Federal Reserve Bulletin, 1955-04

F E D E R AL E S E R VE BULLETIN APRIL 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 United States Banks and Foreign Trade Financing. . 357-367 Current Events and Announcements. . 368 National Summary of Business Conditions. . 369-370 Financial, Industrial, Commercial Statistics, U. S. (See p. 371 for list of tables). 371-431 International Financial Statistics (See p. 433 for list of tables) . 433-451 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 452 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 453 Federal Reserve Board Publications. . 454-455 Map of Federal Reserve Districts. . 456 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 April 195 5 NUMBER 4 UNITED STATES BANKS AND FOREIGN TRADE FINANCING1 The flow of world trade depends in part on Over the period from the end of the financial and credit facilities supplied by Second World War to December 31, 1953, commercial banks and trading firms. In the outstanding amounts of short-term credgeneral, commercial banks participate in in- its to foreigners reported by United States ternational trade financing on a short- or banks fluctuated around one billion dollars, intermediate-term basis by advancing funds about the same level as in the early thirties or by lending their names to credit instru- but above levels of the latter part of that ments. Bank policies and procedures vary decade. Failure of such credits to expand from country to country, however, because markedly contrasted with the notable growth of differences in development of financial or- of United States and world trade from preganization, in importance of foreign trade war to postwar years. to the economy, and in ability to provide or During 1954, there were indications of obtain external credit. greater interest on the part of United States The role of United States banks in the banks in financing international transactions, international field may be described from and outstanding short-term credit to fortwo points of view. First, the extent to which eigners reported by commercial banks rose banks finance world trade may be analyzed 360 million dollars. This was the largest on the basis of available information dealing annual increase of the postwar period and with the volume and sources of international brought the total outstanding at the year-end credit. Secondly, the role of United States to the highest level since 1931. In general, banks may be compared to that of foreign however, United States banks have been banks; although comparable data on finan- less active in the field of international finance cial activities are lacking, there may be some than banks of certain other countries, which significance in a comparison of the number have traditionally placed more emphasis on and distribution of foreign offices maintained foreign trade and investment. by United States banks to those maintained Growth in foreign financing by United by banks of other leading countries. States banks has contributed to the gradual revival of effective international money mar- 1 This article was prepared by Frank M. Tamagna, Chief, kets. A significant rise in outstanding bankand Stephen IT. Axilrod, Economist, of the Financial Operaers' acceptances last year was an aspect of tions and Policy Section of the Board's Division of International Finance. It is an adaptation for the BULLETIN- of this process. This growth has permitted a paper prepared in connection with an internal Federal modest acquisitions of acceptances by the Reserve System study of the international activities of United States banks. Federal Reserve Bank of New York, under APRIL 1955 357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKS AND FOREIGN TRADE FINANCING the direction of the Federal Open Market dollars at the end of last year, and those of Committee. traders were 886 million. Only about 15 per cent of all short-term claims were in CHARACTERISTICS OF FOREIGN FINANCING BY the form of deposit balances held by United UNITED STATES SOURCES States banks and traders with foreign banks. United States commercial banks and trad- Claims on foreigners represent primarily ers—including exporters, importers, and insums disbursed and outstanding under credit dustrial and commercial firms—reported outarrangements between United States banks standing foreign credits (claims on foreignand their foreign offices, correspondents, and ers) of 2,361 million dollars at the end of clients, but they also include claims arising 1954, as shown in the following table; more from transactions between United States and than three-fourths of these claims repreforeign businesses and individuals (exclusive sented short-term credit, having a maturity of financing extended by business companies of less than one year. This article is focused to their foreign branches or subsidiaries). on short-term foreign credits extended by Holdings of foreign long-term securities are banks, which are for the most part directly excluded. related to the financing of exports, but it Banks also participate in financing the also discusses short-term credits extended to international movement of goods through foreigners by traders. transactions that do not give rise to claims on TABLE 1 foreigners. Import financing, for example, CLATMS ON FOREIGNERS REPORTED BY BANKS AND TRADERS usually involves a relationship between a DECEMBER 31, 1954 bank and its customer in the United States [In millions of dollars! and from this point of view is a domestic Banks operation which does not give rise to a Traders Total claim on a foreigner. Also, bank loans or For own For account collection lines of credit to domestic producers and Short-term 950 302 584 1,836 exporters facilitate foreign trade by enabling Other 423 102 525 the producer or exporter to extend credit Total 1,373 302 686 2,361 abroad on his own account. In addition, NOTE.—Preliminary data. Excludes claims reported by Federal the issuance or confirmation by American Reserve Banks. Short-term claims reported by banks banks of sight letters of credit related to totaled 1,252 million dollars, while traders United States exports, though involving a reported 584 million. Bank claims, how- foreign correspondent, usually does not reever, included 302 million of items held for sult in any actual lending of funds by docollection largely on behalf of customers. mestic banks.2 When the letter of credit These items do not represent credits ex- 2 There arc no figures available on the outstanding volume tended by banks to foreign obligors, although of such letters of credit; however, some indication of their magnitude relative to claims on foreigners may be obtained banks often have outstanding advances to from figures reported by 15 large banks. At the end of 1954 domestic customers against them. Since most these banks had 142 million dollars in confirmed letters of credit outstanding to Latin America (the only area for collection items are actually claims of bank which such information is available), and this figure in customers, they are so treated in this article large part represented sight letters of credit. At the same wherever possible. Adjusted on this basis, time, outstanding short-term claims (excluding collection items) on Latin America held by these banks were about short-term claims of banks were 950 million 310 million dollars. 358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKS AND FOREIGN TRADE FINANCING results in actual lending, the amount is re- ment purchases the goods and loans are ported as a claim on foreigners. repaid out of the proceeds. Some part of the short-term claims of TRENDS IN EXPORT FINANCING United States banks on foreigners represents The magnitude and trend of United States financing of transactions between foreigners, export financing by domestic banks and tradreflecting mostly movements of goods beers is indicated by outstanding short-term, tween foreign countries. In the past this type claims on foreigners since the early thirties of international banking function was exas reported by these sources and shown in ercised predominantly by British and other Table 2. Short-term claims reported by banks European banks, and foreign banks have (including collections) are the only figures remained active in this field during the postavailable as far back as 1931, and that series war years. will be used for the analysis in this section. About 200 million dollars of claims on Data on gross foreign credits extended by foreigners reported by affiliates and agencies United States sources and on the average of foreign banks located in the United States maturity of such credits would provide more are included in the figures. These agencies direct measures of export financing, but these are active in financing trade between the types of data are not available. United States and foreign countries. TABLE 2 The credits other than short-term that are SHORT-TERM CLAIMS ON FOREIGNERS RF.PORTED BY BANKS extended to foreigners by commercial banks AND TRADERS represent mostly financial transactions fully [In millions of dollars] secured by gold or equivalent collateral or Banks credits that would not have come into exist- End of year Traders ence without guaranty or commitment of the Total F a o c r c o o u w n n t coll F e o c r tion United States Government. For example, 1954 1 .252 950 302 584 United States commercial banks had out- 1953 890 642 248 493 1952 1.019 574 445 504 standing at the end of 1954 some 275 million 1951 968 664 304 498 1950 898 692 206 456 dollars of credits under arrangements that 1948 829 n.a. n.a. 393 require the foreign borrower to maintain 1938 594 n.a. n.a. 640 full collateral in gold or United States Gov- 1931 1 , 103 n.a. n.a. n.a. ernment securities; these credits represented n.a. Not available. largely financial transactions not directly NOTE.—Preliminary data. Excludes claims reported by Federal Reserve Banks. related to trade and for the most part had The relation between private financing original maturities of more than one year. facilities and export trade is influenced by the In addition, banks had 120 million dollars fact that export of goods may not require of credits outstanding that had been extended financing from banks or traders. For into foreign customers with Export-Import stance, some exports are tied to specific Bank guaranty. Also, under the offshore Government loans, to Government grants procurement program, United States banks for economic aid, or to private long-term have extended some credit to finance the pro- investments. These "tied" exports generally duction of goods abroad under contract ar- do not require bank or trade financing, rangements whereby the Defense Depart- although commercial banks may make short- APRTL 1955 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKS AND FOREIGN TRADE FINANCING term advances or provide other facilities This left to banks and traders practically all incidental to such capital and export trans- financing of merchandise exports. In the actions. The prewar and postwar trends postwar period the outflow of long-term of financing by banks and traders, in rela- private investment funds has been higher tion to total United States exports and to than in the thirties and Government grants estimates of exports not financed by long- and loans have been large, especially in the term capital and aid, are shown in the accom- 1946-51 period. Nevertheless, the volume of panying chart. The latter volume of ex- trade that might have required financing by ports has been approximated by deducting banks or traders has increased greatly. from total exports estimates of those exports While outstanding short-term credit to financed directly by outflows of private long- foreigners reported by United States banks term capital investments, Government eco- has expanded recently, it is still much less nomic grants, and Government loans. important relatively than in the thirties. In the thirties, when world economic From 1945 through 1953, the ratio of shortactivity was at a low ebb, the outflow of term claims reported by banks to annual United States long-term private investment merchandise exports remained between 6 was small compared to the level reached dur- and 9 per cent. During this period, with the ing the late twenties, and United States Gov- exception of 1950, the ratio of these claims ernment grants and loans were negligible. to estimates of exports not financed by longterm private investments and Government FINANCING OF U. S. EXPORTS loans and grants was in the neighborhood Billions of dollars Ratio scale 20.0 of 10 per cent and in 1954, when United U. S. MERCHANDISE EXPORTS: States banks were more active in foreign lending, it rose to 12 per cent. In prewar 10.0 years, however, ratios of claims to the two 8.0 categories of exports were much higher— between 45 and 50 per cent in 1931 and 6.0 EXCLUDING EXPORTS TIED TO GOVT. GRANTS AND LOANS - around 20 per cent in 1938. AND TO PRIVATE LONG-TERM INVESTMENT 4.0 These developments in international financing by banks contrast with the course of 3.0 bank credit extended for domestic economic 2.0 activity. A more than four-fold expansion in United States gross national product (from 85 billion to 357 billion dollars) between 1938 and 1954 was accompanied by a similar 1.0 increase in commercial and agricultural loans .8 to domestic customers (from 6 billion to 28 .6 billion dollars) at all member banks of the .5 Federal Reserve System. 1931 '33 37 '39 '46 '48 '50 '52 1954 The change since the early thirties in the NOTE.—Exports are annual totals and exclude grant-financed military supplies. Estimates of exports tied to Government proportion of exports financed by banks degrants and loans and to private long-term investment are derived on the basis of data for long-term private investment pends in part on factors other than those and gross outflows of Government grants and loans reported by the Department of Commerce. Claims are for year-end dates, and those for banks include collection items. shown in the chart. One of these is the rate 360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKS AND FOREIGN TRADE FINANCING of turnover of claims on foreigners. The ing of maturities, has presumably been com- 1.1 billion dollars of claims outstanding at pensated for by an expansion of credit from the end of 1931 included some foreign assets foreign banks to their own customers. on which collections were slow, and the DISTRIBUTION OF FINANCING decline in claims during the late thirties, The distribution of foreign financing by when exports tended to rise, may have re- United States banks and traders may be flected in part liquidation of slow assets. analyzed from the standpoint of the various Claims on Germany, which were affected by areas within the United States providing such standstill agreements, were 40 per cent of financing, or from the standpoint of the rethe total at the end of 1931. In the postwar cipient foreign areas and countries. years, however, banks have also held over- United States areas of origin. As might be due claims on a number of countries; for expected, by far the greater part—nearly example, the rise in claims during 1951 and three-fourths—of all foreign financing from 1952 reflected largely the accumulation of bank and trade sources originated in the New overdue claims on Brazil. York Federal Reserve District, as shown in Another factor that affects the rate of Table 3. Following in order of importance turnover is the original maturity of United were the San Francisco District (11 per cent) States bank loans to foreigners. This may and the Chicago District (6 per cent). have shortened from prewar to postwar years. By and large, banks recently have preferred TABLE 3 financial arrangements that either involve a SHORT-TERM CLAIMS ON FOREIGNERS, BY FEDERAL RESERVE DISTRICT, DECEMBER 31, 1954 * contingent liability with their own funds fin millions of dollars] actually not used or involve use of their funds Federal Reserve district Banks2 Traders2 Total for very short periods only—usually during the initial phase of export transactions, such New York . ... 724 610 1,334 San Francisco 166 32 198 as the movement of goods to port of ship- Chicago 16 98 114 Cleveland 9 53 62 ment in the United States or to port of des- Boston . . .. 20 23 43 24 24 tination abroad. With shorter maturities, Philadelphia 3 17 20 Dallas 8 10 18 the proportion of United States exports fi- M At i l n a n n e t a a polis 2 6 9 1 6 1 St I-/Ouis 2 3 5 nanced by banks may not have declined to Kansas City 1 1 the extent indicated by the decline in out- All districts 950 886 1,836 standing claims. 1 Preliminary data. Excludes claims reported by Federal Reserve Banks. Shorter maturities on foreign credits ex- 2 Items held for collection by banks on behalf of their domestic customers have been excluded from bank claims and included tended by United States banks have much with trade claims. the same effect for foreign borrowers as Financing by traders was significantly a decline in the amount of credit granted. larger than that by banks in the Chicago, In both instances additional or longer-term Cleveland, Richmond, and Philadelphia Disfinancing is required from other sources to tricts.' In these four districts, manufacturers support a given volume of United States and exporters accounted for credits of 192 exports. The decline from prewar to post- million dollars, about 70 per cent of the war years in trade financing by United aggregate foreign credits outstanding at the States banks, because of a relatively smaller end of 1954 from trade sources outside the amount of credits and possibly some shorten- New York District. APRIL 1955 361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKS AND FOREIGN TRADE FINANCING Recipient foreign areas. The distribution its amounted to more than two-thirds of of short-term financing among foreign areas United States exports to Turkey, about tworeflects largely the flow of United States fifths of exports to Brazil and Colombia, and exports. In 1954 the Western Hemisphere, one-fifth of exports to Mexico and Cuba, as which absorbed about half of United States shown in Table 4. Although direct particiexports, also utilized half of the financing pation of United States banks in the financprovided by banks and traders. Western ing of trade with the United Kingdom ap- European countries obtained more than one- pears to be moderate, their sterling balances fourth of United States export trade and one- with British banks together with claims of third of United States financing. Asia's share traders brought outstanding claims of United in United States export trade, about one- States banks and trade sources to more than sixth, was somewhat larger than its share one-third of 1954 exports to the United Kingof financing from United States banks and dom. traders, which was about one-ninth. The decline over the period 1931-54 in The distribution of exports and financing short-term financing by banks in relation varied greatly among countries. The ten to trade reflected varying trends among difcountries with the largest amount of credit ferent areas. A sharp decline in the ratio outstanding at the end of 1954 received, as a for European countries resulted from a regroup, about 60 per cent of United States ex- duction in bank claims as trade expanded. ports and accounted for two-thirds of total For the countries of Latin America as a outstanding short-term foreign credits of group, the decline in the ratio was relatively United States banks and traders. These cred- moderate since the large rise in exports to TABLE 4 RELATION OF SHOUT-TERM CLAIMS ON FOREIGNERS TO UNITED STATES EXPORTS, BY AREAS AND SELECTED COUNTRIES, 1954 Short-term claims on foreigners:2 Ratio of claims to exports U. S. Area or country exports to area1 A s l o l u U rc . e S s . Banks3 Traders3 A s l o l u U rc . e S s . Banks Traders (In millions> of dollars) In per cent] Western Hemisphere 6,109 959 481 478 16 8 8 Western Europe 3,353 606 346 260 18 10 8 Asia 1 917 205 105 100 11 5 5 All others 806 66 18 48 8 2 6 Total—world 12,185 1,836 950 886 15 8 7 United Kingdom 689 246 4159 87 36 23 13 Brazil . . 450 195 105 90 43 23 20 Canada 2,764 161 71 90 6 3 3 Mexico ... 627 142 105 37 23 17 6 Colombia 341 125 60 65 37 18 19 Cuba . ... 428 86 60 26 20 14 6 Venezuela 530 84 32 52 16 6 10 Germany 490 78 60 18 16 12 4 Japan 677 65 44 21 10 6 3 Turkey 81 56 39 17 69 48 21 Total—10 countries 7,077 1,238 735 503 17 10 7 its of grant-financed military supplies. udes claims reported by Federal Reserve Banks, have beeii excluded from bank claims and included with e claims. 4 Of this amount 113 million dollars represents sterling deposits of U. S. banks with British banks. 362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKS AND FOREIGN TRADE FINANCING that area was accompanied by some increase In 1931 deposit liabilities of United States in outstanding credit. commercial banks to foreigners were smaller Short-term claims of banks were about 8 than their claims on foreigners, as the chart per cent of total United States exports in shows. By 1938, following the large inflow 1954, while claims of traders were 7 per cent. of foreign funds seeking a safe haven in Banks were predominantly responsible for the United States and the contraction of the extension of credit to Mexico, Turkey, credits during the depression, foreign de- Germany, Cuba, and Japan. Trade sources posits at commercial banks exceeded outprovided a larger share of the outstanding standing claims on foreigners by 550 million short-term credit to Venezuela, while banks dollars. Between 1938 and 1954 the excess and traders each provided about half of the increased to 5.1 billion dollars as foreign decredit outstanding to Brazil, Colombia, and posits at commercial banks rose from 1.1 Canada. billion to 6.5 billion, while bank claims on GROWTH OF FOREIGN LIABILITIES OF foreigners (excluding collection items) rose UNITED STATES BANKS to 1.4 billion. To summarize: in 1931 United The relatively constant level of foreign States banks were net lenders of commercial financing by United States banks since the credit to the rest of the world, but in 1954 thirties contrasts strikingly not only with they showed a net debit position as a result the great expansion of world trade but also of their accumulation of foreign deposits. with the large movement of foreign funds About three-fourths of all foreign deposits to the United States. in commerical banks at the end of 1954 were held for accounts of foreign monetary FOREIGN LIABILITIES AND ASSETS OF U. S. BANKS authorities and banks, which in postwar Billions of dollars years have come to keep a large part of their reserves and working balances in this country. In addition, commercial banks held in custody for foreigners 1.4 billion dollars of short-term United States Government securities and other short-term paper. Another view of the foreign operations of United States banks is the relationship between foreign and total business as shown in Table 5 for fifteen leading banks engaged in foreign business at the end of 1954. For ten leading banks in the Second District (New York), foreign deposits were 14 per cent of total deposits while claims on foreigners were only 7 per cent of total loans and bills discounted. In the case of five 1931 1938 1950 1954 NOTE.—Year-end figures. Liabilities represent foreign de- leading banks outside the New York District, these ratios were 5 and 4 per cent, respeccluded for 1931 and 1938 (breakdown not available) and tively. excluded for 1950 and 1954. 363 APRIL 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKS AND FOREIGN TRADE FINANCING TABLE 5 volume of business to justify establishment and maintenance of a foreign organization. RELATIVE IMPORTANCE OF FOREIGN BUSINESS OF SELECTED LEADING BANKS, DECEMBER 31, 1954 Distribution of foreign offices. In the ab- [Dollar amounts in millions] sence of any other yardstick by which to measure the relative volume of international 10 New 5 banks Item Y C o it r y k N o ew ut s Y id o e rk 1 T 5 o b t a a n l, ks business carried out by banks of different banks1 District2 nationalities, it is interesting to compare the Assets extent to which banks have found it desirable Total loans and bills dis- to establish offices in foreign countries. In counted $11,660 $6,720 $18,380 Claims on foreigners3 $785 $248 $1,033 1954, as Table 6 shows, some 100 leading Ratio, claims to total (per cent) banking institutions and 60 affiliated organ- Liabilities izations, representing about 20 nationalities, Total deposits $26,300 $13,300 $39,600 Deposits of foreigners $3,737 $725 $4,462 maintained about 1,250 foreign offices (in- Ratio, foreign deposits to total (per cent) 14 11 cluding branches, agencies, and representative offices). United States banks had some 1 Banks in New York Federal Reserve District that reported deposit liabilities to foreigners of 100 million dollars or more. 2 Banks outside the New York Federal Reserve District that reported deposit liabilities to foreigners of 20 million dollars or more. TABLE 6 aExcludes items held for collection. NOTE.—Data include wholly owned subsidiaries of these banks. PRINCIPAL BANKS WITH FOREIGN OFFICES, 19541 COMPARISON OF FOREIGN BANKING FACILITIES Number of banks Number with foreign offices of foreign Country of branches, The role of United States banks in financ- ownership or control agencies, Parent Affiliated or ing foreign trade may be indicated in part banks banks offices by comparing their foreign banking organi- United States 8 4 2112 zation with those of other countries. The Sterling Area, total 34 12 596 choice by a bank of its method of operating United Kingdom 20 12 3500 Rest of Sterling Area .14 96 in foreign countries depends on numerous Continental Europe, total 35 42 376 factors such as legal considerations, the France 12 22 119 extent and nature of its international busi- Netherlands 3 1 66 Italy 6 6 65 Belgium 5 6 19 ness and the direction in which it desires Switzerland 4 1 10 Other 5 6 497 to develop this business, and the form Canada 6 2 118 of organization maintained by the bank in Tapan 6 1 20 its own country. In general, banks con- Other 10 26 duct their business in the international field Total 99 61 1,248 through branches or agencies, affiliates or subsidiaries, representative offices, and cor- 1 Includes foreign branches, agencies, and representative offices. Branches of a metropolitan country's banks in its overseas terrirespondents. Each method has advantages tor 2 i E es x c a l r u e d e e x s cl b u r d a e n d c . hes of United States banks in the Canal Zone and Guam. and disadvantages. The maintenance of cor- 3Excludes more than 1,000 branches in South Africa and Southwest Africa of the British-owned Standard Bank of South Africa, respondent relations with foreign institutions Ltd. and Barclays Bank D. C. O.t as well as almost 1,400 branches in Australia and New Zealand of the British-owned Australian appears more or less indispensable for any and New Zealand Bank, Ltd.; English, Scottish and Australian Bank, Ltd.; and National Bank of New Zealand, Ltd. These bank engaged in international transactions, branches are considered to function primarily as local banks, and offices and branches of these banks in other countries, including while the establishment of foreign offices, the United Kingdom, are considered as foreign offices for purposes of this table. either in the form of branches or through 4Includes branches outside Turkey of the Ottoman Bank, which is of mixed French and British ownership. subsidiaries and affiliates, requires a sufficient Source.—Based on data in Bankers Almanac and Yearbook, 1954-55. 364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKS AND FOREIGN TRADE FINANCING 110 of these offices. Twenty banks owned by countries were represented abroad by less British nationals controlled 500 foreign of- than 50 offices. fices, the largest number. When these are Foreign offices of United States banks are combined with almost 100 foreign offices of less widely distributed than those of some 14 banks of other Sterling Area countries, other nations, as shown in Table 7. Foreign they constitute the most extensive banking offices of British and other European banks network in the world that is tied together by are located in all parts of the world; naturally a community of interests, practices, and cur- there are a large number of British offices rency. in the Sterling Area and of European offices Continental European banks and their af- on the Continent, but most offices of British filiates, some 75 in number, maintained about and European banks are located in other 375 foreign offices; the leading French, parts of the world. Latin America is served Dutch, Italian, Belgian, and Swiss banks are about equally by offices of United States, represented in this group, as well as banks British, European, and Canadian banks; the of other and mixed European nationalities. latter are largely concentrated in the Carib- Canadian banks had about 120 branches bean area. Foreign branches in the Middle abroad, while banks of all other foreign East are almost entirely those of British and European banks; and European, British, and, TABLE 7 to a lesser extent, United States banks are in LOCATION or FOREIGN BRANCHES, AGENCIES, OR OEFICES OF the Far East. London remains the world PRINCIPAL BANKS, 1954 center in which there is the largest concen- [Number] tration of offices of foreign banks, followed Nationality of parent bank by New York and Paris. w C hi o a c u h re n a t l r o y i c n a o te r d U S n ta it t e e d s U K d n i o i n m t g e - d S A R li t o r e n e e f s g r a t - C n r e o o E n p n u t t e - a i 1 l - C a a d n a - O e t r h- Total t it h s e e P l r f n e u d a m o m m b i e e n a r a s n u o c r f e e f o o o f f r e B f i o r g i r n t e i s ig h b n r b a a n b n c u h \ s s e i . n s e s i A s s , l t n a h o o c t o u m g b h y parison of the number of bank offices main- United States. 5 10 11 13 48 tained abroad and the volume of foreign United Kingdom 13 -'12 12 91 8 6 72 trade suggests that banks of the British Com- Rest of Sterling Area 4 220 56 33 43 13 369 monwealth continue to play a predominant Continental role in providing banking facilities for serv- Europe 13 66 58 1 4 142 icing and financing the international move- Canada . .. 3 1 4 Latin America3. 65 54 48 55 1 223 ment of goods. British banks maintain 40 Middle East per cent of the number of foreign offices, and Africa3.. 110 2 118 6 236 although the trade of the United Kingdom Far East* 17 30 21 68 3 139 and its dependencies is about 15 per cent of All areas. . 112 500 4 96 5376 118 46 61,248 the world total. To these may be added banks 1 Includes the Ottoman Bank, which is of mixed French and from other countries of the Sterling Area British ownership. 2includes offices and branches in the United Kingdom of the Australian and New Zealand Hank, Ltd.; English, Scottish and and Canada, which together maintain 15 Australian Bank, Ltd.; National Bank of New Zealand, Ltd.; Standard Bank of South Africa, Ltd.; and Hong Kong and Shanghai per cent of foreign offices, compared to a Banking Corp. See footnote 3 of Table 6. ;J Excluding Sterling Area countries. similar share in world trade. 4Includes 5 branches whose location is not known. 6 5 I I n n c c l l u u d d e e s s 1 1 5 0 b b r ra a n n c d h ie e s s w w h h o o s s e e l l o o c c a a t t i i o o n n i i s s n no o t t k k n n o o w w n n . . Banks of continental European countries Source.—Based on data in The Bankers Almanac and Yearbook* maintain about one-third of the foreign of- 1954-55. APRIL 1955 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKS AND FOREIGN TRADE FINANCING fices and these countries, along with their Other factors, however, reduced the inoverseas territories, account for about the centives for commercial banks to supply forsame proportion of world trade. On the eign credits. During most postwar years other hand, United States banks have less United States domestic demand for credit than 10 per cent of the total number of for- was so large that banks had little incentive eign banking offices, while this country con- to seek foreign outlets for their resources. tributes more than 15 per cent of world trade. Moreover, the persistence of exchange con- Banks of other countries, which have 20 trols hampered the international flow of per cent of world trade, maintain less than short-term credit. 5 per cent of all foreign branches. The relatively less extensive system of for- Over the period 1931-54, the number of eign branches maintained by United States foreign offices of both United Kingdom and banks may be explained partly by the fact United States banks apparently declined that United States foreign trade expansion slightly. With respect to the United King- on a large scale has been comparatively redom, this decline reflects largely acquisitions cent, while the development of an internaby local interests of some banks previously tional banking organization is a slow process controlled by United Kingdom nationals. involving experimentation and risks and re- Those British banks which reported foreign quiring the gradual building-up of a highly offices in both 1931 and 1954 expanded the specialized staff. When foreign countries number of these offices about 20 per cent; established their great international banks thus, the leading present-day British banks in the latter part of the nineteenth and early that maintain such offices have tended to part of the twentieth centuries, they were expand their foreign organizations. A simi- aided by an environment of comparatively lar comparison for United States banks shows stable, free exchanges and of competitive a decline of about 15 per cent. trade. Moreover, the United Kingdom and other European countries had extensive over- CONCLUSIONS seas territories. United States banks estab- In view of the relatively constant level of lished their foreign branches largely after outstanding claims of United States banks World War I, when unstable currencies and and traders on foreigners from the thirties trade restrictions were becoming prevalent. to the present and the marked expansion of Most United States banks, under these cirexports, foreign importers of United States cumstances, apparently have found corregoods are currently more dependent than in spondent relationships adequate for the conthe previous period on financing from for- duct of the volume of international business eign sources. In the sellers' market which which they have been transacting. prevailed in the world economy during most Recently there has been a gradual easing of the postwar period, United States export- of trade and exchange restrictions of foreign ers in order to meet competition did not need countries, and this contributed to the growth to offer credit facilities on their own account in 1954 of foreign financing by United States or through banks. Also, a large volume of banks. Accompanying these tendencies, there United States Government grants and loans has been some revival of acceptance financreduced to some extent the pressure for ing by United States banks. Outstanding financing by banks or traders. bankers' acceptances rose about 300 million 366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKS AND FOREIGN TRADE FINANCING dollars in 1954 to 873 million at the year-end, of view, acceptances are a convenient, flexsomewhat above levels of the mid-1920's. ible, and economical form of financing. The Nearly two-thirds of the total outstanding recent growth in bankers' acceptance financwas based on international transactions, and ing has permitted the Federal Reserve Bank the remainder on goods stored in or shipped of New York, under direction of the Federal between points in the United States. Open Market Committee, to make modest Because bankers' acceptances are the pri- purchases of acceptances from dealers. Some vate short-term paper most comparable to of these transactions were outright purchases Treasury bills in terms of safety and liquid- and some were made under repurchase arity, they have been in demand as investments rangements with dealers for limited periods. by foreign central banks and other foreign As of April 13, 1955, the Federal Reserve holders of dollar balances, as well as by Bank of New York held 17 million dollars domestic sources. From the traders' point of such paper. APRIL 1955 367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Appointment of Class C Director and Deputy Chairman pointed a director of the San Antonio Branch of On April 5, 1955, the Board of Governors an- the Federal Reserve Bank of Dallas for the term nounced its appointment of Mr. Oscar B. Jesness, ending December 31, 1957. Mr. Thomas succeeded Head of the Department of Agricultural Economics, Mr. Henry P. Drought, Attorney at Law, San University of Minnesota, St. Paul, Minnesota, as a Antonio, Texas, whose term expired and who was director of the Federal Reserve Bank of Minneapolis appointed a Class C director of the Federal Reserve for the term ending December 31, 1957, and Deputy Bank of Dallas. Chairman for the remaining portion of the year Data for Historical Supplement to the Monthly Federal 1955. Mr. Jesness succeeded the late Mr. Paul Reserve Chart Book E. Miller, formerly Director, University of Minnesota Agricultural Extension Division, St. Paul, A mimeographed set of data is available for the Minnesota, who resigned to accept appointment September 1954 edition of the historical suppleas a member of the Board of Governors of the ment, providing figures for charts for the period Federal Reserve System. September 3, 1954-April 15, 1955. Copies may be obtained upon request from the Division of Admin- Appointments of Branch Directors istrative Services, Board of Governors of the Fed- On April 6, 1955, the Board of Governors an- eral Reserve System, Washington 25, D. C. nounced its appointments of the following Branch directors: Admissions of State Banks to Membership in the Mr. Tyrus R. Timm, Head of the Department Federal Reserve System of Agricultural Economics and Sociology, A. and The following State banks were admitted to M. College of Texas, College Station, Texas, was membership in the Federal Reserve System during appointed a director of the Houston Branch of the the period February 16, 1955 to March 15, 1955: Federal Reserve Bank of Dallas for the term ending California December 31, 1955. Mr. Timm succeeded Mr. Chas. N. Shepardson, Dean of Agriculture, A. Hawthorne. . . .Pacific State Bank. and M. College of Texas, College Station, Texas, Florida who resigned to accept appointment as a member Crestview. . Bank of Crestview. of the Board of Governors of the Federal Reserve System. Tables Published Annually and Semiannually, with Mr. John C. Flanagan, Vice President and Gen- Latest BULLETIN Reference eral Manager, Texas Distribution Division, United Semiannually Issue Page Gas Corporation, Houston, Texas, was appointed Banking offices: a director of the Houston Branch of the Federal Analysis of changes in number of... Feb. 1955 208 On, and not on, Federal Reserve Par Reserve Bank of Dallas for the term ending De- List, number of Feb. 1955 209 cember 31, 1957. Mr. Flanagan succeeded Mr. Annually Earnings and expenses: Ross Stewart, Chairman of the Board of Directors, Federal Reserve Banks Feb. 1955 206-207 Member banks: Stewart & Stevenson Services, Inc., Houston, Texas, Calendar year May 1954 524-534 wrhose term expired. First half of year Oct. 1954 1118 Insured commercial banks May 1954 535 Mr. Alex R. Thomas, Vice President, Geo. C. Banks and branches, number of, by class and State Apr. 1955 430-431 Vaughan & Sons, San Antonio, Texas, was ap- Operating ratios, member banks Aug. 1954 900-902 Banking and monetary statistics, 1954 Feb. 1955 210-216 368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication April 14] Economic expansion continued in March. Indus- early April. With auto markets unusually strong, trial production rose further to near-record levels, output of new cars was at a new record rate in and construction activity was maintained in record March and continued at advanced levels in early volume. Employment and income advanced fur- April. Steel production reached 93 per cent of ther, and unemployment declined seasonally. Retail capacity in March and 95 per cent in the first half sales increased moderately and were up sharply from of April, with ordering reported heavy from most a year earlier; auto sales were at a new high. Aver- steel consuming lines. age wholesale commodity prices advanced some- Output of nondurable goods rose somewhat furwhat from mid-March to mid-April. Demand for ther in March reflecting mainly further gains in hank credit continued strong. output of chemical, paper, and leather products from very high levels. Petroleum refining opera- INDUSTRIAL PRODUCTION tions declined somewhat in March and early April Output at factories and mines, as measured by from the peak rates reached at the end of February. the Board's seasonally adjusted index, rose 2 points further in March to 135 per cent of the 1947-49 CONSTRUCTION average—a rate close to the mid-1953 high of 137. Construction contract awards increased in March Output of nondurable goods and of minerals in to the largest dollar volume for any month on rec- March was back to earlier highs, while durable ord except May 1951, when large atomic energy goods production was still below mid-1953, owing awards were made. The number of housing units mainly to substantially lower output of military started increased about seasonally and continued at equipment. an adjusted annual rate of 1.4 million units. Total Durable goods production recovered further in value of new construction put in place was main- March as output of producers' equipment, con- tained at a record seasonally adjusted annual rate of sumer goods, metals and building materials con- 41 billion dollars, reflecting sustained high levels tinued to rise. Activity in some industrial machin- for all major types of building. ery lines and farm equipment expanded further, EMPLOYMENT and, following model changeovers in February, truck production increased sharply in March and Manufacturing employment showed a large fur- INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED Millions of dollars PRIVATE RESIDENTIAL PRIVATE —j 800 NONRESIDENTIAL A 1952 1953 1954 1955 1952 1953 1954 1955 1954 1955 Federal Reserve indexes. Monthly figures, latest shown are F. W. 'Dodge Corporation data for 37 Eastern States. for March. M.onthly figures, latest shown are for March. APRIL 1955 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS ther rise in March and seasonally adjusted employ- ucts. Zinc prices, which had been unchanged since ment in all nonagricultural establishments increased last September, were advanced 4 per cent. Reto 48.7 million, 300,000 above a year ago. The fined copper prices were raised another 10 per cent average factory work-week rose further to 40.7 in domestic markets and various copper products hours as compared with 39.5 a year ago. Reflecting were increased further. To help ease the supply higher wage rates as well as longer hours, average situation for copper and aluminum, 17,500 tons factory weekly earnings rose to a new record of of copper and 75,000 tons of aluminum scheduled $75.30, 6 per cent above a year ago. Unemploy- for delivery to the Government during the second ment in early March was down about seasonally quarter will be made available to domestic indusfrom the February winter peak, and at 3.2 million try. In mid-April, copper scrap prices declined was about 500,000 below a year ago. moderately. DISTRIBUTION BANK CREDIT AND RESERVES Dealers' sales of new as well as used autos in Total loans and investments at banks in leading March exceeded those in any previous month. With cities increased somewhat between early March and pre-Easter sales at many other outlets up, total re- early April. Expansion in bank loans was offset tail sales were about 8 per cent above a year ago only in part by some reduction in bank holdings and, after seasonal adjustment, somewhat above the of U. S. Government securities. These holdings January-February rate. The Board's index of de- declined in March, as maturing tax certificates were partment store sales in March continued at 112— redeemed and other maturities were sold, but down from the December-January highs. Dealers' increased in early April when banks acquired new" auto stocks rose only moderately further in March tax certificates. and were under monthly sales levels. Free reserves of all member banks declined further in March, averaging about 100 million dol- COMMODITY PRICES lars. In late March and early April, member bank The general level of wholesale commodity prices borrowing from the Reserve Banks exceeded memadvanced somewhat from mid-March to mid-April. ber bank excess reserves. Currency outflows and Hog prices recovered in March from earlier very increases in required reserves absorbed reserves over low levels, as marketings declined. Fresh fruits the period. In late March and early April, the and vegetables advanced, in part because of frost Federal Reserve Bank of New York purchased damage. Average prices of industrial materials bankers' acceptances, both for its own account and rose somewhat to mid-April, reflecting chiefly con- under repurchase agreements with dealers—the tinued strength in demand for metals and prod- first such purchases since the spring of 1951. A rise in the discount rate from ll/ per cent to 1% per 2 LOANS AND INVESTMENTS cent was initiated by the Federal Reserve Bank of MEMBER BANKS IN LEADING CITIES Biltipns of dolla Kansas City, and approved by the Board of Governors, effective April 14. SECURITY MARKETS Yields on U. S. Government securities rose generally during the last half of March. Intermediate and long-term Government yields leveled off in early April. Short-term yields rose steadily, with the average weekly rate on 90-day bills advancing from a low of 1.23 per cent in mid-March to over 1.6 per cent in the second week of April. Yields on corporate and municipal bonds declined slightly during the latter part of March and early April. Common stock prices increased to slightly above Federal Reserve data. Weekly figures, latest shown are for their early March highs. Apr. 6. 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 373-374 Federal Reserve Bank rates; margin requirements; reserve requirements 374-375 Reserves and deposits of member banks 376 Federal Reserve Bank statistics 377-379 Regulation V: guaranteed loans, fees, and rates 379-380 Bank debits and deposit turnover; Postal Savings System. . 380 Money in circulation 381 Consolidated statement of the monetary system; deposits and currency 382 All banks in the United States, by classes 383-385 All commercial banks in the United States, by classes 386-387 Weekly reporting member banks 388-389 Commercial paper and bankers' acceptances 390 Life insurance companies; savings and loan associations 391 Government corporations and credit agencies 392-393 Security prices and brokers' balances 394 Money market rates; bank rates on business loans; bond and stock yields 395 Treasury finance ... 396-401 New security issues.... 402 Business finance 403-404 Real estate credit statistics : 405-407 Statistics on short- and intermediate-term consumer credit 408-410 Business indexes 411-420 Merchandise exports and imports 420 Department store statistics 421-425 Consumer and wholesale prices 426-427 Gross national product, national income, and personal income 428-429 Number of banks and branches in operation on December 31, 1954. . 430-431 List of tables published in BULLETIN annually or semiannuaily, with references for latest data 368 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 scries 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. APRIL 1955 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, 1951. Billions of Dollars 25 II ESWE93 HE9EKYC9 _• ^ 35 DISCOUNTS AND ADVANCES I FEDERAL RESERVE FLOAT ^W^^MJUAWNA^^ 4 ^A 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Mar. 30. See p. 373. 372 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 Pe]riod U.S. Go B v o t ug s h e t cur u H i n e t d i l e e d r s c D o a i u n s n d - ts Float o A t l h l - Total s G t o o l c d k T r o c r u e u u e n r t r a y c - - s y - M c o c u i i n l r n a e - - y T h c r u o a e r l s a y d h s - - T t w r h r e i e a a t s n s h e - r m F v e . e m F b R o b a . r e l - r a B n a b c n O e a k t s n s h , k - O s F e t R e e r h e r d a e v - - l r e r i. e o M i s e e • m rv b e R e e b r a - l b a a n n c k e E s x- Total out- repur- ad- er1 stand- tion ings ury eign er ac- 1(3tai quired2 cess2 right cnase vances ing de- de- de- counts agree- posits posits posment its Averages of daily figures Week ending: i 1954 Feb. 3 24,662 j24,654 8 226 558 225447 21,963 4,898 29,965 799 405 450 372 830|19 19059 428 Feb. 10.... 24,869!24,803 66 375 552 2125798 21956 4,900 29,941 807 589 458 371 82919659- 18986 673 Feb. 17. ...24,89524,806 89 316 702 2|25916 21,957 4,904 29,915 811 627 488 503 864195691 18916 653 Feb. 24 24,72324,723; 215 796 9 25735 21,957 4,905 29,836 815 558 461 448 91219569! 18867 702 Mar. 3.... 2452324,523 282 738 9I25545 21,958 4,911 29,895 817 517 481 413 9091938?| 18831 551 Mar! 10!!!! 2467624,662 14 256 684 2i25617 21,960 4,916 29,916 818 566 460 385 9081944i! 18765 676 Mar. 17. ...2463324629 4 186 689 225509 21, 963 4,919 29,859 816 242 530 289 912 19 744! 19,018 726 Mar. 24 24621J124 597 24 177 766 2!25565 21,964 4,923 29,722 806 487 505 317 918119697I 19017 680 Mar. 31 24649!24636 13 190 703 2i25544 21.965 492.8 29663 809 670 486 399 91819492! 18759 733 Apr. 24632'24632 153 583 2!25,370 21,965 4933 29780 819 526 507 399 93619300l 18595 705 Apr. 14!!!!2464324632 11 156 597 lj25397 21,966 4938 29817 823 650 503 379 93519194i 18595 599 Apr. 21....246322463? 141 955 125,730 ? 1,967 4945 29780 831 680 461 574 933• 9384; 18612 772 Apr. 28!!!!2463224632 148 672 125,453 21,968 946 29652 827 495 456 388 920 1963()| 18654 976 May 5 2463224632 158 634 125.426 21,969 4950 29738 826 586 503 351 85019490! 18769 721 May 12. . .2 .4652!24632""26 184 541 125379 21.970 4952 29810 829 453 572 370 84819,418. 18708 710 May 19 24659=24640 19 143 739 1.25, 542 21,971 4955 29769 838 551 532 411 862195061 18785 721 May 26 24709||24 709 164 638 125,512 21,972 4957 29707 829 397 500 437 88019, 690:18924 766 June 2 24812|[24812 216 613 125,642 21,966 4958 29874 827 452 521 458 87819,555| 18912 643 June 9. ...2496024960 170 670 125,802 21,924 4958 29928 823 342 549 358 87719,805! 18885 920 June 16!!!!2495524955 142 665 125,764 21,925 4957 29870 813 341 549 227 91019,934' 19043 891 June23 2501824986 32 194 920 126,134 21, 926 4 955 29793 806 757 547 296 99819.8I81 18958 860 June30 2511324980 133 157 630 125,901 21,926 4956 29813 812 1,010 579 384 99619,188: 18349 839 July 7 2508225038 44 71 675 l\25,829 21,927 4959 30066 821 464 588 413 986 j 19,377| 18419 958 July 14 2491224912 68 710 j|25,691 21,929 4958 30099 811 392 765 359 986 19,166j 18404 762 J J u u l l y y 2 2 1 8 2 2 4 4 5 7 1 6 7 5 2 2 4 4 5 7 1 6 7 5 1 7 6 3 8 8 5 3 9 3 0 * 1 i| 2 2 5 5, , 6 2 7 7 3 7 2 2 1 1 , , 9 9 3 2 1 4 4 4 9 95 5 9 8 2 2 9 9 9 81 3 5 2 8 8 0 0 7 6 4 5 9 5 9 1 6 5 5 6 1 9 4 4 2 2 8 0 9 9 8 6 3 3 1 1 9 9 , ,0 2 3 6 6 1 | ! 1 1 8 8 3 3 5 4 6 7 9 6 0 8 5 9 Aug. 4 2432524325 175 653 l!!25,154 21,908 4960 29890 802 742 526 455 90818,698! 17666 1,032 Aug. 11 2404024023""'17 287 598 124,925 21,901 4959 29932 803 584 544 430 905118,5861 17688 898 Aug. 18 2398023876 104 229 723 124,933 21,858 4960 299.19 805 558 579 452 914 18,525 17662 863 Aug.25 2381323747 66 178 698 124,690 21,858 4 961 29850 807 566 557 450 92718,353 17627 726 Sept. 1 2393823845 93 185 576 124,699 21,837 4962 29887 808 551 465 516 92618,346 17603 743 Sept. 8 2401323977 36 147 598 124,759 21,809 4965 30046 802 479 518 428 92318,336 17556 780 Sept.15 2403524035 189 714 124, 939 21,809 4967 30073 795 558 559 432 92518,373 17594 779 Sept.22!!!!23,789 23789 141 977 124,908 21,810 4967 29969 793 446 514 435 93418,596 17691 905 Sept.29. 23868 123868 191 627 124,687 21,810 4 968 29888 795 652 511 437 93318,250 17663 587 Oct 6. . . 2.4492 24 492 179 667 125,338 21,810 4971 30010 793 676 484 452 94818,756 17894 862 Oct. 13. . .2 4.60624581 25 259 599 125,465 21,810 4972 30143 790 594 466 472 950 18,832| 18201 631 Oct. 20 |24,487 24456 31 284 927 125, 699 21,788 4 973 30125 796 570 443 440 95019,136 18269 867 Oct. 27 2438124381 257 721 125,360 21,759 4973 30028 801 567 442 411 94918,895 18224 671 Nov. 3 24,464 24,448 16 355 617 125,436 21,759 4976 30088 806 669 432 472 89518,810 18,233 577 Nov. 10 24,754 24,745 9 277 669 125,701 21,752 4977 30206 796 362 423 394 88619,364 18,244 1,120 Nov. 17 24,685 24,685 271 751 125,708 21,709 4978 30262 799 397 425 324 88319,306 18,423 883 Nov.24....24,553 24,553 300 1,046 125,900 21, 7094980 30318 800 576 409 399 88219,205 18,524 681 Dec. 1 24,722 24,715 7 498 698 125,918 21,710 4982 30466 806 605 396 405 88119,052 18,464 588 Dec. 8 24,891 24,889 2 465 724 126,080 21,710 4982 30623 806 535 361 408 87719,162 18,444 718 Dec. 15. . .2 .4,919 24,888 31 442 810 1J26,172 21,711 4982 30755 812 363 405 398 89119,241 18,555 686 Dec.22. . . .24,92824,888 40 311 1,373 1126,612 21,712 4982 30885 800 345 443 346 97519,512 18,690 822 Dec.29 24,918 24,888 30 377 1,138 1 |26,433 21,712 4982 30828 801 453 523 295 97619,250 18,630 620 1955 J J a a n n . . 1 5 2. . . 2 2 . 4 4 , ,5 9 3 1 2 8 2 2 4 4 , ,5 8 1 7 1 4 4 2 4 1 3 5 7 0 2 41 8 7 8 5 5 6 1 1 j 2 2 5 6, ,7 1 9 7 2 6 2 2 1 1 , ,7 7 1 1 3 2 4 4, 9 9 8 84 4 3 3 0 0 3 5 6 0 1 1 8 8 1 0 4 4 4 3 4 7 9 8 4 5 9 2 3 7 4 4 1 0 3 9 9 90 1 5 61 1 9 9 , , 2 1 6 3 3 0 1 1 8 8 , ,4 5 3 8 6 0 6 6 8 9 3 4 Jan. 19.. . .24,155 24,128 27 445 881 1|25,482 21,714 4985 30 079 818 275 516 413 90219,176 18,383 793 Jan. 26 23,683 23,671 12 453 806 1 ,942 21,714| 4,985 29,866 827 272 422 280 90119,074 18,429 645 Feb. 2 23,8521123,844 8 524 666 11.25,042 21,714i 4,988 29,767 834 431 441 419 89918,952 18,361 591 Feb. 9 24,016J23, 902 114 555 640 1[25,212 21,715 4,988 29,794 827 472 447 480 89519,000 18,272 728 Feb.16 93908|l23,827 81 387 668 1124,964 21,715 4, 989 29,782 824 399 486 458 91318,806 18,236 570 Feb.23 23,732 23,732 395 804 J24,932 21,716 4,990 29,771 825 490 390 486 95918,716 18,108 608 Mar. 2....23, 60423,604 490 797 1124,892 21,716 4, 995 29,796 827 575 324 48.1 95718,642 18,089 553 Mar. 9....23,604 23, 604 479 789 124,873 2.1,717 4, 995 29,81.9 828 548 364 476 95518, 596 18,018 578 Mar.16 23, 60623,604 2 483 719 1124,809 21,717 4. 995 29.833 817 356 422 358 95718.779 i'\ 8,152 ?>627 Mar.23. . . .23, 66423,604 60 630 1,032 125,327 21,718 4, 995 29,793 818 887 339 435 96418,804 Pi 8.139 J»665 Mar.30.... 23,604 23,604| 745 677 1 25,028 2.1,719 4,997 29,716 826 1,000 338 490 96418,408 P!7,934 P474 Monthly: 1954-Mar.. .24,633 24,620 13 205 712 225,553 21,963 4,920 29,800 813 490 494 352 91319,573 18,881 692 Apr...24,635 24,632 3 1511 696 125,483 21,966 4,941 29,755 825 584 481 427 92619,392 18,627 765 May. .24,689 24, 680 9 172 640 125,503 21,9711 4,954 29,7731 830 486 531 412 86419,533 18,817 716 June..24,998 24,960 38 166 710 1 125,876 21,927 4,956 29,856 815 602 553 321 94119,670 18,813 857 July...24,771 24,761 10 104 695 1|I25,571 21,926 4,959 29,968! 810 498 632 409 97319,164 18,329 835 Aug...23,989 23,930 59 210 654 1J24,855 21,87.11 4,960 29, 896 806! 591 536 464 91618.4781! 17,638 840 Sept...23,941 23,928 13 170 725 1'24,838 21,8091 4,967 29,991 7961 541 522 431 92918,403 17,628 775 Oct. . .24,485 24,472 13 254 720 1N25,459 21,787 4,973! 30,078 797 610i 455 444 94418,893 18,173 720 Nov...24,661124,654 7 3451 769 1i25.776 21,724 4,979 30,287 800 492! 416 393 883 19,207 18,393 814 Dec...24,917 24,888 29 4071 992 1 .317 21,7111 4,982 30,749 805 443 439 365 929|19,279 18,576 703 1955-Tan...24,200i 24,182! 18 444j 805 12 5,449! 21,71.4i 4,985 30,110! 819i 341 477 383 90319,114 18,432 682 Feb... 23,83823,787! 51 473 710 1 '25,021! 21,715' 4, 990 29,784 826 477 420 473 927 18,819 18,195 624 Mar.. .23.619 23,604 15 566 804! 1!24.989: 21,718| 4. 996 29, 790 S23 690 363 442 96()li8,635 p Preliminary. For footnotes see following page. APRIL 1955 373 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 er v F e . R ba . la B n a c n e k s, s O F t e h d e - r reserve balances p D e o r a i r t o e d Total B r o o ig u u h t g - t ht a u r c H g e n h p r e d a e l u s e d e e r r - - v c D o a a a n u n d is n d c - - e ts s Float o A t l h l - Total s G to o c ld k s r o c e t i a u n n u n r g c t - - d y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - T p u o d re r e s y - a it s s - p F e o d i o g e s - r i n - ts O d e t e r h - - c s o e R e a r u r c e a v - n - l e ts Total qu R ir e e - d; c E es x s - 1 ment Midyear or year-end: 1929—June. 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 2,220 4,031 2,286 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 2,409 634 397 256 251 11,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 2,36122,737 3,247 11,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—Dec. 24,262 24,262 249 578 25,09120,065 4,339 2288,515 2.287 977 862 446 495 15,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 23,18122,754 ,56228,868 1,336 870 392 569 563 17,899 16,400 1,499 1949—Dec. 18,885 18,885 78 534 19,49924,427 4J598 2—7 .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 4,636 27,741 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 4,709 29,206 1,270 247 526 363 74620,056 19,667 389 1952—Dec. 24,697 24,034 663 156 967 25,,825 23,187 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—June. 24,746 24,718 28 64 601 25,41422,463 4,854 3300,125 1,259 132 527 176 951 19,561 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 Mar 24,632 24,632 147 535 25,316 21,965 4,935 29,707 819 722 494 363 917 19,194 18,689 505 Apr 24,632 24,632 172 576 25,382 21,969 4,95129,735 819 579 471 321 85019,528 18,844 684 May 24,812 24,812 245 723 25,78121,973 4,95729,870 820 408 527 645 878 19,563 18,891 672 June 25,03725,037 37 567 25,64221,927 4.959 29,922 811 875 545 377 988 19,011 18,412 599 July 24,325 24,325 184 672 25,18321,908 4.960 29,892 798 716 533 503 908 18,702 17,763 939 Aug 24,023 23,894 129 200 473 24, 6"9"6 21,809 4,966 29,929 811 511 477 501 925 18,316 17,572 744 Sept 24,27024,270 132 779 25,183 21,810 4,97229,985 786 704 461 422 931 18,676 17,724 952 Oct 24,381 24,381 297 721 25,40121,759 4,97730,074 806 729 426 496 884 18,722 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 24,932 24,888 143 808 25,88521,713 4,985 30,509 796 563 490 441 907 18,876 18,618 258 1955 Jan.. 23,885 23,882 475 600 24,960 21,714 4,98929,780 837 360 441 419 89918,918 18.337 581 Feb.. 23.605 23,605 485 678 24,769 21,716 4,99629,817 828 564 320 433 957 18.562 18.091 471 Mar.. 23,61223,604 391 659 24,667 P21.719P4,997 29,794 P824 724 351 448 959 18,283 P17.911 P372 Wednesday 1955 Jan. 5.... 24,83824,838 358 1,010 26,20721,712 4,984 30,434 813 222 564 905 19,566 18,565 1.001 Jan. 12 24,52-124,497 27 537 678 5^739 21,713 4,98430,196 821 457 503 387 904 19,170 18,389 781 Jan. 19.... 23,909 23,899 10 298 875 25,08221,714 4,98529,959 827 160 475 391 902 19,066 18,415 651 Jan. 26 23,674 23,671 3 446 607 24,7—28 21,714 4,98529,752 834 396 434 220 901 18,890 18,440 450 Feb. 2.... 23,926 23,902 24 680 655 25,26221,714 4,98829,758 834 503 419 455 89819.090 18,369 730 Feb. 9 24,016 23,902 114 335 522 24,873 21,715 4,989 29,779 830 307 471 457 895 18,838 18,233 605 Feb. 16 23,732 23,732 535 803 25,07121,715 4.989 29,743 830 495 428 419 958 18,903 18.204 699 Feb. 23 23,732 23,732 392 544 24,668 21,716 4,99229,793 828 554 329 432 960 18.479 18,075 404 Mar. 2 23,604 23,604 385 823 24,813 21,716 4,99529,776 835 589 329 955 18,555 18,113 442 Mar. 9 23,60423,604 488 621 24,714 21,717 4.99529,816 827 500 392 417 953 18,521 18,002 519 Mar. 16 23,604 23,604 369 1,028 25,00221,717 4,99529,801 822 185 336 246 965 19,360P18,329 Pl.031 Mar. 23 23,60423.604 535 763 24,904 21,718 4,99529,719 833 755 351 406 964 18,588^18,101 Mar. 30 23,60423,604 691 552 24,848 21,719 4,99729,738 829 851 356 437 964 18,388 I7,892 M96 ^Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 These 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 Jan. 17, Feb. 20, Effec- Jan. 31, 1935 Dec 31, 1935 Jan. 1,1936 Prescribed in accordance with 1951- 1953- tive Securities Exchange Act of 1934 Feb. 20. Jan. 4, Jan. 4, 1953 1955 1955 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months and dealers on listed securities 75 50 60 In less than 90 days For short sales 75 50 60 Regulation U: 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. 374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Federal Reserve Bank A a o d d b v v l a i a g n n a c c t e e i ( s o s S n s e s s e e e c s c a u . u n r 1 r e d e 3 d d d a b i n b s y d y c o e 1 l u G i 3 g n o a i t b s v ) 1 l e e o r f n p m a a n p e d e n r t Other [ S s e e c c . u r 1 e 0 d ( b a )] dvance! o b b a l n i ( k g la s a s t t s i o e p n c a u s r r . o e f d S e t b h c y e . 1 U d 3 i . ) r S ec . t Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Mar. 31 beginning— rate Mar. 31 beginning— rate Mar. 31 beginning— rate Boston Apr. 27, 1954 2 Apr. 27,1954 i* Feb. 5,1954 New York.... Apr. 16, 1954 2 Apr. 16,1954 Jan. 16,1953 Philadelphia.. May 21, 1954 2 May 21,1954 Jan. 16,1953 Cleveland Apr. 23, 1954 2 Apr. 23,1954 Aug. 17,1953 Richmond May 15, 1954 2 May 15,1954 3 Jan. 23,1953 Atlanta May 15, 1954 2 May 15,1954 Feb. 9,1954 Chicago Apr. 14, 1954 2 Sept. 13,1954 Aug. 13,1948 St. Louis Apr. 23, 1954 2 Apr. 23.1954 May 18,1953 Minneapolis. . Apr. 29. 1954 Apr. 29,1954 3 Jan. 26,1953 Kansas City.. Apr. 23, 1954 I* Feb. 12,1954 Jan. 16,1953 Dallas Apr. 23, 1954 Apr. 23,1954 Jan. 23,1953 San Francisco Apr. 16, 1954 Apr. 16,1954 3 Jan. 20,1953 2 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics. Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS MEMBER BANK RESERVE REQUIREMENTS AND COMMITMENTS UNDER SECTION 13B Per cent of deposits] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Net demand deposits1 [In effect March 31. Per cent per annum! Time deposits To c b o i u n m s d i m u n s e e t s r r s c i e i a a s l l or To financing institutions Eff o e f c t c i h ve 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 ba e ( n m a k l b l s e ) r Federal On discounts or 1917—June 21 13 10 R B es a e n r k ve On On purchases On 1 1 9 9 3 3 6 7 — — M A M u a a g y r . . 1 1 1 6 2 26 2M 2 1 1 0 7 5 34 14 loans1 co m m e m nt i s t- fo P r o w rti h o i n ch Re- c m om en m ts it- 1938—Apr. 16 22M 1734 12 institu- maining 1941—Nov. 1 26 20 14 tion is portion 1942—Aug. 20 24 obligated Sept. 14 22 Oct. 3 20 N C B Ph l o e e i w s l v t a o e d Y n la e o n lp r d k hia 8 8 < 8 () •) 1948— J S S F u e e e n p p b e t t . . . 1 2 2 1 1 4 7 6 2 2 4 2 22 16 3 27 7 3 > , Richmond 8 8 1949—May 1 15 27 Atlanta May 5 24 21 3 7 Chicago June 30 20 36 St. Louis July 1 14 2 6 Minneapolis.... Aug. 1 13 Kansas City.... 8 Aug. 11 19J4 35 Dallas Aug. 16 12 2 5 San Francisco... Aug. 18 23 19" Aug. 25 22^ Sept. 1 22 18 2 to * 2 1 e R R x In c a a c e t t e l e e u d c d c h i 1 h n a a g p r r g e g l e r e o d d a c n e b s n b o t o r m r r a o r a b o w d o w e e v r e e i r n l . t e h p s e s a r c d ti o i c s m i c p o m a u 4 t i n R i t o m t a n e t r e a n w t t e i c t . h r h a a t r f e g in . e a d n c b in o g rr o in w s e t r i tu b t u io t n n s. ot 1951— J J F J a a a e n n n b . . . . 1 1 2 6 1 5 1 . . '2 2 4 3 * " 2 19 6 14 3 2 6 6 ^Charge of 34 per cent per annum is made on undisbursed portion of loan. 1953—July 1. 13 •Charge of 34 P«r cent per annum is made on undisbursed portion July 9. 22 19 of loan. 1954—June 16 25 Back figures.—See Banking and Monetary Statistics, Table 118. pp. June 24 21 35 446-447. July 29 20 18 Aug. 1 12 In effect Apr. 1, 1955* . 20 18 12 5 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. * Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. APRIL 1955 375 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 j: city banks Re- • All city banks Re- Month, or mem- serve I Month, or mem- serve Counweek ending Wednesday- ber city ! week ending Wednesday ber city try banks New Chi- banks banks New Chi- banks banks York cago York cago Total reserves held: Excess reserves:1 1953—December 19,920 ,762 1,295 7,962 1953—December 693 14 85 594 1954—January 20,179 ,863 1,320 8,065 1954—January 936 146 162 621 February 19,557 . 4,652 1,269 7,825 February 632 8 83 548 December 19,279 ,508 1,210 7,927 December 704 12 91 602 1955—January 19,114 ,410 1,203 7,881 1955—January , 682 8 87 584 February 18,819 . 4,380 1,183 7,726 February 625 30 79 516 Feb. 16 18,806 ,373 1.182 7,739 Feb. 16 568 8 66 492 Feb. 23 18.716 ,347 1,177 7,685 Feb. 23 607 45 64 502 Mar. 2 18,642 I 4,348 1,173 7.658 Mar. 2 552 8 72 472 Mar. 9 18.596 ! 4,354 1,162 7,612 Mar. 9 578 6 85 488 Mar. 16 .18,779 1 .150 7,653 Mar. 16 "626 25 68 "539 Mar. 23 18,804 4,397 1 .139 7,684 Mar. 23 "664 14 63 "587 Mar. 30 .18,408 4,361 1,115 7,571 Mar. 30 "474 26 -3 58 "393 Borrowings at Federa Required reserves:1 2 Reserve Banks: 1953—December 19,227 :. 4,748 1,295 7,877 5,307 1953—December 434 115 37 178 104 1954—January 19,243 I, 4,7171,313 7.903 5,311 1954—January , 100 1 58 42 February 18,925 i! 4,645 1 ,276 7 ,742 5,262 February 293 36 46 148 63 December 18,576 '4,497 1,210 7,836 5,032 December 246 62 15 117 52 1955—January 18,432 4,402 1,200 7,794 5,036 1955—January 313 77 57 124 55 February 18,195 4.350 1,183 7,646 5,015 February 354 50 38 189 77 Feb. 16 18,236 4,364 1 .180 7,673 5,019 Feb. 16 267 24 30 137 76 Feb. 23 .18.108 4,302 1,181 7,621 5,004 Feb. 23 273 16 10 180 67 Mar. 2 18.089 4,339 1.1 73 7,586 4,991 Mar. 2 383 12 43 211 117 Mar. 9 .18,018 4,348 163 7,526 4,981. Mar. 9 371 21 50 209 91 Mar. 16 "18,152 4.433 1 ,156 7,585 "4.978 Mar. 16 375 25 82 156 112 Mar. 23 "18,139 4,383 1,138 7,621 "4.997 Mar. 23 527 16 208 221 82 Mar. 30 »17,934 4,335 1 .118 7,513 "4,968 Mar. 30 652 15 220 286 131 i "Preliminary. •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. Back figures. See Banking and Monetary Statistics, pp. 396-399, and BULLKTIX for February 1955, pp. 210-211. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago February 1955 February 1954 Gross demand deposits: Total 112,981 23,368 6,214 43,969 39,430 108,189 22,703 6,080 41,840 37,566 Interbank . . 12,614 4,018 1,162 6,155 1 279 12 443 3,981 1 .228 6.070 1,164 Other 100,367 19,349 5,052 37,814 38,151 95,746 18,723 4,852 35,770 36,402 Net demand deposits2 98,486 20.873 5,586 38,084 33,944 94.175 20,293 5,461. 36,172 32,250 Time deposits 39,493 3,517 1,319 15,820 18,837 36,565 3,008 1,238 14,488 17,831 Demand balances due from domestic banks... 1,976 6,354 49 115 4,214 6,251 55 112 1 ,947 4,137 Reserves with Federal Reserve Banks: Total 7,726 Required3 1188 ,189159 44,,338500 11,,118833 7,646 55 ,051351 1198 ,952557 44,.665425 11 ,2,27669 77,,784225 55,.821612 Kxce^ 625 30 79 516 632 8 -7 83 548 Borrowings at Federal Reserve Banks 354 50 38 189 77 293 36 46 148 63 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. 376 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 Mar. 30 Mar. 23 Mar. 16 Mar. 9 Mar. 2 Mar. Feb. Mar. Assets Gold certificates 20,178,103 20,178,100 20,183,102 20,178,104 20,174,101 20,178,104 20,174,101 20,399,102 Redemption fund for F. R. notes. . 848,824 851,459 849,720 853,248 857,766 848,824 857,766 878,976 Total gold certificate reserves. 21,026,927 21,029,559 21,032,822 21,031,35221,031,86721,026,928 21,031,86721,278,078 F. R. notes of other Banks... 202,052 216,005 207,094 205,483 213,030 190,914 199,146 155,130 Other cash 410,052 412,095 406,590 420,292 441,662 408,801 445,127 427,475 Discounts and advances: For member banks 597,753 441,601 262,028 371,269 278,733 298,052 378,743 131,864 For nonmember banks, etc.. 93,333 93,333 106,667 116,667 106,667 93,333 106,667 15,000 Industrial loans 521 675 698 475 527 515 534 1,470 Acceptances purchased , 3,766 U. S. Government securities: Bought outright: Bills 883,244 883,244 883,244 883,244 883,244 883,244 883,244 1,910,975 Certificates: Special Other 9,960,141 9,960,141 9,960,141 9,960,141 9,960,141 9,960 141 ,960,141 6,051,191 Notes 9,959,471 9,959,471 9,959,47.1 9,959,471 9,959,471 9,959 471 ,959,471 13,029,021 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801 750 ,801,750 3,641,150 Total bought outright 23,604,606 23,604,606 23 ,604,60623,604,606 23,604,606 23,604 60623,604,60624,632,337 Held under repurchase agreement. 8 000 Total U. S. Government securities. 23,604,606 23,604,606 23,604,60623,604,606 23 ,604,606 23,612 ,606 23 ,604,606 24,632 ,337 Total loans and securities 24,296,213 24,140,215 23,973,999 24,093,017 23,990,533 24,008,272 24,090,550 24,780,671 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items. . 3,789,790 4,548,136 5,927,844 3,715,318 4,323,147 3,598 053 3,489,899 3,844,884 Bank premises 55,964 56,071 55,997 55,538 55,48.1. 55 927 55,432 52,910 Other assets 144,624 138,891 132,777 139,600 132,856 145 536 129,925 164,697 Total assets. 49,925,644 50,540,994 51,737,145 49,660,622 50,188,598 49,434,453 49,441,968 50,703,867 Liabilities Federal Reserve notes 25,490,568 25,496,706 25,556,397 25,588,26125,585,550 25,528,38525,608,616 25,486,575 Deposits: Member bank—reserve accounts.. 18,387 82618,588,35119,360,4361.8,521,06018554,60218,283,27518,561,75419194,192 U. S. Treasurer—general account. 851 306 755,080 185,245 500,138 589,350 723,968 564,049 722,054 Foreign 355 779 350,946 336,366 391,748 329,278 350,544 319,784 493,801 Other 437 412 406,281 245,617 416,924 486,021 448,363 433,308 362,892 Total deposits. 20,032,32320,100,658 20,127,66419,829,87019,959,251 19,806,15019,878,89520,772,939 Deferred availability cash items 3,238 206 3 ,784,748 4,899,638 3,093,865 ,500,226 2,939,163 2,811,959 3,309,596 Other liabilities and accrued dividends. 16390 15,430 14,767 14,435 14,577 15,857 14,683 18,081 Total liabilities. 48,777,48749,397,542 50,598,466 48,526,43149,059,604 48,289,555 48,314,153 49,587,191 Capital Accounts Capital paid in , 293,904 293,758 293,586 293.471 293,100 290,038 293,065 270,208 Surplus (Section 7) 660,901 660,901 660,901 660,901 660,901 660,901 660,901 625,013 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 165,809 161,250 156,649 152,276 147,450 166,416 146,306 193,912 Total liabilities and capital accounts. 49,925,64450,540,994 51,737,14549,660,622 50,188,598 49,434,453 49,441,968 50,703,867 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.2 46.1 46.0 46.3 46.4 46.2 46.0 Contingent liability on acceptances purchased for foreign correspondents , 29,134 28,796 29,031 29,001 28,082 28,985 28,154 12,916 Industrial loan commitments 3,513 3,359 3,180 3,285 3,233 3,519 3,226 2,957 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total. 691,086 534,934 368,695 487,936 385,400 391,385 485,410 146,864 Within 15 days 588,203 432,690 263,432 360,101 255,135 287,176 315,890 129,939 16 days to 90 days 49,550 35,577 38,596 61,111 63,537 50,876 102,792 16,925 91 days to 1 year 53,333 66 667 66,667 66,724 66,728 53,333 66,728 Industrial loans—total. . . 521 675 698 475 527 515 534 1,470 Within 15 days 109 111 117 17 17 17 17 152 16 days to 90 days 5 5 17 100 101 3 1C2 .15 91 days to 1 year 247 399 474 286 337 335 343 1,256 Over 1 year to 5 years 160 160 90 72 72 160 72 47 Acceptances purchased 16 days to 90 days 3,766 U. S. Government securities—total. ,604,606 23,604 606 23,604,606 23,604,606 23,604,606 23,604,60623,604,606 24,632,337 Within 15 days , 196,200 206,750 236,550 83,950 136,400 39,300 92,600 344,750 16 days to 90 days , ,373,410 2,362,860 2,333,060 2,485,660 2,433,210 ,530,310 2,477,010 3,252,591 91 days to 1 year ,519,398 15,519 39815,519,39811,507,39811,507.398 ,519,398 11,507,39812,277,575 Over 1 year to 5 years ,087,127 3,087,127 3,087,127 7,099,127 7,099,127 ,087,127 7,099,127 6,307,260 Over 5 years to 10 years , ,013,614 1,013,614 1,013,614 1,013,614 1,013,6.14 ,013,614 1,013,614 1,035,304 Over 10 years ,414,857 1,414,857 1,414,857 1,414.857 1,414,857 ,414,857 1,414,857 1,414,857 1 Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. APRIL 1955 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 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 in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificates. 20,178,104 997,530 5,575,729 1[,231,2891,685,55 =1,163,950 869,4823,362,862 789,836 389,224 898,574 841,636 2,372,437 Redemption fund for F. R. notes. 848,824 52,423 179,217 56,561 75,230 67,352! 52,772 147,219 46,594 24,423 39,335 28,385 79,313 Total gold certificate reserves. . 21,026,928 1,049,953 5,754,946 1,287,8501,760,7851,231,302 922,2543.510,081 836,430 413,64 937,909 870,0212,451,750 F. R. notes of other Banks... 190,914 8,180 29,834 10,212 10,897 9,338 68,658 14,271 5,688 3,414 4,167 9,456 16,799 Other cash 408,801 33,715 86,563 15,009 43,785 18,500 37,477 70,967 20,989 10,858 12,369 15,852 42,717 Discounts and advances: Secured by U. S. Govt. securities. . . 297,688 4,618 27,260 11,340 7,660 12,435 25,825 149,670 3,570 41,725 10,660 2,600 325 Other 93,697 5,684 27,253 6,813 8,493 4,667 4,013 13,257 3,547 2,333 3,637 4,387 9,613 Industrial loans.. 515 424 91 Acceptances purchased 3,766 3,766 U. S. Government securities: Bought outright 23.604.60t 1,302,455 6,029,372 1,436,529 2,023,0801,390,2641,202,2064,126,510 987,735 579,6581,018,397 927,519 2,580,881 Held under repurchase agreement... 8,000 8,000 Total loans and securities 24,008,272 1,312,757 6,095,651 1,455,1062,039,2331,407,3661,232,044 4,289,437 994,852 623,807 1,032,694 934,5062,590,819 Due from foreign banks 22 1 16 1 1 3 1 1 1 1 2 Uncollected cash items 3,598,053 258,039 656,204 214,081 351,363 264.451 272,080 598,510 143,981 95,995 208,810 195,326 339,213 O Ba th n e k r p a r s e s m ets ises.. . 1 5 4 5 5 , , 9 53 2 6 7 5 7 , , 8 6 3 8 4 6 35 7 , ,1 3 6 1 5 9 1 | 8 5 , , 5 2 5 4 2 9 12 5, , 2 5 2 4 1 8 4 8 , , 4 51 4 0 3 4 7 , , 1 9 0 0 8 3 2 6 6 , , 2 5 2 84 5 6 2 , ,8 3 1 7 5 4 3 1 , , 4 08 5 2 9 3 6 , , 0 0 7 4 2 3 6 1 , , 7 29 4 0 4 9,423 15,814 Total assets 49,434,453 2,676,165 12,665,688 2,996,0614,223,834 2,943,9112,544,5258,516,078 2,011,1301,152,263 2,205,0652,033,1965,466,537 Liabilities F. R. notes 25,528,385 1,555,479 5,766,941 ,787,218 2,338,5771,824,6201,308,607 4,970,3841,151,546 568,448 1,019,274 711,6532,525,638 Deposits: Member bk.— reserve accts. 18,283,275 5,530,88; 834,577 1,402,505 742,837 862,4602,744,054 639,413 420,281 937,155 1,000,6432,418,373 U. S. Treas.— gen. acct.. .. 723,968 42,493 61,098 76,890 52,439 65,914 71,873 122,369 37,521 41,823 27,980 79,87.1 43,697 Foreign 350,544 20,940 a 103,42 7 25,477 31,759 17,450 15,00 48,860 13,262 8,725 13,262 16,403 35,972 Other 448,363 2,504 362,888 10,662 7,521 2,821 1,530 2,357 7,886 1,16C 2,572 1,364 45,089 Total deposits.. . 19,806,150 816,027 6,058,300 947,606 1,494,224 829,022 950,8702,917,640 698,082 471,998 980,9691,098,2812,543,131 Deferred availability cash Ot i h te er m s liabilities 2,939,163 234,697 515,050 177,165 285,370 228,913 232,223 462,613 115,407 81,389 159,068 168,937 278,331 and accrued dividends 15,857 879 3,992 964 1,853 699 742 2,995 588 46 596 590 1,492 Total liabilities. . 48,289,555 12,607,08212,344,283 2,912,953 4,120,0242,883,254 2,492,4428,353,632 1,965,6231,122,3022,159,907 1,979,4615,348,592 Capital Accounts Capital paid in. . 290,038 15,213 87,260 19,364 27,831 13,1.85 12,747 38,928 10,203 6,493 1.1,214 15,000 32,600 Surplus (Sec. 7). . 660,901 40,309 188,070 47,773 60,222 33,480 29,480 96,566 26,619 16,918 24,755 29,985 66,724 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 166,416 10,550 38,756 11,482 14,751 10,643 9,094 25,523 8,164 5,477 8,052 7,443 16,481 Total liabilities and capital accounts 49,434,453 2,676,16512,665,6882,996,0614,223,8342,943,9112,544,5258,516,0782,011,130 1,152,2632,205,0652,033,19f 5,466,537 Reserve ratio 46.4% 44.3% 48,7% 45.9% 46.4% 40.8%, 44.5% 45.2% 39.8%; 46.9% 48.1% 48.4% Contingent liability on acceptances purchased for foreign correspondents 28,985 1,746 «8,382 2,124 2,648 1,455 1,251 4,074 ,106 728 1,106 1,368 2,997 Industrial loan commitments.. 3,519 436 598 33 97 15 2,340 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $247,092,000 participations of other Federal Reserve Banks. 3After deducting §20,603,000 participations of other Federal Reserve Banks. 378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1955 1955 1954 Mar. 30 Mar. 23 Mar. 16 Mar. 9 Mar. 2 Mar. Feb. Mar. F. R. notes outstanding (issued to Bank) 26,435,28126,451,763 26,501,63526,528,584 26,569,35626,426,991 26,589,57726,714,686 Collateral held against notes outstanding: Gold certificates 11,008,00011,008,00011,208.00011,208,00011,208.00011,008.00011,208,00011,093.000 Eligible paper 210.293 143.006 133,148 182,161 161,815 84,847 150,586 74,417 U. S. Government securities 17,065,00017,065,00017,065,00017.065,00017,065,00017,065,0001.7.065,00017.155,000 Total collateral 28,283,29328,216,00628,406,148 28,455,16128,434.815 28,157,84728,423,586 28,322,417 EACH FEDERAL RESERVE BANK ON MARCH 31, 1955 [In thousands of dollars] San Item Total Boston Y N o e r w k d P e h lp il h a i - a C 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 r is a c n o - F. R. notes outstanding (issued to Bank) 26,426,991 1,628,631 5,920,001 1,855,545 2,471,8311,873,3501,368,9625,068,860 1,200,726608,314 1,047,265753,448 2,630,058 Collateral held: Gold certificates 11,008,000 640,000 2,670,000 800,000 1,050,000 675,000 500,000 2,200,000 355,000 1 75,000 28800,,000000 283,0001,380,000 Eligible paper.. 84,847 4,702 11,340 12,435 3,570 41,725 10,750 325 U. S. Govt. securities 17,065,000 1,200,000 3,600,0001,200,000 1,500,0001,300,0001,000,000 2,900,000 920,000 500,000 800,000 525,0001,620,000 Total collateral... 28,157,847 1,844,7026,270,000 2,011,3402,550,000 1,987,4351,500,0005,100,000 1,278,570716,725 1,090,750 808,0003,000,325 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 y E m e n a o d r n t o o h f r A a p p t p o p l i r c d o a a v t t i e e o d ns b p p u c l r A e o o t t m p v e n - e d - o d 1 t s (a t L a m o n o o u d a u t i n - n n s g t) 2 s C t m a o o n m e u d n m t i - t n s i g t-o in P p t f g u a a o f t t r i i u i i t n n o o i t a s - c n n n t i s s i - c - - Gua a r [ u a A t t o n h m t o e d o r e a i u d z te n e t d l s o a in n s thousand o G s u u t o a s l f o t r a a a d n n n o d s te l i l e n a d g rs] a A v a a d m i d l i a o t b i u o l n e n t a t l o N b u e m r - Amount (amount) (amount) s ( t a a m nd o i u n n g t * ) y E e n a d r o o f r u b n o d r e r r o w gu er a s r- 1945 3,511 544,961 320 1,995 1,644 1,086 month N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a o n u t t e m s e t e a n a n g t d s r i e n e g - 1946 3,542 565,913 4,577 554 8,309 2,670 1 1 1 1 9 9 9 9 5 4 4 4 0 9 7 8 3 3 3 3 , , . , 6 6 5 6 0 4 7 9 7 9 4 8 6 6 5 6 5 1 2 8 1 5 9 6 , , , , 3 6 3 7 8 2 5 2 9 6 3 6 4,8 3 9 5 1 3 3 4 9 5 9 5 2 2 1 , , , 6 3 1 9 8 3 7 9 7 2 8 5 3 2 7 1 , . , , 7 6 2 4 4 5 3 8 3 4 8 4 3 4 2 1 , , , . 7 9 9 8 9 4 6 4 0 7 9 5 1 1 1 9 9 9 5 5 5 2 1 0 1,1 8 5 5 6 9 4 2 2 1 , , 1 3 2 9 3 4 5 1 , , , 4 1 3 4 2 2 4 3 6 9 6 7 7 8 9 5 , , , 0 4 4 1 5 2 7 9 8 8 5 0 4 6 3 6 , , , 1 5 2 3 9 6 2 7 5 4 5 7 8 8 2 6 , , , 2 8 3 2 9 0 7 3 9 1951 3.736 710,931 3,513 4,687 6,036 11,985 1953 L, 294 2,358.387 804,686 666,205 363,667 1952 3,753 766,492 1,638 3,921 3,210 3,289 1953 3,765 803,429 1,951 1,900 3,569 3,469 1954 1954 February.. 1,310 2.380,186 772,647 640,121 355,056 March L ,316 2,399,321 737,605 612,265 321,619 J J A S A O N M M u u e p c o u l a a p n y r t v y g r o i t c l e e e u b h m m . s e . t r b b . . . e e . . . . r . r . . . . . 3 3 3 3 3 3 3 3 3 , , , , , , , , , 7 7 7 7 7 7 7 7 7 7 6 6 6 6 6 6 6 6 0 9 9 8 7 7 8 8 6 8 8 8 8 8 8 8 8 8 1 1 1 1 1 1 1 1 0 6 7 5 3 4 0 2 0 8 , , , , , , , , , 5 6 4 4 7 0 4 7 5 8 0 4 5 6 6 3 7 0 2 5 9 1 5 5 3 9 5 1,7 3 3 5 4 1 2 9 9 2 4 0 4 4 9 0 5 5 0 5 5 5 5 5 1 1 1 1 1 , , , , , 1 2 3 4 2 9 6 6 8 0 3 4 8 9 5 9 1 3 2 0 7 7 8 2 1 2 0 2 2 2 2 2 2 1 1 1 , , , , , , , , , 8 8 9 7 3 3 8 9 3 9 9 4 9 5 9 9 5 7 6 8 3 4 4 1 5 7 3 2 2 1 1 1 1 1 1 1 , , , , , , . , , 2 5 8 3 7 8 4 8 6 0 1 5 4 5 7 6 1 6 2 2 9 3 5 3 9 2 6 O J J N A A S D M u u e c p o u e l a n p t y c r g v y e o t i e u e l e b m m s m e t b r b b . e e e r . r r . . . . 1 1 1 1 1 1 , , , , , , , , , 3 3 3 3 3 3 3 3 3 5 5 6 2 2 5 4 3 6 7 5 1 2 4 0 2 1 7 2 2 2 2 2 2 2 2 2 , , , , , , , , , 4 4 4 4 4 4 4 4 4 9 4 7 7 8 0 2 5 0 9 3 7 8 1 8 0 7 6 , , , , , , , , , 0 6 9 9 6 2 3 6 6 2 3 3 3 6 2 2 8 5 1 4 9 9 9 6 6 9 1 4 6 5 5 5 6 6 5 6 7 2 4 0 0 6 5 4 8 1 7 6 4 4 4 9 0 4 , , , , , , , , , 9 0 9 1 7 8 7 6 6 4 2 7 3 5 5 0 3 3 7 2 4 0 9 0 8 6 1 4 4 3 3 4 5 5 5 5 6 5 1 9 6 0 5 3 6 7 5 6 5 2 6 2 4 9 , , , , , , , , , 9 6 6 7 3 0 6 5 7 0 9 1 1 8 8 9 5 3 2 4 8 3 8 9 5 1 8 3 3 3 2 2 2 3 2 2 1 0 9 7 3 6 9 8 4 1 0 5 2 0 6 9 3 7 , , , , , , , , , 1 6 8 4 9 5 4 7 8 9 7 0 6 1 0 0 9 2 1 6 5 5 0 3 8 8 3 December . 3,771 818,224 520 719 1,148 1,027 1955 1955 January... ,370 2.501.179 454,209 347,008 264,549 January. . . 3,772 821.407 170 629 3,152 1,504 February.. 1,375 2,504,169 437,185 333,717 263,248 February. . 3,772 822,063 170 542 3,227 1 ,498 NOTE.—The difference between guaranteed loans authorized and 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. APRIL 1955 379 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 March 31] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month a i n t b o c a r e l- s s ' 1 Total d C ep i a n o s s h i- G U m ov . e e n S r t n . - r f e C u s n a e d r sh v s, e Guarantee fee Percentage of tory securi- etc.1 Percentage of (percentage of any commitment banks ties loan guaranteed interest payable fee charged by borrower) borrower 1945—December. 2,933 3,022 6 2,837 179 1946—December. 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December. 3,417 3,525 6 3,308 212 75 . 15 15 1948—December. 3,330 3,449 7 3,244 198 80 20 20 1949—December. 3,188 3,312 3,118 187 85 25 25 1950—December. 2,924 3,045 11 2,868 166 90 30 30 1951—December. 2,705 2,835 28 2,644 162 95 35 35 1952—December. 2,547 2,736 33 2,551 151 Over 95 40-50 40-50 1953—November. 2,373 2,577 31 2,407 139 December. 2,359 2,558 31 2,389 138 Maximum Rates Financing Institution May Charge Borrower 1954—January... 2,343 2,540 31 2,373 136 [Per cent per annum] February.. 2,326 2,505 31 2,336 139 March.... 2,309 2,470 31 2,299 140 April 2,290 2,434 31 2,278 125 Interest rate May 2,271 2,416 31 2,256 130 Commitment rate. 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. 2,189 2,339 31 2,176 133 October... 2,17.1 2,304 31 2,156 118 November P2 154 December. P2.136 1955—January... P2,115 February.. z>2,094 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted2 Year or month Total, all New 6 338 other New 6 338 other New 6 338 other reporting York other reporting York other reporting York other reporting centers City centers1 centers City centers1 centers City centers1 centers 1944 848,561 327,490 194,751 326,320 22.3 18.3 14.6 1945 924,464 382,760 200,202 341,502 24.1 17.5 13.5 1946 1,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947 1,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1Q53 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1954—January... 154,281 62,306 30,806 61,170 42.7 24.1 18.6 42.5 24.6 18.4 February.. 141,926 56,115 29,341 56,470 42.7 25.5 19.2 43.8 26.2 19.3 March 171,354 67,913 36,666 66,776 44.6 29.2 19.7 43.5 26.7 19.8 April 154 759 60,479 33,152 61,128 41.3 27.6 18.8 41.9 26.8 19.4 May 149,812 59,535 31,159 59,118 41.9 25.5 18.8 43.0 25.9 19.2 June 163,501 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 September 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 1955—January.. . 163,388 62,642 33,531 67,215 42.0 25.4 19.6 41.8 25.9 "19.4 February.. '149.738 57.091 31.595 r61,052 41.9 26.4 19.6 43.0 27.1 19.7 March. . . . 178,914 67,242 39,908 71,764 41.7 P30.1 P19.5 40.7 P27.5 P19.6 P Preliminary. rRe vised. cCorrected. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 2These data are compiled by the Federal Reserve Bank of Xew York. NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-35 7 380 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 andsmall denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1939 .. . 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2 021 1,800 2,489 538 1,112 227 523 30 60 4 1941... . 11,160 8,120 751 695 44 1.355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15.410 11,576 880 801 55 1,69^ 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947... . 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 . . 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 2 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 2 1954—March 29,707 20,757 1,776 1,166 70 2,010 6 304 9,431 8,952 2,654 5,473 328 481 4 12 April 29,735 20,799 1,783 1,173 70 2,006 6,325 9,443 8,936 2,651 5,470 327 478 4 8 May 29,870 20,946 1,787 1,182 69 2,036 6 375 9,496 8,926 2,651 5,463 325 475 4 8 June 29,922 20,999 1,795 1,183 71 2,023 6,377 9,551 8,924 2,659 5,457 324 473 4 8 Tuly . 29,892 20,984 1,793 1,174 70 2,016 6,366 9,564 8,910 2,654 5,451 322 471 4 8 August 29,929 21,015 1,801 1,183 70 2,023 6,361 9,578 8,916 2,653 5,461 321 469 4 8 September... 29,985 21,054 1,811 1,200 70 2,034 6,378 9,561 8,932 2,648 5,486 320 466 4 8 2 October 30,074 21 ,118 1,819 1,212 70 2,049 6,400 9,568 8,958 2,650 5,514 318 464 3 8 2 November... 30,500 21,473 1,836 1,236 71 2,091 6,524 9,716 9,028 2,677 5,555 320 465 3 8 2 December. . .30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 2 1955—January 29,789 20,777 1,808 1,191 71 2 0176.267 9 425 9.014 2,673 5,550 317 460 4 9 2 February.... 29,817 20,845 1,810 1,190 71 2,020 6,316 9,438 8,974 2,660 5,527 316 457 3 9 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held bv standing, As security For Federal Feb. 28, against Federal Reserve 1955 go s l i d lv a e n r d Tr c e a a s s h ury B R an e k se s r a v n e d Ba a n g k e s n t a s nd Fe 1 b 9 . 5 2 5 8, . Ja 1 n 9 . 5 3 5 1, Fe 1 b 9 . 5 2 4 8, certificates agents Gold 21,716 21,067 2 650 Gold certificates . . . 21,067 18,216 2,816 35 35 36 Federal Reserve notes 26 590 70 1 180 25 339 25 350 25 490 Treasury currency—total 4,996 32,401 108 445 4,443 4,404 4,379 Standard silver dollars 491 224 43 5 219 218 209 Silver bullion 2,177 2,177 Silver certificates and Treasury notes of .1890. '*2,401 317 2,084 2,056 2,042 Subsidiary silver coin. . . 1,296 54 75 1,168 1,165 1,146 "Minor coin 446 8 13 424 425 416 United Stale? notes 347 2 32 312 303 309 Federal Reserve Bank notes 171 (3) 2 169 169 186 National Bank note1' 69 (5) 1 68 68 71 Total—Feb 28 1955 (4) 23,468 828 18,216 4,441 29,817 F [a e n b . . 2 3 8 1 , , 1 1 9 9 5 5 5 4 . ... (•'.) 2 2 3 3 , , 6 4 8 6 5 0 8 8 1 3 1 7 1 1 8 8 , , 4 22 5 2 4 4 4 , , 6 6 7 3 6 9 29,789 29,904 i (') 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above; totals by weeks in table on p. 373. 2Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—8156,039,431 in gold bullion; (ij) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. APRIL 1955 381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net- Treas- Total ury U. S. Government obligations liabil- Capital Date cur- ities Total and Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e it d t al, c d u e a r p r n o e d s n i c ts y co m n a u i e c n s t - c t . s, savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2.254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12.800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Dec. 31 22,695 4,709 181,323 67,597 97,808 71,343 23,801 2.664 15,918 208.727 193,410 15,317 1952—June 30 23,346 4,754 182,980 69,712 96,266 70,783 22,906 2,577 17,002 211,080 194,960 16,120 Dec. 31 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—June 30 22,463 4,854 190,277 77,071 95,350 68,108 24,746 2,496 17,856 217,594 200,360 17,234 Dec. 31 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—Feb. 24 22,000 4,900 197,300 79,300 99,100 72,000 24,600 2,400 18,900 224,100 206,200 17,900 Mar. 31 22,000 4,900 196,100 80,300 96,800 69,800 24,600 2,300 19,000 223,000 205,100 17,800 Apr. 28 22,000 4,900 197,200 79,900 98,200 71,200 24,600 2,300 19,200 224,100 206,200 17,900 May 26 22,000 5,000 198,800 80,100 99,400 72,400 24,700 2,300 19,300 225,800 207,600 18,200 June 30 21,927 4,959 200,628 81,210 99,827 72,525 25,037 2,265 19,591 227,514 209,354 18,161 July 28P 21,900 5,000 200,600 80,800 100,000 73,300 24,500 2,200 19,800 227,500 209,100 18,400 Aug. 25* 21,900 5,000 202,500 80,200 102,300 76,200 23,900 2,200 19,900 229,300 210,500 18,800 Sept. 29* 21,800 5,000 204,000 81,400 102,400 76,200 24,000 2,200 20,200 230,800 211,800 19,000 Oct. 27P 21,800 5,000 207,800 81,900 105,600 79,000 24,400 2,200 20,300 234,500 215,400 19,100 Nov. 24» 21,700 5,000 209,900 84,000 105,600 78,900 24,600 2,200 20,300 236,600 217,300 19,300 Dec. 29P 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 Feb. 23 P 21,700 5,000 208,500 86,000 101,500 75,700 23,700 2,100 21,000 235,200 216,100 19,100 Deposits and Currency U. S. b G a o la v n e c r e n s ment Deposits adjusted and currency S a e d a j s u o s n t a e l d ly 5 Foreign Date Total p b o d n a s e e n i - t k ts T h c i u r n o a e r g l s a y d h s s - - s m b a c a e v a A o n r n i m c n t d k i g - a s s l B F. A a n R t k . s Total p m o D d a s e e i n - t - d s2 Total m T b C i e a m o r n c m e k i a s - d l ep M b s o a a v u s n i i t k t n u s s g a 3 4 s l S S P a y o v s s i t n e ta g m l s b r C s o e a i n u u d n c t r e k - y - s m j p u D a o d a s d s e t n e e i - - - d t d s b r C o e s a i n u u n d c t r k e - y - s 1929—June 29 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1 ,313 9,615 1945—Dec. 31 180,806 2,141 2,287 24,608 977150,793 75,851 48,452 30,135 15,385 2,932 26,490 1947—Dec. 31 175,348 1,682 1,336 1 ,452 870170,008 87,121 56,411 35,249 17,746 3,416 26,476 1950—Dec. 30 184,385 2,518 1,293 2,989 668176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Dec. 31 193,410 2,279 1.270 3,615 247185,999 98,234 61,450 37,859 20,887 2,704 26,315 1952—June 30 194,960 2,319 1,283 6,121 333184,904 94,754 63,676 39,302 21,755 2,619 26,474 Dec. 31 204,220 2,501 1,270 5,259 389194,801 101,508 65,799 40,666 22,586 2,547 27,494 1953—June 30 200,360 2,467 1,259 3,942 132192,560 96,898 68,293 42,245 23,589 2,459 27,369 Dec. 31 209,175 2,694 761 4,457 346200,917 102,451 70,375 43,659 24,358 2,359 28,091 1954—Feb. 24 206,200 2,900 800 4,500 500197,400 99,600 71,000 44,000 24,700 2,300 26,900 99,400 27,000 Mar. 31 205,100 3,000 800 5,400 700195,200 96,700 71,700 44,500 24,900 2,300 26,900 99,400 27,100 Apr. 28 206,200 3,100 800 4,500 500197,300 98,600 72,000 44,700 25,000 2,300 26,700 99,600 27,100 May 26 207,600 3,100 800 5,100 500198,000 98,700 72,500 45,000 25,200 2,300 26,800 100,100 27,000 June 30 209,354 3,256 811 5,895 875198,517 98,132 73,292 45,653 25,388 2,251 27,093 99,700 27,000 July 28" 209,100 3,400 800 3,900 500 200,400 100.000 73,700 46,000 25,500 2,200 26,800 101,500 27,000 Aug. 251> 210,500 3,400 800 5,500 600200,300 99,400 74,000 46,200 25,600 2,200 26,900 100,900 26,900 Sept. 29?' 211,800 3,300 800 4,400 800202,500 101,200 74,400 46,400 25,800 2,200 26,900 102,400 26,800 Oct. 27P 215,400 3,200 800 6,100 600 204,800 103,100 74,700 46,700 25,900 2,200 26,900 101,900 26,800 Nov. 24?' 217,300 3,200 800 6,900 205,800 104,100 74,300 46,200 25,900 2,200 27,500 102,700 26,900 Dec. 29P 218,700 3,400 800 4,600 500 209,400 106,900 75,100 46,700 26,300 2,100 27,400 103,000 26,900 1955—Jan. 26* 217,600 3,200 800 3,800 400 209,400 107,200 75,400 46,800 26,500 2,100 26,800 104,400 27,000 Feb. 23/' 216,100 3,100 800 4,600 600207,100 104,600 75,600 46,900 26,600 2,100 26,800 104,400 26,900 pPreliminary. 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. 5For seasonal adjustment factors used in deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255. 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. 382 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES • PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits I otal assets— Other Total Total Num- Class of bank U. S. Cash lia- capital ber and date Total Loans G o m t o b i v l o e i e n g n r s a t n - - O s ri e t t c h ie u e s - r assets1 c c b o a i a u a l p n i c n t i d i - t t e a s s ' l 2 • Total i b In an te k r 1 - G U ov . D e S r e . n m - an O d ther Time co a u c n - ts ba o n f ks ment All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 313 134.924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 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 2,809101,936 56,513 13,837 14,650 1951—Dec. 31 154,869 67,608 71,343 15,918 45,531 202,903 185,756 15,087 3,362 108,282 59,025 14,623 14,618 1952—Dec. 31 165,626 75,512 72,740 17,374 45,584 213,837 195,552 15,321 4,944111,690 63,598 15,367 14,575 1953—Dec. 31 171,497 80,518 72,610 18,370 45,811 220.140 201,100 15,957 4,149 112,639 68,354 16,118 14,509 1954—Feb. 24 171,100 80,020 72,220 18,860 41,250 215.210 194.970 14,210 4,220107,540 69,000 16,290 14,488 June 30 173,343 81,227 72,525 19,591 42,556 218,900 199,508 15,500 5,594107,043 71,371 16,664 14,465 Sept. 29 P 178,040 81,680 76,200 20,160 40,620 221,710 201.150 15,470 4,120 109,020 72,540 16,860 14,436 Oct. 27P 181,680 82,380 79,030 20,270 41,630 226,440 205,330 15,720 5,730110,970 72,910 17,080 14,422 Nov. 24P 183,510 84,320 78,910 20,280 42,180 228,830 207,400 15,660 6,620112,630 72,490 17,320 14,406 Dec. 29P 184,690 86,150 78,190 20.350 43,210 231,140 209,280 16,050 4,290115,640 73,300 17,370 14,370 1955—Tan. 26P 184,550 85,880 77,860 20,810 42,040 229,920 208,260 15,280 3,470115,860 73,650 17,350 '14,360 Feb. 23P. 183,320 86,680 75,670 20,970 41,350 228,040 205,970 14,580 4,260 113,240 73,890 17,460 14,351 AH commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6.885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 313..,. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 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 2,806101.917 36,503 11,590 14,121 1951—Dec. 31 132,610 57,746 61,524 13,339 44,645 179,465 164,840 15,086 3,359108,259 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 41,012 12,888 14,046 1953—Dec. 31 145,687 67,593 63,426 14,668 44,828 193,010 176,702 15.955 4,146 112,604 4.1,997 13,559 13,981 1954—Feb. 24 144.900 66,870 63.030 15,000 40,290 187,670 170,270 14,210 4,220107,500 44,340 13,700 13,960 June 30 146,383 67,337 63,508 15,538 41,569 190,585 174,068 15.497 5,591106,996 45,983 14,038 13,937 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 5,730110,920 47,010 14,420 13,895 Nov. 24P 155,850 69,540 70,160 16,150 41,260 199,860 181,420 15,660 6,620112,580 46,560 14,640 13,879 Dec. 29P 156,850 71,150 69,460 16,240 42,180 201,890 182,940 16,050 4,290115,590 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 3.470115,810 47,150 14.660 '13,833 Feb. 23 P 155,040 71,360 66,890 16,790 40,360 198,360 179,310 14,580 4,260 113,190 47,280 14,750 13,824 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 15,170 3,756 96,024 35,213 11,316 6,743 1954- Feb. 24 121 .772 57,035 52,330 12,407 35,365 159,319 144,440 13,509 3,824 91,597 35,510 11,440 6,737 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 Sept. 29 P.. . 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. 27P 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 1955—Tan. 26P 131.809 60,138 57.788 13.883 35.990 170.404 154,421 14.468 3,072 98,959 37,922 12,261 "6,651 Feb. 23/' 130,468 60,690 55,785 13,993 35,404 168,495 152,201 13,815 3,856 96,504 38,026 12,331 6,643 All mutual savings 1939—j)ec 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10 521 1,309 551 1941—j)ec 3i ioi.379 4*,901 3*704 1^774 793 11\804 10,533 6 10,527 1,241 548 1945—Dec. 31.... 16 208 4*279 10 682 1,246 609 17 020 15 385 14 15 371 1,592 542 1947—Dec. 313..! . 18*641 4',944 11',978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1 19 9 5 5 0 1 — — £ D > eecc#. 3 3 1 0 2 2 2 1 , ' 3 2 4 5 6 9 9 8 , , ' 1 8 3 6 7 2 1 9 0 , , 8 8 1 6 9 8 2 2 ,5 3 7 4 9 2 8 7 8 9 6 7 2 22 3 , 3 43 8 9 5 2 2 0 0 ,9 0 1 3 5 1 2 3 3 2 1 3 9 2 2 0 0 , , 0 8 0 8 9 8 2 2 , , 2 4 4 0 7 7 5 5 2 2 9 9 1952—Dec. 31 24,003 11,349 9,422 3,231 918 25,233 22,621 2 3 30 22,586 2,479 529 1953—Dec. 31 25.810 12,925 9,184 3,701 983 27,130 24,398 3 3 35 24,358 2,559 528 1954—Feb. 24 26,200 13,150 9,190 3,860 960 27,540 24,700 (4) (4) 40 24,660 2,590 528 June 30 26,959 13,890 9,017 4,052 987 28,315 25,440 3 3 47 25,388 2,626 528 Sept. 29P 27,460 14,430 8,870 4,160 950 28.810 25,850 (4) 50 25,800 2,660 527 1955— O D N Ta e c o n c t v . . . . 2 2 2 2 4 9 7 6 P P P P 2 2 2 2 7 7 8 7 , , . , 6 5 0 8 6 9 0 4 0 0 0 0 1 1 1 1 4 4 5 5 , , , , 7 5 0 1 8 9 0 6 0 0 0 0 8 8 8 8 , , , . 8 7 7 77 4 5 3 0 0 0 0 4 4 4 4. , , , 1 1 1 1 6 6 3 1 0 0 0 0 1 1 ,0 . 9 9 0 3 2 1 3 0 0 0 0 2 2 2 2 8 8 9 9 , , , . 9 8 2 5 7 8 5 1 0 0 0 0 2 2 2 2 5 6 5 6 , , , , 9 3 9 5 8 4 5 5 0 0 0 0 ( ( ( 4 4 4 ) ) ) • ( ( ( ( 4 4 4 4 ) ) ) ) 5 5 5 5 0 0 0 0 2 2 2 2 5 6 5 6 , , , , 9 5 9 2 3 0 0 9 0 0 0 0 2 2 2 2 , , , , 6 6 6 6 9 6 8 8 0 0 0 0 5 5 5 5 2 2 2 2 7 7 7 7 Feb. 23?' 28.280 15,320 8,780 4,180 990 29,680 26,660 (4) (4) 50 26,610 2,710 527 p Preliminary. "Corrected. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 4 million dollars) that became a member bank on Apr. 15, 1954, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 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. APRIL 1955 383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G o U m t o b i v o l . e i 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 T o a i a l a u l o p i n i c a n t t i d - i a t - t e a s l s l 2 Total1 b In an te k r ^ - u. D s e . man O d ther Time c c T a o a o p u c n t i a t - t a l s l N ba b u o e n m f r k - s Govern- Other ment Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 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 2,425 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—Feb. 24 21.665 11,791 7,621 2.253 7,214 29,428 25,509 4,956 707 17,775 2,071 2,611 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 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. 27? 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. 24P 23,933 11,897 9,632 2,404 7,349 31,932 27,666 5,404 1,355 18,569 2,338 2.811 21 Dec. 29P 24,160 12,278 9,386 2,496 7,786 32,667 28,233 5,643 692 19,527 2,371 805 21 1955—Jan. 26? 23,778 12,046 9,161 2,571 7,625 32,157 27,910 5,236 489 19,840 2,345 818 21 Feb. 23* 23,246 12,121 8,554 2,571 7,040 31,065 26,714 5,180 687 18,513 2,334 2.819 21 Chicago: 1939—Dec. 30 2,105 569 203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31... 2,760 954 430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31... 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 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—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 1,350 343 4,789 1,205 541 13 1953—Dec. 31... 6,204 2,776 2,856 572 2,115 8,366 7,724 1,387 259 4,837 1,242 566 13 1954—Feb. 24... 6,007 2,570 2,854 583 1 ,989 8,049 7,304 1 ,240 279 4,561 1.224 565 13 June 30... 5,975 2,589 2,825 561 2,036 8,064 7,419 1,339 410 4,403 1,267 583 13 Sept. 29v 6,189 2,497 3,110 582 1,835 8,070 7,343 1 ,310 266 4,509 1,258 590 13 Oct. 27P 6,287 2,454 3,259 574 1,951 8,290 7,619 1,352 344 4,649 1,274 590 13 Nov. 24P 6,422 2,580 3,250 592 1,866 8,341 7,651 1,306 452 4,627 1,266 592 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. 26P 6,490 2,610 3,218 662 1,931 8,481 7,693 1,214 188 4,987 1 ,304 597 13 Feb. 23P 6,364 2,656 3.044 664 1,952 8,369 7,573 1,171 263 4,840 1,299 595 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—Dec. 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 1950—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 3,745 319 1953—Dec. 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—Feb. 24 46,885 22.706 19,639 4,540 14,088 61,851 56,362 6,172 1,590 34,208 14,39" 4,037 319 June 30.... 47,056 22,453 19,813 4,791 14,656 62,624 57,665 6,636 2,015 34,058 14,95 4,124 310 Sept. 29P 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. 27P 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. 24P 50,612 23,580 21,986 5,046 14,485 66,063 60,391 6,807 2,357 35,981 15,246 4,281 303 Dec. 29P 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—Tan. 26P 50,857 23,993 21,687 5,177 14,201 66,085 60,268 6,679 1,111 36,979 15,499 4,310 '298 Feb. 23v 50,362 24,264 20,870 5,228 14,260 65,642 59,685 6,217 1, 604 36,298 15,566 4,348 297 Country member banks: 1939—Dec. 30 224 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.. . 518 5,890 4,377 2,250 6,40: 19,466 17,415 822 225 10, 109 6,258 1,982 6,219 1945—Dec. 31.. . 002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31... 324 10,199 22,857 3,268 10,778 47,553 44,443 1 ,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30.. . 558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1951—Dec. 31... 444 16,296 21,587 4,561 13,292 56,349 52,288 1,309 876 34,572 15,530 3,760 6,484 1952—Dec. 31.. . 594 18,213 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... 404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 1,216 36,520 17,690 4,194 6,389 1954—Feb. 24... ,21.5 19,968 22,216 5,03.1 12,074 51,991 55,265 1 ,141 1,248 35,053 17,82. 4,233 6,383 June 30... 474 20,537 21,779 5,158 12,506 60,745 55,943 1,241 1,362 34,879 18,460 4,372 6,376 Sept. 29 P ,934 20,558 23,100 5,276 12,099 61,788 56,848 1,272 1,306 35,495 18,775 4,429 6,366 Oct. 27P ,876 20,722 23,832 5,322 12,49 63,152 57,968 1,310 1, 663 36,125 18,870 4,541 6,364 Nov. 24P 581 21,19- 24,001 5,386 12,505 63,841 58,712 1,337 1,877 36,804 18,694 4,566 6,350 Dec. 29?' 539 21,444 23,731 5,364 12,530 63,827 58,717 1,367 1,446 37,188 18,716 4,557 6,327 1955—Jan. 26P 684 21,489 23,722 5,473 12,233 63,681 58,550 1 ,339 1.?S4 37,153 18." 4,536 '6.319 Feb. 23P , 496 21,649 23,317 5,530 12,152 63.41.9 58,229 1 ,2-\ 7 1.302 36,853 18,827 4.569 6,312 3 Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. 4 Less than 5 million dollars. For other footnotes see preceding and opposite pages. 384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments 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 v l . o e i e n g S n r s a t . n - - O s ri e t t c h ie u e s - r a C ss a e s t h sx c c b o a i a l u a l p i n i c a n t i d - i - t t e a s s l 2 Total i b In a t n e k r - i U. D S. emand Time c c T a o a o p u c t i n - t a a t l s l b N < b i u o n e m f k r - s Govern- Other ment All insured commercial banks: 1941—Dec. 3i 49,290 21,259 21,046 6,984 75,788 76,820 69,411 10 654 1 762 708 15 699 6 844 13 426 1945—Dec 3i 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947—Dec. 3i # 114,274 37,583 67,941 8 750 36 926 152,733 141 851 V*670 1 325 07 075 3-1882 Q 734 13 398 1951—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 1952—Dec. 31 139,770 63,632 62,308 13,831 44,222 186,255 170,971 14,990 4,912 110,459 40,610 12,563 13,422 1953—Dec. 3i 143,796 67,082 62,381 14,333 4 A, 308 190,638 174,697 15,548 4 116 111 47 3 43 610 13 239 13 417 1954—Tune 30 144,451 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 member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14 077 43,433 39,458 6,786 1 088 73,767 8 322 3 640 5 117 1945—Dec 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947—Dec 3i 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 75,051 102,462 94,173 0,788 1 987 61 ,490 70,008 6 653 4 930 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 L:,909 1953—Dec. 31 81,913 37,831 35,482 8,600 26,479 109,804 100,654 10,152 2,525 63,819 24,160 7,391 L 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 L•!835 State member banks: 1941—Dec. 3i 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec 31 37,871 8,850 27,089 1,933 9 731 48 084 44,730 4 411 8 166 74 168 7 986 7 945 L 867 1947—Dec. 31 32,566 11,200 19,240 2,125 10 43,879 40,505 3,003 381 77,068 9,067 3 L ,918 1951—Dec. 31 36,992 17,243 16,558 3,191 13,301 50,977 46,843 4,637 1,114 31,377 9,715 3,565 1,901 1952—Dec. 31 39,367 19,030 16,928 3,409 977 52,996 48,553 4, 600 1 632 37,076 10,106 3,719 889 1953—Dec. 31 40,509 19,931 17,121 3,457 17,903 54,179 49,510 ,010 1,232 37 706 11,054 3,0?5 1.887 1954—jline 30 40,704 19,525 17,353 3,826 12,086 53,593 48,890 4,983 1,840 30,627 11,441 4,023 1,886 Insured nonmember commercial banks: 1941—Dec. 31 . 5,776 3,241 1,509 1,025 7,668 8,708 7,702 53 4 16? 3, 360 050 6,810 1945—Dec 31 14,639 2,992 10,584 1 063 448 19,256 18,119 244 1 560 10 635 5,680 1,083 6 416 1947—Dec. 31 . ... 16,444 4,958 10,039 1,448 4,083 20,691 19,340 766 149 1? 366 6,558 1,771 6,478 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—Dec. 31 21,396 9,328 9,790 2,278 5,070 26,679 24,555 378 360 15 398 8 410 1,07 5 6,672 1954—Tune 30 21,288 9,615 9,362 2,310 4,444 26,012 23,819 31? 396 14 30? 8 718 007 6.662 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec 3i3 2,009 474 1,280 255 576 2,643 2,251 18 1 307 478 375 783 1951—Dec. 3i 1,789 490 991 308 460 2,313 1,932 308 15 1 770 388 314 650 1952—Dec. 31 1,854 531 1,010 312 444 2,348 1,960 3?9 29 1 701 407 376 624 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: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 3i 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14 101 6,045 1 36? 7,130 1947—Dec. 313 18,454 5,432 11,318 1,703 4,659 23,334 21,591 6?9 167 13 758 7 036 1 .506 7,261 1951—Dec. 31 20,380 8,192 9,914 2,275 5,305 26,046 23,843 661 258 15 307 7 533 1, 009 7,252 1952—Dec. 31 22,096 9,136 10,567 2,393 5 414 27,799 25,424 70? 374 16 ?06 8,147. 179 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 1954—June 30 23,220 10,147 10,409 2,664 4, 840 28,406 25,838 764 426 15 54? 0 106 , 33? 7,219 Insured mutual savings banks: 1941—-Dec 31 1,693 642 629 421 151 1,958 1,789 1,780 164 52 1945—Dec. 31 .. 10,846 3,081 7,160 606 470 11,424 10,363 12 10 351 1 034 192 1947—Dec 3i 12,683 3,560 8,165 958 675 13,499 12,207 1 2 17 1? 107 1,75? 194 1951—Dec. 31 16,190 7,523 6,921 1,746 605 17,129 15,368 2 15 343 1 678 202 1952—Dec. 31 17,621 8,691 6,593 2,337 737 18,612 16,785 2 2 ?8 16 753 1,730 206 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 2 2 33 18,345 1,819 219 1954—june 3() 20,121 10.804 6,309 3,008 807 21,237 19,195 3 2 45 10,145 1,868 219 Noninsured mutual savings banks: 1941—Dec 3i 8 687 4,259 3,075 1 353 642 9,846 8,744 ( 8,738 1,077 496 1945—Dec 31 5 361 1 198 3 522 641 180 5 596 5 072 2 5 020 558 350 1947—Dec 313 . . 5,957 1,384 3,813 760 6,215 5,556 1 2 5 553 637 339 1951—Dec 31 6 069 2,339 2,897 833 191 6,310 5,547 1 7 5, 544 770 327 1957—Dec 31 6 382 2 658 2 829 895 187 6 622 5 836 1 7 5 833 749 323 1953—Dec. 31 6,558 2,910 2,707 941 184 6,796 6,015 1 2 6,013 740 309 19^4—Time 30 6,838 3,086 2,708 1,044 180 7,078 6,246 1 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 BULLKTIN for July 1947, pp. 870-871. APRIL 1955 385 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 a n e t n n d a s t s t l s - Total' C c o m m c i l o i p i n u n m a a e e - g d r r l - n , - - - A t c u u a g r l l r - - i- o b p L s T r r u e o o o r c c k a c a u n - h r r s a r i t y s f i T i i e o n n o s r g g l R t o e a a e s t - n a e l s O l v o i d t t i a n h o i d - n - e - s r O lo t a h n er s Total Total L i . S. G C o c v e a r e t t r e i n f D s i m - ir e e n c t t obligations G a u n a - r- O S p t a i t g i b c o o a n o a a l l f t - d n i i e l t - s s - O s r e t it h c i u e e r s ket ers oth- uals Bills ort •in- Notes Bonds teed subpa- and ers debt- diviper deal- ed- sions ers ness All commercial banks:2 1947—Dec. 31... 116,284 38,057 18,167 1 ,660 830 1,220 9,393 5,7231,063 78.226 69,221 2.193 7.789 6.03453,191 145,2763.729 1952—Dec. 31... 141,624 64,163 27,871 3,919 2.060 1.103 15,712 12.6841,718 77.461 63,318 7,761 5,580 11.87838,077 22 10,1883,955 1953—Dec. 31... 145,687 67,593 27,2044,965 2.361 1 .20216,694 14,4611,666 78.094 63,426 5,004 10.237 12,43935,713 34 10,8213,847 1954—June 30. ; . 146,383 'tf.337 26,120 5,143 '.462 1 .25617,227 14,4621,657 79,047 63,508 4,704 5,572 12,37640,818 38 3,608 All insured commercial banks: 1941—Dec. 31 49,290 21,259 9,214 1,450 614 662 4,773 4,! 45 28,031 21,040 988 3,159 12,7974, i02 3,651 3,333 1945—Dec. 31.. 121.809 25,765 9,461 1,3143,1643,606 4,677 2,361 1,181 96,043 88,912 2.455 19^07116,04551,321 22 3,8733,258 1947—Dec. 31.. . 114,274 37,583 18,012 1,610 823 1,190 9,266 5,6541,028 76,691 67.941 |2,124 7.552 5.918 52,334 145,129 3,621 1952—Dec. 31... 139.770 63,632 27,7393,805 2,050 1,082 15,572 12,6031,683 76,138 62,308 7,622 5,494 11,71437,456 22 9,977 3,854 1953—Dec. 31 .. 143,796 67,082 27,0824,867 2,344 1,181 16,566 14,3731,629 76,714 62,381 4,895 10,076 12,28335,093 33 10,5873,746 1954—Tune 30. .. 144.451 66.805 25,976 5.057 2.439 1,228 17.101 14,3701,623 77.646 62.461 4,575 5,505 12,22340.121 38 11.6823,502 Dec. 31. . . 154,115 70,127 26,731 5,108 2,907 1,501 18,302 14,6761,973 83,988 68,012 4,901 5,279 14,52343,287 21 12,3523,624 Member banks, to 11 t 99 a 44 l 51 : ——DDeecc#. 33i 1m. m. '. ! 4 0 3 7 ! 5 l8 2 3 1 2 1 2 8 , 7 0 7 2 5 1 8 8 , , 6 9 7 4 1 9 9 8 7 5 2 5 3,1 5 3 9 3 4 3.3 5 7 9 8 8 3 3 , , 4 4 5 9 5 4 1,9 3 0 0 e9 1 2 ,1048 2 4 5 , , 4 5 0 0 8 0 7 1 8 9 ,3 5 3 3 8 9 2,2 9 7 71 5 16,985 1 3 4 , , 0 2 0 7 7 1 4 1 4 1 . , 7 7 9 2 2 93, 83 1 2 6 3 3 ', 0 2 9 5 0 4 2 2 ,8 8 1 7 5 1 1947—Dec. 31 . 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 95265,218 57,914 1.987 5,816 4.815 45.286 104,1993,105 1952—Dec. 31.. 119,547 55,034 26,232 2,416 2,032 966 12,214 10,396 1,577 64,514 52,763! 16,565 4,255 9,83532,087 198,4093,342 1953—Dec. 31 ... 122,422 57,762 25,5193,263 2,321 1,060 13.020 11,911 1,518 64,660 52,603 4,095 8,287 10,30029,890 31 8,871 3,185 1954—June 30... 123,185 S7.197 24.3623,402 2,411 1,106 13,440 11.8401,513 65,988 53 ,1113,915 4,417 10,37434,369 36 9.8902.987 Dec. 31. .. 131,602 60,250 25,0073,529 2,881 1,363 14,433 12,127 1,858 71,352 57,809 4,075 4,307 12,46436,944 20 10,4493,094 New York City:* 1941—Dec. 31... 12,896 4,072 2,807 8 412 169 123 514 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31... 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 * 3 i 4333,325 10,337 1 606 629 1947—Dec. 31. 20,393 7,179 5,361 545 267 111 564 330 13.214 11,972 1,002 640 558 9,771 638 604 1952—Dec. 31... 22,130 12,376 8,680 , 1,531 286 386 1,136 539 9.754 7,678 1,079 233 1,170 5,195 11,453 623 1953—Dec. 31... 22,058 12,289 8,218 126 1,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 11,365 639 1954—June 30... 22.681 11,619 7.447 144 1.778 364 390 1.220 466 11,062 8,695 1,014 711 1,454 5,510 6 1,851 516 Dec. 31... 23,880 12,039 7,23.1 204 2,041 432 467 1,232 644 11,841 9,342 785 597 1,924 6,026 10 1,977 523 Chicago:* 1941—Dec. 31. .. 2,760 954 732 6 48 52 22 <6 1,806 1.430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1 467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 3.287 2,890 132 *235 248 2,274 213 185 1952—Dec. 31. . 6,240 2,748 2,080 14 239 66 67 211 120 3,493 2,912 407 224 607 1,674 384 197 1953—Dec. 31.. 6,204 2,776 1,912 158 286 75 70 234 96 3,428 2,856 123 450 684 1,598 400 172 1954—June 30. . 5,975 2.589 1,835 134 242 74 81 206 74 3.386 2,8:>5 113 261 721 1,731 387 174 Dec. 31 ... 6,518 2,784 1,847 140 345 89 91 223 105 3,734 3,120 70 241 855 1,953 415 199 Reserve city banks: 1 19 9 4 4 5 1 — — D £) eecc>. 3 3 i 1. . 4 1 0 5 , , 1 3 0 4 8 7 8 7 ,5 1 1 0 4 5 3 3, , 6 4 6 5 1 6 3 2 0 0 0 5 4 1 2 1 7 4 1,5 1 0 9 3 4 1 1 ,4 5 5 2 9 7 8 1 5 , 5 •12 404 ? 8 1 , , 2 59 4 4 3 2 6 9 ,5 4 5 6 2 7 1.0 2 3 9 4 5 6,982 5,6 7 5 51 3 1 4 5 , 2 87 4 8 8lt 173 5 1,1 9 2 5 6 6 9 8 1 2 6 0 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22.591 20.196 373 2.358 1,901 15,560 3 1,342 1,053 1952—Dec. 31. . 45,583 21.697 10,842 501 218 422 5,099 4,347 595 23,88C 19.624 2,387 1,774 3,854 11,594 142,934 1,328 1953—Dec. 31.. 46,755 22,763 10,568 774 308 456 5,453 4,942 611 23,993 19,559 1.230 3.357 4.201 10,746 25 3,196 1,238 1954—June 30. . 47.056 ?2,453 10.010 953 326 468 5,639 4,797 629 24,603 19.813 1.241 1.590 4.183 12,773 26 3,585 1,206 Dec. 31 ... 50,738 23,986 10,624 956 407 622 6,134 4,912 720 26,752 21,718 1,326 1,695 4,954 13,736 73,782 1,252 Country banks: 1 19 9 4 4 5 1 — — D D eeCc4. 3 3 1 1. . 3 1 5 2 , , 0 5 0 1 2 8 5 5 ,5 8 9 9 6 0 1 1 , , 6 4 7 8 6 4 6 6 5 4 9 8 4 2 2 0 4 1 7 8 1 3 1 1, , 8 8 8 2 1 3 7 1 0 7 530 363 2 6 9 , , 6 4 2 07 8 2 4 6 , , 3 9 7 9 7 9 6 1 3 1 0 0 5,102 4,5 4 4 81 4 1 2 6 , , 9 7 2 13 6 861 9 1 1 , , 3 2 4 2 2 2 1 1 ,0 0 6 2 7 8 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 3.827 1,979 229 26.125 22.857 480 2,583 2,108 17,681 62.006 1,262 1952—Dec. 31.. 45,594 18,213 4,630 1,901 43 191 6,662 4,702 322 27,381 22,549 2,692 2,024 4,204 13,625 43,639 1,194 1953—Dec. 31. . 47,404 19,934 4,8222,204 59 210 7,114 5,441 336 27,470 22,423 1,819 3,374 4,285 12,940 53,911 1,136 1954—June 30. . 47.474 20,537 5.071 2,170 66 200 7,331 5.618 345 26.937 21,779 1.548 1,855 4,017 14,355 44,067 1,090 Dec. 31. . . 50,466 21,442 5,3062,229 89 220 7,742 5,760 388 29,024 23,629 1,893 1,774 4,731 15,228 34,275 1,120 All nonmember banks:* 1947—Dec. 31. . 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916 4 1,078 625 1952—Dec. 31.. 22,096 9,136 1,639 1,503 29 137 3,505 2,288 141 12,960 10,567 1,196 1,325 2,043 6,000 3 1,781 613 1953—Dec. 31. . 23,287 9,838 1,685 1,702 40 142 3,681 2,551 148 13,449 10,835 909 1,951 2,139 5,834 2 1,951 662 1954—June 30. 23,220 10,147 1,758 1,741 51 150 3,795 2,622 144 13,073 10,409 790 1.155 2,002 6,460 22,042 621 * These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 4 million dollars) that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. iBeginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l n o d d f a b te ank F s B s w e e R R e a r d r i v n e e e t v h - - e k r e s a s l v C a i a n u s l h t b m a w a B n d e n i c a o s k t l e t - h - s i s c * j p m u o a D d s a d s e t e n i - e - t - d d s 5 m D e I s n o d ti - e t c e p * r o b s a F i e t n i o s g k r n - u m G er . o e n n v - 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 c r r i d d s t k . - i ' s - , a p v n s a p i t I h d i d r n o o t i u d r n p n c a a i e s o s - l - , r r s - - , I b n a t n e k r- P U m G S e i a n o r a . n o e g n s v v n d S t s - - a - t . l v s S p i a u i s o t c n a i b l a o i d t d l t n e - i s s -a p v n s a p i t I h d d i r n o o t i u d r n p n c a a i e s o s - l - , r r s - - , r B i o n o w g r s - - c C o a t a u a c p l - n i t - s All commerlcal banks:2 1947—Dec. 31. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1952—Dec. 31. 19,809 2,753 11,875 101,506 13,109 1,465 4,941 8,910 2,956 99,793 744 . 346 1,620 39,046 188 12,888 1953—Dec. 31 . 19,995 2,512 12,103 102,452 13,444 1,344 4,146 9,546 2,996100,062 1,167 338 1,944 41,714 62 13,559 1954—June 30. . 18,924 2,660 11,033 98,117 12,470 1,328 5,591 9,925 2,789 94,282 1,699 331 2,319 43,334 55 14,038 All insured commercial banks: 1941 —Dec. 31 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1952—Dec. 31 19,809 2,720 11,489 100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 1953—Dec. 3! . . 19,995 2,482 11,724 101,289 13,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 1954—Tune 30.. 18,924 2.627 10,688 96.983 12.252 1 ,287 5,562 9.776 2.765 93.306 \ . 506 331 2,264 43.001 50 13.714 Dec. 3.1 .. 18,734 2,441 11,854 105,471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 21 14,252 Member banks, total: 1941—Dec. 31 . . 12.396 1,087 6,246 33,754 9,714 671 1.709 3066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 17,797 1.672 6,270 73,528 10,978 1,375 1.176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1952—Dec. 31.. 19,810 2,081 7,378 85,543 12,594 1,431 4,567 7,029 2,744 85,680 592 321 1,303 31,266 165 10,761 1953—Dec, 31.. 19,997 1,870 7,554 86,127 12,858 1,291 3,756 7,530 2,783 85,711 1,021 308 1,595 33,311 43 11,316 1954—June 30. . 18,925 2.001 7,062 82,783 11,956 1,280 5,165 7.839 2,583 81,034 1,497 300 1,912 34,687 38 11,709 Dec. 31.. 18,735 1 ,843 7,613 89,836 13,015 1,493 3,715 7,781 2,964 88,859 1,475 334 1,966 35,650 15 12,210 New York City:* 1 1 9 9 4 4 1 5 — — ] D r> eecC.i 3 3 1 j . . 4 5 ! .1 0 0 1 5 5 1 9 1 3 1 14 7 1 8 1 1 5 0 , , 0 76 6 1 5 3 3 , , 5 5 9 3 5 5 1,1 6 0 07 5 6,9 8 4 66 0 3 2 1 3 9 7 1,3 4 3 5 8 0 1 1 1 5 , , 2 7 8 1 2 2 1 6 7 10 2 2 9 0 1,2 7 0 7 6 8 195 2 1 , , 1 64 2 8 0 1947—Dec. 31 .. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1952—Dec. 31.. 5,059 148 84 16,288 3,346 1,154 1,143 322 1,120 17,919 465 59 29 1,752 132 2,505 1953—Dec. 31.. 4,846 129 70 3 5,90! 3.353 1,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 1954—June 30. . 4,614 131 60 15,430 3.237 1 ,033 1,378 404 1 .109 16.601 1,246 5? 151 2.014 1 2,630 Dec. 31. . 4,398 126 67 16,500 3,336 1 ,177 736 368 1,223 17,823 1,196 54 192 2,146 1 2,803 Chicago:* 1941—Dec. 35.. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 1 ,292 20 1.552 237 66 3,160 719 377 1947—Dec. 31 1 ,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1952—Dec. 31... 1,144 32 169 4,126 1,308 37 343 242 56 4,491 5 4 11 1,190 541 1953—Dec. 31. . 1,287 34 166 4.211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 1954—Tune 30.. 1 .290 30 154 3, P.44 1.287 34 410 297 74 4.032 18 4 10 1 ,253 583 Dec. 31. . 1,177 29 162 4,400 1,264 40 251 274 80 4,622 18 6 10 1,280 600 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 no 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1952—Dec. 31. . 7,788 651 2,419 30,609 6,662 230 1,814 2,693 791 31,798 109 105 739 12,417 8 3,745 1953—Dec. 31. . 8,084 568 2,463 30,986 6,869 219 1,504 2,880 828 32,065 166 98 830 13,203 3,984 1954—Tune 30.. 7,553 611 2,352 29,940 6,220 ?02 2,015 2.877 677 30,503 214 97 992 13,867 11 4,124 Dec. 31. . 7,783 558 2,327 32,694 6,946 259 1,457 2,876 866 33,677 239 111 965 14,399 3 4,300 Country banks: 1941 —Dec. 31.. 2.210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31 .. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31. . 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1952—Dec. 31., 5.820 1,250 4,706 34,519 1,278 11 1,267 3,772 777 31,473 13 152 525 15,90S 25 3,970 1953—Dec. 31. . 5,780 1,140 4,855 35,029 1,288 12 1,216 4,063 820 31.636 15 153 615 16,921 20 4,194 1954—Tune 30. . 5.468 1 230 4.496 33.569 1.21J 11 1 362 4.261 720 29,898 19 148 759 17,553 26 4,372 Dec. 31. . 5,377 1,129 5,057 36,242 1,469 17 1,271 4,263 795 32,736 22 163 799 17,826 11 4,506 All nonmember banks:2 1947—Dec. 31.. 544 3.947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1952—De<-. 3) 672 4,498 15,964 516 34 374 1,831 212 14,113 152 25 317 7,800 23 2,129 1953—Dec. 31 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 1954—June 30. 658 3,972 15,334 514 48 426 2,085 209 13,248 202 30 407 8,669 17 2,332 3 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3Central reserve city banks. 4Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at ali 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. APRIL 1955 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date i T m n l a o v o e n a e t n d n a s t s t l s - i j m L n u a a o v s e n d a e t n d e - n s t d t s s - ' j L u o a s a t d e n - d s i C t n m c a r d o i i n e a a u m d r l l s , - , - - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C t f a e i e f t b i i e r - n t - s - - Notes Bonds2 O r s i e t t c h ie u e s - r b L a o t n o a k n s s t a c u g u r r l a - i- l G U l o i o g . b v a - S - t . . O c s u t e h r - i e - r G U l o i o g . b S v a - . - t.O cu th n e - r n e e d s - s tions ties tions ties Total- Leading Cities 1954—March. . . 79,460 78,90339,034 22,682 1,887 821 6,503 7,779 31,978 2,316 3,574 4,73.121 ,357 ,S91 557 1955—January.. 86,398 85,62040,443 22,202 2,434 1,079 7,225 8,20736,532 2,378 2.681 8,158 23.315 8,645 778 February. 85.612 84.806 40,641 22.159 2,488 1.073 7,311 8.31635,221 1 ,878 2.118 8.627 22. 55<9J8 8,944 806 March. . . 85,124 84,20541,260 22,575 2,504 1,090 7,408. 394 33,908 1,685 1 ,404 8,883 21,9369,037 919 1955--Tan. 5. 86,656 85,82440,636 22,334 2,541 1,101 7,182 8,18136,573 2,279 2,729 8,210 23,3558,615 832 Jan. 12. 86,290 85,481 40,451 22,237 2,419 1,082 7,217 ,513 2,301 2,714 8,1 7923,319 8,517 809 Jan. 19. 86,152 85,44940,309 22,163 2,324 1,080 7,238 8,208 36,602 2,497 2,644 8,166 23,29588,538 703 Jan. 26. 86,495 85,72940,377 22,074 2,449 1,055 7,263 8,24036,441 2,434 2,638 8,07623,293 8,911 766 Feb. 2. 86,129 85,35940,576 22.054 2,582 ,056 7,279 8,31135,799 2.065 2,551 8,081 23.1028,984 770 Feb. 9. 85,634 84,85940,653 22,096 2,590 , 062 7.294 8,31435,280 1,747 2,412 8.121 23,000 8,926 775 Feb. 16. 85,411 84,67340,722 22,251 2,454 ,083 7,326 8,3.1535.057 1,88.1 ,832 9,162 22,1828,894 738 Feb. 23. 85,274 84,33440,613 22,236 2,326 ,092 7,342 8,32534,750 1,821 .676 9,146 22,1078,971 940 Mar. 2. . 85,267 84,41640.826 22.351 2.374 ,080 7,359 8,37334.599 1 .816 ,633 9.07422.0'76 8.991 851 Mar. 9. . 85,152 84,24240.973 22.375 2,452 .075 7.373 8,40934.177 1 .677 ,535 8,96222.0039,092 910 Mar. 16.. 85.890 84,91.841 ,519 22,694 2,718 ,081 7,402 8,33734.374 1 ,949 ,542 8,92921,9549.025 972 Mar. 23 . . 84.883 83,99641,457 22.747 2,491 . 100 7,432 8,10033,500 1 .696 ,197 8.77421,8429.030 887 Mar. 30. . 84,432 83.155 •II ,^23 22.707 2.483 .113 7,474 8,45332.885 1 .286 .117 8.67621.8OC:9.047 977 New York City 1954—March. . . 21,724 21,400 11,589 8,101 487 919 385 1,587 7,489 692 641 769 5.3872,322 324 1955—January.. 23,630 23,172 11,629 7,404 332 ,488 387 1,724 9,050 689 535 1,884 5,9422,493 458 February. 23,410 22,956 11,707 7,381 , 500 393 520 1 ,731 8.705 624 360 1 ,986 5.7352,544 454 March. . . 23,369 22,806 12,047 7,642 263 , 654 412 1,727 8,172 583 240 1,915 5,434 2,587 563 1955—Jan.. 5.. 23,800 23,340 11,727 7,454 426 ,447 390 1,726 9,136 709 588 1 ,891 5,948 2,477 460 Jan.. 12.. 23,512 23,064 11,636 7,122 ,464 390 489 1,732 8,977 620 554 1,878 5,9252,451 448 Jan. 19.. 23,446 23,020 11,549 7,381 286 ,479 382 497 1,724 8,994 679 495 1 ,8855,935 2,477 426 Jan. 26. . 23,761 23,263 11,603 7,358 280 ,561 388 508 1,712 9,094 747 503 1,883 5,9612,566 498 Feb. 2. . 23,686 23,234 .11,683 7,322 430 1,507 389 512 1,724 8,966 661 501 1 .882 5,9222.585 452 Feb. 9. . 23,454 23,004 t1,707 7,347 445 ,490 391 513 1,723 8.776 501 398 1,963 5,914 2,521 450 Feb. 16.. 23,251 22,861 11,768 7,420 393 ,491 393 1 ,7378,591 712 271 2.052 5,5. ,502 390 Feb. 23. . 23,247 22,725 11,672 7,436 254 ,513 401 528 1,739 8,485 621 268 2,048 548 2,568 522 Mar. 2 . . 23,372 22.837 1.1 .771 7,508 201 ,585 397 535 1 ,7458,477 681 259 2.019 5.5152.589 535 Mar. 9. . 23,320 22,793 11.910 7.535 217 , 662 403 542 1 .7528.2r:8| 601 246 1 ,9585,4632.615 527 Mar. .16.. 23.741 23,161 1.2,256 7.706 383 1.717 400 1 ,6958.320 705 263 1 .920 5.4322 .585 580 Mar. 23 . . 23.252 22.696 12,1-17 7, 745 258 1 ,652 421 1 ,721 7,979 540 220 1 .8275,3922,570 556 Mar. 30. . 23,164 22,513 12,151 7,717 257 1,656 429 565 1,722 7,817 386 211 1.851 5,3692,575 621 Outside New York City 1954 -March . . . 57,73657,503 27,445 14,581 481 520 6,118 24,4891 1,624 3,96215,9705,569 233 1955—January.. 62,768 62,44828,814 14,798 614 676 6.734 6,483 27,482 1,689 2,146 6,27417,373 65,152 320 February. 62.202 61,85028,934 14,778 608 664 6,791 6,58526,516 1 ,2541,758 6.641 16.* ,400 352 March. . . 61,755 61,399 29,213 14,933 587 665 6,859 6,66725,736 1,102 1,164 6,96816.502 6.450 356 1955—Tan. 5.. 62,856 62,48428,909 14,880 668 683 6,713 6,455 27,437 1,570 2,141 6,319 17,4076,1.38 372 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 Jan. 19.. 62,706 62,429 28,760 14,782 559 684 6,741 6,484 27,608 1,818 2,149 6,281 17,360 6,061 277 Jan. 26. . 62,734 62,46628,774 14,716 608 657 6,755 6,1 ,347 1,687 2,135 6,193 17,332 6,345 268 Feb. 2. . 62,443 62,125 28,893 14,732 645 654 6,58726,833 1 ,404 2,050 6,19917,180 6,,399 318 Feb. 9. . 62,180 61,855 28,946 14,749 655 658 6,59126,504 1 ,2462,0.1.4 6,15817,086 6(,405 325 Feb. 16. . 62,160 61,812 28,954 14,831 570 667 6,,578 265,466 1,169 1,561 7,110 16,626 6,392 348 Feb. 23. . 62,027 61,609 28,941 14,800 559 675 6,586 26,265 1,200 1,408 7,09816,559 6,403 418 Mar. 2. . 61,895 61,57929,055 14,843 588 668 6,824 6.628 5,122! 1. .1321,374 7,05516,561 6,402 316 Mar. 9. . 61,832 61,44929,063 14,840 573 658 6,831 6.65725,909 1,076 1.289 7,00416,540 6,477 383 Mar. 16.. 62,149 61 ,75729,263 14,988 618 659 6.854 6,64226,054 1 .2441 ,279 7,00916, .s .440 392 Mar. 23 . . 61,631 61,30029.310 15,002 581 668 6,878 6,67925,530 1 ,156 977 6,94716,455i0 6r>,460 331 Mar. 30. . 61,268 60,912 29,372 14,990 570 672 6,909 6,73125,068 900 906 6,82516.437 6,472 356 1 Exclusive of loans to banks and after dedaction of valuation reserves; individual loan items are shown gross. 2Includes guaranteed obligations. For other footnotes see opposite page. 388 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 Re serves Bal- De- Indi- Indi- Month or date B s w F e R e a e r r i e n a d t v - h k l - e s v C a i a n u s l h t b m a w a n d e n o i c s t - e k h ti s s c j p u m o a s d a t d e s e n - i - d t d s * s p p u v n c h a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l b a n d i t - i l t e s - - s c C h c o a f e e e e i f t n e f c c r r d i d t . s k - i ' s - , U m G er . o e n n v S - t - . s p p u n v c h a o a a o e n i i r r d l p r r d a s t - - - s - , - , S p s d s a i i o u t i c o n a v l b a n d i t i - l t e - s - s P U m G S e i a o n r a . n o e s g n v d n v S t s - - a t - . l m D t e i D o c s - - eman F ei d o g r n - Time F B s F e R e r a e r r o e n a d v - m l k - e s F ot r h o e m rs C it a a p l tions tions Total- Leading Cities 1954—March... 14,381 2,595 53,740 54,767 3,895 1,776 2,90517,750 1,047 19010,505 1,257 1,213 663 7,674 1955--January. 13,978 980 2,613 58,23059,598 4,032 2,077 1,792 18,856 1,141 21111,482 1,386 1,464 238 627 8,160 February. 13,727 938 2.524 57,093 58,297 4,098 1,968 2.54818.876 1.131 20710.566 1,363 1 ,458 651 8,205 March... 13,629 923 2,508 56,55457,852 3,898 1,887 2,471 18,969 1,140 10,408 1,393 1,421 300 726 8,214 1955—Jan. 5.. 14,329 958 2,691 57,85759,012 3,958 2,021 2,24218,845 1,158 21312,012 1,420 1,440 197 713 8,176 Jan. 12.. 13,946 1,031 2,627 57,981 60,113 3,841 1,793 1,502 18,865 1,157 21011,717 1,403 1,464 355 669 8,154 Jan. 19.. 13,869 964 2,630 58.36859,884 3,981 1,806 1,477 18,857 1,122 21011,502 1,372 1,473 136 563 8,138 Jan. 26. . 13,766 968 2.504 58,71659 .,383 4,348 2,689 1,948 18,856 1,126 21110,695 1,347 1,481 263 563 8,172 Feb. 2.. 13,947 898 2,493 57,63958.317 4,232 2,226 2,32018.864 1,126 20810,821 1 ,352 1,478 506 616 8,194 Feb. 9. . 13,651 938 2,483 57,39457,889 4,148 1 ,595 2,33018.874 1,127 210 10,633 1,326 1,460 155 622 8,209 Feb. 16.. 1.3,829 925 2,571 56,59858,672 3,984 2,164 2,77918,875 1,132 20710,701 1,376 1,454 338 640 8,202 Feb. 23.. 13,483 993 2,548 56,74458,311 4,027 1,889 2.76418.890 1,138 20510,110 1,396 1,439 193 727 8,214 Mar. 2. . 13.511 893 2,488 56.27057,762 3,960 1.865 2,63.' 18,930 1,145 20510,610 1.377 1 ,415 212 663 8.244 Mar. 9. . 13.535 925 2,358 56.769 57,795 3.7 1 ,760 2.078 18,971 152 20510.312 1 .364 1,414 287 712 8.239 Mar. 16.. 14.177 <)Q5 2,652 57,861 60.070 3 . 7222,251 2.497 18,957 1 ,140 20610,755 1 ,376 1.428 173 744 8,231 Mar. 23 . .13,521 927 2,463 56,282 57,158 3,966 .1 ,7562.615 1.8,996 1,132 20610,1.27 1,418 1 .425 357 705 8,239 Mar. 30. . 13,399 965 2,579 55,59056,474 4,062 1,805 2,534 18,990 1,132 207.10,235 1,430 1.420 468 806 8,118 New York City 1954—March.... 4,956 139 15,712 16,714 291 844 1 ,842 182 2,979 1,008 1,013 300 2,574 1955—January.. 4,424 154 16,517 17,532 359 1,124 471 2,079 191 3,167 ,084 1,174 355 2,780 February.. 4,382 145 5116.264 17,302 308 1.077 669 2.074 182 3,008 ,053 1,147 357 2,790 March.'... 4,444 139 16,442 17,485 907 668 2,072 176 2,962 ,079 1,107 306 2,761 1955—Jan. 5.. 4,556 155 16,483 17,456 303 979 620 2,076 199 3,289 ,122 1,170 4.27 2,779 Tan. 12.. 4,515 163 16,320 17,467 289 884 403 2.074 208 3,186 ,108 1,170 155 420 2,779 Jan. 19.. 4,367 146 16,466 17,586 319 860 372 2,080 177 3,211 ,066 1,176 281 2,780 Jan. 26. . 4,259 151 16,799 17,620 525 1,770 491 2,085 181 2,983 ,038 1,179 294 2,782 Feb. 2. . 4,540 138 16,535 17,362 373 1,326 644 2,079 175 3,076 ,036 1,167 .128 414 2,792 Feb. 9.. 4,288 148 16,333 17,168 287 743 639 2,071 180 3,016 ,026 1 ,149 2 343 2,793 Feb. 16.. 4,416 139 16,105 17,403 262 1,226 703 2,072 186 3.010 ,063 1,143 39 353 2,792 Feb. 23.. 4,284 156 4816,085 17,274 1,014 691 2,075 185 2,931 ,085 1,128 319 2,783 Mar. 2. . 4,224 .138 16,209 17.250 276 898 711 2,066 178 3,009 .061 1,103 215 2,789 Mar. 9. . 4,503 143 3916,551 17,456 258 862 569 2.079 179 2,920 .056 1 ,103 305 2,785 Mar. 16. . 4,598 133 16,921 18,161 243 1,14 = 64 i 2.054 180 3,100 .064 1.112 301 2,788 Mar. 23.. 4,403 135 50 16,192 17,162 286 768 760 2,066 173 2,937 ,100 1 ,111 328 2,789 Mar. 30. . 4.489 148 115 1.6,33817,394 304 865 659 2,096 172 2.846 1.114 1,105 383 2,651 Outside • New York City 1954—March.... 9,425 2,503 38,028 38,053 3,604 2,061 15,908 865 136 7,526 200 363 5,100 1955—January. . 9,554 826 2,5 713 42,066 3,673 953 1,321 16,777 950 157 8,315 302 290 199 272 5,380 February.. 793 2 ,47'3 40,829 40, 9953,790 891 1 ,879.6,802 949 153 7.558 310 311 254 294 5,415 March.... 784 2,447 40,112 40,367 3,625 980 1,803 16,897 964 151 7,446 314 314 297 420 5,453 1955-Jan. 5. 9,773 803 2,655 41,374 41,556 3,655 1,042 1,622 16,769 959 159 8,723 298 270 197 286 5,397 Jan. 12. 9,431 868 2,58541,66142,646 3,552 909 1 ,09916,791 949 156 8.531 295 294 200 249 5,375 Jan. 19. 9,502 818 2,58141,902 42,298 3,662 946 1,105 16,777 945 155 8,291 306 297 136 282 5,358 Jan. 26. 9,507 817 2,45941,91741,763 3,823 919 1,457 16,771 945 157 7,712 309 302 263 269 5,390 Feb. 2. 9,407 760 2,440 41,104 40955 3,859 900 1,676 16,785 951 154 7,745 316 311 378 202 5,402 Feb. 9. 9,363 790 2,44241,06140,721 3,861 852 1,691 .6,803 947 157 7,617 300 311 153 279 5,416 Feb. 16. 9,413 786 2,508 4400,,44993 41,269 3,722 938 2,076 16,803 946 154 7,691 313 311 299 287 5,410 Feb. 23. 9,199 837 2,50040,6655'9 41,037 3,715 875 2,073 16,815 953 151 7,179 311 311 185 408 5,431 Mar. 2. 9,287 755 2,447 40,06140,512 3,684 967 1,92216,864 967 151 7,601 316 312 210 448 5 ,455 Mar. 9. 9,032 782 2,319 40,218 40,339 3,523 898 1,50916,892 973 151 7,392 308 311 283 407 5,454 Mar. 16. 9,579 772 2,595 40,940 41,909 3,479 1,106 1,85616,903 960 151 7,655 312 316 172 443 5,443 Mar. 23. 9,118 792 2,4.1340,09039,996 3,680 988 1 ,85516,930 959 151 7,190 318 314 353 377 5,450 Mar. 30. 8,910 817 2,46439,25239.080 3,758 940 1 ,87516,894 960 151 7,389 316 315 466 423 5,467 3Demand deposits other than interbank and 1.7. S. Government, less cash items reported as in process of collection. Back figures. — For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Figures for total leading cities for full year 1954 are shown on pp. 212-213 of the BULLETIN for February 1955. 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. APRIL 1955 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY 1 [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. ind'l, Periods l F iq a o u n o d o d r , , a T p e a p x n a t d i r l e e l s , , p m M m r ( a o a i e c n e n d t h t c u d a a i l l c n l . s t - s ch P l e c e e m o u t a r m i l o c , , - al, Other ( r T w e s a r t h a n a a l o d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t ( t r i u o i i a l o n b r i n n c t t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu t o y s A t o i p h n l f e e l e s r ss c c h N l f a a i n e s e d g s t i e - s ch t a a o a g n t n g r a d ' e l l s . — tobacco leather- ery and and trans, rubber equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June. .. -868 -73 1,111 176 76 -105 -634 -217 •—7 18 -28 -546 -637 July-Dec 754 -40 250 36 141 662 544 -57 13 191 2,494 2,435 1953—Jan.-June. . . -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June. . . -505 55 -577 -10 — 1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec.. .. 498 -26 -548 88 -62 120 539 32 -225 82 167 665 602 Monthly: 1955—January.... -119 28 7 -10 -116 -82 5 Q 4 -80 -371 -412 February... -118 90 29 109 4 \3 -47 3 -11 9 42 124 162 March -42 73 80 87 49 91 -.132 98 126 -9 49 •170 471 Week ending: 1955—Jan. 5 -70 -1 3 9 -7 -56 -23 43 A -1 -37 -144 -152 Tan. 12 -8 11 1 -17 4 -12 -43 -44 -1 4 4 -100 -97 Jan. 19 -17 5 15 5 -2 -28 Q It 14 3 -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 -6 30 9 -4 10 29 -20 Feb. 9 -19 22 12 6 4 5 -14 -4 1 -1 2 14 42 F F e e b b . . 1 2 6 3.... - -2 4 5 8 3 1 8 2 3 9 96 1 —5 7 1 4 4 — -1 4 13 -1 -8 5 -2 -1 0 1 3 2 1 1 . 5 6 -n 95 - 1 1 5 5 5 Mar. 2 .... -10 21 1 -1 3 5 19 -29 95 10 -11 6 \22 115 Mar. 9.... -26 12 15 -2 3 1.1 -31 28 — 1 i 5 14 18 24 Mar. 16 43 2 7 63 -10 30 41 -40 -47 99 11 14 281 319 Mar. 2S -18 1 -1.8 47 4 i 7 -11 3 5 -14 24 40 53 Mar. 30 -32 11 7 -2 8 "A- -20 5 8 23 i _9 8 -40 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; those banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2Figures for other than weekly periods are based on weekly changes during period. 3Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING fin millions of dollars] Commercial and finance Dollar acceptances outstanding company paper outstanding1 Held by Based on End of month Total Accepting banks F. R. Goods stored in or Placed out- Banks Im- Ex- shipped between Total d t P h e l r a a o l c e u e r g d s h 2 ( d fi i n r l a e y n c c t- e st i a n n g d- To- Own Bills a ( c f o o c f r t. O e t r h s - U p i n o n i r t t o t e s d U p fr n o o i r m t t e s d c D h e o a x l n l - g ar e points in paper) 3 tal bills bought for. States States United Foreign corr.) States countries 1949—December 837 270 567 272 128 58 70 11 133 184 49 30 9 1950—December 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951—December 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952—December.... 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953—December... . 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954—February. ... 2,308 716 1,592 545 185 149 36 10 350 238 151 44 71 41 March 2,291 735 1,556 580 198 149 50 13 369 247 139 47 107 39 April 2,215 694 1,521 623 228 165 63 17 379 270 142 38 127 46 May 2,168 641 1,527 616 227 171 56 14 374 277 143 36 115 45 June 2,150 679 1,471 589 220 164 56 14 355 246 143 60 96 43 July 2,208 747 1,461 589 205 164 41 9 376 225 136 92 91 46 August 2,228 794 1,434 563 198 155 43 5 360 205 134 75 101 47 September.. 2,192 803 I ,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 00 February.... 2,187 703 1,484 831 242 182 61 28 561 235 178 41 283 93 !New series; not comparable with earlier data. 2As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. 3As reported by finance companies that place their paper directly with investors. Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427. 390 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 S n ta i t t e e s d St l a o t c e a a l n 1 d 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 .S4n 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 L,69S 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,3 "52 2 373 L 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 7,255 735 1,894 SOS 1947 51,743 22,003 20,021 945 1.037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 . . .. 55,512 19,085 16,746 1,199 1 ,140 20,322 18,894 1,428 10,833 1.055 2,057 2,160 1949 59,630 17,813 15.290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 . . 64,020 16.066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68.278 13,667 11,009 1,736 922 28,204 1 25,983 2 221 19.314 1.631 2,590 2,872 19*52 73.375 12,774 1.0,252 1,767 755 31,646 1I 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:* 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 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,32i 295.3—January 78,866 12,470 9,779 2,105 586 34,639 32,266 2,373 23,435 2.039 2,905 3,378 February 79,251 12,498 9,781 2,122 595 34,816 32,430 2.386 23,570 2,053 2,923 3.391 Ma^ch 79,649 12,416 9.661 2,170 585 35,053 32,635 2,413 23,769 2.066 2,956 3,389 April, 80,114 12,424 9,635 2,208 581 35.216 32,759 2,457 24,005 2,086 2,978 3,405 May 80,547 12,452 9,539 2,326 587 35.371 32,871 2,500 24,174 2,102 3,000 3,448 June 80,981 12,294 9.343 2.363 588 35,683 33,150 2,533 24,384 2,129 3,023 3,468 Tulv 81 ,510 12,222 9.189 2.456 577 35,943 3.1.369 2,574 24,572 2J47 3,045 V5R1 August 81 965 12,197 9.171 2,471 555 36,094 H 33.494 2.600 24,795 2,1 77 3.066 3,636 September 82,362 12,094 9.086 2,485 523 36.326 l| 33,717 2,609 25,035 2,205 3,049 3,653 October.... 82.850 i 12,013 9,024 2,509 480 36,579 ii 33.979 2,600 25,260 2,241 3,061 3,696 November 83 33S 11.992 I 8 936 2,575 481 36,663 j 34 040 2 623 25 574 2,260 3 075 3,774 December.... 8-1,052 12,037 9,021 2,533 483 36,843 |i 34.147 2,696 25,927 2,275 3.087 3.883 1955—January 81,912 ' 12,348 9,233 2,643 472 37,061 3-1-,305 2,756 26,223 2,310 3,127 1,843 i 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. BThese represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are net made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fad 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. Saving? year Total3 g M ag o e rt s - 2 G m o o v b e e l n i r - t n- Cash. Other-' capital quarter Total* g M ag o e r s t- 2 G m o o v b e e l n i r - t n- Cash Others capita] gations gations 1940 5,733 4,125 71 307 940 4.322 1952—1. . 19.688 16,057 1,690 1,080 774 16,811 1941 6,049 4,578 107 344 775 4.682 2 . . 20,599 16,875 1.687 1,182 770 17,656 1942 6,150 4,583 318 410 612 4.941 3. . . 21,295 17,696 1,765 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 1 1 1 1 1 . 9 9 9 9 9 4 4 4 4 4 9 7 6 5 8 1 1 1 1 8 4 0 1 3 , , , , , 7 6 2 6 0 2 0 8 4 2 2 2 7 8 7 1 1 5 8 7 1 0 , , , , , 1 8 3 6 3 4 5 7 1 0 1 6 6 6 5 2 2 1 1 1 . . , 4 0 4 , .4 7 6 0 2 5 4 2 9 0 5 0 4 5 6 5 8 6 5 6 8 3 3 0 0 0 6 3 3 4 5 5 5 1 8 0 6 6 6 1 1 6 1 1 8 9 7 2 0 , , , , , 5 7 3 4 9 6 4 7 5 6 1 5 4 8 3 1953 -1 4 3 2 . . . . . . . . . . . . . . . . 2 2 2 2 6 3 5 4 , . , , 4 5 7 6 4 8 2 3 2 2 4 8 2 2 2 1 1 1 0 9 , , . , 8 1 0 0 8 1 9 5 2 6 9 1 1 1 1 1 , , . , 9 9 9 9 8 9 2 2 2 7 6 3 1 1 1 1 , , . , 1 2 5 3 9 5 0 3 6 9 0 3 1 1 1 1 . , , , 2 1 2 2 1 2 1 5 2 8 8 8 2 2 2 2 1 0 1 2 , , . , 1 0 7 7 7 4 3 7 2 0 5 3 1950 16,846 13,622 1,489 951 692 13,978 1951 19,164 15,520 1,606 1,082 866 16,073 1954—1P... 27,667 22,722 1,928 1,613 1,330 23,901 1952 22,585 \?>.336 1,791 1,306 1,072 19.143 2P... 29,105 23,847 1,961 .,782 1,442 25,163 1953 26,638 21.882 1 .923 1 .500 1 ,258 22.778 3?> 30,168 25,053 1 ,972 ,671 1.400 25,895 1954P 31,680 26,142 2.026 1,958 1,481 27,259 4P... 31,680 26,142 2,026 1,958 1,481 27,259 p Preliminary. 3 Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. APRIL 1955 391 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: To aid agriculture, total ?,,878 ?,,884 ?, ? 63?, 4,362 3,884 4,161 5,070 6,811 7,370 6,38i 6 527 Banks for cooperatives 197 232 276 305 302 345 425 424 377 354 305 343 F Fe e d d e e r r a a l l l i a n n te d r m ba e n d k ia s t 2 e credit banks 1,0 7 8 3 8 1 9 ?7 8 S 6 336 476 437 510 633 673 590 658 774 754 Federal Farm Mortgage Corporation . . 242 149 109 80 60 45 34 25 18 17 H 15 Farmers Home Administration3 604 590 .558 575 523 535 539 596 648 739 754 754 407 57,8 734 999 1,301 1,543 1,742 1,920 2,096 2,130 2,164 2,200 Commodity Credit Corporation 99 120 280 1,293 1,729 • 898 782 1,426 3,076 3,468 2,36? 2,457 Other agencies Q f 7 5 9 7 6 6 5 5 4 4 To aid home owners, total 806 610 116 768 1,251 1,528 2,142 2,603 2,930 2,858 2,8U 2,818 Federal National ]Vtortgape Assn 7 6 4 199 828 1,347 1,850 2,242 2,462 2,366 2,301 2,392 Home Owners' Loan Corporation2 85? 636 48*. 369 231 10 Reconstruction Finance Corporation^ ® 12 10 «1 177 168 137 123 115 108 106 104 O V t e h te er r a a n g s e A nc d i m es i 4 nistration . . . . .. } 25 6 65 22 24 35 169 246 1 / 30 6 0 0 32 6 6 1 34* 36 5 7 9 6; To railroads, total 7,7,3 171 147 140 114 110 101 82 79 79 12 Reconstruction Finance Corporation^ 205 153 145 138 112 108 99 80 77 77 nK Other agencies 18 18 3 3 3 2 2 2 2 2 5 12 To other industry, total .. ?,1?, 10?, 7,7? 'MO 462 458 488 516 509 492 41'1 413 Reconstruction Finance Corporation ^ ^ 149 151 241 272 423 400 415 457 294 270 191 O 1 t d h e e p r a r a t g m en en ci t e s o f t . h e Treas . ury } 83 41 31 38 38 58 74 58 \ f 1 4 7 0 4 1 4 7 4 8 1 4 7 5 9 34 6 9 4 To financing institutions, total 267 114 447 17,1 445 824 814 864 952 630 678 691 60 14 7 6 8 8 8 (8) (8) (8) (8) Federal home loan banks IPS ?93 436 515 433 816 806 864 952 630 675 689 Other apencies 12 7 4 4 4 3 2 Foreign, total.... 1?,6 ?,784 1 61'? 6 10?, 6,090 6,078 6,110 7,736 8,043 7,987 7,965 7 968 Kxport-Import Bank 7,57 1 ?4Q 1,978 ? 145 2,187 2,226 2,296 2,496 2,833 2,783 2,762 2,788 Reconstruction Finance Corporation8 ^... ?74 735 746 706 154 101 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 3,61? 3,618 i°l,515 1,537 1,539 1,544 1 ,563 All other purposes, total 707 6?,3 714 184 484 531 779 1,095 763 641 471 451 Reconstruction Finance Cornoration s ^ .. SOP 73? 8340 190 88 59 61 50 57 29 35 Public Housing Administration11 786 ?78 778 794 297 366 609 919 535 428 24; i4i Other agencies 112 113 96 100 99 105 109 126 171 184 19: 307 Less: Reserve for losses 438 478 395 368 476 185 173 140 203 181 251 276 Total loans receivable (net) 5,290 6,649 9,714 11,692 12,73313,228 14,422 17,826 19,88319,877 18,48? 18,603 investments: 1,683 1873 /,6X1 1814 2,047 2,075 2,226 2,421 2,602 2,969 2,91 i 2, °88 Banks for cooperatives 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 5( 58 Production credit corporations 67 70 72 66 39 42 43 43 45 43 4? 42 Federal land banks2 145 136 Federal home loan banks . . . 118 145 139 774 275 199 249 311 387 706 672 687 161 17? 184 199 214 193 200 208 217 222 22? 222 Home Owners' Loan Corporation2 15 17 1? 1? 8 Federal Housing Administration 106 1?? IT? 144 188 244 285 316 319 310 25; 324 Reconstruction Finance Corporation & 7 49 48 (8) 1 Federal Deposit Insurance Corporation . . 897 1045 1 0?0 1 064 1,205 1,307 1,353 1,437 1,526 1,593 1,6<K 1 610 Other agencies 38 78 79 9 1 1 1 1 1 1 1 Investment in international institutions 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,38t 3,385 Other securities, total 37,1 ?,W 114 107 88 78 44 40 40 5± 48 Reconstruction Finance Corporation 8 244 159 108 98 83 71 66 36 35 35 5( Production credit corporations 55 46 35 79 22 16 11 8 5 5 A 4 O D t e h p e a r r t a m ge e n n c t ie o s f the Treasury ) 26 24 11 6 2 1 1 (8) I / . 1 1 1 43 2 Commodities, supplies, and materials, total 2,288 1,265 822 627 1,549 1,774 1,461 1,280 2,514 2,696 3,369 3,709 Commodity Credit Corporation 10S4 463 448 437 1,376 1,638 1,174 978 2,086 2,202 2,802 3,059 Reconstruction Finance Corporation *> ^ 1 1 SI 667 735 157 142 108 129 172 156 168 91 O D t e h p e a r r t a m ge e n n c t i e o s f the Treasury 122 134 138 32 30 28 159 131 \ 272 327 476 55 9 6 5 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 8,075 8,061 P R u e b c l o i n c s H tru o c u t s i i o n n g F A in d a m n i c n e i s C tr o at r i p o o n r 1 a 1 tion6 *... . 6 2 91 2 Q 2 ? ? 86 ? 1 7 20 3 4 5 1,4 6 4 S0 8 1,3 6 5 1 2 1 1,2 6 4 05 8 1,2 5 5 94 1 1,1 1 7 9 3 9 1,0 1 1 7 8 5 9 1 5 69 8 8 1 2 61 ? 128 Tennessee Valley Authority 7?1 777 754 793 830 886 1,048 1,251 1,475 1,549 1,63( 1,685 U. S. Maritime Commission2 3,395 3,301 3,305 War Shipping Administration2 7,813 7,764 6,507 Federal Maritime Board and Maritime Adm 2 4,834 4,849 4 82l 4 78? Other agencies *2 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 1,?•>?, 689 %5 772 1,190 1,369 1,330 1,182 949 97J 1,072 Banks for cooperatives 8 33 60 70 78 110 170 181 150 133 12( 131 Federal intermediate credit banks 245 293 358 480 490 520 674 704 619 626 73< 762 Federal land banks2 79? 756 Federal home loan banks 69 169 262 415 204 560 525 445 414 190 11/ 179 For footnotes see following page. 392 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 Com- Invest- B a o n n d d s d , e n b o e t n e - s, u. s. Pri- Date, and corporation or agency Loans m ti o e d s, i- ments L st a ru nd c- , tures payable G er o n v - - o v w at n e e ly d re- sup- tures, Other Other ment inter- Total Cash c a e b i l v e - m p r a l i a n i a e t d l e s s - , G U r s i e o t . c i v e u S t s - . . O s ri e t t c h ie u e s - r e m q a u n e i d n p t - s a e s t - s a F g n u u b t a e l y l r e y - d Other li i a ti b e i s l- in e t s e t r- est U. S. All agencies: 1946—Dec. 31... 30,409 1 ,398 6,649 1,265 1 ,873 547 16,924 1,753 261 1,252 3,588 24,810 498 1947—Dec. 31 2.. 30,966 1,481 9,714 822 1 ,685 3,53912,600 1 ,125 82 689 2,037 28.015 143 1948—Dec. 3i2.. 21,718 63011.692 627 1 .854 3,518 3,060 337 38 965 1,663 18,886 166 1949—Dec. 31... 23,733 44112,733 1.. 5492,047 3,492 2,962 509 28 772 1,720 21 030 183 1950—Dec. 31 ... 24,635 642 13,22. 1 ,774 2,075 3,473 2,945 499 23 1.190 1.193 21,995 234 1951—Dec. 312.. 26.744 931 14,422 1 ,461 2,226 3,463 3.358 882 43 1 ,369 1,161 23,842 329 1952—Dec. 31 2 . 29.945 944 17,826 1,280 2,421 3,429 3.213 832 53 1,330 1 .72!8. 265,456 378 1953-Dec. 31 2 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 .75 1 ,182 3,818 33.429 434 1954—Mar. 31 39,3.13 1 ,1391.9,877 2,696 2,969 3,425 8,035 1,173 75 949 4.920 32,899 470 Tune 30 39,602 1 ,23218.489 3,369 2,911 3,439 8.077 2,085 81 971 4,033 34.030 486 Sept. 30 40,443 1,324 18,603 3,709 2,988 3,433 8,061 2,325 28 1,072 2,357 36,488 498 Classification by agency, Sept. 30, 1954 Farm Credit Administration: Banks for cooperatives 408 22 339 131. 249 Federal intermediate credit banks 860 38 762 90 Production credit corporations 46 (8) 754 () 46 De F p e a d r e tm ra e l n F t a o rm f A M gr o i r c t u g l a t g u e r e C : orp 16 "" i 5 (S) 00 16 Rural Electrification Administration 2,338 1 102 2,337 Commodity Credit Corporation 5,836 2,198 3.059 140 273 1 5,035 Farmers Home Administration 741. 2,344 (8) (8) 32 801 716 Federal Crop Insurance Corp 37 650 12 25 17 Housing and Home Finance Agency: 20 Home Loan Bank Board: Federal home loan banks 1,420 689 687 77 -6 470 Federal Savings and Loan Insurance Corp.. 228 (S) 222 5 8 221 Public Housing Administration11 408 143 128 112 20 388 Federal Housing Administration 512 44 324 1 116 320 Office of the Administrator: O Fe th de e r r a " l National Mortg % age Association. . . 2,4 9 0 71 8 ) 71 2,3 17 9 1 2 ()689 4 1 0 6 2, 9 3 6 9 2 7 Small Business Administration 22 1 21 (8) 22 Export-Import Bank 2,824 (8) 2.805 (S) fs) 1 99 2.725 Federal Deposit Insurance Corp 1,626 (8) () C) 14 106 1,520 Tennessee Valley Authority 1 ,950 227 1 ,685 9 1 .891 Federal Maritime Board and Maritime Adm.. 5,476 283 4,782 366 5.319 Panama Canal Company 468 29 422 3 455 Veterans Administration 501 1 04 368 3 24 494 Department of the Treasury 8,912 21.4 3,979 3,428 149 ,048 8 Foreign Operations Administration 1 ,579 7 1 ,563 9 1,572 All other 857 89 130 62 1.08 815 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i.e., after reserve for lo 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 T.J. 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 l.T. 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. 5The RFC Liquidation Act approved July 30, 1953 (67 Stat. 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 that date. When the Corporation went out of existence on June 30, 1954, 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. 31, 1947. TFigures 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 t, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 8Less than 8500,000. 9Fi.gures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury compilation. 10Represents 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. 1 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 19-18. Effective July 1, 1955, the public war housing program of the PITA (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. 13Sce 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. APRIL 1955 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series ume (index, 1935-39=100) (index, 1939=100) of Yea o r r , w m e o ek nth, . I r O s ie e l s d - 2 N se e - w g n ( r M i h a c i i d u g p e h a ) - l 4 gr ( C r h p a a o o d i t g - r e e h - )1 -fe P r r r e e - d 6 T ta o- l d t I u a r n s i l - - - R ro a a i d l- u P i l u t t i i y e b l - - T ta o- l T t M a o- l anu D f b r a a u l c - e - turi N n d r b o a u g l n - - e - T p t r o i a o r n n ta s- - u P i l t u t i i y c b l - - T a s a f r e n i i c n a r n c e v d d e - - e , , M in in g - ! ! i ! s s t t h i a h r ° n ( a n a o i f g n r d d u « e - s - s) Number of issues ! 3-7 15 17 15 480 420 20 40 265 170 98 72 21 29 31 14 1952 average , 97.27 129.3 115 3 169.7 188 204 169 118 195 220 189 249 221 118 206 276 1,313 1953 average ! 93 90 101 .46 119.7 112.1 164 0 189 204 170 122 193 220 193 245 219 122 207 241 j 1,419 1954 average j 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—Mar j 99.87 109.11 125.6 117.9 173.3 205 223 165 131 207 240 210 268 212 130 215 259 I 1,919 Apr 1100.36 109.65 123.9 118.1 174.3 213 233 164 133 216 253 223 280 212 132 220 266 !2,089 May 99.68 109.39 123.6 117.5 173.8 220 242 173 135 223 263 233 291 221 134 226 270 i2,096 June ! 99.49 109.74 123.9 117.0 172.9 222 244 176 135 224 263 237 288 225 134 228 266 i 1,919 July 1100.36 111.07 126.9 117.5 173.3 231 255 184 140 233 275 254 294 234 139 236 257 !2,469 Aug 100.28 111 50 128.4 117.8 174.7 236 261 187 142 237 280 257 301 237 141 243 263 |2,588 Sept i 99.92 110.68 127.2 117.6 175.8 239 264 182 141 240 286 260 309 236 140 247 268 | 1,963 Oct i 99.69 110.59 126 117.5 178.1 244 271 187 139 244 291 267 313 240 138 249 269 | 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 | 98.97 109.91 126.6 117.0 178.3 265 297 218 144 268 323 298 345 285 144 268 310 3,475 1955—Jan I 97.88 108.43 125.4 116.7 175.7 269 302 222 145 326 307 344 288 145 270 314 • 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 Mar j 97.08 103.63 124.4 11.5.4 1 71-. 6 278 311 238 150 280 337 318 354 305 151 275 315 2,907 Week ending: Mar. 5 96.59 103.33 124. .1 115.3 1 75.4 283 317 246 154 286 345 326 362 315 154 283 321 2,990 Mar. 12 I 97.02 103.52 .1 24.4 115.3 174.2 275 308 235 151 274 329 310 346 298 149 270 307 3,242 Mar. 19.. . .; 97.40 103.69 1 24.4 115.3 174.4 273 306 234 149 276 333 315 349 299 149 270 3.15 2,906 Mar. 26 : 97.37 103.88 124.6 1.15 .5 17-1.4 278 312 238 149 283 341 323 359 309 151 276 317 i 2,475 Apr. 2 ! 96.76 103.59 124.C 115.5 174.5 278 312 238 150 282 341 323 358 309 151 275 317 ! 2,816 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 2^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. ' 3The 3}i per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1955. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 6Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month C b u a ( s d n l t e a o e b n m t i c ) t i e e s rs' a b in n p a a v d c l a D a e c r n t s t o e r n c t b u a m e e i d n s t r e i t s s n n i ' n g t a b in n a a v d l c D a e c f n t i s o e r r c t b m u a m e i d n s t e t i s n n in g t C a b h a n a s a d n h n k d i o s n n bo M rr o o n w e e y d2 F cr r e e d e it balan O ( c n e th e s t e 1 ) r a i I n n n a v d c p e c t a s o r t r u a m t d n n O e i t e s n n t r g h t s' er a i c n n a r v d I c e n e c d t s o i r f t t u i a m r d n b m e i t a s n n l g t anc I e a n s c ( c c n o a e u p t n ) it t a s l 1951—June 1,275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 December... 1,362 8 406 343 920 724 200 35 9 315 1953—June 1 .684 7 347 282 1,216 653 163 23 16 319 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, HI 3 ,364 3924 November. . 32,242 31,416 3972 December... 2,443 11 626 348 1,616 1,023 287 53 65 401 1955—January 3 2 5S8 3 , 696 31,069 Februarv 32.653 ;5 ,779 31.063 i 1 Excludes balances with reporting firms (I) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): January, 42; February, C3. 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. 394 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY MARKET RATES BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES Fi- U. S. Government [Per cent per annum] nance securities (taxable) Prime com- Prime Size of loan thous. 3f dol.) mo Y n e th ar , , or m p c a e o p r m c e i r - a , l p p p l a a a p c n e e y r d a b c e a c r n s e ' k p - t- 3-month bills Area and period lo A a l n l s 1- 10- 100- 200 week 4- to 6- direct- ances, 9-to 12- 3- to 5- 10 100 200 and over months1 3- l t y o , 6- da 9 y 0 s1 Market o R n a n t e e w m iss o u n e t s h 1 is y s e u a e r s8 months1 yield issues Annual averages: 19 cities: 1946 2.1 4.2 3.1 2.2 1.7 1952 average.... 2.33 2.16 1.75 1.72 1.766 1.81 2.13 1947 . 2.1 4.2 3.1 2.5 1.8 1953 average.... 2.52 2.33 1.87 1.90 1.931 2.07 2.57 1948 2.5 4.4 3.5 2.8 2.2 1954 average. . . . 1.58 1.41 1.35 .94 .953 .92 1.82 1949 2 7 4.6 3.7 3.0 2.4 1950 2.7 4.5 3.6 3.0 2.4 1954—Mar 2.00 1.58 1.48 1.03 1.053 1.02 1.80 1951 3.1 4.7 4.0 3.4 2.9 April 1.76 1.50 1.25 .96 1.011 .90 1.71 1952 3.5 4.9 4.2 3.7 3.3 May 1.58 1.38 1.25 .76 .782 .76 1.78 19S3 3.7 5.0 4.4 3.9 3.5 June 1.56 1.31 1.25 .64 .650 .76 1.79 1954 3.6 5.0 4.3 3.9 3.4 July 1.45 1.25 1.25 .72 .710 .65 1.69 Aug 1.33 1.25 1.25 .92 .892 .64 1.74 Quarterly: Sept 1.31 1.25 1.25 1.01 1.007 .89 1 .80 19 cities: Oct 1.31 1.25 1.25 .98 .987 1.03 1.85 1954—June 3.60 4.97 4.35 3.89 3.37 Nov 1.31 1.25 1.25 .93 .948 .94 1.90 Sept. 3.56 4.99 4.32 3.82 3.32 Dec 1.31 1.25 1.25 1.14 1.174 1.10 1.94 Dec 3.55 4.92 4.29 3.84 3.31 1955—]y£an ?> 54 4.93 4.29 3.83 3.30 1955—Jan 1 .47 1.37 1.33 1.23 1.257 1.36 2.11 New York City: Feb 1.68 1.50 1.38 1.17 1.177 1.41 2.18 1954—June 3.34 4.75 4.24 3.71 3.19 Mar 1 .69 1 .50 1 .38 1 .28 1.335 1.49 2.30 Sept 3 29 4.81 4.21 3.54 3.13 Dec 3.30 4.66 4.15 3.64 3.15 Week ending: 1955—Mar 3.29 4.68 4.14 3.65 3.14 Mar. 5... 1.. 69 1.50 1 .38 1 .29 1 .417 1 .56 2.35 7 Northern and East- Mar. 12... 1 .69 1 . 50 1 .38 1. . 23 1 .231 1 .50 2.33 ern cities: Mar. 19... 1 .69 1.50 1 .38 1 .26 ! . 286 1 .48 2.26 1954—June 3.61 5.04 4.31 3.83 3.42 Mar. 26... ] . 69 1 .50 1 .38 1 .30 1 .366 1.44 2.26 Sept 3.57 5.07 4.34 3.94 3.36 Apr. 2 ... 1 .74 1 .50 1.38 1 .37 1.374 1.53 2.35 Dec 3.55 4.99 4.31 3.89 3.33 1955—Mar 3.55 5.02 4.32 3.84 3.35 1 Data are averages of daily prevailing rates. 11 Southern and ' 2 S S e e r r i i e e s s i i n n c c l l u u d d e e s s c s e e r l t e i c f t i e c d at e n s o o te f i a n n d d e b b t o e n d d n e i s s s s u a e n s d . selected note and bond issues. 19 W 54 e — st S e ; e r im n pe t cities: 3 3 . 9 9 5 8 5 5 .0 0 3 5 4 4 . . 4 3 3 9 4 3. . 9 0 1 5 3 3 . . 6 6 8 7 Back figures.—See Banking and Monetary Statistics, Tables 120-121. pp. Dec 3 90 5 01 4 36 3.93 3.60 448-459, and BULLETIN for May 1945, pp. 483-490, October 1947, pp. 1251- 1955—Mar 3.87 5.00 4.35 3.92 3.54 1253, and February 1955, p. 215. NOTE.—F'or description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] ]Bonds Industrial stocks Corporate (Moodyfs)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 s3 se N ri e e w s 3 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 n - 7 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 19"S3 average . 2 93 3 16 2.72 3.43 3.20 3.31 3.47 3 74 3 30 3 55 3 45 4 27 5.51 10 14 1954 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 <-8.75 1.954—March 2.51 2.73 2.38 3.14 2.86 3.03 3.16 3.51 3.05 3.24 3.14 4.04 5.07 r9.32 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 r() 00 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 Aufust . 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 '7.42 October 2.52 2.65 2.32 3 A3 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.M 3.45 3.07 3.23 3.10 3.93 4.09 r8.15 1955— Tanuary 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 March 2.71 2.92 2 45 3.20 3.02 3.13 3.18 3.48 3.14 3.3.1 3.17 4.01. 4.18 Week ending: Mar. 5. . . 2 .75 2 .93 2.46 3.21 3.03 3.13 3.18 3.-18 3.15 3.30 3 17 3 99 4.06 Mar 12 2 72 2 92 2.45 3.21 3.04 3 13 3 19 3 49 3 15 3 31 3 17 4 02 4 23 Mar. 19 2.69 2.92 2.45 3.21 3 .03 3.14 3.19 3.49 3.15 3.31 3.1 7 4.01 4.21 Alar 26 2 69 2 90 2 44 3.20 3.01 3 \3 3 19 3 48 3 14 3 30 3 17 4 01 4 12 Apr. 2 2.73 2.92 2.44 3.20 3.01 3.13 3.18 3 .48 3.14 3.30 3.16 4.01 4.16 '"Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio). 2Fully taxable, marketable 2}4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3M per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995. 4Standard and Poor's Corporation. 5Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups. •Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility. 7Moody's Investors Service. ^Computed by Federal Reserve from data published by Moody's Investors Service. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, October 1947, pp. 1251.-1253, and February 1955, p. 216. APRIL 1955 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of monthly statements of United States Treasury! Summary Budget receipts and Excess of receipts de In c c re re a a se s e (— or General fund of the Treasury expenditures or expenditures _\ during perioc1 (enc of period) Period rec N e e ip t ts p t e u E n r x e d - s i- S d u e ( r . o f . p i r . c ) l i u t s c T o o a a t r u n h c u n d e - s t r t s r o e i S n o b d a a f l e l i g m e g m G e s a a n p o t a r c i t k v n o y io e t d n . t n s s C co i a l n e u c g a n - r t - p d G d u i r e r b o e b l c s t i s t c G ba f e u l n a n e n d r c a e l f a g B e u n e i r a n n a n c l d - l e - A f a a u F v b n . a l d e i R s l- . D B e I c n e p a o t s o n i s l p o s l k r e i n o s o t c s f c - - in S d it p e a e p r c o i i e s a s - l O s n a t e h s e t - t s er Cal. yr.—1951 52,979 56,337 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 1,134 1952 64,840 70,682 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 1 ,132 1953 63,841 72.997 -9,157 82 25 -209 7,777 .... i 488 4,577 346 131 3 358 742 1954*.... 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 t 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 1,1 75 1953 i . . 64,825 74,274 -9,449 460 -25 -250 6,966 rf 299 4,670 132 210 3,071 1,256 1954... 64.655 67,772 -3,117 332 -4 -303 5,189 2!096 6,766 875 274 4,836 781 Semiannual totals: 1952—Jan.-June. 37,947 34,496 3,451 -72 -136 -255 -313 2,674 6,969 333 355 5,106 1,175 July-Dec.. 26,893 36,186 -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.-Tune. 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—\Iar. ... 11,434 5,555 5,879 253 -60 -160 -4,546 1,366 6 355 722 462 4 379 792 Apr 2,751 5,296 -2,545 -375 -53 593 811 -1, 567 4,787 579 180 3.273 756 May 3,592 5,203 -1,611 271 123 -511 2,428 700 5 487 422 146 4 095 824 Tune 10,644 7,308 3,336 -19 32 146 -2,215 1,280 6,766 875 274 4,836 781 July 2 .827 4,827 -2.000 -135 -34 -97 —276 2 542 4 2?4 727 i 9() 2 ,538 764 Aug 3.911 6.731 -2,820 387 -83 -222 3,971 l!233 5.457 511 101 4.078 767 Sept 4 .951 5.019 -68 -283 163 21 -145 -313 5, 145 704 170 3,469 801 Oct 2.639 -1 .8"7 -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 7,304 694 137 5.584 889 Dec. 3,742 6,288 -2,546 126 -26 425 -103 -2, 124 5, 180 563 111 3,461 1,045 1955—Tan 4,655 4,942 -287 -179 511 -186 -311 451 4, 728 360 320 2,907 1 ,142 Feb . 5.427 4,831 596 26 -37 354 — 257 68? 5.411 564 196 3 561 1 ,089 Mar n.a. n.a. n.a. n.a. n.a. n.a. -4.134 -260 5, 151 724 149 3,203 1 ,074 Budget expenditures National security Period Total Total2 D f m e D e n i p e s l - i t e - ., M m t p a u r i r t o l y u i - - al A en to er m g 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 l e 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 g S p u r o s a r r c e o i m i - - t a y s l A t c u g u r l r - e i- H n h a a i o o f n n n i m u - g d c s e e - P w u o b r l k i s c o P d i f c e o f i f i s 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,no 694 1,438 684 507 2,901 1952 70,682 47.936 42,078 3,052 1,813 2,574 6,065 4,433 i,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 ,630 3, 238 — 159 1 ,685 525 154 3 ,966 19541 64,854 42,820 36,807 3, 249 1,937 1,265 6,567 4,206 ,653 3, 137 -393 1,526 241 M82 c3,350 Fiscal yr.—1951 44,058 21,663 19,148 948 908 3,798 5,613 5,288 ,415 535 460 1,458 624 397 2,706 1952 65,408 42,867 38,077 2,292 1,648 2,839 5,859 4,748 ,424 1,219 614 1,515 740 567 3,015 19531... 74,274 50,276 "13,611 3, 956 1.791 2,184 6,504 4,249 ,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 4,176 ,640 2, B41 -615 1,519 312 164 3,277 Semiannual totals: 1952—Jan.-June.. 34,496 23,444 20,652 1,353 937 1,467 3,099 2,269 706 579 222 657 420 84 1,448 July-Dec. . 36,186 24,491 21,426 1,699 876 1,107 2,966 2,164 802 385 424 916 355 426 1,650 1953—Tan.-Tune.. 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-Dec i. 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 17,290 1,292 987 680 3,000 2,100 819 1,833 46 907 149 «I36 «1 ,847 Monthly: 1954—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 Apr 5,296 3,691 3,137 343 164 105 350 375 118 468 -195 116 9 259 May 5,203 3,374 2,834 331 169 120 249 346 122 694 — 14 109 5 198 June 7,308 4,663 3,932 516 110 69 1,763 370 169 248 -85 114 -40 17 20 Inly 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 2,843 210 160 152 541 320 137 144 -5 158 1 309 Oct. . 4,857 3,300 2,908 187 170 73 346 341 171 170 6 164 9 279 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 "65 1955—Tan 4,942 3.1 76 3.092 -113 158 171 222 373 181 381 35 r101 23 6 273 Feb 4,831 3,048 2 ,705 163 151 148 396 364 119 269 36 89 72 1 290 n.a. Not available. rRevised. "Corrected. 1 Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2. 2Includes 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. .396 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 er i r C a o ti r o p n o 1 - E ta a g s x n t i e f a d t s te 1 E ta x x c e is s e 1 i p m t a n a l n s x o e u c n e 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 t r i m a o e i t n l e i r s r n o e t t a - o d : r R e e c f o e u f ip n t d s s r b e u c N d e e i g t p e t t s account C3] vr—i(;5i 16 037 10 3Vi 16 565 801 8,591 ?35 2.337 58,941 3,355 509 2 098 52,979 1952 90 045 11,834 22,140 849 9,566 ?66 2.639 71,788 3,814 683 2,451 64,840 1953 99 60 s) 11 279 19.045 923 10,288 269 2.570 71,524 3,918 628 3 137 63,841 J9542.. . 90 787 10,477 19,915 960 9.136 ?85 2,932 70,217 5,121 604 3,322 61,171 Fiscal vr.—1951 13,535 9,830 14,388 730 8,693 234 2,263 53,369 3,120 575 2,107 47,568 1952 . . 18521 11,359 21,467 833 8,893 ?S9 2,364 67,999 3,569 738 2,302 61,391 *9S32 91 351 11 4 1 7 21 595 891 9 934 277 2.478 72,649 4,086 620 3 118 64 895 1954 21,635 10,747 21,523 945 10,014 285 >,882 73,173 4,537 603 3,377 64,655 SenI ian nual totals: 195?—] tin.-Tu ne 10220 9 008 14 318 459 4 519 ?94 1,251 42,242 1 ,922 373 2 000 37,947 Tulv-Dec 9,825 2; 826 7,821 390 5,048 42 1,388 29,546 1.891 311 451 26,893 ! 953—Jan -fvi'ie 11347 8 481 13 773 502 4 931 234 .,137 42,910 2,195 311 2,700 37,703 Julv-Dec.2 11 ,078 2,593 5,375 405 5,405 40 1,255 28,195 1 ,722 321 395 25,757 1954—Jan.-June.. 10,558 8,154 16,148 540 4,609 245 1,627 44,978 2,815 282 2,982 38,899 July-Dec... 10,230 2,323 3,767 420 4,527 40 L, 305 25,239 2,305 322 339 22,272 Monthly: 1954—Febmary . 066 1,044 396 87 774 184 197 6,425 598 77 306 5,444 March.... 1 , 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 Mav 9; 601 140 358 73 804 17 215 5,037 759 71 616 3,592 June 1 272 1 342 6,956 103 731 1 389 11,347 507 45 150 10,644 Tulv 1,035 252 532 77 713 4 299 3.148 217 20 85 2,827 9 578 93 300 64 766 16 166 4,801 743 76 70 3,911 September. 1 ,422 1,429 1,104 72 767 1 164 5,280 274 47 8 4,951 October 1 077 199 361 65 785 4 187 2,887 188 21 39 2,639 November. 9 759 78 290 61 781 16 272 4,905 554 94 56 4,201 December. 1,359 272 1,181 82 715 (3) 256 4,217 329 64 82 3,742 1955— [-muarv 884 2,239 355 62 649 31 483 4,833 113 17 48 4,655 Februarv 2.916 881 274 67 709 167 321 5,954 255 64 208 5,427 Trust and other accounts Internal revenue collectionsj (on basis of Internal Revenue Service reports) Socia security, Other accounts5 retirenent. and Period Excise and miscellaneous taxes insurance accounts Total4 Total Liquor Tobacco M an a d n . u e r f x e a c t c i a s t i e 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- F n n e v n e t s s t e - Other 4 Cal. yr.—1951 8,682 ? 460 1.446 2,79C 1 987 759 7 906 3 155 4,507 271 786 1952 9,558 2,727 ,662 3,054 ? 11S 49 8 315 504 4. 942 329 508 1953 9,714 ? 819 ,614 3,262 ? 0?0 82 8 173 9, 387 5.811 153 310 1954 9,248 2,707 ,543 3,131. 1 867 2807 9 191 1 177 7,717 405 915 Fiscal yr.—1 1 9 9 5 5 1 2.... 8 8 , , 9 7 7 0 1 4 2 2 t , 5 5 4 4 7 9 , , 3 56 8 5 0 2 2 . ,8 8 4 2 1 4 2 i 9 03 3 2 6 2 2 9 1 5 9 8 7 2 2 5 1 1 0 3 3 3 36 6 1 0 4 ?, . 7 8 5 8 2 5 2 1 7 9 5 6 3 5 5 3 3 0 1953 9,946 2,781 ,655 3.359 2 151 2 460 8 529 3 059 5,257 242 489 1.954. ... 9,517 2,783 ,580 3,127 2 027 332 8 708 1 687 (,846 367 524 Semiannual totals: 1952—Jan.-June.. 4,531 1,245 817 1.481 988 -72 4 242 2 009 2,486 223 404 Julv-Dec.. 5,027 1.182 845 1,573 1 127 121 4 073 1495 2,456 106 105 1953—Jan.-June.. 4,919 1,299 810 1,786 1025 .341 4 458 564 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.-Tune.. 4,722 1 ,262 777 1,651 1032 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—Feb 1.316 18! 111 757 767 527 965 28 627 27 .244 Ivlar. .. 629 224 135 60 711 253 768 -74 6S9 44 144 Anr 4-77 223 130 5( 74 -.375 436 25 665 18 -102 Mav 1,343 222 130 72; 763 271 1,212 330 6*0 61 80 June . 561 246 147 11 157 — 19 1 467 888 651 -79 -26 July 713 226 123 3? 7328 — 135 389 -98 648 7 32 Aug.. 765 207 141 692 -276 387 1,200 281 606 30 104 Sept 766 250 137 377 -283 4^4 -82 682 34 -63 Oct. . 786 273 134 42 337 -288 334 -148 640 6 -124 Nov 778 280 124 69C --322 358 956 111 641 56 210 Dec. 719 209 108 10 391 126 850 249 657 -58 124 1955—Tan 654 155 131 2" 3-10 -179 227 -334 704 200 164 Feb n.a. n.a. n.a. n.a. n.a. 26 569 -126 697 4 7 75 n.a. Not available. 1 Corporation and estate and gift taxes are from Internal Revenue Service report.1-- prior to July 1953. Excise taxes and nonwithlield individual taxes for that period are obtained by subtracting IRS data from appropriate Treasury daily statement totals. 2 Beginning new reporting basis. See footnote .1 on preceding page. 3Le«s than 8500,000 ' Excess of receipts, or expenditure:'s (-). 5Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of C>• vernment sponsored corporations, European Payments Union deposit nine', and suspense accounts of Defense and other Government depart nents. Investments of wholly owned Government corporations are included as specified in footnote 6, but their operating transactions arc inchi led in Budget expenditures. 6Consists of (a) net investments in public debt securities of Government sponsored corporations and agencies and other trust fun 's and (b) beginning November 1950, net investments of wholly owned Government corporations and agencies, which prior to that date are ineluded with Eiudget expenditures. 7Beginning July, includes undistributed depositary receipts. APRIL 1955 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY GASH INCOxWE, 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, other than debt Cash withdrawals, other than debt Excess Less: Plus: of de- Period B re N u c d e 't g t s e . t r T P a e r c h c u c ' i 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 ju a e h t d h s n is - t e t : - s r 2 E p C q o d u a e s a s - i l t h s s : B p t e u e u n x r d e d - g s i e - t a T P o a c t r l n h 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 . - . ' A p a u l c s b c l r t i u o c - 3 F E S l u t 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 t r- T a T o s c r r i u c a e d t n t a e - . s s 5 . , m O ju a e t d s h n - t e t - s r 2 E d w C q r a u i a a l t a w s s h l h s - - : d p w ( o r a o i a - s l t ) r w s i h t - s - Cal. yr.—1951 52,979 8,582 2,221 n.a. 59,338 56,337 4,397 2,221 567 -26 106 n.a. 58,034 1,304 1952 64,840 8,707 2,150 n.a. 71,396 70,682 4,825 2,150 734 38 319 n.a. 72,980 -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 19546 61,171 9,571 2,086 -65 '•68,595 64,854 7,182 2,086 565 -188 34 -274 -35 '68,896 ' -301 Fiscal vr.—1951.... 47,568 7,796 1,923 53,439 44,058 3,945 1,923 477 -\3 214 -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. 35,622 5.671 July-Dec. . 26.893 4,248 1 ,039 n.a. 30,104 36,186 2,527 1,039 396 16 64 n.i. 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. 39.203 2,038 Tuly-Dec 6 25,757 3,953 849 376 "29,199 34,484 3,405 849 277 -38 C25O -71 374 37,244 -8.045 1954—Jan.-Tune. . 38,899 5,203 1,248 ' -242 '42,615 33,288 3,364 1,248 234 -71 C53 -202 '-223 '•34,730 '7.886 July-Dec. . 22,272 4,368 838 177 '25,980 31,566 3,817 838 331 -117 -23 -94 188 '34,167 '-8,187 Monthly: 1954—Mar 11,434 824 64 66 12,260 5,555 601 64 8 -39 160 -52 85 6,237 6,023 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 '104 '•11,298 7,308 658 898 76 -146 -25 ••93 '6,915 4,384 July 2,827 434 130 r —1/3 '2,958 4,827 660 130 70 -31 97 —39 '•-no '5,144 -2,186 AUR 3,911 1,224 49 289 5,375 6,731 526 49 38 16 222 -28 7,788 -2,412 Sept 4,951 457 100 -28 5,280 5,019 788 100 57 -112 -21 Q 407 5.364 -84 Oct 2,639 370 74 -318 2,617 4,857 800 74 50 —6 -104 — 7 -145 '5,096 -2.478 Nov 4,201 994 58 -14 5,122 3,842 469 58 45 —9 209 -1 -320 '4,374 '748 Dec 3,742 890 427 421 '4,626 6,288 573 427 71 25 -425 -11 ' -33 '6.401 '-1,775 1955—Tan 4,655 268 42 -582 4,299 4,942 581 42 51 186 -24 449 5,009 -710 Feb S ,42 7 600 53 332 6,306 4.831 653 53 -18 ' "_lg -354 -40 -582 5,481 825 Mar n.a. n.a. n.a. .10.943 n.a. n.a. n.a. 4 n.a. n. 434 6,932 4.010 a. n.a. Not available. 'Revised. "Corrected. '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 armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3). 5To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below. 6Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not comparable to 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 Detailsof net cish borrowing from or Tn- debt transactions Equals: repaymei borrowing to the c o r r e a d s e e - , Ca s s e h c u is ri s t u ie a s n c o e f of A m dj e u n s t t- Net inv. Accruals to public2 c N a e sh t it ( —) of Period ( c p d g - d r u i ) r e e r o , b a e b s l s c i t i s e c t n a F G n e u t d e a e e r r d - al ag a e g N n n u t o c e a n i e r - e - d s T a t o r s c r f a i u o e c d n t r a t - e s . s 1 , . s i a n e G f a n u c g d o . F n e v d e n t b t s d r . . y . . I T b n s a o r t a . n e n v d a d o . s s n . P f F a o i e o y r n d f m t . s. b b ( r i e o n o - g p i r r ) n r r , , a o o g y o w w o t r f . - - m i D s c k a s o i t u n r n a e e d b v 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 g t v e s - s s P i p S s S o e s a y s u c v s t e i a . . a s l l Other* bills sec Cal. yr.—1951 2,711 18 37 n.a. 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 -266 1,582 577 176 906 3,071 -175 -1,469 -195 -326 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 -88 -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.-Tune.. , -313 3 -139 n.a. 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 Julv-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 6-2,028 018-1,335 -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 —83 387 336 112 6,600 7,378 -156 -514 -50 -58 Monthly: 1954—Mar -4,546 1 —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 Tune. .. . -2,215 1 31 -36 809 76 -1 -3,104 -2,773 -57 -267 -16 9 Hily -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 '-20 167 45 9 '-107 -50 12 -62 -22 '15 Dec. -103 (8) -25 17 191 72 -24 -349 -198 -9 — 136 —6 1955—Tan —311 -10 521 -24 -134 51 -1 259 -211 51 -56 -26 501 Feb -257 3 -40 62 -79 -17 7 -143 -241 169 -59 -27 16 Mar -4,134 6 n.a. n.a. n.a. 5 35 -4,270 *-4,320 94 -129 62 J>24 n.a. Not available. pPreiiminary. '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 Exchange Stabilization Fund are included. 3 Includes 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. 5Includes 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. 398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS * [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash deposits Cash withdrawals Period Total ta D u i x v n i a e i r d l d s e s i - c - 2 o t 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 t a a x n x i c s d e i c s s . e c S e i o r i n e c p s - i . t a s l 3 c O 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 s : Total g N p r s a e r a o c m f - . l s 5 f I a a n i f r t - s 'l 0 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. . 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 33,194 3,498 4,137 6,121 4,915 6,169 1952.. 71,396 32,728 22,140 9,566 6,589 2,823 2,451 72,980 47,971 2,612 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 4,8 6,648 "8.113 19549. r68,595 31,936 20,112 8,817 7,654 ••3,435 3,358 '68,896 42,400 1,089 4,666 4,668 8,587 '7,485 Fiscal yr.—1951 53,439 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 68,093 30,713 21 ,46 8,893 6,521 2,801 2,302 67,786 42,935 2,848 4,059 5,826 5,206 6,912 1953» 71,345 33,370 21,595 9,978 6,849 2,704 3,151 76,407 50,250 2,156 4,658 4,920 6,063 '8,360 1954 71,815 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. . . . 41,293 19,687 14,318 4,519 3,386 1,383 2,000 35,622 23,466 1,489 1,984 2,709 2,741 3,233 July-Dec 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 24,505 1,123 2,246 2,500 2,876 4,107 1953—Jan.-Tune. . .. 41,241 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. 9. 29,199 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.-J une '•42,615 19,036 16,378 4,338 4,165 1,681 2,982 34,730 22,024 526 2,299 2,482 4,277 '3,121 July-Dec '25,980 12,899 3,734 4,479 3,490 1,754 376 '34,167 20,376 563 2,367 2,186 4,311 '4,364 Monthly: 1954— Mar 12,260 4,185 7,356 673 718 267 940 6,237 4,069 11 563 428 726 440 Apr 3,036 1,791 763 735 378 277 907 5,303 3,612 118 299 414 716 144 May 4,882 2,875 397 787 1,188 251 616 6,228 3,384 87 196 392 689 1,480 June 11,298 2,859 6,903 797 616 ••273 150 6,915 3,964 81 877 444 760 '788 July ••2,958 1,120 549 702 304 ••365 82 ••5,144 3,465 50 152 194 674 '609 Aug 5,375 2,985 302 760 1,177 220 69 7,788 3,644 110 314 381 714 2,625 Sept 5,280 2,936 1,108 722 371 204 60 5,364 3,251 40 461 375 716 521 Oct 2,617 1,040 352 768 260 237 39 '5,096 3,149 67 286 374 758 462 Nov 5,122 2,881 271 783 939 296 47 '4,374 3,314 80 328 419 720 '-488 Dec '4,626 1,938 1,153 744 439 ••432 80 '6,401 3,552 217 826 443 730 '635 1955—Jan 4,299 2,806 353 644 197 350 52 5,009 3,191 171 183 430 834 200 Feb 6,306 4,096 330 703 1,019 346 189 5,481 3,100 140 424 409 768 641 Mar 10,943 2,984 6,844 864 715 241 705 6,932 n. a. n.a 470 439 n.a. n.a. n.a. Xot available. 'Revised. "Corrected. 1 Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. 2 Includes estate and gift taxes. 3Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 4Represents mostly nontax receipts. aIreludes net redemptions of armed forces leave bonds. 6Includes 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 194S 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—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 *575 58,061 392 !386 37,482 130 *189 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 2l,089 257,672 445 347 38,233 112 2747 219,439 156 4 548 1955— Tan.. . 742 2 506 57.967 573 336 38,515 169 2170 19,4.S1 50 4,498 Feb.. . 602 2332 58,225 465 256 38,721 137 2176 19,504 55 4,443 *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 December 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. Redemptions of matured bonds in January and February 1955, not included in current redemption figures, totaled 185 and 101 million dollars, respectively. NOTI£.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and of scries 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. APRIL 1955 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATKS GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars| Public issues3 Marketable Nonmarketable E m n o d n t o h f d T e o b ta t1 l d d T g i e r o r o b e t s a t c s 2 l t Total Total Bills c e i C n a d e t d n e r e e t s i b s f o s i t - f - Notes B el a ig n i B k - ond B s r a e n - k b v C i o b e o n r l n d e t- - s Total6 b S i o n a n g v d s - s s i T a n a n a g v d x s - S is p s e u c e ia s l ble* stricted notes 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64.262 57.938 50,469 41,562 2,002 5,997 33,563 8,907 6.140 2,471 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—June 266,123 266,071 223,408 147,335 19,707 15,854 30,425 64,104 17,245 12,340 63,733 57,886 4,453 40,538 Dec 275,244 275,168 231,684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6.026 41,197 1954—Mar 270,312 270,235 226,821 150,081 21,013 19,377 26,787 74,134 8,674 11,932 64,807 57,902 5,581 41,002 Apr 271,127 271,047 227,806 151,104 22,014 19,377 26,809 74,230 8,674 11,910 64,792 57,967 5,500 41,049 May 273,555 273,475 229,913 153,325 22,019 18,577 31,923 72,133 8,674 11,899 64,690 58,025 5,344 41,367 June 271,341 271,260 226,681 150,354 19,515 18.405 31,960 71,802 8,672 11,861 64,465 58,061 5.079 42,229 July 271,005 270.984 226,528 150,342 19,512 18,405 31,964 71,790 8,671 11,857 64.329 58,005 4,993 42,152 Aug 274,982 274.955 230,214 154,020 19,508 18,277 31.967 75,596 8,671 11,853 64,34.1 58.078 4,929 42,479 Sept 274,838 274,810 230,033 153,963 19,510 18,184 32,001 75,597 8,671 11,820 64,250 58,088 4,829 42,407 Oct 278,786 278,752 234,161 1.58,148 19,509 18,184 36.188 75,597 8,669 11,787 64,226 58,126 4,766 42,238 Nov 278,888 278,853 234,160 158,152 19,507 18,184 36,196 75,596 8,668 11,780 64,228 58,186 4,704 42,351 Dec 278,784 278,750 233,165 157,832 19,506 28,458 28,033 76,129 5,706 11,767 63,565 57,672 4,548 42,566 1955—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 Mar 274,080 274.O18 229,103 153.350 19,505 17,722 34.989 81,134 11 ,710 64.0-13 58,366 4,3.18 42.097 'Includes some debt not, subject to statutory debt, limitation (such debt amouiued to -09 million dollars on Mar. 31, 1955) and fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt., not shown separately. ;}Includes amounts held by Government agencies and trust funds, which aggregated 7,202 million dollars on Feb. 28, 1.955. 4Includes Treasury bonds'and minor amounts of Panama Canal and Postal Savings bonds, 5Includes 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 dollarsl Total ii HeJd by Held by the public End of month (i gd n re c ob l s u ts d- (J. aO tr g. u eV s njr t cU iV f e u Gs n l Ja d lni s lld 1 CIlL Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public- Banks banks2 banks com- rations govern- Savings Other invesse ti c e u s r ) i- issues issues panies ments bonds securities tors3 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3.200 6, $00 2,000 500 2.800 7,800 700 1941—Dec 64,262 6,982 2.558 54,7221 2,254 21,400 3,700 8,200, 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3.218 100,221 6,189 41,100 4,500 11,300 10,100 I ,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 1 2,900 4,400 1944—Dec. 232,144 16,326 5,348 2i0,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17.100 7,000 1945—Dec 278,68? 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 12,800 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 i949_ 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—Tune 257,377 32,356 5,474 219,547 18,33\ 65,600 11,600 19,800 18,400 8,700 49,900 17,600 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18.700 19,700 8,800 49,600 16,700 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 20,000 9,400 49,100 16,400 10,700 Dec 259,461 35,902 6,379 217,180 23.801 61,600 9,800 16,500 20,700 9,600 49,100 15,500 10,600 1952—June 259,151 37,739 6,596 214.816 22,906 61,100 9,600 15,700 19,100 10,400 49,000 15,400 11,600 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,100 20.400 11 ,100 49,200 15,500 11,700 1953—June 266,123 40,538 7,022 218,563 24.746 58, mo 9,500 16,000 !8,900 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—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 7,151 222,92? 24,632 62,500 9,200 1.5,600 19,100 13,800 49,500 15,200 ••13,400 May 273,555 41,367 7,182 225,006 24,812 r()3.400 9,200 15,500 19,500 14,100 49.500 15,500 13,500 June 271,341 42,229 7,111 222,001 25,037 t)3.600 9,100 15,300 16,800 14,300 49,600 14,900 r 13.400 July 271,005 42,152 7,081 221,772 24,325 64,800 9,000 3 5,100 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 278.7841 42,566 7,043 229,175j 24,932 68,900 8.800 15,000 19,400 14,600 •19,900 14,000 13,600 1955 Jan 278,463| 42,268 7.167 229.O28J 23,885 n.a. n.a. n.a. n.a. .n.a. n.a. n.a. n.a. n.a. Xot available. '"Revised. 1 Includes the Postal Savings System. 2FncIudes holdings by banks in territories and insular possessions:, which amounted to 250 million dollars on June 30, 195-1. 3Includes savings and loan associations, dealers and brokers, foreign, accounts, corporate pension funds, and nonprofit institutions. XOTIO.—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. 400 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 March 31, 1955 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amounfi Treasury bills1 Certificates Treasury bonds Treasury bonds—Cont. May 17, 1955. 3,886 Mar. 15, 1956-58. . 1,449 Dec. 15. 1963-68...2 2,826 Apr. 7,1955. ,500 Aug. 15, 1955.. 8,477 Sept. 15, 1956-592. 982 June 15', 1964-69,. 3,754 Apr. 14. 1955. ,501 Dec. 15, 1955. . 5,359 Sept. 15, 1956-59. . 3,822 Dec. 15, 1964-69.. 3,830 Apr. 21, 1955. ,501 Mar. 15, 1957-59. . 927 Mar. 15, 1965-70.. 4,718 Apr. 28, 1955 . , 500 Treasury notes hme 15, 1958 4,245 Mar. 15, 1966-71.. 2,961 Dec. 15, 1955, . 6,854 June 15, 1958-632. 919 Tune 15.1967-72.. 1,884 May 5, !955. ,500 Mar. 15, 1956. . 8,471 Dec. 15, 1958 2,368 Sept. 15, 1967-72,. 2,716 May 12, 1955. , 500 1, 1956. . 1,007 June 15, 1959-62. . 5,277 Dec. 15, 1967-72.. 3,815 May 19, 1955. , 500 Oct. 1, 1956. 550 Dec. 15, 1959-62.. 3,465 Tune 15. 1978-83.. 1,606 May 26, 1955. ,500 Mar. 15, 1957 . 2,997 Nov. 15, 1960 3,806 Feb. 15, 1995 1,922 Apr. 1, 1957. 531 Dec. 15, 1960-652. 1,485 2, 1955. ,501 May 15, 1957. 4,155 Sept. 15, 1961 2,239 Postal Savings 9, 1955. .500 Aug. 15, 1957. 3,792 Nov. 15, 1961 11,177 bonds 2)4 21 ne 16, 1955. .501 Oct. 1, 1957. 824 Aug. 15, 1963 6,755 Panama Canal Loan. .3 30 23, 1955. ,502 Apr, 1,1958.. 383 June 15, 1962-67 . . 2,116 ne 30, 1955. ,500 Oct. 1, 1958. 12! Feb. 15, 1959. 5,102 Convertible bonds Apr. 1, 1959. 119 Investment Series B Oct. 1, 1959. 82 Apr. 1, 1975-80... 2% 11,710 xSGld on discount basis. See table on Money Market Rates, p. 395. 2 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. [J. S. End of month s T t o i a o n u n t g t a d - l - G f a t u a c r g o u i n n e e v d d s n s t t s - . 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 a u a n a v u k l - - s L 3 I if o n e m su p ra a O n n i c t e h e s er Other End of month s T t o i a o n u n t g t a d - l - G f a t u a c r g o n i u n e e v d d s n s t t s - . B s F e R e a e r r n e a v d - 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 v a u k s l - - s L c I i o f n e m su p r a a O n n i t c e h e s er 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): « Doc. .. 161,081 6,613 24,69755,828 8,740 9,514 4,711 50,979 1952—June 13095 3 437 714 191 I 3563 172 362 3,864 1953—June 159,675 6,899 24,74651,365 8,816 9,347 4,808 53,694 Dec 12500 3,438 185 1,352 3,179 360 3,987 Dec 166,619 6,989 25,91655,933 8,524 9,120 4,905 55,233 1953-June 12340 3,439 182 1,314 3,133 353 3,919 1954—June 162,216 6.985 25.03756.199 8,353 8,667 4,854 52,121 Dec 11989 3,439 168 1,264 2,935 328 3,854 Doc 169,599 6.918 24,93261.082 8,113 8,371 4,958 55,226 1954—June. 11861 3,439 165 265 2 87fi 317 3,800 1955- Jan 1(59,598 7,041 23,SSo60,517 8,157 8,532 4,992 56,473 Dec 11767 3.439 163 ,239 2.865 305 3,756 Treasury bills: 1955 - Janj 11 764 3,439 162 1,238 2,S64 304 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 12,20212,705 223 581 470 19,360 1954—June... 19.515 46 2.316 4,187 98 520 101 12,248 Dec 56 953 133 U,74916996 263 532 733 23,547 Doc 19,507 51 2,204 4,399 75 537 125 12,115 1953—June 64 589 163 U,50519580 476 390 1,082 27,393 1955 -Jan 19,507 104 1,160 4,268 113 715 138 13,009 1954— D Ju e n c e 6 7 0 32 1 3 2 5 3 1 1 0 7 7 5 1 It f!2S0 2 1 5 7 0 6 6 8 2 4 4 20 7 4 5 4 53 6 7 8 1,0 6 6 5 1 2 2 24 9 , , 5 0 6 2 8 3 Certificates: Doc 62 827 70 If,41715738 159 546 598 26,301 1952 -J D u e n c e .. . . . . .. 2 1 8 6 , , 4 7 2 1 3 2 6 2 0 7 1 5 1 , , 0 8 6 2 1 1 6 4 , , 8 79 7 1 7 1 3 2 7 0 7 5 6 6 3 3 7 1 8 7 9 6 . , 0 4 9 2 2 4 1955- Jan 02 820 154 If-,30915 124 254 743 623 27,553 1953—June.... 15,854 30 4,996 4,351 87 27 310 6,052 1-5 years: Dec.... 26,380 63 5,967 9,215 184 37 445 10.475 1952—June.... 44 945 46 ;,18827 858 370 63 996 8,424 1954—June... . 18,405 41 6.600 4,942 101 7 202 6.511 Dec 37 713 31 1,14622381 259 48 910 6,938 Dec 28,458 4 13,882 4,835 57 4 179 9,496 1953—June 32 330 152 ),45218344 464 109 914 5.895 1955—Jtm 28,462 7 13,882 4,625 55 10 183 9,701 1954— D Ju ec ne.. 2 2 9 7 , . 3 9 6 6 7 5 2 19 0 2 5 6 6 , . 1 3 5 0 5 7 1 1 6 4 0 6 5 2 6 4 4 4 3 7 1 6 1 1 2 5 3 5 9 8 8 9 0 0 5 5. , 3 4 O 3 R 0 Treasury notes: Dec 29 606 137 ,08718,846 502 158 1,022 5,855 1952— D Ju e n c e ... 3 1 0 8 . , 2 9 6 6 6 3 1 2 6 1 5 3 , , 5 7 6 74 81 1 0 0, , 9 4 5 3 5 1 4 4 2 9 5 8 4 3 8 2 6 7 4 2 , , 9 5 7 8 8 7 1955- Jan 20 610 .156 :$,08718874 500 165 1,026 5,802 1953—June.... 30,425 23 13,77410,355 62 5 529 5,678 5-10 vears: Doc 31.406 8 13,28911,510 130 52 605 5.814 1952—June 15 122 387 693 7 740 1,357 497 765 3,684 1954—Juno 31.960 64 13,02911.423 221 99 592 6.531 Dec 22 834 546 1,38711058 1,775 885 1,348 5.835 Dec 28,033 46 6,04413, 649 242 67 675 7.310 1953—June 18677 422 1,374 8772 1,395 745 1,104 4; 865 1955 -Jan 28,037 98 6,03813,558 278 76 669 7,320 1954— D Ju e n c e 2 3 0 0 2 5 9 4 2 2 4 4 9 1 4 8 1 . ,3 0 7 3 4 51 1 8 00 7 5 4 1 1 1 1. . 3 3 8 1 9 5 5 7 1 2 6 5 1 1, , 1 6 9 5 8 5 5 6, , 7 2 1 1 1 1 Marketable bonds:1 Dec 33 677 477 1,01421 101 1,544 439 1,664 7,439 1952— D Ju e n c e . . . . . . 7 79 5 , , 8 8 9 0 0 2 2 3 , , 9 0 2 4 8 6 4 4 , , 4 5 2 2 2 2 3 3 0 2 , , 7 8 1 4 0 9 7 7 , , 2 1 2 6 1 5 5 5 , , 8 80 5 7 5 3 3 0 4 8 2 7 9 2 2 1 3 , , 5 0 8 7 0 2 1955—Jan 33 687 496 1,01421 134 1,518 433 1,643 7,450 1953—June.... 81,349 3,300 4,52232,066 7,232 5,855 3484 24,890 After 10 years: Dec 77,327 3,377 3,66730,671 6,820 5,686 3 418 23,688 1952—June 34,698 2,496 2,109 5 544 5,537 5,301 1,652 12,059 1954—June... 80.474 3.395 3,09335.481 6,669 5.164 3 641 23,032 Dec 31,081 2,464 1,415 5 207 5,091 4,870 1,361 10,673 Doc 81,835 3,378 2,80238,037 6.499 4,898 3 673 22,548 1953—June 31,739 2,723 1,415 4488 5,167 4,969 1,356 11,621 1955 -Jan 81,828 3,393 2,50437,904 6,473 4,868 3 099 22,687 1954— D Ju e n c e 3 3 1 1 , . 7 7 3 2 6 5 2 2 . , 7 74 6 0 5 1 1 , . 4 4 1 1 5 5 4 4 ,5 9 9 8 5 5 5 4 , . 0 9 3 3 9 0 4 4 , . 8 5 6 8 8 2 1 1 , ,3 3 3 3 9 9 1 1 1 1 , , 7 7 3 1 4 6 Dec 31,719 2,796 1.415 5234 4,668 4,364 1,369 11,874 1955—Jan 3.1,717 2,796 1,415 5,223 4,647 4,326 1,397 11,912 * 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. APRIL 1955 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUESJ [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 ]^ew capital Year or Remonth Total State Bonds Mis- t R ir e e - - m ti e re n - t G m U o e v . n e S r t . 3 n- ag F e e e r n a d c l - y4 n m a p i n c a u d l i - - Other* Total Total o P f li f u c e l r b y e - d p v P l a a t r c e i- e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N on ew ey7 p l p a o o u n u s r e s e - - s m d b e e t a o e c b n f n . t k 8 t , s ri e o t c i f e u s - 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 420 325 26 69 1,695 1940 6,564 517 109 1,238 24 2,677 2,386 1,628 758 183 108 76? 569 19 174 1,854 1941 15,157 11 ,466 38 956 30 2,667 2,389 1,578 811 167 110 1 ,040 868 28 144 1,583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943. 44,518 4?,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 S7,4?4 1 661 22 3,202 2,670 1,892 778 369 163 657 47 49 2,389 1945. 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1946 18,685 10, 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 889 ,279 231 379 2,868 1947 19,941 10, 589 2,324 451 6,577 5,035 2,888 2,147 761 778 S 115 4,591 168 356 1,352 1948 20.250 10 327 2,690 156 7 078 5,973 2 963 3 010 492 614 6,651 5,929 234 488 307 1949 . 21,110 11,804 216 2,907 132 6,052 4,890 2,434 2,455 424 736 558 4,606 315 637 401 1950 19,893 9 687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,9Q0 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 7 190 6,531 226 363 486 1952 27,209 12, 577 459 4,401 237 9,534 7,601 3,645 3,957 564 1,369 R,716 8,180 537 664 1953 28,824 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8 495 7,960 535 260 1954 29,809 12,532 458 6,969 286 9,563 7,545 4,004 3,541 814 1,204 7,561 6,987 575 1,857 1954—Feb 1.386 515 414 1 456 366 178 188 '27 63 439 410 29 9 Mar. 1,961 60? 570 63 726 513 226 286 69 144 660 590 70 53 Apr 1,947 511 71 735 1 628 408 216 192 110 111 486 471 16 129 May 4,386 2,669 80 783 5 850 647 424 224 130 73 652 614 38 183 June 2,438 523 855 4 1,057 808 343 465 131 118 859 812 47 182 July 2,151 508 123 280 3 1,237 1,077 714 363 74 87 898 853 45 325 Aug.... 1,298 546 300 8 443 369 166 204 44 30 346 310 36 91 Sept 2,131 464 652 2 1,014 893 581 312 59 62 777 749 27 224 Oct. 6,547 4 611 184 615 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 »-2,661 742 716 ••541 35 627 441 252 189 50 135 486 427 59 129 Feb. 1,354 602 * 308 1 443 307 156 151 25 111 382 315 67 52 Proposed uses of net proceeds , by major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o a u n s d Transportation Public utility Communication a R nd ea f l i n e a s n ta c t i e al Year or month T c p e n o r e e o t d a t - s l i N c t a a e p l w " - m R e e n ti t r s e ] - 0 T c p n e o r e e o t d t a - s l N i c t a a e p l w " - m R e e n ti t r s e i - 0 T c p e n o r e e o t d a t - s l N i c t a a e p l w - » m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d t a - s l 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 e n o r e e o t d t a - s l N i c t a a e p l w - " m R e e n ti t r s e l - J T c p e n o r e e o t d a t - s l ? N £ e ? w • m R e e n ti t r s e 1 - 0 1949 1,391 1,347 44 338 310 28 795 784 11 ?, ? 043 7133 567 517 49 593 558 35 1 1 9 9 5 5 0 1.. 3 1 , . 0 1 6 7 6 5 2 1 , , 8 0 4 2 6 6 2 14 2 9 1 5 51 3 8 8 4 4 7 6 4 2 6 5 3 6 4 8 9 06 0 4 6 3 09 7 1 5 96 3 2, , 4 6 1 0 2 8 1 , J 3 q 2 ?7 8 6 8 8 5 ? 3 60 9 5 5 3 6 1 0 4 0 8 5 1 7 5 3 1 9 5 4 6 4 39 9 1 6 00 6 1952 3,973 3,712 261 536 512 24 983 758 225 ,539 88 753 747 6 508 448 60 1953 2.218 2,128 90 542 502 40 589 553 36 9972 9,Q05 67 874 871 3 1,561 1,536 24 1954 2,292 2,131 160 926 1 828 98 778 507 271 3 670 1673 997 712 655 57 1,041 766 274 1954—February 52 51 26 25 1 43 36 7 269 7 7 51 51 March 107 107 68 62 5 58 57 2 362 316 46 30 30 88 88 April 86 79 6 86 72 14 58 46 12 309 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 84 4 37 37 442 382 60 9 9 159 63 97 July 528 524 4 96 6* 33 97 66 31 310 | 181 2 2 190 61 128 August 123 106 16 62 45 17 51 51 159 104 55 27 27 16 13 3 September.. 152 135 17 61 60 1 163 38 i25 248 173 75 328 326 2 48 45 3 O N D c o e t c v o e e b m m er b b e e r r . . . . 3 1 1 0 1 8 5 0 7 2 1 1 9 0 2 9 8 3 6 2 3 6 1 1 3 3 7 1 4 9 1 1 7 1 3 7 8 0 1 2 5 3 4 6 7 6 9 0 2 5 1 1 2 8 5 2 1 1 5 8 2 4 7 6 5 1 5 9 2 1 1 4 5 0 6 2 3 6 1 0 1 8 7 9 7 4 8 5 4 9 2 4 8 1 3 '"'oi 1 ' 2 1 6 3 0 6 1 3 26 2 9 2 9 2 1 5 2 1 1955—January 222 175 47 48 43 5 62 26 36 218 179 39 6 5 1 59 58 I February... 64 49 14 96 86 10 2 2 97 90 8 43 25 18 133 131 ' Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. 4 Issues not guaranteed. includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. •Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7 Includes 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 vear. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. includes all issues other than those for retirement of securities. "Retirement of securities only. Source.—Securities and Exchange Commission. 402 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1953 1954 1948 1949 1950 1951 1952 1953 1 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales 38,341 37,94845,35152,44453,90562,665 15,739 16,566 15 45914 90214,233 14,776 13 406 Profits before taxes 5,468 5,168 8,042 8,702 7,147 8,225 2,254 2,484 2,093 1,395 1 754 1 923 1' 549 Profits after taxes 3,411 3,186 4,143 3,486 3,117 3,560 855 928 885 892 891 977 787 Dividends 1,446 1,710 2,295 2,036 2,031 2,110 493 491 495 631 524 523 520 Nondurable goods industries (94 corps-):1 Sales 14,739 14,051 15,994 18,670 18,90820,276 4,994 5,116 5,082 5 084 4 961 4 972 4 952 2,360 1,975 2,847 3,324 2,715 2,908 761 782 783 581 669 676 635 Profits after taxes 1,574 1 ,297 1,599 1,481 J ,313 1,446 345 355 376 371 365 376 353 Dividends 698 759 942 894 912 934 218 219 222 215 228 229 ?33 Durable goods industries (106 corps.):2 Sales 23,602 23,897 29,357 33,77434,997 42,390 10,745 11,450 10,377 9,817 9 272 9 804 8 455 Profits before taxes 3,108 3,193 5,195 5,378 4,432 5,317 1,493 1 702 1 309 814 1 084 1 247 914 Profits after taxes 1,837 1,888 2,544 2,005 1.804 2,114 511 573 509 521 526 600 434 Dividends 748 950 1,352 1,142 1,119 1,176 275 272 274 356 296 294 287 Selected Industries: Foods and kindred products (28 corps.): Sales. 4,528 4,223 4,402 4,909 5,042 5,411 1,316 1,346 1,355 1,394 1 337 1,351 1,338 Profits before taxes 455 434 532 473 446 465 100 128 131 107 99 132 123 Profits after taxes 285 268 289 227 204 211 46 54 57 54 46 63 60 Dividends 148 149 161 159 154 154 35 37 37 45 36 36 37 Chemicals and allied products (26 corps.): Sales 3,674 3,680 4,577 5,574 5,695 6,071 1,545 1,568 1,506 1,453 1,434 1,471 1,461 Profits before taxes 674 693 1,133 1.421 1,200 1,260 360 346 330 224 272 271 267 Profits after taxes 420 415 572 496 458 493 123 125 124 121 133 136 132 Dividends 263 321 448 363 381 398 90 90 91 127 98 98 99 Petroleum refining (14 corps.): Sales 3,983 3,907 4,260 4,966 5,290 5,757 1.376 1,410 1,473 1,498 1,479 1,442 1,440 Profits before tax?3 775 552 673 869 689 796 195 195 229 176 214 189 165 Profits after taxes 588 428 464 532 495 571 131 129 155 157 148 138 124 Dividends 184 191 223 247 268 274 66 66 67 74 68 68 69 Primary metals and products (39 corps.): Sales 9,066 8,187 10,446 12,497 11,557 13,750 3,428 3,653 3 476 3 194 2 910 3,019 2 723 Profits before taxes* 1 ,174 993 1,700 2,092 1,161 1,824 457 560 510 295 301 359 305 Profits after taxes 720 578 854 776 575 793 183 212 203 196 150 179 151 Dividends 270 285 377 381 367 377 88 88 88 113 100 92 9? Machinery (27 corps.): Sales 4,563 4,363 5,071 6,183 7,082 8,009 1,967 2,045 1,959 2,038 1,917 1,937 1,864 Profits before taxes 570 520 850 1,003 974 1,009 276 298 241 193 252 237 202 Profits after taxes 334 321 425 370 380 402 89 103 95 115 117 107 103 Dividends 127 138 208 192 200 239 50 49 49 90 58 64 65 Automobiles and equipment (15 corps.): Sales 8,093 9,577 11,805 12,496 12,825 16,377 4,308 4,657 3,917 3 495 3,485 3,731 2 922 Profits before taxes 1,131 1,473 2,305 1,913 1,945 2,048 648 714 451 235 434 532 299 Profits after taxes 639 861 1,087 705 698 747 200 211 168 168 214 257 127 Dividends 282 451 671 479 462 463 117 114 114 117 114 113 106 Public Utility Railroad: Operating revenue 9,672 8,580 9,473 10,391 10,581 10,664 2,596 2,732 2,755 2,582 2,275 2,335 2,366 Profits before taxes 1,146 700 1,385 1,260 1,451 1,404 336 397 399 272 156 199 226 Profits after taxes 698 438 784 693 832 871 186 231 234 219 88 136 172 Dividends 289 252 312 328 338 412 97 73 79 162 96 73 74 Electric power: Operating revenue 4,830 5,069 5,528 6,058 6,549 7,113 1,850 1,725 1,716 1,821 1,974 1,810 1,817 Profits before taxes 983 1,129 1,313 1.482 1,740 1,893 551 456 428 458 571 487 *78 Profits after taxes 657 757 822 814 947 1,046 294 249 235 268 324 268 266 Divider ds 493 560 619 65 i 725 771 182 189 194 206 212 210 211 Telephone: 2.694 2,967 3,342 3,729 4,136 4,525 1,092 1,126 1,129 1,178 1,174 1,210 1,233 Profits before taxes 292 333 580 691 787 925 223 234 220 248 242 262 262 Profits after taxes 186 207 331 341 384 452 109 114 !07 122 116 125 141 Dividends 178 213 276 318 355 412 100 101 104 108 109 111 112 1 Includes 26 companies in groups not shown separately, as follows: textile mili products (10); paper and allied products (15); miscellaneous (1). 2Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). APRIL 1955 403 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 Y qu e a a r r t e o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d d C e i a v n s i d h - s tr U p i r b n o u d fi t i t e s s - d Y qu e a a r r te o r r i N ss e u w es R m e e ti n r t e s - ch N an et ge i N ss e u w es R m e e ti n r t e s - ch N an et ge i N ss e u w es R m e e ti n r t e s - ch N an et ge 1 1 1 1 9 9 9 9 4 4 4 3 1 3 5 9.... 2 1 1 6 4 7 9 . . . . 4 6 0 0 1 1 7 1 0 4 . . . . 6 7 1 4 1 9 5 8 0 . . . . 4 3 0 5 4 3 4 4 . . . . 7 8 5 5 4 3 6 1 . . . . 9 2 6 0 1 1 1 1 9 9 9 9 4 4 5 4 9 7 0 8 6 6 7 7 , , , 7 8 2 5 3 8 2 7 1 2 4 0 3 2 1 1 , , , 5 8 5 6 7 0 2 8 5 1 3 3 4 4 3 5 , , , , 8 3 7 8 5 5 8 2 6 9 7 4 4 4 5 5 , , , , 8 0 8 9 1 6 0 3 5 7 6 8 2 2 1 1 , , , , 8 0 2 5 8 8 0 1 3 3 2 1 3 4 3 2 , , , , 6 0 2 0 5 0 0 8 5 4 4 4 2 1 1 1 , , , , 6 8 8 4 3 6 6 1 2 7 4 8 4 5 2 6 1 0 9 9 2 0 2 8 1 1 1 1 , , , , 2 5 3 7 3 7 5 2 2 2 5 0 1 1 1 1 9 9 9 9 4 4 4 5 8 7 9 0 . . 2 3 4 2 9 2 0 6 . . . . 5 8 2 0 U 1 1 1 2 0 7 .3 . . . 5 4 8 2 2 1 1 0 2 8 5 . . . . 2 3 1 8 6 9 7 7 . . . . 2 5 2 5 1 1 1 8 2 3 1 . . . . 3 9 7 0 1 1 1 1 9 9 9 9 5 5 5 5 4 1 2 3 . . . 1 1 9 9 0 1 , , , , 5 0 6 7 5 4 1 7 0 8 5 9 2 2 2 5 , , , , 7 7 4 3 7 5 2 5 2 1 8 3 6 6 7 7 , , , , 3 1 2 9 6 2 7 2 1 1 7 7 5 6 7 7 , , , , 6 6 8 3 5 8 7 4 1 2 2 4 3 2 2 1 , , , , 8 1 8 4 9 0 9 0 6 5 3 7 3 4 4 3 , , , , 5 7 9 9 7 5 4 7 5 0 7 5 3 3 3 2 , , , , 3 3 8 8 3 6 4 98 5 6 3 1,4 3 6 5 5 4 6 3 6 8 6 3 2 2 2 2 , , , , 9 7 3 3 8 0 6 8 7 0 6 6 1 1 9 9 5 5 1 2 4 3 1 7 . . 2 2 2 2 2 0 . . 5 0 1 1 7 8 . . 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 . . 1 2 1 17 8 . . 8 3 9 9. . 9 4 8 8 . . 0 9 1954— 2 1 . . . . . . 2 2 , , 7 8 0 5 0 8 1,1 9 3 7 9 7 1 1 , , 7 7 2 1 4 9 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 0 1 . . 9 9 2 2 1 2 . . 9 5 1 1 9 9 . . 0 5 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 , , 2 7 0 1 5 4 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. 402, 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 A 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. 402. 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 1 [Estimates, in billions of dollars] Current assets Current liabilities Net Notes and accts. Notes and accts. E o n r d q o u f a r y te e r ar 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 U 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 1917... 62 1 123 6 25 0 14 1 3* 3 44 6 1.6 61.5 37.6 10.7 13.2 1948 68.6 133.0 25.3 14.8 42.4 48.9 1 .6 64.4 39.3 11.5 13.5 1949 . 72 4 133 1 26 5 16 8 43 0 45 3 1 4 60.7 37 5 9 3 14.0 1950 81.6 161.5 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 EQUIPMENT1 [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 io m n n i - - s Other2 Quarter Total fa m a c in n t i u n g a - r- p i r t o n i a r o c i t l n l a - . - P u u t t i b i e l l s i i - c ot A he ll rs rail ing roads 1939 . 5,512 1,943 326 280 365 520 302 1,776 ] 953 —i 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 1,742 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 1,104 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 3,120 620 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 1,537 5,557 4. 6,988 3,209 559 1,109 2,110 1953 28,322 11,908 986 1,311 1,565 4,552 1,690 6,310 1954. 26,827 11,038 975 854 1,512 4,219 1,717 6,513 1955—I4. 6,296 2,721 583 947 2 046 19554 27,063 10,704 896 763 1,495 4,384 8, 319 24 6,988 2,885 584 1,158 2,361 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars} All properties Nonfarm Farm h O o t ld h e e r r s 1- to 4-family 1louses com M m u e l r ti c - i f a a l m p i r ly o p a e n rt d ies1 E o n r d q o u f a r y t e er ar h A o er l l s d l - t F u i i n c t n i i s a o a ti l n n - - s S F e a e c l g d e i e e e c n r s t a e - l d v o i I d a t n h u n d e a d i r l - s s h A o er l l s d l - Total t F u i i n c t n i i s o a a t l i 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 a d l - t F u i i n c t n i i s o a a t l i n n - s - h O ol t d h e e r r s2 1941 37 6 20 7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 1.5 4.9 1942 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 1.4 4.5 1943 35 3 20 2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5 4 4.1 1944 34.7 20.2 1.1 13.3 29,7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 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 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 3.4 1947 48 9 31 8 5 16 6 43 9 28.2 20.5 7.6 15.7 9 6 6.1 5 1 7 3 3 1948 56 2 37 8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1 .9 3 4 1949 62.7 42.9 1.1 38.7 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 4i .2 10.7 23.7 15.7 8.0 6.6 2.6 4.0 1952 91 2 66 8 2.4 21.9 84.0 58.7 47.0 11.7 .25.3 17.0 8.3 7.2 2.8 4 3 1953 101 0 75 0 2.8 23.2 93.3 66.3 53.8 12.5 27.1 18.2 8.9 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 1053—June 96 2 70 9 2 7 22 6 88 7 62 5 50 3 12.2 26 J 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. G 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.S 3.1 4.7 TuneP 106 2 79 5 2 7 24 1 98 2 70.0 57.3 12.7 28.3 19.0 9 2 8 0 3 2 4 8 September*9. . . 109.8 82.5 2.7 24.6 101.6 72.6 59.7 12.9 29.0 19.5 9.5 8.1 3.2 4.9 December?. . . 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 1954 except those on total farm (preliminary estimate from Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of ,the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings4 Nonfarm Nonfarm End of year or quarter Total Residential3 Residentiais Farm Total Farm Total Other Total Other FHA- VA- Con- FHA- VA- Con- Totai in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1O-K 4 906 4,340 ,292 1,048 566 4,812 4,784 3,884 90(1 28 194? A 7A(} 4 2 56 332 924 401 4,62,7 4,601 3,725 876 26 1943 4,521 4,058 3,256 802 463 4,420 4,395 3,558 837 25 1944 4. 43() 3 967 ,218 740 463 4,305 4,281 3,476 805 24 1945 4.772 4,251 ,395 856 521 4,208 4,184 3,387 797 24 1946 7,234 6 533 s ,146 1.387 70? 4,441 4,415 3,588 8?7 26 1947 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10 023 8, 066 1 ,957 874 5,806 5,773 4,758 1 015 34 1940 11 64*10 736 8,676 2,060 909 6,705 6,668 5,569 1 000 37 1950 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 1,164 44 1951 14,732 13,728 11,270 3',421 *2921 4,929 2,458 1,004 9,916 9,869 8,595 2 567 1.726 4 303 1,274 47 1052 15,867 14,809 188 3.675 ^ 019 5 501 2,621 10.5811,379 11,327 9,883 3 168 2,237 4 477 1,4-44 53 19.53 16.850 15,768 i? 0?5 3.912 3 061 5,9.51 2,843 1,08? 12,943 12,800 11.334 3 480 3.0.53 4 792 1, 5.56 53 1954* 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 1Q53—june 16.387 15,283 1? 545 3,798 3 013 5, 734 2,738 1,10412,112 12,062 10,574 3 3?.5 2,590 4 65H 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—March P 16 970 15 870 965 075 5070 2,905 1 10013,345 13,292 11,700 3 560 3,295 4 1 50? 53 17,366 16,227 n 3,960 3 116 6,144 3,007 1 139 13,881 13,826 12,181 3 650 3,579 4 04? 1, 64.5 55 Septembers,.. . 17.970 16.810 13. 600 4,105 3.230 6,355 3,120 1. 16014.415 14.360 12,665 3 770 3,830 5 065 1,605 55 December?.... 18,630 17,465 14,200 4,225 3,375 6,600 3,265 1,165 15,000 14,945 13,195 3 900 4,150 5 145 1,750 55 *» Preliminary. 1 Includes all banks in the United States and possessions. 2Includes 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 Hanks. 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. APRIL 1955 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Year or month Nonfarm Nonfarm Total Total in F s H u A re - d a g V n u t A a e r e - - d Other Farm Total Total in F s H ur A ed - a g V n u t A a e r e - - d Other Farm 1940 5,972 5,073 668 899 1941 6,442 5,529 815 913 1942 . 898 6,726 5,830 1,096 896 1943 855 6,714 5,873 1 286 841 1944 . 935 6,686 5,886 1,408 800 1945 , „ 976 6,636 5,860 1,394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4.876 795 1947 , 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 S44 5,538 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7 090 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 L.327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3 131 9 399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5.681 3,347 10,518 1,705 1953 4,345 3,925 *817 455 2,653 420 23,322 21.436 6,012 3,560 11,864 1,886 1954 5,334 4,921 673 1,377 2,871 413 25,927 23,881 6,122 4,636 13,123 2,046 195 j.—Febru ary. 319 277 44 46 187 42 23,570 21,660 6,037 3 626 11 997 1,910 March 419 372 68 77 227 47 23,769 21,845 6,066 3,683 12,096 1,924 April 443 403 47 86 270 40 24,005 22,060 6,081 3,746 12,233 1.945 May 342 318 48 85 185 24 24,174 22,212 6,088 3,804 12 320 1,962 451 410 60 100 250 41 24,384 22,403 6,091 3,886 12,426 1,981 July 421 393 51 98 244 28 24,572 22,575 6,095 3 951 12 529 1,997 August 464 435 53 133 249 29 24,795 22,786 6,100 4,048 12,638 2.009 484 459 53 156 250 25 25.035 23,019 6,098 4,187 12,734 2,016 October 471 446 56 148 242 25 25,260 23,235 6,103 4 302 12 830 2,025 November 571 538 80 183 275 33 25,574 23,540 6,133 4,451 12,956 2,034 December 631 588 62 208 318 43 25,927 23,881 6,122 4,636 13,123 2,046 195 5— Tanuary 521 479 69 161 249 42 26,223 24,171 6,132 4 771 13 268 2 052 February 495 443 66 118 259 52 26,474 24,405 6,156 4,861 13,388 2,069 NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life-insurance Xews Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m e o ar n t o h r Total s N c t t i r o o e 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 1 Total' F su H in r A e - d - a g n V u te A a e r - - d t C i v o o e n n n a - - l m Y o o e n r a t r h N b u e m r - Total i & n S l i o g i a s a s v n n & s - . p I c a n a o n s n m c u ie e r - s - b C m c a o i n e a m k r l - s - M h s i u n a i t n g v u k s - a s l Other a c m o l ( a d r r e o r d o s - u e l ) - d nt 1941 1,379 437 581 361 4,578 1941. 1,628 4 732 1490 404 1166 218 1,454 2,906 1942 . 1,051 190 574 287 4,583 1942., 1,351 3 943 1 170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943.. 1,274 3 861 1 237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944.. 1,446 4 606 1560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945.. 1,639 5 650 2 017 250 1097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946., 2,497 10,589 3 483 503 2712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947., 2,567 11 729 3 650 847 3004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,345 1948., 2,535 11 882 3 629 1,016 2664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949., 2,488 11 828 3648 1,046 2446 750 3,940 4,753 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950., 3,032 16 179 5060 1,618 3365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,530 1951., 2,878 16,405 5295 1,615 3370 1,013 5,112 5,701 1952 6,617 2.105 2.955 1,557 18,336 904 3,385 14,047 1952., 3,028 18,018 6,452 1,420 3600 1,137 5,409 5.950 1953 7,767 2.475 3.4S8 1,804 21.882 1,044 3.961 Ifi.877 1953 3.164 19 747 7,365 1.4S0 36S0 1 327 5.895 6,241 1954.. 8,969 3,076 3,846 2,047 26,142 1,171 4,714 20,2571954 3,458 22 974 8312 1,768 4 239 1,501 7,154 6,644 1954-Feb... 539 176 220 143 1954-Fcb... 229 1425 517 105 274 85 444 6,223 Mar.. 710 246 176 22,722 1,083 4,111 17,528 Mar.. 281 1,784 666 124 335 103 556 6,339 Apr.. 732 257 177 280 1793 669 130 333 112 550 6,411 May.. 728 254 301 173 MPay.°. 278 1805 675 124 330 118 558 6,484 June.. 810 283 341 185 23,847 1,102 4,277 18.468 June.. 303 1,990 741 146 368 133 602 6,573 July 802 281 349 173 July . 306 2 027 734 155 371 141 626 6,625 S A e U p K t. .. . 8 8 4 2 1 8 3 3 7 6 2 9 1 1 8 7 0 7 25,053 1^150 4^503 19,400 S A e u p g t . . . . 3 3 1 1 2 3 2 2 0 1 8 2 6 2 7 7 6 7 6 0 1 1 6 6 6 4 3 3 6 8 9 3 1 1 3 4 8 1 6 6 4 6 3 8 6 6 , , 6 7 8 8 4 9 Oct... 824 364 177 Oct... 314 2 156 765 178 393 140 679 6,874 Nov.. 807 278 357 172 Nov... 307 2 148 757 177 399 147 667 7,004 Doc... 853 295 1S9 '26\i42 4,714 20^257 Dec... 318 2,267 784 191 420 158 714 7,131 1955- Jan... 744 252 326 166 1955-Jan... 284 2,024 688 165 379 128 665 7,120 Feb... 775 265 340 171 Feb... 277 1,958 702 151 365 116 624 7,077 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. 2 Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insuredloans VA-guaranteed loans8 Home Home Government- Year mortgages Proj- Prop- mortgages underwritten mo o n r th Total Total p e N r r t e o i w p es - i e p s E r r t t o i x i n p e - g s - g m t e a y o c g p t r e e - t s - 1 p l m o e r i a m r e o n t n v y - s e t 2 - Total e p N r r t e o i w p es - i e p s E r r t t o i x i n e p - g s - r A a e a l t p n t i a e o d r i n r - 2 q y E u e n a a d r r t o o er f r Total Total FH in A - - g V u A ar - - t C v io e o n n n a - - l sured anteed 1940 991 991 588 175 13 216 ?941 1 152 1,152 728 183 14 228 1940 17 3 2 3 2 3 15 0 1942 1,121 1,121 766 208 21 126 1941 30 1943 934 934 5S3 210 85 86 1942 18.2 3.7 3.7 14!5 1944. 877 877 484 224 56 114 1943 17 8 4 1 4 1 13.7 «945 857 665 257 217 20 171 192 1944. 17.9 4.2 4 2 13! 7 1946 3,058 756 120 302 13 321 2,302 1945 * !2 1947......... 5,074 1,788 477 418 360 534 3,286 1946 23.1 6*1 3" 7 2.4 n!o 1948 5,222 3,341 1,434 684 609 614 1,881 1947 28! 2 9.3 s!s 1949 5,250 3,826 1,319 892 1.021 594 1,424 793 629 3 1948 33.3 12 !5 5 ] 3 7 [2 20! 8 1950 7,416 4,343 1,637 856 1,157 694 3,073 1,865 1,202 5 1949 37.5 15.0 5^9 22! 5 1951.. 6,834 3,220 1,216 713 582 708 3,614 2,667 942 6 1950 45 i 18 g 3 ] g in' 3 1952 5.830 3,113 969 974 322 348 2.721 1,824 890 6 1951 51.9 22.9 9.7 13.2 29 !o 1953 6,946 3.882 1,259 1,030 259 1,334 3.064 2,045 1,014 6 1952 58! 7 25.4 10! 8 14! 6 33.3 1954 7,323 3,066 1,035 907 232 891 4,257 2,686 1,566 5 1953 66 3 28 1 12 0 16 1 38 2 1954--Mar. .. 471 246 95 67 16 69 225 160 65 .4 1954P 75!6 31.5 12^8 18!7 44 !l Apr 493 245 83 70 17 76 248 163 85 .8 May... 512 243 74 72 25 71 269 171 98 .3 1952—Mar.. 53.3 23.5 9.9 13.6 29.8 June ... 579 270 86 79 24 82 309 200 109 .3 June.. 55.1 24.0 10.1 13.9 31.1 July.... 531 238 75 79 14 70 293 178 115 .3 Sept.. 57.0 24.7 10.4 14.3 32.3 Aug.. . . 680 262 72 79 40 71 418 251 167 .2 Dec... 58.7 25.4 10.8 14.6 33.3 O Se ct pt... 6 7 7 7 9 0 2 2 5 6 2 9 8 7 0 7 5 74 9 33 9 1 8 0 9 1 4 5 1 1 0 8 3 2 0 5 7 2 2 1 1 5 1 7 . . 5 4 1953—Mar... 60.4 26.1 11.1 15.0 34.3 Nov.... 760 266 91 92 7 76 494 304 189 .5 June.. 62.5 26.7 11.4 15.3 35.8 Dec... 843 287 92 109 23 63 556 337 219 .4 Sept... 64.6 27.5 11.7 15.8 37 A Dec.. . 66.3 28.1 12.0 16.1 38.2 1955—Tan 931 309 107 145 5 52 622 390 231 1.2 Feb 840 274 89 .138 12 36 567 357 209 .7 1954—Mar. P. 67.7 28.8 12.2 16.6 38.9 June*. 70.0 29.7 12.4 17.3 40.3 Sept. P. 72.6 30.5 12.6 17.9 42 1 1 Monthly figures donot reflect mortgage amendments included in annual totals. Dec.P. 75.6 31.5 12.8 18.7 44.1 2FHA-insured property improvement loans are not ordinarily secured by mortgage?; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, ivhereastliose tor more than tlat amount must be. p Preliminary. 3 Prior to 1949, data are not available for classifications shown. NOTE.—For total debt outstanding, figures for XOTF1:.—FIIA-insured loans represent gross amount of insurance written; VA-guar- first three quarters are Federal Reserve estimates. anteed loans, gross amount of loans closed. Figures do not take account of principal repay- For conventional, figures are derived. ments on previouslv insured oi guaranteed loans. For VA-guarantecd loans, amounts by Sources,—Home Loan Bank Board Federal Houstype are derive1 from cata on number and average amount of loans closed. ing Administration, Veterans Administration, and Sources.—Federal Housing Administration and Veterans Administration. Federal Reserve. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY 1 FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Advances outstanding E o n r d m o o f n y t e h ar A m f c u u i u o z i t n t n e m h t d d - e o - s d r- b m C m u d a o e r n i i n m s s t - e - - t - s d To M ta o l rtga F s g u H i e n r A e - h d - oldi a n g n V g u t A s a e r e - - d ( c p M d p h e g u a u r o a i r s r g r o i e - t e n d - s g ) ( p M d s g e u a a o r r l i g i e r o n e t s d - g ) Year or month va A n d c - es R m e e p n a t y s - Tota ( l end S t o e h f r o m p rt e 1 - riod L t ) e o r n m g 2 - 1 1 1 t i 1 ? 9 9 9 9 9 9 9 4 4 5 5 5 5 5 8 9 3 4 0 1 2 . 1 . 5 8 9 6 5 . 0 2 6 4 1 5 0 ) 8 1 8 8 0 85 2 8 4 4 2 3 6 2 2 8 7 3 2 3 7 4 5 6 9 3 8 2 2 1 1 2 , , , . , 3 4 4 2 8 8 1 4 6 4 5 3 2 9 2 7 2 4 0 8 9 4 2 1 3 6 8 1 0 0 2 8 0 6 ? 3 0 4 1 8 2 9 1 1 1 1 1 , , , 1 6 6 4 , 9 8 3 4 7 2 1 2 4 2 6 8 5 1 2 1 1.0 6 6 6 1 5 5 4 3 7 7 1 9 4 4 R 2 7 4 8 2 4 2 5 1 6 2 2 2 1 5» 9 1 5 0 1 iS 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 5 5 5 4 6 7 8 9 2 0 1 5... 2 3 3 3 2 6 4 5 7 2 5 6 7 5 2 8 8 9 1 0 5 6 3 6 2 2 2 2 4 3 2 5 1 3 0 9 8 3 3 2 3 1 9 2 0 7 3 8 2 4 4 5 8 1 8 8 3 9 9 3 1 1 0 6 6 3 5 3 5 6 6 4 2 2 2 1 5 5 1 5 5 1 7 3 4 8 0 6 7 8 6 1 7 4 8 5 2 2 2 2 2 2 1 1 0 5 6 9 9 1 0 7 2 8 9 8 9 9 9 1954— A M p a r r i c l h 5 5 3 3 9 9 7 81 4 2 5 2 2 , , 3 2 6 9 6 9 6 66 5 7 3 1 I , , 7 O 1 J 3 Z 4 5 9 0 1 9 0 8 8 1 1 9 9 5 5 4 3 7 7 2 3 8 4 6 8 4 1 0 8 9 8 5 6 2 7 6 61 3 2 4 3 2 1 55 7 D J J O M A S N u u e u c e o a n l p t c g y v y o e t u e e b e m m s e m t r b b b e e e r r r . . . .. . . . . . 5 5 6 6 5 5 0 0 4 3 7 6 9 7 ) ) 0 1 8 0 4 0 6 6 5 4 7 7 7 7 0 4 5 7 3 9 0 7 3 7 4 6 7 1 0 9 2 2 2 2 2 2 2 2 , , , , , , , , 3 3 3 3 3 3 4 2 6 7 9 0 6 3 5 9 1 2 1 6 8 4 5 9 6 8 7 7 7 7 7 7 0 5 8 0 7 4 2 3 2 2 0 0 3 5 4 3 L 1 1 1 1 L 1 1 , , , , , , . . 6 6 6 6 6 6 6 6 2 3 0 4 2 1 1 1 2 2 1 7 3 8 6 9 1 3 3 3 3 5 6 5 2 3 8 8 9 0 4 0 0 3 3 3 2 3 1 1 1 9 0 7 3 7 5 1 9 1954— S O J A A J M M u e u u p c p a l n a g r t y t r o e y i u e c l b m . s h , t e . b r e .. . r . . 1 3 3 2 5 6 6 0 5 5 6 8 3 9 3 6 9 8 5 3 3 3 3 4 9 4 1 1 3 9 8 5 8 6 6 6 6 6 6 6 7 1 3 0 5 7 3 0 8 3 0 8 9 5 0 8 9 3 3 3 4 4 4 4 4 7 8 9 7 2 2 0 5 7 2 6 1 8 2 6 2 2 2 2 2 2 2 2 2 4 3 3 3 2 3 3 3 7 1 3 1 3 6 6 7 1955— F Ja e n b u r a u r a y ry.... 0 0 ) ) 4 3 1 5 8 9 2 2 , , 4 4 6 8 2 8 8 83 1 2 7 1 L , , 6 6 4 5 5 6 4 4 8 8 1 8 0 D N e o c v e e m m b b e e r r . . 17 7 1 4 4 3 7 8 8 7 6 4 7 3 4 61 9 2 5 2 25 4 5 8 March 0) 217 2,512 839 1,673 54 18 1955—January... 38 188 7J7 491 226 February.. 34 63 688 466 223 March. . . . 71 58 702 464 238 *No authorization figures shown after October since under its new charter, effective Nov. 1, 1954, FNMA maintains three separate programs, for which the type of fund authorization varies. Other figures represent the combined pro- 1 Secured or unsecured loans maturing in one year or less. grams: secondary market, special assistance, and management and liquidation. 2 Secured loans, amortized quarterly, having maturities of Source.—Federal National Mortgage Association. more than one year but not more than ten years. Source.—Home Loan Bank Board. APRIL 1955 407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year Total Other Repair or month Total Au p to ap m e o r b i ile co p g n a o s p o u e d m r s ! 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 y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 ' 1,497 1,620 298 1.088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5.665 2,462 455 816 182 1,009 3,203 746 1,612 845 j 946 8.384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1,014 1947 ii,57O 6,695 1,924 2,143 718 L.910 4,875 1,356 2,353 1,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1.445 2,713 1,285 1949 ... . 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 i.006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,63! 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 .,406 •1,851 7,143 2.094 3,342 \ , 707 1953 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 1 .720 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 1 ,720 1954—February 28,140 21,582 10,010 5,588 ,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 1,765 ]VIay . . . 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 1,635 4,547 6,949 2,334 2,819 1,796 Tuly 28,725 21,849 10,298 5,328 1,637 4,586 6,876 2,303 2,773 i ,800 August 28,736 21,901 10,349 5,294 , 642 4,616 6,835 2,312 2,734 1,789 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 22,014 10,296 5,398 ,631 4,689 7,195 2,407 3,042 1,746 December . 30,125 22,467 10,396 5,668 L ,616 4,787 7,658 2,420 3,518 1.720 1955—January '29,760 22.436 10,459 5,609 .574 4.794 '•7.3 24 '2.371 3.225 1,728 Februarv 29,518 22,508 10,641 5,484 ,550 4,833 7,010 2.427 2,831 1,752 rRe vised. 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on. purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k i s a - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n r s t t 1 - F s t t u o u r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e - s - d m A ea o u l b t e o i r l - s e 2 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 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 19*3 22,187 18.758 8,998 6,147 1.1 ?4 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—February, 21,582 18,300 8,755 5,974 1.115 2,456 3,282 1.065 849 281 370 717 !March 21,381 18,192 8,714 5.892 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 May 21,487 18,325 8,729 5,944 1,175 2,477 3,162 L.O27 821 271 771 672 1 u n.e 21 ,717 18,538 8.783 6,060 1,207 2,488 3,179 1,037 820 273 379 670 Inly . . . 21,849 18,671 8,763 6,189 ,228 2,491 3,178 L,O32 818 277 386 665 Au gu st 21,901 18,731 8,731 6,256 ,250 2,494 3,170 1,032 821 276 389 652 September 21.935 18,753 8,688 6,294 .267 2,504 3,182 ,041 822 278 390 651 October . . .. 21,952 18,726 8,637 6,315 1,270 2,504 3,226 L.063 830 282 390 661 November 22,014 18.719 8.586 6,325 1 ,282 2,526 3.295 1,098 846 283 390 678 Dpcpmhpr 22,467 18,935 8,633 6.421 1 ,293 2,588 3,532 1,201 890 293 394 754 1955—Tanunry 22.436 18.977 8.651 6,1-62 1 .282 2.582 3.459 1.158 862 291 397 751 February 22,508 19,153 8 ,£88 6,570 1 ,298 2,597 3,355 1 ,108 848 286 404 709 1 Includes mail-order houses. 3Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 408 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS-. BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a - i l t l t - C m m c ( i o i n s e a m e i r s l n n - t - g t i t l u e l t - o i O p a o a n t n y h s s - e ) r m p D a e a e r n c - t ( o - t c c u h o t a u le r n g O t t s e s t ) her S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p u c o a t o m p o h n d e e e - r r s r e R l m r o t a e n i a o n o p i n z d d n a a s - ir - l s P o o a e n n r a - s l banks stores1 1939 1,079 237 178 166 135 363 1940. 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1.178 518 1940 2,824 636 164 251 1,220 553 5 945 745 66 143 114 110 312 1941 .. . . 3,087 693 152 27S 1,370 597 1946 1,567 169 311 299 242 546 1947 2,625 352 539 55G 437 747 1945 3,203 674 72 290 1,322 S45 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 1 014 1949 4,439 849 94fi 1.016 715 913 1947 . .. . . 4,875 1,203 153 532 1,821 1.166 1950 5,798 1.177 L.294 1,456 834 ,037 1948 5,443 1,261 184 575 2,138 1285 1951 5,771 1,135 1,311 1,315 88R ,122 1 1 1 19 9 9 9 5 4 5 5 2 9 1 0 6 5 6 7 , , , , 6 1 3 5 3 4 2 8 1 3 3 8 1 1 1 1 , , , , 3 6 8 5 3 8 4 7 4 4 4 6 2 2 2 1 4 5 5 9 5 0 0 8 5 6 6 7 8 4 8 3 4 1 5 0 2 2 2 2 , , . , 6 3 4 0 1 1 6 9 2 1 5 6 1 1 1 1, , . . 7 6 3 4 0 0 7 9 7 1 6 6 1 1 1 9 9 9 5 5 5 2 3 4 8 8 7 . , , 9 5 6 2 9 3 4 8 3 2 2 1, , , 6 2 1 3 1 9 3 5 8 1 1 L , , , 8 6 6 6 2 4 7 9 5 1 2 1 , , , 7 8 0 5 3 7 1 9 8 A , , 3 2 3 1 7 7 7 5 , , , 3 5 6 7 2 7 4 1 6 J 1 9 9 5 5 4 3 7 7 , , 3 6 5 5 0 8 2 1 , 0 ,8 8 9 5 9 3 33 2 5 0 7 76 4 4 8 2 2 . , 6 7 6 5 3 4 1 1 , , 7 7 2 2 0 0 1954— M Fe a b rc ru h a . r . y . . . . 8 8, , 7 7 1 5 4 5 2 2 , , 1 1 6 6 2 4 1 i, , 7 7 7 5 3 5 1 1 , , 9 9 9 5 7 5 1 , ,2 2 7 9 9 0 1 1, , 5 5 6 3 1 3 April 8,722 2,180 1,745 1,939 1,281 1,577 1954—February.. 6,558 1.841 292 526 2,156 1,743 May 8.729 2,195 .,735 1,925 1,293 1,581 March.'. . . 6,452 1,845 305 483 2.081 1,738 June 8,783 2,237 1,729 1,913 1,293 1,611 April 6,669 1,883 298 502 2,221 1.765 July 8,763 2,240 1,720 1,880 1,297 1.626 May 6,885 1,918 395 499 2,287 1,786 August... . 8,731 2,230 L,7O7 1,857 [, 299 1,638 June 6,949 1,977 357 497 2,322 1,796 September. 8,688 2,224 1,686 1,835 .,299 1,644 July 6,876 1,989 314 448 2,325 1,800 October. . . 8,637 2,207 1,663 1,822 1,296 L.649 August.... 6,835 1,985 327 446 2,288 1,789 November. 8.586 2,188 L, 636 1,822 1,287 1,653 September. 6.921 1.997 338 488 2,319 1,779 December. 8,633 2,198 L, 645 1 ,839 1,275 1,676 October. .. 7,023 2,067 310 517 2,375 1,754 N D o e v ce e m m b b e e r r . . 7 7 , , 1 6 9 5 5 8 2 2 , , 0 0 4 8 9 5 3 3 5 3 8 5 5 7 7 6 4 4 2 2 ,4 ,7 6 5 8 4 1 1 ,7 ,7 4 2 6 0 1955— F J e a b n r u u a a ry ry .. . . . 8 S , , 6 6 5 8 1 8 2 2, , 2 2 4 0 1 8 1 ., , 6 6 5 S 6 0 1 1 , 8 ,8 5 4 9 5 1, , 2 2 1 4 . 1 9 , . 6 7 8 0 7 3 1955--January.. . '7,324 2,048 '323 623 2,602 1 ,728 February.. 7,010 2,085 342 2.296 1 ,752 1 Includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars? Other Repair E o n r d m 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 a e n d t p i 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 T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p c u o a o m o p n d e e - r s r m iz lo o a a n a d ti n d 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 19^9 2,950 2.425 303 83 139 1951 2,537 358 209 132 1,838 1950 . 3,785 3.257 313 57 158 1952 3,053 457 279 187 2,130 1951 3,769 3,183 241 70 275 1953 3,613 573 337 249 2,454 195? . 4,833 4.072 332 82 347 1954 3,881 596 340 260 2,685 1953 6.147 5,306 367 83 391 1954 6,421 5,563 351 81 426 1954—February 3.571 555 .328 248 2,440 March 3,586 555 325 251 2,455 1954—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 5,901 5,089 336 84 392 June 3.695 574 323 259 2,539 May 5,944 5,136 331 83 394 July 3,719 581 321 258 2,559 June 6,060 5,249 331 83 397 August 3,744 587 321 261 2,575 July 6,189 5,371 335 82 401 September.... 3,771 591 324 262 2,594 August . . 6,256 5,436 335 82 403 October 3,774 589 329 260 2,596 September. . . 6,294 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 February.... 3,895 607 339 253 2,696 1955—January 6,462 5,603 350 79 430 February.... 6,570 5,709 349 78 434 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. APRIL 1955 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe lo rs a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13.267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 . . .. 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 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—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 Tune . 2,703 2,473 1,244 1,078 659 662 109 H08 691 625 Tuly 2,549 2,417 1,163 1,033 622 661 107 105 657 613 August 2,477 2,425 1,114 1,063 607 641 112 107 644 614 September 2,441 2,407 1,062 1,046 629 636 US 115 635 610 October 2,454 2,437 1,031 1,056 687 650 106 111 630 620 November 2,554 2,492 ,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 ,060 997 616 675 67 109 646 639 February 2,416 2,344 I .167 985 529 654 72 96 648 609 SEASONALLY ADJUSTED* 1954—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 May 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 Tulv 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— Tanuarv 2.823 2 ,496 1.233 1,020 788 684 87 104 715 688 February 2,898 2,521 1 ,382 1,071 £60 680 97 97 759 673 * 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 * Pe fr r o c m en t p ag re e c e c d h i a n n g ge m f P ro o e m r n c t e h c n o o ta r f r g e p e s r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C cc h o ar u g n e ts month year Item F 1 e 9 b 5 . 5 J 19 a 5 n 5 . D 19 e 5 c 4 . F 19 eb 5 . 5 J 1 a 95 n 5 . D 19 e 5 c. 4 Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1954—February. 14 11 9 43 Total -.1 -39 +23 +2 + 10 +2 March.... 15 13 10 48 Cash sales -9 —41 +39 -1 + 13 0 April 14 12 9 45 Credit sales: May 14 12 10 46 Instalment + 1 -41 +21 +4 + 10 +5 June 14 12 10 47 Charge account +2 -27 + 19 +8 + 14 +2 J A u u ly gust. . . 1 1 4 3 1 1 2 2 1 1 0 0 4 4 5 5 Accounts receivable, end September 13 12 10 46 of month: October. . 14 12 10 47 Total -2 —5 +6 +2 + 1 November 13 12 10 48 Instalment -2 ^ +5 -1 -1 December. 14 12 9 46 Charge accounts -3 +8 + 14 +9 + 10 -9 1955—January.. 14 12 9 44 Inventories, end of February. 14 11 9 43 month, at retail value. +5 -8 -6 -4 -5 -2 1 Collections during month as percentage of accounts outstanding at beginning of month. 410 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 a 7 a l - l 4 p v 9 r o = o l 1 d u 0 u m 0 c e ti ) o * n aw C ar o d c n e o s d n t r t u r ( a c v c t a i ts o lu n e)1 Employ 1 m 94 e 7 nt - 49 a n = d 10 p 0 ayrolls2 1947-49 = 100 Depart- Whole- Freight ment Con- sale carload- store sumer com- Non- Manufacturing ings* sales* prices 2 modity Year Manufactures agri- production workers 947-49 (retail 1947-49 prices2 or month Total Total r D ab u l - e N r d a 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 u 1 7 0 e -4 ) 0 9 a = 100 19 = 4 1 7 0 - 0 49 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.4 68.7 31.1 90 27 74.0 I9?0 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 1976 51 50 52 48 63 69 73 67 67.6 65.5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62 0 1928 53 52 53 51 63 73 76 70 68 0 64.2 32 8 112 37 73 3 62 9 1929 . .. 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61 9 1930 49 48 45 51 59 49 30 62 66 7 59 5 28 3 99 35 71 4 56 1 1931 40 39 31 48 51 34 22 41 60.4 50.2 21.5 79 32 65.0 47 4 1932 31 30 19 42 42 15 8 20 53.5 42.6 14 8 59 24 58 4 47 i 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 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 SO 1 1040 67 66 63 69 76 44 43 44 73 3 71 2 34 0 83 37 59 9 51 1 1941 87 88 91 84 81 66 5* 74 82 7 87 9 49 3 98 44 62 9 56 8 194? 106 110 126 93 84 89 49 116 90 8 103 9 72 2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96 2 121.4 99.0 104 56 74 0 67 0 1944 . .. 125 130 159 99 93 22 10 30 94.9 118.1 102.8 106 62 75.2 67 6 1945 107 110 123 96 92 36 16 50 91.7 104.0 87.8 102 70 76.9 68 8 1946 90 90 86 95 91 82 87 79 94 8 97.9 81.2 100 90 83 4 78 7 1947 , 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96 4 1948 104 103 104 102 106 102 98 105 101 .5 102.8 105.1 104 104 102.8 104 4 1949 97 97 95 99 94 113 llf 111 99 1 93.8 97.2 88 98 101 8 Q9 2 1950 112 113 116 111 105 ISi 185 142 102 3 99.6 111.7 97 105 102 8 103 1 1951 12C 121 128 114 115 171 170 172 108 2 106.4 129 8 101 109 111 0 114 8 1952 124 125 13f 114 114 183 183 183 110.5 106.3 136.6 95 110 113.5 111 6 1953 »134 P!36 PJ.S3 P118 P116 192 178 201 113 6 112.0 151 6 96 112 114 4 110 1 1954 P125 P127 *138 P116 Pill 216 232 204 Pi 10 5 P102.1*>138.2 86 HI 114.8 110 3 1953 October A 32 136 134 151 117 114 230 182 262 113.7 110.6 112.0 152.6 95 Hi 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. b 90 107 115.2 110.9 February... 125 126 126 139 114 113 196 201 192 111.2 104.6 104.3 140.5 88 109 115.0 110.5 March 123 126 125 135 114 112 191 205 182 110.8 103.8 103.6 138.4 85 105 114.8 110.5 April . 123 124 125 134 115 lOv 196 213 184 1 (0 4 102.7 101.8 135.0 84 111 114.6 111 0 May 325 124 126 13f 117 111 193 21.6 178 110.2 102.1 100.5 135.1 84 108 115.0 110.9 Ju »ie i24 *24 I2f 135 116 114 207 227 193 110 1 101.8 100.9 136.6 84 112 115.1 no o July- 123 116 1?4 134 114 112 206 233 188 109 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 Seotember.. 124 126 126 137 115 108 231 253 217 110. ( 100.2 102.0 138.4 84 107 114.7 110.0 October. ... 126 130 128 139 117 109 241 263 22f 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 1U 259 277 248 110.8 102.0 102.5 143. r 93 117 114.3 109.5 1955 January.... 132 131 133 146 120 12C 261 288 24? 110.8 102.0 101.5 141.8 92 118 114.3 110.1 February.. . 133 135 134 147 .1.21 1-23 261 297 238 111 .< 102.7 102.5 144.0 92 Pi 12 114.3 110.4 March Pi 35 P137 Pi 36 P150 *122 P] 23 Pill. 5 P103.9P103.8 147.7 93 C112 110.0 e Estimated, PPreliminary. rRevised. *Average per working day. 1 Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 419. 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. * For indexes by Federal Reserve districts and for other department store data, see pp. 421-425. Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515, APRIL 1955 411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average =100] 1947-49 Annual .1955 pro- Industry portion 1953P 1.954?, Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb, SEASONALLY ADJUSTED Industrial Production—Total 300.00 134 125 125 123 123 125 124 123 123 124 126 128 130 132 133 Manufactures—Total 90.02 136 127 126 125 125 126 125 124 125 126 128 130 131 133 134 Durable Manufactures—Total 43.17 153 137 139 135 134 136 135 134 135 137 139 142 143 1^6 147 Primary metals 6.70 132 108 109 103 103 106 108 103 105 105 111 118 121 127 131 Metal fabricating 28.52 167 150 151 147 147 148 147 147 148 149 150 152 154 156 157 Fabricated metal products 5.73 136 123 123 120 119 121 122 122 124 122 124 125 125 125 126 Machinery 13.68 160 1.42 141 138 138 138 139 141 144 147 147 148 145 145 146 Nonelectrical machinery 9.04 143 125 130 125 125 124 124 125 125 125 123 122 120 "121 125 Electrical machinery 4.64 194 177 163 163 163 163 170 173 181 189 194 198 193 "187 187 Transportation equipment 7.54 189 175 179 173 174 178 170 170 166 167 169 175 187 "194 196 Instruments and related products... 1.29 155 140 147 144 139 138 135 136 135 137 137 138 140 -141 142 Clay, glass, and lumber products 5 91 125 123 123 123 121 125 118 113 114 124 130 130 133 r133 134 Stone, clay, and glass products 2 82 133 131 130 130 128 130 129 131 132 134 132 136 135 136 139 Lumber and products 3.09 118 115 118 116 114 120 108 96 97 116 128 124 131 '129 129 Furniture and misc. manufactures 4 04 131 121 120 119 117 118 120 120 1Z3 123 123 123 122 722 124 Furniture and fixtures 1 64 117 106 103 104 103 102 104 106 109 109 110 108 108 109 110 Miscellaneous manufactures 2.40 140 131 132 130 127 128 131 130 133 132 132 132 131 '132 133 Nondurable Manufactures—Total 44.85 118 116 114 114 115 117 116 114 114 115 117 118 119 120 121 Textiles and apparel 11.87 107 98 99 101 101 99 98 99 98 102 103 104 106 105 Textile mill products 6.32 104 71 95 91 91 94 95 93 95 94 95 101 101 101 '103 103 Apparel and allied products 5.55 110 105 106 108 109 107 106 102 103 101 103 105 .107 '108 107 Rubber and leather products 3.20 113 104 102 103 103 106 107 99 97 103 108 108 115 "722 118 Rubber products 1.47 128 115 110 113 113 119 120 97 98 117 125 122 •133 '141 136 Leather and products 1.73 99 95 94 93 94 94 95 100 96 91 94 96 100 105 104 Paper and Printing 8.93 125 125 123 124 125 126 126 126 126 127 127 127 727 129 131 Paper and allied products 3.46 132 134 129 131 133 137 136 133 135 137 138 137 136 140 143 Printing and publishing 5.47 121 120 119 119 120 120 121 121 121 121 121 120 121 122 123 Chemical and petroleum products 9.34 142 142 141 139 140 142 142 141 141 144 143 145 74* '74<? 150 Chemicals and allied products 6 84 147 .148 146 146 146 148 148 148 149 150 150 152 155 '154 156 Petroleum and coal products 2.50 130 125 126 122 124 125 124 122 121 125 124 127 129 131 Foods, beverages, and tobacco 11 51 107 106 105 106 106 110 108 105 105 105 105 106 106 r/07 70tf Food and beverage manufactures. . . 10.73 107 106 106 106 107 110 108 105 105 105 105 106 106 106 Tobacco manufactures .78 108 120 98 103 103 108 107 101 99 102 102 100 101 107 Minerals—Total 9 98 116 111 113 112 109 111 114 112 109 108 109 113 116 ••120 123 Mineral fuels 8 35 115 113 113 112 HI 112 115 112 110 109 110 115 7/7 r120 723 Coal 2 68 78 67 68 62 58 65 69 70 68 67 70 69 73 74 79 Anthracite 36 57 52 59 52 46 44 48 56 50 49 43 51 66 55 61 Bituminous coal 2 32 81 70 69 63 60 68 72 72 71 70 74 72 74 77 82 Crude oil and natural gas 5.67 133 134 135 137 137 134 136 133 130 129 130 136 '138 142 P144 Metal, stone, and earth minerals I 63 119 106 112 110 99 106 110 108 102 102 101 105 r118 119 Metal mining 82 113 90 101 96 78 91 99 91 83 82 81 86 109 Stone and earth minerals 81 124 123 124 124 120 121 122 125 121 121 121 125 126 123 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 1G0 00 134 125 126 126 124 124 124 116 123 126 130 130 128 131 135 MANUFACTURES—TOTAL 90 02 136 127 128 128 125 125 125 116 125 127 132 132 129 133 136 Durable Manufactures—Total 45 17 153 137 141 140 137 136 135 125 132 135 140 143 143 147 151 Primary metals 6.70 132 108 113 108 107 108 109 94 100 103 112 118 117 129 136 Ferrous metals 5 03 133 105 111 104 102 104 105 91 95 98 107 114 115 124 1.32 Pig iron and steel 3.51 138 108 113 105 104 107 108 95 96 101 111 121 121 128 136 Pig iron .37 130 101 108 100 93 94 99 94 93 93 101 110 113 11.7 122 Steel 3 05 139 109 114 106 105 108 109 96 97 102 112 122 121 130 138 Carbon steel 2.62 135 108 113 105 103 108 111 96 96 101 111 119 118 125 134 Alloy steel .43 165 \\h 119 114 113 109 102 93 104 111 120 138 145 1 55 165 Ferrous castings and forgings 1.52 121 97 106 101 98 97 97 80 90 90 97 98 101 113 121 Iron and steel castinga 1.29 115 95 103 100 98 96 96 79 90 89 95 96 '99 rill 119 Steel forgings .23 154 106 125 111 104 100 101 87 91 98 106 107 110 127 133 *• Preliminary. ' Revised. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 412 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 1953^ 1954?' Feb. Mar Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued 1.67 129 120 I 120 119 122 120 122 103 117 118 127 129 '124 '146 149 Primary nonferrous metals .38 144 147 147 147 147 147 149 142 139 137 142 158 160 '159 170 .09 112 101 102 101 99 97 109 93 76 88 98 124 121 rj 18 136 Copper refining .06 116 109 113 115 114 107 114 105 102 89 91 118 131 122 134 Lead « .04 101 105 103 113 107 109 97 79 98 109 114 107 103 99 99 Zinc .10 113 101 102 97 100 102 102 97 98 84 90 112 116 118 Aluminum ... . .09 209 244 240 240 245 246 245 248 246 244 2^6 246 250 252 Secondary nonferrous Tietals. ... .13 114 105 103 107 115 108 109 86 105 10*5 108 107 107 114 Nonferrous shapes and castings.... 1.16 126 1.13 113 111 114 113 115 91 111 114 124 123 Ml 4 '145 146 Copper mill shapes .63 112 100 100 96 101 102 101 76 100 103 11 5 111 90 135 125 ,20 168 154 139 143 154 149 162 145 163 159 160 162 168 183 .33 130 114 122 118 116 112 112 88 103 107 121 122 '128 144 Mstal Fabricating .. 28.52 167 150 155 153 150 148 147 138 144 145 ISO 154 156 -159 162 Fabricated TO eta! products 5.73 136 J23 123 121 3120 123 122 116 124 124 126 125 124 124 126 Structural xr-etal parts 2.68 I 137 126 j 127 125 123 175 126 123 125 121> 127 129 130 128 Stampings and misc. metal products. . 2.12 138 11 7 5 24 121 117 116 114 106 109 1 i 1 115 122 124 '124 125 Tin cans ,30 129 131 ! 107 105 122 125 143 153 196 17? 142 103 102 110 108 Furnaces, gas ranges, and heaters .63 93 90 73 78 84 88 93 75 104 109 121 99 78 ••87 97 ?vlachlnery 13.68 !60 14.2 1.47 145 14! 138 137 128 138 145 150 150 146 148 152 N >r>electncal m?cri"'nery 9.04 I 143 125 134 132 128 126 125 119 118 122 121 121 123 .126 129 Farm and industrial machinery. .... 8.13 ! 339 121 129 127 124 122 121 117 116 116 116 116 119 119 121 Farm machinery.. . . „ 1.02 96 79 80 84 85 84 84 79 74 75 73 75 80 85 90 Industrial and commercial machinery 7 11 145 i 136 134 129 127 127 122 122 122 122 125 124 126 Machine too1?; and presses . .68 188 1 181 177 167 3 61 157 152 150 ISO 1-47 146 149 '•148 149 Laundry and refrigeration appliances. .69 128 111 129 122 120 112 111 88 91 125 123 124 122 '•1-16 157 K!ectrical n-jschinery 4.64 194 177 J72 172 166 3 62 162 145 176 189 207 206 191 '191 196 Electrical ap^?rati»s and parts 3.23 179 160 167 164 160 159 156 151 152 154 1 S8 162 165 '165 167 Radio and television sets..,,, .74 230 170 182 172 156 166 116 234 ? 80 341 325 258 261 272 Transportation equipment.-. ...... 7.54 1S9 175 183 182 181 179 175 165 165 155 159 179 191 '200 204 4.80 126 109 114 114 117 116 111 96 98 81 90 120 136 '150 157 Autos . . . . i. 50 146 131 1i ^38 151 146 143 125 123 81 70 144 174 195 210 ^rucks .66 118 92 i 103 101 101 101 96 78 79 74 78 93 94 98 86 Lipht tri]fk« . . .22 112 95 103 104 104 104 99 86 81 76 74 99 103 102 77 Medium trucks . . .19 58 59 62 66 68 63 64 57 54 43 46 58 59 64 48 K'-^iw trucks .14 183 133 164 152 150 148 132 99 113 110 121 134 130 143 144 Truck trailers .07 229 130 143 133 141 146 102 109 119 132 135 131 138 151 Auto and tru>"k parts 2.58 117 101 !04 100 101 \ 02 96 85 88 84 !0^ 113 125 137 1 30 465 ,17-1 489 -485 475 472 472 469 465 470 464 471 478 '479 476 Shipbuilding and repair .81 135 112 125 123 119 118 115 111 107 104 106 106 110 110 112 . 53 72 39 54 54 49 43 39 26 32 33 24 31 32 36 Railroad cars „... .35 ! 64 29 42 44 39 32 25 17 22 25 18 12 20 20 i Instruments and related products.. 1.29 155 140 147 145 140 138 136 13.2 132 137 138 140 142 '141 142 Clay, Glass, and Lumber Products. 5 91 125 123 120 122 124 126 122 109 118 129 136 130 125 -125 131 Stone* clay, *nid »i)sass products 2 82 133 126 128 12S 130 131 128 134 136 139 137 134 132 135 Gias3 and pottery products 1.09 123 118 120 121 117" 117 115 107 116 118 125 124 120 '126 129 Flat glass and vitreous products. .. .60 136 131 130 130 124 124 123 119 126 134 141 144 148 '148 147 Flat and o*her t^iass .47 139 133 133 131 126 125 119 127 136 144 148 151 '151 150 Glass containers .26 120 117 121 125 121 126 127 118 125 112 119 105 93 '114 124 Home glassware and nottery...... .23 | 91 85 92 93 93 87 81 63 80 84 92 93 80 '82 89 Cement 32 1 132 no 118 132 137 138 150 151 1SS 15? l^S 131 119 Structural c^av products . . .35 110 i 11 101 107 111 111 115 111 116 118 115 117 113 107 112 Brick . 12 106 113 90 102 115 113 124 116 126 128 124 112 101 106 Clav firebrick, nipe. and tile .20 111 110 1 i? 110 112 111 109 112 112 11 3 114 115 '114 1 16 Concrete and plaster products .48 163 161 148 152 157 161 164 170 172 169 168 166 162 '155 156 Misc. stone and earth manufactures.. .58 143 1-10 141 139 135 135 136 134 140 144 146 146 149 147 151 Lumber and products 3.09 118 115 116 117 J39 122 115 91 102 123 134 123 116 '118 126 Lumber 2.05 112 106 109 109 113 117 106 91 98 110 119 107 100 101 108 Millwork and plywood .60 149 161 160 164 163 161 155 93 128 187 207 191 186 '195 Willwork 39 118 123 110 109 111 119 128 90 116 164 139 137 Softwood nlvwood .12 199 222 241 253 248 229 195 95 145 23? 274 275 264 274 .29 99 88 90 90 90 91 92 85 83 87 91 88 88 88 88 Furniture and Misc. Manufactures 4.04 131 121 122 121 115 114 116 112 121 125 129 128 125 121 126 Furniture and fixtures 1.64 117 106 107 106 101 98 100 99 107 113 112 112 109 113 Household furniture . . . 1.10 118 106 105 105 100 96 98 98 108 112 116 115 115 110 1 15 Fixtures and office furniture .54 116 107 110 107 103 103 105 100 106 108 107 107 108 106 108 Miscellaneous manufactures 2.40 140 131 133 131 125 124 127 121 130 136 140 139 134 129 134 v Preliminary. * Revised. For other footnotes see preceding page. APRIL 1955 413 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 1953*1954* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 118 116 115 115 114 114 115 107 117 119 123 120 115 119 122 Nondurable Manufactures—Total... 11.87 107 100 105 105 100 98 96 86 103 99 105 104 98 108 112 Textiles and Apparel Textile mill products 6.32 104 95 95 95 94 94 93 82 97 97 103 102 r98 '104 108 Cotton and synthetic fabrics 3.72 !07 100 101 101 99 99 96 85 101 100 109 110 '104 rll4 116 2.30 104 97 101 100 97 95 92 80 99 96 104 104 95 105 106 Synthetic fabrics . .97 115 108 98 100 102 107 110 105 104 112 121 126 127 M32 138 Fabric finishing .45 101 93 102 103 97 96 82 65 98 86 101 .102 90 108 Wool textiles .97 78 66 58 61 63 68 70 68 74 67 69 69 70 T-70 72 .16 91 76 72 72 80 84 81 78 86 73 77 72 68 79 84 .75 75 64 54 58 59 64 68 66 71 66 67 69 71 67 69 Knit poods • 1.15 116 106 109 105 103 105 106 89 109 113 113 110 103 '105 112 Hosiery .. . .65 113 108 119 112 1.11 110 106 78 1.06 113 115 109 102 110 119 .45 118 113 1.27 120 119 116 110 79 108 116 118 112 105 114 .124 Seamless hosiery .20 102 97 102 93 91 95 98 77 100 107 107 102 93 100 106 .50 119 103 95 96 93 99 106 103 113 112 112 111 104 '98 104 .48 Woven carpets ».....„ .31 86 71 85 83 77 68 66 36 70 79 82 62 71 84 83 Apparel and allied products 5,55 11© 105 115 116 108 103 99 91 110 101 107 99 113 116 1.78 113 103 117 102 111 108 95 80 110 95 108 108 96 '115 113 Mien's suits and coats . .73 96 83 92 77 79 88 81 56 98 76 82 88 87 98 97 Men's suits ... , .50 92 82 96 80 78 84 75 52 92 73 80 88 90 102 100 M'PTVS oi1 tercoat^ . .13 89 67 56 48 65 80 87 57 98 72 72 66 52 60 59 Shirts and work clothing .99 1.24 116 133 118 .132 121 101 94 118 106 124 121 99 '126 124 1.S5 103 109 126 138 116 105 104 96 114 100 102 102 93 120 127 Women's suits and co?ts .76 117 129 164 165 102 80 127 146 130 127 130 115 '152 163 Misc. apparel and allied mfrs 1.92 112 103 104 107 96 97 98 97 105 107 110 110 106 103 109 Slubber and Leather Products .... 3.20 113 104 108 108 104 103 106 86 98 105 114 108 rl22 125 Rubber products 1.47 128 115 114 118 116 118 OX 85 94 118 .132 124 '•128 '143 141 Tires and tubes .70 117 105 112 108 111 111 119 84 75 104 116 110 116 130 134 .40 117 110 111 113 120 122 133 94 81 107 117 111 119 136 141 Truck and bus tires . .30 11S 99 114 101 99 96 100 71 69 99 114 110 113 121 .125 ^Miscellaneous rubber oroducts .77 133 124 116 126 120 125 124 86 111 132 147 137 '139 •-154 PI 47 1.73 99 95 102 100 94 89 94 87 JO? 94 98 94 94 1C5 112 Leather . .44 91 87 95 89 86 90 89 71 87 83 88 88 88 '•94 98 Cattlehide leathers . .29 92 92 101 92 93 96 93 75 91 89 96 94 95 '101 104 .15 89 75 82 82 73 79 81 65 78 70 72 75 73 79 86 .90 Miscellaneous leather products .39 100 90 91 91 82 79 84 87 94 95 97 98 94 91 100 Paper and Printing 8,93 125 125 124 127 128 126 126 116 124 128 133 131 125 127 131 Paper and allied products 3.46 132 134 133 135 136 134 136 120 137 137 146 140 129 140 347 Pulp and paper.. . . .. , ...,. 1,76 130 132 132 133 131 132 136 116 134 133 140 139 127 '140 147 Wood pulp .51 142 M8 145 148 146 148 153 133 150 148 158 160 142 158 165 i.25 125 125 127 127 125 125 129 109 J 33 131 120 132 139 .22 119 118 !22 124 121 117 120 99 171 170 17? 121 112 123 127 .14 116 120 121 121 121 170 96 172 no 127 124 132 138 Coarse paper .20 118 119 125 122 116 117 119 102 171 118 1 74 124 112 '1H 132 IVTiscellaneous paper .. .18 129 137 139 138 137 134 136 126 137 136 145 142 135 '150 154 .41 134 130 130 131 128 132 136 112 133 129 138 137 122 1 36 146 Conve P r ui t l ed di p ns ap D er a p p er ro a d n u d cts boarff 1. . 7 1 0 0 134 M 13 A 6 1 1 1 3 3 4 1 1 2 3 1 7 1 14 2 1 4 1 1 2 3 5 6 1 1 3 3 7 5 1 1 . 2 2 3 4 1 1 3 3 1 9 1 14 3 1 7 1.52 1 1 2 4 9 0 1 13 1 1 5 M 'M 22 l 1 1 2 4 6 8 .51 133 133 176 135 \ 3> 119 116 141 1 SI 140 131 1 "}5 J 16 Sanitary paper products .11 138 1.45 155 149 158 144 144 139 146 141 153 141 128 '156 155 Printing and publishing 5.47 121 120 118 121 122 121 119 113 116 122 125 125 123 118 121 Newsprint consumption. 1.85 119 114 120 129 125 119 102 107 120 129 130 123 114 U\ Job printing and periodicals 3.62 122 121 120 121 1.19 119 120 119 120 123 122 122 124 '•120 122 Chemical and Petroleum Products. 9.34 142 144 142 140 139 139 133 139 143 147 149 '150 154 142 149 Chemicals and allied products 6,84 147 150 150 147 145 144 137 144 149 1.55 156 r\57 161 2.54 154 148 150 150 150 150 152 1-4 =5 150 1 SI 160 156 166 169 175 Basic inorganic chemicals .57 149 157 157 159 157 159 155 148 151 155 161 116751 170 '175 181 Industrial organic chemicals 1.97 155 152 148 148 148 147 151 144 150 152 159 164 165 .167 173 .24 183 1 84 192 193 190 179 183 149 170 195 197 200 1.96 207 Synthetic rubber .... .11 186 136 152 144 127 120 122 121 126 137 143 147 151 1.80 Syr'hetic fibers .59 156 152 135 142 145 149 157 148 152 148 165 174 173 171 " 1 78* Miscellaneous organic chemicals.. 1.03 144 146 144 141 141 141 143 143 146 147 148 151 154 '155 157 Vegetable and animal oils .64 116 118 138 122 114 104 96 91 96 109 138 140 130 '12 7 128 Vegetable oils .48 112 113 138 122 109 95 85 80 84 101 139 1.40 126 125 123 Grease and tallow , .16 131 133 140 122 131 132 127 126 129 131 134 137 139 135 143 Soap and allied products .71 113 108 124 127 111 104 99 69 104 116 117 105 105 103 108 Paints .66 118 116 115 115 116 117 117 117 115 115 117 118 116 117 Fertilizers .23 124 122 136 170 173 137 107 95 99 109 113 108 112 '116 124 r> Preliminary. r Revised. 1 Publication suspended pending revision of data for the period 1952 to date. 2 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. 414 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 .1.955 pro- Industry portion 1953P 1.954*' Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 130 125 126 121 120 123 124 122 124 127 126 129 129 132 P134 PePterotrloeluemum arnedfi ncionagl products . . .. 1.97 135 133 136 129 128 130 131 130 131 133 132 136 140 142 P144 Gasoline . .. . 1.04 144 141 141 135 137 140 141 141 142 142 140 143 146 146 P146 Automotive pasoline ... . .98 139 136 136 131 13? 136 136 136 137 138 135 139 141 142 Aviation gasoline 06 227 227 212 21 5 218 235 229 733 214 214 237 716 Fuel oil .56 130 128 135 127 121 122 122 122 123 127 128 135 140 146 P151 Distillate fuel oil .30 155 158 161 155 146 145 148 150 154 161 164 172 .177 184 Residual fuel oil .26 101 93 102 96 94 92 89 87 89 87 92 97 101 Kerosene ,10 117 110 135 116 106 99 100 97 99 98 101 116 134 Lubricating oil .17 106 108 111 104 103 109 111 104 109 111 106 110 108 109 Coke .26 111 84 90 86 80 80 79 77 75 77 84 90 93 96 98 Asphalt roofing and siding .15 99 103 67 78 103 118 135 110 127 147 133 106 62 70 75 Foods, Beverages, and Tobacco. .... 11.51 107 106 96 98 98 103 110 108 114 119 116 109 99 r99 91 Food and beverage manufactures.. 10.73 107 106 96 98 98 103 109 109 115 120 117 110 101 98 97 Fo M od e a m t a p n r u o f d a u c c tu ts res . . . 8 1 . . 4 4 9 8 1 11 0 5 8 1 11 0 7 7 1 9 11 8 1 9 15 8 1 9 06 7 1 1 0 0 5 0 1 1 0 0 8 6 1 10 0 2 7 H 10 7 8 1 12 2 0 4 1 12 1 7 8 135 1 1 0 3 4 6 M 13 0 8 2 1 9 24 9 Reef .46 129 135 129 132 127 132 137 135 138 141 142 136 132 140 129 PorV . S3 104 103 99 102 91 87 89 81 88 104 115 131 134 133 117 .69 105 106 97 104 119 135 145 128 115 97 85 78 79 85 92 Butter .14 108 110 115 124 128 152 145 115 99 84 81 79 85 99 101 .07 112 116 109 117 133 5 59 161 129 114 98 87 87 91 '•95 102 Concentrated milk .19 93 94 84 95 1*5 139 139 109 94 76 66 65 70 76 86 .28 ^06 104 87 9? 107 110 139 143 H3 113 95 81 74 78 84 Canned ?nd frozen foods 1.13 112 72 71 75 85 99 138 194 212 141 99 87 •77 72 Grain-mill products 1.16 106 107 104 101 99 106 114 112 110 114 110 103 101 103 102 Wheat flour .46 81 83 78 75 76 78 78 82 86 90 84 80 87 85 .70 122 124 118 116 114 127 137 134 129 132 123 117 115 114 113 Eakerv products 1.64 100 97 97 96 96 96 98 99 98 98 99 98 98 94 95 Siiora.r 27 113 117 63 58 76 82 7? 94 109 258 773 176 93 Cane sugar .11 113 106 104 116 103 109 121 11? 115 115 105 90 87 100 Beet sugar .13 108 121 24 24 42 32 71 99 385 427 248 81 Confectionery .71 ?02 99 110 99 89 81 80 66 91 131 123 125 87 106 112 Miscellaneous food preparations ... 1.41 104 105 103 105 103 105 108 109 108 106 108 .105 101 100 101 2.24 105 103 89 99 10? 113 124 118 108 107 110 97 88 84 Bottled soft drinks 54 Alcoholic beverages. 1/70 ioo 98 86 98 100 108 J14 103 06 98 107 99 84 80 Beer and ale 1.02 103 99 86 102 106 117 128 122 112 93 84 79 83 85 .17 60 68 71 69 64 64 62 42 39 69 121 92 67 61 Liquor bottling ,37 107 102 88 101 98 104 104 85 85 115 142 139 90 76 Tobacco manufactures .78 108 120 96 101 99 108 114 92 in 109 131 103 83 105 Cigarettes .46 111 106 100 106 103 112 119 98 115 111 111 102 86 111 Cigars .17 108 102 96 97 95 109 111 83 112 113 121 113 82 99 MINERALS—TOTAL 9.98 116 111 110 109 109 112 115 110 ill SI! 112 114 114 119 Mineral Fuels 8.35 115 113 113 112 111 111 113 108 110 110 113 117 117 121 P123 Goal 2.68 78 67 68 61 58 62 63 57 68 70 77 75 75 77 79 Anthracite .36 57 52 59 48 44 45 50 44 48 51 52 57 61 55 61 Bituminous cofi? 2.32 81 70 69 63 60 65 65 59 71 72 81 78 77 81 82 Crude o31 and natural ga3 5.67 133 134 135 137 137 134 136 133 13© 129 130 136 142 Oil and gas extraction 4.82 129 128 130 131 132 J29 129 124 123 124 124 130 '•132 139 P14() Crude oil 4.12 124 122 122 125 127 124 125 120 118 118 118 122 123 130 P130 Natural gns 34 167 17? 182 182 167 160 161 1 54 157 1 59 167 184 199 Natural &RS HGUVIS • .36 157 160 167 161 156 155 156 151 151 159 163 170 172 175 Oil and gas well drilling .85 154 167 163 165 163 163 176 180 166 159 160 171 171 163 Mmtal, Stone, and Earth Minerals . 1.63 119 106 94 93 99 116 123 119 115 113 no 102 '97 99 .82 113 90 76 73 79 108 120 108 100 98 92 79 '76 79 86 N Ir o o T n \f o e r rr e ous metal mining „., . . 3 4 3 9 1 10 2 4 8 8 9 4 4 4 9 2 8 3 9 9 5 9 5 3 8 1 9 2 6 6 1 9 5 8 2 1 8 3 7 9 13 7 2 8 1 8 1 5 7 9 8 5 7 1 4 0 3 3 37 1 3 0 6 8 115 Copper mining .24 114 103 105 102 102 106 108 95 77 92 106 118 116 124 133 .09 86 80 91 87 87 78 80 74 83 76 78 82 ?83 83 88 Zinc mining .06 87 75 80 77 78 78 79 72 75 67 71 74 r73 80 82 Sto1"© and earth, minerals .81 124 123 113 114 119 125 127 130 130 129 129 126 122 ••115 112 P Preliminary. ' Revised. For other footnotes see preceding page. 415 APRIL 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve index numbers, 1947-49 average—1001 1947-49. Annual 1954 1955 Product proportion Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. SKASOXATXY ADJUSTED CONSUMER DURABLES—TOTAL. .100.oo 127 116 113 111 116 119 118 116 115 114 112 119 125 131 135 Major Durables 69.72 138 125 120 119 126 130 128 126 125 121 117 128 137 145 151 Autos 32.10 146 131 134 133 139 145 J36 127 121 110 104 127 149 160 172 Major household goods 36.13 132 122 110 109 115 119 123 127 131 132 131 130 129 133 135 Furniture and floor coverings 15.32 113 101 99 99 97 96 96 102 106 107 106 103 105 107 107 Household furniture j 11.31. 118 106 103 103 102 1.00 102 104 109 111 111 111 110 110 113 Floor coverings1 4.01 Appliances and heaters J 15.60 118 111 110 104 112 1.16 110 114 109 112 110 114 115 128 132 Major appliances I H .88 123 115 116 108 116 120 111 11.8 113 117 114 120 119 133 136 Ranges I 2.60 90 79 84 82 76 83 79 83 74 80 79 77 82 79 97 Refrigeration appliances j 4.98 | 137 124 128 117 135 j 143 131 132 125 1.17 110 122 117 M37 142 Laundry appliances 2.51 I 141 148 140 129 134 1?4 113 136 146 169 170 174 181 190 181 Heating anparatus 3. 72 | 100 97 89 91 ! 98 106 107 101 98 96 97 95 100 115 Radio and Television sets ! 5.21 ! > ™ 214 142 151 | 178 196 243 241 270 267 270 259 242 222 226' Radio sets. . . 3 . 42 67 52 47 43 ! 43 43 45 47 56 46 62 70 70 73 68 Television sets. 1.79 541 522 325 356 I 436 487 621 611 678 687 667 620 571 507 527 Other Consumer Durables 30.28 102 95 96 94 ! 93 93 96 93 91 98 98 97 96 r98 98 Auto parts and tires 14.00 91 91 90 88 89 i 90 96 89 85 95 96 93 94 '100 97 Misc. home and personal goods.... 16.28 111 99 102 100 I 96 ' 96 96 96 97 101 100 101 97 97 99 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL . .1100.00 127 i 116 117 I 119 119 I 116 116 102 113 108 109 129 132 '342 151 Major Durables j 69.72 138 .125 127 i 130 131 j I2f> 125 107 121 111 111 142 149 163 175 Autos I 32.10 146 131 138 i 142 151 i 146 143 125 523 81 70 144 174 195 210 Major household goods i 36.13 132 122 119 120 116 ! 110 112 92 321. 139 149 142 130 137 146 Furniture and floor coverings 15.32 1.13 101 103 102 97 92 93 89 102 108 111 108 109 •108 111 Household furniture I .1 1 .3.1118 106 105 105 100 96 98 98 108 112 116 115 115 110 115 Floor coverings1 ; 4.01 Appliances and heaters J 15.60 118 111 117 117 116 I 112 112 88 ioi 122 124 116 108 '124 138 Major appliances i 11.88 123 115 130 1.29 12 1 I 117 1.1,1 88 96 121 121 118 116 "134 150 Ranges j 2.60 90 79 91. 93 79 80 76 53 68 87 87 83 77 81 104 Refrigeration appliances j 4.98 137 124 .1.45 114 153 147 141 109 99 116 104 106 112 147 155 Laundry appliances ' 2.51. 141 1-18 159 151 130 111 117 90 128 181 199 192 177 177 207 Heating apparatus | 3.72 100 97 75 79 91 101 86 116 124 133 .107 84 93 Radio and television sets | 5.21 230 214 170 182 1.72 155 165 116 234 2 79 338 324 258 260 272*' Radio sets 3.42 67 52 51 49 49 48 44 29 51. 48 64 71 67 73 74 Television sets .1.79 541 522 I 397 435 406 360 397 281 583 722 860 806 623 618 648 Other Consumer Durables 30.28 102 95 I 95 94 92 i 92 94 90 94 101 104 100 94 '95 97 A(ito parts and tires | 1 •!•. 00 91 91 ! 87 85 87 ! 90 96 91 90 100 101 93 89 '95 93 Misc. home and personal goods j 16.28 111 99 ! 103 102 96 | 94 93 97 102 106 105 98 95 100 89 'Revised. 1 Publication suspended pending revision of data for the period 1952 to date. NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics. In thousands of persons] 1955 Industry group Mar. Apr. I May June July Aug. i Sept. Oct. Nov. i Dec. Jan. Feb. Mar. I SEASONALLY ADJUSTKD ! Total 12,840 12,7051 12,632! 12,589; 12,37i| 12,3341 12,388I 12,485 12,610J 12,618j 12,619 12,707 12,857 Durable goods 7,405; 7,295! 7,227 7,182 7,020| 6,972j 7,007 7,104 7,206i 7,223 '7,233 7,314 7,418 Ordnance and accessories 1.37 125 .1201 IK?! 114 1.12 no! 109 108 104 104 F L u u r m n b it e u r re a n a d n d w o fi o x d t ur p e r s oduct:'.... 6 2 6 8 3 7 1 ] 6 2 5 8 6 4 6 28 7 4 6 | 6 28 8 4 4 J j 5 2 9 8 2 3 5 2 8 9 9 2 1 i 6 2 7 9 3 5 2 7 9 0 3 6 2 7 9 0 2 2 j 2 7 8 0 8 1 ' r 6 28 9 6 2 6 2 9 8 8 8 2 70 9 1 4 Stone, clay, and glass products. 429 j 426 42 7 •• 425! 430! 432! 435 436 437 435 '434 440 441 Primary metal industries 1,005! 991 9811 983! 979 973 965 969 988 997 '1,007 1,029 1,059 Fabricated metal products 844 836 83 7 i 839 834 827 820 825 841 836 '828 836 850 Machinery except electrical.... 1,181 1,169 1.153| 1.140 1.119; 1,121. 1,123! 1,113 1 ,102 1 ,095 '1,094 1,109 1,125 Electrical machinery 819 81.1 799! 7 841 7931 798 802 j 809 '8161 811 '810 819 Transportation equipment 1 ,409! 1,380 1,3421 1. ,324! 1,277! 1,237| 1,184 1,246 1,326! 1,365 '1,388 1,409 1,430 Instruments and related prod- ,rJ ucts 228 223 221 2 214| 212! 214 212 212 211 211 211 214 Misc. manufacturing industries. 387! 382 382 3831 382) 378| 3821 383 380 375 '375 377 381 Nondurable goods 5,435! 5,410J 5,405 5,407| 5,351 5,362 5,381j 5,381 5,404 5,395 '5,386 5,393 5,439 T F T o e o x o b d t a i c le a c - n o m d m il k l a i n n p d u ro r f e a d d c u t c u p t r s r e o s ducts. . . . 1,1 9 .0 7 9 9 9 3 1 1,1 9 1 7 9 0 3 9 1 1,1 9 1 7 9 1 4 4 1 ,1 9 0 4 6 1, 9 0 7 9 84 7 5 1 . 9 0 9 9 8 6 3 0 1,07 9 7 2 1,0 9 7 9 8 3 4 8 1, ' 0 9 8 8 9 2 7 61 1,0 9 8 7 9 5 8 3 '1,07 9 5 0 1,07 9 0 3 1 , 9 0 8 9 7 9 2 6 Apparel and other finished tex- 986 997 977 980 tiles 1,064 1 ,046 1 ,037 .1 ,034 1,026 1 ,029 1,027! 1,034 1 ,053 1,049 1 ,050 1,052 1,065 Paper and allied products 434 433 435 438 439 438 443! 440 '•436 432 '431 430 431 Printing, publishing and allied industries 517 519 51.8 519 518 519 523 520 519 517 5.18 523 525 Chemicals and allied products.. 531 529 530 525 523 524 521 524 523 526 529 526 534 Products of petroleum and coal 179 178 180 180 179 175 174 1.75 173 173 '171 171 173 Rubber products 199 196 198 199 178 179 199 202 202 206 209 2.11 214 Leather and leather products. . 330 327 328 326 332 329 328 331 333 336 '336 337 340 For footnote see following page. 416 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 Industry group Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Feb. Mar. WITHOUT SEASONAL ADJUSTMENT Total 12,818 12,590 12,437 12,480 12,212 12,449 12,611 12,652 12,697 12,682 •12,556 12,684 12,840 Durable goods 7,430 7,309 7,208 7,177 6.917 6,933 7,015 7,133 7,247 7,263 '7,223 7,324 7,442 Ordnance and accessories 150 137 125 120 117 U3 114 112 110 109 108 101 104 Lumber and wood products 643 649 679 701 604 613 697 720 713 687 '654 667 680 Furniture and fixtures 290 283 277 275 272 288 296 299 299 294 r290 294 297 Stone, clay, and glass products.. 429 428 427 427 424 434 437 438 439 437 M30 436 441 Primary metal industries 1,010 991 976 983 969 968 965 969 988 1 ,002 '1 ,012 1.034 1 ,064 Fabricated metal products 852 840 833 831 809 819 820 829 845 844 '•836 844 858 Machinery except electrical 1,202 1,187 1,165 1.151 1,108 1,093 1,095 1,091 1,091 1,106 '.I ,110 1,126 1 ,142 Electrical machinery 827 SIX 791 776 765 782 802 817 828 827 '•818 821 827 Transportation equipment 1,409 1,380 1,342 1,324 1,277 1,237 1,184 1,246 1,326 1,365 ••1,388 1, 409 1 ,430 Instruments and related products 229 224 220 215 210 210 214 213 213 213 212 212 215 Misc. manufacturing industries.. 389 380 374 363 378 392 398 395 379 '366 377 383 375 Nondurable goods 5,388 5,281 5,229 5,295 5,516 5,596 5,519 5,450 5,419 '•5,333 5,360 5,398 5,303 Food and kindred products 1,009 1,011 1,031 1,142 1,224 1,252 1,169 1,102 1 ,054 n .ooo 980 981 Tobacco manufactures 84 82 82 1.079 83 102 110 112 103 100 91 89 83 Textile-mill products 989 979 969 82 953 981 987 988 992 993 987 995 999 Apparel and other finished textiles 1,101 1,030 985 981 980 1,050 1,053 1,050 1 ,053 1,065 1,06! 1,080 1 ,102 Paper and allied products 436 433 433 987 430 436 441 440 440 438 '433 432 433 Printing, publishing and allied 436 industries 517 516 515 519 513 514 523 525 524 525 518 520 525 Chemical and allied products.... 539 534 525 517 513 516 524 529 528 529 529 529 542 Products of petroleum and coal. 177 176 179 181 181 179 177 175 173 17; '169 169 171 Rubber products 199 195 197 198 173 177 199 204 205 209 2 M 212 214 Leather and leather products. ,. 338 325 315 324 327 337 330 329 331 334 ••336 345 348 HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1954 1954 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Ma Jan. Fob. Mar. Total 70.71 73.97 73.34 75.30 39.5 40.2 49.4 40.7 1.79 1.84 1.84 1.85 Durable goods 76.00 : 80.16 80.56 8.1.56 40.0 40.9 41.1 41.4 J . 90 1.96 1.96 1.97 Ordnance and accessories 79. 10 81 .20 82.22 83.23 40.2 40.0 40.5 40.8 1 .97 2.03 2.03 2.04 Lumber and wood products 64.40 '•66.75 66.91 68.06 40.0 '•40.7 40.8 41.5 1.61 1 .64 1 .64 1 .64 Furniture and fixtures 62 .56 63.99 65.83 65.83 40.1 40.5 41 .4 41 .4 1.56 1 .58 1.59 1.59 Stone, clay, and glass products 70.30 '73.49 73.49 74.34 40.4 '• 40.6 40.6 41 .3 1.74 1 .81 1 .81 1 .80 Primary metal industries 78.28 ''87.26 87.70 88. 75 38.0 '•40.4 40.6 4.0.9 2.06 2.16 2.16 2.17 Fabricated metal products 75.95 80.34 80.34 80.34 40.4 41.2 41 .2 41.2 1 .88 1 .95 1 .95 1 .95 Machinery except electrical 52.20 '•83.23 83.64 84.87 41.1 '40.8 41.0 41 .4 2.00 2.04 2.04 2.05 Electrical machinery 71.28 '•74.1.5 74.74 74.93 39.6 40.3 40.4 40.5 1 .80 1.84 1 .85 1.85 Transportation equipment 84.21 91.98 92.84 94. 79 40.1 42.0 42.2 42.7 2.10 2.19 2.20 2.22 Instruments and related products 72. 76 '74.96 75. 74 75.92 40.2 '40.3 40'. 5 40.6 1 .8.1 1 .86 1 .87 1.87 Miscellaneous manufacturing industries. 64.00 '65.93 66.58 66.91. 40.0 '40.2 40.6 40.8 I . 60 1.64 1 .64 1 .64 Nondurable goods 64.02 i 66.02 66.53 66.70 38.8 39.3 39.6 39.7 1.65 1.68 1.68 1.68 Food and kindred products 67.87 70.58 70.07 70.64 40.4 40.8 40.5 40.6 1 .68 1 .73 1.73 1.74 Tobacco manufactures 47.52 '•50.14 49. 71 50.42 36.0 37.7 37.1 36.8 1 .32 1 .33 1 .34 1.37 Textile-mill products 51 .68 54.25 54.80 54.80 38.0 39.6 40.0 40.0 1 .36 1.37 1.37 1 .37 Apparel and other finished products 49.59 48. (i) 49.82 50.36 36.2 36.0 36.9 37.3 .1.37 1 .35 1.35 1.35 Paper and allied products 72.83 75.72 75.65 76.43 42.1 42.3 42.5 42.7 .1. . 13 1 .79 1.78 1.79 Printing, publishing and allied products.. 86.85 88.24 89.47 90.95 38.6 38.2 38.4 38.7 2.25 2.31 2.33 2.35 Chemicals and allied products 76.86 '•79.73 80.34 80.12 41 .1 '4 i . 1 4.1 .2 41 .3 1.87 1.94 1 .95 1.94 Products of petroleum and coal 90.45 '93.02 91 .88 92.57 40.2 '40.8 40.3 40.6 2.25 2.28 2.28 2.28 Rubber products 74.31. 84.25 84.05 82.62 38.5 41 .3 41.2 40.5 1.93 2.04 2.04 2.04 Leather and leather products 52.40 ••52.68 54.07 53.52 37.7 '37.9 38.9 38.5 1 .39 1.39 1.39 1.39 ••Revised. NOTE.—Data are for production and related workers, Figures for March 1955 are preliminary. Back data are available from the Bureau of Labor Statistics. APRIL 1955 417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau oi Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 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—March 48,441 16,262 772 2,654 4,012 10,552 2,067 5,488 6,634 April 48,268 16,122 753 2,641 4,015 10,524 2,075 5,506 6,632 May 48,177 16,038 744 2,634 4,011 10,494 2,081 5.508 6,667 June 48,102 15,994 740 2,624 4,016 10,480 2,083 5.518 6,647 Tuly 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.. 48,419 16,038 716 2,601 3,989 10,617 2,120 5,534 6,804 1955—Tanuarv r48,445 ••16.034 '714 r2.586 ••3,978 '•10,614 ••2,119 5,534 6,866 February 48.504 16,129 715 2.539 3.988 3 0.580 2,125 5.536 6,892 March 48,746 16,289 713 2,635 3,990 10,567 2,128 5,543 6,881 WITHOUT SEASONAL ADJUSTMENT 1954—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 Tune 48 137 15,888 744 2,729 4,032 10,414 2,104 5,601 6,625 July 47,808 15,627 735 2,795 4,043 10,377 2,126 5,638 6,467 August 48,045 15.863 737 2,851 4,030 10,350 2,126 5,634 6,454 September 48,526 16,019 719 2,817 4,032 10,480 2,115 5,606 6,738 October 48,668 16,058 716 2,777 4,012 10,581 2,110 5,549 6,865 November 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— [aiiuarv '•4 7 781 '15.970 '•714 ••2,353 '3.931 ••10,458 '2,098 5,423 6,834 February.... 47,786 16.101 711 2.285 3,941 10,347 2.104 5,425 6,872 March 48,248 16,265 713 2,398 3,970 10,406 2,117 5,460 6,919 •"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 March 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 institutional labor Unem- labor force population force Total Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 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 6'6»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—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 Tuly 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—Tanuarv 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 March 117,051 66.840 63.654 60,477 54,785 5,692 3,176 50,212 1 Includes self-employed, unpaid family, and domestic service workers. 2Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE,—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained from the Bureau of the Census. 418 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 Business Other Year or month Total Total d R en e t s i i a - l Total Indus- Com- Public n r d e o e s n n i - - - Total M ta i r l y i- H w ig ay h- C va o t n i s o e n r- o A th l e l r trial mercial utility tial 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13.256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6.405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 31,182 21.764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5,160 1952 33,008 22,107 11,100 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 854 5,839 1953 35,256 23,877 11,930 8,436 2,229 1,791 4,416 3,511 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 —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 May 3,089 2,131 1,105 713 175 171 367 313 958 83 297 66 512 June 3,078 2,122 1.102 710 171 172 367 310 956 91 292 63 510 Tuly 3.094 2,1 73 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 2.259 1,228 717 156 193 368 314 933 80 288 54 511 December 3,262 2,292 1,262 716 159 189 368 314 970 90 305 59 516 1955—January P 3,379 2,398 1,323 760 176 216 368 315 981 101 302 57 521 February**. 3,426 2,433 1,326 791 187 236 368 316 993 104 329 53 507 March v 3 409 2,423 1 ,301 803 196 239 368 319 986 105 321 55 505 ^Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresident!al building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 . 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6.741 1,142 i,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 1 1 9 9 5 5 2 3 . . 1 1 7 6 . ,7 4 7 4 5 3 6 6 , . 7 3 1 3 1 4 1 1 0 1 , . 0 1 6 0 4 9 6 6y, 6 4 6 7 8 9 2 2, , 0 5 5 6 1 2 1.4 9 8 7 9 9 1 1 , 4 .7 7 2 2 0 1 1 , , 6 6 8 9 6 5 3 4 , ,0 4 0 0 8 8 1954 19.77ft 6,558 13.212 8,518 1,274 1,815 2,063 1,958 4,142 1954—March 1,528 484 1,043 668 80 134 179 140 328 April 1,692 477 1,215 796 94 178 171 163 290 May 1,925 669 1,256 825 86 179 189 218 428 June 1,733 625 1,108 720 107 192 186 172 357 July 1,837 681 1,156 745 108 145 201 187 450 August . . 1,573 509 1,064 693 93 141 181 136 330 September ,816 589 1,227 777 160 130 182 175 392 October 1,965 633 1,332 852 145 186 155 186 443 November I 499 475 1,024 709 82 129 140 141 299 December L, 829 617 1,212 762 104 194 204 200 366 1955—Tanuary ,504 480 ,024 690 85 166 131 184 249 February L.581 472 L.109 744 113 133 135 153 303 March 2 135 990 176 194 201 189 386 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] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas 1953—December 1,300 90 262 63 145 110 167 159 88 55 49 114 1954—January 1,152 61 212 92 143 101 158 166 58 23 45 92 Februarv 1,221 58 192 103 110 100 156 218 74 60 53 95 December 1,829 109 308 119 2,05 159 233 274 106 42 113 160 1955—January 1,504 82 227 89 162 180 188 243 94 44 69 127 February 1,581 140 216 112 163 177 172 217 93 46 116 131 APRIL 1955 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units Private Government-underwritten Rural Year or month Total Urban non- Public farm 1- 2- Multi- Total family farnily family Total FHA VA 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 ,352 1,151 42 159 44 686 486 200 1951 1.091 595 496 .020 892 40 88 71 413 264 149 1952 1 ,127 610 517 ,069 939 46 84 58 420 279 141 1953 I . 104 565 539 ,068 933 42 94 36 407 252 155 1954 1,221 n.a. n.a. ,202 1,077 34 90 19 585 277 308 1954--March 95 n.a. n.a. 93 83 3 7 2 37 21 16 April 108 n.a. n.a. 107 96 3 7 1 44 24 20 May 109 n.a. n.a. 107 98 3 7 49 24 25 June 117 n.a. n.a. 113 102 3 4 56 28 28 July 116 n.a. n.a. 113 102 3 3 52 25 27 August 114 n.a. n.a. 113 103 3 1 60 27 33 September 116 n.a. n.a. 113 104 3 2 60 26 34 October 111 n.a. n.a. 111 100 3 0) 59 25 34 November 104 n.a. n.a. 103 93 3 0) 62 26 36 December 91 n.a. n.a. 90 80 3 51 22 29 1955—January n.a. n.a. P88 n.a. n.a. n.a. () 46 20 26 February n.a. n.a. n.a. n.a. n.a. 45 17 28 March n.a. n.a. "I 16 n.a. n.a. n.a. n 54 24 30 v\ pPreliminary. n.a. Not available. ^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 baaed on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adjusted Monthly—without seasonal adjustment Annual Class 1954 1955 1954 1955 1953 1954 Feb. Sept. Oct. Nov. Dec. Jan. Feb. Feb. Sept. Oct. Nov. Dec. Jan. Feb. Total 127 114 117 Ill 115 118 123 121 122 107 120 124 121 114 110 113 Coal 103 92 87 98 105 106 105 103 105 87 98 105 106 106 103 105 Coke . . ... 171 105 109 98 111 116 119 121 124 116 97 109 116 125 127 131 Grain 135 141 124 131 150 163 142 132 127 122 147 150 159 133 132 124 Livestock 63 62 54 67 72 68 62 64 56 43 89 111 85 60 61 45 Forest products 143 132 133 129 141 146 154 148 144 128 140 149 143 137 133 138 Ore 215 144 222 137 109 109 184 210 198 55 205 170 98 57 53 49 Miscellaneous 143 129 134 123 125 129 135 134 136 126 133 136 134 127 123 128 Merchandise, 1. c. 1 43 40 41 39 40 40 41 39 40 40 41 41 41 40 37 39 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports8 Month 1953 1954 1955 1953 1954 1955 1953 1954 1955 January 1.293 1,092 Pi,168 1,016 923 PI.083 922 833 P87O February 1,200 1.183 «1 ,223 927 998 856 809 March 390 1 125 1,052 922 1,004 862 April ,394 1,426 1,054 1,258 1,013 957 May ,453 1,400 1,085 1,136 902 829 June 385 1,473 1,013 1,114 933 '947 July 360 1 .291 962 1,023 908 822 August 187 1 ,155 911 955 840 '•825 September ,256 1 ,111 1,052 959 926 781 October .253 1,264 1.019 1,160 813 764 November .247 r\ ,245 1,031 rU60 849 839 December ,353 1,312 1,138 1,214 907 942 January-February 2,493 2,274 <2,391 1 ,943 1,921 «2 ,211 1 ,778 1 ,642 1,728 ••Revised. " Estimated. PPreliminary. 1 Exports of domestic and foreign merchandise. 2Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 8General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 420 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES i 1948 . .. 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 ioo 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 111 117 109 1952 110 tO4 101 109 110 118 124 106 HO 104 113 124 114 1953 112 105 102 .111 113 121 126 111 112 104 112 125 115 1954 111 107 103 109 105 121 128 109 112 104 113 125 113 SEASONALLY ADJUSTED 1954—Februarv 109 109 102 '109 104 M16 123 ••108 ii2 108 M10 121 107 March . ...» 105 102 99 106 92 119 117 iOl 108 95 103 115 til April 111 105 102 109 104 122 127 111 il4 100 113 3120 111 May 108 102 100 105 98 115 122 108 106 104 109 123 114 112 106 102 109 U)7 120 129 110 122 103 115 127 114 July 111 107 101 109 105 M7 132 206 112 105 118 132 115 August 112 104 105 107 308 120 131 108 110 105 112 127 115 September 107 109 1.02 107 101 115 121 106 104 101 107 114 110 October 113 110 105 105 106 124 138 111 112 106 116 129 116 November 114 110 105 111 109 174 135 110 115 104 113 130 114 December 117 111 105 1 13 116 133 136 115 118 113 121 134 118 1955—Tanuary 118 114 106 112 113 124 137 114 120 Mil 123 US 124 February P112 109 100 109 109 p] 19 i'132 109 113 105 110 125 115 WITHOUT SEASONAL ADJUSTMENT £954—February . 86 81 83 r8S 80 89 iOl 83 ••89 83 •"87 98 86 March 89 86 85 91 82 97 110 86 92 79 90 102 88 April 110 108 iOl 109 105 124 i29 109 112 101 110 119 107 May 106 102 98 !04 98 114 120 JOS 106 104 109 119 107 June 106 106 99 104 i.oo 113 114 108 110 96 108 112 105 July 88 77 73 78 82 93 106 86 89 84 97 111 100 August 98 83 80 85 94 102 115 98 100 99 104 115 111 September, 112 115 106 111 105 122 123 113 111 111 114 121 112 October 118 110 110 113 111 130 141 114 123 122 121 135 116 November 137 133 132 146 134 153 154 133 137 120 130 147 134 December... .... 200 200 184 .197 192 231 234 188 193 180 201 225 209 1955— January 91 <)0 84 85 87 91 106 88 93 '•80 92 107 97 February... J'88 82 81 83 84 P90 P108 8-1 90 81 87 101 93 STOCKS i 1948. .. . 107 105 105 107 .107 105 108 111 102 110 108 110 107 1949 100 ioo 97 99 100 101 202 100 96 100 100 101 100 1950 109 109 L05 108 106 113 120 110 107 104 113 112 110 1951. . 129 124 124 127 128 133 140 128 128 117 132 132 131 1952 118 111 113 113 111 130 135 115 117 107 124 126 125 1953 126 116 116 119 119 143 146 123 126 115 136 137 133 1954 122 117 113 116 115 138 140 121 '•us 114 131 130 125 SEASONALLY ADJUSTED 1954—February ••118 112 107 113 113 ••131 141 117 Ml 3 110 128 M28 121 March . .... 121 118 111 112 112 136 141 121 120 111 129 127 124 April 120 117 113 114 1J3 135 135 122 116 111 125 127 116 May 121 120 115 116 117 137 137 122 118 111 127 128 119 122 117 114 117 A15 139 135 122 119 112 131 131 122 July 124 116 1 j 7 116 117 139 137 122 129 113 133 133 129 August . .... 124 1!9 115 115 116 139 136 124 "119 119 137 132 129 September 125 118 115 117 115 141 143 124 120 123 135 134 128 October 124 116 116 116 116 147 141 122 115 120 131 132 128 November 124 118 113 118 115 145 144 122 116 120 132 129 130 December.... 124 118 113 121 120 137 143 122 117 118 131 133 129 1955—January 123 119 112 rl 18 112 139 146 118 127 113 M32 128 129 February P121 PI 17 109 114 /'112 P 13 7 Pl 46 118 122 P115 133 P129 125 WITHOUT SEASONAL ADJUSTMENT 1954—February ... . 114 106 104 111 111 '126 139 114 108 106 ••126 ••125 113 March. ... 126 120 116 120 119 142 147 126 123 115 133 136 125 April 127 122 118 123 120 146 143 126 124 116 134 135 125 May 126 121 118 119 j 19 146 138 124 123 113 134 130 129 116 110 107 109 109 133 128 116 119 107 127 121 122 July 115 105. 104 103 106 135 128 114 120 109 125 123 125 August ... 120 114 111 110 112 139 136 118 •"116 114 130 129 122 September 129 121 120 121 121 146 147 120 128 124 138 139 132 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. . ... 110 111 103 107 105 120 126 111 103 107 116 121 107 1955—Tanuary 111 107 100 '103 102 125 133 108 107 106 122 115 117 February PI17 Pill 106 112 PIIO p 145 1.10 v\\\ 130 J'126 118 pPreliminary. rRe\i.scd, 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. APRIL 1955 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Co»tff>M*</ Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales3 Year or month m S (t a o f o l o n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) 1 m o ( s e r O t o n d i a n u n d e n g t r t d - h s o - ) f * m c ( e o t R f i o o n p e t r - t t a h s l 2 ) o m ( r N t o d f o o e n e t r w r t a s h l 2 ) Stocks s o O t r i a d n u n e g t d r - s - S s o t p o t r i a o d n l u n u c e g t d k s - rs - s ce R i e p - ts 1946 average 345 767 964 373 354 2.3 3.0 5.3 L.I 1947 average . . . 365 887 588 366 364 2.5 1.7 4.3 L.O 1948 average 381 979 494 386 363 2.7 1 4 4 1 L 0 1949 average 361 995 373 358 358 2.7 1.1 3.8 L.O 1950 average . . 376 1,012 495 391 401 2.8 1.4 4.2 L.I 1951 average . . . 391 L,202 460 390 379 3.2 1 3 4 4 L 0 1952 average 397 1,097 435 397 401 2.9 1.2 4.1 L.O 1953 average . . 406 1,163 421 408 401 3.0 11 4.1 L.O 1954 average . 407 L, 136 387 407 409 3.0 1.0 4.0 L.O 1954—February [,071 »-404 '360 ••395 3.6 '1.4 4 9 L 2 March 351 1,176 343 '456 r395 3.4 1.0 4.3 L.3 April 402 1,183 281 409 347 2.9 0.7 3.6 0 May . . .. 372 L.161 249 350 318 3.1 0 7 3 8 0 9 June 378 1,067 390 284 425 2.8 1.0 3.9 0.8 July 306 1,042 471 281 362 3.4 1.5 4.9 0.9 August . .. . . 350 L, 095 465 403 397 3.1 1 3 4 5 1 2 September . . 400 1,184 486 489 510 3.0 1.2 4.2 1.2 October 437 ,268 477 521 512 2.9 1.1 4.0 1.2 November 509 .318 406 559 488 2.6 0 8 3 4 1 1 December . .. . . . 766 1,056 301 504 399 1.4 0.4 1.8 0.7 1955—Tanuary . . . . .. 336 1 ,042 385 322 406 3.1 1.1 4.2 1.0 FebruaryP 304 1,096 413 358 386 3.6 1.4 5.0 1.2 pPreliminary. rRevised. 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 May 5.... 113 M.ay 3. ... 111May 2. ... 114 IVtay 1 112 Nov. 3. ... 121 Nov. 1... 115 Nov. 7. ... 121 Nov. 6 127 12 110 10 117 9 . . 128 8 123 10 127 8 118 14 133 13 130 19 99 17 99 16 105 15 97 17 130 15 130 21 131 20 .134 26 100 24 105 23 112 22 106 24 123 22 134 28 133 27 .133 31 97 30 97 29.... 104 29 138 June 2 95 June 7 111 June 6 118 June 5 97 Dec. 1 161 Dec. 6 195 Dec. 5 190 Dec. 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 75 July 5 79 July 4 79July 3 93 Jan. 5 78 Jan. 3 81 Jan. 2 81 Jan. 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 88 Aug. 2 87 Aug. 1 86 Aug. 7 92 Feb. 2 84 Feb. 7 88 Feb. 6 86 Feb. 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. 1 105 Sept. 6 100 Sept. 5 101 Sept. 4 113 Mar. 1 85 Mar. 7 96 Mar. 6 85 Mar. 5.... . .98 8 100 13 114 12 102 11 97 8 88 14 100 13 92 12 .102 15 114 20 113 39 120 18 120 15 90 21 109 20.... 95 19 .108 22 111 27 112 26 114 25 118 22 94 28 112 27 100 26 .103 29 114 29 101 Oct. 6 110 Oct. 4 116 Oct. 3 112 Oct. 2 110 Apr. 5 109Apr. 4 118 Apr. 3 103 Apr. 2. . . ..114 13 117 11 126 10 120 9 118 12 111 11 97 10 113 9 20 116 18 124 17.... 118 16 119 19 97 18 105 17 118 16. 27.... 113 25 122 24. .. 113 23 123 26 105 25 104 24 101 23 31 113 30 117 30 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 422 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] Federal Reserve ! „ i i in 1 2 9 o 5 s. 5 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 t r j v ' e F 19 e 5 b 5 . 1 j 1 T 9 an 5 . 5 ! ; n " (^ 2 Os s" Feder d a i l s R tr e i s c e t r , ve Frh io I « r. ! in i o?- 2 ?.m°s- Fe a d r e e d r a i a , s l t o r R i r c e t c s , i e t r y ve 1 F 9 e 5 b 5 . i k m 1 o 9 s 5 . 5 area, or city 195° 195" 1955 United States.. +6 Cleve.-cont. •hicago-cont. Kan. City-cont. Met. Areas-cont. Met. Areas-cont. Met. Areas-cont. B M o et s . to A n reas1 W S h te e u el b i e n n g v - iile2. - J 3" +1 J 1! + 1- D P R e o e o c c r k a i f t a o u 2 r r d 2 + -3 | . • + ++ + 1 7 8| 0 j | + + + 6 2 1 S O W t m . i c J a h o h i s a t e a ph + -1 - 1 4 2 3 + + 2 1 1 +17 2 Portland , +5 +6 City Tri-Cities2 +1 +1. + 1 Albuquerque. . . + 15 +18 + 16 Boston +2 +5 Portsmouth2. . -3 (Moline, Oklahoma City. +17 +27 +22 D B ow os n t to o w n2 n .... ~1| +5, +2 Richmond j + 11.1 +7 D R a o v c e k n la p n o d r ; t) Tulsa 1 + 11 + 5 Suburban Met. Areas1 Fort Wayne2.. 0 Cities L L ow a B Q w C e o l r a u s l e t - m i o n n n c b c e r y id . .. . g . . e . . . + + + 3 i 1 1 i' 0 . i + + + + 1 5 1 1 U 2 8 , + + + 2 1 9 1 1 A W B D s a W a h o l s t e w i a h v m s i n i h n l o t l o g e r * w e to 2 n n3. .. + - -2 2 4 " . . 41' + + + 4 4 4 M S T C In o e e u d u r d n r i t a e a h c r n i e H B a R p a e a o u n p l d t i i e d 2 s . 2 2 s . . . . . . . . . , , + +2 0 0 1 i 1 ' ! + + + + -3 8 4 7 | | : + + + + -1 2 2 5 •! G H K E To n r u a e p i n t d e c l s i l h n a e i s y n s C o i n ty. .. ! + + - — - 3 3 1 6 9 + + + + - 2 1 1 3 9 0 6 0 + + + + 5 7 8 3 New Bedford.. 0 Raleigh2 +6i Des Moines.... 0| +13| +7 C W S P i p t r i o o r e r i v s c n i e d g s e f t i n e e r c l 2 e d 2 . .. . . .. + + 4 2; + 10 W C N G P o o r i o e n l r u f e r s o t n m t s l o v k m b n i - l i - o l a S e 2 u 2 a t l h e 2 m . 2 . +8 0 ! i + + 1 + 1 5 5 4 ' : 1 + + + 1 1 9 4 1 i D W S F D i l u e o i a n t b u t r e t x u o 2 r q i l C o t u 2 o e i t y, .... , , + + - - 9 7 4 8 0 : , 1 i ! + + + + 1 + 1 2 0 5 2 8 1 1 | | , + + + -2 4 8 9 D M S a e h t l r . l a e A v s r . e e . p a o s rt.... + _4 4 + +1 1 1 5 + + 9 4 New York -3' +5, i C R R h i o c a a h r n l m o es k o t e n o 2 d n 2 , +3; +17 + + 1 2 0 J G K a r a c a l k a n s m d o a n R z 2 o a o p . ids2 , + + -5 2 3 ; , ! + + 1 4 7 0 | i | + + -1 9 2 D C El o a r l P l p a a u s s s 2 o Christi. + + + 1 5 3 7 + + + 1 2 7 0 | i + + + 1 1 9 2 5 M C P C C M A S N U B P B W S W T R B Y L P R i S h i e A l N B N N U H y e t o c l u t e r h i a t o r e e o t i b N y i i c t i i n r r e n . i u f u . w e l t e n i i a c v l l . a c l r a a d f a b i h a k n m l s g f e g e w a d a h c k c A z a Y e n c n a A g a f g e e c t w l a h h a Y 2 l e i - a d l u i r y n d o t o a e a s n r . n e t R a n s s a k l o e a s - y r e - e p r e o n o t e g t t n g m C a n S e J B k a o e o d a e e l l o 2 2 r c 2 d t e s e 2 2 p p c m k r y r n s a o r i t t 1 F p r 2 2 h h t o t 2 a - - r h n s e 2 s r N T y a e d i n e i e i a - l 2 a r y e . . y — l . 2 o . s . . . . . . . E . . y . . . . . . . . . . . . i . j J I • I j ! j ! ; j | ! j - + + = 1 - — - - — + _ — - + + + - 3 6 3 _ r 2 0 5 2 4 1 0 1 1 1 ; 4 5 0 . .. 7 V | j 1 , . , ! I ! ' 1 i | ; 1 : + + + + + + + + 1 —- 3 + - + + + 1 - 1 1 1 8 7 3 6 - 3 5 9 0 0 5 . 0 1 1 4 0 1 " ; • . , . , : ! . , 1 + + + + + + + + — — - + _ + + + + + - + 2 - 6 2 2 5 3 3 4 1 6 1 9 2 2 0 0 7 5 7 0 4 1 1 , ] 7 J | ! C C M A S C J L O S \ F M A A H M M S B C M J P N N B C K i > a i H a S p T t t a e t a u y a t o r u i a t u e W i a h . c o n \ c i o l a i T t M a i t l r v l e m r a n a t w l a y e g s a n . . r k a a b k a c m n o r o u k P s a a m g r s h m c . u p n n t t t s i o n A s q b t n m n x n e P e m i a l e t h v i s o g d o o O t V n t r n e e p a i r r o n n t v n r e a t i b a g 2 o n b o n e r r e s p 2 a gg n R s a l n a g r t a i 2 t b i u a u l r v b m 2 a e t a 2 l l t h o a t e . h s o o e n u r o s l s - i r a u N n 2 o b e e l a g a s w 1 u t n r r l d o u g r b m * n e 2 g e g g . 2 y n . - w r w u a s . 2 . . e . 2 g . . . . . 2 . . 2 . r . . 2 n . s . . - . g . . . . . . . . . . . . . . . , . ! i ! P " + P + + + 1 ( + + » + + - + + - + + + + - 1 2 ~ 2 ) + 6 4 o 1 2 1 8 2 3 0 0 5 1 3 3 8 " 1 3 1 1 5 | , i , ' , i | , , i . i + + + + + + + + + + + + + + + + + + 2 ~ + + + 2 + + 2 - 1 6 1 1 7 8 H 9 H 1 1 7 5 6 1 1 1 1 4 2 8 8 4 . ( 8 6 7 3 0 ' 6 1 8 " 1 , ; ' j ! ' ) ' i ; ! " 1 ! . ' . ; ! + + + + + o ' + + + + + — + i + + + + + + 2 - 1 1 2 1 1 " 6 6 8 9 3 8 3 i 9 5 5 4 5 1 2 7 5 8 1 9 ! ; C S M M M C C A S S G D M M F S B M P L L S Q E M L P M S t i i i a e h p S e . o o M t t i p o a i a v t r a a t i u i . a i o u i g e t t p i t e e r r r n n d t p u e e n t a l . t e . i L d i u s . m i t t e t b w l i L l s n s n s n i l u v n s n l s k e i n A x n s A e o o i e P g c s H o s S . i c a a p e n v n e t - r l y o r u v y f w a u u a o g h m R l S F g i B e i e a u C e g n e . i i l h e u n i k o i 2 a a t a l a l s o r s p a i a s l r . . . l e l e n l s t o d 2 s p n 2 e 2 e c y l h 2 o e ' s n o 2 e P ^ k . 2 l . k l 2 i a . i . . s . u s . . . . . 2 . , l . . 2 , , , . . . . . . 1 1 I j ! ! i j | \ I ! j j P P » P P + - + - - - I 1 + + + + - 1 1 - - — - + - + - _ - 2 - V 2 1 T 9 2 7 l 8 5 4 4 8 3 2 4 0 2 ; 4 6 \ i 0 J i 1 ! 7 1 , : i 2 ' I ! i - ; ! ! ' : J \ + r + + - + + + 1 + + \ + + + 1 + - 1 7 3 0 s 8 8 4 9 d 6 6 ' 4 1 1 ! , ' ; : ! , ! j I ! + + + -\ + + + + + - + + - + + 1 + - — - ? 3 1 1 3 6 7 7 6 2 7 0 2 8 ^ 2 0 5 0 1 6 0 0 S M W F H S S S P F L R S S S S P S T a S O P S L V o a a e a h r a o a t e p o i o n a a n D W S O o e n n t v B c a n a r a o l s o a o c a r a u . c t t s a L c n D a e r n s t n e t k l o o a e k F o s A n F a D e l r J t A a l n k r O t n . L g W k r l w t e m a o l a d s a s m o F o r d r a t o k e r n i i A j i l a n n t w a a o i 2 a s x B e n o e n e r d 2 a s a e n g o n B e k M n k d e a e n g 2 a n . i n t d e n 2 n l 2 e e o n 2 r e d 2 c o 2 2 n l e 2 e s a o - r t d c l t a o t i e w y 1 o c e - h a 2 s o i 2 C a n n L 2 s i w s c . c n 2 n s d 2 i i c . o h c c d A n t . . 2 o . - y a 2 o . . . . . . . 2 . 2 . 2 . . . . . . 1 1 ; j ! i ' \ P + + + + + - + + + + - + + + 1 + 1 + + ^ T 1 P 1 1 0 3 2 9 - 6 6 2 4 7 5 6 O C " 3 1 ! 2 ! | 1 ! J | r ! Y | + + + + + + + + + + + + + + + + 1 + 1 1 2 2 1 1 + 1 2 1 4 1 3 9 0 6 5 0 2 0 1 1 0 0 3 1 8 0 0 ! | 9 | | ; ! + + + + + + + + + + + + + 1 + + + + + + + + 1 + 1 1 1 1 1 4 9 , 1 4 2 8 3 1 8 6 7 82 1 5 3 2 8 1 3 4 . M A C L e e a k t x n r . i o t n A o n g r n 2 e t 2 o a n s -1 + 1 3 0 M R B o r e i m s r t i e o d l ian -«: + - — 4 7 2 . - + - — 9 2 !•D M G S u r a u e l n p a u k t e t h a r F i - t o o a r ll 2 s ! j ! | -15/ c j i + - 2 2 4 ! : C T B i u a ti c k e s e s o r n sfield2.... p + + i .1 il 3 : +1 + 4 8 | + + 1 1 3 0 C C i le n v c e in la n n a d t 2 i2. . . 0! + + + 2 1Chicago +4! G La ra C n r d o ss F e o rks. . . j ' -i2i +3 B N oi a s m e p a a nd + 16 +11 +13 Columbus2 -li + 4' Met. Areas* Idaho Flails 0 +3| +1 S T p o r l i e n d g o f 2 ield2. . . +| 4 7 C A h u ic r a o g ra o2 -#• +3 Kansas City... .j 0 +10, +5 T B w el i l n in g F h a a l m ls . + -6 4 1 l + -+ 2 1 0 4 i : + + 6 9 Youngstown2. +3' +5 Elgin Met. Areas j Everett2 +9 +28| +18 Erie2 + 1' -i Joliet2 + 11, -Ml Denver j + 8; + 15! + 11 Walla Walla2.. + 18 +29! +24 Pittsburgh2. . . •4-22 Gciry +2 +1 o! Topeka I -6: + 16 +4- Yakima2 +6 +11; +9 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. APRIL 1955 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on. retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago salesx 1947-49 average=1002 Sales Stocks Sales during Stocks at end Department d p u er r i i o n d g m (en o d n th of ) January period of month 1955 1954 1955 1954 J 19 a 5 n 5 . 1 T 9 a 5 n 5 . 1954 Jan. Dec. Jan. Jan. Dec. Jan. GRAND TOTAL—entire stores +6 + 1 3.3 3.5 MAIN STORE—total +7 + 1 3.5 3.7 86 195 80 106 108 105 Piece goods and household textiles... +2 +4 2.4 2.4 132 114 129 103 111 99 Piece goods -1 +3 3.8 3.7 67 62 67 91 84 88 Silks, velvets, and synthetics. . i 0 4.0 3.8 57 58 58 80 75 80 Woolen yard goods -2 -1 4.0 3.9 63 74 65 87 85 88 Cotton yard goods 0 +9 3.5 3.2 85 63 85 115 106 105 Household textiles +3 +4 2.0 2.0 178 152 173 109 127 104 Linens and towels +6 +4 2.4 2.5 151 188 143 99 113 95 Domestics—muslins, sheetings -1 +4 1.3 1.3 231 102 234 120 157 116 Blankets, comforters, and spreads.. . +9 +4 2.5 2.7 150 158 138 116 116 112 Small wares. +7 +2 4.0 4.2 85 258 80 107 110 105 Laces, trimmings, embroideries, and ribbons + 1 ii 4.6 4.6 64 128 63 95 100 94 Notions +6 3.9 4.0 85 154 80 117 118 113 Toilet articles, drug sundries +8 3.4 3.6 101 2 75 94 104 109 102 +2 Silverware and jewelry + 15 5.7 6.5 67 278 58 109 111 107 Silverware and clocks + 18 +2 7.3 8.7 64 211 54 119 123 120 F C i o n s e t u j m ew e e j l e ry w e a l n ry d watches + + 1 1 5 0 + + 5 7 1 3 2 . . 2 9 13 3 . . 1 5 5 6 5 9 3 31 3 2 4 5 6 0 0 1 9 1 0 9 1 1 0 2 2 0 11 8 1 6 Art needlework -4 +3 3.6 3.4 101 137 105 100 108 97 Books and stationery.. . +5 +3 3.6 3.6 92 352 88 114 110 111 Books and magazines. + 1 +6 3.0 2.8 94 288 94 105 110 99 Stationery +8 +2 3.8 4.1 89 379 83 116 106 114 Women's and misses' apparel and accessories. +4 +3 3.0 3.1 80 181 77 110 109 107 Women's and misses' ready-to-wear accessories. . +3 +3 3.7 3.7 74 208 72 110 111 107 Neckwear and scarfs -6 + 10 3.1 2.6 71 288 76 116 120 105 Handkerchiefs -4 4.7 4.8 44 276 46 68 69 72 Millinery 1.4 1.5 56 95 57 76 64 84 Women's and children's gloves +5 -1 4.2 4.5 64 283 61 77 80 77 Corsets and brassieres +5 +7 3.0 3.0 118 148 112 133 142 125 Women's and children's hosiery +3 +9 2.7 2.6 70 177 68 109 110 100 Underwear, slips, and negligees +2 + 1 3.5 3.6 63 264 62 97 98 96 Knit underwear +4 +4 3.4 3.4 87 295 84 128 131 123 Silk and muslin underwear, and slips. . 0 -2 3.9 3.9 53 241 53 87 93 89 Negligees, robes, and lounging apparel. +5 +3 2.8 2.9 57 311 54 77 81 75 Infants' wear +3 +4 3.5 3.5 80 218 78 109 113 104 Handbags, and small leather goods.. . + 12 +2 3.2 3.6 63 276 56 101 101 99 Woman's and children's shoes +5 +2 5.8 5.9 84 142 81 130 126 128 W Ch o i m ld e re n n 's ' s s h sh o o es es 0 + + 5 2 6 5 . . 9 6 6 5 . . 7 8 6 8 0 6 1 1 6 3 2 7 6 8 0 1 1 1 2 2 8 4 1 1 1 2 8 7 1 1 2 2 2 2 +6 Women's and misses' ready-to-wear apparel +5 +3 2.4 2.5 86 153 82 111 106 108 Women's and misses' coats and suits +2 1.8 1.9 95 93 93 105 101 106 Coats +6 +4 1.4 1.4 106 105 100 94 105 90 Suits —6 -6 3.3 3.3 67 55 71 119 82 127 Juniors' and girls' wear +2 tt 3.0 2.9 64 185 63 110 104 103 Junior's coats, suits, and dresses 0 2.3 2.3 65 132 66 103 99 101 Girls' wear +4 4.0 3.8 63 248 60 115 107 105 + 10 Women's and misses' dresses. +6 +4 2.1 2.1 83 110 78 117 105 112 Inexpensive dresses +4 +8 1.6 1.6 82 113 79 113 101 104 Better dresses +7 +3 2.5 2.6 81 110 75 112 107 108 Blouses, skirts, and sportswear +4 +4 2.9 3.0 83 233 80 123 116 119 Aprons, housedresses, and uniforms. +9 +8 2.0 2.1 102 144 94 110 107 102 Furs +22 -2 2.8 3.5 114 204 94 84 95 86 Men's and boys' wear. +3 + 1 4.6 4.8 74 277 72 105 110 104 Men's clothing + 1 -3 4.2 4.3 98 180 98 114 121 118 Men's furnishings and hats +7 +2 4.6 4.9 64 347 59 101 104 100 Boys' wear +2 +6 5.2 5.2 60 263 59 94 97 89 Men's and boys' shoes and slippers.. 0 +4 6.2 6.0 81 241 81 113 118 108 For footnotes see following page. 424 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS- -Continued Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales1 1947-49 average=1002 Sales Stocks Department d p u er r i i o n d g m (en o d n t o h f ) January Sale p s e r d io u d ring Sto o c f ks m a o t n t e h nd 1955 1954 1955 1954 Jan. Jan. 1955 1955 1955 1954 Jan. Dec. Jan Jan. Dec. Jan 1 lomef urnishlngs. +15 -3 3.8 4.5 95 139 82 103 106 106 Furniture and bedding + 18 3.1 4.0 131 109 110 106 111 116 Mattresses, springs, and studio beds.. +16 -6 1.5 1.9 156 83 134 128 146 136 Upholstered and other furniture + 19 -10 3.7 4.9 115 114 97 100 106 111 Domestic floor coverings. . . + 19 -4 4.1 5.1 89 85 75 99 103 103 Rugs and carpets + 15 -2 4.1 4.9 87 84 76 97 107 99 Linoleum +10 -12 5.1 5.2 55 44 50 64 55 73 Draperies, curtains, and upholstery +7 +2 5.3 77 119 72 106 108 104 I .amps and shades + 11 0 4.3 82 176 74 100 109 100 China and glassware +7 0 7.4 8.0 89 232 82 117 117 117 Major household appliances +28 -8 2.1 3.0 75 65 59 77 81 84 Housewares (including small appliances) + 15 +3 4.3 4.8 82 183 72 110 114 107 Gift shop +7 +4 7.0 7.3 69 372 64 118 129 114 Radios, phonographs, television, records, etc +5 +2 2.5 2.6 107 234 101 93 86 91 Radios, phonographs, television +9 +7 2.2 2.2 131 239 121 92 87 Records, sheet music, and instruments + 1 -4 3.5 3.7 64 300 64 85 Miscellaneous merchandise departments +4 +4 4.5 4.4 58 335 55 103 94 99 Toys, games, sporting goods, cameras + 11 +4 10.3 10.9 34 502 31 107 101 104 Toys and games + 12 +4 14.0 15.1 23 581 20 118 94 114 Sporting goods and cameras + 11 +2 8.2 54 330 48 98 111 96 Luggage. +20 -5 5.1 6.5 67 247 56 110 108 115 Candy... +3 +7 1.9 1.7 66 309 64 110 103 BASEMENT STORE—total +2 +4 2.6 2.5 78 177 76 98 100 94 Domestics and blankets +3 +7 1.9 1.8 145 142 140 110 131 103 Women's and misses' ready-to-wear. +1 +4 2.2 2.1 70 166 70 94 94 90 Intimate apparel +2 +1 2.5 2.5 82 199 80 102 100 100 Hosiery + 1 2.2 2.2 Underwear, corsets and brassieres. + 1 +2 2.6 2.6 () () () () () C D A B G In o l r p i f o e r a r a l u s o t s n s s s ' n e t e s s w a s s , ' , n e h w d s a o k r e s u i a u r s r t i e s t d s , r a e n s d se s s , p o u r n t i s f w or e m ar s + + + 7 4 1 0 + + + + + 1 1 3 6 7 1 0 2 2 2 2 1 1 . . . . 7 7 8 5 6 2 2 2 2 2 1 1 . . . . . . 7 7 5 5 4 0 6 6 6 8 7 8 0 6 0 4 2 2 2 1 2 0 8 4 1 9 3 1 0 7 1 8 9 9 9 0 1 6 6 4 2 1 8 9 9 9 0 6 1 8 1 2 9 9 8 8 7 0 8 8 5 6 Men's and boys' wear +6 +6 3.1 3.1 76 270 71 98 99 93 Men's wear +6 +4 3.0 3.0 79 267 75 97 99 94 Men's clothing +7 +4 2.8 2.8 99 185 93 104 108 101 Men's furnishings. . . +5 +5 3.1 3.1 67 307 63 92 Boys' wear +7 + 11 3.5 3.4 66 261 61 98 Homefurnishings + 14 +2 3.5 3.9 78 118 69 104 107 102 Shoes -4 -1 4.3 4.1 73 157 76 99 103 100 NONMERGIIANDISE—total. +2 (*) 100 151 98 Barber and beauty shop -2 108 118 110 !The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 421. 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. APRIL 1955 425 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Read- Other Year or month it A em ll s Foods Total Rent e a G l n e a c d s - S f a u o n e l d l i s d Il n o f i u u s r h s - e - - H o h p o o e u l r s d a e - - p A a p re - l T p t r o i a o r n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929... 73.3 65.6 117 4 60.3 1933. 55 3 41,6 83 6 45 9 1941 62.9 52.2 88.4 55 6 1942... 69 7 61 3 90 4 64.9 1943 74 0 68 3 90 3 67.8 1944 75 2 67.4 90 6 72 6 1945 76 9 68 9 90 9 76.3 1946 83.4 79.0 91 4 83 7 1947 95 5 95 9 95 0 94 4 97 6 88 8 97 2 97 2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102.8 104.1 10J .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 4 104 3 128 0 125.2 113.4 107.1 120.2 1954—February 115.0 112.6 118.9 127.9 107.5 126.2 107.2 117.3 104.7 129.4 124.1 113.9 108.0 120.2 March 114.8 112.1 119 0 128 0 107 6 125.8 107.2 117.5 104.3 129.0 124.4 114.1 108.2 120.1 April 114.6 112.4 118.5 128.2 107.6 123.9 106.1 116.9 104.1 129.1 124.9 112.9 106.5 120.2 May 115.0 113.3 118.9 128.3 107.7 120.9 105.9 117.2 104.2 129.1 125.1 113.0 106.4 120.3 June 115.1 113.8 118.9 128.3 107.6 120.9 105.8 117.2 104.2 1.28.9 125.1 112.7 106.4 120.1 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 H2.4 119.5 128.8 107.9 122.4 106.0 117.4 104.3 126.4 125.7 113.5 106.5 120.1 October 114.5 111.8 119 5 129 0 108 5 123 8 105.6 117.6 104.6 125.0 125.9 113.4 106.9 120.1 November 114.6 111.1 119.5 129.2 108.7 124.2 105.4 117.8 104.6 127.6 126.1 113.8 106.8 120.0 December . 114 3 110 4 119 7 129 4 109 1 125 5 105 4 117 7 104.3 127.3 126 3 113.6 106.6 119.9 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 February 114.3 110.8 119.6 129.7 109.9 126.2 104.8 117.7 103.4 127.4 126.8 113.5 106.4 119.8 NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d - d e s - l - l H s e p u k a a r i n c i o t d n h t d d e s s e s - , r , p l t F e i o a m i g u r n w n i h a e a g d e - l t l , - s r,C a p i u h a l c r l c n e o a i t e d m l d s s d - - p R u a b r u c n o e t d b r d s - - L p w u a b r u o c n o e m o t d r d s d - - p a p P u a l a r u l c n o p i l t d e d p e s d - , r, M m p u a r e e n c o t t t d d a a s l - l s p c u M a m t e h r i c n o r v i o a y t n d d e - s - - - h F d o h t b a o u u t u o n h l u r r e r l d e n s a e d s e r - i- - e s N t r t m t m a u a r o l l r u i l s e n a n i c — - c - l - - b b e m o b a T r a t e a n f c t o r v g l c d s e - e - o . d s n c M e e o l i l s u a - - s 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. 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 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1954 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 94.7 109.2 107.4 124.9 116.7 116.6 126.3 124.5 115.0 121.0 117.9 104.9 111.0 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 Ma".'.'.".'.!!!!!! 110.9 97.9 106 8 114.5 94.8 96.0 108.2 107.1 125.1 116.1 115.8 127.1 124.4 115.5 119.3 121.4 109.2 June 110.0 94.8 105.0 114.2 94.9 95.6 107.8 106.8 126.1 116.3 115.8 127.1 124.3 115.4 119.1 121.4 105.1 July 110.4 96 2 106 5 114.3 95.1 94.9 106.2 106.7 126.8 119.1 116.2 128.0 124.3 115.3 120.4 121.4 103.9 August 110.5 95.8 106.4 114.4 95.3 94.0 106.9 106.8 126.4 119.1 116.3 128.6 124.3 115.3 120.5 121.5 102.3 September 110.0 93.6 105.5 114.4 95.3 93.0 106.9 106.8 126.9 119.3 116.3 129.1 124 .4 115.3 121.7 121.5 99.1 October 109.7 93.1 103.7 114.5 95.4 92.4 106.9 106.9 128.5 119.8 116.3 129.7 124.3 115.6 121.9 121.5 96.7 November 110.0 93.2 103.8 114.8 95.2 92.8 107.4 107.0 131.4 119.9 116.0 129.9 125.3 115.6 121.8 121.4 97.0 December 109.5 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 110.1 >-92.5 103.8 115.2 95.2 ••91.9 108.5 107.1 136.8 120.3 116.3 130.1 125.8 115.5 122.0 121.4 '97.O February 110.4 93.1 103.1 115.6 95.1 92.3 108.5 139.4 121 .3 116.6 131 .5 126.0 115.4 121.7 121.6 97.5 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 426 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] Annual 1955 Annual 1955 Subgroup Subgroup 1953 1954 Jan. Feb. 1953 1954 Jan. Feb. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 100.4 99.2 105.2 103.8 Grains 90 1 91 5 93 1 Paperboard 124 3 124 5 124 0 1?4 0 Livestock and poultry 88 4 85.5 *79 4 80 7 Converted paper and paperboard.. 112.2 112.0 111.1 111.5 Plant and animal fibers .1.03.5 106.2 104.4 104.3 Building paper and board 121.4 127.7 127.6 129.4 Fluid milk 98 9 91 1 H)l A 92 1 Eggs 105 7 79.9 65 1 90 1 Metals and Metal Products: Hay and seeds 90.2 93.1 '94 3 93.2 Other farm products 141 2 171 2 '1 56 4 139 4 Iron and steel .. 131 3 132 9 135 8 135 8 Nonferrous metals 125.1 124.2 127.9 133.7 Processed Foods: Metal containers 127.3 130.6 131 .6 131.6 Hardware 132 7 139 3 142 6 143 3 Cereal and bakery products 109 5 113 9 116 9 116 3 Plumbing equipment 116 0 118 4 118 7 118.7 M!eats poultry and fish 93 0 91 9 '87 6 86 9 Heating equipment 114 8 114 3 113 9 113 7 Dairy products and ice cream 110.6 106.1 107.0 107.2 Fabricated structural metal prod- Canned, frozen fruits and vegeta- ucts 115.7 117.1 117.8 117.9 bles 104 7 104.5 104 6 104.1 Fabricated nonstructural metal Sugar and confectionery 109 4 112 4 1H3 112 6 products 125 5 125.9 125 8 125.8 Packaged beverage materials 167.7 21.2.0 '203.7 186.4 Other processed foods 116.9 103.2 '•98.2 100.7 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122.3 122.2 121.5 121.4 Cotton products 93 5 89.2 90.2 90.5 Construction machinery and equip- Wool products 111 8 109 1 106 6 106 4 ment 129.3 131 6 133 2 133.4 Synthetic textiles 87. 1 85.7 '87.3 86.7 Metal working machinery 131.1 133.2 135.1 136.5 Silk products. 136 6 129.8 124 1 122.4 General purpose machinery and Apparel 99 3 98 5 98 ? 98 I equipment 125.3 128.2 128.6 129.7 Other textile products 83.7 79.8 '77.3 78.0 Miscellaneous machinery 122.5 125.5 126.4 126.5 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 123.7 126.2 126.8 126.8 118.9 119.3 121.7 121.4 Hides and skins 68.3 55.2 '49.5 51 .6 Leather. .. . 93 4 85.2 81 2 82.2 Furniture and Other Household Dura- Footwear 111 8 111 .8 111.6 111.5 bles: Other leather products 99 3 97.0 '95.8 95.8 Household furniture 113.9 113.3 112.5 112.4 Fuel, Power, and Lighting Materials: Commercial furniture.. . 124.9 126.7 128.6 128.6 Floor covering 124.7 1 23.2 124.2 124.4 Coal. 11 ? 8 106 3 105 ? 105 1 Household appliances. . 108 4 109.6 108.7 108.5 Coke 132 0 132.5 132 4 132.4 Radio 95.0 95.6 95.4 95.4 Gas 107 8 108.8 113 0 113.0 Television 74.5 71 .2 69.0 68.8 Electricity 99 1 101 .8 100.7 100.7 Other household durable goods 125.3 130.1 1.31.9 132.0 Petroleum and products 112.7 110.8 111 .7 111.7 Nonmetallic Minerals—Structural: Chemicals and Allied Products: 120.8 124.4 123.9 123.9 Industrial chemicals . .. 117 6 117.6 117.3 117.4 Concrete ingredients 117.4 121 .0 123.1 123.6 Prepared paint 111.1 112.8 112.8 113.1 Concrete products 115.4 117.5 116.7 116.9 Paint materials 96 2 96.3 '95 8 96.1 Structural clay products 128.1 133.1 135.8 136.1 Drugs, Pharmaceuticals, cosmetics. 92.9 93.9 93.6 93.5 Gypsurr products 121.0 122.1 122.1 122.1 Fats and oils, inedible 52.7 57.8 '61.8 61.0 Prepared asphalt roofing 107.3 ] 04.0 106.1 101.0 Mixed fertilizers . . . 111 1 109.7 108.8 108.9 Other nonmetallic minerals 116.8 120.1 119.2 119.2 Fertilizer materials 112.9 113.0 113.6 113.5 Other chemicals and products 1.03.3 107.5 '107.7 108.0 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 122.0 124.0 124.0 124.0 Crude rubber 121.6 1 23.1 146.0 151 .3 Cigars 103.2 103.6 103.7 103.7 Tires and tubes 127 2 130.6 139 9 140.5 120.9 121.0 121.4 121.4 Other rubber products 123.8 124.1 127.9 130.9 Alcoholic beverages 111.5 114.4 114.3 114.6 Nonalcoholic beverages 122.5 142.3 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 119 3 117.3 120 0 121 .5 Mill work \3\ .5 130.6 130.4 129.0 Toys, sporting goods, small arms.. 113.7 113.2 113.2 113.3 Plywood 109 3 103.1 104.7 104.7 Manufactured animal feeds 87.7 96.0 '84.9 85.8 Notions and accessories 93 4 98 1 101.3 101.3 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 101.7 102 .7 103.6 1.03.5 Other miscellaneous. 120.1 121.0 120.3 120.6 Woodpulo 109.0 109.6 110.0 110.0 90.7 80.4 '90.2 90.2 Paper 125.6 126.6 127.5 128.0 ••Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 131-313. APRIL 1955 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1953 1954 1 OOQ 1lv Oo3o3 1941 1949 i lv o o z U n 1951 1952 1l vQoKo1 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 Bquals: Personal income 85.8 47.2 96.3 206.8 227.1 255.3 271.2 286.1 286.5 287.3 285.1 285.7 286.2 289.0 Less: Personal tax and related payments.. 2.6 1.5 3.3 18.7 20.9 29.3 34.4 36.0 32.9 36.1 32.8 32.9 32.9 33.1 Federal 1.3 .5 2.0 16.2 18.2 26.3 31.1 32.5 29.2 32.6 29.1 29.2 29.2 29.3 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 51.9 113.9 124.3 142.1 152.2 164.5 161 164.1 161.2 161.5 161.6 163.0 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.. .7 .5 2.7 6.5 7.8 9.5 10.4 11.1 11.7 11.2 11.8 11.7 11.6 11.7 Proprietors' and rental income2... 20.2 7.6 20.9 42.0 44.6 49.9 49.9 49.0 48.7 49.1 49.4 49.0 48.5 48.1 Business and professional 8.8 3.2 10.9 21.4 22.9 24.8 25.7 26.2 25.9 25.9 25.6 25.9 25.9 26.3 Farm 6.0 2.4 6.5 12.7 13.3 16.0 14.2 12.2 11.9 12.3 13.0 12.2 11.6 11.0 Rental income of persons 5.4 2.0 3.5 7.9 8.5 9.1 10.0 10.6 10.9 10.8 10.8 10.9 10.9 10.9 Corporate profits and Inventory valuation adjustment 10.1 -2.0 14.5 28.1 35.1 39.9 38.2 38.5 34.9 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 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 17.2 17.4 17.0 17.0 16.8 n.a. Corporate profits after tax 8.3 -.4 9.4 15.8 22.1 18.7 17.2 18.3 17.8 15.1 17.5 17.5 17.4 n.a. Inventory valuation adjustment.... .5 -2.1 -2.5 1.9 -4.9 -1.3 1.0 -1.0 -.2 -.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. 8Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 428 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 36®. 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.S 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 3.5 8.3 12.6 11.0 11.1 11,9 13.3 11. 11.7 12,8 14.0 14.8 Other 5.1 i.O 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 -3.7 -4.2 -4.2 -3.8 -4,8 -1.3 Nonfarm only 1.8 -1.4 4.0 -1.9 6.4 9.0 3.0 2.2 -2 -3.7 -4.2 -4.0 -5.0 -1.6 Net foreign investment .8 .2 1.1 ,5 -2.2 ,2 -.2 -1.9 -.4 -.6 -1.1 -1.0 Government purchases of goods and services 8.5 80 24.8 43.6 42.0 62.8 77.2 85.2 77.5 86.0 81.9 78.S 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 National security 113.8 19.3 18.5 37.3 48.5 52.0 43.6 50.6 46.9 44.7 42.! 40.5 Other 1.3 2.0 6.6 3.9 4.2 5.8 8.5 6.7 9.6 8.4 6.9 6! 5.6 Less: Government sales2 .0 .0 .4 .,3 A .4 .4 .3 .3 .3 .3 .5 .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.: 28.2 PERSONAL INCOME [Seasonallyadjusted monthly totals at annual rates] Wage and salary disbursements Less Divi- personal Year or month in s P c o e o n r m a - l e Total d p m i C u n ro o g s o d d t m r i u i i n t e c - y - s - D i u n t i r s t d i i t u e v r s i s e b - - S in e tr r d i v u e i s s c - e m G er o e n n v - t - in O l c a t o b h m o e r r e3 i p n r r c e P a i o n e r n o m t t d o a - e l r 4 s' i i n d n s p a t c o e e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r ts - s - fi b c i a s u o n o n f t n s o c i c u o t i r e r a r n i 6 l - - s i a n g N t c u r o o i r c m n a u l - e l- 7 1929 85.8 50.4 21.5 15,6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.2 1933 47 2 29 0 9 8 8 8 5 2 5 1 4 7.6 8 3 2 1 2 43 A 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 2 11 3 2 2 188.5 1949 206.8 134.4 56.9 39.0 18.0 20.5 30 42.0 17.2 12.4 2.2 190.8 1950 227.1 146.5 63.5 41.3 19.5 22.2 3.S 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 1 108 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 i 954—February 285 0 194.7 84.6 51.8 24.9 33 A 6.6 49.6 23.9 15.0 4.8 268.2 March 285.0 194.5 84.2 52.0 25.0 33.3 6.6 48.9 23.9 15.8 4.7 268.8 April 284.4 194.3 83.7 52.0 25.2 33.4 6.6 48.2 24.0 15.9 4.6 269.1 May 286 2 195 0 84 2 52 3 25 2 33 3 6 6 49 4 24.0 15.8 4.6 269.7 June .. . 286.5 195.5 84.0 52.5 25.5 33.5 6.6 49.2 24.1 15.8 4.7 270.3 Julv 285 7 195 7 83 4 53 1 25 4 33 8 6.6 47 9 24.2 15 8 4.5 270.6 Aupust.. 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 S3 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 291 .4 199.3 85.2 S3. S 26.4 34.2 6.6 49.5 24.7 16.5 5.2 275.5 February^. 292.4 199.9 85.8 S3.5 26.4 34.2 6.6 49.9 24.7 16.4 5.1 276.3 '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. ^Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, aa well as consumer bad debts and other business transfers. «Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 7Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce APRIL 1955 429 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1954 All banks maintaining branches or additional offices All banks by class of bank (except banking facilities), by class of bank1 Commercial 1janks Commercial banks Mutual sav- Mutual sav- State ings banks ings banks Member Nonmember Member Nonmember Total banks banks Total banks banks Total Total ti N on a- al m S b t e a e m r te - su I r n e - d s N u i o n re n - d - su I r n e - d s N u i o r n e n - d - ti N on a- al m S b t e a e m r te - su I r n e - d s N u i o n re n - d - su I r n e - d s N u i o n re n - d - United States2 14,367 813,840 4,789 31,871 6,647 3536 3218 309 1,720 1,571 502 276 769 24 92 57 Alabama 234 234 71 25 138 9 9 7 9 Arizona 13 13 3 1 8 1 9 9 2 1 5 1 Arkansas 231 231 53 17 155 6 20 20 9 18 California 171 171. 73 35 54 9 53 53 22 13 16 2 Colorado 161 161 77 17 58 9 1 1 1 Connecticut . . 177 105 43 14 35 13 5 67 41 30 13 7 10 2 9 Delaware 36 34 10 3 20 1 10 9 3 5 1 1 Dist. of Col. 17 17 8 5 4 14 14 7 4 3 Florida. 226 76 11 134 =5 1 1 1 Georgia 401 401 52 13 282 54 17 17 8 4 4 .1 Idaho 38 11 9 18 8 8 4 2 2 Illinois. . 910 910 389 124 389 8 Indiana 478 3474 123 3112 232 8 33 1 73 73 24 8 41 Iowa 665 665 96 70 449 50 120 120 2 116 2 Kansas 602 602 170 42 275 115 Kentuokv 371 371 89 20 245 17 31 31 6 19 Louisiana 172 172 40 11 120 1 48 48 14 5 29 Maine 93 61 31 6 17 7 8 24 30 29 9 4 10 6 1 Miarvland 160 152 57 13 81 1 7 1 40 35 9 6 19 1 5 Massachusetts 365 177 112 25 34 6 188 107 62 28 19 14 1 45 Michigan 429 429 77 153 189 10 89 89 17 28 44 M^nne^ota 680 679 1 78 461 12 1 2 2 2 Mississippi 197 197 2=5 7 162 3 43 43 4 1 38 Missouri 600 600 77 101 404 18 Montana.... ... 110 30 44 27 Nebraska 419 d.19 123 16 236 44 1 1 1 Nevada 8 8 5 2 1 4 4 2 1 1 New Hampshire 110 76 51 1 11 13 11 23 3 2 1 1 1 New lersey 330 307 196 66 42 3 23 90 83 44 27 12 7 New A'lexico 52 52 26 8 18 14 14 15 9 New York 689 560 341 149 50 11 129 203 137 63 52 19 3 66 North Carolina . . 224 924 46 9 168 1 86 86 19 7 59 1 North Dakota 154 38 2 109 5 16 16 16 Ohio 637 634 234 173 222 5 3 96 94 41 22 31 2 Oklahoma 384 384 197 25 154 8 Oregon 48 47 1 3 7 2S 9 1 10 10 2 1 _ Pennsylvania . . . 866 5S0 94 199 16 7 119 66 20 26 3 Rhode Island 18 10 5 1 2 2 5 3 10 7 3 1 2 1 2 1 South Carolina 151 .151 26 8 105 12 25 25 9 1 15 South Dakota . 170 1 70 35 27 108 29 29 4 25 Tennessee 297 297 75 9 206 7 44 44 17 2 25 Texas 925 925 442 135 309 39 Utah 54 54 9 20 25 10 10 1 5 4 Vermont 72 6S 37 1 26 1 7 9 8 3 1 Virginia.. 316 316 132 73 111 71 71 25 15 31 Washington 111 107 32 15 57 3 4 24 22 14 3 5 2 West Virginia . 183 183 75 36 68 4 Wisconsin 558 3554 95 3 73 382 6 33 1 90 90 4 4 81 1 Wyoming . . . 53 53 25 13 Alaska2 1 1 1 1Some State laws make a distinction between "branches" and certain other types of "additional offices." This table covers all branches or additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." In addition the last column on the second page" of the table shows the number of "banking facilities" at military and other Government establishments provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. 2Excludes banks in United States territories and possessions except one national bank in Alaska, with no branches, that became a member of the Federal Reserve System on Apr. 15, 1954. 3The figures for member (commercial) batiks and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks" includes such banks only once, and the total for "Commercial banks" excludes them. State member bank figures also include one noninsured trust company without deposits, which is not included with noninsured nonmember banks. 4These facilities are operated by 142 banks, 70 of which have no other type of branch or additional office. 5Each bank is reported once only—according to the widest area in which it operates branches or additional offices. NOTK.—All of the branches and additional offices are located in the same States as their parent banks except that one national bank in New Jersey has a branch in Pennsylvania, one national bank in California has two branches in Washington and one in Oregon, and one noninsured (unincorporated) bank in New York has one branch in Massachusetts and one in Pennsylvania. In the table these branches are shown according to their own location, rather than that of the parent bank. Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, for data through 1941 (descriptive text, pp. 14 and 294-295) and BULLETINS for subsequent data, the latest of which appeared in May 1954, pp. 536-537. 430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1954—Continued All branches and additional offices (except banking facilities), by class of bank* All branches and additional offices Bank- (except b b y a n lo k c i a n t g i o f n a 1 cilities), fa i c n i g li- Commercial banks ties at State Mutual Govsavings Outside head office city ern- Member Nonmember banks ment Total Total ti N on a- a b l an m k S s e t m at b e er su In re - d bank in N s s o u n re - d su In re - d in N s o u n re - d o h c f e I f i n i a t c y d e I c n o o f h u fi e n c a t e d y c I t o n ig u c u n o o ti n u e - s s c I c n o o u u n n o n t o u t i i n s g e - - s m e l s i e t s a n h b t - s - * United States 6,416 6,108 2,900 1,710 1,462 36 221 87 2,860 1,725 832 999 198 Alabama 33 33 31 2 12 9 4 8 4 Arizona 80 80 52 5 21 2 18 23 28 11 4 A Ca rk li a fo n r s n a i s a . . 1,08 2 5 2 1,08 2 5 2 823 2 174 2 8 0 6 2 255 13 1 2 7 59 4 539 1 36 1 Colorado 1 1 1 1 4 Connecticut 107 88 38 32 18 2 17 43 41 21 2 Delaware 34 33 13 18 2 1 11 14 0 District of Columbia 49 49 27 12 10 49 5 Florida 1 1 1 1 11 Georgia 50 50 32 11 6 1 35 1 7 7 9 Idaho.... 64 64 55 4 5 4 5 o 46 1 Illinois 3 Indiana 1 ^0 ISO 61 31 58 81 69 3 Iowa 162 162 2 158 2 119 43 Kansas 3 Kentucky 62 62 27 12 23 41 19 2 4 Louisiana 100 100 50 39 54 37 6 3 2 Maine 89 88 17 30 31 10 1 14 42 33 2 Maryland 169 146 36 49 59 2 23 89 34 39 7 10 Massachusetts 293 115 88 26 2 62 174 111 7 1 2 Michigan 336 336 123 149 64 215 82 90 10 1 Minnesota 6 6 6 6 Mississippi 84 84 8 6 70 16 44 18 6 2 Missouri 1 Montana Nebraska 1 1 1 Nevada ?2 22 4 3 3 4 s 10 2 New Hampshire . . 3 2 1 1 1 3 New Jersev 240 228 115 87 26 12 12\ 119 3 New A'Icxico . 22 ?2 8 14 11 7 3 1 4 New York. . . 1,074 952 290 597 61 4 122 802 183 65 24 12 North Carolina 302 302 47 AQ 212 3 83 56 88 75 2 North Dakota 23 23 23 12 11 Ohio 340 330 139 154 37 10 207 128 5 3 Oklahoma 2 Oregon 1 38 1 38 126 3 9 ?3 10 1=; 90 Pennsylvania 419 390 224 106 56 4 29 213 135 70 1 6 Rhode Island 77 62 34 13 14 1 9 6 26 28 12 11 1 South Carolina 73 73 SI 1 21 22 11 31 5 South Dakota 51 51 22 29 21 18 12 1 Tennessee 122 122 68 13 41 70 37 7 8 6 Texas 17 Utah 33 33 18 ii 4 6 5 0 13 5 Vermont 22 13 4 9 9 11 9 2 Virginia 142 142 56 35 51 84 • 25 24 9 15 Washington 185 181 163 8 10 4 52 28 34 71 5 West Virginia . Wisconsin 1 SO ISO 15 7 127 1 18 106 26 Wyoming 1 Nonmember Mutual Member banks corn mercial banks savings banks Distribution by locnation of branches with respect to head office National State Insurec in N su o r n e - d Insured n N su o r n e - d Banks with branches or additional offices (except banking facilities)5 . . . .. 1,72(1 502 276 769 24 92 57 iii head office citv onlv 53C 198 121 101 6 83 27 Outside head office city but not beyond heac office county.... 825 221 102 468 10 3 24 Outside head office county but not beyond coiitiguous counties. 275 48 32 178 5 6 6 In counties not contiguous to head office county 8! 35 21 22 3 Branches and additional offices (except banking facilities). . . 6,4K 2,900 1,710 1,462 36 221 87 In head office citv 2 86C 1 216 1 100 285 14 194 51 Outside head office city: In head office county. 1,725 579 347 743 13 14 29 In contiguous counties 832 313 .168 326 5 13 7 In noncontiguous counties. . . . 99< 792 95 108 4 Banking facilities at militaryY and other Government establishments4 156 ?A 21 For footnotes see opposite page. APRIL 1955 431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States... 434-438 Gold production 438 Estimated foreign gold reserves and dollar holdings 439 Reported gold reserves of central banks and governments... 440 Net gold purchases and gold stock of the United States... 441 International Bank and Monetary Fund. . 442 Central banks 442-446 Money rates in foreign countries.. 447 Commercial banks 448 Foreign exchange rates 449 Price movements in principal countries: Wholesale prices . 450 Consumers' price indexes... 451 Security prices 451 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. APRIL 1955 433 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 COUNTRIES1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a i a - - ! Official France m G F a e e n d r- . y, Italy S l w a er n i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions2 and Official» Rep. private of 1951—Dec. 31 . 1,641.1 7,661.1 3,547.6 289.4 405.6 300.5 521 3 642.6 '846.6 3, 005.9 1,307.1 1 455.2 1,595.5297.4 1952—Dec, 3J . 1.584 9 8,961.2 4,654.2 342.6 551.1 308.9 641 8 817.9 1,093 3 3, 755.5 1,420.7 1 612,9 1,836.t"335.6 1953 -Dec. 31. 1.629.4 10,019.0 5,666.9 428.5 898.8 465./ 674 2 708.9 1,557 .5 4,733.6 1,295.5 1 768.4 1,895.5326.1 1954 -Feb. 28. 1,677.6 10,300.1 5,903.1 435.6 971.7 491.8 671 7 734.4 1,635 .6 4,940.8 1,348.4 1 788.1 1,892.0330.8 Mar. 3H 1,698.5 10.350.0 5,925.2 419.9 994.3 494.6 665.2 797.9 1,638 A 5,010.3 1,340.4 1 866.8 11,801.7330.9 Apr. 30«r> 1.678.0 10,460.6 6,062.9 285.9 1,039.3 519.2 664 8 899.5 1,689 .0 5,097.7 1,282.3 I 998.6 1,762.1319.9 May 31 . 1,679.0 10,575.7 6 265.0 387.0 1,051.2 48:5.0 651.8 952.2 1,750.2 5,275.4 1,286.6 1 993.9 1,711.0308.7 June 30. 1,637.0 10,561.3 6 307.0 441.4 1,084.9 45; .6 636 0 986.1 1,701 .3 5,305.4 1,320.6 1 954.3 1,682. 298.5 July 31 . 1,656.5 10,770.3 6 438.6 376.5 t,222.1 46? .8 680.5 942.2 1,722 . 7 5,412.8 1,342.0 2 036.7 1, 693.2285.6 Aug. 31 . 1,751.0 10,686.1 6 287.3 418.9 1,225.1 51C.7 680.8 851.9 1,676 7 5,364.0 1,380.4 1 918.2 1,748.2275.2 Sent. 30. 1,801.9 10,730.1 6 31.9.2 474.2 1,247.6 52? .4 668.5 837.9 1,673 3 5,430.0 1,384.1 1 889.0 :, 764.1262.9 Oct. 31. 1,773.9 10,752.2 6 404.2 495.8 1,257.2 553.9 645.5 842.8 '1 ,690 1 5,485.3 1.372.8 I 839.5 ,782.•5272.1 Nov. 30. 1,792.8 10,781.8 6 379.3 502.1 1,287.2 563.0 623.7 829.7 1,673 5,479.2 1,377.8 \ 848.1 :,811.8264.9 DQC. 31 v 1,769.9 11,158.5 6 783.1 711.9 1,372.2 578.9 672.5 639.5 1,642 5 5,617.4 1,533.3 917.3 1,825.5265.1 1955— Jan. 3W 1,752.2 11,101.0 6 750.4 706.5 1,367.9 591.5 624.2 656.6 1,673 1 5.619.9 1,528.2 843.4 I,842.1267.4 Feb. 28" t,781.9 10,912.6 6 519.7 716.6 1,405.9 610.2 634.5 599.4 1,629 0 5,595.7 1,365.3 806.2 l, 860.8284.6 I Table la.—Other Europe Neth- Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a en rk - l F a i n n d - Greece la e n r d - s N w o a r y - l P an o d - t P ug o a r- l mania Spain S d w en e- key U.S.S.R.Y sla u v g i o a - o A th l e l r 1951—Dec. 31. . r846.6 57.1 134.7 45.3 27.0 45.8 148.8 99.7 2.8 40.7 6.1 17.1 71.7 14.1 2.5 7.3 125.9 1952—Dec. 31 .. 1, 093.3 91.1 123.9 70.4 28.5 47.3 203.1 110.3 3.4 57.4 6.1 19,2 91. C 8.4 1.7 12.C '219.3 1953—Dec. 31 .. 557.5 190.9 130.3 95.7 37.9 100.9 242.9 118.5 2.2 72.4 5.8 36.0 116.7 14,2 2.0 6.9 '384.1 1954—Feb. 28.. 1, 635.6 208.4 133.9 97.0 42.5 110.8 215.6 118.7 3.8 74.2 7.8 22.0 129.4 8.8 2.3 6.3 '454.0 Mar. 31 < . 1, 638.4 217.4 142.1 102.4 44.7 112.4 215.4 122.0 2.4 76.1 7.9 21.9 119,2 9.4 1.8 5.8 '437.4 Apr. 305. 689.0 227.6 121.2 102.0 39.1 109.3 226.9 130.1 2.8 77.0 7.8 20.5 121.0 9.2 2.5 4.8 '487.3 Mav 3\ 1 \750.2 234 3 122.9 92 ^ 41 6 116.0 250.4 130.6 2.2 83.5 7.8 22.1 120.4 7.9 2.2 6.2 '509.6 June 30. . 1, 701.3 238! 5 111.6 92.7 42.4 114.0 272.3 131.2 2.2 86.3 7.9 26.2 123.1 7.4 3.1 5.9 '436.5 Julv 31.. 1, 722.7 260.5 118.0 80.7 42.4 112.1 305.7 127.2 2.2 88.5 7.9 37.5 157.0 6.4 2.8 6.8 '367.1 Aug. 31 .. 1, 676.7 275'.6 99.3 79.5 41.0 104.5 252.9 129.1 1.7 83.8 7.9 46.0 173.6 6.2 3.0 6.4 '366.1 Sept. 30. . rl 673.3 281.9 104.0 76.4 37.7 94.3 247.6 132.3 1.8 83.5 7.9 58.3 180.5 6.4 2.1 6.9 '351.7 Oct. 31 i! 690 1 28; A 104 6 68.8 40 6 93 8 248 7 125.8 1 .9 85.0 8.1 66.1 179.4 8.2 2.0 6.8 '366.7 Nov. 30. . i, 673.7 272! 4 103! 2 69.2 39.8 110.2 241.4 115.8 2.2 88.9 8.0 70.9 159.0 8.1 5.2 9.0 '370.3 Dec. 3W. i, 642.5 273.2 99.8 71.1 41.3 112.7 249.3 103.4 2.1 91.3 7.8 71.3 141.0 8.2 2.0 8.6 '359.5 1955—fan. 31 P. 673.1 272.8 98.1 76.2 39.7 129.2 254.3 8S5.8 2.0 92.6 8.0 78.4 130.5 9.5 1.8 9.4 '381 .9 Feb. 28P. r,629.0 21 i.6 93.0 70.3 41.6 134.2 221 .2 66:2 1.7 98.1 S.O 84.7 129.7 9.2 1 .7 9.8 382.9 Table lb.—Latin America Neth- Do- er- Pan- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l W I a a n n n d e d d i s e s t s a p R r u o e b a - - , Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a m t c h t a e i 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 15S.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 ,8668 170 4 27.1 110 1 60 5 160.6 362.2 49.2 53.1 167.1 52,4 92.8 73.0 47.2 102.3 188.7 150! 2 Apr. 30 « 1,998 6 175 4 26.5 100.7 56 4 170.5 376.0 52.7 53.5 233.5 52.8 94.3 68.9 50.2 104.9 241.0 141.1 May 31. 1,993 9 173 8 28.5 92 6 55 8 190.5 377.1 53.4 54.1 203.5 49.1 88.3 67.2 44.9 105.2 269.8 140 3 June 30. 1,954 3 176.7 31.4 96 1 61 2 230.6 346.5 55.8 48.0 201.3 51.5 87.2 66.6 41.6 107.7 218.0 134 0 July 31. 2,036 7 181 8 28.0 167 4 73 9 236.2 328.8 61.1 44.9 210.0 50.9 91.6 66.6 36.3 112.8 207.7 138.7 Aug. 31. ,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. 30. ,848 1 175 3 32.3 160 3 73 2 168.6 243.7 58.2 31.5 265.5 46.9 75.6 79.6 20.4 91 .7 202.2 123.2 Dec. 31P ,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 Feb. 28P 1,806 2 144 2 27.2 104 8 65 1 138.7 228.1 65.4 42.6 357.7 44.4 75.1 79.0 46.6 83.1 176.8 127.5 "Preliminary. 'Revised. For footnotes see following page. 434 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 TILE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 1c.—Asia and All Other i For- Ko- Egypt Date .•••\ssia C M m a h n o a i d s n in a a - H Ko o n n g g India n I e n s d i o a - Iran IsraelJapan p r R l u e i e b a c - - , ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a C g B o i e n a l n g - o A E t a n g i n a g y d n l p o - - A S U f o r o n u ic i f t o a h n Other land of« Sudan 1951 Dec 31 1,595.5 87.4 62 A 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 ~T>c 31 1,836 5 76 4 70 <?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 4953 Dec. 31, 1. .895.5 73 6 68.0 99 0 39.3 43 6 18.0827.9 91.5 29.5.5 167.9 171.2 326.1 59.2 89.6 43 3 38 2 95 7 1954- Feb. 28 r,892.0 79.2 65.8 .120.2 74.6 40.5 20.0 737,7 95.5 313.0 157.5 188,0 330.8 53.4 87.7 45.9 44.8 99.0 Mar. 314 t.,801.7 79.6 65.3 82.2 68,3 47.7 33/7675.8 102.8 309.9 155.1 181.2 330.9 49.6 83.3 49.7 43.9 104.3 Apr. 30* 1,762 1 79 0 66.3 85 1 65 2 45 4 31.0639.7 203 7 317.7 144 6 184 3 319 v 49 5 31 .1 51 8 32 8 104.8 May 31. 1,711.0| 76.7 66.8 86,7 63.8 39.4 27.4 616.9 104.7 303.1 139.3 186.3 308.7 49! 6 74.1 51.3 34.2 99.5 June 30. .,682.5 75.8 65.1 91.3 59,2 34.0 28.9615.4 i05.9 298.9 130.1 177.8 298.5 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 25.1616.0 101 .2 308.2 127.1 207.6 285.6 42.8 51.3 51.5 38.6 101.3 AUIJ. 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 Seut. 30. L,764.1 69.6 64.3 73.4 87.3 26.1 33.1 668.5 94.9 308.5 125.0 213.3 262.9 35.4 44.2 45.1 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. 1,811 .8 71.3 64.6 82.1 100.6 28.2 26.0 712.6 88.7 276.8 124.2 236.6 264.9 37.3 44.4 47.6 38.1 97.5 Dec. 3 1P ]L,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—Tan. 31* 1,842.1 69.2 60.8 95.0 109.3 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 Feb. 28P ,860.8 70.3 60.1 101 .5110.5 47.0 40.4 700. .1100.2 263.2 133.1 234.4 284.6 58.6 42.7 52.0 36.2 95.1 Table Id.—Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1951 1952 1953 1954 1951 1952 1953 1954 Other Europe: Other Asia: Albania I .2 Afghanistan 10.6 4.0 2.7 n.a. Azores .3 n.a. British dependencies 21.0 25.5 19.8 21 .1 British dependencies. .6 .6 Burma 9.5 16.9 23.0 29.7 Bulgaria. .6 .6 Ceylon 19.2 13.9 .17.1 n.a. Czechoslovakia 1.3 Iraq 12.9 14.1 13.8 10.0 Eastern Germany. . . n.a. n.a. 1 .2 Jordan .5 .6 .9 .8 Estonia l.l 1.9 1 9 n.a. Lebanon 15.3 19.3 23.9 16.5 Hungary. 1.0 1.0 1.0 1 .0 Pakistan 13.1 14.4 9.7 3.8 Iceland 3.5 3 7 7.5 8.9 Palestine .1 .1 .1 Ireland, Republic of. 15.9 12.6 14.1 n.a. Portuguese dependencies . 2,1 2.8 5.3 1.8 Latvia 1.3 1.3 1.3 1 .3 Saudi Arabia 13.2 15.9 18.5 61 .5 Lithuania .6 .6 .4 .2 Svria S 4 11.4 20.5 21 .5 Luxembourg 11.8 5.0 4.0 4.5 Viet-Xam rr. a. n.a. n.a. 8.1 Monaco 3.2 3.0 5.3 Trieste 5.5 4.1 2.5 2.2 All other: British dependencies 1 .6 1 .4 Other Latin America: Ethiopia and Eritrea 3.5 9.1 n.a. British dependencies 24.6 14.6 13.0 19.0 French dependencies 27.0 22.3 16.8 Costa Rica 8 7 13.4 15.3 Italian Sornaliland. , 1.1 .3 n.a. Ecuador 11,4 17,7 21 .2 Liberia 10.3 11.8 5.6 French West Indies and French Libya .5 2.3 3.0 n.a. Guiana 2.2 .6 .4 New Zealand 5.2 3.5 2.1 2.3 Haiti 10,3 11.6 9.3 14.1 Portuguese dependencies 4.3 6.3 5.0 n.a. Honduras 17.2 15.4 18.7 n.a. Spanish dependencies .2 .2 .2 Nicaragua 8.3 13,4 16 0 10.3 Tangier 21.5 26.7 36.1 35.7 Paraguay 5.4 5,0 6 0 3.6 PPreliminary n a. Not available. 1 "Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in not more than one year trorn 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." _ 3Represents 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^ •Through 1952, reported by banks in the Second (New York) federal Reserve District only. 7These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount in the "other" categories. NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, 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. APRIL 1955 435 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 CLATMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1 [Amounts outstanding, in millions of dollars] Ger- Date Total France R m e F p a e . n d y o . , f Italy S l w a e n r i - t d z- U K d n i o i n m t g ed - E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia ot A h l e l r 1951—Dec. 31.. 968.4 10.1 28.3 10.3 11.2 35.0 ••88.5 183.4 92.0 489.3 161.8 41.9 1952—Dec. 31.. 1,048.7 31.9 26.8 17.8 7.1 30.3 ••98.2 212.2 62.3 662.0 89.8 22.4 1953—Dec. 31.. 904.5 10.6 30.5 18.8 17.9 70.5 ••87.5 235.9 56.4 472.7 114.8 24.9 1954—Jan. 31.. 923.8 7.4 40.1 16.7 18.1 66.9 »-98.4 247.6 51.7 473.3 125.5 25.7 Feb. 28.. 901.5 7.1 43.6 17.5 16.1 59.9 '•97.0 241.2 59.2 450.4 126.7 24.0 Mar. 312. 867.1 9.6 53.4 13.7 12.8 59.5 '94.5 243.5 60.0 426.4 111.4 25.8 Apr. 30.. 879.9 9.2 58.9 14.4 12.5 87.0 '•87 2 269.2 47.5 433.3 101.9 27.9 May 31.. 915.4 8.9 57.0 14.4 10.7 79.7 '101 1 271.7 52.6 447.9 114.6 28.6 June 30.. 971.1 10.2 53.7 15.3 12.1 77.0 7 258.0 65.2 499.3 113.3 35.3 July 31.. 1,109.6 9.5 52.5 16.7 14.6 85.1 ••85 2 263.6 66.4 625.8 117.5 36.2 Aug. 31 . . 1,108.6 7.5 51.9 13.4 16.1 94.4 _ 4 270.7 65.6 613.9 125.7 32.8 Sept. 30.. 1,187.4 14.1 48.4 12.9 17.4 128.7 309.2 70.9 646.5 125.6 35.2 Oct. 31.. 1,291.6 7.1 47.3 15.8 16.4 126.2 "107! 5 320.4 68.0 741.3 128.1 33.9 Nov. 30.. 1,316 10.3 56.1 19.3 12.6 128.2 -114.4 340.7 66.2 751.2 125.9 32.5 Dec. 31 P. 1,385.0 14.2 67.8 19.7 16.2 169.3 '108.7 395.9 75.6 733.2 143.3 37.0 1955— Jan. 31 P. 1,380.1 17.2 65.8 20.2 18.5 145.9 139.0 i 406.6 103.6 677.8 152.3 39.8 Table 2a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u av g i o a - o A th l e l r 1951—Dec. 31 '•88.5 (3) 39.6 4.8 3.1 .2 5.0 1.5 .8 18.8 5.4 .6 3.9 4.0 1952—Dec 31 '98.2 .8 16.2 2.1 5.6 2 4.4 L.9 .5 11.2 2.5 38.8 8.6 5.4 1953—Dec. 31 '•87.5 .8 13.0 6.2 1.9 1L.3 8.6 ..0 .6 24.3 2.7 15.7 4.8 6.8 1954—Jan. 31 '98.4 .2 13.4 6.0 1.5 L.4 6.2 L.2 .4 24.4 2.1 29.2 4,5 7.9 Feb. 28 '•97.0 .2 14.3 4.1 1.3 L.4 9.4 L.6 .5 19.8 1.7 31.0 5.4 6.2 Mar. 312 "•94.5 .2 13.2 2.9 1.3 i.5 13.1 1.3 .4 12.2 1.4 35.4 5.9 5.6 Apr. 30 '87.2 .2 14.9 4.3 1.6 1.0 7.9 L.4 .6 10.6 2.2 29.8 5.2 6.6 May 31 M01 .1 .1 15.2 3.5 1.6 L.9 8.8 L,3 .6 5.7 1.9 49.2 5.1 6.1 June 30 '•89.7 .2 14.8 4.1 1.9 1.8 11 .9 1.3 .6 3.5 2.4 35.9 5.3 6.2 July 31 '85.2 .1 15.3 4.2 1.8 1.6 9.3 L.5 .7 2.1 2.7 32.7 5.7 6.5 Aug. 31 r<87.4 .2 14.7 3.5 1.4 1.6 9.4 L.4 .5 3.5 2.6 37.0 4.2 6.3 Sept. 30 '•87.7 .2 16.0 4.8 2.0 5.6 10.9 L.7 .5 4.0 2.4 33.3 3.0 5.3 Oct. 31 '•107.5 .2 14.2 6.0 2.3 5.6 11.2 .4 .7 4.0 2.8 55.0 .6 5.6 Nov. 30 '•11-1.4 .3 17.0 7.5 2.1 5.4 14.6 :L.7 .6 5.5 3.0 52.4 1 .0 5.3 Dec. 3li» '•108.7 !1 .4 19.6 9.7 2.5 5.3 15.9 2.1 .5 4.0 4.1 40.7 4.6 1955—Jan. 31 P 139.0 ! 19.3 9.1 2.2 i1.9 18.3 1.3 .6 3.1 4 2 66.-1 2.8 5.1 ! 7 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 u li i a o e b c n n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e i r d d - e s i s - s t l a P p i R m c u a e b n a - o - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a t m c h t a i e e n r r nam 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—Jan. 31.. 473.3 7.3 9.2 121.9 20.9 53.1 60.0 2.0 3.4 98.1 2.6 5.7 18.8 8.9 2.8 40.8 17.8 Feb. 28.. 450.4 7.2 8.7 116.7 20.1 50.6 62.2 1.8 3.4 87.2 1.8 6.2 17.2 7.4 3.3 38.8 17.8 Mar. 312. 426.4 5.4 1.9 117.3 19.9 47.8 58.4 1.6 2.6 85.3 1.1 7.1 14.7 5.5 2 1 38.9 16.9 Apr. 30. . 433.3 6.2 1.7 117.4 19.6 54.4 55.2 2.2 3.2 77.3 1.5 7.4 16.4 5.0 2.7 45.7 17.3 May 31.. 447.9 5.6 2.3 129.1 18.5 59.1 55.9 2.4 3.0 76.6 1.8 6.2 15.2 4.1 3.2 47.7 17.1 June 30.. 499.3 5.7 2.0 167.4 12.2 66.4 59.2 2.5 2.9 81.7 2.5 7.7 16.0 4.6 4.4 46.4 17.6 July 31.. 625.8 5.8 2.9 276.6 21.0 64.6 56.9 2.4 3.0 85.5 2.1 8.5 15.7 5.4 3.9 51.6 20.1 Aug. 31.. 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. 30. . 751.2 5.8 2.2 322.6 11.8 91.8 63.1 2.5 4.9 114.7 1.3 12.0 14.6 12.7 5.8 61.4 23.8 Dec. 31 P. 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 1955—Jan. 31 P. 677.8 5.8 2.1 252.5 15.3 97.0 52.7 3.6 3.8 111.4 1.9 12.8 15.2 8.6 6.7 62.9 25.5 ^Preliminary. r Revised. i"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 481 million dollars on Jan. 3\, 1955. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S, citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 2 Beginning Mar. 31, 1954. banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 9.6 million dollars of such claims on that date. 3Less than $50,000. 436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2c—Asia and All Other For- Egypt Date Asia M m C a h n o a i d s i n n a a - H K o o n n g g India I n n e d s o ia - Iran Israel Japan K l p i R o c u r e b e o - - a f , 1 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 H er t x r \ a u l s ia - C g B o i n e a g l n - o A E t a n i g n a g y d n l p o - - A S U f o r n o u i f i c t o a h n Other land Sudan 1951—Dec. 31. 161.8 io.i 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. 3! , , 89 8 10.1 1.2 4.3 .9 10.2 15.1 12 5 7 6 3.3 24.6 22.4! 10,1 6.0 .5 2.0 3.8 1953—Dec. 3J 114.8 8 1 3 I 3.7 .8 13.8 22.9 25.6 5.8 6 1 24.7 24.9 8.0 6.3 .5 2.4 7.8 1954—Jan. 31.. 125.5 8.1 2.3 2.9 1.0 14.7 32.7 28.5 6.0 5.5 23.9 25.7 6.9 6.5 .7 4.7 6.8 Feb. 28.. 126.7 8.1 2,2 3.2 ,9 14.7 27.6 31.7 .. 8.0 5.2 25.0 24. C 7.2 6.5 .5 5.1 4.6 Mar. 312. 111.4 8.4 2.2 4.5 .7 14.3 22.1 32.8 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 IS.?. 16.2 30.6 (3) 6.4 4.9 13.0 27.9 8.7 6.4 .3 5.5 7.0 May 31 .. 114.6 8.2 3.4 5.1 1.4 15.3 8.8 36.7 ,1 10.5 5.7 19.5 28.6 7.7 7.1 .5 5.8 7.6 June 30. . 113.3 8.1 3,1 3.5 .6 16.0 8.0 38.6 .2 8.7 6.2 20.1 35.2 10.2 7.8 .3 5.9 11.1 July 31.. 117.5 8.1 3.6 4.2 .6 17.5 8.4 33.3 .2 9.7 5.6 26.3 36.2 12.1 7.9 .2 5.3 10.7 Aug. 31. . 125.7 8.2 2.8 3.9 .4 20.3 9.3 30.9 .5 12.0 6.2 31.3 32 .8 10.1 7.5 A 5.2 9.5 Sent. 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. 3t.. 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. . 125.9 8.1 3.3 4.4 .8 16.7 9.4 29.9 .3 10.7 7.1 35.3 32.5 10.4 6.6 .4 5.8 9.4 Dec. 31 P. 143.3 8.1 3.4 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 1955 -Jan. 31 P.152.3 8A 3.1 3.6 .9 18.2 10.8 48.1 .4 9.6 13.5 35.9 39.8 6.2 1 .1 7.5 11.7 I "•' 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 4 302 3 850 3 837.7 12.6 495 3 677.4 — 182 1 293 9 329.6 —35 8 1953 646.0 728.0 -82.0 801.9 731.4 70.5 542.5 621.5 -79.0 310.1 303.4 6.8 1954?' 797.5 797.8 -2 1,405.2 1,265.8 139.4 797.6 847.3 -49.8 395.1 642.0 -246.9 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 S5 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 Tuly ... 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 115.1 101 .8 13.3 169.1 130.7 38.5 48.2 46.3 1.9 37.4 61 .5 -24.1 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 1955—JanuarvP 123.4 81.1 42.3 177.2 149.6 27.6 75.3 64.5 11.3 41 .5 65.2 -23.7 TABLE 4.--NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( —). In millions of dollars] Ger- Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u e t i n a g s l - n France F R m l e e i d c a p n e u o r y b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1951 . . .. —15.9 —568.4 6,0 (3) 1.9 45.9 21.4 r-66.0 9.2 -595.5 13.9 4.8 — .7 1952 14.7 300.2 5.5 .2 .5 50.7 70.4 r—15.9 111.4 191.6 4.7 -9.5 1.9 1953 22.7 —34.3 —41.7 .2 -.5 57.1 71.3 '•-24.0 62.4 -120.6 24.9 (3) — .9 1954P 77.7 61.4 17.0 -.1 -.6 64.9 69.8 '•-21.1 129.8 -187.2 112.1 3.5 3.2 1954—Jan .9 -8.1 -7.1 (3) (s) 1.1 9.0 r-1.0 2.1 -6.8 -3.3 .3 Feb.... .7 -21.8 -16.2 (a) -.1 .1 6.1 r-.9 -11.1 -6.7 -2.9 —!i -1.0 Mar.... .5 34.5 21.4 -.4 2.3 9.2 '•-2.1 30.2 -.3 3.2 (3) 1.4 Apr.... .6 50.1 36.1 (3)' .1 10.5 5.0 r-2.0 49.7 -5.2 3.3 .8 1.4 May... 21.8 -8.6 2.2 (3) -.4 5.4 3.4 r.2 10.8 -34.3 14.8 -.2 .4 June... .5 28.1 1.5 (3) .2 -.2 3.5 r-A 4.6 -8.7 31.2 .4 .7 July.. . -4.4 46.2 3.0 (3) (3) 24.8 5.7 r-.6 32.8 -3.5 15.8 1.1 .1 Aug 41.2 13.8 .1 (3) .6 .5 6.5 '•-2.4 5.2 -1.7 10.5 -.3 .1 Sept... . 2.0 14.6 .2 -.1 .1 1.2 .7 '5.3 7.3 -4.5 11.2 .5 .1 Oct.. . . 25.6 2.2 .9 (3) -1.2 4.5 5.9 '•-1.7 8.6 -5.2 .1 .1 -1.4 Nov.... -.6 52.3 3.0 .3 13.0 8.0 '•-6.7 17.6 -2.3 36.3 .1 .6 Dec.*.. -11.2 -141.9 -27.9 (3)' .2 1.7 6.8 '-8.7 -28.0 -108.0 -8.0 1.4 .6 1955—Jan.P. . 2.0 67.9 2.4 (») .5 20.1 17.9 3.2 44.0 -5.3 29.1 .3 -.2 P Preliminary. r Re vised. !Not reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. 3Less than $50,000. 4Includes transactions of international institutions. APRIL 1955 437 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] Year or na In ti t o e n r- al fo T r o e t ig al n Total Can- A La m ti e n r- * • All Assets in custody month insti- coun Europe ada ASla. other Date Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous 1951 -152 7 —2243 28.5 —258.fi 33 8 -36 .0 7.9 1952 -118.1 —99 8 19 9 — 141 0 25 3 — 10!o 6 0 423 2,586 106 1953 -61.2 -11 0 96.3 -137. 8 34.6 -29 .9 25! 8 1954P. — 163.9— 132 8 .1 — 141.2 37.2 —34 9 5.2 1954—Mar 31 494 2,784 92 Apr. 30... 471 2,840 96 1954—Jan.... -100.6 -74 0 8.9 -95. 3 5 6 -2.6 9.4 May 31 527 2,969 93 Feb. .. 10.5 6 7 10.7 8.0 1 -4 .8 -7.4 June 30 545 2,900 87 Mar... .1 -44 8 8.3 -53. 2 1 3 -2 .2 1.0 July 31 533 3,033 85 Apr.... .7 -41 6 -5.9 ••-35.9 1 7 —2.5 .9 Aug 31 477 2,989 82 May. . -4.7 -18 8 -18.6 -.9 3 9 -3 .6 .4 Sept.30 461 3,013 101 June.. _ fj -40 3 -9.9 -29.3 2 4 -3 .9 .3 Oct. 31 426 3,050 99 July... —i!i 4 7 .2 2 3 1 4 -2 .6 8.0 Nov.30 397 3,002 104 Aus. • . -6.0 -24 7 -.7 -2s! 2 1 8 -1 .4 4.0 Dec. 31 490 2,908 105 Sept... -54.6 91 6 25.9 52.9 8 6 1.9 2.3 Oct.... -2.9 39.3 -4.1 38.8 7 7 -2 .8 -.2 1955—Jan. 31 . 44.1 3,000 117 Nov.. . -1.9 -20 3 -11 .4 6 3 -6 .4 -1.6 Feb. 28 320 2,966 128 Dec.?.. -2.6 — 10.4 -3.2 4.'8 3 1 -3 .3 -11.8 Mar 31 351 3,062 131 1955—Jan. P.. -2.6 __<) 9 -24.7 7.6 3 4 ~ .3 9.2 1955—Mar 2 329 2,979 127 Mar 9 392 2,971 130 Mar 16 336 3,052 132 P Preliminary. Mar 23 . 351 3,057 131 Mar 30 356 3,068 131 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 441, 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. 3Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month U o .S ut . s S i . d R e .1 r m e T o p o n o t t r a h te l ly d A So fr u ic th a d R e h s o i - a A W fr e i s c t a2 C Be o l n g g ia o n 2 U St n a i t t e ed s3 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 4 Au l s ia tra- India2 'i - is ni grainsof gold ?1o fine: i.e., an ounee of fine gold = JjJ5. 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 IS.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. J 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 19 S3 8.S7 5 776 5 417 0 17 5 25 4 13 0 69 0 142.4 16.9 15.3 4.6 9 1 37 7 7 8 1954 462.4 27.6 13.0 65.4 152.8 13.2 8.2 7.7 1954—Tanuary. 63.4 35.7 1.5 2.1 1.5 5.1 10.3 1,0 1.4 .4 .7 2.9 .6 F M e a b r r c u h ary.. 6 6 1 8 .7 8 3 37 4 .5 5 1 1 . . 5 5 2 2 . . 2 2 i.l 2 5 4 . . 4 9 1 1 0 2 . . 9 9 1. . 6 9 1 1 . . 2 1 . . 4 3 . . 7 7 3 3. . 5 0 . . 7 6 April 66.0 37.0 i 6 2.2 .1 4.9 12.5 .8 .9 .3 .7 3.2 .7 May 68 9 38.3 S 6 2 3 0 5.0 13.4 1.3 1.0 .5 .7 3.3 .6 Tune 70.0 38.3 1 7 1.3 0 6.1 13.2 1.2 1.2 .3 .7 3.3 .7 Tuly .. . 71.1 39.4 1.6 2 3 0 6.1 13.3 1.0 1.0 .4 .8 3.4 .7 Ai'pust 71 4 39 8 1 .6 2 4 5.8 12.9 1.4 1.2 .3 .7 3.2 7 September 30.9 1.5 2,4 1 5.1 13.1 1.1 .4 .7 3.4 .6 October 40 5 1 7 2 3 9 5 6 13.3 1.1 6 6 November 40 7 2 3 .9 5.6 13.5 1.2 .6 6 December 40 8 2 3 9 5 8 13 5 8 7 6 1955—January... 40.7 2.2 1.5 5.0 12.8 .6 .5 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. •'Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. 4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. 438 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. 31 P 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) * 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 West Indies and Surinam) 559 524 815 905 953 1,022 1,055 1,064 1,125 1 118 1,118 Norway 94 150 160 171 164 169 171 169 178 177 148 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 Switzerland 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 IS 7 157 153 151 ISO 152 Other2 920 758 1,062 1,134 1,198 1,299 1,421 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: 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 10S 105 104 103 India 303 309 312 323 334 340 346 329 338 320 334 Union of South Africa 241 197 194 207 212 214 214 221 225 234 232 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 J03 117 112 Cuba 530 575 515 527 579 587 531 548 532 477 428 415 366 375 393 339 325 341 329 258 315 391 311 306 301 309 311 311 337 329 335 329 317 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 256 325 360 401 363 374 401 451 444 465 520 Total 1,870 2,185 2,367 2,498 2,413 2,424 2,309 2,196 2,054 2,154 2,230 Eastern Europe ® 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 25,1)11 3,090 3,171 3,287 3,249 3,272 3S212 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 28,571 ^Preliminary. 1 Includes gold reserves of Bank of France and French dependencies only. 2Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. s Excludes gold reserves of the U. S. S. R. 4Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other iaternational 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. APRIL 1955 439 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 to U t . a ( S l e . x S w c . l R o . r . l ) d i Treasury Total2 A t r i g n e a n- g B iu el m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- 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 Apr 21,969 22,083 788 8 321 1,030 42 186 31 23 21,973 22,039 779 5 321 1,034 42 186 31 23 June... 37,100 21.927 22,027 765 5 321 1,042 42 186 31 23 July 21,908 21,960 765 5 322 1.050 42 186 31 23 Aug. 21,809 21.897 756 5 322 1.052 42 186 31 23 Sept 37,200 21,810 21,863 760 5 322 1 .059 42 186 31 23 Oct . 21 .759 21.827 760 5 322 1 065 42 186 31 23 Nov.. . . 21.710 21,791 767 3 322 1 .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 43 186 31 Fob. 21,716 2!,788 797 322 .1 ,086 43 31 Ger- E m n o d n t o h f Egypt France3 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - Pa ta k n is- Peru of 1949—Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 20S 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 62 706 45 38 34 Dec 174 576 626 27 247 138 62 796 45 38 35 1955—Tan 174 576 74-7 138 796 45 38 Feb 174 576 700 138 796 i 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 n i 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 i o o r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1949—Dec 178 17 128 85 70 1 ,504 118 154 41.688 178 373 I .451 68 1950—Dec 192 23 197 61 90 1,470 118 150 43.300 236 373 1,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 42,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 41,846 207 373 t,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 ,702 190 Mar 386 29 177 54 218 1,469 113 144 42.685 227 373 ,703 199 Apr 391 29 180 54 218 1,471 113 144 42,820 227 373 ,719 197 May.... 393 29 180 55 218 1,450 113 144 42,985 227 373 1,727 186 June 393 29 187 56 219 1,469 113 144 43,017 227 403 ,727 182 July.... 403 29 188 56 219 1,485 113 144 43,013 227 403 1,733 186 Aug 410 29 193 56 219 1,490 113 144 42,918 227 403 L, 734 193 Sept 416 29 195 56 219 1,503 113 144 42,901 227 403 ,734 195 Oct 422 29 199 56 224 1,513 144 42,936 227 403 1,734 193 Nov.. . . 427 29 194 56 246 1,513 144 42,925 227 403 ,736 193 Dec... 429 29 199 56 265 1,513 144 42,762 227 403 L,740 196 1955—Jan 431 29 195 56 265 1.512 144 42,763 403 1,744 198 Fob 29 56 265 *1,501 144 4 2 681 403 209 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." ^Represents 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. 440 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES (Negative figures indicate net sales by the United States) [In millions of dollars at $35 per fine troy ounce] Y qu e a a r r t o er r Total K U in n g i d te o d m Bel- France R m F G e a p e e n . d r y - . o , f N la e e n r t d - h s - Po g r a t l u- S d w e e n - S l w a e n r i - t d z- E O ur th o e p r e1 Canada A t r i g n e a n- Cuba Mexico 1945 -452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 -.2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2—159.9 3.4 -49.9 -10.0 -16.1 1950 -1,725.2 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.0 "100.0 28.2 -118.2 1951 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -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 -20.6 -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 "-1.2 -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 Juiy-Sept. -306.6 -120.0 -12.4 -40.0 -40.6 -15.0 -10'. 6 -15.0 -42.8 -10.0 Oct.-Dec. -130.3 -32.6 -50.0 -15.0 -5.0 -15.3 1954 Jan.-Mar. -63.0 -40.0 -20.0 -2.4 Apr.-June -19.6 -50.0 -15.6 -5.0 -1.1 80.3 July-Sept. -171.8 -140.0 -20.0 -8.0 -2.5 Oct.-Dec. -72.3 -30.0 -10.0 -15.0 -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 stock at Ear- Y Q e u a a r r t o e r r g U u r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d a y s o - f p T e o ri t o a d l i I i n n s g c to r o to e l c d a t k a s l e g p e o o x N ld r p t e o i t o m rt r -g m o c c o l r r a d r e e r : a a i k n s s d e e e - d e- D p ti r c o t o i m o d g n u o e l c s d - - (-) 1 19 9 4 4 6 5 -3 -4 7 . . 9 9 -7 -9 3 . . 2 1 -2 2 7 5 . . 8 0 3-18 1 8 3 . . 3 7 bi.3 2 3 2 . . 7 9 1943 21.938 21,981 -757.9 68.9 -803.6 48.3 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1948 10.7 —108.0 13.4 —4.1 498.6 6.9 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1949 -14.4 -50.0 -7.5 -52.1 195.7 -1.6 1946 20,529 20,706 623.1 311.5 465.4 51.2 1950 —64 8 -17.2 —35.4 13.1 4-47.2 1947 22,754 22,868 22,162.1 1,866.3 210.0 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 — IS 0 —3 8 —6 1 —9 9 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 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 69.0 1954 21,713 21,793 -297.2 16.6 -325.2 65.4 Jan.-Mar 10.0 -17.6 -3.2 4.3 Anr -Tune -7.4 -2.4 7.2 1954—Mar. . 21,965 22,035 -1.5 5.4 -2,0 5.4 Tulv-Sent —2 0 .4 — .1 Apr... 21,969 22,083 47.9 2.4 37.5 4.9 Oct.-Dec 4.8 2.0 -1.8 -1.9 May.. 21,973 22,039 -44.1 1.2 -48.4 5.0 June.. 21,927 22,027 — 11.6 3.3 -16.9 6.1 1953 July. . 21,908 21,960 -66.5 1.5 -72.7 6.1 Aug... 21,809 21,897 —63.6 1.7 -65.4 5.8 Jan.-Mar -10.0 -3.6 -1.1 Sept... 21,810 21,863 -33.6 1.1 -34.6 5.1 -5.0 — 1.2 Oct.... 21,759 2t,827 -36.7 1.6 -34.6 5.6 Tulv-Seot — .1 — 1.4 Nov... 21,710 21,791 -35.9 1.5 -36.7 5.6 Oct -Dec — .1 —2.4 -9.9 Dec.. . 21,713 21,793 2.6 .7 1.8 5.8 1954 1955—Tan. . 21,714 21,786 -7.3 2.2 -9.7 5.0 Jan.-Mar -5.0 -30! 6 1 2 3 . . 0 2 -8.9 F M e a b r . . . . . . i> 21 2 1 . 7 , 1 7 6 19"2 2 1 1 . , . 7 7 8 6 8 3 P-24 1 . . 8 6 ( 3 ') .2 4 -2 - 7 . . 8 7 4 (3 . ) 8 Tulv-Sent. -1 2 Oct -Dec. 1 .9 -.1 -.4 ^Preliminary. xSee 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. 3Includes sales of 185.3 million dollars of gold to China. 4Gold 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 6,847.1. million dollars on Mar. 31, 1955. Gold 5Includes 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. APRIL 1955 441 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 1955 1954 International Bank Monetary Fund Dec. Sept. June Mar. Dec. Jan. Oct. July Apr. Jan Dollar deposits and U. S. securities 466 478 415 468 427 Gold 1,744 1,734 1,733 1,719 1,702 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 1,567 1,574 1,472 1,408 1,386 Other assets3 37 33 31 33 25 Other 4,734 4,738 4,746 4,824 4,847 IBRD bonds outstanding 849 850 777 742 653 Unpaid member subscriptions... 798 798 892 889 796 Undisbursed loans 420 336 380 357 401 Member subscriptions 58,853 8,853 8,853 8,849 8,739 Other liabilities 11 9 10 7 7 Accumulated net income -10 -9 -9 -8 Reserves 165 154 146 137 129 Capital3 1,806 1,831 1,830 1,808 1,808 Cumulative net drawings Sub- on the Fundio Loans as of February 28, 1955 scrip- Country » Quota p ti a o i n d 1955 1954 Country4 Outstanding go in ld Prin- Dis- Undis- Re- Jan. Dec. Nov. Jan. cipal bursed bursed paid Sold Total oth to ers5 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 6 1 5 4 . . 5 0 6 2 5 0 . . 5 0 3 65 8 . . 5 0 Colombia 50 12.5 25.0 25.0 A F C F I C D B B n r i h o e r u e d n a a l i l n s i l n g l o z a t a e m i c i r m . n u l a e a d m l b r i i a k a 2 2 1 1 1 3 4 3 5 7 0 1 0 9 8 0 7 7 4 4 6 6 4 . . . . . . . 1 . . 0 5 3 7 0 3 0 1 2 1 1 4 3 5 4 8 5 1 3 8 6 7 0 3 3 6 0 8 3 . . . . . . . 1 . . 2 0 7 8 5 0 3 3 6 2 5 1 1 0 6 4 0 0 7 9 9 . . . . . . . . 6 9 0 1 5 7 3 5 1 3 5 2 4 6 4 1 1 . . . . . . . . 2 9 8 6 8 1 5 5 2 1 J 3 4 3 2 3 8 4 8 1 8 2 9 8 3 5 5 4 3 . . . . . . . . . 5 0 2 0 7 2 1 0 3 " 1 8 4 5 7 i . 8 . 3 3 . . . . . 0 7 4 4 5 J U T D F M G I In n a 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 e n n c e c d a e e y o a n s r S i y k a tates 2,7 2 3 4 5 1 5 9 5 4 3 0 2 6 1 0 0 0 3 0 0 5 8 0 6 1 2 3 6 8 2 1 1 0 5 2 2 3 7 7 5 0 8 . . . . . . . . . 5 5 9 5 0 5 5 8 1 - - 4 1 4 6 6 2 2 5 1 1 0 9 1 2 2 0 3 5 0 5 . . . . . . . . . 5 6 5 4 0 3 0 2 0 - - 4 1 4 6 2 2 5 6 1 0 1 9 4 2 4 2 3 5 0 5 . . . . . . . . . 5 5 4 0 4 3 0 2 0 - - 4 1 4 4 2 2 5 6 0 1 1 9 5 2 7 3 2 5 5 0 . . . . . . . . . 5 5 3 0 0 4 8 2 0 -6 1 1 - 4 6 2 0 2 1 4 2 0 5 8 0 7 . . . . . . . 4 4 1 0 0 0 2 Japan 40.2 18.0 22.2 .18.0 6.1 Mexico 141.3 80.6 60. 76.8 2.6 1 Currencies include demand obligations held in lieu of deposits. Netherlands 221.5 221 .5 131 .0 90.4 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 26.2 18.3 2.3 23.9 2.1 agreed to be sold to others, and exchange adjustment. Thailand . 25.4 23.1 2.3 .5 22.6 3Excludes uncalled portions of capital subscriptions. Turkey 61.0 29.9 31 .2 .2 29.7 <J Loans to dependencies are included with member. Union of S. Africa. 110.0 104.3 5.7 1.3 103.1 8.6 6Includes also effective loans agreed to be sold but not; yet disbursed. United Kingdom... 42.0 38.8 3.2 38.8 6.0 6Includes 33 million dollars in loans not yet effective. Urugiray 33.0 30.8 2.2 29.9 .5 7Includes 67 million dollars not guaranteed by the Bank. Yugoslavia 60.7 52.9 7.8 2 7 50.2 8Includes 125 million dollars subscription of withdrawing member Other 141.9 77.0 64.9 3 0 74.0 (C 9 z I e n c c h l o u s d l e o s v a c k o i u a) n . tries having cumulative net drawings of 10 million Total 02,014.5,1,577.3 437.21.86.0 1,391.3 788.2 dollars (+ or —) on the latest date. 1 ° Represents 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 department department Liabilities of banking department Bank of England Note (Fi p gu o r u e n s d s in s m ter il l l i i n o g n ) s of Other Notes co D u is n - ts Securi- ci t r i c o u n l * a- Deposits l O ia t b h i e li r assets2 c oi- o ir" in and ad- ties ties and vances Bankers' Public ECA Other capital 1945—Dec 26 ,2 1,400.0 20.7 8.4 327.0 1.379.9 274.5 5.3 58.5 17.8 194.6- -Dec 25 ,2 1,450.0 23.4 13,6 327.6 1,428.2 278.9 10.3 57.3 18. 1947—Dec. 3i .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18. 1948—Dec 29 2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18. 1949—Dec. 28 4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18. 1950—Dec 27 ... 4 1,375.0 19.2 29.2 384 0 1,357.7 313.5 15.4 .4 85.0 18 1951—Dec. 26 . .4 1,450.0 34.1 18.2 389.2 1.437.9 299.8 13.4 .6 89.8 18. 1952—Dec. 31 4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18. 1953—Dec. 30 4 1,675.0 57.8 4,9 338. t 1,619,9 290.2 14.9 7.2 70.4 18.1> 1954—Mar. 31 4 1.625.0 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 Mav 26 - . . .4 1,625.0 14.7 7.0 352.5 1,613.4 267.8 14.0 4.6 69.8 18.0 Tune 30 .4 1,675.0 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 1.700.0 48.7 7.0 310.1 1,654.0 267.2 14.6 1.7 63.8 18.4 Sept. 29 4 1,675.0 42.3 6.5 337 6 .635 4 276.1 16.4 6.3 69.0 18 5 Oct. 27 .4 1,675.0 41.7 2.1 351.1 1,635.9 295.6 9.8 6.3 65.4 17.8 Nov. 24 .4 1,675.0 25.9 4.5 374.9 1,651.9 293.7 11.7 9.6 72.3 17.9 Dec 29.. .4 1,775.0 26.0 8.9 350 7 .751 .7 276.1 15.4 9.6 66 3 18 1 1955—jan<> 26 .4 41,725.0 62.8 16 4 298 0 1,664 9 251.9 16.3 4.7 85.9 18 3 Feb. 23 .4 1,725.0 68.8 52.4 248.1 1,658.9 271.1 11.3 4.7 63.7 18.4 iOn 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. 8Notes 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. 442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re a s d i i a n n m d i o ll l i l o ar n s s ) of Gold* an S d d S t o e t U a r ll l t a i n e n r i s s g ted S te h r o m r s t 2 - ecuritie O s ther O as t s h e e t r s irc N ul o a t t e ion3 Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other li c a O a b a p t i n h l i i t d e t a i r 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 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31 . 1.0 1,197.4 708.2 42.1 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 1943—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 A 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 1,141.8 1,049.3 135.2 ,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—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 1,546.6 589.3 143.8 30.3 115.7 June 30. 54.2 1,568.5 702.0 112.9 1,553.5 624.4 99.0 41.4 119.2 July 31. 53.6 1,651.2 502.3 109.9 1,572.1 543.9 50.5 30.9 119.5 Aug. 31. 56.9 1,669.9 502.4 77.2 1,573.0 531.0 49.6 31.5 121.3 Sept. 30. 57.9 1,660.8 545.6 73.3 1,585.3 521.4 81.8 25.8 123.2 Oct. 30. 52.3 1,438.2 809.9 105.5 1,579.8 595.2 49.8 31.4 149.5 Nov. 30. 57.7 1,444.3 837.5 85.1 1,587.1 528.8 141.1 36.0 131.5 Dec. 31. 54.2 1,361.5 871.1 114.1 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 Feb. 28. 52.4 1,320.6 815.1 82.1 1,541.7 503.8 63.2 47.3 114.1 Assets Liabilities B m a il n l ( i k o F n ig o s u f o re F f s r f a r in a n n c c e s) Gold5 F c o h e r a x e n i - g g e n m O a p r e k n e D t6 om S e p s e t c i i c a l bills Other Cu G A rr o d e v v n e a t r n n c m e O s e n t t h o t0 er a O ss th e e ts r 6 ci N r ti c o o u t n l e a- Go m v e e n r t n- De E po C s A its7 Other c l O i a i a a t p t n i b h e i d i e t s l a r - l 1942—Dec. 31., 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 99,935 82l,318 1943—Dec. 30., 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 137 815,596 1944—Dec. 28., 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 ,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12 048 S7755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 61,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826147,400 558,039 59,024 920,831 733 3? 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 1S8973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054158,900 481,039 212,822 ,560,561 70 15058 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 10587 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 61,108 891,560 200,000 679,849 169,964 2,310,452 21 2061 142,823 56,292 1954—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 2,322,140 15 98 132,387 59,704 May 26. 201,282 31,344 208,288 26,612 934,538195,000 651,849 210,331 ,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 July 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 2,333,133 100 83 128,178 66,377 Sept. 30. 201,282 45,117 262,922 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 1,027,934195,000 626,249 218,288 2,428,122 93 98 119,406 67,563 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 1,063,937190,000 592,249 286,2002,472,650 97 3, 733 125,962 64,006 Feb. 24. 201,282 66,689 172,750 40,224 1,062,552190,000 617,649 a306,48()2,482,667 61 137 121, 699 53,062 *On May 1, 1940, gold transferred to Foreign. Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). Securities maturing in two years or less. 3Includes notes held by the chartered banks, which constitute an important part of their reserves. 4Beginning November .1.944, includes a certain amount of sterling and United States dollars. 5For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 60.1; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6For explanation of these items, see BULLETIN for January 1950, p. 11 7, footnote 6. 7Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1942, 16,857; 1943, 10,724. 9Includes advance to Stabilization Fund, amounting to 188.6 billion francs on Feb. 24. 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. APRIL 1955 443 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,623 1,623 1,623 Loans and discounts 552,944 466,754 46555,468 269,466 Other gold and foreign exchange. 1 ,257 1 ,390 .1,63 = Government loans and securities.3.11,81 315,450328,965 254,083 Government securities 4,496 4,177 3,879 Other assets 106,419 97,542104,648 124,534 Rediscounts and loans to banks.. 69,316 69,533 58,465 Note circulation 651,156670,407780,107 597,117 Other assets 270 130 306 Deposits 522,256514,436472,133 348,200 Currency circulation 31 ,328 31,589 25,820 Other liabilities and capital 146,974133,586123,824 98,945 Deposits—Nationalized 40,648 40,260 35,530Central Bank of Costa Rica Other sight obligations 404 379 620 (thousands of colones): Other liabilities and capital 4,582 4,626 3,939 Gold 11.503 ,503 11,503 11,503 Commonwealth Bank of Aus- Foreign exchange 113,008 !,564 76,267 96,852 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,032 ',032 7,032 7,032 Gold and foreign exchange 405,585413,408418,669 534,536 Loans and discounts 90,041 107,607122,264 97,575 Checks and bills of other banks.. 5,783 7,065 6,780 5,259 Securities 4,786 .828 2,828 Securities (incl. Government and Other assets 25,072 ,357 23,523 24,122 Treasury bills) 432,914 46r)66,,798 484,756 373,246 Note circulation , 164,82< 163,953166,631 140,523 Other assets 95.958 4,896 58.308 64,324 Demand deposits , 55,480 ,893 46,062 67,956 Note circulation 353.827354,327391,577 336,863 Other liabilities and capital 31,133 ,045 30,724 28.605 Deposits of Trading Banks: National Bank of Cuba Special 295 670 295,670 295,670 323,720 (thousands of pesos): Other 34,930 49,737 35,004 45.950 Gold 185,875185,875 185,748 Other liabilities and capital 255,813262,433246,263 270,833 Foreign exchange (net) 95,367 57,960 27,767 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 199,377201,041 267,950 Gold 556 556 556 157 Silver 7,616 Foreign exchange (net) 8,545 8,634 8,704 7,607 Net claim on Int'l. Fund2 12,512 12,512 12,512 Loans and discounts 5,137 5,158 5,272 5,565 Loans and discounts 51.591 47,032 34,073 Claim against Government 1,774 1 ,774 1,848 1,855 Credits to Government 69,359 77,006 28,854 Other assets 376 374 367 38 Other assets 77,05 76.259 69,220 Note circulation 12.028 11,904 12,252 10.404 Note circulation 410,4281-23.822 409,930 Deposits—Banks 2,044 2,156 2,213 2,109 Deposits 262,005215,704 208.037 Other.. 595 706 566 830 Other liabilities and capital 18,706 18,158 15,772 Blocked 1,723 1,730 1 ,716 1,879 National Bank of Czechoslovakia8 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner) : Gold 39,834 39,044 ,911 39,356 Gold 68 68 68 69 Foreign claims and balances (net) 12,4.19 12,558 ,005 13,273 Foreign exchange 693 763 776 931 Loans and discounts 5,815 6,802 ,956 5,172 Loans and discounts 173 266 397 121 Consolidated Government debt 34,660 34,660 , 660 34,660 Securities 475 479 492 481 Government securities 8,722 7.539 .812 7,417 Govt. compensation account. . . 3,147 3,147 3,161 3,234 Other assets 4,666 4,574 .918 4.021 Other assets 638 405 445 146 Note circulation 101,265 100.571 .826 98,234 Note circulation 1,983 2,025 2,145 1,951 Deposits—Demand 1 ,745 1 ,642 ,916 2,068 Deposits—Government 1,297 1.283 1,273 1,370 EGA 96 93 88 105 Other 1,645 1,555 1 ,667 1,431 Other liabilities and capital 3,009 2,870 ,432 3,492 Other liabilities and capital.... 269 265 256 229 Central Bank of Bolivia—Mone- Central Bank of the Dominican tary dept. (millions of bolivianos): (Nov.)* Republic (thousands of pesos): Gold at home and abroad 1 .134 4,419 Gold 12,076 12,076 12,076 12,076 Foreign exchange (net)1 10,430 9,396 Foreign exchange (net) 14,137 15,696 23,771 18,802 Loans and discounts 11,034 6,317 Net claim on Int'l. Fund2....... 1,250 1,250 1 ,250 1,250 Government securities 2,505 2,505 Loans and discounts 3,422 3,138 3,083 1,860 Other assets 3,707 .198 Government securities 8,890 8,890 9.420 9,420 Note circulation 1.9,645 .12,922 Other assets 1.4,247 14,261 7,544 3,722 Deposits 2 ,089 3,445 Note circulation 40,575 40,960 42,076 36,096 Other liabilities and capital 7,076 6,467 Demand deposits 1.1,089 12,080 12,701 9.089 Central Bank of Ceylon (thousands Other liabilities and capital 2,358 2,271 2,367 l|945 of rupees): Central Bank of Ecuador Foreign exchange 577,008549,084 ; 2 4,4.94314,036 (thousands of sucres): Advances to Government 20,100 Gold 342,954342 ,990 342 ,905 342,349 Government securities 24,016 26,014 26,960 124.619 Foreign exchange (net) 138,186 51,138 150,013 77,233 Other assets 3,251 3,725 4,448 4,457 Net claim on Int'l. Fund2 18,757 18,757 18,757 18,757 Currency in circulation 368,179370,116376,240 348,291 Credits—Government 370,478 66,018 339,478 334,770 Deposits—Government 52,805 34,334 23,005 1 ,472 Other 68,370 75,077215.753 188,052 Banks 134,450123,852105,423 70,513 Other assets 219,352185,722177,922 170,125 Other liabilities and capital 48,842 50,521 51,234 42,935 Note circulation .46,437 .51 ,990 698,846571,377 Central Bank of Chile (millions Demand deposits—Private banks.204,907199,331214.808 177,258 of pesos): Other 72,195166,5251.42,291 187,976 Gold 5,744 5,743 5,742 5,649 Other liabilities and capital 234,558221,855188,913 194,675 Foreign exchange (net) 1 ,040 933 1. ,137 503 National Bank of Egypt (thou- Discounts for member banks.... 4,602 4,110 3,867 2,124 sands of pounds): Loans to Government 15,885 11,385 11,385 10,495 Goid 60,553 60,553 60,553 60,553 Other loans and discounts 10,160 12,352 13.059 7,428 Foreign assets4 79,400 81,391181,979 19.475 Other assets 3,738 4,852 4.776 2,660 Egyptian Govt. securities 05,151 99,136111 .417 258,975 Note circulation 28,192 26,7"14 25,759 *-19,482 Clearing and other accounts (net) -7,286 -11,559-1.2,823 Deposits—Bank 4,824 4,413 4,836 4,826 Loans and discounts 25,284 26,867 18,801 191636 Other 1 ,668 1 ,269 2,136 819 Advances to Government Other liabilities and capital 6,485 6,978 7,234 '3,732 Other assets 1,562 1,779 3,652 1 ,580 Bank of the Republic of Colombia Note circulation 79,195 78.267182.218 179,110 (thousands of pesos): Deposits—Government 94,079 88,733 83.443 71,071 Gold and foreign exchange 324,826 414,303501,354 371,802 Other 74,289 74.296 79.C7O 99,179 Net claim on Int'l. Fund2 24,380 24,380-24,370 24,376 Other liabilities and capital 17,099 16,870 18,847 10,259 •Latest month available. rRevised. 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. 444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BASKS—Continued 1955 1954 1955 1954 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. JtLU. Dec. Feb. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Note circulation 7.464 7,37) 7.054 5,121 Gold 71 653 71 727 71 81 1 72,515 Deposits—liCA 495 495 495 68 563 59 306 34 745 67 383 Other . 1,951 1, 994 2. 108 1 426 Net claim on Int'l. Fund1 1. 569 1,569 1.568 1 ,567 Other liabilities and capital 669 638 649 479 Loans and discounts 36,974 41,351 49,319 16,288 Central Bank of Ireland (thousands Government debt and securities.. 9,2.14 8.434 11,477 15,104 of pounds): 8 79 (y 807 6 490 2 663 Gold 2 ,646 7, 646 2 646 2 646 Note circulation T04 033 ,617 104.579 103,412 Sterling funds 70.946 70 .020 73.350 64,486 DeDosits , 104 7J-.601 61 949 63,716 Note circulation 73,592 79. 666 75.996 67,132 Other liabilities and capital 8,714 8,976 8, 884 8,392 Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 4 4 kaa): Foreign exchange . 74 74 72 63 Gold 6 909 6 909 6 934 5,862 Advances to Treasury 567 566 567 567 ,416 97 101 6S8 13,439 435 396 419 351 Clearings (net) 4 437 3 708 3 94-6 9,628 Government securities 348 349 345 289 Loans sncl discounts 33,974 , 63 7 40 '•138 34,816 Other assets 764 790 848 723 Securities 2 1 84 2 170 2 ? SO 2.236 Note circulation 1 ,435 1 444 1.538 1 ,339 Other assets 9 108 1 989 1 905 2,048 Deposits—Government 43 A) 37 77 Note circulation. 48 151 44 764 47 46,225 Demand 56 5?. 79 51 Deoosits 18 979 17,989 19 709 7,221 Other 514 S13 448 416 Other liabilities and capital 11, 899 12,770 14-, 020 14,583 Other liabilities and capital .143 138 151 115 Bank of German States2 Bank of Japan (millions of yen): (millions of German marks): Bullion 448 448 448 448 Gold 898 731 ?,, 6.30 1,551 Advances to Government 1 .283 1, ?.83 1 .283 11,513 8 8 709 8 63 S 7,423 Loans and discounts 283.115 '757 968 265,249 464.149 Loans and discounts . ... 1 638 891 3 2,179 Government securities 399.133 141. 003483.573 177,880 Loans to Government 3 3,616 4 94 1 5,146 Other assets 92,694 97 690 110,493 99,751 f 128 967 935 843 Note circulation . 546,922 561 410 62 7.061 549,569 Notp circulation 10 738 1 ^, 180 19 3 SO 11,457 56,546 SO'U9 55.804 64,482 DeDosits—Government i , 060 1 1 09 S 1,116 Other 77,976 83 867 84.430 71,089 Banks 445 9 600 ,959 2 ,483 Other liabilities . 95,228 97,766 98.751 68,601 Other 336 377 307 225 Bank, of Mexico (millions of pesos): Other liabilities and capital 1,822 1,784 .1,959 1,862 Monetary reserve6 1 ,520 1,483 1,462 1 ,272 Bank of Greece3 (millions of drach- "Authorized" holdings of secumae) * (Xov.)* rities, etc 3.777 3 816 3.805 2,947 Gold and foreign exchange (net). 4, 965 45,201 Bills and discounts 715 658 768 619 Advances—Government 8, 1 7 5 3 7 9 4 8,3 1 4 6 2 4 O N t o h t e e r c a ir s c s u et l s ation 4.2 7 0 7 5 1 4,2 7 1 3 6 0 4,3 5 7 5 6 7 3,5 7 1 5 7 0 Other 4 47? 43,669 Demand liabilities .1 .876 1 716 1.471 1 ,570 Othpr assets 1 989 41,798 Other liabilities and capital. 702 753 745 501 3 449 -'3,174 Netherlands Bank (millions of Deoosits Government 1 508 *i,377 guilders): Reconstruction and Gold. 3,01.5 3,015 3,015 2,924 relief accts 7 101 '^6,889 Silver (including subsidiary coin). 16 \5 18 13 Other 3 433 42,724 Foreign assets (net) 1,465 1,558 1.451 1 .403 Other liabilities and canit?l 4,783 45.011 Loans and discounts 51 30 5 7 31 Bank of Guatemala (thousands of Govt. debt and securities 685 685 728 1 .217 quetzales): Other assets 434 4S1 473 412 Gold 97 97 7 27,228 Note circulation—Old 28 28 28 30 Foreign exchange (net) 8 4S? 23,727 New...., 3.583 3.539 3,579 3,192 Gold contribution to Int'l. Fund. 1, 250 1,250 Deposits—Government . 616 441 626 959 13 359 23 675 EGA 653 65 3 650 1.016 46 879 29,592 Other 533 620 570 52 987 53.169 Other liabilities and capital .... 253 ?50 238 231 Coin 3 3,649 Reserve Bank of New Zealand Denosits Government 6 6S1 3,268 (thousands of pounds): Banks 13 0^0 24,517 Gold 6,171 6,175 6,1 75 6,095 Other liabilities ?nd canital 766 20,869 Foreign exchange reserve 45,551 46 9?0 50.125 71.793 National Bank of Hungary8 Loans and discounts 30,440 33,408 28,546 '10,394 Reserve Bank of India (millions of Advances to State or State undertakings 50.503 49 503 49,961 ?51 ,291 Issue department: Investments 33.4.46 33,446 33,443 53,062 Gold at home and abroad 400 400 Other assets 1 ,2 76 1.,278 1.563 1.510 Foreign securities 6.532 6,632 6,382 No^e circulation 68,671 68, 793 79,215 67,932 Indian Govt securities 4,37f 4, 177 4,213 Demand deposits 89,305 9? 87? 81 ,577 1 1.6,815 Rupee coin 1 04 S 1 0S6 942 Other liabilities and capital 9.410 9,065 9,021 9,399 Note circulation \? 177 19 005 11 ,714Bank of Norway (millions of kroner): Banking department: Gold 203 703 203 218 Notes of issue department 17f 960 223 Foreign assets (net) -340 -3.10 -153 -8 Balances abroad 764 676 1,068 Clearing accounts (net) -57 -85 -120 -41 25 40 107 Loans and discounts .. . 55 52 54 67 Loans to Government 8 17 11 Securities 44 3? 38 32 Other assets 1 1 066 1 ,1 23 Occupation account (net) 5,546 5, 546 5,546 5,546 Deposits 1 67f 1 7S1 2 ,198 Other assets 53 57 56 52 Other liabilities and capital. . . 325 308 335 Note circulation 3,090 3,134 3,321 2,928 Bank Indonesia (millions of rupiah): Deposits—Government 999 1,029 990 1,647 Gold and foreign exchange (net).. 1, 267 1,223 1.119 991 Banks 639 543 557 664 Loans and discounts 393 467 500 522 FOA—MSA 165 165 165 172 Advances to Government 8 SS8 8,45f 8.315 5,731 Other liabilities and capital 612 622 592 454 Other assets 361 350 371 278 * Latest month available. 'Revised. JLThis figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2Combined figures for the Bank of German States and the nine Land Central Banks. 3On May 1, 1954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar. 4Figure expressed in billions of drachmae. 5For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 6Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 445 APRIL 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 36,232 40,741 37,742 32,276 Issue department: Note circulation 41,591 41,206 42,954 37,712 Gold at home and abroad... 81 81 81 81 Deposits—Government 4,859 5,353 3,636 3,173 Sterling securities 428 428 433 505 Other 3,353 3,214 3,549 3,775 Pakistan Goyt. securities. . . 1.459 1,409 1,404 1,276 Other liabilities and capital 30,785 35,975 32,931 28,386 Goyt. of India securities 221 221 221 146Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 584 584 584 481 Rupee coin 48 49 49 51 Foreign assets (neO 973 1.040 1,105 1,419 Notes in circulation 2,445 2,436 2,399 2,307 Net claim on Int'l.*Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 92 52 89 60 vances to National Debt Office3 2,953 2,997 3,267 2,342 Bills discounted 2 Other domestic bills and advances 59 30 99 407 Loans to Government 69 86 53 48 Other assets 1,028 1,029 1,032 885 Other assets 392 423 378 342 Note circulation 4,793 4,855 5,087 4,584 Deposits 447 447 406 340 Demand deposits—Government.. 144 123 289 357 Other liabilities and capital.. 107 114 114 113 Other 103 142 152 31 Central Bank of Paraguay Other liabilities and capital 685 689 688 690 (th G o o u l s d a * nds of guaranies): (S 3 ep ,9 t. 8 ) 4 * 2,846Sw fr i a ss n c N s) a : tional Bank (millions of Foreign exchange (net) 58,730 86,365 Gold 6,269 6,318 6,323 6,131 Net claim on Int'l. Fund2 40 28 Foreign exchange 576 575 650 495 Loans and discounts 469,142 448,911 Loans and discounts 103 108 220 189 O N D G t e o o h p v t e e o e r s r a n i a n t m s s d s — e e c n t O o G s t i t o n l h o v e i a e s r n r s n u s m e an e d n t securities. 4 6 1 1 8 0 5 5 6 2 9 4 9 8 , , , , , 1 6 6 6 6 8 0 0 6 4 2 2 8 3 4 4 5 2 1 9 9 7 4 3 9 5 1 4 7 , , , , , 4 7 3 7 2 6 6 9 0 4 1 6 4 6 8 O O O N t t t o h h h t e e e e r r r c a s l i i i r s a g c s b h u e i t t l l s a i l t t i i i a e o b s n i a li n ti d e s capital 5 1 , , 0 2 7 4 8 8 0 4 0 5 8 5 1 , , 0 8 1 8 3 4 9 2 9 7 8 5 1 , , 2 4 6 1 1 0 9 1 6 2 7 2 4 1 , , 9 2 7 1 6 0 6 1 7 3 7 Other liabilities and capital 472,778 323,896Central Bank of the Republic of Ce ( n m t i r l a li l o n R s e o s f e r s v o e l e B s) a : nk of Peru Tu G rk ol e d y (millions of pounds): 402 402 402 402 Cent N L L O G N D O r o o o t e a e t o h h a a t p l l t d e e e n n o c B r r s s s l a c a i a a l n a i t t i i o r s s n n d a m c s k b d u e G f i t l o o l o d s a o i n r t f t i v e i i s e i e o I c t g s n r n h o n n t e a u ' m l n n e . P d x e ts F n c h c h t u t i o a a l n p i n d p b i g 2 t a p e a n l in k e s. s . . , , 5 4 5 2 1 7 8 3 4 6 6 7 4 1 1 9 5 7 5 4 8 0 , , 6 5 4 2 1 1 7 6 7 6 4 9 0 2 5 1 3 7 6 5 3 4 8 1 1 , , 4 6 3 5 2 0 1 1 0 6 9 8 5 4 0 3 9 7 8 3 7 6 4 F S O L N D O o e o t e t o c c h h r a p t e l u e e e n e o i r r r s a g s i c r t i n l a a i i t i i r s e s n n a c s — s g b d u e e s i x t l l G O d s a i c t i t o h t i s i e h o l a c d s e n n o r g u a e n n d ts a c n a d p ita f l oreign 2 1 1 , , , 8 5 4 1 1 1 3 4 3 6 9 0 9 6 5 1 0 3 6 2 9 4 0 2 1 1 , , , 4 2 4 7 5 1 1 0 3 0 2 6 9 1 5 1 0 7 0 3 6 0 4 2 1 1 , , , 4 7 4 3 1 1 1 3 6 7 2 3 0 7 5 0 5 7 4 2 0 8 4 2 1 , , 4 0 4 1 7 1 1 3 4 7 2 0 6 8 5 9 5 9 3 9 7 7 4 (thousands of pesos): Bank of the Republic of Uruguay Gold 20,071 19,292 18.813 18,813 (thousands of pesos): (Oct.) Foreign exchange 343,169 354,990356,445 447,149 Gold 344,167 344,167 Net claim on Int'l. Fund2 29,504 29,504 29,504 29,504 Silver 8,644 8,682 Loans 41,706 52,617 62,547 18,524 Advances to State and Govern- Domestic securities 282,260273,677261,102 241,094 ment bodies 146,291 103,513 Other assets 151.694151,384170,799 153,324 Other loans and discounts 377,729 363,061 Circulation—Note3 621,208610,254 629,219 611.333 Other assets 567,781 571,677 Coin 85,448 85,122 85,176 84,385 Note circulation 456,805 447,754 Demand deposits 115,718139,894135,903 163,507 Deposits—Government 159,756 137,559 Other liabilities and capital 46,031 46,194 48,913 49,183 Other 322,563 306,445 Bank of Portugal (millions of Other liabilities and capital 505,488 499,343 escudos): Central Bank of Venezuela (mil- Gold 5,582 5,16 lions of bolivares): Foreign exchange (net) 13,234 12,830 Gold 1,233 1,233 1,233 1,141 Loans and discounts 965 647 Foreign exchange (net) 133 157 221 278 Advances to Government 1 ,403 1,419 Other assets 134 167 175 134 Other assets 1,175 840 Note circulation 1,031 1,056 1,121 1,009 Note circulation 10,457 9,480 Deposits 278 238 203 299 Demand deposits—Government. 1 ,908 1,616 Other liabilities and capital 192 263 306 246 ECA 25 6Bank for International Settle- Other 7,699 7,701 ments (millions of Swiss gold Other liabilities and capital.... 2,269 2,103 francs): Sooth African Reserve Bank Gold in bars 641 605 599 583 (th G o o u l s d ands of pounds): 71,094 69,159 70,563 62,771 C R a e s d h is c o o n u h n a ta n b d l e a n b d i ll w s i a th n d b a a n cc k e s p . t . - , 60 '58 "78 101 Foreign bills 67,384 67,254 72,007 26,887 ances (at cost) 351 378 278 345 Other bills and loans 22 ,1J5 14,726 6,099 38,000 Time funds at interest 265 279 360 163 Other assets 46,185 45,37: 49,570 48,975 Sundry bills and investments 389 426 355 266 N De o p te o s c i i t r s culation 1 8 0 8 0 , ,9 6 5 1 1 8 1 7 0 8 1 , , 1 0 0 5 ' 71 7 0 3 5 , ,4 5 1 6 7 4 9 58 5 , , 5 4 2 9 1 8 . F O u th n e d r s a i s n s v e e t s s ted in Germany 29 3 7 297 297 29 2 7 Other liabilities and capital 17,209 17,34 19,259 22,615 Demand deposits (gold) 453 436 436 435 Bank of Spain (millions of pesetas): Short-term deposits: Gold 613 613 613 596 Central banks—Own account.. 1,000 1,048 992 754 Silver 323 323 323 336 Other . 3 48 2 59 Government loans and securities 15,781 15,549 15,030 15,782 Long-term deposits: Special..... 229 229 229 229 Other loans and discounts 27,638 28,522 29,360 24,05 Other liabilities and capital 287 286 285 281 • Latest month available. r Revised. !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. 446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve C a a d n a - U K d n i o i n m t g e - d Francem 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 e e n - ba C n e k n t o r f a -— l R F 2 e a 8 b te . ef D fe a ct t i e ve ba C n e k n t < r r a f— l R F 2 e a 8 b te . ef D fe a ct t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Ireland 33* Mar. 25, 1952 Jun 1 e 9 49 8, 1950.. \X 2 3 4 3M 2K 2y 2 A B u e s lg tr i i u a m... J O u c n t. e 2 3 9 , , 1 1 9 9 5 5 4 3 J I a ta pa l n y...;.... 5.84 A O p ct r . . 6 I, , 1 1 9 9 5 5 1 0 Sept. 11 3M Bolivia .. 6 * Sept. 30, 1950 4^ June 4, 1942 Sept. 26 3 Oct. 17 2 Oct. 27 . 6 Dec 1 3 Canada IX Feb. 15, 1955 Netherlands.. 2X Aor. 7, 1953 Apr. 17. 1951. 4 Ceylon June 11, 1954 New Zealand. Nov. 26, 1954 Tuly 5 3J* Chile June 13, 1935 Norway , 3K Feb. 14, 1955 Sept. 13 3M Colombia 4 July 18, 1933 Pakistan.... July 1, 1948 Oet 11 3 Costa Rica.... 4 Feb. 1, 1950 \ov 8 ix Nov. 9 . 4 Jan 22 1952 3K Mar. 12 4 Denmark.... 5 5* June 23, 1954 Peru 6 Nov. 13, 1947 A M u a jr y 2 1 9 5 3 E E c g u y a p d t or 1 3 0 N M o a v y . 1 1 3 5 , , 1 1 9 9 5 4 2 8 P So o u r t t h u g A a f l r . i . c . a. I" J M a a n r . , 2 12 7 V , 1 1 9 9 5 4 2 4 Aup. 21 43^ El Salvador . 3 Mar. 22. 1950 Spain July 1, 1954 Dec 18 3 Finland 5 Dec. 1, 1954 Sweden. .... 3% Nov. 20, 1953 Tan. 8, 1953.. 4 2% Apr 7 2^ June 11 Sept. 17 ax sy France 3 Dec. 2, 1954 Switzerland.. I" Nov. 26, 1936 Oct. 29 2 2M Germany1 3 May 20, 1954 Turkey Feb. 26, 1951 Nov. 20 2M Greece 9 Jan. 1, 1955 United King- Feb. 4, 1954.. India 3V2 Nov. 15, 1951 dom 4J* Feb. 24, 1955 Mav 13 3 Indonesia Apr. 1, 1946 U.S.S.R 4 July 1, 1936 May 20 " 3 " J D a e n c . . 27 2 , 1955 sy 2 3 1 Rates established for the Land Central banks. Feb. 15 1J* NOTE.—Changes since Feb. 28: None. Feb. 24 *X In effect Feb. 28, 1955 IX 3 3 2M 2K 2% OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month 3 T m re b o a il n s l u s th ry s1 m Da o d y a n y - e t y o 2 - 3 B a a a m 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 ll e 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 - T 3 r m e b a i o s ll n u s r th 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 c i a v o t a e u t n e t 1945—January.. . .37 1.03 1.01 1.00 .50 1 .65 1.25 19-16—January. . . .36 .53 .50 .63 .50 1.27 1.01 1.00 1.25 1947—January... . 40 .53 .50 .63 .50 1.48 1.44 .77 1.25 1948—January.. . .41 .54 .51 .63 .50 2.02 1.28 .57 1.50 1949 —January.. . .41 .56 .52 .63 .50 2.09 1.23 1.13 1.63 1950—January.. . .51 .69 .52 .63 .50 2.18 1.31 1.22 1.50 1951—January.. . .63 .69 .51 .63 .50 2.45 1.31 .83 1.50 1952—January-- . .89 1.50 .97 1.00 .75 3.50 1.18 1.00 1.50 1953J—January.. . 1.35 3.00 2.39 2.25 2.00 3.97 .83 .54 1.50 1954—January.. 1.86 2.19 2.12 1 .94 1.75 3.66 .23 .50 1.50 1954—February.., 1.75 2.15 2.07 1.94 1.75 3.55 .25 .50 1.50 March 1.62 2.16 2.10 1.94 1.75 3.42 .45 .50 1.50 April , 1 .58 2.17 2.09 1.94 1.75 3.55 .41 .50 1.50 May 1 .60 89 79 1.63 1.44 3.54 .38 .50 1.50 June 1.57 1.43 66 61 1.44 1.25 3.57 .38 .50 1.50 July 1.38 1.16 60 57 1.44 1.25 3.79 .40 .50 1.50 August 1.32 1.06 1.61 60 1.44 1.25 3.82 .75 .53 1.50 September. 1.21 .95 1.64 63 1.44 1.25 3.77 .51 1.50 October 1.18 .96 1.62 59 1.44 1.25 3.65 .63 1.50 November. 1.17 .78 1.62 60 1.44 1.25 3.51 .87 .50 1.50 December. 1.08 .76 1.78 78 1.45 1.25 3.29 .77 .57 1.50 1955—January..., .99 .69 2.02 2.05 1.55 1.29 3.27 .79 .58 1.50 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. APRIL 1955 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities ( b m 1 a 1 i n ll L k io o s s n . n t e s d r o F o li n f i n g g u c p ) 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 e i a c r y n t e d at B co il u ls n d te i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s 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 l es 1949—December 532 571 1,109 793 1,512 1 .534 579 6,202 4,161 2,041 427 1950—December 540 592 1,408 456 1,528 1,660 735 6,368 4,262 2,106 550 19 51 —December 531 598 972 102 1.965 1,950 867 6,333 4,290 2,042 651 1952 -December 549 529 1 ?48 2 148 L 764 748 6 460 4 232 2 228 528 I953—December 542 501 1,417 2,275 1,725 729 6,694 4,327 2,368 495 1954—March 512 468 1,078 2,269 1,773 632 6,243 3,957 2,286 489 April 535 489 1,088 2.280 1,786 699 6,378 4,056 2,321 499 May 501 463 1,122 2,305 1,804 643 6,335 4,005 2,330 502 June 531 455 1,170 2,311 1,856 711 6,533 4,193 2,340 501 July . .. 534 428 1,185 2,351 1,836 643 6.466 4,121 2,34S 510 August 534 438 1 ,209 2,348 1,840 656 6,519 4,173 2,346 505 September 521 418 1,262 2,360 1,828 670 6,539 4,171 2,367 520 October . 532 437 1,296 2,364 [ , 836 691 6,609 4,214 2,396 545 November 534 452 1,300 2,364 371 725 6,684 4,244 2,440 562 December . 571 498 1,313 2,353 1,520 881 6,941 4,485 2,456 595 1955—January 546 486 1,283 2,351 1 ,904 759 6,718 4,303 2,415 611 February 525 445 1,072 2,298 2,i)!3- 810 6,525 4,112 2,413 637 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 m d m i i a l o n li n o t d n h o s l f l o a i f g r u s) res re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d a a f u b n o b e a d r r e n o f i n r k g a o s e d n m t Securities O as t s h e e t r s Notes* 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 l es 1949—December 765 133 2,271 146 4,345 )58 14 7,227 2,794 4,433 1 4.77 1950—December .. 824 134 2,776 171 4,286 ?04 (4) 7,828 3,270 4,558 L.667 1951—December 907 107 3,028 227 3,876 L.464 7,896 3,284 4 612 I 714 1952—December 916 155 3,289 326 3,955 1,516 8,421 3,497 4,924 1,736 I953—December . .. 906 154 3,897 424 3,831 1,510 8,881 3,847 5,034 1,841 19*54 Febrrmrv 898 197 3 951 370 3 88 5 I 332 8 843 3 681 5 162 L 791 March 923 167 3,899 421 3,774 L.426 8,780 3 535 5,245 1,830 April 892 144 3,925 398 3 780 1,408 8,708 3 397 5 312 L 839 May 866 215 3,925 382 3,780 1,481 8.818 3,441 5,378 L.830 Tune 872 238 3,943 360 3,806 1,540 8,929 3,506 5.423 1,829 July 780 211 3,924 352 4,096 1,266 8,946 3,474 5,473 L ,683 809 174 3,917 312 4 220 L.28O 9,022 3 487 5 535 690 September 802 175 3,890 322 4,337 , 396 9,226 3,641 5,585 L 695 October 833 293 3 892 330 4 442 9 469 3 781 5 687 L 777 November 810 297 3,984 334 4,473 i128 9,462 3,930 5,532 ,864 December 810 211 3,952 325 4,429 1,706 9,579 3,964 5,615 8^4. 1955—January 806 176 3,876 288 4,625 1,1-88 9,402 3,656 5,746 1,857 Assets Liabilities France (4 large banks. End Deposits Own Other of month figures in Cash Due from Bills dis- Loans Other accept- liabilities millions of francs) reserves banks counted assets ances and T.otal Demand Time capital 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 I9151—December , ... 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—December 51,155 68,243 636,624 170,298 29,734 902.547 870,504 32,043 24.957 28,551 1953—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 49,186 79,438 719,284 213,557 46,594 1,030,758 989,474 41,284 29,721 47,580 Tune 45,701 85,313 721.240 214,988 48.348 1.034.079 993,533 40,546 28.422 53,090 Tuly 51,277 90,693 787,897 208,091 49,709 1,103.289 1,061,250 42,039 26,945 57,432 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 December P 53.348 84,898 84.8,539 223,692 72.762 1.176,111 1,130,026 46,085 31,372 75,757 ^Preliminary. ^Fhis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2Represent six-month loans to the Treasury with a yield of Y% per cent after October 1945. 3In accordance with the Bank Act of 1954. the form of presentation of the banks' statement was revised beginning July 1954, and figures shown may not be strictly comparable with those for earlier dates. 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. 448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada (peso) Aus- British (dollar) Year or month tralia Austria Belgium Brazil Malay- Basic P e r n e t f i e a r l - Free (pound) (schilling) (franc) (cruzeiro) (do si l a lar) Official Free 1949 29.774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 5.4406 32.849 94.939 1952 . .. 20.000 13.333 7.163 222.63 1.9878 5.4406 32.601 102.149 1953 20.000 13.333 7.198 224.12 3.8580 2 0009 5 4d9ft 32 595 101.650 1954 20.000 13.333 7.198 223.80 3.8580 1.9976 H.2808 13.5261 32.641 102.724 1954—April 20.000 13.333 7.198 224.55 3.8580 1.9868 4.2808 3.5261 32.689 101.786 "bJL a v 20.000 13.333 7.198 224.58 3.8580 1.9909 4.2808 3.5261 32.681 101.575 Jure 20.000 13.333 7.198 224.56 3,8580 2.0032 4,2808 3.5261 32.666 101.882 July 20.000 13.333 7.198 224.51 3.8580 2.0009 4.2808 3.5261 32.689 102.611 August 20.000 13.333 7.198 224.13 3.8580 1.9994 14.2808 13.5261 32.644 103.060 September 20.000 13.333 7,198 223.18 3.8580 2.0007 32.558 103.112 October 20.000 13.333 7.198 222.89 3.8580 1.9977 32.634 103.094 November 20.000 13.333 7.198 222.67 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—January 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 March 20.000 13.333 7.198 222.42 3.8580 1.9856 32.608 101.587 France Year or month C (r e u y pe lo e n ) ( m D kr e a o n r n k - e) ( F m in ar l k a k n a d ) (franc) G (d e m e r u a m t r s k a c ) n h y e ( I r n u d pe ia e) I ( r p e o l u a n n d d ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h e d - r s ) Official Free I94.9 27,839 19.117 .4671 .3017 27.706 12.620 34.528 1950 20.850 14.494 2858 "23'.838 20.870 11.570 26.252 1951 20.849 14.491 .4354 . 2856 23,838 20.869 280.38 11.564 26.264 1952 20.903 14.492 .4354 ,2856 23.838 20.922 279.68 11.588 26.315 19S3 21 046 4354 28S6 21.049 281.27 11.607 26.340 1954 21 017 4354 .2856 223.838 21.020 280.87 39.052 26.381 1954—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 ]une 21 077 4354 .2856 23.838 21.085 281,82 7.995 26.426 Jvlv 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 1955—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 March 20.892 .4354 .2856 23.838 20.892 279.14 8.006 26.297 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 p i i e u n l s i b e o 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 e o n n e- a) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur ( u p g es u o a ) y4 1949 365.07 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 19*2 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1951 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 1954—April 279.02 14.008 49.677 3.4900 280.76 19.333 23.313 281.81 279.06 14.008 49.677 3.4900 280.80 19.333 23.333 281.85 279.03 14.008 49.677 3.4900 280.76 19.333 23.334 281.82 July 278.97 14.008 49.677 3.4900 280.71 19.333 23.320 281.76 August 278.50 14.008 49.677 3.4900 280.24 19.333 23.322 281.29 277.31 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 December 275.98 14.008 49.677 3.4900 277.69 19.333 23.335 278.74 1955—January 275.76 14.008 49.677 3.4900 277.48 19.333 23.326 278.52 February 275.60 14.008 49.677 3.4900 277.32 19.333 23.319 278.36 March 276.38 14.008 49.677 3.4900 278.10 19.333 23.329 279.14 1 Based on quotations through Aug. 13, 1.954. 2 Based on quotations beginning Apr. 1, 1954. SThe Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. *For 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. APRIL 1955 449 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 0 t t e e - 0 4 s d ) 9 ( C 1 - a 9 1 n 3 0 5 a 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 d 0 e ) o d = m F (1 r 1 9 a 0 4 n 0 9 c ) = e (1 I 1 9 t 0 a 3 0 l 8 y ) = ( 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 n 0 4 h 0 d 8 e ) s = r- S (1 w 1 9 0 3 e 0 5 d ) e = n ( S A w = l u a i g 1 t n . 0 z d 1 0 e 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 . . .... no 217 429 P330 136 5,293 349 136 P297 214 1954—February in 219 397 326 138 5,328 364 136 296 213 March in 219 401 329 136 5 336 361 135 296 214 April in 218 411 330 137 5,295 354 136 297 215 in 218 431 331 139 5,292 348 137 296 214 June no 218 437 332 135 5 256 342 137 298 215 July .... no 217 437 333 134 5,251 341 134 297 214 m 216 441 329 136 5 261 342 134 296 214 September no 215 439 329 135 5,267 344 134 295 215 October no 214 450 329 134 5 276 343 136 296 215 November no 215 454 331 135 5,320 346 136 298 216 December .... no 215 460 135 5,346 ••344 136 P299 217 1955—Tanuary no 216 463 P337 PI 36 345 138 P300 216 February no 217 468 P338 P135 P3()2 215 ^Preliminary. ""Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p.1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49 = 100) (1935-39 = 100) (1930 = 100) (1948 = 100) Year or month Raw and Fully and pr F o a d r u m 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 c a a t r u n t r l u e y - d fa c m c h a t i u e n f r u l e y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u u r s a c - w ts f I in n t i r d s i h u al e s- d goods goods products 194S 72 n.a.. 71 165 136 130 158 3 75 1946 83 n.a. 78 177 140 138 158 184 1047 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 19S0 98 100 105 237 213 211 * 221 286 112 128 116 1951 113 111 116 269 238 242 247 P364 122 t71 143 195? 107 109 113 250 219 231 284 »352 129 166 135 19^3 97 105 114 221 207 229 307 123 156 132 1054 96 105 115 209 205 224 308 124 155 134 19 54—Febru ary 98 105 114 212 205 227 305 128 153 133 March 98 105 114 210 204 227 311 126 154 133 Aoril 99 106 115 209 206 225 310 127 153 133 May 98 107 115 213 208 225 310 129 155 133 June 95 105 114 213 207 225 311 131 155 134 July 96 107 m 218 207 224 313 118 155 133 August . ... 96 106 114 208 205 222 304 116 156 135 September 94 106 114 204 203 223 302 116 156 135 October 93 104 115 201 201 222 301 122 156 135 November 93 104 115 204 202 222 306 124 156 135 December 90 104 115 205 203 222 315 123 156 136 1955—January 93 104 115 207 205 222 315 123 158 139 Februarv 93 103 1.16 206 208 223 P312 n.a. Not available. P Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 450 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 1 a d 9 0 n 4 a 0 - 9 ) 1 K 5 d ( , J i o a n 1 m n g 9 . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( e a 1 1 t n 9 h 0 4 d 0 e 9 s ) r- 1 ( l 9 A a e 3 n r u 9 - d g = . - ( U S = 19 > n ta 4 i 1 7 t t 0 e e - 0 s d 4 ) 9 i » G ( a 1 1 d a 9 0 a n 4 0 9 - ) 1 K 5 d ( , J i o n a 1 m n g 9 . 5 - 2 F - ( r = 1 a 1 9 n 0 4 c 0 9 e ) N l = ( e a 1 • t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 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 j.66 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 J45 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 124 184 1954 115 116 108 143 126 171 113 112 114 135 129 188 1954—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 IBS 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 114 117 110 145 127 173 110 113 118 136 128 192 1955—Tanuary 114 116 110 145 129 172 ill 112 119 137 190 February 114 116 172 111 112 189 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 ( r n t h a a i i d g t t 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 = d t m 1 e o d 0 b m 0 e ) r F = ( r 1 1 a 9 0 n 4 0 c 9 ) e N la e n th ds e z 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 ss 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 86.9 376.5 168.3 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 98.6 117.4 116.4 103.2 226.7 181.2 99.8 214 277 2954—February.... 116.5 88.7 114.8 114.9 100.9 199.6 163.2 95.8 1S4 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 97.8 199 261 117.0 100.3 116.0 114.9 105.0 221.8 180.5 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 February.... 115.7 103.3 114.9 105.0 278.1 214.7 110.0 329 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 3 Average of the ratios of current prices to nominal values, expressed a3 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. APRIL 1955 451 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. CI-IAS. 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 LOWELL MYRICK, Assistant Director M. B. DANIELS, Assistant Controller Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT C. CANBY BALDERSTON A. L. MILLS, JR. C. E. EARHART J. L. ROBERTSON WILLIAM R.K. MITCHELL, PHILADELPHIA DISTRICT W. D. FULTON CHAS. N. SHEPARDSON FRANK R. DENTON, CLEVELAND DISTRICT W. H. IRONS M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT HUGH LEACH JAMES K. VARDAMAN, JR. Vice "President WINFIELD W. RII-FLER, Secretary WALLACE M. DAVIS, ATLANTA DISTRICT ELLIOTT TI-IURSTON, 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 452 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 *• President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Preside l n o t w s e i r n s e c c h t a io r n g e o f o f t h b is r a P n a c g h e e ) s are listed in Boston Harold D. Hodgkinson J. A. Erickson Robert B. Harvey 3 Carl B. Pitman Robert C. Sprague Alfred C. Neal E. O. Latham 0. 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. . . Williarn J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poor man Hendemon Supplee, Jr. W. J. Davis Robert N. Hilkert 1. 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. Schucssler Harold T. Patterson Chicago. John S. Coleman C. S. Young Neil B. Dawes L. G. Meyer Bert R. Prail 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 O. B. Jesncss A. W. Mills H. G< McConnell M. H. St roth man, Jr. Sigurd Ueland Kansas City. . . Raymond W. Hall H. G. Leedy John T. Boysen 3 E. D. Vanderhoof Cecil Puckett Henry O. Koppang Clarence W. Tow D. W. Woolley Dallas Robert J. Smith Watrous H. Irons E. B. Austin L. G. Pondrom Hal Bogle W. D. Gentry W. H. Holloway3 Morgan H. Rice T. W. Plant Harry A. Shuford San Francisco.. A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan 3 Y. Frank Freeman H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City Denver G. A. Gregory 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 Houston J. L. Cook Nashville J. E. McCorvey4 San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco.... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville V. M. Longstreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Acting Manager. APRIL 1955 453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from subscription to monthly chart book includes one the Division of Administrative Services, Board of issue of supplement. Single copies, 60 cents each; Governors of the Federal Reserve System, Wash- in quantities of 10 or more copies for single ington 25, D. C. Where a charge is indicated, shipment, 50 cents each. (Domestic rates) remittance should be made payable to the order of the Board of Governors of the Federal Reserve BANKING AND MONETARY STATISTICS. Statistics of System. banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per THE FEDERAL RESERVE SYSTEM—PURPOSES AND copy. No charge for individual sections (un- FUNCTIONS. Revised edition. July 1954. 224 bound). pages. ANNUAL REPORT of the Board of Governors of the A STATISTICAL STUDY OF REGULATION V LOANS. Federal Reserve System. Issued each year. September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single FEDERAL RESERVE BULLETIN. Issued monthly. Sub- shipment, 15 cents each. scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Rica, Cuba, Dominican Republic, Ecuador, INGS AND THEIR USE IN ECONOMIC ANALYSIS. Guatemala, Haiti, Republic of Honduras, Mexico, January 1952. 175 pages. 25 cents per copy; in Nicaragua, Panama, Paraguay, Peru, El Salvador, quantities of 10 or more copies for single ship- Uruguay, and Venezuela is $2.00 per annum or ment, 15 cents each. 20 cents per copy; elsewhere $2.60 per annum or 25 cents per copy. Group subscriptions in the THE FEDERAL RESERVE ACT, as amended to Novem- United States for 10 or more copies to one ad- ber 1, 1946, with an Appendix containing prodress, 15 cents per copy per month, or $1.50 visions of certain other statutes affecting the for 12 months. Federal Reserve System. 372 pages. $1.00 per copy. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $6.00 COMPILATION OF FEDERAL AND STATE LAWS RELATper annum including one issue of historical sup- ING TO BRANCH BANKING WITHIN THE UNITED plement (listed below). 60 cents per copy; in STATES (July 1, 1951). December 1951. 33 pages. quantities of 10 or more copies of a particular issue for single shipment, 50 cents each. (Do- RULES OF ORGANIZATION AND RULES OF PROCEDURE mestic rates) —Board of Governors of the Federal Reserve HISTORICAL SUPPLEMENT TO FEDERAL RESERVE System (with Amendments). September 1946. CHARTS ON BANK CREDIT, MONEY RATES, AND 31 pages. BUSINESS. Issued annually in September. Annual REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodic releases and reprints, appeared on pp. 1338-41 of the December 1954 FEDERAL RESERVE SYSTEM. Individual regulations BULLETIN. with amendments and supplements thereto. 454 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS 1954 SURVEY OF CONSUMER FINANCES—From March, (From Federal Reserve Bulletin unless preceded by an asterisk) June and July issues of BULLETIN. 41 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. Sep- INFLUENCE OF CREDIT AND MONETARY MEASURES ON tember 1954. 10 pages. ECONOMIC STABILITY. March 1953. 16 pages. RECENT FINANCIAL CHANGES IN WESTERN GER- FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- MANY. October 1954. 10 pages. BILITY. May 1953. 7 pages. WORLD TRADE AND PRODUCTION IN 1953-54. Octo- REVISION OF CONSUMER CREDIT STATISTICS. April ber 1954. 8 pages. 1953. 19 pages. USE OF MONETARY INSTRUMENTS SINCE MID-1952. *DETAILED DESCRIPTION OF SOURCES AND METHODS December 1954. 8 pages. USED IN REVISION OF SHORT- AND INTERMEDIATE- TERM CONSUMER CREDIT STATISTICS (supplemen- DIRECTLY PLACED FINANCE COMPANY PAPER. Detary details for item listed above), April 1953. cember 1954. 8 pages. 25 pages. CREDIT AND MONETARY EXPANSION IN 1954. Feb- FEDERAL RESERVE BANK RESPONSIBILITIES. May ruary 1955. 8 pages. 1953. 5 pages. THE FEDERAL BUDGET FOR 1956. February 1955. UNITED STATES POSTWAR INVESTMENT IN LATIN 11 pages. 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 DEPARTMENTS (Revised Indexes) November DOLLAR FLOWS AND INTERNATIONAL FINANCING. March 1955. 8 pages. 1953. 65 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- SEASONAL ADJUSTMENT FACTORS FOR DEMAND DE- STALMENT CREDIT. January 1954. 14 pages. POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. BANK CREDIT AND MONEY IN 1953. February 1954. 6 pages. PRELIMINARY FINDINGS OF THE 1955 SURVEY OF CONSUMER FINANCES. March 1955. 3 pages. INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. March 1954. 9 pages. (Also, similar article from UNITED STATES BANKS AND FOREIGN TRADE FINANC- March 1953 BULLETIN) ING. April 1955. 11 pages. APRIL 1955 455 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 s? ifc BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESER.VE BRANCH CITIES td I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis