4 4 5.8 12.9 1 .4 .3 .7 3.2 .7 September 39.9 1.5 2.4 1 5.1 13.1 1 7 6 October 40.5 2.3 .9 5.6 13.3 1 6 6 November. 40.7 .9 5.6 13.5 .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. 4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948. p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. 222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [Amounts outstanding, in millions of dollars] 1950 1951 1952 1953 1954 Area and country Dec. 31 Dec. 31 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Continental Western Europe: Austria 92 20? 126 143 154 166 208 238 267 289 335 Belgium-Luxembourg (and Belgian Fra C n o c n e g o ( ) and dependencies)1 8 83 48 4 8 8 9 9 8 6 1 1 , v 0 0 2 3 1 6 1,0 9 3 6 5 7 1,0 8 5 8 2 3 1,0 9 4 2 4 6 1 t 0 0 0 8 3 1 1 1 0 0 9 4 8 9 1 1 , , 1 0 2 6 4 0 1 1 , ,0 0 9 5 2 5 1 1 ,1 0 2 2 4 4 Germany (Federal Republic of). . . 222 434 604 691 770 893 1,053 1 225 1,381 1,503 1,822 Italy 571 633 638 655 65! 660 714 812 841 802 874 Netherlands (and Netherlands West Indies and Surinam) 559 S24 733 815 905 953 i 022 1.055 1 064 1,125 1,118 Norway 94 150 154 160 171 164 169 171 169 178 177 Portugal (and defender*cies)..... 257 331 356 374 391 4J2 437 469 499 516 537 Spain (a*id 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 2,172 Turkey .. .. ... 164 165 155 151 153 152 157 157 153 151 150 Other2 828 651 942 919 980 1,032 1,091 1,183 1,292 1,318 1,201 Total 6,829 7,114 8,194 8,368 8,574 8,907 9,502 10,075 10,457 10,618 11,107 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 Africa 241 197 170 194 207 212 214 214 221 225 234 Other 232 326 353 347 356 369 354 373 371 373 366 Total 4,453 3,774 3,175 3,284 3,626 3,910 4,070 4,050 4,224 4,577 4,412 Canada . 1,988 2,157 2,437 2,492 2,435 2,238 2,292 2,417 2,487 2,463 2,543 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 530 575 601 515 527 579 587 531 548 532 477 Mexico . . . . .... 415 366 320 375 393 339 325 341 329 258 315 311 306 302 301 309 311 311 337 329 335 329 Venezuela 458 445 527 519 490 530 571 595 562 621 614 Other 560 634 683 721 812 S14 779 772 868 907 817 Total 3,455 3,360 3,337 3,369 3,537 3,672 3,708 3,623 3,712 3,723 3,660 Asia: Indonesia 324 421 367 296 275 246 198 184 166 140 168 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 Europe3 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 19,140 19,226 20,140 20,470 21,261 21,736 22,591 23,064 23,682 24,036 24,472 International1 3,090 3,171 3,265 3,287 3,249 3,272 3,212 3,331 3,401 3,364 3,536 22,230 22,397 23,405 23,757 24,510 25,008 25,803 26,395 27,083 27,400 28,008 1 Includes gold reserves of Bank of France and French dependencies only. 2Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. 3 Excludes gold reserves of the U. S. S R. 4 Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other ntern ational 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. 223 FEBRUARY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - 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 23 187 23 252 706 21 317 896 42 214 31 23 1953—Dec 36,710 22,030 22 091 776 21 321 996 42 86 186 31 23 1954—yan# mm 21,956 22,044 779 21 321 J .00.5 42 186 31 23 Feb 21 958 22 036 787 21 321 017 42 186 31 23 Mar 36,920 21 965 22 035 787 8 321 L ,022 42 186 31 23 Apr ... 21,969 22,083 788 8 321 1L.030 42 186 31 23 May 21 973 22 039 779 5 321 L,034 42 186 31 23 June 37,100 21,927 22,027 765 5 321 1,042 42 186 31 23 July 21,908 21,960 765 5 322 1,050 42 186 31 23 Aug 21 809 21 897 756 5 322 L,O52 42 186 31 23 Sept.... 37,200 21,810 21,863 760 322 1,059 42 186 31 23 Oct 21 759 21 827 760 322 I 065 42 186 31 23 Nov. 21,710 21 791 767 322 1,071 42 186 31 23 Dec.. . . P37.35O 21,713 21,793 778 322 1,080 186 31 23 Ger- E m n o d n t o h f Egypt France3 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - Pa ta k n is- Peru 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—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 J74 576 406 27 247 138 346 87 772 47 38 36 June 174 576 418 27 247 138 346 57 777 47 38 36 July 174 576 478 27 247 138 346 58 794 45 38 34 Aug 174 576 544 27 247 138 346 59 796 45 38 34 Sept 174 576 574 27 247 138 346 60 796 45 38 34 Oct 174 576 599 27 247 138 346 796 45 38 34 Nov. 174 576 612 27 247 138 796 45 38 34 Dec 576 626 138 796 38 35 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1949—Dec 178 17 128 85 70 1,504 118 154 41,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 43,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 42,335 221 373 ,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 41,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 42,518 227 373 1L.7O2 193 1954—Jan 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 ,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 ,734 193 Sept 416 29 195 56 219 1,503 113 144 42,901 227 403 ,734 195 Oct 422 29 199 56 224 1,513 144 42,936 227 403 ,734 193 Nov 4?7 29 194 56 246 1,513 144 42,925 403 .736 193 Dec 29 199 56 265 1,513 144 42,762 403 196 pPreliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 8Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 224 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 86!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._i59.9 3.4 -49.9 — 10 0 — 16 1 1950 --1,725.2 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 —20.0 -4.5 -34.9 -32.0 -15.0 -60.1 — 10 0 II49 9 —20 0 —60 2 1952 . 393.7 440.0 -3.8 '-10.0 -100.0 -5.0 22.5 ••-17.3 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 '-10.0 -100.0 -5.0 '-7.2 -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 -10.0 -15.0 —42.8 — 10.0 Oct.-Dec.. -130.3 -32.6 -50.0 -15.0 -5.0 -15.3 1954 —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 stock at Ear- Y qu e a a r r te o r r g U u r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r Period T e r n e d a s o - fp T er o i t o a d l1 I i n n s g c to o r t e o l c d a t k a s l e g p e o x o N ld p r e t o i t o m rt r -g m o c c o l r r a r d e e r : a a i k n s s e d e e - d e- p D ti r c o t o i m d o g n u o e c l s d - ury 1945 -37.9 —73.1 —27.83—188.3 3.7 1946 -4.9 —9.2 25.0 13.7 94.3 22.9 1943 21,938 21,981 —757.9 68.9 —803 .6 48.3 1947 25 1 -3 7 79.1 1.0 256.0 11.9 1944 20,619 20,631 —1,349.8 —845^4 —459'. 8 35^8 1948 10.7 -108.0 13.4 —4.1 498.6 6.9 1945 20,065 20,083 -547.8 —106.3 —356.7 32.0 1949 -14.4 —50.0 -7.5 —52.1 195.7 -1.6 1946 20,529 20,706 623.1 311.5 465.4 51.2 1950 -64.8 -17.2 -35.4 13.1 4-47.2 1947 22,754 22,868 22,162.1 1,866.3 75^8 1951 22.2 — .9 -17.2 5-50.1 52.1 4 -84.0 1948 24,244 24,399 1,530.4 1,680.4 —159!2 70.9 1952 14.9 —25.1 —7.0 11.5 -2 0 ] 949 24,427 24,563 164.6 686^5 —495'. 7 67.3 1953 -15.0 -3.8 -6.1 -9.9 1950 22,706 22,820 —1,743.3 —371.3-1,352 .4 80.1 1951 22,695 22,873 52.7 —549.0 617.6 66 3 1952 1952 23,187 23,252 379.8 684.3 —304.8 67.4 1953 22,030 22,091 — 1,161.9 2.2 -1,170.8 '69.0 Jan.-Mar 10.0 -17.6 -3.2 4.3 1954 21,713 21,793 —297.2 16.6 —325.2 65.4 A Tu p l r v - -S Ju eo n t e . . - — 7 2 .4 0 -2.4 4 7.2 — 1 1954—Jan... 21,956 22,044 -46.6 -5.5 -43.3 5.1 Oct.-Dec 4.8 2.0 -1.8 -1.9 Feb... 21,958 22,036 -7.7 1.6 -9.9 4.9 Mar.. 21,965 22,035 -1.5 '5.4 -2.0 5.4 1953 Apr... 21,969 22,083 47.9 2.4 37.5 4.9 May.. 21,973 22,039 —44.1 1.2 -48.4 5.0 Jan.-Mar -10.0 -3.6 — 1.1 June.. 21,927 22,027 -11.6 3.3 -16.9 6.1 Apr.-June —5.0 -1.2 July.. 21,908 21,960 -66.5 1.5 -72.7 6.1 O Ju c l t y - - S D e e p c t. — "l — — 2 1 . 4 4 -9.9 S A e u p g t . . . . . . 2 2 1 1 , , 8 8 0 1 9 0 2 2 1 1 , , 8 8 9 6 7 3 - - 6 3 3 3 . . 6 6 1 1 . . 7 1 — -6 3 5 4 . . 4 6 5 5 . . 8 1 Oct.... 21,759 21,827 -36.7 1.6 -34.6 5.6 1954 Nov.. . 21,710 21,791 -35.9 1.5 -36.7 5.6 Dec. 21,713 21,793 2.6 .7 1.8 5.8 Jan.-Mar -5.0 13.2 -8.9 J A u o ly r - - S T e u p n t e . ' 'J.30 6 2 0 -1.2 1955—Jan. .. P21.714 P21,786 P-7.5 <•> 4-9.7 w pPreliminary. 'Revised. 'Revised. !See footnote 2 on opposite page. 1 Includes Bank for International Settlements. 2Change includes transfer of 687.5 million dollars gold subscrip- 2Includes sale of 114.3 million dollars of gold to Italy. tion to International Monetary Fund. 3 Includes sales of 185.3 million dollars of gold to China. 3 Not yet available. 4Includes sales of gold to Egypt as follows: 1950, 44.8 million 4Gold held under earmark at the Federal Reserve Banks for foreign dollars; and 1951, 76.0 million. account, including gold held for the account of international institu- 5Includes sales of 45.0 million dollars of gold to Indonesia. tions, amounted to 6,818.6 million dollars on Jan. 31, 1955. 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. 225 FEBRUARY 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 1954 1953 International Bank Monetary Fund Dec. Sept. June Mar, Dec. Oct. JuJy Apr. Jan, Oct. Dollar deposits and U. S. securities 466 478 415 468 427 Gold 1,733 1,733 1,719 1,702 1,700 Other currencies and securities1. 1,010 1,049 1,034 990 1,011 Currencies:1 Effective loans2 1,738 1,620 1,663 1,562 1,535 United States 1,574 1,472 1 ,408 1,386 1,310 Other assets3 37 33 31 33 25 Other 4,739 4,746 4,824 4,847 4.920 IBRD bonds outstanding 849 850 777 742 653 Unpaid member subscriptions... 798 892 889 796 '799 Undisbursed loans 420 336 380 357 401 Member subscriptions 8,853 8,853 8,849 8,739 8,739 Other liabilities 11 9 10 7 7 Accumulated net income -9 —9 Reserves 165 154 146 137 129 Capital3 1,806 1,831 1,830 1,808 1,808 Cumulative net drawings Sub- on the Fund9 Loans as of December 31, 1954 scrip- Country8 Quota tion paid 1954 1953 Country4 Outstanding 111 gold Prin- Dis- Undis- Re- Nov. Oct. Sept, Nov. cipal bursed bursed paid Sold Total to others5 Australia 200 8.4 20.0 20.0 20.0 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 204.0 178.0 6.0 France 525 108.1 105.0 105.0 105.0 125.0 Belgium 106.0 84.5 18.4 Germany 330 33.0 -49.5 —46.1 -46.1 -4.4 Brazil 194.1 133.2 4.3 India 400 27.5 53.3 53.3 53.3 100.0 Chile 37.3 13.9 .6 Indonesia 110 15.5 15.0 15.0 15.0 Colombia 74.3 35.4 Japan 250 62.5 62.4 62.4 62.4 50.4 Denmark 40.0 38.8 Mexico 90 22.5 22.5 22.5 22.5 Finland 38.1 27.9 Turkey 43 10.8 27.0 27.0 27.0 30.0 France 257.5 243.7 United States 2,750 687.5 -445.8 -455.8 -455.8 -724.7 India 116.7 43.0 5.7 J M N a e e p t x a h i n e co rlands 2 1 4 2 4 0 1 1 . . . 2 5 3 1 6 1 4 4 0 1 . . . 7 2 8 1 6 2 0 . . . 1 6 4 2 1 R C e u p r r r e en se c n ie t s s i t n o c t l a u l d e p r d in e c m ip a a n l d o o f b l a i u ga th ti o o r n iz s e h d e l l d o a in n s l , i e l u e s o s f lo d a e n p s o s n it o s t . yet Norway 25.0 25.0 2.0 effective, repayments, the net amount outstanding on loans sold or Pakistan 44.5 23.1 2.3 agreed to be sold to others, and exchange adjustment. T T h u a rk il e a y nd 2 6 5 3 . . 4 4 2 2 2 7 . . 2 2 3 4 E L x o c a l n u s d e t s o u d n e c p al e l n e d d en p c o i r e t s io n o s f o m f c e a m p b it e a r l c su o b u s n c tr r i i e p s t io a n r s e . included with Union of S. Africa 110.0 101.1 5.5 member. U U r n u it g e u d a y Kingdom.. 4 3 2 3 . . 0 0 3 3 8 0 . . 1 8 6. . 0 5 6 i n In c c l l u u d d e e s s a 6 l 9 so m e i f l f l e io ct n iv d e o l l o la a r n s s i a n g l r o e a e n d s to n o b t e y s e o t l d e b ff u e t c t n iv o e t . yet disbursed. Yugoslavia 60.7 49.1 *Of this amount, 21 million dollars is guaranteed and 60 million is Other 148.4 73.3 '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. 62,023.3 1,534.5 488.9 129.6 1,404.9 781.4 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 tr d y a te p . urchases of other currencies from Fund less purchases of own currency by it or other countries. CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities ofbanking department Bank of England Note (Fig p u o r u e n s d s in s m te i r l l l i i n o g n ) s of Goldi a O ss th et e s r 2 N c a o o n t i d e n s a c n o D d u i s n - a t d s - Se t c ie u s ri- ci t r i c o u n l 8 a- Deposits t l i O i e a s t b h i a e l n i r - d vances Bankers' Public ECA Other capital I945—Dec. 26 .2 1.400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1945—Dec 25 .2 L,450 0 23.4 13.6 327 6 1,428.2 278.9 10.3 57 3 18.1 I947—Dec 31 .2 L,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18. 194g—Dec 29 .2 L,325.0 36.1 16.7 401.1 1.293.1 314.5 11.7 17.4 92 1 18. I949—Dec 28 .4 L,350.0 33.7 14.8 489.6 ,321.9 299.2 11.6 97.9 111.2 18. 1950—Dec 27 .4 L,375.0 19.2 29.2 384.0 L,357.7 313.5 15.4 .4 85 0 18. 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18. 1952—Dec. 31 .4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18. 1953—Dec 30 .4 L,675.0 57.8 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—Tan 27 .4 41,575.0 42.6 15.4 330.2 1,535.2 278.6 10.7 12.5 68.1 18.3 Feb. 24 .4 L,575.0 29.9 14.0 340.1 1,547.9 284.0 10.9 4.7 65.9 18.4 Mar 31 .4 41,625.0 51.3 15.2 319.3 1,576.9 262.7 30.6 1.0 72.9 18.6 Apr 28 . .4 1,625.0 15.5 7.5 369.5 1,612.6 289.3 11.7 6.6 67.1 17.8 May 26 .4 1,625.0 14.7 7.0 352.5 1,613.4 267.8 14.0 4.6 69.8 18.0 June 30 .4 41.675.0 30.2 11.7 374.6 1,647.4 307.7 10.6 8.7 71.3 18.2 July 28 .4 41,750.0 36.8 8.2 338.7 1,715.8 269.1 14.8 10.2 71.3 18.3 Aug 25 .4 4l,700 0 48.7 7 0 310 1 1,654 0 267.2 14 6 1.7 63 8 18 4 Sept. 29 .4 41,675.0 42.3 6.5 337.6 1,635.4 276.1 16.4 6.3 69.0 18 5 Oct 27 .4 1,675.0 41.7 2.1 351.1 L,635.9 295.6 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 Dec. 29 . .4 41,775.0 26.0 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 2On 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; and increased by 50 million on Dec. 2 and Dec. 15. 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. 226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—CoiffffffieJ Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a e d s i i ;i n n m cl i o ll l i l o a n rs s ) of Gold1 an S d d S t o e ta l r U l l t a i n e n r s i s g ted S te h r o m r s t - - ecuritie O s ther a O s t s h e e ts r circ N ul o a t t e i on3; i Chartered D g o o m ve in rn io - n Other li c a O a b a p t i n h i l d t i e t a i r l e 1 s banks ment -Dec. 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 -Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 -Dec. 30 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209. .1 -Dec. 31 156.8 ,157.3 688.3 29.5 1,129.1 521 .2 153.3 29.8 198.5 -Dec. 31 1.0 ,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 -Dec. 31 2.0 ,022.0 858.5 43.7 1,211.4 536.2 68. 67.5 42.4 -Dec. 31 .4 ,233.7 779.1 45.4 1,289.1 547.3 98. 81.0 43.1 -Dec. 31 74.1 ,781 .4 227.8 42.5 1,307.4 541.7 30. 126.9 119.2 -Dec. 30 111.4 ,229.3 712.5 297.1 1,367.4 578.6 24. 207.1 1.72.6 -Dec. 3\ 117.8 ,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 -Dec. 31 77.1 , 459.8 767.2 77.3 1,561.2 626.6 16.2 44.5 132.9 -Dec. 31 54.9 ,376.6 893. 7 112.0 1,599.1 623.9 51.5 29.5 133.1 1954— Tan. 30 61.6 ,328.3 880.6 103.1 1. ,51.9.2 634.4 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 81.8 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 61.5 ,740.4 520.5 103.2 1,546.6 589.3 143.8 30.3 115.7 Tune 30 54.2 ,568.5 702.0 112.9 1,553.5 624.4 99.0 41 .4 119.2 July 31 53.6 ,651.2 502.3 109.9 1,572.1 543.9 50.5 30.9 119.5 Aug. 31 56.9 ,669.9 502.4 77.2 1,573.0 531 .0 49.6 31.5 121.3 Sept. 30 57.9 ,660.8 545.6 73.3 1,585.3 521.4 8.1.8 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 Dec. 31 54.2 ,361.5 871.1 114.1 1,623.5 529.6 56.3 30.5 161 .0 Assets Liabilities Ban ( k F i o gu f re F s r i a n nce Foreign I Domestic bills G A o d v v e a r n n c m es e t n o t0 Note Deposits7 O lia t b h i e l r m illions of francs) j Gold 5 ex- I Other circula- ities assets0 tion Govern- and Other Current Other ment ECA Other capital 1942—Dec. 31..j 84,598 37 8.420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821 ,318 1943--Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 *15,596 1 19 9 4 4 5 4 — — D o e oc c . . 7 2 8. 7 . .. 11 7 2 5 9 , , 1 8 5 1 1 7 4 6 2 8 1 1 7 2 , . 9 1 8 7 0 0 30 4 3 8 2 1 5 8 , , 5 5 - 9 1 2 8 15,850 4 -1 7 . 5 4 , 5, 4 4 4 4 7 7 2 2 4 0 , ,8 7 9 3 2 4 5 5 7 7 0 2 , , 0 5 0 1 6 0 12,0 7 4 4 8 8 3 5 7 7 , , 8 7 5 5 5 5 4 7 , , 0 0 8 7 7 8 1946--De:. 26. 94,81.7 7 37,618 3,135 76,254 67|900 480,447 33,133 721,865 765 63,468 7,213 1947--Dec. 31 ..i 65,225 12 67,395 64 117,826147,400 558,039 59.024 920,831 733 82,479 10,942 1948--Dec. 30.. 65,225 30 97,447 8,577 238,576150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Doc. 29.. 62,274 61,943 137,689 28,548 335,72 157,900 560,990 112,658 ,278,211 1,168 158,973 1.9,377 1950--De.-. 28. . 182,785 162,017 136,947 34,081 393,054158,900 181,039 212,82211,560,561 70 15.058 16.1 ,720 24,234 1951—Dec. 27.. 191,447 28,320 234,923 31,956 741,267160,000 481,039 190,830 1,841. ,608 29 10,587 166,226 41,332 1952 -Dec. 31.. 200,187 31,068 2 74,003 57,042 937,459172,000 479,982 159.727 2.123,514 27 897 137,727 49,305 1953 -Dec. 31 .. 201,282 15,421 292,465 61,108 891,560200,000 679,849 169,964 2,310,452 21 2,061 142,823 56,292 1954- -Tan. 28... ,282 18,596 262,211. 56,988 895,508195,000 657,549 162, ,253,485 72 628 133,398 62,323 Feb. 25... ,282 20,807 272,186 51 ,577 870,066195,000 667,549 159, ,257,405 42 62 7 131,996 47,425 Mar. 25... ,282 23,646 227,003 40,319 905,854195,000 672,949 146, ,235,417 70 79 617 62.064 A or. 29... ,282 27,862 218,436 33,162 982,829195,000 663,349 192. ,322,140 15 98 387 59,704 May 26... ,282 3i ,344- 208,288 26,612 934,538195,000 651,849 210, ,272,409 17 134 816 57,869 June 24... ,282 34,133 217,399 18,317 946,002195,000 656,749 185. ,270,081 84 202 155 65,043 July 29... ,282 3 7,884 264,197 12,206 1,018.7261.95,000 652,449 196, 282 ,386,357 70 348 132203 59,047 Aug. 26... ,282 41,059 265,330 5,129 980,1461.95,000 648,049 191 874 ,333.133 100 83 178 66,377 Sent. 30... ,282 45 ,117 262,922 15,058 1,030,309195,000 634,749 224, 089 ,443;797 6 90 192 59,441 Oct. 28... , 282 48,971 264,861 32,697 1,027,934195,000 626,249 218, 288 ,428,122 93 98 406 67,563 D N e o c v . . 2 3 5 0 . . . . . . , , 2 2 8 8 2 2 5 57 1 , , 2 9 9 3 1 9 2 2 3 2 6 4 , , 7 4 6 8 5 7 4 4 4 8 , , 5 9 9 2 3 5 1 1 , ,0 1 1 3 3 0 , , 1 1 2 8 1 31 1 9 9 5 5 , , 0 0 0 0 0 0 6 6 1 1 7 9 , , 6 5 4 4 9 9 f) 2 2 1 7 8 7 . , 5 21 8 5 4 J2 , , 3 5 8 3 6 8 , , 1 4 0 5 3 5 . 7 <• c 6 : 3 3 . , 3 7 0 4 4 4 154 9 1 2 0 0 0 I '6 7 7 2 , , 9 1 3 6 5 2 ^n May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (nee BI;LLI:TIN: for July 1940, pp. 677-678). ^Securities maturing in two years or less. 3Includes notes held by the chartered banks, which constitute an important part of their reserves. 4Beginning November 191-1, 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. 121 1; September 1950, pp. 1132 and 1261; fune 194'.), p. 747; May 1948, p. 601; May 1940, pp. 405-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. "For explanation of these items, sec BULLETIN for January 1950, p. 11 7, footnote 6. "Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not .strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1942, 16,857; 1943, 10,721. 0Includes advance to Stabilization Fund, amounting to 136.8 billion francs on Dec. 30. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. FEBRUARY 1955 227 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) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia— Cont. Gold reported separately 623 1,623 1,623 Loans and discounts 465,468408,018459,965 331,972 Other gold and foreign exchange. 552 1,653 1,461 Government loans and securities.328,965332,147 325,604 251,602 Government securities 727 3,710 3,907 Other assets 104,648 98,249 105,982 92,923 Rediscounts and loans to banks.. 690 65,594 57,845 Note circulation 780,107657,451641,822 688,088 Other assets 257 278 199 Deposits 472,133468,423 511, 703 294,428 Currency circulation 641 27,773 26,496 Other liabilities and capital 123,824130,032123,954 89,022 Deposits—Nationajized 820 39,666 34,304Central Bank of Costa Rica Other sight obligations 467 603 456 (thousands of colones): Other liabilities and capital 920 4,816 3,780 Gold 11,503 11,503 11,503 11,503 Commonwealth Bank of Aus- Foreign exchange 76,267 55,430 48,502 87,377 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,032 7,032 7,032 7,032 Gold and foreign exchange 418,669 422,712 425,542 520,530 Loans and discounts 122,264130,341 121,244 109,469 Checks and bills of other banks.. 6,780 6,751 5,863 5,732 Securities 2,828 2,828 3,828 Securities (incl. Government and Other assets 23,523 26,726 26,581 22,337 Treasury bills) 484,756459,693 467,859 445,329 Note circulation 166,631 147,718140,041 150,602 Other assets 58,308 55, 60,551 21,187 Demand deposits 46,062 54,061 47,368 58,839 Note circulation 391,577353, 352,327 363,613 Other liabilities and capital 30,724 32,080 31,281 28,277 Deposits of Trading Banks: National Bank of Cuba Special 295,6670 295,670 310,670 283,765 (thousands of pesos): Other 35,004 37 36,677 59,855 Gold 185,875185,875185,875 185,748 Other liabilities and capital 246,263257 444 260,142 285,545 Foreign exchange (net) 57,960 57,719 33,202 29,516 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 201,041226,351246,740 251,432 Gold 556 556 498 101 Silver 7,883 Foreign exchange (net) 8,704 079 9,674 6,956 Net claim on Int'l. Fund2 12,512 12, 12,512 12,512 Loans and discounts 5,272 176 5,158 5,847 Loans and discounts 47,032 48, 42,663 28,431 Claim against Government 1,848 776 1,776 1,858 Credits to Government 77,006 61, 58,379 28,295 Other assets. 367 372 22 29 Other assets 76,259 77, 77,764 70,423 Note circulation 12,252 656 11,575 10,474 Note circulation 423,822413,155 418,322 416,448 Deposits—Banks 2,213 638 2,890 1,496 Deposits 215,704 237,924 219,857 182,878 Other 566 819 812 816 Other liabilities and capital 18,158 19,531 18,958 14,912 Blocked 1,716 846 1,850 2,004National Bank of Czechoslovakia3 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold 38,911 ,345 37,976 38,787 Gold 68 68 69 69 Foreign claims and balances (net). 12,005 ,234 12,205 13,986 Foreign exchange 776 715 730 937 Loans and discounts 6,956 ,465 6,180 6,147 Loans and discounts 397 254 322 199 Consolidated Government debt. . 34,660 ,660 34.660 34,660 Securities 492 505 510 482 Government securities 8,812 ,163 9,882 8,873 Govt. compensation account.... 3,161 3,214 3,215 3,245 Other assets 4,918 ,809 4,667 4,499 Other assets 445 418 383 189 Note circulation 100,826 ,857 100,371 100,976 Note circulation 2,145 1,991 1,964 2,118 Deposits—Demand 1,916 ,271 1,820 1,688 Deposits—Government 1,273 1,285 1,279 1,317 EGA 88 87 89 193 Other 1,667 1,652 1,739 1,474 Other liabilities and capital 3,432 ,460 3,291 4,095 Other liabilities and capital . 256 247 246 212 Central Bank of Bolivia—Mone- Central Bank of the Dominican tary dept. (millions of bolivianos): (Aug.)* Republic (thousands of pesos): Gold at home and abroad 1,515 4,4.18 Gold 12,076 12,076 12,076 12,076 Foreign exchange (net)1 13,338 8,636 Foreign exchange (net) 23,771 23,979 24,521 16,162 Loans and discounts 10,932 5,945 Net claim on Int'l. Fund2 1,250 1,250 1,250 1,250 Government securities 2,505 2,505 Loans and discounts 3,083 3,339 3,165 1,647 Other assets 1,047 186 Government securities 9,420 9,420 9,420 9,750 Note circulation 17,198 12,389 Other assets 7,544 7,424 7,456 3,841 Deposits 5,590 2,983 Note circulation 42,076 40,647 38,359 37,G6O Other liabilities and capital 6,548 6,318 Demand deposits 12,701 14,511 17,243 5,562 Central Bank of Ceylon (thousands Other liabilities and capital 2,367 2,330 2,286 2,104 of rupees): Central Bank of Ecuador Foreign exchange 524,494501 436 484,519 245,074 (thousands of sucres): Advances to Government 23,300 72,100 Gold 342, S ,861 342,752 341,925 Government securities 26.960 012 19,014 151,349 Foreign exchange (net) 150,043 ,988 165,719 125,019 Other assets 4,448 687 5,254 7,797 Net claim on Int'l. Fund2 18,757 ,757 18,757 18,757 Currency in circulation 376,240 373 292 380,973 367,091 Credits—Government 339,478 364 375,652 290,989 Deposits—Government 23,005 668 7,279 771 Other 215,753 830 240,427 230,906 Banks 105,423 320 92,532 65,759 Other assets. 77,922 762 210,877 170,609 Other liabilities and capital 51,234 856 51,302 42,699 Note circulation 698,846 602 726,945 601,041 Central Bank of Chile (millions Demand deposits—Private banks.214,808 051 230,678 209,138 of pesos): Other 142,291 077 160,259 155,561 Gold ,737 5,7.12 5,647 Other liabilities and capital 188,913 832 236,302 212,463 Foreign exchange (net) 865 979 557 National Bank of Egypt (thou- Discounts for member banks. . .. , 569 3,139 2,361 sands of pounds): Loans to Government ,468 11,468 7,995 Gold 60,553 60,553 60,553 60,553 Other loans and discounts ,442 9.134 8,091 Foreign assets4 81,979 19,523 18,628 18.283 Other assets 519 3.421 2,559 Egyptian Govt. securities 11,417271,843271,676 272,440 Note circulation ,953 22,132 18,879 Clearing and other accounts (net) -12,823 Deposits—Bank .849 3,510 3,461 Loans and discounts 18,801 22,346 26,799 16,408 Other . 066 610 1,182 Advances to Government Other liabilities and capital ,732 7,601 3,689 Other assets 3,652 2,940 2,845 3,159 Bank of the Republic of Colombia Note circulation 82,218181,093185,367 184,382 (thousands of pesos): Deposits—Government 83,443 78,201 76,966 67,875 Gold and foreign exchange 501,354393,112361,549 370,666 Other 79,070106,596107,378 105,645 Net claim on Int'l. Fund2 -24,370 24,380 24,379 24,376 Other liabilities and capital 18,847 11,314 10,791 12,941 •Latest month available. 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. 4 Beginning December 1954, includes foreign Government securities formerly shown with Egyptian Government securities. 228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1954 1953 1954 1953 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Note circulation 7,054 6,789 6,525 4,920 Gold 71,811 71,891 71,966 72.673 Deposits—EC A 495 495 495 495 Foreign exchange (net) 34,745 14 835 20 658 28 672 Other 2,108 2,160 2,220 1,383 Net claim on Int'l. Fund1 1 ,568 1,568 1,568 1,567 Other liabilities and capital 649 621 524 509 Loans and discounts 49,319 50,803 45,138 29.026 Central Bank of Ireland (thousands Government debt and securities.. 11,477 6,578 5,723 13,221 of pounds): Other assets 6,490 7,138 7,338 2 462 Gold 2,646 2,646 2.646 2,646 Note circulation 104,579 92,441 87,525 95,490 Sterling funds 73,350 68,087 67,331 68.181 Deposits 61,949 50,899 53,186 43 645 Note circulation 75,996 70,733 69 977 70,827 Other liabilities and capital 8,884 9,473 11,680 8,485 Bank of Italy (billions of lire): Bank of Finland (millions of rnark- Gold 4 4 4 4 kaa): Foreign exchange 72 80 82 63 Gold 6,934 6 940 6,946 5 862 Advances to Treasury 567 567 567 567 Foreign assets (net) 25,658 24,374 21,686 11,536 Loans and discounts 4i9 370 379 376 Clearings (net) 3,946 5,392 6,575 9,597 Government securities 345 329 322 283 Loans and discounts .... 40,438 35,880 35,300 43,180 Other assets 848 831 810 '767 Securities 2,250 2,174 2,179 2,241 Note circulation 1,538 1,403 1,403 1,449 Other assets 1,905 1,943 1,976 1,903 Deposits—Government 37 42 39 7 Note circulation 47,902 48,711 46,498 45.019 Demand 79 57 56 72 Deposits 19,209 12 189 12 749 11 729 Other 448 537 532 390 Other liabilities and capital . . . 14,020 15,802 15,416 17,569 Other liabilities and capital.... 151 142 133 141 Bank of German States2 Bank of Japan (millions of yen): (millions of German marks): Bullion. . . . 448 448 448 448 Gold 2,568 2,514 1 .368 Advances to Government 1,283 1,377 1,377 11,513 Foreign exchange 8,288 8,259 6,964 Loans and discounts 265,249321,621380,952 391,107 Loans and discounts 1,703 1,632 3,226 Government securities 483,573378,177288,562 314,380 Loans to Government 4,190 4 401 5 887 Other assets 110 493 91,272 85,440 114,392 Other assets 1,225 1,121 825 Note circulation 622,061 542,138529,814 629,892 Note circulation 12,164 12,127 11,547 Deposits—Government 55,804 53,742 42,785 59,869 Deposits—Government 1,109 1 ,103 1,290 Other 84.430 86,022 85,000 88,168 Banks 2,643 2,616 3,311 Other liabilities 98,751 110,993 "99,179 53,911 Other 224 220 241 Bank of Mexico (millions of pesos): Other liabilities and capital 1,835 1,861 1,881 Monetarv reserve^ . . . 1,338 1,321 1,290 Bank of Greece3 (millions of drach- "Authorized" holdings of secumae) * rities, etc 3,402 3,451 3,163 Gold and foreign exchange (net). 4,965 4,679 45.044 Bills and discounts 507 507 704 Loans and discounts 157 205 4193 Other assets 857 772 534 Advances—Government 8,739 8,609 48,389 Note circulation 4,001 3,871 3,603 Other 4,423 4,538 43,603 Demand liabilities 1,353 1,412 1,557 Other assets 1 ,989 1,985 41,953 Other liabilities and capital 751 770 531 Note circulation 3.449 3,582 43,503 Netherlands Bank (millions of Deposits—Government . . . 1,508 1,441 41,059 guilders): Reconstruction and Gold . . 3,015 3,015 3,015 2,792 relief accts . . . 7,101 7,006 47,110 Silver (including subsidiary coin). 18 21 19 16 Other 3,433 3,359 42,605 Foreign assets (net) 1,451 1,369 1,295 1,509 Other liabilities and capital 4,783 4,630 44,906 Loans and discounts 57 35 30 35 Bank of Guatemala (thousands of Govt. debt and securities 728 735 735 1,217 quetzales): Other assets 473 474 478 428 Gold 27,227 27,228 27,228 Note circulation—Old 28 28 29 31 Foreign exchange (net) 4,099 3,884 12,633 New 3,579 3,516 3,367 3,330 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Deposits—Government 626 455 305 736 Rediscounts and advances .... 12,538 11,390 19,125 ECA 650 704 803 1,002 Other assets 46 808 46,564 28,508 Other 620 710 833 679 Circulation—Notes 51 ,257 50,720 51,826 Other liabilities and capital 238 237 235 220 Coin 3,701 3,701 3,630 Reserve Bank of New Zealand Deposits—Government . ... 5,100 6,309 2,411 (thousands of pounds): Banks 11,273 9,919 13 371 Gold . . 6,175 6,1 74 6,052 Other liabilities ?nd capital 20,591 19,667 17,506 Foreign exchange reserve . . 52,548 62,661 60,826 National Bank of Hungary5 Loans and discounts 20,808 1.3,464 6,019 Reserve Bank of India "(millions of Advances to State or State unrupees): dertakings 38,503 34.365 54,071 Issue department1 Investments 33,430 33,421 57,081 Gold at home and abroad 400 400 400 Other assets ... 1 ,749 1,301 1,700 Foreign securities 6 232 6 232 5 782 Note circulation 70,065 69,169 76,612 Indian Govt. securities 4,177 4,177 4,214 Demand deposits 73 937 73,780 100,462 Rupee coin 1 ,070 1 ,064 963 Other liabilities and capital 9,211 8,436 8,675 Note circulation 11,619 11,619 11,255 Bank of Norway (millions of kroner): Sanking department" Gold 203 203 255 Notes of issue department 260 253 104 Foreign assets (net) -63 67 — 10 Balances abroad 979 1,022 1,445 Clearing accounts (net) -97 -84 -43 Bills discounted 45 35 114 Loans and discounts 48 50 74 Loans to Government 9 7 18 Securities 25 25 127 Other assets . . 1 ,098 1,221 944 Occupation account (net) . 5,546 5,546 5,546 Deposit*' 2 098 2,266 2,320 Other assets 59 72 48 Other liabilities and capital 294 273 305 Note circulation 3,134 3,124 3,128 Bank Indonesia (millions of rupiah): Deposits—Government 1,237 1 ,248 1.539 Gold and foreign exchange (net)6. 1,119 994 917 1,315 Banks 527 684 721 Loans and discounts . . 500 484 503 433 FOA—MSA 161 214 182 Advances to Government 8.315 8,249 7,990 5,272 Other liabilities and capital. . .. 664 608 428 Other assets 371 339 354 287 '•Revised. "Corrected. iThis 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. 8Gold not reported separately beginning January 1954. ^Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 229 FEBRUARY 1955 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) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets.. 37,742 37,814 37.636 34,926 Issue department: Note circulation 42,954 40,622 41,083 38,758 Gold at home and abroad.., 81 81 81 81 Deposits—Government 3,636 7,620 5,900 2.808 Sterling securities 433 383 382 425 Other 3,549 3,068 3,074 4,113 Pakistan Goyt. securities. . . 1,404 1,357 1,339 ,247 Other liabilities and capital 32,931 32,636 31,375 31,462 Govt. of India securities. . . . 221 178 147 126 Bank of Sweden (millions of kroner): India currency 300 300 300 300 Gold 584 543 494 482 Rupee coin 49 52 62 Foreign assets (net) 1,105 1,274 1,416 1,492 Notes in circulation 2,399 2,286 2,209 ,198 Net claim on Int'l. Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 89 64 94 42 vances to National Debt Office3 3,267 2,699 2,642 2,786 Bills discounted 12 13 Other domestic bills and advances 99 72 44 357 Loans to Government 53 .10! 99 Other assets 1,032 950 883 906 Other assets 378 397 384 422 Note circulation 5,087 4,739 4,730 4,835 Deposits 406 460 460 371 Demand deposits—Government. 289 213 105 363 Other liabilities and capital. 111 113 131 102 Other 152 29 85 182 Central Bank of Paraguay Other liabilities and capital... 688 684 688 771 (thousands of guaranies): (Sept.)* Swiss National Bank (millions of Gold' 3.981 1 ,138 francs): Foreign, exchange (net) 58.730 44,331 Gold 6,323 6,321 6,321 6,086 Net claim on Int'l. Fund2 40 11 Foreign exchange 650 488 508 522 Loans and discounts 469.142 345.185 Loans and discounts 220 116 107 272 Government loans and securities 489.182 567,810 Other assets 117 96 94 99 Other assets 368.608 115,514 Note circulation 5,41.2 5,115 5,066 5,228 Note and coin issue 604,602 496,234 Other sight liabilities 1,692 1,700 1,758 1,54.1. Deposits—Government 152.644 123,267 Other liabilities and capital . . 206 206 206 210 Other 159,663 257.866Central Bank of the Republic of Other liabilities and capital. . . 472,778 196,622 Turkey (millions of pounds): Central Reserve Bank of Peru Gold 402 402 402 402 (millions of soles): Foreign exchange and foreign Gold and foreign exchange 459 379 451 clearings 172 182 1.94 197 Net claim on Int'l. Fund2 67 67 67 Loans and discounts 2,720 2,657 2,637 2,042 Loans and discounts to banks. . . 588 647 619 Securities 30 30 30 25 Loans to Government 1 .142 1,144 1,003 Other assets 107 93 98 150 Other assets 94 109 119 Note circulation 1 ,474 1,500 1,554 1,414 Note circulation 1,715 1 .728 1,602 Deposits—Gold 154 154 154 153 Deposits 400 375 426 Other 1,338 1 ,242 1,166 846 Other liabilities and capital.... 235 244 231 Other liabilities and capital.... 465 467 487 402 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (July)* Gold 18.813 18,813 18.813 18.813 Gold 344,167 344,167 Foreign exchange 356. 387,660 410.002 441,718 Silver 8,583 8,671 Net claim on Int'l. Fund2 29. 29,504 29,504 29,504 Advances to State and Govern- Loans 62. 49 708 37.388 27,334 ment bodies 132,958 107,041 Domestic securities 261 . 226 095225,573 230.518 Other loans and discounts 374,919 352,778 Other assets 70 799166 644168,008 151,653 Other assets 558,292 585,760 Circulation—Notes 629 219 608,149 (.04,784 619,304 Note circulation 165,970 451,859 Coin 85. 176 85,110 84,804 Deposits—Government 164,270 .127,281 Demand deposits .135.903 138.702 151,716 Other 333,536 320,845 Other liabilities and capital 48,913 60,693 43,715 Other liabilities and capital 455,143 498,432 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 5,544 5.479 ••5,069 Gold 1,233 1,233 1,233 1,141 Foreign exchange (net) 13,147 13,097 12,597 Foreign exchange (net) 221 221 218 322 Loans and discounts 977 890 '779 Other assets 175 186 168 109 Advances to Government 1 .414 1 ,408 '•1.421 Note circulation 1,121 1,038 990 1,041 Other assets 1 ,094 1,056 Deposits 203 262 202 261 Sout N D O h t e o h A m te e f r a r c n i l i d i c r a c a b n u d i l l e a i R p t t i i o e e o s s s n i e t a r s n v — d e O E G c B G t a o h p a A v e i n e r t k r a n l ment.. 1 2 2 7 0 , , , , 1 2 5 1 9 4 2 1 9 5 5 9 8 0 1 2 2 7 0 , , . . 2 3 3 0 . 0 1 7 1 1 5 2 7 7 9 " n rl • , 7 , , , 3 0 3 7 9 3 0 2 0 6 , Ba f m n ra k e O G C n n c a o th t s s l f s d h ) e o : r r i o n l n ( i I m a b n b h i a i l t a r l l e n s i io t r d i n n e s s a a n t a i d o n o f d w n a c i S t l a h w p i i b t s S a a s l e n t k g . t s l . o . . e l - d 3 5 0 9 7 6 9 7 3 59 3 7 2 9 2 4 5 2 8 5 7 9 8 2 59 4 6 2 5 9 (thousands of pounds): Sight funds at interest 1 1 1 1 Gold 70. ~'>368,900 70,431 62.445 Rediscountable bills and accept Foreign bills 72.007 57,709 52,494 36,211 ances (at cost) 278 319 303 316 Other bills and loans 6. {)')<) 6,203 9,745 28,331 Time funds at interest 360 350 346 108 Other assets 49.570 46,556 45,443 46 ,117 Sundry bills and investments. 355 469 473 277 Note circulation 105.417101,986101,458 99,539 Funds invested in Germany. .... 297 297 297 297 Deposits 73,564 58,599 57,58.1 54,652 Other assets 3 5 4 3 Other liabilities and capital 19,259 18,784 19,073 18,911 Demand deposits (gold) 436 436 432 432 Bank of Spain (millions of pesetas): Short-term deposits: Gold 613 613 613 596 Central banks—Own account. . 992 1,128 1,098 652 Silver 323 323 323 336 Other 27 29 31 46 Government loans and securities. 15.030 16,070 14,838 15,096 Long-term deposits: Special 229 229 229 229 Other loans and discounts 29,360 29,125 28,022 26,185 Other liabilities and capital 285 284 283 280 '•Revised. * Latest month available. xOn 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. 230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of — c' D fe a c t t e ive C a a d n a - U K e n l i o i n t m e g d - France m G a e n r y - 1 g B i e u l m - N la e e n r t - d h s - S d w en e- ba C n e k n t o r f a — l R D 3 a e 1 c te . ef D fe a ct t i e ve ba C n e k n t o r f a — l R D 3 e a 1 c te . eff r i ) a a c t t e ive In effect Dec. 31, Argentina Mar. 1, 1936 Ireland Mar. 25, 1952 Ma 1 v <)4 2 8 7, 1949 \y 2 '•> 3 5 iy A B u e s l t g ri i a um....... 3)4 O Tu c n t. e 29 3 , , 1 1 9 9 5 5 3 4 J It a a p ly an 5.84 A O p ct r . . 6 1 , , 1 1 9 9 5 5 0 1 Tiily 14 4 Bolivia 6 Sept. 30, 1950 Mexico June 4, 1942 Oct. 6 June 8, .1950.. Sent 11 *3jK 3 Canada . . 2 Oct. 17, 1950 Netherlands 2-Ms Aor. 7, 1953 17 2 Cevlon June 11, 1954 New Zealand. 4 Nov. 26, 1954 Oct 27 6 Chile Tune 13, 1935 Norway Tan. 9, 1946 3 Colombia .... 4 July 18, 1933 Pakistan.... July 1, 1948 Apr 17 1951 i- Costa Rica.... 4 Feb. lr 1950 Julv 3 i ^ Sept. 13 3VA Oct 11 3 Xov 8 iy> Denmark 5J4 June 23, 1954 Peru 6 Nov. 13, 1947 Xov. 9 4 Ecuador 10 May 13, 1948 Portugal.... Jan. 12, 1944 ]an ?? 195? Egypt 3 Nov. 15, 1952 South Africa. 4. Mar.27, 1952 Mar 1 "> 4 El Salvador, . . 3 Mar. 22, 1950 Spain 3M July 1, 1954 29 5 Finland Dec. 16, 1951 Sweden . . Nov. 20, 1953 Aug. 1 3 Aug. 21 4K 18 3 8 1953 4 France 3 Dec. 2, 1954 Switzerland.. 1L£ Nov. 26, 1936 Anr 2>£ Germany *• 3 May 20, 1954 Turkey 3 Feb. 26, 1951 v1 • 11 3]X Greece 10 Jan. 1, 1954 United King- SI eup nte 17 3 V* 3 V India Nov. 15, 1951 dom 3 May 13, 1954 Oct 29 2% Indonesia 3 Apr. 1, 1946 U.S.S.R 4 July 1, 1936 Xov. 20 2H Fob 4 1954 3)4 Mav 13 3 1 Rates established for the Land Central banks. May 20 3 NOTE.—Changes since Dec. 31: Greece—Jan. 1, from 10 to 9 i >er cent; Dec. 2 3 United Kingdom—Jan. 27, from 3 to 3)4 per cent; Norway—Feb. 14, from In offeet Dec. 2% to 3}/2 per cent; Canada—Feb. 15, from 2 to 1}^ per cent. 31. 1954 2 3 3 3 2% 2% OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month 3 T r m e b a o il s n l u s t r h v s1 m D d o a a v n y - e t - o y - - 3 B a a a c m n n c c o k e e n e p s r t t s h - ' s 3 T r m e b a i o l s l n u s t r h v ' s D m a d o v a n - y e to y - a B d l e l a o p n o w o k n s a e i n r t s s c ' e D m a d o v a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 u L m p o o a n t n o t s hs d P is r r c i a v o t a e u t n e t 1 19 9 4 4 4 5 — — N N o o v v em em b b er er .3 3 8 6 1.0 5 3 3 1. . 0 51 0 1. . 0 63 0 . . 5 5 0 0 1 1 . . 3 2 6 1 3-5_y2 1 1 .2 .2 5 5 19--16—Xoveinbor 40 53 .51 .63 .50 1 .21 1.01 . 78 1 25 1947 —Xovornher 41 53 51 63 50 2 12 93 74 2 \x -A y> 1 38 1948 —November .41 .56 .51 .63 .50 2.03 1.08 . 77 2y2-%y2 1 .63 1949 —Xovember 51 69 .52 .63 .50 P2.55 1.16 .93 1 50 1950--November .62 .69 .51 .63 .50 2.19 1.20 .88 1 .50 1951 —Xovember . .92 1.38 .84 .92 .69 3.27 1.17 1.00 3-5 1 .50 19 =; ;—Xovember 1 21 3 00 2 38 2 25 2 00 3.98 .87 .54 3-5 1 50 1953—Xoveinbor 1 .90 2.19 2.10 1.94 1.75 4.00 .28 .50 3-5 1 .50 1.953—December 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 1 .50 1954— Fanuarv 1 86 2 19 2 12 1.94 1.75 3.66 .23 .50 2M-5 1.50 ' Februarv 1 .75 2.15 2.07 1.94 1.75 3.55 .25 .50 2%~5 1 .50 March 1 62 2.16 2.10 1.94 1 .75 3.42 .45 .50 1 .50 April 58 2 17 2 09 1 .94 1.75 3.55 .41 .50 2^-5 1 50 Mav 60 1 89 1.79 1.63 1 .44 3.54 .38 . 50 2M-5 1.50 ]uue .57 1 .43 1.66 1.61 1.44 1.25 3.57 .38 .50 2 %~5 1 .50 Tnly .38 1.16 1.60 1 .57 1.44 1.25 3.79 .40 .50 2K-5 1.50 August 32 1 06 1 .61 1.60 1 .44 1.25 3.82 . 75 .53 1.50 September .21 .95 1.64 1.63 1.44 1.25 3.77 .88 .51 2%-S 1 .50 October 18 96 1 62 1 59 1 .44 1 .25 3.65 .88 .63 1.50 November 1.17 .78 1.62 1.60 1.44 1.25 3.51 .87 .50 1.50 ^Preliminary. 1 Beginning January 1.953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates made nearest to the 1.5th of each month. 2 Represents an average of closing rates. 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. FEBRUARY 1955 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 London clearing m ba i n ll k io s s n . t e s r F o li f i n g g p u ) o re u s n d in s re C se a r s v h es M c n a s o l o h l n t o e i a c r y n t e d at B co il u ls n d te is d - T r d e r c e e e p a i o s p s u 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 d i t e t a i r e l s 194g—DcembT 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 2,148 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—January 526 483 1,330 ?,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 ?,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 L ,185 ?,351 1,836 643 6,466 4,121 2,345 510 Aujrust 534 438 I ,209 ?,348 1,840 656 6,519 4,173 2,346 505 September 521 418 L .262 ?,360 1,828 670 6,539 4,171 2,367 520 October 532 437 ,296 2,364 1,836 691 6,609 4,214 2,396 545 November 534 452 1,300 ?,364 1,871 725 6,684 4,244 2,440 562 December 571 498 1,313 2,353 1,920 881 6,941 4,485 2,456 595 Assets Liabilities Canada3 Security Deposits payable in Canada (11 chartered banks. 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 r k g o s n m assets Total Demand Time ca a p n i d tal 1948—December .. 749 101 2,148 144 4 268 169 16 7,027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4 345 I ,C158 14 7,227 2,794 4,433 1,477 1950—December 824 134 2,776 171 4,286 1,304 (4) 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—December 906 154 3,897 424 3,831 1,510 8,881 3,847 5,034 1,841 t954—January 881 143 3,929 370 3 944 1,337 8,772 3,679 5,093 1,832 February 898 197 3,951 370 ,885 1,332 8,843 3,681 5,162 1,791 Miarch 923 167 3 899 421 774 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 3,925 382 780 1,481 8,818 3,441 5,378 1,830 June 872 238 3,943 360 3 806 1,540 8,929 3,506 5,423 1,829 Tuly 780 211 3,924 352 4 096 1,266 8,946 3,474 5,473 1,683 ;\ugust 809 174 3,917 312 4 220 1,280 9,022 3,487 5,535 1,690 September 802 1 75 3 890 322 4 337 , 396 9,226 3,641 5,585 1 695 October 833 293 3,892 330 4 442 ,454 9,469 3,781 5,687 1,777 November 810 297 3,984 334 4 473 ,428 9,462 3,930 5,532 1,864 Assets Liabilities France (4 large banks. End Deposits Own Other o m f i m lli o o n n t s h o f f i g f u r r a e n s c s i ) n re C se a r s v h es Du b e a n f k ro s m B co il u ls n d te i d s- Loans O as t s h e e t r s a a c n c c e e p s t- liab a i n li d ties Total Demand Time capital 1948—December 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,35.s 15,662 1950—December 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,54? 1952—December 51,155 68,243 636,624 170,298 29,734 902,547 870,504 32,043 24.957 28,551 1953—November 47,103 78,797 696,942 189,753 60,636 978,019 935,267 42,752 28,142 67,070 December 50,746 86,273 744,076 184,930 35,673 1,037,169 994,620 42,549 30,308 34,222 1954—January 46,077 76,601 782,293 180,524 37,840 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 June 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 r787,897 208,091 49,709 1,103,289 1,061,250 42,039 26,945 57,432 August 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 October 51,991 83,631 820,800 214,681 56,909 1,133,087 1,087,933 45,154 25,355 69,570 •"Revised. !This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of JH? 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. 4 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 232 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 Frea 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 11 111 7 198 ^?4 1? 3 8580 2 0009 S 4d.9f) 32 595 101 650 1954 20.000 13.333 7.198 223 80 3 8580 1 9976 14.2808 13.5261 32.641 102.724 1954—February 20.000 13.333 7.198 224.13 3..85 80 2.0036 4.2808 3.5261 32.656 103.439 March 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 32.553 103.112 October 20.000 13.333 7.198 222.89 3.8580 1.9977 32.634 103.094 November 20 000 13 333 7 198 222 67 3 8580 1 9082 32 625 103.160 December 20.000 13.333 7.198 222.10 3.8580 1.9954 32.544 103.292 1955—January 20.000 13.333 7.198 221.92 3.8580 1.9959 32.538 103.498 France Year or month C (r e u y pe lo e n ) ( m D kr e a o n r n - k e) ( F m in ar l k a k n a d ) (franc) G (d e m e r u a m t r s k a c ) n h y e ( I r n u d pe ia e) I ( r p e o l u a n n d d ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h e d - r s ) Official Free * 1949 27 839 19 117 .4671 3017 27.706 12.620 34.528 1950 20 8*50 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 21.049 281.27 11.607 26.340 1954 21 017 4354 .2856 *223!838' 21.020 280.87 39.052 26.381 1954—February 21.044 .4354 .2856 21.047 281.29 11.614 26.408 March 21.052 . 4354 . 2856 21.056 281.45 1t.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 luly . 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 4154 2856 21 838 20 0?2 279 45 8 005 26 200 December 20.863 .4354 .2856 23.838 20.863 278.74 8.006 26.346 1955—January 20.843 .4354 .2856 23.838 20.843 278.52 8.006 26.349 Year or month Z (p e o a u l r a i t c i d N (k o r r o w n a e y ) R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th a d) (k S d r w o e n n e a - ) e S (f r w r l a a i n n t c z d ) - ( U K p d o n i o u n i m t n g e d - d ) Ur ( u pe g s 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 1953 . .. . . 278.48 14.015 49.676 3.4887 ?S0.21 19.323 23.316 281.27 65.833 56.180 42.553 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1554 February 278 50 14 008 4.9 677 3 4900 280 23 19 331 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 19 313 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 19 311 23 32 5 280 08 October 276.95 14.008 49.677 3.4900 278.68 J 9.333 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 1955—January 275.76 14.008 49.677 3.4900 277.48 19.333 23.326 278.52 1 Based on quotations through Aug. 13, 1954. 2 Based on quotations beginning Apr. 1, 1054. 3The Mexican peso was devalued, effective Apr. 19, 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. FEBRUARY 1955 233 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 S 1 = n t 9 i a 4 1 t t 7 0 - e e 0 4 d s ) 9 ( C 1 = a 9 n 3 1 a 5 0 - d 0 3 a ) 9 M (1 e 1 9 x 0 3 i 0 9 ) c o = K U ( i 1 n n 1 9 i 0 g 3 t 0 d 0 e ) o d = m F (1 r 1 9 a 0 4 n 0 9 c ) = e (1 I 1 9 t 0 3 a 0 l 8 ) y = ( a J 1 v a 9 e 3 p r 4 a a - g n 3 e 6 N ( e l 1 1 t a 9 0 h n 4 0 d e 8 ) s r = - S ( w 1 1 9 e 0 3 d 0 5 e ) = n ( S A w = u l i g a t 1 . n z 0 e d 0 1 r ) 9 - 39 1944 68 131 179 166 1.4 2 196 207 1945 . 69 13? 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 . . 96 163 242 19? 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 '352 134 298 213 1954 217 429 P330 P136 214 1953—December 110 219 396 326 138 5,256 r360 134 296 211 1954— January 111 220 396 326 138 5,286 r363 135 296 213 February 111 219 397 326 138 5,328 '364 136 296 213 March 111 219 401 329 136 5,336 135 296 214 April 111 218 411 330 137 5,295 '354 136 297 215 Mav 111 218 431 331 139 5,292 '348 137 296 214 Tune 110 218 437 332 135 5,256 '342 137 298 215 July 110 217 437 333 134 5,251 '341 134 297 214 Aupust in 216 441 329 136 5,261 '342 134 296 214 September . . . 110 215 439 329 135 '5,267 '344 134 295 215 October 110 214 450 329 134 5,273 343 136 296 215 November 110 215 454 P331 135 346 136 J>298 216 December 110 215 460 »336 P135 217 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 llndexes 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 i m t t m h ie e o s r d- pr F o a d r u m cts fa m p g c a a o t r n o u t d u r l s - e y d f c a m g h c a o i t n o e u f d u r l s - e y d Foods pr I o t n r d d i u u a s c l - ts Foods t p r r I i o n a d d l u u c s r - t a s w p f r I i o t n n r d i d i s u u a h c s l e - t d s 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 18.1. 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 P364 122 171 143 1952 107 109 113 250 219 231 284 »352 129 166 135 1953 . . 97 105 114 221 207 229 307 123 156 132 1954 209 205 224 P308 1953—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 Tune .... 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 93 104 115 201 201 222 301 122 156 135 November 93 104 115 204 202 222 P306 124 156 135 December 90 103 115 205 203 222 P315 n.a. Not available. ^Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 234 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 n 1 9 a i 0 4 t t 7 0 es e - ) d i 49 = C ( a 1 a d 9 a 1 n- 4 0 9 0) 1 K 5, d ( i J o n m a 1 n g . 9 - 52 F = ( r 1 a 9 n 1 49 0 ce 0) N l = e ( a 1 t n 9 h 1 d 4 e s 9 00 r- ) 1 ( l 9 A e a 39 r u - nd g. = ( U S = 1 n t 9 a i 4 1 t t 7 0 e e - s 0 d 4 ) 9 1 = C ( a 1 a d 9 a 1 n- 49 00) 1 K 5 d ( i , J o 1 m n a 9 n g . - 52 F = ( r 1 a 9 1 n 49 0 ce 0) N l = e ( a 1 t n 9 h 1 d 4 e 0 s 9 0 r- ) 1 ( l 9 A e a 3 r u n - d g 9 . - = 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 1?0 170 in 113 11? 137 124 184 1954 US 116 108 143 126 171 113 112 114 135 188 1953 —December. 115 116 106 142 120 170 112 112 110 134 122 186 1954—January 115 116 106 143 123 170 113 112 110 136 124 185 February 115 116 106 144 124 170 113 112 110 137 126 185 115 116 107 144 124 169 112 111 112 136 127 184 April . . 115 116 107 142 125 170 112 110 113 134 129 185 M ay 115 116 107 144 126 170 113 110 112 137 131 186 June 115 116 107 144 127 171 114 112 114 136 134 187 July 115 116 109 142 127 171 115 112 118 133 132 188 August 115 117 108 142 126 172 114 114 116 132 130 190 September 115 117 108 143 126 172 112 114 115 134 Mn 191 October 115 117 109 143 127 173 112 114 116 134 1.30 102 November 115 117 100 144 127 173 111 113 117 135 129 192 December 114 117 110 145 127 173 110 113 118 136 192 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 1.947-49 = 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. S E C U R I TY 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 in 2 n 6 g i = t d e 1 o d 0 m 0) (1 F 94 ra 9 n = c 1 e 00) N la e n th d e s r 3 - Number of issues. . . 17 87 60 14 480 99 278 295 27 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 1053 112.1 83.6 11? 0 113.5 100 2 189.0 160.3 92 2 1954 117.2 98.6 117.4 116.4 103.2 226.7 181.2 99.8 214 277 1953—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 117.5 101.9 119.4 117.6 104.3 243.5 190.2 103.8 240 300 November. . . 117.4 101 .2 119.7 119.6 106.3 252.2 199.5 105.3 260 322 December 117.0 101.1 118.1 120.1 108.3 264.5 206.8 106.1 271 325 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 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. 235 FEBRUARY 1955 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 TI-IURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. KENYON, Assistant Secretary FRED A. NELSON, Assistant Director LEGAL DIVISION ARTHUR H. LANG, Chief Federal Reserve Examiner GEORGE B. VEST, General Counsel ROBERT C. MASTERS, Assistant Director FREDERIC SOLOMON, Assistant General Counsel GLENN M. GOODMAN, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel HENRY BENNER, Assistant Director DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser on Economic "Research KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director ALBERT R. KOCH, Assistant Director DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE LOANS ARTHUR W. MARGET, Director LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Administrator DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director OFFICE OF THE CONTROLLER J. E. HORBETT, Assistant Director EDWIN J. JOHNSON, Controller LOWELL MYRICK, Assistant Director M. B. DANIELS, Assistant Controller Special Assistants to the Board—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 Vice President WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist W. W. CAMPBELL, ST. LOUIS DISTRICT KARL R. BOPP, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT GEORGE W. MITCHELL, Associate Economist EARLE L. RAUBER, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist 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 236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman x President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Preside l n o t w s e i r n s e c c h t a io r n g e o f o f t h b is r a p n a c g h e e ) s are listed in Boston. Harold D. Hodgkinson J. A. Erickson Robert B. Harvey 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 Forrest 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 2 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 PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City Denver G. A. Gregory Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte R. L. Cherry Atlanta Birmingham H. C. Frazer Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston J. L. Cook Nashville J. E. McCorvey4 San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco.... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville V. M. Longstreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Acting Manager. 237 FEBRUARY 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. $1.00 per 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 reprints, appeared on pp. 1338-41 of the December 1954 FEDERAL RESERVE SYSTEM. Individual regulations BULLETIN. with amendments and supplements thereto. 238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS EXTENSIONS AND REPAYMENTS OF CONSUMER IN- (From Federal Reserve Bulletin unless preceded by an asterisk) STALMENT CREDIT. January 1954. 14 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE BANK CREDIT AND MONEY IN 1953. February 1954. 6 pages. SALES. April 1952. 4 pages. INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. STATEMENT BY CHAIRMAN OP THE BOARD OF GOV- March 1954. 9 pages. (Also, similar article from ERNORS BEFORE SUBCOMMITTEE ON GENERAL March 1953 BULLETIN) CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 11,1952. April 1952. 4 pages. 1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CONSUMER CHANGES IN INSTALMENT CREDIT TERMS. May 1952. FINANCES. March 1954. 4 pages. PURCHASES OF 6 pages. DURABLE GOODS AND HOUSES IN 1953. June 1954. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- 17 pages. THE FINANCIAL POSITION AND COM LATION X. June 1952. 18 pages. MITMENTS OF CONSUMERS. July 1954. 20 pages. (Also, similar surveys for earlier years from PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 1947, 1948, 1949, 1950, 1951, 1952, and 1953 9 pages. BULLETINS) REVISED SERIES ON DEPARTMENT STORE SALES, NEW INDEXES OF OUTPUT OF CONSUMER DURABLE STOCKS, AND ORDERS. October 1952. 5 pages. GOODS. May 1954. 15 pages. (Also, similar re- RECENT CREDIT EXPANSION. December 1952. 7 print from October 1951 BULLETIN) pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS CREDIT AND MONETARY REVIEW FOR 1952. February AND BUSINESSES. July 1954. 2 pages. (Also, 1953. 7 pages. similar article from July 1953 BULLETIN) THE MONETARY SYSTEM OF THE UNITED STATES, FINANCING OF LARGE CORPORATIONS IN 1953. August February 1953. 16 pages. 1954. 9 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON THE BALANCE SHEET OF AGRICULTURE, 1954. August ECONOMIC STABILITY. March 1953. 16 pages. 1954. 13 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- BILITY. May 1953. 7 pages. tember 1954. 10 pages. REVISION OF CONSUMER CREDIT STATISTICS. April RECENT FINANCIAL CHANGES IN WESTERN GER- 1953. 19 pages. MANY. October 1954. 10 pages. *DETAILED DESCRIPTION OF SOURCES AND METHODS WORLD TRADE AND PRODUCTION IN 1953-54. Octo- USED IN REVISION OF SHORT- AND INTERMEDIATE- ber 1954. 8 pages. TERM CONSUMER CREDIT STATISTICS (supplemen- USE OF MONETARY INSTRUMENTS SINCE MID-1952. tary details for item listed above), April 1953. December 1954. 8 pages. 25 pages. DIRECTLY PLACED FINANCE COMPANY PAPER. De- FEDERAL RESERVE BANK RESPONSIBILITIES. May cember 1954. 8 pages. 1953. 5 pages. CREDIT AND MONETARY EXPANSION IN 1954. Feb- UNITED STATES POSTWAR INVESTMENT IN LATIN ruary 1955. 8 pages. AMERICA. May 1953. 6 pages. THE FEDERAL BUDGET FOR 1956. February 1955. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE 11 pages. CORPORATIONS. July 1953. 12 pages. DEPARTMENT STORE SALES AND STOCKS, BY MATOR BANKING AND MONETARY STATISTICS, 1954. (Se- DEPARTMENTS (Revised Indexes) November lected series of banking and monetary statistics 1953. 65 pages. for 1954 only) February 1955. 8 pages. 239 FEBRUARY 1955 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 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES fa FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis