Federal Reserve Bulletin, 1955-03

F E D E R AL E S E RV IN MARCH 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 Dollar Flows and International Financing 241-248 Preliminary Findings of the 1955 Survey of Consumer Finances. 249-251 Seasonal Adjustment Factors for Demand Deposits Adjusted and Currency Outside Banks 252-255 Statement on Stock Market Credit. 256-259 Bank Holding Company Legislation. . 260-266 Law Department 267 Current Events and Announcements. . 268-269 National Summary of Business Conditions. . 270-271 Financial, Industrial, Commercial Statistics, U. S. (See p. 273 for list of tables) . 273-331 International Financial Statistics (See p. 333 for list of tables) . 333-351 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 352 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 353 Federal Reserve Board Publications. . 354-355 Map of Federal Reserve Districts. . 356 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 41 March 195 5 NUMBER 3 DOLLAR FLOWS AND INTERNATIONAL FINANCING Foreign gold reserves and dollar holdings FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS continued to grow in 1954 as the balance of Billions of dollars 30 payments position of many nations of the free world remained favorable. Foreign countries and international institutions added 2.2 billion dollars to holdings, com- 20 pared to additions of 2.6 billion in 1953. Since March 1952, when the recent sustained movement began, these holdings have increased about 6.5 billion dollars, and about four-fifths of this amount has represented gold and dollars acquired through transactions with the United States. Over the threeyear period, however, there has been a de- Sept. 30 Mar. 31 cline in the extent to which transactions 1945 1949 1952 1953 1954 with this country contributed to the growth NOTE.-—Year-end data, except when ol.herwi.se specified. in gold and dollar holdings. In 1954 such Reflecting in part these trends, United transactions accounted for L6 billion dollars States commercial banks have increased their of the increase in holdings, 600 million dollending abroad. These credits supplement lars less than in 1953, but the effect of this the dollar resources of foreign governments, decline was offset in part by an increase in banks, and businesses. More active interest net purchases of gold from new production. cf commercial banks in foreign financing is In early 1955 transactions of foreign counone aspect of a gradual revival of institutional tries with the United States did not result arrangements that contribute to effective opin additions to foreign monetary reserves. eration of international money markets. The gold and dollar holdings of foreign countries have grown more rapidly than FOREIGN TRANSACTIONS WITH THE their imports in recent years, facilitating a UNITED STATES gradual relaxation of trade and exchange restrictions. Greater freedom in interna- Net transfers of gold and dollars from tional currency transactions, in turn, has the United States to foreigners declined helped to create an environment favorable to 1.6 billion dollars in 1954, from 2.2 billion to an international flow of short-term funds. in 1953, primarily as a result of a larger MARCH 1955 241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOLLAR FLOWS AND INTERNATIONAL FINANCING United States trade surplus. Merchandise to an expansion in foreign lending by United exports (exclusive of grant-financed military States commercial banks, whose claims on supplies) increased to 12.7 billion dollars in foreigners rose 460 million dollars during 1954, as foreign demand was sustained by 1954, compared to a decline of 245 million the continued rise in production abroad. in the preceding year. These claims repre- United States imports, on the other hand, sent primarily advances to foreign borrowers declined to 10.3 billion. and placement of funds abroad in bank de- The United States balance on current ac- posits and short-term securities. About 360 count showed a surplus of more than one million dollars of last year's increase reprebillion dollars in 1954, as indicated in the sented short-term financing, and the remainaccompanying table. This surplus contrasts ing 100 million medium-term credits fully with a small deficit in 1953, the only post- secured by gold or equivalent collateral. war year when there was a net transfer of The growth of short-term claims reflected dollars to foreigners as a result of current varied transactions with a large number of transactions. countries. The largest was in claims on The current account surplus in 1954 was the United Kingdom, which rose almost more than offset by payments to foreigners 100 million dollars, representing primarily through capital and aid transactions. These an increase in deposits held by United States payments showed a net increase in 1954, banks with their British correspondents. reflecting a rise of 1.1 billion dollars in the Short-term loans to foreign banks and comnet outflow of United States private capital mercial firms were widespread. The net and a decline of 600 million dollars in rise in longer term claims of commercial Government nonmilitary grants and loans. banks included disbursements to Japan of A substantial portion of the increase in the about 75 million dollars on cotton credits outflow of private capital was attributable guaranteed by the Export-Import Bank and payments of about 65 million on gold col- INTERXATIOVAI, TRANSACTIONS OF THE UNITED STATF.S [Tn billions of dollars] lateral loans to Brazil. Apart from activities of commercial banks, Transaction 1954 1953 there were also net disbursements of about Current receipts from foreigners. . . 17.6 17.0 120 million dollars on Federal Reserve loans S M e e rv rc ic h e a s ndise exports. 12 4 . . 7 9 1 4 2. . 4 6 on gold collateral to foreign central banks. Current payments to foreigners... 16.4 17. 1 There was some recovery last year in Merchandise imports 10.3 11 .0 the outflow of United States long-term port- Services and remittances 3.6 3.6 Military expenditures 2.5 2.5 folio capital; during 1953 there had been a Balance on current account 1.2 -0.1 moderate net return flow of United States Net payments (—) to foreigners through capital and aid -3.0 -2.4 capital. In the fourth auarter Belgium and U. S. Government grants and loans -1 .4 -2.0 U. S. private capital -1.5 -0.4 Australia issued 55 million of dollar bonds Net transfers of gold and dollars to foreigners 1.6 2.2 in the United States market, the first issues Other (net) 1 0.2 0.3 of dollar bonds—other than by Canada and Israel—since the early postwar years. The 1 Includes other recorded transactions, primarily foreign longterm investments in the United States, and errors and omissions. movement of direct investment funds abroad NOTE.—Department of Commerce data, except transfers of gold and dollars to foreigners, which are Federal Reserve data. Grant- amounted to 670 million dollars in 1954, financed military supplies and services are not included. Data for 1954 are preliminary. Details raav not add to totals because of somewhat less than in 1953. rounding. 242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOLLAR FLOWS AND INTERNATIONAL FINANCING PURCHASES OF NEWLY PRODUCED GOLD gold stock declined by about the amount of net purchases by foreign monetary authorities Foreign countries (excluding the U.S.S.R.) and at the year-end amounted to 21.8 billion added more than 600 million dollars to their dollars, or 58 per cent of world gold reserves reserves in 1954 through purchases of gold (excluding the U.S.S.R.). abroad. Most of this represented new gold Dollar holdings of foreigners rose more production, but a small amount represented than 1.2 billion dollars in 1954, almost all purchases by foreign monetary authorities of which was in holdings of foreign central from private holders and perhaps some acbanks and governments. About two-thirds quisition of Russian gold. During 1953 forof this rise was in foreign deposits at comeign countries had added more than 400 mercial banks; in 1953, by contrast, more million dollars to gold reserves from new than half of the net increase in dollar holdproduction and other foreign sources. ings was invested in short-term United States Reflecting largely an increase in South Government securities. African output, foreign gold production (ex- Preferences of foreigners as to the altercluding the U.S.S.R.) rose 60 million dollars native forms in which dollars may be held in 1954 to an estimated 850 million, the highchanged during 1954, as may be seen in the est level since 1942. After taking into account accompanying table. In the first half of net additions to official monetary reserves, the year, with short-term market rates deabout 250 million dollars of new production clining, time deposits continued to rise as went into private uses last year. This amount they had in late 1953. In the second half appears to be close to normal requirements of the year most funds were placed in defor gold in the arts and industry. mand deposits, but the firming of short-term The flow of gold into private channels was substantially below 1953. With abate- NET TRWSFFKS OT; GOLD AND DOLLARS FROM THE UNITED ment of private demand, the premium on STATES TO FOREICNKHS, BY FORM OF HOLDING gold in most of the free markets of the [In millions of dollars] world has virtually disappeared. 1 953 1954 Item COMPOSITION OF GOLD AND DOLLAR J J a u n n . e - J D u e l c y . - J J1 a 1 n n .- e J D u e ly c. - MOVEMENTS Net transfers of gold and dollars About 40 per cent of the over-all increase to foreigners, total 1 ,131 1 ,079 638 920 in foreign gold and dollar holdings in 1954 Net gold sales to foreigners.... 727 437 83 244 took the form of additions to gold reserves, Net i t n o c ta r l ease in dollar holdings, 404 642 555 676 compared to 60 per cent in 1953. The rel- Demand deposits: Federal Reserve Banks.. . . -28 -88 118 -59 ative decline reflected a reduction in net Commercial banks -42 42 -29 404 foreign purchases of gold from the United Time deposits 93 330 460 -3t States to 327 million dollars from 1.2 billion U. S. Govt. securities 346 247 90 285 dollars in 1953. Germany purchased the Other 35 111 -84 77 largest amount—226 million dollars; Mexico NOTE.—Figures for time deposits represent changes in time deposits of foreign banks at Federal Reserve member banks, as rewas the only large seller—80 million in the ported in member bank call reports. Time deposits of other "foreigners" and any time deposits held in nonmember banks are second quarter. Small net purchases over the included in "Demand deposits—commercial banks." I.'. S. Government securities include primarily reported obligations maturing year were made by Portugal, the United in not more than one year; a small amount of longer term obligations reported as purchased within 20 months of maturity is also Kingdom, and Venezuela. The United States included. Other dollar holdings represent principally bankers' acceptances and short-term commercial paper. MARCH 1955 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOLLAR FLOWS AND INTERNATIONAL FINANCING market rates led to increased investment in about 100 million dollars and repaid almost short-term United States Government securi- 110 million dollars to the International ties and, to a minor extent, in bankers' ac- Monetary Fund; in addition, it made annual ceptances. year-end principal and interest payments of 140 million dollars on debts to the United REGIONAL CHANGES IN HOLDINGS States. Gold and dollar positions of individual Other countries. Largely because of countries and areas are affected by gold and smaller accumulations in 1954 by Argentina dollar transfers among foreign countries as and Venezuela and a decline in Cuba's dolwell as by foreign transactions with this lar balances, Latin American gold and dollar country and purchases out of new gold pro- holdings increased only 60 million dollars duction. As the table on page 248 shows, compared to more than 250 million in 1953. Continental Western European countries Mexico's holdings rose somewhat over the added 1.6 billion dollars to their holdings year; accumulations were substantial in the last year, about the same increase as in 1953. second half of the year, after devaluation The rise in Sterling Area holdings during of the peso in April. 1954, however, was considerably less than Japan's holdings, which showed a subin the preceding year. Changes for other stantial decline in the fourth quarter of 1953, countries and areas were relatively small. continued to decline in the first half of 1954. European and Sterling Area countries. This reduction was partly offset in the second Germany added more than 770 million dollars to its holdings, reflecting largely con- FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS tinued United States military expenditures BY AREA OR COUNTRY Billions of dollars there and a trade surplus with other European countries. France, which during the fourth quarter received large aid payments related to military expenditures in francs in Indochina, increased its reserves 305 million dollars, compared to an addition of 80 million during 1953. With the exception of Belgium, Norway, and Turkey, all other Continental Western European countries added to their gold and dollar holdings over UNITED KINGDOM and 2 the past year. OTHER STERLING AREA An increase of about 525 million dollars _J 0 in Sterling Area holdings in the first half of 1954—including about 220 million of gold purchased from new production—was followed by a decrease of 330 million in the second half. During the latter period the United Kingdom reduced outstanding in- 1946 1948 1950 1952 1954 debtedness to the European Payments Union NOTE.—End-of-quarter data. 244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOLLAR FLOWS AND INTERNATIONAL FINANCING half, however, as exports rose and imports private holdings are inadequate, and they were cut back. are replenished as private holdings rise in Canada continued to add to its gold re- response to favorable balance of payments serves in 1954 through acquisitions from developments. domestic gold production. In contrast with Commercial banks, under conditions of 1953, Canadian balances in the United States relative freedom in foreign exchange maralso rose over the year. kets, obtain foreign funds primarily by mak- An increase of 230 million dollars during ing purchases in these markets or by borrow- 1954 in the gold and dollar holdings of in- ing from foreign banks. Monetary authoriternational institutions reflected in part cer- ties provide supplementary amounts of extain unusual transactions. In addition to change as may be required to cover the excess the United Kingdom's voluntary repayment, of demand over the supply in the market other Sterling Area countries repaid 70 mil- and to maintain stable exchange rates. Unlion dollars over the year to the International der such conditions, a bank selects its source Monetary Fund, and the Netherlands pre- of funds on the basis of comparative cost; paid 52 million dollars on an International that is, the cost of using domestic funds to Bank dollar loan. purchase foreign exchange is compared to the cost of borrowing from foreign banks. MONETARY RESERVES AND INTERNATIONAL Under conditions of exchange restrictions, FINANCING however, such as have prevailed throughout The gold and dollar holdings of foreign the world during most of the postwar period, countries include official gold and dollar commercial banks have been limited in their reserves held by monetary authorities as well exchange holdings and in their borrowings as private dollar holdings of banks, business from abroad. By and large, private instituconcerns, and individuals. At the end of tions in foreign countries have had to sell 1954 official reserves constituted almost 85 newly acquired foreign exchange to moneper cent of total foreign gold and dollar tary authorities and, in turn, have had to holdings. purchase foreign exchange from the authorities when needed. As a result, shifts in pay- Both official reserves and private holdings ments positions have been reflected largely provide financing for international transin movements of official monetary reserves. actions, but there are significant differences in their respective roles. The day-to-day Progressive strengthening of monetary rerequirements of trade are financed directly serves since early 1952, however, has conthrough private institutions, whose own dol- tributed to the gradual relaxation of exlar holdings are, in effect, working balances change restrictions and to greater freedom for such transactions. Foreign exchange for banks to acquire or borrow foreign reserves of monetary authorities, on the currencies and to dispose of exchange holdother hand, do not provide direct financing ings. Thus, an environment has been gradfor foreign trade or other international trans- ually evolving in which funds may move in actions. Rather, these reserves are an ul- response to availability of credit and to intimate source of exchange to private financial terest rate differentials in the various marinstitutions; they may be called upon when kets of the world. MARCH 1955 245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOLLAR FLOWS AND INTERNATIONAL FINANCING FOREIGN LENDING BY UNITED STATES BANKS States sources may alleviate pressures on international reserves and on exchange rates. Partly reflecting this trend toward greater freedom in financing abroad, United States RESERVES AND TRADE commercial banks in the past year have become more actively interested in the inter- Growth in foreign gold reserves and dolnational financial field. Last year's growth lar holdings over recent years has proceeded in claims on foreigners reported by United at a faster rate than expansion of trade. In States commercial banks was the largest of general, as international monetary reserves the postwar period and brought the out- grow relative to trade, countries are in a standing amount of such claims to 1.7 bil- better position—should they face temporary lion dollars. declines in export earnings or temporary adverse capital movements—to maintain pur- Expansion of foreign financing by United chases from abroad without resorting to States commercial banks in 1954 was ocexchange and trade restrictions or other casioned in part by the need of United States measures for curtailing foreign payments. exporters to offer competitive credit terms to foreign customers and in part by more Since September 1949, when gold and dolattractive opportunities for placing funds lar holdings of foreign countries were near in foreign money markets. Of particular their postwar low, the ratio of aggregate interest in this respect was the somewhat holdings to aggregate annual imports has greater activity of domestic banks in the risen from 37 to 48 per cent. Most of this exchange market during late 1954 and early improvement occurred over the past two 1955, when funds were placed in London years; during the period 1949-52 imports and at a higher yield than was obtainable in reserves had expanded at roughly the same New York. rate. The availability of credit from United Stabilization of foreign imports since 1952, States banks contributes to maintenance of reflecting in part reduced inflationary tend- United States foreign trade and supplements encies as instruments of monetary policy the financial reserves of foreign banks for have been more widely used, has been acfinancing world trade. From a long-run companied by further increases in gold and point of view, the international flow of credit dollar holdings in many areas of the world, may contribute to growth of world trade as the accompanying chart shows. Sterling and to economic progress; from a short-run Area gold and dollar holdings rose from point of view, availability of credit for sea- 30 per cent of imports from countries outside sonal or other contingencies that require the Sterling Area in 1952 to more than 45 temporary financing of trade may be an per cent in 1954; an increase in holdings important stabilizing factor in the inter- during this period was accompanied by a national economy. decline in imports. To the extent that credit is available for The monetary reserves of Continental these purposes, foreign countries are enabled Western European countries as a group also to finance international transactions without rose markedly in relation to imports. Both drawing upon official reserves or private hold- France, whose imports declined from 1952 ings. Thus, dollar financing from United levels, and Germany, whose imports rose, 246 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOLLAR FLOWS AND INTERNATIONAL FINANCING FOREIGN IMPORTS AND GOLD RESERVES AND DOLLAR HOLDINGS, BY AREA Billions of dollars CONTINENTAL OTHER FOREIGN STERLING AREA WESTERN HEMISPHERE WESTERN EUROPE COUNTRIES 25 20 GOLD RESERVES AND ^DOLLAR HOLDINGS 10 1949 1952 1954 1949 1952 1954 1949 1952 1954 1949 1952 1954 NOTE.—Excludes imports and gold and dollar holdings of U.S.S.R., Eastern European countries, and Mainland China. Gold the February 1955 issues of these two publications, are annual rates of imports based on the most recent data available, usually 10 or 11 months. experienced significant increases in the ratio In addition, in the past year there has been of gold and dollar holdings to imports. The some revival of institutional arrangements ratio for France rose from about 20 per cent and instruments which may contribute to in 1952 to more than 35 per cent in 1954, the effective operation of an international while Germany's ratio rose from the same money market in which funds are permitted low level to 45 per cent. Italy, the Nether- to flow freely and borrowers and lenders adlands, and Sweden showed moderate in- just their positions on the basis of profit-cost creases in their ratios over the two-year considerations. The reopening of arbitrage period. operations between London and other im- Ratios for Canada and the Latin-Ameri- portant exchange markets, the promotion of can group also rose. Japan, largely because acceptance financing for world trade and, of expanded imports since 1952, was one of in general, the development of a well functhe few countries to experience a decline in tioning international banking system are gold and dollar holdings relative to trade. aspects of this process of institutional re- Improvement in foreign countries' gold construction. Such facilities in the past have and dollar positions has been accompanied by been part of the market organization susrelaxation of exchange and trade restrictions. taining currency convertibility. 247 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOLLAR FLOWS AND INTERNATIONAL FINANCING ESTIMATED CHANGES IN FOREIGN AND INTERNATIONAL GOLD RESERVES AND DOLLAR HOLDINGS DURING 1954 [In millions of dollars] Increase or decrease ( —), 1954 Foldings at Holdings at end of 1953 end 0f 1954P Jan.-Mar. Apr.-June July-Sept. Oot.-Dee.p Ye Area and country Gold Dollar Gold Dollar Gold Dollar Gold Dollar Gold Dollar Gold Dollar Gold Dollar re- hold- re- hold- re- hold- re- hold- re- hold- re- hold- re- holdserves ings serves ings serves ings serves ings serves ings serves ings serves ings Continental Western Europe: Belgium-Luxembourg (and Belgian Con^o) 874 224 21 5 -19 -50 -4 -27 19 -4 17 -76 891 148 France (and dependencies) 1596 453 11 32 32 230 305 1596 75H Germany (Federal Republic of). 326 899 ""61 95 ""31' 91 "156 163 "••52' 124 "'366' 4-73 626 1,372 Italy 346 466 29 -39 72 51 113 346 579 Netherlands (and Netherlands West Indies and Surinam)... 761 294 -26 5 56 19 -26 59 4 820 298 Norway 52 119 —5 3 7' 9 -2 1 ....... "-29 -7 -16 45 103 Portugal (and dependencies)... 386 83 26 4 2 10 24 8 71 19 457 102 Spain (and dependencies) 114 36 -14 1 4 32 14 2 36 116 77 Sweden 218 117 2 57 46 —39 47 2 k 265 111 Switzerland 1,459 674 10 -9 —m 34 33 10 3 54 -2 1,513 672 Turkey 143 U 1 -5 -2 -1 2 1 -6 144 s Other2 . 638 783 32 106 ""39' 9 9' -80 ""19' 13 99 48 737 831 Total . . .. 5,913 4,162 181 201 66 95 236 253 160 373 613 922 6,556 5,084 Sterling Area: United Kingdom 32,300 709 100 89 150 188 -148 -199 250 -70 *2,550 639 United Kingdom dependencies 108 -3 -1 1 -5 103 I U O n n t d h i ia o e - r n of South Africa 2 2 1 2 4 7 3 7 6 1 3 9 5 8 9 0 7 i' -1 - 7 9 6 '"'io 4 ' - - 6 2 9 1 8 0 - - 1 1 8 2 1 4 5 ' -6 1 1 1 4 ""2 2 3 6 - - 1 1 — 2 2 5 ""2 2 1 4 4 9 7 9 9 1 3 3 8 3 8 7 Total 2,946 1,104 108 66 164 189 18 -178 9 -181 299 -104 3,245 1,000 Canada 996 1,421 26 44 20 -44 17 63 21 49 84 112 1,080 1,533 Latin America: Argentina 373 130 40 7 28 -46 29 373 159 Brazil 321 102 8 -14 1 —5 36 1 25 322 127 Chile 42 79 -19 14 -9 42 70 M Cu e b x a ico 1 15 8 8 6 3 1 4 8 5 3 4" -16 17 "-ios -16 34 3' —5 5 5 4 2 -49 74 "-96 -10 1 3 46 IS 6 « 2 3 2 2 4 9 2 Uruguay 227 110 0 6 -6 -12 -20 227 90 Venezuela 373 222 -38 ""30 29 ••••_- rv -17 "30 -28 403 19 A Other 241 531"-13- 109 -3 41 -87 ••••_- 44 -20 107 221 638 Total 1,921 1,702 -9 98 -78 88 2 -64 25 -85 147 1,836 1,849 Asia: Indonesia 145 39 -47 29 -17 -9 28 13 -64 61 81 100 Iran . . 137 44 4 1 -14 -8 5 1 -13 138 31 Japan 130 .828 i" -152 1 -61 54 i 56 3 — 103 133 725 Philippines 9 295 15 -11 10 -52 -38 9 257 T O h th a e il r and 1 13 1 8 3 2 1 6 6 3 8 7 — 4 1 3 3 1 — -8 25 21 14 — 37 2 22 — 9 't 3 o 1 16 1 0 3 3 1 5 2 0 3 Total 672 1,637 -39 -74 -14 -128 100 15 57 -38 -45 634 1,592 All other: Eastern Europe1 290 16 2 1 / 1 3 290 19 Other 178 106 14 —5 -4 5 178 111 Total 468 122 16 -4 -5 1 8 468 130 Total foreign countries.. 12,916 10,148 267 351 158 196 273 169 205 324 903 1,040 13,819 11,188 International5 1,702 1,629 1 69 24 -61 7 165 6 18 38 191 1,740 1,820 Grand total 14,618 11,777 268 420 182 135 280 334 211 342 941 1,231 15,559 13,008 P Preliminary. 1 Represents gold reserves of Bank of France and French dependencies only. 2 Includes holdings of other Continental OEEC countries, Finland, Spain, 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. :J Estimated gold holdings of British Exchange Equalization Account, based on the figure for total holdings of gold, U.S.and Canadian dollars as reported by British Government. 4 Excludes gold reserves of the U.S.S.R. 5Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. NOTI<:.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private dollar holdings reported by banks in the United States. Dollar holdings include principally deposits and U. S. Government securities (Treasury bills, certificates of indebtedness, and notes and bonds reported as purchased within 20 months of maturity). 248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRELIMINARY FINDINGS OF THE 1955 SURVEY OF CONSUMER FINANCES Preliminary findings of the tenth annual plans at the beginning of the year. For Survey of Consumer Finances are presented example, actual purchases are conditioned in this article.1 These surveys are conducted by changes in prices, product design, credit by the Board of Governors of the Federal Re- availability, employment, and incomes. serve System in cooperation with the Survey Preliminary results of the 1955 Survey in- Research Center of the University of Mich- dicate that consumers view their current igan. Field interviews taken in January and financial situation a little more favorably February covering a representative sample than a year ago, and about as favorably as of the consumer population obtain informa- in early 1953. They appear to be more optition on consumers' financial positions, views mistic than a year ago about their own inabout their own and general economic pros- come prospects and the general business outpects, and their current plans for purchasing look. Consumer plans to buy automobiles durable goods and houses during the year. within the year are not greatly different In interpreting Survey findings, allow- from those in early 1954. Plans to buy furance needs to be made for sampling and re- niture and appliances and to make home sponse variations which are inherent in this improvements this year are reported by type of sample survey.2 Generally speaking, somewhat larger proportions of consumers this means that undue importance should than a year ago. Consumer plans to buy not be attached to small changes in the new and existing houses are reported more figures or to data which relate to only small frequently than a year ago and slightly more proportions of the population. Account also frequently than in early 1953. should be taken of the fact that consumer The proportion of consumers feeling finanspending and saving during any year are cially better off than a year ago is slightly affected by many influences and economic larger now than it was in early 1954; the developments, as well as by consumers' proportion feeling worse off is slightly financial positions, outlook, and buying smaller. The pattern of income distribution was virtually the same in 1954 as in 1 These findings are based on preliminary tabulations of 1953. The proportion of consumers reportapproximately 2,950 interviews taken in January and February 1955 in the 12 largest metropolitan areas and 54 other ing larger incomes currently than a year sampling areas throughout the country. Additional inter- ago is slightly smaller this year, while the views and adjustments for differential response rates in various strata of the sample will be reflected in the data proportion making less is the same as in which will be published later in the Federal Reserve BUL- early 1954. The distribution of liquid asset LKTINT. In past years, results based on the preliminary tabuholdings is about the same as a year ago,, lations have not differed substantially from the final figures. The later BULLETIN articles will contain information on past although there is some increase in the propurchases and financing of durable goods, the distribution of portion of consumers reporting little or noincome, liquid assets, and debts, and the past purchases and financing of houses. liquid assets. 2 For a Technical Note on the sampling limitations of the Consumers are more optimistic concern- Survey, see the Federal Reserve BULLKTIN, July 1952, pp. 749-50. ing their prospective incomes than they were MARCH 1955 249' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRELIMINARY FINDINGS OF THE 1955 SURVEY OF CONSUMER FINANCES in early 1954 when industrial activity was More consumers are planning to buy furclose to its recession low. The percentage niture and appliances than a year ago, but of spending units expecting increases in in- fewer than in early 1953. The median come is much larger than it was a year ago planned expenditure on all major household or two years ago, and the percentage expect- durable goods is about the same as in each ing decreases is much smaller. These favor- of the past two years. Consumer plans for able income expectations appear to be shared home improvements and maintenance are by all income and occupational groups. reported somewhat more frequently than Consumer expectations regarding general in the past two years. As in early 1954, about business prospects also are much more favor- one-third of the consumers planning such able than they were at this time last year. expenditures expect to spend $500 or more. Three-fifths of the consumers expect good Plans to buy or build nonfarm houses are times during the year as compared with more numerous this year than they were two-fifths in early 1954. in early 1954 and slightly more numerous Consumers apparently plan to spend some- than in early 1953. The increase from early what more for automobiles this year than 1954 is almost entirely accounted for by they planned to spend a year ago. The pro- veterans. Increased availability of mortgage portion of consumers planning to buy new credit to veterans and other buyers on atcars is about the same as it was early last tractive terms is apparently an important year, but the median amount of expenditure factor in the increased interest expressed in indicated is larger. The proportion of con- home buying. The number of consumers sumers planning to buy used cars is slightly who are giving some consideration to buying larger than reported a year ago and the or building a house in 1956 is about the same median planned expenditure is also larger. as the number with longer range plans in Prospective buyers of new cars are inclined the three preceding Surveys. This findto time more of their purchases in the first ing provides some indication of continued half of the year than was the case a year ago. strength in housing demand beyond 1955. 250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRELIMINARY FINDINGS OF THE 1955 SURVEY OF CONSUMER FINANCES PRELIMINARY RESULTS OF THE FEDERAL RESERVE SURVEY OF CONSUMER FINANCKS IN EARLY 1955, WITH FINAL RESULTS FOR EARLY 1948-54X [Percentage distribution of spending units] Consu p m os e i r t io fi n n s ancial 1955 1954 1953 1952 1951 1950 1949 1948 Consum an e d r e p x l p a e n c s tations 1955 1954 1953 1952 1951 1950 1949 1948 Moneyincome in prior year, before taxes Expected general business conditions-1 Under SI,000 10 10 11 13 13 14 12 14 $1,000-51.999 13 13 14 15 17 19 18 22 I 82,000-52.999 14 14 16 18 19 21 23 23 Good times 59 43 «) 40 47 47 83,000-83,999 16 16 1H 18 19 19 20 17 Fair times 5 8 (r>) 15 14 6 54,000-54.999 15 16 15 15 12 11 12 10 Bad times 12 25 17 25 26 8 5 $ 5 7 1 , , 0 0 5 , 0 0 0 0 0 0 - - 0 8 8 7 9 a , , n 4 9 d 9 9 9 9 over 2 5 1 6 21 5 5 1 5 4 7 1 4 3 4 S 6 14 1 5 1 1 5 0 9 5 U N n o c t e a r s ta ce in rtained 17 1 6 8 _ 1 9 9 1 4 0 1 8 3 'Vll cases 100 100 100 100 100 All cases.... 100 100 100 100 100 100 100 100 :Past change in income rate2 Expected change in income6 Making more than year ago. 38 41 48 46 47 30 42 43 M No a k c i h n a g n g le e ss than year 37 34 32 33 33 41 35 33 Ma fr k o i m ng no m w ore year 39 29 34 36 39 30 27 28 No a t g o ascertained 23 2 2 2 3 1 4 6 1 4 7 1 2 8 27 2 2 2 1 2 3 1 N M o a f r k o c i h m n a g n n c o e w less year 36 6 3 1 5 5 3 1 3 0 30 8 3 1 5 3 4 1 3 6 4 1 6 7 4 1 7 3 All eases. 100 100 100 100 100 100 100 100 Un ta c i e n r e ta d in, not ascer- 19 21 23 26 13 11 10 12 Evaluation of own financial situation All cases 100 100 100 100 100 100 100 100 Better off than year ago 38 36 38 33 32 32 33 29 Plans to purchase7 No chance 32 31 33 29 29 32 35 28 Worse off than year acro 2-^ 31 26 35 37 34 30 39 Not ascertained 2 2 3 3 2 2 2 4 House8 9.6 6.6 8.8 6.4 8.5 8.4 7.0 7.5 Home improv. and All cases 100 100 100 100 100 100 100 100 maint.s 9.. 21.4 19.6 16.9 New automobile 7.7 7.9 9.0 6.8 6.6 10.6 11.8 9.7 Used automobile 7.1 6.5 6.2 6.0 5.5 6.9 4.1 Liqlid a.sf-et hoilings;{ Furniture and appliances 28.7 26.9 31.9 23.2 27.4 28.4 30.9 27.4 Zero 31 26 29 31 28 31 29 27 51-9199 15 16 17 HI 16 16 15 S200-S499 12 13 12 13 14 11 13 13 Median planned expenditure10 S500-S999 10 13 11 9 11 10 11 12 81,000-81,999 10 11 12 10 12 10 11 12 82,000-84,999 13 11 12 11 13 l? 12 $5,000-89,999 6 5 5 5 5 6 5 New automobile 52.80G82,50082,500S2.30C81,970Sl,92(. SI,990 $1,800 $10,000 and over 3 4 4 3 3 3 0 3 4 Used automobile 860 750 900 600 590 540 630 600 Furniture and appli- All cases 100 100 100 100 100 100 100 100 ances 280 300 300 290 300 290 250 240 1 Preliminary data for early 1955 arc based on the first 2,950 spending units interviewed and have not been adjusted for nonresponse. Data for 1954 and previous years are based on complete surveys and adjusted for nonresponsc. 2 Excludes farm units, except in 1951. 3As of Jan. 1, 1952 and at time of interview in January, February, and early March of other years; liquid assets include all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions; currency is excluded. 4Data are based on question: "Now considering the country as a whole, do you think that during the next 12 months we will have good times or bad times, or what?" "Data not available. 6Data for 1952-55 exclude farm urits and are based on the question: "How about a year from now, do you think you people will be making more money or less money than you are now, or what do you expect?" Data for 1951 are based on the question: "Now for the •current year do you think your income will be larger, the same, or smaller than in 1950?" Similar questions were used in earlier years. 7Percentage of spending units that reported they would, probably would, or possibly would buy. 8Excludes farm units. includes only planned expenditure of S50 or more for improvement and maintenance of home. 10Based on planned expenditures of spending units that reported they would or probably would buy. 251 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS Demand deposits adjusted and currency nomic variables, the figures have been adoutside banks, which together constitute the justed for customary seasonal variations, and active privately held money supply, have the computations are being published. Seabeen subject to fairly marked seasonal move- sonally adjusted current figures for both series ments in the postwar period.1 Although will be published each month in the Federal there are important variations in the two Reserve BULLETIN beginning in April, and series, generally speaking both begin to ex- also in the monthly release "Assets and pand in the summer and fall, reach a peak Liabilities of All Banks in the United States." in December, and then contract during the Seasonal adjustment factors for demand first part of the following year. deposits adjusted and currency outside banks In order to provide useful indicators of are shown in Tables 1 and 2, respectively, underlying trends in these important eco- together with the unadjusted data and the seasonally adjusted figures for each of the Notc.—This article and the seasonal adjustment fac- series. The seasonal adjustment factors are tors presented in it were prepared by Caroline H. Cagle of on a monthly basis and are applicable to the the Hanking Section of the Board's Division of Research and Statistics. last Wednesday of the month. Since the 1 For definitions of demand deposits adjusted and cur- factors are based on data for the relatively rency outside banks, see footnotes to Tables 1 and 2, respecfew years since World War II, they should tively DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS of Dc 110 DEMAND DEPOSITS ADJUSTED 100 90 80 70 30 CURRENCY OUTSIDE BANKS ADJUSTED FOR SEASONAL VARIATION 1 | I I I 20 1946 1948 1950 1952 1954 252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED be considered preliminary. speeding up Federal corporate income tax Demand deposits adjusted. The seasonal payments. The so-called "Mills Plan," which adjustment factors for demand deposits ad- went into effect in 1951, resulted in a progresjusted shown in Table 1 were derived ac- sively greater concentration of corporate incording to the method generally used by the come tax payments in the first half of each Board and described in detail in the Federal calendar year. The full effect of this plan Reserve BULLETIN for June 1941. The ad- is being reached this year, when corporations justed series begins with 1946, the first year will make their entire income tax payments for which satisfactory monthly figures are for 1954 operations in March and June. The available. seasonal pattern for these deposits probably As the figures indicate, the seasonal pattern will be further modified as a result of addihas changed somewhat during the postwar tional gradual acceleration of corporation period. One important consideration in this tax payments provided for in the Internal connection has been the provision made for Revenue Code of 1954. TABLE 1—DF.MAND DEPOSITS ADJUSTF.D—HKFORF. AND AFTER ADJUSTMENT FOR SEASONAL VARIATION1 [Figures arc as of last Wednesday of month and are partly estimated j Year Jan. Feb. j Mar. Apr. I May | June Jiily Ang. Sept. Oct. Dec. Unadjusted &eries (in billions oi dollars) 1 946 76.8 76.4 75.0 77.5 78.6 79.5 80.3 80.6 81 .4 82.4 83.0 83.3 1947 82.5 80.6 80.4 81 .3 81 .5 82.5 83.0 83.3 84 .1. 85.4 85.9 87.1 1948 86.6 84.6 81 .5 82.7 82.8 82.7 83.3 83.8 83 .9 85.1 85.2 85.8 1949 85 4 83 4 81 1 82 4 82 5 8? 2 83 1 S3 4 83 1 84 3 85 0 86 7 1950 86.4 84.5 83.2 84.3 85.0 85.4 86.5 87.4 88.0 89.2 90.3 93.2 1 <>S 1 91.6 90.6 89.0 89.5 89.5 89.5 90.7 91 .4 92.0 95.0 96.3 98.1 1952 97.9 95.7 94.8 95.1 95.3 95.8 95. 7 95.8 96.4 98.6 99.4 101.5 19 S3 100 5 98 3 97 4 98 0 97 5 97 2 97 4 97 5 97 7 100 3 100 2 103 3 1954 102.3 99.6 96.7 98.6 98.7 98.1 n oo.o "99.4 "101.2 "103.1 P104.1 "106.9 195 5 107 2 Seasonal adjustment factors (per cent)2 r 1946 100.3 98.5 a 96.2 98.7 99.0 99.8 100.1 100.1 101 .6 102.3 1917 100.3 98.5 97.8 98.7 99.0 99.8 100. 1 100.1 100.5 101 .3 101 .6 102.3 .1948 102.3 99.8 396.5 98.3 98.6 98.4 99.2 99.8 19090..85 110011 ..33 10.1. .6 102.8 1.9-19 102.3 99.8 •"597.1 98.3 98.6 98.4 99.2 99.8 99.8 101 .3 101 .6 102 8 1950 102.3 99.8 »97.6 98.3 98.6 98.4 98.9 99.4 99.4 I 101.3 101.6 103.9 1951 ... 102 .3 100.2 98.9 99.0 98.6 98.4 98.5 98.5 98 .8 101 .3 101.6 103 .9 1952... 102. 7 100.2 98.9 99.0 98.6 98.4 98.5 98.5 98.8 101 .2 101 .4 .103.8 1953... 102.7 100.2 98.9 99.0 98.6 98.4 98.5 98.5 98.8 101 .2 101 .4 103 .8 1954. . . 102.7 100.2 3 97.3 99.0 98.6 98.4 98.5 98.5 98.8 101 .2 101.4 103 .8 1955 . . . 102.7 100.2 397.9 99.0 98.6 98.4 98.5 98.5 98.8 101 .2 101 .4 103.8 Adj listed series (inbillions of dollars) 194') 76.6 77.6 78.0 78.5 79.4 79.6 80.2 80.5 81 .0 81 .3 81 .7 81 .4 1947 82.3 81 .8 82.2 82 .4 82.3 82.7 82.9 83.2 83.7 84.3 84.5 85.2 1 948 84.7 84.8 81.5 84.1 84.0 84.0 84.0 81 .0 84.1 84.0 83.9 83.5 194') 83.5 83 .6 83.5 83.8 83.7 83 .5 83.8 83 .6 83.3 83.2 83.7 84.3 1950 84 5 84.7 85.2 85 8 86 2 86 8 87 5 87.9 88.5 88 1 88 9 89 7 1951 89.5 90.4 90.0 90.4 90.8 91 .0 92.1 92 .8 93.1 93.8 94.8 94.4 1952 95.3 95.5 95.9 96.1 9'».7 97.4 97.2 97.3 97.6 97.4 98.0 97.8 1953 97 9 98 1 98 5 99 0 98 9 98 8 98 9 99 0 98 9 99 1 98 8 99 5 1954 99.6 99.4 99.4 99 6 100 1 99 7 101 5 100.9 102.4 101.9 102 7 103 0 1955 104 4 ^Preliminary. 1 Demand deposits adjusted are total demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection. 2To adjust for seasonal movements the unadjusted figure should be divided by the appropriate seasonal adjustment factor. 3The seasonal adjustment factor for March is affected by the date on which the last Wednesday of the month falls, as indicated in the accompanying text. 253 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED For the month of March the seasonal ad- days of March. When the last Wednesday justment factor for demand deposits ad- falls on March 29, the decline in demand justed is affected by the date on which the deposits adjusted for the country as a whole last Wednesday of the month falls.2 This is about 0.5 percentage point larger than the is due in large part to the effect of the April normal seasonal decline. When the last 1 property tax assessment date in Cook Wednesday is on March 30, the decline is County, Illinois, which causes many individ- about 1.0 percentage point greater, and when uals and businesses in this area to reduce the date is March 31, about 1.6 percentage their bank deposits and purchase short-term points greater. United States Government securities a few Currency outside banks.-5 The seasonal days prior to the tax assessment date. The adjustment factors for currency outside reduction in demand deposits associated with 8 Currency outside banks is smaller than currency in cirthis tax occurs principally on the last three culation by the amount of vault cash held by all banks. Daily figures for currency in circulation arc available, but 2 The seasonal adjustment factors for other months may the amount of vault cash held by banks is available only as also be affected but to a much smaller extent than March. of the last Wedncsdav of the month and on call dates. TABLE 2—CURRENCY OUTSIDE BANKS—BKPORF. AND AVTFR ADJUSTMENT FOR SEASONAL VARIATION 1 [Figures are as of last Wednesday of the month and are partly estimated] Year Jan. Feb. Mar. Apr. May June Julv Aug. Oct. ! Nov. Dec. Unadjusted series (in billions of dollars) 1947 26.1 26.2 26.1 26.1 26.1 26.0 26.0 26 1 26 3 26.2 26.5 26 5 1948 . . 25.8 25.7 25.6 25.4 25.4 25.6 25.5 25.6 25 .7 25.7 25.9 25.7 1949 25.2 25 .1 25.1 24.9 25.0 25.0 24.9 25.1 24.9 24.9 25.1 25.0 1950 24.5 24.7 24.6 24.6 24. 7 24.6 24.4 24.5 24.5 24.6 24.9 25.0 1951 24 .6 24.6 24.4 24.6 24.9 25.0 25.1 25 .3 25.4 25.7 25.8 26.3 195? 25 6 25 6 25 7 25 9 26 0 26 0 ?6 ? ?6 3 26 6 26 7 27 4 27 5 1953 . . 26.8 26.9 26.9 27.0 27.0 27.1 27.2 27.3 27.6 27.4 27.9 27.8 1954 26.9 26.9 26.9 26.7 26.8 27.1 #•26.8 "26.9 P26.9 i>26.9 P27.5 P27.4 1955 . . 26.8 easonal adjustinent factors (per cent)2 194^ 99.4 99.4 99 0 99 4 99 .5 99. 1 99.5 99. 7 100.3 100.3 102.1 102 3 1948 99.3 99.3 99. 2 98.6 99. 1 100 4 99.5 99.9 100.5 100. 2 102.3 101 .7 1919 99.4 99. 7 99 1 98 8 90 4 100 2 99 5 100 6 100 2 100 3 101 4 101 4 1950 99.5 100.0 99.0 99.0 100. 2 99.8 99.4 100.2 99 .8 100.3 101 .1 101.7 1951 99.6 99.6 98.8 99.2 100.0 99.6 99.5 100.0 100 .0 100.5 1.00.9 102 .3 195^ 99 5 99 5 99 0 99 4 99 5 99 1 99 5 99 6 100 3 100 3 102 0 10? 3 1953 99.3 99.3 99.2 99.0 99.2 99 .3 09 . .5 99.8 100.9 100.2 102.2 102.1 1054 99.3 99.5 99 2 98 6 99 1 100 3 99 1 99 9 100 5 100 2 102 3 101 7 1955 99.4 99. 7 99 . 1 98.8 99.5 100.2 99.5 100.5 100.2 100.3 101 .4 101 .4 Adjusted series (inbillions of dollars) 1947 26.3 26.4 26.4 26.3 26.2 26.2 26.1 26.2 26.2 26. 1 26.0 25.9 1943 26.0 25.9 25.8 25.8 25.6 25.5 25.6 25.6 25.6 25.6 2.5.3 2.5.3 194r) 25.4 25.2 25.3 25.2 2".2 25.0 2.5.0 25.0 24.9 24.8 24.8 24.7 1950 24.6 24.7 24 8 24.8 24 7 24 6 24 5 24 5 24 5 24 5 24 6 24 6 1951 24.7 24.7 24.7 24.8 2A .9 25.1 25.2 25.3 25.4 25.6 25.6 25.7 1952 25.7 25.7 26 0 26.1 26.1 26.2 26.3 26.4 26.5 26.6 26.9 26.9 1953 27.0 27.1 27.1 27.3 27.2 27.3 27.3 27.4 27.4 27.3 27.3 27.2 1954 27.1 27.0 27.1 27.1 27.0 27.0 27.0 26.9 26.8 26.8 26.9 26.9 1955 27.0 v Preliminary. 1 Currency outside banks is total currency outstanding less the amounts held by the Treasury, the Federal Reserve Banks, and vault cash at all banks. 2The amount of currency outside banks varies with the date on which the last Wednesday of the month falls as indicated in the accompanying text. To adjust for seasonal movements the unadjusted figure should be divide..! by the appropriate seasonal adjustment factor. 254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED banks shown in Table 2 were derived by falls within the last few days of the month, the link relative method with some modifi- currency outside banks is generally larger cations to fit this particular series. Link than if the last Wednesday is on the 24th or relatives were computed for each month 25th, when currency held by the public is at beginning in 1947, the first full year for or near the low point for the month. Moreover, the amount of currency outside banks which last Wednesday of the month data were reported.1 These link relatives were is influenced by holidays which occur near the end of the month, such as Washington's then adjusted for trend and plotted by Birthday, Memorial Day, Thanksgiving, and months according to the date of the last Christmas. At such times the public in- Wednesday. The seasonal adjustment faccreases its holdings of currency to meet holitors for each month were determined on the day needs. The seasonal factors shown in basis of the prevailing pattern of these ad- Table 2 make allowance for these day-to-day justed relatives. variations. This method of seasonal adjustment was Data for all the possible dates on which the used because currency outside banks varies last Wednesday of the month may fall will not only with the month of the year but also not be available until 1961. Until a sufficient with the date on which the last Wednesday number of additional observations is availof the month falls. If the last Wednesday able, the seasonal adjustment factors for currency outside banks must be considered 1 A link relative is derived by dividing the Figure for the current month by that for the preceding month. tentative. MARCH 1955 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON STOCK MARKET CREDIT1 Mr. Chairman and Members of the Com- been severe, was magnified into a disastrous mittee, as you are aware the Federal Reserve financial crash for the whole country. System has responsibility for regulating the The Securities Exchange Act was not general flow of credit and money with the ob- formulated to restrict the natural operation jective of contributing to a healthy growing of the stock market, but to rid the market of economy. In the Securities Exchange Act of such evils as manipulative practices and in- 1934, the Board of Governors of the Federal adequate disclosure of information vital to Reserve System was given special responsi- investors. Thus the market could better bility for preventing the excessive use of credit perform its basic investment functions. The for the purchase or carrying of securities. margin requirement provision of the Act Let me say at the outset that this responsi- was not designed to deny the use of credit bility of the Board of Governors relates to to the stock market; its explicit objective was stock market credit and not to the price to prevent the excessive use of credit. This of stocks. The Congress rightly, in my judg- legislation was designed to help create a ment, did not place on the Board responsi- healthier securities market as part of a strong, bility for trying to determine the level at vigorous free enterprise economy. which stocks should sell. Even if all credit Organized stock exchanges are designed were eliminated from the stock market, cash to function so as to encourage growth in purchases could bid up the prices of stocks equity ownership rather than debt, with reto high levels. Regulation can restrain the sulting benefit to the economy. For busiuse of credit for stock market purposes, but ness to raise equity capital through the issuit cannot serve as a guarantee against all ance of common stock, it is important to have speculative excesses. active and orderly markets for stocks. When Congress was considering the Se- The exchanges serve the economy by procurities Exchange Act in 1934 the country viding continuous, ready markets for securiwas concerned with two major problems. ties that constitute an important proportion One was to foster economic recovery and get of the assets of many individuals and busithe millions of unemployed reemployed. nesses. Individuals, to make purchases of The other was to prevent recurrence of the goods or services, frequently have to sell or situation which brought about the unem- borrow on their securities to obtain the ployment. An important factor in that sit- necessary cash. Furthermore, businessmen uation was that stock purchases were pyra- often sell their securities or pledge them as mided on the basis of credit extended on very a basis for loans to meet payrolls or to obtain thin margins. As a result, a break in stock other capital. Sales or borrowing transacmarket prices, that in any event would have tions of these kinds would be far more difficult without market centers where investors, 3 Statement of Chairman Martin of the Board of Governors traders, brokers, and dealers are brought toof the Federal Reserve System at hearings on the study of the gether. Sales of new security issues by busistock market before the Senate Committee on Banking and ness corporations would also be more difficult Currency, Mar. 14, 1955. 256 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON STOCK MARKET CREDIT if buyers did not know they could later dis- these exempted securities are brokers perpose of such assets readily. mitted to establish their own loan values. In my judgment, a properly functioning The loan values for the purchase or carrystock market is important to the attainment ing of registered securities which have been of a high standard of living and steady imposed by this regulation have been congrowth of employment opportunities for all sistently small by historical standards, i.e., the people. We could not today have our margin requirements have been high. Most system of mass production and distribution of the time under the regulation, margin requirements have ranged between 40 per cent if it were not possible for corporate enterand 75 per cent, with one brief period of 100 prises to assemble through the securities per cent. During the twenties, margin remarkets varying amounts of individual savquirements imposed by individual brokers ings into large aggregates of capital. A were customarily 25 per cent or less, with major distinction between highly developed 10 per cent margins not uncommon. and industrialized economies and underde- Over the life of Regulation T, loans on veloped economies is the lack in the latter securities by brokers to their customers, as of effective markets for mobilizing the inmeasured by customers' debit balances, have dividual savings of their people. been as low as 500 million dollars and as The task of the Board, as I see it, is to high as the present figure of 2.6 billion. formulate regulations with two principal ob- From the autumn of 1953 through February jectives. One is to permit adequate access of this year, they rose from 1.6 billion dolto credit facilities for security markets to perlars to 2.6 billion, which is the highest figure form their basic economic functions. The since 1931 when the statistical series on cusother is to prevent the use of stock market tomer borrowings from brokers began. Comcredit from becoming excessive. The latter parable figures for the twenties are not availhelps to minimize the danger of pyramiding able, but borrowings by brokers and dealers, credit in a rising market and also reduces which are generally smaller than brokers' the danger of forced sales of securities from loans to customers, ranged from 1.5 billion undermargined accounts in a falling market. dollars to 8.5 billion between 1923 and 1930. Regulation T applies to loans made by It is estimated that borrowings by brokers brokers and dealers in securities to their and dealers currently do not exceed 2.5 bilcustomers. It prescribes loan values—that lion dollars, excluding those against U. S. is, sets margin requirements—on securities Government securities. that are registered on a stock exchange. Ex- In Regulation U, relating to security loans cept for specific exemptions, it altogether made by banks, the Board is faced with a forbids brokers to make loans to customers different problem. First, the law reaches to purchase or carry securities where no col- only to bank loans for the purpose of purlateral is offered, or where the collateral of- chasing or carrying registered stocks. It fered consists of securities unregistered on a exempts loans which are secured by bonds stock exchange. The securities exempted and those which are not for the purpose of from this prohibition are obligations of the purchasing or carrying registered securities. Federal, State, or local governments and Second, the nature of the banking business some instrumentalities thereof. Only on itself makes the problem different. 257 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON STOCK MARKET CREDIT Whereas brokers confine themselves ceed 2.5 billion dollars. This amount is largely to making loans for the purpose of roughly three times as large as that in the purchasing or carrying securities, banks late thirties and about the same as that in make loans against security collateral for a the late twenties, when brokers were obwide variety of purposes, personal as well taining a large part of their borrowing from as business. Banks also make loans on a nonbank sources. The volume of bank wide variety of other collateral and on the credit extended to brokers and dealers over general creditworthiness or financial stand- much of the period of the regulation has ing and established character of borrowers, fluctuated within a relatively narrow range, and the funds made available from these although it has generally followed an uploans may, without knowledge of the banks, ward path since the end of 1948. From the be used by customers for various purposes. autumn of 1953 to early this year, bank In view of this wide diversity of bank credit to brokers and dealers, which includes lending operations, the Board, in formulating underwriting credit, rose about 1 billion Regulation U, has sought to avoid the effect dollars. At no time since the regulations of unduly burdening the extension of credit were adopted in the mid-thirties has the total through the banks for all of these purposes. amount of bank credit for the purpose of It is' chiefly for these reasons of law and purchasing or carrying securities been a practice that the Board's margin regulations large proportion of commercial bank loans applicable to banks relate only to loans which and investments.2 are secured by registered or unregistered On the basis of a recent survey requested stocks and are used for the purpose of pur- by this Committee and covering 271 banks chasing or carrying registered stocks. in selected large cities which make most of From the beginning, the Board has real- the loans collateraled by securities, we estiized that regulations applicable to this in- mate that early in February all member tricate lending process ran the risk of leav- banks had outstanding 7.2 billion dollars of ing loopholes through which bank credit loans on securities, including loans against might leak into stock market speculation. U. S. Government securities. About 4.2 bil- This was a calculated risk which was be- lions of this total were estimated to be loans lieved to be preferable to detailed rules that made for the purpose of purchasing or carrywould impose a greater impediment to con- ing securities. Of purpose loans, almost 2.9 structive financing than could be justified billion were to brokers and dealers and about by avoidance of any leakage that could re- 1.3 billion were to others. The remaining sult from the existing regulation. 3 billion dollars represented all security loans The amount of credit extended by banks made by banks to individuals and businesses to customers other than brokers and dealers for other purposes than the purchase or carryfor the stated purpose of purchasing or carry- ing of securities. Even though some leakage ing securities (excluding U. S. Governments) of bank credit into stock market uses may is estimated to be about 1.5 billion dollars to- occur through the avenue of loans not desigday, around three-fourths larger than in the nated for the purpose of purchasing or late thirties and no doubt much smaller carrying securities, the relative amount of than in the late twenties. The amount of bank loans to brokers and dealers on such 2 Currently total loans and investments of all commercial banks amount to 156 billion dollars, of which 70 billion securities is estimated currently not to exrepresents loans and 86 billion investments. 258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON STOCK MARKET CREDIT such leakage cannot be large in the ag- the end of 1946 has increased from about gregate. 490 billion dollars to around 600 billions. A more likely and less easily discovered Of the increase of nearly 200 billion dollars, avenue of leakage of bank credit into stock about 80 billion was in corporate long-term market uses is through loans secured by col- and short-term credit, over 60 billion was in lateral other than stocks or unsecured. This urban mortgage credit, 20 billion was in conis a type of credit that could be used specu- sumer credit, 20 billion in State and local latively by "empire builders" in their at- government debt, and the balance was distempts to acquire financial control of cor- tributed among other sectors. The increase porations. This kind of credit may not be in loans for purchasing or carrying securilarge in relation to total bank credit, but it ties probably did not exceed 2 billion dolcertainly could be important in individual lars over this period. cases. However, the problem of preventing As I have emphasized, the statute enjoins an excessive flow of credit into the stock "excessive use of credit" in stock markets. It market through this avenue is an extremely is difficult to define what constitutes "exdifficult one with which to deal from a cessive use of credit" in stock markets, or for regulatory standpoint without interfering that matter in any field. It is largely a quesunduly with normal banking activities. tion of judgment and not merely a statistical Although the volume of stock market computation. So far as stock markets are credit since Regulations T and U were im- concerned, however, it seems to me that posed has not been large by historical there are certain signs or symptoms of unstandards, a considerable percentage of total healthy tendencies when businessmen or the trading by the public has been based in part public generally become unduly preoccupied on credit. This does not mean that bor- with stock markets and stock prices. An rowed funds have financed a corresponding unsound speculative psychology may then portion of stock trading. Margin customers develop that can have adverse effects have had to observe the margin require- throughout the economy. ments and to use their own funds for a large Margin requirements are a comparatively part of the financing. There is little doubt new device in the arsenal of central banking. that the use of credit in stock transactions As I indicated at the outset, they are not adds to total demand for securities but this and cannot be cure-alls for stock market exis true of all use of credit. For example, cesses or abuses. use of instalment credit, which today totals An inquiry such as this Committee is conin excess of 22 billion dollars, has added to ducting is useful and constructive. It sheds the demand for consumer durable goods. light on important aspects of the economy Similarly, residential mortgage credit, cur- and its functioning. It enables the Congress rently aggregating more than 75 billion dol- to ascertain how regulatory measures are lars, has added to the demand for housing. operating and whether they are adequate It is important to look at the whole pic- or need modification. Finally, it seems to ture of credit outstanding in the economy me, it serves to remind us all that the underin order to see in correct perspective the over lying strength of the nation depends not only 4 billion dollars of direct stock market credit on wise laws and regulations but upon and the 3 billion of other security loans by enlightened leadership and good morals in banks. Total credit in the economy since the market place. MARCH 1955 259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANY LEGISLATION At the outset I should like to emphasize amount which a member bank may loan that the Board of Governors believes that to any of its affiliates, including any holdbank holding company legislation is desir- ing company affiliate. Finally, any holding able. The Board's general views on this company affiliate which desires to vote stock subject have been stated several times in owned by it in any member bank must first recent years. They were set forth in my obtain from the Board of Governors a voting letter to you, Mr. Chairman, in April 1952, permit and, as a condition to the permit, and in a statement made by Governor the company must agree to submit itself Robertson before your Committee in June and its controlled banks to examination, to of that year. They were stated again when establish certain reserve funds, to dispose Governor Robertson and I appeared before of any interest in securities companies, and the Senate Banking and Currency Commit- to declare dividends only out of actual net tee in June 1953. The Board continues to ad- earnings. here to these views, although, as indicated These provisions of existing law regulate in my recent letter to the Committee, dated the activities of a bank holding company February 21, 1955, the Board has modified only if it happens to control a member bank or refined its opinions in certain particuand only if it desires to vote the stock of lars which I shall mention later. Accordthat bank. In effect, therefore, regulation ingly, the remarks I am about to make will is largely voluntary on the part of the holdin large measure be a restatement in subing company. Even if a voting permit is stance of what we have said on previous obtained, the regulation to which a holding occasions. company is subject is aimed mostly at pro- The essence of our position is that further tecting the soundness of the member banks regulation of bank holding companies in the group. should be kept to a minimum necessary to These provisions, therefore, do not deal meet whatever problems may exist in this at all with two apparent problems in the field which are not met by present law and bank holding company field. In the first cannot effectively be dealt with by the States place, there is nothing in present law which alone. restricts the ability of a bank holding com- There are now on the statute books cer- pany to add to the number of its controlled tain provisions enacted in 1933, regulating banks. Consequently, there can well be affiliates and holding company affiliates of situations in which a large part of the combanks which are members of the Federal mercial banking facilities in a large area of Reserve System. Affiliates of member banks the country may be concentrated under the are made subject to reports and examina- management and control of a single cortions. Limitations are placed upon the poration. In the second place, there is nothing in 1 Statement by Chairman Martin of the Board of Gover- existing law which prevents the combinanors of the Federal Reserve System before the House tion under the same control, through the Banking and Currency Committee on Feb. 28, 1955. 260 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANY LEGISLATION holding company device, of both banking charitable, religious, and similar purposes. and nonbanking enterprises. Obviously, this In addition, it should permit the administermakes it possible for the credit facilities of ing agency to exempt bank holding coma controlled bank to be used for the benefit panies from the divestment requirements in of the nonbanking enterprises controlled by exceptional cases in which control of a bank the holding company. Moreover, the ordi- may actually be necessary in the public innary nonbanking business requires a man- terest. Furthermore, the administering agerial attitude and involves business risks agency should be given a limited authority of a kind entirely different from those in- to exempt shares of stock in businesses closely volved in the banking business. Banks op- related to the business of banking. erate largely on their depositors' funds. (4) Finally, there should be a few admin- These funds should be used by banks to istrative provisions requiring the registration finance business enterprises within the limi- of bank holding companies, authorizing the tations imposed by the banking laws and administering agency to obtain information should not be used directly or indirectly necessary to pass judgment on proposed for the purpose of engaging in other busi- acquisitions of bank stocks, and providing nesses which are not subject to the safe- criminal penalties for violations of the statguards imposed by the banking laws. ute. These two existing problems in the bank It is with these four essential features in holding company field could be met, we mind—coverage, expansion, nonbanking inbelieve, by legislation which would need to terests, and administration—that I should cover only four essential features: like to state briefly our principal comments (1) The term "bank holding company" with respect to the bill H. R. 2674. should be defined in language generally adequate to cover all known bank holding 1. COVERAGE company groups which need to be covered, without attempting at this time to One of the most basic and at the same cover all situations that might possibly arise. time most controversial aspects of bank (2) Bank holding companies should be holding company legislation has always been required to obtain the prior approval of a the matter of coverage or definition. Federal agency before acquiring additional The present bill would define a "bank bank stocks; and in granting such approval holding company" as any company which the administering agency should give con- owns 25 per cent or more of the voting sideration to relevant standards stated in the shares of two or more banks or any comlav/ and to the views of the appropriate pany which might be determined by the State and Federal authorities. Board of Governors to exercise a controlling (3) Bank holding companies should be influence over two or more banks. required within a reasonable time to divest We believe that this definition goes further themselves of ownership of stock and similar than necessary in certain respects. In the equity interests in nonbanking enterprises first place, we think it unnecessary and unwith a minimum of specific exceptions. The desirable to vest the administering agency bill might give statutory exemption to bank with discretionary power to bring under holding companies operated principally for coverage of the bill companies not meeting MARCH 1955 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANY LEGISLATION the stated definition. In the second place, stated definition of a "bank holding comwe think that a definition based primarily pany" should be exempted from the necessity upon majority stock control of a bank is of obtaining the prior approval of the adprobably adequate to cover all companies ministering agency if it should decide to which would need to be regulated in order acquire additional banks. In this respect to accomplish the objectives of the legisla- the Board has somewhat modified the views tion. However, if in the judgment of Con- heretofore expressed by it. It would not gress such a definition would not be adequate now recommend the inclusion of even disfor this purpose, it would not appear ob- cretionary authority in the administering jectionable to base the definition upon some agency to exempt companies from the exlower percentage test, even down to 25 per pansion requirements of the bill. We cannot cent as provided by the pending bill. believe that any hardship would result from In one respect we believe that the defini- requiring even a charitable institution to tion in this bill would not be adequate to comply with these requirements. effectuate one of the two main objectives On the other hand, it is recognized that of the legislation. It would not apply to a there may well be cases in which the exempcompany which controls only one bank tion of certain companies from the divestand would not, therefore, require such a ment requirements of the bill would be company to divest itself of its nonbanking desirable in order to prevent hardship and interests. Yet, it seems clear that the poten- to protect the public interest, as, for example, tial abuses resulting from combination under charitable, religious, and similar organizasingle control of both banking and non- tions. However, we question the necessity banking interests could easily exist in a case for exempting mutual savings banks from in which only one bank is involved. In the divestment requirements. fact, if the one controlled bank were a large In order to cover unforeseeable emergency bank, the holding company's interests in situations, it might be desirable to give the extensive nonbanking businesses might very administering agency a limited authority to well lead to abuses even more serious than exempt from the divestment requirements if the company controlled two or more very any bank holding company if the adminsmall banks. For these reasons, the Board istering agency determines that the comwould continue to urge that, whatever the pany's control of a bank is necessary in order percentage test may be, the definition should to provide needed banking facilities or to be related to control of a single bank. assure the sound financial condition of the The pending bill would exempt from the bank involved, subject to revocation of the definition of "bank holding company" any exemption when the need disappears. mutual savings bank and any organization Before leaving the matter of coverage, it operated exclusively for charitable, religious, should be noted that the provision of the and similar purposes where the organization pending bill defining the term "company" would otherwise be a bank holding company would include not only corporations and by reason of its ownership of bank stocks business trusts, but also any partnership and on the effective date of the Act. "any similar organized group of persons." In the Board's opinion, it is questionable The meaning of the phrase "organized group whether any company which meets the of persons" is not clear. In any event, how- 262 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANY LEGISLATION ever, the Board feels that such a broad investments in bank stocks where control is definition goes beyond the necessities of the not the motive. situation. By including partnerships and Our principal comments, however, with groups of individuals, the definition might respect to the expansion features of the be interpreted as being intended to cover bill relate to those provisions of section 5 chain banking, that is, control of banks by which are apparently aimed at protecting individuals or by testamentary or other the rights of the States in this field. personal trusts. In the first place, the bill would make it impossible for a bank holding company to 2. LIMITATIONS ON EXPANSION OF BANK acquire any bank stocks if "any bank af- HOLDING COMPANIES fected" is a State bank, unless the appropriate State banking authorities also approve the The second requisite feature of the legis- application within 30 days. Similarly, if lation—restrictions on the expansion of bank "any bank affected" is a national bank, the holding company groups—would be dealt application could not be approved unless with in the pending bill by provisions re- also approved by the Comptroller of the quiring the Board's prior approval for any Currency. These provisions would have the action which would result in a company effect of diffusing responsibility for adminbecoming a bank holding company or for istration of the legislation. They would inany acquisition of bank stocks by a bank volve duplication of effort and give rise to holding company or its subsidiary or for administrative difficulties. We think it the acquisition of substantially all of the would be desirable to require the adminassets of a bank by a holding company istering agency to give due regard to the which is not a bank or by a nonbanking views of the State authorities and the Compsubsidiary. troller of the Currency but that the final We think that these provisions should responsibility for approving or disapproving be expanded to require prior approval be- any application should rest with the adminfore any bank holding company may merge istering agency alone. or consolidate with another bank holding The bill would further prohibit a bank company. On the other hand, it would seem holding company or any of its subsidiaries unnecessary to include any provision with from acquiring the stock of a bank or subrespect to acquisitions of bank assets by a stantially all the assets of a bank outside holding company or subsidiary which is not of the State in which the holding company itself a bank. or the subsidiary involved has its principal In the interest of minimum control, we office or conducts its principal operations. suggest that it would be sufficient to require In addition, a bank holding company or any prior approval for the acquisition of bank of its subsidiaries would be prohibited from stocks only if, after the acquisition of the acquiring bank stocks or assets in any State stock of a bank, the holding company will except within the geographical limitations own a substantial percentage of the out- applicable to the establishment of branches standing stock of that bank, say 5 per cent. under the laws of such State, or unless the Such a modification of the requirements of acquisition is specifically and affirmatively the bill would permit properly diversified authorized by State statute. MARCH 1955 263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANY LEGISLATION These severe provisions would in effect tering agency to obtain and consider the "freeze" the existing status of most bank views of the State authorities before passing holding companies and would go beyond upon any application for the acquisition by what we conceive to be the necessities of the a bank holding company of control of adsituation. ditional banks. In any event, we think that As the Board has previously indicated, it provisions for this purpose should not go believes that regulation of bank holding com- further than a prohibition against the acpany groups should not be related to the quisition of the stock of any State or national branch banking laws of the States and that bank in any State in which the statutes the States should be left free to deal differ- of such State would prohibit such acquisition ently, if they desire, with these two types of in the case of a State bank. multiple-office banking. The pending bill includes a new provision which would per- 3. DIVESTMENT OF NONBANKING INTERESTS mit expansion of bank holding companies in nonbranch States if such expansion is In order to meet the third requisite of the affirmatively authorized by the statutes of legislation, the bill would require bank holdthe State in question. However, there are, ing companies within two years to divest of course, no States which have affirmative themselves of any shares or other securities legislation of this kind. or obligations of any company other than This new provision of the bill follows al- a bank and to cease engaging in any business most literally a provision of the national other than that of banking. banking laws which permits a national bank To the extent that this requirement reto establish out-of-town branches only if lates to obligations, as distinguished from affirmatively authorized by State law with shares of stock, of nonbanking enterprises, respect to State banks. However, before the we believe that it goes further than necessary. enactment of that provision national banks Single control of both a bank and a nonhad no authority at all for the establishment banking business is usually made possible of branches. The situation is quite different by control of stock rather than by ownerwith respect to bank holding companies ship of obligations. whose existence has been legislatively recog- The bill would provide a number of nized for many years. We feel, therefore, specific exemptions from the divestment rethat it is inappropriate to apply to bank quirements. While some such specific exholding companies exactly the same prin- emptions may be appropriate, they should ciples which were applied to branches of be kept to a minimum and be explicit. It national banks. If any analogous provision may be desirable, for example, to exempt is necessary here, it should make the expan- shares of a company engaged solely in holdsion of bank holding companies dependent, ing or operating properties used by a subnot upon affirmative authorization by the sidiary bank or engaged solely in conduct- States, but upon the absence of express pro- ing a safe deposit business. Also, it may hibition by the States. be appropriate to include the exemption pro- In our judgment the rights of the States vided in paragraph (6) of section 6(c) of in this field can be effectively protected by the bill with respect to the ownership of not provisions which would require the adminis- more than 5 per cent of the outstanding 264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANY LEGISLATION voting securities of a nonbanking company. pricious, or unlawful action on the part of It is questionable, however, whether some the administering agency would be, and of the exemptions provided are necessary or should be, subject to review by the courts. desirable. For example, exception (5) on However, if any provisions on this subject are page 9 of the bill would seem to permit a included in the bill, we feel that a provision bank holding company which is itself a for trial of the facts de novo would be at bank to own any shares of nonbanking com- variance with the spirit and intent of the panies which it would be permitted to own Administrative Procedure Act which exunder State law. We see no logical reason empts from judicial review any action comfor such an exemption. In fact, this exemp- mitted to agency discretion. We also think tion might operate to defeat the purposes that, instead of the vague provision for reof the legislation in some situations. view at the instance of any person "affected," In any event, as against numerous specific the right to review should be limited to the exemptions, it would seem preferable to vest principals in the proceedings involved. the administering agency with a limited authority to exempt ownership of shares of OTHER PROVISIONS OF THE BILL companies which are determined to be closely related to the business of banking or Certain provisions of the pending bill have of managing or controlling banks. Such a no direct connection with the two main obprovision should, we believe, be coupled with jectives of the legislation. the new provisions which I have already Under section 7 of the bill, subsidiary proposed for the exemption of certain bank banks would be absolutely prohibited from holding companies from the divestment re- making loans to, or investing in the stock quirements in a very limited class of cases. or securities of, their bank holding company or any other subsidiary of the bank holding company. We feel that these pro- 4. ADMINISTRATION visions are unnecessarily restrictive. More- The administrative provisions of the bill over, if any provisions on this subject are are contained in sections 4, 9, and 10, which deemed to be necessary, we believe that they relate, respectively, to registration, reports should be enacted in the form of amendand examinations of bank holding com- ments to section 23A of the Federal Reserve panies, hearings, and judicial review of ad- Act, which now places certain limitations ministrative action, and criminal penalties upon loans by member banks to their holdfor violations of the Act. ing company affiliates or other affiliates. As Our only comment on these provisions re- to nonmember banks, the States should be lates to section 9 which would give to any left free to determine what restrictions they person in any way affected by the Board's may wish to impose upon loans by State action or omission to act under the bill a banks to their affiliated organizations. right to judicial review, with a trial of the Section 11 of the bill would make a numfacts de novo by the reviewing court. It is ber of technical amendments to provisions questionable whether any specific provisions of existing law. Insofar as these provisions for judicial review are necessary, since, even would amend the Internal Revenue Code to without such provisions, any arbitrary, ca- afford appropriate tax relief to bank holding MARCH 1955 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANY LEGISLATION companies complying with the divestment able and effective legislation on this subject. requirements of the bill, we think that they By way of summary, we think that the prinare desirable, although we do not feel spe- cipal objectives of the legislation could be cially qualified to comment on their ade- accomplished by a bill which, in addition quacy. However, the amendments proposed to certain administrative provisions, would to be made to existing provisions of law include only— relating to holding company affiliates of (1) a definition of "bank holding company" as a company controlling a majority member banks have no apparent relation of the stock of any one bank, with no exto the principal objectives of the bill. The ceptions ; existing provisions are aimed primarily at (2) a requirement that every bank holdmaintaining the soundness of member banks ing company obtain prior approval before in holding company groups. It may be that acquiring the stock of any bank if thereafter in some respects they should eventually be its holdings of the stock of that bank will modified, but there appears to be no reason exceed 5 per cent, with provision for obwhy they should not be continued in force taining the views of State and Federal aufor the present. thorities; and (3) a requirement that bank holding com- CONCLUSION panies divest themselves of their nonbanking interests, with a minimum of specific These comments on the pending bill have exemptions, but with administrative authorbeen made for the purpose of helping, as far ity to make the limited exemptions which as we can, in the working out of reason- I have mentioned. 266 FEDERAL RESERVE BULLETIN 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 Regulations T and U Interpretation carrying redeemable shares of open-end investment companies, whose assets customarily include regis- Arranging Loan to Purchase Open-end Investment tered securities, shall be deemed to be loans for the Company Shares purpose of purchasing or carrying registered stocks. The Board was recently asked whether a creditor Therefore, any such loan, if secured directly or subject to Regulation T may arrange for a cusindirectly by any stock, is subject to Regulation U tomer a loan from a bank subject to Regulation U although the shares of the company are not themon unregistered, redeemable shares of an open-end selves registered shares. investment company for the purpose of purchasing In announcing the above amendment in its press such shares. statement of June 9, 1953, and at page 599 of the This matter was the subject of the Board's inter- June 1953 Federal Reserve BULLETIN, the Board pretation published at page 1105 of the October stated, among other things, that such amendment 1952 Federal. Reserve BULLETIN which stated, in "does not affect Regulation T." In addition, the substance, that a creditor subject to Regulation T Board's interpretation published at page 950 of the may not arrange for the extension or maintenance September 1953 BULLETIN stated that a creditor of credit on unregistered, redeemable shares of an subject to Regulation T may not arrange extensions open-end investment company in view of the of credit on unregistered securities for the purpose provisions of section 7(c) of the Securities Exchange of purchasing or carrying either registered or un- Act of 1934 and section 7(a) of Regulation T. The registered securities. shares of most open-end investment companies, of Accordingly, the Board stated that its interprecourse, are not registered on any national securities tation at page 1105 of the October 1952 Federal exchange. Reserve BULLETIN, referred to above, is still effec- It was suggested, however, that the interpreta- tive, and that a creditor subject to Regulation T tion just referred to might now be inapplicable may not arrange for a customer a bank loan on because of Amendment No. 12 to Regulation U, unregistered, redeemable shares of an open-end effective August 1, 1953. Under that amendment, investment company for the purpose of purchasing loans by banks for the purpose of purchasing or or carrying such shares. MARCH 1955 267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Redesignation of Mr. Martin as Chairman of the Board of Wyoming for a year and then became an assoof Governors and the Designation of Mr. Balderston ciate professor at Colorado State College, where he as Vies Chairman stayed until 1928. Moving to Texas A & M College The President of the United States on March 11, that same year, he became head of the Dairy Hus- 1955, issued an Order redesignating Mr. Wm. McC. bandry Department and in 1944, he was appointed Martin, Jr., as Chairman of the Board of Governors Dean of Agriculture, which position he was holding of the Federal Reserve System, to serve as such for at the time of his appointment to the Board of a term of four years from April 1, 1955, unless and Governors. until his services as a Member of the Board of He has been active in a number of agricultural Governors shall have sooner terminated. organizations, including serving as United States The President on the same day issued an Order Delegate to the World's Dairy Congress (Berlin) designating Mr. C. Canby Balderston as Vice Chair- in 1937; American Jersey Cattle Club (director, man of the Board of Governors of the Federal 1940-43); Texas Dairy Products Association (presi- Reserve System, to serve as such for a term of four dent, 1942-44); as a member of the Inter-American years, unless and until his services as a Member Committee for the Dairy Industry, and as chairman of the Board of Governors shall have sooner termi- of the Resident Instruction Section, Association of nated. Land Grant Colleges and Universities in 1947. He is also a member of the American Dairy Science Appointment of Mr. Shepardson as a Member of the Association, the National Education Association, Board of Governors the American Association for the Advancement of The President, on February 18, 1955, sent to the Science, the Texas State Board of Examiners for Senate the nomination of Mr. Charles N. Shepard- Teacher Education, and is a past president of the son as a Member of the Board of Governors. The Association of Southern Agricultural Workers. nomination was confirmed by the Senate without objection on March 8, and Mr. Shepardson took his Federal Reserve Meetings oath of office on March 17, at Houston, Texas. He A meeting of the Presidents of the Federal Rewas appointed for the unexpired portion of the term serve Banks was held in Washington on February of fourteen years from February 1, 1954, to succeed 28 and March 1, and on March 3 the Presidents Mr. Paul E. Miller who died on October 21, 1954. met with the Board of Governors. Mr. Shepardson served as a director of the Hous- On March 2 a meeting of the Federal Open ton Branch of the Federal Reserve Bank of Dallas Market Committee was held, at which Wm. McC. from January 1, 1950, and as Chairman of the Board Martin, Jr., was re-elected Chairman and Allan of Directors at the Branch from January 1, 1955, Sproul, Vice Chairman. The representative memuntil he resigned to become a Member of the Board bers of the Committee elected by the Federal Reof Governors. serve Banks for the period of one year beginning Mr. Shepardson was born at Littleton, Colorado March 1, 1955, are Allan Sproul, W. D. Fulton, on January 7, 1896, the son of Noah and Mary Hugh Leach, Watrous H. Irons, and C. E. Earhart, Margaret (Chatiield) S. He married Florence Presidents of the Federal Reserve Banks of New- Redifer in 1924, his first wife having died shortly York, Cleveland, Richmond, Dallas, and San Franafter their marriage in 1917. Fie has no children. cisco, respectively. He has spent his entire career in the field of agriculture. A graduate of Colorado A & M Col- Publication of the Annual Report of the lege in 1917, he also received an M.S. degree Board of Governors from Iowa State College in 1924. He served as a The Forty-first Annual Report of the Board of Captain in the Infantry, U. S. Army, from 1917 Governors of the Federal Reserve System, covering to 1919. Returning to civilian life, he served as operations for the calendar year 1954, is available Extension Animal Husbandman at the University for distribution. Copies may be obtained upon re- 268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS quest from the Division of Administrative Services, of Boston for the term ending December 31, 3957, Board of Governors, Washington 25, D. C. and Deputy Chairman at che Bank for the un- Banks in United States Territories expired portion of the year 1955. As a Class C on Federal Reserve Par List director and Deputy Chairman, Mr. Sprague suc- The table published on page 209 of the February ceeded Mr. Ames Stevens, President, Ames Worsted 1955 BULLETIN, "Number of Banking Offices on Company, Lowell, Massachusetts, whose term ex- Federal Reserve Par List and Not on Far List," pired. excluded, as indicated in a footnote appended Admission of State Barsk to Membership in the thereto, banks in United States territories and Federal Reserve System possessions except one national bank in Alaska The following State Bank was admitted to that became a member of the Federal Reserve membership in the Federal Reserve System during System on April 15, 1954. On December 31, 1954, the period January 16, 1955 to February 15, 1955: however, there were also on the Par List two nonmember national banks, one nonmember territorial Indiana bank, and eight branches in Alaska, and ail banks Jasper—The German American Bank. (nonmember) and branches in Hawaii. These banks came on the Par List following the amend- Tables Published Annually and Semiannually, with ment, effective July 15, 1954, of Regulation J, and Latest BULLETIN Reference the designation of Alaska and Hawaii as being in Semiannually Issue Page the Twelfth Federal Reserve District for the pur- Banking offices: Analysis of changes in number of... Feb. 1955 208 poses of the Regulation. On, and not on, Federal Reserve Par List, number of Feb. 1955 209 Appointment of Class C Director Annually Earnings and expenses: On February 24, 1955, the Board of Governors Federal Reserve Banks Feb. 1955 206-207 Member banks: announced the appointment of Mr. Robert C. Calendar year May 1954 524-534 First half "of year Oct. 1954 1118 Sprague, Chairman and Treasurer, Sprague Elec- Insured commercial banks May 1954 535 Banks and branches, number of, tric Company, North Adams, Massachusetts, as by class and State May 1954 536-537 a Class C director of the Federal Reserve Bank B O a p n e k ra in ti g n g a n ra d t io m s, o n m e e ta m ry b er s t b a a ti n s k ti s c s, 1954 A Fe u b g . . 1 1 9 9 5 5 5 4 2 9 1 0 0 0 - - 2 9 1 0 6 2 MARCH 1955 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication March 15] Industrial production increased further in Feb- production. Partly reflecting gains in consumer ruary and early March. Construction activity in lines, activity in nonelectrical machinery industries February was at a record for the season, and retail has increased considerably since December. Truck sales were maintained at advanced levels. Unem- output, which was curtailed by extensive model ployment continued to show a less than seasonal rise. changeovers in February, recovered in early March. Average wholesale prices declined slightly in Feb- The Board's production index for nondurable ruary and early March reflecting decreases for farm goods industries in February rose to about its earlier products, foods, and a few industrial materials. peak as output of rubber, paper, chemical, and Demand for bank credit continued strong. petroleum products continued to increase. Reflecting recent expansion in crude petroleum as well INDUSTRIAL PRODUCTION as gains in other lines, minerals output in February The Board's seasonally adjusted index of indus- and early March slightly exceeded mid-1953 levels. trial production rose 2 points in February to 133 CONSTRUCTION per cent of the 1947-49 average, reflecting further gains in durable and nondurable manufacturing Value of new construction put in place in Febindustries and in minerals. This level compares ruary advanced slightly further to a record seawith 125 in February a year ago and with the mid- sonally adjusted annual rate of almost 41 billion 1953 high of 137. dollars, reflecting entirely increased private build- Output of primary metals and autos continued ing activity. Value of contract awards also rose to advance in February. Steel production has in- and was at a record for the month, 30 per cent creased further in March to about 92 per cent of larger than a year earlier. Housing starts increased current, capacity and to a tonnage rate close to the slightly from the high January total and were at record of early 1953. Auto assembly in early March a seasonally adjusted annual rate of: about 1.4 milcontinued at the record weekly rate of about 170,- lion units. 000 reached in February. Output of household EMPLOYMENT durable goods increased somewhat in January and Seasonally adjusted employment in nonagricul- February reflecting gains in appliances and furnitural industries rose further in February and at ture and more recently a small rise in television EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION Seasonally adjusted, millions of persons :ent. physical volume, seasonally adjusted. 1947-49 • 100 140 _ j NONMANUFACTURING _| 3 Bureau of Labor Statistics data. Proprietors, self-employed Federal Reserve indexes. Monthly figures, latest shown are persons and domestic servants are not included. Midmonth for February. figures, latest shown are for February. 270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 48.5 million was close to the year-ago level. At cocoa prices dropped further, returning to levels factories, employment and average hours of work prevailing before the sharp advances in the first increased. Average weekly earnings reached a new- half of 1954. Partly offsetting these decreases, high of $74.93, reflecting a rise in average hourly prices of poultry and eggs advanced considerably earnings to $1.85, as well as the longer workweek. from reduced levels. Unemployment continued to rise less than sea- Average prices of industrial materials and sonally in February and, at 3.4 million, was below finished products changed little from early Feba year ago but weli above the low levels prevailing ruary to mid-March. Prices of a few industrial during most of 1953. materials declined, including rubber and tallow, which had previously risen quite rapidly. Some DISTRIBUTION cotton and synthetic textiles weakened. Scrap Retail sales in February were little changed from metals and copper and aluminum products rose their advanced January rate after seasonal adjust- further, iron ore prices advanced, and increases in ment and were 6 per cent above a year ago. Deal- cement and some woodpulp prices are to become ers' sales of autos reached new highs for February. effective April 1. Dealers' stocks of new autos increased less than in January and were still below a year ago. Sea- BANK CKEDIT AND RESERVES sonally adjusted department store sales declined Total loans and investments at banks in leading in February, owing in part to adverse weather concities declined further between early February and ditions, but picked up again in the Erst half of early March. Reductions in bank holdings of U. S. March. Government securities were offset in part by ex- COMMODITY PEICES pansion in bank loans, as demand for bank credit The general level of wholesale commodity prices continued strong. Outstanding business loans indeclined slightly from early February through mid- creased and real estate mortgages continued to March, reflecting chiefly decreases in average prices show substantial expansion. Security loans were of farm products and foods. Marketings of live- reduced. stock—particularly hogs—have been large for this Free reserves of member banks continued to time of year. Hog prices declined to about the decline, averaging about 200 million dollars in late lows of late 1949, and prices of meats and lard February and early March. A somewhat larger declined. Feed grains also declined. Coffee and volume of reserves was absorbed through System sales and redemptions of Treasury bills along with PRICES 1UM increases in Treasury deposits at the Reserve Banks than was supplied through reductions in required reserves and in foreign deposits at the Reserve Banks. SECURITY MAUKI-TS j Yields on all U. S. Government securities, except the longest term bond, rose sharply in the latter half of February, but then turned down in the first week of March, erasing a large part of the preceding advance. The yield on the new forty-year bond remained generally steady, whereas the rate in the weekly Treasury bill auction advanced from 1.13 per cent around mid-February J..LHL U!. a i.;.li.LLiii:iJ.iiLjj L.i 1.^:1 to 1.42 per cent at the month-end, and then de- 1950 1952 1954 1950 3952 3954 Seasonally adjusted, except for price indexes. Prices. Bureau clined to 1.29 per cent on March 14. Yields on of Labor Statistics; disposable personal income and total .retail sales, based on Department of Commerce data; department corporate and municipal bonds increased further store trade. Federal Reserve. "Other" wholesale prices exclude during late February and early March. Common processed foods, included in total but not shown separately. Monthly figures, latest shown: January for income and depart- stock prices reached new highs in early March, ment store stocks; February for other series. February consumer prices estimated by Federal Reserve. but declined sharply subsequently. MARCH 1955 271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 275-276 Federal Reserve Bank rates; margin requirements; reserve requirements 276-277 Reserves and deposits of member banks 278 Federal Reserve Bank statistics 279-281 Regulation V: guaranteed loans, fees, and rates 281-282 Bank debits and deposit turnover; Postal Savings System 282 Money in circulation 283 Consolidated statement of the monetary system; deposits and currency 284 All banks in the United States, by classes 285-287 All commercial banks in the United States, by classes 288-289 Weekly reporting member banks 290-291 Commercial paper and bankers' acceptances 292 Life insurance companies; savings and loan associations. . 293 Government corporations and credit agencies 294-295 Security prices and brokers' balances 296 Money market rates; bank rates on business loans; bond and stock yields 297 Treasury finance . . 298-303 New security issues.. - 304 Business finance 305-306 Real estate credit statistics 307-309 Statistics on short- and intermediate-term consumer credit 310-312 Business indexes 313-322 Merchandise exports and imports 322 Department store statistics 323-327 Consumer and wholesale prices 328-329 Gross national product, national income, and personal income. . . . 330-331 List of tables published in BULLETIN annually or semiannually, with references for latest data 269 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. 273 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MISII IANK tssiifis, RESEIVE BAKI CREDIT, AND RELATES- STIIS Wednesday Figures, 1946-1950, Weekly Averaess of Daily Figures, 1951- Billions of Dollars 25 RESERVES 2 35 DISCOUNTS A5^D ADVANCES ^ ^^fMSHMfcW^fg^^m «sia«ifi£,'« FCD2RAL RESERVE E'lOAT 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Feb. 23. See p. 275. 274 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 T U o .S ta . l Go B v o o t u u . t g s - h e t cu u r r H e n it p e 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 - i Total s G to o c ld k T s r o c e t u r a u n u e r n y r c t a - - d y s - - M c t c u i o i i o n l n r a n - e - y T h c i u r o n a e r l g s y d a h s s - - T th w u r r r e e a i y s a n 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 c h 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 e a - d l b a 2 a ii n c k c e E e s x s - s2 right chase vances ing de- de- de- counts1 agree- posits posits posment its Averages of daily figures Week ending: 1954 Jan. 6.... 25,786 25,318 468 111 987 2 26,886 22,029 4,891 30,721 769 328 431 525 838 20,194 19,367 827 Jan. 13 ... ?S 43825,318 120 155 775 2 26,370 22,030 4,890 30,457 771 334 469 444 837 19,978 19,199 779 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 24,803 66 375 552 2 25,798 2.1,956 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 24,676 2.4,662 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.... 24,621 24,597 24 177 766 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 ""26 184 541 1 25,379 21,970 4,952 29,810 829 453 572 370 848 19,418 13,708 710 May 19 24,659 24,640 19 143 739 1 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 1 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 1 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 j 25 80? 21,924 4,958 29,928 8/3 342 549 358 877 19,805 18,885 920 June 16. ... 24,955 24,955 142 665 i 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 i 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 I 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 1 25,829 21,927 4,959 30,066 821 464 588 413 986 19,377 18,419 958 Julv 14 24,912 24,9.12 68 710 1 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 1 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 1 25,277 21,924 4,959 29,815 806 551 569 420 963 19,036 18,347 689 AUR. 4 24,325 24,325 175 653 1 25,154 21,908 4,960 29,890 802 742 526 455 908 18,698 17,666 1,032 Aug. 11 24,040 24,023 " " * • j 7 287 598 1 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 1 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 1 24,690 21,858 4,96! 29,850 807 566 557 450 927 18,353 17,627 726 Sept. 1 23.938 23,845 93 185 576 1 24,699 21,837 4,962 29,887 808 551 465 516 926 18,346 17,603 743 Sept. 8.... 24.013 23,977 36 147 598 i 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 1 24,939 21,809 4,967 30,073 795 558 559 432 925 18,373 17,591 779 Sept. 22.... 23,789 23,789 141 977 l 24,908 21,810 4,967 29.969 793 446 514 435 93 i18,596 17,691 905 Sept. 29'. '. . '.23,868 23|868 191 627 1 24^687 21,810 4', 968 29j888 795 652 511 437 933 18,250 17,663 587 Oct. 6.... 24,492 24,492 179 667 l 25,338 21,810 4,971 30,010 793 676 484 452 948 18,756 17,894 862 Oct. 13 24,606 24,581 25 259 599 1 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 1 25,699 21.'788 4 ,'973 30,125 796 570 443 440 950 19,136 18J269 867 Oct. 27 24,381 24,381 257 721 i 25,360 21,759 4,973 30,028 801 567 442 411 949 18,895 18,224 671 Nov. 3 24,464 24,448 16 355 617 1 25,436 21,759 4,976 30,088 806 669 432 472 895 18,810 18,233 577 Nov. 10 24,754 24,745 9 277 669 1 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 3 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 1 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 1 25,918 21,710 4,982 30,466 806 605 396 405 881 19,052 18,464 588 Dec. 8.... 24,891 24.889 2 465 724 1 26,080 21,710 4,982 30,623 806 535 361 408 877 19,162 18,444 71S Dec. 15 24,919 24,888 31 442 810 1 26,172 23 711 4,982 30 755 812 363 405 398 891 19,241 18,555 686 Dec. 22 24.928 24,888 40 3J1 1,373 1 26,612 21 >12 4,982 30!885 800 345 443 346 975 19,512 18,690 822 Dec. 29 24,918 24,888 30 377 1,138 i 26,433 21,712 4;982 30,828 801 453 523 295 976 19,250 18,630 620 1955 Jan. 5 24,918 24,874 44 372 885 1 26,176 21,712 4,984 30,501 804 449 527 413 916 19,263 18,580 683 Jan. 12 24,532 24,511 21 504 756 1 25,792 21,713 4,984 30,361 83 4 378 493 409 905 19,130 18,436 694 Jan. 19 24,155 24,128 27 445 881 1 25,482 21,714 4,985 30,079 818 275 516 413 902 19,176 18,383 793 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 18,429 645 Feb. 2. ?1 852 23,844 8 524 666 1 25,042 21 ,714 4.988 29,767 834 431 441 419 899 18,952 18,361 591 Feb. 9 24,016 23,902 1J 4 555 640 1 25,212 21,715 4; 988 29,794 827 472 447 480 895 19,000 18,272 728 Feb. 16.... 23.908 23,827 81 387 668 1 24,964 21.715 4,989 29,782 824 399 486 458 913 18,806 Pi8.239 P567 Feb. 23 23,732 23,732 395 804 (3) 24,932 21,716 4,990 29,771 825 490 390 486 959 18,716 P18.124 P592 Monthly: 1954-Feb... 24,770 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 3 151 696 1 25,483 21,966 4.941 29,755 825 584 481 427 926 19,392 18,627 765 May. . 24,689 24,680 9 172 640 1 25,503 21,975 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 18,813 857 July... 24,771 24,761 10 104 695 1 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 17,638 840 Sept... 23,941 23,928 13 170 725 24,838 21,809 4,967 29,991 796 541 522 433 929 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... 24,661 24,654 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 30,749 805 443 439 365 929 19.279 18,576 703 1955-Jan... 24,200 24,182 18 444 805 1 25,449 21,714 4,985 30,110 819 341 477 383 903 19,114 18,432 682 Feb... 23,838 23,787 51 473 710 1 25,021 21,715 4,990 29,784 826 477 420 473 927 18,819 ^Preliminary. For footnotes see following page. MARCH 1955 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money Treas- w re i s th e rv F e . R ba . la B n a c n e k s s , O F t e h d e - r reserve balances p D e o r a i r o te d Held c D ou is n - ts All s G to o c ld k r o c e u n u r c t - - y c c u i i n l r a - - h c u o a r l s y d h - Treas- For- Oth- s e R e r r e a v - l e Total B r o o ig u u h t g - h t t a u r c g e n h p r d a e u s e e e r r - - va a a n n d c d - es Float oth- Total st i a n n g d- tion ings p u o d r e s y - its p e o d i s g e- i n ts p d i e o t e r s s - - co a u c n - ts Total qu R ir e e - d2 c E es x s - 2 ment Midyear or year-end: 1929—June. 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec. 2,484 2,484 7 91 2,59317,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 2,36122,737 3,24711,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec. 24,262 24,262 249 578 25,09120,065 4,33928,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 23,18122,754 4,56228,868 1,336 870 392 569 56317,899 16,400 1,499 1949—Dec. 18,885 18,885 78 534 19,49924,427 4,59827,600 1,312 821 767 750 70616,568 15,550 1,018 1950—Dec. 20,778 20,725 53 67 1,368 22,216 22,706 4,63627,741 1,293 668 895 565 71417,681 16,509 1,172 1951—Dec. 23,801 23,605 196 19 1,184 25,009 22,695 4,70929,206 1,270 247 526 363 74620,056 19,667 389 1952—Dec. 24,697 24,034 663 156 967 25,82523,187 4,81230,433 1,270 389 550 455 77719,950 20,520 -570 1953—June. 24,746 24,718 28 64 601 25,41422,463 4,85430,125 1,259 132 527 176 95119,561 19,459 102 Dec. 25,916 25,318 598 28 935 26,88022,030 4,89430,781 761 346 423 493 839 20,160 19,397 763 End of month: 1954 Feb 24,50924,509 350 827 25,688 21,958 4,91329,904 811 542 490 491 90919,412 18,821 591 Mar 24,63224,632 147 535 25,316 21,965 4,93529,707 819 722 494 363 91719,194 18,689 505 Apr 24,63224,632 172 576 25,38221,969 4,95129,735 819 579 471 321 85019,528 18,844 684 May 24,81224,81.2 245 723 25,78121,973 4,95729,870 820 408 527 645 87819,563 18,891 672 June 25,03725,037 37 567 25,64221,927 4,95929,922 811 875 545 377 98819,011 18,412 599 July 24,32524,325 184 672 25,18321,908 4,96029,892 798 716 533 503 90818,702 17,763 939 Aug 24,02323,894 129 200 473 24,696 21,809 4,966 29,929 811 511 477 501 92518,316 17,572 744 Sept 24,27024,270 132 779 25,183 21,810 4,97229,985 786 704 461 422 93118,676 17,724 952 Oct 24,38124,381 297 721 25,40121,759 4,97730,074 806 729 426 496 88418,722 18,251 471 Nov 24,88824,888 398 657 25,94421,710 4,98230,500 800 694 397 381 88018,985 18,467 518 Dec 24,93224,888 143 808 25,88521,713 4,985 "3"0,509 796 563 490 441 90718,876 18,618 258 1955 Jan 23,885 23,882 475 600 24,960 21,714 4,989 29,789 837 360 441 419 89918,918 18,337 581 Feb 23,605 23,605 485 678 24,769 P21.716P4.995 P29.812 564 320 433 95718,562P18,152 P410 Wednesday 24,{ 24,888 377 699 25,965 21,710 4,982 30,504 813 742 386 390 87918,944 18 452 492 24,88824,888 345 624 25,85821,711 4,98230,697 818 350 358 380 87619,073 18 472 601 24,93224,£ " 364 1,191 26,48721,711 4,98130,773 807 333 405 324 97519,562 18 611 951 24,88824,888 264 1,328 26,48121,712 4,98230,946 80S 310 450 319 97519,367 18 699 668 24,95124,£~ 565 854 26,37121,712 4,98430,638 809 465 577 370 97519,233 18 639 594 24,83824,838 358 1,010 26,20721,712 4,98430,434 813 222 564 401 90519,566 18 565 1,001 24,52424,497 27 537 678 25,73921,713 4,98430,196 821 457 503 387 90419,170 18 389 781 23,90923,899 10 298 875 25,08221,714 4,98529,959 827 160 475 391 90219,066 18 415 651 23,67423,671 3 446 607 24,^7"2"8 21,7144,98529,752 834 396 434 220 90118,890 18 440 450 23,92623,902 24 680 655 25,26221,714 4,98829,758 834 503 419 455 89819,099 18 369 730 24,01623,902 114 335 522 24,87321,715 4,98929,779 830 307 471 457 89518.838 18 233 605 23,73223,732 535 803 25,07121,715 4,98929,743 830 495 428 419 95818,903P18 220 P683 23,73223,732 392 544 24,66821,716 4,99: 29,793 828 554 329 432 96018,479 PP18 091 P388 J» Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2These figures are estimated. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS ] [Per cent per annum] [Per cent of market value] Nov. 1, 1933- Feb. 1, 1935- Effective Tan. 17, Feb. 20, Effec- Jan. 31, 1935Dec. 31, 1935 Jan. 1, 1936 Prescribed in accordance with 1951- 1953- tive Securities Exchange Act of 1934 Feb. 20, Jan. 4, Jan. 4, 1953 1955 1955 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months... . and dealers on listed securities 75 50 60 In less than 90 clays For short sales 75 50 60 Regulation U: 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 requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C., the market value (100%) and the maximum loan value. Changes on effective Feb 1, 1936, are the same as those in effect for member banks. Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and Annual Report for 1948, p. 77, and 1953, p. 76. 276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government ti b o a n n s k s o t s h e e c r u r t e h d a n b y m d e i m re b c e t r obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)* Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Feb. 28 beginning— rate Feb. 28 beginning— rate Feb. 28 beginning— rate Boston Aor. 27,1954 2 Apr. 27,1954 2M New York., ., Apr. 16,1954 2 Apr. 16,1954 Philadelohia. . May 21, 1954 2 May 21, 1954 2M C R l i e c v h e m la o n n d d.. .. A M p a r y . 1 2 5 3 , , 1 1 9 9 5 5 4 4 2 2 A M p a r y . 1 2 5 3 , , 1 1 9 9 5 5 4 4 3 Atlanta May 15, 1954 2 May 15, 1954 3 Chicago Apr. 14.1954 2 Sept. 13,1954 St. Louis Apr, 23,1954 2 Anr. 23, 1954 3 " K M a i n n s n a e s a p C o i l t i y s. . . . A A p p r r , . 2 2 3 9 , ,1 1 9 9 5 5 4 4 hi A Fe p b r . . 2 1 9 2 , , 1 1 9 9 5 5 4 4 hi Dallas Apr. 23, 1934 Apr, 23, 1954 San Francisco Apr. 16,1954 2 Apr. 16,1954 3 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 day3 for discounts and advances under Sections 13 and. *3a. of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months ate limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, Darinersbips, or corporations tinder the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES Per cent of deposits! [Per cent per annum 1 Xet demand deposits1 Maturity R Fo a b te . 2 o 8 n In g i e n f n fe in ct g — be- Pre ra v t i e ous de T p i o m s e its 91 1 - - 12 9 0 0 d d a a v v s s I \ K Vs. J T a a n n . . 1 1 3 3 , , 1 1 9 9 5 5 5 5 V IK A Ef o fe f c t c iv h e a ng d e ate C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r 121-180 days Jan. 13, 1955 IK 1917 -June 21 13 10 NOTE.—Effective minimum buying rates on prime bankers' accept- 1936—AUR. 16 15 ances payable in dollars. Back figures.—See Banking and Monetary 1937—Mar. 1 22 K 17 Statistics, Table 117, pp. 443-445. May 1 26 20 14 1938—Apr. 16 22K 12 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1941— Nov. 1 26 20 14 OF THE FEDERAL RESERVE ACT 1942—An c;. 20 24 Sept. 14 22 Maturities not exceeding five years Oct. 3 20 [In. effect February 28. Per cent per annum] 1948—Feb. 2 7 June 11 Sept. 16 16 To industrial or Sept. 24 26 commercial To financing institutions businesses 1949—May 1 May 5 24 21 June 30 20 » 6 On discounts or July \ 2 6 R F B e e d s a e e n r r k v a e l lo O an n s1 co m m O en m n t i s t- fo P r o w rti h p o i u n c r h chases Re- c m o O m en n m ts it- A A A A A U U I u u I K K R g g . . . . . 2 1 1 ? . 5 8 1 6 1 23 - i""'ii' institu- maining Sept. 1. 22 18 tion is portion 1951—Jan. 11 23 19 -"'6 obligated Jan. 16 13 2 6 Tan. 25 '24''' Feb. 1 ' i -i Boston 3-5 J* (2) New York 3-5>£ 1953—July 1 Philadelphia § July 9 Cleveland 23J-5 1954—June 16 Richmond 2H-s JUDO 24 21 Atlanta 2M-5 (•) July 29 20 S M C t h . i i n c L n a o g e u o a is polis.... 3 2 3 - - H 5 5 - M 5 2^-5 # (8) In ef A fe u ct g . Ma 1 r. I, 19551. 20 18 .1 1 1 2 2 S K D a a a n l n l s a F a s r s a C nc it i y sco... 2 3- H 5 - K 5 ( ( ( 8 8 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 je n c t t o to ta l r es d e e r m ve a n r d e qu d i e r p e o m si e t n s ts m , i w n h u i s c h c a b s e h g i i n t n e i m n 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). 3Rate charged borrower less commitment rate. 2Requirement became effective at country banks. 8Rate charged borrower. 4Rate charged borrower but not 3 Requirement became effective at central reserve and reserve city to exceed 1 per cent above the discount rate. banks. BCharge of 3^ per cent per annum is made on undisbursed portion 4Present legal minimum and maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; reserve cities, 6Charge of 34 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. 277 MARCH 1955 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 YVednesday ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago Total reserves held: Excess reserves:1 1953— D N e o c v e e m m b b e e r r 1 1 9 9 , , 7 9 1 2 8 0 4 4 , ,7 7 6 3 2 0 1 1, , 2 2 9 8 5 8 7 7 , ,9 8 6 4 2 9 5 5 , ,9 8 0 5 1 2 1953— D N e o c v e e m m b b e e r r 6 6 8 9 4 3 1 1 9 4 i 8 8 7 5 5 5 7 9 9 4 1954—Tanuarv 20,179 4,863 ,320 8,065 5,932 1954—Tanuarv 936 146 7 162 621 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 1955—Januarv 19,114 4,410 1,203 7,881 5,619 1955—Tanuarv 682 8 3 87 584 Tan. 19 19,176 4,372 1,202 7,895 5,707 Jan. 19 793 18 4 104 667 Jan. 26 19,074 4,393 1,188 7,869 5,(525 Tan. 26 646 3 r 71 577 Feb. 2 18,952 4,415 . 900 7,817 5,520 Feb. 2 591 17 83 491 Feb. 9 19.000 4,418 1 ,200 7 ,773 5,608 Feb. 9 727 37 7 105 578 Feb. 16 18,806 4 373 1,182 7,739 5.51.1 Feb. 16 P566 8 2 66 P490 Feb. 23 18,716 4,347 1,177 7,685 5,506 Feb. 23 P591 45 -4 64 P486 Borrowings at Federal Required reserves:' 2 Reserve Banks: 1953—November 19,034 4,711 1,288 7,762 5,272 1953—November 486 78 24 273 111 December 19,227 4,748 1,295 7,877 5,307 December 434 115 37 178 104 1954—January 10.243 4, 7! 7 1 ,313 7.903 5,311 1954—Tanuarv MOO 1 58 '42 November 18,393 4,447 1,200 7,742 5,003 November 164 32 7 84 43 December 13,576 4,497 1,210 7,836 5,032 December 246 62 15 !17 52 1955—Januarv 18,432 4,402 1 ,200 7,794 5,036 1955—January 313 77 57 124 55 Jan. 19 18,383 4,354 1 ,198 7.791 5.040 Jan. 19. . 312 90 81 82 59 Jan. 26.... 18,429 4.390 1,193 7,798 5,048 Tan. 26 325 76 49 149 5.1 Feb. 2 18,361 4,398 1 ,200 7,734 5,029 Feb. 2 401 84 45 197 75 Feb. 9 18,272 4.381 1,193 7,668 5,030 Feb. 9 435 118 51 210 56 Feb. .16 •"1.8.239 4,364 1,180 7,673 P.5,022 Feb. 16 267 24 30 137 76 Feb ?3 PI 8.124 4.302 1 ,181 7,621 P5.020 Feb. 23 273 16 10 180 67 P Prel iminary. r Revised. 1 Weekly figures of required and excess reserves of all member banks and of country banks are estimates. 2See table on preceding page for changes in reserve requirements. NOTE.—Monthly and weekly data for the full year 1954 are shown on pp. 210-211 of the BULLETIN for February 1955. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 Iu millions of dollars] Central reserve Central reserve All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago January 1955 January 1954 Gross demand deposits: Total 115,]63 23,587 6,316 45,108 40,152 111,052 23,121 6,278 43.201 38.453 Interbank 13,638 4,185 1 ,245 6,788 1,421 13,461 4.1.71 1 ,328 6,688 1 ,274 Other 101,525 19,403 5.071 38,320 38,731 97,591 18,950 A . 950 36,512 37,178 Netdemand deposits2 99,851 21 ,H9 5,672 38,919 3 A,1*4 96 003 20.639 5 ,626 37,072 32.667 Time^deposits 39,416 3,565 1,317 15,764 18,770 36,247 2,944 1,246 14,320 17,737 Demand balances due from domestic banks.. . 6,937 51 119 2,086 4,681 6,890 51 129 2,153 4,556 Reserves with Federal Reserve Banks: Total 19,114 4,410 1 ,203 7,881 5,619 20,179 4,863 1 ,320 8.065 5,932 Required3 18,432 4,402 1,200 7,794 5,036 19,243 4,717 1,313 7,903 5,311 Kxcess 682 8 3 87 584 936 146 7 162 621 Borrowings at Federal Reserve Banks 3.13 77 57 124 55 '100 1 58 '42 •"Revised. 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and. demand balances due from domestic banks. 3 See table on preceding page for changes in reserve requirements. 278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1955 1955 1954 Feb. 23 Feb.16 Feb. 9 Feb. 2 Jan. 26 Feb. Jan. Feb. Assets Gold certificates 20,174,10220,174,10220,174,10320,174,102 20,174,10120,174,10120,174,10320,389,102 Redemption fund for F. R. notes. . 857,767 860,937 861,272 863,797 863,798 857,766 863,796 880,653 Total gold certificate reserves. 21,031,869 21,035,039 21,035,37521,037,899 21 ,037,899 21 ,031,86721,037,899 21,269,755 F. R. notes of other Banks... 196,297 215.032 212,840 212,679 237,798 199,146 211,568 182,856 Other cash 439,748 455,093 459,676 470,363 461,798 445,127 467,535 459,656 Discounts and advances: For member banks 274,871 415,214 215,055 560,229 321,004 378,743 354,621 335,277 For nonmember banks, etc. 116.667 120,000 120,000 120,000 125,000 106.667 120,000 15,000 Industrial loans 430 517 521 577 482 534 619 1 ,772 U. S. Government securities: Bought outright: Bills 1,010,644 1,010,644 1,180,644 1,180,644 949,744 883,244 1,160,144 1,787,775 Certificates: Special Other 9,960,141 9,960,141 13,882,341 13,882,341 882,34.1 9,960, 882,341 6,051,191 Notes 9,959,471 9.959,471 6,037,271 6,037,271 037,271 9,959, 037,271 13,029,021 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 801,750 2,801,750 801,750 3,641,150 Total bought outright 23,732,00623,732,006 23,902,006 671 ,10623,604,606 881.50624,509,137 Held under repurchase agreement. 114.000 3,000 3,000 Total U. S. Government securities. 23,732,00623,732 ,006 24,016,006 23,926,006 23,674,10623.604,60623,884,50624,509,137 Total loans and securities 24,123,97424,267,73724,35.1 ,58224,606,81224,130,59224,090, 50 24,359,746 24,861,186 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items. . 3,870,950 4,750,621 3,634,689 3,889.315 ,977.898 3,489, 899 ,326,401 3,723,526 Bank premises 55,500 55,546 55,406 7 54.981 55.432 54,915 52,815 Other assets 125,336 119,436 176,934 169,965 163,159 129,925 167,560 142,139 Total assets 49,843,696 50,898,52649,926,52450,442,37250,054,14749,441.968 50,691,955 Liabilities Federal Reserve notes 25,581,868 25,573,564 25,613,68225 ,609,959 25,623 ,998 25 ,608,616 ,639,658125,756,835 Deposits: Member bank—reserve accounts.. 18.479,45818,903,03918,838, 19,099.11018,890,24018,561,754.18 91.8,22119..412,387 U. S. Treasurer—general account. 553,863 494,625 306, 502,858 395,657 564,049 359,803 541,544 Foreign 328,979 427,600 470, 418,887 434.195 319,784 44.1 .059 489.792 Other 431,748 418,603 457, 454,641 220,294 433,30S 419,370 490,653 Total deposits. 19,794,04820,243,86720,072,739 20,475 ,49619,940.38619,878,895 20,138,453 20,934,376 Deferred availability cash items , 3,327,199 3,947,722 3,112 3,234,083 3,370,989 811,959 2.726,078 896.772 Other liabilities and accrued dividends. 15,891 14,04 13 14,418 15,475 14,683 14,369 15,994 Total liabilities. 48,719,00649,779,200 48,813,054 ,333,956 48, 950,848 48,314,15348,518,558 49,603 ,9 7 7 Capital Accounts Capital paid in 293.202 292 ,117 291,001 290,534 290.166 293,065 290,314 269,656 Surplus ("Section 7) 060,901 660,901 660,90! 660,901 660,901 660,90! 660,901 625,013 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 143,044 138,765 134,025 129,438 124,689 146,306 128,330 165,766 Total liabilities and capital accounts. 49,843,696 50.898,52649,926,52450,442,37250,054.14749,441, 968 49 ,625 , 64650,691,955 Ratio of gold certificate reserves to deposit and F. R, note liabilities combined (per cent) 45.9 46.0 45.6 46.2 46.0 Contingent liability on acceptances purchased for foreign correspondents 25,901 25,095 23,842 23,388 21,455 28,154 22,989 9.741 Industrial loan commitments 3,330 3,245 3,242 3,193 3,288 3,191 3,151 3,146 Maturity Distribution ol Loans and U. S. Government Securities1 Discounts and advances—total 391.538 535.214 335,055 680,229 446,004 ,410 474.621 350,277 Within 15 days 265,255 378,268 220,414 481,660 301,100 315,890 329,067 329,012 16 days to 90 days 59,596 76,926 34,621 118,529 64,864 102,792 65.514 21,265 91 days to 1 year 66,687 80,0201 80,020 80,040 80,040 66,728 80.040 Industrial loans—total 430 5171 521. 577 482 534 619 Within 15 days 15 i5\ 16 17 85 17 17 266 16 days to 90 days 99 96 93 93 99 102 100 391 91 days to i year 244 334 339 394 225 343 429 1,041 Over I year to 5 years 72 72 73 73 73 72 73 74 U. S. Government securities—total 23,732,00623,732,00624,016,006 23 926,00623,674,10623604, 60623,884,50624,509,137 Within 15 days 173,000 286,800 320,100 274,794 337,694 9?, 600 115,694 262,700 16 days to 90 days 524,010 2,410,210 986,544 941,850 4,627,050 477,010 059,450 ,525,075 91 days to 1 year 507,39811,507,39813,193,764 13,193,76413,193,764 507,39813,193,764 ,874,141 Over 1 year to 5 years 099,127 ,099,127 ,087,127 087,127 087,127 099,127 087,127 ,057,964 Over 5 years to 10 years 013,614 ,013,614 ,013,614 013,614 013,614 013,614 013,614 ,374,400 Over 10 years 414,857 ,414,857 ,414,857 414,857 414,857 414,857 414,857 ,414,857 1 Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 279 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1955 [In thousands of dollars] Item Total Boston Y X o e- r . k v d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u .# is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificates. 20,174,101 988,010 5,350,239 1,236,9611,750,7001,149,896 866,4563,618,082 783,884 407,719 793,329 814,963 2,413,862 Redemption fund for K. R. not<»s. 857,766 53,216 182,050 58,042 76,277 72,034 53,423 143,243 46,900 24,533 39,569 28,593 79,886 Total gold certificate reserves. . .''.1,031,867 1,041,226 5,532,289 1,295,0031,826,977 1,221,930 919,8793,761,325 830,784 432,252 832,898 843,556 2,493,748 F. R. notes or other Ranks... 199,146 8,735 34,456 11,742 12,850 9,685 71,997 15,226 6,508 3,097 4,181 8,694 11,975 Other cash 4-1-5.J 27 34,903 98,751 17,286 47,725 22,789 40,83-1 69,991 24,871 9,296 14.746 15.700 48,235 Discounts and advances: Secured bv U. S. Govt. securities. . . 378,245 15,680 66,010 28.620 16,580 13,885 26,375 105,050 12,050 1 7,995 43,825 13,700 18,475 Other 107,165 6,456 31,14-7 7,787 9,707 5,333 4,587 15,341 4 053 2,667 4,087 5,013 10,987 Industrial loans . 534 441 93 U. S. Government securities: Bought outright 23,604,606 1,302,455 6,029,372 1,436,5292,023,080 1,390,2641,202,2064,126,510 987,735 579,658 1,018,397 927,519 2,580,881 Held under repurchase agreement... 1 Total loans and • securities 24,090,550 1,324,591 6,126,529 1,473,3772,049,367 1,409,482 1,233,1684,216,901 1,003.838 600,413 1,066,309 946,232 2,610,343 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash 3 489 899 290 569 688 870 228 651 312 90S 244,016 254 474 573 501 131 983 83 320 182,440 169,577 329,590 Bank premises.. . 55,432 5,868 7,121 5,304 5,244 4,458 3,852 6,245 2,822 998 2,986 1,262 9,272 Other assets 1.29,925 6,772 31,481 7,457 11,099 7,545 7,263 23,936 5,659 3,046 5,481 6,077 14,109 Total assets 19,4+1,968 2,712,665 12,519,5033,038,822 4,266,172 2,919,906 2,531,468 8,697,1282,006,466 1,132,4232,109,042 1,991,0995,517,274 Liabilities F. R. notes 25,608,616 1,556,736 5,773,323 1,802,2682,352,170 1,826,5401,336,0214,972,160 1,154,405 568,334 1,017,315 720,667 2,528,677 Deposits: Member bk.— reserve accts. 18,561,754 743,042 5,412,361 845,783 1,396,365 768,313 906,081 3,059,526 667,629 424,522 863,832 1,026,9882,447,312 U. S. Treas,— gen. acct.. . . 564,049 47,759 47.388 50,260 46,008 46,417 47,499 92,768 25,894 33,723 42,354 31,498 52,481 Foreign 319,784 18,960 2 96,03 8 23,068 28,756 15,800 13,588 44,240 12,008 7,900 12,008 14,852 32,566 Other 433,308 3,228 351,980 9,719 6,365 2,237 1,386 3,1.41 6,848 1,937 4,007 1,414 A1,046 Total deposits. . .19,878,895 812,989 5,907,767 928,830 1,477,494 832,767 968,5543,199,675 712,379 468,082 922,201 1,074,7522,573,405 Deferred availabilitv cash items 2,811,959 274,123 514,798 224,978 332,628 200,556 175,228 364,120 94,4-85 65,951 124,687 142,166 298,239 Other liabilities and accrued dividends 14,683 736 4,030 822 1,761 598 610 2,724 489 562 544 506 1,301 Total liabilities. . •18,314,153 2,644,584 12,199,918 2,956,898 4,164,053 2,860,461 2,480,413 8,538,679 1,961,7581,102,9292,064,747 1,938,0915,401,622 Capital Accounts Capital paid in . . 293,065 15,159 90,858 19,345 27,824 13.074 12,625 38,860 10,100 6,482 1.1,208 14,970 32,560 Surplus (Sec. 7). . 660,90! 40,309 188,070 47,773 60,222 33,480 29,480 95,566 26,619 16,918 24,755 29,985 66,724 Surplus (Sec. 13b) 2 7,543 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 .146,306 9,602 33,338 10,317 13,067 9,542 8,188 21,594 7,4(18 5,02.1 7,195 6,746 14,228 Total liabilities accounts 49,441,968 2,712,665 12,519,5033,038,822 •4,266,1722,919,906 2,531,468 8,697,1282,006,466 1,132,4232,109,042 1,991,0995,517,274 Reserve ratio... . 46.2% 43.9% 47.4% 47.4% 47.7% 45.9% 39.9% 46.0% 44.5% 41.7%. 42.9% 47.0% 48.9% Contingent liabilitv on acceptances purchased for forspondents 28,154 1,554 39,81.7 1,891 2,357 1,295 1,114 3,626 984 647 984 1,217 2,668 Industrial loan commitments.. 3,226 299 598 35 99 15 2,180 1 Alter deducting $16,000 participations of other Federal Reserve Banks. -After deducting $223,728,000 participations of other Federal Reserve Banks. 3After deducting $18,337,000 participations of other Federal Reserve Banks. 280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month 1955 1955 1954 Feb. 23 Feb. 16 Feb. 9 Feb. 2 Jan. 26 Feb. Jan. Feb. F. R. notes outstanding (issued to Bank) 26,603,738 26,633,280 26,675,05226,784,96526,902,25226,589,57726,821,15426,938,131 Collateral held against notes outstanding: Gold certificates 1.1 ,208,000 11,208,00011,208,00011.208.0001.1 .208.00011,208,000 Eligible paper 139.139 80.303 1.62.407 137.307 150.586 120.644 U. S. Government: securities 17,065,000 17,065,00017,115,00017,115,00017,055,00017.115,000 Total collateral 28,412,139 28,459,92328,353,80328,485,40i 28,460,30728,423,58628,443,64428,540,640 EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1955 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Rank) 26,589,577 1,639,8335,949,731 1,875,6422,491,974 1,890,5151,393,6585,082,9911,204,486613,621 ,0-14,938765,2482,636,940 Collateral held: Gold certificates 11,208,000 640,0002,670,000 800,000 1,050,000 675,000 500,000 2,400,001 355,0001 75,000 280,000283,0001,380,000 Eligible paper.. .150,586 15,736 28,620 13,885 12,050 1 7,995 43,825, 18,475 U. S. Govt. securities 17,065,000 1,200,0003,600,000 1,200,0001,500,0001,300,0001,000,000 2,900,000 920,000500,000 800,000525,0001,620,000 Total collateral.. . 28,423,586 6,2 70,0002fO28,62OJ2,55O,OOO1,988,8851,500,0005,300,0001,287,050 692,9951,123,825808,0003,01.8,475 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE [Amounts in thousands of dollars] BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 Applications Partici- [Amounts in thousands of dollars] y E m e n a o d r n t o o h f r N b u e m r a - p to p r d o A a v t e m e d o . unt ( b a p p m u c l r A e o t o o t m v p e u n e - d - n o d J t t ) s (a t L a m o n o u o d a t u i n - n n s g t) 2 s ( C a t m a m o o n m e o u d n u t m i - t n n s i g t t ) -o s i ( n a t p t f a g m u a o n f t t i i u i o d i n n o o n t i a s - n n n n t n s s g i i c - ) 3 - y E e n a d r o o f r Gua a r u a t t n o h t o e d r e a i d z t e ed loaus o G u u t a s lo r t t a a n n II d t S e i e n d g a u A v b n a a d o d m i r d e l r i a r o o t b i w u g o l n e u e n t r a a s t r l o month Num.- Total Portion antee agreeber Amount amount guaran- ments 1945 3,511 544,961 320 1,995 1,644 1,086 teed outstanding 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 62 31,326 8,017 6,265 8.299 1949 3,649 629,326 539 2,178 2,288 2,947 1951. 854 1,395,444 675,459 546.597 472,827 1950 3.698 651,389 4,819 2,632 3,754 3,745 1952 1, i 59 2,i 24,123 979,428 803,132 586,303 195 i 3,736 710,931 3,513 4,687 6,036 11,985 1953 .1 ,294 2,358,387 804,686 666,205 363,667 1952 3,753 766,492 1,638 3,921. 3,2.10 3,289 1953 3,765 803,429 1,951 1,900 3,569 3,469 1954 1954 January... 1,304 2,377,628 788,320 652,706 347.969 February.. 1,310 2,380.186 772,647 640,121 355.056 February.. 3,765 806,648 1,345 1,792 3,145 3,344 March.... 1,316 2,399,321 737,605 612,265 321 ..619 March 3,766 808,505 1,720 1,487 2,957 2,666 Anril 1,322 2,406,651 684,631 569,551 347,823 April 3,767 810.051 405 1,302 2,891 2,412 May 1,324 2,408,226 664,122 552,738 330,408 Mav 3,767 810.779 45 1,298 2,373 1,869 June 1,331 2,420,326 640,636 534,695 299.465 June 3,768 812,433 195 1 .247 2,395 1,855 July 1,342 2,443,021 604,750 502,902 311,191 July 3,768 813,465 45 1 i 130 2,354 1,812 August... . 1,350 2,457,689 559,859 466,039 300,676 August 3,768 814,765 45 630 2,794 1,773 September. 1,355 2,477,939 546.930 455,618 295,805 September. 3,769 815,449 395 991 1,943 1,559 October. . . 1,357 2,478,939 527,074 416,713 283,510 October. . . 3,769 816,582 395 812 1,896 1,343 November. 1,361 2,481,669 504,708 395,388 266,798 November. 3,770 817,605 520 652 1,898 1,202 December. 1,367 2,499,634 471,947 367,694 272,903 December . 3,771 818,224 520 719 1,148 1,027 1955 1955 January... 1,370 2,501,179 454,209 347,008 264,549 January... 3,772 821,407 170 629 3,152 1,504 NOTE.—The difference between guaranteed loans authorized and 1 Includes applications approved conditionally by the Federal Re- sum of loans outstanding and additional amounts available to borserve Banks and under consideration by applicant. rowers under guarantee agreements outstanding represents amounts 2 Includes industrial loans past due 3 months or more, which are not repaid, guarantees authorized but not completed, and authorizations, included in industrial loans outstanding in weekly statement of con- expired or withdrawn. dition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. 281 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEES AND RATES ESTABLISHED UNDER REGULATION V POSTAL SAVINGS SYSTEM ON LOANS GUARANTEED PURSUANT TO DEFENSE [In millions of dollars] PRODUCTION ACT OF 1950 [In effect February 28j 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 r . n- re C s a e s r h ve ances 1 Total deposi- ment funds, Guarantee fee Percentage of tory securi- etc.2 Percentage of (percentage of any commitment banks ties loan guaranteed interest payable fee charged by borrower) borrower i 945—December. 2,933 3,022 6 2,837 179 1946--December, 3,284 3,387 6 3.182 200 7 7 5 0 or less e. 1 1 0 5 1 1 0 5 i 1 9 9 4 4 8 7 — — D D e e c c e e m m b b e e r r , . 3 3 , , 4 3 1 3 7 0 3 3 , , 5 4 2 4 5 9 6 7 3 3 . , 3 2 0 4 S 4 2 1 1 9 2 8 80 . „ , „ 20 20 1949—December.. 3,188 3,312 7 3,118 187 85 25 25 1950—December. 2,924 3,045 n 2,868 166 9 9 5 0 . 3 3 5 0 3 3 0 5 1 1 9 9 5 5 2 1 — — D D e e c c e e m mb b e e r r . . 2 2, . 5 7 4 0 7 5 2 2, , 7 8 3 3 6 5 2 3 8 3 2 2 , , 6 5 4 5 4 1 1 1 6 5 1 1 4 Over 95 40-50 40-50 1953—October... 2,387 2,596 33 2,428 133 November. 2,373 2,577 31 2,407 139 December. 2,359 2,558 31 2,389 133 Maximum Rates Financing Institution May Charge Borrower [Per cent per annum] 2,343 2,540 31 2,373 136 February.. 2,326 2,505 31 2,336 139 March 2,309 2,470 31 2,299 140 Interest rate April 2,290 2,434 31 2,278 125 Commitment rate. May...... 2,271 2,416 31 2,256 130 June 2,251 2,399 31 2,240 128 July 2,230 2,379 31 2,220 129 August. . . 2,208 2,360 31 2,196 133 September. v>., 189 October... J»2,171 November *2,154 December. P2.136 1955—January P2.115 9 Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest OH bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p, 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted2 Year or month Total, all New 6 338 other New 6 338 other New 6 338 other reporting York other reporting York other reporting York other reporting centers City centers1 centers City centers1 centers City centers1 centers 1944 . 848.561 327,490 194,751 326,320 22 3 18 3 14 6 1945 ... 382.760 200,202 341 502 24 1 17 5 13 5 1946 l, or/! 084 406,790 218,477 391,817 25 1 18 3 14 1 1947 1,103,720 398,464 246,739 458,517 23.8 19 7 15 5 1948 1,227.476 443,216 270,912 513,348 26 9 21 6 16 6 1949 1,206,293 446,224 260,897 499,172 27 9 20 9 15 9 19*50 . . . 1,380.112 509,340 298,564 572 208 31 1 17 2 1951 1,54-2,554 544,367 336,885 661,302 31 9 ?4 0 18 4 1952 . . 1,642.853 597,815 349,904 695 133 34 4. 24 1 18 4 1953 1,759,069 632.801 385,831 740,436 36 7 18 9 1954 1,887,366 738,925 390,066 758,375 42.3 25 8 19 2 1953—December 168,596 65,367 35,557 67,672 43.1 26.8 19.7 38.1 25.6 18.7 1954—January 154,281 62,306 30,806 61,170 42.7 24.1 18.6 42.5 24.6 18.4 141,926 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.S April 154,759 60,479 33,152 61,128 41.3 27.6 18.8 41.9 26.8 19.4 Mav 149,812 59,535 31,159 59,118 41.9 25.5 18.8 43.0 25.9 19.2 163,501 64,965 33,785 64,751 44 2 26 8 19 7 40 9 26 3 19 7 July 154,848 61,155 31,556 62,137 41.6 24.9 18.8 42.7 25.4 19,1 August 151,504 58,316 31,526 61,662 40.0 24.8 18.5 46.2 27.1 19.7 149,898 56,744 30,922 62,232 40.4 25.3 19.4 39.4 25.6 19.1 October 152,322 58,792 30,706 62,823 39 3 23 6 18 6 40 5 24 3 18 6 November 156,843 58,787 32,230 65,826 42.2 26.3 20.7 42.6 25.9 19.6 December 186,317 73,817 38,217 74,282 48.1 28.1 21.0 42.6 26.9 19.9 19SS—Tanuary '•163,388 62,642 33,531 ••67,215 42.0 25.4 19.6 41.8 25.9 19.4 Februarv 149,718 57,091 31,595 61,032 41.9 P26.2 P19.5 43.0 P26.9 ••Revised. ^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 reyision in 1942 see BULLETIN for August 1943, p. 717; and for description of revision in 1953 covering the period beginning : 11943, see BULLETIN for April 1953, pp. 355-357. 282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion l Total Coin $2 $10 $20 Total $50 $i.00 $500 $ 1,000 $5,000 $10,000 1939.. 598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1940.. 732 6,247 648 610 39 i , 129 2,021 1,800 2.489 538 1.112 227 523 30 60 1941.. ,160 8,120 751 695 44 1,355 2,731 2;545 3,044 724 1,433 261 5E6 24 46 1942.. ,410 11.576 8S0 801 55 1,69? 4,051 4; 096 3,837 1,019 1,910 287 586 9 25 1943.. ,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 1944.. ,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4.153 555 990 10 24 1945.. 515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 327 4,220 454 801 7 24 1946.. ,952 120.437 1,361 1,029 67 2,173 6,497 9,310 8,518 492 4,771 438 783 8 26 1947.. ,868 20,020 1 ,404 1,048 65 2,130 6,275 9,119 8,850 548 5,070 428 782 5 .17 1943.. ,224 19,529 1,464 1 ,049 64 2,047 6,060 8,846 8,698 494 5,074 400 707 5 17 1949.. ,600 19,025 1,484 1,066 62 2,004 5.897 8,512 8,578 435 5,056 382 689 4 11 1950.. , 741j19,305 1,554 1,113 64 2.049 5,998 8,529 8,438 422 5,043 368 5S8 4 12 1951.. ,206 J20.530 1,654 1,182 67 2,120 6,329 9,177 8,678 544 5,207 355 556 4 12 1952.. 433 121,450 1,750 1,228 71 2,143 6,561 9.696 8,985 669 5,447 343 512 4 10 1953.. 781. |2i .636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,531 333 486 4 11 1954—February.... 29,904 ,908 1,770 1,170 70 2,021 6,363 9,512 ,999 2,674 5.5G2 330 482 March 29,707 .757 .1.776 1,166 70 2,010 6,304 9,431 .952 2,654 5,473 328 481 12 April 29,735 .799 i . 7S3 1,173 70 2,006 6,325 9,443 ,936 , 65 i5,470 327 478 S May 29,870 ,946 1,787 1,182 69 2,036 6,375 9.496 ,926 2,651 5,453 325 475 June 29,922 . 999 i, 795 1,183 71 2,023 6,377 9,551 8,924 2,659 5,457 324 473 July 29.892 ,984 1 793 1,174 70 2,016 6,366 9,364 8,910 2,654 5,451 322 47.1 August 29,929 ,025 1,801 1,183 70 2,023 6,361 9,578 18,93.6 2 .653 .5,461 321 469 September... 29.985 ,054 1.811 1,200 70 2,034 6,378 9,561 8,932 18 5,486 320 466 October 30.074 ,118 1,819 1,212 70 2,049 6.400 9,56S 8,958 2,650 5,514 318 464 November.. . 30,500 ,473 1,836 1,236 71 2,091 6,524 9,716 0.028 2,677 5,555 320 465 December. . . 30,509 ,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 1955—"January 29,789 20,777 1,808 1,191 71 2,017 6,267 9,425 9,0! 4 2,673 5,550 317 460 I 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Fedora! Reserve Banks. 3Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by tiie Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money icld in the Treasury Ivloney incirculation1 Monev Total out- held bv standing. As,security For Federal Ja 1 n 9 . 5 3 5 1/ g a o s g l i d a lv in a e r r s i t d Tr c e a a s s h ury B R F an e e d s k e s e r r v a a n e l d B R a a n e g k s e e s n r a t v s n e d Ja 1 n 9 . 5 ? 5 A, c 9 . 5 4 31. Ja 1 n 9 . 5 3 4 1. certificates agents G F T e r o e d ld a e s r u al r y R c e u se rr r e v n e c u y o — i.0" t ^ ola' 2 9 2 6 ; 4 ' , 0 9 S 7 7 8 ' - ' 9 i * ' A. * i\ 2 ,3 Q 1 7 1 3 8 :-' 1 .' ) 7 / ; ! 8 •; 7 18 2/2 > i 3 f < . > !6 3 2 4 5 ,4 3 0 5 1 0 '•> •% ,52 •5 9 ~i 2 4 5 . 3 5 5 3 8 6 9 7 Standard silver dollars.... •A 9 i 54 • — • — - • •- 218 218 208 Silver bullion .. 2.1 74 2, i 74 ;.s ? ?,?.? ? 0r>6 144 ') 0'8 Subsidiary silver coin 1 /v-' .SO , 1 86 .1,' 149 \linor coi n 4-I4 7 429 418 United States note? 38 3(M 3! 1 306 ". '; > 1 ? 10 9 "• 7 ! 1 37 National bank notes ! 69 63 68 71 " '!'•')tal-- T;MI 3i iy^r. ".''•$ 4<i) 8 V7 ] <>> > >) 4. 676 ?<) 7?j9 Dec. 31, 1954 /3.483 796 18.217 4.523 , 509 Inn. 31, 19">4 (') 23,681 793 18,459 4,869 29,981 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency hold outside the conL.iuen.tal limits of the United .States. Totals for other end-of-month dates are shown in table above: totals by weeks in table on p. 2 75. 2Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes oi 1890 outstanding s 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 nc special significance and is not shown. See note for explanation of these duplications. 5Less than 8500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (III) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal RevServe notes are obligations of the United States and a first lien on all the assets of the issuinss Federal Reserve Bank. Federal Reserve notes are secured by the deposit, with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used ircludes 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. M Alien 1955 2S3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars] Asssets Liabilities &n& Capital Total Bank credit assets, E)ate T c u r u e r a y r- s- U.S. Government obligations l T i i a t o i b e t i a s l 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 jn C e a o r n c m d ia - l R Fe e d se e r r v a e l Other O r s i e t t c h ie u e s - r ca a n p n e i d t t al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e n s - t c ts . , savings Banks banks 1999—Tune 29 4 037 9 019 SS 649 41 ()82 ,. 741 5 499 216 26 11 819 64 698 776 8 999 1933—j-une 30 A, 033 |286 49 ,148 21J957 10 ,328 ,199 1,998 131 9,863 48)465 49 ,029 6,436 1 19 9 4 3 1— 9— r D > e c c. 30 . . .. 2 1 2 7 ,7 6 3 4 7 4 3 9 ,2 9 4 63 7 6 54 4, 5 6 6 5 4 3 "2 2 2 6 ,6 1 0 5 5 7 2 93 9,0 1 4 0 9 5 2 10 5,5 4 . - 1 17 1 2 2 , 4 2 8 54 4 1 1 , 2 ,2 8 0 4 4 9 8 , , 3 9 0 9 2 9 9 7 0 5 ,6 1 3 7 7 1 6 8 8 2,8 3 1 59 1 6 7 , 8 8 1 26 2 1945—Dec. 31 20,065 4,339 167,381 30,387 128,4.17 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 18-1,385 14,624 1951—Dec. 31 22,695 4,709 181,323 67,597 97, 808 71,343 23,801 2,664 15.918 208,727 193,410 1.5,317 1952—June 30 23,346 4, 754 1R?, 980 69,712 06,266 70,783 22,906 2,577 17,002 211,080 , 960 16,120 Dec. 31 23,187 4,812 192, 866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 .16,647 1953—June 30 99. 463 4 854 1 CO 277 77,071 OS350 68 108 24 746 2 496 17,856 917 594 9 00 360 17 234 Dec. 31 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 I954—jaru 27 22,000 4 900 108,000 79,100 100,400 ,400 24,700 2,400 18,500 224,900 907,100 17,800 Feb. 94 22,000 4, 900 197,300 79,300 99,100 72,000 24,600 2,400 18,900 224,100 206,200 17,900 Mar.31 . . 22,000 4, 900 196,100 80,300 96,800 69,800 24,600 2,300 19,000 223,000 205,100 17,800 Apr. 28 22,000 4,900 197,200 79,900 98,200 71, 200 24,600 2,300 19,200 224,100 206, 200 17,900 May 26 22,000 5,000 198, 800 80,100 99,400 72,400 24,700 2,300 19,300 225,800 207,600 18,200 June30 ... 21,927 4, 959 200,628 81,210 99,827 72,525 25,037 2,265 19,591 227,514 209,354 18,161 Julv 28?' 21,900 S,000 , 600 80,800 ino,000 73,300 24,500 2,200 19,800 227,500 ,100 18,400 Aug. 21,900 5,000 202, 500 80,200 102,300 76,200 23,900 2,200 19,900 229,300 210,500 18,800 Sf^pt. 21,800 , 000 , 000 8I,400 , 400 76, 200 24 000 2,200 20,200 230 800 91 1, 800 19 000 Oct. 27^ 21,800 5,000 207, 800 81,900 105,600 79,000 24,400 2,200 20,300 234,500 215,400 19,100 Nov. 21,700 s, 000 900, 900 84 000 10S 600 78 900 24 600 2,200 20,300 236 600 9 1 7, 300 19 300 Dec. 29 P 21,700 5,000 211,200 85,600 105,300 78,200 25,000 2,200 20,400 237,900 218, 700 19,200 1955—Jan. 26* 21,700 5,000 209,800 85,400 103,700 77,900 23,700 2,100 20,800 236,500 217,600 18,900 Deposits and Currency U. S. Government balances Deposits adjusted and currency Foreign Time deposits3 bank Treas- At com- Total deposits, ury mercial At Cur net cash and Federal Total Demand Com- Mutual Postal rency hold- savings Reserve deposits2 Total mercial savings Savings outside ings banks Banks banks banks1 System banks 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 i,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 1950—Dec. 30 184,385 2,51.8 1,293 2,989 668 176 917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Dec. 31 193,410 9,279 1,270 3,615 247 185 999 98,234 61,450 37,859' 20,887 9,704 26,315 1952—June 30 191,960 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 9,501 270 5,259 389 104 801 101.508 65 799 40 666 22 586 9 547 27 494 1953—June 30 200.360 2,467 1,259 3,942 132 192 560 96,898 68,293 42,245 23,589 2,459 27,369 Dec. 31 209,1.75 2, 694 761 4,457 346 200 917 102,451 70,375 43,659 24,358 2,359 28,091 1954—Jan. 27 207,100 2,800 800 3,400 200 199 800 102,300 70,600 43,700 24,600 2,300 26,900 Feb. 24 206,200 2, 900 800 4,500 500 197 400 99,600 71,000 44,000 24,700 2,300 26,900 Mar.31 205,100 3,000 800 5,400 700 105 200 96,700 71,700 44,500 24,900 9,300 26,900 Apr. 28 206,200 , 100 800 4,500 500 197 300 98,600 72,000 44,700 25,000 2,300 26,700 Mav 26 207,600 ,100 800 5,100 500 108 000 98,700 72,500 45,000 25,200 9 300 26,800 June30 209,354 3,256 811 5,895 875 198 517 98,132 73,292 45,653 25,388 2,251 27,093 J A u u l g y .2 2 8 5 P P . . 2 2 0 1 9 0 , , 1 5 0 0 0 0 3 3 , , 4 4 0 0 0 0 8 8 0 0 0 0 3 5 , , 9 5 0 0 0 0 5 6 0 0 0 0 2 9 0 0 0 0 4 3 0 0 0 0 1 9 0 9 0 , , 4 0 0 0 0 0 7 7 3 4 , , 7 0 0 0 0 0 4 4 6 6 , , 0 2 0 0 0 0 2 2 5 5 , , 5 6 0 0 0 0 2 9 ,2 2 0 0 0 0 2 2 6 6 , , 8 9 0 0 0 0 Sept. 211,800 3,300 800 4,400 800 202 500 101,200 74,400 46,400 25,800 2,200 26,900 Oct. 215,400 3,200 800 6,100 600 204 800 103,100 74,700 46,700 25,900 2,200 26,900 Nov. 24-P' 217,300 , 200 800 6,900 500 800 104,100 74,300 46,200 25,900 9,200 27,500 Dec. 218,700 3,400 800 4,600 500 209 400 106,900 75,100 46,700 26,300 2,100 27,400 1955—Jan. 217,600 3,200 800 3,800 400 209 400 107,200 75,400 46,800 26,500 2,100 26,800 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items'differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. " 284 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] Loan and investments deposits Total assets— Total Other lia- Total Num- Class of bank U. S. Cash bilities capital ber and date Total Loans G o m o b v l e i e g n r a t n - - O s ri e t t c h ie u e s - r assets1 ca a a p n c i d - tal TotaP b In an te k r * - Demand Time co a u c n - ts ba o n f ks tions counts2 G U ov . e S r . n- Other ment All" banks: 1939—Dec. 30 50,884 22,165 1.9,417 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 .1.0,982 44 355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165.612 14,065 105 935 45,613 10,542 14,553 1947—Dec. 313 1.34,924 43,002 81,199 10,723 38,388 175,091. 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1 1 9 9 5 5 1 2 — — j D }oecc#. 3 3 1 i . 1 1 6 5 5 4 , ,8 6 6 2 9 6 6 75 7 , , 5 6 1 0 . 8 2 7 7 2 1 , , 7 3 4 4 0 3 1 17 5 , , 3 9 7 1 4 8 4 4 5 5 , , 5 5 3 8 1 4 2 2 0 1 2 3, , 8 9 3 0 7 3 1 1 8 9 5 5 , , 7 5 5 5 f 2 : 1 1 5 5 , , 0 3 8 2 7 1 3 4 , 3 9 6 44 2 1 0 1 8 1 , , 2 6 8 9 2 0 5 6 9 3 , , 0 5 2 9 5 8 l j ' 5 i- , , 3 6 6 2 7 3 1 1 4 4 ,5 6 7 1 5 8 1953—Dec. 31 17.1,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 68,351 16,118 14,509 1954—Jan. 27 171,380 79,500 73,350 18,530 41,280 215,51.0 5 95,950 14,710 3,110 109,510 68,620 16,170 14,510 June 30 173,343 81,227 72.525 19,591 42,556 218,900 199,508 15,500 5,594 107.043 71,371 16,664 14,465 Aug. 25P 176,790 80,690 76,210 19,890 39,480 219,300 198,780 15,21.0 5,140 106,290 72, M0 16,770 14.4-46 Sept. 29P 178,040 81,680 76,200 20,160 40,620 221,710 203.150 15,470 4 .120109,020 72,540 16,860 14.436 Oct. 27P . 181,680 82,380 79,030 20,270 41,630 226,440 205,330 15,720 5.730 110,970 72,9:0 17,080 14J422 Nov. 24?' 183,510 84,320 78.910 20,280 42,180 228,830 207,400 15,660 6; 620 ! 12,630 72,490 17,320 14,406 Dec. 29 P 184,690 86,150 78,190 20,350 43,210 23.1 ,140 209,280 16,050 •i.290 !. 15,640 73 ,300 1.7,370 14,370 1955—Jan. 26P 184,550 85,880 77,860 20,810 42,040 229,920 208,260 15,280 3.; 4 70115,860 73,650 17,350 14,372 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 ]5,331 6,885 14,484 .1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15.952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150.22 7 14,065 105, 92 J 30,241 8,950 14,on 1947—Dec. 3\- 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1 ,3-1-3 94.367 35,360 10,059 14,181 1950—Dec 30 126,675 52,249 62,027 12,399 40,289 168,932 155.265 14,039 2,806 101.917 36, SO7. ii 590 14,121 1951—Dec. 31 132,610 57,746 61,524 1.3,339 44,645 179,465 164,840 15,086 3,359 108,259 38,137 12,216 14,089 1952—Dec. 31 .141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 4,941 111,659 4.1 ,012 12,888 1.4,046 1 1 9 95 5 3 4 — — j J } aenc<. 3 2 7 j m t 1 1 4 4 5 5 , 6 3 8 3 7 0 6 6 7 6 , , 5 4 9 6 3 0 6 6 3 4 , , 4 1 2 6 6 0 1 1 4 4 , , 6 7 6 1 8 0 4 4 4 0 , , 8 3 2 3 8 0 1 1 8 9 8 3 , ,0 1 1 5 0 0 \ 1 7 7 1 6 , , 3 7 6 0 0 2 1 1 5 4 , , 9 7 5 1 5 0 4 3, , 1 1 1 4 0 6 1 1 1 0 2 9 , . 6 4 0 7 4 0 4 4 4 3, , 9 0 9 7 7 0 1 1 3 3 , , 6 5 0 5 0 9 1 13 3 , 9 9 8 8 2 1 June 30 146,383 67,337 63,508 15,538 41,569 190,585 174,068 15,4-97 5,591 106'996 45.983 14,038 13,937 Anj>\ 25P .... 149 490 66,450 67.300 15,740 38,540 190,670 173,130 15,210 5,140 106,240 46,540 14,120 13 919 Sept. 29P 150,580 67,250 67,330 16,000 39,670 192,900 175.300 15,470 4,120 108,970 46,740 14,200 13,909 Oct. 27P 154,090 67,790 70,190 16,110 40,720 197,560 179,380 15,720 5,730 110,920 47,010 14,420 13,895 Nov. 24/' 155,850 69,540 70,160 16,150 4.1,260 199,860 181,420 15,660 6,620 112,580 46,560 14,640 13,879 Dec. 29/' 156,850 71,150 69,460 16,240 42,180 201,890 182,940 16,050 4,290 115,590 47,010 14,690 13,843 1955—Jan. 26P 156,460 70,720 69,090 16,650 41,010 200,410 181,710 15,280 3,470 115,810 47,150 14,660 13,845 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1 ,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1951—Dec. 31 112,247 49,561 51,621 11,065 39,252 153,439 141,015 14,425 3,101 92,867 30,623 10,218 6,840 1952—Dec. 31 119,547 55,034 52,763 11,751 39,255 160,826 147,527 14,617 4,567 95,453 32,890 10,761 6,798 1953—Dec. 31.. .... 122,422 57,762 52,603 12,057 39,381 163,983 150,164 3 5,170 3,756 96.024 35,213 ! 1,31.6 6,743 1954—Jan. 27 122,102 56,657 53.330 12,115 35,349 159,651 145,358 13,978 2,762 93,354 35,264 11,356 6,747 June 30 123,185 57,197 53 ,111 12,876 36,722 162,203 148,252 14,733 5,165 91,455 36,900 11,709 6,721 Aug. 25 P 126,001 56,453 56,476 13,072 33,819 162,136 147,179 14,437 4,699 90,663 37,380 11,794 6,713 Sept. 29" 126,851 57,164 56,373 13,314 34,796 163,964 148,964 14,692 3,714 93,016 37,542 11,868 6,707 Oct. 27" .129,973 57,662 58,906 13,405 35,607 167,991 152,537 14,924 5,206 94,558 37,849 12,035 6,701 Nov. 24P 131,548 59,251 58,869 13,428 36,205 170,177 154,420 14,854 6,041 95,981 37,544 12,250 6,687 Dec. 29P 132,270 60,612 58,151 13,507 37,028 171,823 155,581 15,228 3,838 98,708 37,807 12,280 6,662 1.955-Jan. 26* 131,809 60,138 57,788 13,883 35,990 170,404 154,42? 14,468 3,072 98,959 37,922 12,261 6,664 All mutual savings * 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10.524 ? 10,521 1,309 551 1941— Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1 ,592 542 1947—Dec. 313 18,641 4,944 11,978 1,718 886 19.714 17,763 1 14 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 3 19 20,009 2,247 529 1951—Dec. 31 22,259 9,862 9,819 2,579 886 23,439 20,915 2 3 23 20,888 2,407 529 1952— Dec. 31 24,003 •. 1 ,349 9,422 3,231 918 25,233 22,621 2 3 30 22,586 2,479 529 1953—Dec. 3! 25,810 12,925 9,184 3,701 983 27,130 24,398 3 35 24,358 2,559 528 1954—Jan. 27 26.050 13,040 9,190 3,820 950 2 7,360 24,590 (4) 40 24,550 2,570 528 June 30 26,959 1.3,890 9,017 4,052 987 28,315 25,440 3 3 47 25,388 2,626 528 Aug. 25" 27,300 14,240 8,910 4,150 940 28,630 25,650 01) (•i) 50 25,600 2,650 527 Sept. 29P 27,460 14,430 8,870 4,160 950 28,810 25,850 (;) 50 25,800 2,660 527 Oct. 27/' 27,590 14,590 8,840 4,160 910 28,880 25,950 C(•')O 50 25,900 2,660 527 Xov. 24P 27,660 14,780 8,750 4,130 920 28,970 25,980 (4) 50 25,930 2,680 527 Dec. 29* 27,840 15,000 8,730 4,110 1,030 29,250 26,340 (*) ('') 50 26,290 2,680 527 1955—Jan. 26P 28,090 15,160 8,770 4,1.60 1,030 29,510 26,550 (*) (4) 50 26.500 2,690 527 p Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "Ali 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 nomleposit trust companies are included with "commercial" banks. Number of banks includes^ 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. MARCH 1955 285 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] Loan and investments Deposits Total assets— Total Other lia- Total Num- Cla a s n s d o d f a b te ank G U ov .S er . n- Other a C ss a e s t h s1 bi a l n it d ies Inter- Demand ca a p c i - tal b o e f r Total Loans ment secu- capital Total 1 bank 1 counts banks o t b io li n g s a- rities cou ac n - ts2 U.S. Time Govern- Other ment Central reserve city member banks: New York City: I939—Dec 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec 31 12,896 4,072 7,265 1 ,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec 31 20,393 7,179 11,972 1,242 7,261 27 982 25,216 4,464 267 19,040 1 ,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1 ,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1951—Dec 31 21,379 11 146 8,129 2,104 8,564 30,464 26,859 4 832 858 19,490 1,679 22 1952—Dec. 31 22,130 12,376 7,678 2,076 8,419 31,053 27,309 4,965 1 ,143 19,361 1,840 2] 505 22 1953—Dec. 31 22,058 12,289 7,765 2,004 8,074 30,684 27,037 5.214 778 18,894 2,150 2,572 22 1954—Jan. 27 21,709 11,741 7,909 2,059 7,088 29,374 25,612 5,001 474 18,050 2,087 2,585 22 June 30 .... 22,681 11,619 8,695 2,367 7,524 30,771 27 225 5,517 1 ,378 18,114 2,216 2,630 22 Aug. 25P 22,966 11,380 9,233 2,353 6,654 30,220 26,151 5,241 1 ,167 17,391 2,352 2,646 22 Sept. 29P 22,949 11,504 8,976 2,469 7,296 30,830 26,938 5,338 724 18,545 2,331 2,644 22 Oct. 27P 23,877 11,741 9,687 2,449 6,984 31,463 27,406 5,410 1,395 18,227 2,374 2,657 21 Nov. 24? 23,933 11,897 9,632 2,404 ',349 31,932 27,666 5,404 1,355 18,569 2,338 2,811 21 Dec. 29*> 24,160 1.2,278 9,386 2,496 ', 786 32,667 28,233 5,643 692 19,527 2,371 2,805 21 1955—Jan. 26P 23,778 12,046 9,161 2,571 •,625 32,157 27,910 5,236 489 19,840 2,345 2,818 21 Chicago: 1939:—Dec 30 . 2,105 569 1 ,203 333 ,446 3,595 3 330 888 80 1 ,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 . 566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec 31 5,931 1,333 4,213 385 1 ' 489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947—Dec. 31 . 5,088 1 ,801 2,890 397 1 ,739 6,866 6,402 ,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1951—Dec 31 . 5,731 2,468 2,711 552 2,196 7,972 7,402 1,307 242 4,710 1,143 513 13 1952—bee. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 ,350 343 4,789 1 ,205 541 13 1953—Dec. 31 6,204 2,776 2,856 572 2,115 8,366 7,724 ,387 259 4,837 1,242 566 13 1954—Jan. 27 6,078 2,516 2,988 574 2,011 8,140 7,492 1,308 178 4,772 ,234 563 13 June 30 5,975 2,589 2,825 561 2,036 8,064 7,419 ,339 410 4,403 ,267 583 13 Aug. 25P 6,124 2,477 3.077 570 1,902 8,077 7,395 ,339 365 4,437 ,254 587 13 Sei)t. 29" 6,189 2,497 3,110 582 1,835 8,070 7,343 1,310 266 4,509 ,258 590 13 Oct. 27" 6,287 2,454 3,259 574 1,951 8,290 7,619 1,352 344 4,649 L ,274 590 13 Nov. 24/' 6,422 2,580 3,250 592 1,866 8,341 7,651 1,306 452 4,627 ,266 592 13 Dec. 29P 6,492 2,780 3,110 602 2,034 8,570 7,742 1,279 254 4.925 1,284 597 13 .1955—Jan. 26" 0,490 2.6J0 3,218 662 1,931 8,481 7,693 1,214 188 4,987 1,304 597 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1 ,749 6,785 19,687 17,741 3,686 435 9,004 4.616 1,828 346 1941—Dec. 31 15.347 7.105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4.806 1,967 351 1945—Dec. 31. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947—Doc. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 ] 950—Dec. 30. 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32,366 11,647 3,322 336 1951—Dec. 31 42,694 19,651 19,194 3,849 15,199 58,654 54,466 6,976 1,124 34,094 12,272 3,521 321 1952—Dec. 31 45.583 21,697 19,624 4,262 15,544 61,941 57,357 7,001 1 ,814 35,281 13,261 3,74.5 319 1953—Dor 31 46,755 22,763 19,559 4,434 15,925 63,547 58 663 7,254 1 504 35,773 14,132 3,984 319 1954—Jan. 27. 46,897 22,516 19,933 4,448 14,062 61 ,851 56,640 6,462 1,027 34,967 14,184 4,000 319 June 30 47,056 22,453 19,813 4,791 14,656 62,624 57,665 6,636 2,015 34.058 14,957 4,124 310 Aug. 25P 48,586 22,268 21,398 4,920 13,354 62,858 57,523 6,614 1 ,753 34,069 15,087 4,168 307 Sept. 29»-' 48,779 22,605 21,187 4,987 13,566 63,276 57,835 6,772 1,418 34,467 15,178 4,205 306 Oct. 2 7P 49,933 22,745 22,128 5,060 14,175 65,086 59.544 6,852 1 ,804 35,557 15,331 4,247 303 Nov. 24?' 50,612 23,580 21., 986 5,046 14,485 66,063 60,391 6,807 2,357 35,98.1. 15,246 4,281. 303 Doc. 29?' 51,079 24.110 21,924 5,045 14,678 66,759 60,889 6,939 1,446 37,068 15,436 4,321 301 1955—Jan. 26?' 50,857 23,993 21,687 5,177 14,201 66,085 60,268 6,679 1,111 36,979 15,499 4,310 299 Country member banks: 1939— Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5.966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 .1,982 6,219 1945—Doc. 31 35,002 5,596 26,999 2,408 ]0,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1 1 9 9 5 5 0 1 — — D De eCc . . 3 3 0 1 . . 4 4 0 2 , , 5 4 5 4 8 4 1 1 4 6 , . 9 2 8 9 8 6 2 21 1 , 5 ,3 8 7 7 7 4 4 , , 1 5 9 6 3 1 1 1 1 3 ,2 ,5 9 7 2 1 5 5 2 6 , ,3 6 4 8 9 9 4 5 8 2 , , 8 2 9 8 7 8 1 1 ,3 ,1 0 3 9 3 9 8 2 7 2 6 3 3 1 4 , ,5 9 7 7 2 7 1 15 4 , , 5 8 3 6 0 5 3 3 . , 5 7 3 6 2 0 6 6, , 5 4 0 8 1 4 1952—Dec. 3', 45,594 18J213 22,549 4,832 13,281. 59,535 55,175 1.301 1 ,267 36,022 16,585 3,970 6,444 1953—Dec. 31 47,404 19,934 22,423 5,047 13,268 61,385 56,740 ,315 1,216 36,520 17,690 4,194 6,389 1954— J j. u » nn e • } 3 '• 0 , 4 47 7 ,4 4 7 1 4 8 2 1 0 9 , , 5 8 3 8 7 4 2 2 1 2 , , 7 5 7 0 9 0 5 5 , , 1 0 5 3 8 4 1 12 2 , , 5 1 0 8 6 8 6 6 0 0 , , 7 2 4 8 5 6 5 55 5 ,9 6 4 1 3 4 , , 2 2 4 0 1 7 1 1 ,3 0 6 8 2 3 3 35 4 ,8 5 7 6 9 5 1 1 8 7 , , 4 75 6 9 0 4 4 ,3 2 7 0 2 8 6 6. , 3 3 7 9 6 3 Aug. 25 P 48,325 20,328 22,768 5,229 11,909 60,981 56,110 ,243 1,41.4 34,766 18,687 4,393 6,371 Sept. 29P 48,934 20,558 23,100 5,276 12,099 61,788 56,848 ,272 1 ,306 35,495 18,775 4,429 6,366 Oct. 27P 49,876 20,722 23,832 5,322 12,497 63,152 57,968 ,310 1,663 36,125 18,870 4,541 6,364 Nov. 24P 50,581 21,194 24,001 5,386 12,505 63,841 58,712 ,337 1,877 36,804 18,694 4,566 6,350 Dec. 29P 50,539 21,444 23,731 5,364 12,530 63,827 58,717 ,367 1,446 37,188 18,716 4,557 6,327 1955— fan. 26" 50,684 21,489 23,722 5,473 12,233 63,681 58,550 1,339 1,284 37,153 18,774 4,536 6,331 8Beginning 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. 4 Less than 5 million dollars. For other footnotes see preceding and opposite pages. 286 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] Loan and investments Deposits Total assets— Total Other Cla a s n s d o d f a b te ank Total Loans G o U m t o b i l v o . e i S e n g n . r s a t n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 c c b o a i a l a l u p i i n c a n t i d - i - t t e a s s l 2 Total i b In an te k r ^ - G U ov .S D e . r e n m - an O d ther Time c c T a o a p o u c i t n - t a a t l s l b N a i b c i > e i m r k f - s ment All insured commercial banks: 1 1 9 9 4 4 5 1 — — D f) eecc#. 3 31 1 1 4 2 9 1 , ,8 7 0 90 9 2 71 5, ? 7 - 6 ,9 5 2 88 1 , , 9 0 1 4 2 6 6 7,1 9 3 8 1 4 3 95 4 , ,2 7 9 8 2 8 1 7 5 6 7 , , 8 5 7 4 0 4 1 6 4 9 7 , , 4 7 1 7 1 5 1 1 0 3,8 6 8 5 3 4 23 1, , 7 7 6 4 2 0 4 8 1 0,2 7 7 98 6 2 1. 9 5 , 6 87 99 6 6 8 , ,6 8 7 4 1 4 1 n 3,2 4 9 7 7 6 1947—Dec 31 .. . . 114,?74 37,S83 67,941 8,7S0 36,976 152,733 141,8S1 17,670 1,325 9? 97S 34 887 9,734 n,398 195.1—Dec.31 130,820 57,256 60,533 13,031 44,176 177,151 162,908 14,777 3,344 107,039 37,749 11,902 13,439 195?—Dec 31 139 770 63 637 62,308 n,831 44,77? 186,7SS 170,971 14,990 4 912 110 4S9 40 610 1' ,563 13 422 1953—Dec. 3\ 143,796 67,082 62,381 14,333 44,398 190,638 174 697 15,548 4,116 111 ,423 43,610 13,239 13,412 1954—June *0 144,451 66,805 62,461 15,185 41, 164 188,191 172 048 15,044 5,562 105,847 45,596 13,714 13,380 National meml>er banks: 1941—Dfic. 31 27 571 11 725 12,039 3,806 14,977 43 433 39 458 6,786 1,088 23 262 8,322 3,640 5,117 1945—j)PC 31 . 69 31? 13 07S 51 250 4,H7 20,114 90 770 84 930 Q,?7Q 14013 45 473 16 774 4, 64 4 s 017 1.947—Dec. 31 65 280 21 428 38,674 5,178 22,024 88 182 82 023 8,410 795 53 541 19 278 5, 409 5,005 1951—Dec. 31 75 255 32 317 35,063 7,875 25,951 102 462 94 173 9,788 1,987 61 490 20,908 6, 653 4,939 1952—Dec. 31 80 180 36 004 35,835 8,341 26,333 107 830 98 974 9,918 2,935 63 427 22,694 7,042 4, 909 1953—J3ec> 31 81 913 37 831 35,482 8 600 96,479 109 804 100 654 10 15? 7,525 63 819 74 160 7,391 4,856 1954—June 30 82 482 37 672 35,759 9,051 24,636 108 611 99 362 9,750 3,325 60 827 25 459 7,686 4,835 State member hanks: 1941—r>ec 31 15 9 SO 6 795 7,500 7J5S 8,14S 24 688 22 759 3,739 621 13 874 4 075 ?,246 1,507 1945—Dec. 31 37 871 8 850 27,089 1,933 9,731 48 084 44 730 4,411 8, 166 24 168 7 986 2,945 1,867 1947—nec 31 32 566 11 700 19 240 7,175 10,S?7 43 879 40 SOS 3, 993 381 ?7 068 9 067 ,055 1 918 1951—p)eo 31 . .. 36 00? 17 743 16,558 3 191 H, 301 50 977 46 843 4 637 1,114 31 377 9 715 ^,565 1,901 1952—Dec. 31 39 367 19 030 16,928 3 409 17 977 52 996 48 553 4 699 1,632 37 076 10 196 3,719 1 889 1953—Dec 31 40 S09 19 931 17,121 3,4S7 1?, 90S 54 179 49 510 S 019 1,232 37 706 11 054 ,925 1,887 1954—June30 40 704 19 s?s 17,353 3, 876 17,086 53 593 48 890 4 983 1,840 30 677 11 441 4,023 1,886 Insured non member commercial banks: 1941—Dec 31 5 776 941 1,509 1,075 ? 66R 8 708 7 707 179 53 4 167 3 360 959 6 810 1 1 9 9 4 4 7 5 — — D j} e ec c - . 3 3 1 1 1 1 4 6 4 6 4 3 4 9 4 ? 0 9 9 58 7 1 10 0 , , 0 5 3 8 9 4 1 1 0 44 6 8 3 4 4 4 0 4 8 8 3 7 1 0 9 6 7 9 5 1 6 1 1 8 9 3 1 4 1 0 9 7 7 4 6 4 6 1,5 1 6 4 0 9 1 1 2 0 3 6 6 3 6 5 6 5 6 5 8 5 0 8 1 1 0 77 8 1 3 6 6 ,4 4 1 7 6 8 1951—Dec. 31 18 591 7 701 8,923 1,967 4,926 23 732 21 912 353 243 14 172 7 144 1,686 6,602 1952—Dec. 31 20 242 8 605 9,556 2,081 4 970 25 451 23 464 373 345 15 006 7 740 1,804 6,627 1953—TJQC 31 21 S96 0 378 9,790 9,9 7? s 0?0 26 679 24 «v55 378 360 15 398 8 419 1,925 6 677 1954—[une 30 21 788 0 615 9,362 7,310 4 444 26 017 23 819 317 396 14 39? 8 718 ,007 6,66? Noninsured nonmeraher commercial banks: 1 1 9 94 4 1 5 — — 7 D ) eerc .4. 3 3 1 1 2 1 4 2 5 11 7 4 3 5 1 5 8 1,6 7 9 61 3 2 7 0 41 0 5 7 1 63 4 2 2 7 7 8 6 3 8 2 1 8 45 7 2 2 3 1 7 8 9 1 1 1, , 7 9 9 0 1 5 3 7 6 5 5 3 3 2 7 7 9 9 8 7 5 1 ? 4 1947—Dec. 313 2 009 474 1,280 255 576 2 643 2 251 363 18 1 392 478 325 783 1951—Dec. 31 1 78'-) 490 991 308 469 7,313 1 937 308 15 1 ?,?0 388 314 650 1957—Dec 31 1 8*4 *S1 1 ,010 317 4-44 2 348 1 960 3 99 29 1 701 40? 326 674 1953—Dec. 31 1 891 511 1,045 335 430 2 372 2 005 407 30 1 182 386 320 569 1954—June 30 1 932 532 1,047 354 405 2 394 2 020 453 30 1 150 388 325 557 All nonmember commercial banks: 11>41—Dec. 31 7 7*3 3 696 2,2 70 1 76* 3 431 10 992 9 573 457 5, 504 3 613 1, 7,88 7 66? 1945—Dec. 31 16 849 3 310 12,277 1,262 4 962 22 024 20 57! 425 14,101 6 045 :,362 7, 130 1947—T.Dec. 313 18 454 5 432 11,318 1, 703 4 659 23 334 21,59.1 629 167 13 758 7 036 ,596 7,261 1951—f)ec 31 20 V<si) 8 1 97 9,914 ? 7 75 S395 26 046 73 $13 661 258 15 392 7 533 1, 999 7 75? 1952— Dor. 3 J 22 096 9 136 10,567 ? 393 5 414 27 799 25 424 702 374 16, 206 8 142 ,129 7,751 1953—Dec. 31 23,287 9, 838 10,835 2,613 5 450 29 051 26,560 784 390 16 580 8, 806 2,245 7,241 19=4—jUne 30 23 770 10 147 10,409 ?, 664 4 849 28 40C 75 83? 764 426 15 54? 9 106 2.332 7 919 Insured mutual savings banks: 1941 De<* ^! 1 69 S 64? 629 471 151 1 OSS 1 780 1 78<; 16i 5> 1945—Dec. 31 10,846 3,08.1 7,160 60( 429 11,424 10,363 . . 2 10,351 , 034 192 1947—Dec. 31 12 6H3I 3 56V 8,165 958 675 13,499 12,207 2 12 12, 19? ,252 194 195.1—Dec. 3! 16,190 7,523 6,921 1, 74f 695 17,129 15,368 2 21 15,343 .678 202 1952—Dec. 31 17,621 8,691 6,593 2,337 732 18,612 16,785 2 78 16, 753 , 730 206 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 2 33 18.345 .819 219 1954—June 30 20,121 10,804 6,309 3,008 807 21,237 19,195 2 45 19,145 ;868 21.9 1 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,84f 8,744 6 8,738 ,077 496 1945—Dec. 31 5,361 1,198 3,522 6-11 18( 5,59( 5,022 2 5, 020 558 350 1947—Dec. 313 5,957 1,384 3,8.13 760 21.1 6,215 5,556 5. 553 637 339 1951 Dec ^1 (j 06< 7 339 2 897 833 191 6 310 5 S47 5I 544 729 3">1 1952—Dec. 31 6,382 2,658 2,829 895 187 6,622 5, 836 5, 833 749 323 1953—Dec. 31 6,558 2,9!C 2,707 941 184 6,79C 6,015 6,013 740 309 1954—Tune30 6,83? 3,086 2,708 1, 044 180 7,078 6,246 1 6,243 758 309 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. 287 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Cla c s a s l a l o n d d f a b te ank i m T n lo a v o e n a e t n n d a s t s l t s - Total C c o m m c i k p l p i p o i n u n e a a e a e e m g d - r r l t - r n , - - - - A c tu a u g r l l r - - i- b o p d a L s e T e r r u n e e r o o r o r a s c d s c a k c l a u n - - h r r s a r i t y o s e i f T i i t e o r n n h o s s r g g - l R t o e a a e s t n a - e l s O l v o u i d t t i a a n h o i d n l - - e s - s r O lo th an er s Total Total U. B S i . l ls Go C o c d v n e e f a e e r e d t b t r i s e i - n n t s f D s - i - m - ir e e N n c t o t t o es blig B a o ti n o d n s s G t a e u n e a - d r- S O p d s t s a i t g i o u b i c i o a n o v o a a l l b t f d n i i n i - e l - - t - s s s - O s ri e t t h c ie u e s r - All commercial banks:2 1947—Dec. 31. . 116,28438,05718,167 1,660 8301,220 9,393 5,723 1,06378,22669,2212,193 7,789 6,034 53,191 14 5276 3.729 1952—Dec, 31. . 141,62464,16327,871 3,919 2,0601,10315,71212,6841,71877,46163,3187,761 5,58011,878 38,077 ,955 1953—Dec. 31. . 145,68767,59327,204 4,965 2,361 1,202 16,69414,461 1,66678,09463,4265,004 10,23712,439 35,713 3,847 1954—June 30. . 146,38367,33726,120 5,1432,4621,25617,22714,462 i,65779,04763,5084,704 5,57212,376 40,818 38 11,930 3,608 All insured commercial banks: 1941—Dec. 31.. 49,29021,259 9,214 1,450 614 662 4.773 4,545 28,03121,046 988 3,159 12,797 4,102 3,6513,333 1945—Dec. 31.. 121,80925,765 9,461 1,3143,164 3,606 4,677 2,361 1,18196,04388,9122,45519,071 16,04551,321 22 3;873 3,258 1947—Dec. 31. . 114,27437,583 18,012 1,610 8231,190 9,266 5,654 1,002288 76,69167,9412,124 7,552 5,918 52,334 14 5129 3.621 1952—Dec. 31.. 139,77063,63227,739 3;805 2,050 1,08215,57212,6031,68376,13862,3087,622 5,494 11,71437,456 22 9 977 3,854 1953—Dec, 31.. 143,79667,08227,082 4,867 2,3441,18116,56614,373 1,62976,71462,3814,89510,076 12,28335,093 3310,587 3,746 1954—June 30. . 144,45166,80525,976 5,0572,439 1,22817,10114,370 1,62377,64662,4614,575 5,505 12,223 40",121 38 11,682 3,502 Member banks, total,- 1941—Dec. 31. . 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,007 11,7293,832 3 090 2,871 1945—Dec. 31. .107,18322,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,40878,3382,27516,985 14,27144,792 16 3254 2,815 1947—Dec. 31. . 97,84632,62816,962 1,046 811 ,065 7,130 4,662 952 65, 57,9141,987 5,816 4,815 4"5,286 10 4199 3,105 1952—Dec. 31. .119,54755,03426,232 2,.416 2,032 96612,21410,3961,577 64, 52,7636,565 4,255 9,835 32,087 19 81409 3,342 1953—Dec. 31. . 122,42257,76225,519 3,263 2,321 1,060 13,02011,9111,518 64, 52,6034,095 8,287 10,300 29,890 3,185 1954—June 30. .123,18557,19724,362 33,,440022 2,411 13,44011,8401,513 65, 53,1113,915 4,417 10,374 34,369 36 9,890 2,987 Oct. 7. .129,51957,23324,357 2,3912,451 1,168 13,91311,9151,926 72.28658,7574,531 3,740 13,012 37,460 13 10,490 3,839 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31. . 20,393 7,179 5,361 545 267 111 564 330 13,21411,9721,002 640 558 9,771 . 638 604 1952—Dec. 31. . 22,13012,376 8,680 1,531 286 386 ,136 539 9,754 7,6781,079 233 1,170 5,195 1,453 623 1953—Dec. 31.. 22,05812,289 8,218 1261,667 320 383 ,294 475 9,769 7,765 924 1,104 1,130 4,605 11,365 639 1954—June 30. . 22,681 11,619 7,447 1441,778 364 390 ,220 46611,062 8,6951,014 711 1,454 5,510 61,851 516 Oct. 7. . 23,79411,633 7,304 21,792 364 418 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 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31. . 5,931 1,333 760 2 211 233 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 149 26 3,287 2,890 132 235 248 2,274 213 185 1952—Dec. 31. . 6,240 2,748 2,080 14 239 66 211 120 3,493 2,912 407 224 607 1,674 384 197 1953—Dec. 31.. 6,204 2,776 1,912 158 286 75 234 96 3,428 2,856 123 450 684 1,598 400 172 1954—June 30. . 5,975 2,589 1,835 134 242 74 206 74 3,386 2,825 113 261 721 1,731 387 174 Oct. 7. . 6,343 2,473 1,833 6 238 73 211 88 3,870 3,302 244 223 864 1,970 378 191 Reserve city banks: 1941—Dec. 31. . 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 ,173 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 1,459 855 40431,59429,5521,034 6,982 5,65315,878 51,126 916 1947—Dec. 31.. 36,04013,449 7,088 225 170 484 3,147 1,969 366 2'2,59120,196 373 2,358 1,90115,560 31,3421,053 1952—Dec. 31. . 45,58321,697 10,842 501 218 422 5,099 4,347 559955 23,88619,6242,387 1,774 3,85411,594 14 2,9341,328 1953—Dec. 31.. 46,75522,76310,568 774 308 456 5,453 4,942 61123,993 19,5591,230 3,357 4,20110,746 25 3,1961,238 1954—June 30. . 47,05622,453 10,010 953 326 468 5,639 4,797 662299 24,603 19,8131,241 1,590 4,18312,773 26 3,5851,206 Oct. 7. . 49,67622,531 10,128 497 346 523 5,860 4,825 72627,14522,0421,381 1,474 5,12214,060 6 3,8751,228 Country hanks: 1941—Dec. 31. . 12,518 5,890 1,676 659 183 1,823 1,530 6,628 4,377 110 481 2,926 8611,2221,028 1945—Dec. 31. . 35,002 5,596 1,484 648 471 1,881 707 363 29,40726,999 630 5,102 4,54416,713 91,3421,067 1947—Dec. 31. . ,36.32410,199 3,096 818 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 62,0061,262 1952—Dec. 31. . ,45;59418,213 4,630 1,901 191 6,662 4,702 32227,381 22,5492,692 2,024 4,204 13,625 43,6391,194 1953—Dec. 31. . 47,40419,934 4,822 2,204 210 7.114 5,441 333366 27,47022,423 1,819 3,374 4,28512,940 53,9111,136 1954—June 30. . 47,47420,537 5,071 2,170 200 7,331 5,618 34526,93721,779 1,548 1,855 4,01714,355 44.0671,090 Oct. 7. . 49,70620,596 5,092 1,885 208 7,555 5,662 383 29,11023,7702,062 1,492 4,84715,366 34,2211,119 All nonmember banks:2 1947—Dec. 31. .. 18,454 5,432 1,205 614 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 41,078 625 1952—Dec. 31. .. 22,096 9,136 1,6391,503 137 3,505 2,288 14112,96010,5671,196 1,325 2,043 6,000 31,781 613 1953—Dec. 31. .. 23,287 9,838 1,6851,702 142 3,681 2,551 14813,44910,835 909 1,951 2,139 5,834 21,951 662 1954—June 30. . , 23,220 10,147 1,7581,741 150 3,795 2,622 14413,07310,409 790 1,155 2,002 6,460 2 2,042 621 * 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. Totai loans continue to be shown net. For other footnotes see opposite page. 288 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*—Co**fiifs«f RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b te ank F s B s w e e R e a r d i r v e n t e v - h e k r e s a s l v C a i a n u s l h t b m a w a B n d e n i c a o s t k e l - t h - i s s c 4 j o m u o a D d s a d s e t e n i e - - - t d d s 5 m D e I s n o d t - i t e c e p 4 r o b s a i F e n t i s o g k r n - I m G e L r o e n v n S - - t . p v S s o i u a t l s a i b n i t o t d d i e c n i s - a s l c C h c o e a f e e e i f t n e f c r c r d i d t s k . - i ' s - , p a v n s a p i t I h d d i r n o o t i u d r n p c n a a i e s o s - l - , r s r - - , I b n a t n e k r- P m U G S e a o r . a o n e n s v d n v S t - - - t a . l v p s S i a u i o s t c n a b i l a o d i t d l t e n - i s s - p a v n s a p i I t h d d i r n o o t i u d r n p n c a a i e s o s - l - , r s r - - , r B i o n o w g r s - - c C o a t a u a c p - l n i t - s ings All commerical banks;2 1947—Dec. 31.. 17,796 2,216 10,216 87,12311,362 L,430 1,343 6,799 2,581 84.987 240 111 866 34,383 65 10,059 1952—Dec. 31.. 19,809 2,753 11,875101,50613,109 1,465 4,941 8,910 2,956 99,793 744 346 1,620 39,046 18S 12,888 1953—Dec. 31.. 19,995 2,512 12,103102,45213,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13.559 1954—June 30. . 18,924 2,660 11,033 98,117 12,470 1,328 5,59.1 9,925 2,789 94,282 1,699 331 2,319 43,334 55 14,038 All insured commercial banks: 1941—Dec. 31.. 12.396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6.844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,75111,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1952—Dec. 31.. 19,809 2,720 11,489100,32912,948 [,437 4.912 8,776 2,938 98,746 605 346 1.564 38,700 181 12,563 1953—Dec. 31. . 19,995 2.,482 11,724101,28913,221 L,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 1954—June 30.. 18,924 2,627 10,688 96,98312,252 L.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 64,18412,333 .,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,52810,978 t,375 1.176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1952—Dec. 31. . 19,810 2,081 7,373 85,54312,594 [,43! 4,567 7,029 2,744 85,680 592 321 1,303 31,266 165 10,761 1953—Dec. 31.. 19,997 1,870 7,554 86,127 .12,858 [,291 3,756 7,530 2,783 85,711 1,021 308 1,595 33,311 43 11,316 1954—June 30. . 18,925 2,001 7,062 82,78311,956 1,280 5,165 7,839 2,581 81,034 1,497 300 1,912 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* 1941—Oec. 3! . . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31,. 4,015 111 78 15,065 3,535 [, 105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31. . 4,639 151 70 16,653 3,236 L,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 [,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 1954—June 30. . 4,614 131 60 15,430 3,237 [,033 1,378 404 1,109 16.601 1,246 51 151 2,014 1 2,630 Oct. 7. . 4,636 154 39 15,693 3,076 [,083 1.994 333 1,098 16,240 1,276 54 216 2,090 147 2,654 Chicago:* 1941—Dec. 31.. 1,021 43 298 2,215 3 .027 8 127 233 34 2,152 476 288 1945—]3ec# 3i mm 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 19*7—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 4,49i 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—Tune 30.. i,290 30 154 3,844 1,287 34 410 297 74 4.032 18 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 "{5 592 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—June 30.. 7,553 611 2; 352 29,940 6,220 202 2,015 2,877 677 30,503 214 97 992 13,867 '"it 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 23 9 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 15,903 25 3,970 1953—Dec. 31. . 5,780 1,140 4,855 35,029 .,288 12 1,216 4,063 820 31,636 15 153 615 16,921 20 4,194 1954—June 30.. 5,468 1,230 4,496 33,569 1,211 11 1.362 4,.261 720 29,898 19 148 759 17,553 26 4,372 Oct. 7.. 5,411 1,152 4,690 34,903 L.311 11 1,635 4,068 654 31,244 20 162 815 17,850 43 4,540 AH sionmember banks:2 1947—T)ec. 31 544 3 947 13,595 385 55 $.67 1,295 180 12,284 190 6 172 6,858 12 1,596 1952—Dec 31 672 4J498 15,964 516 34 374 1,881 212 14,133 152 25 317 7,800 23 2,129 1953—Dec. 31 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 1954—June 30 658 3,972 15,334 514 48 426 2,085 209 13,248 202 30 407 8,669 17 2,332 8 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. 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. MARCH 1955 289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Loans Com- Month cr date i T m n lo a v o e n a e t n n d a s s t l t s - i j m n u a a v s e n d e t n d e - s t d t s - 1 j L u o a s a d te n - d s 1 i t n m c a r d i i n e a a u d r l l s , - , - a T n o d b d r e o a k l e e r r s s To other3 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 - 3 - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o f n , a o k n s s t a c u g u r l r - 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 l U o i o g . b S v - a . - t.O c t u h n e - r n e e d s - s tions ties tions ties Total— Leading Cities 1954—February. 80,036 79,309 39,023 22,549 1,968 823 6,493 7,823 32,555 2,210 4,401 5,829 20,1157,731 727 December. 86,965 86,187 40,549 22,347 2,538 1,062 7,128 8,13437,028 2,491 2,547 8,377 23,613 8,610 778 1955—January.. 86,398 85,620 40,443 22,202 2,434 1,079 7,225 •8,207 36,532 2,378 2,681 8,158 23,3158,645 778 February. 85,612 84,806 40,641 22,159 2,488 1,073 7,311 8,31.6 35,221 1,878 2,118 3,62722,598 8,944 806 1954—Dec. 1... 86,553 85,783 40,114 22,214 2,367 ,037 7,083 8,07537,106 2,378 2,240 8,55223,99536 8,563 770 Dec. 8. . 86,376 85,583 40,181 22,255 2,390 ,034 7,088 8,078 336,752 2,225 2,150 8,'488 2233,1889 8,650 793 Dec. 15. ., 87,200 86,470 40,690 22,359 2,679 ,049 7,136 8,125 37,174 2,615 2,763 8,35723, ,606 730 Dec. 22. . 87,448 86,56440,751 22,423 2,567 ,077 7,156 8,187 37,205 2,693 2,816 8J286 2233,i410 8,608 884 Dec. 29. . 87,249 86,534 41,008 22,486 2,688 ,113 7,176 8,20536,902 2,543 2,768 8,200 23,3918,624 715 1955—Jan. 5.. 86,656 85.824 40,636 22,334 2,541 ,101 7,182 8,181 36,573 2,279 2,729 8,210 23,3553,615 832 Jan. 12. . ,86,290 85,481 40,45.1 22,237 2,419 ,082 7,217 8,20036,513 2,301 2.714 8,179 23,'319 8,517 809 Tan. 19... 86,152 85,449 40,309 22,163 2,324 ,080 7,238 8,20836,602 2,497 2,644 8,166 233,2958,538 703 Jan. 26. . 86,495 85,729 40,377 22,074 2,449 ,055 7,263 8,240 36,441 2,434 2,638 8,076 233,2938,911 766 Feb. 2. 86,129 85,359 40,576 22.054 2,582 1,056 7.279 8,311 35.799 2,065 2,551 8,081 23,1028,984 770 Feb. 9. 85,634 84,859 40.653 22,096 2,590 1,062 7; 294 8,314 35,280 1,747 2,412 8,121 23,000 8,926 775 Feb. 16. 85,411 84,673 40,722 22,251 2,454 1,083 7,326 8,315 35.057 1,881 1,832 9,162 22,1828.894 738 Feb. 23. 85,274 84,334 40,613 22,236 2,326 1,092 7,342 8,32534,750 1,821 1,676 9,146 22,1078,971 940 New York City 1954—February. , 21,776 21,318 11,599 8,066 490 954 263 380 1 ,594 7,513 658 727 1,046 5,082 2,206 458 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 16 387 491 1,724 9,050 689 535 1,884 5,9422,493 458 February., 23,410 22,956 11,70/ 7,381 380 1 ,500 393 1,731 8,705 624 360 1,986 5,7352,544 454 1954—Dec. 1... 24,022 23,559 11,688 7,575 456 1,302 389 451 1,697 9,474 821 447 2,090 6,11 2,397 463 Dec. 8. . , 23,828 23,417 11,667 7,567 422 1,337 376 448 1,699 9,297 761 409 2,026 6,101 2,453, 411 Dec. 15. . .24.290 23,869 11,924 7,558 5881,413 386 1.700 9,479 890 558 2,006 6,025 2,466 421 Dec. 22 . . .24,134 23,587 11,758 7,547 420 1,398 395 465 1,714 9.369 874 541 1,968 5,9862,460 547 Dec. 29. . , 24,134 23,686 11,904 7,568 5081,407 391 467 1,724 9^294 853 531 1,921 5,9892,488 448 1955—Tan. 5... 23.800 23,340 11,727 7,454 1,447 390 469 1 ,726 9,136 709 588 1,891 5,9482,477 460 Tan. 12.., 23,512 23,064 11,636 422 1,464 390 489 S , 7328,977 620 554 1,878 5, .451 448 [an. ! 9. . ,23,446 23,020 11,549 381 286 1,479 382 497 1.724 8,994 679 495 1,885 935 2,477 426 Jan. 26... 23,761 23,263 11,603 358 280 1,561 388 508 1,712 9,094 747 503 1,883 5,961 2,566 498 Feb. 2. . 23,686 23,23-! 11,683 7,322 1,507 389 512 1 ,724 8,966 661 501 1 ,882 5,9222.585, 452 Feb. 9. . 23,454 23,004 11,707 7,347 1,490 391 513 1.723 8,776 501 398 1,963 5.914 2,521 450 Feb. 16.. 23,251 22,861 11,768 7,420 1 ,491 393 526 1,737 8,591 712 271 2,052 5,5562,502 390 Feb. 23. . 23,247 22,725 11,672 7 ,436 2541,513 401 528 1,739 8,4S5| 621 268 2,048 5,5482,568 522 Outside New York City 1954—Febr u ary. .260 57,991 27,424 14,483 524 517 6,113 6,22925.042 1 ,552 3,674 4,783 15,0335,525 269 December. 62,884 62,564 28,761 14,784 688 659 6,670 6,42727,645 1,651 2,050 6,375 17,5706,157 320 1955—January.. 62,768 62,448 28,814 14,798 614 676 6,734 6,48327,482 1,689 2,146 6,274 17,373 6,152 320 February. 62,202 61,850 28,934 14,778 60S 664 6,791 6,58526,516 1,254 1,758 6,641 16,8636,400 352 Dec. 1. . 62,531 62,224 28,426 14,639 609 637 6,632 6.378 27,632 1,557 1,793 6,46217,820 6,166 307 Dec. 8. . , 62,548 62,166 28,514 14,688 631 647 6,640 6.379 27,455 1,464 1,741 6,46217,7886,197 382 Dec. 15.., 62,910 62,601 28,766 14,801 678 651 6,675 6,42527,695 1,725 2,205 6,351 17,4146,140 309 Dec. 22.. 63,314 62,977 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 62,848 29,104 14, v'18 773 688 6,709 6,481 27,608 1,690 2,237 6,27917,402 6,136 267 1955 —Tan. 5. 62,856 62,484 28,909 14,880 668 683 6,713 6,455 27,437 1,570 2,141 6,319 17,4076,138 372 Jan. 12. 62,778 62,417 28,815 14,815 617 678 6,728 6,468 27,536 1,681 2,160 6,301 17,394 6,066 361 Tan. 19. 62,706 62,429 28,760 14,782 559 684 6,741 6,4-8427,608 1,818 2,149 6,281 17,360 6,061 277 Jan. 26. 62,734 62,466 28,774 14,716 608 657 6,755 6,528 27• ,347 1,687 2,135 6,193 17,332 6,345 268 Feb. 2. 62,443 62,125 28,893 14,732 645 654 6,767 6,587 26,833 1,404 2,050 6,199 17,180 6,399 318 Feb. 9. 62,180 61,855 28,946 14,749 655 658 6,781 6,591 26,504 1 ,246 2,014 6,158 17,0866,405 325 Feb. 16. 62,160 61 ,81228,954 14,831 570 667 6,800 6,578 26,466 1.169 1,561 7,11.016,626 6,392 348 Feb. 23. 62,027 61,609 28,941 14,800 559 675 6,8.14 6,586!26,265: 1,200 1,408 7,09816,,559 6,403 418 r Re vised. 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2 Includes guaranteed obligations. For other footnotes see opposite page. 290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Borrowings Reserves Bal- De- Indi- Indi- Date or menth B s w F e R e a i e r e r n t d a v - k h - l e s v C a a i u s n l h t m a b w e n d a i s c o n t t - e k h i s s c p m u o a s d a s e d t u i - e - t d d s 3s p p u v n c h a o a a i e o i n r r l d r r p d t s a s - - - - , - , S p s d s a o i t i i u l c n a o v b i a t d n i t - l e - s - s C - c a o e h f e e f r e i t n f r e c t c d i s k i d . - ' s - , U m G e . e o r n v n S t - - . s p p u v n c h a o a a i e o i n r r l d r r p d t a s s - - - - , - , S p s d s a o i t i i u l c n a o v b a i t d i n t - l e - s - s P U m G S e i a o . e o a r n n s n v n v g t d S - s t - - a . l m D t e o i D s - c - eman F e d o ig r- n Time F B s F e R e r a e r e r n o d a v - k m - l e s F ot r h o e m rs CO i a l t i c m a p - l t - s tions tions Total— Leading Cities 1954 —February.. 4,386 946 2.485 U,63955,528 4.006 1 947 2,511 7,640 967 190 0 482 1,284 1.096 929 7,639 December.14,107 1,052 2,70657,47859,275 3,876 2 289 3,387 18,674 1,182 20611.556 1,404 1,448 816 8,156 1 1955—January.. 978 980 2,613S8.23059,598 4,032 2 077 1,79218,856 1,141 211 482 1,386 1,464 238 627 8,160 February..13*,727 938 2,52457,09358,297 4 098 1 968 2,54818,876 1,131 207 0566 1,363 1,458 298 651 8.205 1954—Dec. 1. .13,891 967 2.64256,41457,876 3,956 2 426 4,223 18,555 1,183 20311303 1,354 1,456 706 8,162 D D e e c c . . 1 8 5. . . .1 1 3 4 , ,3 9 5 8 5 0 1 1 , , 0 06 5 5 9 2 2 ,5 8 6 3 9 0 5 57 6 , ,5 9 8 2 3 66 5 1 7 , , 0 6 3 4 6 8 3 3 , 8 7 1 5 6 4 2 1 8 7 4 9 9 3 3 3 , ,2 7 2 0 6 6 - 1 8 8 , 6 6 2 5 1 5 1 1, , 1 1 9 8 5 0 2 2 0 0 3 9 1 1 1 1 4 9 2 5 6 3 1 1 , , 3 39 8 3 0 1 1 , , 4 44 5 3 8 1 1 0 2 9 8 6 5 5 9 2 6 s, 1 1 4 5 6 2 Dec. 22. .14167 1,084 2 79458,02559,697 3 917 2 249 3,184 18732 1,198 20911737 1.425 1,440 78 746 8.144 Dec. 29. .14,141 1,084 2 69358,44560,117 3 939 2 129 2,597 18806 1,154 20911359 1,470 1,444 373 632 8,174 8, 1955—Jan. 5. .14329 958 2 69157,85759,012 3 958 2 021 2,24218 845 1,158 21312012 1,420 1,440 197 713 8,176 Jan. 12. .'i3946 1.031 2 6275798160,113 3 841 1 793 1,50218 865 1,157 21011717 1,403 1,464 355 669 8,154 Jan. 19. .13869 964 2 6305836859,884 3 981 1 806 1477 18 857 1.122 21011502 1,372 1,473 136 563 8 138 Jan. 26. .13766 968 2 50458 71659 383 4 348 2 689 194818 856 1|126 21110695 1,347 1,481 263 563 8,172 Feb. 2. .13947 898 2 4935763958317 4 232 2 226 2320 18 864 1,126 20810821 1,352 1,478 506 616 8 194 Feb. 9. .13651 938 2 4835739457889 4 148 1 595 233018 874 1,127 21010633 1,326 1,460 155 622 8 209 Feb. 16. .\3829 925 2 57.15659858672 3 984 2 164 2 77918 875 1,132 20710701 1.376 1,454 338 640 8 202 Feb. 23. .13483 993 2 54856 74458311 4 027 1 889 2 76418 890 1,138 20510110 1,396 1,439 193 727 8 214 New York City 1954—February.. 4 777 151 43 15 79216 717 274 1,116 659 1 832 149 54 2974 1,033 904 3-4 2573 December 4 498 181 541641517630 310 1 304 967 2 060 220 54 3 211 1,133 1,185 319 2 770 1955—January.. 4 424 154 4316 51717532 359 1 124 471 2 079 191 54 3 167 1,084 1,174 39 355 2 780 February.. 4382 145 5116 26417302 308 1,077 669 2 074 182 54 3 008 1,053 1, 147 44 357 2 790 1951— Dec. 1, ,4 354 162 7816 18417310 312 1,405 1279 2 019 220 54 3 126 1,080 1,198 3i6 2 780 Dec. 8. . 4 490 193 4116 11816964 277 917 1096 2 037 215 54 3 106 1,114 1,199 419 2 768 Dec. 15.. 4 553 188 48 1662418 256 336 1,752 898 2 069 222 54 3 368 1,132 1,185 331 2 764 Dec. 22. . 4 513 189 521647017531 299 1,269 862 2 097 240 54 3 208 1,157 1,169 444 2 766 Dec. 29. . 4 58? 175 5116 68118090 328 1,175 698 2 078 204 54 3 249 1,184 1,173 438 2 770 1955— t jaen#n.1 5 2. . . . 4 4 5 5 5 3 f 5 1 16 5 3 5 3 42 6 1 1 6 64 3 8 20 3 1 1 7 74 4 5 67 6 3 2 0 89 3 8 9 8 7 4 9 4 6 0 2 3 0 2 2 0 0 7 74 6 2 1 0 9 8 9 5 54 4 3 3, 2 1 8 86 9 1 1 , , 1 1 2 0 2 8 1 1 , , 1 1 7 7 0 0 155 4 4 2 20 7 2 2 7 7 7 79 9 J I a a n n . . 2 1 6 9 . . . . 4 4 3 25 67 y 1 15 46 1 4 4 9 51 16 6 4 7 6 9 6 9 1 1 7 7 5 6 8 2 6 0 3 5 1 2 9 5 i, 8 7 6 7 0 0 3 49 72 1 2 2 0 08 80 5 1 18 77 1 5 5 5 4 3 2, 2 9 1 8 1 3 1 1, , 0 0 6 3 6 8 I , ,1 1 7 7 9 6 2 2 8 9 1 4 2 2 7 7 8 8 0 2 Feb. 2. . 4,540 138 531653517362 373 1,32f 644 2,079 175 54 3,076 1,036 1,167 128 4-14 2 792 Fob. 9. .4,288 148 411633317 168 287 743 639 2.071 180 53 3,016 1,026 1,149 2 343 2 793 F F e e b b . . 2 1 3 6 . . . . 4 4, 4 2 1 8 ^ f 1 15 3 f 9 4 6 8 3 1 1 6 6 , 1 0 0 8 5 51 1 7 74 2 0 7 3 4 3 2 1 6 2 2 1 1 , , 2 0 2 1 C 4 6 7 9 0 1 3 2, ,0 0 7 7 5 2 1 1 8 8 6 5 5 5 3 4 3 2 , ,9 0 3 1 1 0 i l . , 0 0 6 8 3 5 1 1 , , 1 1 4 2 3 8 39 8 353 2 2 7 78 9 3 2 2 Outside New York City 1.954 -February. 9, 609 795 2,44238,84738 3,732 831 1,85215. 808 818 13f 7,508 251 192 595 5,066 December 9,609 871 2,65241 06341 645 3,566 985 2420 16,614 962 152 8,345 271 263 427 5386 1955—January. . 9, 554 82 f 2,57041,71342 06r 3. 673 953 .1321 16,777 950 157 8,315 302 290 199 272 5380 February. 9.345 793 2.47340,82940,99: 3,790 891 1,87916,802 949 153 7,558 310 311 254 29* 5,415 1954—Dec. L. .9.537 805 2,56440,23040 3,644 i,021 2,94416,53f 963 149 8,177 274 258 4.0 5.382 Dec. 8. . 9,490 86f 2,52840,46540 68-' 3,477 932 2,61C16,584 965 149 8,320 26* 259 109 23? 5,384 Dec. 15.. 9.802 877 2,78241,30242,78( 3.480 1,041 2,32816,58f 973 155 8,58.=- 261 258 128 265 5,382 Dec. 22. . 9 654 895 2,74241,55542.16f 3,618 980 2,32216,635 958 155 8, 529 268 271 78 302 5.378 Dec. 29. . 9,560 909 2,64241,76442,027 3,611 954 1, 89916,728 95C 155 8,110 286 271 373 194 5,404 1955—Jan. 5. . 9, 773 803 2,65541,37441,55f 3.65" 1,042 1,62216,76< 959 159 8,723 298 270 197 28f 5,397 Jan. 12. . 9431 868 2,58541,66142,64f 3,552 90S- 1,09916,791 949 8,531 295 294 200 24< 5,375 Jan. 19. . 9,502 818 2,58141,90242,298 3,662 94f 1,10516,777 945 155 8,291 30f 297 J36 282 5,358 Jan. 26. . 9.507 8.17 2,45941,91741,763 3,823 919 1,45716,771 945 157 7,712 309 302 263 269 5,390 Feb. 2. 9,407 76( 2,44041,10440,95" 3,859 900 1,67f16, 785 951 154 7,745 3 If 311 378 202 5,402 Feb. 9. 9,363 79( 2,44241,06140,721 3,861 852 1,69116, 803 947 157 7,617 300 311 153 279 5,416 Feb. 16. 9,413 78f 2, 50840,49341,269 3,722 938 2,07616,803 154 7,691 313 311 299 287 5,410 Feb. 23. 9,199 837 2,50040,65941,03" 3,715 875 2,07316,815 953 151 7,179 311 311 185 408 5,431 * Demand 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. 21.2-213 of the BULLETIN for February 1955. 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. MARCH 1955 291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY1 [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'L Period^ t l o F i b q a o n a u o c d o d c r , o , a T l p e e a a p x t n a t h d i r e l e e r l s , , p m M r m ( a o a i e n c e d n t h c t d u a a L i l c n l s t - s ch P l e c e a e m o u n t a r m d i l o c , , a - l, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n n l m i e c e s - e s u P p t t t ( r i o u i i a l o n b r i n n c t t l i a s l i ) e . c - - s s C t ti 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 d g s t i e - s ch t i a a o n a g n t n d r g a d ' ' l e l l , . 3 — ery and rubber trans. equip.) 1951—Anril-June. . -243 116 275 48 60 62 —421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June. . . -868 -73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -637 July-Dec.. ., 754 —40 250 36 141 662 544 -57 13 191 2,494 25435 1953—Jan.-June. . . -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 Juiy-Dec.. . . 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June. . . —505 55 -577 -10 -1 -41 -363 -175 126 7i 106 -1,314 -1.496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 167 665 602 Monthly: 1954—December... 111 -30 -24 49 -17 -68 78 228 46 14 4 390 354 1955—January. — 119 28 7 — 10 — 116 -82 5 Q 4- —80 —371 -412 February. . . -118 90 29 109 4 13 -47 3 -11 9 42 124 162 Week ending: 1954—Dec. ' 1 51 -28 -10 7 -4 9 4i 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 sr —25 4 74 —20 9 96 J04 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—Tan. 5. -70 -i 3 9 y —56 -23 43 -4 -1 -37 -144 -152 Jan. 12 -8 n 1 -17 4 -12 -43 -44 -1 4 4 -100 -97 Jan. 19. ... -17 5 15 5 2 -28 —9 1.1 14 1 -27 -32 -74 Jan. 26.... -24 14 -13 3 -6 — 19 -7 -4 -18 -20 —95 -89 Feb. 2 -27 19 5 6 -2 -11 -r> 30 9 4 10 29 -20 Feb. 9 — 19 22 12 6 4 5 -14 -4 .1 -1 2 14 42 Feb. 16.... —48 38 3 96 7 14 -14 -8 -20 12 15 95 155 Feb. 23 -25 1.2 9 1 —5 4 -13 — 15 -1 3 16 — 13 -15 1 Sam pie 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 daring 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. XOTK.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING fin mJiiOfl'i Of •'oHars] Dollar acceptances outstanding Commercial and finance company paper outstanding1 Held by Based on End of month Total Accepting banks F. R. Goods stored in or Placed out- Banks Im- Ex- shippec between Total t P h l r a o c u e g d h dir l e y ct- st i a n n g d- a ( c fo c r t. Oth- p i o n r to ts p fr o o r m ts D e o x ll - ar points in dealers2 (finance To- Own Bills of United United change paper) 3 tal bills bought for. States States United Foreign corr.) States countries 1949—December 837 270 567 272 128 58 70 11 133 184 49 30 9 1930—December 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951—December.... 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952—December 1,745 552 .,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 L, 520 586 195 144 51 17 373 266 157 45 73 46 i< ebruary.... 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 L ,434 563 198 155 43 5 360 205 134 75 101 47 September... 2,192 803 1,389 609 259 178 81 6 344 207 139 85 130 48 October 2,048 762 1,286 687 271 217 55 14 402 207 148 72 205 55 November... 2,032 769 1,263 768 313 241 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 1955—January 2,064 713 1,351 869 282 206 77 23 564 273 187 17 303 90 1Xew 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. 292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U St n a i t t e e s d St l a o t c e a a li nd Foreign2 Total Bonds3 Stocks gages estate loans assets End of year:4 1939 29,243 7,697 5,373 2.253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1.878 2,919 1,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 i,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1 ,063 2,134 1 ,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7, J 55 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1.055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23.179 21,461 1,718 12,906 l|247 2.240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 ..... 73,375 12.774 10,252 ), 767 755 31,646 29,200 2.446 21 ,251 1,903 2,713 3,088 1953 78,533 12,405 9,829 1,990 586 34,570 31,997 2,573 23,322 2,020 2,914 3,302 End of month:5 1951—December 67,983 13,579 10,958 1,702 919 28,042 25,975 2,067 19,291 1,617 2,575 2,879 1952—December , 73,034 12,683 10,195 1.733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—December 78,201 12,322 9,767 1,958 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—Tanupry......... 78,866 12,470 9,779 2,105 586 34,639 32,266 2,373 23.435 2,039 2,905 3,378 Febr!i?rv 79,251 12,498 9,781 2,122 595 34,816 32,430 2,386 23,570 2,053 2,923 3,391 March 79,649 12,416 9,661 2,170 585 35,053 32,635 2,418 23,769 2,066 2,956 3,389 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 TiUy 81,510 12,222 9,189 2,456 577 35,943 33,369 2,574 24,572 2,147 3,045 3,581 August 81 965 12,197 9,171 2,471 555 36,094 33,494 2,600 24,795 2,177 3,066 3,636 September 82,362 12,094 9,086 2,485 523 36,326 33,717 2,609 25,035 2,205 3,049 3,653 October 82,850 12,013 9,024 2,509 480 36,579 33,979 2,600 25,260 2,241 3,061 3,696 November 83,338 11,992 8,936 2,575 481 36,663 34,040 2,623 25,574 2,260 3,075 3,774 December .., 84,052 12,037 9,021 2.533 483 36,843 34,147 2,696 25,927 2,275 3,087 3,883 1 Includes United States and foreign. 2Central government only. 3 Includes International Bank for Reconstruction and Development. 4These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 5These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U. S. Savings End of U. S. Savings year Total i g M ag o e rt s - 2 G m o o v b e e l n i r - t n- Cash Others capital quarter Total* g M ag o e rt s - 2 G m o o v b e e l n i r - t n- Cash Others capital gations gations 1940 5.733 4,1.25 71 307 940 4,322 1952—1 19,688 16,057 1,690 1,080 774 16,811 194? 6,049 4,578 107 344 775 4,682 2 20,599 16,875 .687 1J.82 770 17,656 1942 6,150 4,583 318 410 612 4,941 3 21,295 17,696 [,765 1,044 708 18.198 1943 6,604 4.584 853 465 493 5,494 4 22.585 18,336 1,791 1,306 1,072 19,143 1944 7,458 4,800 1,671 413 391 6,305 1945 8,747 5,376 2,420 450 356 7,365 1953—1.... 23,442 19,051 1,926 1,259 1,128 20,072 1946 10,202 7,141 2,009 536 381 8,548 2 24,724 20,099 1,997 1,333 1,213 21,140 1 1 1 9 9 9 4 4 4 7 9 8 1 1 1 4 1 3 , , , 6 6 0 2 8 2 2 7 8 1 U 8 0 , , , 8 3 6 S 0 1 5 6 6 1 1 1 , , , 4 7 4 6 4 5 2 0 5 5 6 8 6 8 6 0 0 3 4 5 5 1 6 0 6 6 1 1 1 9 2 0 , , , 7 4 9 5 7 6 3 1 4 3 4 .... 2 2 5 6 , , 5 6 8 3 2 8 2 21 1 , , 8 3 8 1 2 6 1 , ,9 9 8 2 2 3 1 1 , , 1 5 9 0 6 0 1 1 , .2 2 1 5 2 8 2 2 1 2 , , 7 7 3 7 5 8 1950 16.846 13,622 1,489 951 692 13,978 1951 19,164 15,520 1 ,606 1,382 866 16,073 1954— IP... 27,667 22,722 L,928 1,613 1,330 23,901 1952 22,585 18,336 1,791 1,306 1,072 19,143 2P... 29,105 23,847 :.961 1,782 1,44:2 25,163 1953 26.638 21,882 1,923 1,500 1,258 22,778 3P... 30,168 25,053 ,972 1 .671 1,40(5 25.805 1954 31,680 26.1.42 2,026 1,958 1 ,481 27,259 4:P... 31,680 26,142 1,026 1,958 1.481 27.259 p Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, arid office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. MARCH 1955 293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and agency 1953 1954 1945 1946 1947 1948 1949 1950 1951 1952 4 1 2 3 Loans, by purpose and agency: 2,878 2,884 2,299 3,632 4,362 3,884 4,161 5,070 6,811 7,370 6 389 6 ">27 Banks for cooperatives 197 232 276 305 302 345 425 424 377 354 309 343 Federal intermediate credit banks 231 273 336 426 437 510 633 673 590 658 774 754 1,088 986 Federal Farm IVlortgage Corporation 242 149 109 80 60 45 34 25 18 17 16 15 Farmers Home Administration3 ... .... 604 590 558 525 523 535 539 596 648 739 754 754 Rural Electrification Administration 407 528 734 999 1,301 1,543 1,742 1,920 2,096 2,130 2,164 2 200 99 120 280 1,293 1,729 898 782 1,426 3,076 3,468 2,368 2,457 Other agencies 9 6 7 5 9 7 6 6 5 5 4 4 To aid home owners total ... 896 659 556 768 1,251 1,528 2.142 2,603 2,930 2 858 2 814 2 818 7 6 4 199 828 1,347 1,850 2,242 2,462 2,366 2,301 2,392 Home Owners' Loan Corporation2 . .. 852 636 486 369 231 10 Reconstruction Finance Corporation* * 12 10 •1 177 168 137 123 115 108 104 Veterans Administration 6 65 22 24 35 169 246 /300 326 348 367 { 60 61 62 59 To railroads total 223 171 147 140 114 110 101 82 79 79 12 12 Reconstruction Finance Corporation® 205 153 145 138 112 108 99 80 77 77 10 Other agencies 18 18 3 3 3 2 2 2 2 2 2 12 To other industry, total 232 192 272 310 462 458 488 516 509 492 415 413 Reconstruction Finance Corporation" ^. 149 151 241 272 423 400 415 457 294 270 191 O D t e h p e a r rt a m ge e n n c t ie o s f the Treasury } 83 41 31 38 38 58 74 58/ 1 17 4 4 0 1 4 7 4 8 1 4 7 5 9 34 6 9 4 To financing institutions, total 267 314 447 525 445 824 814 864 952 630 678 691 Reconstruction Finance Corporation " 60 14 7 6 8 8 8 Federal home loan banks 195 293 436 515 433 816 806 864 952 630 675 689 Other agencies 12 7 4 4 4 3 2 526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,043 7,987 7,965 7,968 Export-Import Bank 252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,833 2,783 2,762 2,788 Reconstruction Finance Corporation* ' 274 235 246 206 154 101 64 58 52 45 42 U. S. Treasury Department9 800 3,450 3,750 3,750 3,750 3,750 3,667 3,620 3,620 3,618 3,618 1,537 1,539 1,544 1,563 All other purposes total 707 623 714 584 484 531 779 1,095 763 641 471 451 Reconstruction Finance Corporation * ' 309 232 «340 190 88 59 61 50 57 29 32 Public Housing Administration11 286 278 278 294 297 366 609 919 535 428 245 144 Other agencies 112 113 96 100 99 105 109 126 171 184 195 307 Less: Reserve for losses .. ... .... 438 478 395 368 476 185 173 140 203 181 255 276 Total loans receivable (net) 5,290 6,649 9,714 11,69212,73313,22814,42217,82619,88319,87718,489 18,6C3 investments: U. S Government securities, total 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,602 2 960 2 911 2 988 43 43 48 43 43 43 43 43 43 43 52 43 Federal intermediate credit banks 43 47 48 44 74 46 51 60 63 50 50 58 Production credit corporations 67 70 72 66 39 42 43 43 45 43 42 42 145 136 Federal home loan brinks 118 145 139 274 275 199 249 311 38? 706 672 687 Federal Savings and Loan Insurance Corp 161 172 184 199 214 193 200 208 217 222 228 222 Home Owners' Loan Corporation2 15 17 12 12 8 Federal Housing Administration 106 122 132 144 188 244 285 316 319 310 257 324 Reconstruction Finance Cornoration^ ' 49 48 (8) 1 Federal Deposit Insurance Corporation 897 1,045 1,020 1,064 1.205 1,307 1,353 1,437 1,526 1,593 1,609 1 ,610 Other agencies 38 28 29 9 1 1 1 1 1 1 1 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 325 230 154 133 107 88 78 44 40 40 5< 48 Reconstruction Finance Corporation8 244 108 98 83 71 66 36 35 3-S 5C Production credit coroorations 55 46 35 29 22 16 11 8 5 4 4 Department of the Treasury 24 11 6 2 1 1 43 Other agencies 1 1 9 Commodities, supplies, and materials, total 2,288 1,265 822 627 1,549 1,774 1,46! 1,280 2,51.4 2,6% 3,369 3,709 Commodity Credit Corporation 1 1 , , 0 1 3 3 4 1 4 6 6 6 3 7 4 2 4 3 8 5 4 1 3 5 7 7 1,3 1 7 4 6 2 1,6 1 3 0 8 8 1,1 1 7 2 4 9 9 1 7 7 8 2 2,0 1 8 5 6 6 2,2 1 0 6 2 8 2,80 9 2 1 3,059 Department of the Treasury 134 138 32 30 28 159 131 95 Other agencies .. \ 272 327 476 556 Land, structures, and equipment, total 21,017 16,924 12,600 3,060 2,962 2,945 3,358 3,213 8,062 8,035 8, ©75 8,061 Public Housing Administration11 222 227 204 1,448 1,352 1,248 1,251 1,173 1,018 958 823 Reconstruction Finapce Corporation" ^... 6,919 2,861 35 630 611 605 594 199 175 169 161 Tennessee Valley Authority , 721 727 754 793 830 886 1,048 1,251 1,475 1,549 1,630 1,685 3,395 3.301 3,305 War Sh'oping Administration2 7,813 7,764 6,507 Federal Maritime Board and Maritime Ad'tn.2.... 4,834 4,849 4,829 4,782 Other agencies12 1,948 2,044 1,793 189 168 206 465 590 561 511 634 1,466 Bonds, notes, and debentures payable (not guaranteed), total 1,113 689 965 772 1,190 1,369 1,330 1,182 949 971 1,072 33 69 70 78 110 170 181 150 133 120 131 245 293 358 480 490 520 674 704 619 626 736 762 Federal land banks2 792 756 69 169 262 415 204 560 525 445 414 190 115 179 For footnotes see following page. 294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items1 Liabilities, other than interagency items Date, and corporation or agency Total Cash L c a o r e b e a i l v - n e - s m m C p r s t a i l i u o o a n i e a e m p d t s d l e s s - , i - , - - G U s ri e o t . c i v I e u S m n t s - . . v e e n s O t s r s t i e - t t c h ie u e s - r e L s t m q u t a a r u r n e u n e i d n c d p s t - , , - O s a t e h s t - e s r a t B F g u n a u u b o r t n J a e e y n d l r s e d y - d s d p , e a n O b y o e a t t h n b e - e l s e r , O li i a t t i b h e i e s l r - i m U G n e e r . t o e s n e n v t S r - t - - . o v in P w a e t t r s n e e i t r - e l - y d U. S. All agencies: 1946—Dec. 31... 30,409 1.. 398 6,649 1,265 1.873 5471.6,924 1,753 261 1 ,252 3,588 24,810 498 1947—Dec. 312.. 30.966 1,481. 9.714 822 1,685 3,53912,600 1,125 82 689 2,037 28.015 143 1948—Dec. 312.. 21,718 63011,692 627 1,854 3,5.18 3.060 337 38 955 1,663 18,836 166 1949—Dec. 31... 23,733 4.4112,733 1,549 2,047 3,492 2,962 509 28 772 1 ,72021,030 183 1950—Dec. 31 ... 24,635 64213,228 1,774 2,075 3.473 2,945 499 23 1,190 1,193 21,995 234 1951—Dec. 312.. 26.744 93114.422 1,461 2.226 3,463 3.358 882 43 1 ,369 1 ,16123,842 329 1952—Dec. 3V-2.. 29,945 9441.7,826 1 ,2802,421 3.429 3,213 832 53 1 ,330 1 .72826.456 378 1953—Dec. 31 2 38,937 1.190 19,883 2,514 2,602 3,425 8,062 1,261 1,182 3.8. 8 33.429 434 1954—Mar. 31. . . 1 . \ 391.9,877 2,696 2.969 3,425 8,035 1 ,173 949 4,920 32,899 470 Tune 30. . 39.602 1 ,23218,489 3.369 2.911 3,439 8,077 2.085 971 4,033 34,030 486 Sept. 30.. 40,443 1 .32418,603 3 ,709 2.988 3,433 8,061 2,325 1.072 2,357 356,488 498 Classification by agency, Sept. 30, 1954 Farm Credit Administration: Banks for cooperatives 408 339 (S) 131 28 Federal intermediate credit banks 860 754 10 762 Production credit corporations 46 (S) (s) Federal Farm Mortgage Corp 16 CO CO Department of Agriculture: Rural Electrification Administration 2.338 2,198 1 102 Commodity Credit Corporation 5,836 2.344 3.059 140 273 801 .035!.. Farmer:.? Home Administration 741 650 CO 32 25 716;. . Federal Crop Insurance Corp 37 12 20 17 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,420 689 687 -6 470 Federal Savings and Loan Insurance Corp.. 22; (8) 222 5 8 221 Public Housing Administration11 408 143 (S) 128 112 20 388 Federal Housing Administration 512 44 1 116 165 320 Office of the Administrator: O Fe th de e r r a " l National Mortgage Association. . . 2,4 9 0 7 8 1 () 7] 2.3 17 9 1 2 C 6 O 89 4 1 0 6 1! 9 2,3 9 9 6 7 2 Small Business Administration 22 21 CO 22 Export-Import Bank 2,824 eo ' 2.805 CO 1 99 2.725 Federal Deposit Insurance Corp 1,626 () CO 14 106 1 .520 Tennessee Valley Authority 1 .950 227 1 .685 9 58 1,891j Federal Maritime Board and Maritime Adm... . 5.476 283 4,782 366 157 ,319j Panama Canal Company 468 29 422 3 13 4551 Veterans Administration 501 104 368 3 24 40.1 • Department of the Treasury 8.91.2 214 3,979 3,428 149 1,048 25J8.888 Foreign Operations Administration 1 ,579 7 1,56. 9 7 1,572 All other 857 89 130 62 108 42 815 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net baisis, i.e., after reserve for losses. 2Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies after 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 IT. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952 and of the Federal Maritime Board and Maritime Administration "beginning June 1953. 3Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration. 4Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included with "Other agencies" in 1945 and 1946. •r>The RFC Liquidation Act approved July 30, 1953 (67 Slat. 230) terminated the RFC's lending authority effective Sept. 28, 1953. Its lending activities under the Federal Civil Defense Act of 1950 and the Defense Production Act of 1950 were transferred to the Treasury on i;hat date. When the Corporation went out of existence on June 30, 1.954, certain loans, securities, and other assets were transferred to the Federal National Mortgage Association, the Small Business Administration, and the Export-Import Bank, and the Treasury assumed responsibility for completing liquidation of other activities. 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. 3\, 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 i, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equioment." SLess than S500.000. 9Figures represent largely the Treasury loan to United Kingdom and through .1952 are based in part on information not shown in Treasury compilation. 1 "Represents lending under Mutual Security Agency (predecessor of FOA) included in. the Treasury compilation beginning with balance sheet for June 30, 1952; figure not. published in Treasury compilation, but derived by Federal Reserve. 1l Reflects activities of the Federal Public Housing .Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to: he 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 1918. !<2ffcctive July !, 1955, the public war housing program of the PHA (represented largely by "Land, structures, and equipment") and several small housing programs managed by the Office of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by the Office of the Administrator. _ 12 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 11. 13See footnote 11. 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. 295 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS^ Bondprices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series u o m f e (index. 1935-39—100) (index. 1939—100) Ye o ar r , w m e o ek nth, r O i s e e l s - d 2 r N i s e e e s - w 3 g n ( r M i h a c i d i u g p e - h a ) - l 4 g ( r C r h p a a o o i d t g r - e e - h ) - 4 fe P rr r e e d - 5 T ta o l - d t I u r a n i s l - - - R ro a a i d l- u P i l t u t i i y c b l- - T ta o l - T t M a o l - anuf D b r a a l u c e - t - uri N n d b r g a o u le - - n- T p t r o i a o r n t n a 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 g r n f d e u 6 s s - ) dumber of issues. . 3-7 1 15 17 15 480 420 20 40 265 170 98 72 21 29 31 14 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 276 1,313 1953 average 93.90 ioi '.46 119.7 112.1 164.0 189 204 170 122 193 220 I'M 245 219 122 207 241 1,419 99.51 109.60 125.8 117.2 174.5 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1954—Feb 9S.62 107.04 125.4 116.5 171.7 200 217 166 129 203 234 204 261 215 128 216 250 1,752 Mar 99 87109 11 125 6 117 9 173.3 205 223 165 131 207 240 210 268 212 130 215 259 1 ,919 100.36 109.65 123.9 118.1 174.3 213 233 164 133 216 253 223 280 212 132 220 266 2,089 May 99 68109 39 123 6 H7 5 173 8 220 242 173 135 223 263 233 291 221 134 226 270 2,096 June.. . .. 99 49109 74 123.9 117.0 172.9 222 244 176 135 224 263 237 288 225 134 228 266 1,919 July 100.36 111.07 126.9 117.5 173.3 231 255 184 140 233 275 254 294 234 139 236 257 2,469 Aug. 100 28111 50 128 4 117 8 174 7 236 261 187 142 237 280 257 301 237 141 243 263 2,588 Sept 99 92110 68 127.2 117 6 175.8 239 264 182 141 240 286 260 309 236 140 247 268 1,963 Oct 99.69 110.59 126.9 117.5 178.1 244 271 187 139 244 291 267 313 240 138 249 269 2.103 Nov 99.27 109.88 127.4 117.4 178.9 252 282 197 141 254 305 284 324 259 141 260 278 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 Feb 96.97 103.51 125.0 115.7 175.0 278 312 232 150 281 340 320 358 300 150 276 315 3,201 Week ending: Jan. "29. . . . 97.57 108.03 125.1 116.4 174.9 271 304 223 146 274 330 313 346 293 147 275 315 3,362 Feb. 5 97.29 103.77 124.8 115.9 174.7 275 309 226 1.47 279 339 319 357 293 148 275 312 3,254 Feb. 12 97.38 103.76 1.25.1 115.9 175.0 278 312 229 150 283 342 321 361 298 151 278 316 3,422 Feb. .1.9 96.93 103.40 125.1 115.5 175.1 279 314 233 .150 232 341 322 359 303 151 276 311 3,364 Feb. 26.... 96.33 103.15 124.8 115.5 175.1 280 314 240 151 280 338 318 356 307 151 275 319 2,876 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). 2FulIy taxable, marketable 2Yz 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 3J^ per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent "bond of February 1955. 4Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 6Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. « Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS "* [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 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 i es a in n p a v d c a e c r t s t o r n t u a m e d n r e t i s s n n ' g t a in n a v d c e c f t s i o r r t u m a m d n e t i s n n g t a b h n a a d n n k d i s n bo M rr o o n w e e y d2 Free O (n th et e ) r a i I n n n v d p e t s a r t r a m t d n e i e n n r g t s' a in n v d In e t s f r t i a m r d m e in n g t I a n c ( c c n o a e u p t n ) it t a s l accounts accounts 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 February... 31,688 31,062 3768 March 31,716 31,054 3787 April 31,786 31,094 3819 May 31,841 31,186 3836 June 1,857 10 492 309 1,173 838 248 23 45 372 July 31,926 31,169 3877 August 31,998 31,194 3910 September.. 32,081 31,291 3924 October. . . . 32,131 31,364 3924 November. . 32,242 31,416 3972 December... 2,443 ii 626 348 1,616 1,023 287 53 65 401 1955—January.... 32,558 31,696 31,069 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): November, 40; January, 42. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 296 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 "jer 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 p d n p p c - o l i a a o a a r l t n n y p e o c m 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 c i r n y 0 m s 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 R n s u b s r i a n u i l t t l e e e i s s w es 9 ( m i - t s a s t o x o u n a e 1 t b s h 2 2 le - ) 3 i - s y s t e u o a e r 5 s3 - 19 A ci A r t e i n e a s 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 1 1 l 0 o 0 0 a - nkth 1 2 o 0 0 u 0 0 s - . o a f n d d 2 o 0 o l 0 . v ) er 1946 2 1 4 2 3.1 2.2 1.7 1 1 L 9 9 9 5 5 5 4 3 2 a a a v v v e e e r r r a a a g g g e e e . . . . . . . . . . . . 2 2 1 . . . 5 5 3 8 2 3 2 2 1 . . . 4 3 1 1 3 6 L L 1. . 3 7 .8 5 5 7 1 1 . . . 7 9 9 2 0 4 1 1. . . 9 7 9 3 6 5 1 6 3 2 1 . . . 8 0 9 1 7 2 1 1 .. . . 8 1 5 2 3 7 1 1 1 1 9 9 9 9 4 4 4 5 7 9 8 0 . .. 2 2 2 2 7 5 7 1 4 4 4 4 . . . 2 5 4 6 3 3 3 3 . . . 1 6 5 7 3 2 2 3 . . . . 0 0 5 8 2 2 2 1 . . . . 2 8 4 4 1954— A M F M e p a a b r y r il 2 2 1 1 . . . . 5 7 0 0 8 6 0 0 1 1 1 1 . . . . 5 7 3 5 8 8 8 0 L 1 . . . . 2 4 2 6 5 8 5 8 1. . . . 0 7 9 9 3 6 7 6 1 1 . . . . 0 0 7 9 5 1 8 8 3 1 2 4 1 1. . . . 0 0 9 7 2 1 0 6 L L L 1. . . . 7 8 7 8 8 4 1 0 1 1 1 1 9 9 9 9 5 5 5 5 2 4 1 3 . 3 3 3 3 * 1 6 7 > 4 4 5 5 . . . 0 7 0 9 4 4 4 4 . . . . 3 2 0 4 3 3 3 3 . . . . 9 7 4 9 3 3 2 3 . . . . 3 4 5 9 J J u ul n y e 1 1. . 4 5 5 6 1 1 . . 3 2 1 5 L L . 2 .2 5 5 . .7 6 2 4 . . 6 7 5 1 0 0 . . 7 6 6 5 L L . .6 79 9 19 ci Q ti u es a : rterly: O N A S D e c u o e p t c g v . t 1 1 1 1 1 . . . . . 3 3 3 3 3 1 1 3 1 1 1 1 1 1 1 . . . . . 2 2 2 2 2 5 5 5 5 5 1 L 1 L L . . . . . 2 2 2 2 2 5 5 5 5 5 1 1 . . . . . 0 1 9 9 9 1 4 2 8 3 1 1. . . . . 0 1 8 9 9 0 7 9 8 4 7 4 2 7 8 1 1 . . . . . 1 0 6 8 9 0 3 4 9 4 L L L L L . . . . . 8 7 9 8 9 5 4 4 0 0 1954— S D M T e e u a p c n r t . e... 3 3 3 3 . . 5 5 7 6 5 6 2 0 4 4 4 4 . . . . 9 9 9 9 2 9 9 7 4 4 4 4 . . . . 3 3 2 3 2 7 9 5 3 3 3 3 . . . . 8 8 9 8 2 4 4 9 3 3 3 3 . . . . 5 3 3 3 2 2 7 1 New York City: 1954—Mar. 3 50 4.79 4.27 3.75 3.37 1955—Jan 1.47 1.37 [.33 1.23 1.257 1.36 2.11 Tune.... 3 34 4.75 4.24 3.71 3. Is* Feb 1.68 1.50 L.38 1.17 1.177 1.41 2. IS Sept. 3 29 4 81 4.21 3.54 3.13 Dec. 3 30 4.66 4.15 3.64 3.15 Week ending: 7 Northern and East- Tan. 29... 1 .60 1 .50 .38 1 .24 1.349 1.40 l.\ ern cities: Feb. 5... 1.66 1.50 L.38 1.11 1.134 1.37 I.Q9 1954—Mar 3.74 5.06 4.36 3.97 3.57 F F F e e e b b b . . . 2 1 1 6 9 2 . . . . . . . . . 1 1 1 . . . 6 6 6 9 9 9 1 1 1 . . . 5 5 5 0 0 0 1 L L . . . 3 3 3 8 8 8 1 1 1 . . . 3 1 0 5 6 5 1 1 1 . . . 3 1 0 5 3 8 5 0 8 1 1 1 . . . 3 5 3 3 5 8 > 2 2 . . . 1 3 1 O 4 8 S D T e u e p n c t e 3 3 3 .5 6 5 7 1 5 4 5 5 . .0 9 0 7 9 4 4 4 4 . . 3 3 3 1 4 1 3 3 3 . . . 8 9 8 9 4 3 3 3 3 . . .4 3 3 2 6 3 11 Southern and 1 Data are averages of daily prevailing rates. Western cities: 2Series includes certificates of indebtedness and selected note and bond issues. \ 954—Mar 4 03 5 05 4 43 4.03 3.76 3 Series 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 are shown on p. 215 Sept 3.95 5.03 4.39 3.91 3.68 of the BULLETIN for February 1955. Dec 3.90 5.01 4.36 3.93 3.60 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 44^-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. NOTE.—For it scription of series see BULLETIN for March 1251-1253. 1949. pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] Bonds Industrial stocks Corporate (Moody's)5 Earn- U. S. Govt. Dividends/ ings/ Year, month, (long-term) Munic- price ratio price or week ipal By ratings By groups ratio (highgrade) 4 Total se O ri l e d s2 se N r e ie w s3 Aaa Aa A Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c fe P rr r e e d - « m Co o m n7 - C m o o m n8 - Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 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!i<5 2.72 3.43 3.20 3.31 3.47 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1954 average....... 2.53 2.70 2.37 3.16 2.90 3.06 3.18 3.51 3.09 3.25 3.15 4.01 4.66 8.45 1954—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 2.51 2.73 2.38 3.14 2.86 3.03 3.16 3.51 3.05 3.24 3.14 4.04 5.07 9.06 April 2.47 2.70 2.47 3.12 2.85 3.00 3.15 3.47 3.04 3.19 3.13 4.02 4.86 May 2.52 2.72 2.49 3.13 2.88 3.03 3.15 3.47 3.06 3.21 3.13 4.03 4.81 June 2.54 2.70 2.48 3.16 2.90 3.06 3.18 3.49 3.10 3.23 3.15 4.05 4.74 8.74 July 2.47 2.62 2.31 3.15 2.89 3.04 3.17 3.50 3.10 3.23 3.13 4.04 4.54 August 2.48 2.60 2.23 3.14 2.87 3.03 3.15 3.49 3.07 3.21 3.12 4.01 4.66 September... 2.51 2.64 2.29 3.13 2.89 3.04 3.13 3.47 3.07 3.22 3.13 3.98 4.31 7.29 October 2.52 2.65 2.32 3.13 2.87 3.04 3.14 3.46 3.06 3.23 3.11 3.93 4.43 November... 2.55 2.68 2.29 3.13 2.89 3.04 3.13 3.45 3.06 3.22 3.10 «3.92 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 ' '7\78' 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 February.... 2.72 2.92 2.42 3.18 2.99 3.10 3.17 3.47 3.12 3.28 3.15 4.00 4. 14 Week ending: 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 Feb. 5 2.70 2.90 2.43 3.17 2.97 3.09 3.16 3.46 3.11 3.28 3.14 4.01 4.07 Feb. 12 2.69 2.91 2.41 3.17 2.97 3.09 3.16 3.47 3.11 3.27 3.13 4.00 4.03 Feb. 19 2.72 2.93 2.41 3.19 2.99 3.11 3.17 3.47 3.12 3.29 3.15 4.00 4.04 Feb. 26 2.77 2.94 2.43 3.20 3.02 3.12 3.17 3.48 3.14 3.30 3.16 4.00 4.18 "Corrected. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio). 2Fully taxable, marketable 2^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3% per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995. 4 Standard and Poor's Corporation. *Moody'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. NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 216 of the BULLETIN for February 1955. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 297 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RSCEIPTS, EXPENDITURES, AND RELATED ITEMS [On. basis of monthly statements of United States Treasury 1 Summary Budget receipts and Excess of receipts Increase or General fund of theTreasury expenditures or expenditures (—) ciecreasr5C V, ) (end of period) during period Deposits in Period Sales and Balrec N e e i t pts p t e u E n r x e d - s i- S d u e r o f p i r c l i u t s c T o o a a t r u n h c u n d e - s t r t s r o e in b o d a f l e i g m m g G e a a n p o t r c i t v k y i o o t e n . t n s s C co i l a n e u c a g - n r t - p d G d u i r e r b o e b l s c 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 e u n i e r n n c a n d e l - A f a u F v b n . a l d i R e s l- . B In c e a o s n p s l k l r e o s 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 h s e t - t e s r tion Cai. 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 19541.... 61,171 64,854 -3,683 807 -73 -34 3,582 603 5,180 563 111 3,461 1,045 Fiscal yr.—1951... 47,568 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 74,274 -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 -3X3 2,674 6,969 333 355 5,106 1,175 July-Dec.. 26,893 36,186 -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-Dec.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 -1,587 5,180 563 111 3,461 1,045 Monthly: 1954— M |?ea k r . 1 5 1 ,4 4 3 4 4 4 4 5 , , 7 5 0 5 7 5 5,8 7 7 3 9 7 5 2 2 5 7 3 — - 6 1 0 17 — — 1 1 3 6 5 0 —4, - 5 6 4 7 6 1,3 9 6 4 6 4 4 6 ,3 9 5 8 5 8 5 7 4 2 8 2 4 1 6 6 2 7 3 4, , 3 4 7 5 9 8 8 7 1 9 6 2 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 -2,21.5 1,280 6,766 875 274 4,836 781 July 2,827 4,827 -2,000 — 135 -34 -97 -276 -2,542 4,224 727 196 2,538 764 Aug 3,911 6,731 -2,820 387 -83 -222 3,971 1,233 5,457 511 101 4,078 767 Sept.... 4,951 5,019 -68 -283 163 21 -145 -3\3 5,145 704 170 3,469 801 Oct 2,639 4,857 —2,218 —288 —23 104 3,942 1,518 6,663 736 175 4,936 816 Nov. 4 201 3,842 358 358 33 —209 101 641 7,301 604 137 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—Tsn. 4,655 4,942 —287 — 179 511 — 1.86 —311 —451 4,728 360 320 2,907 1,142 Feb n.a. n.a. n.a. n.a. n.a. n.a. -257 682 5,411 564 196 3,561 1,089 Budget expenditures National security Period Total Total 2 D f M e D e n i p e l s - i t e - ., M m t p a u r i r o t l y u i - - al A En to e m rg i y c n a I n a f n a f n a f n t a i e t c - d i ' r r e l s - 3 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 t a i - 4 s - n- c S g p u r o S a r r c e o m i i - t - a y s l A t c u g u r r l e - i- n h H a a i o f n o n n i m g - d u c e s e - P w u o b r l k i s c • o P i d f c o f e i i s f t c 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. yr.—1951 56,337 33,044 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 47,936 42,078 3,052 1 ,813 2,574 6,065 4,433 1,508 1,564 646 1,573 775 510 3,098 1953 . . 72.997 49.363 42,953 3,784 1,889 2,082 6,357 4,156 1,630 3,238 — 159 1,685 525 J54- 3,966 19541.... 64,854 '42,820 36,807 3,249 1,937 '1,265 6,567 4,206 '1,653 3,437 -393 1,526 241 '118 '3,414 Fiscal yr.—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 1952 65,408 42,867 38,077 2,292 1,648 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 1,791 2,184 6,504 4,249 1 ,532 3,134 385 1,660 659 '462 '3.229 1954 67,772 '46,522 40,336 3,629 1 ,895 '1,553 6,382 4, i 76 1,640 2,841 —615 1,519 312 '164 '3,277 Semiannual totals: 1952—Jan.-June.. 34,496 23,444 20,652 1,353 93 1,467 3,099 2,269 706 679 222 657 420 84 1,448 July-Dec. . 36,186 24,491 21,426 1,699 87 1,107 2,966 2,164 802 885 424 916 355 426 1,650 1953—Jan.-June.. 37,801 25.596 22,134 2,113 926 1,113 3,542 2,086 791 2,178 -42 740 305 31 1,462 July-Dec1. 34,484 23,750 20,819 1 ,671 945 968 2,816 2,070 806 1,237 -176 900 220 118 1,774 1954—Jan.-June.. 33,288 '22,773 19,517 1,958 950 '585 3,567 2,106 834 1,604 -439 619 92 '46 '1,502 July-Dec. . 31,566 20,047 i 7,290 1,292 987 680 3,000 2,100 819 1,833 46 907 149 '72 '1,912 Monthly: 1954—Jan 5,218 3,648 3,185 252 165 64 245 340 188 134 12 87 -1 3 496 Feb. 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 Aor S 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 '•4,663 3.932 516 110 '69 1,763 370 169 248 -85 114 -40 '17 '20 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 '4 '344 Sept 5,019 3,261 2,843 210 160 152 541 320 137 14.4 -5 158 1 309 Oct. 4,857 3,300 2,908 187 170 73 346 341 171 170 6 164 9 279 Nov 3,842 3,316 2,853 181 156 89 368 372 131 -1,034 96 142 '148* 1 212 Dec. 6,288 3,739 3,280 152 158 192 1,200 401 123 244 —61 149 2 1 '299 1955—Jan 4,942 3,176 3.092 -113 158 171 222 373 181 38\ 35 100 23 6 273 n.a. Not available. 'Revised. 1 Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2. 2 Includes stockpiling not shown separately. 3Consists 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. 4 Excludes transfers to trust accounts, which are shown separately. 298 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 Deduct Unem- Period W he i I t l n h d d - ivid O ua th l er1 r C a o ti r o p n o 1 - E ta a g s x n i t f e a d t s te 1 E ta x x ci e s s e 1 i p t m a n a l n s x o e u c e n y e r s t - - re O c t e h i e p r ts r b e T u c o d e t i g a p e l t t s A O t f p l r u d p u n - r a s d o t g p e ria R ti r m o a e i n t e l i s r r n o e t t a - o d : r R e e c f o e u i f n p d ts s r b e u c N d e e i g p t e t t s account Cal. yr—1951 ,037 10,311 16,565 801 8,591 235 2,337 58,941 3,355 509 2,098 52,979 1952 ,045 11,834 22,140 849 9,566 266 2,639 71,788 3,814 683 2,451 64,840 S 953 , 605 11,279 19,045 923 10,288 269 2,570 71,524 3,918 628 3,137 63,841 19542 ,787 10,477 19,915 960 9,136 285 2,932 70,217 5,121 604 3,322 61,171 Fiscal yr.—3 951 ,535 9,830 14,388 730 8,693 234 2,263 53,369 3,120 575 2,107 47,568 1952 ,521 11,359 21,467 833 8,893 259 2.364 67,999 3,569 738 2,302 61,391 1953'! ,351 11,417 21,595 891 9,934 277 2| 478 72,649 4,086 620 ,118 64,825 1954 ,635 10,747 21,523 945 10,014 285 2,882 73,173 4,537 603 3,377 64,655 Semiannual totals: 1952—Jan.-Tune ,220 9,008 14,318 459 4,519 224 1,251 42,242 1,922 373 2,000 37,947 July-Dec ,825 2,826 7,821 390 5,048 42 1,388 29,546 1,891 311 451 26,893 1953—Jan.-Ju.ue ,347 8,481 13,773 502 4,931 234 1,137 42,910 2,195 311 2,700 37,703 Julv-Dec.2 ,078 2,593 5,375 405 5,405 40 1,255 28,195 1,722 321 395 25,757 1954—Jan.-Tune ,558 8,154 16,148 540 4,609 245 1,627 44,978 2,815 282 2,982 38,899 July-Dec ,230 2,323 3,767 420 4,527 40 1,305 25,239 2,305 322 339 22,272 Monthly: 1954—January ,097 2,365 440 64 703 33 397 5,200 85 17 64 5,033 February ,066 1,044 396 87 774 184 197 6,425 598 77 306 5,444 March ,413 2,454 7,353 118 834 6 196 13,013 589 50 940 11,434 April ,108 808 645 94 763 5 234 3,956 278 21 906 2,751 May ,601. 140 358 73 804 17 215 5,037 759 71 616 3,592 June ,272 1,342 6,956 103 731 1 389 11,347 507 45 150 10,644 July ,035 252 532 77 713 4 299 3,148 217 20 85 2,827 August .578 93 300 64 766 16 166 4,801 743 76 70 3,911 September ,422 1,429 1,104 72 767 1 164 5,280 274 47 8 4,951 October ,077 199 361 65 785 4 187 2,887 188 21 39 2,639 November ,759 78 290 61 781 16 272 4,905 554 94 56 4,201 December ,359 272 1,181 82 715 (3) 216 4,217 329 64 82 3,741: 1955—January 884 2,239 355 62 649 31 483 4,833 113 17 48 4,655 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 I Total4 Total Liquor Tobacco M ar a i n d u r f e a t c a t i u l r e e r r s 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 4 excise Cal. yr.—1951 8,682 2,46G 1,446 2,790 1,987 759 7,905 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 SOS 1953 9,714 2,819 1,614 3,262 2:020 82 8,123 2,387 5i811 153 310 1954 9,248 2,707 1.543 3,13) 1,867 2807 9,191 1,177 7,717 405 915 Fiscal yr.—1951 8,704 2,54-7 1,380 2,841 1,936 295 7,251 3,360 3,752 196 35$ 1952 8,971 2,549 1,565 2.824 2,032 219 8,210 3,361 4,885 275 530 1953 9,946 2,731 1,655 3,359 -•2,151 2460 8,529 3 059 5,257 242 489 1954 9,517 2,783 1,580 3,127 2,027 332 8,708 1,687 6,846 367 524 Semiannual totals: 1952—Jan.-June,. 4. S3! 1,245 817 1,481 988 —72 4,242 2,009 2,486 223 404 July-Dec.. 5,027 1,482 845 1,573 1,127 121 4,073 1,495 2,456 106 105 1953—Jan.-June.. 4,919 1,299 810 1,786 1,025 341 4,458 1,564 2.802 136 385 July-Dec... 4,795 1,521 804 1,476 995 2-312 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... 4,527 1,445 766 1,480 835 164 4,143 313 3,874 74 282 Monthly: 1954—Jan 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 ^328 -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 786 273 134 42 337 -288 334 -148 640 6 -124 Nov 778 280 124 696 -322 358 956 111 641 56 210 Dec 719 209 108 10 391 126 850 249 657 -58 124 1955—Jan n.a. n.a. n.a. n.a. n.a. -179 227 -334 704 200 i 64 MARCH 1955 299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY GASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars! Cash deposits, otherthan debt Cash withdrawals, other than debt Excess of de- 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 't s 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 i a e u l t u d h n s s - e t t : - s r 2 E p C q o d a u e s s - a i h t l s s: p B t e u e u n r x d e d - g s i e - t a T o P a c t r l n h c u u d t e s s s r : t . t I G r n a o t n r v s a t . L - . 1 ess A p a : u l c s b c r l t i u o c - 3 F E S l t u i x i t z n o a c a d b n h - 4 i . - c C o i a l n u c e g - n a P t r- lus T a T : o s c r r i u a c e d t n t a e - . s s 5 , . m O ju a e t d h s n - t e t - s r 2 E d w C q r a i a a u l t w s s h a h - l - s: d p w ( r o a o - i a s l t ) r w s h it - 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 -1,583 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 1954« 61,171 9,571 n.a. 68,550 64,854 7,182 n.a. 565 -188 34 n.a. 68,866 -317 Fiscal yr.—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 '2,194 -215 •71,345 74,274 5,169 '2,194 694 -28 250 -155 -215 '76,407 -5,062 1954.... 64,655 9,155 '2,097 101 '71,815 67,772 6,769 '2,097 509 -109 303 -274 118 '71,974 -159 Semiannual totals: 1952—Jan.-June. . 37,947 4,458 1,110 n.a. 41,293 34,496 2,298 1,110 338 22 255 n.a. 35,622 5,671 Tuly-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. 41,241 37,801 2,642 1,144 298 -44 248 n.a. 39,203 2,038 J uly-Dec.«. 25,757 3,953 '849 '376 29,200 34,484 3,405 '849 277 -38 246 -71 '374 37,244 -8,045 1954—Jan.-June. . 38,899 5,203 1,248 '-275 42,582 33,288 3,364 '1,248 234 -71 58 -202 ' -256 34,696 7,885 July-Dec.. . 22,272 4,368 n.a. 25,968 31,566 3,817 n.a. 331 -117 -23 n.cl 34,170 -8,202 Monthly: 1954— M Fea k r . . . 1 5 1 , , 4 4 4 34 4 9 8 9 2 3 4 9 6 1 4 18 6 4 6 1 6 2 , , 5 2 3 60 0 4 5 , , 7 5 0 5 7 5 4 60 1 1 1 9 6 3 4 16 8 -39 1 1 3 6 r 0 ) — — 4 5 2 2 19 8 2 5 5 6 ,2 2 3 9 7 6 6 1 , , 0 23 2 4 3 Apr. 2 751 479 68 — 125 3 036 5 296 810 68 19 13 —593 24 — 111 5 303 -2,267 May . 3,592 1,230 45 104 4,882 5,203 568 45 43 —33 511 —38 105 6 228 -1,347 June 10,644 1,448 '898 r71 11,265 7,308 658 '898 76 — 146 —25 '60 6,881 4,384 July 2 827 434 '130 r_174 2,956 4 827 660 r130 70 —31 97 r —39 r —171 5 142 -2,186 AUK. • 3,911 1,224 49 289 5,375 6,731 •526 49 38 16 222 '—28 '407 7 788 -2,412 Sept 4,951 457 100 -28 5,280 5,019 788 100 57 -112 —21 '—8 '—145 5,364 -84 Oct. 2 639 370 74 -318 2,617 4 857 800 74 50 —6 — 104 r —7T —320 5 095 -2,478 Nov 4,201 994 58 -14 5,122 3,842 469 58 45 Q 209 — 1 — 93 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 4,655 268 n.a. 4,299 4,942 581 n a 51 186 n.a 5 009 -710 Feb n.a. n.a. n.a. 6,306 n.a. n.a. n.a. -18 -8 n.a. n.a. 5,481 825 n.a. Not available. 'Revised. 1 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. 2Represents principally 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 arme_d_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: Less: Noncash Details of net cash borrowing from or In- debt transactions Equals: repayment (—) of borrowing to the public3 crease, Cash issuance of Adjust- Net Period ( p c o d g - d r u i r r ) e r e b o . e a d b s l s c e i i t s e c n t - a F G n e u s t d e e a e e c r r d - u a r l i t a ie g a s g N e n n u o t o c e a f n i e r e - - d s T a t m r o s c r f a i u o e e c d n t r a n t e - s . s t 1 , . N s i a e n f G a e n c u g t d . F o n e i v d e n n t b t s d r . . v y . . . Ac I T b n c s a o r r t a n e u . n v a d a d o . s l s n s . to p P f F u o a i o e b r y n m f d l t i . s c . 2 b b ( r i e o o - n c p i r r ) g a n r r . a , s o o g y h o o w w t r f . - - m i D s c k a s o i t u n r n a e e d v b c s . l t 4 e. b p ( S i i o r n s i a n s c g v u d e s - e ) s n S i o n a t g v e s - s s P i p S s S o e s a y s u c s v t e i . a a . s l l Others bills sec. Cal. yr.—1951 2,711 18 37 n.a. 3,418 718 -125 -1,242 1,999 — 1,191 -1,099 -997 46 1952 7,973 12 -102 n.a. 3,833 770 -74 3,353 5,778 -406 -1,784 -113 -122 1953 7,777 22 -3 n.a. 2,540 591 66 4,601 64,829 6 -344 248 -162 -30 19547 3,582 -42 -31 n.a. 1,582 577 176 P909 3,071 -175 -1,469 — 195p -323 Fiscal yr.—1951 -2,135 10 374 -79 3,557 638 -149 -5,874 -3,943 -467 -657 -1,093 286 1952 3,883 16 -38 -170 3,636 779 -79 -695 1,639 -717 -1.209 -155 -252 19537 6,966 7 -32 -155 3,301 718 3 2,763 65,294 6-94 -2,164 -100 -173 1954 5,189 29 -33 -257 2,054 524 94 2,255 2,530 -381 628 -239 -283 Semiannual totals: 1952—Jan.-June... -313 3 -139 n.a. 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec. . . 8,286 8 37 n.a. 1,601 409 -29 6,351 7,322 -121 -829 -32 11 1953—Jan.-June.. . -1,320 -2 -69 n.a. 1,700 308 34 -3,433 6-2,028 618 -1,335 -68 -20 July-Dec. 7.. 9,097 24 76 -71 860 283 30 7,952 6,837 -362 1,583 -94 -12 1954—Jan.-June.. . -3,909 6 -109 -183 1,194 241 64 -5,694 -4,307 -19 -955 -145 -268 July-Dec. . . 7,490 -47 78 n.a. 387 336 112 P6,603 7,378 -156 -514 CQ P —55 Monthly: 1954—Feb -67 (8) -1.18 -34 ' 56 17 -1 -290 —53 1.8 -71 -37 -147 Mar -4,546 -60 -33 -30 9 38 -4,656 -4,294 75 -310 -37 -89 Apr 811 4 -57 -10 43 20 -14 699 829 32 -82 -21 —59 May 2,428 1 122 -37 391 44 32 2,046 2,133 5 -152 -22 82 June -2,215 1 31 -36 809 76 -1 -3,104 -2,773 -57 -267 -16 9 July -276 -61 27 -36 -91 71 30 -356 -77 -137 -88 7 -61 Aug 3,971 6 -90 '90 311 39 -17 3,645 3,680 33 -64 -7 3 Sept -145 1 161 '-125 -48 58 111 -229 -105 -44 -101 -8 28 Oct 3,942 5 -28 -9 -142 51 5 3,996 4,129 -12 -64 -20 -37 Nov 101 1 32 — 10 167 45 9 -96 -50 12 -62 -22 25 Dec -103 (8) -25 n.a. 191 72 -24 P -366 -198 —9 -136 P-23 1955—Jan —311 -10 521 n.a. -134 51 -1 P284 -211 51 -56 -26 *525 Feb -257 3 n.a. n.a. n.a. -17 7 P-143 P-183 169 —59 -27 P-43 n.a. Not available. ^Preliminary. 'Revised. 1 Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases. 2Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchannggee Stabilization Fund are included. 3Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 4Most 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. 5IncIudes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6Excludes exchanges of savings bonds into marketable bonds, in the amount of 409 million dollars. 7 Beginning new reporting basis. See footnote 6 above. 8Less than $500,000. 300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY GASH 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 Cash withdrawals Period Total a D u i x v n i a e i r d l d s e s i - c - 2 o t nt 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 ta a x x i n 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 c o i t a m n h s - e h e r 4 R D c o e e e f f d i u p r u n e t c d s - t : Total g N p r s a e r a o c m t - . 'l s f l a a n i f r t - s 'l 8 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 s7 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 . . 50,338! 27.149 16,565 8,591 6.362 2,76 2.098 58,034 33,194 3,498 4,137 6,12i 4,915 6,169 1952.. 7 i, 396 32,728 22,140 9,566 6,589 2,823 2,451 72,980 47,971 2,6.12 4.230 5,209 5,617 7,341 1953.. 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 50,294 2,000 4,589 4,885 6,648 8.031 19540. -•68,5 3.1 ,936 20,112 8,817 7,654 r$, 424 3,358"•68,900 42,400 1,089 4,666 4,668 8,587 ••7,490 Fiscal yr.—1951 439 24,095 14,388 8,693 5,839 2,531 2,107 45,726 21,823 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 42,935 2,848 4,059 5,826 5,206 6,912 1953 9 ,34. 33,370 21,595 9,978 6,849 r% ,704 3,151 '•76,40' 50,250 2,156 4,658 4,920 6,063 r8,358 1954 ,815 33,514 21,650 9,694 7,196 "•3,180 3,419 '71,974 46,422 1,457 4,633 4,947 7,645 '6,870 Semiannual totals: 1952—Jan.- June ,293 .1.9,687 14,318 4.519 3,386 1,383 2,000 35,62: 23,466 1,489 1,984 2,709 2,741 3,233 July-Dec 104 13.041 7,821 5,048 3,202 1,443 451 37,357 24,505 1,123 2,246 2,50C 2,876 4,107 1953—Jan.-Tune. . . . 24lj 20,329 13,773 4,931 3,656 1,252 2,700 39,203 25,606 1,069 2,413 2,420 3,247 4,448 July- Dec. °. .. 199 14,478 5,272 5,357 3,031 1,507 437 37,244 24,398 930 2,334 2,465 3,368 3,748 1954—Jan.- Fune ',616 19,036 16,378 4,338 4,165 r1,682 2,982 '34,730 22,024 526 2,299 2,482 4,277 '3,122 July-Dec ,968 12,899 3,734 4,479 3,490 1,742 376 34,170 20,376 563 2,367 2, .186 4,3.1.1 4,367 Monthly: 1954—Feb 530 4,355 469 741 1,093 177 306 5,296 3,578 177 '369 411 67 J '90 Mar 260 4 185 7,356 673 718 267 940 6,237 4,069 11 563 428 726 440 Apr. 036 1,791 763 735 378 277 907 5,303 3,612 118 299 414 716 144 May 882 2 397 787 1,188 251 6 Hi 6,228 3,384 87 196 392 689 1,480 June 299 2,859 6,903 797 616 '274 150 ••6,915 3,964 81 877 444 760 '789 July 956 1,120 549 702 304 363 82 5,142 3,465 50 152 194 674 607 Aug 375 2,985 302 760 1,177 220 69 7,788 3,644 110 314 381 714 2,625 Sept 280 2.936 1,108 722 371 204 60 5,364 3,251 40 461 375 716 521 Oct 617 1,040 352 768 260 237 39 5,095 3,149 67 286 374 758 462 Nov 122 2,881 271. 783 939 296 47 4,385 3,31.4 80 328 419 720 -477 Dec 617 1,938 1,153 744 439 422 80 6,396 3,552 217 826 443 730 630 1955—Tan 299 2,806 353 644 197 350 52 5,009 3,191 171 183 430 834 200 Feb 306 4,096 330 703 1,019 346 189 5,481 n.a. n.a. 424 409 n.a. n.a. n.a. Not available. 'Revised. 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. 2Includes estate and gift taxes. 3Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 4Represents mostly nontax receipts. 5Ircludes 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. 9Beginning new reporting basis, described in Treasury Bulletin for April 1954, 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 F, G, J and K month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 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 1954—Jan... 561 615 57,736 485 330 36,887 77 285 20,848 70 5,956 Feb.. . 515 480 57,797 422 308 37,029 93 171 20,769 68 5,887 Mar . 602 514 57,902 474 347 37,175 128 167 20,728 306 5,581 Apr.. . 511 473 57,967 390 310 37,279 122 163 20,687 81 5,500 May.. 464 453 58,025 354 289 37,393 110 164 20,633 156 5,344 June.. 523 1575 58,061 392 1386 37,482 130 U89 20,579 265 5,079 July.. 508 641 58,005 393 346 37,597 115 295 20,409 86 4,993 Aug... 546 511 58,078 415 339 37,714 131 172 20,364 64 4,929 Sept.. 464 505 58,088 367 322 37,808 97 183 20,280 100 4,829 Oct.. . 456 466 58.126 369 293 37,930 87 173 20,196 63 4,766 Nov . 466 451 58,186 384 293 38,069 82 158 20,118 62 4,704 Dec... 557 21,089 257,672 445 347 38,233 112 2747 219,439 156 4,548 1955—Jan.. . 742 506 57,967 573 P336 38,515 169 p.170 19,451 50 4,498 ^Preliminary. 3 Due 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. 2Figures 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. NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and series A-D, and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included in amount outstanding. MARCH 1955 301 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 t c s 2 t Total Total Bills c e i C n a d e t d n e r e e t s i b s f o s i t f - - Notes B e b l a l i e g n * i k B - on s d t B s r r i a e c n - t k ed b v C i o e b o n r l n e d t- - s Totals b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S is p s e u c e ia s l 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec 112,471 108,170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec 259,487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—Dec 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—Dec 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—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—Tune 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 275,244 275,168 231,684 154,63! 19,511 26,386 31,406 63,927 13,400 11,939 65,065 57,710 6,026 41,197 1954—Feb 274,859 274,782 231,466 154,500 19,510 25,278 26,866 74,171 8,675 11,957 65,009 57,797 5,887 41,070 Mar 270,312 270.235 226,821 150,081 21,013 19,377 26,787 74,134 8.674 11,932 64,807 57,902 5,581 41,002 Apr 271,127 271,047 227,806 151,104 22,014 19,377 26,809 74,230 8,674 11,910 64,792 57,967 5,500 41,049 May 273,555 273,475 229,913 153,325 22,019 18,577 31,923 72,133 8,674 11,899 64,690 58,025 5,344 41,367 June 271,341 271,260 226,681 150,354 19,515 18,405 31,960 71,802 8,672 11,861 64,465 58,061 5,079 42,229 July 271,005 270,984 226,528 150,342 19,512 18,405 31,964 71,790 8,671 11,857 64,329 58,005 4,993 42,152 Aug 274,982 274,955 230,214 154,020 19,508 18,277 31,967 75,596 8,671 11,853 64,341 58,078 4,929 42,479 Sept 274,838 274,810 230,033 153,963 19,510 18,184 32,001 75,597 8,671 11,820 64,250 58,088 4,829 42,407 Oct 278,786 278,752 234,1()1 158,148 19,509 18,184 36,188 75,597 3,669 11,787 64,226 58,126 4,766 42,238 Kov 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—Tan 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 Feb 278,209 278,182 233,517 157,752 19,505 21,455 35,280 81,512 11,738 64,027 58,225 4,443 42,047 1 Includes some debt not subject to statutory debt limitation (siich debt amounted to 512 million dollars on Feb. 28, 1955) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3Includes amount held by Government agencies and trust funds, which aggregated 7,167 million dollars on Jan. 31, 1955. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 6Includes 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 LJ. S. Government gdreobsts agencies and End of month in ( a s g i e n t n i c t e c g u e s l u e r u ) i a d d - r - - S is p s t e r u c u e ia s s l t fun P is d u s s b u 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k m ci s a - * l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u i e e r - - s r c O a o t t r i h p o e o n r - s g m o S l a o v t e n c a e n d a t r t e l n s - S b a o v I n i n n d d g s i s vi s d e u O c a u t l h r s i e ti r es l M a i t n n o i v s e r c e s o a e s u - l s - 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—June 255,251 34,653 6.305 214,293 22,982 58,400 10,200 17,100 20,000 9,400 49,100 16,400 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,500 20,700 9,600 49,100 15,500 10,600 1952—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 19,100 10,400 49,000 15,400 11,600 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,100 20,400 11,100 49,200 15,500 11,700 1953—Tune 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 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—Tan 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,~>00 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 24,381 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 Dec 278,784 42,566 7,043 229,175 24,932 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Not available. 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. 8Includes 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. 302 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 February 28, 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—Cont. Mar. 22, 19552 1 3,734 Mar. 15, 1955-603.. 2 402 Dec. 15,1963-68 .2^ 2,826 Mar. 3, 1955. ,500 May 17, 1955 \Y% 3,886 Mar. 15, 1956-58. . .2* 1 ,449 June 15,1964-69. 2\4 3,754 Mar. 10, 1955. ,500 Aug. 15, 1955 W% 8,477 Sept. 15, 1956-594.. 2 982 Dec. 15, 1964-69. . 2J^ 3,830 Mar. 17, 1955. ,501 Dec. 15, 1955 1^ 5,359 Sept. 15, 1956-59... 2 3,822 Mar. 15, 1965-70. .2^ 4,718 Mar. 24, 1955. ,502 Mar. 15, 1957-59... 2 927 Mar. 15, 1966-71 ...2H 2,961 Mar. 31, 1955. ,501 Treasury notes June 15, 1958 2% 4,245 June 15, 1967-72. . »2\i 1,887 Mar. 15, 1955 \y2 333 June 15, 1958-63*.. 2% 919 Sept. 15, 1967-72... 2H 2,716 Apr. 7, 1955 ,500 Dec. 15, 1955 1 % 6,854 Dec. 15, 1958 2] ' 2,368 Dec. 15,1967-72.. .2H 3,816 Apr. 14, 1955 ,501 Mar. 15, 1956 \% 8,461 June 15, 1959-62... 2 ] 5,277 Time tS. 1978-83. 3K 1.606 Apr. 21, 1955 ,501 Apr. 1, 1956 \y2 1,007 Dec. 15, 1959-62. . .2- 3,465 Feb. 15, 1995 3 1,892 Apr. 28, 1955 ,500 O M c a t r . . 15 1 , , 1 1 9 9 5 5 7 6 2 i % y2 2,9 5 9 5 7 0 N De o c v . . 1 1 5 5 , , 1 1 9 9 6 6 0 0 -654.. 2 2 } 1 3 1 . , 8 48 0 5 6 Postal Savings M M M M a a a a y y y y 2 1 1 5 6 2 9 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 5 5 5 5 1, , , , 5 5 5 5 0 0 0 0 0 0 0 0 A A O M p u c a t r g y . . . 1 1 1 5 1 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 7 7 7 7 \ \ * \ ] / y %2 4 2 3 4 , , 8 1 7 53 5 2 8 1 4 5 8 A S J N u e u o n p g v e t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 1 1 3 2 -67. . 2 2 2 ] ' : 6 2 2 1 , , , , 7 1 1 2 7 5 1 3 7 5 6 9 P b a o n n a d m s a Canal Loan 2 h 3 2 5 1 0 Apr. 1,1958 \H 383 Convertible bonds Oct. 1,1958 1H 121 Investment Series B Feb. 15, 1959 \% 5,102 Apr. 1, 1975-80. . .2' 11,738 Apr. 1, 1959 \y2 119 Oct. 1, 1959 \y2 55 !Sold on discount basis. See table on Money Market Rates, p. 297. 2 Tax anticipation series. 3 Partially tax-exempt, called for redemption. 4 Partially 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. End of month s T t o i a o n u n t g t a d - l - G a t a c r g o n u i e e v d s n s t t - . B s F e R e a e r r n e a d v - k l - e s b C m c a o i n e a m r k l - - s M t s in u a g v a u l s - - c I o n m su p r a a n n i c e e s Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o n u i e e v d s n s t t - . B s F e R e a e r r n e a d v k - l - e s b C m c a o i n e a m r k l - s - b M s t i a n u a n g a v u k s l - - s c I o n m su p r a a n n i c e e s Other funds ba 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 13095 3437 714 191 1,356 3 172 362 3,864 1953—June 159,675 6,899 24,74651,365 8,816 9,347 4,808 53,694 Dec 12500 3438 185 1,352 3 179 360 3,987 Dec 166,619 6,989 25,91655,933 8,524 9,120 4,905 55,233 1953—June 12,340 3439 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 3439 168 1,264 2935 328 3,854 Nov 169,931 6,953 24,88861,615 8,126 8,280 4,989 55,080 1954-June 11,861 3439 165 1,265 2 876 317 3,800 Dec 169,599 6,918 24,93261,082 8,113 8,371 4,958 55,226 Nov 11,780 3439 163 1,244 2 865 305 3,703 Treasury bills: Dec 11767 3439 103 1,239 2805 305 3,756 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 12,20212705 223 581 470 19,360 1954—June 19,515 46 2,316 4,187 98 520 101 12,248 Dec 56 953 133 14,74916,996 263 532 733 23,547 N De o c v 1 1 9 9 , , 5 5 0 0 7 7 5 6 1 1 2 2 , , 1 2 6 0 7 4 4 4 , , 3 3 5 9 7 9 4 7 9 5 4 53 3 7 5 1 1 2 2 4 5 1 1 2 2 , , 3 1 1 1 5 5 1 1 9 9 5 5 4 3 - - J J D u u e n n c e e 6 6 7 0 4 3 5 2 1 8 3 2 9 5 3 1 1 10 7 6 7 5 3 1 1 1 5 6 6 , , , 2 5 9 8 0 7 0 5 22 1 1 5 9 7 , , , 0 6 5 6 8 8 2 4 0 4 4 29 7 7 4 6 5 3 4 5 9 6 3 0 8 7 1 1 , , 0 0 6 8 6 5 2 1 2 2 2 2 7 4 9 , , , 3 5 0 9 6 2 3 8 3 Certificates: 1952— D Ju e n c e 2 1 8 6 , , 4 7 2 1 3 2 ' 2 6 7 0 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 3 7 1 8 7 9 6, , 4 0 2 9 4 2 N De o c v 6 6 3 2 ,0 8 5 2 0 7 10 7 8 0 1 1 6 9 , , 1 4 3 1 9 7 1 1 8 5 9 7 8 3 1 8 3 1 0 5 3 9 4 54 6 0 5 5 6 9 9 8 7 2 2 0 6 , , 3 35 0 7 1 1953—June 15,854 30 4,996 4,351 87 27 310 6,052 1-5 years: Dec 26,386 63 5,967 9,215 184 37 445 10,475 1952—June 44945 46 7,18827858 370 63 996 8,424 1954—June.... 18,405 41 6,600 4,942 101 7 202 6,511 Dec 37 713 31 7,14622381 259 48 910 6,938 N De o c v 2 1 8 8 , , 4 18 5 4 8 1 4 8 1 6 3 , , 6 8 0 8 0 2 3 4 , , 8 8 4 3 8 5 4 5 9 7 4 1 1 1 5 7 1 9 9 7, ,4 5 9 1 0 8 1 19 9 5 5 3 4 — -J D J u u e n n c e e 3 2 2 2 9 7 3 3 9 3 6 6 0 7 5 2 1 1 5 9 0 2 2 5 6 6 6 , , , 1 4 3 5 5 0 5 2 7 1 1 1 8 4 6 , , , 3 6 0 4 2 5 4 4 6 4 4 4 6 3 7 4 1 6 1 1 1 0 2 5 9 3 5 9 9 8 1 8 9 4 0 0 5 5 5 , , , 4 8 3 3 9 0 0 5 8 Tr 1 e 9 as 5 u 2 r — y D J n u e o n c t e es: S 1 O 8, , 9 2 6 6 3 6 1 2 6 1 5 3 , , 5 7 6 74 81 1 0 0 , , 4 9 3 5 1 5 4 4 9 2 5 8 3 4 2 8 7 6 2 4 , , 5 9 8 7 7 8 N De o c v 3 2 6 9 4 6 4 0 8 0 1 13 6 7 3 3 6 , , 0 3 8 2 7 12 1. 0 8 9 8 3 4 3 0 5 50 0 2 8 1 1 6 5 8 8 1 1 , ,0 1 2 1 2 6 7 5 , , 2 8 3 5 9 5 1953—June 30,425 23 13,77410,355 62 5 529 5,678 5-10 years: Dec 31,406 8 13,28911,510 130 52 605 5,814 1952—June 15122 387 693 7740 1,357 497 765 3,684 1954—June 31,960 64 13,02911,423 221 99 592 6,531 Dec 22 834 546 1,38711058 1,775 885 1,348 5,835 N D o ec v 3 2 6 8 , , 1 0 9 3 6 3 8 4 4 0 1 6 3 , , 0 0 4 2 4 91 1 4 3 , , 2 0 0 4 4 9 2 24 4 2 1 6 6 8 7 7 0 0 7 6 5 7 7, , 3 8 1 6 0 4 1 1 9 9 5 5 3 4 — — D J J u u e n n c e e 2 3 1 0 0 86 2 5 9 7 4 2 7 2 4 4 4 2 1 9 2 8 4 1 1 1 , , , 3 3 0 7 7 3 4 4 5 1 1 8 0 8,7 0 7 4 5 7 1 1 2 1 1 1 , , , 3 3 38 9 1 9 5 5 5 7 7 1 4 2 6 5 5 1 1 1 , , , 1 1 6 0 9 5 4 8 5 4 5 6 , , , 2 7 8 1 1 6 1 1 5 Ma 1 r 9 k 5 e 2 t — ab D J le u e n b c e onds:1 7 79 5 , , 8 8 9 0 0 2 2 3 , ,0 92 4 8 6 4 4, , 5 4 2 2 2 23 32 0 , , 8 7 4 1 9 0 7 7 , ,1 2 6 2 5 1 5 5 ,8 80 5 7 5 3 3 , ,4 0 2 8 9 7 2 2 1 3 , , 5 0 8 7 0 2 N De o c v 3 2 3 6 , ,9 6 3 7 4 7 4 4 7 7 7 7 1 1 , ,0 0 1 1 4 4 2 1 1 6 ,1 2 0 6 1 7 1 1 , , 3 54 2 4 8 4 4 3 1 9 4 1 1 , , 4 6 9 0 4 4 5 7, , 4 9 3 4 9 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 31081 2,464 1,415 5207 5,091 4870 1,361 10,673 D N e o c v 8 8 1 4 , ,2 8 6 3 4 5 3 3 , , 3 3 5 7 1 8 3 2, , 8 0 0 9 2 3 3 3 8 9 , , 0 0 3 4 7 3 6 6, , 4 5 9 4 9 4 4 4 , ,9 8 1 9 0 8 3 3 , , 6 7 7 0 3 2 2 2 3 2, , 5 6 4 2 8 1 1 1 9 9 5 5 4 3 — — D J J u u e n n c e e 3 3 3 1 1 1 7 7 7 3 3 2 9 6 5 2 2 2 , , , 7 7 7 2 6 4 3 5 0 1 1 1 , , , 4 4 4 1 1 1 5 5 5 4 4 4 , , , 5 4 9 8 9 8 8 5 5 5 5 4 , , , 0 1 9 3 6 3 9 7 0 4 4 4 9 8 5 6 6 8 9 8 2 1 1 1 , , , 3 3 3 3 5 3 9 6 9 1 1 1 1 1 1 , , , 7 6 7 3 2 1 4 1 6 Nov 31 720 2,766 1,415 5,271 4,743 4368 1,376 11,781 Dec 31 719 2,796 1,415 5,234 4,608 4304 1,369 11,874 * 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. 303 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES 3 [Estimates, in millions of dollars] Gross proceeds, all issuers2 Propo a s ll e d c o u r s p e o s r a o t f e n i e s t s u p e ro rs c 6 eeds, Noncorporate Corporate New capital Year or Remonth Bonds Re- tire- Total State Mis- tire- ment G m U o e v . n e S r t . 3 n- ag F e e e r n a d c l - y4 n a m p i n c a u d l i - - Others Total Total o P f l f i u e c r l b y e - d p v P l a a r t c i e - e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N o e n w ey7 p l p c a o o u e n u s l r e s e - - - s m d b e e t a o e c b n f n . t k 8 , t s ri e t o c i f e u s - 1939 5,687 9, 339 13 1,128 50 2,164 1,979 1,276 703 98 87 490 325 26 69 1 695 1940 6,564 517 109 1,238 24 2,677 2,386 1,628 758 183 108 769 569 19 174 1 854 1941. . 15,157 u 466 38 956 30 2,667 2,389 1,578 811 167 110 040 868 28 1 ^83 1942 35,438 33 846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 49, 815 2 435 97 1,170 990 621 369 124 56 308 27 73 789 1944. 56,310 494 1 661 22 3,202 2,670 1,892 778 369 163 657 47 4-9 2 389 1945 54,712 47, 353 506 795 47 6,011 4,855 3,851 1,004 758 397 347 1,080 133 134 * 555 1946 18,685 10, 217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 3,889 3,279 231 379 2,868 1947 19,941 589 2,324 451 6,577 5,035 2,888 2,147 761 778 11 5 4 591 168 356 1 352 1948.. 20,250 10 i397 2,690 156 7,078 5,973 2,963 3.0K) 492 614 •ft'651 5,929 234 488 ' 307 1949 21,110 11 804 216 2,907 132 6,052 4,890 2.434 2,455 424 736 5 4,606 315 637 401 J950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9 778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7 6,531 226 .36.3 486 1952.. r2 7,209 577 459 r4,401 237 9,534 7,601 3.645 3,957 564 1,369 R 716 8,180 537 66* 1953 28,824 13 957 106 5,558 306 8,898 7,083 3.856 3,228 489 1 ,326 8 495 7,960 535 260 1954 T-29,809 19 539 458 '•6,969 286 9,563 7,545 4,004 3,541 814 1,204 7,56? 6,987 575 1 857 1954 jan 1 655 561 399 123 571 462 284 178 20 90 54-1 531 13 18 Feb . \ .386 515 414 1 456 366 178 J88 27 63 439 410 29 9 Mar 1 961 502 570 63 726 513 226 286 69 144 660 590 70 53 1 ,947 511 71 735 1 628 408 216 192 110 111 486 471 16 129 May 4,386 2, 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 Sent 2,131 464 652 9. 1,014 893 581 312 59 69 777 749 27 224 Oct 6,547 4, Til 184 615 3 1,133 817 470 347 52 264 1,008 865 143 109 Nov 1 ,366 466 459 4 437 334 116 218 37 66 299 251 48 129 Dec '•2,544 557 '•906 71 1,011 852 288 564 61 97 592 530 62 404 1955—Tan 2,646 742 716 527 35 627 441 252 189 50 135 486 427 59 129 Proposed uses of net proceeds , by major groups of corporate issuers Year or Manufacturir-g C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month T c p n e o r e e t o d t a - s l i N c t a a e p l w * - m R e e n ti t r s e 1 - 0 T c p n e o r e e t o d a t - s l i N c t a e a p w l - m R e e n ti t r s e 1 - 0 T c p e n o r e e t o d a t - s l i N c t a a e p l w s - m .R e e n t t i s re 1 - () T c p n e o r e e o t d a t - s l N i c t a a e p l w * - m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a t - s l N i c t a e a p w P - m R e e n ti t r s e 1 - 0 T c p e n o r e e t o d a t . l s , N i c t a a e p l w * - m R e e n ti t r s e 1 - 6 1949 1,391 1,347 44 9QQI 310 28 795 784 11 9 ?7fi 9-n 567 517 49 553 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 ,608 19?7 (W? 395 314 81 739 639 100 1951 3,066 2.846 221 518 462 56 490 437 53 9,41?, 85 605 600 5 515 449 66 1952 3,973 3; 712 261 536 512 24 983 758 225 <3S3S 753 747 6 508 448 60 1953 2,218 2,128 90 542 502 40 589 36 9 972 9,905 «7 •874 871 3 1 561 1 536 24 1954 2,292 2,131 160 926 828 98 778 507 271 3,670 2,673 997 712 655 57 1,041 766 274 1954—January 134 118 16 50 48 2 65 Vtt 26 26 12 19 February 52 51 26 25 1 43 36 7 269 269 7 7 51 51 March. .. 107 107 68 62 5 58 i 57 2 36?, 31 fi 48 30 30 88 88 April 86 79 6 86 72 14 58 j 46 12 309 237 73 26 26 51 27 25 May . 204 196 8 44 42 2 20 20 501 173 40 40 26 25 1 June 305 284 21 88 8* 4 37 37 442 382 60 9 9 159 63 Q7 July 528 524 4 96 64 33 97 66 V 181 19Q 9 2 190 6! 128 August 123 106 16 62 45 17 5! 51 159 104 55 27 27 16 13 3 September.. 152 135 17 61 60 1 163 38 125 248 173 75 328 326 2 48 45 8 October.... 305 299 6 131 118 13 46 21 25 271 210 61 98 98 266 262 5 November.. 110 108 2 79 77 2 69 It 8 51 65 46 18 75 21 54 31 29 2 December.. 1S7 123 63 134 130 5 70 52 18 459 152 307 44 43 1 103 92 11 1955—January.... 222 175 47 48 43 5 62 26 36 218 179 39 6 1 59 58 1 ' Revised. 1 Estimates of new issues sold for cash in the United States. 2Gross proceeds are derived by multiplying principal amounts or number of units by offering price 3Includes issues guaranteed. 4Issues not guaranteed. cIncludes foreign, government; International Bank; and domestic eleemosynary and other nonprofit. 6Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7Includes proceeds for plant and equipment and working capital. 8Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. •Includes all issues other than those for retirement of securities. 10Retirement of securities only. Source.—Securities and Exchange Commission. 304 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 1953 Manufacturing Total (200 corps,): Sales 17,948 •5,351 52,444 ;3,905 52,665 15,739 6,566 .5,459 4,902 4,233 4,776 3,406 Profits before taxes 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 3,186 4,143 3,486 3,117 3,560 855 928 885 892 891 977 787 Dividends 1,710 2,295 2,036 =2,031 2,110 493 491 495 631 524- 523 520 Nondurable goods industries (94 corps.):1 Sales 739 14,051 5,994 18,670 8,908 20,276 4,994 5,116 5,082 5,084 4,961 4,972 4,952 Profits before taxes 360 1,97!: 2,84" 3,324 2,715 2,908 761 782 783 581 669 676 635 Profits after taxes 574 1,297 1,599 1,481 1,313 1,446 345 355 376 371 365 376 353 Dividends 698 759 942 894 912 934 218 219 222 275 228 229 233 Durable goods industries (106 corps.)2 Sales 60: 23,897 29,357133,77^ 14,99742,390 10,745 1,450 0.377 9,817 9,272 9,804 8,455 D P P r r i o o v f f i i i d t t s s e n b a d f e s t f e o r r e t a t x a e x s es 8 7 1 3 4 0 7 8 8 3 1 , , 1 8 9 8 9 5 8 3 0 5 2 1 , t , 5 1 3 9 4 5 5 4 2 1 | ' 5 2 1 , , , 3 0 1 7 0 4 8 5 2 4 1 1 , , . 4 8 1 0 3 1 4 2 9 5 2 1 , , , 3 1 1 1 1 7 " 4 6 1, 5 2 4 7 1 9 5 1 3 1,7 5 2 0 7 7 3 2 2 lf3 5 2 Q 0 7 9 4 9 8 5 3 2 5 1 1 6 4 1, 5 2 0 2 9 8 6 6 4 1, 6 2 2 0 9 4 0 4 7 9 4 2 1 3 8 4 4 7 Selected industries: Foods and kindred, products (28 corps.): Sales 4,528 4,22c 4.402 4,909 5,04 5,411 1,3161,346 1,355 1,394 1,337 1,351 1,338 Profits before taxes 455 43' 532 473 446 465 100 128 131 107 99 132 123 Profits after taxes 285 26J 289 22 204 211 46 54 5 54 46 63 60 Dividends US 14? 161 159 154 154| 35 37 3 45 36 36 37 Chemicals and allied products (26 corps.) Sales '. 3.67< 3,685 4,577 5,57' 1,545 1,568 1,506 1,453 1,434 1,471 1,461 Profits before taxes ' 67- 69; 1,133 1,42' i200 I,260 360 346 330 224 272 271 267 Profits after taxes 420 All 572 49; 45 8 493 123 125 124 121 133 136 132 Dividends 263 32 448 381 398 90 90 91 127 98 98 99 Petroleum refining (14 corps.): 36; Sales 3,983 3,90' 4,260 5,290 5,757 1,376 1.41C 1,473 1.498 1,479 1,442 1,440 Profits before taxes 77 = 55: 673 4,96« 6S9 796 195 195 229 176 214 189 165 D Pr i o v f i i d ts e n a d f s ter taxes 5 18 8 - ? 4 1 2 9 ! 4 2 6 2 4 3 53: 4 2 9 6 5 8 5 2 7 7 1 4 13 12 6 ' 6 1 6 5 7 5 1 7 5 4 1 6 4 8 8 1 6 3 8 8 1 6 2 9 4 Primary metals and products (39 corps.): 24' Sales 9,066 8,18 !0,446 12,49' 11,55713,750 3,42! 3,65;-! 3,476 3,194 2,910 3,01 2,723 Profits before faxes 3 ,1 74 99. 1,700 2,09: i,161 1,824 45 • 560 510 295 301 359 305 Profits after taxes 720 57 854 77i 575 793 18, 212 203 196 150 179 151 Dividends .• 270 28. 377 38 367 377 88 88 113 100 92 92 Machinery (27 corps.): Sales 4,563 4,36; 5,071 6,18;7,082 8,009 1,96' 2,045 1,95' 2,038 1,917 1,937 1,864 Profits before taxes 570 52) 850 1,00; 974 1,009 27< 29? 241 19." 2t>2 237 202 Profits after taxes 334 32 42 Si 37' 380 402 102 95 115 117 107 103 Dividends 127 13; 208 19: 200 239 4! 4' 90 58 64 65, Automobiles and equipment (15 corps.): Sales 8,093 9,57 11,805 12,49) 12,82516,377 4,30? 4,65 3,91 3,495 3.485 3,731 2,922 Profits before taxes 1.131 1.47; 2.305 1,945 2,048 64; 714 451 235 434 532 299 Profits after taxes '639 36 l!O87 698 747 20C 21 168 168 214 25' 127 Dividends 282 4. 671 462 463 11 114 li 11 114 113 106 Public Utility Railroad: Operating revenue... 9,672 8.58! 9.47310,391 10,581 10,664 2,59i 2,73: 2,755 2,S82 2.275 2,335 2,366 Profits before taxes.. 1.146 '70! l|385 1.26C 1,451 1,404 33 39 399 27: 156 199 226 Profits after taxes. . , 698! 43; 784 692 832 871 23 234 2V 88 136 172 Dividends 289 25: 312 32 i 338 412 7. 7' 16: 96 73 74 Electric power: Operating revenue.., 4,830 5,06" 5,528 6.05; 6, 549 7,113 1,85' 1,82 1,974 1,810 1,817 Profits before taxes.. 983 1,12' 1,315 • ;48 1, 740 1,893 55 42; 45: 57 487 478 Profits after taxes. . . 657 75 • 822 81 947 1,046 29- 23 26; 324 268 266 Dividends 493 561 619 65 725 771 18: 194 212 210 211 Telephone: Operating revenue... 2,694 2,967 3,342 3,72< 4, 1364,525 1,09: .12 1,171 1,174 1,210 1,233 D P P r r i o o v f f i i i d t t s s e n b a d f e s t f e o r r e t a t x a e x s e . s.. 2 1 1 9 7 8 2 6 3 2 2 3 1 0 3 3 7 3 5 2 3 8 7 1 0 6 6 3 3 9 4 1 3 7 8 8 4 7 9 4 4 2 5 1 5 2 2 2 1 10 2 0 C 2 1 1 2 0 0 f ) 2 3 1 4 2 0 1 : , 2 n 1 4 0 e S 2 1 1 6 1 2 2 1 5 2 1 1 6 1 4 2 2 1 "Corrected. 1 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (i). 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 al! 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 ox 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. -ogether reprc ... . are obtained from the Federal Communications Commission. All series, Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p, 908 of the BULLETIN for September 1944 (electric power). 305 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Year or Profits In- Profits Cash Undis- Year or quarter before come after divi- tributed quarter New Retire- Net New Retire- Net New Retire- Net taxes taxes taxes dends profits issues ments change issues ments change issues ments change 1 1 1 1 9 9 9 9 4 4 4 3 1 3 5 9 . . . ... 2 1 1 6 4 9 7 . . 6 0 4 0 1 1 1 7 0 4 . . 6 1 7 4 1 9 8 5 0 . . 4 5 0 3 3 4 4 4 . . 5 5 7 8 4 3 6 1 . . 0 9 6 2 1 1 1 1 9 9 9 9 5 4 4 4 0 9 7 8 6 6 7 7 , , , , 7 8 2 5 3 8 2 7 1 2 4 0 3 2 1 1 , , , 5 6 5 ,8 0 8 2 7 1 3 3 5 4 3 4 5 , , , 8 3 8 7 5 5 8 2 9 6 7 4 4 4 5 5 , , , , 8 0 8 9 1 0 6 3 5 6 7 8 2 2 1 1 , , , 8 , 0 2 5 8 0 1 8 3 2 1 3 3 4 3 2 , , , , 0 6 0 2 0 0 5 8 4 4 5 4 2 1 1 1 , , , 8 8 4 ,6 6 6 1 3 4 7 8 2 4 6 5 2 9 1 0 9 8 2 0 2 1 1 1 1 , , , 7 3 2 ,5 3 2 5 7 2 0 5 2 1 1 1 1 9 9 9 9 4 5 4 4 7 0 8 9 3 4 2 2 0 2 6 9 . . . 2 8 5 0 1 1 1 17 1 2 0 . . . 3 5 4 8 2 2 1 1 0 2 8 5 . . . 3 2 8 1 6 9 7 7 . . . 5 2 5 2 1 1 1 8 ? 1 3 . . . 3 7 0 9 1 1 1 1 9 9 9 9 5 5 5 5 1 4 3 2 . . . . 1 1 9 9 0 1 , , , 5 6 7 0 5 7 1 4 9 0 5 8 2 2 2 5 , , , 7 4 3 7 5 2 5 7 1 8 3 2 6 6 7 7 , , , 3 1 9 2 6 2 2 7 1 1 7 7 6 7 7 •5 , , , 6 8 3 5 7 4 6 1 2 4 82 2 3 2 1 , , ,8 8 4 1 9 9 0 0 6 3 7 5 3 4 4 3 , , , 7 9 9 5 5 7 4 7 5 0 5 7 3 3 3 2 , , , , 3 3 8 8 6 3 9 4 6 8 5 3 1,4 6 3 5 5 6 4 3 6 6 8 3 2 2 2 2 , , , , 9 7 3 3 8 0 6 8 7 0 6 6 1 19 9 5 5 2 1 4 3 1 7 . . 2 2 2 2 2 0 . . 5 0 1 1 8 7. . 2 7 9 9 . . 1 1 9 8. . 1 6 1953—4. . . 2,455 639 1,816 1,785 508 1,277 670 131 539 1 1 9 9 5 54 3 1 3 3 9 5 . . 4 0 2 1 1 7 . . 2 1 1 1 8 7 . . 3 8 9 9. . 9 4 8 8 . . 0 9 1954—1 2 . . . . . . 2 2 , , 7 8 0 5 0 8 1,1 9 3 7 9 7 1 1, , 7 7 1 2 9 4 1 1 ,6 ,8 1 6 9 3 8 7 4 5 7 8 1,0 8 1 6 6 2 1,0 9 8 9 1 5 2 29 1 2 9 8 7 6 0 2 3 1953— 3 2 4 4 1 0 . . 9 9 2 2 1 2 . . 9 5 1 1 9 9 . . 5 0 9 9 . . 3 5 1 9 0 . . 5 2 4 3 . . . . . . 3 3, , 1 0 2 2 8 7 1 1, , 9 3 2 1 3 4 1 1 , , 7 2 1 0 4 5 2 2, , 0 3 7 1 5 4 1,3 9 5 3 4 8 1,3 7 7 2 7 1 1,0 7 5 1 3 3 3 5 7 6 6 9 3 4 3 8 7 4 4. ... 32.5 17.4 15.1 9.6 5.5 1954—1 34.5 17.0 17.5 9.6 7.9 1 Reflects cash transactions only. As compared with data shown on p. 304, new 2 34.5 17.0 17.5 9.6 7.9 issues exclude foreign and include investment company offerings, sales of securities 3 34.2 16.8 17.4 9.8 7.6 held by affiliated companies or RFC, special offerings to employees, and also new 41. .. 37.0 18.2 18.8 10.4 8.4 stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 304. 1 Preliminary estimates by Council of Economic Advisers. Source.—Securities and Exchange Commission. Source.—Department of Commerce. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS ' [Estimates, in billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. or quarter w c o ap rk it i a n l g Total 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 IT o . v S t. . 2 Other liabilities 1939.. 24.5 54.5 10.8 2.2 .0 22.1 18.0 1.4 30.0 .0 21.9 1.2 6.9 1941 32.3 72.9 13.9 4.0 .6 27.4 25.6 1.4 40.7 .8 25.6 7.1 7.2 1943... 42.1 93.8 21.6 16.4 5.0 21 .9 27.6 1 .3 51 .6 2.2 24.1 16.6 8.7 1945 51.6 97.4 21.7 21 .1 2.7 23.2 26.3 2.4 45.8 .9 24.8 10.4 9.7 1947. 62.1 123.6 25.0 14.1 3? 3 44.6 1.6 61.5 37 10.7 13.2 1948... . 68.6 133.0 25.3 14.8 42.4 48.9 1 .6 64.4 39.3 11.5 13.5 1949 72.4 133.1 26.5 16.8 43 ft 45.3 1 .4 60.7 37 5 9.3 14.0 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21 .3 16.5 1952 90.1 186.2 30.6 20.4 2.8 64.7 65.4 2.4 96.1 2.3 57.8 17.7 18.3 1953 92.6 189.7 30.7 21.5 2.6 65.0 67.5 2.4 97.1 2.2 57.3 18.7 18.9 1954—1 92.9 183.3 27.8 19.7 2.8 63.2 67.3 2.5 90.4 2.5 53.9 14.9 19.1 2 94.2 179.6 28.9 16.8 2.4 63.4 65.5 2.6 85.4 2.4 52.5 11 .7 18.8 3 95.3 183.9 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 payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Estimates, in millions of dollars] Trans- Manu- 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 o r a t e n n a r - P u u t t i b i e l l s i i - c c m C at o u i m o n n i - - s Other2 Quarter Total fa m a c in n i t n g u d - r- 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 3 rail ing roads 1939 5,512 1 ,943 326 280 365 520 302 1,776 1953—1 6,339 2,887 673 926 1 ,853 1945 8,692 3,983 383 548 574 505 321 2,378 2 7,274 3.326 751 1,159 2,038 3 7,084 3,116 708 1 ,221 2,039 1948 22,059 9,134 882 1,319 1,285 2,543 ,742 5,154 4 7,625 3,565 743 1 ,247 2,070 1949 19,285 7,149 792 1,352 887 3,125 1,320 4,660 1950... 20,605 7.491 707 1,111 1,212 3.309 ,104 5,671 1954—1 6,266 2,788 634 929 1 ,916 1951 25,644 10,852 929 1,474 1 ,490 3,664 1,319 5,916 2 6,932 3 , 1 20 620 1 ,121 2,071 3 6,640 2,896 553 1,060 2,133 1952 26,493 11,632 985 1 .396 1 ,500 3.887 ,537 5,557 4 6,988 3,209 559 1,109 2,110 1953 ? 28,322 11,908 986 1 ,3\l 1,565 4.552 , 690 6,310 1954 - 26,827 11,038 975 854 1,512 4,219 1,717 6,513 1955-1 6,296 2,721 583 947 2,046 19554 27,063 10,704 896 763 1,495 4,384 8,319 2^ 6,988 2,885 584 1,158 2,361 r Revised. i Corporate and noncorporate business, excluding agriculture. 2Includes trade, service, finance, and construction. 3Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm End of year h O ol t d h e e r r s 1- to 4-family houses com M m u e lt r i c - i f a a l m p i r l o y p a e n rt d ies1 or quarter h A e o r l l s d l - t F u i i n c t n i i s a o a t l i n n - - s S F e a e l c g d e i e e e c n r s te a - d l v o i I d a t n h u n d e a d i r l - s s h A e o r l l s d l - Total t F u i i n c t n i s i o a a ti l n n - - s O h e o th r l s d e - r Total t F u i i n c t n i i s o a a ti l n n - - s O h e o th r l s d e - r h A e o r l l s d l - t F u in i c t n i s i o a a ti l n n - - s h O ol t d h e e r r s* 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 1.5 4.9 1942 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 1.4 4.5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 1.3 4.1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1.3 3.7 1945 35.5 21.0 .9 13.7 30.8 18.5 12.2 6.4 12.2 7.5 4.7 4.8 1.3 3.4 1946 41.8 26.0 .6 15.1 36.9 23.1 16.0 7.0 13,8 8.4 5.4 4.9 1.5 3.4 1947 48.9 31.8 .5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 1.7 3.3 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1.9 3.4 1949 . 62.7 42.9 1.1 18.7 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.6 2.1 3.5 1950 72.8 51.6 1.4 19.8 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 1053 101.0 75.0 2.8 23.2 93.3 66.3 53.8 12.5 27 1 18 7 8 0 7 7 3 0 4.6 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—June 96.2 70.9 2.7 22.6 88 7 62.5 50.3 12.2 26.1 17 6 8.6 7.5 3.0 4.5 September. . . . 98.7 73.0 2.8 22.9 91.2 64.6 52.1 12.4 26.6 17.9 8.7 7.6 3.0 4.6 December 101.0 75.0 2.8 23.2 93.3 66.3 53.8 12.5 27.1 18.2 8.9 7.7 3.0 4.6 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 SeptemberP. . . 109.8 82.5 2.7 24.6 101.6 72.6 50.7 12.9 29.0 19 5 9.5 8.1 3.2 4.0 DecemberP. . . 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 P Preliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS 1 [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings4 :Nonfarm Nonfarm End of year or quarter Total Residential Residential Farm Total Farn 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 Q06 4,340 3,292 1,048 566 4,812 4,784 3,884 900 28 1942. 4,746 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943 /\ 521 4 058 3 256 802 463 4 420 4 395 3 558 837 25 1944 4,430 3,967 3,218 740 463 4,305 4,281 3,476 805 24 1945 4,772 4,251 3,395 856 521 4,208 4,184 3,387 797 24 1946. 7,234 6,533 5,146 1,387 702 4,441 4,415 3,588 827 26 1947 0,446 8,623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948 10 897 10 023 8 066 1 957 874 5 806 5 773 4 758 1 015 34 1949 11,644 10,736 8,676 ?,060 909 6,705 6,668 5,569 1,099 37 19 SO H 664 12 695 10 431 9,264 968 8 261 8 218 7,054 1,164 44 1951. 14 73? 13,728 11,270 3 4?,1 ?,,071 4 0?0 ?,458 1,004 9,916 9,869 8,595 2,567 1,726 4 303 1,274 47 1952 15 867 14,809 12,188 3 67S s 01? 5 S01 ? 6?1 1 058 11,379 11,327 9,883 3,168 2,237 4 477 1,444 53 1953. 16,850 15,768 12,925 3,912 3,061 5,951 2,843 1,082 12.043 12,890 11.334 3.489 3.053 4 792 1 .556 53 1954P 18 630 17,465 14,200 4 ??5 3 375 6 600 3 ?65 1 16515,000 14,945 13,195 3,900 4,150 5 145 1,750 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—MnrrhP 16,070 15,870 12,965 3 0?0 3 07 5 s 070 9 005 1,10013,345 13,292 11,700 3,560 3,295 4 845 1,592 53 June? 17 366 16,227 13,220 3 060 3 116 6 144 3 007 1 no 13,881 13,826 12,181 3,659 3,579 4 04? 1,645 55 September* 17,970 16,810 13,690 4 105 3 230 6 355 3,120 1,16014,415 14,360 12,665 3,770 3,830 5 065 1,695 55 December?.... 18,630 17,465 14,200 4 225 3 375 6 600 3,265 1,16515,000 14,945 13,195 3,900 4,150 5 145 1,750 55 "Preliminary. 'Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. 3 Data not available for all classifications prior to December 1951. 4Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies, Comptroller of the Currency, and Federal Reserve. 307 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ttEAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfanri Nonfarm Year or month Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other Farm f940 . .. 5,972 5,073 668 899 1941 6S442 5,529 815 911 194? . .... 898 6,726 5,830 1,096 896 1943 855 6,714 5.873 I 286 841 1944 935 6,686 5^836 1.408 SCO 1945 976 6,636 5,860 1,394 776 1946 1,661 1,483 178 7,155 6,360 1 22« 756 4 876 795 1947, 2,786 2s520 45 i 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 3*6 990 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 1.436 938 2 J 08 362 16,102 14,775 4,573 2,026 8 176 1,327 1 1 9 9 5 5 2 1.es 3 5 , .1 9 3 7 4 8 3 4 , . 6 7 0 2 6 3 1,0 S 5 6 8 4 1,2 4 9 7 4 9 2 2 , , 3 3 1 7 3 1 4 37 1 2 1 2 1 1 9 . . 3 2 1 5 4 1 1 1 9 7 , , 5 78 4 7 6 5 5 , , 2 6 5 8 7 1 3 3, , 3 1 4 3 7 1 1 9 0 , , 3 5 9 1 9 8 1 1 , , 5 7 2 0 7 5 1953 4,345 3,925 817 455 2,653 420 23,322 ?.l ,436 6,012 3 560 It 864 1 ,886 1954. 5,334 4,921 673 1 ,377 2,871 413 2."5.9? 7 23.8S1 6,122 4,636 13 123 2,046 19*5 4-—* J a " u a.ry 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 2.27 47 23,769 21,845 6,066 3,683 12,096 1,924 443 403 47 86 270 40 24,005 22,060 6,081 3,746 12,233 1,945 May , 342 318 48 85 185 24 24.174 22.212 6,088 3 804 12 320 1 962 June 451 410 60 100 250 41 24,384 22,403 6,091 3,886 12,476 1,981 July 421 393 51 98 244 28 24,572 22,575 6,095 3 951 i ? 529 i 997 August 464 435 53 .133 249 29 24,795 22.786 6, J 00 4, 0^8 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 30' 12 830 2 025 November 571 538 80 183 275 33 25,5^4 23,540 6,133 4,451 12,9v5 2,034 December 631 588 62 208 318 43 25,927 23,881 6,122 4,636 13,123 2,046 1955—January 52 3 479 69 161 2-1-9 42 26,223 24,171 6,132 4,771 13,268 2,052 Noire—-For loans acquired, monthly figures may not add to annual totals, and for loans outstanding. cnd-of-December figures may differ from cnd-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 19-1-7, complete data are not available for all classifications shown. Sources.- -Institute of Life Insurance—cnd-of-year figures, Life Insurance Fad Book; cud-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 "Sear amount Y m e o ar n t o h r Total s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e p O p o t u s h e r e - s r x Total« F s H ur A ed - a g n V u t A e a e r - - d t C i v o o e n n n a - - l8 mo o n r th N b u e m r - Total i a n S l s o g a s a s n v n & s - . p I c n a a o n s n m u c i e e r - - s b C m c a o i n s a m r k l - s - M b s i u a n a n t g v u k s - a s l Other co l ( a d r r r e d e i - s l e ) - d 1941 :..,.. 1,379 437 681 361 4,578 104* 1,628 4,732 1,490 404 1,166 218 1.454 2,906 1942 ...... 1,051 190 574 287 4.583 1945! 8,943 1,170 362 886 168 11359 2,918 1943 ...... 1,184 106 802 276 4i 584 1943 l!274 8,861 1,237 280 753 152 L439 3,031 1944 1 45i 95 1,084 295 4,800 1944 1,446 4.60S 1,560 257 8'78 165 1' 746 3 186 1945 1.913 181 1,358 374 6,376 1945 1.639 5,650 5,017 250 1,097 217 2,089 3,448 194g 3 '584 8*8 2,357 611 7,341 1946.. 2.43? 10.589 3,483 503 2 712 548 3 343 4 ?-41 1947 3,811 894 2,128 783 3,856 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" '2M'}' "7i 345 1948 2; 535 Hi 882 1,016 2,864. 745 3,823 4,088 1949 3,636 1,083 1,559 991 1L616 717 2.586 8.3131948 2.488 11.S28 %'M§ 1.046 2,443 750 3,940 4,755 1950 5,237 1,767 2,248 1,224 13,622 841 2,969 9,812.1950.., 3,032 15,179 5,050 2,618 3,865 1,064 5'.072 5,335 IQgl , 5,250 1,657 2,357 1,236 15,520 884 3,125 11,5301951. 2,878 16.405 13,295 £,615 3,370 1.033 5-112 5,701 1952 6,817 2,305 2.955 1,557 18,336 904 8.385 14.047 3,028 IS.018 1.420 3,600 5,409 5.950 1953 7,767 2,475 1.804 21 882 1,044 16,8771853 3,164 7.385 1,480 3.680 1.827 5,895 6.241 1954 8,969 3,076 3," 846 2,047 20,142 1,171 4^ 714 20,2571954 3,458 22,SV4 8,312 3,768 4,239 1,501 7 ^54 G 644 1354-Jan 495 152 217 126 :954-Jau.... 218 1,372 467 108 263 85 6,292 Feb.... 539 178 320 143 Feb.... 2:29 1,425 617 105 274 85 lii 8,223 Mar... 710 248 283 176 '22,722 1,083 4,111 17,528 Mar... 281 1,784. 660 124 335 103 £58 6,339 Apr 732 257 298 177 Apr. . . 280 1,793 883 180 333 m 550 6 AJ] May 728 254 301 173 May, 278 1,805 675 124 330 118 658 6,484 June.. 810 283 341 185 23,847 1,102 4,277 18,468 June.. 303 1.990 741 146 358 133 602 (5,573 J AUl u y g... 8 8 4 0 1 2 2 28 8 9 1 3 3 ^ 7 9 2 1 1 7 8 3 0 J A u ug l v • . • . • 3 3 0 1 G 2 2 2 . , 0 0 2 8 7 6 1 7 7 3 7 * 0 1 1 5 6 5 5 3 3 7 8 1 9 U 138 \ 625 6 8 ,6 6 8 2 4 5 Sent... 828 2S2 360 1.77 25,053 1,150 4,503 16,400 Sept... 313 2,122 756 164 3S3 141 668 6,739 Oct 824 2S3 384 177 Oct. ... 314 2,156 785 178 393 J40 679 6 874 Nov... 807 278 357 172 Nov.... 307 2,148 757 177 399 147 667 7,004 Dec... S53 235 369 189 26,142 1,371 4,714 20,257 Doc.... 318 2,267 7S4 191 420 158 714 7,131 1055-Jan.... 744 252 326 166 .1955-Jan.... 284 2,024 688 165 379 128 665 7,120 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board, 2Prior to 1948, data are not available for classifications shown. ;* Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Co*fc'fiff«£ GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] VA-guarantced loans3 Home Governmentmortgages underwritten mo o n r th Total Total if New ~" T !i # s E ti x n - g r A a e a t p l n i t a o e d i n r r - 1 q y E u e n a a d r r t o e o f r r Total t C i v o e o n n n a - - l p er r t o i p es - | e p r r t o ie p s - Total FH in A - - g V u A ar - sured anteed 19*0 .. .. ., 991 ;i94i. ,.,.,,.. t ,152 1940. 17.3 2.3 2.3 15.0 ' 942 . 1,121 1941. 18.4 3.0 3.0 15.4 2943 . ,. . 934 1942. 18.2 3.7 3.7 14,5 19*4 877 1943. , 17..S 4.1 4.1 13.7 '945 ........, 357 i92 11944. . 17.9 4.2 4.2 13.7 1946.. . 3,058 2,302 1945., 18,5 4.3 4.1 2 14.2 S947 .... .. 5,074 3,236 1946, 23.1 6.i 3.7 2 4 17.0 J.Q48. 5.222 1,881 i, 1947.. 28,2 9.3 3.8 5.5 18.9 1940 5,250 793 629 1948., 33.3 12.5 5.3 7.2 20.8 1 19 9 5 5 1 0 .,., , 6 7, . 4 8 1 3 6 4 a;.6t4 I , , 8 66 6 7 5 . '9 2 4 0 2 2 1 A 9 9 5 4 0 9 . , , . 3 45 7 . . 1 5 1 1 5 8 . . 0 9 6 8. . 6 9 1 8 0. . 3 1 2 26 2 . . 2 5 SO52 5,830 2,72.1 ! ,824 890 1951.. 51.9 22.9 9.7 13.2 29.0 \ 953 6,946 3.064 ! .045 1.014 1952.. 53.7 25.4 10.8 14.6 33.3 1954 7,323 4,257 I, 686 ,566 1953. . 66.3 28.1 i 2.0 16.1 38.2 1954—:Feb 488 267 188 79 A 1954*. 75.6 31.5 12.8 18.7 44.1 Mar. , . 471 225 160 65 .4 Apr. 493 248 163 85 ,8 1952—Mar. . 53.3 23.5 9.9 13.6 29.8 J J M u u l a n y y e , . . . . . 5 5 5 1 3 7 2 1 9 2 3 2 0 6 9 ' 9 3 ) 2 1 1 0 7 7 0 1 8 1 1 9 1 0 3 5 9 , . , 3 3 3 J S D u e e n p c e t . . . . . . . 5 5 5 5 8 7 . . . 7 1 0 2 2 2 4 4 5 . . . 7 0 4 1 1 1 0 0 0 . . . 4 1 8 1 1 1 3 4 4 . . . 9 3 6 3 3 3 1 2 3 . . . 1 3 3 N A O D Se u o c e p g v t c . . t . . . . . . . . . . . . . . . . 8 6 6 7 7 4 8 7 6 7 3 0 0 0 ') 4 4 4 5 5 9 1 1 1 5 4 8 0 3 6 3 3 2 3 2 5 3 0 0 5 1 7 4 7 2 2 2 1 IS 1 1 8 ? 1 9 9 , . . . 2 4 5 4 5 1953— J S D A u e e l c n p a .. t r e . . . . . . . . . 6 6 6 6 0 2 4 6 . . . 5 6 3 4 2 2 2 2 6 7 6 8 . . . . 7 5 1 i 1 1 1 1 1 1 1 2 . . . . 1 7 4 0 1 1 1 1 5 5 5 6 . . . . 0 3 1 8 3 3 3 3 7 4 5 8 . .2 J 8 3 1955 -Jan. . . 622 23! 2.2 1954—Mar. P. 67.7 28 8 12.2 16.6 38 9 June P. 70.0 29.7 12.4 17.3 40 3 Sept. P. 72.6 30.5 12.6 17.9 42 1 'Monthly figures do not reflect mortgage amendments included in annual totals. Dec. P. 75.6 31 .5 12.3 18.7 44.1 2F!1 A-insnred property improvement loan-- are uot ordinarily secured by mortgages; YAguaranteed alteration and repair loans of Ml,000 or les* need not be secured, whereas tho.se for more than that amount musi be. P Preliminary. 15Prior to 1vl9, data are not available for clarifications «iiowii. NOTS.—For total debt outstanding, figures for X.OTI.:.—FI!A-insured loans represent, gross amount o!" insurance written; YA-guar- first three quarters are Federal Reserve estimates. anteed loan:-;, <iro.s;-: amount of loan:- closet!. Figures do not. take account o'" principal repay- For conventional, figures are derived. ments on previously insured or guaranteed loans. Tor YA-snanuueed loans, amounts by j Sources.—Home Loan Bank Board, Federal Houstype are derived from data on number and average amount, of loans closed. j ing Administration, Veterans Administration, and Sources.- --Federal Housing Administration and Yeixrans Administration. I Federal Reserve. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY 1 FEDERAL HOME LOAN BANK LENDING [In miiiious of dollars [In millions of dollars] Mort- Advances outstanding Mort- (end of period) E o n r d m o o f n y t e h ar ( c d p h g u u a a r s r g i e - n e s g ( p d g e u a r r i g i o n e d g ) Year or month Ad- R m e e p n a ts y- Total S t h e o r r m t 1 - L te o r n m g 2 period) 1945 278 213 195 176 19 398 1946 329 231. 293 184 109 1 { 9 9 5 5 1 0 , . 1,0 6 6 4 7 7 2 7 4 4 n 6 2 ; 3 : 0 . 1 1 1 9 9 9 4 4 4 7 8 9 3 3 2 5 5 6 1 6 0 2 2 33 0 8 7 9 0 4 5 4 3 1 3 6 5 3 2 2 23 1 5 1 8 7 2 2 2 1 0 5 7 2 8 1950 675 292 816 547 269 1953. 2.21 1951 423 433 806 508 298 1954. 614 525 I 1952 586 528 864 565 299 5954— M Fe a b rc ru h ary. . ,. 2 2, . 3 4 6 2 6 4 4 1 7 -9 5 9 0 8 . 1 1 9 95 5 4 3,, 7 7 2 3 8 4 6 81 4 8 0 8 9 6 5 7 2 6 61 3 2 4 3 2 1 5 7 5 April .,,. 2,299 50 108 i 954—February 15 88 677 438 239 D J J S O M A N u u e c e o u l a p t y n c v g o y t e e e b e u . m m . e . m s . . r , b b t . b . e e . e . r . r . r . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 , . , , . , , , 3 3 3 4 3 3 3 2 5 6 9 0 3 6 7 9 S 2 6 1 4 8 1 9 n 3 3 3 3 6 5 S o 8 3 8 9 4 0 O 3 3 3 3 2 i 1 1 7 0 7 9 3 5 9 % S A O A J M M Ju u e u c p a a p l g n t r y y r t u o i e e . c l s b . m . h t , . . e , . . b . r , . . e .. r . 1 3 3 2 6 6 5 0 5 5 6 8 9 3 3 6 9 5 8 4 3 3 • 3 3 1 4 5 3 3 1 9 6 6 6 6 6 6 6 7 1 5 7 3 8 3 0 0 3 9 5 0 9 0 8 8 3 3 3 4 4 4 4 4 7 9 2 8 7 5 0 2 1 6 2 2 7 2 6 8 2 2 2 2 2 2 2 2 2 4 3 3 3 3 3 3 3 7 7 6 1 3 6 i November. 74 38 743 495 248 1955— F J e a b n r u u a a ry ry 4 4 8 8 10 8 December. 171 47 867 612 255 1955—January... 38 188 717 491 226 1No authorization figures shown after October since under its new charter, February.. 34 63 688 466 223 effective Nov. I, 1954, FMMA maintains three separate program-, for which the type of fund authorization varies. Other figures represent the combined pro- 1 Secured or unsecured loans maturing in one year or less. grams: secondary market, special assistance, and management and liquidation. • 2Secured loans, amortized quarterly, having maturities of Source. -Federal National Mortgage Association. more than one year bur not more than ten years. Source.—Home Loan Bank Board. MARCH 1955 309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year Total Other Repair or month Total \u p to a m pe o r b 1 ile co p g n a o s p u o e d m r s 1 er e a r n l n d o i a z m a n t s o i 2 o d n - Pe lo rs a o n n s al Total p S a l i o y n a m g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1.088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 ,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 ,322 3,087 845 1,645 597 1945 . . 5,665 2,462 455 816 182 L.009 3,203 746 1,612 K45 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 9in 4,875 1,356 2,353 ,166 1948 ... 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 ,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 ,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242. 4,270 1 090 3,235 6,631 1,934 3,096 ,601 1952 25,827 18,684 8.099 5,328 406 3,851 7,143 2,094 3,342 ,707 1953 29,537 22,187 10.341 5.831 .649 4,366 7.350 2,219 3.411 ,720 19S4 30,125 22,467 10,396 5,668 ,616 4,787 7,658 2,420 3,518 ,720 j 954—January 28,724 21,836 10,158 5,697 ,635 4,346 6,888 2,165 3,002 1,721 February 28,140 21,582 10,010 5,588 1,623 4,361 6,558 2,133 2,682 1,743 March 27,833 21,381 9,919 5,443 1,614 4,405 6,452 2,150 2,564 1,738 April 28,095 21,426 9,942 5,413 1,617 4,454 6,669 2,181 2,723 L ,765 May 28,372 21,487 10,002 5,370 1,634 4,481 6,885 2,313 2,786 1,786 June 28,666 21,717 10,168 5,367 , 635 4,547 6,949 2,334 2,819 L.796 July- 28,725 21,849 10,298 5,328 .637 4,586 6,876 2,303 2,773 ,800 August 28,736 21,901 10,349 5.294 ,642 4,616 6,835 2,312 2,734 .780 September 28,856 21,935 10,365 5.287 642 4,641 6,921 2,335 2,807 1,779 October 28,975 21,952 10,340 5.324 637 4,651 7,023 2,377 2,892 1,754 November.... 29,209 22,OH 10,296 5.398 .631 4,689 7,195 2,407 3,042 1,746 December 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 1,720 1955—January 29,684 22,436 10,459 5,609 1 ,574 4,794 7,248 2,295 3,225 1,728 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 t l t - Total m b C e a o r n m c k ia - s l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D st m e o p e r a n e 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 u p c l l s d e i e - - d m A ea o u l b t e o i r l - e s2 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 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 1,115 2,456 3,282 ,065 849 281 370 717 March 21,381 18,192 8,714 5,892 L ,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 21,487 18,325 8,729 5,944 1,175 2,477 3,162 L,O27 821 271 371 672 June 21,717 18,538 8.783 6,060 1,207 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 L,O32 818 277 386 665 August 21,901 18,731 8,731 6,256 1,250 2,494 3,170 L;O32 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 1,293 2.588 3,532 1,201 890 293 394 754 1955—January 22,436 18,977 8,651 6,462 1,282 2,582 3,459 L ,158 862 291 397 751 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—CO^K^ NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANK**. 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 T m n n s o o e t t n n a a - l t l - C m ( i o n s e m i s n n t - g t it l u e l t - o i p a o a n n y s s - ) D a e- c ( o c c u h o t a u le r n g t t s e s) S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t d t n a a i t l l t - ch P A a u s u r e - t p d o a m pe o D r b i i r le ect s O g p c u o a t o m h o p n d e e e - r r s r e R l m r t o a e n i o a n p o i n z d d n a s a - ii - s l P o o a e n n r a - s ] credit mer- Other part- Other cial ment banks stores1 1939 1,079 237 178 J00 i 135 363 1940 1 .452 339 276 23? ! 165 440 1939 2,719 625 162 236 1.178 518 1941 1 ,726 447 338 309 161 471 1940 2.824 636 164 251 1 220 553 1945 745 06 143 114 no 312 1941 3,087 693 152 275 1 370 597 1946 1 .567 311 299 242 546 1947 2.625 .352 539 550 4.37 747 1945 3.203 674 72 290 i . .122 845 1948 3.529 575 753 794 568 839 1 1 9 9 4 4 7 6 4.212 1 1 . • 2 C 0 O 3 S 1 11 5 4 3 4 5 5 3 2 2 1 1 , . 8 6 2 2 1 4 I i 0 S 1 6 4 6 1 1 9 94 5 9 0 4 5 . , 4 7 3 98 9 1 8 1 4 7 9 7 1,2 9 9 4 4 6 1 1 .4 .0 5 1 6 6 8 7 3 1 4 5 . 9 0 1 3 3 7 1943 s'443 1.261 \ 84 575 2 .138 \ 285 1951 5,771 1.135 1,311 1,315 888 ,122 1949 . . , 5,588 1.334 198 584 2,096 1 .376 1952 7.524 1,633 1.629 1.751 1.137 ,374 1 1 19 9 9 S 5 5 1 0 2 6 6 7 , , , 3 1 6 4 2 3! 3 3 j j ! j ; [ . 6 5 a 8 7 4 4 6 4 2 2 4 5 5 0 6 6 7 8 4 3 5 1 0 2 2 2 . , , 6 4 3 1 1 6 2 1 5 1 1 1 . , . 6 7 4 0 0 9 1 7 6 1 1 9 9 5 5 3 4 . . 8 8 , , 9 63 9 3 8 2 2 . , 2 1 1 9 5 8 1 1 ,6 ,8 4 6 5 7 2 1 . , 0 83 78 9 1 1 ,2 ,3 7 1 5 7 1,67 2 6 1 1953 7,350 .1 .&'•) 9 370 748 2 .663 1 ,720 1954 -January.., 8,914 2,191 1.807 2,092 1.303 1,521 1954 7,658 2,085 335 764 2,754 1,720 February., 8,755 2,162 1,773 1,997 1,290 1,533 March. . . . 8,714 2,164 1., 755 1.955 1.279 1,56! 5 954—January.. . 6.888 I 880 285 607 2.395 1,721 April 8,722 2,180 1.745 1,939 1,281 1,577 February.. 6,553 1,841 292 526 2,156 1,743 May 8,729 2,195 1,735 1 .925 1,293 1,581 March. . . . 6.452 1,345 305 483 2.081 1,738 June 8,783 2,237 1,729 1,913 1.293 1,611 April 6.669 i .883 298 502 2,221 1,765 July 8,763 2.240 1 ,720 ,880 1,297 1,626 M ;T1Uul- a n v e•. •.••-• 6 6 9 8 4 3 9 5 1 1 .9 ,9 7 1 7 8 3 3 5 9 7 5 4 4 0 9 7 9 2 2 , ,3 2 2 8 2 7 1 1 , , 7 7 8 9 6 6 A Se u p g t u e s m t ber, 8 8 , , 7 6 3 8 1 8 2 2 , , 2 2 3 2 0 4 1 1 ,6 7 8 0 6 7 , , S 8 S 35 7 1 1 . , 2 2 9 9 9 9 1 1, , 6 6 4 3 4 8 July 6.876 1#989 314 448 2.325 1,800 October. . . 8,637 2,207 t , 663 ,822 1.296 1,649 August.... 6,835 1,985 32 7 446 2,288 1,789 November. 8.586 ,188 1,636 .822 1 .287 1,653 September. 6.921 1 .997 338 488 2.319 1,779 December. 8,633 2,198 1 ,645 1 ,839 1 ,275 1.676 October. . . 7,023 2.067 310 517 2.375 1.754 November. 7.195 2.049 358 574 2,468 1 ,746 1955—January.. . 8.651 2,208 1 .656 1.859 i 1 ,241 1.687 December. 7,^58 2.085 335 764 2,754 1,720 1955--January. . . 7.2-18 '.048 247 623 2,602 1 ,728 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 T m n o s e t t n a a l t l - m A pa o u p b t e o il r - e s O g c u o t o m o h n d e e - r s r m i R z o a e a n d p ti d e a o r i n r n- s l P o o a e n n r 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 a n 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 m iz l a o o a n a d ti d n e o s r n n- s l P o o a e n n r a - s l credit paper loans 1939 789 81 24 15 669 1940 891 102 30 16 743 1939 1.197 878 115 148 56 1941 957 122 36 14 785 1940 1,575 .1.187 136 190 62 1941., 1,797 1,363 167 201 66 1945 731 54 20 14 643 1946 991 77 34 22 858 1945., 300 164 24 58 54 1947.... 1,275 130 69 39 1,037 1946 677 377 67 141 92 1948 ... 1,573 189 99 59 1,226 1947 1,355 802 185 242 126 1949 1,858 240 137 89 1,392 1948 1,990 1,378 232 216 164 1950 2,237 330 182 115 1,610 1949 2,950 2,425 303 33 139 1951 2,537 358 209 132 1,838 1950 3 .785 3,257 313 57 158 1952 3,053 457 279 187 2,130 1951 3,769 3,183 241 70 275 1953 3 613 573 337 249 2.454 1952 4,833 4.072 332 8? 347 1954 3,881 596 340 260 2,685 19 S3 6,147 5,306 367 83 391 1954 6,421 5,563 351 81 426 1954—January 3.569 557 339 246 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 Mav 5,944 5,136 331 83 394 July . . 3,719 581 321 258 2,559 Tune 6,060 5,249 331 83 397 August 3,744 587 321 261 2,575 JUly ... . 6,189 5,371 335 82 401 September.... 3,771 591 324 262 2,594 August 6,256 5,436 335 82 403 October 3,774 589 329 260 2,596 September. . . 6.294 5,474 336 81 403 November. . . 3.808 591 331 263 2,623 October 6,315 5.491 337 81 406 December... . 3,881 596 340 260 2,685 November. . . 6,325 5,491 340 81 413 December.... 6,421 5,563 351 81 426 1955—January 3,864 595 338 254 2,677 1955—January 6,462 5,603 350 79 430 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. MARCH 1955 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Automobile Other consumer Repair and Personal Total paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953 30.321 26,818 13,621 11,379 8,014 7.511 1,387 1.144 7.299 6,784 1954 29,304 29,024 12,532 12,477 7,700 7,863 1,245 1,278 7,827 7,406 WITHOUT SEASONAL ADJUSTMENT 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 1,020 1,111 574 719 104 113 682 638 April . 2,400 2,355 1,038 1,015 615 645 105 102 642 593 May 2,397 2,336 1,047 987 607 650 121 104 622 595 June . . . . .. 2,703 2,473 L,244 . 1,078 659 662 109 108 691 625 July 2,549 2,417 L ,163 1.033 622 661 107 105 657 618 August 2,477 2,425 1,114 1 ,063 607 641 112 107 644 614 September 2,441 2,407 .062 1 ,046 629 636 115 115 635 610 October 2,454 2,437 1,031 1,056 687 650 106 111 630 620 November 2.554 2,492 1,040 1,084 716 642 108 114 690 652 December 3,046 2,593 1,184 1,084 936 666 95 110 831 733 1955—Tanuarv 2.389 2,420 1,060 997 616 675 67 109 646 639 SEASONALLY ADJUSTED* 1954—Tanuary.. . 2,306 2,368 907 985 689 681 97 84 613 618 February 2,357 2,377 959 1,041 636 644 119 102 643 590 March 2,294 2,456 957 1 ,053 601 688 115 110 621 605 April 2,358 2,358 964 1,025 644 629 108 109 642 595 Mav 2,321 2,392 984 1,010 604 658 115 115 618 609 Tune .. . .. 2,495 2.413 1,114 1,056 649 658 95 108 637 591 Tuly 2,455 2,364 1,060 1,006 666 667 98 100 631 591 August 2,409 2,480 1,035 1 ,067 613 678 100 105 661 630 September 2,474 2.404 1,077 1,014 609 634 106 118 682 638 October 2,461 2,424 1,068 1 ,039 633 652 92 106 668 627 November 2,612 2,500 1,109 1,098 677 631 101 113 725 658 December 2 ,762 2,488 1,298 1,083 679 643 99 108 686 654 1955—Januarv . . . . 2,823 2,496 1,233 1 ,020 788 684 87 104 715 688 * Includes adjustment for differences in trading days. NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts Charge t from preceding month of preceding month year Item Year or month Depart- Furni- House- Depart- Jan. Dec. Nov. Jan. Dec. Nov. s m to e r n e t s s t t u o r re e s h p o l l i d a n a c p e - s m to e r n e t s 1955 1954 1954 1955 1954 1954 stores Net sales: 1954-—January. . 14 12 9 45 Total -39 +23 +5 + 10 +2 +4 February. 14 11 9 43 Cash sales -41 +39 + 12 + 13 0 +5 March 15 13 10 48 Credit sales: April 14 12 9 45 Instalment -41 +21 +3 + 10 +5 +3 May 14 12 10 46 Charge account -27 + 19 +4 + 14 +2 +6 J J u u n ly e 1 1 4 4 1 1 2 2 1 1 0 0 4 4 7 5 Accounts receivable, end August. . . 13 12 10 45 of month: September 13 12 10 46 T In o s t t a a l lment . . — -3 5 + + 5 6 + + 3 2 +2 + 1 + -1 1 O N c o t v o e b m e b r. e . r 1 1 4 3 1 1 2 2 1 1 0 0 4 4 7 8 Charge accounts -9 +8 +5 + 10 +7 December. 14 12 9 46 Inventories, end of 1955—January.. 14 12 44 month, at retail value. -2 -8 -1 -4 -5 -7 Collections during month as percentage of accounts outstandiniig at beginning of month. 312 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 - l 4 p 9 v r o = o l d u 1 u 0 m c 0 e ti ) o * n aw 1 C a 9 r o d 4 c n e 7 o s d - n t 4 r t 9 u r ( a c = v c t a i t 1 s o l 0 u n 0 e)1 Employ 1 m 94 en 7 t - 4 a 9 n = d 1 0 p 0 ayrolls2 Depart- Whole- Freight ment Con- sale carload- store sumer com- Non- Manufacturing ings* sales* prices 2 modity Year Manufactures agri- production workers 1947-49 (retail I947-49 prices2 or month Total Total • r D ab u l - e N ra d o b u n l - e - M era in ls - Total R d t e e ia s n l i - - o A th l e l r p m t c e u l u m o e r l a n y - - l t - Em m p e l n o t y- P ro a l y ls - = 100 1 v 9 = a 4 l 1 u 7 0 e - 0 4 ) 9 3 = 100 19 = 4 1 7 0 - 0 49 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed j usted justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.4 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62.0 69.0 37.1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.4 66.9 32.6 107 34 72 9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67 6 65 5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32 4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 68 0 64 2 32 8 112 37 73 3 62 9 59 58 60 56 68 63 52 70 71 0 68.3 35 0 115 38 ^3 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 6*5 0 47 4 1932 31 30 19 42 42 15 8 20 53.5 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53.7 47.2 15 9 62 24 55 3 42 8 1934 .... 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65 9 63.9 27 2 81 33 59 3 52 5 1937 61 60 55 64 71 32 25 36 70.3 70.1 32.6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66 1 59 6 25 3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73 3 71 2 34 0 83 37 59 9 51 1 87 88 91 84 81 66 54 74 82 7 87 0 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 6? 75 2 67 6 1945 107 110 123 96 92 36 16 50 91.7 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.8 97.9 81.2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96 4 1948 104 103 104 102 102 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 o 114 8 1952 . . 124 125 136 114 114 183 183 183 110 5 106.3 136.6 95 110 113 5 111 6 J953 Pi 34 Pi 36 Pl 53 Pi 18 PlU 192 178 201 113 6 112.0 151 6 96 112 114 4 110 1 1954 Pi 25 P127 Pi 38 Pill 216 232 204 P110 5 P102.1 P138 2 86 111 114 8 1953 September.. 133 135 135 152 117 118 218 180 243 113.7 111.7 113.7 153.4 96 107 115.2 111.0 October 132 136 134 151 117 114 230 183 262 113.7 110.6 112.0 152.6 95 111 115.4 110.2 November.. 129 130 131 146 115 111 224 176 255 113.1 108.7 109.4 148.0 92 113 115.0 109.8 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... 125 126 126 139 114 113 196 201 192 113 .2 104.6 104.3 140.5 88 109 115.0 110.5 I^f arch 123 126 125 135 114 112 191 205 J82 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 125 124 126 136 117 111 193 178 110 2 102.1 100.5 135.1 84 108 115 0 HO q June. 124 124 125 135 116 114 207 227 193 110.1 101.8 100.9 136.6 84 112 115 1 110 0 July 123 116 124 134 114 112 206 233 188 109.8 100.0 98.7 132.3 82 111 115.2 110.4 August. 123 123 125 135 114 109 218 244 202 109.7 99.7 100.6 135.1 84 112 115.0 110.5 September.. 124 126 126 137 115 108 231 253 217 110.0 100.2 102.0 138.4 84 107 114.7 110.0 October.... 126 130 128 139 117 109 241 263 226 110.3 100.9 102.3 139.5 87 113 114.5 109.7 November.. 128 130 130 142 118 113 255 264 250 110.7 101.9 102.7 142.7 89 114 114.6 110.0 December.. 130 128 131 143 119 n\( 259 277 248 110.8 102.0 102.5 143.6 93 117 114.3 109.5 1955 January... 131 131 133 145 120 118 261 288 243 110.9 102.0 101 .5 141.8 92 P118 114.3 110.1 February . . P133 P135 »134 P147 Pi. 21 P121 "11.1.0P102.5P1O2.3 '144.8 92 110.4 eEstimated. pPreliminary. ""Revised. *Average per working day. 1 Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 321. 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. 323-327. Back figures, in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. MARCH 1955 313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100j 1947-49 Annual 1954 Industry p pr o o r - tion !952 1953P Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Jan. SEASONALLY ADJUSTED Industrial Production—Total im %® 124. 134 125 125 123 123 125 124 123 123 124 1.26 128 131 Manufactures—Total <>© 02 125 *36 127 126 125 125 126 125 124 125 126 128 139 '131 133 Durable Manufactures—Total, . .. 4$ n U6 153 141 139 135 134 136 135 134 135 '139 U2 '143 143 Primary metals 6.70 116 132 111 109 103 103 106 108 103 \ 05 J 0.5 111 118 M21 .127 Metal fabricating 28.52 146 16? 155 151 147 147 148 147 147 148 r/40 '150 '752 •754 156 Fabricated nrietaJ products 5.73 121 136 126 123 120 119 121 122 122 124 mi 124 125 '125 125 Machinery 13.68 147 160 143 141 138 138 138 139 141 144 147 \ 47 148 '145 145 Nonelectrical machinery 9.04 136 143 130 130 125 125 124 124 125 125 125 123 122 120 123 Electrical rri.achin.ery 4.64 167 194 169 163 163 163 163 170 173 181 189 194 1vS '193 188 Transportation equipment 7..54 154 189 185 179 173 174 178 170 170 166 rl67 '169 ••175 '187 192 Instruments and related products. .. 1 29 142 155 148 147 144 139 138 135 136 135 137 137 138 140 1 40 Clay, glass, and lumber products 5.91 118 125 120 '[23 123 121 125 118 113 114 124 130 130 7.?.? 132 Stone, clay, and glass products. , . , 2.82 US 133 125 130 130 128 130 129 131 132 134 132 136 135 136 Lumber and products 3.09 111 118 114 '1.18 116 114 120 108 96 97 116 128 124 131 128 Furniture and misc. manufactures 4.04 118 131 120 120 119 117 118 120 120 123 123 72.9 72.? 122 122 Furniture and fixtures 1 64 113 117 106 103 104 103 102 104 1C6 109 109 110 108 '108 109 Miscellaneous manufactures, 2.40 122 140 130 132 130 127 128 131 130 133 132 132 132 131 .131 Nondurable Manufactures—Total 44.83 114 118 U3 114 114 115 117 116 114 114 115 117 120 Textiles and apparel 11 87 105 107 97 98 99 101 101 99 98 99 98 102 '104 Textile mill products . 6.32 103 104 91 91 91 94 95 93 95 94 95 101 101 -•100 102 Apparel and allied products. 5.55 108 no 104 106 108 109 107 106 102 103 101 103 '105 '107 109 Rubber and leather products 3 20 107 113 103 102 103 103 106 107 99 07 103 10* 108 115 123 Rubber products 1 47 116 128 112 110 113 113 119 120 97 98 117 125 '122 '132 144 Leather and products i. 73 99 99 94 94 93 94 04 95 100 96 91 94 96 Paper and printing 8.93 118 125 122 123 124 125 126 126 126 12tf 127 127 727 727 Paper and allied products , 3.46 120 132 126 129 131 133 137 136 133 135 137 138 137 136 140 Printing and publishing 5.47 116 121 120 119 119 120 120 121 121 121 12! 121 120 121 122 Chemical and petroleum products 9.34 133 142 138 141 139 140 142 142 141 141 144 143 145 Chemicals and allied products 6 84 137 147 143 146 146 146 148 148 148 149 150 150 '152 '155 Petroleum and coal products. ., 2.50 123 130 124 126 122 324 125 124 122 121 125 124 127 P132 Foods, beverages, and tobacco 11 51 106 107 105 105 106 106 110 108 105 105 105 105 106 700 Food and beverage manufactures. . . 10 73 105 107 105 106 106 107 110 108 105 105 105 105 106 106 106 Tobacco manufactures.., 78 110 108 100 98 103 103 108 107 101 99 102 102 100 101 Minerals—Total 9 98 114 116 133 113 112 109 111 114 112 109 1€8 109 113 -116 118 Mineral fuels 8 35 113 115 114 113 112 111 112 115 112 1.70 109 110 175 117 119 Coal 2 68 83 78 70 68 62 58 65 69 70 68 67 70 69 73 74 Anthracite .36 73 57 62 59 52 46 44 48 56 50 40 43 51 66 Bituminous coal , 2.32 84 81 72 69 63 60 68 72 72 71 70 74 72 74 Crude oil and natural gas 5,67 128 .133 134 135 137 137 134 136 133 130 129 130 136 137 Pi 40 Metal, stone, and earth minerals / 63 115 119 111 112 110 99 106 110 108 702 102 101 770 Metal mining , 82 108 113 103 101 96 78 91 99 91 83 82 81 '86 102 Stone and earth minerals , 81 123 124 119 124 124 120 121 122 125 121 121 121 125 127 126 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100 00 124 134 124 126 126 124 124 124 116 123 126 13G 13© 128 131 MANUFACTURES-TOTAL 9© 02 125 136 126 128 128 1.25 125 125 116 125 127 132 132 129 133 Durable Manufactures—Total. 45 17 136 1.53 j140 141 140 137 136 135 125 132 135 140 143 343 146 Primary merafo fe.73 U6 132 113 113 108 107 108 109 94. 100 103 112 118 117 130 Ferrous metals 5 03 115 133 \ i i 111 104 102 104 105 91 95 98 107 114 115 124 Pig iron and steel 3.51 115 138 115 113 105 104 107 108 95 96 101 in 121 121 128 Pig iron .37 107 130 113 108 too 93 94 99 94 93 93 101 110 113 117 Steel 3 05 117 139 ! 115 114 106 105 108 109 96 97 102 112 122 121 130 Carbon steel 2.62 112 135 115 113 105 103 108 111 95 96 101 111 119 118 125 Alloy steel , .43 144 165 j 115 119 114 113 109 102 93 104 111 120 138 1.45 155 Ferrous castings and forgings... , 1 52 114 121 103 106 101 98 97 97 80 90 90 97 98 101 113 Iron and steel castings 1.29 109 115 93 103 100 98 96 96 79 90 89 95 96 •100 110 Steel forgings 23 143 154 130 125 111 104 100 101 87 91 98 106 107 110 127 * Preliminary. ' Revised. NOTE.—A number of groups and subgroups include individuaJ 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. 314 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 Anrlual 1954 1955 pro- Industry portion 1952 1953 P Jan. Feb. Mar, Apr. May June July Aug. Sept. Oct. Xov. Dec. Jan, WITHOUT SEASONAL ADJUSTMENT —Continued ??.i •-«ary met£»J.s—Continued Nonf errous metals I 67 119 129 118 120 119 122 120 122 103 117 118 127 129 123 147 Prirnsrv nonfprrous nirtals .38 123 144 145 147 147 147 147 149 142 139 137 14? 158 M60 162 Copiv-r smelting ,09 106 112 104 102 101 99 97 109 93 76 88 v-S 121 121 119 .06 99 116 110 113 115 114 107 114 1,05 102 89 9 5 118 131 122 Lead ,04 100 101 108 103 113 107 109 97 79 98 109 i \A 107 103 99 Zinc , .10 112 113 107 102 97 too 102 102 97 98 84 90 112 116 Pi 17 .00 156 209 ?28 240 240 24S 246 245 248 246 244 7.6.6 ?.16 ?50 Secondary "onfrr^o"? metpls .«». .13 114 114 96 103 107 108 i 09 85 105 10S r108 107 107 Nonf errous shapes and castings.., . 1,16 119 1.26 112 113 m 114 113 115 91 111 1:4 124 123 113 .146 O A o lu o m pp i ? n ' u r m ni il m s i h ll a p sh e a s pes . .... . .2 6 0 3 1 1 1 4 3 0 1 1 1 6 2 8 1 1 0 3 0 6 1 1 0 3 0 9 19463 154 1 1 0 4 2 9 1 16 0 2 1 1 7 4 6 5 1 1 6 0 3 0 1 1 5 0* 9 1 1 6 'i 0 c^ 1 1 1 6 1 2 1'•6)()8 135 ,33 115 130 120 122 118 116 112 112 88 103 107 121 r\l2 125 Metal Fabricating 25 52 146 167 155 155 155 150 148 147 138 144 145 150 154 756 15ft Fabrics ted "Tie fa I products 5 73 121 136 124 123 121 120 121 122 116 124 124 126 125 '124 1 24 Structural rnetai parts 2 63 121 137 129 127 125 123 125 126 123 125 125 J27 129 127 Stampings and misc, metal products. . 2,12 121 138 127 124 121 117 116 106 109 111 115 122 rt24 123 Tin cans .30 122 129 104 107 105 '22 125 143 153 196 17? 142 103 1 <)> 150 Furnaces, gas ranges, and heaters.... .63 89 93 74 73 78 84 88 93 75 104 109 121 99 86 13 68 147 160 146 145 141 138 137 128 138 14 "5 150 146 148 Nonelectrical machinery 9.04 136 143 132 134 132 1.28 126 125 119 118 122 121 123 126 Farm and industrial macbirjery 8.13 135 139 !30 129 127 124 122 121 117 116 116 116 119 119 Farm machinery 1.02 103 96 76 80 84 85 84 84 79 74 75 73 75 80 85 Industrial and commercial machinerv 7.11 540 145 138 136 134 127 127 122 122 125 124 Laun M dr a y c h a i n n d e r t e o f o ri ls g e - r m at d i o p n r e a s p se p s l ia . nc . e . s .. . . . 6 6 8 9 1 1 7 0 9 8 1 1 8 2 8 8 1 1 8 0 1 6 1 1 8 2 1 9 1 1 2 7 2 7 1 1 6 2 7 0 1 1 6 1 1 2 1 1 1 5 1 7 1 8 5 8 2 1 9 5 1 0 1 1 2 5 5 0 1 1 2 4 3 7 '1 1 2 4 4 6 r\22 M 14 i 9 Ele E c l t e r c ic tr a i l c a m l a a c p h p in ar e a ry tus and. parts 4 3. . 2 6 3 4 1 1 6 6 2 7 194 1 1 7 6 2 9 1 1 7 6 2 7 1 17 6 2 4 1 '6 6 0 6 1 1 6 5 2 9 1 1 6 5 2 6 1 1 4 5 5 1 1 1. 7 5 6 2 1 5 8 5 9 4 2 1 0 5 7 8 2 1 0 6 6 2 P '1 1 9 6 1 5 1 1 9 6 2 4 Radio and television sets . . .. .74 i 84 730 173 170 182 172 156 166 116 234 325 258 261 tra A n u s to p s o r t t ri a ic t k io s n fl e o c d u w p i a p r f t n s esit . ... 7 4 . . 5 8 4 0 1 1 5 0 4 2 3 1 8 2 9 6 1 1 * 1 8 5 3 183 1 1 1 82 4 1 n 8 J 1 '• 1 1 1 7 6 9 1 11 7 1 5 1 9 6 6 5 1 9 6 8 5 3 8 " 1 5 1 9 5 0 9 1 1 7 2 9 0 1 1 9 3 1 6 1 14 9 7 8 Autos . 1.50 103 146 135 138 142 1*6 125 123 70 144 174 195 TnicVfi .66 111 118 103 103 101 101 101 96 78 79 74 78 93 94 98 .22 105 11? 103 104 104 104 99 86 81 76 99 103 102 .19 69 58 67 62 66 68 63 64 57 54 4 r-. 58 59 64 Hf»avy trucks .14 194 183 145 164 152 150 148 132 99 113 110 121 134 130 143 .07 137 229 137 133 132 L41 146 102 109 ' 19 13! 138 Auto raid truck •-•arts . .... 2.58 98 U7 106 104 100 101 102 96 85 88 84 105 113 rP5 Aircraft and parts . 1 .8 .3 1 0 3 1 6 3 8 6 4 1 6 3 5 5 rl • ? 8 5 3 r' 1 ? 8 . 0 5 M 4 2 8 3 5 rl 4 7 1 5 9 • 1 1 1 7 8 2 4 1 7 1 2 5 m 46 i 9 4 1 6 0 5 7 4 1 7 0 0 4 4 1 6 0 4 6 M 47 0 1 6 rl 4 7 !0 8 4 1 7 1 8 0 .53 74 72 59 54 49 43 39 26 32 33 28 2-1 31 32 .55 62 64 49 42 44 39 32 25 17 22 18 12 "0 20 ftmstru merits and related products.. 1.29 142 155 148 147 145 140 138 'S36 132 132 137 J38 14!) '•143 140 Clay, Glass, and Lumber Products. 5.91 118 125 112 220 122 126 122 109 118 129 136 130 ?25 124 Stone, clay, und 0&%s products. 2.32 125 133 122 126 1.28 128 130 131 128 134 136 139 137 334 .132 Glass and pottery products 1.09 114 123 115 120 121 11 7 117 '-15 107 116 MR 125 124 120 125 Flat gUiss and vitreous products. , . 60 122 136 130 130 130 124 124 123 119 126 134 141 141 r148 i 46 Flat and other glass ., . .47 124 139 132 133 131 126 126 125 119 127 136 14-4 148 M51 149 OI'iss containf"*1? .26 1*2 120 115 121 125 1 '•' 1 126 127 118 125 1 « ? 1 19 105 93 1 13 Home glassware and pottery , .23 94 91 79 92 93 93 87 81 63 80 84 92 93 80 83 Cement .32 124 132 104 110 118 13/ 137 138 150 151 1 ^ 145 131 .35 112 110 97 107 111 111 115 111 116 1 i 5 1!7 113 107 Brick .12 108 106 81 '•90 102 115 113 124 116 176 PS 121 124 112 101 Clay firebrick, pipe, and tile .20 116 215 no 110 111 110 1 \ 2 in 109 112 112 113 1 1 4'it 5 113 Concrete and plaster products........ .48 155 163 143 143 152 157 161 164 170 172 169 168 166 162 156 Misc. stone and earth manufactures,. .58 143 140 141 139 135 135 136 134 140 144 146 146 149 147 Lumber sstsd products 3.09 in 118 1.04 116 117 119 122 115 91 102 123 134 123 116 Lumber . . 2 05 305 112 98 109 109 113 117 106 9! 98 110 «19 107 100 101 Mill work and plywood ,60 138 149 140 160 164 163 161 M55 93 128 187 207 191 186 187 Mill work ,39 118 118 96 110 109 111 1 !9 128 90 ! 16 t M 139 137 Softwood plvwood ,12 167 199 212 241 253 248 229 195 95 145 232 274 275 26-t Wood containers . ., • . »» • .29 99 99 88 90 90 90 91 92 85 83 87 91 8S '88 88 Furniture and Misc, Manufactures 4 04 118 131 119 122 121 115 114 116 112 121 125 129 128 125 121 Furniture and fixtures 1.64 113 117 106 107 106 101 98 100 99 1C7 11* 113 112 rl 12 109 Hoi'sebo'd furniture 1 .10 113 118 103 105 105 100 96 98 98 108 112 116 115 115 110 Fixtures ar2c* ofPce furniture .54 112 116 113 110 107 103 103 105 100 106 108 107 107 108 106 Miscellaneous manufactures 2,40 122 140 128 133 131 125 124 127 121 130 136 140 139 134 129 p Preliminary. * Revised. For other footnotes see preceding page MARCH 1955 315 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 1954 1955 pro- Industry portion 1952 1953? Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 118 112 115 115 114 114 115 107 117 119 123 120 115 119 Nondurable Manufactures—Total... 11.87 105 107 99 105 rlO5 100 98 r96 86 103 99 105 104 98 108 Textiles and Apparel , Textile mill products 6 32 103 104 92 95 '95 "94 94 '93 82 97 97 • 103 102 103 Cotton and synthetic fabrics 3.72 105 107 97 H.01 ••101 99 99 96 85 101 100 109 110 103 112 Cotton consumption 2.30 104 104 100 101 100 97 95 92 80 99 96 104 104 95 105 Synthetic fabrics ,97 112 115 89 98 100 102 107 110 105 104 112 121 126 128 134 Fabric finishing .45 102 101 96 102 103 97 96 82 65 98 86 101 102 90 106 Wool textiles . .97 85 78 58 58 r61 63 68 70 68 74 67 69 69 70 69 .16 96 91 68 72 72 80 84 81 78 86 73 77 72 68 79 Wool fabrics .75 83 75 56 54 58 59 64 68 66 71 66 67 69 71 67 Knit poods 1.15 115 116 103 109 105 103 105 106 89 109 113 113 110 103 104 Hosiery .65 116 113 113 119 112 111 110 106 78 106 113 115 109 102 110 Full-fashioned hosiery .45 121 118 120 127 120 119 116 110 79 108 116 11.8 112 105 114 .20 105 102 96 102 93 91 95 98 77 100 107 107 102 93 100 Knit garments.... ...... ,50 113 119 90 95 96 93 99 106 103 113 112 112 111 104 97 Floor coverings „ .48 95 99 89 96 94 90 81 80 64 88 '96 99 86 92 P97 ^^oven carpets . . . . .... .31 80 86 76 8^ 83 77 68 66 36 70 79 82 62 71 P 7 9 Apparel and allied products 5 55 108 110 107 115 116 188 103 99 91 110 101 106 107 99 113 Men's outerwear.. 1.78 105 113 111 117 102 111 108 95 80 110 95 108 108 '96 116 Iilen's suits and coats 73 87 96 96 92 77 79 88 8i 56 98 '76 82 88 '87 98 !Men's suits 50 83 92 102 96 80 78 84 75 52 92 73 80 88 '90 .1.02 .13 83 89 52 56 48 65 80 87 57 98 72 72 66 52 60 Shirts and work clothing .99 114 124 120 133 118 132 121 101 94 118 106 124 121 99 127 Wo W m o e m n' e s n o 's u s te u r i w ts e a a n r d coats 1 .7 8 6 5 1 1 0 2 8 3 1 1 0 1 3 7 1 1 1 4 3 4 1 16 2 4 6 1 16 3 5 8 1 10 1 2 6 1 8 0 0 5 1 1 0 1 4 4 1 9 2 6 7 1 14 J4 6 1 1 3 0 0 0 1 1 0 2 2 7 1 1 0 3 2 0 1 " 1 9 5 3 1 1 2 5 0 3 \lisc. apparel and allied mfrs.. , 1.92 111 112 98 104 107 96 97 98 97 105 107 110 110 106 103 Rubber and Leather Products. ..... 3.20 107 113 103 108 108 104 103 106 86 98 105 114 108 109 123 Rubber products . . .., 1A7 116 128 114 114 118 116 118 121 85 94 118 132 124 127 145 Tires and tubes .70 115 117 96 112 108 111 111 119 84 75 104 116 110 116 130 .40 106 117 92 111 113 120 122 133 94 81 107 117 111 119 136 Truck and bus tires .30 128 118 102 114 101 99 96 100 71 69 99 114 110 113 121 ^Miscellaneous rubber products . c .77 117 133 129 116 126 120 125 124 86 111 132 147 137 137 159 Leather and products. 1.73 99 99 94 102. 100 94 89 94 87 101 94 *>8 94 94 P105 Leather .44 87 91 87 95 89 86 90 89 71 87 83 88 88 88 Cattlehide leathers .29 87 92 93 101 92 93 96 93 75 91 89 96 94 95 Skin leathers . •. .15 86 89 74 82 82 73 79 81 65 78 70 72 75 73 Shoes and slinoersi .90 J^fiscellaneous leather products .39 101 100 85 91 91 82 79 84 87 94 95 97 98 94 91 Paper and Printing ... . 8.93 118 125 120 124 127 128 126 126 116 124 128 133 131 125 127 Paper and allied products .. .. 3.46 120 132 126 133 135 136 134 136 120 137 137 146 140 129 140 1.76 120 130 128 132 133 131 132 136 116 134 133 140 139 127 139 V^ood pulp .51 132 142 142 145 148 146 148 1 S3 133 150 148 158 160 142 158 Paper and board 1.25 116 125 122 127 127 125 125 129 109 128 1?6 133 131 120 132 Printing paper .22 111 119 120 122 124 121 117 120 99 121 1?0 122 121 112 123 Fine p3Der . .14 117 116 112 121 121 121 l?0 1?3 96 1?2 l?n 130 127 124 133 Coarse paper .20 112 118 122 125 122 116 117 119 102 121 118 124 124 112 123 Miscellaneous paper .18 123 129 135 139 138 137 134 136 126 137 136 145 142 135 148 Paperboard . ... .41 117 134 128 130 131 128 \3? 1 36 112 1 33 129 1 38 137 122 136 Buildir|or paper and board .10 112 118 96 113 121 124 125 137 1.23 131 137 135 129 115 120 1 70 120 134 t23 134 137 141 \36 135 124 139 141 1 =52 140 131 140 Shipping containers .51 120 1.33 115 126 133 135 133 132 119 136 141 151 140 131 135 Sanitarv Daoer oroduct* .11 126 138 147 155 149 158 144 144 139 146 141 ^53 141 128 .154 Printing and publishing.. , ... 5.47 116 121 116 118 121 122 121 119 113 116 5122 125 125 123 118 Newsrjrint corsumotion 1.85 115 118 108 114 120 129 125 119 102 107 120 129 130 123 11! Job printing and periodicals 3.62 117 122 121 120 121 119 119 120 119 120 123 .122 122 124 121 Chemical and Petroleum Products. 9.34 133 142 140 144 142 140 139 139 133 139 143 147 '149 149 152 6.84 137 147 146 150 150 147 145 144 137 144 149 155 156 156 158 Industrial chemicals 2.54 140 154 145 150 150 150 150 152 145 .150 153 160 165 166 169 Basic inorganic chemicals ......... .57 137 149 141 157 159 157 159 155 148 151 155 161 .171 170 174 Industrial orsranic chemicals 1.97 141 155 145 148 148 148 147 151 144 150 152 159 164 165 167 Plastics materials 24 157 183 168 192 193 190 179 183 149 170 195 197 200 196 .11 175 186 148 152 144 127 120 122 121 126 137 143 147 151 Synthetic fibers . .59 141 156 133 135 142 145 149 157 148 152 148 165 '•174 173 Miscellaneous organic chemicals.. 1.03 133 144 147 144 141 141 141 143 143 146 147 148 151 154 154 .64 112 116 138 138 122 114 104 96 91 96 109 138 140 130 132 Vegetable oils .48 110 112 138 138 122 109 95 85 80 84 101 139 140 126 .16 119 131 138 140 122 131 132 127 126 129 131 134 137 139 .71 110 113 118 124 127 111 104 99 69 104 116 117 105 105 Paints .66 112 118 114 115 115 116 116 U7 117 117 11 5 115 117 118 116 Fertilizers .23 122 124 112 136 170 173 137 107 95 99 109 113 108 112 117 p Preliminary. r Revised. c Corrected. 1 Publication suspended pending adjustment to revised Census production figures for the period 1950 to date. NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 316 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 1954 1955 pro- Industry portion 1952 1953P Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Xov. Dec. Jan. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 123 130 125 126 121 120 123 124 122 124 127 126 129 129 P\ 33 PePtreotrloeluemum a rnedfi ncionagl products 1.97 128 135 134 136 129 128 130 131 130 131 133 132 136 140 Pi 43 Gasoline 1.04 132 144 140 141 135 137 140 141 141 142 142 140 143 146 P!46 Automotive gasoline ,98 128 139 136 136 131 132 136 136 136 137 138 135 139 141. Aviation gasoline . . .06 194 227 214 227 212 215 218 235 229 233 215 21.4 '214 232 Fuel oil .56 128 130 131 135 127 121 '"122 122 122 123 127 128 135 140 P148 Distillate fue' oil .30 151 155 156 164 155 146 145 148 150 154 161 164 172 177 Residual fuel oil .... .26 102 101 104 102 96 93 94 92 89 87 89 87 92 97 Kerosene .10 119 117 128 135 116 106 99 100 97 99 98 101 116 125 Lubricatin** oil .17 112 106 105 111 104 103 109 111 104 109 111 106 110 108 Coke .26 97 111 97 90 86 80 80 79 77 75 77 84 90 9.3 Asphalt roofing and siding .15 102 99 57 67 78 103 118 135 110 127 147 133 106 62 Foods, Beverages, and Tobacco . „ 11.51 106 107 97 96 98 98 rlO3 no 108 114 119 116 109 99 98 Food and beverage raanufactures. . 10.73 105 1G7 97 96 98 98 103 rl()9 109 115 120 117 110 101 98 Fo M od e a m * a p n r u o f d ac u t c u ts res 8 1 . . 4 4 9 8 1 11 0 4 6 1 1 0 1 8 5 1 1 0 2 1 6 11 9 1 8 - 1 9 1 8 5 1 9 0 7 6 1 1 0 0 0 5 1 1 0 0 6 8 1 10 0 2 7 M 1 l 0 8 7 1 12 2 0 4 1 1 1 2 8 7 1 1 . 1 3 3 5 1 13 0 6 1 1 10 3 1 8 Reef .46 100 129 141 129 132 127 132 137 135 138 141 14? 136 132 IK) Pork .83 119 104 114 99 102 91 87 89 81 88 104 115 131 134 133 Dairv products .69 98 105 86 r97 104 119 135 145 128 115 97 85 78 79 85 Butter .14 92 108 110 115 124 1?8 152 145 115 99 84 81 79 85 99 Natural cheese .07 103 112 100 109 117 133 159 161 129 114 98 87 87 91 96 Concentrated milk .19 91 93 78 84 95 115 139 139 109 94 76 66 65 70 76 Ice cream .28 102 106 72 87 92 107 no 139 143 133 113 95 81 74 78 Canned and frozen foods 1.13 117 121 76 72 71 75 85 99 138 194 212 141 99 '•87 75 Grain-mill products 1.16 108 106 106 104 101 99 106 114 112 110 114 110 103 M01 103 Wheat flour .46 84 81 86 83 78 75 76 78 78 82 86 90 84 80 87 Cereals ?nd feeds ... .70 124 122 119 118 116 114 127 137 134 129 132 1?3 117 r] 15 1U Bakery products 1.64 101 100 95 97 96 96 96 98 99 98 98 99 98 '98 94 Sugar .27 104 113 89 63 58 63 76 82 72 94 109 258 273 176 Cane supar .11 J09 113 97 104 116 103 109 121 112 115 115 105 90 87 .13 94 108 77 24 7 2<* 42 43 32 71 99 385 42 7 Confectionery . . . .. .71 102 102 111 110 99 89 81 80 66 91 131 12.3 125 87 106 Miscellaneous food preparations ... 1.41 100 104 100 103 105 103 105 108 109 108 106 108 105 101 100 Beverages 2.24 102 105 82 89 r99 '•102 M13 r124 118 108 107 110 97 88 Bottled 30ft drinks . . . .54 116 Alcoholic beverages 1.70 98 100 78 86 98 100 108 114 103 96 98 107 99 84 Beer and ale 1.02 102 103 79 86 102 106 117 128 122 112 93 84 79 83 Liouor distilling . . . .17 54 60 61 71 69 64 64 62 42 39 69 121 92 67 Liquor bottlin** .37 99 107 79 88 101 98 104 104 85 85 115 142 139 90 Tobacco manufactures . . .. .78 110 108 98 96 101 99 JOS '114 92 111 109 in 103 83 Cigarettes 46 114 111 105 100 106 103 112 11° 98 11 5 \\\ i li 102 86 Cigars .17 105 108 90 96 97 95 109 111 83 112 113 121 113 82 MINERALS—TOTAL 9.98 114 116 111 110 109 109 112 115 110 in 111 J12 114 '114 116 Mineral Fuel3 5.35 113 115 115 113 112 111 111 113 108 110 110 113 117 117 P120 Coal 2.68 83 78 74 68 61 58 62 63 57 68 70 11 75 75 11 Anthracite .36 78 57 62 59 48 44 45 50 44 48 51 57 57 61 55 Bituminous coal 2.32 84 81 75 69 63 60 65 65 59 71 7? 81 78 77 81 Crude oil and natural pas 5.67 128 133 134 135 137 137 134 136 333 130 129 130 136 137 "140 Oil ar»d gas extraction 4.82 125 129 128 130 131 132 129 129 124 123 1 24 124 130 131 PI 37 4.12 120 124 120 12? 125 177 124 125 170 118 1 18 118 122 \23 A'128 Natural gas . .34 159 167 190 182 182 167 160 161 1 54 157 159 .36 145 157 163 167 161 1 56 155 156 151 151 159 163 1 70 172 Oil and gas well drilling .85 144 154 170 163 165 163 163 176 180 166 159 160 171 171 Metal, Stone, and Earth Minerals 1.63 115 119 91 94 9,? 99 116 123 119 115 113 110 102 98 95 Metal mining .82 108 113 74 76 73 79 108 '•120 U:S 300 98 92 '79 75 P76 Iron ore .33 104 128 39 42 39 58 126 15/ 1.39 \:n 117 87 43 37 Copper mining . .2 4 4 9 1 11 1 4 0 1 11 0 4 4 1 9 1 8 1 1 9 0 8 5 10 9 2 5 10 9 2 3 1 9 0 6 6 1 9 0 8 8 9 8 5 7 7787 8952 1 9 0 5 6 1 1 1 0 8 3 1 1 . 0 1 1 6 Lead mining .09 97 86 75 91 87 82 78 80 74 83 76 78 82 78 .06 107 87 75 80 77 78 78 79 72 75 67 71 74 72 Stone and earth minerals .81 123 124 108 113 114 119 125 127 130 130 129 129 126 122 114 » Preliminary. r Revised. For other footnotes see preceding 317 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve index numbers. 1947-40 average-— -If)(>' Annual 1 947 -49 Product proportion 1952 1953 Jan. Feb. Mar. Apr. May June July Aug. Sept. Get, | Xcr,: J>e. | Jan. S E A SON A LT. V AJ> JUSTED CONSUMER DURABLES -TOTAL 100 00 105 127 112 113 Ill 116 119 118 116 115 •114 ir!22 J'119 '•125 129 Major Durables 69 72 109 138 119 120 1)9 126 130 128 126 125 '121 '128 '137 144 Autos . 32 JC 103 146 133 134 :i33 139 145 136 127 121 -110 '1C4 '149 160 Major household goods , 36 13 115 132 H>8 110 109 115 119 123 127 131 132 131 130 '•123 132 Furniture and floor coverings . 15.32 109 113 99 99 99 97 96 96 102 106 107 .106 103 '! 05 106 Household furniture 11 31 113 118 103 103 103 102 100 102 104 109 111 111 110 Floor coverings 4.01 95 99 8? 87 86 82 84 79 97 97 96 91 n\ 95 Appliances and heaters 15.60 99 118 103 110 104 112 116 110 114 109 112 no S3 115 127 Major appliances ... ....... 11.88 • 00 123 107 116 108 116 120 111 118 11.3 117 '•114 l j <> 130 Ranges. 2.60 75 90 70 84 82 7f> 83 79 83 71 80 11 4 M20 82 Refrigeration appliances 4.98 106 137 111 128 117 135 143 131 132 125 79 77 r 1 1.7 133 Laundry appliances 2.51 115 141 145 5 40 129 134 124 113 136 146 169 110 122 181 Ra T H R d e i a e o l d a e i t v a o i i n n s g d s io e n t a t s e p l s p e e v a t i a r s a i t o u n s sets 3 5 3 1 2 4 7 7 1 ? 2 9 4 1 9 3 ^ 8 4 6 3 4 2 5 1 4 6 3 0 7 0 0 i 3 1 ? o 5 5 8 0 n 6 1 8 4 4 9 7 2 3 1 5 9 4 5 6 1 3 1 4 1 3 9 7 4 6 8 8 3 4 1 1 8 9 4 0 7 6 3 6 6 2 1 2 4 4 0 1 3 5 7 6 2 1 4 1 4 0 1 1 7 1 6 2 7 7 9 5 S 0 8 6 6 2 8 9 6 •1 1 7 6 6 6 2 1 6 6 7 9 7 7 2 0 7 0 - 6 2 •1 2 5 9 7 7 0 9 5 0 4 5 2 1 7 4 0 7 1 0 0 2 50 7 7 3 Other Consumer Durables 30 28 95 102 95 96 94 93 93 96 93 91 98 97 96 Auto parts and tiirs 14 00 90 91 88 90 88 89 90 96 89 85 95 96 93 9-J Misc. home and personal goods 16 28 100 Ml 101 102 100 96 96 96 96 97 101 100 101 WITHOUT SEASON A I ADJUSTMENT CONSUMER DURABLES—TOTAL 100 ©0 105 127 112 117 119 119 116 116 102 113 108 129 '132 141 Major Durables 69 72 138 121 127 130 13? 126 125 U7 111 in '•142 162 Autos. . . 32 SO 103 1.46 135 138 142 151 146 143 125 123 81 70 144 174 Ma F A R j u a o p F M H H R r d r p n l i a o l e o a o R R L i i h d u a o j t a o a u e a i o t s n r a o i u e r f n r u c n n r e h c n g e d g i s s a o o g e d s e e a p v l s e r t a t n d h p a s y e r e p d a o n l r l i p f e i t d a l a n i u d v a f o p n g l r i r h n o p c s n s a g o e i e l i t o i o t r a s a u a u n t o p s n e r c p d e c r s o s s l e e v i s t a . e s . n . r . i . c n . e g . s s . . . . . . . . . . . . , , . 3 1 1 1 1 3 4 6 2 3 5 4 2 5 1 1 5 5 0 2 3 6 3 4 9 7 1 6 8 1 1 1 2 0 1 2 8 2 3 0 8 1 1 1 i 1 1 1 9 9 9 5 1 7 8 0 0 1 1 0 9 5 5 5 0 4 6 ? 3 4 5 9 2 1 1 t 1 1 1 1 1 9 3 6 4 9 o 1 3 1 2 3 1 0 0 7 1 o 9 8 7 8 3 2 3 1 1 1 1 1 1 9 9 8 3 7 5 1 7 7 0 0 0 8 9 9 5 3 8 4 1 3 3 9 6 1 1 1 1 1 1 1 1 9 9 5 0 4 1 7 3 5 7 1 0 1 5 6 9 3 1 5 7 5 0 9 0 1 1 1 1 1 1 1 1 9 9 5 4 8 2 0 4 7 2 0 1 3 4 1 9 2 9 2 4 9 0 5 7 1 1 1 1 1 1 1 5 7 9 9 4 1 2 3 9 1 7 0 3 2 1 9 6 4 0 0 7 6 9 0 . 1 1 1 1 1 1 . 1 8 9 5 9 9 4 1 1 8 1 4 1 0 6 5 2 6 8 2 7 1 0 7 1 1 1 1 1 1 1 4 1 9 9 6 8 4 1 1 0 7 1 1 7 3 8 5 0 4 2 4 4 6 2 1 1 9 5 9 8 8 8 0 1 8 6 9 2 0 3 8 8 8 6 9 6 9 4 2 9 2 1 1 1 1 1 5 . 3 9 9 6 0 1 2 8 0 2 5 0 4 9 6 8 1 6 8 8 2 1 1 8 " 1 1 1 1 1 1 K 1 9 2 8 8 1 2 2 1 3 ) ' 4 1 7 1 6 4 6 2 9 8 9 2 8 1 1 1 1 ! 1 1 1 ' ! 3 9 8 1 4 0 3 9 2 2 ( 8 9 7 1 9 4 3 9 4 1 6 ) 4 - ' ' 3 1 . i ! i 1 1 • 1 2 : 8 4 0 9 I 0 0 n 4 3 2 6 2 5 S 7 8 6 ' 2 \ 1 1 9 8 6 5 1 0 7 2 7 8 5 4 8 7 2 1 1 1 i 1 2 6 1 0 7 3 4 2 2 0 0 7 3 2 ' Television sets 1.79 436 541 391 397 435 406 360 397 281 533 722 860 71 623 618 Other Consumer Durables 30.28 95 102 92 95 94 92 92 94 90 94 101 104 806 94 93 Auto parts and tires 14.00 90 91 84 87 87 90 96 91. 90 100 101 90 Misc. home and personal goods... 16.28 100 111 99 103 96 94 93 89 97 102 i 06 100 1C5 '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 TN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics. In thousands of persons! 1954 Industry group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Doc. m. Feb. SEASONALLY ADJUSTED Total 12,935 12,840 12,705 12,632 12,589 12,37! 12,334 12,388 22,485 12,610 ^12,628! 12,61.6 12,677 Durable goods 7,509 7,495 7,295 7,227 7,182 6,972 7,007 7,104 7,206| '•7,223 7,231 7,333 Ordnance and accessories .... 165 150 137 125 120 117 113 114 112 110 106 Lumber and wood products . . . 657 663 656 676 684 592 589 673 706 70? 69() 686 Furniture and fixtures 286 287 284 284 284 283 292 295 293 292 285 287 Stone, clay, and glass products. . 431 429 426 427 425 430 432 435 436 437 435 433 438 Primary metal industries 1,022 1 005 991 981 983 979 973 965 969 988 j.006 1 ,027 Fabricated metal products 855 844 836 837 839 834 827 820 825 841! '83 6 j 826 837 Machinery except electrical 1,202 1,184 1,169 1,153 1,140 1,119 1 ,121 1,123 1,113 1 ,1 '1 .095 1. 096 1. . 1 20 Electrical machinery 831 819 811 799 784 793 798 8021 809 816 811 807 810 Transportation equipment. ... 1.435 1,409 1,380 1,342 1,324 1,277 1,237 1,184 1.246 1 ,326 1.380 1 ,400 Instruments and related products 232 228 223 221 216 214 212 214 212 212 2\\ 211 Misc. manufacturing industries.. 393 387 382 382 383 382 378 382 383 380 j 37-1 372 Nondurable goods 5,426 5,435 5,410 5,405 5,407 5,351 5,362 5,38* 5,381. 5,404 '5,395! 5,385 5,374 F T o o o b d a c a c n o d m k a i n n u d f re a d c tu p r r e o s ducts 1.1 9 0 4 3 1 . 9 10 3 9 1,1 9 1 3 0 1,11 9 1 4 1,106 1,084 1 1,0 9 7 2 7 1 ,0 9 7 4 3 1 .087 '•1 .0851 1 .0 9 7 0 1 1 .0 9 7 1 1 Textile-mill products 980 979 979 974 94 95 997 988 96 a2i 977 976 Apparel and other finished tex- 986 977 982 tiles 1,051 1,064 1,046 1,037 1,034 1,026 1,029 1,027 1.034 1.053 1.0-101 1 .042 Paper and allied products 435 434 433 435 438 439 438 443 440 436 «2| 432 431 Printing, publishing and allied industries 517 517 519 518 519 518 519 523 520 519 518 519 Chemicals and allied products... 533 531 529 530 525 523 524 521 524 523 '526| 529 525 Products of petroleum and coal. 180 179 178 180 180 179 175 17'4 175 173 173! 172 172 Rubber products 202 199 196 198 199 178 179 199 202 202 '206i 20') 209 Leather and leather products. . . 331 330 327 328 326 332 329 328 331 333 '•3361 337 338 For footnote see following page. 318 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] 1954 1955 Industry group Feb Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WTTHOVT SEASONAL ADJUSTMENT Total !2 12,818 12,590 12,437 12,48ft 12 212 12,44C? 12,611 12,652 12,697 '•12,682 12,553 12,653 Durable ii-.^wis 7 52* 7,430 7,309 7.20 8 ?.177 6 917 6,933 7,015 7,133 7,247 ,263 7,221 7,314 Ordnance and accessories. 165 \ 50 137 1?5 120 117 113 114 112 110 109 108 106 Lumber and wood products 627 643 649 679 701 604 613 697 720 713 '687 658 655 Furniture and fixtures 292 283 277 275 ?"'?, 2S8 296 299 299 ?<)± 289 293 Stone, clay, and glass products 427 429 428 427 427 \%\ 434 437 438 439 437 429 434 Primary met;3."' industries \ 027 1,010 991 976 983 969 968 965 969 988 n.002 1,011 1,032 Fabricated metal prociiKts 864 832 840 833 831 800 S19 820 829 845 '•8-14 83-1 8-45 Machinery except electrical \ 2?0 1,202 1.187 \ 165 1 151 1 108 1,093 1 ,095 1,091 1, 091 '1, 106 1.112 1 .137 Electrical machinery 830 827 '811 791 776 7:55 7S2 802 81.7 828 82 7 815 818 Transportation equipment l 435 1 .409 I .380 t 3^-2 1 324 1 277 1.237 1 .184 1,246 1,326 n,365 !,389 1 ,109 Instruments and related products 233 229 224 220 2V> 210 210 214 213 213 213 212 212 Misc. manufacturing industries 389 380 374 375 363 378 392 398 305 379 365 372 Nondurable ftoorfs 5 S8?> 5,388 5,281 5,229 5,303 5 295 5,51.6 5,3% 5,519 5,450 '5,419 5,332 5,339 Food and kindred products i 009 1,009 1,011 1 031 1 079 \ 142 1..2?i 1 .?.52 1,169 1,102 n,05-1 997 980 Fobcicco manufactures 90 84 82 82 82 83 102 110 .112 103 M00 9.1 87 Textile-mill products 995 989 979 969 981 953 981 987 988 992 '993 987 991 Apparel and other finished textiles J 088 1 5 01 I 030 985 9^7 980 1 050 1,053 1,050 i,053 \ 06 S \ 061 1.078 Paper and allied products 437 ' 436 ' 433 433 436 430 ' 436 '441 ' 440 '440 "438 ' 434 '-133 Printing, publishing and allied industries 5:4 517 516 515 519 513 514 523 525 524 525 518 516 Chemical and allied products. .. . 536 539 534 525 517 513 516 524 529 528 '5 29 529 528 Products of petroleum and coal 178 177 176 179 181 181 179 177 175 173 172 170 170 Rubber products 203 1Q0 195 197 198 173 177 199 201 205 '•209 211 210 Leather and leather products, . , 339 338 325 315 324 327 337 330 329 331 '33-1 337 346 'Revised NOTE.—Covers production and related workers or.lv; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for February 1955 are preliminary. Seasonally adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by the Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings I Average hours worked Average hourly earnings (dollars per week) | (per week) (dollars per hour) Industry group 1955 1955 Feb. ! Dec. Jan. i Feb. I Feb. ! Dec. Jan. Feb. Feb. Dec. Jan. Feb. Total . . . . 73.97 i 74.93 39.6 :'40.5 40.2 1.80 1.83 1.84 1.85 Durable goods. 80.16 80.75 40.2 41.1 40.9 1.90 1.95 1.96 1.96 Ordnance and accessories . . . . . Si .20 ! 82.42 40.0 40.7 40.0 1.96 2.02 2.03 2.04 Lumber and wood products 65.50 : 67. 73 40. 1 'J-0.8 40.8 1 .59 ' 1.6-1 1 .63 1 .61 Furniture and fixtures 63.99 i 66.56 40.1 '41 .4 40.5 1 .55 M .59 1.58 1 .60 Stone, clay, and glass products. . . 73.31 ! 72.72 j 40.4 j'4 1 . J 40.5 1.75 I .1 .80 1.81 .1 .80 Primary metal industries 86.65 ! 87.9-1 ! 38.6 I'1-0.0 40.3 2.06 | 2.14 2.15 2.15 Fabricated metal products •80.70 80.34 80.34 i 40.6 I'll .6 41 .2 1.88 1 .9-1 1 .95 1 .95 Machinery except electrical 83.14. 83.-I-\ 84.46 41 .3 ' 40.0 40.9 2.00 2 ,04 2.04 2.05 Klectrica! machinery 71.52 : 74.56 74.7! 39.9 i 40.5 -10.3 1.81 1 . 8 1: 1 .85 1 .85 Transportation equipment 93.08 | 91 .98 93.06 40.2 ! 42.5 •12.0 2.11 2.19 2.19 2.20 Instruments and related products 75.33 ! 74.77 i 74.-K) 40.4 ; 40.5 4:). 2 1.81 1 .86 1 .86 .1 .86 Miscellaneous manufacturing industries.. •66. 18 66.00 i 66.58 40. 1 i '40. 6 •10.3 .1 .60 '1.63 1 .64 1 .64 Nondurable goods 64.€2 66.30 i 66.C2 i 66.36 j 38.8 j 39.7 39.3 39.5 1.65 1.67 1.68 1.68 Food and kindred products 67 , r>-t ! 70. 7')70.58 69.8;) ! 40.5 ! 41 .4 1.67 1 .71 1.73 1 .73 Tobacco manufactures 46.31 '49.92 50.52 49.58 35.9 I'38.4 1.29 i.3() 1 .34 .1 .34 Textile-mill products 5?.. 06 55.07 54.25 54.94 38.0 j 40.2 1.37 1.37 1 .37 1.37 Apparel and other finished products -19.46 '10.01 48.60 49.55 36.1 i'36.3 1.37 1 .35 1.35 .1 .35 Paper and allied products 72.07 76.01 75. 72 75.90 41 .9 I 42.7 1.72 1.78 1 . 79 1.79 Printing, publishing and allied products.. 85.95 '90.09 88.24 89.09 38.2 j 39.0 38.2 2.25 '2.31 2.31 2.32 Chemicals and allied products. 76.86 j '"79.90 79. 13 80. 1 5 41.1 ['"41.4 41.0 1.87 1 .93 .1 .93 1.95 Products of petroleum and coal 90.68 I '92 .57 93.89 93.02 10.3 I '40.6 41.0 2.25 2.28 2.29 2.28 Rubber products 75.47 I '85. ()] 81.25 82.21 38.9 I'41 .7 41.3 1 .94 '2.04 2.04 2.02 Leather and leather products j 52 .44 i "52 .16 52.44 53.13 38.0 I 37.8 38.0 1.38 M .38 1.38 .1 .38 rRevised NOTE.—Data are for production and related workers. Figures for February 1955 are preliminary. Back data are available from the Bureau of Labor Statistics. MARCH 1955 319 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 fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1948 44,382 15,321 982 2,169 4,141 9,519 1,711 4,925 5,614 1949 43,295 14,178 918 2,165 3,949 9,513 1,736 5,000 5,837 1950 . 44,696 14,967 889 2,333 3,977 9,645 1,796 5,098 5,992 1951 . 47,289 16,104 916 2,603 4,166 10,012 1,862 5,278 6,348 1952 48,306 16,334 885 2,634 4,185 10,281 1,957 5,423 6,609 1953 ., 49,660 17,259 844 2,644 4.224 10,533 2,025 5,486 6,645 1954 . 48,283 16,040 745 2,628 4,021 10,524 2,091 5,521 6,712 SEASONALLY ADJUSTED 1954—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 J u n e . . .. 48,102 15,994 740 2,624 4,016 10,480 2,083 5,518 6,647 July 47,982 15,775 742 2,637 4,014 10,507 2,095 5,555 6,657 August 47,945 15 733 730 2 640 4 001 10 504 2 095 5,551 6,691 September 48,054 15,789 715 2,633 4.016 10,480 2,115 5,523 6,783 October 48,209 15,886 716 2,620 4,002 10,476 2,121 5,549 6,839 November 48,398 16,018 717 2,645 3,982 10 532 2,119 5,539 6,846 December. r48,419 r16,038 716 '2,601 r3,989 '10,617 '2,120 '5,534 '6,804 1955—January 48,467 16,028 712 2,591 3,980 10,639 2,117 5,534 6,866 February 48,525 16,116 715 2,521 3,985 10,632 2,126 5,538 6,892 WITHOUT SEASONAL ADJUSTMENT 1954—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 Tuly. 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 48,827 16,107 721 2,724 3,992 10,782 2,108 5,511 6,882 December '49,505 '16,097 720 '2,549 '3,999 11,400 '2,109 '5,479 '7,152 1955— Tanuarv 47,804 15,965 712 2,358 3,933 10.483 2,096 5.423 6,834 February 47,801 16,082 711 2,269 3,938 10,397 2,105 5,427 6,872 '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. Figures for February 1955 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 In nonagricul- In U pl n o e y m ed - labor force Total tural industries agriculture 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 . 113,119 66,410 62,966 61,293 54,488 6.805 1,673 46.710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 19542 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 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 '68,566 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 February 116,901 66,550 63,321 59,938 54,854 5,084 3,383 50,352 'Revised. 1 Includes self-employed, unpaid family, and domestic service workers. 2 Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals; Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained from the Bureau of the Census. 320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Seasonally adjusted. In millions of dollars] Private Public Year or month Total Business O n t o h n e - r Total Resi- resi- Total Mili- High- Conser- All dential Total In tr d i u al s- m C e o rc m ia - l P ut u i b li l t i y c d t e ia n l - tary way vation other 1940 8,682 5,054 2,985 1.561 442 348 771 508 3.628 385 lt302 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 2s550 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 X, 100 l ..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 3.511 11.379 1,307 3.165 830 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—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 Tune 3,078 2,122 1,102 710 171 i 72 367 310 956 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 53 496 October 3,105 2,221 1,210 707 152 188 367 304 884 75 274 53 482 November 3,192 2.2.S9 1 2?8 717 156 193 368 314 933 80 288 54 511 December 3,262 2,292 1,262 716 159 189 368 314 970 90 305 59 516 1955—TanuarvP.... 3.379 2.308 1 ,323 760 176 216 368 315 981 101 302 57 521 FebruaryP 3.393 2,433 .1,326 787 184 235 368 320 960 101 289 53 517 i ^Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p ti u l b it l i i e c s 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.^09 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 06-4 6 668 2,562 979 1,472 1.686 3,408 1953 17 443 61.334 11 109 <;V,479 2,051 1.489 1 720 1'695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1954—February 1,221 436 785 509 106 93 144 125 244 March 1,528 484 1,043 668 80 134 179 140 328 April J f>Q7 477 1,215 796 94 178 171 163 290 May . . 1,925 669 1,256 825 86 179 189 218 428 1,733 625 1 JOS 720 107 192 186 172 357 July 1,837 681 1,156 745 108 145 201 187 450 August 1,573 509 1,064 693 93 141 181 136 330 September 1,816 589 1,227 777 160 130 182 175 392 October 1,965 633 1,332 852 145 186 155 186 443 November ,499 475 1 024 709 82 129 140 141 299 December ,829 617 1,212 762 104 194 204 200 366 1955—Tanuarv , 504 480 1 ,024 690 85 166 131 184 249 Februarv 581 472 1.109 CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE 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] Total Federal Reserve district Month 1 t 1 ri c d t i s s- Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas 1953—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—Januarv 1,152 61 212 92 143 101 158 166 58 23 45 92 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 1955—January 1,504 82 227 89 162 180 188 243 94 44 69 127 MARCH 1955 321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED fin thousands of units] Private Government-underwritten' Rural Year or month Total l.'rban non- Public farm Total \ ianii-ly farn 2 i ly f M am ul i t ly i- Total FHA VA t 1948 93? 525 407 914 763 4-'i i 04 18 393 291 KP. 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 ?64 149 1952 1 ,127 610 517 1 .069 939 46 84 58 420 279 141 1953 1 104 565 539 1 ,068 933 42 94 36 407 i 2S2 155 1954P 1 .22! n.a. n.a. 1.20! n.a. n.a. n.a. 19 585 i 277 308 .} 954 —February. 75 ii.a. n.a. 74 | 65 2 7 1 30 16 14 March 95 n.a. n.a. 93 1 83 3 7 2 37 21 16 April 108 n.a. n.a. 1.07 | 96 3 I 44 24 20 Mav. 109 P .a. n.a. 107 ! 98 3 : 49 24 25 June 117 n.a. n.a. 113 | 102 3 8 4 56 28 28 [ulv 116 n.a. n.a. 1S3 | 102 3 8 3 52 25 27 August 114 n.a. n.a. 113 ] 03 3 7 1 60 21 35 September 116 n.a. n.a. ]\3 .104 3 6 2 60 26 34 October 111 n.a. n. f. 111 i .1.00 3 8 C1) 59 25 34 November . . .. 10-1 n.a. n.a. 103 j 93 3 8 0)' 62 26 36 December *91 n.a. n.a. P90 n.a. n.a. n.a. Pl 51 22 29 19^ 5— Tanuarv P88 n ? n a i>88 n.a. n.a. n.a. P(i) 46 20 26 February P9Q n.a. n.a. •/>&-> n.a. n.a. n.a. Pl 45 17 28 ! PPreliminary. n.a. Not available. U^ess 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-—1001 Monthly—seasonally adjlisted Monthly—without seasonal ad ustment Annual Class 195-1 .1.955 1954 1955 1953 1954 Jan. Aug. Sept. Oct. Nov. Dec. Jan. Jan. Aug. Sept. Oct. Nov. Dec. Jan. Total 127 114 120 Ill Ill 115 118 123 .121 108 114 120 124 121 114 110 Coal 103 92 100 90 98 105 106 105 103 100 90 98 105 106 106 103 Coke t 71 105 120 90 98 in 116 119. i2\ \2o 87 97 109 116 j ?5 127 Grain 135 141 124 138 131 150 163 142 132 124 149 147 150 159 133 132 Livestock 63 62 58 59 67 72 68 62 64 56 56 89 111 85 60 61 Forest products 143 132 136 119 129 141 146 154 M8 122 125 140 149 143 137 133 Ore 215 144 231 145 137 109 109 184 210 58 217 205 170 98 57 53 I^liscellaneous 143 129 133 126 123 125 129 135 134 122 127 133 136 134 127 123 43 40 39 40 39 40 40 41 39 38 40 41 41 41 40 37 NOTE.—For description and back data, see BULLETIN for June 194!. 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 [Jn 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 1953 1954 1955 1953 1954 1955 1953 1954 1955 January 1 .293 1 .092 "1 ,167 1,016 '923 922 833 February... 1,200 '•I 183 927 998 856 809 March 1 390 1 125 1,052 922 1.004 862 A M p a r y il 1 1 . , 3 4 9 5 4 3 * '1 \ - , 4 4 2 0 6 0 1 1 . 0 0 5 8 4 5 '1 1 , , 1 25 3 8 6 tr0 9 1 0 3 2 9 8 5 2 7 9 June 1.385 1 4/3 1 ,013 1.114 933 946 July 1 360 1 291 962 '1,023 908 822 August 1.187 1 ,155 911 r955 840 824 O S N D e c o e p t c v o t e e e b m m m er b b b e e e r r r . . . . . . 1 1 1 1 , , , , 2 2 2 3 5 4 5 5 6 7 3 3 ' ' 1 ! 1 1 , 2 , 1 , 3 2 6 1 1 4 -1 1 2 2 1 1 1 1 , , , , 0 0 0 1 5 3 1 3 2 1 9 8 '1 1 1 , " 1 . • , 1 2 9 6 . 5 1 5 0 9 4 7 9 8 9 8 2 1 0 4 6 3 7 9 r7 9 8 7 6 4 3 8 2 4 9 1 January . . . 1 ,293 1 ,092 1 ,167 1,016 '923 1 ,084 922 833 'Revised. c Estimated. 1 Exports of domestic and foreign merchandise. 2Department, of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 3General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census. Department of Commerce. 322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t n - ta c Ch a i g - o Lo S u t. is M ap i o n l n i e s - K C a i n t s y as Dallas F c S r i a a s n c n o - SALES1 1948 104 1.02 103 104 JOS 103 103 104 104 104 103 105 104 1949 98 99 98 too 98 U)0 Wi 97 98 99 99 102 98 1950 . 105 103 101 U)6 i05 i.05 109 104 105 iO8 113 JOS 109 i 05 '05 109 "i 1 i 3 13 115 108 107 5 04 111 117 309 1952 no 104 (01 109 i 10 •18 124 tO6 no 104 113 124 114 1953 1 12 105 102 111 113 121 1 26 111 112 104 112 125 11 5 1954 111 107 :03 109 105 121 128 109 112 104 113 125 113 SEASONALLY ADJUSTED *954—January . , , 107 105 :06 104 -.09 122 J06 108 104 no '118 '109 February 109 109 '02 111 •;04 i 1 7 123 507 112 iO8 109 2 07 A M p a r r i c l h r , ,. . . 1 11 05 1 1 1 0 02 5 i 0? i 09 92 H9 f i 2 17 7 ill 1 U 0 4 8 1 9 0 5 0 1 1 0 1 3 3 1 i? 5 0 5 i il n l Mav . .. o . • ,. - i0£ 102 • 00 H")5 98 113 122 108 106 104 109 I ? 3 114 June , < .., 112 •05 102 109 107 129 tio (22 ?03 115 i?7 114 7'ilv 111 i 09 i 05 i !-7 i 32 J12 105 118 A S e 11 p f t 'T e i m 3^ ber 1 1 t 07 2 1 i 0 0 9 4 < 1 0 05 2 i ! 0 0 7 7 1 5C 0 1 8 M » . 70 5 1 1 2 3 1 1 1 1 0 0 6 8 1 : 1 0 0 4 S 10 0 1 5 107 127 n 11 o 5 O N c o t v o e b m e b r er i 1 1 1 4 3 n ! • o 0 \ 1 0 0 5 5 1 11 05 1 1 1 0 0 6 9 1 1 2 24 4 1 13 38 5 1 li 1 t 0 1 1 1 1 2 5 1 10 0 6 4 1 1 1 16 3 1 1 2 3 9 0 1 11 1 6 4 December... . 117 I i I 105 113 116 133 136 118 113 134 118 1955—Tannarv v 1 i 8 1 ! 4 106 i 1 2 113 P i 24 Pi 36 114 120 112 123 135 1 ?.? WITHOUT SEASONAL ADJUSTMENT 1954—January , , . , . „ „ 83 SI '•81 30 SO 94 82 83 75 83 '93 S5 February 86 81 83 34- SO 89 33 S3 S3 86 98 86 80 86 85 O] 8? 97 t i6 86 92 yo 90 102 88 April ,.,,,,.. no ICS \ Oi " 00 124 i29 iO9 1.12 101 no 119 {07 May i 06 102 98 >04 98 i \ 4 120 5 08 *06 104 109 119 107 Ti'ne. , . . . , 106 99 104 ;oo U3 114 108 110 96 108 112 105 July 88 11 73 HA 32 93 106 36 39 84 97 111 5 00 98 83 SO 85 94 U5 •>8 3 00 99 104 115 111 September 112 115 J P6 111 105 7 22 123 113 lit ! i\ 114 112 October 118 110 no 113 111 130 141 114 123 122 121 135 116 November 137 133 132 146 134 153 154 133 137 120 130 147 134 December... 200 200 184 "197 192 23! 231 188 193 180 201 225 1955 -huu'irv 90 84 85 87 P91 ?'l()5 88 93 81 92 107 97 1948 STOCKS i 107 105 £05 107 107 105 108 111 102 no 108 110 107 J949 100 100 97 99 sOO 101 102 100 96 100 100 101 100 1950 109 109 105 108 106 113 120 110 107 104 113 112 110 1951 , , . . 129 124 124 127 128 133 140 128 128 117 132 132 131 1952 118 111 113 113 111 130 135 115 117 107 124 126 125 1953 126 1iQ 119 143 146 123 126 115 136 137 1954 ... 122 117 113 116 115 140 121 119 114 131 130 SEASONALLY ADJUSTED J954-—January. 114 'HO r1 15 115 '•132 142 117 117 106 M29 '125 123 119 107 113 113 t 32 141 117 127 110 128 130 121 March . „ .., 121 118 111 112 1*2 5 41 120 111 129 127 124 Aoril 120 117 113 J14 113 j "55 122 116 111 125 127 116 May 121 120 115 116 117 137 137 122 118 111 127 128 119 122 117 114 117 115 \39 335 122 119 112 131 131 122 Jijly 124 M6 116 111 1 39 137 122 129 113 133 133 129 August , 124 3.19 115 155 116 139 136 124 516 119 137 132 129 September . . . . 125 118 115 i \ 7 115 141 143 124 120 123 135 134 128 October 124 116 116 116 116 147 141 122 115 120 131 132 128 November 124 US 113 118 115 145 144 122 116 120 132 129 130 December 124 '•118 113 M21 120 137 143 122 117 118 131 133 1 29 5 955—[anuarv v\23 P!20 112 119 P115 P 139 Pi 45 118 .127 P114 133 v\ 27 129 WITHOUT SEASONAL ADJUSTMENT 108 102 98 '100 104 '119 130 108 99 100 118 r\\3 111 February 114 106 104 111 111 527 139 114 108 106 125 127 113 March , , 126 120 116 J20 119 142 14-7 126 123 115 133 136 125 April 127 122 118 123 120 146 143 126 124 116 134 135 125 May 126 121 118 119 119 146 138 124 123 113 134 130 129 116 110 107 109 109 133 128 116 119 107 127 121 122 July- 115 105 104 103 106 135 123 114 120 109 125 123 125 August . . . .. 120 114 jll no 112 139 136 118 119 114 130 129 122 September 129 121 120 121 12 i 146 147 120 128 124 138 139 132 October 138 131 130 132 128 158 154 136 129 128 142 144 144 November 139 138 129 134 130 152 160 140 127 133 146 143 141 December 110 '•111 103 105 120 126 111 103 107 116 121 107 1955—January Pill P108 100 104 Pi 05 P125 P132 108 107 Pi. 08 122 P114 117 ^Preliminary. 'Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end ot the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. 323 MARCH 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 sales 3 Year or month m S ( o a t f n l o o e t t r a s h 1 l ) S m t o ( o n e o c n t f k d h s ) 1 m o ( s r e o O t i d n u n a n e d t n t r g - d h o s - ) f l m c ( o e R t f i n o e o p t t - r t a h s l ) 2 m or ( o N t f d n o e o e t t w r r a h s l ) 2 Stocks s o O r t i u d a n t e n g r d - s - S s o t t r o p i a d o u l n t e n c u g r d - k s s - s ce R i e p - ts 1946 average . . . 345 767 964 373 354 2.3 3 0 5.3 1947 averape 365 887 588 366 364 2.5 L.7 4.3 L.O 1948 average 381 979 494 386 363 2.7 L.4 4.1 L.O 1949 average 361 925 373 358 358 2.7 L.I 3.8 L.O 1950 average . . 376 L ,012 495 391 401 2.8 L.4 4.2 L.I 1951 average 391 L,202 460 390 379 3.2 L.3 4.4 L.O 1952 average 397 1,097 435 397 401 2.9 L.2 4.1 L.O 1953 average . . 406 ,163 421 408 401 3 o 1 4 1 0 1954 average 407 1,136 387 407 409 3.0 1L.O 4.0 L.O 1954—January 310 L.009 '369 '272 '357 3.3 L.2 '4.4 ( February 299 L.O75 403 '365 '399 3.6 L.3 4.9 L.2 March . . 351 L, 176 343 452 392 3.4 L.O 4 3 L 3 April 402 1,183 281 409 347 2.9 3.6 L.O May . . 372 L ,161 249 350 318 3 1 ) 7 3 8 ) 9 June 378 1,067 390 284 425 2.8 1.0 3.9 3.8 July- 306 L.042 471 281 362 3.4 1.5 4.9 August 350 1,095 465 403 397 3 1 3 4 5 L 2 September.... 400 L.184 486 489 510 3.0 1.2 4.2 L.2 October . . . 437 26 R 477 521 512 2 9 1 t 4 0 L 2 November . 509 1,318 406 559 488 2 6 0 8 3 4 1 December 766 1,056 301 504 399 1.4 0.4 1.8 0.7 1955 — J aim ar v P 335 1,042 384 321 404 3.1 1.1 4.3 1.0 pPreliminary. '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 Apr. 7 101Apr. 5 109Apr. 4 118Apr. 3 103Oct. 6 110Oct. 4. ...116Oct. 3 112Oct. 2. . . .110 14 100 12 111 11 97 10 113 13 117 11. ...126 10 120 9 118 21. ... 97 19.... 97 18 105 17 118 20 116 18 124 17 118 16.... 119 28 101 26 105 25 104 24 101 27 113 25 122 24 113 23 123 31.. ..113 30 117 May 5 113May 3 111May 2 114May 1 112Nov. 3 121Nov. 1 ....115Nov. 7 121Nov. 6 .127 12.... 110 10 117 9 128 8 123 10 127 8. . . 1.18 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. . . ..192 9 108 14 116 13 112 12. ... 111 8 191 13 223 12 216 11 . . ..224 16 106 21 98 20 111 19 115 15 213 20. . . .237 19 234 18 .240 23 92 28 91 27 94 26 97 22 228 27 146 26 163 25 .190 30.... 89 29 92 1952 1953 1954 1955 July 7 75July 5 79July 4 79July 3 93Jan. 5 78Jan. 3 . .,81Jan. 2. ... 81Jan. 1 80 14 83 12 83 11 92 10 77 12 92 10 ... 89 9 94 8 .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 86Aug. 7 92Feb. 2 84Feb. 7 88Feb. 6 86Feb. 5 . '86 11 87 9 90 8 92 14 97 9 87 14 92 13 91 12 . 92 18 93 16 95 15 95 21 100 16 89 21 85 20 86 19..... 90 25 97 23 100 22 100 28 102 23 83 28 93 27 90 26 . 93 30 110 29 101 Sept. 1 105Sept. 6 100Sept. 5 101Sept. 4 113Mar. 1 85Mar. 7 96Mar. 6 85Mar. 5 ..... .98 8 100 13 114 12 102 11 97 8 88 14 100 13 92 12 15 114 20 113 19 120 18 120 15 90 21 109 20.... 95 19 22 111 27. ... 112 26 . 114 25 118 22 94 28 112 27.... 100 26 29... '.114 29 101 'Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Fe a d r e e d r a i a , s l t o r R i r c e t c , s i e ty rve 1 Ja 95 n 5 . D 19 e 5 c 4 . Y 1 e 9 a 5 r 4 Fe a d r e e d r a i a , s l t o r R i r c e t c s , i e ty rve J 1 a 95 n 5 . Dec. 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 1 Ja 95 n 5 . D 19 e 5 c 4 . Y 19 e 5 a 4 r area, or city sj ! J a 1 n 9 . 5 5 ! ' D 19 e 5 c 4 ! Y i 1 e 9 a 5 r 4 I I United States. p+9 +4 'leve.-cont. 'hicago-cont. Kan. City-cont: Met. Areas-cont. Met. Areas-cont. Met. Areas-cont. \ Boston +7! +3 +2 Wheeiing- Decatur2 -4 -1 Wichita i +21 +22 +5 Steubenville2.. + 11 Peoria2 + 9: -2 St. Joseph : -3 -1 -5 Met. Areas1 Rockf ord +i -6 Omaha : +1, +6 +4 Portland +7 +3 :uy Tri-Cities2 + 1 — 2! -4 Albuquerque. ..I -4-18; + 14 + 1 B D os o t w on ntown +8 +3 +3 Portsmouth2. . . 2 +6; +2 (M Ro o c li k n l e a , nd; O Tu k l l s a a h oma City.! ! + + 2 11 7 1 ! + ' + 1 4 7 r + + 9 1 Boston2 +2 +1 Richmond Davenport) C N M L W S N A P N S B U B R i e L A S e N N o S p B N t r y e u l e o t i w i o t b w o N a B r i c u w r n e f n u w l . . i e c c r f w i a a b Q v C a h s b f g e e o e w h a c n a Y n A c Y g f a i e l u w c l r e s u a h e Y - a g l B u d y o n a e a r n . t R t r - o s m s i l a f o s e - a r y e n r b n o o t e t e r i S o m k a J e e a C n e d n c b c a 2 r d c k e e 2 2 m r c r s k e y y n c r f t l i t 2 F 2 r 1 h i - a o d - e o t e s d N . e a T 2 d y r . n e . g . - l d . 2 y . r . y l . . . . e . o . . s . . . . . . E . . . . . y . . . ; . . . . ! | \ | I + + P + + + + + + + 3 + + — — + 1 1 1 1 1 4 5 9 2 2 3 5 6 8 2 0 o 55 i ! . 1 ; " ! ! ; / i : + + + + + - + + + + + + + 2 3 2 3 2 2 7 3 4 4 1 o 3 o : : + + + + - - - + — - 1 1 1 . - 8 3 l 1 i 0 2 ( 1 1 M A M C W A W B C C N R R C S R G C L N H P B D e P t i H e p s a h o a h o y i o a u r e t i u W t a l i W c t h i o e o l r . l r a n l a r a a a w n m a . s e n t e h u m f k e e r r w r r s n i n g h c a s A o . i t l p A m m l t v n m b t e t g o i e s h e e s i i t l n o a r V o i v e r n r k a n n h h s m s r k o b l b o e t n n s e r r i l s - t t g o g g 2 a e a i n l t r u l e b - o o a b t o a l a w t e 2 h . t S s 2 o d e r u n n s 2 o u o 2 N u n 2 1 a g a 1 2 2 w n , , r n n r d t m l 2 e g h g S e 2 2 n . - w . . . 2 r 2 . . . . . C . . n s . . . . . . . . 2 . . . . : p ' + " + + + + + + + + ( + + + + + 2 1 — 2 1 . 3 1 1 1 1 5 i ) 7 . 1 4 4 1 7 2 6 5 7 l 5 0 | 1 | l : ; . ! : i ' + + ( + + + + + + + + + + + + + + + 3 1 4 ( ) 2 6 8 4 3 - 2 6 4 4 7 7 0 0 0 7 > 1 j 1 ! ; ! i ! .1 + + + + + + + — - - - - - - 2 1 2 2 6 2 4 2 6 A 1 2 3 0 0 S C M F S A T I C S W F J S S D D D G G D K L M M P M B t n i a o o i a h l e o . t a e p e r a u a r e a o u c i d u i a a g i u r r e e a n d r s p n e t l n t b u L n k l t d t r s t i i a b t e t n r s a s e l w v e n t x a u l h k c s i o m n e o o i M 2 d r e W r s H i a i o n e n q t i l a l y u e o H C w o a g o t B l n g a u R B C u u g o 2 T n e i z R n o o 2 2 p e i s a a e r a a k i a o t r n o o y y a n n n e y u p o e n p n l e d e t e i i . k e i e d 2 s s 2 d . 2 2 . . 2 s . . . , . . s . . . . . . . . . 2 . . . . . . . . . . . . p + + + + + + a - + + + + + + + + + + + + + - 1 1 1 S 1 1 1 1 8 2 5 8 3 7 8 8 7 8 4 0 2 I 3 4 1 7 4 1 7 - ! ! - l ! - + ( 1 + 4 + + + + + - + - - + ' - + ) 1 - 1 = 1 '5 4 3 2 4 6 3 5 8 4 l 5 4 3 1 0 1 1 5 ! 1 ! | ! i ! , - - + + + 1 + - - - - - - — — 1 - - - - - — - _ 3 2 1 2 3 2 1 4 9 8 1 . 4 0 2 4 1 4 4 7 0 0 A 7 7 7 C M D S M H G K S D F W E C H T E F L P a i e a L P h o o t e r h n o l u o r a a t n o i a e . W l D p e t r a o o r s i e t l n r l u . P c d s e e t l c l L p s a s e n s o i a n A s o A v l e a F h n a A u n . s a g W e s w t s o r s e i d o s r i s r n y 2 e t A n o 2 x p s e e n a a B n g o s i 2 C C o a . n s t n d 2 e o r 2 e o r s a h t e l n i c a t w 1 h e t L r i c s y . i s n . h 2 s A c . . . t 2 . o i . . . . . . 2 . . . . . ! ' . . ; ; • ; : ! " , ; j 1 | , P ' + + + + + + + + + + + + + P + — 1 + + + + K 1 1 1 2 2 1 + 1 1 1 1 l + 6 4 9 9 5 1 0 0 0 7 2 2 0 4 6 5 1 l ) * 3 i I J ; ! ! 9 ! ; . , . | | | | ! ; + + + + + + + + + + + + + + - + 1 4 6 5 6 6 4 4 5 3 8 3 7 1 2 0 : : J 1 ; ; ; I + + + - + - - - - - - - 1 2 3 3 1 1 2 5 2 3 0 0 0 0 1 0 0 1 C P M C C M W T S P W L Y A B E P C R L i h i l U e H e c t o t r h e a l a e r k e o i y i m t i t i e r i x n u e i v t n a . i r a l . r l d a i n l k s i a o c k g d m e z t i c a n A A g n e r t o a n 2 d l l i h a d o t a g e r s a r n e i 2 s n o k e e - e p e n t n t n t g 2 n B o o l e a e a l 2 o g 2 d p n p e r s n s a r t 2 h h p t 2 r o 2 r i s i n e a a i — e 2 . . . . . . . . . . . . . j j - + + + H + + + + + + + + — 5 1 O 1 i 5 4 2 5 6 5 3 7 3 4 o 4 ! 1 ; ! ; ; | - ! + + + + + + + + + - - + - - 8 4 4 4 1 3 4 1 5 3 4 9 0 ? l ; ; j : j , ! | + + - 3 5 1 C J O A S A J M C S M M M M K N R N B B C i a a S T t a t o r o u r a t e a h n . c c o i e a o i T t v l l i a l t e w m s g a . a s a k a k r b c o n u o P a h m a s m i t u n t n o s i s n m e x t o d n P m v e t l s d g o o O n t p e a l i i n v t i e t a b o 2 a o n l e 2 p n a n a R a t r i l 2 n u 2 r m e a 2 e v l l h o o s s e l r - i o b e e s ' u l a g b u l r 2 g n e . y u r a . e s 2 . g 2 . r . 2 2 . . . - g . . . P P ' P P + + + + + ± + + 2 + + + + - — - 2 2 2 - 1 2 1 8 < l 8 1 - 6 7 7 j 7 0 1 _ 1 I | i 1 ; ! . + + + + + + + + + + ++ + + + + - - 2 2 1 3 • 1 2 6 2 6 5 • 5 4 4 3 9 5 8 1 ! 0 4 ! ; : | | ! - + + + + + + - + - — + - - + - - - 1 1 2 6 + - 5 2 1 , 2 4 4 3 1 3 1 1 4 M C M M C F S S L L Q E M P S M D G M i i S S p e M t o i e a o i t v i u t r u o . t e i p t a r n t i d t u r u e i t e a . . u i l e . m t n i l n L l n u n p a i u s n s n s e x A s A c k P t g c e o S t . e p s n v y - h r a f a r r a u a F v m h F S R i e e i i e - t h l u e i p o i a i o a a a t l a s o i s l l . l e l r p l o t s 2 d 2 s l 2 l c 2 h l 2 e o s 1 l s P k i 2 l s 3 a . i . . . s u . . 2 l . . 2 . , P P P + + + + + + + + + + + + - 4 - + 1 2 1 1 2 6 4 3 4 4 8 6 6 2 6 8 4 8 ! ; | ' + - + + + 1 + + + + + + + + + 1 1 H 8 0 j 8 7 7 6 4 3 5 l 1 1 ! . | ! ; - - + + + + + 1 + 2 + + + - - - 1 1 1 3 1 2 2 2 2 2 1 1 1 1 C S S S S S T R S S S T P B i O S S V a t a a a a p t e o u a i i a o n O n S n e v n B a l a c o c a c r a a k t s D c a n a e n t r s o k l k t a e e F l D l r k n O r a o t T t L m a k l e a o r d s r a F l r t a m n o k i j n n i l e w a s a a o i B e r o n a d a s n e 2 e f k n M d a k n g e e 2 d n . n e e i 2 o l c e n 2 . 2 2 l o n e r e - t d . i o a c o - 2 l s t y C a 2 n i d n o c w s n 2 i 2 i o 2 d . c c d t . n . . - 2 o y . a . . . . 2 2 . . . . . ! ! ! ! ! - / ) » + + + + + + + + + + + + 1 + 2 + 1 1 2 + 2 1 1 1 1 i 2 8 0 1 6 0 0 0 3 9 4 0 0 1 2 3 8 | ! , ] . • i | ; ; : j i " ! | + + + + + + + ++ + - - 4 1 1 3 5 5 8 3 5 3 7 0 : 0 0 : : ; : + + + + + - - - - - - - - - 4 4 4 6 2 9 2 4 5 2 2 0 1 1 1 C S C C T p o l o i e n r l l v e i u c n d e m i l g o n a b 2 f n n u i a d e s 2 2 t ld i2 2 . . . . . . . . | + + + 4 5 7: + + 4 2 + —6 C M C h A e h i t. u c i c a r A a o g r g r o e a o . a 2 . s . . . 1 . . . . . +6 + + -1 2 2 ; - - 6 2 0 K G L a a r n C an s r d a o s s s F C e o i r t k y s. . . . . . . ' + + + 10 5 5 + + - 6 2 7 T B B Id N w o e a i l a i s h l n i m e o n g p F a F h a n a a a d l l l m l s s : + + + + 2 1 1 0 1 3 4 ! i + + (> 6 •• ! + -1 0 1 Y Er o i u e2 ngstown2... + + 3 1 ' - _ 2 ? - J E o lg li in et2.... + + 1 12 2 | +8; +2 M D e e t n . v A e r r e as I I +15. +11 ', W Ev a e ll r a e t W t2 alla2...! ! + + 2 2 9 8 , r+ + 7 6 -7 Pittsburgh2.... +32 +131 (3) Gary + 10 +51 -10 Topeka +1.6! +1 Yakima2 P + 12= +3 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. 325 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Combined [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change from a year ago Sales during Department : period Dec. Year 1954 1954 GRANS.) TOTAL—ositire stored . . 4-3 vr\IN STORE—total —3 Piece goods and household textiles. — I Piece goods 0 Silks, velvets, and synthetics -1. \Voolen vf'rd pools' 4-6 Cotto11 \*ard ^oo^s - • Household textiles l^'nen^ and towels . . . Do in e^t ics—mu '1 i n^ <^ > "cti n gs Blankets comforters and snrcads . • I^ace^ trimmings embroideries and ribbons \To^ ions . . Toilet articles drug sundries Silverware and iewelrv . Silverware and clocks Costume iewelrv . . Fine jewelry and watches Art needlework , . . Books and stationery . . Book** pnd mafra'-iine3 Stationery Women's and misses' apparel and accessories Women's and misses' ready-to-wear accessories Xeckwear and scarfs . 1 Tandkerchiefs ViUinorv Women's and children's gloves Corsets and bra^ieres Women's and children's hosiery Underwear, slips, and negligees ICnit underwear Silk and muslin underwear and ^lips Negligees, robes, and lountrmg apparel Infant^' wear Handbags, and small leather goods Women's and children's shoes Children's shoes Women's shoes Women's and misses' ready-to-wear apparel Women's and misses' coats and suits Coats Suits Tuniors* and girls' wear Juniors' coats suits and dresses Girls' wear Women's and misses' dresses Inexpensive dresses Better dresses Blouses skirts and sportswear Aprons, houscdrcsscs, and uniforms Furs Men's and bovs' wear AT en's cl o t h i ng Men's furnishings and hats Bovs' wear Aleii's and boys' shoes and slippers ... ! 1 1 _ I 1 Ratio of Federal Reserve index numbers stocks to without seasonal adiustment, sa es1 1947-49 avcragc==l 00- ( S e t n o d c k o s f December Sale p s e r d io u d ring St o o f c k m s o a n t t e h nd month.) 1954 1953 1954 1953 Dec. 1954 1953 1954 Dec. Nov. Dec. Dec. Xov. Dec. 0 * => I 5 -1 1.6 1.6 195 127 189 188 1.35 108 + 1 5.0 2.9 114 94 116 111 111 111 • 0 '•) 5 5 5 . . . 8 6 3 3 3 3 . . . 7 8 6 6 5 7 2 8 1 9 7 7 6 5 1 6 6 5 9 2 8 8 8 7 5 4 5 8 8 7 7 6 •!• 9 8 7 0 4 7 -I • 4-6 4-8 4.2 63 69 63 106 97 98 5 -2 ! -2 -1-1 > 7 7 6 107 15-1 127 126 126 -1 : -2 4-2 7 7 7 7 188 1 20 1 89 113 120 110 4 0 3 7 102 7 7 : 57 141 i 59 -M 0 — ?. 2 5 2.6 158 127 156 1 16 124 119 +4 4-1 • ,4 1.4 258 137 248 110 146 111 + 1 ! -t +2 2 2. . 2 4 2 1 .3 7 1 15 2 4 8 1 9 0 6 7 . 1 1 5 .3 3 1 1 10 1 0 8 1 1 4 1 1 8 1 9 1 8 7 +4 ; +2 1.3 I .4 275 121 265 109 146 108 -4-10 ! +5 -2 1 .4 1 .6 2 78 143 253 111 148 .1 14 2 3 2.5 21J 196 173 117 127 + 13 '-• +8 -1 0.8 0.9 312 155 277 102 153 102 + 10 ! 4-5 -1 7 1 2.3 334 1 16 303 120 143 121 -3 • -4 7 2.9 2.9 137 11.9 141 108 114 110 -1-3 + 1 0 ( 9 0.9 352 191 3 13 110 1.68 110 + 1 -2 1 .0 1 .0 288 150 285 110 151 108 +4 +2 0 8 0.9 379 209 366 106 172 1.08 +2 -1 + 1 1.3 1.3 181 120 177 109 142 107 + 1 — 1 + 1 1 3 1 .4 208 124 206 111 H-8 109 —6 ; —6 2 -4- ] o 0 0 .8 8 0 0 .7 7 2 7 8 7 8 6 1 9 5 9 1 2 7 9 9 5 5 1 6 2 9 0 1 11 9 0 6 1 7 0 1 9 0 ! -6 — 12 0 7 0.8 95 .102 96 64 86 73 4-2 -3 -4 1 .0 1.1 283 148 277 80 130 83 + 7 +3 + 7 7 6 2.6 148 117 138 142 146 133 -3 +6 1.1 1 .0 177 102 182 110 149 104 -2 0.9 0.9 261 125 266 98 160 100 0 1 .0 1.0 295 149 288 131 196 131 —=; 1 0 — 4 0.9 0.9 241 105 244 93 136 97 -1 -4 0 0.5 0.5 311 138 314 81 166 81 4-7 0 + 2 1 .4 1 .4 218 155 214 148 111 +6 +2 0.8 0.8 276 135 259 101 162 104 0 0 3 3 3.4 142 110 138 126 144 126 +4 + 1 +2 2.6 2.6 162 1.1.0 156 118 148 116 +3 0 0 36 3.7 137 110 133 127 141 127 +4 + 1 .3 1.3 153 117 147 106 133 104 0 -8 — 1 8 \ ,8 93 112 93 101 113 101 + 7 —6 +4 5 1 4 105 132 103 105 1 ?8 100 —4 — 1 1 -7 > 8 2.9 55 57 57 82 79 89 +4 0 +6 .0 1.0 185 135 177 104 151 98 +3 +3 1 1 .1 132 103 128 99 129 96 +5 +8 0.9 0.9 248 1 74 237 107 169 99 +2 + 1 1 4 1.4 110 92 108 105 115 1.04 +2 +4 1.1 1 .1 113 90 111 101 111 97 +2 -2 -1 1.8 1.8 1.10 96 107 107 117 108 +5 + 1 0 1 .0 1 .1 1.36 222 116 167 116 -1 +4 1.4 1.3 144 91 1-1-5 107 121 103 +26 +9 1 .8 2.3 204 150 163 95 119 98 +4 + 1 1.3 1.4 277 148 266 110 152 111 +5 —4 2 4 2.6 180 136 171 121 151 126 +3 + 1 0.9 0.9 347 153 336 104 160 104 + +6 4 ++ 11 + -1 3 2 1 . . 2 3 2 1 . . 3 3 2 2 6 4 3 1 . 1 1 2 .6 7 0 2 2 2 5 8 3 1 9 1 7 8 1 1 . 3 4 9 2 1 9 1 4 9 For footnotes see following page. 326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued I 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 sales1 1947-49 average—1002 Department d p S u e a r r l i i e o n s d g m S (e t n o o d n c t k o h s f ) December Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd Dec. Year Dec. 1954 1953 1954 1953 1954 1954 1954 1954 1953 Dec. Xov Dec. Dec. Xov. Dec. Homef urnishings. +4 -2 -3 2.7 2.8 139 123 134 106 115 109 Furniture and bedding + -3 — 7 3.8 4.4 109 128 103 111 110 119 Mattresses, springs, and studio beds. +2 -3 -2 3.3 3.6 83 124 81 146 132 149 Upholstered and other furniture +6 i -7 4.0 4.5 114 129 108 106 106 114 Domestic floor coverings. + -6 -3 4.6 4.9 85 112 81 103 .103 106 Rugs and carpets +5 — 7 0 4.8 5.0 84 112 80 107 102 106 Linoleum -2 -10 -12 4.4 5.0 44 62 45 55 66 63 Draperies, curtains, and upholstery -1 -3 0 3.4 3.4 119 139 120 108 115 108 Lamps and shades 0 -4 7 2.0 2.0 176 136 177 109 123 111 C M H G h i o a f i u t j n o s a s r e h w a o h n a p o d r u e s s g e l h ( a i o s n l s c d w l u a a d r p e i p n l g i a s n m ce a s ll appliances). + + + 1 6 1 0 2 -3 0 0 2 + - - 2 1 2 0 2 2 2 1 . . . . 5 9 0 4 2 2 2 1 . . . . 1 9 9 4 3 2 1 7 3 6 8 2 2 5 3 1 1 1 6 9 2 4 7 7 3 6 3 2 1 6 3 5 7 9 2 7 3 1 1 1 8 2 1 1 1 9 7 4 1 1 1 8 3 3 7 1 3 6 6 1 1 1 8 1 1 2 2 3 9 7 Radios, phonographs, television, records, etc +4 -2 1.1 1.2 234 148 225 86 112 89 Radios, phonographs, television +4 -6 0.9 1 .1 239 180 231 87 132 94 Records, sheet music, and instruments +6 +8 +2 1.4 1.4 300 144 284 100 128 98 Miscellaneous merchandise departments +3 + 1 0.7 0.7 335 172 325 94 165 94 Toys, games, sporting goods, cameras. +3 + 1 -2 0.6 0.7 502 258 488 101 206 103 Toys and games + 1 0 -4 0.4 0.5 581 313 577 94 253 97 Sporting goods and cameras +9 +2 + 1 1.4 1.5 330 149 303 111 149 111 Luggage. +7 0 1.4 1.6 247 108 231 108 143 116 Candy.. +6 0.3 0.3 309 120 292 160 +3 BASEMENT STORE—total +4 +2 1.1 1.2 177 128 171 100 126 98 -1 Domestics and blankets +6 2.3 2.1 142 118 143 131 129 124 -5 Women's and misses' ready-to-wear. +3 +2 0.9 0.9 166 119 162 94 126 92 -3 Intimate apparel + 1 -1 0 1.0 1.0 199 123 197 100 134 100 C D o r H U e a s t o n s s s d e i s e a e r n r w y d e s a u r, i ts corsets and brassieres. + + + 2 2 1 -2 - - - 1 2 6 0 0 + + + - 6 3 1 1 0 0 1 1 . . . . 9 8 1 4 0 1 1 1 . . . . 8 1 3 0 C C 8 O O 1 ( C 1 * 1 8 0 ) ) 1 1 C ( 1 8 4 ) ) 3 C ( 8 O 4 6 ) ( 1 C * 9 O 0 8 ) 6 ( ( 8 8 0 0 2 8 Blouses, skirts, and sportswear +6 + 1 +9 0.8 0.8 117 135 114 91 1.45 90 Girls' wear +8 +3 0.7 0.7 203 171 193 98 147 92 Infants' wear +4 + 1 0 1.0 1.0 240 176 223 91 146 102 Aprons, housedresses, uniforms -3 -9 -2 1.1 1.1 2 C 2 O 9 CO 2 C 1 O 9 1 C 0 O 2 CO CO Men's and boys' wear +7 +4 +2 0.9 0.9 270 165 251 99 144 97 Men's wear +7 +5 + 1 0.9 0.9 267 162 249 99 144 99 Men's clothing. . . . + 10 +6 + 1 1.4 1.6 185 160 168 108 137 106 Men's furnishings. +3 -4 0.6 0.7 307 162 297 147 92 +3 Boys' wear +3 +5 0.9 0.9 261 240 95 +9 Homef urnishings 0 2.3 2.3 118 136 117 107 113 107 + 1 Shoes +6 0 -2 2.0 2.2 157 114 148 103 122 106 NONMERCIIANDISE—total. +2 + 1 (0 151 143 149 CO CO (0 Barber and beauty shop +3 +6 (0 CO 0) 118 (0 CO CO 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. -The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. ;5For movements of total department store sales and stocks, see the indexes for the United States on p. 323. 4Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1954, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. 327 MARCH 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 Trans- Med- Per- ing goods Year or month it A em ll s Foods Total Rent e a G l n e a c d s - S f a u o r e l d i l d s H n f o u is u r h s - e - - H o h p o o e u l r s d a e - - p A a p re - l p t o i r o t n a- c ic a a r l e s c o a n r a e l re t a c i n o re d n a- s a i e c n r e v d s tricity fuel oil ings tion 1929 73 3 65 6 117 4 60.3 1933 55 3 41 6 83 6 45.9 1941 62 9 52 2 88 4 55.6 1942 69 7 61 3 90 4 64 9 1943.... 74.0 68.3 90 3 67.8 1944 75 2 67 4 90 6 72 6 1945 76 9 68 9 90 9 76.3 1946 83 4 79 0 91 4 83 7 1947 95.5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102 8 104 1 101 7 100 7 100 0 104 4 103 2 102 6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102 5 106 8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102 8 101 2 106 1 108 8 102 7 110 5 100 3 101 2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112 6 112 4 113 1 103 1 116 4 111 2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114 4 112 8 117 7 124 1 106 6 123 9 107 9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954... 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117 A 104.3 128.0 125.2 113.4 107.1 120.2 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 A 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 July... 115 2 114 6 119 0 128 5 107 8 121 1 105 7 117.2 104.0 126.7 125.2 113.3 107.0 120.3 August 115.0 113.9 119.2 128.6 107 8 121.9 105.4 117.3 103.7 126.6 125.5 113.4 106.6 120.2 September 114 7 112.4 119 5 128 8 107 9 122 4 106 0 117.4 104.3 126.4 125.7 113.5 106.5 120.1 October 114.5 111.8 119.5 129.0 108 5 123 8 105.6 117.6 104.6 125.0 125.9 113.4 106.9 120.1 November 114 6 111 1 119 5 129 2 108 7 124 2 105 4 117 8 104.6 127.6 126.1 113.8 106.8 120 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 11 1955—January 114.3 110.6 119.6 129.5 109.4 126.1 104.6 117.7 103.3 127.6 126.5 113.7 106.9 119.9 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 o i m e l d l s i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e n c p o l r x t e d d - e s - l - l H s e p u k a a r i n c i t d o n h t d d e s s e s - , r , p l t F i o e a m i g u n w r n h a e i g d e a t l - r , - ls ,C a p i u a h c l r l c n e a o ie t m l d d s s d - - p R u a b r u n c o e b t d r d s - - L w p u a b r u o n c o e m o t d r d s d - - p a P p u a a l r u l n c p o i l e t d p e d s d r , - ,M m p u a r e e n c o t t t d a d a s l - l s p c M u a m t e h r i c n r o v i o a t y n d d e - s - - - F h d o h t b a o u t u u o n h l u r r r e l e d n a s d e s r e - i- -e s N r t t m t m a a u r o I l l i r u e n l s n a i - — c - c - l - b b e m b o a T r a t e n a f c o t r v g l c d - s e - e o . d s n c M e e l o i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 January 110.9 97.8 106.2 114.6 96.1 95.3 110.8 107.2 124.8 117.0 117.0 127.2 124.4 115.2 120.9 118.2 101.1 February 110.5 97.7 104.8 114.4 95.3 94.9 110.5 107.5 124.6 116.8 117.1 126.2 124.5 115.1 121.0 118.0 102.8 March 110.5 98.4 105.3 114.2 95.0 94.7 109.2 107.4 124.9 116.7 116.6 126.3 124.5 115.0 121.0 117.9 104.9 April 111.0 99.4 105.9 114.5 94.7 94.6 108.6 107.2 125.0 116.2 116.3 126.8 124.4 115.6 120.8 121.5 110.3 May 110.9 97.9 106.8 114.5 94.8 96.0 108.2 107.1 125.1 116.1 115.8 127.1 124.4 115.5 119.3 121.4 109.2 June 110.0 94.8 105.0 114.2 94.9 95.6 107.8 106.8 126.1 116.3 115.8 127.1 124.3 115.4 119.1 121.4 105.1 July 110.4 96.2 106.5 114.3 95.1 94.9 106.2 106.7 126.8 119.1 116.2 128.0 124.3 115.3 120.4 121.4 103.9 August 110.5 95.8 106.4 114.4 95.3 94.0 106.9 106.8 126.4 119.1 116.3 128.6 124.3 115.3 120.5 121 102.3 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 92 106.9 106.9 128.5 119.8 116.3 129.7 124.3 115.6 121.9 121.5 96.7 November 110.0 93.2 103.8 114.8 95.2 92.8 107.4 107.0 131.4 119.9 116.0 129.9 125.3 115.6 121.8 121 97.0 December 109.= '89.9 103.5 114.9 95.2 91.8 107.5 107.0 132.0 120.0 115.9 129.8 125.7 115.7 121.8 121.4 98.0 1955 January 110.2 92.9 103. 115.; 95.2 92.0 108.1 107.1 136.4 120.3 116.3 130.3 125.9 115.7 122.2 121.4 97.2 p Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 328 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] 1954 1955 1954 1955 Subgroup Subgroup Jan. Kov. Dec. Jan. Jan. Nov. Dec. Jan. Farm Products: Pulp, Paper and Allied Products- Continued Fresh and dried produce 91 .2 103.2 96.9 107.0 Grains 91 3 93 5 9? S 93 6 Paperboard 125 5 124 1 124.1 124.0 Livestock and poultry 91 .8 76 4 74.0 79.3 Converted paper and paperboard.. 113.2 111.3 111.0 111.0 Plant and animal fibers 104 2 104 5 105.0 104 1 Building paper and board 127.9 127.6 127.6 127.6 Fluid milk 97.5 95 1 93.6 93.6 Eggs . .. 92 7 83 5 '64 0 65.1 Metals and Metal Products: Hay and seeds 90.5 92 0 93.8 94.4 Other farm products 161.0 164 6 157.7 157.1 Iron and steel 132.0 135.5 135.0 136.0 Nonferrous metals 121 .5 127.2 127.6 128.1 Processed Foods: Metal containers .... 130.0 131.6 131.6 131.6 Hardware 137 5 142 0 142.3 142.7 Cereal and bakery products 112.4 116.5 116.8 116.6 Plumbing eciuipment 118.2 1.1.8.7 118.7 118.7 IVteats Doultrv and fish 96 4 86 3 85 2 87 8 Heating equipment.. . ... 115 3 114 3 114.3 113.7 Dairy products and ice cream 109.4 108.8 108.2 107.1 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts • • 117.6 117.4 117.8 117.8 bles 103.8 10S 5 106.0 104.5 Fabricated nonstructural metal Sugar and confectionery 110 1 112 3 1116 1113 127.2 126.2 125.9 125.8 Packaged beverage materials 182.1 197.8 203.4 203.4 Other processed foods 111.5 97.8 98.4 97.9 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122 7 121 3 '•121.2 121 A Cotton products 90.4 89 9 *-89.9 90.2 Construction machinery and equip- Wool products 111.0 106 6 106.7 106.7 ment 131.2 131 .8 '132.6 133.1 Synthetic textiles 85.4 86 9 87.2 87.4 Metal working machinery 132.8 134.0 134.7 135.9 Silk products 142.1 127 4 123.9 124.2 General purpose machinery and Apparel 99 1 98 4 98.4 98.2 128.2 128.1 128.2 128.6 Other textile products 82.7 77 6 76.9 77.2 Miscellaneous machinery 124.7 126.0 126.0 126.3 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 126.8 126.7 126.8 126.8 118.9 121.0 121.7 121.7 Hides and skins 56.8 52 7 47.4 49.3 Leather 88.1 82 0 81.5 81 .2 Furniture and Other Household Dura- 111.9 111 7 111.6 111.6 bles: Other leather products 98.1 96 0 95.9 95.6 Household furniture » 114.2 112.9 112.9 112.9 Fuel, Power, and Lighting Materials: Commercial furniture 126.2 128.6 128.6 128.6 122.5 124.0 124.0 123.7 Coal 111.9 105.1 105.2 105.2 Household appliances. 109.6 109.1 109.4 109.2 Coke 132.5 132 4 132.4 132.4 Radio 96.1 95.4 95.4 95.4 Gas 1118 107 3 '•no.2 110.2 73.5 69.2 69.2 69.0 Electricity 100.7 103 0 M00.7 100.7 Other household durable goods 128.1 131.5 131.5 131.8 Petroleum and products 114.2 109.5 110.4 111.6 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 124 7 123.9 123.9 123.9 Industrial chemicals 118 4 117 7 117.4 117.3 Concrete ingredients 119.9 122.1 122.3 123.1 Prenared naint 112 8 119 8 112.8 112.8 Concrete products 117.2 117 A 111 A. 117.4 96 5 96 6 '96.2 96.1 Structural clay products 131.9 135.4 135.4 135.8 Drugs, Pharmaceuticals, cosmetics. 93.9 93.6 93.6 93.6 GvDsum nroducts 122.1 122.1 122.1 122.1 Fats and oils inedible 61 2 57 8 r59.3 61.4 Prepared asphalt roofing 109.9 106.1 106.1 106.1 111.1 109.1 108.9 109.0 Other nonmetallic minerals 119.8 119.5 119.5 119.5 Fertilizer materials 114.0 112 2 113.3 113.7 Other chemicals and products 105.3 107.6 '•107.9 107.8 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124 0 124.0 124.0 124.0 in 4 1 34 1 137 6 147 8 Cigars 3 03.5 103.7 103.7 103.7 Tires and tubes 130 3 1 34 9 134 9 139 8 Other tobacco products 120.7 121.4 121.4 121.4 Other rubber Droducts 123 7 12 5 4 125.2 125.9 Alcoholic beverages 115.0 114.3 114.3 114.3 Nonalcoholic beverages 125.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 11.5.9 119 .6 119.8 120.0 Millwork 1.31.1 130.2 130.3 130.3 Toys, sporting goods, small arms.. 113.1 112.8 112.9 113.6 Plywood 103.5 104 3 104.3 104.8 Manufactured animal feeds 94.0 85.0 86.8 85.0 Motions and accessories 93 5 101.2 101.2 101.6 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 102.1 103.5 103.5 103.6 Other miscellaneous 119.8 120.9 121.0 121.3 Woodpulp 109.7 109.6 109.6 110.4 Wastepaper 79.1 87.3 85.5 89.6 Paper 126.8 126.5 126.9 127.5 ••Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 131-313. 329 MARCH 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 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 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 Statistical discrepancy .3 .9 .4 .1 .2 1.3 .6 1.0 -3.7 .6 -3.0 -3.8 -4.4 n. a. Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 -.2 .2 .2 — 2 -.5 -.3 -.8 -.4 -.1 -.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 .0 .0 .0 .0 .1 .0 -.1 .0 -.1 .0 .0 .0 .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 A 29.2 29.2 29.3 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 State and local 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 Equals: Disposable personal income. 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 Less: Personal consumption expenditures 4.2 -.6 11.1 7.6 12.1 17.7 18.4 20.0 19.5 21.5 21.8 19.7 18.4 18.2 Equals: Personal saving 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 Wages and salaries1 50.4 29.0 62.1 134.3 146.5 170.9 185.0 198.0 195.7 197.6 194.6 194.9 195.6 197.2 Private , 45.5 23.9 51.9 113.9 124.3 142.1 152.2 164.5 161.9 164.1 161.2 161.5 161.6 163.0 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.., 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 26.2 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 10.4 17.8 22.5 20.0 21.1 17. 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 .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. 3Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 330 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 Persona* 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 11.7 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 21.7 Change in business inventories.... 1.7 -1.6 4.5 -2.7 7.4 10.4 3.6 1.5 —3.' -4.2 -4. -3.8 -4. -1.3 Nonf arm only 1.8 -1.4 4.0 -1.9 6.4 9.0 3.0 2.2 -3.J -3.7 -4 -4.0 -5.0 -1.6 Net foreign investment .8 ,2 1.1 .5 -2.2 .2 -.2 -1.9 -.6 -1.1 -1.0 -.2 .8 Government purchases of goods and services S.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 Federal 1.3 2.0 16.9 25.4 22.1 41.0 54.0 60.1 50.0 59.8 55.0 51.3 47.9 45.9 O N t a h t e io r nal security 1.3 2.0 1 1 6 9 . .3 6 1 3 8 . . 9 5 3 4 7 . . 2 3 4 5 8 . . 8 5 5 8 2 . . 5 0 43 6 . . 6 7 5 9 0 . . 6 6 4 8 6 . . 4 9 4 6 4 . . 9 7 42 6 , . 1 1 4 5 0 . . 6 5 Less: Government sales2 .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 rate; Wage and salary disbursements Divi- pe L r e s s o s nal Year or month i s P o e n r a - l Total d p m i C u n ro o g s o d d t m r u i i i n t e c - y - s - D i u n i t s r t d i i t u e v ri s s e b - - S in e tr r d i v u e i s s c - e m G er o e n n v - t - in O l c a t o b h m o e r r e3 i p n r r c e P a i o n e n r m o t t d o a - e l rs 4 ' i i n d n s p a t c e o e n e o n n r r d m d a e - l s s e t m T p r e f a a e n y n r ts - s - 6 b c i s a u o n o n f t n s c o i c u o t i r e r a r n i 6 l - - s i a n g N t c u r o o i r c m a n 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 1953. 286.1 198.1 88.1 51.7 24.8 33.6 6.3 49.0 22.8 13.8 4.0 270.0 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 1954—January... 284.9 194.7 84.5 51.9 24.8 33.5 6.6 49.6 23.9 14.8 4.7 267.9 February.. 285.0 194.7 84.6 51.8 24.9 33.4 6.6 49.6 23.9 15.0 4.8 268.2 March.... 285.0 194.5 84.2 52.0 25.0 33.3 6.6 48.9 23.9 15.8 4.7 268.8 April 284.4 194.3 83.7 52.0 25.2 33 A 6.6 48.2 24.0 15.9 4.6 269.1 May 286.2 195.0 84.2 52.3 25.2 33.3 6.6 49.4 24.0 15.8 4.6 269.7 June 286.5 195.5 84.0 52.5 25.5 33.5 6.6 49.2 24.1 15.8 4.7 270.3 July 285.7 195.7 83.4 53.1 25.4 33.8 6.6 47.9 24.2 15.8 4.5 270.6 August 285.4 195.5 82.7 52.8 25.8 34.2 6.6 48.2 24.3 15.5 4.7 270.2 September. 286.6 195.4 82.4 52.9 25.9 34.2 6.6 48.8 24.4 16.0 4.6 271.1 October. . . 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 .4 197.8 84.4 53.1 26.1. 34.2 6.6 48.8 26.2 16.7 4.7 276.5 1955—January^.. 290.7 199.0 85.1 53.4 26.3 34.2 6.6 48.9 24.7 16.6 5.1 275.5 '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. 5Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. fl Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 7Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. MARCH 1955 331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States... 334-338 Gold production 338 Estimated foreign gold reserves and dollar holdings.... 339 Reported gold reserves of central banks and governments. .. 340 Net gold purchases and gold stock of the United States. .. 341 International Bank and Monetary Fund. . 342 Central banks . 342-346 Money rates in foreign countries.... 347 Commercial banks 348 Foreign exchange rates 349 Price movements in principal countries: Wholesale prices . 350 Consumers' price indexes... 351 Security prices 351 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. MARCH 1955 333 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, hl millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a a i- - l Official U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a er n it - d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions2 and Official* private 1951—Dec. 31. 1,641.1 7,661.1 3,547.6 642.6 289.4 148 8 521.3 300.5 1,103.4 3,005.9 1,307.1 1,455.2 1,595.5297.4 1952—Dec. 31. . 1.584 9 8.961 2 4,654.2 817 9 342.6 203 1 641.8 308.9 1.441.3 3,755.5 1,420.7 1,612.9 1.836.5335.6 1953—Dec. 31.. 1,629 4 10,019.0 5,666.9 708.9 428.5 242.9 674.2 465.7 2,213.4 4,733.6 1,295.5 1,768.4 1,895.5326.1 1954—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 ,866.8 1,801.7330.9 Apr. 305. 1,678.0 10,460.6 6,062.9 899.5 285.9 226.9 664.8 519.2 2,501.4 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 L.286.6 1,993.9 1,711.0308.7 June 30. . 1,637.0 10,561.3 6,307.0 986.1 441.4 272.3 636.0 455.62,513.8 5,305.4 1,320.6 ,954.3 1,682.5298.5 July 3).. 1,656.5 10,770.3 6,438.6 942.2 376.5 305.7 680.5 468.8 2,639.1 5,412.8 L,342.0 J.036.7 1,693.2 285.6 Aug. 31. . 1,751.0 10,686.1 6,287.3 851 .9 418.9 252.9 680.8 510.7 2,648.9 5,364.0 ,380.4 ,918.2 1,748.2275.2 Sept. 30. . 1,801.9 10,730.1 6,319.2 837.9 474.2 247.6 668.5 528.4 2,673.4 5,430.0 ,384.1 L,889.0 1,764.1262.9 Oct. 31.. 1,773.9 10.752.2 6,404.2 842.8 495.8 248.7 645.5 553.92,698.7 5,485.3 ,372.8 ,839.5 1 ,782.5272.1 Nov. 30P. t,792.H 10,781.9 6,375.3 829.7 502.1 239 A 622.4 566.02,719.9 5,479.5 1,376.4 ,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 ,917.3 1,825.5265.1 1955—Jan. 31 P.. 1,752.2 11,101.0 6,750.4 656.6 706.5 254.3 624.2 591.52,786. 7 5,619.9 1,528.2 1,843.4 1,842.1 267.4 Table la.—Other Europe Ger- Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k l c o i h - a - m D a en rk - l F a i n n d - m R F T 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 an u i : a Spain S d w en e- T k u e r y - U.S.S.R.Y sla u v go ia - ot A h l e l r 1951—Dec. 31.. 1,103.4 57.1 134.7 1.3 45.3 27 0 405 6 45.8 99.7 2.8 40.7 6 1 17.1 71.7 14.1 2.5 7.1 124.7 1952—Dec. 31.. 1,441.3 01 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-Feb. 28.. 2,391.7 208.4 133.9 .6 97.0 42 5 971.7 110.8 118.7 3.8 74 2 7 8 22.0 129.4 8.8 2.3 6.3 453.3 Mar. 314. 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 11,039 3 109.3 130.1 2.8 77 0 7 8 20.5 121.0 9.2 2.5 4.8 486.3 May 31.. 2,550.9 234.3 122.9 .7 92.4 41 6 1,051 2 116.0 130.6 2.2 83.5 7 8 22.1 120.4 7.9 2.2 6.2 509.0 June 30.. 2,513.8 238.5 111.6 .6 92.7 42 4 1,084 9 114.0 131.2 2.2 86 3 7 9 26.2 123.1 7.4 3.1 5.9 435.9 July 31.. 2,639.1 260.5 118.0 .6 80.7 42 4 1,222.1 112.1 127.2 2.2 88 5 7 9 37.5 157.0 6.4 2.8 6.8 366.4 Aug. 31. . 2,648.9 275.6 99.3 .6 79.5 41.0 1,225.1 104.5 129.1 1.7 83 8 7 9 46.0 173.6 6.2 3.0 6.4 365.5 Sept. 30. . 2,673.4 281 .9 104.0 .7 76.4 37 71,247.6 94.3 132.3 1.8 83 5 7 9 58.3 180.5 6.4 2.1 6.9 351.0 Oct. 31.. 2.698.7 283.6 104.6 .8 68.8 40 61,257.2 93.8 125.8 1.9 85 0 8 1 66.1 179.4 8.2 2.0 6.8 365.9 Nov. 30P. 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. 31P. 2,765.4 273.2 99.8 .7 71.1 41 3 1,372.2 112.7 103.4 2.1 91 3 7 8 71.3 141.0 8.2 2.0 8.6 358.8 1955—Jan. 31*. 2,786.7 272.8 98. 1 . 7 76.2 39 71,367.9 129.2 88.8 2.0 92 6 8 0 78.4 130.5 9.5 1.8 9.4 381.2 Tabe 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 ia - 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 I W a a n e n n d e r d d - i s e s t s a P p R m u a e n b a - - - , Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a m t c h t a i e e n r r lic Suri- lic of nam 1951—Dec. 31. 1,455 2 249 7 27.8 100.3 54.0 106.4 263.6 45 8 27.3 158.2 34.9 67 7 47.2 27.8 84.7 71.9 87.8 1952—Dec. 31. 1.612 9 138 8 24.5 72.5 79 3 118.2 301 2 44 2 34.3 231.2 44 3 80 8 60.9 25.6 94.1 145.5 117.4 1953—Dec. 31. 1.768 4 130 0 19.1 101.7 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—Feb. 28. 1,788 1 160 8 20.3 90.1 65.7 151.2 353.5 45 4 52.0 187.4 55.7 89 3 69.9 42.5 99.1 179.2 126 0 Mar. 314 1.866 8 170.4 27.1 110.1 60.5 160.6 362.2 49 2 53.1 167.1 52.4 92 8 73.0 47.2 102.3 188.7 150.2 Apr. 30 s 1,998 6 175 4 26.5 100.7 56.4 170.5 376.0 52 7 53.5 233.5 52.8 94 3 68.9 50.2 104.9 241.0 141 1 May 31. 1,993 9 173 8 28.5 92.6 55.8 190.5 377.1 53 4 54.1 203.5 49.1 88 3 67.2 44.9 105.2 269.8 140 3 June 30. 1.954 3 176 7 31.4 96.1 61.2 230.6 346.5 55 8 48.0 201.3 51.5 87 2 66.6 41.6 107.7 218.0 134.0 July 31 . 2,036 7 181 8 28.0 167.4 73.9 236.2 328.8 61 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 27.3 102.6 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. 1, 839.5 190 7 31.9 139.1 72.8 147.7 269.0 58 5 34.1 265.4 46.3 77 4 79.2 23.0 98.5 183.0 123.0 Nov. 30P 1 849.4 175 3 32.3 160.3 73.2 168.6 243.7 58 2 31.5 265.5 46.9 75 1 79.6 20.4 93.5 202.2 123.2 Dec. 31 v 1 917.3 159 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 1955—Tan. 31P 1,843.4 143 3 30.8 100.4 73.3 189.5 239.8 68 2 37.5 335.8 42.7 73 4 81 .0 39.6 86.8 177.7 123.6 ^Preliminary. For footnotes see following page. 334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table lc—Asia and All Other For- Ko- Egypt Date Asia C m a h n o i d s n a a H K o o n n g g India n In es d i o a - Iran IsraelJapan p r R u e e b a - - , ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a g •BR i e a oil n - A E a n g n g y d l p o - - S U o o n u i f t o h n Othei Main- lic Congo tian Africa land of« Sudan 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. L,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. L.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-Feb. 28 1,892.0 79.2 65.8 120.2 74.6 40.5 20.0737.7 95.5 313.0 157.5 188.0 330.8 53.4 87.7 45.9 44.8 99.0 Mar. 31* 1,801.7 79.6 65,3 82.2 68.3 47.7 33.7675.8102.8 309.9 155.1 181.2 330.9 49.6 83.3 49.7 43.9 104.3 Apr. 305 1,762.1 79.0 66.3 85.1 65.2 45:4 31.0639.7 103.7 317.7 144.6 184.3 319.9 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 27.4616.9 104.7 303.1 139.3 186.3 308.7 49.6 74.1 51.3 34.2 99.5 June 30. ,682.5 75.8 65.1 91.3 59.2 34.0 28.9615.4 105.9 298.9 130.1 177.8 298.5 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 25.1616.0101.2 308.2 127.1 207.6 285.6 42.8 51.3 51.5 38.6 101 .3 Aug. 31. 1,748.2 74.2 64.2 75.5 81.9 23.3 36.0643.4 98.2 314.2 126.2 211.2 275.2 41.3 45.5 47.7 37.9 102.8 Sept. 30. 1,764.1 69.6 64.3 73.4 87.3 26.1 33.1668.5 94.9 308.5 125.0 213.3 262.9 35.4 44.2 45.1 38.5 99.7 Oct. 31. 1,782.5 71.1 64.7 77,7 95.4 24.7 24.7695.8 93.8 289.7 117.8 227.0 272.1 41.6 47.0 45.2 39.4 99.0 Nov. 30*> ,812.8 71.3 64.6 82.1 100.6 28.2 26.0712.6 88.7 276.8 124.2 237.6 263.8 36.3 44.4 47.6 38.1 97.4 Dec. 31 P 1,825.5 70.0 60.8 86.9 100.3 31.4 41.0 724.9 95.6 257.4 123.1 234.1 265.1 47.7 43.6 47.1 32.7 94.0 1955—Jan. 21 v 1,842.1 69.2 60.8 X5.0109.3 44.5 38.9 707.3 98.9 264.9 131.6 221.9 267.4 44.4 45.9 48.6 31.4 97.1 Table Id.—Supplementary Areas and Countries ' 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 Azores .1 .3 .3 n.a. British dependencies 23,7 21.0 25.5 British dependencies .5 .6 A .4 Burma A 9.5 16.9 Bulgaria .6 .6 .6 .6 Ceylon 3.4 19.2 13.9 .a. Estonia 2.9 2.7 1.9 1.9 French India ,8 1.3 1.8 ji.a. Hungary 1.1 1.0 1,0 1.0 Indochina 3.1 7.3 7.7 6.9 Iceland 2.1 3.5 3.7 7.5 Iraq. 2.9 12.9 14.1 13.8 Ireland, Republic of 9.2 15.9 12.6 n.a. Jordan .5 .5 .6 .9 Latvia 6,4 1.3 1.3 1.3 Lebanon 12.3 15.3 19.3 23.9 Lithuania 1.0 .6 .6 .4 Pakistan 13.0 13.1 14.4 9.7 Luxembourg 11.9 11.8 5.0 4.0 Portuguese dependencies . .7 2.7 2.8 Monaco 2.9 3.2 2,6 3.0 Saudi Arabia 7.9 13.2 15.9 18.5 Trieste 4.1 5.6 4.1 2.5 Syria 6.8 5.4 11.4 20.5 Other Latin America: All other: British dependencies 8.7 14.6 14.6 British dependencies .9 1.2 1.6 1 .6 Costa Rica 6.5 8.7 12.1 13.4 Ethiopia 3,3 6.9 3.0 n.a. Ecuador 19.3 11.4 23.7 17.7 French dependencies 26.5 36.5 27.0 22.2 French West Indies and French Italian Scmaliland .1 1.1 .3 Guiana .2 .8 2.2 .6 Liberia 1.6 6.1 10.3 11.8 Haiti 7.7 10.3 11.6 9.3 Libya .3 .5 2.3 n.a. Honduras 9.8 17.2 15.4 n.a. New Zealand. 2.7 5.2 3.5 2.1 Nicaragua 5.7 8.3 13.4 16.0 Portuguese dependencies . 3.0 4.3 6.3 5.0 Paraguay 4.1 5.4 5.0 6.0 Spanish dependencies .2 .2 .2 Tangier 16.9 21.5 26.7 36.1 ^Preliminary n.a. Not available. '"Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial paper and of liabilities payable in foreign currencies are also included. 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.). 4Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 15.9 million dollars of such liabilities on that date. ^Beginning Apr. 30, 1954, includes liabilities to foreigners held by banks in the territories and possessions of the United States. These banks reported a total of 16 million dollars of such liabilities on that date. 6Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 7These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount in the "other" categories. NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order, and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545. 335 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e i r n - Asia ot A h l e l r 1950—Dec. 31 898.0 105.7 31.4 3.4 8.7 20.7 68.0 237.9 125.8 378.8 95.4 60.0 1951—Dec. 31 968.4 35.0 10.1 5.0 11.2 10.3 111.8 183.4 92.0 489.3 161.8 41.9 1952—Dec. 31 1,048.7 30.3 31.9 4.4 7.1 17.8 120.7 212.2 62.3 662.0 89.8 22.4 1953—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 O J N D J A A S M M u u e e c p o u l n a a p c t y r v g . y r e . t . . . . . 3 3 3 3 3 3 3 3 3 3 1 0 W 1 1 0 1 1 0 0 P 2 1 1 1 1 1 1 , , , , , , 3 3 1 1 2 1 9 9 8 8 8 2 8 0 9 0 7 1 7 6 5 0 1 7 8 9 1 5 9 7 . . . . . . . . . 0 4 6 A 4 4 6 9 6 1 1 1 1 1 9 5 8 8 7 7 6 3 2 2 4 9 5 7 0 7 6 9 9 8 . . . . . . . . . . 4 7 2 3 5 7 1 7 0 0 1 1 1 1 9 9 9 8 7 7 0 4 4 0 . . . . . . . . . . 5 2 1 6 5 9 2 3 2 1 1 1 1 1 1 1 9 9 8 7 5 4 1 0 1 3 . . . . . . . . . . 4 3 9 8 9 6 2 9 9 1 1 1 1 1 1 1 1 1 1 1 6 2 7 6 6 2 4 2 0 2 . . . . . . . . . . 2 6 1 4 4 1 6 5 7 8 1 1 1 1 1 1 1 1 1 1 9 5 6 9 2 3 5 3 4 4 . . . . . . . . . . 7 7 3 8 9 4 7 3 4 4 1 1 1 1 1 1 1 1 1 1 6 2 2 4 5 3 2 3 3 4 0 5 8 3 5 8 9 4 1 9 . . . . . . . . . . 2 6 4 6 8 2 7 9 5 3 3 3 3 3 2 2 2 2 2 2 4 0 9 2 7 7 5 6 4 6 3 9 1 5 0 0 8 3 9 3 . . . . . . . . . . 7 2 2 9 4 7 2 0 6 5 6 6 4 6 6 6 6 5 7 7 6 8 5 6 7 5 2 0 0 5 . . . . . . . . . . 2 2 0 4 5 6 6 9 6 0 4 4 6 6 4 6 4 7 7 7 4 4 1 9 2 3 4 4 3 2 6 7 3 3 5 8 9 1 3 6 . . . . . . . . . . 5 2 9 5 3 8 9 3 4 3 1 1 1 1 1 1 1 1 1 1 2 2 4 2 2 1 0 1 1 1 9 8 5 3 7 5 1 4 3 1 . . . . . . . . . . 9 5 7 1 3 6 6 9 3 4 3 3 3 3 3 3 3 2 2 2 7 2 5 3 6 2 5 5 7 8 . . . . . . . . . . 0 2 5 2 9 8 8 3 9 6 Table 2a.—Othei Europe Ger- Date E O u th ro e p r e A tr u i s a - g B iu e m l- m D a en rk - l F a i n n d - m F a e n d y . , Greece N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - ot A h l e l r Rep. of 1950—Dec 31 68 0 2 21 5 3 2 2 2 25 4 .2 1.4 .5 1 6 6 9 9 4 0 1951—Dec. 31 111.8 (8) 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 .6 3 9 4 0 1952—Dec 31 120.7 .8 16.2 2.1 5.6 26.8 .2 1.9 .5 11.2 2.5 38.8 8.6 5.4 1953—Dec. 31 109.5 .8 13.0 6.2 1.9 30.5 1.3 1.0 .6 24.3 2.7 15.7 4.8 6.8 1954—jan. 31 132.3 .2 13.4 6.0 1.5 40.1 1.4 1.2 .4 24.4 2.1 29.2 4.5 7.9 Feb 28 131 1 .2 14 3 4.1 1.3 43.6 1.4 1.6 .5 19.8 1.7 31.0 5 4 6 2 Mar. 312 134.7 .2 13.2 2.9 1.3 53.4 1.5 1.3 .4 12.2 1.4 35.4 5.9 5 6 Apr. 30 138.2 .2 14.9 4.3 1.6 58.9 2.0 1.4 .6 10.6 2.2 29.8 5.2 6.6 May 31 149 3 .1 15 2 3 5 1 6 57.0 1.9 1.3 .6 5.7 1.9 49.2 5 1 6 1 June 30 131.5 .2 14 8 4.1 1.9 53.7 1.8 1.3 .6 3.5 2.4 35.9 5.3 6 2 July 31 128.4 .1 15.3 4.2 1.8 52.5 2.6 1.5 .7 2.1 2.7 32.7 5.7 6 5 Aug 31 129 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 1.7 .5 4.0 2.4 33.3 3.0 5.3 Oct. 31 143.6 .2 14.2 6.0 2.3 47.3 3.6 1.4 .7 4.0 2.8 55.0 .6 5.6 Nov. 3Qp . 155.8 .3 17 0 7.5 2.1 56.1 3.4 1.7 .6 5.5 3.0 52.4 1 0 5 3 Dec. 31P 160.6 .4 19.6 9.7 2.5 67.8 3.3 2.1 .5 4.0 4.1 40.7 1.3 4.6 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 a i o e b c n n - - - - G m u a a l t a e- M ic e o x- I l n W 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—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—Tan. 31.. 473 3 7.3 9.2 121.9 20.9 53.1 60.0 2.0 3 4 98.1 2.6 5.7 18.8 8.9 2.8 40.8 17.8 Feb. 28.. 450 4 7.2 8.7 116.7 20.1 50.6 62.2 1.8 3.4 87.2 1.8 6.2 17.2 7.4 3.3 38.8 17.8 Mar. 312. 426 4 5.4 1.9 117.3 19.9 47.8 58.4 1.6 2 6 85.3 1.1 7.1 14.7 5.5 2.1 38.9 16.9 Apr. 30.. 433 3 6.2 1.7 117.4 19.6 54.4 55.2 2.2 3 2 77.3 1.5 7.4 16.4 5.0 2.7 45.7 17.3 May 31.. 447 9 5.6 2.3 129.1 18.5 59.1 55.9 2.4 3 0 76.6 1.8 6.2 15.2 4.1 3.2 47.7 17.1 June 30.. 499 3 5.7 2.0 167.4 12.2 66.4 59.2 2.5 2 9 81.7 2.5 7.7 16.0 4.6 4.4 46.4 17.6 July 31.. 625 8 5.8 2.9 276.6 21.0 64.6 56.9 2.4 3 0 85.5 2.1 8.5 15.7 5.4 3.9 51.6 20.1 Aug.31.. 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 74.2 63.7 2.4 3 6 94.7 1.8 6.4 13.9 7.1 3.2 52.7 20.2 Oct. 31.. 741 3 6.1 2.2 361.5 6.8 78.9 64.9 2.2 3 3 99.2 1.3 7.7 14.2 9.5 3.7 57.3 22.3 Nov. 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 Dec. 31P. 733 2 5.6 2.5 278.1 14.1 107.1 70.8 2.6 4 0 115.7 1.4 8.8 16.2 10.0 6.9 62.9 26.5 p Preliminary. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions (excluded from these statistics) amounted to 423 million dollars on Dec. 31, 1954. 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 totai 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. 3Less than §50,000. 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2c.—Asia and All Other For- Egypt Date Asia m C a h n o i s d n a a H K o o n n g g India I n n e d s o ia - Iran Israel Fapan K p R o u r e b e - - a, ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a g .RB i e a ei n - A E a n g n g y d l p o - - S U o o n u i f t o h n Other Main- lic of1 Congo tian Africa land Sudan 1950—Dec. 31. . 95.4 18.2 3.0 16.2 .2 6.6 18.9 12.1 4.9 1.5 13.9 60.0 40.8 4.4 .3 7.3 7.2 1951—Dec. 31. . 161 8 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—Dec. 31. . 89 & 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—Dec. 31. . 114 g 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.S Feb. 28. . 126 7 8.1 2.2 3.2 .9 14.7 27.6 31. 7 8.0 5.2 25.0 24.0 7.2 6.5 .5 5.1 4.6 Mar. 312. 111 4 8.4 2.2 4.1 .7 14.3 22.1 32.8 !i 4.9 4.3 17.5 25.8 7.6 6.7 1.3 4.5 5.7 Apr. 30.. 101 9 8.1 3.2 3.9 .5 15.1 16.2 30.6 (3) 6.4 4.9 13.0 27.9 8.7 6.4 .3 5.5 7.0 May 31 .. 114 6 8.2 3.4 5.1 1.4 15.3 8.8 36.7 .i 10.5 5.7 19.5 28.6 7.7 7.1 .5 5.8 7.6 June 30.. 113. 3 8.1 3.1 3.5 .6 16.0 8.0 38 6 .2 8.7 6.2 20.1 35.3 10.2 7.8 .3 5.9 11.1 July 31.. 117 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 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.. 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. 30*. 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 Dec. 31*. 143 8.1 3A 4.9 .7 15.8 10.7 50 0 .2 7.3 6.3 36. 0 37.0 14.1 6.3 1.0 5.9 9.6 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. Government bonds U. S. corporate bonds and notes and stocks Foreign bonds Foreign stocks Year or month Net Net Net Net pur- pur- pur- pur- Pur- Sales chases Pur- Sales chases Pur- Sales chases Pur- Sales chases chases or sales chases or sales chases or sales chases or sales () () () 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 1954* 800.9 795.3 5.6 ,405.2 1,268.5 136.7 792.3 847.4 -55.0 396.9 640.5 -243.6 1953—December 191.1 192.6 -1.5 75.4 64.1 11.3 39.5 64.0 -24.4 34.5 30.9 3.6 1954—January 33.7 38.0 -4.3 68.7 71.6 -2.9 58.6 234.4 -175.9 28.1 26.9 1.2 February 87.4 99.9 -12.6 77.1 85.7 -8.6 64.8 35.6 29.1 26.9 38.9 -12.0 March 55.0 22.1 32.9 98.0 95.8 2.2 46.8 82.6 -35.8 32.6 41.6 -9.0 April 65.2 30.0 35.2 112.1 96.5 15.6 54.3 80.0 -25.7 31.3 46.5 -15.2 May 87.3 88.4 -1.2 110.8 96.4 14.4 37.3 34.3 3.0 29.5 56.1 -26.6 June 49.2 27.7 21.4 107.2 99.9 7.3 57.8 48.9 8.9 29.7 79.6 -49.9 July 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 48.0 25.9 22.1 117.2 111.4 5.7 103.5 53.4 50.1 35.4 49.1 -13.7 November P 118.5 99.3 19.2 169.1 133.4 35.7 43.0 46.3 -3.4 39.3 60.0 -20.7 December*' 97.9 266.4 -168.5 197.6 182.1 15.5 72.3 66.6 5.7 41.4- 60.2 -18.7 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 th or n t I a u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u e t i n a g s l - n U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1951 —15 9 —568 4 21.4 6 0 —22.2 45.9 1 9 —43.8 9.2 —595.5 13.9 4.8 _.7 1952 14.7 300.2 70.4 5.5 —21.9 50.7 .5 6.2 111.4 191.6 4.7 —9! 5 l!9 1953 22.7 —34.3 71.3 —41.7 —21.3 57.1 —2.5 62.4 — 120.6 24.9 (3) — .9 1954* 77.7 64.6 72.3 15.0 —34.9 68.3 — .6 13.0 133.0 — 187.2 112.1 3.5 3.2 1953—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 .6 50.1 5.0 36.1 -4.6 10.5 .1 2.7 49.7 -5.2 3.3 .8 1.4 May'.'.! 21.8 -8.6 3.4 2.2 -3.4 5.4 -.4 3.6 10.8 -34.3 14.8 -.2 .4 June... .5 28.1 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 (3) .9 32.8 -3.5 15.8 1.1 .1 Aug 41.2 13.8 6.5 .1 -2.9 .5 .6 .4 5.2 -1.7 10.5 3 .1 Sept... . 2.0 14.6 .7 .2 -3.4 1.2 .1 8.6 7.3 -4.5 11.2 .5 .1 Oct 25.6 2.2 5.9 .9 -.9 4.5 -1.2 -.7 8.6 -5.2 .1 .1 -1.4 Nov. P.. -.6 55.5 10.5 1.0 -2.7 16.4 .3 -4.7 20.8 -2.3 36.3 .1 .6 Dec.*.. -11.2 -141.9 6.8 -27.9 -5.0 1.7 .2 -3.7 -28.0 -108.0 -8.0 1.4 .6 * Preliminary. li\ot reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. 3Less than §50,000. 4Includes transactions of international institutions. MARCH 1955 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN UNITED STATES, BY AREAS CORRESPONDENTS * [Net sales, (-). In millions of dollars] [In millions of dollars] Y m e o a n r th or n t I u a i n n t t i i t s o o e t n i n r - - a s ] f c o T t o r r o e i u e t i n a g s - l n E T u o ro ta p l e C a a d n a - A L i a m c t a i e n r- Asia o A th l e l r Date Deposits U. A S. s s G e o ts v t i . n cu M st i o sc d e y lsecurities2 laneous8 1951 -152.7 -224.3 28.5 -258.6 33.S -36.0 7.9 1952 -118.1 -99.8 19.9 -141.0 25.3 -10.0 6.0 1953—Dec. 31 423 2,586 106 1953 -61.2 -11.0 96.3 -137.8 34.6 -29.9 25.8 1954P -163.9 -134.7 2.3 -145.3 37.2 -34.2 5.2 1954—p^k, 28.. 490 2,716 88 Mar. 31 494 2,784 92 1953—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.... -ICO.6 -74.0 8.9 -95.3 5.6 -2.6 9.4 June 30 545 2,900 87 Feb. .. 10.5 6.7 10.7 8.0 .1 -4.8 -7.4 July 31 533 3,033 85 Mar... .1 -44.8 8.3 -53.2 1.3 -2.2 1.0 Aug. 31 477 2,989 82 Apr.... .7 -41.6 -5.9 -35.9 1.7 —2.5 .9 Sept. 30 461 3,013 101 May, . -4.7 -18.8 -18.6 -.9 3.9 -3.6 .4 Oct. 31 426 3,050 99 June. . -.7 -40.3 -9.9 -29.3 2.4 -3.9 .3 Nov. 30 397 3,002 104 July... -1.1 4.7 .2 -2.3 1.4 -2.6 8.0 Dec. 31 490 2,908 105 Aug.. . -6.0 -24.7 -.7 -28.2 1.8 -1.4 4.0 Sept... -54.6 91 .6 25.9 52.9 8.6 1.9 2.3 1955—Tan. 31 441 3,000 117 Oct -2.9 39.3 -4.1 38.8 7.7 -2.8 -.2 Feb. 28 320 2,966 128 Nov. P. -1.9 -22.2 -9.3 -4.6 -.3 -6.4 -1 .6 Dec. P.. -2.6 -.10.4 -3.2 4.8 3.1 -3.3 -11.8 1955 -Feb. 2 419 2,884 118 Feb 9 471 2,866 123 Feb. 16 428 2,978 126 pPreliminary. Feb. 23 ... 329 2,966 126 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 341, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reportedmonthly Estimated Y m e o a n r t o h r p U r o . o w S u d t o . u S s r i c l . d d R t e io .1 n r m e T p o o o n t r t a h te l l d y A So fr u ic th a d R e h s o i - A a fric A a W fr e ic st a2 C Be o l n g g ia o n 2 U St n a i t t e e s d 3 C a a d N n a - orth M a i n c e o x d - Sou C th o b l i o a A m m - eri C ca hile r N ag ic u a a - 4 Au li s a tr O a- the I r ndia2 $1 = 15 Hl grainsof gold fto fine: i.e., an ounee of fine gold = 5 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 « 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 864.5 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 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—December. 64.4 35.7 1.5 2.2 .9 6.1 9.6 2.1 1.1 .4 .7 3.7 .5 63.4 35.7 1.5 2.1 1.5 5.1 10.3 1.0 1.4 .4 .7 2.9 .6 February 61.8 34.5 1.5 2.2 1 4.9 10.9 .9 ,2 .3 .7 3.0 .6 68.7 37.5 1.5 2.2 .2 5.4 12.9 1.6 1.1 .4 .7 3.5 .7 66.0 37.0 1.6 2.2 .1 4.9 12.5 .8 .9 .3 .7 3.2 .7 IMay . . 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 .2 .3 .7 3.3 .7 Tuly 71.1 39.4 1.6 2.3 1.0 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 .2 .3 .7 3.2 .7 Seotember 39.9 1.5 2.4 1 5.1 13.1 1 .4 .7 3.4 .6 October 40.5 1.7 2.3 .9 5.6 13.3 1 .6 .6 40 7 2 3 .9 5.6 13.5 6 6 December. 40.8 2.3 .9 5.8 13.5 .8 .7 .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. SYearly 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. 338 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 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 312 Continental Western Europe: Belgium-Luxembourg (and Belgian Congo) 848 898 1,035 1,052 1,044 1,081 1,098 1,124 1,055 1,024 1,039 France (and dependencies)1 834 896 967 883 926 1,003 1,049 1,060 1,092 1,124 1.354 Germany (Federal Republic of)... 222 434 691 770 893 1,053 1,225 1,381 1,503 1,822 1.998 Italy 571 633 655 651 660 714 812 841 802 874 925 Netherlands (and Netherlands 559 524 815 905 953 1,022 1,055 1,064 1,125 1,118 1,118 Norway 94 150 160 171 164 169 171 169 178 177 14.8 Portugal (and dependencies) 257 331 374 391 412 437 469 499 516 537 559 Spain (and dependencies) 132 128 130 130 134 138 150 136 142 174 188 Sweden 205 224 275 283 280 309 335 337 342 399 406 2,023 1,973 2,053 2,051 2,091 2,120 2,133 2,134 2,105 2 172 2,185 Turkey.. 164 165 151 153 152 157 157 153 151 150 152 Other2 '920 '758 '•1,062 1,134 1,198 '1,299 1,421 1-1,559 1,607 1 ,536 1,568 Total 6,829 7,114 8,368 8,574 8,907 9,502 10,075 10,457 10,618 11,107 11,640 Sterling Area: United Kingdom 3,557 2,843 2,318 2,627 2,886 3,051 3,009 3,198 3,536 3,388 3,189 United Kingdom dependencies.... 120 99 113 113 109 111 108 105 105 104 103 303 309 312 323 334 340 346 329 338 320 334 Union of South Africa 241 197 194 207 212 214 214 221 225 234 Other 232 326 347 356 369 354 373 371 373 '371 387 Total 4,453 3,774 3,284 3,626 3,910 4,070 4,050 4,224 4,577 '4,417 4 ,245 Canada 1,988 2,157 2,492 2,435 2,238 2,292 2,417 2,487 2,463 2,543 2,613 Latin America: Argentina . .. 518 518 427 485 519 520 503 543 550 578 532 Brazil 543 417 390 393 451 481 423 431 417 413 449 Chile 120 99 121 128 129 134 121 102 103 117 112 Cuba 530 575 515 527 579 587 531 548 532 477 428 Mexico 415 366 375 393 339 325 341 329 258 315 391 311 306 301 309 311 311 337 329 335 329 317 Venezuela 458 445 519 490 530 571 595 562 621 614 597 Other 560 634 721 812 814 779 772 868 ••906 817 859 Total 3,455 3,360 3,369 3,537 3,672 3,708 3,623 3,712 '3,722 3,660 3,685 Asia: 324 421 296 275 246 198 184 166 140 168 181 Iran .... . . 160 163 157 156 155 168 181 185 172 164 169 Japan 587 729 936 1,026 1,022 1,062 958 807 747 801 858 377 337 324 334 316 318 304 319 308 318 266 Thailand 166 210 294 306 311 304 281 268 243 238 236 Other 256 325 360 401 363 374 401 451 444 465 516 Total 1,870 2,185 2,367 2,498 2,413 2,424 2,309 2,196 '2,054 '2,154 2,226 Eastern Europe3 . . . 344 309 307 307 306 314 306 308 309 308 309 All other: Egypt 173 285 234 227 229 218 217 224 226 219 221 Other 28 42 49 57 61 63 67 74 67 70 68 Total 201 327 283 284 290 281 284 298 293 289 289 Total foreign countries 19,140 19,226 20,470 21,261 21,736 22,591 23,064 23,682 24,036 '24,478 25,007 International * 3,090 3,171 3,287 3,249 3,272 3,212 3,331 3,401 3,364 3,536 3,560 Grand total 22,230 22,397 23,757 24,510 25,008 25,803 26,395 27,083 27,400 '28,014 28,567 i> Preli in irairy. 'Revised. 1 Includes gold reserves of Bank of France and French dependencies only. 2Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. 3 Excludes gold reserves of the U. S. S. R. 4 Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other nternational 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. 339 MARCH 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.)i Treasury TotaP 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—Feb. 21,958 22,036 787 21 321 1,017 42 186 31 23 Mar. . . 36,920 21,965 22,035 787 8 321 1,022 42 186 31 23 21,969 22,083 788 8 321 1.030 42 186 31 23 ]VIay 21,973 22,039 779 5 321 ,034 42 186 31 23 June... 37,100 21,927 22,027 765 5 321 L.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,052 42 186 31 23 Sept 37,200 21,810 21,863 760 322 L,059 42 186 31 23 Oct . 21,759 21,827 760 322 L.065 42 186 3\ 23 Nov 21,710 21,791 767 322 1L.071 42 186 31 23 Dec P37.35O 21,713 21,793 778 322 1,080 42 186 31 23 1955—Jan 21,714 21,786 781 322 1,083 31 23 Ger- E m n o d n t o h f Egypt France3 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d si o a - Iran Italy Mexico N l e a t n h d er s - N w o a r y - P t a a 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—Feb 174 576 369 27 247 137 346 161 772 47 38 36 Mar 174 576 387 27 247 137 346 162 772 47 38 36 Apr 174 576 414 27 247 137 346 86 772 47 38 36 May 174 576 406 27 247 138 346 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 61 796 45 38 34 Nov.. . . 174 576 612 27 247 138 796 45 38 34 Dec.. . . 174 576 626 247 138 796 45 38 35 1955—Jan 174 576 138. 796 45 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1949—Dec 178 17 128 85 70 1L.504 118 154 41,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 L,470 118 150 43,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 42,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 L.411 113 143 41,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 42,518 227 373 1,702 193 1954—Feb 379 29 177 54 218 1,469 113 144 42,583 227 373 1,702 190 Mar 386 29 177 54 218 1,469 113 144 42,685 227 373 1,703 199 Apr 391 29 180 54 218 L.471 113 144 42,820 227 373 1,719 197 May.... 393 29 180 55 218 ,450 113 144 42,985 227 373 1,727 186 June 393 29 187 56 219 1,469 113 144 43,017 227 403 1,727 182 July.... 403 29 188 56 219 ,485 113 144 43,013 227 403 1,733 186 Aug 410 29 193 56 219 ,490 113 144 42,918 227 403 1,734 193 Sept 416 29 195 56 219 L.503 113 144 42,901 227 403 1,734 195 Oct 422 29 199 56 224 ,513 144 42,936 227 403 1,734 193 Nov.. . . 427 29 194 56 246 ,513 144 42,925 403 1,736 193 Dec.. . . 429 29 199 56 265 ,513 144 42,762 403 1,740 196 1955 Tan 29 56 265 VL 512 144 42,763 1,744 198 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. . .. 2Includes 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." sRepresents 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. 340 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] q Y u 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 m F G a e e n d r y - . , 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 Rep. of 1945 —452 9 31.1 278.5 -47.9 -86.8 —7 4 36 8 —224 9 —85 0 —23 8 1946 . 721.3 — .2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30 0 36 9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 —5.6 5.8 114.1 — 10 0 61 6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 3.4 -49.9 -10.0 -16.1 1950 —1,725.2 -1,020.0 -55.0 -84.8' -79.8 -15.0 -22.9' -38.0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 —20.0 -4.5 -34.9 -32.0 -15.0 -60.1 — 10.0 —49.9 —20 0 —60 2 1952 393.7 440.0 -3.8 -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 1954 -326.6 -50.0 -225.6 -54.9 -15.0 -15.5 -17.4 80.3 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 Tulv-SeDt —306 6 —120 0 -12 4 —40 0 —40 6 — 15 0 —io 6 —15.0 —42 8 —10 0 Oct -Dec —130 3 -32.6 —50 0 —15.0 —5.0 — 15 3 1954 —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 Oct.-Dec. . -72.3 -30.0 -10.0 -i5!6' -7.5 -11.3 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES (Negative figures indicate net sales by the United States) [In millions of dollars] [In millions of dollars at $35 per fine troy ounce] Gold si,ock 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 m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d y a s o - f p T e o ri t o a d l 1 I i n n s g c to r o t e o l c d a t k a s l e g p e o x o N ld p rt e o i t o r m t r -g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- p D ti r c o t o i m o d g n u o e c l s d - - (-) 1945 -37.9 -73.1 -27.8 3-188.3 3.7 1946 -4.9 -9.2 25.0 13.7 ""94.3 22.9 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 !o 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 2io!o 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 1949 ... 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 !l 1954 -5.0 -30.0 17.2 -10.4 . -.4 1951 . . 22,695 22,873 52.7 —549.0 617.6 66! 3 1952 23,187 23,252 379.8 684! 3 —304! 8 67!4 1952 1953 22,030 22,091 — 1,161.9 2.2 1 170 8 69 !o 1954 21,713 21,793 -297.2 16.6 —325.2 65.4 Tan -Mar 10.0 -17.6 -3.2 4.3 O Ti c i t iv .- - D Sp e n c t 4.8 - - 7 2 2 . . . 4 0 0 - — 2 1 .4 . . 8 4 7.2 - - 1 . . 1 9 1954— A M F p e a r b r. . . . . . . . 2 2 2 1 1 1 , , , 9 9 9 6 5 6 5 8 9 2 2 2 2 2 2 , , , 0 0 0 3 3 8 6 5 3 - - 4 7 1 7 . . . 7 5 9 5 2 1 . . . 4 6 4 - - 3 2 9 7 . . . 0 9 5 4 4 5 . . . 9 9 4 May.. 21,973 22,039 -44.1 1.2 -48.4 5.0 1953 June.. 21,927 22,027 -11.6 3.3 -16.9 6.1 Jan.-Mar -10.0 -3.6 -1.1 J A u u l g y . . . . . 2 2 1 1 , , 8 9 0 0 9 8 2 2 1 1 , , 8 9 9 6 7 0 — -6 6 3 6 .6 .5 1 1 . .7 5 - - 6 7 5 2 . . 4 7 5 6 . . 8 1 A Tn p i r v .- -S Ju e n n e t -5.0 "— — ! . 1 i - — - 1 1 2 . . 2 4 .4 -9.9 O S N e c o p t v . t . . . . . . . . . 2 2 21 1 1 , , , 7 7 8 1 5 1 0 9 0 2 2 2 1 1 1 , , , 8 7 8 6 2 9 3 7 1 - - - 3 3 3 3 5 6 . . . 6 9 7 1 1 1 . . . 5 1 6 - - - 3 3 3 6 4 4 . . . 7 6 6 5 5 5 . . . 6 6 1 Dec.. . 21,713 21,793 2.6 .7 1.8 5.8 1954 1955—Jan. . 21,714 21,786 -7.3 2.2 -9.7 5.0 Jan -IVIar -5.0 -30.0 1 2 3 . . 0 2 -8.9 — .1 Feb... P21.716 P21.787 Pl.3 (3) 4-.8 (3) Tnlv-^ent -1 .2 Oct -De * 1.9 -.1 -.4 ^Preliminary. 1 See footnote 2 on opposite page. 2Change includes transfer of 687.5 million dollars gold subscrip- 1 Includes Bank for International Settlements. tion to International Monetary Fund. 2Includes sale of 114.3 million dollars of gold to Italy. 3 Not yet available. 3 Includes sales of 185.3 million dollars of gold to China. 4 Gold held under earmark at the Federal Reserve Banks for foreign 4Includes sales of gold to Egypt as follows: 1950, 44.8 million account, including gold held for the account of international institudollars; and 1951, 76.0 million. tions, amounted to 6,819.4 million dollars on Feb. 28, 1955. Gold includes sales of 45.0 million dollars of gold to Indonesia. under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 341 MARCH 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 International Bank Monetary Fund Dec. Sept. June Mar, Dec. Oct. July 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 -8 -8 Reserves 165 154 146 137 129 Capital 1,806 1,831 1,830 1,808 1,808 Cumulative net drawings Sub- on the Fund9 Loans as of January 31, 1955 scrip- Country8 Quota tion paid 1954 1953 Country* Outstanding in gold Prin- Dis- Undis- Re- Dec. Xov. Oct Dec. cipal bursed bursed paid Sold Total oth to ers6 A Br u a s z t i r l alia 2 1 0 5 0 0 3 8 7 . . 4 5 6 1 5 4 . . 5 0 2 65 0 . . 5 0 6 2 5 0 . . 5 0 3 6 8 5. . 5 0 Colombia 50 12.5 25.0 A C D F I B n i h r u e n d a i s n l i l z t a a e m r i n l a a d li r a k . . . .. .. 2 2 1 1 1 3 4 3 0 7 5 0 1 9 0 8 7 4 4 7 6 6 4 . . . . . . . . . 0 1 0 3 3 0 5 7 1 3 2 1 4 4 8 3 5 5 1 3 8 2 2 0 0 6 6 7 7 1 . . . . . 0 0 1 . 8 3 5 5 9 5 " " 3 2 2 5 6 1 \ 2 0 7 0 6 5 9 . . . . . 5 ' 0 6 8 5 8 0 2 1 3 4 4 2 6 1 3 1 . . . . * 8 9 2 1 6 7 8 2 1 1 3 3 4 8 4 2 1 3 8 8 3 3 8 8 4 4 4 1 . . . . . . 0 8 5 0 5 5 1 7 0 1 4 6 6 5 1 8 . . . . . . 0 7 0 0 4 5 7 J F T D M U G I I n a n r u n e e p d e d a r r n i x o n a i k t m a m i n e n c e c d e a e y o a n s r S i y k a tates 2,7 3 5 4 2 1 5 3 2 0 5 9 6 1 4 0 5 0 0 0 0 8 0 3 6 1 3 6 2 2 8 1 1 0 5 3 2 7 2 5 7 8 0 . . . . . . . . . 9 0 5 5 5 5 5 1 8 - - 4 1 4 6 6 5 2 2 1 0 1 9 4 2 2 3 4 5 0 5 . . . . . . . . . 5 4 4 5 3 0 0 2 0 - - 4 1 4 4 5 6 2 2 1 0 1 9 5 2 2 3 7 5 5 0 . . . . . . . . . 5 4 5 0 8 3 0 2 0 - - 4 1 4 5 5 6 2 2 1 1 0 6 5 2 2 7 3 0 5 5 . . . . . 4 . 5 . . 0 . 1 8 3 2 0 0 -6 1 1 - 5 6 3 1 2 0 4 1 2 0 0 5 0 . . . 4 . . . . 1 4 2 0 0 0 J M a e p x a i n co .. . 1 4 4 0 1 . . 2 3 7 1 2 6 .7 5 6 23 8 .6 7 3.3 6 1 9 6 .3 5 6 2 .6 1 1 Currencies include demand obligations held in lieu of deposits. Netherlands 221.5 221.5 80.3 141.2 10.4 2 Represents total principal of authorized loans, less loans not yet Norway 25.0 25.0 25 0 2 0 effective, repayments, the net amount outstanding on loans sold or Pakistan 44.5 24.9 19.6 1.3 23.6 2.3 agreed to be sold to others, and exchange adjustment. Thailand 25.4 23 0 2 4 .5 22 5 3 Excludes uncalled portions of capital subscriptions. Turkey 63 4 28 3 35 1 2 28 1 4 Loans to dependencies of member countries are included with Union of S. Africa. 110.0 103.7 6.3 1.3 102.4 5.5 member. United Kingdom... 42.0 38.6 3.4 38.6 6.0 5Includes also effective loans agreed to be sold but not yet disbursed. 33.0 30.8 2.2 30 8 5 6Includes 38 million dollars in loans not yet effective. Yugoslavia 60.7 52.5 8.2 2.7 49.8 7Of this amount, 21 million dollars is guaranteed and 60 million is Other 141.9 76.6 65.3 3 0 73.6 3.4 not guaranteed by the Bank. 8Includes countries having cumulative net drawings of 10 million Total «2,016.8 1 ,558.5 458.3 131 .1 1,427.4 781 .2 dollars (+ or —) on the latest date. 9Represents for each country purchases of other currencies from Fund less purchases of own currency by it or other countries. CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fi p g o ur u e n s d s in s m te i r l l l i i n o g n ) s of Gold1 a O ss t e h t e s r 2 N c a o o n t i d n es a v c n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n l " a- Bankers' Pub D li e c posit E s GA Other t c i l O i e a a p s b th i i t a l e a i n - l r d 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 L,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4" 92.1 18.1 1949—Dec. 28 .4 L,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 L,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 .4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—Dec. 30 .4 1,675.0 57.8 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18,2 1954—Feb. 24 .4 1,575.0 29.9 14.0 340.1 1,547.9 284.0 10.9 4.7 65.9 18.4 Mar. 31 .4 ,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 L,675.0 30.2 11.7 374.6 1,647.4 307.7 10.6 8.7 71.3 18.2 July 28 .4 1,750.0 36.8 8.2 338.7 1,715.8 269.1 14.8 10.2 71.3 18.3 Aug. 25 .4 ,700.0 48.7 7.0 310.1 1,654.0 267.2 14.6 1.7 63.8 18.4 Sept. 29 .4 ,675.0 42.3 6.5 337.6 1,635.4 276.1 16.4 6.3 69.0 18.5 Oct. 27 .4 ,675.0 41.7 2.1 351.1 1,635.9 295.6 9.8 6.3 65.4 17.8 Nov. 24 .4 ,675.0 25.9 4.5 374.9 1,651.9 293.7 11.7 9.6 72.3 17.9 Dec. 29 .4 ,775.0 26.0 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955—Jan. 26 .4 ,725.0 62.8 16.4 298.0 1,664.9 251.9 16.3 4.7 85.9 18.3 JOn June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4Fiduciary issue decreased by 50 million pounds on Jan. 20. For details on previous changes, see BULLETIN for February 1955, p. 226. 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. 342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (Figures in millions of Sterling securities Other Canadian dollars) Gold* and d S o t U a ll t a n e r i s s ted S te h r o m rt 2 - Other O as t s h e e ts r circ N ul o a t t e i on3 i. Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other li c a a b a p i i n l t i d t a i l e 4 s 1942—Dec. 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31 . . . . .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. . . . 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198. 1946—Dec. 31. . . . 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. . . . 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. . . . .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31 74.1 1,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. . . . 111.4 1,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31 117.8 1,141.8 ,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. . . . 77.1 1,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31 54.9 1,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Feb. 27. . 53.0 1,374.8 900.8 116.7 ,506.2 676.6 126.1 34.4 102.0 Mar. 31.. 50.0 1,552.8 636.3 146.2 ,512.6 660.0 81.8 28.9 102.0 Apr. 30. . 58.3 1,703.8 568.0 101.2 ,535.7 661.7 86.0 27.3 120.6 May 31.. 61.5 1,740.4 520.5 103.2 ,546.6 589.3 143.8 30.3 .1.15.7 June 30.. 54.2 1,568.5 702.0 112.9 ,553.5 624.4 99.0 41 .4 119.2 July 31 .. 53.6 1,651.2 502.3 109.9 ,572.1 543.9 50.5 30.9 119.5 Aug. 31 . . 56.9 1,669.9 502.4 77.2 ,573.0 531.0 49.6 31 .5 121.3 vSept. 30. . 57.9 1,660.8 545.6 73.3 ,585.3 521.4 81.8 25.8 123.2 Oct. 30. . 52.3 1,438.2 809.9 105.5 ,579.8 595.2 49.8 31.4 149.5 Nov. 30. . 57.7 1,444.3 837.5 85.1 ,587.1 528.8 141.1 36.0 131.5 Dec. 31. , 54.2 1,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Jan. 31 .. 51 .5 1,249.8 876.0 87.7 1,545.9 528.7 56.5 38.6 95.4 Assets Liabilities Ban ( k F i o gu f re F s r a in nce Foreign Domestic bills G A o d v v e a r n n c m es e n to t0 Note Deposits7 i ! j l O ia t b h i e l r millions of francs) Gold 5 ex- Other circula- ities change m O a p r e k n et6 Special Other Current Other assets6 tion G m ov e e n r t n- ECA Other ca a p n i d tal 1942--Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29 935 521,318 1943--Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 45,596 1944--Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37 855 7,078 1945--Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12 048 57 755 4,087 1946--Dec. 26. 94,817 7 37,618 3,135 76,254 67,966'480,447 33,133 721,865 765 63 468 7,213 1947 -Dec. 31. 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--Dec. 29. 62,274 61,943 137,689 28,548 335,727157,900 560,990 112,658 ,278,211 1 168 158 973 19,377 1950--Dec. 28. 182,785 162,017 136,947 34,081 393,054158,900 481,039 212,822 ,560,561 70 15,058 161.720 24,234 1951--Dec. 27. 191,447 28,320 234,923 31,956 741,267160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952--Dec. 31. 200,187 31,068 274,003 57,042 937,459172,000 479,982 159,727 ,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 ,310,452 21 2,061 142,823 56,292 1954—Feb. 25. 201,282 20,807 272,186 51,577 870,066195,000 667,549 159 027 ,257,405 42 627 131,996 47,425 Mar. 25. 201,282 23,646 227,003 40,319 905,854195,000 672,949 146.195 ,235,417 70 79 114.617 62,064 Apr. 29. 201,282 27,862 218,436 33,162 982,829195,000 663,349 192,424 ,322,140 15 98 132,387 59,704 May 26. 201,282 31,344 208,288 26,612 934,538195,000 651,849 21.0,331 ,272,409 17 134 128,816 57,869 June 24. 201,282 34,133 217,399 18,317 946,002195,000 656,749 185,682 ,270,081 84 202 119,155 65,043 Tuly 29. 201,282 37,884 264,197 12,206 1,018,726195,000 652,449 196,282 2,386,357 70 348 132,203 59,047 Aug. 26. 201,282 41,059 265,330 5,129 980,146195,000 648,049 191 ,874 ,333,133 100 83 128,178 66,377 Sept. 30. 201,282 45,11 7 262,922 15,058 1,030,309195,000 634,749 224,089 2,443,797 6 90 105,192 59,441 Oct. 28. 201,282 48,971 264,861 32,697 1,027,934195,000 626,249 2.18,288 2,428,122 93 98 119,406 67.56S Nov. 25. 201,282 51,939 224,487 44,593 1,013,121195,000 619,549 218,584 2,386,103 65 3,304 106,920 72,162 Dec. 30. 201,282 57,291 236,765 48,925 1,130,183195,000 617,649 277,215 ,538,455 76 3,744 154,100 67,935 1955—Jan. 27. 201,282 60,482 226,244 46,054 1,063,937190,000 592,249 9286,200 2,472,650 97 3,733 125,962 64,006 1On May 1, 1.940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 2Securities maturing in two years or less. 3Includes notes held by the chartered banks, which constitute an important part of their reserves. 4Beginning November 1944, includes a certain amount of sterling and United States dollars. 5For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950. pp. 1132 and 1261; June 194'J, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. °For explanation of these items, see. BULLETIN for January 1950, p. 117, footnote 6. 7Beginning January 19.50, 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, 10,724. includes advance to Stabilization Fund, amounting to 155.3 billion francs on Jan. 27. 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. MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1955 1954 1955 1954 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia— Cont. Gold reported separately 1 69 3 1,623 Loans and discounts 466 ,7S446 S,468408 018 282,987 Other gold and foreign exchange. 1 SS9 1,439 Government loans and securities. 31S 4S0 398 ,06S 339 147 249 987 Government securities 3 727 3,898 97 S49 104 648 98 940 94 9?4 Rediscounts and loans to banks . 66 690 57,405 Note circulation 670 407 780 107 6S7 4S1 608 0S7 Other assets 9S7 263 S14 436 -179 133 468 493 315 , 674 Currency circulation 28,641 25,978 Other liabilities and capital 133,586 123,824130,032 97,666 Deposits—Nationalized 39 8?0 34,339 Central Bank of Costa Rica Other sight obligations 467 503 (thousands of colones): Other liabilities and capital 4 99Q 3,807 Gold 11 S03 11 S03 11 S03 11 S03 Commonwealth Bank of Aus- Foreign exchange 102,564 76,267 55 430 89,241 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,032 7,032 7 032 7,032 Gold and foreign exchange 413,408 418. 669422,712 526,031 Loans and discounts 107,607 122,264 130 341 103,233 Checks and bills of other banks 7 065 6,780 6,7S1 5,521 9 898 9 898 9 898 Securities (incl. Government and Other assets . . 24,357 23,523 26 726 23,352 Treasury bills) 466 708 484 7S6 4S9, 693 393,859 Note circulation 163 9S3 166 631147 718 141 799 Other assets 74, 896 S8 308 SS 498 44,386 Demand deposits 60 893 46 069 S4 061 64 ??s Note circulation 3S4 3?, 7391 S773 S3 8?, 7 335,613 Other liabilities and capital..... 31 04 S 30 7?4 39 080 28 407 Deposits of Trading Banks: National Bank of Cuba Special 90S 670 70S 670 90S 670 312,970 (thousands of pesos): Other 40 737 3S 004 37 714 43,010 Gold 18S 87S 18S 87S 185 748 Other liabilities and capital ,433 '?46 963 9S7 444 278,205 Foreign exchange (net) S7 960 S7 719 25 468 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 201,041226 351 260 243 Gold 556 556 SS6 157 Silver 7 616 Foreign exchange (net) 8,634 8 704 9 079 7,349 Net claim on Int'l. Fund2 19 S19 19 S19 12 S1? Loans and discounts s 158 5 97? ,176 5,629 Loans and discounts -17 039 48 730 31 17S Claim against Government 1,774 1,848 1,776 1,858 Credits to Government 77006 61 843 28 238 Other assets 374 367 372 35 Other assets 76 9 SO 77 S79 69 S13 11 904 1? ?5?, 11, 656 10,258 Note circulation 493 8?? 413 1SS 401 57? Deposits——"Banks 9, 1 S6 7,913 9 638 1,870 91 S 704 937 994 203 S70 Other 706 566 819 994 Other liabilities and capital \H 1S8 19 S31 15 409 Blocked 1,730 1 716 1,846 1,905 National Bank of Czechoslovakia3 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold 39 ,044 38 911 38 34 S 38,962 Gold 68 68 68 69 Foreign claims and balances (net). 12,558 12,005 12,234 13,910 Foreign exchange .. 763 776 715 891 Loans and discounts . . 6,80^ 6,9S6 7 46 S 6,169 966 397 9S4 166 Consolidated Government debt.. 34,660 34,660 34,660 34,660 Securities 479 492 505 482 7 S30 8 81?. 6,163 6,935 Govt. compensation account. ... 3 147 3 161 3 ?14 3 ?35 4, S74 4 918 4 809 4,063 Other assets 40 S 44 S 418 146 Note circulation 100 S71 100,826 98 ,8S7 99,080 Note circulation 9 09S 9 14S 1 001 1 991 Deposits—Demand 1,642 1,916 1,27.1 1,769 Deposits—Government 1 283 1 273 1 285 1 451 ECA 93 88 87 198 Other 1 sss 1 667 1 6S? 1 3?3 Other liabilities and capital 2,870 3,432 3,460 3,652 Other liabilities and capital 265 256 247 225 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 4,419 19 076 19 076 1? 076 12 076 Foreign exchange (net) ^ 13,338 8,923 Foreign exchange (net) . . 1S 696 93 771 93 070 17 790 10 939 6,040 Net claim on Int'l. Fund2 1 9 SO 1 9 SO 1 9 SO 1 7 SO Government securities ? 505 2,505 Loans and discounts 3 138 ,3083 3 330 2 175 Other assets 1 047 190 Government securities 8 890 9 490 9 490 9 470 Note circulation 17 198 12,422 Other assets 14 ?61 7 S44 7 4?4 3 7?4 Deposits s S00 3,299 Note circulation .... 40 960 49 076 40 647 35 189 Other liabilities and capital. 6 S48 6,356 Demand deposits 19 080 19 701 14 S11 9 3 SO Central Bank of Ceylon (thousands Other liabilities and capital 2 271 2 367 2,330 1 903 of rupees): Central Bank of Ecuador Foreign exchange 549,084 =524,494501,436 284,401 (thousands of sucres): Advances to Government 12,300 Gold 349 99034? 90S 349 861 342 ?87 Government securities . 26,014 26,960 20,012 150,134 Foreign exchange (net) 151 138 150 043168,988 95 479 3 7?S 4 448 6 687 4,401 Net claim on Int'l. Fund2 18 7S7 18 757 18 757 18 757 Currency in circulation ... 370 116 376,940 373,292 347,340 Credits—Government 366 018 339 478 361 364 324 SS7 Deposits—Government 34 334 93 005 13,668 581 Other 175 077 91S 7S3 996 830 196 193 Banks 1?S 8S7 10S 493 89 39() 60,552 Other assets 8S,7?9 177 9?9 910 76? 168 714 Other liabilities and capital 50,521 51,234 51,856 42,763 Note circulation . . 651,990 698 846708 602 570 419 Central Bank of Chile (millions Demand deposits—Private banks.199,331 214 808227,051 204 747 of pesos): Other 166,525 142 291161,077 169 755 Gold 5,742 5,737 5,649 Other liabilities and capital 221,855 188 913232,832 201,067 1 137 86 S 533National Bank of Egypt (thou- Discounts for member banks 3,867 2,569 2,842 sands of pounds): Loans to Government 11 38S 11 468 7,860 Gold 60 SS3 60 SS3 60 SS3 60 S53 Other loans and discounts 13 059 10 44? 7,361 Foreign assets1 81 391 181 979 19 573 18 309 Other assets 4 776 3 S19 2,575 Egyptian Govt. securities 99 136 111 417 971 ,843 262 479 ?S 7S9 91 9S3 r18,526 Clearing and other accounts (net) -11 SSO-19 873 Deposits—Bank 4 836 3 849 3,906 Loans and discounts 96 867 18 801 99 346 14 900 Other 7 136 1 066 587 Advances to Government Other liabilities and capital 7 934 7 739 r3,802 Other assets 1 779 6S9 9; 940 1 81S Bank of the Republic of Colombia 78,267 82 218181,093 180 833 (thousands of pesos): 88,733 83 443 78 701 66 080 Gold and foreign exchange 414 303 S01,354393,112 369,123 Other 74 906 79 070 106 S96 102 131 Net claim on Int'l. Fund2 24,380-24 ,370 24,380 24,376 Other liabilities and capital 16 870 18 847 11,314 8 999 *Latest month available. rReviscd. 1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 4Beginning December 1954, includes foreign Government securities formerly shown with Egyptian Government securities. 344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1955 1954 1955 1954 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Reserve Bank of El Salva- Sank Indonesia—Cont. dor (thousands of colones): Note circulation 7,371 7,054 6,789 5,030 Gold 71,727 71 811 71 891 72,593 Deposits—ICC A . 495 495 495 495 59 306 34 14 835 53,216 Other 1 991 9 108 9 160 I 429 Net claim on Int'l. Fund1 1, 569 1,568 1,568 1,567 Other liabilities and capital 638 649 621 480 Loans and discounts 41 351 49,319 SO,803 18,7SSCentral Bank of Ireland (thousands Government debt and securities.. 8,434 11,477 6,578 14,149 of pounds): Other assets 807 490 7 138 2 894 Gold 2 646 9 616 9 646 2 646 Note circulation 105,617 104,579 92,441 101,010 70,020 73.350 68.087 63 989 Deposits . . . . . 74,601 61 949 SO899 53,457 Note circulation 72,666 75 996 70, 733 66 635 Other liabilities and capital 8,976 8,884 9,473 8,708 Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 4 4 kaa): Foreign exchange 74 72 80 65 Gold 6,909 6,934 6 940 5,862 Advances to Treasury. 566 567 567 567 F C o le r a e r i i g n n sf S a s ( s n e e ts t) (net) 97 3 ,1 7 0 0 1 8 95 3 9 6 4 5 6 8 945 3 3 9 7 9 4 1 8 2 , ,4 84 3 0 0 L G o o a v n e s r n a m nd en d t is s c e o c u u n ri t t s ies 3 34 9 9 6 4 34 1 5 9 3 3 2 7 9 0 2 3 8 9 8 7 Loans and discounts 33,637 40 438 35 880 36,857 Other assets 799 848 831 740 Securities 179 9 9 SO 9 174 2,731 Note circulation 1,444 1 S38 1 40,3 1 376 Other assets 1,989 1 90S 1 943 1,094 Deposits—Government 42 37 49 14 Note circulation . . 44 764 47 909 48 711 42,7.30 Demand 52 79 57 57 Deposits 17 989 19 909 19 189 9 973 Other 513 448 537 433 Other liabilities and capital 12,770 14 020 15 802 16 011 Other liabilities and capital 138 151 142 111 Bank of German States2 Bank of Japan (millions of yen): (millions of German marks): Bullion 448 448 448 448 Gold ,731 9 630 9 568 1 479 Advances to Government 1,283 1 983 1 377 11 513 Foreign exchange 8 709 8 635 8 7,88 7 776 Loans and discounts 257,968 765 749 371 671 439 190 Loans and discounts 1,891 3 994 1 70,3 1 988 Government securities 441,003483 573 378 177 261 886 Loans to Government 3 616 4 941 4 190 5 981 Other assets . . .. 92 690 10 493 91 97? 95 993 Other assets 967 93 S 1 995 897 Note circulation 561,410699 061 549 138 566 168 Note circulation 19 180 19 350 19 164 11 759 Deposits—Government 50,349 55 804 S3 747 103 3S3 Deposi ts—Government 1,023 095 1 109 1 1,37 Other 83 867 84 430 86 099 78 356 Banks 9,600 3 9 59 9 643 2 316 Other liabilities 97,766 98 751 110 993 61 154 Other 377 307 994 7,39Bank of Mexico (millions of pesos): Other liabilities and capital 1,784 1 959 1 835 1 852 Monetary reserve6 1,483 1 462 1 338 1 262 Bank of Greece3 (millions of drach- "Authorized" holdings of secumae) * rities, etc 3,816 3 80S 3 409 2 988 Gold and foreign exchange (net). 4 965 45 164 Bills and discounts 658 768 507 600 Loans and discounts 157 M50 Other assets .... 730 S57 857 736 Advances—Government 8 739 48 357 Note circulation 4,216 4 376 4 001 3 491 Other 4 473 43 584 Demand liabilities 1,716 1 471 1 353 1 556 Other assets 1 989 41 841 Other liabilities and capital 753 745 751 539 3 449 4 3 395 Netherlands Bank (millions of Deposits—Government 1,508 41 303 guilders): Reconstruction and Gold 3,015 3 015 3 015 2 982 relief accts 7 101 46 871 Silver (including subsidiary coin). 15 18 7,1 15 Other 3 433 42 680 Foreign assets (net) 1,558 1 451 1 369 1 407 Other liabilities and capital 4 783 44 916 Loans and discounts 30 57 35 31 Bank of Guatemala (thousands of Govt. debt and securities 685 728 735 1,2.17 Quetzales) * Other assets 451 473 474 409 Gold 27 997 97 997 27 778 Note circulation—Old .. 28 98 98 30 Foreign exchange (net) . 8 4S9 4 17 805 New 3,539 3 579 3 516 3 177 Gold contribution to Int'l. Fund. 1,250 ,250 1 250 Deposits—Government 441 626 455 875 Rediscounts and advances 13,359 19 S38 24 88,3 ECA 653 650 704 1 009 Other assets 46 879 46 808 29 017 Other 843 670 710 740 Circulation—Notes 52,987 51,257 52,678 Other liabilities and capital 250 238 237 236 Coin 3,723 3,701 3, 638Reserve Bank of New Zealand Deposits—Government 6,651 5,100 2,768 (thousands of pounds): Banks 13 04f 11,973 1.8388 Gold 6,175 6 175 6 175 6 054 Other liabilities and canital 90 90 591 22 719 Foreign exchange reserve 46,920 SO195 59 548 61,819 National Bank of Hungary5 Loans and discounts 33,408 78 546 90 808 899 Reserve Bank of India (millions of Advances to State or State unrupees) * dertakings 49,503 49 961 38 503 '50 733 Issue department: Investments . 33 44f 33 443 33,430 57,083 Gold at home and abroad 4 Of 40( 400 Other assets 1 278 1, 563 1 74c 1467 Foreign securities 6,639 6 939 6 187 Note circulation 68,793 79 915 70 065 69 984 Indian Govt securities 4 177 4 17" 4,914 Demand deposits 92,872 81 577 73 937 109 305 Rupee coin ... 1 056 1 070 948 1 Other liabilities and capital 9,065 9,071 9,711 8, 760 Note circulation 12,005 11,619 11,560 Bank of Norway (millions of kroner): Banking department: Gold 203 203 203 231 26( 184 Foreign assets (net) -3H -153 -63 -4 Balances abroad 67C 97< 1,162 Clearing accounts (net) -85 -97 -52 Bills discounted 40 45 157 Loans and discounts 52 48 67 Loans to Government 17 9 Securities 32 38 35 Other assets 1 06r 1 098 1 048 Occupation account (net) 5,54f 5, 54C 5,54C 5,546 Deposits 1,751 9, 098 2 774 Other assets 57 5( 5< 47 Other liabilities and capital 308 994 ,391 Note circulation 3,13' 3 371 3 134 7,951 Bank Indonesia (millions of rupiah) Deposits—Government . 1,029 99( 1,237 1 453 Gold and foreign exchange (net). 1,223 1,119 994 1,153 Banks 543 557 527 830 Loans and discounts . ... 46" SOf 484 447 FOA—MSA 165 165 161 188 Advances to Government i>,45C 8,315 8,249 5,550 Other liabilities and capital.... 622 592 664 448 Other assets 350 371 339 284 'Revised. JThis figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2 Combined figures for the Bank of German States and the nine Land Central Banks. 3On May 1, 1954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar. 4Figure expressed in billions of drachmae. 6For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 6Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 345 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1955 1954 Central Bank 1955 1954 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 40,741 37,742 37,814 32,657 Issue department: Note circulation 41,206 42,954 40,622 37,441 Gold at home and abroad... 81 81 81 81 Deposits-—Government 5,353 3,636 7,620 3.710 Sterling securities 428 433 383 475 Other 3,214 3,549 3,068 3.394 Pakistan Goyt. securities. . . 1,409 ,404 1,357 1,276 Other liabilities and capital 35,975 32,931 32,636 28,760 Govt. of India securities.... 221 221 178 146Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 584 584 543 481 Rupee coin 49 49 52 60 Foreign assets (net) 1,040 1,105 1,274 1,511 Notes in circulation 2,436 , 399 2,286 2,274 Net claim on Int'l.*Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 52 89 64 65 vances to National Debt Office3 2,997 3,267 2,699 2.284 Bills discounted 12 5 Other domestic bills and advances 30 99 72 291 Loans to Government 86 53 101 30 Other assets I ,029 1,032 950 879 Other assets 423 378 397 369 Note circulation 4,855 5,087 4,739 4,610 Deposits 44 406 460 362 Demand deposits—Government.. 123 289 213 177 Other liabilities and capital.. 114 114 113 108 Other 142 152 29 105 Central Bank of Paraguay Other liabilities and capital 689 688 684 683 (thousands of guaranies): (Sept.)* Swiss National Bank (millions of Goldi 3.984 2,846 francs): Foreign exchange (n(k) 58.730 88,622 Gold 6,318 6,323 6,321 6,084 Net claim on Int'l. Fund2 40 28 Foreign exchange 575 650 488 524 Loans and discounts 469,142 431,904 Loans and discounts 108 220 116 216 Government loans and securities. 489,182 567,459 Other assets 82 117 96 64 Other assets... 368,608 70,591 Note circulation 5,048 5.412 5,115 4,904 Note and coin issue 604,602 479,753 Other sight liabilities 1,839 1,692 1,700 1,783 Deposits—Government .1.52,644 130,918 Other liabilities and capital 197 206 206 202 Other 159,663 256,324Central Bank of the Republic of Other liabilities and capital 472,778 294,455 Turkey (millions of pounds): Central Reserve Bank of Peru Gold 402 402 402 (millions of soles): Foreign exchange and foreign Gold and foreign exchange 581 646 459 460 clearings 207 172 182 207 Net claim on Int'l. Fund2 67 67 67 67 Loans and discounts 2,790 ,720 2,657 2.033 Loans and discounts to banks. . . 545 573 588 581 Securities 30 30 30 25 Loans to Government 1,148 ,124 1,142 984 Other assets 113 107 93 116 Other assets 74 103 94 200 Note circulation 1,526 ,474 1,500 1,414 Note circulation 1,710 ,758 1,715 ,560 Deposits—Gold .154 154 154 154 Deposits 439 461 400 429 Other 1,401 ,338 1,242 812 Other liabilities and capital 265 295 235 303 Other liabilities and capital 460 465 467 403 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (July)* Gold .1.8813 \8,8\3 .18,813 Gold 344,167 344,167 F N o e r t e c ig la n i m ex o ch n a I n n g t e 'l. Fund2 35 2 6 9 4 5 4 0 5 4 3 2 8 9 7 , , 5 6 0 6 4 0 43 2 2 9 , , 3 5 2 0 0 4 A Si d lv v e a r nces to State and Govern- 8,583 8,871 L D o o a m n e s stic secur : ities 2 6 6 2 1 5 1 4 0 7 22 4 2 9 6 , , 7 0 0 9 8 5 2 3 3 3 3 , , 3 1 2 2 4 7 Ot m he e r n t l o b a o n d s i a es nd discounts 3 1 7 3 4 2 , . 9 9 1 5 9 8 3 1 5 0 6 3 , ,1 4 6 9 5 8 Other assets 170 7991.66,644 154,899 Other assets 558,292 577.501 Circulation—Notes 629 219 .08,149 605,205 Note circulation 465,970 433,546 Coin 85 176 85,297 84,498 Deposits—Government 164,270 .133,241 Demand deposits 135 903 121.272 163,998 Other 333,536 315.322 Other liabilities and capital 48 913 63,705 48,285 Other liabilities and capital 455,143 508.094 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 582 5,544 5,115 Gold 1,233 1,233 1 ,233 1 ,141 Foreign exchange (net) 234 13,147 12,693 Foreign exchange (net) 157 221 221 279 Loans and discounts 965 977 702 Other assets 167 .175 186 106 Advances to Government 403 1 ,414 1,420 Note circulation .1,056 1,121 1,038 1 .012 Other assets 175 1,094 807 Deposits 238 203 262 282 Note circulation 457 10,118 9,498 Other liabilities and capital 263 306 339 231 Demand deposits—Government.. 908 2,195 1,607Bank for International Settle- ECA 25 25 6 ments (millions of Swiss gold Other 699 7,590 7,529 francs): Other liabilities and capital 269 2,249 2,098 Gold in bars 605 599 592 595 South African Reserve Bank Cash on hand and with banks... 56 77 72 51. (thousands of pounds): Sight funds at interest 2 1 1 1 Gold 70 563 68,900 62,423 Rediscountable bills and accept- Foreign bills 72007 57,709 15,195 ances (at cost) 378 278 319 338 Other bills and loans 6 099 6,203 44,637 Time funds at interest 279 360 350 109 Other assets. 49 570 46,556 42,807 Sundry bills and investments.... 426 355 469 275 Note circulation 105 417101,986 95,798 Funds invested in Germany 297 297 297 297 Deposits 73564 58,599 50,212 Other assets 2 3 5 2 Other liabilities and capital 19,259 18,784 19,051 Demand deposits (gold) 436 436 436 435 Bank of Spain (millions of pesetas) : Short-term deposits: Gold 613 613 613 596 Central banks—Own account.. 1,048 992 1,128 674 Silver 323 323 323 336 Other 48 27 29 50 Government loans and securities 1.5.549 030 16,070 15,534 Long-term deposits: Special 229 229 229 229 Other loans and discounts 28,522 360 29,125 24,181 Other liabilities and capital 286 285 284 280 * Latest month available. *On Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of fine gold per guarani. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3 Includes small amount of non-Government bonds. 346 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— ef D fe a ct t i e ve C a a d n a - I K d Jn i o n i m t g e - 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 Ja 3 a n 1 t . e ef D fe a ct t i e ve ba C n e k n t o r f a — l R Ja 3 a n 1 t . e ef D fe a ct t i e ve In effect Dec. 31, Argentina 3% Mar. 1, 1936 Mar. 25, 1952 1949 IK 2 3 4 3« 2H Austria June 3, 1954 Italy 4 3 Apr. 6, 1950 Tune 8 1950 Belgium 2M Oct. 29, 1953 Japan 5.84 Oct. 1, 1951 Sept 11 Bolivia 6 Sept. 30, 1950 Mexico June 4, 1942 Sept ^6 3 Oct. 17 2 Oct ~> 7 6 Dec 1 3 Canada 2 Oct. 17, 1950 Netherlands. Apr. 7, 1953 A.or 17 1951 4 Ceylon June 11, 1954 New Zealand. Nov. 26, 1954 Tulv 5 Chile June 13, 1935 Norway ..... Jan. 9, 1946 Sept n Colombia 4 2 July 18, 1933 Pakistan July 1, 1948 Oct 11 3 Costa Rica 4 Feb. 1, 1950 \ov 8 2K Nov 9 4 Tan. 22, 1952 . 3H Mar 12 4 Denmark June 23, 1954 Peru 6 Nov. 13, 1947 May 29 5 Ecuador 10 2 May 13, 1948 Portugal.... 2J4 Jan. 12, 1944 3 3 Nov. 15, 1952 South Africa. Mar. 27, 1952 Aug 21 4.1/ El Salvador... 3 Mar. 22, 1950 Spain July 1, 1954 Dec. 18 3 Finland Dec. 16, 1951 Sweden Nov. 20, 1953 Ian 8 1953 4 Apr. 7 .... 2\t> Tune 11 Sept 17 3 34 ^A France 3 Dec. 2, 1954 Switzerland.. Nov. 26, 1936 Oct 29 2 V Germany1 3 May 20, 1954 Turkey 3 Feb. 26, 1951 Nov. 20 Greece Jan. 1, 1955 United King- Feb 4 1954 3M India 9 Nov. 15, 1951 dom Tan. 27, 1955 May 13 3 Indonesia 3 3 Apr. 1, 1946 U.S.S.R. 4 July 1, 1936 Mav 20 z 3 Dec 2 3 Tan. 27, 1955 1 Rates established for the Land Central banks. In effect Tan. NOTE.—Changes since Jan. 31: Norway—Feb. 14, from 2% to 3yi per 31, 1955 ... . 2 3 3 2M 2H 2M cent; Canada—Feb. 15, from 2 to IA per cent; United Kingdom—Feb. 2-1, from 3lA to 4*^ per cent. OPEN MARKET RATES [Per cent per annum] Canada UnitedKingdom France Netherlands Sweden Switzerland Month 3 T m re b o a il n s l u s t h ry s ' 1 m Da o d y n ay - e t y o 2 - 3 B a a m a c n n c o c k e n e e p s t r t h - s s ' 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 - 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 y 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 L u m p o o a n n to t s hs d P is r r i c a v o t a e u t n e t 194 S —December 36 .53 .50 .63 .50 1.33 1 25 1946- -December 40 53 . 50 .63 .50 1.19 1.21 .78 2]A-A}A 1 ?5 1947—December .41 S3 .51 .63 .50 2.04 1.13 .53 1 .38 1948 -December .41 .56 .52 .63 .50 2.00 1.25 .96 2 yo-A }A 1 63 19-49— December 51 69 .52 .63 .50 v"> S^ 1 .32 1.03 1 50 1.950—December .63 .69 .51 .63 .50 2.41 1.40 1 .09 3-5 1 .50 19=51.— December .89 1 .50 .98 1.00 .75 3.50 1.21 1.00 3-5 I 50 19^2— I )eceniber 1 35 3 00 2 41 2 25 2.00 3.93 .92 .58 3-5 1 50 1953—December 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 1.50 1954—January 1.86 2.19 2.12 1.94 .75 3.66 .23 .50 2M-5 1.50 February 1 .75 2.15 2.07 1.94 1.75 3.55 .25 .50 1 50 March 1 62 2 16 2.10 1.94 L .75 3.42 .45 .50 23^—5 1 50 A.pril. . 1 .58 2.17 2.09 1.94 .75 3.55 .41 .50 1 50 M Tu a n v e L 6 .5 0 7 1.43 1 1 .6 8 6 9 1 1 . . 7 6 9 1 1 1. . 4 6 4 3 L L . 4 .2 4 5 3 3 . . 5 5 4 7 . .3 38 8 . .5 50 0 2 2¥ M ~ -5 5 1 1 . 5 5 0 0 JL1ly L 3 .3 8 2 1 1 .0 \ 6 6 1 1 .6 6 1 0 1 1 . . 5 6 7 0 1 1 .4 .4 4 4 L . 2 .2 5 5 3 3. . 8 7 2 9 . . 4 75 0 . . 5 53 0 2%-S 1 1 5 5 0 0 September .21 .95 1 .64 1.63 1.44 .25 3.77 .88 .51 2^—5 1 .50 October L.18 .96 1.62 1.59 1.44 L .25 3.65 .88 .63 2^—5 1 .50 November.. L. 17 .78 1.62 1.60 1.44 1.25 3.51 .87 .50 1 50 December 1.08 .76 1.78 1.78 1.45 1.25 3.29 .77 .57 3H.-5M 1 .50 P Preliminary. 1 Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates made nearest to the 15th of each month. 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. MARCH 1955 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom i Assets Liabilities ( b m 11 a i n ll L k io o s s n . n t e s d r o F l o i n i f n g g u p c ) l r o e e u a s n r i i d n n s g re C se a r s v h es M c n a s o l o h l n t o a e ic r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i d i t e t a i r e l s 1949—December 532 571 1,109 793 1,512 1,534 579 6,202 4v16l 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 19s 4 Febru ar v 504 454 J . 113 2,275 1,754 638 6 237 3 954 2 283 501 IMarch 512 468 L.O78 2,269 1,773 632 6,243 3,957 2,286 489 April 535 489 L 088 2,280 1 786 699 6 378 4 056 2 321 499 May 501 463 L 122 2,305 1 804 643 6 335 4 005 2 330 502 June 531 455 L ,170 2,311 1,856 711 6,533 4,193 2,340 501 July 534 428 L ,185 2,351 1,836 643 6 466 4 121 2 3*5 510 August 534 438 1,209 2,348 1,840 656 6,519 4,173 2,346 505 September 521 418 L,262 2,360 1,828 670 6,539 4,171 2,367 520 October 532 437 1,296 2,364 1,836 691 6,609 4,214 2,396 545 November 534 452 1.300 2,364 1,871 715 6,684 4,244 2,4*0 562 December 571 498 1 313 2 3=53 1,920 881 6 941 4 485 2 456 595 3 95 S—January 546 486 1,283 2,351 1,904 759 6,718 4,303 2,415 611 Assets Liabilities Canada3 Security Deposits payable in Canada (11 chartered banks. Entirely in Canada loans excluding interbank deposits En C d a i n n o a f d m m ia il o n li n o d t n h o s l l o f a i f g rs u ) res re C se a r s v h es discounts d a a f u b n o b e a r d r e n o f i r n k g a o e s d n m t Securities O as t s h e e ts r Notes4 Total Demand Time li c a O a b a p t i n h l i d i t e t a i r ] es 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2,776 171 4,286 ,304 (4) 7,828 3,270 4,558 ,667 1951—December. 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 ,714 1952—December. 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 ,736 1953—December. 906 154 3,897 424 3,831 ,510 8,881 3,847 5,034 ,841 1954—January.. 881 143 3,929 370 3,944 ,337 8,772 3,679 5,093 ,832 February. 898 197 3,951 370 3,885 ,332 8,843 3,681 5,162 ,791 923 167 3,899 421 3,774 ,426 8,780 3,535 5,245 ,830 April 892 144 3,925 398 3,780 ,408 8,708 3,397 5,312 ,839 May 866 215 3,925 382 3,780 ,481 8,818 3,441 5,378 ,830 June 872 238 3,943 360 3,806 ,540 8,929 3,506 5,423 ,829 July 780 211 3,924 352 4,096 ,266 8,946 3,474 5,473 ,683 August. . . . 809 174 3,917 312 4,220 ,280 9,022 3,487 5,535 ,690 September. 802 175 3,890 322 4,337 ,396 9,226 3,641 5,585 ,695 October 833 293 3,892 330 4,442 ,454 9,469 3,781 5,687 ,777 November.. 810 297 3,984 334 4,473 1,428 9,462 3,930 5,532 December.. 810 211 3,952 325 4,429 1,706 9,579 3,964 5,615 l',854 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 in ) 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 t d e 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 26.355 15,662 1950—December. 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December. 60,215 72,559 627,648 165,696 38,114 879,767 27,145 33,774 23,547 1952—December. 51,155 68,243 636,624 170,298 29,734 902 ,'547 870,504 32,043 24.957 28,551 1953—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 90,693 787,897 208,091 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 November 47,696 82,270 797,574 229,729 63,785 1,119,354 1,071,500 47,854 28,515 73,185 1 This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, excep t in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 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. 348 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] Vrgentina Canada Year or month Basic P ( e p r n e e t f s i e o a r l ) - Free ( t p A r o a u u l s n i - a d) ( A sc u h s il t l r in ia g) B ( e fr l a g n i c u ) m (c B ru r z a e z i i r l o) M B (d r a o s i i l l t a l a i a s y r h - ) Officia ( l dollar) Free 1949 29 774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 5.4406 32.788 90.909 91 474 1951 20.000 13.333 7.067 223.07 1.9859 5.4406 32.849 94.939 1952 20.000 13.333 7.163 222.63 1.9878 5.4406 32 601 102 149 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 5.4420 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—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 Mav 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 *3.5261 32 644 103 060 September 20.000 13.333 7.198 223.18 3.8580 2.0007 32.558 103 112 October 20 000 13 333 7 198 222 89 3.8580 1 9977 32 634 103 094 November 20 000 13.333 7.198 222.67 3.8580 1.9982 32 625 103 160 December 20.000 13.333 7.198 222.10 3.8580 1.9954 32.544 103.292 1955—Tanuary 20.000 13.333 7.198 221.92 3.8580 1.9959 32.538 103.498 February 20.000 13.333 7.198 221.80 3.8580 1.9938 32.535 102.384 France Year or month Ceylon m De a n rk - Finland (franc) G (d e e r u m ts a c n he y India Ireland Mexico e N rl e a t n h d - s (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1949 27.839 19.117 .4671 .3017 27.706 12.620 34.528 1950 20.850 14.494 .2858 23.838 20.870 11 570 26 252 1951 20.849 14.491 .4354 . 2856 23.838 20.869 280.38 11.564 26 264 19S2 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—March 21.052 .4354 .2856 21.056 281.45 11.608 26.408 April 21.079 .4354 .2856 '223.838 21.084 281.81 39.965 26.413 May 21.078 .4354 .2856 23.838 21.084 281.85 7.995 26.418 June 21.077 .4354 • • • • • • • • • .2856 23.838 21.085 281.82 7.995 26.426 July 21.094 .4354 .2856 23.838 21.094 281.76 8.000 26.415 August 21.059 .4354 .2856 23.838 21.061 281.29 8.005 26.396 September 20.968 .4354 .2856 23.838 20.970 280.08 8.005 26.364 October 20.935 .4354 .2856 23.838 20.938 279.72 8.005 26.267 November 20 920 4354 . 2856 23.838 20.922 279.45 8.005 26.290 December 20.863 .4354 .2856 23.838 20.863 278.74 8.006 26.346 195 %— Tanuary 20.843 4354 .2856 23.838 20.843 278.52 8.006 26.349 February 20.834 .4354 .2856 23.838 20.834 278.36 8.006 26.290 Year or month Z (p e N o a e u la w n n d d ) N (k o r r o w n a e y ) R P e p h p i i u n li b 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 d a ) (k S d r w o e e n n - a) e S (f r w r l a a i n n t c z d ) - U K d n i o i n m t g e - d Ur ( u p g es u o a ) y4 (peso) (pound) 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 280.21 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 19 =54—March 278 67 14.008 49 677 3.4900 280.40 19.333 23.308 281 45 279.0? 14.008 49.677 3.4900 280.76 19.333 23.313 281.81 May 279.06 14.008 49.677 3.4900 280.80 19.333 23.333 281.85 June. 279 03 14 008 49 677 3.4900 280.76 19.333 23 334 281 82 July 278.97 14.008 49.677 3.4900 280.71 19.333 23.320 281.76 Au fust.. . 278 50 14 008 49 677 3.4900 280.24 19.333 23 322 281 29 277.31 14.008 49.677 3.4900 279.04 19.333 23.325 280.08 October 276 95 14 008 49 677 3 4900 278.68 19.333 23 320 279 72 November 276.68 14.008 49.677 3.4900 278.40 19.333 23.328 279.45 275.98 14.008 49.677 3.4900 277.69 19.333 23.335 278.74 1955—Tfinuary 275.76 14.008 49.677 3.4900 277.48 19.333 23.326 278.52 February 275.60 14.008 49.677 3.4900 277.32 19.333 23.319 278.36 1 Based on quotations through Aug. 13, 1.954. 2Based on quotations beginning Apr. 1, 1954. 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. 349 MARCH 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U 1 S = 9 n t 4 a 1 i 7 t 0 t e e - 0 4 d s ) 9 ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 1 n 9 g 0 3 i 0 t 0 d 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 8 ly ) = ( a 1 J v 9 a e 3 p r 4 a a - g n 3 e 6 N ( l 1 e a 1 9 t 0 n 4 h 0 8 d e ) s r = - S (1 w 9 1 3 e 0 5 0 d ) e = n ( S A w = l u a i g 1 t n . z 0 d 1 e 0 9 ) r 3 - 9 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 .... .... 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1953 110 221 393 328 138 5,250 352 134 298 213 1954 217 429 *330 136 5,293 349 136 P297 214 1954—January 111 220 396 326 138 5,286 363 135 296 213 February 111 219 397 326 138 5,328 364 136 296 213 March 111 219 401 329 136 5,336 361 135 296 214 April 111 218 411 330 137 5,295 354 136 297 215 May 111 218 431 331 139 5,292 348 137 296 214 June 110 218 437 332 135 5,256 342 137 298 215 July . . . 110 217 437 333 134 5,251 341 134 297 214 August 111 216 441 329 136 5,261 342 134 296 214 Se p te in ber 110 215 439 329 135 5,267 344 134 295 215 October .... 110 214 450 329 134 ••5,276 343 136 296 215 November 110 215 454 331 135 5,320 346 136 298 216 December .... 110 215 460 P336 135 5,346 343 136 *299 217 1955— January no 216 463 P338 P300 216 ^Preliminary. r Re vised. 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 m it t i m h e e s o r d- pr F o a d r u m cts fa m p g c a o t a r u o n t r d l u e y s - d fa c m g c h o a t i o e u n f d r u l e s y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o al d d u u r s a c - w ts p f I r in n o tr i d d s i u h u al e s c - d ts 1945 72 n.a. 71 165 136 130 158 175 1°46 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 P364 122 171 143 1952 107 109 113 250 219 231 284 P352 129 166 13S 1953 97 105 114 221 207 229 307 123 156 132 1954 209 205 224 308 1 ?4 1 S5 1 34 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 App'1 99 106 115 209 206 225 310 127 153 133 ]VIa.y 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 1*56 135 November 93 104 115 204 202 222 306 124 156 13S December 90 104 115 205 203 222 315 123 156 136 1955—Januarv 93 104 115 207 205 222 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. 350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S = 1 t 9 n 1 a 4 i 0 t 7 t e 0 e - s ) 4 d 1 9 - C ( = a 1 a 1 d 9 0 n a 4 0 - 9 ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( a e 1 1 t n 9 h 0 d 4 0 e s 9 ) r- 1 ( l 9 A a e 3 n r u 9 - d g = . ( U S 1 = 9 t n 1 a 4 i 0 7 t t 0 e e - ) 4 s d 1 9 = C ( a 1 a 1 d 9 0 n 4 a 0 - 9 ) 1 K 5 d ( , J i o 1 n a m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 n r u - 9 d g - . = 100) 100) = 100) 100) 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 ioo 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 124 184 1954 115 116 108 143 126 171 113 112 114 135 188 1954—January 115 116 106 143 123 170 113 112 110 136 124 185 February 115 116 106 144 124 170 113 112 110 137 126 185 March 115 116 107 144 124 169 112 111 112 136 127 184 115 116 107 142 125 170 112 110 113 134 129 185 May 115 116 107 144 126 170 113 110 112 137 131 186 115 116 107 144 127 171 114 112 114 136 134 187 July 115 116 109 142 127 171 115 112 118 133 132 188 August 115 117 108 142 126 172 114 114 116 132 130 190 September 115 117 108 143 126 172 112 114 115 134 130 191 October 115 117 109 143 127 173 112 114 116 134 130 192 November. ... 115 117 109 144 127 173 111 113 117 135 129 192 December 114 117 110 145 127 173 110 113 118 136 192 1955—Tanuary 114 116 110 145 1.29 172 111 112 119 137 190 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( n t r h a a i i t t d g e e e h d s )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 sz 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 ' - 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 1953 112.1 83.6 112.0 113.5 100.2 189.0 160.3 92.2 159 212 1954 117.2 98.6 117 A 116.4 103.2 226.7 181.2 99.8 214 277 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 1955—January 116.7 100.3 117.7 121.0 105.9 268.8 207.3 109.1 282 327 i 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) wa3 3.39 per cent. 3Average 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. MARCH 1955 351 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 C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK A. L. MILLS, JR. CHARLES N. SHEPARDSON JAMES K. VARDAMAN, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. KENYON, Assistant Secretary FRED A. NELSON, Assistant Director LEGAL DIVISION ARTHUR H. LANG, Chief Federal Reserve Examiner GEORGE B. VEST, General Counsel ROBERT C. MASTERS, Assistant Director FREDERIC SOLOMON, Assistant General Counsel GLENN M. GOODMAN, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel HENRY BENNER, Assistant'Director DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser on Economic Research KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director ALBERT R. KOCH, Assistant Director DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE LOANS ARTHUR W. MARGET, Director GARDNER L. BOOTHE, II, Administrator LEWIS N. DEMBITZ, Assistant Director DIVISION OF BANK OPERATIONS OFFICE OF THE CONTROLLER ROBERT F. LEONARD, Director EDWIN J. JOHNSON, Controller J. E. HORBETT, Assistant Director M. B. DANIELS, Assistant Controller LOWELL MYRICK, Assistant Director Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT C. CANBY BALDERSTON A. L. MILLS, JR. WILLIAM R. K. MITCHELL, PHILADELPHIA DISTRICT C. E. EARHART J. L. ROBERTSON FRANK R. DENTON, CLEVELAND DISTRICT W. D. FULTON CHARLES N. SHEPARDSON W. H. IRONS M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT HUGH LEACH JAMES K. VARDAMAN, JR. 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 J. DEWEY DAANE, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT L. MERLE HOSTETLER, Associate Economist MORGAN H. RICE, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist GEO. G. MATKIN, DALLAS DISTRICT O. P. WHEELER, 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 352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman 1 President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Preside l n o t w s e i r n s e c c h 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. Hodekinson J. A. Erickson Robert B. Harvey 3 Carl B. Pitman Robert C. Sprague 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.. Wiliiam ', Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman Hen«.ieiaon 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. Wooiley 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 Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Charlotte R. L. Cherry Omaha P. A. Debus Atlanta Birmingham H. C. Frazer Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Nashville J. E. McCorvey4 S H a o n u s A to n n tonio J W . . L E . C . o E o a k gle 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. 5 Cashier. 3 Also Cashier. 4 Acting Manager. MARCH 1955 353 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 1A more complete list, including periodic releases and REGULATIONS OF THE BOARD OF GOVERNORS OF THE reprints, appeared on pp. 1338-41 of the December 1954 FEDERAL RESERVE SYSTEM. Individual regulations BULLETIN. with amendments and supplements thereto. 354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. (From Federal Reserve Bulletin unless preceded by an asterisk) March 1954. 9 pages. (Also, similar article from March 1953 BULLETIN) STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- ERNORS BEFORE SUBCOMMITTEE ON GENERAL 1954 SURVEY OF CONSUMER FINANCES—From March, CREDIT CONTROL AND DEBT MANAGEMENT, MARCH June and July issues of BULLETIN. 41 pages. 11,1952. April 1952. 4 pages. (Also, similar surveys for earlier years from 1948, REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- 1949,1950,1951,1952,1953, and 1954 BULLETINS) LATION X. June 1952. 18 pages. NEW INDEXES OF OUTPUT OF CONSUMER DURABLE PROBLEMS OF TRADE EQUILIBRIUM. October 1952. GOODS. May 1954. 15 pages. (Also, similar re- 9 pages. print from October 1951 BULLETIN) REVISED SERIES ON DEPARTMENT STORE SALES, ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS STOCKS, AND ORDERS. October 1952. 5 pages. AND BUSINESSES. July 1954. 2 pages. (Also, similar article from July 1953 BULLETIN) RECENT CREDIT EXPANSION. December 1952. 7 pages. FINANCING OF LARGE CORPORATIONS IN 1953. August 1954. 9 pages. CREDIT AND MONETARY REVIEW FOR 1952. February 1953. 7 pages. THE BALANCE SHEET OF AGRICULTURE, 1954. August 1954. 13 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. RECENT FINANCIAL CHANGES IN WESTERN GER- MANY. October 1954. 10 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- BILITY. May 1953. 7 pages. WORLD TRADE AND PRODUCTION IN 1953-54. October 1954. 8 pages. REVISION OF CONSUMER CREDIT STATISTICS. April 1953. 19 pages. USE OF MONETARY INSTRUMENTS SINCE MID-1952. December 1954. 8 pages. •DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE- DIRECTLY PLACED FINANCE COMPANY PAPER. De- TERM CONSUMER CREDIT STATISTICS (supplemencember 1954. 8 pages. tary details for item listed above), April 1953. 25 pages. CREDIT AND MONETARY EXPANSION IN 1954. February 1955. 8 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. THE FEDERAL BUDGET FOR 1956. February 1955. 11 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA. May 1953. 6 pages. BANKING AND MONETARY STATISTICS, 1954. (Se- WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE lected series of banking and monetary statistics CORPORATIONS. July 1953. 12 pages. for 1954 only) February 1955. 8 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DOLLAR FLOWS AND INTERNATIONAL FINANCING. DEPARTMENTS (Revised Indexes) November March 1955. 8 pages. 1953. 65 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DE- EXTENSIONS AND REPAYMENTS OF CONSUMER IN- POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. STALMENT CREDIT. January 1954. 14 pages. March 1955. 4 pages. BANK CREDIT AND MONEY IN 1953. February 1954. PRELIMINARY FINDINGS OF THE 1955 SURVEY OF 6 pages. CONSUMER FINANCES. March 1955. 3 pages. MARCH 1955 355 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 • FEDERAL RESERVE BRANCH CITIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 8P I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis