Federal Reserve Bulletin, 1955-05

A L E S E R VE BULLETIN MAY 1955 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEE 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 PAGF Housing Markets . 457-464 1955 Survey of Consumer Finances: Purchases of Durable Goods in 1954. 465-481 Bankers' Acceptance Financing in the United States. 482-494 Member Bank Earnings, 1954. 495-499 Law Department . 500-501 Current Events and Announcements. . 502 National Summary of Business Conditions. . 503-504 Financial, Industrial, Commercial Statistics, U. S. (See p. 505 for list of tables). 505-577 International Financial Statistics (See p. 579 for list of tables) . 579-597 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 598 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 599 Federal Reserve Board Publications.. 600-601 Map of Federal Reserve Districts... 602 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 May 1955 NUMBER 5 HOUSING MARKETS Activity in construction and real estate CONSTRUCTION OUTLAYS markets, strong through the 1953-54 reces- Seasonally adjusted, millions of dollars 1600 sion, has risen markedly this year. New high levels have been reached by the value of construction work done and of construc- - 1200 tion contracts awarded, by the number of dwelling units started and purchased, and by the amount of mortgage financing and the outstanding mortgage debt. 800 These record levels have been achieved with relative stability in prices and costs. Prices of building materials and wage rates 400 in the building trades have risen during the past year, but most broad measures of construction cost have shown little change. Mortgage financing generally has been available on terms favorable to borrowers, 1951 1953 1955 KOTE.—Joint estimates of Departments of Commerce and and prices of residential properties—both Labor, except private business, are adjusted for seasonal variation by Department of Commerce. Private business includes new and old—appear to have been unusually commercial, industrial, and public utility construction and is adjusted by Federal .Reserve. Latest figures shown are for steady this year. Newly built houses have April. been sold quickly, and. vacancies have remained low. Rents generally have stopped The increase in outlays for private conrising. struction since early 1954 is the result chiefly of rapid expansion in residential building CONSTRUCTION OUTLAYS expenditures, as the chart shows. In the Total spending for new construction has first four months of 1955 residential outlays risen rapidly in the past six months and were one-third larger than a year earlier and this spring has been at a record seasonally one-seventh larger than at the peak in 1950. adjusted annual rate of 41 billion dollars. Private nonresidential. The moderate This reflects for the most part a large rise increase in private nonresidential building, in privately financed construction. Public seasonally adjusted, since late last year has construction lately has been at about the reflected mainly changes in private business same level as in the same months of 1954. construction. The downward movement of MAY 1955 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING MARKETS industrial construction during most of 1953 NONFARM HOUSING UNITS STAUTED [Numbers in thousands] and 1954 was reversed in the late autumn, and expenditures for such construction in Percentage distribution of private units by type of the first quarter of 1955 were 7 per cent ]inancing larger than in the corresponding period of Federally Con- 1954. Construction of commercial facilities Period Total Private Public underwritten ventional rose further to a new high in the first four or VA- no FHA- guaran- mortmonths of 1955, and public utility construcinsured teed gage tion was maintained at the high 1954 level. Annually: Nonresidential construction for other than 1950.'.. 1,396 1,352 44 35 15 50 1951 ... 1,091 1,020 71 26 15 60 business purposes has shown little change 1952... 1,127 1,069 59 26 13 61 1953... 1,104 1,068 36 24 15 62 since last spring. Building of recreational 1954... 1,221 1,201 19 23 26 51 Jan.-April facilities, churches, schools, and hospitals has 1950... 412 407 5 31 13 56 1953... 369 346 23 23 12 65 increased, but farm construction has declined 1954... 345 339 6 22 18 60 1955... 422 419 3 22 28 50 further, to the lowest level since mid-1949. Public construction. Public expenditures NOTE.—Data are from the Bureau of Labor Statistics, Federal Housing Administration, and Veterans Administration. Federally underwritten refers to units started under commitments of FHA for new construction have been at about or VA to insure or guarantee the mortgages. the same level this year as a year earlier. portion than in any previous comparable Outlays by State and local governments for period. most types of construction, including schools, The number of newly completed houses highways, sewerage facilities, and hospitals, coming on the market this spring and sumhave increased further and are well above mer will probably be larger than in any the levels a year earlier. Outlays for public previous similar period. Builders have had housing, on the other hand, have continued little trouble in selling houses, and activity in to decline sharply this year, and in April markets for both new and existing properties reached the lowest level in six years. Fed- has been exceptionally great. The number eral construction outlays have also declined, of new houses sold in the second half of except for military installations. 1954, estimated at 600,000, was exceeded only by sales in the unusual second half of 1950. HOUSING AND MORTGAGE MARKETS The high level of sales in the first four The number of new private dwelling units months of this year reflected in part an instarted this year has been at a seasonally ad- crease in purchases with VA loans. justed annual rate close to 1.4 million units. The recent large volume of sales of both This rate is markedly higher than that in new and old properties has been made at any other similar period, and is close to the relatively stable prices in most areas and in mid-1950 record. The increased volume of most price ranges. Rents have shown little activity this year compared with a year ear- change this year following small increases lier reflects chiefly a doubling in the number in 1954. A small increase has been noted of units started under arrangements for in vacant units for rent. Building of apartguaranty of the mortgages by the Veterans ment structures has continued at about the Administration. Such units have accounted low level reached in 1951. for 28 per cent of private starts this year, as Financing. Increased activity in markets is shown in the table, a much larger pro- for new and existing houses has reflected 458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING MARKETS and been reflected in an unprecedented vol- compared with less than 20 per cent a year ume of mortgage lending on terms generally earlier and less than 10 per cent during very favorable to borrowers. Mortgage re- most of 1953. Loans made with 30-year cordings of $20,000 or less, seasonally ad- maturities increased even more sharply and justed, have increased without interruption in March were 46 per cent of all VA loans since early 1954, as shown in the chart. The closed, compared with 14 per cent a year 1954 volume reached an all-time high of earlier and 2 per cent in mid-1953. 23 billion dollars and the total for the first Lending under VA guarantee increased quarter of 1955 was 6.4 billion dollars; the markedly in the second half of 1954 and in latter volume was more than two-fifths the first quarter of 1955 was at a record level, larger than a year earlier. well over twice that of a year earlier. This increase was. much larger than that for NONFARM MORTGAGE LENDING other types of loans, and the proportion of Millions of dollars VA loans to all loans closed was 27 per cent in early 1955, compared with about 17 per 2400 cent in the same period of 1953 and 1954. Recently, following the acquisition of a large volume of mortgages by many lenders 2000 and some increase in money rates, terms to borrowers—especially on commitments for future loans—have become noticeably 1600 tighter. Nevertheless, mortgage funds continue to be ample and, judging from the large number of loan applications received 1200 by FHA and VA, Federally underwritten financing will continue large. Appraisal requests received by VA in the first quarter 1951 1953 1955 of 1955 were double the year-ago volume, NOTE.—Data are mortgage recordings of $20,000 or less and are from the Home Loan Bank Board. A three-month moving and applications to FHA for loan insurance average of these data, centered at the middle month, has been adjusted for seasonal variation by Federal Reserve. Latest figure shown for unadjusted series is for March; for adjusted, on new 1- to 4-family houses were two-fifths February. larger than a year earlier. As capital markets continued to ease dur- Mortgage debt and investors. The posting most of 1954, investors made an increas- war increase in home mortgage debt was ing amount of mortgage funds available on accelerated in 1954 as mortgage lending terms that they would not accept earlier. rose much more than debt repayment. The Terms on conventional loans eased, and record growth of 9.6 billion dollars for the prices of Government-underwritten mort- year, compared with 7.6 billion in 1953, gages, which earlier had been at appreciable reflected chiefly a sharp contra-seasonal indiscounts in secondary markets, rose and crease in the second half of the year. In the were close to par in many areas. first quarter of 1955 the increase in home Terms on VA loans eased steadily during mortgage debt was almost twice that a year 1954 and early 1955. In March about 45 earlier and the largest in any first quarter per cent were made with no down payment, on record. MAY 1955 459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING MARKETS All major types of financial institutions greater than of either FHA-insured or conhave participated in this expansion of res- ventional loans and amounted to about threeidential mortgage debt. Holdings of sav- fourths of the total increase in 1954 and the ings and loan associations, as in other recent first quarter of 1955. years, rose by a substantially larger amount RECENT CHANGES AFFECTING HOUSING in 1954 and the first quarter of 1955 than MARKETS those of other institutions. The net addition of over one billion dollars to their holdings The strength in the market for houses in the first quarter of this year represented throughout the postwar period has given almost two-fifths of the increase in home rise to considerable discussion about how mortgage debt, a slightly smaller proportion much longer present advanced levels are than in 1953 and 1954. likely to be maintained. Since the war many The increase in the residential mortgage changes have taken place that might be portfolios of life insurance companies in 1954 expected to affect the level and nature of was the largest since the record years of 1950 future housing demands. To some observers and 1951. This reflected acquisition of large such changes suggest lower levels in the near amounts of VA-guaranteed mortgages. Ex- future; to others, the continuation of high pansion in the first quarter of 1955 was about levels of activity in the face of such changes twice that a year earlier. indicates strong underlying demand that can Some life companies, as well as other mort- continue for a long time. gage lenders, have found it convenient to Factors commonly expected to sustain "warehouse" some of their mortgages with demand are the inferior quality of an apcommercial banks in order to obtain funds preciable part of the existing housing stock; for current lending. Temporary acquisition desires for better housing, for suburban of mortgages by commercial banks under living, and for home ownership; continuasuch warehousing arrangements explains in tion of high incomes; and availability of part the sharp rise in commercial bank mort- mortgage funds. Low levels of vacancies, of gage portfolios in the first three months of foreclosures, and of mortgage delinquencies, 1955. The expansion of over 400 million as well as the ready sale of both new and old dollars in that quarter compares with in- houses at generally stable prices, also sugcreases ranging from 50 to 150 million in the gest to many observers a continued strong corresponding period of the three preceding market for some time to come. The almost years. A large part of this expansion, how- universal amortization of debt, which steadever, as well as most of that in the second ily augments equities and tends to keep the half of 1954, represented increased direct burden of new debt reasonable in relation participation of commercial banks in mort- to incomes, is also regarded as an element of gage lending. strength. Large increases in residential mortgage A major factor regarded by some obportfolios of mutual savings banks during servers as suggesting lower levels of housing the past year or so reflect chiefly the growth market activities later is the apparent decline, of their VA-guaranteed mortgage holdings. particularly in the past two years, in house- The increase in such holdings has been hold formation. Other elements expected 460 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING MARKETS to lead toward lower levels are the high and various kinds and probably, to a small exrising level of mortgage debt, the tendency tent, in units vacant earlier. The number of house purchasers to buy on terms con- of couples without their own households was sidered akin to rent, and the relatively fixed reduced by almost one million to less than character of home-ownership costs. Those 6 per cent of all married couples, a smaller who regard these elements as likely to lead proportion than before the war. to reduced activity believe that as new building continues in excess of additions to house- HOUSEHOLDS AND FAMILIES IN THE UNITED STATES holds, vacancies will rise, rents will fall, [Number, in millions] and tenancy may become more attractive Increase than ownership to many families. In the Item 1940 1954 1940- 1947- 1950process, real estate prices may decline and 47 50 54 debt based on these prices—particularly the All households 34.9 4.2 4.4 3.3 46.9 large proportion of debt that is relatively Headed by: Married couples 26.6 4.0 3.5 1.8 35.9 Other families 4.9 -.6 .4 .3 5.1 new—may become more burdensome. Individuals 3.5 .7 .6 1.2 5.9 A review of some of the postwar develop- All families 34.2 4.7 2.8 1.6 43.3 Headed by: ments in household formation and mortgage Married couples 28.5 5.0 2.5 1.3 37.3 with households 26.6 4.0 3.5 1.8 35.9 financing may suggest the nature and pos- without households... 1.9 1.0 -.9 -.5 1.5 Others 5.7 -.3 .2 .3 6.0 sible influence of some of these changes. with households 4.9 -.6 .4 .3 5.1 without households... .8 .2 -.2 C1) .9 Changes in households. In early 1947 housing was in very short supply, and almost iLess than 50,000. NOTE.—Data are for April of each year, except 1950 which are for 9 per cent of the 33.5 million married couples March. Data are from sample surveys by the Bureau of the Census, except 1940 which are from the Decennial Census. Figures shown in the United States were sharing house- for families differ from those reported by the Bureau of the Census by inclusion of sub-families. holds; many others were occupying makeshift quarters. The needs of these groups In the four years following the spring of for separate or improved accommodations, 1950, the number of marriages declined, and the large number of marriages and births, at the same time the number of married and continued heavy migration of popula- couples without their own households was tion exerted exceptional pressures on the reduced further. The number of new nonhousing supply at that time. farm dwelling units built during the period Output of new housing increased sharply rose, however, and exceeded the increase in in the next three years, and extensive con- married-couple households by 2.9 million. version of existing residential and nonres- Vacancies probably rose slightly, but most of idential space also added to housing accom- this excess was apparently taken up by inmodations. By the spring of 1950, as can creased demand from individuals and groups be seen from the table, there were almost other than married couples, migration from 4.5 million more households, headed chiefly farms, and withdrawal of units from the by married couples, than three years earlier. housing supply. Continued high incomes, New houses and apartments built in this together with the more widespread coverage period accommodated two-thirds of this of social security and other retirement benenumber, and the remainder were accom- fits and the ready availability of mortgage modated in units created by conversion of funds, have enabled many individuals, in- MAY 1955 461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING MARKETS eluding those widowed and divorced as well housing, however, other demographic factors as others not married, to maintain or acquire are important. Births have continued to separate households. These are shown as rise and were at an all-time high of more the open space on the bars in the chart. than 4 million in 1954. This has put pressure on many families to seek larger quarters. NET INCREASE IN HOUSEHOLDS The number of the aged has been increasing, Annual averages Thousands of units and so has the number of youths and young adults leaving the parental households. The • living arrangements made by these persons 1500 may have a strong influence on local housing markets. Migration—from farms to cities, WM. from central city areas to suburbs, and from 1000 one locality to another—has also increased demand substantially in some areas and may continue to do so. MARRIED COUPLE 500 Operation of mortgage market. Substantial changes have taken place in the past few years in the structure and operation of the mortgage market. The flow of savings APR. 1940 APR. 1947 MAR . 1950 to financial institutions has grown rapidly, to to to APR. 1947 MAR . 1950 APR. 1954 and mortgage contracts with long maturities and monthly amortization have become NOTE.—Data from the Bureau of the Census. standard. Government underwriting of mort- Such evidence as is available suggests that gages has also become more extensive. As withdrawals from the housing supply have a result, nationwide lending by financial recently been much larger than might have institutions has become desirable and more been expected from earlier experience. Such generally possible. withdrawals have taken the form of demoli- The four major types of financial institutions, or of conversions of residential struc- tions—commercial banks, savings banks, tures to accommodate in some cases a smaller savings and loan associations, and insurance number of households and in others busi- companies—have increased their holdings of ness or other nonresidential uses. Much of residential mortgages much more than have the gross increase in vacancies that has other investors. As can be seen from the occurred has probably taken the form of chart on the following page, at the end of reversion to seasonal use of a substantial 1954 they held well over four-fifths of the number of units temporarily pressed into outstanding mortgage debt on small properfull-time occupancy during the earlier hous- ties, compared with little more than twoing shortage. thirds in 1946. At the same time, the relative The current strength of demand in the importance of financial institutions as direct aggregate appears to reflect in part continued mortgage lenders has changed very little in importance of these elements. In particular this period. Mortgage banking firms, whose areas and in markets for particular kinds of principal operation is to make loans and 462 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING MARKETS STRUCTURE OF MORTGAGE FINANCING to sales of previously occupied houses. In Percentage distribution the years 1950-54, some 9 million previously HOLDINGS LOANS MADE occupied houses were sold. In a large num- 100 ber of these sales the buyer obtained a new —and on the average larger—mortgage to 80 replace that paid off by the seller. A continued high level of house sales may 60 indicate that many people still seek, and 40 obtain, housing better suited to their needs. To the extent that sellers of existing houses 20 have owned their houses for some years, however, a high level of sales also means that a great many mortgages that have run 1946 1954 1946 1954 for some time, and have been paid down NOTE.—Holdings are loans on 1- to 4-family nonfarm properties held by various types of investors. Loans made represent appreciably, are replaced by new mortgages mortgages of $20,000 or less recorded by the various types of lenders. Financial institutions include commercial and mutual on which amortization is only starting. savings banks, savings and loan associations, and insurance companies. Data are from Home Loan Bank Board and Federal Reserve, Large amounts of debt continue to be repaid through regular amortization of numservice them for mortgage investors, have erous mortgages that have been outstanding grown markedly in relative importance. for many years. Retirement of debt during These changes have tended to increase the years 1950-54, however, exceeded the the dependence of mortgage lending activibalance outstanding at the beginning of 1950 ties on conditions in capital markets generby one-half, as can be seen from the table. ally and on the investment decisions of finan- This suggests that many of the mortgages cial institutions in the light of general credit conditions. This is particularly true of lend- MORTGAGE LENDING AND RETIREMENT ing on Federally underwritten mortgages, ON I- TO 4-FAMILY NONFARM HOUSES and somewhat less true of lending on con- [In billioiivS of dollars] ventional mortgages in which savings and loan associations, operating locally, are very Ap- Change Out- Loans parent in oiit- Outstand- made retire- stand- standimportant. Period and ings ments ings ings type of mortgage (begin- (end of Repayment of mortgage debt. In the five ning of period) period) (during period) years 1950-54, home mortgage credit ex- 1950-1954 tended amounted to 93 billion dollars. Mort- All mortgages 37.5 93.3 54.9 38.4 75.9 gage debt outstanding, as can be seen from Federally underwritten 15.0 27.3 10.2 17.1 32.1 the table, increased much less—about 38 Conventional 22.5 66.0 44.7 21.3 43.8 billion—indicating repayment of about 55 1946-1949 All mortgages 18.5 46.0 27.0 19.0 37.5 billion. Federally underwritten 4.3 14.5 3.8 10.7 15.0 This large amount of mortgage lending Conventional 14.2 31.5 23.2 8.3 22.5 has arisen in major part from the large num- NOTE.—Figures on outstandings and loans made are from the ber of house purchases; at the same time, Home Loan Bank Board, the Federal Housing Administration, and the Veterans Administration. Figure for outstandings on all mortmuch of the debt repayment is attributable gages at the end of 1954 is preliminary. Apparent retirements, and all data on conventional loans, are derived from these figures. MAY 1955 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING MARKETS outstanding at the beginning of 1950 have and for miscellaneous purposes (on nonressince been paid of? in full and that a great idential as well as residential properties). many of the mortgages now outstanding Such debt is likely to have shorter matuhave been in existence less than five years. rities, both by contract and in fact, than debt Considering the very large amount of lend- written for purchasing or carrying residening in the past year, as much as a fourth of tial real estate. the amount now outstanding may have been Future developments in residential real contracted since the beginning of 1954. estate markets will be influenced by many The data shown in the table indicate that factors, including importantly the state of repayment of conventional mortgages has general economic activity. The changes that been consistently larger, relative to beginning have been taking place during recent years, balances, than repayment of Federally under- however, in the housing stock, in the locawritten mortgages. The conventional cate- tion and housing arrangements of the growgory, however, includes second mortgages ing population, and in the influence of genand considerably more debt for repair and eral money market considerations in mortalteration of houses and similar purposes gage lending may be expected increasingly than the Federally underwritten category, to affect short-term developments. 464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1955 SURVEY OF CONSUMER FINANCES PURCHASES OF DURABLE GOODS IN 1954 1 Moderate declines in consumer expendi- sumers with large liquid asset holdings but tures for automobiles, furniture, and major low incomes. household appliances in 1954 and a probable Early in 1955, more consumers were inincrease in 1955 are reflected in the 1955 Sur- clined to purchase new and used automobiles vey of Consumer Finances. Fewer new cars and household durable goods than was the were purchased in 1954 than in the previous case in early 1954. Consumers indicating inyear but the average expenditure per buyer tentions to buy such goods within the year increased, while more used cars were bought expected to pay more for new and used cars at a lower average expenditure. Approxi- this year than last year but less for other mately the same number of consumers pur- durable goods. Prospective purchasers indichased furniture and major household ap- cated a somewhat greater tendency to use pliances in 1954 as in 1953, but the average credit to finance purchases of durable goods expenditure declined. than they did early last year. Credit was used by three-fifths of the consumers purchasing new and used automobiles AUTOMOBILES and one-half of those purchasing major A decline in total domestic sales of new household items. These are approximately automobiles from 1953 to 1954 was reflected the same proportions as in other recent years. in Survey indications that 600,000 fewer con- Amount of liquid asset holdings appears to sumer spending units purchased new cars be more important than income in deter- in 1954 than in 1953.2 As in other recent mining the use of credit in purchasing large years, about two-thirds of the new car buyers household goods. Consumers with little or had incomes of $5,000 or more while only no liquid assets but relatively high incomes about one-eighth had incomes of less than tend to use credit more frequently than con- $3,000. 1 This is the second of a scries of articles presenting the The average price paid for new cars rose results of the 1955 Survey of Consumer Finances conducted in 1954, reflecting in part the moderate price by the Federal Reserve System in cooperation with the Survey Research Center of the University of Michigan. The rise in the latter part of the year and in part first article, presenting information on the economic outlook the continuing trend toward purchase of of consumers and their plans for purchasing durable goods and houses, was published in the March BULLETIN. Subse- higher priced models and larger expenditures quent issues of the BULLETIN will contain articles analyzing the financial position of consumers, purchases and owner- 2 The number of consumer spending units reporting purship of houses, and related materials. The sampling pro- chases of new cars in recent years has been equal to about cedure of the Survey and the limitations of the data are 80 to 85 per cent of new car registrations. In addition to discussed in a technical appendix at the end of this article. sampling and reporting variations involved in Survey results, This article was prepared by Tynan Smith of the Con- the chief reason for the difference between the Survey data sumer Credit and Finances Section of the Board's Division and new car registrations is that the Survey does not include of Research and Statistics. A close working relationship is purchases of passenger automobiles for business or governmaintained with the staff of the Survey Research Center mental use or purchases by the transient population. Also,, at all stages of the work, and the author has had the benefit a small proportion of consumer spending units purchase more of suggestions from the Center's staff, particularly Stanley than one new car during the year but only the final pur- Steinkamp, Peter de Janosi, and Frederick May. chase is included in the Survey tabulations. MAY 1955 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES TABLE 1 third of those traded in on used cars had been CONSUMER PURCHASES OF AUTOMOBILES bought within the past two years. One in seven of the spending units owning Estimated number of Average Average an automobile reported following a practice Type of purchase spending units expendi- net purchasing ture1 outlay2 of trading in cars at regular intervals. The (In millions) proportion was much larger for buyers of New automobile: 1954 4.3 32,720 $1,730 new cars (about one-fourth) than for buyers 1953 r4 9 2,650 1,660 19S2 3.6 2,680 1,560 of used cars (about one-fifteenth). This dif- 1951 4.4 2,390 1,440 ference appears to be largely a function of Used automobile: 1954 8.6 800 600 income as the higher income groups account 1953 »7.8 920 640 1952 ••7.9 950 700 for most of the new car purchases. 1951 7.3 790 570 Credit purchases. In 1954, as in the prerRe vised. i Before deduction for trade-in or sale of automobile. vious year, three-fifths of all purchases of 2After deduction for trade-in or sale of automobile. both new and used automobiles were fifor optional equipment, such as power steer- nanced by credit. In general, the use of ing. Nearly one-third of the spending units credit declined as income increased, but it purchasing new cars in 1954 reported paying was more frequent in the middle than in $3,000 or more as compared with less than the lower income groups where low-priced one-fourth the previous year. used cars are the usual purchase. The amount of net outlay also influenced the use of credit. The number of consumer spending units As net outlay increased for purchases of both reporting used car purchases increased to 8.6 new and used cars, the proportion of purmillion in 1954 from 7.8 million in 1953 (see chases financed by credit increased except Table 1). The increase was distributed for new car purchases requiring very large among most income and occupational groups. net outlays. Reflecting the predominance of Average price paid for used cars and average high income purchasers, the use of credit denet outlay both declined. Less than onethird of the used cars purchased in 1954 were TABLE 2 priced at $1,000 or more as compared with USE OF CREDIT IN PURCHASING AUTOMOBILES, 1954 [Percentage of purchasers using credit, within groups.] more than two-fifths of those bought in 1953. Since the age composition of the used cars Per- Percent- centbought was similar in 1954 and 1953, the New automobile age of Used automobile age of purchases pur- purchases purdecline reflected primarily a general decline chasers chasers in used car prices. Income of purchaser: Income of purchaser: Under $5,000 70 Under S3,000 57 As in other recent years, two-thirds of the $5,000 and over 54 $3,000 $4,999 65 $5,000 and over. . . . 58 consumers purchasing automobiles either Liquid assets of purchaser, early 1955: Liquid assets of purtraded in or sold a previously owned car. S U 5 n 0 d 0 e - r S S 1, 5 9 0 9 0 9 8 6 7 4 U c n h d a e s r e r $ , 5 e 0 a 0 rly 1955: 68 $2,000 and over 30 $500-$! ,999.. . 51 This proportion was 86 per cent for buyers $2,000 and over. . . . 22 Price of automobile: of new cars and 58 per cent for buyers of Under $2,500 66 Price of automobile: S2,500-82,999 63 Under $500 46 used cars. About one-half of the trade-ins $3,000 and over 51 S500 $999 69 $1,000 and over. . . . 72 on new cars were 1951 or later models and Net outlay:1 Under S 1,300 57 Xet outlay:' less than 5 per cent were prewar models. S1.300-S1.799 72 Under 8500 52 $1,800 and over 53 S500-S899 63 In contrast, over two-fifths of the trade-ins $900 and over 70 on used cars were prewar models. One-fourth 1 After deduction for trade-in or sale of automobile. NOTE.—Because estimates are based on relatively small number of the cars traded in on new cars and one- of cases, data should be used only as indications and not as precise measures of differences between various groups. 466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES clincd to about 50 per cent for purchases of AUTOMOBILE OWNERSHIP new cars requiring net outlays of $1,800 or Per cent of spending units more (see Table 2). The amount of liquid asset holdings greatly influences the extent to which credit is used for automobile purchases. In 1954, nearly 90 per cent of new car purchasers having liquid assets of less than $500 financed their cars by credit and only 30 per cent of those with liquid assets of $2,000 or more. Similarly, 70 per cent of the used car purchasers with $500 or less of liquid assets used credit as compared with 20 per cent of the purchasers with liquid assets of $2,000 or more. Early Gar ownership. Although one-fourth of 1955 all consumers were involved in automobile posed of one or more cars and became onetransactions during the year, there was virtucar owners. ally no change in the proportion owning Growth in automobile ownership over the automobiles. Most of these consumers merely past six years is shown in the accompanying traded cars. Only one-tenth changed their chart. The proportion of consumers owning ownership status during the year. Nearly two or more cars has more than doubled since 5 per cent of the spending units did not early 1949. Automobile ownership is closely own a car at the beginning of the year but related to income. Early this year, nineacquired one during the year, and 2 per tenths of the spending units with incomes of cent moved from the one-car class to the $5,000 or more owned cars as compared with two-or-more-car class (see Table 3). On only two-fifths of those with incomes of the, other hand, one per cent of the spendless than $3,000. Ownership of two or more ing units disposed of their cars and became cars was largely confined to the upper income nonowners, and another one per cent disgroups. Only a small proportion of spending units with incomes of less than $5,000 TABLE 3 owned two or more cars as compared with AUTOMOBILE OWNERSHIP REPORTED BY SAME SPENDING UNITS FOR JANUARY 1, 1955 AND 1954 more than one-fourth of those with incomes of $7,500 or more. Ownership of more than Cars owned, Jan. 1, Cars owned, fan. 1, Percentage of 1955 1954 spending units one car in the group with incomes of $5,000 to $7,500 tends to be found often among Non© 33.4 O NJ n o e ne 32 1. .1 2 spending units with two or more income Two or more 0.1 receivers. One .... 59.5 \orie 4.8 The rapid postwar decline in average age One: samp car 39.0 of automobiles owned by consumers came different car 14.6 Two or more 1 .1 to a halt in 1954. By January 1, 1955, Two or more 7.1 one-third of the cars owned were three years ^one . . . 0) T O w ne o or more: 2 3 old or less, two-fifths were from four to same cars 2.9 different cars 1 .9 seven years old, and one-fourth were more than seven years old, about the same propor- 1 Less than .05 per cent. MAY 1955 467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES tions as at the beginning of 1954. ranging from about 10 per cent in the North- Of all cars owned by consumers at the east to about 20 per cent in the West. The beginning of 1955, 43 per cent were new amount of credit involved in automobile purwhen bought and 57 per cent were used. chases tends to be larger in the West, since Fifty per cent of the former were 1953 or car prices in that part of the country are later models. Only 5 per cent of those pur- higher and credit terms in recent years have chased as used cars were 1953 or later models been more liberal. and 20 per cent were prewar models. Prospective car purchasers. Almost 16 The average value of automobiles owned per cent of the consumers expressed an inby spending units at the beginning of the tention to buy a new or a used car this year year, as indicated by used car appraisal guide as compared with a little over 14 per cent a prices, was about $l,000.3 About three- year ago, and the median expected expendifourths of the car owners with incomes be- tures for both new and used cars were larger low $3,000 owned cars valued at less than this year. These findings are based on the $1,000 as compared with about two-fifths of final tabulations of information regarding those with incomes of $5,000 or more. automobile purchase plans and differ slightly About 30 per cent of the car owners had from those shown in the preliminary tabuladebt outstanding on their automobiles at the tions published in the March BULLETIN. beginning of 1955. Debt on automobiles The proportion of consumers planning to varied with income. Automobile debt was buy new cars within the year was similar in reported by only one-fifth of the car owners early 1955 and 1954. The median amount of with incomes of less than $2,000, and in most planned expenditure was $2,700 early this cases the amount was less than $500. The year as compared with $2,500 a year ago (see proportion of car owners with debt increased Table 4). About two-fifths of the consumers to about one-third in the middle income planning to buy new cars expected to spend groups and relatively more of the debts $3,000 or more as compared with aboat oneamounted to $500 or more. For car owners third of those planning such purchases a with incomes of $7,500 or more, the propor- year ago. There was also an increase from tion having car debt declined to about one- early last year in the proportion planning to fourth. These variations reflect the tendency use credit in financing their new car purfor credit to be used more frequently by the chases. middle income groups and also the tendency TABLE 4 for low income groups to buy used cars CONSUMERS PLANS TO PURCHASE AUTOMOBILES [Percentage of spending units planning to buy]1 which are typically financed on relatively short maturities. Item 1955 1954 1953 There appears to be some regional varia- New automobile 8.2 7.9 9.1 In first half of year 4.1 2.9 4.1 tion in the incidence of car debt. The pro- In second half of year 3.3 4.1 3.9 Timing not ascertained. . . 0.8 0.9 1.1 portion of car owners having debt is smallest Used automobile 7.5 6.4 6.1 in the Northeast (26 per cent) and largest in In first half of year 3.3 3.2 2.7 In second half of year. . . . 3 A 2.4 2.8 the West (37 per cent). The amount of debt Timing not ascertained. . . 0.8 0.6 follows a similar pattern, with the propor- Median anticipated expenditure:2 New au torn bile $2,700 $2,500 $2,500 tion of owners with debts of $500 or more Used automobile 800 750 900 1 Includes spending units planning definitely, probably, or pos- 3 Based on average retail value of each make and model sibly to buy. year in early 1955, as shown by the appraisal guide prices. 2 Based on planned expenditures of spending units definitely or probably planning to buy. 468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES Prospective buyers of new cars were in- Median prices paid for refrigerators, washclined to time more of their purchases in ing machines, and furniture were about the the first half of the year than were prospec- same last year as in other recent years. The tive buyers a year ago. Continued strength median price paid for television sets declined in the automobile market is suggested by the to $275 after remaining at $300 in the prefact that one-fifth of the consumers expressed vious four years. Trade-ins were frequent intentions to buy cars in 1956 or 1957. This in connection with the purchase of major was about the same proportion as expressed household items. About one-seventh of telesimilar long-run plans early last year, but a vision set purchases, one-fourth of refrigeralarger proportion than in early 1953 or early tor purchases, and one-third of washing ma- 1952. chine purchases involved trade-ins. These The proportion of consumers planning to proportions are similar to those of other rebuy used cars within the year was larger in cent years. early 1955 than at the beginning of any pre- As in past years, purchases of furniture vious postwar year. The median expected and major household appliances were more expenditure of $800 was above that of any frequent among the middle and upper inearlier year except early 1953, when the come groups than among the lower income median expected expenditure was $900. groups. The one-third of the consumers with incomes of $5,000 or more accounted FURNITURE AND HOUSEHOLD APPLIANCES for two-fifths of the purchasers in 1954, as The number of spending units purchasing in the previous year. furniture or major household appliances in Credit purchases. A little over one-half 1954 was 23.4 million, about the same as in of the consumers who bought major house- 1953. The average expenditure last year de- hold items last year used instalment credit to clined to $375 from $410 the year before (see finance all or some of their purchases. This Table 5). proportion has remained fairly constant since The proportions of consumers buying tele- 1949 after increasing during the early postvision sets and furniture in 1954 were similar war years. The proportion of consumers to those in 1953. There was, however, a buying on credit in 1954 varied from 45 per moderate rise in the proportion purchasing cent of those buying furniture to 58 per cent washing machines and a slight decline in of those buying refrigerators (see Table 6). the proportion purchasing refrigerators. The The use of credit varied by amount of modest upward trend in purchases of some purchase as well as by income. About 30 of the newer appliances, such as deep-freeze per cent of the consumers who spent less units and clothes dryers, continued. TABLE 6 TABLE 5 PURCHASERS OF FURNITURE AND SPECIFIED HOUSEHOLD APPLIANCES ON INSTALMENT CREDIT 1 CONSUMER PURCHASES OF FURNITURE AND MAJOR [Percentage of purchasers using credit] HOUSEHOLD APPLIANCES Type of purchase 1954 1953 1951 1950 Item 1954 1953 1952 1951 All items 54 55 52 49 Percentage of spending units purchasing 43.3 42.8 39.3 42.1 Furniture 45 50 51 47 Estimated number of spending units Television set 57 55 48 44 purchasing (in millions) 23.4 r23 .1 '22.4 '22.5 Refrigerator 58 63 43 54 Median expenditure1 $300 $300 S300 $280 Washing machine 55 58 45 42 Average expenditure1 375 410 400 380 1 Purchasers who bought two items of the same type, one for 'Revised. credit and one for cash, were classified as credit purchasers. Data 1 Before deduction for trade-in. for 1952 not available. MAY 1955 469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES RELATION OF LIQUID ASSET HOLDINGS TO going from small to large amounts of liquid CREDIT FINANCING OF HOUSEHOLD GOODS asset holdings within each income group Per cent of spending units using credit than in going from one income group to 100 another, as shown in the accompanying chart. LIQUID ASSETS In the groups with incomes of $3,000 or LLLji Le« ihon $500 -! 80 HHg $500 or more more, consumers with liquid assets of less than $500 reported using credit for pur- 60 chases of large household items about twice as frequently as those with liquid assets of $500 or more. The difference was even 40 larger among consumers with incomes of less than $3,000. 20 Purchase plans. The proportion of consumers planning to purchase furniture or household appliances was larger early this ALL INCOMES UNDER $3,000 $3,000-54,999 $5,000and OVER 1954 money income year than a year ago but smaller than in NOTE.—Proportion of all spending units reporting customary early 1953 (see Table 7). There was some use of instalment credit in purchasing large household items'. Includes those who said they use credit for some purchases increase in the proportion planning to buy as well as those who said they always use credit. washing machines, a moderate decline in than $100 on large household items used plans to buy television sets, but little change credit as compared with about 60 per cent for other items. The income distribution of of those who spent $500 or more. This prospective purchasers was similar to that of relationship held true for the different ina year ago. About two-fifths of those plancome groups. In general, however, the use ning to buy had incomes of $5,000 or more. of credit was more common among those The median expected expenditure was with incomes below $5,000 than among those $250 as compared with the $300 indicated with larger incomes. early in the two previous years. There was This year's Survey obtained information some increase in the proportion of prospective on the general practice of consumers regard- purchasers who planned to use instalment ing the use of instalment credit in purchasing credit to finance some or all of their purlarge household items. About one-third of chases. the spending units said that they always paid TABLE 7 cash, one-half said they always or sometimes CONSUMER PLANS TO PURCHASE FURNITURE AND MAJOR HOUSEHOLD APPLIANCES used credit, and the remainder said they [Percentage of spending units planning to buy I1 never bought large items or were uncertain how they usually financed such purchases. Item 1955 1954 1953 1952 The largest proportion of consumers gen- At le'i^t one item- . . . 28.5 ?f> 9 31 .9 23.2 erally using credit was found within the Furniture 17.0 11.9 13.2 9.6 Television set 5.0 7.7 10.8 6.8 Refrigerator•* 4 .5 4.1 5.4 5.5 group of young married couples with chil- Washing machine 5.3 3.6 3.7 1 .9 dren. Median anticipated expenditure4 . . . $250 $300 $300 $290 Credit financing tends to be more closely includes all spending units planning definitely, probably, or possibly to buy, and spending units that had already bought in associated with the amount of liquid asset the survey year. 2 Includes items listed below and related items such as home holdings than with the level of income. Var- freezers, air conditioners, dryers, etc. 3 Includes home freezers in 1952 but not in 1953-1955. iation in use of credit is much greater in 4Based on anticipated expenditures of spending units planning definitely or probably to buy one or more items. 470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES TECHNICAL APPENDIX Results of the 1955 Survey of Consumer who earn more than $15 a week and who Finances are based on 3,119 interviews dur- do not pool their incomes with that of the ing January and February in 2,766 dwelling primary spending unit are classed as related units.4 These dwelling units were located in secondary spending units. Persons in the the 12 largest metropolitan areas and in 54 dwelling unit who are not related to memadditional sampling areas chosen to represent bers of the primary spending unit are desa cross section of the population living in ignated as unrelated secondary spending private households in the continental United units. Secondary spending units, either re- States. Transients, residents of institutions, lated or unrelated, may include more than and persons living on military reservations one person, as in the case of a married couple are not represented in the Survey of Con- living with relatives but not pooling incomes. sumer Finances. Because some dwellings contain two or more spending units, the number of spending units Within dwellings, interviews are coninterviewed exceeds the number of dwelling ducted with each spending unit, A spending units. unit is defined as all persons living in the same dwelling and related by blood, mar- The spending unit is believed superior to riage, or adoption, who pool their incomes the family unit or household as an interview to meet their major expenses. A husband unit for financial surveys because the reand wife living together are always included spondents are asked only about financial arin the same spending unit even though they rangements in which they participate. Interdo not pool their separate incomes. All viewers make every effort to contact the head children under 18 years of age, irrespective of the spending unit, that is the principal of their incomes, are included in the spend- earner, because he is usually most familiar ing unit of their closest relative. The spend- with the financial arrangements. Heads of ing unit containing the owner or lessee of the spending units have been the respondents in dwelling is the primary spending unit. Chil- about 85 per cent of all interviews in each dren over 18 years of age and other relatives Survey. Some Survey data are presented for family 4 From the Board of Governors, general supervision of the units. A family unit is defined as all persons Survey was under the direction of Ralph A. Young, Director, and Kenneth B. Williams, Assistant Director, of the Division living in the same dwelling who are related of Research and Statistics, and of Homer Jones, Chief of by blood, marriage, or adoption. Survey the Consumer Credit and Finances Section of the Division. The Division of Research and Statistics has responsibility family units include individuals living alone for planning the over-all content of the Survey, analyzing as well as groups of related persons. To ob- Survey results, and preparing the special articles reporting tain data on a family basis, information for Survey findings that appear in the BULLETIN. From the University of Michigan, Rcnsis Likcrt, Director related secondary spending units is combined of the Institute for Social Research, and Angus Campbell, with that for the primary spending units Director of the Survey Research Center, were in general charge of the Survey. The Survey Research Center is a to which they are related and with which division of the Institute for Social Research of the University they live. The head of the primary spending of Michigan. Responsibility for detailed planning and supervision of the Survey, including interviewing, editing, tabula- unit is considered to be the head of the tion of Survey results, and preparation of Survey Research family. The number of family units is Center studies was carried by George Katona in collaboration with James N. Morgan and John B. Lansing of the equal to the number of primary spending Survey Research Center staff. Charles F. Canneil served as units plus the number of unrelated secondary head of the field staff and Leslie Kish as head of the samspending units. pling section of the Center. MAY 1955 471 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES Total number of units. Estimates of the ment of secondary spending units into their total number of units in the population own dwellings where they become primary covered by the Survey are derived by multi- spending units and family units. plying the number of occupied dwelling Survey data in the form of percentage units estimated from Census data by the distributions, medians, and averages are inaverage number of spending and family units dependent of the estimated number of ocper dwelling unit included in the Survey cupied dwelling units and do not require sample. Recent revisions of Census estimates adjustment to reflect the revisions in the of occupied dwelling units for the period estimates of occupied dwelling units. The 1950-54 are reflected in the accompanying estimated numbers of spending units or table, which contains estimates of the num- family units purchasing or owning various bers of spending units and family units items and the aggregate dollar estimates for covered by the Surveys. The estimated num- the population covered by the Survey are ber of spending units for early 1955 is pre- dependent on the estimates of occupied liminary and is subject to change when the dwelling units and, consequently, estimates final Census estimate of the number of oc- for 1950-54 have been revised. cupied dwelling units is available. Weighting procedure. Individual inter- The number of spending units has not views are assigned weights prior to tabulagrown as rapidly as the number of family tion. These weights reflect variations in units because the later Surveys contain a the rates at which dwelling units are sampled smaller proportion of related secondary and variations in the response rates in various spending units than the earlier ones. This groups. A larger proportion of dwelling reflects the lower birth rates of the thirties, units are chosen from those of high and the continued easing of the housing situation, medium value than from those of lower and the high level of economic activity. Both value in order to diminish the sampling of the latter factors are favorable to the move- errors of statistics such as average income, average liquid asset holdings, stock owner- SPENDING UNITS AND FAMILY UNITS IN SURVEY ship, and similar data to which the higher POPULATION income units contribute disproportionately. [Estimated number, in millions] In assigning weights, a unit interviewed in Year of Survey a group sampled at two times the basic rate Type of unit receives one-half the weight and a unit inter- 1955 1954 1953 1952 1951 1950 viewed in a group sampled at four times the a. Primary spending unit (equals occupied dwel- basic rate receives one-fourth the weight reling unit) 47 5 46 8 46 2 45 4 44 5 43 4 ceived by units from groups sampled at the b. Related secondary spending unit 5 0 5 4 5 9 5 8 6 1 6 9 basic rate. c. Unrelated secondary Weights are also adjusted to take account spending unit 1.5 1.8 1.8 1.8 1.8 2.3 Family (a plus c) 49.0 48.5 48.0 47.2 46.3 45.7 of varying response rates. On the whole, " Spending unit (a plus b interviews have been obtained from about plus c) i 54.0 54.0 53.9 53.0 52.4 52.6 85 to 90 per cent of all spending units resi- Estimates of the number of spending units, which depend upon dent in the dwelling units chosen for the the ratio of primary spending units to all spending units, are subject to sampling error. The size of the sampling error is such that sample. Nonresponse arises primarily from there is one chance in 20 that the estimates shown in the table are above or below the true figure by one million. inability to get a prospective respondent to NOTE.—Estimates for 1950-54 have been revised on the basis of the revised data on occupied dwelling units prepared recently by cooperate or to find him at home. Adjustthe Bureau of the Census. 472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES merits in weights of units take into account identical as to income, age, and number of differential rates of response. As a simplified types of liquid assets held. Those for income example, the weight assigned each interview are made on the basis of liquid assets, occufrom a group in which 15 out of 20 units pation, home ownership, and metropolitan were successfully contacted would be one- versus nonmetropolitan residence. Assignthird greater than the weight assigned an ments are made for house value, personal interview from a group in which all 20 debt, and mortgage debt on the basis of simiattempted interviews were successful. lar procedures. Because of the adjustments for different Sampling errors. All sample survey resampling and response rates, the proportion suits are subject to sampling errors. Because of the total number of interviews within the of chance fluctuations, statistics derived from upper income groups is greater while the t 1 * . - 1 - 11 SAMPLING ERRORS OF DIFFERENCES1 proportion of interviews withm the lower . . 7 • i i 1 c * Differences required for significance (95 per cent probamCOme groups IS leSS than the burvey estl- ) comparisons of percentages derived from successive biUty in mates of the proportion of all Spending Units Surveys of Consumer Finances and from two different subi n* *1 i 1 *_• groups of the same Survey. in these groups. Similarly, the proportions Sizeof sample or group Size of sample or group of interviews with spending units having 200 300 500 700 1,000 3,000 2 various characteristics, such as occupation or For percentages from about 30 per cent liquid asset holdings, may vary from the to 70 per cent estimated proportions of all spending units 200 11 having such characteristics. The unweighted 300 ... 11 9 500 10 8 7 number of Survey interviews with particular 7 1 0 ,0 0 00 1 9 0 8 7 6 6 6 5 5 3.0002 8 7 5 5 4 3.0 characteristics is included in many tables for use with the table of sampling errors dis- For percentages around 20 per cent and 80 per cent cussed below. The adjustment of weights for nonre- 200 9 300 8 7 sponse discussed in the preceding paragraph 500 8 7 6 700 7 6 5 5 is based on the assumption that members of 3 1 .0 0 0 0 0 0 2 . . 6 7 6 5 4 5 4 5 4 3 2.2 a weight group tend to resemble each other. For percentages around 10 per cent and Interviews in which both income and liquid 90 per cent assets information cannot be secured are 200 7 treated as complete nonresponses. However, 300 7 6 500 6 6 5 if only one of those two categories of infor- 700 6 5 4 4 1 000 6 5 4 3 3 3.0002 5 4 3 3 2 1 .6 mation is refused, the interview is accepted. Assignments of the missing information are For percentages around 5 per cent and 95 per cent made on the basis of averages for people in similar situations in the previous few years. 200 5 300 4 4 It has been found that combining data from 500 4 3 3 700 4 3 3 3 previous Surveys (weighting the most recent 3 1 0 0 0 00 02 4 3 3 3 3 2 2 2 2 2 1.2 ones more heavily) decreases sampling errors of these assignment estimates without imparting any important bias because of trends in th1 e amOUntS. LT iq • uid • i aSSet assig • nments di i f o fe r r e n n o c n e s s a i l n a p r u ge n r g t e h r a ro n r s t , h e o r s r e o r f s o u in n d re i p n o r t t h in e g t , a i b n l e i i w ite il r l p a rc ri u s t e ii u b u y , c C h L a U n .— ce 1 . • r i l l* r in only 5 cases in 100. are made On the DaSlS OI holdings OI grOUpS 2 proximate size of annual Survey sample, 1952-55. MAY 1955 Ap 473 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES samples will differ from statistics obtained of more than 5 percentage points is necessary from a census or enumeration of the whole for a statistically significant indication of population. The sampling error of a statis- change at the 95 per cent probability level. tic is a measure of the expected effect of A program of extensive calculations of chance fluctuations. The sampling errors sampling errors is being carried out curin the accompanying table indicate the range rently. At present, the generalized errors from the true or population value in which presented here appear as conservative esti- 95 out of 100 estimates based on samples of mates of sampling errors for most categories the indicated size would fall. Thus, 95 out of statistics. However, statistics derived of 100 independently selected samples of largely from interviews in a single region, 1,000 would furnish an estimate within 4 or in farming areas may have sampling errors percentage points of a true population pro- somewhat larger than indicated in the table. portion in the neighborhood of 35 per cent. A more extensive discussion of the method- Similarly, 95 out of 100 times estimates in ology of the Surveys of Consumer Finances the neighborhood of 35 per cent from two is given in "Methods of the Surveys of Consamples of 1,000 cases would differ by less sumer Finances," Federal Reserve BULLETIN, than 5 percentage points. Therefore, a change July 1950. SUPPLEMENTARY TABLE 1 PURCHASES OF CONSUMER DURABLE GOODS1 Percent- Estimated Expenditure3 Percent- Estimated age of number age of number spending of spending of Median Type of purchase units spending Estimated Type of purchase5 units spending expendipurchas- units (In Median4 Average4 total (In purchas- units (In ture6 ing2 millions) billions) ing millions) Automobile:7 Furniture: 1954 23 8 12 9 $1 200 $1,460 18 6 1954 16 3 8 8 $205 19 S3 23 6 r!2 7 1 500 1 600 '20 2 1953 16 4 r8 9 200 1952 21 3 '•11 5 1 380 1 490 r17 1 1952 15 4 '8 3 220 1951 21 9 11 7 1,300 1 ,380 '16.3 1951 14.3 r7.6 200 New automobile: Television set: 1954 7 9 4.3 2,550 2,720 11.7 1954 14.3 7.7 275 1953 9.1 '4.9 2,500 2,650 13.0 1953 14.2 r7.7 300 1952 6 7 3 6 2 500 2.680 r9 6 1952 11 3 r6 1 300 1951 8 2 4 4 2,200 2,390 10.5 1951 12.0 6.4 300 Used automobile: Refrigerator:8 1954 15.9 8.6 700 800 6.9 1954 6.3 3.4 280 1 19 9 5 5 2 3 1 1 4 4 5 6 r r7 7 . 8 9 9 85 0 0 0 9 9 2 50 0 r • 7 7 .5 2 1 19 9 5 5 2 3 8 8. 2 7 r r 4 4 . 7 4 2 27 8 0 0 1951 13 7 7 3 600 790 5.8 1951 11 7 r6 2 255 Washing machine: 1954 8.3 4.5 200 1953 6.5 '•3.5 200 1952 5 5 3 0 190 1951 5.7 '3.0 180 r Re vised. 1 Purchases for given years were ascertained from interviews in January, February, and early March of following year. 2Proportion of all spending units that bought cars during the given year and still owned them at the time of interview. 8Refers (1) only to the most recent car purchase during the given year in the case of spending units that bought more than one car but owned only one at the time of interview, and (2) only to the more expensive car purchase during the given year in the case ot spending units that bought more than one car and owned more than one at the time of interview. 4Before deduction for trade-in or sale of automobile. 5Includes both new and used items. °Before deduction for trade-in. ^Includes both new and used automobiles. ^Includes home freezers in 195.1 but not in 1952-54. An estimated 2.2 per cent of the population bought home freezers in 1954, 1.9 per cent in 1953, and 1.6 per cent in 1952. 474 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 2 INCOMES OF PURCHASERS OF CONSUMER DURABLE GOODS [Percentage distribution of purchasers] Type of purchase N of u m ca b s e e r s ca A s l e l s $ U 1 n ,0 d 0 er 0 S $ I 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - S $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 99 0- $ $ 5 7 , , 0 4 0 9 0 9 - a $ n 7 d , 5 o 0 v 0 e - r Automobile:1 1954 768 100 2 9 12 18 15 29 15 19 S3 714 100 3 7 13 16 17 26 18 1952 650 100 2 7 13 23 19 22 14 New automobile: 1954 294 100 2 4 6 9 15 35 29 1953 . 305 100 1 8 12 11 32 36 1952 245 100 3 4 12 13 35 33 Used automobile: 1954 474 100 2 11 15 23 15 26 8 1953 409 100 5 11 16 18 21 21 8 1952 405 100 3 9 18 28 21 17 4 Furniture and major household appliances:3 1954 1.381 100 6 10 11 17 15 27 14 1953 . 1,307 100 5 9 11 16 20 25 14 1952 1,232 100 4 9 15 19 18 23 12 Television set: 1954 453 100 2 7 13 21 16 28 13 1953 430 100 1 5 9 21 21 27 16 1952 355 100 2 4 16 20 22 24 12 Percentage distribution of all spending units 1954 3,119 100 10 13 14 17 14 21 11 1953 3.000 100 10 13 14 16 16 21' 10 1952 2,820 100 11 14 16 18 15 17 9 1 Includes both new and used automobiles. 2No cases reported or less than one-half of 1 per cent. 3Includes television sets. SUPPLEMENTARY TABLE 3 PRICE PAID AND NET OUTLAY BY AUTOMOBILE PURCHASERS [Percentage distribution of purchasers] Price 1954 1953 1952 ft, 1951 Net outlay1 1954 1953 1952 1951 New automobile: New automobile: Under $1,500 (2) (2) 1 2 Under $500 1 2 1 5 $l,500-$l ,999 6 5 26 S500-S999 7 11 17 26 $2,000-S2,499 40 39 40 32 $1,000-81,499 32 29 33 23 S2,500-$2,999 23 30 26 24 S1.500-S1.999 28 28 22 23 $3,000 and over 30 23 26 14 S2.000-S2.499 16 18 15 13 Not ascertained 1 1 2 2 $2,500 and over 14 10 8 7 Not ascertained 2 2 4 3 100 100 100 100 100 100 100 100 Median ^2 S^O $2.500 $2,500 $2,200 Average $2,720 $2,650 $2,680 $2,390 Median SI, 670 SI.590 SI,430 $1,400 $1,730 $1,660 $1,560 $1,440 Number of cases 294 305 245 295 Number of cases 293 305 244 294 Used automobile: Under S500 35 29 33 41 Used automobile: S500-S999 30 25 24 22 Under $250 20 24 22 30 S1.000-S1.499. . 18 25 20 21 S250-S499 26 15 19 22 $1,500 and over 11 18 21 15 S500-S749 19 21 16 15 Not ascertained 6 3 2 1 S750-S999 11 16 17 13 $1,000-$1,499 . 1.2 14 7 14 All cases 100 100 100 100 $1,500 and over 5 7 16 4 Not ascertained 7 3 3 2 $700 S900 $850 $600 Average $800 $920 $950 $790 All cases 100 100 100 100 Number of cases 474 409 405 338 Median $500 S600 $600 $450 Average $600 $640 $700 $570 Number of cases 467 400 390 328 1 After deduction for trade-in or sale of automobile. 2No cases reported or less than one-half of 1 per cent. MAY 1955 475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 4 OCCUPATION AND FAMILY STATUS OF PURCHASERS OF CONSUMER DURABLE GOODS [Percentage distribution of spending units] Purchasers of All spending Purchasers of Purchasers of furniture and units new automobiles used automobiles major house- Group characteristic hold appliances 1954 1953 1954 1953 1954 1953 1954 1953 Occupation of head of spending unit: Professional and semiprofessional 7 7 13 13 7 5 C1) 7 J^lanagerial and self-employed 13 12 26 22 10 11 0) 14 Clerical and sales . . 11 12 12 11 10 8 0) 12 Skilled and semiskilled 28 31 23 31 39 43 0) 37 Unskilled and service 10 11 6 5 13 13 0) 10 Farm operator 8 8 9 10 5 7 0) 7 All other2 23 19 11 8 16 13 0) 13 All cases 100 100 100 100 100 100 0) 100 Family status: Single: Age 18-44 10 11 8 6 9 8 5 6 Age 45 and over . .... .... 13 14 3 2 1 4 7 7 Married:3 Age 18-44, no children under 18 7 7 13 9 9 12 8 9 Age 18-44 children under 18 32 32 42 49 51 46 42 43 Age 45 and over, no children under 18 18 21 18 20 10 15 16 19 Age 45 and over, children under 18 10 10 10 12 13 10 13 11 All other4 . 10 5 6 2 7 5 9 5 All cases 100 100 100 100 100 100 100 100 Number of cases 3,119 3,000 294 305 474 409 1,381 1,307 xNot available. 2 Includes spending units headed by retired and unemployed persons and by students, housewives, and persons whose occupations were not ascertained. 3 Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. 4 Includes spending units with or without children from which husband or wife is absent and those for which family status was not ascertained. SUPPLEMENTARY TABLE 5 TRADE-INS AND SALES IN CONNECTION WITH AUTOMOBILE PURCHASES [Percentage distribution of purchasers] Buyer•s of new and used cars Buyers of new cars Buyers of used cars Type of transaction 1954 1953 1952 1951 1954 1953 1952 1951 1954 1953 1952 1951 Traded in a car 62 63 57 57 83 82 74 67 51 51 49 52 Sold a car 5 6 8 10 3 4 8 14 7 7 8 7 Neither 32 30 32 30 14 14 15 15 41 41 40 39 Not ascertained 1 1 3 3 0) 0) 3 4 1 1 3 2 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 769 714 650 635 294 305 245 295 474 409 405 338 *No cases reported or less than one-half of 1 per cent. 476 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1955 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 6 SUPPLEMENTARY TABLE 7 PURCHASES OF AUTOMOBILES WITHIN VARIOUS GROUPS METHOD OF FINANCING AUTOMOBILES [Purchasers as a percentage of spending units within groups] [Percentage distribution of purchasers] New automobile Used automobile Method of financing 1954 1953 1952 1951 Group characteristic 1954 1953 1952 1954 1953 1952 Automobile:1 Full cash (including trade-in allowance) 37 38 35 44 All spending units 16 15 15 Instalment credit and/or other borrowing 62 61 63 55 Money income before taxes: Method not ascertained 1 1 2 1 Under $1,000 0) 4 $ .$ l 2 ,0 ,0 0 0 0 0 - - $ $ l 2 , , 9 9 9 9 9 9 0) 1 1 0 6 All cases 100 100 100 100 $3,000-$3,999 6 23 Number of cases 768 714 650 635 $4,000-$4,999 7 21 S5,000-$7,499 6 14 New automobile: $7,500 and over 14 8 Full cash (including trade-in allow- 29 ance) 38 40 41 52 Occupation of head of Instalment credit and/or other borspending unit: rowing 62 59 57 47 Professional and semi- Method not ascertained (2) 1 2 1 professional 9 Managerial 11 All cases 100 100 100 100 Self-employed 16 Clerical and sales 15 Number of cases 294 305 245 295 Skilled and semiskilled. .. 22 Unskilled and service 17 Used automobile: Farm operator , 10 Full cash (including trade-in allow- All other2 , 3 ance) 36 37 33 39 Instalment credit and/or other bor- Family status: rowing 63 62 65 60 Single: Method not ascertained 1 1 2 1 Age 18-44 14 14 Age 45 and over 5 All cases 100 100 100 100 Married:3 Number of cases 474 409 405 338 Age 18-44, no children under 18 18 Age 18-44, children un- 1 Includes both new and used automobiles. der 18 21 2No cases reported or less than one-half of 1 per cent. Age 45 and over, no children under 18... 5 Age 45 and over, children under 18 17 *Less than one-half of 1 per cent. 2Includes spending units headed by retired and unemployed persons and by students, housewives, and persons whose occupations were not ascertained. 3 Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. SUPPLEMENTARY TABLE 8 VALUE OF AUTOMOBILES IN RELATION TO INCOME, EARLY 1955 a [Percentage distribution of owners within income groups] Value of automobiles Number All 1954 money income before taxes ca o s f e; cases U $ n 5 d 0 e 0 r $ $ 5 9 0 9 0 9 - $ $ 1 1 , , 0 4 0 9 0 9 - $ $ 1 1 , , 5 9 0 9 0 9 - $ $ 2 2 , , 0 4 0 9 0 9 - $ o 2 a v , n 5 e d 0 r 0 t a a N s i c n o e e t r d - All owners 2,212 100 32 27 20 12 4 4 Under $1,000. .. 61 100 59 18 13 10 (2) (2) $l,000-Sl,999. . . 160 100 59 21 13 5 1 (2) $2,000-$2,999. . . 200 100 46 28 15 6 3 1 $3,000-$3,999... 348 100 44 24 18 10 1 2 $4,000-$4,999... 358 100 32 32 21 12 1 2 $5,000-$7,499... 639 100 19 31 23 17 6 3 $7,500 and over. 446 100 11 21 22 16 11 18 1 Value of cars based on average value of each make and model year in the eastern region in early 1955. Value does not reflect differences arising from condition of car, body style, location, etc. 2No cases reported or less than one-half of 1 per cent. MAY 1955 477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1955 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 9 AUTOMOBILE OWNERSHIP WITHIN VARIOUS GROUPS, EARLY 1955 [Percentage distribution of spending units] Owns Owns Num- Does Num- Group characteristic ber of All not Group characteristic ber of All cases cases 1 auto- 2 or own cases cases 1 auto- 2 or mobile more mobile more All spending units 3,119 100 59 8 33 Region:1 North East 897 100 54 5 1954 money income before North Central 1,037 100 63 taxes: South 781 100 57 Under SI,000 240 100 23 2 75 West 404 100 66 Sl,000-$l,999 363 100 38 3 59 S S 3 2 .0 00 0 0 0 - -sS S 3 2 . , 9 9 9 9 9 9 . . 3 4 8 8 5 4 1 1 0 0 0 0 4 6 9 9 4 2 4 2 9 7 Fa S m in il g y l e s : tatus: $4 000-84 999 439 100 74 6 20 Age 18-44 313 100 44 $5,000-57,499 730 100 76 10 14 Age 45 and over 394 100 26 $7 500 and over 478 100 65 27 8 Married:2 Occupation of head of spend- Age 18-44, no children ing unit: under 18 220 100 71 Professional and semipro- Age 18-44, children unfpssional 290 100 75 12 13 der 18 991 100 77 ^Managerial 222 100 72 12 16 Age 45 and over, no Self-employed 273 100 65 18 17 children under 18. ... 612 100 61 Clerical and sales 378 100 54 " 6 40 Age 45 and over, chil- Skilled and semiskilled 817 100 68 8 24 dren under 18 320 100 60 Unskilled and service 272 100 52 3 45 Farm operator .. 213 100 67 10 23 Number of persons receiving Retired 212 100 42 3 55 income: One 2,186 100 57 Two or more 933 100 65 00 00 — Does not own 41 29 35 23 1 55 2 72 11 18 10 13 9 30 16 24 5 38 13 22 1 Survey regions are denned as follows: North East includes New England, the Middle Atlantic States, and Delaware; North Central includes West North Central and East North Central States; South includes East South Central, West South Central, and South Atlantic States other than Delaware; West includes Mountain and Pacific Coast States. 2Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. SUPPLEMENTARY TABLE 10 DEBT ON AUTOMOBILES IN RELATION TO INCOME AND REGION, EARLY 1955 x [Percentage distribution of owners within groups] Debt Number All Group characteristic ca o s f es cases None U $ n 5 d 0 e 0 r $ $ 5 9 0 9 0 9 - $ $ 1 1 , , 0 4 0 9 0 9 - a $ n 1 d ,5 o 0 v 0 er t a a N s i c n o e e t r d - All owners 2,212 100 69 16 1954 money income before taxes: Under $1,000 61 100 83 10 6 S1.000-S1.999 160 100 79 13 5 S2.000-S2.999 200 100 66 22 5 S3.000-S3.999 348 100 66 21 8 S4.000-S4.999 358 100 67 16 12 S5,000-$7,499 639 100 62 18 11 $7,500 and over 446 100 77 7 Region:3 North East. . . 566 100 74 15 North Central. 783 100 71 15 South 533 100 65 19 9 West. 330 100 63 15 11 1 Debt outstanding on automobiles owned by spending units at time of interview in early 1955. 2No cases reported or less than one-half of 1 per cent. 3For definition of regions, see Supplementary Table 9, note 1. 478 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 11 AGE OF AUTOMOBILES OWNED BY URBAN FAMILIES WITHIN INCOME QUINTILES1 [Percentage distribution of cars owned] Age of automobile Income quintile and year All cases 1 year 2 to 3 4 to 7 More than or less years years 7 years All income auintiles: 1955 100 15 23 44 18 1954 100 15 26 40 19 1949 100 13 16 71 1941 100 19 23 40 18 Highest fifth: 1955 100 25 32 35 8 1954 100 29 30 34 7 1949 100 24 29 0 47 1941 .... 100 36 32 25 7 Second fifth: 1955 100 17 24 47 12 1954 100 16 30 42 12 1949 100 12 17 0 71 1941 100 15 29 46 10 Third fifth: 1955 100 10 22 50 18 1954... . 100 7 24 49 20 1949 100 8 10 0 82 1941 100 12 17 52 19 Fourth fifth: 1955 100 7 19 46 28 1954 100 9 20 42 29 1949 100 5 5 0 90 1941 100 4 15 45 36 Lowest fifth 1955 100 4 13 43 40 1954 100 2 11 29 58 1949 100 3 6 0 91 1941. ... 100 9 0 24 67 3 Data for early 1955, 1954, and 194.9 (obtained from the Survey of Consumer Finances) relate to latest model automobile owned at time of interview and to income in the previous year; they differ somewhat from data for 1941 (estimated from information obtained in Family Spending and Saving in Wartime, Bureau of Labor Statistics Bulletin No. 822, April 1945) in definition of automobile ownership and the family unit, in the universe covered, and in sampling methods. Data in this table cannot be used to measure precise changes in automobile ownership, but are believed to show with reasonable accuracy the nature of certain broad changes in the pattern of ownership. SUPPLEMENTARY TABLE 12 AUTOMOBILE OWNERSHIP WITHIN RURAL AND URBAN FAMILY INCOME QUINTILES1 [Automobile owners as a percentage of all families in group] All families Urban families Rural families Families ranked by annual income before taxes 21955 21954 21949 31941 21955 21954 21949 •M941 21955 21954 21949 31941 All cases 71 70 56 58 68 66 52 54 77 78 64 65 Highest fifth 90 91 79 85 89 91 77 84 97 97 89 90 Second fifth 86 87 72 70 85 85 68 72 95 91 81 83 Third fifth 79 74 55 59 74 74 54 59 89 85 63 73 Fourth fifth 63 63 43 20 63 55 40 40 68 74 57 55 Lowest fifth... 35 35 29 27 28 27 18 17 38 44 33 23 1Data for early 1955, 1954, and 1949 (obtained from the Surveys of Consumer Finances) relate to ownership of automobile at time of interview and to income in previous year. They differ somewhat from data for 1941 (estimated from information obtained in Family Spending and Saving in Wartime, Bureau of Labor Statistics Bulletin No. 822, April 1945, and Rural Family Spending and Saving in Wartime, V. S. Department of Agriculture Miscellaneous Publication Aro. 520, June 1943) in definition of automobile ownership and family unit, in universe covered, and in sampling methods. The 1941 definition of car ownership results in a somewhat greater frequency of ownership in that year than in later years. All families (including single-person families) were ranked by size of annual money income before taxes in 1954, 1953, and 1948, and then classified in fifths (quintiles). For 1941 the rankings were derived from an open-end distribution of families among various income size groups by a process of freehand graphic interpolation of cumulative frequency distributions. Urban and rural families were similarly ranked and classified. It is believed that the data show with reasonable accuracy the nature of certain changes in the pattern of ownership during this period. aOwnership of an automobile by some member of the family at time of interview. 3Ownership in some period during 1941 of an automobile used wholly or partly as a family car. Cars used exclusively for business purposes are not included. MAY 1955 479 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 13 SUPPLEMENTARY TABLE 14 AGE OF AUTOMOBILES OWNED BY CONSUMERS RELATION OF AGE AND EDUCATION TO CREDIT FINANCING OF [Percentage distribution of automobiles] MAJOR HOUSEHOLD GOODS1 [Percentage of spending units within age groups] Age of automobile1 1955 1954 1953 1952 1951 1950 Credit use, by educational groups2 3 years or less 34 36 42 44 39 36 Age of head of 2 1 t y o e a 3 r y o e r a l r e s ss 2 12 2 2 13 3 3 11 1 3 14 0 2 17 2 1 1 7 9 spending unit All s G c r h a o d o e l s H ch ig o h ol College More than 3 years 66 64 58 56 61 64 18-24 53 (3) 49 50 4 to 7 years 43 40 30 20 14 6 25-34 64 75 64 56 More than 7 years 23 24 28 36 47 58 4 3 5 5 - - 5 4 4 4 6 4 3 9 5 7 7 0 4 6 6 5 4 3 6 4 All cases 100 100 100 100 100 100 6 5 5 5 - a 6 n 4 d over .. 3 2 5 0 4 2 0 7 3 1 0 0 2 1 5 0 1 Automobiles owned on Jan. 1, 1955 were classified for age as All ages 51 52 52 43 follows: 1 year or less—1954 and 1955 models; 2 to 3 years—1952 and 1953 models; 4 to 7 years—1948, 1949, 1950, and 1951 models; more than 7 years—1947 models and earlier. Similar classifica- Reported customary use of credit in all or some purchases of tions were used in previous surveys. major household items. Based on replies in early 1955 to question, "How do you handle your finances when you make a large purchase for your home?" 2 Data include heads of spending units that did not graduate. 3 Too few cases for computation. SUPPLEMENTARY TABLE 15 PURCHASERS OF FURNITURE AND MAJOR HOUSEHOLD APPLIANCES WITHIN VARIOUS GROUPS [Purchasers as a percentage of spending units within groups] Any type of Television Washing purchasel set machine Group characteristic 1954 1953 1952 1954 1953 1952 1954 1953 1952 All spending units 43 43 39 14 14 11 8 7 6 Money income before taxes: Under $1 000 24 22 15 3 1 2 5 1 1 $l,000-Sl,999... 31 30 27 8 5 3 6 3 3 $52 000-82,999 36 34 36 13 9 11 5 4 5 $3,000-$3,999 46 43 41 18 18 13 8 8 5 $4,000-$4,999. . 47 52 47 17 19 17 9 9 $5,000-$7,499 - 55 52 52 19 19 16 13 8 $7,500 and over 56 56 52 17 21 16 10 11 Family status: Single: Age 18-44 23 22 22 5 5 6 1 1 Age 45 and over 22 22 17 7 7 4 3 1 Married:2 Age 18-44, no children under 18 . 51 52 63 13 14 19 12 10 Age 18-44, children under 18. . . 58 53 21 21 16 13 11 Age 45 and over, no children 57 under 18 39 34 12 13 10 4 4 Age 45 and over, children under 38 18 .... . . 48 42 16 16 11 13 8 53 Region: North East 39 40 38 12 14 13 7 8 North Central 43 42 40 15 16 12 9 6 South 47 45 39 16 11 9 8 5 West 44 47 41 14 17 12 9 8 0000© »- Refrigerator Furniture 1954 1953 1952 1954 1953 1952 6 9 10 16 16 15 5 6 5 8 7 5 7 8 8 11 12 8 5 10 12 11 11 14 6 8 8 15 14 18 6 13 10 17 22 15 8 7 11 22 19 23 7 9 15 26 26 23 2 1 3 12 10 12 1 4 5 5 6 5 4 8 11 14 16 27 26 33 9 10 10 22 21 7 24 4 7 7 13 12 6 11 7 8 8 16 12 8 16 5 4 7 6 15 16 15 7 7 7 9 17 15 15 5 8 12 9 16 18 16 4 7 11 11 18 18 15 1 Includes purchasers of items listed individually and of those less frequently purchased such as home freezers, dryers, dehumidifiers, air conditioners, etc. 2Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. 480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 16 PROSPECTIVE PURCHASERS OF CONSUMER DURABLE GOODS WITHIN INCOME GROUPS * [Prospective purchasers as a percentage of spending units within groups] Furniture and major Money income before taxes New automobiles Used automobiles household appliances in preceding year 1955 1954 1953 1955 1954 1953 1955 1954 1953 All spending units 27 32 Under $ 1,000 (2) 2 2 12 9 13 $1,000-81,999 1 2 2 16 16 22 $2,000-^2,999.. .. 2 4 5 23 24 22 $3,000-$3,999 7 4 7 30 23 36 $4,000 -$4,999 7 8 9 35 33 36 $5,000-57,499.... 11 10 16 36 36 44 $7,500 and over. . 27 27 24 41 50 41 1 Includes all spending units definitely, probably, or possibly going to buy, and spending units that had already bought in the Survey year. 2No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 17 CONSUMER PLANS TO PURCHASE DURABLE GOODS Prospective purchasers Prospective purchasers a a s ll a s p p e e n r d ce in n g ta g u e n i o ts f M an e t d ic ia i- n a a s ll a s p p e e n r d ce in n g t ag u e n i o ts f Type of purchase pated Type of purchase D p p e u r f o r in c b h i a t a e b s l o e e r p P u o r s c s h ib a l s e e ex t p u e r n e d 1 i- D p p e u r f o r in c b i h a t a e b s le e or p P u o r s c s h ib a l s e e New automobile:2 Furniture: 1955 5.2 3.0 $2,700 1955 10.3 1.7 1954 5 1 2.8 2,500 1954 10.4 1 .5 1953 5.8 3.3 2,500 1 953 11.5 1.7 1952 4 3 2 5 2,300 1952 .... 8 7 0 9 Used automobile:2 Television set: 1955 .. 5 1 2 4 800 1955 4 8 1.1 1954 4.3 2.1 750 19S4 6.7 1.0 1953 4 2 1 9 900 1953 8 1 2 7 1952 4.2 1.8 600 1952 5.6 1.2 Furniture and major household Refrigerator:4 appliances:2 3 1955 3.6 0.9 1955 23.7 4.8 250 1954 . . 3 7 0.4 1954 23.0 3.9 300 1953 4.4 1.0 1953 26 4 5.5 300 1952 4.6 0.9 1952 19.6 3.5 290 Washing machine: 1955 4.8 0.5 1954 3.2 0.4 1953 3.2 0.5 1952 11.8 0.1 1 Based on planned expenditures of spending units definitely or probably going to buy new and used automobiles, and spending units definitely, probably, or possibly going to buy furniture and major household appliances. 2Data on planned purchases for 1955 differ from those published in Federal Reserve BULLETIN, March 1955, because they are based on a larger number of interviews and reflect weighting of interviews to take account of different response rates. 3Includes all spending units planning to buy one or more of specified items. 4Includes home freezers in 1952 but not in 1953-55. MAY 1955 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES1 Recent growth in acceptances outstanding to the accepting bank for this accommodareflects renewed interest by United States tion, to secure financing readily and at a bankers and traders in this form of financing reasonable interest cost. For investors, bankand in the extension of short-term credit ers' acceptances represent short-term private abroad. The Federal Reserve Bank of New paper with a maximum degree of safety and York, under the direction of the Federal liquidity, comparable to that enjoyed by Open Market Committee, recently has Treasury bills. undertaken to purchase moderate amounts of Bankers' acceptances have been utilized in acceptances from dealers. the United States and abroad in part to Bankers' acceptances outstanding increased finance domestic transactions but primarily by more than 50 per cent in 1954 and cur- in transactions related to international trade. rently exceed 750 million dollars. This is, Buyers and sellers engaged in foreign transhowever, less than one-half the amount actions are apt to be less well known to each outstanding 25 years ago. About three- other and the shipping time is longer than is fourths of the 300 million dollar increase in usually the case in domestic transactions. outstanding acceptances in 1954 represented Bankers' acceptances and the commercial financing of commodities stored in the letters of credit under which they frequently United States. The remainder financed in- arise are particularly well adapted to the ternational transactions of this and other financing of international shipments. Amercountries. In the first quarter of 1955 the ican banks extend acceptance credit not only volume of outstanding acceptances declined, to their own customers but also to customers in part seasonally, by about 100 million dol- of their correspondents abroad. lars but remained about 150 million greater In addition to its function of financing than a year ago. domestic and foreign transactions of Amer- A banker's acceptance is a time bill of ican business, the banker's acceptance may, exchange (frequently called a time draft) under certain conditions, serve as an instrudrawn on and accepted by a banking insti- ment for the international movement of tution. By accepting the draft the bank credit and short-term funds in response to signifies its commitment to pay the face differences in money rates and monetary amount at maturity to anyone who presents conditions. The existence of a broad market it for payment at that time. In this way for acceptances in two or more international the bank provides its name and credit and financial centers, by facilitating such shortenables its customer, who pays a commission term capital movements at the initiative of both borrowers and lenders, can contribute 1This article was prepared by Robert Solomon and Frank to the reestablishment and maintenance of M. Tamagna of the Financial Operations and Policy Section currency convertibility abroad. of the Board's Division of International Finance. 482 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS ACCEPTANCE FINANCING IN THE UNITED STATES DEVELOPMENT OF DOLLAR ACCEPTANCE financing of trade between foreign countries FINANCING and storage abroad of internationally traded Before the passage of the Federal Reserve commodities contributed significantly to the Act, American businessmen relied largely on increase during this period. Acceptances for a few private banking houses and on British these purposes were about one-fourth of the banking institutions for acceptance financ- total outstanding at the end of 1929, as coming. Few incorporated American banks were pared with about one-eighth at the end of active in financing foreign trade, and there 1927. Other types of bankers' acceptances, existed no specific authorization for national with the exception of those to finance dobanks to create acceptances. mestic shipments, also rose during the late twenties. After 1913, when the Federal Reserve Act authorized member banks to accept, under certain specified conditions, a number of DOLLAR ACCEPTANCES OUTSTANDING national and State banks and three special- Millions of dollars ized acceptance banks, as well as private 1600 banks and agencies of foreign banks, took the initiative in generating dollar acceptances. An open market in acceptances was made possible by the activities of a number B S E T T O W R E A E G N E FO IN R E A IG N N D S C H O I U P N M T E R N IE T S - 1200 of dealer houses that acted as intermediaries between buyers and sellers and as holders of acceptance portfolios. 800 The volume of dollar acceptances outstanding grew rapidly and is estimated to have reached about one billion dollars by 400 1920. This growth reflected the rise in United States foreign trade, increased participation of American banks in the financing of international trade transactions and, to a smaller extent, the use of bankers' accept- NOTE.—Year-end figures. Acceptances based on U. S. exances by American business to finance stor- ports and imports include dollar exchange acceptances. age and domestic shipments. Acceptance financing fell off during the recession of The rapid increase at that time was asso- 1920-21 and the total outstanding did not ciated with the liberalization in 1927 of reach one billion dollars again until 1927. Federal Reserve rulings with respect to the During the intervening period the total definition of import and export transactions fluctuated with the foreign trade of the that could be financed by acceptances. It United States and also with shifts in financ- was ruled in 1927 that bankers' acceptances ing as between London and New York de- may properly be considered as growing out pending upon relative interest costs. of import and export transactions "when Dollar acceptances outstanding began to drawn for the purpose of financing the sale rise in 1927 and by the end of 1929 amounted and distribution on usual credit terms of imto more than 1.7 billion dollars. Acceptance ported or exported goods into the channels MAY 1955 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS ACCEPTANCE FINANCING IN THE UNITED STATES of trade, whether or not the bills are ac- United States that, despite this experience cepted after the physical importation or and the numerous bank failures in the thirexportation has been completed." As a ties, there is no record of a holder of a result, a broader range of transactions be- banker's acceptance having suffered a loss came eligible for acceptance financing. on his investment. A significant portion of the growth in The amount of bankers' acceptances outacceptance credits in the late twenties was standing declined during the thirties with for traders in Germany and other central the reduction in world trade and economic European countries, within lines of credit activity. When the United States entered extended to banks in these countries. During World War II, dollar acceptances outstandthe financial crisis of 1931, when large ing were less than 200 million dollars. amounts of foreign capital began to with- During the period from the beginning of draw from Germany and other central acceptance financing in the United States European countries, the authorities in these until 1929, the principal buyers of bankers' countries found it necessary to impose ex- acceptances were the Federal Reserve Banks change controls limiting the repayment of and foreign central and commercial banks. acceptance and other credits extended by During that period the Federal Reserve banks in the United States and other coun- Banks, in an effort to encourage its developtries. The standstill agreements, first con- ment, took an active part in the market for cluded in September 1931, attempted to bankers' acceptances and carried out some prevent the rapid withdrawal of foreign open market operations through that meacceptance and other credits while at the dium. The Reserve Banks frequently held same time protecting the claims of creditors. outright or under repurchase agreements with dealers more than one-third of out- It appears that the liability of German standing bankers' acceptances. Market rates banks to American banks on account of on prime acceptances seldom diverged markacceptance credits amounted to about 300 edly from Federal Reserve buying rates, million dollars in mid-1931. Under the which were usually below Federal Reserve standstill agreements the American and other discount rates. foreign banks were required to maintain their lines of credit, with new paper sub- CREATION OF BANKERS' ACCEPTANCES stituted for maturing acceptances. In the course of the thirties, these liabilities were Dollar bankers' acceptances come into partly liquidated but payment was for the existence when banks in the United States most part in so-called registered marks which accept drafts drawn upon them by traders could not be converted into dollars except at in this country or abroad, or by banks abroad a discount. A portion of the indebtedness in the case of dollar exchange acceptances. remained outstanding until well after World Once accepted, the draft derives its credit War II. While the accepting banks thereby standing primarily from the name of the sustained losses or delays in reimbursement accepting bank. on these credits, they made prompt and full Accepting banks. In most banks acceptpayment to the holders of their acceptances. ance financing is handled by the foreign It is a matter of some pride among those department, even when the transaction inengaged in acceptance financing in the volved is entirely domestic. While the Fed- 484 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS ACCEPTANCE FINANCING IN THE UNITED STATES eral Reserve Act authorizes all member name of the accepting bank in judging the banks to accept time bills of exchange, the credit standing of the acceptance. For this bulk of bankers' acceptances are generated reason the larger, better known banks are in by a relatively small number of banks in the a preferred position with regard to the major cities. Nearly two-thirds of the accept- creation of acceptances. ances at the end of 1954 were accounted for From the point of view of banks, the disby 10 banks, while 25 banks were respon- tinguishing feature of the banker's acceptsible for seven-eighths of the amount out- ance is that it is a readily marketable instrustanding. The remaining one-eighth was ment by means of which a bank can extend distributed over about 75 banks. As the its credit to customers. If the acceptance table shows, two-thirds of the acceptances is sold in the open market, the accepting bank does not have to advance its own funds, ACCEPTANCES OUTSTANDING, BY LOCATION OF ACCEPTING and if it discounts its own acceptance, it can BANKS, DECEMBER 31, 1954 quickly dispose of the paper if necessary with- Amount outstanding out the need to reduce other forms of credit Location In millions As percentage or to incur indebtedness to the Federal Reof dollars of total serve Bank. Banks may therefore find accept- New York ... . . .. 578 5 66 3 ance financing particularly attractive at times Member banks 488:7 56.0 N onmewiber b&nk*! 89 8 10 3 when their reserves are under pressure. San Francisco 149.2 17.1 Boston 49 2 5 6 Dallas 29.8 3.4 On the other hand, when reserves are Chicago 18.5 2.1 Philadelphia 14.9 1.7 plentiful banks may prefer to extend credit Houston 9.0 1 .0 New Orleans 6 4 0 7 in forms that involve the lending of their Memphis 5.6 0.6 Other cities 12.0 1.4 funds. It appears that in some banks a Total 873.1 100.0 degree of competition may arise in these NOTE.—Acceptances of wholly owned subsidiaries are included circumstances between the loan department, with those of parent bank. Details may not add to totals because of rounding. which seeks to expand direct loans, and the outstanding on December 31, 1954 were foreign department, which attempts to increated by banks in New York City. Some- terest customers in acceptance financing. If what more than one-seventh of these were a bank discounts and holds its own acceptby nonmember banks, principally private ance, this form of financing differs little from United States banks and agencies of foreign a direct loan. Many banks, however, prefer banks. San Francisco accounted for the next not to hold their own bills but to sell them to largest total, followed by Boston, Dallas, and dealers in order to acquire in return accept- Chicago. ances of other banks, which for the most part The specialized nature of the acceptance are then resold to foreign correspondents. field and the foreign connections usually re- Uses of acceptance credit. Under present quired make it difficult for small banks with- conditions bankers' acceptances to finance out foreign departments to undertake this foreign trade transactions are frequently type of service. Furthermore, since it is a based on letters of credit issued by American basic aspect of the banker's acceptance that banks on behalf of the importer in favor of the credit of a bank is substituted for or the exporter. Such letters of credit may be added to that of the individual or firm, pur- issued on behalf of American or foreign chasers of acceptances look primarily at the importers; in the latter case, they are usually MAY 1955 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS' ACCEPTANCE FINANCING IN THE UNITED .STATES arranged for by a foreign bank having a cor- accepts and discounts the draft, using the respondent relationship and line of credit proceeds to pay the sight drafts drawn by with an American bank. When the letter the foreign exporter. Occasionally this proof credit specifies that time drafts may be cedure is also used by foreign importers, who drawn, it gives rise to a banker's acceptance. arrange directly or through their banks to Under this procedure the exporter, after draw on an American bank to refinance sight arranging for shipment of the goods covered drafts drawn by American exporters. by the transaction, draws a time draft on A significant portion of the growth of the bank which issued the letter of credit outstanding acceptances in the past year and sends the draft with the pertinent ship- represents the financing of storage of cotton ping and other documents through his bank and other readily marketable staple comto the issuing American bank. When a modities in the United States. In this type time draft is drawn on and accepted by an of credit the merchant draws on the accept- American bank, the draft becomes a dollar ing bank and has the accepted draft disbanker's acceptance, which the exporter, counted, using the proceeds to finance his whether American or foreign, can have dis- holdings pending a reasonably prompt resale counted in the market. The exporter thus or shipment. Acceptance credit currently receives immediate payment while the buyer plays a minor role in financing domestic or importer need not make payment to the shipments within the United States. accepting bank until the bill matures, usually Bankers' acceptances drawn for the pur- 30, 60, or 90 days after it has been accepted. pose of creating dollar exchange account for In some cases American exports are a small part of outstanding acceptances. financed on an acceptance basis without di- This facility represents an accommodation to rect involvement of the foreign importer banks in a number of specified countries with the accepting bank. The exporter ships whose exports are subject to seasonal varithe goods abroad and, under an acceptance ation. Such banks are enabled to provide agreement with his bank, draws a time dollars to their customers to finance imports draft on that bank based on the export during seasonally low export periods; the transaction. The exporter can thus realize acceptances are subsequently repaid with the proceeds of his sale by having the ac- dollars acquired out of the proceeds of cepted draft discounted in the market. He exports. repays the bank upon maturity of the accept- Incentives to use acceptance credit. The ance, out of his receipts from the foreign preference of traders, either in the United buyer. States or abroad, for dollar acceptance credit as compared with other types of dollar Imports into the United States are somecredit depends upon a number of factors, times financed in a somewhat different including the customs of the particular manner, in which sight drafts drawn by trade, the wishes of the other party to the foreign exporters are refinanced by bankers' transaction, the relative cost of different acceptances. In this case the foreign extypes of credit, and the ease of prepayment. porter draws sight drafts, payable in dollars For shipments on a deferred payment basis, or a foreign currency, on the importer or the principal alternatives to acceptance credit his bank. In turn, the American importer are trade credit and direct bank loans. draws a time draft on his bank, which 486 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS ACCEPTANCE FINANCING IN THE UNITED STATES A trader who has access to dollar accept- is costly or impossible. ance financing may be presumed in most Foreign use of dollar acceptances. Banks cases also to be eligible for a direct loan from in the United States dealing in the internahis bank. From the point of view of direct tional field issue letters of credit on behalf of interest costs, the relative attractiveness of traders abroad and confirm letters of credit the two forms of credit to such a borrower, issued by foreign banks; usually such accomassuming the transaction could be financed modation is within lines of credit established either way, would depend upon whether the for foreign banking correspondents. When market discount rate on acceptances plus these letters of credit call for time drafts, the acceptance commission were greater or they result in the creation of dollar bankers' less than the interest rate he would pay on acceptances. a loan. There are, however, two other con- Expansion of this type of credit at the siderations which have a bearing on the initiative of borrowers abroad is to some exinterest costs. In the case of direct loans, tent limited by the inconvertibility of many banks customarily expect borrowers to main- foreign currencies. This limitation applies tain a compensatory balance which varies primarily to credit extension by American over time and among customers but is often banks to finance trade between foreign counas much as 20 per cent of the amount of tries whose trade is settled in inconvertible the loan outstanding. When agreeing to currencies. The use of credit from American accept for a customer, many banks require banks to finance such trade is usually not no specific balance against the outstanding permitted by the exchange controls of these acceptance. This factor tends to make ac- countries, since it would require the ultimate ceptance financing more attractive to bor- payment of dollars in settlement of transrowers even when the direct interest costs actions which would otherwise not call for are equal. dollar outlays. In trade between foreign countries one of w7hich has a convertible An offset to this advantage arises from the currency, and in trade of most countries with fact that, whereas it is common banking practhe United States, however, inconvertibility tice to permit customers who receive anticidoes not appear to be an important limitation pated funds sooner than expected to prepay on the use of dollar acceptance credit. a direct bank loan with interest credit, a banker's acceptance has a fixed maturity date Factors other than exchange control reguand the holder does not present it to the ac- lations may at times limit the utilization of cepting bank for payment until that time. dollar credit by foreign borrowers. Import- American banks do not usually grant full ers abroad who have access to other markets, rebates to customers who put them in funds notably London, usually prefer dollar financbefore the maturity of the acceptance. Some ing only when the total cost is more favorbanks are willing to grant partial rebates if able. Another limitation, applicable to the the acceptance is anticipated by more than growth of acceptance financing in both the a given number of days. Rebate practices United States and Britain, may arise at times are not standard, varying in part with the when foreign banks have ample domestic competitive situation, and some borrowers currency reserves and prefer not to relinquish may consider acceptance financing to be rela- potential interest earnings if their customers tively disadvantageous because prepayment borrow abroad. In these circumstances for- MAY 1955 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS ACCEPTANCE FINANCING IN THE UNITED STATES eign banks may arrange for their customers equal amount of the acceptances of other to finance imports on a sight draft or other banks. Such "swapping" of acceptances, current payment basis, refinancing such pay- through dealers, results in paper with two ments with direct loans in their own cur- bank names when the purchasing bank adds rency. its endorsement. There is a strong demand for such acceptances from foreign central and MARKETING OF BANKERS' ACCEPTANCES commercial banks and, in order to meet these requests of their foreign correspondents, The market for bankers' acceptances in American banks are anxious to maximize New York consists of banks—which under purchases of bills from dealers. Acceptances present conditions buy and sell acceptances with two bank names are usually sold to forprimarily to meet the needs of customers and eign banks at a price yielding a fraction becorrespondents—and dealers in bankers' aclow the dealers' selling rate, the difference ceptances who act mainly as intermediaries representing the charge imposed by the enbetween buyers and sellers. Occasionally dorsing bank. The most common endorse- American business firms also enter the marment charge appears to be l/ per cent, but ket, using idle funds to buy acceptances from s it varies between Me and % per cent. dealers. A moderate volume of acceptances is sold Dealers in acceptances. There are fewer to dealers by inland banks that do not have than half a dozen firms in New York which foreign orders for bills. This is one of the act as dealers in bankers' acceptances. Most ways in which dealers receive bills for which of these firms are engaged primarily in dealthe seller does not expect to buy a more or ing in United States Government and other less equal amount of other bills in exchange. securities, and trading in bankers' accept- Purchasers of acceptances. It appears that ances is presently a relatively small part of currently a very large proportion of the actheir activity. ceptances purchased from dealers are ulti- The dealers' profit on bankers' acceptances mately resold to foreign banks. Foreign is derived primarily from the spread, at presbanks regard bankers' acceptances as a traent Y of one per cent a year, between their 8 ditional and attractive investment for their buying and selling rates. The dealers do not dollar balances. Furthermore, such acceptmake it a practice to carry acceptances in ances frequently provide a higher yield than order to earn interest, and they normally Treasury bills, particularly to foreign holdhold only small amounts of acceptances overers, whose income on acceptances is exempt night. from the Federal withholding tax on foreign A large proportion of dealers' purchases of interest earnings in the United States. In bills are from accepting banks that have disrecent months, as the supply of bills has counted their own bills, at the dealers' buygrown, United States corporations have ing rate. These bills are sold to dealers at shown some interest in purchasing them, the same rate, the banks making no profit particularly the shorter maturities, which are on the transaction. Under the conditions less attractive to foreign purchasers. that have prevailed for some time, most A small portion of dealers' sales is made banks have the expectation of buying back to the Federal Reserve Bank of New York, from dealers, at their selling rate, a roughly which purchases acceptances for the account 488 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS ACCEPTANCE FINANCING IN THE UNITED STATES of foreign central banks and recently for its Commission charge. When a bank acown account. When the Federal Reserve cepts a time bill drawn on it, it assumes a Bank buys for these purposes it does so at a liability equal to the face amount of the discount rate that is currently YIQ per cent draft until it is presented for final payment. less than the dealers' selling rate, in payment By that time the bank expects to have been for the endorsement of the dealer or a bank. put in funds by its customer who arranged Dealers do not customarily endorse bills they for the acceptance. In any case, the holder sell to others. The Federal Reserve Bank of the draft has a right to immediate payextends its guaranty, for which it charges a ment when he presents the matured draft fraction of one per cent, on acceptances it to the accepting bank. buys for foreign central banks, the contingent A charge of \l/ per cent a year appears to 2 liability on this account being shown in the be the minimum rate of commission on dolpublished statements of the Reserve Banks. lar acceptances created by American banks Accepting banks hold a varying portion of for their domestic customers. The charge the outstanding bankers' acceptances, repre- is calculated at l/ per cent a month, accord- 8 senting in part their own bills and in lesser ing to the maturity of the drafts presented degree, bills of other banks. In the few for acceptance. This rate is available to cases where bills are accepted for more than prime borrowers in a manner analogous to 90 days, banks have an incentive to hold eligibility for the so-called prime loan rate, their own acceptances until they have less although it appears that a larger proportion than 90 days to run because the rate of dis- of borrowers are accorded the ll/ per cent 2 count is l/ to !/4 per cent higher on bills of acceptance commission than, in the case of 8 longer maturity. direct loans, are eligible for the prime loan rate. RATES ON BANKERS' ACCEPTANCES When American banks are requested to The cost of acceptance financing has two accept by foreign banks with which they aspects, the commission paid to the accept- have correspondent relationships, the coming bank for undertaking the credit risk, mission charge may be somewhat lower in and the interest—paid on a discount basis— view of the fact that they have recourse to which represents compensation for the use a bank rather than an individual or firm. of the lender's funds. The commission A commission charge that ranges up from charge is paid by the person or firm on whose one per cent a year seems to prevail on such behalf the acceptance is created. The dis- acceptance credits. In these cases the forcount is paid by the seller of the acceptance, eign bank also charges a commission to the who is likely, of course, to be compensated for customers on whose behalf dollar acceptances this cost by the terms of the transaction giv- are created. ing rise to the acceptance. From the view- Discount rates. Dealers in bankers' acpoint of the buyer of the acceptance, the in- ceptances quote buying and selling rates for terest earnings primarily represent compen- bills of different maturities, and these dissation for the use of funds, the risk being count rates provide the basis for all purminimal. The other participants in earnings chases and sales. The rate normally quoted on bankers' acceptances are the dealers and in the press and elsewhere is the dealers' the endorsing banks. selling rate for unendorsed acceptances with MAY 1955 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES a maturity of 90 days or less. In recent years SELECTED SHORT - TERM MONEY RATES the selling rate for acceptances with 120-day Per cent maturity has been l/ per cent higher; an- 8 COST TO BANKERS' other l/ per cent is added for maturities up BORROWERS: ACCEPTANCES 8 j 1 11 to 180 days, but only a small volume of ac- j , l| __ J _ 1 r - 3 ceptances is drawn with a maturity exceed- 1 •" "—i r "* PRIME ing 90 days. In each case the dealers' buying r • BANK LOANS rate is presently l/ per cent higher. rJ 8 j - 2 These rates are for bankers' acceptances BANKERS' YIELD TO ACCEPTANCES that are regarded as prime—that is, accepted j i INVESTORS: \ I by a bank that is experienced and active in TREASURY \ /V BILLS \\ AV - - 1 creating acceptances. Virtually all acceptances are bought and sold at the prime rate, and in the present market rates are not regu- ! 1 I 1 1 larly quoted for paper that is not prime. 1949 1951 1953 1955 NOTE.—Latest rates shown are for April 1955. Banker's It may be seen from the accompanying acceptance cost to borrowers is sum of 1 ]/ per cent minimum commission charge and dealers' buying rate2 on 90-day prime chart that the rate has not moved freely with bankers' acceptances. Prime bank loan rate is that charged by large city banks for loans to customers with the highest day-to-day money market influences. Rather credit standing. Yield to investors on bankers' acceptances is dealers' selling rate on 90-day bankers' acceptances. Yield on it has been adjusted at intervals in response Treasury bills is market yield on three-month bills. Treasury bill yield is monthly average and other rates are as of end of to more pervasive changes in the demand- month. supply relationship and in general credit parisons are valid only for borrowers who conditions. are eligible for the prime bank loan rate. To compare the cost of acceptance financ- As was indicated earlier, it is likely that ing with direct borrowing from banks, it is some borrowers who are not accorded this necessary to add the commission charge, rate are nevertheless accorded the minimum usually ll/ 2 per cent, to the dealers' buying commission charge of ll/ 2 per cent on acrate on bankers' acceptances. As the chart ceptance financing. It follows therefore shows, the cost of acceptance financing, as that for some borrowers acceptance financcompared with the interest rate paid on ing has been somewhat more attractive, as direct loans by prime borrowers, has de- compared with direct loans, than is indicated clined considerably since the early postwar by these figures. years. Until mid-1949, acceptance financing During the past year, when the costs of costs exceeded the prime bank loan rate by acceptance financing have declined relative more than % per cent a year. By early 1954 to other forms of borrowing, there has been the costs had become equal and between a marked rise in the amount of acceptances March 1954 and January 1955, acceptance created, as shown in the chart on page 483. financing was somewhat less expensive than While the principal increase has been for borrowing at the prime loan rate. Since the purpose of financing commodity stormid-April 1955, when the dealers' buying age, acceptance financing for other purposes rate rose to 1% per cent, the minimum ac- has also become more prevalent. ceptance cost has been 3% per cent, com- Acceptance rate and Treasury bill yields. pared with the prime loan rate of 3 per cent. From the point of view of investors, the at- It should be emphasized that these com- tractiveness of bankers' acceptances depends 490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS ACCEPTANCE FINANCING IN THE UNITED STATES in large part upon their yield compared with 1950 the acceptance rate differed little from possible earnings on other short-term invest- the Treasury bill yield. It rose relative to ments, particularly United States Treasury the bill yield in 1951 and the first half of bills. In some respects, the banker's accept- 1952. From mid-1952 to mid-1953, the ance is a less satisfactory short-term invest- Treasury bill rate remained almost steadily ment than the United States Treasury bill. above the rate on bankers' acceptances. Be- Treasury bills can be purchased in large tween mid-1953 and the end of 1954, the even denominations whereas bankers' accept- acceptance rate was once again above the ances frequently are drawn for odd amounts, bill rate, on the average by more than 0.30 sometimes quite small, depending upon the per cent. In early 1955, the gap between underlying transaction. The paperwork in- the two rates narrowed and in April the bill volved in handling a given investment is rate rose above the acceptance rate. therefore greater in the case of acceptances. ACCEPTANCE FINANCING IN LONDON For an American investor of short-term The banker's acceptance has had a longer funds, bankers' acceptances are likely to be history and is a better known credit instrupreferred only when their yield exceeds that ment in Britain than in the United States. on Treasury bills. Acceptances are created in Britain by the On the other hand, many foreign central merchant bankers, by British commercial and commercial banks as well as other pri- banks, and by London branches of foreign vate investors abroad are able to make a tax banks. With widespread overseas connecsaving by purchasing acceptances rather than tions and extensive knowledge of the credit- Treasury bills. All nonresident foreign indi- worthiness of borrowers, these banks offer viduals and corporations, and nongovern- acceptance credit facilities to finance trade mental institutions abroad, are subject to a in all parts of the world. withholding tax that may be as high as 30 The London discount houses act as dealper cent on interest from sources within the ers in bankers' acceptances, as well as in United States. Interest on time deposits and Treasury bills and short-term Government earnings on bankers' acceptances are not subbonds. In contrast with the practice of New ject to this tax. Although reciprocal tax York acceptance dealers, the discount houses treaties with the United States often reduce have traditionally held some bills as earning or even eliminate the tax, in most cases assets, financing these holdings by borrowthere is some advantage in placing dollar ing against them at call from the banks. funds in bankers' acceptances even when The discount houses endorse bills that they their yield is equal to or somewhat less than sell to the commercial banks. Such threethe Treasury bill rate. name bills are eagerly sought by the banks As the chart shows, the market yield on as a secondary reserve. Traditionally, ac- 90-day bankers' acceptances—that is, the ceptances have been sold by the discount dealers' selling rate—has moved only in steps houses to the banks in parcels with a distriin recent years. Comparison with the market bution of acceptors, maturities, and amounts yield on three-month Treasury bills indi- in accordance with the requirements of the cates that the acceptance rate tends to be purchasing bank. somewhat higher except at times of rising Acceptance costs in London. The minishort-term interest rates. During 1949 and mum commission charged by British banks MAY 1955 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS ACCEPTANCE FINANCING IN THE UNITED STATES on acceptances for commercial customers is COMPARATIVE ACCEPTANCE RATES, NEW YORK AND LONDON ll/ per cent a year, the same as in this coun- [In per cent per year] 2 try. Acceptances for foreign customers when Market, buying Difference incost of a foreign bank assumes liability—known in rate financing B m r i i n ta im in u m a s co re m im m b is u s r i s o e n m o en f t 1% cr e p d e it r s— ce t n a t k . e I a n Midmonth London Y X o e r w k m D e a i n f i r f n c k e e r e - t F d o is r o c w o n a u r n d t (— l d A o i w f d f e j i e u n r re s d t n i c e c c o d a e s t t es each case a stamp tax adds % per cent a rates sterling in London) year to the cost. The commission charge is 1953—Jan.. . 3.00 1.88 1.12 .22 .90 thus somewhat higher in London than in Feb. . 3.00 2.00 1.00 .66 .34 Mar.. 3.00 2.00 1.00 .62 .38 the United States, where the comparable A M p a r y . .. . 3 3 . . 0 0 0 0 2 2 . . 0 0 0 0 1 1. 0 .0 0 0 1. . 0 7 2 1 - . . 0 29 2 rates are ll/ 2 per cent for prime commercial J T u u l n y e . . . . 3 3 . . 0 0 0 0 2 2 . . 0 0 0 0 1 1 . . 0 0 0 0 1 1 . . 1 1 6 5 - - . . 1 1 6 5 Aug. . 3.00 2.00 1.00 .89 .11 customers and a minimum of one per cent Sept.. 3.00 2.00 1.00 .76 .24 Oct... 2.19 2.00 .19 .58 - .39 for foreign banks. Nov.. 2.19 2.00 .19 .27 - .08 Dec. . 2.19 2.00 .19 .13 .06 1954—Jan.. . 2.19 2.00 .19 .04 .15 The discount rate in London on prime— Feb. . 2.13 1.75 .38 .13 .25 Mar.. 2.19 1.75 .44 .49 - .05 or, as they are known there, fine—bank bills Apr. . 2.16 1.38 .78 .71 .07 May.. 1.75 1.38 .37 .22 .15 tends to remain only slightly above the June.. 1.66 1.38 .28 .18 .10 July.. 1 .59 1.38 .21 .04 .17 British Treasury bill yield and to move with Aug. . 1.63 1.38 .25 0 .25 Sept.. 1.66 1.38 .28 0 .28 greater flexibility than the corresponding Oct... 1.63 1.38 .25 -.13 .38 Nov.. 1.59 1.38 .21 -.04 .25 rate in New York. The spread between the Dec. 1.78 1.38 .40 -.04 .44 1955—Jan... 1.97 1.50 .47 -.07 .54 rates at which the discount houses buy and Feb. . 2.34 1.50 .84 .40 .44 Mar.. 3.81 1.50 2.31 1 .34 .97 sell is usually not held constant as in this Apr. . 3.75 1.50 2.25 1.43 .82 country, but varies as the two rates respond NOTE.—All figures are for 15th of month or nearest market date. to market influences. Table does not include comparative commission, charges on acceptances. Market buying rates are rates at which dealers in New York and discount houses in London purchase prime bankers' acceptances with maturities of 90 days or less. London and New York rates. In recent Forward discount is discount (or premium, when negative) on sterling for three-month delivery, expressed as a percentage of years the market rate on fine bank bills in spot rate. It represents added cost (or saving) per year to British trader on dollar purchases in forward exchange market rather than London has been above the New York rate, spot market, or saving to American trader on forward sterling purchases, to cover liability to foreign accepting bank. as shown in the accompanying table. The Adjusted difference (the last column) is the difference between the two preceding columns; when positive it represents extent to which cost of financing in London exceeds cost in New York to a rate in London was maintained at 3 per cent trader in either country who would cover his foreign exchange liability in the forward market, assuming equal commission charges between March 1952 and September 1953, in the two centers. reportedly at the request of the monetary increases in Bank rate. At the end of April authorities. The corresponding rate in New the differential was about 2J4 per cent. York was lower by one per cent or more These simple comparisons of commission during this period. With the reduction in and discount rates in New York and London Bank rate in September 1953 the discount are not sufficient to indicate whether an rate on acceptances again moved in response American or British trader would always to market forces, and the differential between find it less expensive to finance in the other London and New York narrowed consider- center rather than his own. He must also ably. It was less than l/ per cent during consider the commission charge imposed by 2 most of 1954 as money rates in both coun- his own bank for securing financing abroad. tries declined. Twice in 1955 the New York In many cases the foreign bank expects the rate has increased ]/ per cent, while the trader's bank to guarantee payment at ma- 8 London rate has risen by more with the two turity and the trader's bank may thus feel 492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS ACCEPTANCE FINANCING IN THE UNITED STATES entitled to its usual full commission. The porters and other traders who normally imposition of an extra commission charge operate in sterling, this factor has constimay therefore offset the advantage of a lower tuted an additional cost of financing in doldiscount rate abroad. The practices in this lars and has, from their point of view, acted respect appear to vary considerably, depend- to offset in part the lower discount rate in ing upon the competitive situation and vari- New York. Only in recent months has the ous other factors, such as whether the trad- difference in discount rates less the cost of er's bank has a branch in the other center. forward dollars risen toward one per cent. Another factor which affects the costs of It may also be noted that, from time to time, borrowing in one financial center as com- the discount on forward sterling has been pared with another is the cost of covering greater than the difference in discount rates the foreign exchange risk. The possibility between New York and London with the of exchange rate fluctuations leads most result that, were the other costs of accepttraders who incur foreign currency obliga- ance financing equal, American traders tions to contract in advance, in the forward might have found sterling financing cheaper exchange market, for purchase of the needed despite the higher interest cost in London. foreign funds. A British importer who se- ACCEPTANCES AND INTERNATIONAL cured 90-day acceptance financing from a FLOWS OF CREDIT bank in New York to finance a purchase in the United States would be likely to buy The banker's acceptance provides an indollars for delivery in three months. In this strument for the international movement of way he would fix in terms of sterling his both funds and credit. A rise in the disliability to the American bank and thereby count rate on acceptances in one financial avoid the risk of paying more sterling to dis- center relative to another would tend, under charge his dollar obligation in the event of favorable conditions, both to induce bora decline in the dollar value of sterling. rowers to shift financing to the market Similarly, an American importer who ar- where rates are lower and to induce invesranged for acceptance financing in London tors to purchase outstanding acceptances would probably purchase forward sterling where rates are higher. The banker's acto cover his future payment to the bank in ceptance is the only credit instrument which London. As a result the cost of forward in this way performs a dual function of exchange is normally an inherent part of facilitating the international movement of the cost of financing in another currency. short-term capital at the simultaneous in- However, at times when the forward ex- itiative of borrowers and of lenders. change rate of the borrower's currency is at Significant relaxation in governmental a premium in terms of the currency in which restrictions on international trade and payhe is considering financing his transaction, ments has taken place in the past two or this factor will reduce the cost of borrow- three years. Over the past year there has ing abroad. also been some revival in the international As the table indicates, the market quota- movement of funds in response to financial tion for forward sterling in terms of dollars incentives. With continued progress toward has been at a discount during the greater convertibility abroad, further development part of the past two years. For British im- along these lines may be expected. The MAY 1955 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS ACCEPTANCE FINANCING IN THE UNITED STATES banker's acceptance can play an important It is expected that Federal Reserve holdrole in the reconstruction of an international ings of this type of paper will continue to system in which funds and credit shift from be of modest proportions and will tend to country to country in response to differences vary in some relation to credit policy and in money rates and monetary conditions. seasonal swings in the total of outstanding Such a development would generally serve acceptances. Federal Reserve participation to facilitate smooth short-run adjustment in the market for its own account is not of balances of payments and to contribute intended to interfere with established market thereby to steadier growth of world trade relationships or to determine market rates. and income. Consequently, all transactions have been ef- In recent weeks the Federal Reserve Bank fected with established dealers in bankers' of New York, at the direction of the Open acceptances, at the rates of discount prevail- Market Committee, has acquired for its own ing in the market. A broadening market account moderate amounts of bankers' ac- for bankers' acceptances may foster further ceptances. During April these holdings of interest in this type of financing and may acceptances, bought outright and under re- provide a useful supplementary private outpurchase agreements, have fluctuated be- let for short-term funds held by American tween 10 and 20 million dollars. and foreign investors. 494 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954* In 1954, member banks reported net profits For the first time since 1946, profits on seof 1,096 million dollars after taxes, an in- curities and recoveries on loans and securicrease of 231 million dollars over 1953. Net ties exceeded losses, charge-offs, and net adcurrent earnings before income taxes in- ditions to valuation reserves. Profits on sales creased only 19 million dollars, since earnings of securities were 340 million dollars above advanced at a slower rate than expenses.2 the preceding year. Recoveries on securities, Capital accounts increased nearly 900 million loans, and other assets also increased and dollars, of which 640 million was from re- losses and charge-offs decreased. Partly offtained earnings. setting factors were larger net additions to valuation reserves, which increased from 40 1This article was prepared by Oliver H. Jones of the million dollars to 165 million, and provisions Board's Division of Bank Operations. for income taxes of 804 million dollars, which 2 Net current earnings are gross current operating earnings less gross current operating expenses, before adjustments for were 112 million above 1953. As a result of losses, profits on sales of securities, recoveries, and transfers all these factors about 60 per cent of net curto and from valuation reserves, and before taxes on net income. rent earnings was carried down to net profits, MEMBER BANK EARNINGS, 1943-54 [Dollar amounts in millions] Item 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 Earnings $1,650 $1,874 $2,102 $2,403 $2,579 $2,828 $2,986 S3,265 $3,669 $4,120 $4,590 $4,826 On U. S. Government securities 802 997 1,054 921 855 859 865 832 929 1,011 1,066 On other securities1 > 766 158 139 148 149 158 169 190 211 235 252 273 On loans 563 563 588 772 1,044 1,308 1,427 1,634 2,003 2,306 2,632 2,711 Service charges on deposit accounts 76 86 87 100 119 141 158 172 187 198 219 252 Other earnings 245 265 291 328 346 367 373 403 436 452 477 523 Expenses 1,039 1,127 1,268 1,469 1,650 1,795 1,889 2,020 2,232 2,501 2,782 2,999 Salaries and wages 487 525 580 699 797 876 926 1,000 1,125 1,244 1,371 1,463 Interest on time deposits 124 144 183 212 236 250 261 271 306 365 425 494 Taxes other than income 84 83 83 82 90 96 109 115 118 125 140 Other expenses 344 375 422 476 579 605 640 686 775 860 902 Net current earnings before income taxes 611 747 835 934 929 1,033 1,097 1,245 1,437 1,619 1,809 1,828 Profits on securities 94 116 239 183 90 55 64 82 52 29 35 375 Recoveries2 218 202 215 173 142 135 91 93 87 84 86 117 Losses and charge-offs3 251 232 230 247 251 195 166 149 202 226 332 254 Net increase in valuation reserves 173 125 121 128 68 40 165 Profits before income taxes... 673 833 1,058 1,043 910 854 961 1,150 1,247 1,437 1,558 1,900 Taxes on net income 115 184 270 285 257 234 275 369 491 608 692 804 Net profits ! 557 649 788 758 653 621 686 781 756 829 865 1,096 Cash dividends declared5 208 226 246 267 281 294 313 346 371 390 419 456 Ratio of net profits to average total capital accounts 8.8 9.7 10.9 9.6 7.9 7.2 7.6 8.3 7.6 7.9 7.8 9.3 Number of banks at end of year. 6,738 6,814 6,884 6,900 6,923 6,918 6,892 6,873 6,840 6,798 6,743 6,660 *Not reported separately prior to 1945; data for 1944 are estimated. 2Beginning with 1948, includes recoveries credited either to undivided profits or to valuation reserves; see footnote 4. 3Beginning with 1948, includes losses charged either to undivided profits or to valuation reserves; see footnote 4. 4Not reported separately; transfers to these reserves were included with losses, and transfers from these reserves were included with recoveries. Such amounts are estimated to have been relatively small prior to 1947. 5Inclucles interest on capital notes and debentures. MAY 1955 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954 compared to 48 per cent in the previous Commercial and industrial loans, the only year, and net profits increased by 27 per loan category to register a decline, fell 512 cent. million dollars. Sample data obtained from The ratio of net profits to average total about 220 of the largest member banks indicapital accounts increased to 9.3 per cent cate that the decline was primarily a result from about 7.8 per cent in the previous three of reduced borrowings by manufacturers of years. Cash dividends were 37 million dol- metals and metal products. Other industry lars larger than in 1953. types showed mixed tendencies, with loans The ratio of average total capital accounts to sales finance companies having the next to average total assets increased to 7.2 per largest decrease and loans to the miscellacent from 7.0 per cent in 1953. The ratio of neous industry group having the largest inaverage total capital accounts to average total crease. assets other than cash and United States Gov- Changes in member bank holdings of loans ernment securities increased to 16.1 per cent and investments are shown in the accompanyfrom 15.8 per cent in 1953. ing table. Earnings figures for the years 1943-54 ap- CHANGES IN MEMBER BANK LOANS AND INVESTMENTS, 1954 pear in the table on the preceding page. [Dollar amounts in millions] Earnings and earning assets. Earning as- Change from sets of member banks continued to increase Dec. 31, 1953 Dec. 31, during 1954, but the postwar trend of greater Item 1954 Pergrowth in loans than in United States Gov- Amount centage ernment securities was reversed. More than Total loans and investments... §131,602 $+9,180 + 7.5 half of the increase in member bank earning Loans1 60,250 +2,488 + 4.3 Commercial and industrial 25,007 - 512 - 2.0 assets of 9.2 billion dollars was in holdings Agricultural 3,529 + 267 + 8.2 For purchasing and carrying seof United States Government securities. An curities 4,244 + 863 +25.5 Real estate 14,433 +1,413 +10.9 increase of 2.5 billion dollars in loans re- Other loans to individuals 12,127 + 217 + 1.8 All other 1,858 + 339 +22.3 flected mixed movements, with seasonal de- U. S. Government securities. . . 57,809 +5,207 + 9.9 Treasury bills, notes, and certificlines early in the year and increases later in cates 20,845 -1,836 - 8.1 the year. Bonds2 36,964 +7,043 +23.5 Other securities 13,543 +1,486 +12.3 Gross current operating earnings were 5 State and local government 10,449 + 1,577 + 17.8 Other 3,094 - 91 - 2.9 per cent greater than in 1953. Growth of earnings in 1954 was largely due to the ex- 1 Totals are net (after deduction of valuation reserves); individual loan items are gross and do not add to totals. 2Includes small holdings of guaranteed obligations. pansion of loans and investments, as average rates of return on both changed only slightly. Real estate loans, up 1.4 billion dollars, Earnings on loans, a major contributor to accounted for more than half of the increase increased current earnings in recent years, in loan holdings. The second largest inplayed a relatively smaller role in 1954; they crease was in loans for purchasing and carryincreased 79 million dollars as compared to ing securities, which advanced 863 million annual increases of more than 300 million dollars compared to 384 million during 1953. during the previous three years. Earnings on Agricultural loans increased 267 million dol- United States Government securities and lars to 3,529 million, reflecting larger holdother securities increased 55 and 21 million ings of Commodity Credit Corporation cerdollars, respectively. tificates of interest in price support loans on 496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954 agricultural commodities. "Other loans to offs, and changes in valuation reserves reindividuals"—largely consumer loans—rose sulted in an addition to member bank profits. only 217 million dollars after a rise of 1,514 Primarily as a result of profits of 375 million million in 1953. The average rate of return dollars on sales of securities, these factors on loans was 4.71 per cent, about the same showed a net gain of 73 million dollars comas the 4.69 per cent in 1953. pared to a net loss of 251 million dollars Investments rose substantially in 1954. in 1953. Holdings of United States Government and Losses and charge-offs on securities were of State and local government securities in- substantial during 1951-53 and reached 174 creased by 5.2 and 1.6 billion dollars, respec- million dollars in 1953. Much of the loss was tively; holdings of other securities decreased in effect offset by tax savings, which were of 0.1 billion. The average rate of return on special importance to banks in or near the Government securities declined slightly from excess profits tax brackets. Member banks 1.98 per cent in 1953 to 1.96. Earnings on repurchased securities in 1953 and ended the total securities rose 76 million dollars, or year with an increase of 146 million dollars nearly as much as earnings on loans. in total security holdings. As a result of The 9.2 billion dollar growth in earning these portfolio changes and the market apassets of member banks in 1954 was accom- preciation in securities in 1954, many banks panied by a 1.3 billion decline in cash assets, were in a position to sell securities at a capital a 0.9 billion increase in capital accounts, and gain. The net of profits and recoveries less a 7.1 billion growth in deposits. As Federal losses and charge-offs on securities amounted Reserve policy during the year was to main- to a 316 million dollar gain in 1954, as comtain credit ease, the growth in earning assets pared to a 129 million dollar loss in 1953. was supported by an adequate supply of Losses and charge-offs of 93 million dolmember bank reserves. lars on loans were largely offset by recoveries Expenses. Current operating expenses of 62 million. The 31 million dollar loss were 2,999 million dollars in 1954, an in- was about 1.1 per cent of total earnings on crease of 7.8 per cent over 1953. All major loans in 1954. Net losses and charge-offs on categories of expenses increased. Salaries and other assets increased 8 million dollars. wages, amounting to 1,463 million dollars, Valuation reserves. For the first year continued to be the largest item of expense. since these data have been reported, the net The rise of 92 million dollars in this item increase in valuation reserves on both loans was due to increases in both number and and securities was substantially greater than average compensation of officers and em- in previous years. ployees. Interest paid on time deposits in- The increase in transfers to valuation recreased 69 million dollars, reflecting a growth serves on loans was largely attributable to a of 3.4 billion dollars in the average volume revision in the method for their computation of time deposits and a rise from 1.23 per prescribed by ruling of the Bureau of Incent to 1.30 per cent in the average rate of ternal Revenue on April 8, 1954, which perinterest paid. 3 In this analysis, losses and charge-offs comprise those Losses, charge-offs, recoveries, and prof- debited to either undivided profits or valuation reserves, and recoveries are those credited to either account; transfers beits.3 For the first time since 1946, the net of tween undivided profits and valuation reserves are not profits on securities, recoveries, losses, charge- included. MAY 1955 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954 xnitted larger annual contributions to re- come taxes. The 804 million dollars proserves and higher reserve ceilings for most vided for this purpose was an increase of 16.2 banks. The net addition to valuation re- per cent over 1953. It amounted to 42 per serves on loans rose from 51 million in 1953 cent of profits before income taxes as comto 102 million in 1954.4 The year-end bal- pared to 44 per cent in 1953, reflecting taxaance of these valuation reserves was 949 mil- tion of a somewhat larger share of income lion dollars or 1.6 per cent of total loan hold- as capital gains and the removal of the excess ings compared to 1.5 per cent in 1953. profits tax. Many of the member banks that reported A summary of factors contributing to the profits on sales of securities in 1954 also made increase in net profits of member banks in substantial transfers to valuation reserves on 1954 appears in the accompanying table. securities. The net addition to valuation re- FACTORS IN HIGHER NET PROFITS serves oh securities was 63 million dollars in [In millions of dollars] 1954 compared to a net reduction of 11 mil- Change1 lion in 1953. At the end of the year, valua- Item from 1953 tion reserves on securities were 249 million Increase in net profits +231 dollars, about 0.35 per cent of the book value Factors increasing net profits, total +692 Increase in profits on sales of securities 340 of all securities held. Decrease in net losses on securities- 104 Increase in miscellaneous current earnings 80 Dividends and capital. The distribution Increase in earnings on loans 79 Increase in earnings on U. S. Government securities 55 of cash dividends in 1954 was 456 million D In e c c r r e e a a s s e e i i n n e n a e rn t i l n o g ss s e o s n o n o t l h o e a r n s s e 2 curities 2 1 1 2 dollars, 37 million more than in 1953. The Factors decreasing net profits, total -461 Increase in expenses 217 ratio of cash dividends to average total capi- Larger net increase in valuation reserves , 125 Increase in provisions for taxes on net income 112 tal accounts was 3.9 per cent in 1954, about Increase in miscellaneous losses , the same as in the previous two years. 1 Details may not add to totals because of rounding. Retained earnings were 640 million dollars 2Includes recoveries credited and losses charged either to undivided profits or to valuation reserves. in 1954, or 58 per cent of net profits com- Earnings and profits by class and size of pared to 52 per cent in 1953, and they ac- bank. Net profits rose substantially at all counted for about 72 per cent of the in- reserve classifications of member banks, alcrease in total capital accounts compared to though net current earnings before income 80 per cent in 1953. The decline in the rela- taxes showed only minor changes. The pertive importance of retained earnings to the centage increases in net profits were 23 per growth of total capital accounts, the first in cent at reserve city banks and Chicago cenmany years, was due to increased proceeds tral reserve city banks. 28 per cent at country from sales of bank stock which rose from banks, and 32 per cent at New York City 124 million dollars in 1953 to 288 million in central reserve city banks. 1954. One issue of about 130 million dollars Earnings on loans declined slightly at cenby a national bank was a major factor in the tral reserve city banks, and rose 2 per cent increase. at reserve city banks and 7 per cent at coun- Income taxes. Larger profits in 1954 re- try banks. Earnings on United States Govsulted in a further rise in provision for in- ernment securities rose only 3 per cent at country banks, 6 per cent at reserve city 4 Includes taxable additions. Net additions deductible for banks and Chicago central reserve city banks, tax purposes rose from 26 million dollars in 1953 to 97 and 12 per cent in New York. Thus the inmillion. 498 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954 creases in earnings at country banks were earnings to capital accounts. Both of these largely on loans and at other classes they were ratios indicate relatively similar rates of reon securities. turn on capital for each reserve classifica- Operating expenses rose at all reserve clas- tion. When comparisons are made by size sifications, ranging from 4 per cent at Chi- of bank, however, differences appear. For cago central reserve city banks to 9 per cent example, the ratios of net current earnings at country banks. The percentage of net and net profits to capital accounts for all current earnings carried down to net profits 6,326 country banks were 15.5 and 9.8 per was highest at country banks (63 per cent) cent, respectively, but they were 12.7 and and lowest at reserve city banks (56 per cent). 8.3 per cent for the 3,633 country banks with It was 61 and 62 per cent, respectively, at cen- total deposits of 5 million dollars or less. tral reserve city banks in New York and Increases in cash dividends at all classes of Chicago. banks were near the member bank average of Expressed as a ratio to average total capital 9 per cent except at central reserve city banks accounts, the increase in net profits for each in Chicago where there was little change. reserve classification of banks ranged closely Summary data by class of bank are shown around the 1.5 percentage points shown by in the table below, and detailed figures on all member banks. All classes of banks earnings and related items appear on pages showed decreases in the ratio of net current 564-573 of this BULLETIN. MEMBER BANK EARNINGS, BY CLASS OF BANK, 1954 AND 1953 [Dollar amounts in millions] Central reserve city banks Reserve Country Total city banks banks New York Chicago 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 Earnings $4,826 §4,590 $777 $757 §192 $188 SI,888 SI,798 SI, 969 SI.847 On U. S. Government securities 1,066 1,011 153 137 56 53 399 376 458 445 On other securities 273 252 49 43 13 12 103 96 108 100 On loans 2,711 2,632 417 434 93 95 1.082 1,059 1 ,119 1 ,045 Allother 776 695 158 144 30 28 304 267 284 257 Expenses 2,999 2,782 428 404 106 102 1,169 1,083 1,295 1,192 Salaries and wages 1,463 1,371 232 228 52 48 567 529 611. 566 Interest on time deposits. 494 425 41 28 16 15 207 181 230 201 All other 1,042 985 155 148 38 39 394 372 454 426 Net current earnings before income taxes. 1,828 1,809 348 353 86 86 719 715 674 655 Profits on securities 375 35 61 19 4 174 13 121 11 Recoveries1 117 86 26 13 3 4 42 34 45 35"' Losses and chargc-offs2 254 332 28 55 9 13 110 136 107 128 Net increase in valuation reserves. 165 40 34 6 6 3 75 15 50 16 Profits before income taxes. 1,900 1,558 374 312 92 78 751 6*0 683 556 Taxes on net income 804 692 161 151 39 35 348 282 257 224 Net profits 1,096 865 213 161 53 43 403 328 427 333 Gash dividends declared3. 456 419 113 103 20 20 181 167 143 129 Ratios (per cent): Net current earnings before income taxes to Average total capital accounts 15.6 16.4 13.1 13.9 14.9 15.7 17.4 18.5 15.5 ! 16.0 Average total assets 1.12 1 . 15 1.14 1.21 1.07 1.07 1.14 1.18 1.10 i 1.11 I Net profits to—• Average total capital accounts 9.3 7.8 8.0 6.3 9.2 7.9 9.8 8.5 9.8 8.1 Average total assets 0.67 0.55 0.70 0.55 0.66 0.5 1 0.64 0.54 0.70 j 0.56 1 Includes recoveries credited either to undivided profits or to valuation reserves. 2Includes losses charged either to undivided profits or to valuation reserves. 3 Includes interest on capital notes and debentures. MAY 1955 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of ban\ing laws, new regulations issued by the Board of Governors, and other similar material Margin Requirements for Purchasing be 30 per cent of its current market value, as de- Securities termined by any reasonable method. Supplements to Regulations T and U Savings Deposits The Board of Governors of the Federal Reserve System, effective April 23, 1955, amended the Sup- Amendments to Regulations D and Q plement to Regulation T entitled "Extension and The Board of Governors of the Federal Reserve Maintenance of Credit by Brokers, Dealers, and System, effective May 16, 1955, adopted identical Members of National Securities Exchanges," and amendments to section l(e) of Regulation D, reamended the Supplement to Regulation U entitled lating to reserves of member banks, and to section "Loans by Banks for the Purpose of Purchasing or l(^) ot Regulation Q, relating to payment of in- Carrying Stocks Registered on a National Securi- terest on deposits. The purpose of the amendties Exchange" so as to increase the margin require- ments is to permit deposits to be classified as "savments from 60 per cent to 70 per cent for credit ings deposits", in certain circumstances and subject extended by brokers and banks to finance purchases to certain limitations, although the deposit is not of stock exchange securities. The increased margins evidenced by a pass book. However, a pass book also apply to short sales. The texts of the Supple- continues to be necessary for all savings deposits ments as thus amended are as follows: that do not comply with the amendments. The texts of the amendments to Regulations D and Q SUPPLEMENT TO REGULATION T are as follows: Issued by the Board of Governors of the Federal Reserve System AMENDMENT TO REGULATION D Effective April 23, 1955 Issued by the Board of Governors of the Federal Reserve Maximum loan value for general accounts. The System maximum loan value of a registered security (other than an exempted security) in a general account, Reserves of Member Banks subject to section 3 of Regulation T, shall be 30 per Effective May 16, 1955, Regulation D is amended cent of its current market value. in the following respects:. Margin required for short sales in general accounts. The amount to be included in the adjusted debit 1. By adding at the tnd ot section l(e) the folbalance of a general account, pursuant to section lowing new undesignated paragraph and footnote 3(d)(3) of Regulation T, as margin required for reference: short sales of securities (other than exempted se- The term "savings deposit" also means a curities) shall be 70 per cent of the current market deposit evidenced by a written receipt or agreevalue of each such security. ment although not by a pass book, consisting of funds of the kind described above in this SUPPLEMENT TO REGULATION U section l(e) and in respect to which deposit Issued by the Board of Governors of the Federal Reserve the depositor is required, or may at any time System be required, by the bank to give notice in writ- Effective April 23, 1955 ing of an intended withdrawal not less than For the purpose of section 1 of Regulation U, the 30 days before such withdrawal is made, and maximum loan value of any stock, whether or not withdrawals are permitted only through payregistered on a national securities exchange, shall ment to the depositor himself but not to any 500 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT other person whether or not acting for the investment is specifically authorized by the trust depositor.'" instrument or by court order. The funds of pension and similar trusts may, as heretofore, be in- 2. By adding the following new footnote to secvested in participations in common trust funds tion l(e): operated pursuant to section 17, provided the re- "" Payment may be made to the depositor over the counter, quirements of that section are complied with. The through the mails or otherwise. text of the amendment to Regulation F is as follows: AMENDMENT TO REGULATION Q AMENDMENT TO REGULATION F Issued by the Board of Governors of the Federal Reserve System Issued by the Board of Governors of the Federal Reserve System Payment of Interest on Deposits Trust Powers of National Banks Effective May 16, 1955, Regulation Q is amended in the following respects: Effective June 13, 1955, subsection (c) of section 1. By adding at the end of section \{c) the fol- 10 of Regulation F is amended to read as follows: lowing new undesignated paragraph and footnote (c) Collective investment of trust M funds.— reference: Funds received or held by a national bank as fiduciary shall not be invested collectively n The term "savings deposit" also means a except that (i) such collective investments maydeposit evidenced by a written receipt or agreebe made in accordance with section 17 of this ment although not by a pass book, consisting regulation, and (ii) funds of a trust which of funds of the kind described above in this forms part of a pension, profit-sharing, or stock section l(e) and in respect to which deposit bonus plan of an employer for the exclusive the depositor is required, or may at any time benefit of his employees or their beneficiaries be required, by the bank to give notice in writand which is exempt from Federal income ing of an intended withdrawal not less than taxes under the Internal Revenue Code may be 30 days before such withdrawal is made, and invested collectively with funds of other such withdrawals are permitted only through paypension, profit-sharing, or stock bonus plan ment to the depositor himself but not to any trusts if such collective investment is specifically other person whether or not acting for the depositor.'"1 authorized by the instrument creating the trust or by court order."" 2. By adding the following new footnote to section 1 (e): 10 Unless the context otherwise indicates, the term "trust/' as used in this section or in any other part of this regulation, •7" Payment may be made to the depositor over the counter, refers to any fiduciary relationship which a national bank is through the mails or otherwise. authorized to enter into under the provisions of section ll(k) of the Federal Reserve Act. Collective Investment of Trust Funds 11 This docs not prevent the bank from investing the funds Amendment to Regulation F of several trusts in a single real estate loan if the bank owns no participation in the loan and has no interest therein except The Board of Governors of the Federal Reserve in its capacity as fiduciary. System, effective June 13, 1955, has amended sec- 110 Section 584 of the Internal Revenue Code of 1954 protion 10(c) of Regulation F, relating to trust powers vides that a common trust fund maintained in conformity of national banks. The purpose of this amendment with rules and regulations of the Board of Governors of the Federal Reserve System "pertaining to the collective investis to permit the collective investment of funds of ment of trust funds by national banks" and meeting certain trusts which are established under employers' pen- other requirements shall not be subject to Federal income sion, profit-sharing, or stock bonus plans, without taxation. The rules and regulations of the Board of Govrequiring compliance with the provisions of section ernors for the purposes of section 584 arc contained solely in section 17 of this regulation; and the permission contained 17 of Regulation F, provided each such trust is in exception (ii) of section 10 (c) is not intended to confer exempt from Federal income taxes and collective exemption from Federal income taxation under section 584. MAY 1955 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings California A meeting of the Federal Open Market Com- Los Angeles. Bank of Northridge. (Northridge) mittee was held in Washington on May 10, 1955. The Federal Advisory Council held a meeting Illinois in Washington on May 15-17, 1955, and met with Maple Park. . . First State Bank of Maple Park. the Board of Governors of the Federal Reserve System on May 17. New Jersey Madison. . First Bank and Trust Company, Bulletin Tables Madison, N. J. This issue of the BULLETIN includes tables (pages 574-577) showing final monthly data for the full Pennsylvania year 1954 and selected earlier dates for the Con- Easton. . Lafayette Trust Company. solidated Condition Statement for Banks and the Perkasie. . . Bucks County Bank and Trust Monetary System and similar data for All Banks in Company. the United States, by Classes, for those series that are estimated monthly. These tables, together with Tables Published Annually and Semiannually, with the special set for selected banking and monetary Latest BULLETIN Reference statistics for 1954 published in the February BUL- Semiannually Issue Page LETIN, will be available in a reprint. Requests for Ba A nk n i a n l g y si o s f f o ic f e s c : hanges in number of... Feb. 1955 208 this reprint should be addressed to the Division of On, and not on, Federal Reserve Par List, number of Feb. 1955 209 Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Annually Earnings and expenses: Federal Reserve Banks Feb. 1955 206-207 Admissions of State Banks to Membership in the Member banks: Federal Reserve System Calendar year May 1955 564-572 First half of year Oct. 1954 1118 The following State banks were admitted to Insured commercial banks May 1955 573 Banks and branches, number of, membership in the Federal Reserve System during by class and State Apr. 1955 430-431 Operating ratios, member banks Aug. 1954 900-902 the period March 16, 1955 to April 15, 1955: Banking and monetary statistics, 1954 {gjy \l\\ f j^ 502 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication May 16] Economic activity generally expanded further in fining industries showed little change at advanced April. Industrial production was close to its ear- levels. Production of apparel increased substanlier high, and construction activity, nonagricultural tially in March and output of textiles and apparel employment, and retail sales increased. Average was maintained in April. Minerals output showed wholesale prices changed little from mid-April to little change. mid-May. Expansion in bank loans continued. CONSTRUCTION INDUSTRIAL PRODUCTION Outlays for new construction in April, seasonally The Board's seasonally adjusted index of indus- adjusted, increased to a new high reflecting chiefly trial production increased one point in April to 136 further gains in private residential building. Conper cent of the 1947-49 average, reflecting mainly tract awards for both private residential and nonfurther gains in the basic metal and metal fabricat- residential construction were in record volume, and ing industries. Steel production has continued to total contract awards were almost two-fifths larger expand, and in early May average weekly output than a year earlier. The number of private housreached an all-time high with operations at 97 per ing units started in April was at a seasonally adcent of January 1, 1955 capacity. Output of non- justed annual rate of 1.3 million units compared ferrous metals is also at advanced levels. Auto pro- with an average of 1.4 million in the first quarter. duction reached new record rates in April and was maintained close to these rates in early May. Out- EMPLOYMENT put of household goods continued high in April. Employment in nonagricultural establishments,, Activity in producers' equipment industries in- seasonally adjusted, increased moderately further creased further, with truck output advancing sub- in April to 48.8 million, reflecting mainly a sharp stantially. gain in manufacturing employment. The average Nondurable goods output in April increased workweek in factories 'declined, in part seasonally,, slightly further to 124 per cent of the 1947-49 by half an hour to 40.2 hours. Average hourly average, a new record level. Important increases occurred in the rubber and chemical products in- PRICES AND TRADE dustries. Activity in the paper and petroleum re- Per cenf, 1947-49 = 100 j WHOLESALE PRICES INDUSTRIAL PRODUCTION \ COMM A O LL DITIES CO P N R S I U CE M S ER - TOTAL 140 - \ ~^J^/ - DURABLE 120 MANUFACTURES | 16° DEPARTMENT STORE TRADE DISPOSABLE PERSONAL M- '•..••M.IMIM. 'MM ^ 100 INCOME 140 xi MINERALS 120 " "** NONDURABLE MANUFACTURES 100 - Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail I | | sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices exclude processed foods, included in total but not shown separately. Federal Reserve indexes. Monthly figures, latest shown are Monthly figures, latest shown: March for income and departfor April. ment store stocks; April for other series. MAY 1955 503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS earnings at factories rose one cent further to a new Federal Reserve averaged around 500 million dolhigh of $1.86 but weekly earnings declined some- lars, or about 100 million less than excess reserves. what from the March peak, reflecting the shorter There were no outright purchases or sales of U. S. workweek. Unemployment declined 200,000 in Government securities for System account during April, about seasonally, to 3 million and was 500,000 March and April and transactions under repurchase below the level of a year ago. agreements were small. In early May free reserves increased somewhat as Federal Reserve purchases of DISTRIBUTION U. S. Government securities, reductions in Treasury deposits at the Reserve Banks, and declines in Retail sales, seasonally adjusted, increased in required reserves supplied more funds than were April to a level 7 per cent above a year ago. Both absorbed, largely through currency outflows. new and used auto sales, already at new highs in March, rose in April; and sales at most other out- SECURITY MARKETS lets also increased. The Board's index of depart- Yields on short-term Government securities dement store sales recovered sharply to 119, exceeding clined sharply in the first half of May, reflecting the advanced December-January levels; stocks at mainly expectations of heavy switching out of madepartment stores at the end of March were only turing certificates and savings notes, and the average moderately above the reduced year-ago level. Dealweekly yield on 90-day Treasury bills declined 20 ers' stocks of new autos at the end of April were basis points to 1.42 per cent. Bond yields were somewhat above last year's record level, but—unlike generally stable, while note yields, after rising at last year—were less than a month's supply at the the end of April in anticipation of a split Treasury current rate of sales. financing, declined moderately. Early in May the Treasury made a single offering, a 15-month 2 per COMMODITY PRICES cent note, to raise 2.5 billion dollars in cash and The general level of wholesale commodity prices to refund nearly 4 billion of maturing lYs per cent changed little from mid-April to mid-May. Live- certificates. Common stock prices fluctuated within stock prices declined moderately, almost to the lows a fairly narrow range during the latter part of reached in December and again in March, reflect- April and early May. The Federal Reserve Board ing mainly decreases for the higher grades of steers. increased margin requirements on newly purchased Total meat production has been unusually large for securities to 70 per cent from 60 per cent, effective the season. Average prices of industrial materials April 23. changed little. Prices of scrap metals eased, apparently reflecting less active demands than earlier. MONEY RATES Steel scrap prices in mid-May were 7 per cent below a month ago. Prices of some kinds of lumber, on the other hand, increased further. BANK CREDIT AND RESERVES Total loans and investments at banks in leading cities declined somewhat in April and early May following bank purchases of new Treasury tax cer- \ 7 i- .f tificates on April 1. Reductions in bank holdings of U. S. Government securities were offset in part by expansion in bank loans as private credit de- TREASURY BILLS mand continued strong. Business loans increased as new borrowing, especially by sales finance companies and petroleum, chemical and rubber manufacturers, exceeded seasonal repayments by food Figures except for Federal Reserve discount rate are monthly average market yields. Corporate Aaa bonds, Moody's Investors processors and commodity dealers. Real estate and Service; U. S. Government long-term (excludes 3% per cent bonds issued May 1, 1953), U. S. Treasury. Department and consumer loans increased further. Federal Reserve; municipal high-grade bonds, Standard and Poor's Corporation; Treasury bills, Federal Reserve. Latest fig- In April member bank borrowings from the ures shown are for May 7. 504 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 507-508 Federal Reserve Bank rates; margin requirements; reserve requirements 508-509 Reserves and deposits of member banks 510 Federal Reserve Bank statistics 511-513 Regulation V: guaranteed loans, fees, and rates 513-514 Bank debits and deposit turnover; Postal Savings System. . 514 Money in circulation 515 Consolidated statement of the monetary system; deposits and currency 516 Ail banks in the United States, by classes 517-519 All commercial banks in the United States, by classes. . 520-521 Weekly reporting member banks 522—523 Commercial paper and bankers' acceptances 524 Life insurance companies; savings and ioan associations. . 525 Government corporations and credit agencies. . 526-527 Security prices and brokers' balances 528 Money market rates; bank rates on business loans; bond and stock yields 529 Treasury finance 530-535 New security issues. . 536 Business finance 537-538 Real estate credit statistics 539-541 Statistics on short- and intermediate-term consumer credit. . 542-544 Business indexes . . 545-554 Merchandise exports and imports. . 554 Department store statistics. . . 555-559 Consumer and wholesale prices.... 560-561 Gross national product, national income, and personal income. . 562-563 Member bank earnings, 1954. 564-573 Banking and monetary statistics, 1954. . . 574-577 List of tables published in BULLETIN annually or semiannually, with references for latest data. . 502 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government, credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Ban\ing and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. MAY 1955 505 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 Average* of Daily Figures, 1951- Billions of Dollars 25 . CSW.E33 KC3EKVE3 £ ^ ^ W^ DISCOUNTS AND ADVANCES 5 FEDERAL RESERVE FFLLOOAATT A . 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Apr. 27. See p. 507. 506 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 U.S. Govt. securities T u re ry as- Money Treas- th w r a e i n s th e r m v F e e . m R b b a . e la B r n a b c n e a k s n s , k O F t e h d e - r re M se e r m ve b e b r a l b a a n n c k es Period Total B o o u u t g - ht u r H e n p e d l u e d r r - c D o a a u n d is d n - - ts Float o e A t r h l 1 l - Total s G to o c ld k s r o c e ta u n u n r c t - - d y - c t c u i i i o n l r a n - - h c i u n o a r g l s y d h s - T u re ry as- F ei o g r n - O e t r h- s e R e a r r c e a v - - l e Total qu R ir e e - d2 c E e x s - s2 right a m g e r n ee t - vances ing po d s e i - ts po d s e i - ts p d i o t e s s - - counts Averages of daily figures Week ending: 1954 Mar. 3.... 24,523 24,523 282 738 2 25,545 21,958 4,911 29,895 817 517 481 413 909 19,382 18.831 551 Mar. 10. ... 24,676 24,662 14 256 684 2 25,617 21,960 4,916 29,916 818 566 460 385 908 19,441 18.765 676 Mar. 17 24,633 24,629 4 186 689 2 25,509 21,963 4,919 29,859 816 242 530 289 912 19,744 19,018 726 Mar. 24 24,621 24,597 24 177 766 2 25,565 21,964 4,923 29,722 806 487 505 317 918 19,697 19,017 680 Mar. 31 24,649 24,636 13 190 703 2 25,544 21,965 4,928 29,663 809 670 486 399 918 19,492 18,759 733 Apr. 7 24,632 24,632 153 583 2 25,370 21,965 4,933 29,780 819 526 507 399 936 19,300 18,595 705 Apr. 14 24,643 24,632 ii 156 597 1 25,397 21,966 4,938 29,817 823 650 503 379 935 19,194 18,595 599 Apr. 21 24,632 24,632 141 955 1 25,730 21,967 4,945 29,780 831 680 461 574 933 19,384 18,612 772 Apr. 28 24,632 24,632 148 672 1 25,453 21,968 4,946 29,652 827 495 456 388 920 19,630 18,654 976 May 5 24,632 24,632 158 634 1 25,426 21,969 4,950 29,738 826 586 503 351 850 19,490 18,769 721 May 12. ... 24,652 24,632 20 184 541 1 25,379 21,970 4,952 29,810 829 453 572 370 848 19,418 18,708 710 May 19 24,659 24,640 19 143 739 1 25,542 21,971 4,955 29,769 838 551 532 411 862 19,506 18.785 721 May 26 24,709 24,709 164 638 1 25,512 21,972 4,957 29,707 829 397 500 437 880 19,690 18,924 766 June 2.... 24,812 24,812 216 613 1 25,642 21,966 4,958 29,874 827 452 521 458 878 19,555 18,912 643 June 9 ... 24,960 24,960 170 670 1 25,802 21,924 4,958 29,928 823 342 549 358 877 19,805 18.885 920 June 16.... 24,955 24,955 142 665 1 25,764 21,925 4,957 29,870 813 341 549 227 910 19,934 19,043 891 June 23 25,018 24,986 32 194 920 1 26,134 21,926 4,955 29,793 806 757 547 296 998 19,818 18,958 860 June 30.... 25,113 24,980 133 157 630 1 25,901 21,926 4,956 29,813 812 1,010 579 384 996 19,188 18,349 839 July 7 25,082 25,038 44 71 675 1 25,829 21,927 4,959 30,066 821 464 588 413 986 19,377 18,419 958 July 14... 24,912 24,912 68 710 1 25,691 21,929 4,958 30,099 811 392 765 359 986 19,166 18,404 762 July 21 24,765 24,765 73 833 1 25,673 21,931 4,958 29,932 807 499 651 428 983 19,261 18,356 905 July 28.... 24,517 24,517 168 590 1 25,277 21,924 4,959 29,815 806 551 569 420 963 19,036 18,347 689 Aug. 4 24,325 24,325 175 653 1 25,154 21,908 4,960 29,890 802 742 526 455 908 18,698 17,666 1,032 Au?. 11 24,040 24,023 17 287 598 1 24,925 21,901 4,959 29,932 803 584 544 430 905 18,586 17,688 898 Aug. 18. ... 23,980 23,876 104 229 723 1 24,933 21,858 4,960 29,919 805 558 579 452 914 18,525 17,662 863 Aug. 25.... 23,813 23,747 66 178 698 1 24,690 21,858 4,961 29,850 807 566 557 450 927 18,353 17,627 726 Sept. 1 23,938 23,845 93 185 576 1 24,699 21,837 4,962 29,887 808 551 465 516 926 18,346 17,603 743 Sept. 8.... 24,013 23,977 36 147 598 1 24,759 21,809 4,965 30,046 802 479 518 428 923 18,336 17,556 780 Sept. 15 24,035 24,035 189 714 1 24,939 21,809 4,967 30,073 795 558 559 432 925 18,373 17,594 779 Sept. 22 23,789 23,789 141 977 1 24,908 21,810 4,967 29,969 793 446 514 435 934 18,596 17,691 905 Sept. 29 23,868 23,868 191 627 1 24,687 21,810 4,968 29,888 795 652 511 437 933 18,250 17,663 587 Oct. 6 24,492 24,492 179 667 1 25,338 21,810 4,971 30,010 793 676 484 452 948 18,756 17,894 862 Oct. 13 24,606 24,581 25 259 599 1 25,465 21,810 4,972 30,143 790 594 466 472 950 18,832 18,201 631 Oct. 20 24,487 24,456 31 284 927 1 25,699 21,788 4,973 30,125 796 570 443 440 950 19,136 18,269 867 Oct. 27 24,381 24,381 257 721 1 25,360 21,759 4,973 30,028 801 567 442 411 949 18,895 18,224 671 Nov. 3 24,464 24,448 If 355 617 1 25,436 21,759 4,976 30,088 806 669 432 472 895 18,810 18,233 577 Nov. 10 24,754 24,745 9 277 669 1 25,701 21,752 4,977 30,206 796 362 423 394 886 19,364 18,244 1,120 Nov. 17 24,685 24,685 271 751 1 25,708 21,709 4,978 30,262 799 397 425 324 883 19,306 18,423 883 Nov. 24 24,553 24,553 300 1,046 1 25,900 21,709 4,980 30,318 800 576 409 399 882 19,205 18,524 681 Dec. 1 24,722 24,715 7 498 698 1 25,918 21,710 4.982 30,466 806 605 396 405 881 19.052 18,464 588 Dec. 8 24,891 24,889 465 724 1 26,080 21,710 4,982 30,623 806 535 361 408 877 19,162 18.444 718 Dec. 15 24,919 24,888 31 442 810 1 26,172 21,711 4,982 30,755 812 363 405 398 891 19,241 18,555 686 Dec. 22 24,928 24,888 40 311 1,373 1 26,612 21,712 4,982 30,885 800 345 443 346 975 19,512 18,690 822 Dec. 29 24,918 24,888 30 377 1,138 1 26,433 21,712 4,982 30,828 801 453 523 295 976 19,250 18,630 620 1955 Jan. 5 24,918 24,874 44 372 885 1 26,176 21,712 4,984 30,501 804 449 527 413 916 19,263 18,580 683 Jan. 12 24,532 24,511 21 504 756 1 25,792 21,713 4,984 30,361 814 378 493 409 905 19,130 18,436 694 Jan. 19 24,155 24,128 27 445 881 1 25,482 21,714 4,985 30,079 818 275 516 413 902 19.176 18,383 793 Jan. 26 23,683 23,671 12 453 80f 1 24,942 21,714 4,985 29,866 827 272 422 280 901 19,074 18,429 645 Feb. 2 23,852 23,844 8 524 666 1 25,042 21,714 4,988 29,767 834 431 441 419 899 18.952 18,361 591 Feb. 9 24,016 23,902 114 555 640 1 25,212 21,715 4,988 29,794 827 472 447 480 895 19.000 18,272 728 Feb. 16... 23,908 23,827 81 387 668 1 24,964 21,715 4,989 29,782 824 399 486 458 913 18,806 18,236 570 Feb. 23... 23,732 23,732 395 804 (3) 24,932 21,716 4,990 29,771 825 490 390 486 959 18,716 18,108 608 Mar. 2... 23,604 23,604 490 797 1 24,892 21 ,716 4,995 29,796 827 575 324 481 957 18,642 18,089 553 Mar. 9... 23,604 23,604 479 789 1 24,873 21,717 4,995 29,819 828 548 364 476 955 18,596 18.018 578 Mar. 16 23,606 23,604 483 719 I 24,809 21 ,717 4,995 29,833 817 356 422 358 957 18,779 18,149 630 Mar. 23... 23,664 23,604 630 1,032 1 25,327 21,718 4,995 29,793 ' 818 887 339 435 964 18,804 18,123 681 Mar. 30. .. 23,604 23,604 745 677 1 25,028 21,719 4.997 29,716 826 1 ,000 338 490 964 18,408 17,918 490 Apr. 6... 23,643 23,604 3< 613 65C 7 24,918 21 .719 4.997 29,831 821 559 344 492 976 18,611 18,055 556 Apr. 13... 23,682 23,604 78 662 801 14 25,159 21,669 4,996 29.940 812 325 349 553 979 18,868 18,214 654 Apr. 20... 23,604 23,604 521 1 ,031 19 25,175 21.670 4,997 29,793 820 483 419 454 978 18,895 P18.232 J'663 Apr. 27. .. 23,604 23,C04 544 861 21 25,031 21,671 4,998 29,686 813 541 367 438 978 18,877 P18,223 P654 Monthly: 1954-Apr.. 24,635 24,632 : 151 69f 1 25,483 21,966 4,941 29,755 825 584 481 427 926 19,392 18,627 765 May. . 24,689 24,680 ( 172 640 1125,503 21,971 4,954 29,773 830 486 531 412 864 19,533 18,817 716 June.. 24,998124,960 38 166 710 1125.876 21,927 4,956 29,856 815 602 553 321 9-1119,670 18,813 857 July.. 24,771 24 ,761 10 104 695 1 25.571 21,926 4,959 29,968 810 498 632 409 973 19.164 18,329 835 Aug.. 23,989 23,930 59 210 654 1 24,855 21,871 4,960 29,896 806 591 536 464 916 18.478 17,638 840 Sept... 23,941 23,928 13 170 725 1 24,838 21,809 4,967 29,991 796 541 522 431 929 18,403 17,628 775 Oct.. 24,485 24.472 13 254 720 1 25,459 21,787 4,973 30,078 797 610 455 444 944 18,893 18,173 720 Nov.. 24,661 24.654 7 345 769 25,776 21,724 4,979 30.287 800 492 416 393 883 19,207 18,393 814 Dec. . 24.917 24,888 29 407 992 1 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 18,576 703 1955-Tan.. 24,200 24,182 18 444 805 ] 25,449 21.714 4,985 30,110 819 341 477 383 903 19,114 18,432 682 Feb. . 23.838 23,787 51 473 710 1 25,021 21,715 4,990 29,784 826 477 420 473 927 18,819 18,195 624 Mar.. . 23,619 23,604 15 566 801 1 24,989 21,718 4,996 29,790 823 690 363 442 960 18,635 18,050 585 Apr.. 13.63:> 23,O)4 28 585 838 16 25,070 21,680 4,997 29,807 816 501 370 481. 973 18,800 "Preliminary. For footnotes see following page. MAY 1955 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money Treas- w re i s th e rv F e . R ba . la B n a c n e k s s , O F t e h d e - r reserve balances p D e o r a i r t o e d 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 a d e l u s e d e e r r - - v c D o a a a n n u i d s c d n - - 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 u n 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 s e y - a it s s - p F e o d i o s e g r - i n - ts O p d i e o t t e r h s s - - - c s o e e R a r u r c e a v - n - l e ts Total qu R ir e e - d3 Exment Midyear or year-end: 1929—June. 216 148 68 1,037 52 ,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,9981 164 4 ,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 ,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 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 28,515 2,287 977 862 446 495 15,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 23,18122,754 4,562 28,868 1,336 870 392 569 563 17,899 16,400 1,499 1949—Dec. 18,885 18,885 78 534 19,49924,427 4,59827,600 1,312 821 767 750 70616,568 15,550 1,018 1950—Dec. 20,778 20,725 53 67 1,368 22,216 22,706 4,63627,741 1,293 668 895 565 71417,681 16,509 1,172 1951—Dec. 23,801 23,605 196 19 1,184 25,00922,695 4,70929,206 1,270 247 526 363 74620,056 19,667 389 1952—Dec. 24,697 24,034 663 156 967 25,82523,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—June.24,746 24,718 28 64 601 25 41422,463 4,85430,125 1,259 132 527 176 951 19,561 19,459 102 Dec. 25,916 25,318 598 28 935 26,880 22,030 4,89430,781 761 346 423 493 83920,160 19,397 763 End of month: 1954 Apr 24,632 24,632 172 576 25,38221,969 4,951 29,735 819 579 471 321 850 19,528 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 25,037 25,037 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 24,69621,809 4,966 29,929 811 511 477 501 925 18,316 17,572 744 Sept 24,27024,270 132 779 25,18321,810 4,972 29,985 786 704 461 422 931 18,676 17,724 952 Oct 24,381 24,381 297 721 25,40121,759 4,977 30,074 806 729 426 496 88418,722 18,251 471 Nov 24,888 4,888 398 657 25,944 21,710 4,982 30,500 800 694 397 381 880 18,985 18,467 518 Dec 24,932 24,888 143 808 25,88521,713 4,98530,509 796 563 490 441 907 18,876 18,618 258 1955 Jan 23,885 23,882 475 600 24,960 21,714 4,989 29,789 837 360 441 419 899 18,918 18,337 581 Feb 23,605 23,605 485 678 24,769 21,716 4,996 29,817 828 564 320 433 957 , 18,091 471 Mar 23,61223,604 391 659 24,66721,719 4,998 29,800 819 724 351 448 95918,562 17.871 412 Apr 23,612 23,604 560 799 1824,988 P21.671 00 29,762 812 360 490 9231 1 8 8 , , 2 4 8 9 3 5 ! 8,142 P353 Wednesday 1955 Feb. 2 23,92623,902 24 680 655 25,262 21,714 4,988 29,758 834 503 419 455 89819,099 18,369 730 Feb. 9 24,01623,902 114 335 522 24,873 21,715 4,989 29,779 830 307 471 457 89518,838 18,233 605 Feb. 16 23,732 23,732 535 803 25,07.1 21,715 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 4,992 29,793 828 554 329 432 960 18,479 18,075 404 Mar. 2 23,60423,604 385 823 24,81321,716 4,99529,776 835 589 329 486 955 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 23,60423,604 369 1,028 "" 21,717 4,99529,801 822 185 336 246 965 19,360 18,313 1,047 Mar. 23 23,60423,604 535 763 24,904 21,718 4,99529,719 833 755 351 406 964 18,588 18,085 503 Mar. 30 23,60423,604 691 552 24,848 21,719 4,99729,738 829 851 356 437 964 18,388 17,876 512 Apr. 6.... 23,644 23,604 707 645 25,0112.1,719 4,997 29,900 817 443 351 445 979 18,79.1 18,200 591 Apr. 13 23,641 23,604 637 680 24.97721,670 4,997 29,841 826 365 381 410 979 18,841 18,230 611 Apr. 20 23,60423,604 569 793 24,98621,670 4,997 29,714 818 503 408 978 18,810018,229 *581 Apr. 27 23,60423,604 486 746 24,85 21,671 4,999 29,657 820 623 384 411 978 18,654 P!8,238 P416 ^Preliminary. 1 Includes industrial loans and acceptances, which are shown separately in subsequent tables. 2These figures are estimated. 3Less 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 J [Per cent per annum] [Per cent of market value] Nov. 1, 1933- Feb. 1, 1935- Effective Feb. 20, Jan. 4, Effec- Jan. 31, 1935 Dec. 31, 1935 Jan. 1,1936 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Aor. 23 1955 1955 1955 Savings deposits PoBtal 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 50 60 70 In less than 90 days For short sales 50 60 70 Regulation U: For loans by banks on stocks 50 60 70 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.!W04, and Annual Report for 1948, p. 77. and 1953, p. 76. 508 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 d o d b v v l a i a n g n c a c e t e ( i s o S s n s e s e s e e c s c a u . u n r 1 r e d 3 e d d d a b i n b s y d y c o e 1 l G u i 3 n g o a i t ) v b s 1 e le o r f n p m a a n e p d n er t Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances b o a b n l ( i k l g a s a s t t s i e o p c n a u s r r . e o d S f e b t c h y . e 1 d 3 U i ) r . e S ct . Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Apr. 30 beginning— rate Apr. 30 beginning- rate Apr. 30 beginning— rate Boston Apr. 15,1955 Apr. 15, 1955 Apr. 15, 1]955 2% New York.. . . Apr. 15,1955 Apr. 15,1955 Jan. 16, 11953 Philadelphia. . Apr. 22,1955 Apr. 22, 1955 Apr. 22, 11955 2% Cleveland Apr. 15,1955 Apr. 15,1955 Aug. 17, 11953 2% Richmond Apr. 15,1955 Apr. 15, 1955 Jan. 23, 11953 Atlanta , May 15,1954 2 May 15, 1954 Feb. 9, 11954 3% Chicago Apr. 22,1955 2M Apr. 22, 1955 Apr. 22, 1.1955 2% S M t. i n L n o e u a i p s olis. . A A p p r r . . 1 1 5 5 , , 1 1 9 9 5 5 5 5 2^ A A p p r r . . 1 1 5 5 , , 1 1 9 9 5 5 5 5 M ]a a n y . 2 18 6 , , 11 1\ 9 9 5 5 3 3 2 2 j M | Kansas City. . Apr. 14,1955 Feb. 12, 1954 Apr. 14, 11955 2% Dallas Apr. 15,1955 & Apr. 15, 1955 Apr. 15, 1]955 3 San Francisco Apr. 22,1955 2M Apr. 22, 1955 Jan. 20, ]1953 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 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 cor>proprorations 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 OF THE FEDERAL RESERVE ACT [Per cent of deposits] MATURITIES NOT EXCEEDING FIVE YEARS Net demand deposits1 [In effect April 30. Per cent per annum] Time deposits To c o in m d m us e t r r c ia ia l l or To financing institutions Ef o fe f c t c i h ve a ng d e ate C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e ( n m a k l b l s e ) r businesses banks Federal On discounts or 1917—June 21. 13 10 Reserve purchases 1936—Aug. 16. 1934 15 Bank 1937—Mar. 1. 22M 17 On On On May 1. 26 20 14 loansl co m m e m nt i s t- fo P in r o s w r t t i i h t o u i n c - h ma R in e i:ng c m om en m ts it- 1 1 9 9 3 4 8 1 — — A N p o r v . . 1 1 6 . . 2 26 2M 2 1 0 73 1 1 2 4 tion is portion 1942—Aug. 20. 24 obligated Sept. 14. 22 Oct. 3. 20 1948—Feb. 27. 22 Boston (2) June 11. 24 New York 8 Sept. 16. 16 27^ P C h le il v a e d la e n lp d hia. . . . Sept. 24. 26 22 37> Richmond () 1949—May 1. 15 27 Atlanta 00 May 5. "24' 21 37 S C M t h . i i n c L a n o g e u o a is polis.... 34-5 H5 J J A u u u n ly g e . 3 1 0 1 . . . 20 1 1 4 3 3 26 6 Kansas City.... Aug. 11. 2334 35 S D a a n ll j a F s rancisco... () A A u u g g . . 1 1 8 6 . . *23" 19 12 25 Aug. 25. 18 Sept. 1. 22 18 2 3 1 R R In a a c t t e e lu d c c h i h n a a g r r g g l e e o d d a n b s b o o m r r r r a o o d w w e e e r i r n . l e p s a s r t c i o ci m p m a 4 t R i i t o a m n t e e w n c t i t h h r a a r f t g i e n e . a d n c b i o n r g r o i w ns e t r i tu b t u i t o n n s o . t 1951— J T T a a a n n n . . . 1 2 1 6 1 5 . . . 2 2 4 3 2 1 0 9 13 3 2 6 6 to 5 e C xc h e a e r d g e 1 o p f e r 3 ^ c e p n e t r a c b e o n v t e p t e h r e a d n i n s u c m ou n i t s r m a a te d . e on undisbursed portion Feb. 1. 14 of loan. 1953--July 1. 13 6Charge of 34 per 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 May 1, 1955*. 20 18 12 2Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. 4Present 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. MAY 1955 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago Total reserves held: Excess reserves:1 1954—January 20,179 4,863 1,320 8,065 5,932 1954—January 936 146 7 162 621 February 19,557 4,652 ,269 7,825 5,811 February 632 8 7 83 548 March 19,573 4,725 1,267 7,767 5,815 March 692 38 8 83 563 1955—January 19,114 4,410 1,203 7,881 5,619 1955—January 682 8 3 87 584 February 18,819 4.380 1,183 7,726 5,531 February 625 30 79 516 March 18,635 4,394 L.141 7,623 5,476 March 585 21 -2 62 505 Mar. 16 18,779 4,458 ,150 7,653 5,517 Mar. 16 629 25 -6 68 542 Mar. 23 18,804 4,397 L, 139 7,684 5,584 Mar. 23 680 14 63 603 Mar. 30 18,408 4,361 .115 7,571 5,361 Mar. 30 490 26 -3 58 409 Apr. 6 18,61.1 4,471 , 065 7,668 5,407 Apr. 6 555 30 66 458 Apr. 13 18,868 4,465 .. 123 7,754 5,527 Apr. 13 655 1 1 1 79 565 Apr. 20 18,895 4,425 ,145 7,776 5,549 Apr. 20 P663 11 68 P584 Apr. 27 18,877 4,489 1,137 7,751 5,500 Apr. 27 P(A6 43 65 P539- Borrowings at Federal Required reserves:l 2 Reserve Banks: 1954—January 19,243 4,717 ,313 7,903 5,311 1954—January 100 l 58 42 February 18,925 4,645 ,276 7,742 5,262 February 293 36 46 148 63 March 18,881 4,687 .259 7,684 5,252 March 189 16 29 79 65 1955—Tanuary 18,432 4,402 1,200 7,794 5,036 1955—Tanuary 313 77 57 124 55 February 18,195 4.350 L.183 7,646 5,015 February 354 50 38 189 77 March 18,050 4,373 ,143 7,561 4,971 March 464 i8 132 213 101 Mar. 16 18,149 4,433 ,156 7,585 4,975 Mar. 16 375 25 82 156 112 Mar. 23 18,123 4,383 , 1.38 7,621 4,981 Mar. 23 527 16 208 221 82: Mar. 30 17,918 4,335 ,118 7,513 4,952 Mar. 30 652 15 220 286 131 Apr. 6 18,055 4,440 ,064 7,602 4,949 Apr. 6 519 250 188 81 Apr. 13 18,214 4.454 ,123 7,675 4,962 Apr. 13 567 69 138 224 136 Apr. 20 v18,232 4,415 , 145 7,707 ?>4,965 Apr. 20 426 29 53 233 111 Apr. 27 P18.231 4,446 ,138 7,686 P4,961 Apr. 27 462 16 93 239 114 ^Preliminary. 1 Weekly figures of required and excess reserves of all member banks and of country banks are estimates. 2See table on preceding page for changes in reserve requirements. Back figures.—See Banking and Monetary Statistics, pp. 396-399, and BULLETIN for February 1955, pp. 210-211. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.l 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 March 1955 March 1954 Gross demand deposits: Total 111,833 23,396 6,009 43,544 38,885 107,525 22, 692 5,988 41,477 37,367 Interbank 12,448 4,007 1,138 6,070 1,232 12,364 3,945 1,226 6,006 1,187 Other 99,386 19,388 4,871 37,474 37,653 95,161 18,747 4,762 35,471 36,181 Net demand deposits2 97,513 20,998 5,388 37,572 33,556 93,755 20,440 5,386 35,828 32,101 Time deposits 39,656 3,475 1,314 15,972 18,895 36,985 3,166 1,232 14,609 17,978' Demand balances due from domestic banks... 6,219 58 104 1,982 4,075 6,227 50 106 1,964 4,108' Reserves with Federal Reserve Banks: Total 18,635 4,394 1,141 7,623 5,476 19,573 4,725 1,267 7,767 5,815 Required3 18.0S0 4,373 1,143 7,561 4,971 18,881 4,687 1,259 7,684 5,252' Excess 585 21 -2 62 505 692 38 8 83 563 Borrowings at Federal Reserve Banks. 464 18 132 213 189 16 29 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required arebased 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 andi demand balances due from domestic banks. 3See table on preceding page for changes in reserve requirements. 510 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 1955 Apr. 27 Apr. 20 Apr. 13 Apr. 6 Mar. 30 Apr. Mar. Apr. Assets Gold certificates 20,138,10320,138,10320,138,10120,183,10320,178,10320,138,10320,178,10420,412,101 Redemption fund for F. R. notes. 847,060 850,227 847,855 850,451 848,824 847,060 848,82-4 871,225 Total gold certificate reserves 20,985,163 20,988,33020,985,95621,033,55421,026,92720,985,16321,026,92821 ,283,326 F. R. notes of other Banks 229,474 228,211 205,913 178,323 202,052 209,886 190,91-1 150,097 Other cash 393,702 385,540 370,249 377,399 410,052 393,269 408,801 404,890 Discounts and advances: For member banks 406,194 475,948 534,026 614,034 597,753 479,963 298,052 164,055 For nonmcmber banks, etc 80,000 93,333 103,333 93,333 93,333 80,000 93,333 8,000 Industrial loans 662 640 653 509 521 670 515 1 ,286 Acceptances purchased 18,102 15,869 15,870 10,999 17,352 3,766 Acceptances held under repurchase agreement. . 1,098 2,512 1,000 2,109 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 9,960,141 6,051,191 Notes 9,959,471 9,959,471 9,959,471 9,959,471 9,959,471 9,959,471 9,959,47113,029,021 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 3,641,150 Total bought outright 23,604,606 23,604,606 23,604,606 233 ,604,606 23 ,604,60623,604,60623,604,606 24,632,337 Held under repurchase agreement. 37,000 40,000 7,300 8,000 Total U. S. Government securities 23,604,60623,604,606 23,641,606 23,644,606 23,604.606 23,611,906 23,612,606 24,632,337 Total loans and securities 24,110,66224,192,90824,296,488 24,365,590 24,296,21324,189,89124,008,27224,805,678 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 4,253,429 4,644,469 4,430,838 3,685,552 3,789,790 3,927,324 3,598,053 ,210,851 Bank premises 56,046 56,068 56,005 55,940 55,964 56,002 55,927 53,213 Other assets 148,447 143.359 137,291 131,226 144,624 151,436 145,536 181,151 Total assets. 50,176,945 50,638,907 50,482,762 49,82 7,606 49,925,64449,912,993 49,434,453 50,089,228 Liabilities Federal Reserve notes 25,415,251 25,467,08825,562,498 25,590,85825,490,56825,496,150 25,528,38525,472,276 Deposits: Member bank—reserve accounts 18,654,21718,809,5821.8,841 ,48818,791,34218,387,82618,495,29618,283,27519,527,642 U. S. Treasurer—general account 622,940 503,391 364,585 442,515 851,306 812,348 723,968 578,611 Foreign 384,192 408,342 380,636 351,205 355,779 360,066 350,544 470,624 Other 410,770 421,549 410,411 444,959 437,412 489,994 448,363 321,138 Total deposits. . . 20,072,119 20,142,864 19,997,120 20,030,021 20,032,32320,157,704 19,806,150 20,898,015 Deferred availability cash items 3,507,383 3,851,650 3,750,646 3,040,615 3,238,206 3,128,749 2,939,163 2,634,402 Other liabilities and accrued dividends. 18,005 17,614 17,285 16,257 16,390 16,957 15,857 18,050 Total liabilities. 49,012,758 49,479,21649,327,549 48,677,751 48,777,487 48,799,560 48,289,55549,022,743 Capital Accounts Capita] paid in 292,032 291,983 291,890 293,904 292,097 290,038 271,216 Surplus (Section 7) 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 Other capital accounts 183,711 179,264 174 ,879 165,809 132,892 166,416 142,713 Total liabilities and capital accounts. 50,176,945 50,638,907 50,482,762 49,827,606 49,925,644 49,912,993 49,434,453 50,089,228 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.0 46.1 46.1 46.2 46.0 46.4 45.9 Contingent liability on acceptances purchased for foreign correspondents 27,720 27,836 28,133 28,620 29,134 27.71C: 28,985 16,595 Industrial loan commitments 3,396 3,421 3,409 3,523 3,513 3,388 3,519 2,892 I Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 486,194 569,281 637,359 707,367 691,086 559,963 391,385 172,055 Within 15 davs 393,224 481,235 534,974 606,694 588,203 447,433 287,176 149,464 16 davs to 90 days . 52 970 34 713 49,052 47 340 49 550 72,530 50,876 22 591 91 davs to 1 vear 40 000 53 333 53,333 53,333 53,333 40,000 53.333 Industrial loans—total 662 640 653 509 521 670 515 1,286 Within 15 claws . 15 15 16 16 109 17 17 7 16 days to 90 davs 364 342 353 203 5 362 3 270 91 davs to 1 vear 135 135 135 140 247 143 335 964 Over 1 vear to 5 vears 148 148 149 150 160 148 160 45 Acceptances—total 19,200 18,381 16,870 13,108 17,352 3,766 Within 15 davs 9 1 SI 11 29^ 3 821 2 171 6 504 16 davs to 90 davs 10,049 7,087 13,049 10,935 10,848 3,766 91 days to 1 vear 2 U. S. Government securities—total . . 604,606 ,604,606 ?s,641,606 ?3,644,606 l\ ,604,606 n,611,906 93, 604,606?4,632,337 Within 15 davs 388 494 3?2 694 278 500 87,500 196 200 187,794 39,300 320 000 16 davs to 90 davs 9 181 116 9 246 916 ?,328,110 9,522,110 9,373,410 9,389,116 ?,530,310 ^,277,341 91 davs to 1 year 16,519,398 16,519,398 16,519,398 16,519,398 15,519,398 16,519,398 15,519,398 1?,277,575 Over 1 vear to 5 vears 9 087 127 9 087 127 9,087,127 9,087,127 ^,087,127 9,087,127 S,087,127 6,307,260 Over 5 vears to 10 vears 1 013,61A 1,013,614 1,013,614 ,013,614 ,013,614 1,013,614 1,013.614 1,035,304 Over 10 years 1,414,857 1,414,857 1,414,857 ,414,857 I,414,857 1,414,857 1,414,857 1,414,857 1 'Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. MAY 1955 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 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 in o n li e s - K C an it s y a , s Dallas F c r is a c n o - Assets Gold certificates. 20,138,103 978,420 5,400,8031,237,4481,737,3491,172,971 818,9853,531,366 829,798 390,197 865,858 809,6062.365,302 Redemption fund forF. R. notes. 847,060 51,753 176,569 55,333 74,353 63,569 52,245 156,332 46,371 24,337 39,157 28,204 78,837 Total gold certificate reserves.. 20,985,163 1,030,173 5,577,3721,292,7811,811,7021,236,540 871,2303,687,698 876,169 414,534 905,015 837,8102,444,139 other Banks... 209,886 13,344 35,930 11,427 13,159 11,049 64,983 15,733 7,712 5,277 4,789 9,576 16,907 Other cash 393,269 31,321 89,669 12,828 41,922 20,392 38,066 63,899 19,799 11,238 12,869 15,361 35,905 advances: Secured by U. S. Govt. securities. . . 479,778 23,823 32,665 20,675 28,195 23,910 71,155 112,025 27,665 75,275 17,140 21,060 26,190 Other 80,185 4,835 23,360 5,840 7,280 4,000 3,440 11,350 3,040 2,000 3,040 3,760 8,240 Industrial loans.. 670 581 89 Acceptances purchased 17,352 17,352 U. S. Government securities: Bo r u ig g h h t t out- 23,604,606 1,303,541 5,998,9931,436,6232,028,651 1,390,6421,218,4234,117,281 979,544 572,0101,026,564 946,4972,585,837 repurchase agreement... 7,300 7,300 Total loans and securities 24,189,891 1,332,199 6,079,6701,463,7192,064,126 1,418,5521,293,0184,240,6561,010,249 649,3741,046,744 971.3172,620,267 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash items 3,927,324 287,242 690,262 217,423 373,919 325,029 337,516 663,634 170,595 106,159 185,204 200,204 370,137 Bank premises... 56,002 5,820 7,144 5,229 5,225 4,425 4,119 6,206 2,810 1,082 3,102 1,336 9,504 Other assets 151,436 8,033 36,880 8,962 12,956 8,937 8,220 27,494 6,496 3,631 6,423 7,054 16,350 Total assets 49,912,993 2,708,13312,516,9333,012,3714,323,0113,024,9252,617,1538,705,3232,093,8311.191,2962,164,1472,042,6595,513,211 Liabilities F. R. notes 25,496,150 1,555,566 5,748,0931,788,6902,336,4581,822,2521,290,4274,967,1131,153,353 566,5561,022,729 710.5052,534,408 Deposits: Member bk.— reserve accts.18,495,296 761,766 5,280,473 878,4091,489,532 797,085 895,8412,917,547 686,071 431.363 903,8831,020,9112,432,415 TT ^ Trma gen. acct 812,348 39,893 199,912 42,396 42,583 59,140 44,954 98,773 47,789 61,415 27,059 66,929 81,505 Foreign 360,066 21,120 2110,825 25,696 32,032 17,600 15,136 49,280 13,376 8,800 13,376 16,544 36,281 Other 489,994 2,164 341,641 9,936 5,323 16,562 50,495 1,823 14,055 5,481 2,508 1,312 38,694 Total deposits... 20,157,704 824,943 5,932,851 956,4371.569,470 890,3871,006,4263,067,423 761,291 507,059 946,8261,105,6962,588,895 ability cash items 3,128,749 259,082 518,247 185,120 314,002 252 572 268 775 511 798 134 209 87,877 150 159 172 954 273 954 Other liabilities and accrued dividends 16,957 1,026 4,262 965 2,063 793 859 2,851 616 513 648 698 1,663 Total liabilities. . 48,799,560 2,640,617 12,203,4532,931,2124,221,9932,966,0042,566,4878,549,1852,049,469 1,162,0052,120,362 1,989,8535,398,920 Capital Accounts Capital paid in. . 292,097 15,234 88,551 19,434 27,871 13,255 12,886 38,972 10,230 6,503 11,267 15,226 32.668 Surplus (Sec. 7).. 660,901 40,309 188,070 47,773 60,222 33,480 29,480 96,566 26,619 16,918 24,755 29,985 66.724 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1.137 1,307 2,140 Other capital accounts 132,892 8,962 29,540 9,463 11,919 8,837 7,538 19,171 6,992 4,797 6,626 6,288 12.759 Total liabilities and capital accounts 49,912,993 2,708,13312,516,9333,012,3714,323,0113,024,9252,617,1538,705,3232,093,831 1,191,2962,164,1472.042,6595,513,211 Reserve ratio 46.0% 43.3% 47.7% 47.1% 46.4% 45.6% 37.9% 45.9% 45.8% 38.6% 46.0% 46.1% 47.7% Contingent liability on acceptances purchased for foreign correspondents 27,716 1,662 38,104 2,022 2,521 1,385 1,191 3,878 1,053 692 1,053 1.302 2,853 Industrial loan commitments.. 3,388 279 627 33 94 15 2,340 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $249,216,000 participations of other Federal Reserve Banks. 3After deducting $19,612,000 participations of other Federal Reserve Banks. 512 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1954 April 27 April 20 April 13 April 6 March 30 April March April F. R. notes outstanding (issued to Bank). . . 26,436,534 26,468,304 26,491,931 26,450,781 26,435,281 26,426,938 26,426,99126,520,909 Collateral held against notes outstanding: Gold certificates 11.008,000 11.008,000 10,908,000 10,908.000 11.008,000 11.008,000 11,008,000 Eligible paper 174,104 127,373 177,486 129,674 210,293 188,523 84.84 U. S. Government securities , 17.155.000 17,155,000 17,155,000 17.165,000 17,065,000 17.155,000 17,065.000 Total collateral. 28,337,104 28,290,373 28,240,486 28 ,202 ,674 28,283 ,29328,351,523 28,157,847 28,095,655 EACH FEDERAL RESERVE BANK ON APRIL 30, 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 i e s - K C an it s y as Dallas F c r is a c n o - F. R. notes outstanding (issued to Bank) 26,426,938 1,617,0645,924,899 1,862,50.12,469,642 1,878,446 1,360,0195,066,438 ,204,314603,0801,050,058752,9012,637,576 Collateral held: Gold certificates11,008,000 640,0002,670,000 800,0001,050,000 675,000 500,000 2,.200,000 355,000175,000 280,000283,000 1,380,000 Eligible paper. . 188,523 23,858 20,675 23,910 27,665 75,275 17,140 U. S. Govt. securities 17,155,000 1,200,000 3,600,0001,200,000 1,500,000.1,300,0001,000,000 3,000,000 910,000500,000 800,000525,000 1,620,000 Total collateral... 28,351,523 1,863,858 6,270,000 2,020,6752,550,000 1,998,9101,500,0005,200,000 1,292,665 '50,2751,097,140 808,0003,000,000 i I INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE [Amounts in thousands of dollars] BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 Applications Partici- [Amounts in thousands of dollars] y E m e n a o d r n t o o h f r N b u e m r ap t - o p r d o A a v t m e e d ount ( b a p p m u c l r e o o t o t m v e u n e d - n o d i t 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 a t m a m o o n m e o u d n u t m i - t n n s i g t t ) - s o i ( n a p t t f a g u m a o n f t t i i u i o i d n n o o t u i a s - n n n n n t s s g i t c - ) 8 - y E e n a d r o o f r Gua a r u a t t o n h t o e d r e a i d z te ed loans o G u u t a s lo r ta a a n n n d t s e i e n d g a u A b v n a o a d d m i r d e l r i a r o o t b i w u g o l n e u e n t r a a s t r l o - 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 t r i 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 1947 3.574 586,726 945 1,387 7,434 4,869 1 1 9 9 4 4 8 9 3 3 , , 6 6 0 4 7 9 6 6 2 1 9 5 , , 3 6 2 5 6 3 3 5 3 3 5 9 2,1 9 7 9 8 5 2 1 , ,6 2 4 8 3 8 2 1 , ,9 9 9 4 0 7 1950 62 31,326 8,017 6,265 8,299 1950 3,698 651,389 4,819 2,632 3,754 3,745 1951 854 1,395,444 675,459 546,597 472,827 1951 3,736 710,931 3,513 4,687 6,036 11,985 1952 1,159 2,124,123 979,428 803,132 586,303 1952 3,753 766,492 1,638 3,921 3,210 3,289 1953 1,294 2,358,387 804,686 666,205 363,667 1953 3,765 803,429 1,951 1,900 3,569 3,469 1954 1954 March.... 1,316 2,399,321 737,605 612,265 321,619 J J A M M u u p a l n a y r y r e i c l h 3 3 3 3 3 , , , , , 7 7 7 7 7 6 6 6 6 6 7 8 7 6 8 8 8 8 8 8 1 1 1 1 0 3 0 0 2 8 , , , , , 4 0 7 5 4 6 5 0 7 3 5 1 5 9 3 1,7 4 1 2 4 0 4 9 0 5 5 5 5 1 1 1 1 1 , , , , , 2 3 1 2 4 4 0 3 8 9 7 2 0 7 8 2 2 2 2 2 , , , , , 8 3 3 9 3 9 5 9 5 7 1 7 5 4 3 2 2 1 1 1 , , , , , 8 8 8 4 6 1 5 6 1 6 2 5 9 2 6 A J J A M u u p u a l n y r g y e i u l st 1 1 1 1 1 , , , , , 3 3 3 3 3 2 4 2 3 5 2 2 4 1 0 2 2 2 2 2 , , , , , 4 4 4 4 4 5 4 0 2 0 7 3 8 0 6 , , , , , 6 0 2 3 6 2 8 2 2 5 1 9 6 6 1 6 6 6 5 6 6 4 5 8 0 4 0 9 4 4 , , , , , 1 6 8 6 7 2 3 5 3 5 2 6 9 1 0 5 5 4 5 5 5 6 3 0 6 2 6 4 2 9 , , , , , 9 7 0 6 5 0 3 8 5 9 2 8 9 1 5 3 3 3 3 2 3 1 0 9 4 0 1 0 9 7 , , , , , 4 1 6 4 8 0 9 6 7 2 8 1 5 6 3 A S O e c u p t g o te u b m s er t b . . e . . . r . . . 3 3 3 , , , 7 7 7 6 6 6 9 8 9 8 8 8 1 1 1 6 5 4 , , , 5 4 7 8 6 4 2 5 9 3 3 9 9 4 5 5 5 6 8 9 1 3 9 2 0 1 2 1 1 , , , 8 9 7 9 4 9 6 3 4 1 1 1 , , , 3 5 7 5 7 4 9 3 3 O N Se o c p v t t o e e b m m e b b r e e .. r r . . . 1 1 1 , , , 3 3 3 5 6 5 7 1 5 2 2 2 , , , 4 4 4 7 8 7 7 1 8 , , , 9 6 9 3 6 3 9 9 9 5 5 5 2 4 0 7 6 4 , , , 0 9 7 7 3 0 4 0 8 3 4 4 9 5 1 5 5 6 , , , 3 6 7 8 1 1 8 8 3 2 2 2 9 8 6 5 3 6 , , , 8 5 7 0 1 9 5 0 8 November. 3,770 817,605 520 652 1,898 1,202 December. 1,367 2,499,634 471,947 367,694 272,903 December . 3,771 818,224 520 719 1,148 1,027 1955 1955 January... 1,370 2,501,179 454,209 347,008 264,549 January. . . 3,772 821,407 170 629 3,152 1,504 February.. 1,375 2,504,169 437,185 333,717 263,248 February.. 3,772 822,063 170 542 3,227 1 ,498 March.... 1,380 2,511,829 442,268 333,269 254,840 March 3,775 823,195 315 521 3.519 1,564 NOTE.—The difference between guaranteed loans authorized and 1 Includes applications approved conditionally by the Federal Re- s ro u w m e r o s f u l n o d a e n r s g o u u a ts r t a a n n te d e in g a g a re n e d m a e d n d ts i ti o o u n t a s l t a a n m di o n u g n t r s e p a r v e a s i e l n a t b s l e am to ou b n o t r s ser 3 v I e n c B lu a d n e k s s i a n n d d u s u t n ri d a e l r lo c a o n n s s i p d a e s ra t t d io u n e b 3 y m a o p n p t l h i s c a o n r t . more, which are not r e e x p p a ir i e d d , g o u r a w ra i n th te d e r s a w a n u . thorized but not completed, and authorizations included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. MAY 1955 513 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 April 30] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month i b to al r - s' C i a n sh G U ov . e S rn . - re C s a e s rv h e ances * Total deposi- ment funds, Guarantee fee Percentage of tory securi- etc.* Percentage of (percentage of any commitment banks ties loan guaranteed interest payable fee charged by borrower) borrower 1945—December... 2,933 3,022 6 2,837 179 1946—December.. 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December... 3,417 3,525 6 3,308 212 75.; 15 15 1948—December... 3,330 3,449 7 3,244 198 80 20 20 1949—December... 3,188 3,312 7 3,118 187 85 25 25 1950—December... 2,924 3,045 11 2,868 166 90 30 30 1951—December 2,705 2,835 28 2,644 162 95 35 35 J 95 2—December... 2.547 2.736 33 2.SS1 151 Over 95 40-50 40-50 1953—December.. 2,359 2,558 31 2,389 138 1954—January 2,343 2,540 31 2,373 136 Maximum Rates Financing Institution May Charge Borrower F M e a b r r c u h ary 2 2 , , 3 3 2 0 6 9 2 2 , ,5 4 0 7 5 0 3 3 1 1 2 2 , , 2 3 9 3 9 6 1 1 4 3 0 9 [Per cent per annum] April , . 2,290 2,434 31 2,278 125 May 2,271 2,416 31 2,256 130 June 2,251 2,399 31 2,240 128 Interest rate July 2,230 2,379 31 2,220 129 Commitment rate. August 2.208 2,360 31 2,196 133 September. . . 2,189 2,339 31 2,176 133 October 2,171 2,304 31 2,156 118 November. . . *2,154 P2,136 1955—January P2,115 February P2.094 P2,O73 pPreliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted2 Year or month Total, all New 6 338 other New 6 338 other New 6 338 other reporting York other reporting York other reporting York other reporting centers City centers1 centers City centers1 centers City centers1 centers 1944 848,561 327,490 194,751 326,320 22.3 18.3 14.6 1945 924,464 382,760 200,202 341,502 24.1 17.5 13.5 1946 1,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947 1,103,720 398.464 246.739 458,517 23.8 19.7 15.5 1948 1,227,476 443,216 270.912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 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 1953 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—February.. 141,926 56,115 29.341 56,470 42.7 25.5 19.2 43.S 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 61 052 41.9 26 4 19.6 43 0 27 1 19 7 March '•178,917 67,242 39,908 r71,767 41.7 30.2 20.0 40.7 27.6 20.1 April 158,289 57,634 34,494 66,161 37.3 P27.2 H9.6 37.9 P26.4 P20.2 PPreliminary. 'Revised. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 2These data are compiled by the Federal Reserve Bank of New York. NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357. 514 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 vS5,000$10,000 1939 7,598 5,553 590 559 36 1,019 1 ,772 1,576 2,048 460 910 191 425 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 1,6»H 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 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 1,18? 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 July . . 29,892 20,984 1,793 1,174 70 2,016 6,366 9,564 8,910 2,654 5,451 322 471 4 8 August 29,929 21,015 1,801 1,183 70 2,023 6,361 9,578 8,916 2,653 5,461 321 469 4 8 September... 29,985 21,054 1,811 1.2C0 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 2,017 6,267 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 March . . 29,800 20,854 1,822 1 ,196 70 2,021 6,324 9,421 8,946 2,647 5,512 317 457 4 9 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 3Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Ma 19 r. 5 3 5 1, g a o s g l i d a lv in e a r s n t d Tre ca a s s h ury B R F an e e d k se e s r r v a a n e l d B R a a n e g k s e e s n r t a v s n e d M 1 a 9 r. 5 3 5 1, Fe 1 b 9 . 5 2 5 8, M 1 a 9 r. 5 3 4 1, certificates agents Gold 21 719 21 062 2658 Gold certificates 21 062 18,211 2,816 35 35 36 Federal Reserve notes. . . . . .. 26,427 68 1,090 25,269 25,339 25,257 Treasury currency—total 4,998 32.418 93 409 4,495 4,443 4,414 Standard silver dollars 490 239 28 5 219 219 209 Silver bullion 2 179 2 179 Silver certificates and Treasury notes of 1890. * 2,418 292 2,126 2,084 2,071 Subsidiarv silver coin 1 297 53 67 1,177 1,168 1,152 Minor coin 447 9 12 426 424 416 United States notes . .. 347 2 32 313 312 312 Federal Reserve Bank notes 169 1 167 169 185 National Bank notes 68 (5) 1 68 68 71 Total—Mar 31 1955 (4) 23 479 819 18,211 4,314 29,800 F M e a b r . 3 2 1 8 , 1 1 9 9 5 5 4 5 . . ( ( 4 4 ) ) 2 2 3 3 , , 4 6 6 9 8 9 8 8 2 1 8 9 1 1 8 8 , , 2 4 1 6 6 3 4 4 , , 4 6 4 2 1 6 29,817 29,707 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. 507. 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 8500,000. NOTE.—There are maintained IP the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Fedora! 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. MAY 1955 515 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u ry r- U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s r e i t t c h ie u e s - r ca a n p n e i d t t al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e n s - t c ts . , savings Banks banks 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—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 24,600 300 19,200 224,100 206,200 17,900 May 26 22,000 5,000 198,800 80,100 99,400 72,400 24,700 300 19,300 225,800 207,600 18,200 June 30 21,927 4,959 200,628 81,210 99,827 72,525 25,037 265 19,591 227,514 209,354 18,161 July 28 21,900 5,000 200,600 80,800 100,000 73,300 24,500 200 19,800 227,500 209,100 18,400 Aug. 25 21,900 5,000 202,500 80,200 102,300 76,200 23,900 200 19,900 229,300 210,500 18,800 Sept. 29 21,800 5,000 204,000 81,400 102,400 76,200 24,000 200 20,200 230,800 211,800 19,000 Oct. 27 21,800 5,000 207,700 81,900 105,600 79,000 24,400 200 20,300 234,400 215,400 19,100 Nov. 24 21,700 5,000 209,700 83,900 105,600 78,900 24,600 200 20,300 236,400 217,200 19,200 Dec. 31 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Jan. 26*' 21,700 5.000 209,600 85,200 103,600 77,800 23,700 2,100 20,900 236,300 217,500 18,800 Feb. 23*"- 21,700 5.000 208.200 85,800 101,400 75.600 23,700 2,100 21,000 234,900 216,000 18,900 Mar. 30? 21,700 5,000 207.000 87,100 98,700 73,000 23,600 2,100 21,200 233,700 214,500 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 n d a e s e n - i t k ts T h c i u r o n a e r l g s a y d h s s - - s m b a c a e a v o A n r n i m c t n 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 s u v n i t i k t n u s s g a 3 4 l s S S P a y o v s s i t n t e a g m l s b r C s o e a i n u u d n c t e r k - - y s m j p u D o a d a s e d e s t n - - i e - 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 ,336 1,452 870170,008 87,121 56,411 35,249 17,746 3,416 26,476 1950—Dec. 30 184,385 2,518 ,293 2,989 668176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Dec. 31 193,410 2,279 ,270 3,615 247185,999 98,234 61,450 37,859 20,887 2,704 26,315 1952—June 30 194,960 2,319 ,283 6,121 333184,904 94,754 63,676 39,302 21,755 2,619 26,474 Dec. 31 204,220 2,501 ,270 5,259 389194,801 101,508 65,799 40,666 22,586 2,547 27,494 1953—June 30 200,360 2,467 ,259 3,942 132192,560 96,898 68,293 42,245 23,589 2,459 27,369 Dec. 31 209,175 2,694 761 4,457 346 200,917 102,451 70,375 43,659 24,358 2,359 28,091 1954—Mar. 31 205,100 3,000 800 5,400 700195.20C 96,700 71,700 44,500 24,900 ,300 26,900 99,400 27,100 Apr. 28 206,200 3,100 800 4,500 500197,300 98,600 72.OOC 44,700 25,000 ,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 , 30026,800 100,100 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 500200,400 100,000 73,700 46,000 25,500 2,200 26,800 101,500 27,000 Aug. 25 210,500 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. 27 215,400 3,200 800 6.100 600204,700 103,100 74,800 46.700 25,900 2,200 26,900 101,900 26,800 Nov. 24 217,200 3,200 800 6,900 500205,800 104,000 74,300 46,300 25,900 2,200 27,500 102,600 26,900 Dec. 31 218,88. 3,329 796 4,510 563209,684 106,550 75,282 46,844 26,302 2,136 27,852 6103,000626,900 1955—Tan. 26*"\ . . 217,500 3,200 800 3 ,800 400209,200 107,000 75,400 46.800 26,500 2,100 26,800 104,200 27,000 Feb. 23*'... 216,000 3,100 800 4,600 600206,900 104,500 75.700 47,000 26,600 2,100 26,800 104,300 26,900 Mar. 30* 214,500 3,200 800 4.400 900205,300 102,400 76,200 47,200 26,900 2,100 26,700 104,600 26,900 ^Preliminary- '"Revised. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. stem in banks. depo 5For seasonal adjustment factors used in deriving these figures and for bbakck figures, see BULLETIN for March 1955, pp. 252-255. "Figure is for last Wednesday of month. 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. 516 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 OP BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits lotai assets— Other Total Total Num- Class of bank U.S. Cash lia- capital ber and date Govern- Other assets1 onities Demand ac- of Total Loans o m t b io l e i n g n s a t - s ri e t c ie u s - c c o a a u p c n i - t t a s l 2 Total i b In an te k r * - G U ov . e S r . n- Other Time counts banks 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 3,362108,282 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 4,149112,639 68,354 16,118 14,509 1954—Mar. 31 169,190 80,380 69,800 19,010 41,500 213,530 194,160 14,490 5,060104,900 69,710 16,350 14,482 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 Oct. 27 181,600 82,330 79,000 20,270 41,630 226,360 205,250 15,670 5,730110,920 72,930 17,080 14,422 Nov.. 24 183,370 84,230 78,860 20,280 42,180 228,690 207,260 15,570 6,620112,540 72,530 17,320 14,406 Dec. 31 183,784 85,617 77,728 20,439 44,585 231,654 211,115 16,811 4,176 116,617 73,510 17,270 14,367 1955—Jan. 26*"- 184,340 85,710 77,770 20,860 42,110 229,780 208,140 15,230 3,470115,760 73,680 17,340 14,360 Feb. 23*"- 183,100 86,500 75,580 21,020 41,460 227,930 205,900 14,550 4,260113,170 73,920 17,440 14,351 Mar. 30P 182,050 87,860 72,980 21,210 40,230 225,660 203,400 14,670 4,070110,200 74,460 17,410 14,330 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 4,941111,659 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 43,997 13,559 13,981 1954—Mar. 31 142,790 67,050 60,650 15,090 40,490 185,740 169,220 14,490 5,060104,860 44,810 13,750 13,954 June 30 146,383 67,337 63,508 15,538 41,569 190,585 174,068 15,497 5,591 106,996 45,983 14,038 13,937 Oct. 27 154,010 67,740 70,160 16,110 40,720 197,480 179,300 15,670 5,730110,870 47,030 14,420 13,895 Nov. 24 155,710 69,450 70,110 16,150 41,260 199,720 181,280 15,570 6,620112,490 46,600 14,640 13,879 Dec. 31 155,916 70,619 68,981 16,316 43,559 202,378 184,757 16,809 4,172 116,567 47,209 14,576 13,840 1955—Jan. 26?" 156,250 70,550 69,000 16,700 41,080 200,270 181,590 15,230 3,470115,710 47,180 14,650 13,833 Feb. 23pr 154,820 71,180 66,800 16,840 40,470 198,250 179,240 14,550 4,260113,120 47,310 14,730 13,824 Mar. 30P 153,490 72,310 64,180 17,000 39,250 195,700 176,460 14,670 4,070110,150 47,570 14,680 13,803 AH 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—Mar. 31 119,840 57,109 50,241 12,490 35,640 157,647 143,608 13,801 4,690 89,215 35,902 11,484 6,733 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 Oct. 27 129,973 57,662 58,906 13,405 35,607 167,991 152,537 14,924 5,206 94,558 37,849 12,035 6,701 Nov. 24 131,548 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. 31 131,602 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99,604 37,950 12,210 6,660 1955—Jan. 26*"- 131,809 60,138 57,788 13,883 35,990 170,404 154,421 14,468 3,028 99,003 37,922 12,261 6,651 Feb. 23P>" 130,468 60,690 55,785 13,993 35,404 168,495 152,201 13,815 3,812 96,548 38,026 12,331 6,643 Mar. 30P 129,298 61,766 53,410 14,122 34,344 166,256 149,750 13,941 3,608 93,967 38,234 12,263 6,625 AH mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1 1 19 9 9 4 4 4 7 1 5 — — — D D D e e e c c c < > . 3 3 3 1 i i 3 m 1 1 1 8 6 0 , , 6 3 2 4 7 0 1 9 8 4 4 4 , , , 9 9 2 0 4 7 1 4 9 1 1 3 1 0 , , 7 9 6 0 7 8 4 8 2 1 1 1 , , 7 7 2 7 1 4 4 8 6 8 6 7 8 0 9 6 9 3 1 1 1 1 7 9 , , , 8 0 7 0 2 1 4 0 4 1 1 1 7 5 0 , , 7 5 3 3 6 8 3 3 5 1 3 14 a 14 1 1 1 5 0 7 , , , 3 5 7 7 2 4 1 7 5 1 1 1 , , , 5 8 2 9 8 4 2 9 1 5 5 5 4 4 3 2 8 3 1950—Dec. 30 21,346 8 137 10,868 2 342 797 22,385 20,031 3 19 20,009 2,247 529 1951—Dec. 31 22,259 9,862 9,819 2,579 886 23,439 20,915 2 3 23 20,888 2,407 529 1952—Dec, 31 24,003 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—Mar. 31 26,400 13,330 9,150 3,920 1,010 27,790 24,940 (4) (4) 40 24,900 2,600 528 June 30 26,959 13,890 9,017 4,052 987 28,315 25,440 3 3 47 25,388 2,626 528 Oct. 27 27,590 14,590 8,840 4,160 910 28,880 25,950 (4) (4) 50 25,900 2,660 527 Nov. 24 27,660 14,780 8,750 4,130 920 28,970 25,980 (4) (4) 50 25,930 2,680 527 Dec. 31 27,868 14,998 8,748 4,123 1,026 29,276 26,359 3 4 50 26,302 2,694 527 1955—Jan. 26* 28,090 15,160 8,770 4,160 1,030 29,510 26,550 (4) (4) 50 26,500 2,690 527 Feb. 23P 28,280 15,320 8,780 4,180 990 29,680 26,660 oo (4) 50 26,610 2,710 527 Mar. 3QP 28,560 15,550 8,800 4,210 980 29,960 26,940 (4) 50 26,890 2,730 527 ^Preliminary. 'Revised. *"A11 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, and a noninsured State member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock sayings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2Includes "other" assets and liabilities not shown separately. For other footnotes see following two pages. MAY 1955 517 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 Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans G o U m o b v l . e i e S g n r a . t n - - O s ri e t t c h ie u e s - r i C ss a e s t h s1 c b a i a l l p i n i a t i d i t - e a s l Total1 b In a t n e k r 1 - Demand c c a o a p u c i n - ta ts l ba b o n e f k r s tions co a u c n - ts2 U.S. Time Govern- Other ment Central reserve city member banks: New York City: 1939—Dec. 30 339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 896 4,072 7,265 1,559 6,637 19.862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 ,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 ,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 ,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 ,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 ,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 ,058 12,289 7,765 2,004 8.074 30.684 27.037 5.214 778 18,894 2,150 2,572 22 1954—Mar. 31 ,392 11,726 7.350 2,316 8,028 29,967 26,382 5,019 1 .169 18,068 2,126 2,614 22 June 30 ,681 11,619 8,695 2,367 7,524 30,771 27,225 5,517 1,378 18,114 2,216 2,630 22 Oct. 27 ,877 11,741 9,687 2,449 6,984 31,463 27,406 5,410 1,395 18,227 2,374 2,657 21 Nov. 24 ,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. 31 .880 12,039 9,342 2,499 7,581 32,193 28.252 5,709 736 19,414 2,392 2.803 21 1955—Jan. 26? ,778 12,046 9,161 2,571 7,625 32,157 27,910 5,236 489 19,840 2,345 2,818 21 Feb. 23? ,246 12,121 8,554 2,571 7,040 31,065 26,714 5,180 687 18,513 2,334 2,819 21 Mar. 3QP ,238 12,733 7,918 2,587 7,030 31,013 26,678 5,103 657 18,555 2,363 2,687 20 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 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—Mar. 31 5.568 2,638 2,339 591 1 ,650 7,266 6,602 1,703 375 3,320 1,204 570 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 Oct. 27 6,287 2,454 3,259 574 1,951 8,290 7,619 1,352 344 4,649 1,274 590 13 Nov. 24 6,422 2,580 3,250 592 1,866 8,341 7,651 1,306 452 4,627 1,266 592 13 Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 1,321 251 4,977 1,295 600 13 1955—Jan. 26* 6,490 2,610 3,218 662 1,931 8,481 7,693 1,214 188 4,987 1,304 597 13 Feb. 23? 6,364 2,656 3,044 664 1,952 8,369 7,573 1,171 263 4,840 1,299 595 13 Mar. 30P 6,056 2,647 2,734 675 1,656 7,761 6,773 1,328 230 3,949 1,266 601 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—Mar. 31 45,802 22,485 18,783 4,534 13,993 60,674 55,614 5,960 2,001 33,119 14,534 4,037 309 June 30 47,056 22,453 19,813 4,791 14,656 62,624 57,665 6,636 2,015 34,058 14,957 4,124 310 Oct. 27 49,933 22,745 22,128 5,060 14,175 65,086 59,544 6,852 1,804 35,557 15,331 4,247 303 Nov. 24 50,612 23,580 21,986 5,046 14,485 66,063 60,391 6,807 2.357 35,981 15,246 4,281 303 Dec. 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955—Jan. 26? 50,857 23,993 21,687 5,177 14,201 66,085 60,268 6,679 1,111 36,979 15,499 4,310 298 Feb. 23? 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 Mar. 30? 49,971 24,637 20,062 5,272 13,909 64,909 58,943 6,292 1,446 35,493 15,712 4,387 296 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 4,377 250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945—Dec. 31 ,002 5,596 26,999 408 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 ,216 36,520 17,690 4,194 6,389 1954—Mar. 31 .078 20,260 21,769 5,049 11,969 59,740 55,010 1,119 , 145 34,708 18,038 4,263 6,389 June 30 474 20,537 21,779 5,158 12,506 60,745 55,943 1,241 ,362 34,879 18,460 4,372 6,376 Oct. 27 ,876 20,722 23,832 5,322 12,497 63,152 57,968 1,310 ,663 36,125 18,870 4,541 6,364 Nov. 24 ,581 21,194 24,001 5,386 12,505 63,841 58,712 1,337 ,877 36,804 18,694 4,566 6,350 Dec. 31 ,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 ,271 37,794 18,787 4, 506 6,326 1955—Jan. 26? r 684 21,489 23,722 5,473 12,233 63,681 58,550 1,339 ,240 37,197 18,774 4.536 6,319 Feb. 23P»- ,496 21,649 23,317 5,530 12,152 63,419 58,229 1,247 ,258 36,897 18.827 4,569 6,312 Mar. 30? ,033 21,749 22,696 5,588 11,749 62,573 57,356 1,218 ,275 35,970 18,893 4,588 6,296 '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. *Less than 5 million dollars. For other footnotes see preceding and opposite pages. 518 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 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 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 an te k r - i U. D S. emand Time c c T a o a p o u c i t n - t a a t l s l b N a b u o n e f m r ks - Govern- Other ment AH insured commercial banks: 1941—Dec 3i 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945—Dec. 3i # m , 121,809 25,765 88,912 7,131 34 292 157,544 147,775 n 883 ?3 740 80 276 29 876 8 671 13 297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141.851 12,670 1,325 92,975 34,882 9,734 13,398 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. 31 143,796 67,082 62,381 14,333 44,398 190,638 174,697 1S548 ,116 111 423 43 610 13,239 13 412 1954—yune 3() 144,451 66,805 62,461 15,185 41,164 188,191 172,048 15,044 45.562 105,847 45,596 13,714 13,380 Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 .16,376 4,154 1.15,482 46,874 1.4,252 13,303 National member banks: 1941—Dec 3i 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—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. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1952—Dec 31 . . 80,180 36,004 35,835 8,341 26,333 107,830 98,974 9 918 9 935 63 427 22 694 7,042 4 909 1953—Dec. 31 81,913 37,831 35,482 8,600 26,479 109,804 100,654 10,15? '),525 63,819 24,160 7,391 4 856 1954—June 30 82,482 37,672 35,759 9,051 24 636 108,611 99,362 9 750 3 325 60 827 25 459 7 686 4 835 Dec 31 . 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10,714 9,508 66,426 26,202 8.085 4 789 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 3i 37,871 8,850 27,089 1,933 9,731 48,084 44,730 /\ 411 8 166 24,168 7,986 2,945 1 Rrt7 1947—Dec. 3i 32,566 11,200 19,240 2,125 10,822 43,879 40,505 993 381 27,068 9.062 3,055 L 918 1952—Dec 31 39,367 19,030 16,928 3,409 12 922 52,996 48,553 /[ 699 1 632 32 026 10,196 3,719 L 889 1953—Dec. 3i < m % 40,509 19,931 17,121 3,457 12,903 54,179 49,510 019 1,232 32,206 11,054 3,925 L 887 1954—June 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 Dec. 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 5 ?69 1,207 33,177 11,748 4,125 1 .871 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec 31 14,639 2,992 10,584 1,063 4,448 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 19,340 266 149 12,366 6,558 1,271 6,478 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 5,020 26,679 24,555 378 360 15,398 8,419 1,925 6,672 1954—June 30 21,288 9,615 9,362 2,330 4,444 26,012 23,819 312 396 14,392 8,718 2,007 6,662 Dec. 31 22,536 9,886 10,215 2,436 5,088 27,911 25,657 393 439 15,879 8,947 2,044 6,647 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 313 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1952—Dec. 31 1,854 531 1,010 312 444 2,348 1,960 3?9 29 1,201 402 326 624 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 4S3 30 1,150 388 325 557 Dec. 31 1,800 492 969 339 397 2,250 1,871 433 18 1,085 335 324 536 All nonmember commercial banks: 1941—Dec 31 . 7,233 3,696 2,270 1,266 3,431 10,992 9,573 4S7 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 313 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13.758 7,036 1,596 7,261 1952—Dec 31 22,096 9,136 10,567 2,393 5,414 27,799 25,424 702 374 16,206 8,142 2,129 7,251 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 4,849 28,406 25,838 764 426 15,542 9,106 2,332 7,219 Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 8?S 457 16,964 9,282 2,368 7,183 Insured mutual savings banks: 1941—Dec 3i 1 693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec 3i 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1.034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 ,257, 194 1952—Dec. 31 17,621 8,691 6,593 2,337 732 18,612 16,785 2 2 28 16,753 730 206 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 ? 2 33 18,345 ,819 219 1954— D ju e n c e . 3 3 0 1 e . . 2 2 0 0 , , 1 8 2 3 1 0 1 11 0 , , 6 8 5 0 1 4 6 6 , , 1 3 1 0 7 9 3 3 , , 0 0 6 0 2 8 8 8 3 0 2 7 2 2 1 1 , , 2 9 3 8 7 1 1 1 9 9 , , 8 1 8 9 5 5 3 3 3 2 4 4 8 5 1 19 9 , , 8 1 3 4 1 5 8 97 6 0 8 2 2 1 1 9 8 Noninsured mutual savings banks: 1941—Dec 31 . 8,687 4,259 3,075 1,353 642 9,846 8,744 <5 8,738 1,077 496 1945—Dec 31 5 361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 313 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1952—Dec. 31 6,382 2,658 2,829 895 187 6,622 5,836 1 2 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 1954—june 30 6,838 3,086 2,708 1,044 180 7,078 6,246 1 1 6,243 758 309 Dec. 31 .... 7,038 3,346 2,630 1,06] 194 7,295 6,474 1 2 6,471 774 309 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication, For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. MAY 1955 519 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 Investment.3 u Cla c s a s l a l n o d d f a b te ank i m T l n o a v o e n a e n t n d a s t s t s l - Total i C c m o m c i k l i o p i n u n e a a e m e g d - r l r t n , - - - - A t c u a u g r l l r - - i- b o p L a s T e r r u n e o o r o r c s d c k a c a u n - h r r s a r i y t s o f i T i i t e o n n h s o r g g - l R t o e a a e s t n a - e l s O lo v u i d t t i a n a h o d i n l - - e - s s r O lo th an e s r Total Total ]3 S i . l ls Go C o d c v e f a e e r t b t r i e i n n t f D s - i - m - ir e e N n c t o t t o es blig B a o ti n o d n s s G t a e u n e a - d r- S O p s t a i t g i b o u c o a n o a a l l b t f d n i i - e l - - t s s - O s ri e t t h c ie e u s r pa- deal- ers ed- diviper ers ness sions All commercial banks:2 1947—Dec.31... 116,284 38 057 18,167 1,660 830 1,220 9,393 5,723 1,063 78,226 69,221 2,193 7,789 6,03453,191 145.2763.729 1952—Dec. 31... 141,624 64 163 27,8713,9192,060 1,103 15,712 12,684 1,718 77,461 63,318 7,761 5,580 11,87838,077 22 10,1883,955 1953—Dec. 31... 145,687 67,593 27,2044,9652,361 1,202 16,69414,4611,666 78,094 63,426 5,00410,237 12,43935,713 34 10,8213,847 1954—June 30... 146,383 67,337 26,1205,1432,462 1,256 17,22714,462 1,657 79,047 63,508 4,704 5,572 12,37640,818 38 11,9303,608 Dec. 31.. . 155,916 70 619 26,8675,2002,929 1,525 18,41814,7502,00085,297 68,981 5,065 5,361 14,67243,861 22 12,5863,729 All Insured commercial banks: 1941 Dec. 31 49,290 21,259 9,214 1 450 614 662 4 773 4,' 45 28 031 21,046 988 3 15912 7974 1023,6513,333 1945—Dec!3i!!! 121[809 25,765 9,461 1^3143,164 3,606 4!677 2,3611,181 96!043 88,912 2,45519,071 16,04551,321 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 52,334 145,1293,621 1952—Dec. 31. .. 139,770 63,632 27,7393,8052,050 1,082 15,572 12,6031,683 76,138 62,308 7,622 5,494 11,71437,456 22 9,9773,854 1953—Dec. 31... 143,796 67,082 27,0824,8672,344 1,181 16,56614,3731,629 76,714 62,381 4,89510,076 12,28335,093 33 10,5873,746 1954—June 30. . .144.451 66,805 25,9765,0572.439 1,228 17,10114,3701,623 77,646 62,461 4,575 5,50512,22340,121 38 11,6823,502 Dec. 31... 154,115 70,127 26,7315,1082,907 1,501 18,302 14, 6761 ,97383,988 68,012 4,901 5,279 14,52343,287 21 12,3523,624 Member banks, *t ott ali; 31 43,521 18 021 8,671 972 594 598 3 494 3,692 25,500 19 539 971 3,007 11,7293 8323 0902 871 11994415 —DDeecc.!31!;! 107^183 22,775 8,949 855 3,1333,378 3|455 1,900 1,10484,408 78,338 2,27516,985 14,27144,792 163| 254 2|815 1947—Dec.31. .. 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,81545,286 104,1993,105 1952—Dec.31. .. 119,547 55,034 26,2322,4162,032 966 12,214 10,3961,577 64,514 52,763 6,565 4,255 9,83532,087 198,4093,342 1953—Dec.31... 122,422 57,762 25,5193,2632,321 1,060 13,02011,9111,518 64,660 52,603 4,095 8,287 10,30029,890 31 8,8713,185 1954—June30. . .123,185 57,197 24,3623,4022,411 1,106 13,44011,8401,513 65,988 53,111 3,915 4,417 10,37434,369 36 9,8902,987 Dec. 31... 131,602 60,250 25,0073,5292,881 1,363 14,43312,1271,858 71,352 57,809 4,075 4,307 12,46436,944 20 10,4493,094 New York City* 1941 Dec. ^1 12,896 4,072 2,807 g 412 169 123 5.'4 g,823 7 265 311 1,623 3,652 1,679 729 830 1945 Dec!31!!! 26\143 7,334 3,044 2,453 1 172 80 287 298 18,809 17,574 477 3,433 3,32510,337 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 ,079 233 1,170 5,195 11,453 623 1953—Dec.31... 22,058 12,289 8,218 *1261,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 11,365 639 1954—June30. . . 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 7,231 204 2,041 432 467 1,232 644 11,841 9,342 785 597 1,924 6,026 10 1,977 523 Chicago :3 1941 Dec. 31 2,760 954 732 6 48 52 22 r6 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 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 2,825 113 261 721 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: 1941 Dec. 31 15 347 7 105 3 456 300 114 194 1 527 1 £12 S 243 6 467 295 751 4 248 1,173 956 820 1945—Dec!31!!! 40\108 8,514 3,661 205 427 1,503 1|459 855 404 31[594 29,552 1,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31... 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1952—Dec. 31. .. 45,583 21,697 10,842 501 218 422 5,099 4,347 595 23,886 19,624 2,387 1,774 3,854 11,594 142,934 1,328 1953—Dec. 31. . . 46,755 22,763 10,568 774 308 456 5,453 4,942 611 23.993 19,559 1,230 3,357 4,201 10,746 25 3,196 1,238 1954—June 30. .. 47,05^ 22,453 10,01c 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 I,326 1,695 4,954 13,736 73,782 1,252 Country banks: 1941 Dec. 31 12 518 5,890 1,676 659 20 183 1 823 1 ;30 6 628 4,377 110 481 2 926 861 1,222 1,028 1945—Dec!3i!!! 35^002 5,596 1,484 648 42 471 1|881 707 363 29U0726,999 630 5,102 4,544 16,713 9 1 ,'3421^067 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 43,6391,194 1953—Dec. 31... 47,404 19,934 4,822 2,204 59 210 7,114 5,441 336 27,470 22,423 1,819 3,374 4,285 12,940 53,911 1,136 1954—June 30.. . 47,474 20,537 5,071 2,170 66 200 7,331 5,618 345 26,937 21,779 1,548 1,855 4,017 14,355 44,067 1,090 Dec. 31.. . 50,46^ 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:2 1947—Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,021 11,318 206 1.973 1,219 7,916 4 1,078 625 1952—Dec. 31... 22,096 9,136 1,639 1,503 29 137 3,505 2,288 141 12,960 10,567 1,196 1,325 2,043 6,000 3 1,781 613 1953—Dec. 31... 23,287 9,838 1,685 1,702 40 142 3,681 2,551 148 13,449 10,835 909 1,951 2,139 5,834 2 1,951 662 1954—June 30. .. 23,220 10,147 1.758 1,741 51 150 3,795 2,622 144 13,073 10,409 790 1,155 2,002 6,460 22,042 621 Dec. 31... 24,337 10,378 118591,671 49 161 3,993 2,623 143 13,959 11,184 991 1,054 2,209 6,928 12,139 636 * These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 4 million dollars) that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 520 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 Re- Bal- Deserves ances mand Interbank U. S. Class of bank with Cash with de- deposits Certi- Indi- Gov- States Indi- Capiand Federal in do- posits u. s. States fied viduals, ern- and viduals, Bor- tal call date Re- vault mestic ad- Gov- and and partner- ment polit- partner- row- acserve banks4 justed5 ern- political offi- ships, Inter- and ical ships, ings count Banks Do- For- ment subdi- cers' and cor- bank Postal subdi-and cormestic4 eign visions checks, pora- Sav- visions poraetc. tions ings tions All commerical banks:2 1947—Dec. 31. 17,796 2,216 10,216 87,12311,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1952—Dec. 31 19,809 2,753 11,875101,50613,109 1,465 4,941 8,910 2,956 99,793 744 346 1,620 39,046 188 12,888 1953—Dec. 31. 19,995 2,512 12,103102,45213,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 1954—June 30. . 18,924 2,660 11,033 98,117 12.470 1,328 5,591 9.925 2,789 94.282 1,699 331 2,319 43.334 55 14,038 Dec. 31. . 18,734 2,469 12,202 106,54013,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 AH 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 11,489100,32912,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 1953—Dec. 31. 19,995 2,482 11,724101,28913,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 1954—June 30.. 18.924 2.627 10,688 96,983 12,252 1,287 5,562 9.776 2,765 93.306 1,506 331 2,264 43.001 50 13,714 Dec. 31. . 18,734 2,444 11,854105,471 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 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31. 15,811 1,438 7,117 64,184 12,333 .,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31. 17,797 1,672 6,270 73,52810,978 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 82,78311,956 1,280 5,165 7,839 2.581 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 7,78.1 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 > eecc>. 3 3i 1. . 4 5 , , 0 10 1 5 5 1 9 1 3 1 14 7 1 8 1 1 0 5 , , 7 0 6 6 1 5 3 3 , , 5 5 3 9 5 5 1,1 6 0 0 5 7 6,9 8 4 66 0 3 2 1 3 9 7 1,3 4 3 5 8 0 1 15 1 , , 7 2 1 8 2 2 1 6 7 10 2 2 9 0 1,2 7 0 7 6 8 195 2 1 , ,6 1 4 2 8 0 1947—Dec. 31. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1952—Dec. 31.. 5,059 148 84 16,288 3,346 1,154 1;143 322 1,120 17,919 465 59 29 1,752 132 2,505 1953—Dec. 31. 4,846 129 70 15.901 3,363 1,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 1954—June 30. . 4,614 131 60 151430 3,237 1,033 1,378 404 1,10<: !6,60t 1,246 51 151 2,014 X 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. 31., 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1 19 9 4 4 5 7 — — £ ]} > e e c c # # 3 3 1 i ,t 1,0 9 7 4 0 2 3 3 6 0 2 1 0 7 0 5 3 3 , , 1 7 5 3 3 7 1 1 , , 2 1 9 9 2 6 2 2 0 1 1,55 7 2 2 2 2 3 8 7 5 6 6 6 3 3 3, , 1 8 6 5 0 3 2 9 9 7 0 1 2 9 3 42 7 6 7 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 3,844 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 6,307 110 8,22i 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 32,06/5 166 98 830 13,203 3,984 1954—June 30.. 7,553 611 2,352 29,940 6,220 202 2,015 2,877 677 30,503 214 97 992 13,867 11 4,124 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 15,908 25 3,970 1953—Dec. 31.. 5,780 1,140 4,855 35,029 1,288 12 1,216 4,063 820 31,636 15 153 615 16,921 20 4,194 1954—June 30.. 5,468 1,230 4,496 33,569 1,211 11 1,362 4,261 720 29,898 19 148 759 17,553 26 4,372 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 AH 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—Dec. 31 672 4,498 15,964 516 34 374 1,881 212 14,113 152 25 317 7,800 23 2,129 1953—Dec. 31 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 1954—Tune 30 658 3,972 15,334 514 48 426 2,085 209 13,248 202 30 407 8,669 17 2,33? Dec. 31 627 4,590 16,704 496 46 457 2,121 235 14,608 284 31 436 8,814 16 2,369 2Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. sCentral reserve city banks. 4Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commerical 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. MAY 1955 521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loansl U. S. Government obligations For purchasing or carrying securities Month or date i m T n lo a v o e n a e t n n d a s t s t l s - i j L m n u a a o v s e n d a e t n d - e n s t d t s s - 1 j L u a o s d t a e - n d s 1 i C t n m c a r d o i i n e a a u m d r l l s , - , - - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O l t o h an e s r Total Bills o d c C t f a e i e f b t i i r e n - t - s - - Notes Bonds8 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 t l i o i o o g . b n v a S - - s t . . O c t s u t i e h e r - s e i- rG t l U i o i o o g . b S v n a - . - t s . O c t s u t i e h e r - s i e - r ed- Total- Leading Cities 1954—April 78,949 78,365 38,726 22,451 1,786 836 6,543 7,750 31,6072,540 2,936 4,592 21,539 8,032 584 1955—February. 85,612 '•84,71.3 -•40,548 '22,031 2,488 1,073 7,311 '8,35135,221 1,878 2,118 8,627 22,598 8,944 '•899 March. . . 85,124 '•84,130 '41,185 -•22,465 2,504 1,090 7,408 '8,429 33,908 1,685 1,404 8,883 21,936 9,037 T-994 April 85,763 84,869 41,695 22,517 2,685 1,104 7,528 8,57734,142 1,698 2,033 8,699 21, 712 9,032 894 1955- -Feb. 2. . 86,12' '85,266 -40,483 •21,926 2,582 1,056 7,279 T-8,346 35,799 2,065 2,551 8,081 23,102 8,984 T-863 Feb. 9. . 85,634 '84,766 '40,560 '21,968 2,590 1,062 7,294 T-8,349 35,280 1,747 2,412 8,12123,000 8,926 T-868 Feb. 16. . 85,411 '84,580 '40,629 '22,123 2,454 1,083 7,326 T-8,350 35,057 1,881 1,832 99,,116622 22,182 8,894 7-831 Feb. 23. . 85,274 -•84,241 •40,520 '22,108 2,326 1,092 7,342 T-8,360 34,750 1,821 1,676 9,146 22,107 8,971 '1,033 Mar, 2. . 85,267 ••84,341 '40,751 '22,241 2,374 1,080 7,359 T-8,408 34,599 1 ,816 ,633 9,07422,076 8,991 T-926 Mar, 9. . 85,152 '84,167 -40,898 '22,265 2,452 1,075 7,373 T-8,444 34,177 1,677 ,535 8,962 22003 9,092 T-985 Mar, 16. . 85,890 "•84,843 '41,444 '22,584 2,718 1,081 7,402 '•8,372 34,3741,949 ,542 8,929 21954 9,025 '1,047 Mar, 23. . 84,883 '83,921 '41,382 '22,637 2,491 1,100 7,432 T-8,435 33,509 , 696 ,197 8,774 21 ,030 T-962 Mar, 30. . 84,432 '•83,380 '41,448 •22,597 2,483 1,113 7,474 T-8 ,4-88 3,2885 ,286 ,117 8,676 21 806 9,047 '1,052 Apr. 6. . 85,878 85.013 41,512 22,449 2,669 1,106 7,482 8,521 34,425 , 739 2,154 8,758 21 774 9,076 865 Apr. 13. . ,613 84,823 41,666 22.543 2,672 1,103 7,517 8,54734.096 ,572 2,076 8,729 21719 9,061 790 Apr. 20. . 85,755 84.864 41,787 22,530 2,741 1,100 7,542 8,5'90 34,063 ,731 1,991 8,667 21674 9,014 891 85,808 84,778 41,818 22,545 2,660 1,108 7,570 8,66;52 33,983 ,750 1,911 8,640 21682 8,977 1,030 Apr. 27. . New York City 21,603 21,256 11,458 8,033 352 988 276 391 1,567 7,432 803 527 695 5,4072,366 347 1954—April 1955—February. 23,410 22,956 11,707 7,381 380 1,500 393 520 1,731 8,705 624 360 1,986 5,735 2,544 454 A M p a r r il ch. . . 2 2 3 3 , ,4 3 2 6 2 9 2 2 2 2 , , 8 8 0 1 6 7 1 1 2 2 , , 0 2 4 2 7 2 7 7, , 6 6 1 4 1 2 3 2 0 6 1 31 1, , 7 6 8 5 7 4 4 4 1 2 2 8 5 57 4 1 9 1 1, , 7 7 2 2 8 7 8 8, , 1 0 7 9 2 5 5 5 4 8 8 3 4 2 3 4 4 0 1 1 , , 9 8 1 2 5 3 55, ,2•"9""0 2 , , 5 5 8 0 7 0 5 60 6 5 3 1955—Feb. 2 . . 23,686 23,234 11,683 7,322 4301,507 389 512 ,724 8,966 661 501 1,882 5,922 2,585 452 Feb. 9. . 23,454 23,004 11,707 7,347 4451,490 391 513 ,723 8,776 501 398 1,963 5,914 2,521 450 Feb. 16. . 23,251 22,861 11,768 7,420 3931,491 393 526 ,737 8,591 712 271 2,052 5,556 2,502 390 Feb. 23. . 23,247 22,725 11,672 7,436 2541,513 401 528 ,739 8,485 621 268 2,048 5,,548 2,568 522 Mar. 2 . . ,23,372 22,837 11,771 2011,585 15 397 535 ,745 8,477 684 259 2,019 5,515 2,589 535 Mar. 9 . . ,23,320 22,793 11,910 2171,662 14 403 542 ,752 8,268 601 246 1,958 5,463 2,615 527 Mar. 16. . 23,741 23,161 12,256 3831,717 13 409 548 , 6958,320 705 263 1,920 5, ,585 580 Mar. 23 . . 23,252 22,696 12,147 2581,652 11 421 554 1,721 7,979 540 220 1,827 5,392 2,570 556 Mar. 30.. 23,164 22,543 12,151 7,717 2571,656 12 429 565 1,722 7,817 386' 211 1,851 5,369 2,575 621 Apr. 6. . 23,489 22,925 12,230 ,637 3201,757 12 429 562 1,727 8,128 454 504 1,839 5,331 2,567 564 Apr. 13.. 23,205 22,711 12,212 ,614 3331,755 10 431 572 1,713 7,973 449 418 1,821 5,285 2,526 494 Apr. 20. . 23,353 22,749 12,198 ,581 2801,820 13 424 571 1,725 8,090 578 420 1,824 5, 26"8 2,461 604 Apr. 27.. 23,642 22,886 12,251 7,612 1,817 10 428 581 1,748 8,188 710 393 1,809 5,276 2,447 756 Outside New York City 1954—April 57,346 57,109 27,268 14,418 446 6,152 6,183 24,175 1,737 2,409 3,897 16,132 5,666 237 1955—February. 62,202 '•61,757 '28,841 "14,650 608 664 6,791 •6,62026,516 ,254 1,758 6,641 16,863 6,400 T-445 March. . . 61,755 r6l,324 '29,138 '14,823 587 665 6,859 •6,70225,736 ,102 1,164 6,968 16,502 6,450 T-431 April 62,341 62,052 29,473 14,906 597 665 6,957 6,849 26,047 ,150 1,599 6,876 16,422 6,532 289 1955— F F F F e e e e b b b b . . . . 2 1 9 2 6 3 . . . . . . . . 6 6 6 6 2 2 2 2 , , , , 0 4 1 1 4 2 6 8 3 7 0 0 ' • ' • 6 • 6 6 1 1 1 , , , , 5 7 7 1 6 1 6 2 9 ' ' - • 2 2 2 2 8 8 8 8 , , , , 8 8 8 8 5 0 6 4 3 0 1 8 ' - " • 1 1 1 1 4 4 4 4 , , , , 6 6 6 7 0 7 2 0 4 2 1 3 5 5 6 6 7 5 5 4 0 9 5 5 6 6 6 6 7 6 5 5 5 7 8 4 6 6 6 6 , , , , 8 7 7 8 6 1 8 0 7 4 1 0 T r • 6 6 6 - , 6 , , 6 6 , 6 6 2 1 2 22 1 3 6 2 2 2 2 6 6 6 6 , , , , 2 8 4 5 6 3 6 0 5 3 6 4 , , , , 2 4 2 1 4 0 0 6 6 4 0 9 2 2 1 1 , , , , 4 5 0 0 6 0 1 5 1 8 4 0 6 6 7 7 , , , , 1 1 0 1 5 9 9 1 8 9 8 0 1 1 1 1 7 6 7 6 , , , , 0 5 1 6 8 5 8 2 6 9 0 6 6 6 6 6, , , , 4 4 3 3 0 0 9 9 5 3 9 2 T T T T - - - - 4 4 5 4 1 4 1 1 1 1 1 8 M M Ma a a r r r . . . 1 2 9 6 . . . . . .. 6 6 62 1 1 , , , 1 8 8 4 9 3 9 5 2 r61, , 374 • • • 2 2 2 8 8 9 , , , 9 9 1 8 8 8 0 8 8 ' • 1 1 1 4 4 4 , , , 7 7 8 3 3 7 3 0 8 5 5 6 8 7 1 8 3 8 6 6 65 6 5 9 8 8 6 6 6 , , , 8 8 8 2 5 3 4 4 1 T T r6 - - , 6 6 6 , , 6 6 6 3 7 9 7 2 2 2 2 5 6 6 , , , 9 1 0 0 2 5 9 2 4 , , , 1 0 2 3 7 4 2 6 4 1 1 1 , , , 2 2 3 7 8 7 9 9 4 7 7 7 , , , 0 0 0 5 0 0 5 4 9 1 1 1 6 6 6 , , , 5 5 5 6 2 4 1 2 0 6 6 6 , , , 4 4 4 0 4 7 2 7 0 T T T - - - 3 4 4 9 6 5 1 7 8 Mar. 23.. 61,631 '•61,682 •29,235 14,892 581 668 6,878 '6,714 25,530 ,156 977 6,947 16,450 6,460 T-406 Mar. 30.. 61,268 '•61,225 •29,297 14,880 570 672 6,909 '6,766 25,068 900 906 6,825 16,4376,472 7-431 7*60,837 Apr. 6. . 52,389 62,088 29,282 14,812 592 665 6,920 6,79426,297 ,285 1,650 6,919 16,4436,509 301 Apr. 13.. 62,408 62,112 29,454 14,929 584 662 6,945 6,83426,123 ,123 1,658 6,908 16,4346,535 296 Apr. 20. . 62,402 62,115 29,589 14,949 641 663 6,971 6,86525,973 ,153 1,571 6,843 16, , 553 287 Apr. 27. . 62.166 61,892 29,567 14,933 572 670 6,989 6,90425,795 ,040 1,518 6,831 16,406 6,530 274 rRevised. The following three items have been revised back through December 29, 1954: commercial, industrial, and agricultural loans, other loans; and loans to banks. 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2 Includes guaranteed obligations. For other footnotes see opposite page. 522 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Reserves Bal- De- Indi- Indi- Month or date B s w F e R e a e r r i e a n d v th - l k - e s v C a i a n u s l h t m b a w a n d e n i c o s t k e - h ti s s c j p m u o a d s a t d s e e n i - - t d d s 3 s p p u v n h c a o a a o i n e i r d r p l 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 a b n i d t i l t - e s - - s c C h c o a f e e e e i f n t e c f r r c i d d t s k . - i ' - s, U m G er . o e n n v S - t - . s p p u v n c h a o a a o n e i i r d p r l r r d s a t - - - s - , - , p S s d s a i i o u t c i o n a v l a b n i d t i l t - e s - - s P U m G S i e a n o r a n . o e g s n v d n v S t s - - a t - . l m D ti e D o c s - e - ma F n 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— April 14,192 936 2,63553,28854,135 4,098 1,747 2,68717,835 1,095 19210,400 1,272 1,317 5 7 7,731 1955—February.. 13,727 938 2,52457,093 58,297 4,098 1,968 2,548 18,876 1,131 20710.566 ,363 1,458 298 651 8,205 March 13,629 923 2,50856,55457,852 3,898 1,887 2,47118,969 1,140 20610,408 ,393 1,421 300 726 8,214 April 13,689 947 2,52856,12957,666 3,948 1,888 3,506.18,998 1,138 20710,643 ,436 1,388 423 612 8,161 1955—Feb. 2. . 13,947 898 2,49357,63958,317 4,232 2,226 2,320 18,864 1,126 20810,821 ,352 1,478 506 616 8,194 Feb. 9.. 13,651 938 2,48357,39457,889 4,148 1,595 2,330 18,874 1,127 21010,633 ,326 1,460 155 622 8,209 Feb. 16.. 13,829 925 2,57156,59858,672 3,984 2,164 2,779 18,875 1,132 20710,701 ,376 1,454 338 640 8,202 Feb. 23.. 13,483 993 2,54856,74458,311 4,027 1,889 2,764 18,890 1,138 20510,110 ,396 1,439 193 727 8,214 Mar. 2. .13,511 893 2,48856,27057,762 3,960 1,865 2,633 18,930 1,145 20510,610 ,377 1,415 212 663 8,244 Mar. 9. .13,535 925 2,35856,76957,795 3,781 1,760 2,078 18,971 1,152 20510,312 ,364 1,414 287 712 8,239 Mar. 16. .14,177 905 2,65257,86160,070 3,722 2,251 2,497 18,957 1,140 20610,755 ,376 1,428 173 744 8,231 Mar. 23. .13,521 927 2,46356,28257,158 3,966 1,756 2,615 18,996 1,132 20610,127 ,418 1,425 357 705 8,239 Mar. 30. . 13,399 965 2,57955,59056,474 4,062 1,805 2,534 18,990 1,132 20710,235 ,430 1,420 468 806 8,118 Apr. 6. .13,767 888 2,47755,08656,262 3,819 1,836 4,29919,043 1,130 20710,836 ,413 1 ,404 531 591 8,157 Apr. 13. .13,716 999 2,65755,84958,293 3,825 1 ,812 3,48819,001 1 ,147 20611,025 ,452 1 ,393 423 568 8,155 Apr. 20. .13,667 926 2,51156,61358,190 3,931 1,897 3,13218,980 1,133 20810,536 ,442 1,378 390 605 8,155 13,608 974 2,46556,96957,921 4,216 2,008 3,10518,969 1 ,142 10,175 ,438 1,375 349 681 8,176 Apr. 27. . New York City 4,800 145 15,51516,405 895 730 1,856 148 3,011 1,026 1,101 1 6 2,582 1954—April 1955—February.. 4,382 145 16,26417,302 308 1,077 669 2,074 182 3,008 ,053 1,147 44 357 2,790 March 4,444 139 16,44217,485 273 907 668 2,072 176 2,962 ,079 1,107 3 306 2,761 April 4,398 145 15,97716,997 278 908 1,369 2,084 158 2,900 ,121 1,077 15 240 2,666 1955—Feb. 2.. 4,540 138 16,53517,362 373 1,326 644 2,079 175 3,076 ,036 1,167 128 414 2,792 Feb. 9. . 4,288 148 16,33317,168 287 743 639 2,071 180 3,016 ,026 1,149 2 343 2,793 Feb. 16.. 4,416 139 16,10517,403 262 1,226 703 2,072 186 3,010 ,063 1,143 39 353 2,792 Feb. 23.. 4,284 156 16,08517,274 312 1,014 691 2,075 185 2,931 ,085 1,128 8 319 2,783 Mar. 2. . 4,224 138 16,20917,250 276 898 711 2,066 178 3,009 ,061 1,103 2 215 2,789 Mar. 9. . 4,503 143 16,55117,456 258 862 569 2,079 179 2,920 ,056 1,103 4 305 2,785 Mar. 16.. 4,598 133 16,92118,161 243 1,145 641 2,054 180 3,100 ,064 1,112 1 301 2,788 Mar. 23. . 4,403 135 50 16,19217,162 286 768 760 2,066 173 2,937 ,100 1,111 4 328 2,789 Mar. 30. . 4,489 148 16,33817,394 304 865 659 2,096 172 2,846 ,114 1,105 2 383 2,651 Apr. 6. . 4,606 .143 1.5,84616,786 253 948 1,721 2,105 168 2,867 1 ,101 1,089 284 2,670 Apr. 13. . 4,456 152 15,69216,885 268 859 1,395 2,089 173 2,923 1,141 1,080 252 2,666 Apr. 20. . 4,335 136 16,08017,092 270 861 1,201 2,071 145 2,902 1,122 1,070 202 2,666 Apr. 27.. 4,195 148 16,29317,225 323 964 1,160 2,069 145 2,909 1,119 1,070 222 2,662 Outside New York City 1954—-April 9,392 2,58637,77337,730 3,737 852 1,95715,979 947 138 7,389 5,149 1955—February. 9,345 793 2.473 40829 40,995 3,790 891 1,87916,802 949 153 7,558 310 311 254 294 5,415 March 9,185 784 2,447 40,112 40,367 3,625 980 1,80316,897 964 151 7,446 314 314 297 420 5,453 April 9,291 802 2.474 40,15240,669 3,670 980 2,137 16,914 980 152 7,743 315 311 408 372 5,495 1955—Feb. 2.. 9,407 760 440 41,104 40,955 3,859 900 1,67616,785 951 154 7,745 316 311 378 202 5,402 Feb. 9. . 9,363 790 40,721 3,861 852 1,69116,803 947 157 7,617 300 311 153 279 5,416 Feb. 16.. 9,413 786 508 40,493 41,269 3,722 938 2,076 16,803 946 154 7,691 313 311 299 287 5,410 Feb. 23. . 9,199 837 500 40,659 41,037 3,715 875 2,07316,815 953 151 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 1,509 16,892 973 151 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 2,413 40,090 39,996 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 Apr. 6. . 9,161 745 2,41.739,24039,476 3,566 888 2,578 16,938 962 152 7,969 312 315 531 307 5,487 Apr. 13. . 9,260 817 2,612 40,15741,408 3,557 953 2,093 16,912 974 152 8,102 311 313 390 316 5,489 Apr. 20. . 9,332 790 2,452 40,53341,098 3,661 1,036 1 ,93116,909 988 153 7,634 320 308 365 403 5,489 Apr. 27. . 9,413 826 2,412 40, ,696 3,893 1,044 1,945 16,900 997 153 7,266 319 305 349 459 5,514 3.Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. 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. MAY 1955 523 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 v^omm it Period* t l F o iq b a o u n a o o c d d r c , , o a T l p e e a a p x n t a t h d i r l e e e r l s , , p m M r m ( a a o i e c n e n d t h t c d u a a i l l c n . l s t - s ch P l e c e a e m o u n t a m r i d l c o , , a - l, Other ( r T w e s a r h t a n a a o l d d e i l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r o u i i i a l o n r b i n n c t t l a i s l ) i e . c - - s s C t t r i o o u n n c - - bu t o y s t A o i h p n f l e e l e r s ss c c h l N f a a ie n s e d s g t i e - s ch i a t n a g o a n d r t n a d ' ' g l l l , . e ery and rubber trans. equip.) 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 ••132 ••630 '539 Monthly: 1955—Ta.nua.rv —119 28 7 —10 —116 -82 5 —9 4 —80 —371 r —429 J. ^ %J \J J F C e L& b A r UC u LA a J r T y • . • . » . • -118 90 29 109 4 13 -47 3 —11 9 42 124 "•114 March -42 73 80 87 49 91 -132 98 126 -9 49 470 '489 April -130 -6 -43 76 16 60 -109 198 -8 27 18 100 -52 Week ending: 1954—Dec. 29. ... —41 —4 — 10 9 -2 -34 7 88 68 -8 r-5 r69 1955—Jan. 5 -70 -1 3 9 -7 -56 -23 43 -4 -1 -37 -144 r-169 Jan. 12 -8 11 1 -17 4 -12 -43 44 -1 4 4 -100 -97 Jan. 19 -17 5 15 5 -2 -28 -9 11 14 1 -27 -32 -74 Jan. 26.... —24 14 -13 3 -6 -19 y -4 -18 -20 -95 -89 Feb. 2 -27 19 5 6 -2 -11 -6 30 9 -4 10 29 »• -69 Feb. 9 -19 22 12 6 4 5 -14 -4 1 -1 2 14 42 Feb. 16 -48 38 3 96 7 14 -14 -8 -20 12 15 95 155 Feb. 23 -25 12 9 1 -5 4 -13 -15 _ i 3 16 -13 -15 Mar. 2 -10 21 14 3 5 19 -29 95 10 -11 6 122 '133 Mar. 9 -26 12 15 -2 3 11 -31 28 -11 5 14 18 24 Mar. 16. . . . 43 27 63 40 30 41 -40 -47 99 11 14 281 319 Mar. 23 -18 1 -18 47 4 17 -11 3 5 -14 24 40 53 Mar. 30 -32 11 7 -2 8 4 -20 18 23 1 -9 8 -40 Apr. 6.... -41 -21 -9 9 8 -40 67 -22 2 6 -41 -148 Apr. 13.... -25 1 -3 5 8 18 -24 25 15 17 14 50 94 Apr. 20. ... —47 -3 -11 12 18 -28 75 -12 7 14 25 -13 Apr. 27 -17 -3 Q 69 -1 16 -17 32 11 2 -16 66 15 '•Revised. Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2Figures for other than weekly periods are based on weekly changes during period. NOTK.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955, except for Dec. 29 revision shown above. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In 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 t P hr la o c u e g d h dir l e y ct- st i a n n g d- Oth- p i o n r to ts p fr o o r m ts D e o x l - lar points in dealers2 ( p f a in p a e n r c ) e 3 T ta o l - O bi w ll n s bo B u il g ls ht a O c w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U St n a i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 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—March 2,291 735 1,556 580 198 149 50 13 369 247 139 47 107 39 April 2,215 694 1,521 623 228 165 63 17 379 270 142 38 127 46 May 2,168 641 1,527 616 227 171 56 14 374 277 143 36 115 45 June 2,150 679 1,471 589 220 164 56 14 355 246 143 60 96 43 July 2,208 747 1,461 589 205 164 41 9 376 225 136 92 91 46 August 2,228 794 1,434 563 198 155 43 5 360 205 134 75 101 47 September 2,192 803 1,389 609 259 178 81 6 344 207 139 85 130 48 October 2,048 762 1,286 687 271 217 55 14 402 207 148 72 205 55 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 2,064 713 1,351 869 282 206 77 23 564 273 187 17 303 90 February 2,187 703 1,484 831 242 182 61 28 561 235 178 41 283 93 March 2,191 681 1,510 807 236 187 49 ""4" 29 538 227 182 56 248 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. 524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U St n a i t t e e s d St l a o t c e a l a i nd Foreign2 Total Bonds3 Stocks gages estate loans assets End of year:4 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34,931 11,851 9,295 2 (US 511 10,315 9,707 608 6,726 1,663 2,683 1.69S 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,830 1944 41,054 18,752 16,531 L,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 . . 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,405 9,829 1,990 586 34,570 31,997 2,573 23,322 2,020 2,914 3,302 End of month:5 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 9fiR 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 j 954—February 79,251 12,498 9,781 2,122 595 34,816 32,430 2,386 23,570 2,053 2,923 3,391 79,649 12,416 9,661 2,170 585 35,053 32,635 2,418 23,769 2,066 2,956 3,389 April. . . 80,114 12,424 9,635 2,208 581 35,216 32,759 2,457 24,005 2,086 2,978 3,405 May 80,547 12,452 9,539 2,326 587 35,371 32,871 2,500 24,174 2,102 3,000 3,448 80,981 12,294 9,343 2,363 588 35,683 33.150 2,533 24,384 2,129 3,023 3,468 July. . . 81,510 12,222 9,189 2,456 577 35,943 33,369 2,574 24,572 2,147 3,045 3,581 August 81,965 12,197 9,171 2,471 555 36,094 33,494 2,600 24,795 2,177 3,066 3,636 SeDtember 82,362 12,094 9,086 2,485 523 36,326 33,717 2,609 25,035 2,205 3,049 3,653 October . . . 82,850 12,013 9,024 2,509 480 36,579 33,979 2,600 25,260 2,241 3,061 3,696 November 83,338 11,992 8,936 2,575 481 36,663 34,040 2,623 25,574 2,260 3,075 3,774 December 84,052 12,037 9,021 2,533 483 36,843 34,147 2,696 25,927 2,275 3,087 3,883 1955—January 84,912 12,348 9,233 2,643 472 37,061 34,305 2,756 26,223 2,310 3,127 3,843 February 85,324 12,323 9,242 2,664 417 37,130 34,367 2,763 26,474 2,344 3,144 3,909 1 Includes United States and foreign. 2 Central government only. 3 Includes International Bank for Reconstruction and Development. *These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 5These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U. S. Savings End of U.S. Savings year Total* g M ag o e rt s - 2 G m o o v b e e l n i r - t n- Cash Others capital quarter Totali g M ag o e r s t- 2 G m o o v b e e l n i r - t n- Cash Others capital gations gations 1940 5,733 4,125 71 307 940 4,322 1952—1.... 19,688 16,057 .,690 1,080 774 16,811 1941 6,049 4,578 107 344 775 4,682 2 20,599 16,875 L,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 1945 8,747 5,376 2,420 450 356 7,365 1953—1.... 23,442 19,051 1,926 1,259 1,128 20,072 1946 10,202 7,141 2,009 536 381 8,548 2 24,724 20,099 L.997 1,333 1,218 21,140 1947 11,687 8,856 1,740 560 416 9,753 3.... 25,582 21,116 1,982 1,196 1,212 21,735 1948 13,028 10,305 1,455 663 501 10,964 4.... 26,638 21,882 L.923 1,500 1,258 22,778 1949 14,622 11,616 1,462 880 566 12,471 1950 16,846 13,622 1,489 951 692 13,978 1951 19,164 15,520 1,606 1,082 866 16,073 1954—1 P.. . 27,667 22,722 L.928 1,613 1,330 23,901 1952 22,585 18,336 1,791 1,306 1,072 19,143 2P... 29,105 23,847 1,961 1,782 1,442 25,163 1953 26,638 21,882 1,923 1,500 1,258 22,778 3P... 30,168 25,053 1,972 1,671 1,400 25,895 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. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. MAY 1955 525 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 1 [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and agency 1946 1947 1948 1949 1950 1951 1952 1953 Loans, by purpose and agency: To aid agriculture, total 2,884 2,299 3,632 4,362 3.884 4.161 5.070 6,811 7,370 tf.JW 6,527 6,929 Banks for cooperatives 232 276 305 302 345 425 424 377 354 309 343 367 Federal intermediate credit banks 273 336 426 437 510 633 673 590 658 774 754 638 Federal land banks2 986 Federal Farm Mortgage Corporation. 149 109 80 60 45 34 25 18 17 U: 15 ' ' i 3 Farmers Home Administration3 590 558 525 523 535 539 596 648 739 754 754 701 Rural Electrification Administration. 528 734 999 1,301 1,543 1,742 1,920 2,096 2,130 2,164 2,200 2.226 Commodity Credit Corporation 120 280 1,293 1.729 898 782 I .426 3.C76 3,468 2,365 2,457 2,981 Other agencies 6 7 5 7 6 6 5 5 4 4 To aid home owners, total 659 556 768 1,251 1,528 2,142 2,603 2,930 2,858 2,814 2,818 2,907 Federal National Mortgage Assn 6 4 199 828 1.347 I ,850 2.242 2.462 2,366 2,305 2,392 2,461 Home Owners* Loan Corporation * 636 486 369 231 10 Reconstruction Finance Corporation4 B, 10 177 168 137 123 US 108 104 O V t e h te e r r a a n g s e A nc d i m es i 4 nistration 65 22 24 35 246 30 6 0 0 32 6 6 1 34 6 S 2 36 5 7 9 38 6 3 3 To railroads, total 171 147 140 114 no 101 79 79 /2 12 Reconstruction Finance Corpor ation 8. 153 145 138 112 i08 77 77 iC Other agencies IS 3 3 3 2 2 2 2 12 To other industry, total 192 272 310 462 458 488 516 509 492 425 413 420 Reconstruction Finance Corporation8 7. 151 241 272 423 400 415 457 294 270 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 41 31 38 38 58 74 58 1 4 7 0 4 1 4 7 4 8 1 4 7 5 9 34 6 9 4 35 6 3 7 To financing institutions, total 314 447 525 445 824 814 864 952 678 870 Reconstruction Finance Corporation8. 14 7 6 8 8 8 (•) (8) Federal home loan banks 293 436 515 433 816 806 864 952 630 675 689 868 Other agencies 7 4 4 4 3 2 2 Foreign, total 2,284 5,073 6.102 6,090 6,078 6.110 7,736 8.043 7,987 7,P05 7,968 8,001 R Ex ec p o o n rt s - t I r m uc p t o io r n t B Fi a n n a k nce Corporation8 7. 1.2 2 4 3 9 5 1, 2 9 4 7 6 8 2,1 2 4 0 5 6 2,1 1 8 5 7 4 2,2 1 2 0 6 1 2,29 6 6 4 2,49 5 6 8 2,83 5 3 2 2,78 4 3 5 2,7 4 6 2 2 2,788 2,806 U. S. Treasury Department9 800 3450 3,750 3,750 3,750 3,750 3,667 3,620 3,620 3,618 3,618 3,570 Foreign Operations Administration >55 1,537 1,539 1,544 1,563 1,624 All other purposes, total 623 714 584 484 531 779 1,095 763 641 471 451 Reconstruction Finance Corporation 8 7. 232 8340 190 88 59 61 50 57 29 32 " '438 Public Housing Administration11 278 278 294 297 366 609 919 535 428 245 ' ' i44 Other agencies 113 96 100 99 126 171 184 195 307 113 105 109 Less: Reserve for losses 478 395 368 476 140 203 18\ 255 276 325 185 173 Total loans receivable (net)... 6.649 9,714 11,692 12,733 13,22814,422 17,826 19,88319.877 18,48? 18,603 228 Investments: 19,348 U. S Government securities, total 1,873 1,685 1,854 2.047 2,075 2,226 2,421 2.602 2,969 2,911 2,988 2,967 Banks for cooperatives 43 48 43 43 43 43 43 43 43 52 43 43 Federal intermediate credit banks 47 48 44 74 46 51 60 63 50 5C 58 61 Production credit corporations 70 72 66 39 42 43 43 45 43 42 42 42 Federal land banks2 136 Federal home loan banks. 145 139 274 275 199 249 311 387 706 672 687 641 F H e o d m er e a l O S w a n v e i r n s g ' s L a o n a d n L C o o a r n pp oo I rr n aa s t u io ra n n 2 ce Corp 17 1 2 7 18 1 4 2 19 1 9 2 214 8 *93 200 208 217 222 228 222 228 Federal Housing Administration 122 132 144 188 244 285 316 319 310 25? 324 327 Reconstruction Finance Corporation8 *. 48 1 Federal Deposit Insurance Corporation. 1/045 i 020 1.064 1.205 1,307 1,353 1,437 1,526 1,593 1,609 1,610 1,624 Other agencies 28 29 9 1 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 3,385 3,385 Other securities, total 230 154 133 107 88 78 44 40 40 54 53 Reconstruction Finance Corporation * S59 108 98 83 71 66 36 35 35 5C Production credit corporations 46 35 29 22 16 11 8 5 5 4 4 3 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 24 43 2 47 4 Commodities, supplies, and materials, total. 1,265 822 627 1,549 1,774 1,461 1,280 2,514 2,696 3,369 3,709 3,852 Commodity Credit Corporation 463 448 43 1.376 1.638 1,174 978 2.086 2,202 2,802 3,059 3,302 Reconstruction Finance Corporation8 7 667 235 157 142 108 129 172 156 168 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 134 138 32 30 28 159 131 [ 272 327 476 55 95 6 '" 4 8 0 70 Land, structures, and equipment, total 16,924 12,600 3,060 2,962 2,945 3,358 3,213 8,662 8,035 8,«77 8,061 8,046 Public Housing Administration11 227 204 1,448 1.352 1,248 1,251 1,173 1,018 958 823 128 96 Reconstruction Finance Corporation6 7 2-861 35 630 611 605 594 199 175 169 16J Tennessee Valley Authority 727 754 793 830 886 1,048 1,251 1,475 1,549 1.63C 1,685 1,739 U. S. Maritime Commission2 3,301 3,305 War Shipping Administration2 7,764 6,507 Federal Maritime Board and Maritime Adm.2. 4,834 4,849 4,829 4,782 4,798 Other agencies12 2,044 1,793 189 168 206 465 590 561 51t 634; 1,466 1 ,412 Bonds, notes, and debentures payable (not guaranteed), total 1,252 689 %5 772 1,190 1,369 1,330 1,1182 949 971 1,072. 1,068 Banks for cooperatives 33 69 70 78 110 170 181 150 133 12€ 13! 156 F F e e d d e e r r a a l l i la n n te d r m ba ed n i k a s t 3 e credit banks 2 7 9 5 3 6 358 480 490 520 674 704 619 626 736 762 640 Federal home loan banks 169 262 560 525 445 414 179 272 For footnotes see following page. 526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items1 Liabilities, other than interagency items Date, and corporation or agency Total Cash L c a o r e b e a i l v - n e - s m m C p s r t a i l i u o o a n i a e e p m t d l s d e s s - , i , - - - G U r s i e o t . c i v I e u S m n s t - . . v e e n s O t r t s - s i e t t c h ie u e s - r e L s t m u q t a a r u r n e u n e i n d c d p s t - , , - O s a t e h s t - s er a t B F g n u a u b u o t r n e a y l e n d l e r s d y - d s p d , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - i m U G n e e r t . o e s e n n t v S r - t - - . o i v n P w a e t r s t e n e i t r - e l - y d U.S. All agencies: 1948—Dec. 31 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 3i ,733 44112,733 1,549 ?,047 ,492 2 962 509 28 772 1,720?1 030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 1951—Dec. 312 744 93114 422 1 461 9,226 463 3 358 88? 43 1 369 1 161?3 842 329 1952— Dec. 31* ?9 945 944 17,826 1,280 ? 3 479 3,213 832 53 1,330 1,728?6 456 378 1953—Dec. 312 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 1,182 3,81833,429 434 1954—Mar. 3^ 39,313 1,139 19,877 2,696 2,969 3 425 8,035 1,173 75 949 4,92032,899 470 Tune 30 602 232 3 369 9 911 439 8 077 2 085 81 971 4 03334 030 486 Sept. 30 40 443 1 3?4 18,603 3,709 988 3 433 8,061 2,325 28 1,072 2,357 36 488 498 Dec. 3). 41,403 1,371 19,348 3,852 2 967 3 432 8,046 2,387 33 1,068 4,183 35 610 508 Classification by agency, Dec. 31, 1954 Farm Credit Administration: Banks for cooperatives 437 363 43 5 156 1 9 50 30 Federal intermediate credit banks 7? 9 ?? 638 61 9 640 5 84 Production credit corporations. . 46 42 3 i 46 Federal Farm Mortgage Corp 15 9 (s) "(a)"" 15 Department of Agriculture: Rural Electrification Administration 9 337 8 2 2?3 1 105 (S) 2 336 Commodity Credit Corporation... 6 731 22 2 .915 3,302 152 340 2,615 4 116 Farmers Home Administration 40 597 CO 1 26 8 6S7 Federal Cron Insurance Corp. 24 22 2 9 Housing and Home Finance Agency: Home Loan Bank Board: F Fe e d d e e r r a a l l S h a o v m in e g l s o a an n d b L an o k a s n Insurance Corp.. 1 236 -1 2 7 868 (8) 6 2 4 2 1 8 (8) 5 6 272 81 1 0 0 226 479 Public Housing Administration11. 338 18 1 i2 ••( 96 112 21 318 Federal. Housing Administration 545 46 47 377 1 1 124 33 174 339 Office of the Administrator: Federal National Mortgage Association. . . 2 573 94 2,462 18 9 2 564 Other" 930 71 189 631 39 9 099 Small Business Administration 27 1 25 (8) (8) 27 Export-Import Bank 9 863 8 2,826 (s) 1 28 127 7 736 F T e e d iv e i r e a s l s e D e e V po a s ll i e t y I n A s u u t r b a o n p ce 't v Corp 1 9 6 5 3 1 3 171 3 (S) 90 1 62 A 1, (8 7 ) 39 11 6 9 5 0 3 1 1 8 5 9 4 7 3 Federal Maritime Board and Maritime Adm.. . 5 451 267 46 (8) 4,798 339 155 5 295 Panama Canal Companv 464 13 421 4 13 451 VeVrans Administration 540 1 94 384 3 3 26 7 533 Denartment of the Treasury 8 752 11 7 3,935 80 3 4? 7 142 1 ,051 23 8 779 Foreicn ^Derations -A r!miriistration 1.637 12 1.624 1 7 1,630 \\\ other 921 222 1.27 379 61 132 38 884 1 Loans by purpose and agency are shown on a gross basis; total loans and ail other assets are shown on a net basis, i.e., after reserve for losses. 2Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies after repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners* Loan Corporation after June 1.951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 3Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration. 4Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included with "Other agencies" in 1.945 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. ^Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. ^Figures adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 8Less than $500,000. °Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury compilation. I °Represent.s 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. I1 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 the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "ether agencies" through 1947—were not transferred to the PHA until 1948. Effective July 1, 1955, the public war housing program of the PIIA (represented largely by "Land, structures, and equipment") and several small housing programs managed by the Office 1 2 o B f e g th in e n A in d g m 1 in 95 is 1 t . r a in to c r l , u d H e o s u f s ig in u g re a s n f d o r H P o a m n e a m Fi a n a C n a c n e a l A g C e o n m cy p , a n w y e , r e a d n e e s w ig n c a o t r e p d o r t a o t i b o e n li c q o u m id b a in te in d g b t y h e th P e a O n f a f m ice a o R f a t i h lr e o a A d d C m o in m is p t a ra n t y o r ( .m included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 11. 1 a See 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, MAY 1955 527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY' MARKETSl Bond prices Stock prices Common U. S. Govt. Vol- (long-term) Sta (i n n d d a e r x d , a 1 n 9 d 3 5 P - o 3 o 9 r = 's 1 s 0 e 0 r ) ies Securities an ( d i n E d x ex c , h a 1 n 9 g 3 e 9 — Co 1 m 00 m ) ission series u o m f e trad- Ye o ar r , w m e o ek nth, r O i s e e l - s d * N ri s e e e - s w 3 g n ( r M i h a c d i i u g p e - h a )* - l g ( r C r p h a a o o d i t g - r e e - h )* - fe P r r r e e - d* T t o a - l d t I u r a n i s - l - - R ro a a i d l- u P i l t t i u i y c l b - - T t o a - l T t M o a - l anuf D a b r c a l u t e - u - rin N g d r b a o u le - - n- T p t r o i a o r n n ta s- - u P i l t t i u i y c l b - - T a s a f r e n i i a n c r n c d e v d e - - e , , M in i g n- s s t h i h a n a ( o o n i r g n f u d e 6 s - s ) Number of issues. 3-7 1 15 17 15 480 420 20 40 265 170 98 72 21 29 31 14 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 276 1,313 1953 average 93 90ioi!46 119.7 H2.1 164.0 189 204 170 122 193 220 193 245 219 122 207 '240 1,419 1954 average 99.51 109.60 125.8 117.2 174.5 227 250 180 136 230 271 245 295 233 136 236 267 2.270 1954—Apr 100.36 109.65 123.9 118.1 174.3 213 233 164 133 216 253 223 280 212 132 220 266 2,089 May 99 68109 39 123 6 117.5 173.8 220 242 173 135 223 263 r232 291 221 134 226 270 2,096 June 99.49 109.74 123.9 117.0 172.9 222 244 176 135 224 263 237 288 225 134 228 266 1,919 July 100 36111 07 126.9 117.5 173.3 231 255 184 140 233 275 254 294 234 139 236 257 2,469 Aug 100 28111 50 128.4 117.8 174.7 236 261 187 142 237 280 257 301 237 141 243 263 2,588 Sept 99.92 110.68 127.2 117.6 175.8 239 264 182 141 240 286 260 309 236 140 247 268 1,963 Oct 99 69110 59 126.9 117.5 178.1 244 271 187 139 244 291 267 313 240 138 249 269 2,103 Nov 99.27 109.88 127.4 117.4 178.9 252 282 197 141 254 305 284 324 259 141 260 278 3,196 Dec. 98 97109 91 126 6 117.0 178 3 265 297 218 144 268 323 298 345 285 144 268 310 3,475 1955—jan 97 88108 43 125.4 116.7 175.7 269 302 222 145 271 326 307 344 288 145 270 314 3,555 Feb 96.97 103.51 125.0 115.7 175.0 278 312 232 150 281 340 320 358 300 150 276 315 3,201 Mar.... 97 08103 63 124.4 115.4 174.6 278 311 238 150 280 337 318 354 305 151 275 315 2,907 Apr 96.31 103.43 124.9 11:. 3 176.0 286 322 252 152 287 347 327 365 320 152 277 311 2,689 Week ending: Apr. 2.... 96.76 103.59 124.6 115.5 174.5 278 312 238 150 282 341 323 358 309 151 275 317 2,816 Apr. 9 96.34 103.34 124.6 115.6 175.4 282 316 244 151 285 344 324 362 316 152 278 313 2,358 Apr. 16 96.35 103.38 124.8 115.1 1 76.5 286 321 251 152 289 350 330 368 323 153 280 312 2,868 Apr. 23 96.30 103.52 124.9 115.1 176.3 289 325 258 153 289 350 329 368 326 152 277 309 2,895 Apr. 30 96.21 103.47 125.1 115.2 175.9 288 324 255 152 290 351 329 370 329 153 276 305 2,576 r Revised. 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 334 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. 5Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. flAverage 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 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 d i 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 u m 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 C e d u it s t b o a m la e n r O ( c s n ' t e h 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 i u a m r d n m b e i t a s n n l g a t nc 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—March 81,716 31,054 8787 April 81,786 31,094 3819 May 81,841 31,186 3836 June 1,857 10 492 309 1,173 838 248 23 45 372 July 31,926 31,169 3877 August 31,998 31,194 3910 September.. 32,081 31,291 3924 October 32,131 31,364 3924 November. . 32,242 31,416 3972 December... 2,443 11 626 348 1,616 1,023 287 53 65 401 1955—January.... 32,558 31,696 31,069 February... 32,653 31,779 31,063 March 32,701 31,939 31,022 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 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, 63; March, 49. 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. 528 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 i Per centper annum] mo Y n e t a h r , , or m P co r e m i r m c - i e al n p p c a o a a m n p n c - e y e r a P b c e a r c r i n s e m ' k p e - t- 3-mon s t e h c u b r i i l t ls ies (taxable) Area and period lo A a l n l s S 1 i - ze of l 1 o 0 a - n (th 1 o 00 u - s.of d 2 o 0 l 0 .) week m 4 p - o a t n p o t e h r 6 s , - 1 m 3 d p - o i l r a l t n y e o c , t c e h 6 t d s - - 1 a d n a 9 c y 0 e s s 1 , M y a ie r l k d et o i n R ss a n u t e e e w s 9 m i - s t s o o u n e 1 t s h 2 2 - 3 i - s y s e t u o a e r s 5 8 - 19 ci A ti n es n : ual averages: 10 100 200 and over 1946 2.1 4.2 3.1 2.2 1.7 1 1 1 9 9 95 5 5 2 4 3 a a a v v v e e e r r r a a a g g e g e, e . . . . . . . 2 2 1 . . .5 5 3 8 2 3 2 2 1 . . . 1 3 4 6 3 1 L 1 1 . . 8 3 . 7 7 5 5 1 1 . . . 7 9 9 2 0 4 1 1 . . . 9 7 9 3 6 5 1 6 3 2 1 . . . 0 8 9 7 1 2 3 ! > 1 . . . 1 8 5 3 2 7 1 1 1 1 9 9 9 94 4 4 5 7 8 9 0 2 2 2 2 .7 1 7 5 4 4 4 4 . . . . 5 2 6 4 3 3 3 3 . . . . 1 6 5 7 2 3 3 2 . . . . 0 0 5 8 2 2 2 1 . . . . 4 2 4 8 1954—A J M u p a n r e y,. 1 1 1 . . . 7 5 5 6 8 6 1 1 1. . . 5 3 3 0 1 8 1 1 1 . . . 2 2 2 5 5 5 . . . 9 7 6 6 6 4 1. . . 0 7 6 1 8 5 1 2 0 . . . 7 9 7 6 0 6 1 1 L . . . 7 7 7 8 1 9 1 1 1 9 9 9 5 5 5 2 1 3 3 3 3 1 5 7 4 4 5 . . . 7 9 0 4 4 4 . . . 2 4 0 3 3 3 . . 9 4 7 3 2 3 . . . 5 3 9 July 1.45 1.25 1.25 .72 .710 .65 L.69 1954 3.6 5.0 4.3 3.9 3.4 Aug 1.33 1.25 1.25 .92 .892 .64 1.74 Sept 1.31 1.25 1.25 1.01 L.007 .89 L.80 Quarterly: O N D o c e t c v 1 1 1. . . 3 3 3 1 1 1 1 1 1 . . . 2 2 2 5 5 5 1 1 L . . . 2 2 2 5 5 5 1. . . 1 9 9 4 8 3 L . . 9 9 .1 8 4 7 7 8 4 1 1 . . . 1 0 9 0 3 4 1 1 1 . . . 8 9 9 5 4 0 19 1 c 9 i 5 ti 4 e — s: J S D u e e p n c t e . 3 3 3 .5 5 6 5 6 0 4 4 4 . . 9 9 9 2 7 9 4 4 4 . . . 3 2 3 2 9 5 3 3 3 . . 8 8 8 4 9 2 3 3 3 . . . 3 3 3 1 2 7 1955— A J F M a e p n a b r r 2 1 1 1 . . . . 6 4 6 0 8 7 9 0 1 1 1 1 . . . . 7 3 5 5 3 7 0 0 1 1 1 L . . . . 3 3 3 4 8 8 3 3 1 1 1 1 . . . . 1 5 2 2 7 9 8 3 1 1 1 L . . . . 1 3 2 6 7 3 5 2 7 5 7 0 1 1 1 1 . . . . 4 7 3 4 1 1 6 9 2 > 2 1. . . . 3 1 3 1 9 1 0 8 Ne 1 1 w 9 9 5 5 Y 4 5 — o — rk J S D M u e e C a n p c r e t i . . t . y .. : 3 3 3 3 3 3 2 5 4 0 9 4 4 4 4 4 . . . 6 7 9 8 6 5 3 1 4 4 4 4. . . . 2 1 2 2 1 5 4 9 3 3 3 3 . . . . 8 7 6 5 3 1 4 4 3 3 3 3 . . . . 1 1 3 1 9 5 0 3 Week ending: 1955—Mar 3.29 4.68 4.14 3.65 3.14 A A A A A p p p p p r r r r r . . . . . 1 3 2 2 6 9 0 3 . . . . . . . . . . . . . . . 2 2 1 1 1 . . .9 1 0 . . 8 7 6 6 6 1 4 1 1 1 1 1 . . . . 7 8 7 . 5 5 3 5 5 0 9 1 1 . 1 1 1 . . . . .5 3 3 3 4 0 8 8 8 8 1 1 1 1 1 . .6 . 3 . . 6 6 4 3 7 5 2 9 . . . . . 3 6 6 4 6 7 5 9 6 6 4 2 7 6 4 1 1 1 1 1 . . . . 5 7 . 6 7 7 3 1 8 9 1 1 1 1 I I . . . A 3 3 3 3 9 5 8 8 3 7 N 1 19 o 9 e 5 r 5 r t 5 4 n h — — e c r M S D i J n t e u e i a p e a c n r t s n . e : d .. . East- 3 3 3 3 .5 6 5 5 5 1 5 7 4 5 5 5 . . . . 0 9 0 0 2 9 7 4 4 4 4 4 . . . . 3 3 3 3 1 1 2 4 3 3 3 3 . . . . 8 8 9 8 9 3 4 4 3 3 3 3 . . . . 3 4 3 3 3 2 6 5 11 Southern and 1 Data are averages of daily prevailing rates. Western cities: 2Series includes certificates of indebtedness and selected note and bond issues. 1954—June 3.98 5.05 4.43 4.05 3.67 8Series includes selected note and bond issues. Sept. 3 95 5.03 4.39 3.91 3.68 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.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS L [Per cent per annum] Bonds Industrial stocks Corporate (Moody's)5 Earn- U. S. Govt. Dividends/ ings/ Year, month, (long-term) Munic- price ratio price or week ipal By ratings By groups ratio (highgrade)4 Total se O ri l e d s2 se N r e ie w s 3 Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c fe P r r r e e - d* m Co o m n - 7 C m o o m n - 8 Number of issues. . . 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 1952 average 2.68 2.19 3 19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 3!l6 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 "4.02 4.66 8.75 1954—Aoril 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 9.00 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 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 3A3 3.47 3.07 3.22 3.13 3.98 4.31 7.42 October 2.52 2 65 2.32 3.13 2.87 3.04 3.14 3.46 3.06 3.23 3.11 3.93 4.43 November.. . 2.55 2.68 2.29 3 13 2.89 3.04 3.13 3.45 3.06 3.22 3.10 3.92 4.29 December. .. 2.57 2.68 2.33 3.13 2.90 3.04 3.14 3.45 3.07 3.23 3.10 3.93 4.09 8.15 1955—January 2.65 2.76 2.39 3.15 2.93 3.06 3.15 3.45 3.08 3.25 3.12 3.98 4.10 February.... 2.72 2.92 2.42 3.18 2.99 3.10 3.17 3.47 3.12 3.28 3.15 4.00 4.14 March 2.71 2.92 2.45 3.20 3.02 3.13 3.18 3.48 3.14 3.31 3.17 4.01 4.18 8.25 April 2.77 2.92 2.43 3.21 3.10 3.13 3.19 3.49 3.14 3.30 3.17 3.98 4.03 Week ending: 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 Apr. 9 2.77 2.93 2.44 3.20 3.01 3.13 3.18 3.48 3.14 3.30 3.16 3.99 4.11 Apr. 16 2.76 2 .93 2 .43 3.20 3.01 2.12 3.19 3.48 3.14 3.30 3.17 3.97 4.03 Apr. 23 2.77 2.92 2.42 3.20 3.01 3.13 3.19 3.48 3.14 3.30 3.17 3.97 4.01 Apr. 30 2.77 2.92 2 41 3 21 3.01 3.14 3.19 3.49 3.15 3.31 3.17 3.98 4.03 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. "Figures for common stocks, except for "annual averages, are as of the end of the period (quarterly in the case of earnings /price ratio). 2 Fully taxable, marketable 2]/z 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. •'* The 3J4 per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995. 4 Standard and Poor's Corporation. " Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups. 6Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility. 7 Moody's Investors Service. s 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. MAY 1955 529 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 d I e n c c re re a a se se ( — or General fund of theTreasury expenditures or expenditures ( —) during perio( (end 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 b o d a f l e l i m e m g G s a a p t o r t i a v k i o n o t n e d . n t 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 c t G ba f e u l n a n e n d r c a e l f a g B e u n i e r n a n a c n l d l e - - A f i a u F v b n . a l d e i R l s - . D B e In c p e a o s t o n i p s l s o k l r i e 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 e s t - t e s r Cal. yr.—1951.... 52,979 56,337 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 1,134 1952 64,840 70,682 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 1,132 1953.... 63,841 72,997 -9,157 82 25 -209 7,777 -1. 488 4,577 346 131 3,358 742 19541.... 61,171 64,854 -3,683 '812 -73 -34 3,582 603 5, 180 563 111 3,461 1,045 Fiscal yr.—1951. . . 47,568 44,058 3,510 295 384 -214 -2,135 1,839 7,357 338 250 5,680 1,089 1952. . . 61,391 65,408 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5,106 1,175 19531.. 64,825 74,274 -9,449 460 -25 -250 6,966 -2, 299 4,670 132 210 3,071 1,256 1954... 64,655 67,772 -3,117 332 -4 -303 5,189 2,096 6,766 875 274 4.836 781 Semiannual totals: 1952—Jan.-June. 37,947 34,496 3,451 -72 -136 -255 -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, i 25,757 34,484 -8,728 -312 99 -250 9,097 -94 4,577 346 131 3,358 742 1954—Jan.-June. 38,899 33,288 5,611 C648 -103 c —5g -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—Apr 2,751 5,296 -2,545 -375 -53 593 811 -1, 567 4,787 579 180 3,273 756 May 3,592 5,203 -1,611 271 123 -511 2,428 700 5,487 422 146 4,095 824 June 10,644 7,308 3,336 -19 32 146 -2,215 1 280 6,766 875 274 4,836 781 July 2,827 4,827 -2,000 -135 -34 -97 -276 -2 542 4,224 727 196 2.538 764 Aug.. . 3,911 6,731 -2,820 387 -83 -222 3,971 1 233 5,457 511 101 4 078 767 Sept 4,951 5,019 -68 -283 163 21 -145 -3i3 5. 145 704 170 3,469 801 Oct 2,639 4,857 -2,218 —288 -23 104 3,942 i 518 6,663 736 175 4.936 816 Nov 4,201 3,842 358 358 33 -209 101 641 7,304 694 137 5.584 889 Dec 3,742 6,288 —2,546 126 —26 425 — 103 —2 124 5, 180 563 111 3,461 1,045 1955—Jan.... 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 -257 682 5,411 564 196 3,561 1.089 Mar 9,741 5,894 3,846 -80 73 36 -4,134 -260 5. 151 724 149 3,203 1.074 Apr n.a. n.a. n.a. n.a. n.a. n.a. 2,601 1 250 6.401 814 362 4.023 1 ,201 Budget expenditures National security Inter- Hous- Trans- Period Total Total2 D f m e D e n p i e s l - t i e . - , M m t p a u r i r o t l y u i - - al A en to er m g i y c n a n a f a f n a f n a i t c - d i ' 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 r l e - i- n h a a i o f n n n m i g d - c e e P w u o b r l k i s c o P d i f c o e f i i f s c t - t e c t o f r a e t u u c o r s n - s t ts 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,[)10 694 1.438 684 507 2,901 1952 70,682 47,936 42,078 3,052 ,813 2,574 6,065 4,433 ,508 1,564 646 L ,573 775 510 3 098 1953 72,997 49.363 42,953 3, 784 L.889 2,082 6,357 4,156 ,630 3, 238 -159 ,685 525 154 3,966 19541 64,854 42,820 36,807 3, 249 ,937 1,265 6,567 4,206 ,653 3, 137 -393 ,526 241 182 3,350 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 ,648 2,839 5,859 4,748 ,424 1, 219 614 ,515 740 567 3,015 19531... 74,274 50,276 43,611 3,956 ,791 2,184 6,504 4,249 ,532 3, 134 385 ,660 659 462 3,229 1954.... 67,772 46,522 40,336 3, 629 ,895 1,553 6,382 4,176 ,640 2, 341 -615 ,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—Jan.-June. 37,801 25,596 22,134 2, 113 926 1,113 3,542 2,086 791 2, 178 -42 740 305 31 1,462 July-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, 504 -439 619 92 46 1,502 July-Dec. . 31,566 20,047 17,290 1,292 987 680 3,000 2,100 819 1,333 46 907 149 136 1,847 Monthly: 1954—Mar 5,555 3,830 3,273 321 181 50 588 334 111 194 -54 102 91 6 303 Apr 5,296 3,691 3,137 343 164 105 350 375 118 168 — 195 116 9 259 May... . S 203 3,374 2,834 331 169 120 249 346 122 594 -14 109 5 198 June 7,308 4,663 3,932 516 110 69 1,763 370 169 248 -85 114 -40 17 20 July . 4,827 3,061 2,493 334 174 81 213 333 139 270 49 156 56 468 Aug 6,731 3,370 2,913 228 169 94 332 333 118 2, 339 -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 Nov 3,842 3,316 2,853 181 156 89 368 372 131 -1,034 96 142 148' 1 212 Dec... 6,288 3,739 3,280 152 158 192 1,200 401 123 244 —61 149 2 65 234 1955—Tari 4,942 3,176 3,092 -113 158 171 222 373 181 381 35 101 23 6 273 Feb 4,831 3,048 2,705 163 151 148 396 364 119 269 36 89 72 1 290 Mar 5,894 3,759 3,261 63 153 109 478 386 119 590 -17 85 16 1 270 n.a. Not available. '-Corrected. beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2. 2 Includes stockpiling not shown separately. 3Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other nonmilitary foreign aid programs, and State Department. 4 Excludes transfers to trust accounts, which are shown separately. 530 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 Individual r C a o ti r o p n o 1 - E ta a g s x n i t e f a d t s te 1 E ta x x ci e s s e 1 i p m a n l n s o e u c n y e r 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 p ld p - r a o g p e ria R ti a o i n lr s o t a o d : Ref o u f nds r b e u c N d e e g ip t e t t s With- Other i taxes trust retire- receipts held fund ment account Cal. yr.—1951 . . . 16 037 10,311 16,565 801 8,591 ?3S 2,337 58,941 3,355 509 2 098 52 979 1952 20 045 11,834 22,140 849 9,566 266 2,639 71, 788 3,814 683 2,451 64,840 1953. 9? 605 11,279 19,045 923 10,288 269 2,570 71,.>?4 3,918 628 3 137 63 841 19542.... ?0 787 10,477 19,915 960 9,136 ?8S 2,932 70,217 5,121 604 3,322 61,171 Fiscal yr.—1951.... 13535 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 ?^9 2,364 67,999 3,569 738 2,302 61,391 1953 2 ?1 351 11,417 21,595 891 9,934 ?77 2,478 72,649 4,086 620 3 118 64 825 1954 .. f>'\ 635 10,747 21,523 945 10,014 ?8S 2,882 73, 73 4,537 603 3,377 64,655 Semiannual totals: 1952—Jan.-June.. 10 220 9,008 14,318 459 4,519 224 1,251 42,242 1,922 373 2,000 37,947 July-Dec <)825 2 826 7,821 390 5,048 42 1,388 29,546 1 891 311 451 26 893 1953—Jan.-June.. 11 347 8,481 13,773 502 4,931 234 1,137 42,910 2,195 311 2,700 37,703 July-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 10 230 2,323 3,767 420 4,527 40 1,305 25,239 2,305 322 339 22,272 Monthly: 1954—March. . . . 1 413 2,454 7,353 118 834 6 196 13,013 589 50 940 11,434 April 1 108 808 645 94 763 5 234 3,956 278 21 906 2,751 May ? 601 140 358 73 804 17 215 5,037 759 71 616 3,592 1 272 1,342 6,956 103 731 1 389 11,347 507 45 150 10,644 July . . 1 035 252 532 77 713 4 299 3,148 217 20 85 2,827 August. .. ? 578 93 300 64 766 16 166 4,801 743 76 70 3,911 September 422 1,429 1,104 72 767 1 164 5,280 274 47 8 4,951 October. . . 1 077 199 361 65 785 4 187 2,887 188 21 39 2,639 November. ? 759 78 290 61 781 16 272 4,905 554 94 56 4,201 December. 1 359 272 1,181 82 715 (8) 216 4,217 329 64 82 3,742 1955—Januarv 884 2,239 355 62 649 31 483 4,833 113 17 48 4,655 February.. ? 916 881 274 67 709 167 321 5,954 255 64 208 5,427 March 1 721 745 6,812 151 84.1 20 19.1 11,089 562 46 741 9,741 Trust and other accounts Internal revenue collections (onbasis of Internal Revenue Service reports) Social security, Other accounts"' retirement, and Period Excise and miscellaneous taxes insurance accounts Total* Total Liquor Tobacco M a a n n d u e r f x e a c t c i a s t i e u l r e e rs rs ' ' Other ce R i e p - ts I m nv e e n s t t s - Ex t p u e re n s di- m In e v n e t s s t * - Other 4 Cal. yr.—1951 8,682 2,460 ,446 2,790 1,987 759 7,906 3, 155 4,507 271 786 1952 9.558 2,727 ,662 3,054 2,115 49 8,315 3,504 4,942 329 508 1 1 9 9 5 5 3 4 9 9 , , 7 2 1 4 4 8 2 2, ,8 7 1 0 9 7 , , 6 5 1 4 4 3 3 3 , , 2 1 6 3 2 1 2 1 , , 0 8 2 6 0 7 280 8 7 2 8 9 ,1 1 2 91 3 2 1, ,3 1 8 77 7 5 7, , 7 8 1 1 7 1 4 1 0 5 5 3 3 91 1 5 0 Fiscal yr.—1951.... 8,704 2,547 ,380 2,841 1,936 295 7,251 3,360 3,752 196 353 195.2. . . 8,971 2,549 ,565 2,824 2,032 219 8,210 3,361 4,885 275 530 1953 9,946 2,781 1,655 3,359 2.151 2460 8,529 3,059 5,257 242 489 1954 9,517 2,783 1,580 3,127 2,027 332 8,708 1,687 6,846 367 524 Semiannual totals: 1952—Jan.-June. 4,531 1,245 817 1,481 988 -72 4,242 2,009 2,486 223 404 July-Dec.. 5,027 1,482 845 1,573 1,127 121 4 073 1,495 2,456 106 105 1953—Jan.-June.. 4,919 1,299 810 1,786 1,025 341 4,458 1,564 2.802 136 3S5 July-Dec... 4,795 1,521 804 1,476 995 2-312 3,660 823 3,003 37 -109 1954—Jan.-June.. 4,722 1,262 777 1,651 1,032 644 5,048 864 3,843 331 633 July-Dec... 4,527 1,445 766 1,480 835 164 4,143 313 3,874 74 282 Monthly: 1954—Ma.x. .. 629 224 135 60 ?11 253 768 -74 689 44 144 Apr 477 223 130 50 74 -375 436 25 665 18 -102 May 1,343 222 130 727 ?63 271 1 212 330 630 61 SO June 561 246 147 11 157 -19 1 467 888 651 -79 -26 July 713 226 123 38 7328 -135 389 -98 648 7 32 Aug.. . 765 207 141 692 -276 387 1,200 281 606 30 104 Sept. 766 250 137 3 377 -283 414 -82 682 34 -63 Oct 786 273 134 42 337 -288 334 -148 640 6 -124 Nov. 778 280 124 696 -322 358 956 111 641 56 210 Dec. . . 719 209 108 10 S91 126 850 249 657 -58 124 1955—Jan 654 L55 131 27 340 -179 227 -334 704 200 164 Feb 707 81 119 676 -269 26 560 -126 697 47 75 Mar n.a. n i.a. n.a. n.a. -80 729 39 733 58 21 n.a. Not available. 1 Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953. Excise taxes and nonwithheld individual taxes for that period are obtained by subtracting IRS data from appropriate Treasury daily statement totals. 2Beginning new reporting basis. See footnote 1 on preceding page. 8Less than $500,000. 4Excess of receipts, or expenditures (—). 5 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of Government sponsored corporations, European. Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 6, but their operating transactions are included in Budget expenditures. . 0 Consists of Ca) net investments in public debt securities of Government sponsored corporations and agencies and other trust funds and (b) beginning November 1950, net investments of wholly owned Government corporations and agencies, which prior to that date are included with Budget expenditures. 7Beginning July, includes undistributed depositary receipts. MAY 1955 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash deposits, other than debt Cash withdrawals, other than debt Excess Less: Plus: of de- Period B re N u c d e 't t g s e . t r T P a e r c l c u u c 't s s t s . : t . t I G r L n a e o t n s r v s s a : t . - . 1 m O P j a u e l t d u h s n - s t e t - : s r 2 E p C q o d u a s e a s i - h t l s s: B p t e u u e n r x d e d - g s i e - t a T P o a c t l r n u h c u s d t e s s : r t . t I G r n a o n tr s v a . t 1 - . A p a u l c s b c l r t i u o c - s F E S l u t i x i t z n o a c a d n b h - 4 i . - c C o i a l n c u e g - a nt r- T a T o s c r r i u a c e d t n t a e - . s s 5 . , m O ju a e t d h s n - t e t - s r 2 E d w C q r a i u a a l t a s s w h h l - - s: p d 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 yr.—1951 . . . 47,568 7,796 1,923 53,439 44,058 3,945 1,923 477 -13 214 -79 45,726 7,714 1952 61 391 8 807 2 104 68,093 65 408 4,952 2,104 710 9 401 -170 67 786 307 1953«... 64,825 8,929 2,194 —215 71,345 74,274 5,169 2,194 694 -28 250 -155 -215 76,407 -5,062 1954 64,655 9,155 2,097 101 71,815 67,772 6,769 2,097 509 -109 303 -274 118 71,974 -159 Semiannual totals: 1952—Jan.-June. . 37,947 4,458 1,110 n.a. 41,293 34,496 2,298 1,110 338 22 255 n.a. 35,622 5,671 July-Dec.. . 26,893 4,248 1,039 n.a. 30,104 36,186 2,527 1,039 396 16 64 n.a. 37,357 -7,254 1953—Jan.-June. . 37,703 4,683 1,144 n.a. 41,241 37,801 2,642 1,144 298 -44 248 n.a. 39,203 2,038 July-Dec. 6. 25,757 3,953 849 376 29,199 34,484 3,405 849 277 -38 250 -71 374 37,244 -8,045 1954—Jan-June. . 38,899 5,203 1,248 -242 42,615 33,288 3,364 1,248 234 -71 53 -202 -223 34,730 7,886 July-Dec. . 22,272 4,368 838 177 25,980 31,566 3,817 838 331 -U7 -23 -94 188 34,167 -8,187 Monthly: 1954—Apr 2 751 479 68 —125 3,036 5,296 810 68 19 13 —593 —24 — 111 5 303 —2 267 IVlay 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 -173 2,958 4,827 660 130 70 -31 97 —39 — 170 5 144 —2 186 Aug 3,911 1,224 49 289 5,375 6,731 526 49 38 16 222 —28 407 7 788 -2,412 Sept. 4 951 457 100 -28 5,280 5 019 788 100 57 — 112 —21 —8 — 145 5 364 —84 Oct 2,639 370 74 -318 2,617 4,857 800 74 50 -6 — 104 —7 —320 5 096 —2,478 Nov 4,201 994 58 -14 5,122 3,842 469 58 45 -9 209 -1 -33 4,374 748 Dec 3,742 890 427 421 4,626 6,288 573 427 71 25 —425 — 11 449 6 401 -1,775 1955—Jan 4,655 268 M -582 4,299 4,942 581 42 51 186 -24 -582 5,009 -710 Feb 5 42 7 600 5J 332 6,306 4,831 653 53 — 18 —8 —354 —40 434 5 481 825 Mar 9 741 778 n.a. 10,943 5 894 761 n a 4 —36 — 36 6 932 4 010 Apr n.a. n.a. n.a. 3.651 n.a. n.a. n.a. 31 —6 n.a. na. 5,355 -1,704 n.a. Not available. A 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). 3To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below. 6 Beginning 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 Details of net cash borrowing from or In- debt transactions Equals: repayment ( —) of borrowing to the public3 crease, Cash issuance of Adjust- Net Period ( c p o d g - d r u r i r ) e e r b o , d a e b l s s c e i t i s e c t n - a F G n e u s t d e e a e e c r r d - u a r l i t a ie g a s g e N n n o u t o c f e a n i e r e - - d s T t a m r o s c r f a i u o e e c d n n r a t t e - s . t s , 1 . N s i a n e G f a e n u c g t d o . n F e v i d e n t b n t s d r . . y v . . . \c I T b c n s b a o r r t a i u e n . n l v a d a l d o s . s l s n s . to p P f F u s a o e i o b e y r n c f m d l t . i . s c . 2 b ( b r i o e o n - c i r p r g a ) n r r , a , s o o g y h o w w o r t f . - - m i D c s k a s o i t u r n a n e e d b v c s . l t 4 e. b n ( S i i o r n s a i n s c g v u d e s - e s ) n S i o n a t g v e s - s s P i p S s S o e s a y s u c v s t i e a . . a s l l Other « Cal. yr.—1951 2,711 18 37 n.a. 3,418 718 -125 -1,242 1,999 -1 .19) -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 -17.5 -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.-June.. -313 3 -139 n.a. 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec . 8,286 8 37 n.a. 1,601 409 -29 6,351 7,322 -121 -829 -32 11 1953 —Jan.-June.. . -1,320 -2 -69 n.a. 1,700 308 34 -3,433 6-2,028 618 -1,335 -68 -20 July-Dec. 7.. 9,097 24 76 -71 860 283 30 7,952 6,837 -362 1,583 -94 -12 1954—Jan June.. . -3,909 6 -109 -183 1,194 241 64 -5,694 -4,307 -19 -955 -145 -268 July-Dec. .. 7,490 -47 78 -83 387 336 112 6,600 7,378 -156 -514 -50 -58 Monthly. 1954-Apr 811 4 -57 -10 43 20 -14 699 829 32 -82 -21 -59 May 2,428 1 122 -37 391 44 32 2,046 2,133 5 -152 -22 82 June -2,215 1 31 —36 809 76 -1 -3,104 -2,773 -57 -267 -16 9 July -276 -61 27 -36 -91 71 30 -356 -77 -137 -88 7 -61 Aug 3,971 6 -90 90 311 39 -17 3,645 3,680 33 -64 -7 3 Sept -145 1 161 -125 -48 58 111 -229 -105 -44 -101 -8 28 Oct 3,942 5 -28 -9 -142 51 5 3,996 4,129 -12 -64 -20 -37 Nov 101 1 32 -20 167 45 9 -107 -50 12 -62 -22 15 Dec -103 (8) -25 17 191 72 '-26 -349 -198 -9 -136 -6 1955—Jan -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 67 n.a. 97 5 35 -4,270 -4,291 94 -129 62 -5 Apr 2,601 5 n.a. n.a n.a. 31 5 2,955 v3 ,124 -88 -42 —30 PlO n.a. Not available. pPreliminary. rRevised. 1 Adjustment described in footnote 5 above, plus other small adjustmerts for differences in reporting bases. 2Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 3Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 4Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. cExcludes exchanges of savings bonds into marketable in bonds, the amount of 409million dollars. 7Beginning new reporting basis. See footnote 6 above. 8Less than $500,000. 532 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 Direct Social Period Total ta u i x v n a e i d l d s s i - - 2 on t r a D c 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 i d 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 f - s l 6 e I d s n t e t e b o r t n - g e V p r r a r a e o m n t - - s s7 g c r p u s a r r e o m i - - ty s8 Other Cal. yr.—1951 59,338 27,149 16,565 8,591 6,362 1,769 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 1,823 2,451 72,980 47,971 2,612 4,230 5,209 5,617 7,341 1 1 9 9 5 5 3 49 6 7 8 0 , , 5 4 9 4 5 0 3 3 4 1 , , 8 9 0 3 7 6 2 1 0 9 , , 1 0 1 4 2 5 1 8 0 , , 8 2 1 8 7 8 6 7 , , 6 6 9 5 3 4 -1 $ , , 7 4 4 3 4 5 3 3, , 1 3 3 5 7 8 6 7 8 6 , , 8 52 9 9 6 4 5 2 0 , , 4 2 0 9 0 4 2 1 , ,0 0 8 0 9 0 4 4 , , 6 5 6 8 6 9 4 4 , , 6 8 6 8 8 5 6 8, , 5 6 8 4 7 8 8 7 , , 1 4 1 8 3 5 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 21,467 8,893 6,521 2,801 2,302 67,786 42,935 2,848 4,059 5,826 5,206 6,912 19539 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 5,180 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.-June.... 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.»... 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.-June 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—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 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—Tan 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 3,569 312 470 439 792 1,351 Apr . 3,651 2,688 444 694 464 235 874 5,355 n.a. n.a. 314 434 n.a. n.a. n.a. Not available. 1 Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. 2Includes estate and gift taxes. 3Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 4Represents mostly nontax receipts. 6Ircludes 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. ^Beginning new reporting basis, described in Treasury Bulletin for April 1954, p. A2. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Tax and savings notes Year or All series Series A-E and H Series F, G, J and K month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1946 7 427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4,572 1949 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7,610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 . . . 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 4,530 57,940 3,575 3,622 35,324 586 908 22,616 3,726 5,491 5,770 1953 4,800 5,661 57,710 4,368 3,625 36,663 432 2,035 21,047 5; 730 5,475 6,026 1954 6,173 6,773 57,672 4,889 3,910 38,233 1,284 2,863 19,439 1,469 4,548 1954r-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 U89 20,579 265 5,079 July.. 508 641 58,005 393 346 37,597 115 295 20,409 86 4,993 Aug 546 511 58,078 415 339 37,714 131 172 20,364 64 4,929 Sept.. 464 505 58,088 367 322 37,808 97 183 20,280 100 4,829 Oct.. . 456 466 58,126 369 293 37,930 87 173 20,196 63 4,766 Nov 466 451 58,186 384 293 38,069 82 158 20,118 62 4,704 Dec... 557 21,089 257,672 445 347 38,233 112 2747 219,439 156 4,548 1955—Jan.. . 742 2 506 57,967 573 336 38,515 169 2170 19,451 50 4,498 Feb.. . 602 2332 58,225 465 256 38,721 137 2176 19,504 55 4,443 Mar. . 614 2 47 8 58,366 518 *334 38,914 95 P2144 19,452 125 4,318 ^Preliminary. *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, February and March 1955, not included in current redemption figures, totaled 185, 101. and 40 million dollars, respectively. NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and of series A-D and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included in amount outstanding. MAY 1955 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues* Marketable Nonmarketable Total E m n o d n t o h f d T g e r o O b t t 3 a 1 3 - l d d g i e r r o b e s t c s s t Total Total Bills c e i C n a d e d t n e r e t e s i b s f o i t s - - f Notes B e b l a l i e g n i ^ B k - on s d t B s r r i a e c n - t k ed b v C i o b e o n r l n d e t- - 3 Total5 b S i o n a n g v d s - s n s i T a o n a n a g t v d e x s - s S i p ss e u c e ia s l 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8.907 6.140 2,471 6,982 1942—Dec. 112,471 108,170 98,276 76,488 6,627 10,534 9,863 44 .,519 4,945 21,788 15,050 6,384 9,032 1943—Dec. 170,108 165,877 151,805 115,230 13,072 22.843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945--Dec 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68.403 52,216 56,915 48,183 8,235 20.000 1946—Dec 259.487 259,149 233,064 176,613 17,033 29,987 10,090 69.866 49,636 56,451 49,776 5,725 24,585 1947—Dec 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59.492 52,053 5,384 28,955 1948-Dec 252,854 252,800 218.865 157,482 12,224 26,525 7,131 61,966 49,636 61.383 55,051 4,572 31.714 1949—Dec 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950— 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— D Ju e n c e 2 2 5 5 5 9 , , 2 4 5 6 1 1 2 2 5 5 5 9 , , 2 4 2 1 2 9 2 2 1 2 8 1 , , 1 1 9 6 8 8 1 1 3 4 7 2 , , 9 6 1 8 7 5 1 1 8 3 , , 1 6 0 1 2 4 2 9 9 , , 5 0 0 7 9 8 3 1 5 8 , , 8 4 0 0 6 9 4 41 2 , , 0 9 4 2 9 8 3 3 6 6 S ,0 9 4 6 8 1' 1 1 2 3 , 0 ',5 6 7 0 3 6 6 6 6 , , 4 70 2 8 3 5 5 7 7 , , 5 5 7 8 2 7 7 7, , 5 8 3 i8 4 3 3 5 4 , , 9 6 0 5 2 3 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 26,336 31,406 63,927 13,400 11.989 65,065 57,710 6.026 41,197 1954—Apr 271,127 271,047 227,806 151,104 22,014 19,377 26,809 74,230 8,674 11,910 64,792 57,967 5,500 41,049 May 273,555 273,475 229,913 153,325 22,019 18,577 31,923 72,133 8,674 11,899 64,690 58,025 5,344 41,367 June 271,341 271,260 226,681 150,354 19,515 18,405 31,960 71,802 8,672 11,861 64,465 58,061 5,079 42,229 July 271,005 270,984 226,528 150,342 19,512 18,405 31,964 71,790 8,671 11,857 64,329 58,005 4,993 42,152 Aug 274,982 274,955 230,214 154,020 19,508 18,277 31,967 75,596 8,671 11,853 64,341 58,078 4,929 42,479 Sept 274,838 274,810 230,033 153.963 19,510 18.184 32,001 75,597 8,671 11,820 64,250 58,088 4,829 42,407 Oct 278,786 278,752 234,161 158 448 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 42,355 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 274,080 274,048 229,103 153,350 19,505 17,722 34,989 81,134 11,710 64,043 58,366 4,318 42,097 Apr 276.686 276.649 232,233 156,578 19,507 20.932 35.007 81,132 11.692 63,963 58,326 4.279 41,691 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 507 million dollars on Apr. 30, 1955) and fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt, not shown.separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,257 million dollars on Alar. 31, 1.955. 4Includes Treasun' bonds and minor amounts of Panama Canal and Postal Savings bonds, fiIncludes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public U. S. Government End of month (i gd n re c ob l s u ts d- a tr g u e s n t c i f e u s n a d n s d 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public Banks banks2 banks com- rations govern- Savings Other invesse ti c e u s r ) i- issues issues panies ments bonds securities tors* 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2.S00 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21.400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300' 10,1.00 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11.543 59.900 6,100 15,100 16,400 2,100 24.700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6.500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,300 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec, 256,981 28,955 5.404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,600 8,900 1949—Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,800 8.100 49,300 17.000 9,400 1950—June. . , . 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18.400 8,700 49,900 17:600 9,700 Dec 256,731 33,707 5,490 217.533 20.778 61,800 10.900 18.700 19,700 8,800 49,600 16,700 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17.100 20,000 9.400 49,100 16,400 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,500 20,700 9.600 49.100 15,500 10,600 1952—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 19,100 10,400 49,000 15,400 11.600 Dec. 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,100 20,400 11,100 49,200 15,500 11,700 1953—June 266,123 40,538 7,022 218,563 24,746 58,800 9,590 16,000 18,900 12,000 49,300 16,600 12,800 Dec 275,244 41,197 7,116 226,931 25,916 63,700 9,200 15,800 21,500 12,900 49,300 15,600 12,900 1954—Feb 274,859 41,070 7,223 226,566 24,509 63,100 9,200 15.700 22,100 13,300 49,400 15,600 13,600 Mar 270,312 41,002 7,203 222,107 24,632 60,900 9,200 15,600 19,700 13,600 49.400 15,600 13,500 Apr 271,127 41,049 7,151 222,927 24,632 62,500 9,200 15,600 19,100 13.800 49;500 15,200 13,400 May 273,555 41,367 7,182 225,006 24,812 63,400 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 63,600 9,100 15,300 16,800 14,300 49,600 14,900 13.400 July 271,005 42,152 7,081 221,772 24,325 64,800 9,000 15,100 16,800 14,300 49,600 14,500 13,400 Aug 274,982 42,479 7,032 225,471 24,023 67,000 9,000 15,100 18,500 14.400 49,700 14,400 13,300 Sept 274,838 42,407 7,042 225,389 24,271 67,100 8,900 15,100 18,600 14,400 49,700 14,000 13.400 Oct 278,786 42,238 7,047 229,501 24,381 70,000 8,900 15,100 19,100 14,500 49,700 14,100 13,700 Nov 278,888 42,351 7,080 229,457 24,888 69,500 8,800 15,000 19,500 14,600 49,800 14,000 13,500 Dec 278,784 42,566 7,043 229,175 24,932 68,900 8,800 15,000 19,400 14,600 49,900 14,000 13,600 1955 Tan 278,463 42.268 7.167 229,028 23.885 68,400 8.800 15.200 20.200 15.000 50,000 14,000 13,500 Fob 278.209 42,047 7.202 228.960 23,605 66.600 8 .800 15,200 21.600 15,300 50,100 14.200 13.500 'Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1954. 3Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 534 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 April 30, 1955 |On basis of daily statements of United States Treasury, In millions of dollars] Issue and coupon rate Amount las as and coupon rate Amount Issue and coupon rate Issue and coupon rate Amcuxi Treasury bills1 Certificated Treasury bonds Treasury bonds—Coait. May 17, 1955 IH 3,886 Mar. 15. 1956 53. Dec. 15, 1963-68. .2" 2,826 May 5,1955.. Tune 22, -9:;5- I :;s 3,210 Sept.. 15, 1956-593 % June 15, 1964-69, 3,754 May 12, 1955. . Aug. 15, 1955 , . 1-H 8,477 Sept. 15, 1956-59. . .2)4 Dec. 15, 1964-69, 3,830 May 19, 1955. . Dec. 15, 1955 1M 5,359 Mar. 15, 1957-59. % Mar. 15, 1965-70 4,718 May 26, 1955 . . June 15, 1958 2 Mar. 15, 1966-71. 2,961 Treasury notes June 15, 1958-633 We 15. 1.967-72. 1,883 June 2, 1955. . Dec= 15, 1955 1% 6,854 Dec. 15, 1958 2- Sept. 15, 1967-72. 2,716 Tune 9, .1955. . Mar. 15, 1956 1% 8,472 Tune 15, 1959-62. . .2 Dec. 15. 1967-72. 3,813 'June 16, 1955. . Apr. 1. 1956. . ,...1H 1,007 Dec. 15, 1959-62. . .2- Tune 15, 1978-83, 1.606 J [l u i n n e e 3 2 0 3 , , 1 1 9 9 5 55 5 . . . . O M c a t r . . 15 \\ . 1 19 9 5 5 7 6 2 \y % 2 2,9 55 9 0 7 N De o c v . . 1 1 5 5 , , 1 1 9 9 6 6 0 0 -653. . 2 2 " ; Feb. 15. 1995 .3 1,923 Apr. i; 1957 \yi 531 Seat. 15. 1961 2L Postal Savings July 7, 1955. May 15, 1957 \% 4,155 Nov. 15, 1961 2M bonds 2% 21 July 14, 1955. Aug. 15, 1957 2 3,792 Aug. 15, 1963 2*4 Panama Canal Loan 3 5C July 21, 1955. Oct. 1,1957 1 824 June 15, 1962-67. . .2 July 28, 1955. Apr, 1.19S8.......I"1 383 Oct. 1,1958 : 121 Convertible bonds Feb. 15, 1959 1 5,102 Investment Series B Apr. 1, 1959 1 119 Apr, 1, 1975-80. . .2% 11,692 Oct. 1, 1959 1 99 Apr. 1, 1960 V/> 1 1Sold on discount basis. See table on Money Market Rates, p. 529. 2Tax anticipation series. sPartially tax-exempt. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES • Marketable and Cosveirtible Direct Public Securities [Par value in millions of dollars] U. S. U.S. Eind of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . B s F e R e a e r r n e a v d k - i - e s b C m c a o i n e a m r k l - - s M s i tu a n v a u g l - - c I o n m su p r a a n n i c e e s Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e K a e e r r n e a d v ~ k l - e s b C m c a o i n e a m r k l - s - b M t s i a n u a n g a v u k l s - - s c In om su p r a a n n i c e e s Othei funds .JiH Life Other funds Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1952—Dec 161.081 6,613 24,69735,828 8,740 9.514 4,711 50,979 Series B): 1953—June 159,675 6,890 24,74651,365 8,816 9,347 4,808 53,694 1952—Dec 12,500 3,438 185 1,352 3,179 380 3,987 Doc 166,619 6,589 25,£1655,933 8,524 9,120 4,005 55,233 1953—June 12,340 3,439 182 1314 3,133 353 3,919 1954—June 162,216 6,985 £5,03756.199 8,353 8,667 &,854 52,121 Dec 11,989 3,439 168 1!284 2,935 328 3,854 Dec 169,599 6,918 24,93261,082 8,113 8,S71 4,958 55,226 1954—June 11,861 3,439 165 1,265 2.879 317 3,800 1955—Jan 169.598 7,04.1 23,88560,517 8,157 8,532 4,992 56,473 Dec 11,767 3,439 163 1,239 2,865 305 3,756 Fob 109;490 7,077 23, CO/}58,897 8,161 8,576 4.,940 58,235 1955—Jan 11,764 3,439 162 1,238 2,864 304 3,756 Treasury bills' Fob 11,738 3,439 163 I,227 2, 850 302 3,750 1952—Dec 21,713 86 1,341 7,047 137 484 119 12,518 Marketable secu- 1953—June 19,707 106 1.455 4,411 120 327 132 13,155 rities, maturing: Dec 13,511 102 2; 993 4.368 128 410 109 11,402 Within 1 year: 1954—June IS,515 48 2,316 4.187 98 520 103 12,248 1952—Dec 56,953 133 14,749 18,998 263 532 733 23,547 Dec. ... 19,507 51 2,204 4; 399 75 537 125 12,115 1953—June 64,589 163 15,505 19,580 476 390 1,082 27,393 1955— F Ja o n b 1 1 9 9 , , 5 5 0 0 7 5 10 6 4 3 1,1 8 6 8 0 3 4 3, , 8 2 0 6 7 8 1 9 1 5 3 7 67 1 5 5 1 1 2 3 4 8 1 1 3 3 , , 0 8 0 5 9 8 1954— D D Ju e e n c e e 6 6 7 2 0 3 , , . 8 1 2 2 2 3 7 3 5 1 1 7 0 7 0 7 5 1 1 1 6 9 6 , , , 9 2 4 7 8 1 2 0 7 2 1 1 5 5 7 , , , 0 6 7 6 8 3 2 4 8 4 2 1 7 9 5 5 4 9 5 4 5 4 3 6 6 7 8 1,0 5 6 6 9 5 1 8 2 2 2 2 6 4 9 , , , 3 5 0 0 6 2 8 3 1 Ce 1 1 r 9 t 9 i 5 5 fi 2 3 c — — ate D J s u e : n c e 1 1 6 5 , . 7 8 1 5 2 4 2 3 7 0 5 4 , , 0 9 6 9 1 8 4 4 , . 7 3 9 5 1 1 3 8 7 7 5 2 6 7 3 31 1 0 7 6 6 , , 4 0 2 5 4 2 1955-- F Ja o n b 4 0 8 2 , , 5 8 7 2 0 0 1 8 5 2 4 . 1 1 8 4 , , 3 0 6 7 9 7 1 8 5 , , 7 1 G 24 2 2 1 5 4 4 7 7 67 4 9 3 3 6 8 2 0 3 2 2 4 7 , , 4 5 1 5 4 3 Deo, 25,386 63 5,967 9,215 184 37 445 10,475 1-5 years: 1954—June 18,405 41 6,600 4,942 101 1 202 6,511 1952—Dec 37,713 31 7,14622,381 259 48 910 6,938 Dec 28,458 4 13,882 4,835 57 4 179 9,496 1953—June 32,330 152 6,452 18,344 464 109 914 5,895 1955— F Ja o n b 2 28 !, , 4 4 5 6 5 2 9 7 1 9 3 , , 9 8 6 8 0 2 4 2, , 9 6 8 2 8 5 3 5 9 5 10 1 U S - 3 3 9,701 1954— D D Ju e e n c e e 2 2 2 9 9 7 , , , 3 6 9 6 0 6 7 6 5 2 1 1 0 9 3 5 2 7 3 6 6 , , , 0 1 3 8 5 0 7 5 7 1 1 1 6 4 8 , , , 0 6 8 5 2 4 6 4 6 4 4 50 3 7 2 1 6 1 1 1 2 5 5 3 8 5 1,0 9 8 2 8 9 2 0 0 5 5 5 , , , 8 4 3 5 3 0 5 0 8 Tre 1 1 a 9 9 s 5 5 u 2 3 r — — y D J n u e o n c t e es: 3 3 0 0 , . 2 4 6 2 6 5 2 1 3 8 1 1 3 3 , , 7 7 7 7 4 4 1 1 0 0 , , 9 3 5 5 5 5 4 6 9 2 8 6 4 52 8 9 3 4 5 , , 9 6 7 7 8 8 1955— F Ja o n b 2 4 9 1 , , 6 8 1 8 0 5 1 1 5 8 6 3 3 7 , ,0 0 9 8 9 7 2 1 3 8 , , 0 87 4 4 5 5 5 0 3 0 S 1 1 6 6 5 7 1 1, , 1 0 6 2 0 6 5 9 , , 8 6 0 9 2 3 Dec Si;406 8 15,288 11,510 130 52 6;!'5 5,814 5-10 years: 1954—June 31,960 64 13,029 11,423 221 89 592 6,531 1952—Dec 22,834 546 1,387 11,058 1,775 880 1,348 5,835 Dec 28,053 46 6,044 13,649 242 67 675 7,310 1953—June 18,677 422 1,374 8,772 1,395 745 1,104 4,865 1955— F J o an b 3 2 5 8 , , 2 0 8 3 0 7 9 8 8 3 9 6 , , 9 0 5 3 9 8 1 1 3 5 , , 5 28 5 7 8 2 2 7 7 8 4 7 7 3 6 6 7 3 0 9 1 8 7 , , 9 3 0 2 2 0 1954— D D Ju e e n c c e 3 2 3 3 0 0 , , , 6 2 5 7 9 4 7 2 2 4 4 4 7 9 1 7 4 8 1 1 1 i , . 3 0 0 7 1 3 4 4 5 2 1 1 1 0 8 0 7 1 5 4 0 1 1 1 1 1 , , , 5 3 3 4 8 1 4 9 5 4 5 7 3 1 2 9 6 5 1 1 1 , , , 6 1 6 6 9 5 4 8 5 5 6 7, , , 4 2 7 3 1 1 9 1 1 Ma 1 1 r 9 9 k 5 5 e 2 3 t — — ab D l J e u e n b c e onds:i 8 7 1 9 , , 3 8 4 9 9 0 3 3, , 3 0 0 4 0 6 4 4 , , 5 5 2 2 2 2 3 3 2 2 , , 3 0 4 6 9 3 7 72 1 3 6 2 3 5! 8 8 0 5 7 5 3 3 , ,4 4 8 2 4 9 2 2 3 4 , , 0 8 7 9 2 0 3955— F J o an b 3 3 3 3 , , 6 6 8 8 7 7 4 4 9 9 6 7 1 1 , , 0 0 1 1 4 4 2 2 1 1 1 1 3 5 4 9 1 1, , 4 5 5 1 9 8 4 4 2 3 4 3 1 1, , 6 6 3 4 1 3 7 7 , , 4 5 5 0 0 5 Dec 77,327 3,377 3,667 30,671 0 820 5,686 3,418 .23,688 After 10 yearn: 1954—June 80,474 3,395 3,093 35,481 8 669 5,164 3,641 23,032 1952—Dec 31,081 2,464 1,415 5 207 5,091 4,870 1,361 10,673 Dec 81,835 3,378 2,80238,037 6,499 4,898 3,673 22,548 1953—June 31,739 2,723 1,415 4 488 5,167 4,969 1,356 11,621 1955— F Ja o n b 8 81 1 , , 5 8 1 2 2 8 3 3 , , 4 3 8 9 2 3 2 2, , 8 8 0 0 2 4 3 3 6 7 , , 6 9 5 0 1 4 6 6 , , 4 52 7 6 3 4 4 , ,9 8 7 6 1 8 3 3 , , 6 6 7 9 2 9 2 2 2 3 , , 6 4 8 0 7 8 1954— D D Ju o e n c c e 3 3 3 1 1 1 , , , 7 7 7 3 1 2 6 9 5 2 2 2 , , , 7 7 7 9 4 6 6 0 5 1 1 1 , , , 4 4 4 1 1 1 5 5 5 4 5 4 5 9 23 9 8 4 5 5 4 4 5, . , 0 9 6 3 3 6 9 0 8 4 4 4 , , , 3 8 5 6 6 8 4 8 2 1 1 1 , , , 3 3 3 6 3 3 9 9 9 1 1 1 1 1 1 , , , 7 8 7 3 7 1 4 4 6 1955—Jan 31,717 2,796 1,415 5 2.23 4,647 4,326 1,397 11,912 Fob 33,609 2,877 1,415 5 738 4,790 4,450 1,467 12,872 •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. MAY 1955 535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES* [Estimates, in millions of dollars] Proposed uses of net proceeds, Gross proceeds, all issuers'i all corporate issuers6 Noncorporate Corporate New capital Year or Remonth Total State Bonds Mis i - t R ir e e - - m tir e e n - t G m U o e v .S n e . r t n 3 - 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 l f i u e c r l b y e - d p v P l a a r t c e i- e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N o e n w ey7 p l p a o o u n u s r e e s - - s m d b e a o e b n f n t k t , s ri e t o c i f e u s etc.« 1939 5,687 ? 13 1,128 50 2,164 1,979 1,276 703 98 87 420 325 26 69 1,695 1940 6,564 2, 517 109 1,238 24 2,677 2,386 1,628 758 183 108 T62 569 19 174 1,854 1941 15.157 11, 466 38 956 30 2,667 2,389 1,578 811 167 110 1,<340 868 28 144 1,583 1942 35,438 846 1 524 5 1,062 917 506 411 112 34 (S47 474 35 138 396 1943 44,518 4? 815 2 435 97 1,170 990 621 369 124 56 /108 308 27 73 789 1944.. . . 56,310 57,474 1 661 22 3,202 2,670 1,892 778 369 163 657 47 49 2,389 1945 54,712 47, 506 795 47 6,011 4,855 3,851 1,004 758 397 1 ,U7 1 080 133 134 4,555 1946 18,685 10 717 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 $ i*89 ,279 231 379 2,868 1947 . 19,941 10,589 2,324 451 6,577 5.035 2,888 2,147 761 778 5, 15 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 (551 ,929 234 488 307 1949 . 21,110 11,804 216 2,907 132 6,052 4,890 2,434 2,455 424 736 5,,558 4,606 315 637 401 1950 19,893 Q,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4 '590 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, 170 6,531 226 363 486 1952 27,209 1? 577 459 4,401 237 9,534 7,601 3,645 3,957 564 1,369 8 716 8,180 537 664 1953 28,824 n,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,'195 7,960 535 260 1954 . '29,765 53? 458 6,969 '289 '9,516 '7,488 '4,003 '3,484 '816 '1,213 r7, ion '6 ,780 '709 '1,875 19=54—Mar '1 948 602 570 '64 '712 '500 226 '273 '68 '145 rSS5 '553 '82 '63 Apr '1,958 511 71 735 1 '639 '419 216 '203 '109 111 197 '483 '14 '130 '4,388 2,669 80 783 5 '851 '649 '422 '227 '129 73 rS56 '596 '60 '181 June '2,422 523 855 4 '1,041 '792 343 '449 131 118 '842 '789 '53 '183 July '2,167 508 123 280 3 '1,253 '1,085 714 '371 '76 '92 '909 '87,8 '81 '329 Aug '1,279 546 300 8 '424 '352 166 '186 '45 '27 33 5 '304 '31 '82 Sept '2,12.5 464 652 2 '1,008 '886 581 '305 '60 62 r747 '705 '42 '247 Oct. . . '6,544 4 fill 184 615 3 '1,130 '813 470 '343 52 '265 1, 101 '856 '146 109 Nov '1,350 466 459 4 '422 '321 116 '205 37 '64 r?.9O '244 '46 '123 Dec '2 552 557 906 71 '1 019 '854 288 '566 '62 '103 r504 '515 '89 '400 1955—Tan.. '2,706 74? 716 541 35 '672 '484 252 '232 '53 135 546 '465 '81 '114 Feb '1 431 602 '328 1 '501 '364 156 '208 25 '113 r436 '362 '74 '56 Mar 2,552 614 509 9 1,420 871 524 346 37 512 1, 261 1,190 71 135 Proposed uses of net proceeds», by major groups of corporate Issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Year or month T c p n e o r e e t o d t a - s l i N ta e P w m R e e n ti t r s e 1 - 0 T c p n e o r e e t o d a t - s l 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 t o t d a - s l N ita e f w * m R e e n ti t r s e - i° T c p n e o r e e t o d a t - s l N i c t a 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 t d a - s l N i c t a a e p w l* - m R e e n ti t r s e l - 0 T c p n e o r e e o t t d a - s l N i c t a a e p l w * - m R e e n ti t r s e 1 - 8 1949 1,391 1,347 44 338 310 28 795 784 11 ?,276 €i} 043 ?R3 •557 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 2,608 1,927 682 395 314 81 739 639 1W 1951 3,066 2,846 221 518 462 56 490 437 53 ,412 ' 85 W)5 600 5 515 449 66 1952. . .. 3,973 3,712 261 536 512 24 983 758 225 2,626 i2,539 88 753 747 6 508 448 60 1953 2,218 2,128 90 542 502 40 589 553 36 7,972 ft, 905 67 R74 871 1,561 1,536 24 1954' .. . 2,234 2,044 190 923 831 93 771 501 270 ,665 <>,, 675 WO 711 651 60 1,061 788 273 1954—March '106 '99 '7 68 62 '6 '46 '42 '4 '363 VfS 4fi '98 '28 88 88 April '84 '76 '8 '75 '63 '12 '70 '58 12 309 237 '72 26 26 '63 '38 25 May '205 '6 '42 '41 '1 20 20 '502 '330 173 40 40 '27 '26 1 June '295 '273 '23 '93 '90 4 '40 '40 '431 '373 '58 9 rg rj '156 '58 '98 July '525 '520 '5 '100 '68 '32 '91 '60 31 '321 '188 '13? 2 '199 '71 128 August '116 '10 '55 '41 '14 '46 '46 '158 104 55 9,7 '25 '1 '14 '12 '2 September.. '149 '109 '40 '58 '58 1 163 '40 '123 '247 '174 '74 '329 326 '3- '4 7 '41 '7 October '278 '273 '5 '144 '127 '16 '47 '22 25 '272 '212 '60 98 98 '274 '270 '4 November.. '108 '105 '3 '74 '73 69 18 51 '61 46 '15 '74 '20 54 '27 '26 '1 December.. 187 123 '64 '137 '132 70 52 18 459 '153 '305 44 43 1 '108 '100 '8 1955—January' 186 163 23 50 45 5 80 37 43 239 198 41 7 6 2 97 97 February' 84 68 16 100 88 12 8 8 108 101 8 44 26 18 148 145 2 March 632 547 85 96 94 3 36 36 224 196 27 27 21 6 381 368 13 ' Revised. 1 Estimates of new issues sold for cash in the United States. 2Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 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 year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. includes all issues other than those for retirement of securities. "Retirement of securities only. Source.—Securities and Exchange Commission. 536 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 1949 1950 1951 1952 1953 1954 2 3 4 1 2 3 4 Manufacturing Total (200 corps.): Sales 37,94845,351 52,44453,90562,66557,457 16,566 15,459 14,902 14,233 14,776 13,401 15,047 Profits before taxes 5,168 8,042 8,702 7,147 8,225 7,093 2,484 2 093 1 395 1 754 1 923 '1 54<) 1 ,868 Profits after taxes 3,186 4,143 3,486 3,117 3,560 3,750 928 885 892 891 977 '790 1,093 1,710 2 295 2 036 2,031 2 110 2 330 491 495 631 524 523 '=518 765 Nondurable goods industries (94 corps.):1 Sales 14,051 15,994 18,670 18,90820,27620 192 5 116 5 082 5 084 4 961 4 972 '4 955 5,304 Profits before taxes 1,975 2,847 3,324 2,715 2,908 2,658 782 783 581 669 676 '637 676 Profits after taxes 1,297 1,599 1,481 1,313 1,446 1,531 355 376 371 365 376 '357 433 Dura D b i l v e i g d o e o n d d s s industries (106 corps.):2 759 942 894 912 934 1,020 219 222 275 228 229 '230 333 Sales 23,897 29,35733,77434,997 42,39037,26511,450 10,377 9,817 9,272 9,804 '8,446 9.743 Profits before taxes . . . 3,193 5,195 5,378 4,432 5,317 4,435 1,702 1,309 814 1,084 1,247 '912 1,192 Profits after taxes 1,888 2,544 2,005 1,804 2,114 2,219 573 509 521 526 600 '433 660 Dividends . . .. 950 1,352 1,142 1,119 1,176 1,310 272 274 356 296 294 '288 432 Selected industries: Foods and kindred products (28 corps.): Sales 4,223 4,402 4,909 5,042 5,411 5,464 1,346 1,355 1,394 1.337 1,351 1,339 1,437 Profits before taxes 434 532 473 446 465 461 128 131 107 99 132 122 108 Profits after taxes 268 289 227 204 211 224 54 57 54 46 63 '59 56 Dividends 149 161 159 154 154 154 37 37 45 36 36 '39 45 Chemicals and allied products (26 corps.): Sales 3,680 4,577 5,574 5,695 6,071 5,917 1,568 1,506 1,453 1,434 1,471 1,461 1,551 Profits before taxes 693 1,133 1,421 1,200 1,260 1,133 346 330 224 272 271 '268 322 Profits after taxes 415 572 496 458 493 591 125 124 121 133 136 132 190 Dividends 321 448 363 381 398 479 90 91 127 98 98 '95 188 Petroleum refining (14 corps.): Sales 3,907 4,260 4 966 5,290 5,757 5,883 1,410 1 473 1 498 1 479 1,442 1 440 1,522 552 673 869 689 796 713 195 229 176 214 189 165 145 Profits after taxes ... . 428 464 532 495 571 541 129 155 157 148 138 127 128 Dividends 191 223 247 268 274 278 66 67 74 68 68 69 73 Primary metals and products (39 corps.): Sales 8,187 10,446 12,497 11,557 13,750 11,517 3,653 3,476 3,194 2 910 3,019 '2 715 2,873 Profits before taxes 993 1,700 2,092 1,161 1,824 1,370 560 510 295 301 359 305 405 Profits after taxes. . 578 854 776 575 793 714 212 203 196 150 179 151 234 Dividends 285 377 381 367 377 404 88 88 113 100 92 92 120 Machinery (27 corps.): Sales 4,363 5,071 6,183 7,082 8,009 7,74f 2,045 1,959 2,038 1,917 1,937 1,864 2,028 Profits before taxes . . . 520 850 1,003 974 1,009 897 298 241 193 252 237 199 209 Profits after taxes 321 425 370 380 402 469 103 95 115 117 107 '102 143 Dividends 138 208 192 200 239 263 49 49 90 58 64 65 76 Automobiles and equipment (15 corps.): Sales 9,577 11,805 12,496 12,825 16,377 13,940 4,657 3,917 3,495 3,485 3,731 2,922 3,802 1,473 2,305 1,913 1,945 2,048 1 ,741 714 451 235 434 532 299 476 Profits after taxes 861 1,087 705 698 747 827 211 168 168 214 257 127 229 451 671 479 462 463 529 114 114 117 114 113 106 196 Public Utility Railroad: Operating revenue 8,580 9,473 10,391 10,581 10,664 9,371 2,732 2,755 2,582 2,275 2,335 2,366 2,395 Profits before taxes 700 1,385 1,260 1,451 1,404 900 397 399 272 156 199 226 319 Profits after taxes 438 784 693 832 871 674 231 234 219 88 136 172 277 Dividends 252 312 328 338 412 379 73 79 162 96 73 74 136 Electric power: Operating revenue 5,069 5,528 6,058 6,549 '7,136 7,610 1,732 1,721 1,826 1,984 1,819 1,831 1,976 Profits before taxes 1,129 1,313 1,482 1,740 '1,895 2,049 '458 428 '460 '570 487 478 513 757 822 814 947 '1,030 1,140 '247 '231 '260 '321 '266 '264 288 Dividends 560 619 651 725 '780 857 '192 194 '212 212 210 211 224 Telephone: 2,967 3,342 3,729 4,136 4,525 4,902 1,126 1,129 1,178 1,174 1,210 1,233 1,285 Profits before taxes 333 580 691 787 925 1,050 234 220 248 242 262 262 284 207 331 341 384 452 525 114 107 t 122 116 125 141 143 Dividends 213 276 318 355 412 448 101 104 108 109 111 112 116 'Revised. 1 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits arc 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). MAY 1955 537 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 o er 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 f t i i t e s s - d Y qu e a a r r t e o r r i N ss e u w es R m e e t n ir 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 9 9 3 4 9 5 1 6 9 . 4 0 1 1 0 .4 7 5 8 .0 3 3 4 . . 8 7 3 1 . . 6 2 1 1 9 9 4 4 7 8 6 7 ,5 8 7 8 0 2 2 1 ,6 5 8 2 3 3 4 5 ,8 3 8 5 7 9 5 5 , , 0 9 1 3 5 8 2 1 ,2 0 8 1 3 1 3 4, , 6 0 5 0 5 4 1 1 , , 8 6 6 3 7 2 4 5 0 1 0 2 1 1 , , 2 3 3 5 2 5 1 19 9 4 4 7 8.. 3 2 2 9. . 5 8 1 1 1 2 .5 3 2 1 0 8 .3 2 6 7 . . 5 2 1 1 3 1. . 7 0 1 1 9 9 4 5 9 0 . . . 6 7 , 7 2 3 2 1 4 3 1 ,8 5 7 0 5 1 4 3 , , 8 7 5 2 6 4 4 4 , ,8 8 6 0 7 6 2 1 , , 8 58 0 3 2 3 2 , ,0 2 0 8 4 4 2 1 , ,8 4 6 1 4 8 6 2 9 9 8 2 1 1 , , 5 7 7 2 2 0 1 1 9 9 4 5 9 0... 4 2 0 6. . 2 0 1 1 0 7 . . 4 8 2 1 2 5 . . 1 8 9 7 . . 2 5 1 8 2 . . 3 9 1 19 9 5 5 2 1 1 9 0 , , 0 6 4 7 8 9 2 2 , ,7 7 7 5 2 1 6 7 , , 2 9 7 2 7 7 5 7 , , 6 3 8 4 2 4 2 2 , , 4 10 0 5 3 4 3 , , 9 5 4 7 0 7 3 3 , , 3 3 6 3 6 5 6 3 6 4 6 8 2 2, , 9 7 8 0 7 0 1 19 9 5 5 2 1. . . 4 37 1 .2 2 2 20 2 .5 0 1 17 8 .7 2 9 9 . . 1 1 9 8 . . 6 1 1 1 9 9 5 5 4 3 1 9 1 , , 5 7 5 1 0 5 2 5 , , 4 3 2 5 8 3 6 7 , , 3 1 6 2 1 1 6 7 , , 6 8 5 7 1 2 3 1 , ,8 8 9 9 6 7 4 3 , , 7 9 5 7 5 5 3 2 , ,8 8 9 4 8 3 1,4 5 5 3 6 3 2 2, , 3 3 8 6 6 6 1 19 9 5 5 4 3. . 3 35 9 .4 0 2 1 1 7 . . 1 2 1 17 8 . . 8 3 9 9. . 9 4 8 7 . 9 .9 1953—4. .. 2,455 639 1,816 1,785 508 1,277 670 131 539 1954—1. . . 2,700 977 1,724 1,619 758 862 1,081 219 862 1953—3 40.9 21.9 19.0 9.5 9.5 2. .. 2,858 1,139 1,719 1,863 847 1,016 995 292 703 4. . . . 32.5 17.4 15.1 9.6 5.5 3. .. 3,027 1,314 1,714 2,314 938 1,377 713 376 337 1954—1 34.5 17.0 17.5 9.6 7.9 4. . . 3,128 1,923 1,205 2,075 1,354 721 1,053 569 484 2 34.5 17.0 17.5 9.6 7.9 1955— 3 4 11 ... 3 3 4 6 4 0 . . . 8 2 0 1 1 1 6 9 8 . . . 7 8 1 2 1 1 0 7 8. . . 7 3 4 1 1 9 0 0 . . . 8 4 0 1 8 7 0 . . . 3 6 3 i h s e s l u 1 d e R s e b f e y le x c c a t l f s u f i d l c i e a a t s e f h o d r e tr i c g a o n n m sa p a c a n t n d i i o e n i s n s c o l o u r n d l R e y . F in C A v , s e s s p c tm o ec m e ia n p l t a r o c e f o d f m e r w i p n a i g t n h s y d t o o a f t f a e e m ri s n p h g l o o s w , y e n s e a s o l , e n s a n p o d . f 5 a s 3 e ls c 6 o u , r n i e t n i w e es w stock issues and cash proceeds connected with conversions of bonds into stocks. Re- 1 Preliminary estimates by Council of Economic Ad- tirements include the same types of issues, and also securities retired with internal visers. funds or with proceeds of issues for that purpose shown on p. 536. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y te e r ar w c o a N p rk e it i t a n l g Total Cash er U G n . o m v S e - . nt Not r e e s c e a i n v d a b a le ccts. I to n r v i e e n s - Other Total Note p s a a y n a d b le accts. F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v S t. . 2 Other liabilities 1939 24.5 54.5 10.8 2.2 .0 22.1 18.0 1.4 30.0 .0 21.9 1.2 6.9 1945.. 51 6 97 4 21 7 21 1 2 7 23 2 26 3 2 4 45 8 9 24.8 10.4 9 7 1947 62 1 123.6 25.0 14 1 3i .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 r. . . 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 r 92.6 189.6 30.9 21.0 2.6 64.8 67.9 2.4 97.0 2.2 56.3 19.2 19.3 1954 -1 i". 93 1 183 3 28 1 19 2 2 8 63 0 67 7 2 5 90 2 2 5 52 9 15 3 19 5 2' 94.4 179.6 29.1 .16.4 2.4 63.2 65.9 2.6 85.2 2.4 51.6 12.0 19.2 3' 95.5 183.9 30.3 18.1. 2.3 65.1 65.4 2.7 88.4 2.6 52.0 .14.0 19.8 4 95 8 187.3 31 .7 19.3 2.4 66.2 65.1 2.6 91.5 2.4 53.7 15.7 19.7 r Re vised. 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 Others Quarter Total fa m a c in n t i u n g d - r- p i r t o n i a o r c i t l n l a - . - P u u t t i b i e l l s i i - c oth A e ll rs rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1953—1 6,339 2,887 673 926 1,853 1945 8,692 3,983 383 548 574 505 321 2,378 2 7,274 3,326 751 1,159 2,038 3 7,084 3,116 708 1,221 2,039 1948 22,059 9,134 882 1,319 1,285 2,543 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 L.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 8,819 24 6,988 2,885 584 1,158 2,361 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 538 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 ^onfarm Farm h O ol t d h e e r r s 1- to 4-family 1louses com M m u e lt r i c - i f a a l m p i r l o y p a e n rt d ies1 E o n r d q o u f a r y t e er ar h A e o r l l d s l - t F u i i n c t n i i s o a a ti l n n - - s S F e a e l c g d e i e e c e n r t s e a - d l v o i I d t a n h u n d e a d i r l - s s h A e o r l l d s l - Total t F u i i n c t n i i s o a a ti l n n - - s O h e o th r 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 d s l - t F u in i c t n i i s o a a ti l n n - s - h O ol t d h e e r r 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 1 3 4 1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1.3 3.7 1945 35.5 21 0 9 13 7 30 8 18.5 12.2 6.4 12.2 7.5 4.7 4 8 1 3 3 4 1946 41.8 26.0 .6 15.1 36.9 23.1 16.0 7.0 13.8 8.4 5.4 4.9 1.5 3 4 1947 48.9 31 8 5 16 6 43 9 28.2 20.5 7.6 15.7 9 6 6.1 5 1 1 7 3 3 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1.9 3 4 1949 62.7 42.9 1.1 18.7 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.6 2.1 3.5 1950 72.8 51.6 1.4 19.8 66.7 45.1 35.3 9.8 21.6 14.0 7,6 6.1 2 3 3 7 1951 . .. 82.2 59.5 2.0 20.7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6.6 2.6 4.0 1952 91.2 66 8 2 4 21 9 84 0 58.7 47.0 11.7 25.3 17.0 8.3 7 2 2 S 4 3 1953 101.0 75.0 2 S 23.2 93.3 66.3 53.8 12.5 27 1 18.2 8.9 7.7 3 0 4 6 1954 113.5 85.6 2.8 25.1 105.3 75.9 62.7 13.2 29.4 19.6 9.7 8.2 3.3 5.0 1953—june 96 2 70 9 2 7 22 6 88 7 62 5 50 3 12.2 26.1 17 6 8 6 7 5 3 0 4 5 September. .., 98.7 73.0 2,8 22.9 91.2 64.6 52.1 12.4 26.6 17.9 8.7 7.6 3.0 4.6 December 101.0 75.0 2.8 23.2 93.3 66.3 53.8 12.5 27.1 18.2 8.9 7.7 3.0 4.6 1954—March 103.1 76.8 2.7 23.6 95.2 67.8 55.3 12.5 27.5 18.5 9.0 7.8 3.1 4.7 June 106 2 79 5 2 7 24 0 98 2 70 0 57 4 12 6 28 1 18 9 9 2 8 0 3 2 4 8 September.. . . 109.7 82.4 2.7 24.6 101.6 72.8 59.9 12.9 28.8 19 3 9.5 8.1 3.2 4.9 December. . . . 113.5 85.6 2.8 25.1 105.3 75.9 62.7 13.2 29.4 19.6 9.7 8.2 3.3 5.0 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 * Unmillions of dollars Commercial bank holdings2 Mutual Savings bank holdings4 :STonfarm Nonfarm End of year or quarter Total Residential3 Residential3 Farm Total Farm Total Other Total Other FHA- VA- Con- FHA~ VA- Con- Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 4,340 ,292 1,048 566 4,812 4,784 3,884 900 28 1942. 4,746 4 ?S6 3 33? 9?4 491 4,677 4 601 3,725 876 26 1943 4,521 4,058 ,256 802 463 4,420 4,395 3,558 837 25 1944. 4,430 3,967 3,218 749 463 4,305 4,281 3,476 805 24 1945. 4,77? 4,251 3,39S 8S6 521 4,208 4 184 3,387 797 24 1946. 7,234 6,533 5,146 1,387 702 4,441 4,415 3,588 827 26 1947 9 446 8 6? 3 6 933 1 690 8?3 4 8S6 4 8?8 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5, 806 s,773 4,758 1,015 34 1949 11 644 10 736 8 676 ?,060 909 6 705 668 5 S69 1,099 37 1950 13,664 12, 695 10 431 ?,264 968 8,261 8,218 7,054 1,164 44 1951. 14 73? 13 7?8 11 ?70 3 4?1 ? 991 4 9?9 ?,4.S8 1,004 9 916 9 86<) 8,595 9 S67 1 796 4 .30.3 1,274 47 1952 1">867 14 809 1? 188 3 67S 3 01? 5 S01 ? 691 1 058 11 370 11 3?7 9,883 3,168 ? ?37 4 477 1,444 53 1953 16,850 15 7^R 12,925 3 Q1? 3 061 5 951 2 843 1,082 12 943 12,890 11 .334 3,489 3 0S3 4 799 1,556 53 1954 18, sss 17,307 14, 137 4 104 3 348 6 r>8s 3,260 1, 1=?81S,007 14 QS1 13,211 3,800 4 *W s 140 1,740 56 1953—june 16,387 1«>,981 1?, S4S 3 798 3 on S 734 ?,738 1 104 1?• 11?19 06? 10,574 3 3?S ? S90 4 6S8 1,488 50 September 16,640 15,550 12,770 3 860 3 040 5,870 2,780 1,090 12, 500 12,450 10,930 3,405 2,785 4,740 1,520 50 December 16,850 15,768 12,925 3 912 3 061 5,951 2,843 1,082 12,943 12,890 11,334 3,489 3,053 4,792 1,556 53 1954—Mnrrh 16,970 15,870 12,965 3 920 3 075 5 970 2,905 1,100 13,345 13,292 11,700 3,560 3 295 4 845 1,592 53 June 17 366 16 ??7 n ??n 3 960 3 116 6 144 3 007 1 no13 881 M 8?6 12,181 3 fSSO 3 S7Q 4 94? 1,645 55 September 17,920 16,770 13,655 4 020 3 235 6 400 3,U5 1,150 14,415 14,360 12,665 3, 725 3 900 5 040 1 ,695 55 December 18, 55517,397 14,137 4 104 3 348 6 685 3,260 1,158 15,007 14,951 13,211 3,800 4 262 5 149 1,740 56 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 Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies, Comptroller of the Currency, and Federal Reserve. MAY 1955 539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Year or month Nonfarm Nonfarm Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm 1940 5,972 5,073 668 899 1941 6,442 5,529 815 913 1942 898 6,726 5,830 1,096 896 1943 855 6,714 5,873 1,286 841 1944 935 6,686 5,886 1,408 800 1945 976 6,636 5,860 1,394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4,876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3.123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5.681 3,347 10,518 1,705 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 1954—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 1,997 464 435 53 133 249 29 24,795 22,786 6,100 4,048 12,638 2,009 September 484 459 53 156 250 25 25,035 23,019 6,098 4,187 12,734 2,016 October. . 471 446 56 148 242 25 25,260 23,235 6,103 4,302 12,830 2,025 November 571 538 80 183 275 33 25,574 23,540 6,133 4,451 12,956 2,034 December 631 588 62 208 318 43 25,927 23,881 6,122 4,636 13,123 2,046 1955—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 March 563 493 77 154 262 70 26,727 24,629 6,166 4,982 13,481 2,098 NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average T m ea o r n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t u s h e r e s - r l Total' F su H in r A e - d - a g n V u t A a e r e - - d t C i v o o e n n n a - - l' m T o o e n r a t r h N b u e m r - Total i a n S l s o g a a a s n v n s - & . p I c a n a o n s n m u c i e e r - s - b C m c a o i n e a m r k l - - s M b s i u a n a n t g v u k s - a s l Other a co m l ( a d r r r e o d o s - u e l ) - d nt 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 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 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,345 1948 2,535 11,882 3,629 1,016 2,664 745 3,823 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,3131949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2.955 1,557 18,336 904 3,385 14,0471952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5.950 1953 7,767 2,475 3,488 1,804 21,882 1,044 3,961 16,8771953 3,164 19,747 7,365 1,480 3.680 1,327 5,895 6,241 1954 8,969 3,076 3,846 2,047 26,142 1,171 4,714 20,2571954 3,458 22,974 8,312 1,768 4,239 1,501 7,154 6,644 1954-fMcar... 710 246 288 176 22,722 1,083 4,111 17,528 1954-Mar... 281 1,784 666 124 335 103 556 6,339 732 257 298 177 280 1,793 669 130 333 112 550 6,411 728 254 301 173 MPay.'.! 278 1,805 675 124 330 118 558 6,484 J J D A S O N u u e u e o c n p l c t v g e y t . . . . . . . . . . . . . . . . . . . . . 8 8 8 8 8 8 8 0 4 2 2 5 0 1 7 1 8 4 3 2 0 2 2 2 2 2 2 2 8 9 7 8 8 8 8 3 5 8 2 9 1 3 3 3 3 3 3 3 3 6 5 6 6 7 4 4 9 7 4 9 2 9 1 1 1 1 1 1 1 1 7 8 8 8 7 7 7 3 0 9 5 7 2 7 2 2 2 6 5 3 , , ,8 1 0 4 4 5 7 2 3 1 1 1 , , , 1 1 1 7 5 02 1 0 4 4 4 , , , 7 2 5 7 1 0 7 4 3 2 1 1 0 8 9 , , , 4 2 4 6 0 5 8 0 7 J S O N J A D u u e o c u e l p n v t y c g t e . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 3 3 1 1 1 0 1 0 0 4 8 3 6 2 3 7 2 2 2 2 2 2 1 , , , , , , , 0 1 0 1 1 2 9 2 4 5 2 8 9 6 7 8 6 2 6 0 7 7 7 7 7 7 7 7 6 4 7 3 5 6 8 6 1 0 4 7 5 4 1 1 1 1 1 1 1 4 5 6 7 6 7 9 6 5 6 8 4 7 1 3 3 3 3 3 3 4 7 9 6 6 8 9 2 1 9 8 9 3 3 0 1 1 1 1 1 1 1 3 4 3 4 4 4 5 3 1 8 0 1 7 8 6 6 6 6 6 6 7 2 0 6 6 7 4 1 6 2 8 7 9 3 4 6 6 6 6 6 7 7 , , , , , , . 6 6 5 7 1 8 0 2 8 7 3 7 8 0 5 4 3 1 4 9 4 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 Mar... 1,026 386 427 212 27,313 1,232 4,946 21,135 Mar... 343 2,455 928 174 458 134 761 7,153 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. 540 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans8 Home Home Governmentm Y o o e n r a t r h Total Total e p N r r m t e o i w o p e r s - tga i e p s g E r r t e t o i x i n s p e - g s - g m P t e a o r y c g r o t p e j t - e s - - 1 p l P m e r o i r e r o a m o t n v n p - y t e s - - 3 Total e p N r r m t o e i w e o p s r - tga i p e s g E r r t e t o i x i n s e p - g s - r A a e a t p l n i t a o e d i n r r - 2 q y E u e n a a d r r t o e o f r r Total Tota u l nde F r H i w n A - ri - tten g V u A ar - - t C v io e o n n n a - - l sured anteed 1940 991 991 588 175 13 216 1941 1,152 1,152 728 183 14 228 1940. 17.3 2.3 2.3 15.0 1942 121 121 766 208 21 126 1941. 18.4 3.0 3.0 15.4 1943 934 934 553 210 85 86 1942. 18.2 3.7 3.7 14.5 1944 877 877 484 224 56 114 1943. 17.8 4.1 4.1 13.7 1945 857 665 257 217 20 171 192 1944. 17.9 4.2 4.2 13.7 1946 3,058 756 120 302 13 321 2,302 1945. 18.5 4.3 4.1 .2 14.2 1947 5,074 1,788 477 418 360 534 3,286 1946. 23.1 6.1 3.7 2.4 17.0 1948 5,222 3,341 ,434 684 609 614 1,881 1947. 28.2 9.3 3.8 5.5 18.9 1949 5,250 3,826 ,319 892 ,021 594 1,424 793 629 3 1948. 33.3 12.5 5.3 7.2 20.8 1950 7,416 4,343 ,637 856 ,157 694 3,073 1,865 1,202 5 1949. 37.5 15.0 6.9 8.1 22.5 1951 6,834 3,220 ,216 713 582 708 3,614 2,667 942 6 1950. 45.1 18.9 8.6 10.3 26.2 1952 5,830 3,113 969 974 322 848 2,721 1.824 890 6 1951. 51.9 22.9 9.7 13.2 29.0 1953 6.946 3,882 ,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 ,035 907 232 891 4.257 2,686 1,566 5 1953. 66.3 28.1 12.0 16.1 38.2 1954—Apr 493 245 83 70 17 76 248 163 85 .8 1954. 75.9 32.1 12.8 19.3 43.8 May ... 512 243 74 72 25 71 269 171 98 .3 June... 579 270 86 79 24 82 309 200 109 .3 1952—Mar. 53.3 23.5 9.9 13.6 29.8 July.... 531 238 75 79 14 70 293 178 115 .3 June. 55.1 24.0 10.1 13.9 31.1 Aug.. . . 680 262 72 79 40 71 418 251 167 .2 Sept. 57.0 24.7 10.4 14.3 32.3 Sept... 679 269 77 59 33 101 410 252 157 .5 Dec. 58.7 25.4 10.8 14.6 33.3 Oct 770 252 80 74 9 89 518 307 211 .4 Nov.... 760 266 91 92 7 76 494 304 189 .5 1953—Mar.. 60.4 26.1 11.1 15.0 34.3 Dec... 843 287 92 109 23 63 556 337 219 .4 June. 62.5 26.7 11.4 15.3 35.8 Sept.. 64.6 27.5 11.7 15.8 37.1 1955—Tan 931 309 107 145 5 52 622 390 231 1.2 Dec. 66.3 28.1 12.0 16.1 38.2 Feb 840 274 89 138 12 36 567 357 209 .7 Apr.... 856 324 109 160 9 46 532 345 186 .6 1954—Mar.. 67.8 28.8 12.2 16.6 39.0 June. 70.0 29.7 12.4 17.3 40.3 Sept.. 72.8 30.5 12.6 17.9 42.1 1 Monthly figures do not reflect mortgage amendments included in annual totals. Dec. 75.9 32.1 12.8 19.3 43.8 2FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those for more than that amount must be. NOTE.—For total debt outstanding, figures for 3Prior to 1949, data are not available for classifications shown. f F ir o s r t c t o h n r v e e e n t q i u on ar a t l e , r f s i g a u r r e e s F a e r d e e r d a e l r i R ve e d se . rve estimates. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repay- Sources.—Home Loan Bank Board, Federal Housments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by ing Administration, Veterans Administration, and type are derived from data on number and average amount of loans closed. Federal Reserve. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL< MORTGAGE ASSOCIATION ACTIVITY i 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 i z n t t n e m h t d e d - o s - d r- b m C m u d u e o r i n i s n m s t - - e - ts 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 s A e a e r - - d ( c p M d p h e g u r a u o a r i s r g r o i e - t n e d - s g ) ( p d M s g e u a a r o r l g i r e i o n e s t 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 3 - 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 5 5 5 5 5 8 9 4 3 1 2 0 1.0 6 5 8 9 5 0 8 6 2 4 1 5 5 ) 1 8 8 8 0 2 8 4 3 4 2 6 2 8 2 2 7 3 3 7 5 4 3 6 8 9 2 1 2 2 1 , , , , , 3 8 2 4 4 8 1 4 5 4 6 3 2 9 7 0 2 2 4 8 9 4 3 2 6 8 1 1 0 2 2 0 0 8 6 3 1 0 4 2 8 9 1 1 1 1 1 . . , , , 1 9 8 6 6 4 4 2 7 4 3 2 1 1 2 8 6 2 5 1 1,0 6 6 5 6 1 5 4 7 7 4 9 1 3 4 2 7 2 8 4 8 4 5 2 1 6 2 2 2 1 5 9 1 5 0 1 6 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 5 4 5 5 5 6 7 8 1 9 2 0 2 3 3 3 2 6 4 5 7 2 5 5 6 7 2 8 8 9 1 6 0 5 3 6 2 2 2 2 3 2 4 5 1 3 0 3 9 3 8 2 3 1 9 7 2 3 0 8 2 4 4 5 8 8 8 1 9 3 3 1 9 1 0 6 3 6 3 5 5 6 6 4 2 2 5 2 5 5 1 1 5 1 4 3 7 6 0 8 7 8 7 1 6 5 8 4 2 2 2 2 2 2 1 1 0 6 5 9 9 1 0 7 2 9 8 8 9 9 9 1954—A M p a r y il 5 5 6 3 0 9 8 79 1 1 2 2 2 , , 2 29 9 9 9 6 6 6 8 7 0 1 1 , ,6 6 3 1 2 9 3 5 8 0 1 3 0 0 8 1 1 9 9 5 5 4 3 7 7 2 3 8 4 8 6 1 4 8 0 8 9 6 5 7 2 6 6 1 3 2 4 3 25 1 5 7 D J J O A S N u u e e u c o n l p c t g y v o e e t u e m b e s m e m t b r b e b r e e r r . .. . . . 6 5 5 6 5 0 C 3 7 4 9 7 ) 1 8 0 4 0 1) 4 6 5 6 7 7 7 7 4 0 3 5 0 7 6 7 3 7 4 0 9 2 2 2 2 2 2 2 , , , , , , , 3 3 3 3 3 4 3 0 7 6 9 6 3 5 1 1 2 6 8 4 5 8 7 7 7 7 7 7 0 4 5 7 2 3 0 2 5 2 3 4 3 0 1 1 1 1 1 1 1 , , . , , , , 6 6 6 6 6 6 6 0 2 1 3 4 1 2 1 2 6 2 7 8 3 1 3 3 5 3 6 5 2 9 3 0 8 4 0 0 3 3 2 3 1 1 1 7 9 3 7 5 1 9 1954— S O A J A J M u e u p u c p a l n r g t y t y e i o u e l b m st e b r e . r .. . 1 3 6 2 5 5 6 0 5 3 8 3 9 9 6 3 4 5 3 3 3 9 8 5 1 9 1 3 8 6 6 6 6 6 6 7 7 5 8 1 0 0 3 5 9 9 3 8 8 0 4 4 3 3 4 4 4 7 2 7 8 0 2 5 1 2 7 2 6 8 2 2 2 2 2 2 2 2 3 3 2 4 3 3 3 1 7 3 7 6 6 1 November. 74 38 743 495 248 1955—January 0) 418 2,462 817 1,645 48 10 December. 171 47 867 612 255 February.... 0) 359 2,488 832 1,656 48 8 March 0) '287 2,512 839 1,673 54 18 1955—January... 38 188 717 491 226 February.. 34 63 688 466 223 March.... 71 58 702 464 238 J " N C o o r a re u c t t h e o d r . ization figures shown after October since under its new charter, April 85 33 754 497 257 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. MAY 1955 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY, MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar Total Total Au p t a o p m e o r b i ile co p O g n a o s t p o u h e d m e r r s 1 er e a r n R l n d o i e a z p m n a a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 ,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 ,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 ,322 3,087 845 1,645 597 1945 . . . 5,665 2,462 455 816 182 ,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1L.496 4,212 1,122 2,076 ,014 1947 11,570 6,695 1,924 2,143 718 1.910 4,875 1,356 2,353 ,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 ,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 ,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 ,496 1951 21,468 14,837 6,242 4,270 1.090 3,235 6,631 1,934 3,096 ,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 ,707 1953 29,537 22,187 10,341 5,831 11,649 4,366 7,350 2,219 3,411 ,720 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 ,720 1954—March 27,833 21,381 9.919 5,443 1,614 4,405 6,452 2,150 2,564 ,738 April 28,095 21,426 9,942 5,413 1,617 4,454 6,669 2,181 2,723 ,765 May 28,372 21,487 10,002 5,370 1,634 4,481 6,885 2,313 2,786 ,786 June 28,666 21,717 10,168 5,367 1,635 4,547 6,949 2,334 2,819 1,796 July . . . 28,725 21,849 10,298 5,328 ,637 4,586 6,876 2,303 2,773 1,800 August 28,736 21,901 10,349 5,294 1,642 4,616 6,835 2,312 2,734 1,789 September 28,856 21,935 10,365 5,287 1,642 4,641 6,921 2,335 2,807 1,779 October. ... 28,975 21,952 10,340 5,324 1,637 4,651 7,023 2,377 2,892 1,754 November 29,209 22,014 10,296 5,398 1,631 4,689 7,195 2,407 3,042 1,746 December 30,125 22,467 10,396 5,668 .filfi 4,787 7,658 2,420 3,518 .720 1955—January 29,760 22,436 10,459 5,609 1,574 4,794 7,324 2,371 3,225 1,728 February 29,518 22,508 10,641 5,484 1,550 4,833 7,010 2,427 2,831 1,752 March 29,948 22,974 11,053 5,479 1,530 4,912 6,974 2,481 2,735 1,758 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i t l t - Total m b C e a o r n m c k ia - s l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a n e r t s t 1 - F s t t u u o r r r n e e i s - H s a a h t p o o n o u p r c l s l d e e i e s - - d m A ea o u l b t e o i r l - e s2 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 I,lt7 866 244 308 739 1953 22,187 18,758 8,998 6,147 1,124 2,489 3,429 1,040 903 291 380 815 1954 . . 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 1954—March 21,381 18,192 8,714 5,892 1,136 2,450 3,189 1,031 829 276 366 687 April 21,426 18,245 8,722 5,901 1,157 2,465 3,181 1,032 823 274 368 684 ^lay . . . 21,487 18,325 8,729 5,944 1,175 2,477 3,162 L,O27 821 271 371 672 June 21,717 18,538 8,783 6,060 1,207 2,488 3,179 11,037 820 273 379 670 July 21,849 18,671 8,763 6,189 1,228 2,491 3,178 1,032 818 277 386 665 August 21,901 18,731 8,731 6,256 1,250 2,494 3,170 1,032 821 276 389 652 September 21,935 18,753 8,688 6,294 1,267 2,504 3,182 1,041 822 278 390 651 October 21,952 18,726 8,637 6,315 1,270 2,504 3,226 11,063 830 282 390 661 November 22,014 18.719 8,586 6,325 1,282 2,526 3,295 noa 846 283 390 678 December 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 1955—Tanuary 22,436 18,977 8,651 6,462 1,282 2,582 3,459 1,158 862 291 397 751 February . . . 22,508 19,153 8,688 6,570 1,298 2,597 3,355 1,108 848 286 404 709 IVIcircli 22,974 19,613 8,844 6,808 1,330 2,631 3,361 1,123 838 280 420 700 1 Includes mail-order houses. 2 Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 542 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m o o f n y t e h ar i c T m n n r o s o e e t t d n n a a - i t l l t - C m ( i o n s e m i s n n t - g t i t l u e l t - o i p a o a n n y s s - ) D a e c ( - o c c u h o t a u le r n g t t s e s) S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r 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 c u o a t o m p o h n d e e e - r r s r e R l m r t o a e n i a o n o p iz n d d n a a s - ir - s l P o o a e n n r a - s l m ci e a r l - Other m pa e r n t- t Other banks stores1 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1939 2,719 625 162 236 1,178 518 1941 1,726 447 338 309 161 471 1 19 9 4 4 1 0 2 3, , 0 8 8 2 7 4 6 6 3 9 6 3 . 7 1 . 5 6 2 4 2 2 5 7 1 5 1 1 , , 2 3 2 7 0 0 5 5 9 5 7 3 1 1 9 9 4 4 5 6 1, 7 5 4 6 5 7 1 6 6 6 9 3 1 1 4 1 3 2 1 9 1 9 4 2 1 4 1 2 0 3 5 1 4 2 6 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 4 4 4 4 5 5 4 2 7 5 6 9 1 0 8 . . 3 4 4 5 5 6 6 7 , , , , , , , , 2 2 8 4 6 3 5 1 1 0 4 7 3 2 8 4 2 3 3 5 1 3 8 3 , s , , , , . 2 0 2 6 3 8 5 6 0 6 0 8 3 4 7 7 3 1 8 4 4 4 6 4 2 2 2 1 1 1 1 5 4 5 7 1 5 8 9 0 5 0 2 4 3 4 8 2 4 5 6 6 5 5 7 5 7 3 9 4 8 3 3 2 S 2 0 1 5 4 0 2 2 2 2 2 1 1 1 , , , , , . V , 3 6 0 3 4 6 1 8 2 2 1 9 6 1 3 2 2 4 2 6 5 1 8 ! , . , , , , 6 2 4 3 0 « 1 7 S 0 8 9 7 1 6 4 0 . 1 5 6 6 4 . 6 7 S 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 5 5 4 4 5 5 5 8 1 2 7 9 4 3 0 3 2 4 5 5 7 8 8 , , , . , , , , 5 7 6 4 7 6 5 9 7 2 2 3 9 3 2 9 1 9 5 9 8 3 4 8 2 2 1 1 1 . , . . , 1 6 1 2 1 3 5 S 7 3 3 1 9 5 7 4 7 5 3 5 8 2 5 9 , . , , , 2 6 8 6 9 3 5 7 9 2 6 4 4 3 5 1 4 9 7 6 ! 5 9 3 , . . , , , 0 7 4 3 8 0 5 7 1 5 5 1 3 5 7 9 6 1 6 5 9 0 8 4 1 1 1 , , , 1 2 3 3 4 8 5 7 3 7 1 3 3 8 6 1 7 5 7 8 4 7 $ 5 1 1 i 1 1 , , . , , 3 0 5 6 1 8 9 7 7 3 2 7 2 4 3 1 7 1 6 4 7 2 9 3 1 1 9 9 5 5 3 4 7 7 , , 3 6 5 5 0 8 > , , 0 8 8 9 5 9 3 33 2 5 0 7 7 4 6 8 4 2 2 , , 6 7 6 5 3 4 L , .7 7 2 2 O 0 1954— A M p a r r il ch. . . 8 8 , , 7 7 1 2 4 2 2 2 , . 1 1 6 8 4 0 , .7 7 4 5 5 5 , , 9 9 3 5 9 5 1 1 , , 2 2 7 8 9 1 1 1 , , 5 5 6 7 1 7 1954 -M S O A J J A M u u e a o c u a l n p r r t y g y e t o i c l e u h b m s e t r b . . . e . r .. . . 6 6 6 6 6 6 6 7 , , , , , , , , 4 9 8 6 8 9 8 0 5 4 8 6 3 2 7 2 2 9 5 9 5 1 6 3 1 1 L 1 , , , , , , . 9 9 8 0 9 9 8 , 7 8 9 6 4 1 9 8 7 9 7 8 5 8 7 3 5 3 3 3 2 3 3 3 3 0 9 5 1 1 9 3 2 5 5 7 0 4 8 8 7 4 4 4 5 4 4 4 5 0 8 4 9 9 1 4 8 2 3 6 9 7 7 8 8 2 2 2 2 2 2 2 2 , , , , , , , , 0 2 3 2 3 3 3 2 8 2 8 2 2 7 1 8 1 2 7 1 5 5 9 8 1 L 1 L L 1, , , , , . . , 7 7 7 7 7 8 7 7 5 3 9 8 7 0 8 6 4 8 6 6 9 0 9 5 J O J A S M N D u u e c o u e a l n p y t c v g y t e o e e e u b m m m s e t b b b r . . e e e . . r r . r 8 8 8 8 8 8 8 8 , . . , , . , , 7 6 7 7 6 7 5 6 3 8 6 3 2 3 8 8 1 3 3 3 9 7 6 8 2 2 2 2 2 2 2 2 , , , , , , , , 1 2 2 2 2 1 1 2 9 3 0 8 9 4 3 2 5 7 7 8 8 0 0 4 .1 , , , , , , . 7 7 7 6 6 6 6 7 0 2 2 8 3 4 6 3 7 9 0 6 6 5 3 5 , , , , , , , , 9 9 8 8 8 8 8 8 2 2 5 1 8 2 3 3 5 2 7 3 0 2 5 9 1 1 1 1 1 1 1 1 . , , , , , , 2 2 2 2 2 2 2 ,2 9 9 9 9 9 8 9 7 6 3 3 7 9 7 9 5 1. , , , , , , , 5 6 6 6 6 6 6 6 8 4 5 4 7 1 2 3 1 9 3 4 6 1 6 8 N D o ec v e e m m b b e e r r . . 7 7 , , 1 6 9 5 5 8 1 2 , , 0 0 4 8 9 5 3 3 5 3 8 5 . 7 1 6 7 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 r r y y .. . 8 8 , ,6 6 5 8 1 8 2 2, , 2 2 4 0 1 8 1 1 , , 6 6 5 8 6 0 1 1 . , 8 8 4 5 5 9 1 1 , , 2 2 4 1 1 9 , , 6 7 8 0 7 3 1955—January.. . 7.324 >,048 323 623 2,602 ,728 March. . . 8,844 2 ,309 1 .751 1,846 1,201 1,737 February. . 7.010 >,085 342 535 2,296 1,752 March 6.974 2.114 367 507 2.228 1,758 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] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i t l l t - m A pa o u p b t e o il r - e s O g p c u o a t o m o p h n d e e e - r s r r m i R z lo o a e a a n d p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m o o f 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 O g p c u o a t o m o p h n d e e e - r s r r m i R z lo o a e a a n d p ti n d e a o s r i n r n- s l P o o e a n r n a - s l 1939 789 81 24 15 669 2 940 891 102 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 85S 194S 300 164 24 58 54 1947 1,275 130 69 39 1,037 1946 677 377 67 141 92 194S 1,573 189 99 59 1,226 1947 1.355 802 18S 242 126 1949 1,858 240 137 89 1,392 1948 1 990 1,378 232 216 164 19 SO 2,237 330 182 115 1,610 1949 2 950 2,425 303 83 139 1951 2,537 358 209 132 1,838 1950 . . 3 .785 3,257 313 57 158 1952 3,053 457 279 187 2,130 1951 3 769 3,183 241 70 275 1953 3,613 573 337 249 2,454 1952 i 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—March 3,586 555 325 251 2,455 April 3,622 560 325 252 2,485 1954—March 5,892 5.079 340 84 389 May 3,652 565 323 258 2,506 April 5,901 5,089 336 84 392 June 3,695 574 323 259 2.539 May. . 5,944 5,136 331 83 394 July 3,719 581 321 258 2,559 June . 6,060 5,249 331 83 397 August 3,744 587 321 261 2,575 July. . . 6.189 5,371 335 82 401 September 3,771 591 324 262 2,594 August 6,256 5,436 335 82 403 October 3,774 589 329 260 2,596 September. . . 6.294 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 March 3,961 628 344 253 2,736 February.... 6,570 5,709 349 78 434 March 6,808 5,945 348 76 439 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. MAY 1955 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Automobile Other consumer Repair and Personal Total paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 . 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953 30,321 26,818 13,621 11,379 8,014 7,511 1,387 1.144 7,299 6,784 1954 29,304 29,024 12,532 12,477 7,700 7,863 1,245 1,278 7,827 7,406 WITHOUT SEASONAL ADJUSTMENT 1954—March 2,380 2,581 J .020 1.111 574 719 104 113 682 638 April ... . . 2,400 2,355 1,038 1,015 615 645 105 102 642 593 jVIay 2,397 2,336 1,047 987 607 650 121 104 622 595 Tune 2,703 2,473 1,244 1,078 659 662 109 108 691 625 Tuly 2,549 2,417 1,163 1,033 622 661 107 105 657 618 August . 2,477 2,425 1,114 L ,063 607 641 112 107 644 614 September 2,441 2,407 1,062 1.046 629 636 115 115 635 610 October 2,454 2,437 1,031 1,056 687 650 106 111 630 620 November 2,554 2,492 L.040 1,084 716 642 108 114 690 652 December 3,046 2,593 L ,184 1,084 936 666 95 110 831 733 1955—Tanuary 2,389 2,420 L.060 997 616 675 67 109 646 639 February.. . . 2,416 2,344 L.167 985 529 654 72 96 648 609 March 3,159 2,693 1 .569 1,157 708 713 99 119 783 704 SEASONALLY ADJUSTED* i 954— 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 IVIav 2,321 2,392 984 1,010 604 658 115 115 618 609 Tune .... 2,495 2,413 1,114 1,056 649 658 95 108 637 591 Tuly 2,455 2,364 1,060 1,006 666 667 98 100 631 591 AugUvSt .. 2,409 2,480 1,035 1,067 6i3 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 ,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—January.. 2,823 2,496 1,233 1,020 788 684 87 104 715 688 February 2,898 2,521 1,382 1,071 660 680 97 97 759 673 March. 3,035 2,562 1,472 1,096 741 683 109 116 713 667 * 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 arid credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Item M 1 P 9 e a 5 fr r r 5 o . c m en m t F 1 a p o 9 e g r n b 5 e e . t 5 c h e c d h i a n 1 T n g 9 a g 5 n e 5 . M m f 1 P r 9 o o e a 5 m r r n 5 c . t e h c n o o t F y 1 a r f 9 e e r g e 5 b a p e s . r 5 r p e c o c h n e a 1 d d T n 9 i i a g n n 5 n e g g 5 . Year or month D s m e to p e I r a n n e r t s s t- talm F s e t t u n u o r t r r n e e i a s - cco h u p H s o n l t l o i t o d a s u r n s a e c e s p e - - a D C c s m e t c h o p o e a r a u n r e r g n t s t e t - s Net sales: 1954—March.... 15 13 10 48 Total + 15 -1 -39 +9 +2 + 10 April 14 12 9 45 Cash sales +9 o -41 +8 i + 13 May 14 12 10 46 Credit sales: June 14 12 10 47 Instalment + 16 + 1 -41 + 10 +4 + 10 July 14 12 10 45 Charge account +8 +2 -27 + 12 +8 + 14 August. . . 13 12 10 45 September 13 12 10 46 Accounts receivable, end October. . 14 12 10 47 of month: November ]3 12 10 48 Total ... 2 -2 -5 +4 +3 +2 December. 14 12 9 46 Instalment -1 _2 -3 + 1 0 Charge accounts -4 -3 Q + 12 + 14 +9 1955—January.. 14 12 9 44 February. 14 11 9 43 Inventories, end of March.... 15 13 9 48 month, at retail value. +7 +5 -2 -3 -6 -4 1 Collections during month as percentage of accounts outstanding at beginning of month. 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction In ( d p u h 1 s y 9 t s r 4 i i c 7 a a - l l 4 p 9 v r o = o l d u 1 u 0 m c 0 e ti ) o * n aw 1 a 9 rd 4 c e o 7 d n -4 tr 9 ( a = v c 1 a ts 0 lu 0 e)1 Employ 1 m 94 e 7 n - t 4 a 9 n = d 1 0 p 0 ayrolls2 Depart- Whole- Freight ment Con- sale carload- store sumer com- Non- Manufacturing ings* sales* prices 2 modity Year Manufactures agri- production workers 1947-49 (retail 1947-49 pnces a or month Min- Resi- All cul- = 100 value) 3 = 100 194 7-49 Total erals Total den- other tural 1947-49 100 Total r D ab u l - e N r d a o b u n l - e - tial p m e l m o en y - t - Em m p e l n o t y- P ro a l y ls - = 100 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61 .4 68.7 31 1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62.0 69.0 37 1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52 8 24 0 83 30 /6 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 3? 6 107 34 /2 9 1924 44 43 43 42 57 51 57 46 63.5 62 1 30 4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32 1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67.6 65 5 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928 53 52 53 51 63 73 76 70 68.0 64 2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68 3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66.7 59 5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.4 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.5 42.6 14 8 59 24 58 4 42 1 1933 . . . 37 36 24 48 48 14 7 18 53.7 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 . . 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.9 63.9 27.2 81 33 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.3 70.1 32 6 84 35 61 4 56 1 t938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29 9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73 3 71 2 34 o 83 37 59 9 ^1 1 1941 . ... 87 88 91 84 81 66 54 74 '82.8 87.9 49 3 98 44 62 9 1942 106 110 126 93 84 89 49 116 r90 9 103.9 72.2 104 50 69.7 64.2 1943 127 133 162 103 87 37 24 45 r96.3 121.4 99 0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 »-95.0 118.1 102.8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 r91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 r94.4 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 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 97 97 95 99 94 113 116 111 r99 0 93.8 97.2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114.8 1952 . ... 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113 5 111 6 19 53 P134 P136 Pi 53 P116 192 178 201 113 6 111.8 151.4 96 112 114.4 110.1 1954 P125 P127 P116 Pill 216 232 204 110 4 101 8 137 7 86 111 114 8 110 3 1953 November.. 129 130 131 146 115 111 224 176 255 113.0 108.4 109.1 147.6 92 113 115.0 109.8 December. 126 124 127 142 112 113 208 177 229 112.2 1.06.8 107.3 146.7 88 112 114.9 110.1 1954 January 125 124 127 141 113 113 195 185 202 111.5 105.2 104.8 140.4 90 107 115.2 MO.9 February.. . 125 126 126 139 114 113 196 201 192 111.1 104.2 104.0 140.0 88 109 115.0 110.5 March 123 126 125 135 114 112 191 205 182 110.8 103.4 103.2 1.3 7.9 85 105 114.8 110.5 April 123 124 125 134 115 109 196 213 184 110.3 102.4 101 .4 134.5 84 111 114.6 111 0 May 125 124 126 136 117 111 193 216 178 110.2 101.8 100.2 134.6 84 108 115.0 110.9 124 124 125 135 116 11- 207 227 193 110.1 101 .4 100.5 135.8 84 112 115.1 110.0 July 123 116 124 134 114 112 206 233 188 109.8 r99. 7 ^98.5 131.9 82 111 115.2 110.4 August 123 123 125 135 114 109 218 244 202 109.8 '99'. 4 100.4 134.8 84 112 115.0 110.5 September.. 124 126 126 137 115 108 231 253 217 109.8 '99.8 101 .7 138.0 84 108 114.7 110.0 October 126 130 128 139 117 109 241 263 226 110.0 100.6 102.0 139.1 87 113 114.5 109.7 November.. 128 130 130 142 118 113 255 264 250 110.6 101 .6 102.3 142.2 89 114 114.6 110.0 December.., 130 128 131 143 119 116 259 277 248 110.6 101.7 102.2 143.1 93 117 114.3 109.5 1955 January 132 131 133 145 121 120 261 288 243 110.6 101.8 101.2 141 .5 92 118 114.3 110.1 February.. . 133 135 134 147 121 123 261 297 238 110.7 102.5 102.3 144.4 92 112 114.3 110.4 March 135 137 136 148 123 122 260 29.1 239 111. 5 103.6 103.4 147.0 93 P113 114.3 110.0 April Pi 36 P137 P137 P151 P121 "104.5 Pi 03.6 146.3 93 •119 110.5 •Estimated. pPreliminary. rRevised. *Average per working day. 1 Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 553. 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 figures on employment and payrolls incorporate revisions to first-quarter 1954 bench-mark levels. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights; prior to January .1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100. 3For indexes by Federal Reserve districts and for other department store data, see pp. 555-559. Back figure* in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. MAY 1955 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1954 1955 pro- Industry portion 953 954P Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. SEASONALLY ADJUSTED Industrial Production—Total. 00.09 134 125 123 123 125 124 123 123 124 126 128 130 132 133 135 Manufactures—Total 90.02 136 127 125 125 326 125 124 125 126 128 130 131 133 134 136 Durable Manufactures—Total 4S.17 153 137 135 134 136 135 134 135 137 139 142 14' 145 147 148 Primary metals 6.70 132 108 103 103 106 108 103 105 105 111 118 121 127 131 135 Metal fabricating 28 52 167 150 147 147 148 147 147 148 149 150 152 154 •755 157 75* Fabricated metal products 5 73 136 123 120 119 121 122 122 124 122 124 125 125 125 126 128 Machinery 13 68 160 142 138 138 138 139 141 144 147 147 148 145 145 146 146 Nonelectrical machinery 9 04 143 125 125 125 124 124 125 125 125 123 122 120 124 125 126 Electrical machinery . 4.64 194 177 163 163 163 170 173 181 189 194 198 193 187 187 185 Transportation equipment 7..54 189 175 173 174 178 170 170 166 167 169 175 187 1.91 •193 196 Instruments and related products. . 1.29 155 140 144 139 138 135 136 135 137 137 138 140 140 142 144 Clay, glass, and lumber products 5 91 125 123 123 121 125 118 113 114 124 130 130 133 133 •133 7.?-* Stone, clay, and glass products.... 2 82 133 131 130 128 130 129 131 132 134 132 136 135 136 •138 141 Lumber and products 3.09 118 115 116 114 120 108 96 97 116 128 124 131 129 127 127 Furniture and misc. manufactures. . . . 4 04 131 121 119 117 118 120 120 1Z3 123 123 123 122 122 72.? 126 Furniture and fixtures." 1 64 117 106 104 103 102 104 106 109 109 110 108 108 109 •109 111 Miscellaneous manufactures....... 2 40 140 131 130 127 128 131 130 133 132 132 132 131 132 133 136 Nondurable Manufactures—Total 44.85 118 116 114 115 117 116 114 114 175 117 118 119 727 721 123 Textiles and apparel 11 87 107 100 99 101 101 99 98 99 98 102 103 104 106 105 109 Textile mill products 6 32 104 95 91 94 95 93 95 94 95 101 101 101 103 103 104 Apparel and allied products 5 55 110 105 108 109 107 106 102 103 101 103 105 107 108 106 115 Rubber and leather products 3 20 113 104 103 103 106 107 99 97 103 108 108 115 -123 '120 722 Rubber products 1 47 128 115 113 113 119 120 97 98 117 125 122 133 -143 "138 140 Leather and products 1 73 99 95 93 94 94 95 100 96 91 94 96 100 105 104 106 Paper and printing 8 93 125 125 124 125 126 126 126 126 127 127 127 127 129 '130 132 Paper and allied products 3 46 132 134 131 133 137 136 133 135 137 138 137 136 140 143 Printing and publishing 5.47 121 120 119 120 120 121 121 121 121 121 120 121 122 -122 "\U Chemical and petroleum products 9 34 142 142 139 140 142 142 141 141 144 143 145 148 148 75/ 153 Chemicals and allied products..... 6 84 147 148 146 146 148 148 148 149 150 150 152 155 .154 '157 160 Petroleum and coal products 2 50 130 125 122 124 125 124 122 121 125 124 127 129 131 134 Foods, beverages, and tobacco 11 51 107 106 106 106 110 108 105 105 105 105 106 106 107 106 108 Food and beverage manufactures. . . 10 73 107 106 106 107 110 108 105 105 105 105 106 106 107 106 108 Tobacco manufactures 78 108 120 103 103 108 107 101 99 102 102 100 101 107 106 Minerals—Total 9 98 116 111 112 109 111 114 112 109 108 109 113 116 120 123 122 Mineral fuels 8 35 115 113 112 111 112 115 112 110 169 110 775 117 120 '124 122 Coal 2 68 78 67 62 58 65 69 70 68 67 70 69 13 74 79 72 Anthracite 36 57 52 52 46 44 48 56 50 49 43 51 66 55 61 45 Bituminous coal 2.32 81 70 63 60 68 72 72 71 70 74 72 74 77 82 76 Crude oil and natural gas 5.67 133 134 137 137 134 136 133 130 129 130 136 138 142 145 P\ 46 Metal, stone, and earth minerals / 63 119 106 110 99 106 110 108 102 102 101 105 115 77* •77* 72J Metal mining 87 113 90 96 78 91 99 91 83 82 81 86 103 <•! 10 113 '113 Stone and earth minerals 83 124 123 124 120 121 122 125 121 121 121 125 127 126 '124 133 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL IOCS 0© 134 125 126 124 124 124 116 123 126 130 130 128 131 135 137 MANUFACTURES—TOTAL 90 02 127 128 125 125 125 116 125 127 132 132 129 133 136 140 Durable Manufactures—Total 45 17 153 137 140 137 136 135 125 132 135 140 143 143 147 151 154 Primary metals 6 70 132 108 108 107 108 109 94 100 103 112 118 117 129 136 142 Ferrous metals 5 03 133 105 104 102 104 105 91 95 98 107 114 115 124 ,132 138 Pig iron and steel 3.51 138 108 105 104 107 108 95 96 101 111 121 121 128 136 144 Pig iron 37 130 101 100 93 94 99 94 93 93 101 110 .113 117 122 131 Steel 3 05 139 109 106 105 108 109 96 97 102 112 122 121 130 138 146 Carbon steel € 62 135 108 105 103 108 111 96 96 101 111 119 118 125 134 143 Alloy steel .43 165 115 114 Vs3 109 102 93 104 in 120 138 145 .155 165 165 Fe S I r r r t o o e n e u l s a f c n o a d r s g t s i i n t n e g g e s s l a ca n s d t in fo g r s gings 1 1 . 5 2 2 2 9 3 1 1 1 2 1 5 1 5 4 .1 9 9 0 7 5 6 1 1 1 0 1 0 1 1 0 1 9 9 0 8 8 4 1 9 9 0 7 6 0 1 9 9 0 7 6 1 8 7 8 0 9 7 9 9 9 0 0 1 9 8 9 0 9 8 1 9 9 0 7 5 6 1 9 9 0 8 6 7 1 1 ' 0 1 9 1 0 9 1 1 1 1 1 2 1 3 7 121 1 1 1 2 2 3 3 4 2 9 Preliminary. r 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. 546 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*1954P Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nors ferrous metals .. ... 1.67 129 120 119 122 120 122 103 117 118 127 129 124 146 r148 154 Primary nonferrous metals .38 144 147 147 147 147 149 142 139 137 142 158 160 159 '167 169 Copper smelting .09 112 101 101 99 97 109 93 76 88 98 124 121 118 '140 135 Copper refining . „. .06 116 109 115 114 107 114 105 102 89 91 118 131 122 134 133 Lead ,04 101 105 113 107 109 97 79 98 109 H4 107 103 99 99 112 Zinc , JO 113 101 97 100 102 102 97 98 84 90 112 116 118 119 "122 Aluminum .09 209 2^4 240 245 246 245 248 246 244 246 246 250 252 253 256 Secondary nonferrous metals. . . . . 13 114 105 107 us 108 109 86 105 105 108 107 107 114 P120 Nonferrous shapes and castings. . 1.16 126 113 111 113 115 91 111 114 124 123 114 145 '145 * 1 52 Copper mill shapes .63 112 100 96 114 102 101 76 100 103 115 111 90 135 175 133 Aluminum mill shapes ,20 168 154 143 101 149 162 145 163 1 59 160 162 168 '182 196 199 .33 130 114 118 111564 112 112 88 103 107 121 122 128 144 154 Metal Fabricating 28,52 167 150 153 150 148 147 13S 144 145 150 154 156 159 162 165 Fabricated metal products 5.73 136 123 121 120 121 122 116 124 124 126 125 124 124 126 130 Structural metal prrts . 2.68 137 126 125 123 125 126 123 125 12S 127 129 130 127 ''129 Stampings and misc. metal products 2.12 138 117 121 117 116 114 106 109 111 115 122 121 121- 1 25 129 Tin cans • . .. .30 129 131 105 122 125 143 153 196 172 142 103 102 1 10 '' 10 7 111 Furnaces, gas ranges, and heaters. . .63 93 90 78 84 88 93 75 104 109 121 99 78 87 108 13.68 160 142 145 141 138 137 128 138 US 150 15© 146 148 152 154 Nonelectrical machinery 9.04 143 125 132 128 126 125 119 118 122 121 121 123 126 129 132 Farm and industrial machinery.... 8.13 139 121 127 124 122 121 117 116 116 116 119 119 121 124 F^rm machinery . . . . . . 1.02 96 79 84 85 84 84 79 74 75 "73 75 80 85 90 94 Industrial and commercial ma chinery » 7.11 145 127 134 129 127 127 122 122 122 122 125 1 24 '"125 129 Machine tools and presses .68 188 160 177 167 161 157 152 150 150 147 146 149 148 14V 152 Laundry and refrigeration appliances .69 128 114 122 120 112 111 88 91 125 123 124 122 146 164 Ripftfical machinery 4.64 194 177 172 166 162 162 145 176 189 207 206 191 191 191: 196 Electrical apparatus and parts 3.23 179 160 164 160 159 156 151 152 154 158 162 165 165 167 1 70 S.adio and television sets .74 230 214 182 172 156 166 116 234 280 341 325 258 261 272 261 7.54 189 175 182 181 179 175 165 165 155 159 179 191 200 '2A5 210 A.vitocj trucks, and parts ... . 4.80 126 109 114 117 H6 111 96 98 81 90 120 136 1 so 157 165 Autos 1.50 146 131 t42 151 146 143 125 123 81 70 144 174 195 210 215 .66 118 92 101 101 301 96 78 79 74 78 93 94 98 -87 104 Light trucks .22 112 95 104 104 99 86 81 76 74 99 103 102 77 109 T^Iedium trucks .19 58 59 66 68 63 64 57 54 53 59 64 48 67 Heavy trucks .14 183 133 152 150 148 132 99 113 110 121 134 130 143 144 1-1-0 .07 229 130 133 132 141 146 102 109 119 132 135 131 138 '160 I 70 2.58 117 101 100 101 102 96 85 88 84 113 125 137 14 5 1 30 465 47<* 485 £75 472 472 469 465 4^0 4 64 471 4 78 4 79 ;'4/7 4 77 .81 135 112 123 119 118 115 111 107 104 106 106 1.10 110 'in 1 ? 4 Railroad equipment „ .53 72 39 54 49 43 39 26 32 33 78 24 31 32 36 .35 64 29 44 39 32 25 17 22 25 18 12 20 20 25 26 I&struments &n& related products.. 1.29 155 140 145 140 138 136 132 132 137 138 140 142 >-MQ 142 145 Clay, Glass, and Lumber Products 5.91 125 123 122 124 126 122 109 118 129 136 139 12S 125 rl30 133 SSone, ciay, and glass products. .. . 2 82 133 m 128 128 130 128 134 136 139 137 134 132 '134 138 Gl F as l s a t a g n l d as p s o a tt n e d ry v i p tr r e o o d u u s c t p s r , o . d . ucts. . . 1. . 0 6 9 0 1 1 3 2 6 3 1 18 1 1 3 2 0 1 1 1 1 2 7 4 1 1 1 2 7 4 1 3. 1 2 5 3 1 1 0 1 7 9 1 1 1 2 6 6 134 141 1 1 2 4 4 4 1 1 2 4 0 8 1 1 2 4 6 8 1 1 4 2 7 9 1 ;<) Flat and other glass .,47 139 133 131 126 126 125 119 127 136 144 148 151 151 150 M6 Glass containers .26 120 117 125 121 126 127 118 125 112 110 105 93 114 12 4 124 Home glassware and pottery .23 91 85 93 93 87 81 63 80 84 92 93 80 82 93 Cement .32 132 135 118 132 137 138 150 151 145 131 119 115 Structural clay products .35 110 1 ! 1 107 111 111 115 111 116 118 t1 5 117 113 107 1 19 Brick .12 106 113 102 115 1\3 116 178 124 1 12 101 106 1 21 Clay firebrick, pipe, and tile .20 115 111 111 110 112 111 109 112 112 113 114 115 114 '• i 15 .119 Concrete and piaster products....... .48 163 161 152 157 161 164 170 172 169 168 166 162 155 Mr, 5 165 Misc. stone and earth manufactures.. .53 143 140 139 135 135 136 134 140 144 146 146 149 147 15 J 156 Lumber and products 3.09 118 115 It7 119 122 115 91 102 123 123 116 118 '•125 127 Lumber 2.05 112 106 109 113 117 106 91 98 HO 119 107 100 101 108 109 2^" ill work and plywood. .60 149 161 164 163 361 155 93 128 187 207 191 186 195 P2O7 Mi'lwork .39 118 123 109 111 119 128 90 116 1 57 164 139 137 145 153 158 Softwood plywood .12 199 222 253 248 229 195 95 145 232 27* 275 264 274 294 .29 99 88 90 90 91 92 85 83 87 91 88 88 SS 88 91 Furniture and Misc. Manufactures 4.04 131 121 121 115 114 116 112 121 125 129 123 125 121 '125 127 FiMTfiture and fixtures . . . 1 64 117 106 106 101 98 100 99 107 111 113 112 112 109 113 114 Household furniture 1.10 118 106 105 100 96 98 98 108 112 116 115 115 110 115 116 .54 116 107 107 103 103 105 100 106 108 107 107 108 106 M09 109 Miscellaneous manufactures 2.40 140 131 131 125 124 127 121 130 136 14© 139 134 129 134 137 * Preliminary. •" Revised. For other footnotes see preceding page. MAY 1955 547 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*> Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 118 116 115 114 114 115 107 117 119 123 120 115 119 122 125 Nondurable Manufactures—Total... 11.87 107 100 105 100 98 96 86 103 99 105 104 98 108 rill 115 Textiles and Apparel Textile mill products 6.32 104 95 95 94 94 93 82 97 97 103 102 98 104 108 109 Cotton and synthetic fabrics 3.72 107 100 101 99 99 96 85 101 100 109 110 104 '114 116 118 Cotton consumption.... 2. . 3 9 0 7 1 11 0 5 4 1 9 08 7 1 10 0 0 0 1 9 02 7 1 9 07 5 1 9 1 2 0 1 8 0 0 5 1 9 0 9 4 1 9 1 6 2 1 12 0 1 4 1 1 2 0 6 4 1 9 2 5 7 1 1 3 0 2 5 1 13 0 8 6 1 1 0 4 5 7 Fabric finishing .45 101 93 103 97 96 82 65 98 86 101 102 90 107 108 106 Wool textiles .97 78 66 61 63 68 70 68 74 67 69 69 70 70 72 74 .16 91 76 72 80 84 81 78 86 73 77 72 68 79 '85 82 Wool fabrics 1. . 1 7 5 5 1 7 1 5 6 1 6 0 4 6 1 5 0 8 5 1 5 0 9 3 1 6 0 4 5 1 6 0 8 6 8 6 9 6 10 7 9 1 1 6 1 6 3 1 6 1 7 3 1 6 1 9 0 1 7 03 1 1 6 05 7 1 6 1 9 2 1 7 1 2 0 Hosiery .65 113 108 112 111 110 106 78 106 113 115 109 102 110 119 1.11 .45 118 113 120 119 116 110 79 108 116 118 112 105 114 124 118 Seamless hosiery... . c . . 5 20 0 1 1 1 0 9 2 1 9 0 7 3 9 9 3 6 9 9 1 3 9 9 5 9 1 9 0 8 6 10 7 3 7 1 11 0 3 0 1 1 1 07 2 1 11 0 2 7 1 11 0 1 2 1 9 0 3 4 1 9 0 8 0 1 1 0 0 6 4 1 9 0 6 8 .48 .31 86 71 83 77 68 66 36 70 79 82 62 71 84 83 86 Apparel and allied products 5.55 110 105 116 108 103 99 91 110 101 106 107 99 113 116 123 jVjfpii's outerwear.. 1.78 113 103 102 111 108 95 80 110 95 108 108 96 115 113 113 Men's suHs and coa^s . . . „ .73 96 83 77 79 88 81 56 98 76 82 88 87 98 97 88 .50 92 82 80 78 84 75 52 92 73 80 88 90 102 100 91 Men's outercoats .13 89 67 48 65 80 87 57 98 72 72 66 52 60 59 55 .99 124 116 118 132 121 101 94 118 106 124 121 99 1.26 124 130 Women's outerwear ,... 1.85 103 109 138 1.16 105 104 96 114 100 102 102 93 120 '125 143 .76 117 129 165 102 30 114 127 146 130 127 130 115 152 'H>0 165 Misc. apparel and allied mfrs. 1.92 112 103 107 96 97 98 97 105 107 110 110 106 103 109 112 Rubber and Leather Products 3.20 113 104 108 104 103 106 86 98 105 114 108 110 rl23 r127 128 HLwhhQT products 1.47 128 115 us £16 118 121 85 94 118 132 124 128 rl45 146 .70 117 105 108 111 111 119 84 75 104 116 110 116 130 134 133 Auto tires .40 117 110 113 120 122 133 94 81 107 117 111 119 136 141 145 Truck and bus tires = ...,.... .30 118 99 101 99 96 100 71 69 99 114 110 113 121 125 117 Miscellaneous rubber products ... .77 133 124 126 120 125 124 86 111 132 147 137 139 '158 153 157 Leather and products . . 1.73 99 95 100 94 89 94 87 101 94 98 94 94 105 312 113 Leather .44 91 87 89 86 90 89 71 87 83 88 88 88 94 98 S C k at i t n l e l h ea i t d h e e r l s eathers . . 2 1 9 5 9 8 2 9 9 7 2 5 9 8 2 2 9 7 3 3 9 7 6 9 9 8 3 1 6 7 5 5 9 7 1 8 8 7 9 0 9 7 6 2 9 7 4 5 9 7 5 3 1 '" 0 8 1 0 1 8 0 6 4 Shoes and slippers2 .90 Miscellaneous leather products .39 100 90 91 82 79 84 87 94 95 97 98 94 91 100 102 Paper and Printing 8.93 125 125 127 128 126 126 116 124 128 133 131 125 127 131 136 Paper and allied products 3.46 132 134 135 136 134 136 120 137 137 146 140 129 140 '148 Pulp and i)aper ,.., 1.76 130 132 133 131 132 136 116 134 133 140 139 127 140 147 .51 142 148 148 146 148 153 133 150 148 158 160 142 158 '166 Paper and bopr& 1.25 125 125 127 125 125 129 109 128 126 133 131 120 132 139 Fine paper . . . . 2 1 2 4 1 11 1 6 9 1 1 2 1 0 8 1 1 2 2 1 4 1 1 2 2 1 1 1 12 1 0 7 1 12 2 3 0 9 9 6 9 1 1 2 2 1 2 1 1 2 2 0 0 1 1 3 2 0 2 1 1 2 2 1 7 1 11 2 2 4 1 1 2 3 3 2 t 1 ? 3 7 8 .20 118 119 122 116 117 119 102 121 118 124 124 112 124 132 M P i a s p c e e r l b l o a a n r e c o i us Daper . .4 18 1 1 1 2 3 9 4 1 1 3 3 7 0 1 1 3 3 1 8 1 12 3 8 7 1 13 3 2 4 1 1 3 3 6 6 1 11 2 2 6 1 13 3 3 7 1 1 3 2 6 9 1 1 4 3 - 8 5 1 1 4 3 2 7 1 1 3 2 5 2 1 1 3 5 6 0 '145 .10 118 124 121 124 125 137 123 131 137 135 129 115 122 126 Shipping containers 1. . 7 5 0 1 | 1 13 3 3 4 1 13 3 3 6 1 1 3 3 3 7 1 1 4 3 1 5 1 13 3 3 6 1 1 3 3 5 2 1 11 2 9 4 1 1 3 3 6 9 1 14 4 1 1 1 1 5 S 2 I 1 14 4 0 0 1 1 3 3 1 1 1 1 4 3 1 5 r 149 Sanitary paper products .11 138 145 149 158 144 144 139 146 141 153 141 128 156 '156 ^rintlnj5 and publishing.. . 5.47 121 120 121 122 121 119 113 116 122 125 125 123 118 121 126 1.85 118 119 120 129 125 119 102 107 190 129 130 123 114 132 Job printing and periodicals 3.62 122 121 •21 119 119 120 119 120 123 122 122 124 120 '121 123 Chemical and Petroleum Products. 9.34 142 142 142 140 139 139 133 139 143 147 149 149 150 154 156 Ch I e n m d B i u a s c s t a i r c l i s a i l n a o c n r h g d e a m a n i l i c l c a i l c e s h d e n p . i r . i o c d al u s cts 6 2 . . . 8 5 5 4 4 7 1 1 1 4 5 47 9 4 1 1 1 4 5 5 8 3 7 1 1 1 5 5 5 0 9 0 1 1 15 5 47 7 0 1 1 15 5 4 9 0 5 1 1 1 5 5 44 5 2 1 1 3 4 7 5 1 1 15 4 5 4 1 0 1 15 4 3 9 1 1 16 5 6 1 5 0 1 1 17 5 6 6 1 5 1 1 1 5 6 7 6 6 0 1 1 1 6 7 5 9 7 5 ' 1 1 1 6 7 8 6 1 1 1 1 18 8 6 3 2 5 Industrial organic chemicals.... 1.97 ! 155 152 148 148 147 151 144 150 152 159 164 165 .167 ••174 181 Synthetic fibers . . . 1 5 24 1 9 1 1 1 8 8 5 6 3 6 1 1 .1 3 5 8 6 2 4 1 1 1 9 4 4 3 2 4 1 1 14 9 2 0 5 7 1 1 1 7 4 2 9 9 0 1 1 1 2 8 5 2 3 7 1 1 1 2 4 4 9 1 8 1 1 7 2 0 6 1 1 1 4 9 3 5 8 7 1 1 1 6 9 4 7 5 3 2 1 1 0 4 7 0 7 4 1 1 1 5 7 96 1 3 r2 1 1 0 7 8 6 0 1 r 2 1 ] 3 9 7 0 3 7 7 1 0 9 2 ? Miscellaneous organic chemicals.. 1.03 144 146 141 141 141 143 143 146 147 148 151 154 155 157 160 F V e e r g V G t e e r i t g e l a i e a z b t s e l a e r e b s a l a e n r d o d i t l a a s n ll i o m w a l o . i ls . . . . . . . . . 7 1 4 6 6 2 1 6 8 4 6 3 1 1 1 1 1 1 3 1 1 1 1 2 1 3 2 6 8 4 1 1 1 1 1 1 1 1 3 0 1 2 3 8 2 3 8 6 1 1 1 1 1 1 2 2 2 1 2 7 2 2 2 5 7 0 1 1 1 1 1 1 3 1 0 1 1 7 9 3 1 1 4 6 1 1 1 1 1 9 1 0 3 0 3 5 6 4 2 4 7 1 1 1 9 8 9 1 2 0 6 5 9 7 7 7 1 1 9 8 6 9 2 1 9 5 6 7 1 0 1 1 1 9 8 9 2 0 1 6 4 9 9 4 7 1 1 1 1 1 1 0 3 1 1 0 0 1 1 5 6 9 9 1 1 1 1 1 1 3 1 1 3 3 1 9 5 7 8 4 3 1 1 1 1 1 1 0 1 3 4 4 0 5 7 7 0 0 8 1 1 1 1 1 1 0 2 3 1 3 1 5 6 9 0 2 8 1 1 1 1 1 1 0 2 2 3 1 1 3 S 7 5 6 6 ' ' 1 1 1 1 1 1 9 2 4 0 2 1 3 8 5 4 8 6 1 1 1 1 1 1 1 0 3 1 1 8 1 2 6 9 7 2 p Preliminary. ' 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. 548 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1954 1955 pro- Industry portion 1953P 1954*' Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 130 125 121 120 123 124 122 124 127 126 129 129 132 134 Petroleum and coal products 1.97 135 133 129 128 130 131 130 131 133 132 136 140 142 144 f> 139 Gasoline 1.04 144 141 135 137 140 141 141 142 142 140 143 146 146 147 '143 .98 139 136 131 132 136 136 136 137 138 135 139 141 142 143 Aviation gasoline .06 227 221 212 215 218 235 229 233 215 214 214 232 216 209 Fuel oil .56 130 128 127 121 122 122 122 123 127 128 135 140 146 152 r'145 Distillate fuel oil .30 155 158 155 146 145 148 150 154 161 164 172 177 184 196 Residual fuel oil .26 101 93 96 93 94 92 89 87 89 87 92 97 101 101 .10 117 110 116 106 99 100 97 99 98 101 116 125 134 123 Lubricating oil .17 106 108 104 103 109 111 104 109 111 106 110 108 109 105 Coke . . .26 111 84 86 80 80 79 77 75 77 84 90 93 96 98 102 A.SDha.lt roofing and s^dinc .15 99 103 78 103 118 135 110 127 147 133 106 62 70 75 Foods, Beverages, and Tobacco . .. 11.51 107 106 98 98 103 110 108 114 119 116 109 99 99 97 100 Food and beverage manufactures.. 10.73 107 106 98 98 103 109 109 115 120 117 110 101 98 97 99 Food rranufactures 8.49 108 107 98 97 100 106 107 117 124 118 113 104 102 99 100 Meat products 1.48 115 117 115 106 105 108 102 108 120 127 135 136 138 124 128 Beef .46 129 135 132 127 132 137 135 138 141 142 136 132 140 129 134 Pork .83 104 103 102 91 87 89 81 88 104 115 131 134 133 117 121 .69 105 106 104 119 135 145 128 115 97 85 78 79 85 104 Butter .14 108 110 124 128 152 145 115 99 84 81 79 85 99 101 104 Natural cheese .07 112 116 117 133 159 161 129 114 98 87 87 91 95 102 113 .19 93 94 95 115 139 139 109 94 76 66 65 70 76 86 100 Ice cream .28 106 104 9? 107 110 139 143 133 113 95 81 74 78 84 100 Canned and frozen foods 1.13 121 112 71 75 85 99 138 194 212 141 99 87 77 72 76 Grair-mill products 1.16 106 107 101 99 106 114 112 110 114 110 103 101 103 102 101 Wheat flour .46 81 81 78 75 76 78 78 82 86 90 84 80 87 85 83 Cereals and feeds .70 122 124 116 114 127 137 134 129 132 123 117 115 114 113 114 Bakery products 1.64 100 97 96 96 96 98 99 98 98 99 98 98 94 95 94 Sugar .27 113 117 58 63 76 82 72 94 109 258 273 176 93 61 Cane sugar .11 113 106 116 103 109 121 112 115 115 105 90 87 100 106 .13 108 121 2 24 42 43 32 71 99 385 427 248 81 17 Confectionery .71 102 99 99 89 81 80 66 91 131 123 125 87 106 112 96 Miscellaneous food preparations ... 1.41 104 105 105 103 105 108 109 108 106 108 105 101 100 101 102 Beverages . . 2.24 105 103 99 102 113 124 118 108 107 110 97 88 84 89 Bottled soft drinks .54 Alcoholic beverages 1.70 100 98 98 100 108 114 io3 °6 98 107 99 8- 80 86 Beer and ale 1.02 103 99 102 106 117 128 122 112 93 84 79 83 85 84 .17 60 68 69 64 64 62 42 39 69 121 92 67 61 67 Liquor bottling .37 107 102 101 98 104 104 85 85 115 142 139 90 76 93 Tobacco manufactures .78 108 102 101 99 108 114 92 111 109 111 103 83 105 104 Cigarettes .46 111 106 106 103 112 119 98 115 111 ill 102 86 111 106 Cigars . . .17 108 102 97 95 109 111 83 112 113 121 113 99 107 82 MINERALS—TOTAL . . . 9.98 116 111 109 109 112 115 110 111 111 112 111 117 '•120 119 114 Mineral Fuels 8.35 115 113 112 111 111 113 108 110 110 113 117 121 124 vl22 117 Coal 2.68 78 67 61 58 62 63 57 68 70 77 75 75 77 79 71 Anthracite .36 ' 57 52 48 44 45 50 44 48 51 52 57 61 55 41 Bituminous coal 2.32 81 70 63 60 65 65 59 71 72 81 78 77 81 82 76 Crude oil and natural gas 5.67 133 134 137 137 134 136 133 130 129 130 136 138 142 145 Oil and gas extraction 4.82 129 128 131 132 129 129 124 123 124 124 130 132 139 141 v 141 Crude oil 4.12 124 122 125 127 124 125 120 118 118 118 122 123 130 131 P131 .34 167 172 182 167 160 161 154 157 159 167 184 199 .36 157 160 161 155 156 151 151 159 163 170 172 175 176 Oil and gas well drilling . .85 154 167 165 163 163 176 180 166 159 160 171 171 163 168 Mvtal, Stone, and Earth Minerals .1.63 119 106 93 99 116 123 119 115 113 110 102 99 97 99 104 Me I t r a o l n m o i re ning . .3 8 3 2 1 1 1 2 3 8 9 8 0 4 7 3 3 9 7 5 9 8 W 12 S 6 1 1 2 5 0 2 1 1 0 3 8 9 1 1 0 3 0 2 1 9 1 8 7 9 8 2 7 7 4 9 3 7 3 6 7 7 3 9 6 ' ? 895 86 Nonferrous metal mining . . .49 104 94 95 93 96 98 87 78 85 95 103 102 108 116 .24 114 103 102 102 106 108 95 77 92 106 118 116 124 133 Lead mining .09 86 80 87 82 78 80 74 83 76 78 82 83 83 •"89 89 .06 87 75 77 78 78 79 72 75 67 71 74 73 80 '83 85 Stone and earth minerals .,,... . .81 124 123 114 119 125 127 130 130 129 129 126 122 115 123 * Preliminary. •• Revised. « Corrected. For other footnotes see preceding page. MAY 1955 549 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 H947-49 Annual 1955 Product | proj portion 1953 1954 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. i Jan. Feb. Mar, SEASONALLY ADJUSTED CONSUMER DURABLES- TOTAL. .100.00 127 116 111 116 119 118 116 115 114 112 119 125 131 135 139 Major Durables ' 69.72 138 125 119 126 130 128 126 125 121 117 128 137 145 151 156 Autos 32.10 146 131 133 139 145 136 127 121 110 104 127 149 160 172 179 Major household goods 36.13 132 122 109 115 119 123 127 131 132 131 130 129 133 135 137 Furniture and floor coverings I 15.32 113 101 99 97 96 96 102 106 107 106 103 105 107 107 109 Household furniture 11.31. 118 106 103 102 100 102 104 109 111 111 111 110 110 113 114 Floor coverings1 4.01 Appliances and heaters 15.60 118 111 104 112 116 110 114 109 112 110 114 115 128 '131 137 Major appliances • 11 .88 123 115 108 116 120 111 118 113 1.17 114 120 119 133 '135 139 Ranges 2.60 90 79 82 76 83 79 83 74 80 79 77 82 79 '96 97 Refrigeration appliances i 4.98 137 124 117 135 143 131 132 125 117 110 122 117 137 '140 152 Laundry appliances 2.51 141 148 129 134 124 113 136 146 169 170 174 1.81 190 181 172 Heating apparatus 3.72 100 97 91 98 106 107 101 98 96 97 95 100 115 120 Radio and Television sets ! 5.21 230 214 151 178 196 243 241 270 267 270 259 242 '225 226 222* Radio sets 3.42 67 52 43 43 43 45 47 56 46 62 70 70 73 68 71 Television sets 1. 79 541 522 356 436 487 621 611 678 687 667 620 571 '515 527 512 Other Consumer Durables 30.28 102 95 94 93 93 96 93 91 98 98 97 96 98 98 99 Auto parts and tires ; 14.00 91 91 88 89 90 96 89 85 95 96 93 94 97 96 Misc. home and personal goods ' 16.28 111 99 100 96 96 96 96 97 101 100 101 97 | 97 99 102 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES -TOTAL. .100.00 127 116 119 119 116 116 102 113 108 109 129 132 i 142 151 155 ! Major Durables 69.72 138 125 130 131 126 125 107 121 111 111 142 149 ; 163-•174 179 Autos i 32.10 146 131 142 151 146 143 125 123 81 70 144 174 i 195 210 215 Major household goods j 36.13 132 122 120 116 110 112 92 121 139 149 142 130 ! 137 146 151 Furniture and floor coverings 15.32 113 101 102 97 92 93 89 102 108 111 108 109 108 111 113 Household furniture j 11.31 118 106 105 100 96 98 98 108 112 116 115 115 i 110 115 116 Ap F p l l o ia o n r c c e o s v a e n ri d n g h s e l a ters '' : 1 4 5 . . 0 6 1 0 118 111 117 116 112 112 101 122 124 116 108 124 138 151 Major appliances 11.88 123 115 129 124 117 114 88 96 121 121 118 116 134 r149 163 Ranges ; 90 79 93 79 80 76 53 68 87 87 83 77 i 81 104 110 Refrigeration appliances I 137 124 1.44 153 147 141 109 99 116 104 106 112 147 -152 180 Laundry appliances j 2.5.1 141 148 151 130 111 117 90 128 181 199 192 177 ! 177 207 201 Heating apparatus ! .72 100 97 79 91 96 104 86 116 124 133 107 84 ; 93 102 Radio and television sets 5.21 230 214 182 172 155 165 116 234 279 338 324 258 | 260 272 260* Radio sets 3.42 67 52 49 49 48 44 29 51 48 64 71 67 : 73 74 80 Television sets 1.79 541 522 435 406 360 397 281 583 722 860 806 623 | 618 648 604 Other Consumer Durables i 30.28 102 95 94 92 92 94 90 94 101 104 100 94 95 97 99 Auto parts and tires 14.00 91 91 85 87 90 96 91 90 100 101 93 89 j 95 93 93 Misc. home and personal goods : 16.28 111 1 9 102 96 94 93 89 97 102 106 105 98 ' 95 100 104 rRe vised. 1 Publication suspended pending revision of data for the period 1952 to date. NOTE.—Individual indexes without seasonal adjustment tor woven carpets, appliances, heating apparatus, radio sets, and television sets may be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics. In thousands of persons] 1954 1955 Industry group Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED Total 12,663 12,590 12,546 12,337 12,297 12,346 12,445 12,572 12,580 12,586 12,673 12,809 12,927 Durable goods 7,250 7,182 7,136 6,979 6,928 6,957 7,054 7,159 7,177 7,191 7,269 7,359 7,448 Ordnance and accessories 122 112 107 104 101 102 100 98 97 96 94 94 93 Lumber and wood products.... 633 65.1 658 572 569 649 678 675 674 668 669 655 651 Furniture and fixtures 286 286 286 286 294 297 295 294 291 289 290 295 296 Stone, clay, and glass products. 426 427 425 430 432 435 436 436 435 434 438 44.2 447 Primary metal industries 990 979 982 979 972 965 969 988 997 1,008 1,027 1,056 1 ,083 Fabricated metal products 834 836 839 834 828 821 825 840 835 826 836 849 863 Machinery except electrical.... 1 ,1 74 1,158 1,143 1,122 1,123 1,125 1,115 1,103 1,095 1,093 1,108 1,129 1,147 Electrical machinery 796 784 769 778 782 785 792 799 793 792 795 798 808 Transportation equipment 1,384 1,346 1,328 1,279 1,238 1,183 1,249 1,334 1,375 1 ,400 1,426 1,448 1,465 Instruments and related products 227 225 220 218 216 21.8 217 217 216 216 215 2.18 219 Misc. manufacturing industries. 378 37 379 377 373 377 378 375 369 369 371 375 376 Nondurable goods 5,413 5,408 5,410 5,358 5,369 5,389 5,391 5,413 5,403 5,395 5,404 5,450 5,479 Food and kindred products. . . . 1,118 1,119 1,114 1,092 1,089 1,086 1,082 1,097 1,094! 1,085 1,078 1,093 1,101 Tobacco manufactures 93 94 94 95 93 92 94 96 931 90 93 93 90 Textile-mill products 972 966 978 970 989 979 973 968 967 970 977 980 Apparel and other finished textiles 1,049 1,040 1,037 1,030 1,033 1,033 1,041 1,060 1 ,057 1,058 1,064 1,072 1,077 Paper and allied products 435 437 441 442 441 447 444 440 435 435 435 438 444 Printing, publishing and allied industries 516 514 514 513 514 518 51.5 513 511 512 515 515 520 Chemicals and allied products.. 532 534 529 528 528 526 529 528 531 534 532 540 543 Products of petroleum and coal 178 180 180 179 175 174 175 173 173 171 172 173 174 Rubber products 193 195 197 176 177 196 200 199 204 207 208 211 213 Leather and leather products. . 327 329 326 333 330 329 332 334 337 336 337 338 337 For footnote see following page. 550 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 personsl 1955 Industry group Apr. May June July 1 Aug. Sept. Oct. Xov. Dec. Jan. Feb. Mar. Apr, WITHOUT SEASONAL ADJUSTMENT Total 12,548 12,394 12,437 12,179 12,418 12,577 12,612 12,657 12,645 12,523 12,649 12,787 12,812 Durable goods 7,266 7,163 7,130 6,876 6,890 6,965 7,081 7,198 7,218 7,182 7,282 7,383 7,462 Ordnance and accessories 122 112 107 104 101 102 100 98 97 96 94 94 93 Lumber and wood products 627 654 674 583 592 672 692 685 661 631 639 635 644 Furniture and fixtures 285 279 277 275 290 298 301 301 297 293 296 298 295 Stone, clay, and glass products. . 428 42 427 424 434 437 438 438 437 430 434 442 449 Primary metal products 990 974 982 969 967 965 969 988 1,002 1,013 1,032 1,061 1,083 Fabricated metal products 838 832 831 809 820 821 829 844 843 834 844 857 867 Machinery except electrical 1,192 1,170 1,154 1,111 1,095 1,097 1 ,093 1 ,092 1,106 1 109 1,125 1,146 1,164 Electrical machinery 796 776 761 751 766 785 800 811 809 '800 803 806 808 Transportation equipment 1 ,384 1,346 1,328 1,279 1,238 1,183 1 ,249 1,334 1,375 1,400 1,426 1,448 1,465 Instruments and related products 228 224 219 214 214 218 218 218 2.18 21 216 219 220 Misc. manufacturing industries. 376 370 371 358 373 386 393 390 373 360 371 377 374 Nondurable goods 5,282 5,231 5,307 5,303 5,528 5,612 5,531 5,459 5,427 5,341 5,367 5,404 5,350 Food and kindred products 1,016 1,037 1,086 1,152 1,238 1,268 1,180 1,111 1,062 1 ,007 985 992 1,001 Tobacco manufactures 82 82 82 83 102 110 112 103 100 91 89 84 80 Textile-mill products 972 961 973 946 974 978 979 983 983 977 985 987 980 Apparel and other finished taxtiles 1,033 988 990 984 1,054 1,059 1,057 1,060 1 ,073 1,069 1,101 1,110 1,061 Paper and allied products 435 435 439 433 439 445 444 444 442 437 437 440 444 Printing, publishing and allied products Chemical and allied products. . Products of petroleum and coal Rubber products Leather and leather products. . 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 1955 1954 1955 195-1 Apr. Feb. Mar. Apr. Apr. ! Feb. Mar. I Apr. Am-. Feb. Mar. Apr. Total ... 70.20 74.74 75.30 74.77 40.4 40.7 1.80 1.85 1.85 1.86 Durable goods. . 75.43 80.56 81.56 80.97 39.7 41.1 41.4 41.1 1.90 1.96 1.97 1.97 Ordnance and accessories 78.21. 82.22 82.01 81.41 39.7 40.5 40.4 40.5 1.97 2.03 2.03 2.01 Lumber and wood products 65.53 66.50 66.58 66.17 40.2 40.8 41.1 40.1 1.63 1.63 1 .62 1.65 Furniture and fixtures 61.00 65.67 65.67 64.48 39.1 41.3 41 .3 40.3 1.56 1 .59 1.59 1 .60 Stone, clay, and glass products 70.35 73.49 74.57 75.35 40.2 40.6 41.2 41.4 1. 75 .1.8.1 1.81 .1 .82 Primary metal industries 77.90 87.29 88.78 89.40 38.0 40.6 41.1 41 .2 2.05 2.15 2.16 2.17 Fabricated metal products 75.39 80.34 80.73 80.34 40.1 41.2 41.4 41.2 1 .88 1 .95 1 .95 1.95 Machinery except electrical 80.60 S3.64 84.87 85.49 40.5 41.0 41.4 A 1 .5 1 .99 2.04 2.06 Electrical machinery 70.56 74.74 75.11 74.56 39.2 40.4 40.6 40.3 1.80 1 .85 1.. 85 Transportation equipment 84.82 93.28 94.15 91 .76 40.2 42.4 42.6 41.9 2.11 2.20 2.21 2.19 Instruments and related products 72.07 76.14 75.74 76.14 39.6 40.5 40.5 40.5 1.82 1 .88 1.87 .1 .88 Miscellaneous manufacturing industries.. 62.72 66.42 66.91 66.66 39.2 40.5 40.8 40.4 1.60 1.64 1 .64 1.65 Nondurable goods 62.87 66.36 66.70 65.74 38.1 39.5 39.7 38.9 1.65 1.68 1.68 1.69 Food and kindred products 67.54 70.07 70.24 69.72 40.2 40.5 40.6 40.3 1 .68 1.73 1.73 1.73 Tobacco manufactures 49.01 49.58 51.65 50.18 36.3 37.0 37.7 36.1 1.35 1.34 1.37 1.39 Textile-mill products 50.46 55.20 54.66 53.16 37.1 40.0 39.9 38.8 1 .36 1.38 1.37 1.37 Apparel and other finished products.. . . 45.62 49.55 49.85 46.51 34.3 36.7 37.2 35.5 1.33 \.35 1.34 1 .31 Paper and allied products 71.97 76.08 76.43 76.74 41 .6 42.5 42.7 42.4 1.73 1 .79 1.79 1.81 Printing, publishing and allied products. 86.11 89.47 90.79 89.86 38.1 38.4 38.8 38.4 2.26 2.33 2.34 2.34 Chemicals and allied products 77.27 80.34 80.32 80.75 41 .1 41.2 4.1 .441 .2 1 .88 1.95 1 .94 1 .96 Products of petroleum and coal 91 .08 91 .25 92.97 95.53 40.3 40.2 40.6 41.0 2.26 2.27 2.29 2.33 Rubber products 74.88 84.25 83.44 83.03 38.8 41.3 40.9 40.7 1.93 2.04 2.04 2.04 Leather and leather products 49.48 53.93 54.04 51.18 35.6 38.8 38.6 36.3 1 .39 1.39 1.40 1.41 NOTE.—Data are for production and related workers. Figures for April 1955 are preliminary, Data for recent years revised as indicated in note to table above. Back data are available from the Bureau of Labor Statistics. MAY 1955 551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1948 r44 f 448 15,321 982 2,169 4,141 9,519 '1,741 4,925 '5,650 1949 '43,315 14,178 918 2,165 3,949 9,513 '1,765 '4,972 '5,856 1950 r44,738 14 967 889 2,333 3,977 9,645 '1,824 5,077 '6,026 1951. r47,347 16,104 916 2,603 4,166 10,012 '1,892 '5,264 '6,389 195? '48,303 16 334 885 2 634 4,185 10,281 '1 ,967 5,411 6,609 1953 r49,681 r17,238 '852 '2,622 '4,221 '10,527 '2,038 '5,538 6,645 1954 '48,285 '15,989 '770 '2,527 '4,008 '10,498 '2,1.14 '5,629 '6,751 SEASONALLY AUjUSTED 1954—April 48,267 16,072 776 2,554 3,998 10,502 2,096 5,611 6,658 Mav . 48 183 15 985 769 2,542 3,996 10,470 2,103 5,616 6,702 June 48,170 15,942 767 2,528 4,001 10,455 2,107 5,631 6,739 Tuly 48,048 15,733 768 2,534 4,000 10,480 2,118 5,670 6,745 August 48,029 15 688 755 2,532 3,989 10,475 2,119 5,665 6,806 September 48,020 15,739 740 2,521 4,007 10,447 2,141 5,634 6,791 October . 48,129 15 835 743 2,502 3,995 10,443 2,147 5,660 6,804 November 48,386 15,972 745 2,522 3,976 10,496 2,145 5,650 6,880 December 48,380 15,992 743 2,476 3,986 10,575 2,147 5,644 6,817 1955—Ta nuary 48 398 15 993 741 2,458 3,974 10,574 2,145 5,646 6,867 February 48,440 16,091 741 2,410 3,984 10,541 2,154 5,649 6,870 March 48,762 16,231 736 2,488 3,983 10,618 2,165 5,657 6,884 April . . 48 849 16,364 741 2,518 3,951 10,555 2,171 5,670 6,879 WITHOUT SEASONAL ADJUSTMENT 1954—April 48 069 15,948 772 2,452 3,991 10,474 2,096 5,611 6,725 Mav 47,939 15,781 761 2,542 3,993 10,351 2,103 5,672 6,736 J uiie 48 200 15,835 771 2 629 4,017 10,389 2,128 5,715 6,716 Tulv.. .. 47,866 15,584 760 2,686 4.029 10,351 2,150 5,755 6,551 August 48,123 15,822 763 2,735 4,018 10,321 2,151 5,750 6,563 September 48 490 15,972 744 2,698 4,023 10,447 2,141 5,719 6,746 October 48,580 16,007 743 2,652 4,005 10,548 2,136 5,660 6,829 November 48 808 16,057 749 2,598 3,986 10,745 2,134 5,622 6,917 December 49,463 16,050 747 2,426 3,996 11,354 2,136 5,588 7,166 1955—January 47,741 15,925 741 2,237 3,927 10,419 2,124 5,533 6,835 February 47,753 16,060 737 2,169 3,937 10,309 2,132 5,536 6,873 March 48,206 16,201 736 2,264 3,963 10,394 2,154 5,572 6,922 April 48,613 16,242 737 2,417 3,944 10,504 2,171 5,670 6,928 '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 April 1955 are preliminary. The series for recent years were revised by the Bureau of Labor Statistics in May 1955 to first-quarter 1954 benchmark levels indicated by data from government social insurance programs. Back data may be obtained from the Bureau of Labor Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed1 Not in the Year or month in p s o t p it u u l t a i t o io n n al l f a o b rc o e r Total Unem- labor force 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 66,410 62,966 61,293 54,488 6,805 1,673 46.710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 19542 . . . 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1954—March 115,914 67,218 63,825 60,100 54,225 5.875 3,724 48,696 April 115,987 67,438 64,063 60,598 54,522 6,076 3,465 48,549 May 116.083 67,786 64,425 61,119 54,297 6.822 3,305 48,297 June 116,153 68,788 65,445 62,098 54,470 7,628 3,347 47,365 July 116,217 68,824 65,494 62,148 54,661 7,486 3,347 47,393 August 116,329 68,856 65,522 62,277 55,349 6,928 3,245 47,473 September 116,432 68,566 65,244 62,145 54,618 7,527 3,100 47,865 October 116,547 68,190 64,882 62,141 54,902 7,239 2,741 48,357 November 116,659 67,909 64,624 61,732 55,577 6,154 2,893 48,750 December 116,763 66,811 63,526 60,688 55,363 5,325 2,838 49,952 1955—January 116,855 66,700 63,497 60,150 54,853 5,297 3,347 50,156 February 116,901 66,550 63,321 59,938 54,854 5,084 3,383 50,352 March 117,051 66,840 63,654 60,477 54,785 5,692 3,176 50,212 April 117,127 67,781 64,647 61,685 55,470 6,215 2,962 49,346 1 Includes self-employed, unpaid family, and domestic service workers. 2 Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained from the Bureau of the Census. 552 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Seasonally adjusted. In millions of dollars] Private Public Year or month Total Business Other Total d R en e t s i i a - l Total Indus- Com- Public n d re o e s n n i - - - Total M ta i r l y i- H w ig ay h- C va o t n i s o e n r- o A th H er 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—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 S3 297 66 512 June 3,078 2,122 1,102 710 171 172 367 310 956 91 292 63 510 July 3,094 2,173 1,150 708 167 174 367 315 921 80 292 59 490 August 3,145 2,219 1,192 718 164 187 367 309 926 77 288 56 505 September 3,157 2,234 1.214 714 156 191 367 306 923 75 299 S3 496 October 3,105 2,221 1,210 707 152 188 367 304 884 75 274 53 482 November.... 3,192 2.259 1,228 717 156 193 368 314 933 80 288 54 511 December 3,262 2,292 1,262 716 159 189 368 314 970 90 305 59 516 1955—Tamiary 3,379 2,398 L ,323 760 176 216 368 315 981 101 302 57 521 February? 3,426 2,433 ,326 791 187 236 368 316 993 104 329 53 507 March P 3,431 2,448 ,326 803 196 239 368 319 983 102 321 55 505 April?' 3,470 2,492 ,362 804 201 234 369 326 978 97 314 58 509 ^Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p ti u l b it l i i e c s 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 . ... . 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951. 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,7H 10,064 6,668 2,562 979 1,472 1,686 3,408 1953 . . . 17,443 6,334 * 1,109 6,479 2,051 t .489 1,720 1 ,695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1954—April 1,692 477 1 ,215 796 94 178 171 163 290 May 1,925 669 1,256 825 86 179 189 218 423 June 1,733 625 1,108 720 107 192 186 172 357 July 1,837 681 1,156 745 108 145 201 187 450 A.ugust 1,573 509 1,064 693 93 141 181 136 330 September 1,816 589 1,227 777 160 130 182 175 392 October 1,965 633 1,332 852 145 186 155 186 443 November 1,499 475 1,024 709 82 129 140 141 299 Decembe*" 1,829 617 1,212 762 104 194 204 200 366 1955—January 1,504 480 1,024 690 85 166 131 184 249 February 1,581 472 1 J 09 744 113 133 135 153 303 March 2,135 677 1 ,458 990 176 194 201 189 386 April. 2,322 676 1 ,646 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 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 1954—January 1,152 61 212 92 143 101 158 166 58 23 45 92 February 1,221 58 192 103 110 100 156 218 74 60 53 95 March 1,528 116 219 120 146 130 210 245 96 51 81 113 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 March 2,135 121 297 160 221 198 245 368 148 90 137 150 MAY 1955 553 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 family 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 1 ,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1952 1,127 610 517 1,069 939 46 84 58 420 279 141 1953.. .. . .. 1 ,104 565 539 1,068 933 42 94 36 407 252 155 1954 1 ,221 n.a. n.a. 1,202 1,077 34 90 19 585 277 308 1954—April 108 n.a. n.a. 107 96 3 7 1 44 24 20 May.... . . .. 109 n.a. n.a. 107 98 3 7 1 49 24 25 June 117 n.a. n.a. 113 102 3 8 4 56 28 28 July ... . .. 116 n.a. n.a. 113 102 3 8 3 52 25 27 August 114 n.a. n.a. 113 103 3 7 1 60 27 33 September 116 n.a. n.a. 113 104 3 6 2 60 26 34 October 111 n.a. n.a. 111 100 3 8 0) 59 25 34 November 104 n.a. n.a. 103 93 3 8 0) 62 26 36 December . . . . .. 91 n.a. n.a. 90 80 3 7 1 51 22 29 1955—January. . . .. 88 n.a. n.a. 87 78 2 7 46 20 26 February i»90 n.a. n.a. P89 n.a. n.a. n.a. Pi 45 17 28 March 7>117 n.a. n.a. P\16 n.a. n. a. n a p\ 54 24 30 April p\27 n.a. n.a. Pi 26 n.a. n.a. n.a. Pi 64 29 35 P Preliminary, n.a. Not available. 1Less than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adj usted Monthly—without seasonal adjustment Annual Class 1954 1955 1954 1955 1953 1954 Mar. Oct. Nov. Dec. Jan. Feb. Mar. Mar. Oct. Nov. Dec. Jan. Feb. Mar. Total 127 114 112 115 118 123 121 122 123 105 124 121 114 110 113 115 Coal 103 92 78 105 106 105 103 105 91 78 105 J06 106 103 105 91 Coke . . . 171 105 104 111 116 119 121 124 133 105 109 116 125 127 131 134 Grain 135 141 12/ 150 163 142 132 127 130 117 150 159 133 132 124 120 Livestock 63 62 64 72 68 62 64 56 62 51 111 85 60 61 45 49 Forest products 143 132 126 141 146 154 148 144 135 126 149 143 137 133 138 135 Ore 215 144 177 109 109 184 210 198 204 51 170 98 57 53 49 59 143 129 132 125 129 135 134 136 144 125 136 134 127 123 128 137 Merchandise, 1. c. 1..... 43 40 41 40 40 41 39 40 40 41 41 41 40 37 39 40 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exportsl Mcr n c i l i l l a it n a d r i y s - e a e id x p s o h r i t p s m e e x n c t l s u - ding Merchandise irn )orts3 Month 1953 1954 1955 1953 1954 1955 1953 1954 1955 Tanuarv 1 .293 1 ,092 1 ,164 1 016 923 1 079 9? 2 833 870 February . . . ,200 1,183 P\ .232 927 998 P] 137 856 800 PSSO March ,390 1 ,125 •1,341 1,052 922 1,249 1.004 862 «1 ,019 April ,394 1 ,426 1 054 1 258 1 013 957 May.. . . .. 1,453 1 ,401 1,085 1J37 902 829 June 1,385 1,474 1,013 1,115 933 94 7 Tuly ,363 1 ,291 r965 1 023 908 8?2 August ,187 rl ,156 911 955 840 825 September I ,256 1,112 1,052 926 r78() October . . . . . .. ,253 1 ,265 1,019 1,162 813 764 November 247 1 ,249 1 031 1 164 849 839 December ,353 1 ,318 1,138 1,220 907 942 Tanuarv-March . . . ... 5, 883 3,400 "3,737 2,995 2,843 «3,465 2,782 2,504 <;2, 739 'Revised. «Eslimated. ^Preliminary. 1 Exports of domestic and foreign merchandise. 2Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 3General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A an t t - a c C a h g i- o Lo S u t. is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES i 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 too 98 100 101 97 98 99 99 102 98 1950 . . 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 ill 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 US 1954 . . 111 107 103 109 105 121 128 109 112 104 '115 125 113 SEASONALLY ADJUSTED 1954—March 105 102 99 106 92 '120 117 '102 '109 95 '104 115 ill April ill 105 102 109 104 122 127 111 114 100 '114 120 ill May 108 $02 100 105 98 115 122 108 106 104 '110 123 114 112 106 102 109 107 120 129 110 122 J03 '117 127 114 July in 107 101 109 105 117 132 106 112 105 '121 13? IIS August ... . . 112 104 105 107 108 120 131 108 110 105 '116 127 115 September '108 109 102 107 101 115 J21 106 104 101 '110 114 110 October 113 110 105 105 106 124 138 111 112 106 '118 129 116 November 114 110 105 111 109 124 135 no 115 104 '116 130 114 December 117 111 105 113 116 133 136 115 118 113 '123 134 118 1955—Tauuarv 1.18 114 106 112 113 124 137 114 120 111 '126 135 124 February 112 109 100 109 109 119 131 109 113 105 '113 125 1 15 March 105 103 111 104 P128 P134 111 116 105 116 129 116 WITHOUT SEASONAL ADJUSTMENT 1954—March '90 86 85 '92 82 '98 110 '87 92 79 '92 102 88 April , no 108 101 109 105 124 129 109 132 101 '111 119 107 106 102 98 104 98 114 120 108 306 104 '110 119 107 June 106 106 99 104 100 113 114 108 110 96 '110 112 105 Juiy 88 77 73 78 82 93 106 86 89 84 '99 111 100 August , 98 83 80 85 94 102 115 98 100 99 '107 115 111 September '113 115 106 111 105 122 113 111 ill '116 121 112 October 118 110 110 113 111 130 141 114 123 122 '124 135 116 November 137 133 132 146 134 153 154 133 137 120 •••]33 147 134 200 200 184 197 192 231 234 188 193 180 '205 225 209 1955—Tanuarv 91 90 84 85 87 91 106 88 93 80 '94 5 07 97 February 88 82 81 83 84 90 108 84 90 81 '89 101 93 March J> 100 90 91 101 94 Pill Pi 30 98 101 88 104 117 97 STOCKS i 1948 . ... 107 105 105 107 107 105 108 111 102 110 108 110 107 1949 100 100 97 99 100 101 102 100 96 100 100 101 100 1950 109 109 105 108 106 113 120 110 107 104 113 112 110 1951 129 124 124 127 128 \$3 140 128 128 117 132 132 131 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 122 117 113 116 115 138 140 121 118 114 '133 130 125 SEASONALLY ADJUSTED D 954—March 121 118 ill '113 112 J36 '122 120 ill '131 127 124 AprU 1 12 2 1 0 1 1 2 1 0 7 1 1 1 1 3 5 1 11 1 6 4 1 1 1 1 3 7 1 5 3 3 5 7 1 1 3 3 5 7 1 5 2 2 2 2 1 1 1 1 6 8 i i l n l ' ' 1 1 2 2 7 8 1 1 2 2 8 7 116 122 117 114 117 115 139 135 122 119 112 131 122 A ] u ui g y ust 124 1 1 1 1 9 6 J 1 1 17 5 1 1 1 1 5 6 1 11 1 6 7 1 13 3 9 9 1 13 3 6 7 1 1 2 2 4 2 1 1 1 2 9 9 1 1 1 1 3 9 ' ' 1 M 3 l 6 1 1 3 3 3 2 1 12 2 9 9 September 125 118 115 117 141 143 124 120 123 '138 134 128 October 124 J16 116 i 16 116 147 141 122 115 120 '134 132 128 November 124 118 113 118 115 145 144 122 116 120 '135 129 130 December . . 124 118 113 121 120 137 143 122 117 118 '134 133 129 1955—Tanuary 123 119 112 118 112 139 1A 6 118 127 113 128 129 February 121 117 109 1.14 11 2 138 146 118 122 115 '136 132 .125 Varch -"123 1 1') 110 114 111 142 -"148 119 123 P114 139 Pi 32 128 WITHOUT SEASONAL ADJUSTMENT 1954—March 120 116 119 142 147 '127 123 115 '135 136 125 1 ?7 122 118 123 120 146 143 126 124 116 '135 135 125 May 1?6 121 118 119 119 146 138 124 123 113 '136 130 129 June o '117 110 107 109 109 133 128 116 119 107 '129 121 122 Julv '116 105 104 103 106 135 128 114 120 109 '127 123 125 Au«u«it 114 ill 110 112 139 136 118 116 114 '132 129 122 September 129 121 120 121 121 146 147 126 128 124 '141 139 132 October 138 131 130 132 128 15S 154 136 129 128 '145 144 144 November 139 138 129 134 130 152 160 140 127 133 '150 143 141 December . 110 111 103 107 105 120 126 111 103 107 '118 121 107 1955—Tanuary 111 107 100 103 102 125 133 108 107 106 '124 115 117 February 117 111 106 112 110 132 144 114 116 111 '133 129 118 March P127 122 114 122 118 149 Pi 54 124 126 P119 143 P141 129 pPreliminary. 'Revised. 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. MAY 1955 555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Con tinned [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millionsof dollars) Ratios to sales 3 Out- Re- New Stocks Year or month m S ( o a t f n l o o e t t r a s h l ) i S m t o ( o e n o c n t f k d h s ) i o m ( s r e o t i n d a n n e d n t g r d h o s - ) f 1 m c ( e o t f i n o o p t t r t a h s l ) 2 o m ( r o t d f n o o e t t r r a h s l ) 2 Stocks s o O t r i u a d n t n e g - d r - s s o t o r p i u a d l n t n e u g - d r s - s ce R i e p - ts 345 767 964 373 354 2.3 3.0 5.3 1.1 1947 average .. . . 365 887 588 366 364 2.5 L.7 4.3 L.O 1948 average 381 979 494 386 363 2.7 1.4 4.1 L.O 1949 average 361 925 373 358 358 2.7 L.I 3.8 L.O 1950 average ... . . .... 376 1,012 495 391 401 2.8 1.4 4.2 L.I 391 1.202 460 390 379 3.2 1.3 4.4 L.O 1952 average 397 .,097 435 397 401 2.9 1.2 4.1 L.O 1953 average.... . . 406 1,163 421 408 401 3.0 L.I 4.1 L.O 407 1,136 387 407 409 3.0 L.O 4.0 L.O 1954—March ••353 r ,177 '344 »-459 ••399' r3.3 1.0 4.3 .3 April . . . 402 1,183 281 '408 ••345 2.9 0 7 3.6 L.O 372 1,161 249 350 318 3.1 0.7 3.8 ).9 June 378 L,O67 390 284 425 2.8 1.0 3.9 ) 8 July 306 1,042 471 281 362 3.4 1.5 4.9 ).9 August 350 1,095 465 403 397 3.1 1.3 4.5 L.2 September... .... 400 1,184 486 489 510 3.0 1.2 4.2 L.2 October 437 ,268 477 521 512 2.9 1.1 4.0 L.2 November 509 1,318 406 559 488 2.6 0 8 3.4 1 December.... . 766 1.056 301 504 399 1.4 0.4 1.8 0.7 1955——Januarv 336 1,042 385 322 406 3.1 1.1 4.2 1.0 February 307 1,103 414 368 397 3.6 1 .3 4.9 1.2 March? .... . 392 1,189 366 478 430 3.0 0.9 4.0 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 June 2. . . .95June 7. . . .111June 6. . . .118June 5.... 97Dec. 1. ... 161Dec. 6. . .. 195Dec. 5 190Dec. 4 192 9 108 14 116 13 112 12. . . .111 8 191 13... . 223 12 216 11 224 16 106 21. . . .98 20 111 19 115 15 213 20... . 237 19 234 18 240 23 92 28 91 27 94 26 97 22 228 27... . 146 26 163 25 .190 30 89 29 92 1952 1953 1954 1955 July 7 75July 5 79July 4 79Tuly 3 93Jan. 5 78Jan. 3.... 81Jan. 2 81Jan. 1 80 14... . 83 12 83 11 92 10 77 12 92 10... . 89 9 94 8 .106 21 81 19 82 18 84 17 88 19 90 17... . 92 16 85 15 . 99 28 80 26 79 25 S3 24 84 26 83 24... . 86 23 86 22 . 95 31 87 31... . 87 30 85 29 . 87 Aug. 4 8SAug. 2 87Aug. 1 86Aug. 7 92Feb. 2 84Feb. 7.... 88Feb. 6 86Feb. 5 . 86 11 87 9 90 8 92 14 97 9 87 14... . 92 13 91 12 . 92 18 93 16 95 15 95 21 100 16 89 21... . 85 20 86 19 . 90 25 97 23 100 22 100 28 102 23 83 28... . 93 27 90 26 . 93 30 110 29 101 Sept. 1 105Sept. 6 100Sept. 5 101Sept. 4 113 Mar. 1 85Mar. 7... . 96Mar. 6 85Mar. 5 ..98 8 100 13.... 114 12 102 11 97 8 • 88 14. ... 100 13 92 12 .102 15 114 20 113 19 120 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 110Oct. 4 116Oct. 3 112Oct. 2.... 110Apr. 5 109Apr. 4... . 118Apr. 3 103Apr. 2 .114 13 117 11 126 10 120 9 118 12 111 11... . 97 10 113 9 .122 20 116 18 124 17 118 16 119 19 97 18... . 105 17 118 16 .103 27 113 25 122 24 113 23.... 123 26 105 25... . 104 24 101 23 .112 31 113 30 117 30 .120 Nov. 3 121Nov. 1 115Nov. 7 121Nov. 6 127 Viay 3 111May 2. .. 114May 1 112May 7 .134 10 127 8 118 14 133 13 130 10 117 9. . . 128 8 123 14 17 130 15 130 21 131 20 134 17 99 16. .. 105 15 97 21 . 24 123 22 134 28 133 27 133 24 105 23. .. 112 22 106 28 29 138 31 97 30. . . 97 29 104 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 556 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures) SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Fe a d r e e d r a i a , s l t o r R i r c e c t s , i e ty rve M 19 a 5 r 5 . F 19 e 5 b 5 . m 19 3 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 y ve M 19 a 5 r 5 . F 19 e 5 b 5 . r 1 n 9 3 o 5 fi 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 y ve M 19 a 5 r 5 . 1 F 9 e 5 b 5 . r 1 n 9 3 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 c t s , i e ty rve M 19 a 5 r 5 . - F 19 e 5 b 5 .l'L United States. +11 +2 +8 Cleve.-cont. Chicago-cont. Kan. City-conu Met. Areas-cont. Met. Areas-cont. Met. Areas-cont. Boston +5 +4 Wheeling- Decatur2 +3 -9 +2 Wichita +32 +13 +23 Steubenville2.. +7 -3 +5 Peoria2 +20 +5 +11 St. Joseph +25 -12 +5 M P e o t r . tl A an re d a s1 , +4 +5 + City T R r o i c - k C f i o t r ie d s2 + + 3 6 2 +1 o + + 1 3 3 O A m lb a u h q a uerque. +!• + - 1 4 5 i + + 1 2 5 B D o B s o t o w o s n n to to n w 2 n +2 + -1 2 + + 4 1R P i o c r h t m sm o o n u d th3. . . •+ + 1 9 3 +2 A + + 2 9 ( D M R a o o v c li e k n n l e a p , n o d r ; t) O Tu k l l s a a hom? C c . + + 1 6 8 + -1 1 7 + + 2 5 0 L N L S o e a w B w u w Q C b e o l u r s u a B l e t r - m i o n b e n n c b d a c e n r f y i o . d r g d e .. . , + + + -2 9 3 8 0 + + 1 3 4 1 + + + + 1 1 1 6 6 2 0 M A W B R D e s a a t a W h l . l o s e t e w i h a i v A m g s i n i r n h h l o t e l 2 g o e r a e w t 2 s o 2 1 n n2. .. P + + + + + 2 K 1 5 6 6 4 ) + + - - 2 5 4 6 2 + + + 1 1 . 5 3 1 M F S T C D In o o e e e u d u r r d s n t r i t a e a h c M r W i n e H B a R o a p e a i a y o n n u p n d l e t i e i 2 e d s s 2 2 2 . s . . . . . . . . . . . . . . . . . . + + + + + + + 1 1 1 1 1 3 7 1 0 5 3 2 + -h 2 0 0 0 0 0 i + + + + + + + 7 9 3 4 5 3 7 C J K H E G o i n t a r u p i e i n e t l d e c i s s l n h a e i s y n s C o i n ty... + + + - n " 1 1 l • i 2 9 ; ! , + - - + - 9 6 1 3 3 - i + + + ++ + 1 5 3 6 2 1 Worcester 2.... -3 +4 +4 W Co in lu s m to b n i - a S 2 alem 2 P '+ + 1 1 4 8 l + + 1 8 1 + + 1 1 6 1 S D i u o b ux u q C ue ity + + 1 7 4 — -9 7 + + 4 1 Dallas. +15 +4 + + 1 3 1 Cities Greenville2 +23 +8 +16 Waterloo + 1.4 0 +8 Springfield.... +10 +3 Norfolk- Detroit2 +18 +8 +12 Met. Areas Providence2... +18 + 1 +10 R P ic o h r m ts o m n o d u 2 th2. . + + 1 1 5 5 +3 0 + + 12 7 F G l r i a n n t2 d Rapids2. + + 12 6 + - 4 5 + + 1 2 0 S C h o r rp e u v s e p C o h r r t i . s . t . i . . + + 22 9 1 + - 1 4 3 + + 1 6 8 New York +7 -3 +3 Roanoke2 +9 +1 +10 Jackson2 +2 + 10 Dallas2 + 18i +5| +14 Charleston, Kalamazoo +12 +3 +5 El Paso + 17| 4-7J +12 M A N S U B B R A S N N e N U B y u l e o t i t N b i c n r f n . u w . l i e t c c f a b a a i h g f e e w h a a c A Y c n g a f e l c w - h e Y a a u r o n y a a R n . t s l e a s a r - r y o o t e a o J S m k e a C e d r 2 c e s m 2 2 c r k y * t i r t F 2 h a - t - o s e N a e y T d e n l - 2 y y r . l . . o s . . . . E . . . . y . . . . + + + + + + + + + .» 4 9 9 5 3 6 j 7 | ! | i — + - — 6 < 8 -7 + + + + + + + + + + + + — 1 5 4 5 2 4 4 3 2 2 2 2 5 0 . A M C S C L N H P M M B F i H t e p a a u t y e i u l W o o i t M r i r a a w m e . a n n r b m n k s r n m g . c t i p o t b A t e l i i g t e h a V o r e e n o a n r r g o r n b r r e s g n g s a l t a m a b b u a t t t h n . s - o o N u n 2 u r e a 1 t n g w d o r r r m e y g 2 g 2 - w w n . . . 2 . . . n . . . . s . . . . . . . . . . . . . . . . P + + + + + + + + + 3 1 1 1 1 1 1 1 2 ) 7 3 5 2 2 0 8 5 4 i + + + + + - - - - 1 1 9 6 5 1 7 2 3 1 1 4 + + + + + + + + + + 1 1 1 1 1 3 6 6 2 3 2 9 6 4 0 S C M A S S M D F L G M M P B t i h a e . o t o a p a a r i i u a g t e e n r e r p n t l L . d s t i b w t t e s s l v n k l i o n A e o i e s i a S a e n H t u l y o r u w o g l m g B C e g i n e u k n o s 2 a a a r i e n r s t n e y e h o e 2 . n k. . . . . . . P + + + + + + + + + + + + 1 1 1 1 5 2 1 9 4 1 9 4 9 2 6 8 3 1 1 + - + + + 1 + — - - - - 1 1 2 2 2 1 4 2 1 5 3 0 0 / + 5 + + + + + + + + + + + 1 1 2 1 1 1 2 7 7 6 2 7 9 8 1 4 S M W F F H P L R a S L P e r h o o n o i t a W e D a v a o s o r . u c s n L t s e n e F o A s n o e a . r t g A n W w t a r s s o d n o i A r i a t 2 x e n B d s g e n M o n . 2 n i t a e e 2 2 d e o r c a s l o t a e w e i 1 a h n L c s s n n . i 2 c h . c d A . 2 o . a . . . . . . » . . ! | j j ! j . P j _ P _ o + + + + i ' ' 4 i _ _ + + + 1 + _ 1 K _ i : t 9 6 6 i 8 9 i 7 i l . i j ) j i j | j j j | | i | + + + + + + + + + + + + 1 3 4 2 7 7 6 8 6 6 2 2 4 1 1 ! | | j I + + + + + + + 1 + + + 1 + + 1 1 8 7 6 0 9 9 9 0 1 7 4 6 C C M M C P A W L C T W Y P S L P R B h i l i e e H c e o r h t a a e k t e o r t t i y i i i e x r n i u n . v . i a r l a e r l l a d n k l i o k c d a m t g z e s n a n A A g e o t n a 2 i l l d h d g o t s n e e a i r r n 2 s o k e t - e n n e e t p t g n 2 o n B o e e a a l l 2 g 2 d o n p p r n e s s a t r 2 h 2 p r h o t r 3 i s i n e . a i a — 2 . e . . . . . . . . . . . . . . . + + + + + + + + + + + + + + + 1 1 1 1 2 2 1 1 1 1 8 6 7 3 4 6 0 9 5 5 1 0 5 0 4 j — - + + + + + + + 1 — -7 0 1 4 4 2 1 1 5 1 0 4 7 + + + + + + + + + + + + + 1 1 2 4 5 9 6 3 6 8 6 1 9 4 0 0 C A S A J S M O N B N M C M R K B C " a i S T t a t o r u o e a r t a h n . c e a T i i v i t l l a • t m w l g e s a s o k . a a a r c o u P a a m h s t i m u n x t n s o o m d n n P e m e t v s o d v O n t p a l i n i t e t i • a b a n o 2 i e p 2 a n l R a a t l r 2 n l u r 2 e l a 2 o l h e s e o e s r 2 o b 2 s u a g u b n g r a u s e g 2 r 2 ! 2 . - . g ! . . . . . . 1P P P + + + + + + + + + + + + + + + + + + + 1 1 1 3 1 2 2 2 1 1 2 1 2 1 \ 6 9 8 7 6 2 2 4 6 2 3 0 4 0 0 1 8 8 | + + + — + + + + + + + + + — - - - - 2 2 1 6 4 4 2 1 4 5 2 8 3 8 4 1 6 0 3 0 0 5 4 3 + + + + + + + $ + + + + + + + . 2 - 1 1 2 1 1 5 8 9 2 4 6 . 8 6 0 2 8 6 3 8 C M M C S S Q L M S M D G P M L E i i S S e M p i t a t o i i t v u r u o . i p t e a t i n t r u d e e u . i a t e u . l i m l i n n L l p a s u n u n s i n n s x e k P c s A t e c . t g o e p s n - v h y a r a a r F f v u a S h R F e i i t - i e h u i a i o p l o e i a t a a o s l l . s l l l r p o l l e 2 2 s l c 2 d l 2 e s 1 o 2 l s P k . 2 . i l . 2 a s i . s u 2 l . . 2 . . . + + + + + + + + + + + + + - 5 1 1 1 1 1 1 1 1 5 7 4 7 1 0 1 0 4 4 0 3 7 0 + - - - + + + 1 - 1 1 - - - - - - - 2 1 8 4 4 8 2 4 5 9 4 5 6 7 2 4 2 + + + + + + + + + + + — 3 1 6 9 7 7 4 5 5 5 4 2 4 0 0 3 4 T C S S S S S S S S T T P B i O S V a a a a a t p e t u o a a o i O S n n n n B a l c a o c k r e a c a t c n D a a t r s s l t k e e a k o F D l l J k r a O n t L o r r k e l a o a m d o l F r t m s a k n i j a n l e a w n o a B i f s o e n r a e a k n 2 i d k n e e n e a g d n . e l n e 2 e o 2 2 2 c l n 2 e n . . o l - r t d . . a . i d y o t c - 2 s C 2 n o 2 2 i w c s d 2 i o . . c n t 2 . - y . o . . 2 2 . . . . P M + + + + + + + + 1 1 1 1 M 1 1 2 3 1 6 4 8 5 J + + + + + + + + + + + + + + + + 1 1 1 1 1 i 1 . o 2 6 7 6 6 5 4 1 9 3 2 0 3 1 0 2 ; | ' + + + + + + + + + + + + + + 1 + 1 1 1 1 1 i 9 1 4 8 3 3 4 9 2 6 7 3 0 1 1 C C C l o i e n l v u c e i m n la n b n a u d t s i 2 2 2 + + + 1 8 9 3 -2 0 0 + + + 4 5 4 C M h e i t. c a A g re o a . s . 1 . P+13 +1 +7 L G a r C an ro d s s F e orks. . . +11 - + 12 1 + -3 6 B Id N o a i a h s m e o a p F n a a d lls ti +16 0 i Springfield2 +16 +6 +10 Chicago3... P+13 0 +6 Kansas City.. +14 r+2 +10 Twin Falls +4 Toledo2 +15 +10 Aurora +12 -4 +8 Bellingham + 10! -6 + 10 Youngstown2... +13 H +8 Elgin +8 +1 +7 Met. Areas Everett2 ++72| +9 +5 Erie2 +5 —6 0 Jofiet2.... +32 +11 +19 Denver +18 +8 +14 Walla Walla2... +7 +18 + 14 Pittsburgh2 +24 +12 +23 Gary +19 +2 +11 Topeka +8 -6 +5 Yakima2 —5! +6 +17 i +3 P Preliminary. r Revised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. s Data not available. 4 January 1955. 5'Fwo months 1955. MAY 1955 557 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 change s R t a o t c i k o s o t f o F w e i d t e h ra ou l t R e se s a e s r o v n e a l i n a d d e j x u s n t u m m e b n e t r , s from a year ago sales1 1947-49 average =100-' Department d S u a r l i e n s g ( S e t n o d c k o s f February Sale : s >e r d i u o r d ing Sto o c f k m s o a n t t e h nd period month) Two 1955 1954 1955 1954 Feb. months Feb. 1955 1954 1955 1955 1955 Feb. Jan. Feb. Feb. Jan. Feb. GRAND TOTAL—entire stores . +1 +3 +2 3.9 3.9 MAIN STORK — total +1 +4 +1 4.1 4.1 76 86 75 112 106 110 Piece goods and household textiles. . . -4 0 +5 4.7 4.4 68 132 70 105 103 100 Piece goods -9 —5 +4 4.0 3.5 66 67 73 95 91 91 Silks, velvets, and synthetics -11 -7 +3 4.0 3.5 58 57 65 84 80 82 Woolen yard goods -11 -6 -5 4.7 4.4 54 63 61 88 87 92 Cotton yard goods -6 -3 + 12 3.6 3.1 89 85 95 123 115 110 Household textiles + 1 +2 +6 5.1 5.0 68 178 68 110 109 104 Linens and towels 0 +4 +4 5.5 5.4 66 151 66 99 99 95 Domestics—muslins, sheetings. . . . 2 +8 4.6 4.2 70 231 72 161 120 149 Blankets, comforters, and spreads. +7 +8 +5 5.2 5.5 72 150 67 112 116 108 Small wares +4 +5 +2 4.3 4.4 81 85 78 109 107 107 Laces, trimmings, embroideries, and ribbons -4 -2 +2 4.9 4.7 69 64 72 113 95 111 Notions +2 +4 +4 4.7 4.7 74 85 73 122 117 117 Toilet articles, drug sundries +3 +6 +1 3.7 3.9 89 101 86 101 104 100 Silverware and jewelry +8 + 11 +3 5.7 6.0 71 67 66 117 109 114 Silverware and clocks +24 +21 + 1 6.8 8.6 71 64 57 126 119 125 Costume jewelry +5 + 10 +7 3.4 3.4 74 69 71 105 90 98 Fine jewelry and watches. + 11 + 11 +6 11.4 11.8 64 55 58 122 119 115 Art needlework ....*... -1 -3 +3 4.6 4.5 82 101 83 102 100 99 Books and stationery +3 +4 +2 3.4 3.4 91 92 88 108 114 106 Books and magazines +5 +3 +2 2.7 2.8 93 94 89 96 105 94 Stationery +2 +5 +3 3.7 3.7 89 89 87 113 116 109 Women's and misses' apparel and accessories. -3 0 +4 3.5 3.3 74 80 77 121 110 116 Women's and misses' ready-to-wear accessories... -3 0 +3 4.1 3.9 74 74 76 122 110 118 Neckwear and scarfs t) 7 +8 3.1 2.7 79 71 86 133 116 123 Handkerchiefs -12 -9 4.1 3.7 52 44 59 70 68 71 Millinery -11 -7 —2 1.6 1.5 68 56 77 108 76 110 Women's and children's gloves 0 +3 — 1 5.2 5.4 58 64 58 85 77 86 Corsets and brassieres -2 +2 +8 3.7 3.4 101 118 102 141 133 130 Women's and children's hosiery -1 + 1 +5 2.9 2.7 73 70 74 116 109 110 Underwear, slips, and negligees —3 0 +2 3.7 3.6 63 63 65 104 97 102 Knit underwear + 1 +3 +5 3.8 3.7 80 87 79 135 128 129 Silk and muslin underwear, and slips -4 0 3.9 3.8 55 53 57 95 87 95 Negligees, robes, and lounging apparel -4 0 +4 2.7 2.6 64 57 66 84 77 81 Infants' wear -2 0 +6 4.0 3.8 77 80 79 122 109 115 Handbags, and small leather goods. +2 +6 +6 3.3 3.2 72 63 71 117 101 110 Women's and children's shoes. -1 +1 +2 6.6 6.5 82 84 83 146 130 143 Children's shoes -.1 -1 +2 7.1 7.2 66 60 67 143 128 140 Women's shoes 1 +2 +2 6.4 6.3 84 86 85 143 124 141 Women's and misses' ready-to-wear apparel. -4 + 1 +4 2.9 2.7 75 86 77 119 111 114 Women's and misses' coats and suits -8 -3 -2 2.6 2.5 71 95 77 114 105 117 Coats -6 0 +4 2.2 2.0 69 106 74 102 94 98 Suits -11 -9 -8 3.1 3.0 82 67 92 144 119 157 Juniors' and girls' wear 4 j +6 3.2 3.0 69 64 72 128 110 121 Juniors' coats, suits, and dresses. . -6 -3 +2 2.5 2.4 66 65 70 116 103 114 Girls' wear -2 +1 +9 4.0 3.7 73 63 74 138 115 126 Women's and misses' dresses. -4 + 1 +6 2.4 2.2 75 83 78 121 117 114 Inexpensive dresses —6 i +12 2.0 1.7 72 82 76 118 113 106 Better dresses -1 +3 +4 2.8 2.7 82 81 83 127 112 122 Blouses, skirts, and sportswear -1 +2 +4 3.3 3.1 79 83 80 131 123 126 Aprons, housedresses, and uniforms. -6 +2 +9 2.5 2.2 84 102 89 114 110 105 Furs +14 + 19 -1 4.2 4.9 73 114 64 82 84 83 Men's and boys' wear.... +2 +3 0 5.7 5.9 65 74 64 115 105 115 Men's clothing 0 +1 -4 6.6 6.9 67 98 67 125 114 130 Men's furnishings and hats +3 +5 +3 4.9 5.0 63 64 61 107 101 104 Boys' wear 0 + 1 +4 6.0 5.9 62 60 62 110 94 106 Men's and boys' shoes and slippers. +4 +2 + 1 7.3 7.5 75 81 72 122 113 120 For footnotes see following page. 558 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 change Ratio of Federal Reserve index numbers from a year ago st s o a c l k e s s 1 to with 19 o 4 u 7 t - s 4 e 9 a s a o v n e a r l a g a e d j = u 1 s 0 tm 02 ent, Sales Stocks Department d p u er r i i o n d g m (en o d n t o h f ) February Sale p s e r d io u d n Sto Of c k .1 s 1 'O a i t l ti a l nd Two 1955 1954 1955 1954 F 19 e 5 b. 5 m 1 o 9 n 5 t 5 hs F 19 eb 5 . 5 1955 1954 Feb. Jan. Feb. Feb. Jan. Feb. Komef urnishings. +8 +11 -2 4.1 4.6 88 95 82 106 103 108 Furniture and bedding +5 +11 -8 3.4 4.0 114 131 109 107 106 117 Mattresses, springs, and studio beds +4 + 10 — 1 1.9 2.1 131 156 126 139 128 140 Upholstered and other furniture +4 +12 -10 3.9 4.7 111 115 106 104 100 1.16 Domestic floor coverings + 12 + 16 -5 4.4 5.3 81 89 72 95 99 99 Rugs and carpets + 17 + 16 -2 4.4 5.3 87 87 74 102 97 105 Linoleum +1 -14 4.8 5.4 42 55 45 56 64 65 Draperies, curtains, and upholstery . +2 +5 +2 5.2 5.3 78 77 76 111 106 109 Lamps and shades +4 +7 -1 4.1 4.4 76 82 74 103 100 104 China and. glassware + 1 +4 + 1 7.5 7.6 87 89 86 121 117 120 Major household appliances +29 +29 -3 2.7 3.7 69 75 54 92 77 95 llousowares (including small appliances) + 12 + 13 + 1 4.3 4.8 87 82 77 117 110 115 Gift shop -1 +3 +3 6.6 6.5 75 69 76 125 118 121 Radios, phonographs, television, records, etc +3 +4 + 1 2.8 3.0 93 107 90 94 93 93 Radios, phonographs, television +4 +6 +4 2.6 2.6 85 131 82 85 92 82 Records, sheet music, and instruments -8 -4 9 3.8 3.6 95 64 103 95 85 97 Miscellaneous merchandise departments. +3 +3 +3 3.9 3.8 65 58 63 100 103 97 Toys, games, sporting goods, cameras +6 +8 +3 7.9 8.2 44 34 41 109 107 106 Toys and games +9 +5 7.9 8.2 36 23 33 104 11.8 100 Sporting goods and cameras +6 +9 -1 7.8 8.1 58 54 55 109 98 110 Luggage... + 12 + 16 -3 5.4 6.3 60 67 54 103 110 106 Candy +4 +4 +6 1.2 1.2 92 66 88 103 110 98 BASEMENT STORE—total.... -3 0 +4 3.1 2.9 69 78 71 107 98 103 Domestics and blankets -3 +1 3.7 3.4 75 145 77 115 110 106 Women's and misses' ready-to-wear. . -5 ~2 +4 2.5 2.3 67 70 70 105 94 100 Intimate apparel -3 0 +4 2.9 2.7 79 82 81 114 102 110 Hosiery 0 0 +5 2.4 2.2 CO (0 CO CO (4) CO Underwear, corsets and brassieres -4 -1 +3 3.1 2.9 CO CO CO CO CO C1) Coats and suits 1 -12 -8 +3 2.3 2.0 57 68 65 95 81 93 Dresses -10 -4 +5 1.6 1.5 62 66 68 93 96 89 Blouses, skirts, and sportswear 0 0 +1 2.3 2.3 74 74 74 .103 96 101 Girls' wear +2 +4 +9 3.0 2.9 65 60 64 117 94 107 Infants' wear 0 +2 +5 3.3 3.2 75 80 75 115 102 109 Aprons, housedrcsses, uniforms -9 -7 +3 2.6 2.4 (0 (*) CO (4) (4) CO Men's and boys' wear... +2 +4 +4 3.6 3.5 72 76 71 111 98 106 Men's wear +2 +4 +2 3.4 3.4 75 79 73 .109 97 107 Men's clothing +2 +4 3.2 3.4 89 99 87 116 104 117 Men's furnishings +2 +4 +5 3.5 3.4 66 67 65 105 92 100 Boys' wear +2 +5 + 13 4.3 3.9 66 66 65 121 98 107 IIotnefurnishin£s.. . +3 +8 +1 3.5 3.6 79 78 76 107 104 106 Shoes 0 -2 +2 5.2 5.1 71 73 71 119 99 117 NONMERGH ANDISE—total. -2 0 CO CO (0 91 100 92 (0 (4) (•0 Barber and beauty shop -1 -1 CO 00 CO 112 108 113 CO 00 CO 1The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 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. 3 For movements of total department store sales and stocks, see the indexes for the United States on p. 555. 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. MAY 1955 559 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 H n f o u i 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. i 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102 8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113 5 114 6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1954—March 114 8 112 1 119 0 128 0 107 6 125 8 107.2 117.5 104.3 129.0 124.4 114.1 108.2 120.1 April 114.6 112.4 118.5 128.2 107.6 123.9 106.1 116.9 104.1 129.1 124.9 112.9 106.5 120.2 May 115 0 113 3 118 9 128 3 107 7 120 9 105 9 117.2 104.2 129.1 125.1 113.0 106.4 120.3 June 115.1 113.8 118.9 128.3 107.6 120.9 105.8 117.2 104.2 128.9 125.1 112.7 106.4 120.1 July 115 2 114 6 119 0 128 5 107 8 121 1 105 7 117.2 104.0 126.7 125.2 113.3 107.0 120.3 August 115 0 113.9 119.2 128.6 107.8 121.9 105.4 117.3 103.7 126.6 125.5 113.4 106.6 120.2 September 114.7 112.4 119.5 128.8 107.9 122.4 106.0 117.4 104.3 126.4 125.7 113.5 106.5 120.1 October 114 5 111 8 119 5 129 0 108 5 123 8 105.6 117.6 104.6 125.0 125.9 113.4 106.9 120.1 November . . . 114 6 111.1 119.5 129.2 108.7 124.2 105.4 117.8 104.6 127.6 126.1 113.8 106.8 120.0 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—Tanuary 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 March 114.3 110.8 119.6 130.0 110.3 126.2 104.6 117.9 103.2 127.3 127.0 113.5 106.6 119.8 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 o ie m d l s l i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d d - e s - l - l H s e p u k a a r i c n i o t d n h t d d e s s e s - , r , p l t F i o e a m i g u n r w n h i e a g d a e t l - l - , r s ,C a p i u a h l c r l c n e o a ie t m d l d s s d - - p R u a b r u n c o e b t d d r s - - L w p u a b r u o n c o e m o t d d r s d - - p a p P u a l a r u l n c o p i l e t d p d e s d , r - ,M m p u a r e n e c o t t d t d a a s l - l s p c u M m a t e h r i c n o r v i o a y t d n d e s - - - - h F d o h t b a o u u t u o n l h u r r e r l d n s e a e d s e i r - - - e s N r t t m t m a a u r o l l u i r s e l n n a i c — - - c - l - b b e m o b a T a r e t a n f c t o r v g l d c s - e - e o . d s n c M e e o l i l s u a - - s 1948 104.4 107 3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102 9 103 9 100 9 101 4 101 7 100 4 103 1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110 3 108 6 105 3 106 9 102 4 96 6 1951 114 8 113 4 111.4 115.9 110.6 120.3 106.7 110 0 148.0 123 9 119 6 122 8 119 0 114 1 113 6 108 1 104 9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123 0 121 5 112 0 113 6 110 6 108 3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 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 110.5 98.4 105.3 114.2 95.0 94.7 109.2 107.4 124.9 116.7 116 6 126 3 124 5 115 0 121 0 117 9 104 9 April 111.0 99.4 105.9 114.5 94.7 94.6 108.6 107.2 125.0 116.2 116.3 126.8 124.4 115.6 120.8 121.5 110.3 May 110.9 97.9 106.8 114.5 94.8 96.0 108.2 107.1 125.1 116 1 115 8 127 1 124 4 115 5 119 3 121 4 109 2 110.0 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 94.9 106.2 106.7 126.8 119.1 116.2 128.0 124.3 115.3 120.4 121.4 103.9 110.5 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 97.0 February 110.4 93.1 '•103.2 115.7 •"95.2 92.3 '108.7 107.1 140.6 121.2 116.6 131.5 126.1 115.4 121.8 121.6 '97.1 IVLarch 110.0 92.1 101.6 115.6 95.3 92.2 108.7 106.9 138.0 121.3 116.8 131.9 126.2 115.1 121.9 121.6 95.6 ' Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 560 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49=100] 1954 1955 1954 1955 Subgroup Subgroup Mar. Jan. Feb. Mar. Mar. Jar Feb. Mar. Farm Products: Pulp, Paper and Allied Products— Continued F G r r e a s i h n s and dried produce 9 8 3 9 .6 0 1 9 0 3 5.2 1 9 0 3 3 .8 1 1 9 0 9 4 .4 9 Paperboard 124 1?4 o 1 940 195 7 Livestock and poultry 92.4 79 4 80 7 79 9 Converted paper and paperboard.. 112 3 111 1 111 5 111 s Plant and animal fibers 105.9 104.4 104.3 102.9 Building paper and board 127.9 127 6 129.4 129 7 Fluid milk 93 .4 92 A r92 0 90 5 Eggs 80.1 65 1 90 1 82.2 Metals and Metal Products: Hay and seeds 93 4 94 T, 93 2 93 1 Other farm products 181 2 156 4 139 4 143 o Iron and steel 130 135 S 135 136 0 Nonferrous metals... 121.2 127 9 133. 7 134 3 Processed Foods: Metal containers .130.0 131 6 131.6 131 6 Hardware 138.0 142 6 143.3 144 1 Cereal and bakery products 112.6 116 9 116.3 116.5 Plumbing equipment. . 118.2 118 7 118. 7 123 0 Meats, poultry, and fish 92.8 87 6 86.9 83.3 1.14.4 113 9 113.7 113 6 Dairy products and ice cream.... 106.1 107 0 107.2 107.2 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 116.8 117 8 118 .0 117 9 bles 103 0 10-16 r 1 04 4 Fabricated nonstructural metal Sugar and confectionery 119 8 111 119 6 110 8 products 1 ^63 195 125 s 125 0 Packaged beverage materials 209.1 203 7 186.4 180.4 Other processed foods... 106.5 98 2 100.7 100.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 19? 3 191 5; 191 W Co o t o to l n p r p o r d o u d c u t c s ts 1 8 06 8 .5 4 1 9 0 0 6 2 1 5 0 - 6 9 0. 3 6 U 9 ) 0 6 .8 1 Co m ns e t n r t uction machinery and equip- 131 7 133 9 133 s 133 9 Synthetic textiles 84.9 87 3 86 7 87.6 Metal working machinery 133 0 135.1 136 6 136 8 Silk oroducts 135.1 124 1 19? 4 121 1 General purpose machinery and Apparel 98 6 98 '98 2 98 9 equipment 128 s 128 6 130 3 130 7 Other textile products 80 6 77 3 78 0 76 6 Miscellaneous machinery 125 1 126 A 1 964 126 Electrical machinery and equip- Bides, Skins, and Leather Products: ment 126.8 126 8 126 .7 126.7 Motor vehicles 118.9 121.7 121 .5 121.5 Hides and skins 56.0 49 5 51.6 50.7 Leather 86 3 81 9 82 2 82 1 Furniture and Other Household Dura- Footwear 111.9 111 6 \\\ 5 111.5 bles: Other leather products 97 6 95 95 8 96 0 Household furniture 113 7 112 5 119 6 112 7 Fuel, Power, and Lighting Materials: Commercial furniture.. 126.2 128.6 128.6 128.6 Floor covering 122 6 124 9 194 4 124.4 Coal .. 107.9 105 2 105.2 105.1 Household appliances 109.5 108.7 108. 5 107.3 Coke 132 5 1 32A 1 32 4 13? 4 Rad'o 95 7 95 4 7 94 7 Gas 1115 113 n 116 3 116 3 Television 73 8 69.0 68 8 68 K Electricity 102 9 100 7 100 1 100 1 Other household durable goods.... 198 9 131.9 13? 0 132.0 Petroleum and oroducts 111.5 111 7 111 7 111.7 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Fiat glass 124 7 ^23 0 0 123 Industrial chemicals 117 9 117 1J7 A 117 5 119 Q 123 1 173 0 124 1 Prepared paint . 112 8 119 113*1 114 0 Concrete products 117 -, 116.7 117 0 118.? Paint materials 95.2 95 8 96 1 95 9 Structural clay products 1.3?0 135.8 136 1 136 3 Drugs, Pharmaceuticals, cosmetics. 93.9 93 6 '93.3 93 .1 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible . . 107.5 61 8 61 0 55 2 Prepared asphalt roofing 109 9 .106.1 100 4 99. Mixed fertilizers 60.5 108 8 109 0 108.9 Other nonmetallic minerals 119 8 119 119 0 119.2 Ferti'izer materials 110 0 113 6 113 5 113 6 Other chemicals and products 105.9 107 7 108.0 107.9 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 1 240 124 0 194 O 1 240 113 8 146 0 1^1 3 14? 8 Cigars 103 s 103 7 103 103 .7 Tires and tubes 130.3 139 9 142.4 142.3 Other tobacco products 120.7 1.21 .4 12!A 121 .4 Other rubber products 19.3 7 127 o 132 0 130 3 Alcoholic beverages 1 146 114.3 1 146 114.7 NonalcohoHc beverages 125.1 148.1 148. 1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 115.6 120 0 121 4 121 .6 Millwork 131.1 130 4 1 29.0 128.7 Toys, sporting goods, small arms.. 113 0 113.2 113 .1 113.2 Plywood 10? 9 104 7 104 8 104 8 101 1 84.0 85 8 83. 1 Notions and accessories 93 5 101 3 r<)9 3 92. 3 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 102 0 103.6 103 .2 103 .i Other miscellaneous 121 2 120.3 120.6 120. Woodpulp 109.7 110.0 110.0 110.0 84.1 90.9 90.2 89.4 Paper 126.8 127.5 128.0 128.0 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures,—See BULLETIN for March 1952, pp. 131-313. MAY 1955 561 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 1954 1955 1933 1941 1949 1950 1951 1952 1953 1954 Gross national product 104.4 56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 355.8 356.0 355.5 362.0 370.0 Leas: Capital consumption allowances.. 8.6 7.2 9.0 18.4 20.5 23.5 25.3 27.2 29.3 28.2 29.0 29.8 30.2 30.6 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 30.2 30.0 30.4 30.7 S B t u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments....... . . 3 6 . . 7 9 . . 4 5 . . 1 8 . . 8 2 1 1 . . 0 3 1.0 1 1 . . 0 0 1.0 1.0 -3 1 . . 8 0 -4 1 . . 4 0 -2 1 . . 7 0 n 1 . . a 0 . Plus: Subsidies less current surplus of .6 -3.7 -3.0 government enterprises — .1 .0 .1 -.2 .2 .2 -.5 — .1 -.3 -.4 .2 -.2 -.3 — .4 Equals: National income 87.8 40.2 104.7 216.2 240.0 277.0 305.0 299.6 298.8 302.6 n.a. 291.0 300.0 298.9 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 34.1 34.9 33.9 n.a. n.a. Contributions for social insurance.. .2 .3 2.8 5.7 6.9 8.2 8.7 8.8 9.7 9.8 9.7 9.6 9.7 11.0 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .1 .0 -.1 .0 .0 .0 .0 .0 .0 Plus: Goyernment transfer payments. ., .9 1.5 2.6 11.6 14.3 11.6 12.1 12.8 14.8 14.2 14.8 14.7 15.5 15.6 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 5.3 5.4 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 9.8 10.4 10.0 Business transfer payments .6 .5 .8 .8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1 .0 .7 Equals: Personal income 85.8 96.3 206.8 227.1 255.3 271.2 286.1 286.5 285.1 285.7 286.2 289.0 292.7 47.2 Less: Personal tax ana related payments. . 2.6 3.3 18.7 20.9 29.3 34.4 36.0 32.9 32.8 32.9 32.9 33.1 32.1 Federal 1.3 1.5 2.0 16.2 18.2 26.3 31.1 32.5 29.2 29.1 29.2 29.2 29.3 28.3 1.4 .5 1.3 2.5 2.7 3.0 3.5 3.7 3.7 3.7 3.7 3.8 3.8 State and local 3.2 83.1 1.0 93.0 188.2 206.1 226.1 250.1 253.5 252.3 252.9 253.2 255.9 260.6 Equals: Disposable personal income. 236.9 79.0 45.7 81.9 180.6 194.0 208.3 230.1 234.0 230.5 233.1 234.8 237.7 242.0 Less: Personal consumption expenditures 218.4 4.2 46.4 11.1 7.6 12.1 17.7 20.0 19.5 21.8 19.7 18.4 18.2 18.7 Equals: Personal saving 18.4 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1933 1941 1949 1950 1951 1952 1953 1954 National income. 87.8 40.2 104.7 216.2 240.0 277.0 291.0 305.0 300.0 298.9 299.6 298.8 302.6 n.a. Compensation of employees 51.1 29.5 64.8 140.9 154.3 180.4 195.4 209.1 207.3 206.4 206.6 207.2 208.9 212.7 Wages and salaries1 50.4 29.0 62.1 134.3 146,5 170.9 185.0 198.0 195.7 194.6 194.9 195.6 197.2 200.2 Private 45.5 23.9 51.9 113.9 124.3 142.1 152.2 164.5 161.9 161.2 161.5 161.6 163.0 166.0 Military .3 .3 1.9 * 2 5,0 8,7 10.5 10.2 9.6 9.7 9.5 9.6 9.5 9.3 Government civilian 4.6 4.9 8.3 16.2 17.2 20.1 22.4 23.3 24.1 23.7 23.8 24.4 24.7 24.9 Supplements to wages and salaries.. .7 .5 2.7 6.5 7.8 9.5 10.4 11.1 11.7 11.8 11.7 11.6 11.7 12.5 Proprietors' and rental income2... 20.2 7.6 20.9 42.0 44.6 49.9 49.9 49.0 48.7 49.4 48.5 48.1 49.7 Business and professional 8.8 3.2 10.9 21.4 22.9 24.8 25.7 26.2 25.9 25.6 25.9 25.9 26.3 26.4 Farm 6.0 2.4 6.5 12.7 13.3 16.0 14.2 12.2 11.9 13.0 12.2 11.6 11.0 12.2 Rental income of persons 5.4 2.0 3.5 7.9 8.5 9.1 10.0 10.6 10.9 10.8 10.9 10.9 10.9 11.0 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 36.4 n.a. Corporate profits before tax 9.6 .2 17.0 26.2 40.0 41.2 37.2 39A 35.0 34.5 34.5 34.2 36.8 n.a. Corporate profits tax liability 1.4 .5 7.6 10.4 17.8 22.5 20.0 21.1 17.2 17.0 17.0 16.8 18.1 n.a. Corporate profits after tax 8.3 -.4 9.4 15.8 22.1 18.7 17.2 18.3 17.8 17.5 17.5 17.4 18.7 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 -1.3 Net interest 6.4 5.0 4.5 5.2 5.9 6.8 7.4 8.4 9.1 9.0 9.1 9.2 9.2 9.4 n.a. Not available. 1 Includes employee contributions to social insurance funds. aIncludes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 562 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 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 Gross national product 104.4 56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 355.8 356. € 355.6 362.0 370.0 Persona? consumption expenditures. 79.0 46.4 81.9 180.6 194.0 208.3 218.4 230.1 234.0 230.5 233.1 234.8 237.7 242.0 Durable goods 9.2 3.5 9.7 23.6 28.6 27.1 26.8 29.7 28.9 28.0 28.8 28.9 29.9 33.4 Nondurable goods 37.7 22.3 43.2 96.9 100.4 111,1 116.0 118.9 120.5 118.8 120.0 121.1 122.1 122.1 Services 32.1 20.7 29.0 60.1 65.0 70.1 75.6 81.4 84.6 33.6 84.3 84.? 85.7 86.5 Gross private domestic investment 16.2 1.4 18.1 32.5 51.2 56.9 50,7 51.4 46 44,5 45.6 45.3 49.5 53.3 New construction1 8.7 1.4 6.6 17.5 22.7 23.3 23.7 25.5 27.6 26.0 27.0 28.3 29.1 30.8 Residential, nonfarm „ 3.6 .5 3.5 8.3 12.6 11.0 11.1 11.9 13.3 11.7 12.8 14.C 14.8 15.9 Other 5.1 1.0 3.1 9.2 10,1 12.4 12.6 13.6 14.3 14.3 14.2 14,2 14.3 14.9 Producers' durable equipment 5.9 1.6 6,9 17.8 21.1 23.2 23.3 24,4 22.2 22,7 22.4 21.8 21 Change in business inventories.... 1.7 -1.6 4.5 -2.7 7.4 10.4 3.6 1.5 -3.7 -4.2 -3.8 -4.8 -1 Nonfarm only l.S -1.4 4.0 -1.9 6.4 9.0 3.0 2.2 -3.8 -4.2 -4.0 -5.0 -1 1.2 Net foreign investment .2 1.1 .5 -2.2 .2 -.2 -1.9 -.4 -1.1 -1J -.2 .8 Government purchases of goods and services 3.5 8 0 24.8 43.6 42.0 62.8 77.2 85.2 77.5 81.9 78.3 75.6 74.1 74.7 Fede O N ra t a l h ti e o r nal security 1 1 . . 3 3 2 2. . 0 0 I 1 1 1 3 6 3 . . . 2 9 8 2 1 6 5 9 . . , 6 4 3 2 1 3 2 8 . . . 1 9 5 4 3 1 4 7 . . . 0 2 3 5 4 4 5 8 . . . 0 8 5 6 5 8 0 2 , . . 1 0 5 5 4 0 6 3 . . . 0 7 6 5 4 8 5 6 . . . 0 4 9 5 4 1 6 4 . . . 3 9 7 4 4 7 2 6 .1 9 1 4 4 5 5 0 . . . 9 6 5 4 4 5 5 0 . . . 9 5 7 Less: Government sales2 .0 ,0 .4 .3 .4 .4 .4 .3 .3 .3 .2 .2 .2 State and local 7.2 6.0 7.8 18.2 19.9 21.8 23.2 25.1 27.5 26.9 27.0 27.,/ 28.2 28.8 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage and salary disbursements Divi- pe L r e so ss nal Year or month in s P c o e o n r m a - l e Total d p m i C u 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 e u v r s i e s 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 o t b h m o e r r e3 i p n r r c e P a i o n e n ro m t t d o a - e l rs 4 ' i i n n d s p a t c o e e n e o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s - 8 b c i a s u n o o n f t s n 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. .. 8S 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 A 7.6 8.3 2.1 .2 43.4 1941 96 3 62 1 27 5 16 3 8 1 10 2 7 20.9 10.3 3.1 .8 88.0 1948 208.7 135.1 60.2 38.8 17.4 18.7 2.7 45.6 16.2 11.3 2.2 188.5 1949 206 8 134 4 56 9 39.0 18 0 20 5 3.0 42.0 17.2 12 4 2 2 190.8 1950 227.1 146.5 63.5 41.3 19.5 22.2 3.8 44.6 19.8 15.1 2.9 210.5 1951 255 3 170 8 74 9 45 8 21 3 28 8 4 8 49.9 20.7 12 6 3 4 235.7 1952 271.2 185.1 80.6 48.7 23.0 32.8 5.5 49.9 21.4 13.1 3.8 253.3 1953 286.1 198.1 88.1 51.7 24.8 33.6 6.3 49.0 22.8 13.8 4.0 270.0 1954 286.5 195.7 83.8 52.6 25.5 33.7 6.6 48.7 24.3 15.9 4.7 270.7 1954—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 Tuly 285.7 195.7 83.4 53.1 25.4 33.8 6.6 47.9 24.2 15.8 4.5 270.6 August 285 4 195 5 82 7 52 8 25 8 34 2 6 6 48.2 24.3 15.5 4.7 270,2 September 286.6 195.4 82.4 52.9 25.9 34.2 6.6 48.8 24.4 16.0 4.6 271.1 October 286 3 196 1 82 9 52.9 26 1 34 2 6 6 47.2 24.5 16.5 4.6 272.3 November. 289 3 198 1 84 6 53 0 26 2 34 3 6 6 48 3 24.6 16.4 4.7 274.6 December 291.4 197.8 84.4 53.1 26.1 34.2 6.6 48.8 26.2 16.7 4.7 276.5 1955—Tanuary... 291 4 199 3 85 2 53 5 26 4 34 2 6 6 49.5 24.7 16.5 5.2 275.5 February 292.4 199.9 85.9 53.4 26.3 34.2 6.6 49.8 24.8 16.5 5.1 276.2 March P 294.2 201.5 87.4 53.5 26.4 34.2 6.6 49.7 24.8 16.8 5.2 278.5 » Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 4Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 5Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well a3 consumer bad debts and other business transfers. •Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 7 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. MAY 1955 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954 ALL MEMBER BANKS, BY CLASSES [Amount in thousands of dollars] All member banks1 n m b a e t a A m i n o l k l b n s e a r l m b S e a A t m a n l t b k l e s er cit C y e m nt e r m al b r e e r s e b r a v n e ks m R b e e c a s m i n e ty k b rv s e e r C m b o e a u m n n k b t s r e y r New York 1952 1953 1954 Year 1954 Earnings 3,668,715 4,119,649 4,590,236 4,826,113 3,215,980 1,610,133 776,820 192,260 1,887,725 1,969,307 Interest and dividends on securities: U. S. Government. . 831,920 929,307 1,011,000 1,066,379 731,641 334,738 153,432 56,403 398,855 457,690 Other 210,766 234,528 251,777 272,808 189,044 83,764 48,832 12,870 103,090 108,016 Interest and discount on loans 1,974,325 2,269,944 2,591,483 2,662,168 1,796,021 866,147 409,395 91,232 1,055,082 1,106,460 Other charges on loans. . . 28,670 35,936 40,538 49,079 33,627 15,452 7,416 1,625 27,159 12,879 Service charges on deposits 186,872 197,734 218,831 252,266 174,191 78,075 20,531 2,094 103,586 126,056 Other charges, fees, etc.. . 79,003 82,871 92,324 102,484 64,571 37,913 18,892 3,395 37,156 43,041 Trust department 182,421 194,430 207,218 235,655 100,728 134,927 77,478 18,718 90,246 49,213 Other current earnings.. 174,737 174,901 177,065 185,274 126,157 59,117 40,845 5,924 72,552 65,954 Expenses 2,231,946 2,501,091 2,781,518 2,998,535 1,988,742 1,009,793 428,392 106,104 1,168,860 1,295,178 Salaries—officers 375,298 408,330 447,142 478,877 318,995 159,882 56.301 14,940 157,769 249,867 Salaries and wages-others 750,039 835,300 924,348 983,820 632,316 351,504 176,165 37,022 409,435 361,198 Directors' fees, etc 19,150 21,514 23,714 25,541 17,313 8,228 1,742 265 4,490 19,044 Interest on time deposits . 305,536 364,503 424,738 493,649 342,036 151,613 40,546 15,980 207,344 229,779 Interest on borrowed money 9,077 19,825 22,657 7,985 4,288 3,697 2,959 554 2,999 1,475 Taxes other than income . 114,958 117,659 125,192 140,162 96,583 43,579 13,554 4,769 62,000 59,838 Recurring depreciation... 53,067 60,064 67,047 75,626 53,348 22,278 4,490 1,047 26,389 43,699 Other current expenses... 604,822 673,896 746,681 792,874 523,863 269,011 132,634 31,528 298,434 330,278 Net current earnings before income taxes 1,436,769 1,618,558 1,808,718 1,827,578 1,227,238 600,340 348,428 86,156 718,865 674,129 Recoveries, transfers from reserves, and profits 148,624 125,008 132,274 551,971 363,530 188,441 111,484 24,804 246,872 168,810 On securities: Recoveries 13,531 9,954 9.847 11,709 8,367 3,342 1,200 577 4,486 5,446 Transfers from reserves 10,936 19,646 25,877 43,142 25,013 18,129 9,718 1 ,998 24,866 6,559 Profits on securities. . . 51,881 29,047 34,603 374,610 244,797 129,813 60,837 18,601 174,454 120,717 On loans: Recoveries 17,577 16,966 23,158 27,353 14,160 13,194 9,313 133 7,020 10,887 Transfers from reserves 25,622 24,734 15,729 54,558 40,223 14,335 17,730 2,816 21,155 12,857 All other 29,076 24,660 23,060 40,599 30,970 9,629 12,687 679 14,890 12,343 Losses, char£e-offs, and transfers to reserves. 338,857 306,381 383,477 479,263 320,811 158,452 85,950 18,554 215,215 159,544 On securities: Losses and charge-offs. 72,103 83,851 139,880 58.549 41,379 17,171 3.721 4,326 25,731 24,772 Transfers to reserves. . 28,418 27,040 48,299 118,857 71,460 47,397 25,257 5,716 71,751 16,133 On loans: Losses and charge-offs. 13,555 15,652 20,416 17,771 13,274 4,496 471 446 2,026 14,828 Transfers to reserves. . 180,034 132,896 111,976 196,140 133,673 62,467 44,537 5,583 74,989 71,031 All other 44,747 46,942 62,906 87,946 61,025 26,921 11,964 2,484 40,719 32,780 Profits before income taxes 1,246,536 1,437,185 1,557,515 1,900,286 1,269,957 630,329 373,963 92,406 750,522 683,395 Taxes on net income. . . 490,919 607,850 692,252 804,188 530,314 273,874 160,788 39,036 347,669 256,694 Federal 465,480 578,682 660,206 762,686 507,302 255,384 143,368 39,036 332,344 247,938 State 25,439 29,168 32,045 41,502 23,012 18,490 17,420 15,325 8,757 Net profits 755,617 829,335 865,263 1,096,099 739,643 356,456 213,175 53,370 402,853 426,701 Gash dividends declared. 370,504 390,430 418,652 456,145 299,510 156,635 112,754 19,705 180,939 142,748 On preferred stock2 2,587 2,310 1,955 2,030 264 1,766 53 68 257 1,652 On common stock 367,917 388,121 416,69 454 ,116 299,246 154,870 112,701 19,637 180,682 141,096 Memoranda items: Recoveries credited to reserves (not included in. recoveries above): On securities 2,085 4,308 76 2,936 919 2,017 21 480 2,435 On loans 25,054 28,088 28,930 34,682 27,089 7,593 2,830 1,920 15,556 14,375 Losses charged to reserve; (not included in losses above) : On securities 15,919 24,642 15,24 8,080 7,16 532 212 12,235 2,268 On loans , 55,581 54,938 74,746 53,597 21,149 li,135 1,881 29,590 32,141 Loans 47,016,000 51,169,000 57,513,000 00 11,771,000 2,578,00022,705.00020,459,000 U. S. Government securities 50.075.000 51,811,000 54.485,00(1 () 8,520,0002,929,00020,421,00022,614,000 Other securities 10,583.000 11,557,000 12,844,000 2,320,000 580,000 ,768,000 5,176,000 Cash assets 33,727,000 35,564,000 35,774,000 7,2 74,0001,944,00014,254,00012,302,000 Other assets 1,811,000 1,977,000 2,306,000 597,000 51,000 919,000 739,000 Total assets 143,212,000152,079,000156,813,000162,921,000 30,481,0008,082,00063,068,00061,290,000 Time deposits 30,074,000 32,120,000 38,053,000 3,377,0001,267,00015,046,00018,362,000 Total deposits 130,760,000138,398,000 148,198,000 26,633,0007,401,00057,764,00056,401,000 Total capital accounts. 9,947,000 10,480,000 ll,724,00C 2,651,000 580,000 4,131,000 4,362,000 Number of officers. . . . 50,553 52,652 56,541 39,287 17,254 3,975 969 15,682 35,915 Number of employees. 282,266 300,868 323,945 213,073 110,872 48,195 10,21 128,754 136,779 Number of banks 6,840 6,798 6,743 6,660 4,789 1,871 13 300 6,326 For footnotes see pp. 565-567. 564 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 243,741 1,180,880 263,648 389,064 225,271 240,887 695,561 173,609 136,732 214,495 256,738 800,488 Interest and dividends on securities: U. S. Government.... 45,231 235,415 54,577 99,170 51,794 53,706 209,299 40,929 31,043 51,996 49,105 144,115 Other 10,783 72,513 19,286 26,099 9,745 13,833 40,763 9,540 6,474 12,207 13,037 38,528 Interest and discount on loans 134,943 644,461 150,306 201,758 127,071 130,355 344,543 100,989 75,921 118,103 155,528 478,188 Other charges on loans.... 983 10,859 1,741 2,956 1,394 1,685 5,714 1,016 1,187 1,210 3,813 16,523 Service charges on deposits. 14,514 49,184 9,968 16,799 13,165 15,163 32,288 6,810 8,441 12,681 11,961 61,291 Other charges, fees, etc 5,817 26,343 3,338 6,019 6,275 7,758 13,598 4,088 6,042 3,837 4,206 15,164 Trust department 19,753 88,263 20,591 20,744 9,483 7,291 29,300 5,024 3,377 5,129 4,527 22,175 Other current earnings... . 11,718 53,843 8,842 15,519 6,345 11,097 20,056 5,213 4,246 9,333 14,561 24,505 Expenses 155,612 711,104 166,759 242,638 141,827 154,498 434,986 105,878 86,057 129,109 158,289 511,778 Salaries—officers 26,222 97,916 27,11.8 35,712 26,041 26,960 68,847 20,879 17,599 28,966 33,191 69,427 Salaries and wages—others 53,660 262,387 55,122 73,169 43,490 47,835 140,753 31,327 24,750 37,660 43,884 169,785 Directors' fees, etc 1,605 4,886 3,005 2,262 1,780 1,470 3,459 1,481 893 1,569 1,638 1,493 Interest on time deposits. . 16,479 97,446 24,084 46,060 23,478 18,241 75,915 14,246 14,213 15,598 14,427 133,463 Interest on borrowed money 306 3,375 365 460 373 401 1,047 292 166 329 277 595 Taxes other than income.. 6,661 24,097 7,663 19,874 6,624 8,542 20,150 5,637 2,925 4,582 14,097 19,311 Recurring depreciation. • • • 4,678 13,384 4 883 6,578 4,878 5,433 10,002 2,727 2,145 3,717 5,587 11,612 Other current expenses 46,002 207,614 44,518 58,523 35,163 45,617 114,813 29,288 23,366 36,688 45,188 106,092 Net current earnings before income taxes 88,129 469,777 101,889 146,426 83,444 86,389 260,575 67,731 50,675 85,386 98,449 288,710 Recoveries, transfers from reserves, and profits. . 21,713 150,166 20,428 58,492 19,601 22,624 109,156 20,975 10,678 22,304 26,432 69,403 On securities: Recoveries 572 1,827 722 2,073 428 159 2,651 511 280 713 594 1,180 Transfers from reserves. 905 14,621 1,905 3,462 737 1,1.27 6,225 1,712 369 1,973 111 9,995 Fronts on securities. . . . 13,833 82,872 12,698 42,030 15,827 19,104 83,332 16,880 8,185 15,152 16,587 48,109 On loans: Recoveries 2.234 11,272 875 792 645 732 1,037 401 1,193 1,940 2,354 3,878 Transfers from reserves. 2,019 24,50 1,547 7,896 1,237 462 10,733 947 134 981 838 3,257 All other 2,149 15,06 2,682 2,238 728 1,04.1 5,178 525 517 1,545 5,947 2,984 Losses, char£e-offs, and transfers to reserves. . 27,310 127,435 23,423 53,119 17,064 16,332 76,066 18,490 12,737 17,802 26,579 62,906 On securities: Losses and charge-offs. . 2,246 7,390 2,897 4,940 2,731 2,680 13,092 4,214 3,517 3,689 3,151 8,001 Transfers to reserves. . . 4,191 33,669 2,786 23,283 2,188 1,993 17,272 5,491 2,350 1,445 1,131 23,059 On loans: Losses and charge-offs. . 519 1,478 553 1,430 450 962 1,666 819 1,753 3,139 4,057 946 Transfers to reserves. . . 12.941 66,788 9,296 12,954 7,003 6,744 33,181 4,869 3,597 5,914 11,951 20,903 All other 7,413 18,110 7,891 10,512 4,692 3,953 10,856 3,097 1,520 3,616 6,290 9,998 Profits before income taxes 82,532 492,508 98,895 151,799 85,981 92,681 293,665 70,216 48,616 89,887 98,302 295,206 Taxes on net income 37,728 206,509 38,263 66.484 38,858 37,135 115,531 29,161 20,162 34,815 40,038 139,505 Federal 32,624 185,884 38,263 66,484 38,535 36,485 114,934 28,668 18,530 33,702 40,007 128,570 State 5,103 20,625 324 650 597 493 1,632 1,113 31 10 935 Net profits 44,804 285,999 60,631 85,315 47,123 55,546 178,134 41,056 28,455 55,072 58,264 155,701 Cash dividends declared. . 24.452 141,413 30,285 33,814 19,014 17,170 51,895 14,778 10,702 15,310 22,973 74,340 On preferred stock2 15 1 ,653 46 14 5 216 35 5 1 3 38 On common stock 24,437 139,760 30,239 33,814 19,000 17,165 51,678 14,744 10,697 15,310 22,970 74,302 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 291 16 190 4 7 24 63 456 On loans 895 5,796 958 1,929 1,068 1,100 5,680 1,594 837 2,030 2,568 10,228 Losses charged to reserves (not included in losses above): On securities 143 1,566 423 1,280 38 64 380 53 1,247 6 46 10,001 On loans 3,451 18,504 3,922 3,765 1,844 2,874 8.588 2,466 1,595 4,166 6,563 17,009 Loans 2,874,00016,334,0003,111,000 4,353,000 2,465,000 2,482,000 7,639,000 2,149,000 1,473,000 2,336,000 3,170,0009,125,000 U. S. Government securities. 2,343,00012,630,000 2,,702,000 5,005,000 2,569,000 2,804,00010 468,000 2,066,0001,518,000 2,674,000 2,477,000 7,227,000 Other securities 560,000 3,458,000 866,000 1,121,000 468,000 614,000 2,063,000 435.000 317,000 601,000 479,000 1,863,000 Cash assets 1,530,000 9,331,0001,734,000 2,675,0001,709,000 2,003,000 5,533,0001,461,000 925500,,000000 2,309911,,000000 2,595,0004,161,000 Other assets 134,000 757,000 116,000 165,000 103,000 110,000 226,000 62,000 42,000 63,000 157,000 370,000 Total assets 7,442,000 42,510,0008,531,000 13,319,0007,314,000 8,013,000 25,928,000 6,174,000 4,301,0007,764,000 8,878,000 22,746,000 Time deposits ,361,000 7,675,0002,244,000 3,859,0001,659,0001,420,000 7,136,0001,147,0001,085,0001,036,0001,072,000 8,358,000 Total deposits ,,667700,,000000 377,,666633,,0000007,669,000 12,125,000 ,669955,,000000 7,,440055,,000000 2,44..004411,,000000 5,,668800,,000000 3,,997700,,0000007,199,0008,,221144,,000000 200,,886666,,000000 Total capital accounts 637,000 3,498,000 769,000 1,038,000 528,000 512,000 1,603,000 426,000 275,000 508,000 593,000 1,337,000 Number of officers. . . . 3,079 9,139 3,598 4,289 3,435 3,343 7,382 2,968 2,494 4,066 4,291 8,457 Number of employees. 19,670 78,868 19,081 24,360 16,404 18,166 45,293 12,109 9,247 13,953 16,039 50,755 Number of banks 312 680 587 632 476 373 1,020 490 473 750 632 235 1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. Data may not add to totals because of rounding. 2 Includes interest on capital notes and debentures 3Not available on the 13-month basis used lor all member banks. See note on pp. 566-567. For other footnotes see pp. 566-567, MAY 1955 565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 5t. Louis M ap in o n li e s - K C an it s y as Dallas 'ra S n a c n isco Earnings 84,098 50,980 109,457 221,342 96,727 98,388 214,047 83,520 44,580 102,633 123,617 658,337 Interest and dividends on securities: U. S. Government 13,78.1 8,336 16,822 55,191 22,582 20,458 70,987 17,397 8,618 24,846 21,753 118,086 Other 3,337 2,906 7,957 16,152 3,912 5,625 11,842 4,176 2,052 6,177 5,817 33,137 Interest and discount on loans. 45,772 30,533 62,008 109,870 51,292 53,520 102,068 50,402 25,783 55,638 75,066 393,131 Other charges on loans 486 560 959 2,270 672 1,168 2,226 512 428 569 3,360 13,949 Service charges on deposits. . . . 2,749 3,504 3,395 8,527 5,684 4,610 13,761 2,396 1,816 4,172 2,889 50,083 Other charges, fees, etc 3,113 1,055 1,221 3,347 3,440 3,514 4,033 1,953 1,568 1,353 1,556 11,005 Trust department 9,737 1,137 13,201 17,019 6,152 3,984 4,757 4,184 2,744 4,179 3,763 19,391 Other current earnings , 5,123 2,949 3,894 8,966 2,994 5,510 4,373 2,501 1,572 5,700 9,414 19,555 Expenses 48,379 36,129 66,337 134,546 59,992 62,457 139,466 48,867 27,073 59,163 72,413 414,039 Salaries—officers 7,888 4,165 9,636 16,242 10,002 9,131 16,738 7,555 4,016 9,120 10,779 52,496 Salaries and wages—others 19,359 12,427 27,973 46,009 21,646 20,499 52,384 17,122 10,842 20,419 20,536 140,219 Directors' fees, etc 175 209 419 457 464 311 657 229 91 317 286 875 Interest on time deposits 1,663 7,335 3,549 24,048 7,217 6,038 22,969 5,299 2,805 6,708 8,153 111,562 Interest on borrowed money. . , 88 63 167 333 217 300 410 248 115 257 243 558 Taxes other than income 1,969 987 2,969 11,199 3,276 4,380 6,349 2,652 617 2,235 8,370 16,998 Recurring depreciation 1,228 640 1,096 3,119 1,655 1,756 3,140 910 503 1,7.10 2,369 8,264 Other current expenses 16,008 10,303 20,529 33,140 15,515 20,042 36,820 14,853 8,086 18,397 21,677 83,066 Net current earnings before income taxes 35,719 14,851 43,120 86,795 36,735 35,931 74,582 34,653 17,506 43,470 51,204 244,298 Recoveries, transfers from reserves, and profits 9,924 7,933 8,786 44,485 10,224 11,533 54,196 12,542 3,959 13,161 15,58G 54,550 On securities: Recoveries 2 1 78 1,720 60 41 1,039 376 50 167 30 921 Transfers from reserves 751 1,924 1,554 2,826 495 817 4,078 1,055 1,737 103 9,526 Profits on securities 5,566 4,764 5,371 31,201 8,137 9,720 38,288 10,327 3,196 9,670 10,049 38,167 On loans: Recoveries 1,558 12 217 165 275 333 178 9 537 158 183 3,398 Transfers from reserves 1,136 1,025 319 7,695 938 260 7,673 647 6 764 456 237 All other 911 208 1,248 319 362 2,940 128 170 665 4,759 2,302 Losses, char£e-offs, and transfers to reserves 11,348 7,422 11,575 40,580 10,051 6,736 38,476 12,087 3,710 8,251 12,044 52,935 On securities: Losses and charge-offs 491 165 505 3,460 1,394 1,006 5,112 3,228 438 2,025 1,276 6,630 Transfers to reserves 2,281 4,196 2,041 21,151 1,956 1,031 10,375 4,191 1,625 1,283 659 20,963 On loans: Losses and charge-offs 1 1 415 35 71 193 11 296 35 233 Transfers to reserves 5,409 2,805 3,339 7,870 4,112 2,895 19,178 2,844 811 3,050 6,266 16,410 All other 3,167 255 5,690 7,684 2,555 1,734 3,617 1,81.1 101 1,598 3,808 8,699 Profits before income taxes. . . 34,295 15,361 40,331 90,700 36,907 40,728 90,302 35,109 17,756 48,380 54,740 245,914 Taxes on net income 16,333 17,335 43,511 19,299 16,474 37,189 17,009 8.170 20,467 24,216 120,617 Federal 13,682 7,048 17,335 43,511 19,134 16,193 36,731 16,635 7,349 19,820 24,216 111,431 State 2,652 6,308 165 281 458 82? 647 9,187 374 Net profits 17,962 740 22,996 47,188 17,6C8 24,254 53,112 18,100 9,58« 27,913 30,524 125,296 Ca O sh n p d r i e v f i e d rr e e n d d s s t d oc e k c 2 lared. 11,195 8,313 14,900 21,280 8,911 7,82(! 14,40 4 1 0 8,313 3,939 7,263 13,054 65,51 1 8 6 On common stock 11,195 4,344 14,900 ' 21,286 8,911 V.820 14,36.1 " 8,313 ' 3,939 7,263 ' '13,054 65,502 Memoranda items: 201 Recoveries credited to reserves 4,144 (not included in recoveries above): On securities 103 1 177 7 24 5? 116 On loans 173 223 433 1,091 294 1,905 945 13' 541 662 8,649 Losses charged to reserves (not includes in losses above): On securities 326 361 1,244 19 62 1,243 1 8,942 On loans 999 495 2,437 1,692 522 1,136 3,043 31 1,579 2,115 14,099 Loans 1,134,000 644,000 1,420,0002,596,000 1,098,0001,120,0002,218,000 563.000 1,275,0001,771,0007,655,000 U. S. Government securities 746,000 447,000 858,000 2,854,000 1,154,0001,146,0003,522,000 448,000 1,364,0001,119,0005,861,000 Other securities 163,000 133,000 359,000 649,000 192,000 229,000 653,000 110,000 319,000 172.OOC 1,608,000 Cash assets 610,000 336,000 871,0001,710,000 825,000 921,000 1,807,000 409,000 1,192,0001,305,0003,453,000 Other assets 58,000 24,000 51,000 102,000 49,000 49,000 78,000 15,000 40,000 100,000 319,000 Total assets.... 2,711,000 1,584,0003,558,0007,910,0003,317,0003,466,0008,278,0003,144,000 1,544,0004,190,0004,467,000 18,896,000 Time deposits 201,000 426,000 1,867,000 491,0002,485,000 388,000 190,000 476,000 599,0007,026,000 Total deposits 2,385,000 1,456,000 7,171,000 3,193,0007,737,0002,877,000 1,412,0003,887,0004,109,000 17,297,000 Total capital accounts 256,000 108,000 619,000 213,000 434,000 214,000 100,000 260,000 302,000 1,100,000 Number of officers. . . . 746 386 1,315 891 1,413 730 365 919 926 6,289 Number of employees . 6,373 4,006 14,006 7,333 16,224 6,295 3,526 6,974 7,011 40,643 Number of banks 10 23 41 * Not including central reserve city banks. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle, and end of each year, plus the last-Wednesday-of-the-month figures for the 10 intervening months. The number of officers, employees, and banks are as of the end of the year. Cash assets are comprised of cash, balances with other banks (including reserves balances), and cash (continued on following page). For other footnotes see p. 565 and p. 567. 566 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago St. Louis M a i p n ol n i e s - Ka C n it s y as Fra S n a c n isco Earnings 159,643 353,081 159,191 167,722 128,544 142,499 289,253 90,088 92,152 111,862 133,121 142,151 Interest and dividends on securities: U. S. Government... . 31,450 73,647 37,755 43,979 29,212 33,248 81,910 23,533 22,425 27,150 27,352 26.029 Other 7,446 20,775 11,328 9,947 5,834 8,208 16,051 5,364 4,423 6,030 7,220 5,391 Interest and discount on loans 89,171 204,533 88,299 91,890 75,778 76,835 151,243 50,587 50,139 62,465 80,462 85,058 Other charges on loans... . 496 2,884 781 686 722 516 1,862 505 758 641 453 2,574 Service charges on deposits. 11,765 25,149 6,573 8,272 7,481 10,554 16,433 4,414 6,626 8,509 9,073 11,208 Other charges, fees, etc.... 2,704 6,396 2,117 2,672 2,836 4,244 6,170 2,135 4,474 2,481 2,650 4,159 Trust department 10,016 9,648 7,390 3,725 3,331 3,307 5,825 839 633 950 765 2,784 Other current earnings.. . . 6,595 10,049 4,94' 6,553 3,350 5,587 9,758 2,711 2,674 3,633 5,147 4,950 Expenses 107,234 246,583 100,422 108,092 81,835 92,041 189,417 57,011 58,984 69.946 85,876 97,740 Salaries—officers 18,333 37,449 17,482 19,469 16,040 17,828 37,170 13,325 1.3,584 19', 846 22,412 16,931 Salaries and wages—others 34,301 73,795 27,150 27,160 21,844 27,336 51,347 14,205 13,908 17,241 23,348 29,565 Directors' fees, etc 1,431 2,934 2,586 1,805 1,315 1,159 2,537 1,252 802 1,252 1,352 618 Interest on time deposits. . 14,816 49,565 20,535 22,01.2 16,261 12,203 36,966 8,947 11,4.08 8,891 6,274 21,901 Interest on borrowed money 217 354 198 127 156 101 83 44 51 72 34 37 Taxes other than income. . 4,691 9,556 4,693 8,675 3,348 4,162 9,032 2,986 2,309 2,347 5,727 2,313 Recurring depreciation... . 3,450 8,253 3,788 3,459 3,224 3,678 5,815 1,818 1,642 2,007 3,218 3,348 Other current expenses.... 29,995 64,676 23,990 25,384 19,648 25,575 46,466 14,435 15,280 18,291 23,511 23,027 Net current earnings before income taxes 52,410 106,498 58,769 59,630 46,709 50,458 99,837 33,078 33,169 41,916 47,245 44,411 Recoveries, transfers from reserves, and profits. . 11,789 30,749 11,642 14,007 9,378 11,091 30,155 8,434 6,719 9,142 10,852 14,852 On securities: Recoveries 570 627 644 353 368 118 1,034 134 230 546 564 259 Transfers from reserves. 154 2,978 351 636 242 310 149 657 369 236 8 469 Profits on. securities.... 8,268 17,271 7,327 10,830 7,689 9,384 26,443 6,553 4,989 5,482 6,538 9.943 On loans: Recoveries 676 1,948 658 627 371 399 726 392 656 1,782 2,171 480 Transfers from reserves. 883 5,753 1,229 201 299 202 244 300 128 217 382 3,020 All other 1,238 2,172 1,434 1,361 409 679 1,559 396 346 880 1,188 682 Losses, charge-offs, and transfers to reserves.. 15,962 34,064 11,847 12,538 7,012 9,596 19,035 6,404 9,027 9,551 14,535 9,971 On securities: Losses and charge-offs. . 1,755 3,504 2,392 1,480 1,337 1,675 3,654 986 3,079 1,665 1,875 1,371 Transfers to reserves. . . 1,910 4,216 745 2,131 233 962 1,181 1,299 725 162 472 2,096 On loans: Losses and charge-offs.. 519 1,006 552 1,016 415 891 1,026 808 1,019 2,843 4,021 713 Transfers to reserves... 7,532 19,446 5,957 5,084 2,890 3,849 8,41.9 2,025 2,78 2,864 5,685 4,493 All other 4,246 5,891 2,201 2,828 2,137 2,219 4,755 1,286 1,419 2,018 2,483 1,299 Profits before income taxes 48,237 103,183 58,564 61,099 49,074 51,953 110,957 35,108 30,860 41,507 43,562 49,292 Taxes on net income 21,394 38,673 20,928 22,972 19,559 20,661 39,306 12,152 11,991 14,348 15,822 18,888 Federal 18,943 36,208 20,928 22,972 19,401 20,292 39,166 12,033 11,181 13,882 15,791 17,140 State 2,452 2,465 158 368 139 119 810 466 1,748 Net profits 26,842 64,511 37,635 38,127 29,515 31,292 71,651 22,956 18,869 27,159 27,74(1 30,405 Cash dividends declared. . 13,257 24,315 15,385 12,534 10,102 9,350 17,789 6,465 6,763 8,047 9,920 8,822 On preferred stock2 15 1,399 46 14 5 108 35 5 1 3 22 On common stock 13,241 22,916 15,339 ' 12', 534 10,089 9,345 17,680 6,431 6,758 8,046 9,917 8,800 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 291 1,761 15 13 4 10 340 On loans 723 2,742 525 838 775 596 1,855 649 700 1,489 1,906 1,579 Losses charged to reserves (not included in losses above): On securities 143 708 62 36 19 2 159 25 4 5 46 1.059 On loans 2,453 6,874 1,485 2,073 1,322 1,738 3,664 1,306 1,282 2,587 4,448 2,910 Loans 1,740,000 3,919,0001,692,000 1,757,0001,368,0001,361,000 2,844,000 937,000 911,0001,061,0001,399,000 1,470,000 U. S. Government securities 1,597,000 3,663,0001,844,000 2,152,0001,415,0001,658,000 4,017,0001,164,0001,070,0001,310,0001,358,000 1,366,000 Other securities 397,000 1,005,000 508,000 472,000 276,000 385,000 829,000 255,000 207,000 282,000 306,000 255,000 Cash assets 921,000 1,722,000 863,000 964,000 884,0001,082,000 1,782,000 646,000 541,000 899,000 1,290,000 708,000 Other assets 76,000 136,000 67,000 63,000 53,000 61,000 95,000 28,000 28,000 23,000 57,000 51,000 Total assets 4,731,00010,445,000 4,972,0005,409,000 3,996,000 4,547,000 9,568,000 3,030,0002,756,000 3,574,000 4,411,000 3,850,000 Time deposits 1,160,000 3,872,0001,875,000 1,992,0001,132,000 929,000 3,383,000 759,000 895,000 560,000 473,000 1,332,000 Total deposits 4,286,000 9,,557755,,000000 4,447700,,0000004,954,000 3,,665533,,000000 4,,211,000 8,902,0002,803,0002,559,0003,311,000 4,106,000 3,569,000 Total capital accounts 381,000 740,000 464,000 419,000 307,000 299,000 589,000 212,000 175,000 248,000 291,000 237,000 Number of officers 2,333 4,778 2,818 2,974 2,513 2,452 5,000 2,238 2,129 3,147 3,365 2,168 Number of employees 13,297 26,667 10,486 10,354 8,636 10,833 18,852 5,814 5,721 6,979 9,028 10,112 Number of banks 648 577 609 352 935 470 605 NOTE.—(cont.)—items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and. debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. For other footnotes see pp. 565-566. MAY 1955 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954—(Continued) ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 4,785,442 8,828 56,328 315,036 459,851 358,076 362,035 2,969,430 Interest and dividends on securities: U. S. Government 1,058,640 1,739 12,978 62.748 76,164 109,577 84,333 83,236 627,865 Other 2 70,835 345 2,694 14,493 19,467 27,435 19,387 18,765 168,250 Interest and discount on Joans. 2,642,344 5,749 34,694 150,164 178,938 251,009 194,160 198,027 1,629,603 Other charges on loans 48,821 61 130 958 1,638 3,327 2,937 2,872 36,899 Service charges on deposits... . 249,623 468 2,986 14,880 21,141 33,794 26,096 22,437 127,820 Other charges, fees, etc 101,772 293 1,750 6,361 7,120 10,082 6,912 6,916 62,338 Trust department 230,230 16 33 717 2,709 9,952 10,301 14,997 191,505 Other current earnings 183,178 157 1,064 5,537 7,858 14,675 13,950 14,786 125,152 Expenses 2,969,938 5,900 36,832 167,469 207,867 307,789 240,078 236,618 1,767,386 Salaries—officers 474,062 2,369 12,354 45,307 45,772 56,761 39,816 37,181 234,503 Salaries and wages—others. . . . 975,442 729 5,825 33,523 50,489 86,831 75,120 76,635 646,289 Directors' fee;- etc 25,269 173 1,122 4,728 4,261 4,4 04 2,259 1,841 6,481 Interest on time deposits 488,772 805 6,282 32,210 40,056 56,789 39,748 35,745 277,138 Interest on borrowed money... 7,932 1 37 135 164 269 293 520 6,513 Taxes other than income 138,983 254 1 ,742 7,821 9,884 13,674 10,733 11,172 83,704 Recurring 'epreciation 74,722 157 1 ,107 5,763 7,344 10,647 7,855 6,975 34,874 Other cu r rent expenses 784,755 1,412 8,363 37,982 49,897 78,414 64,253 66,550 477,884 Net current earnings before income taxes 1,815,505 2,928 19,496 88,390 107,169 152,062 117,998 125,417 1,202,045 Recoveries, transfers from reserves, and profits 542,705 335 1,941 10,807 20,076 37,713 40,109 42,857 388,866 On securities: Recoveries 11,682 6 122 482 1,476 1,377 1,072 982 6,165 Transfers from reserves 41,95-1 1 39 136 229 520 1,811 1,489 37,730 Profits on seem ities 372,621 63 664 6,137 14,088 30,425 32,455 33,626 255,163 On loans: Recoveries 26,8oe 219 836 2,686 2,172 1,906 1,135 876 16,976 Transfers from reserves 49,59.1 .11 104 430 399 728 1,084 3,245 43,591 All other 40,052 35 176 937 1,712 2,757 2,554 2,640 29,241 Losses, charge-offs, and transfers to reserves 477,117 631 3,248 15,883 21,987 32,410 26,422 37,997 338,539 On securities: Losses and charge-offs 58,237 30 326 2,550 4,281 6,078 4,865 7,172 32,935 Transfers to reserves 118,493 5 24 425 1,013 2,851 3,835 4,843 105,498 On loans: Losses and charge-offs 17,617 461 1,674 4,739 3,576 2,425 1,146 753 2,844 Transfers to reserves 195,291 84 763 5,290 8,501 14,276 12,028 17,717 136,633 All other 87,479 51 462 2,880 4,617 6,781 4,548 7,512 60,629 Profits before income taxes. . . 1,881,092 2,631 18,189 83,314 105,257 157,365 131,686 130,278 1,252,372 Taxes on net income 798,401 740 5,032 25,486 35,816 58,395 51,373 54,889 566,670 Federal 757,215 706 4,824 24,682 34,772 56,587 50,056 53,091 532,496 State 41,186 34 2(r 804 1,044 1,808 1,317 1,798 34,174 Net profits 1,082,691 1,891 13,157 57,828 69,441 98,970 80,312 75,389 685,702 Cash dividends declared 453,343 718 4,461 19,519 21,729 32,011 23,789 25,092 326,025 On preferred stock1' 2,02: 2 4 34 68 185 52 459 1,217 On common stock 451,321 715 4,457 19,484 21,661 31,826 23,737 24,633 324,808 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 2 ,936 5 94 141 183 633 1,869 On loans 34,564 50 334 2,744 3,485 2,381 2,714 21,079 Losses charged in reserves (not included in losses above): On securities 15,247 6 59 131 223 352 14,444 On loans 74,490 74 654 6,084 7,402 4,832 6,718 44,500 60,164,328 93,417 601,688 3,332,777 4,837,186 3,938,927 4,254,680 40,387,698 U. S. Government securities 57,721,361 80,676 610,360 3,813,034 5,677,065 4,524,554 4,619,744 35,351,717 Other securities 13,527,971 13,989 112,208 961,650 1,377,802 1,022,841 1,003,957 8,361,727 Cash assets 38,026,885 65,384 408,981 2,214,103 3,130,403 2,549,298 2,830,979 25,002,038 Other assets 2,559,232 1,941 12,837 104,015 183,295 156,867 166,948 1,860,619 Total assets 171,999,77 255,407 1,746,074 8,334,37210,425,57915,205,751 12,192,48712,876,308110,963,799 Time deposits 39,346,011 56,641 469,765 2,489,810 3,252,942 4,822,296 3,418,789 3,085,375 21,750,393 Total deposits 157,045,848 225,975 1,576,788 7,628,354 9,606,66114,051,12911,300,63911,956,236100,700,066 Total capital accounts 12,177,508 28,878 165,523 680,801 769,155 1,051,090 780,242 787,659 7,914,160 Number of officers 56,304 726 2,927 8,532 7,049 7,313 4,456 3,902 21,399 Number of employees 322,925 463 3,051 14,671 20,019 32,597 27,351 27,849 196,924 Number of banks 6,630 301 1,038 2 ,294 1,352 922 330 173 220 1 Totals are for all banks that submitted reports covering the entire year, except three trust companies having no deposits. 2 Includes interest on capital notes and debentures. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year. See note on preceding page regarding the composition of cash assets and total capital accounts. 568 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954—Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks city member Reserve banks city- Country member member banks banks New Chicago York I 1951 1952 1953 1954 Year 1954 Summary ratios: Percentage of total capital accounts: N Pr e o t f i c ts u r b r e e f n o t r e e a i r n n c i o n m gs e b t e a f x o e r s e income taxes. 1 14 2 . . 4 5 1 13 5 . . 7 4 1 1 6 4 . . 4 1 1 1 6 5 . . 2 6 1 1 3 4 . . 1 1 1 14 5 . . 9 9 1 1 7 8. . 2 4 Net profits 7.6 7.9 7.8 9.3 8.0 9.2 9.8 Cash dividends declared 3.7 3.7 3.8 4.3 3.4 4.4 Percentage of total assets: Total earnings 2.56 2.71 2.93 2.55 2.38 2.99 Net current earnings before income taxes 1.00 1.06 1.15 1.14 1.07 1.14 Net profits .53 .55 .55 .70 .66 .64 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 22.7 22.5 22.0 22.1 19.8 29.3 21.1 23.2 Other securities 5.7 5.7 5.5 5.7 6.3 6.7 5.5 5.5 Earnings on loans 54.6 56.0 57.3 56.2 53.7 48.3 57.3 56.8 Service charges on deposit accounts. 5.1 4.8 4.8 5.2 2.6 1.1 5.5 6.4 Other current earnings 11.9 11.0 10.4 10.8 17.6 14.6 10.6 8.1 Total earnings. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.7 30.2 29.9 30.3 29.9 27.0 31 .0 O In t t h e e r r e s c t u o rr n e n ti t m e e x p d e e n p s o e s s i . t s . . . 8.3 8.8 9.3 2 10 1 . 2 .6 5.2 1 8 9 . . 3 9 2 1 3 1 . . 1 7 21.8 21.7 21.4 20.0 Total expenses 62.1 55.2 65.8 60.8 60.7 60.6 55.1 Net current earnings before income taxes 37.9 44.8 34.2 39.2 39.3 39.4 44.9 Net losses including transfers (or recoveries and profits +) 5.2 4.4 5.4 + 1.5 +3.2 +3.3 + 5 Taxes on net income 13.4 14.8 15.1 16.7 20.7 20.3 13.0 Net profits 20.6 20.1 18.9 22.7 27.4 27.8 21.7 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1 .66 .79 1.98 1 .96 1 .80 1.93 1 .95 2.02 N In e t t e r l e o s s t s e a s n d (o r d i r v e i c d o e v n e d r s ie o s n a n o d th e p r r o s f e it c s u r + iti ) e l s 1 .0 .9 3 9 . . 1 0 0 3 2. . 1 2 1 0 + 2 . . 1 4 2 7 + 2 . . 1 5 0 3 + 2 . . 2 4 2 2 + 2 . . 1 5 6 6 + 2 . . 0 3 9 7 Return on loans: Earnings on loans , 4.26 4.51 4.69 4.71 3.54 3.60 4.77 5.47 Net losses (or recoveries +) * .06 .05 .08 .05 + .02 .01 .04 .11 Distribution of assets: Percentage of total assets: U. S. Government securities 34.1 32.6 33.4 28.0 36.2 36.9 Other securities 7.6 7.6 7.9 7.6 7.2 8.4 Loans 33.6 35.8 35.3 38.6 31.9 33.4 Cash assets 23.4 22.7 22.0 23.9 24.1 20.1 Other assets 1.3 1.3 1 .4 1 .9 .6 1 .2 Other ratios: Total capital accounts to: Total assets 6.9 6.9 7.0 7.2 7.2 7.1 Total assets less Government securities and cash assets 16.7 16.2 15.8 16.1 18.0 18.1 14.5 16.5 Total deposits 7.6 7.6 7.8 7.9 10.0 7.2 7.7 Time to total deposits 23.0 23.2 24.3 25.7 12.7 17.1 26.0 32.6 Interest on time deposits to time deposits. 1.02 1.13 1.23 1 .30 1.20 1.26 i.38 1.25 Number of banks. 6,840 6,798 6,743 6,660 21 13 300 6,326 x"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 150 largest member banks have total earnings which, combined, are larger than those of all the other member banks, numbering about 6,500.) Ratios based on aggregates show combined results for the banking system as a whole, and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1955 569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954—Continued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Boston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 13.8 13.4 13.2 14.1 15.8 16.9 1.6.3 15.9 1.8.4 16.8 16.6 21 .6 Profits before income taxes 13.0 14.1 12.9 14.6 16.3 18.1 18.3 16.5 17.7 17.7 16.6 22.1 Net profits 7.0 8.2 7.9 8.2 8.9 10.8 11.1 9.6 10.3 10.8 9.8 11.6 Cash dividends declared 3.8 4.0 3.9 3.3 3.6 3.4 3.2 3.5 3.9 3.0 3.9 5.6 Percentage of total assets: Total earnings 3.28 2.78 3.15 2.92 3.08 3.01 2.68 2.81 2.76 2.89 3.52 Net current earnings before income taxes 1 .IS 1.11 1.19 1.14 1.00 1.18 1.10 1.11 1 .27 Net. profits .60 .67 .71 . 64 . 69 .66 .71 .66 .68 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: IT. S. Government securities 18.6 19.9 20.3 25.5 23.0 22.3 30.1. 23.6 22.7 24.3 19.1 18.0 Other securities 4.4 6.1 7.2 6.7 4.3 5.7 5.9 5.5 4.7 5.7 5.1 4.8 S K e a r r v n i i c n e g s c h o a n r g l e o s a n o s n deposit accounts 5 5 5 . . 9 8 5 4 5 . . 2 5 5 3 6 . . 7 6 52 4 . . 6 3 5 5 7 . . 9 0 5 6 4 . . 3 8 5 4 0 . . 6 4 5 3 8 . . 9 8 5 6 6 . . 2 4 5 5 5 . . 9 6 6 4 2 . . 6 1 61 7 .7 .8 Other current earnings .15.3 14.3 12.2 10.9 9.8 10.9 9.0 8.2 10.0 8.5 9.1 7.7 Total earnings.... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages , 32.8 30.5 30.6 28.0 30.9 31.0 30.1 30.1 31 .0 31.1 30.0 29.9 Interest on time deposits 6.7 8.3 9.0 11 .8 10.4 7.6 10.9 8.2 10.4 7.3 5.6 16.6 Other current expenses 24.3 21.4 22.5 22.6 21.7 25.5 21.5 22.7 21.5 21.8 26.0 17.4 Total expenses 62.1 62.4 63.0 64.1 62.5 61.0 62.9 60.2 61 .6 63.9 Net current earnings before income taxes 39.8 37.6 37.0 35.9 37.5 39.0 37.1 39.8 38.4 Net losses including transfers (or recoveries and profits -f) 2.3 +1.9 1.1 + 1.4 +2.6 +4.7 + 1.4 1.5 + .8 Taxes on net income 1.5.5 17.5 14.2 17.1 15.4 16.6 16.8 14.8 17.4 Net profits 18.4 24.2 22.6 21 .9 23.1 25.6 23.6 20.8 19.5 Rates of returns on securities and loans: Return on securities: Interest on U. S. Government securities 1.93 1.86 2.02 1 .98 2.02 1.92 2.00 1. .98 2.04 1.94 1.98 1.99 Interest and dividends on other securities 1 .93 2.10 2.23 2.33 2.08 2.25 1 .98 2.19 2.04 2.03 2.72 2.07 Net losses (or recoveries and profits +) + .42 + .48 + .28 + .62 + .44 + .48 -J-.58 + .53 + .20 + .37 + .48 + .35 Return on loans:1* N K e a t r n l i o n s g s s e s o 1 n loans 4. . 0 7 3 3 4.0 .0 1 2 4. . 8 0 9 8 4.7 . 0 06 5. . 2 0 1 2 5. . 3 0 2 8 4 .0 5 5 9 4.7 .0 5 6 5. . 2 0 3 9 5. . 1 1 1 4 5.0 .1 3 8 5.4 .0 2 4 Distribution of assets: Percentage of total assets: U. S. Government securities 31 .5 29.7 31 .7 37.6 35.1 35.0 40.4 33.5 35.3 34.4 27.9 31.8 Other securities 7.5 8.1 10.2 8.4 6.4 7.7 8.0 7.0 7.4 7.8 5.4 8.2 Loans 38.6 38.4 36.5 32.7 33.7 31.0 29.5 34.8 34.2 30.1 35.7 40.1 Cash assets 20.6 22.0 20.3 20.1 23.4 25.0 21.3 23.7 22.1 26.9 29.2 18.3 Other assets 1 .8 1 .8 1.3 1.2 1 .4 1.3 1.0 1.0 1.8 1 .6 Other ratios: Total capital accounts to: Total assets 9.0 7.2 6.4 6.9 6.4 6.5 6.7 Total assets less Government securi- V ties and cash assets 17.8 17.0 18.8 18.4 17.4 16.0 16.1 16.1 15.6 Total deposits 9.6 9.3 10.0 8.6 7.9 6.9 6.7 7.5 7.2 Time to total deposits 20.4 20.4 29.3 31.8 24.8 19.2 29.7 Interest on time deposits to time de- 20.2 13.1 posits 1 .21 1 .27 1.07 1.19 1.42 1.28 1 .06 1.24 1.35 Number of banks 312 680 587 632 476 373 1,020 490 632 1MNet losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries" is the reverse. Transfers to and from valuation reserves are excluded. 570 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954—Continued RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages! Federal Reserve district Item Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 14 0 13 8 14 1 14 0 16 6 16.9 17.2 16.2 17 5 16.7 17.0 22.2 Profits before income taxes 13.4 14.2 13.2 14.7 16.7 19.1 20.8 16.4 17.8 18.6 18.1 22.4 Net profits 7.0 7.7 7.5 7.6 8.0 11.4 12.2 8.5 9.6 10.7 10.1 11.4 Cash dividends declared 4.4 4.0 4.9 3.4 4.0 3.7 3.3 3.9 3.9 2.8 4.3 6.0 Percentage of total assets: Total earnings 3 10 3 22 3 08 2 80 2.92 2.84 2.59 2.66 2.89 2.45 2.77 3.48 Net current earnings before income 1 32 94 1 21 1 10 1 11 1.04 .90 1.10 1.13 1.04 1.15 1.29 Net profits .66 .52 .65 .60 .53 .70 .64 .58 .62 .67 .68 .66 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 16.4 16.4 15.4 24.9 23.4 20.8 33.2 20.8 19.3 24.2 17.6 17.9 Other securities 4.0 5.7 7.3 7.3 4.0 5.7 5.5 5.0 4.6 6.0 4.7 5.1 learnings on loans 55.0 61.0 57.5 50.7 53.7 55.6 48.7 61.0 58.8 54.8 63.5 61.8 Service charges on deposit accounts . 3.3 6.9 3.1 3.9 5.9 4.7 6.4 2.9 4.1 4.1 2.3 7.6 Other current earnings 21.3 10.0 16.7 13.2 13.0 13.2 6.2 10.3 13.2 10.9 11.9 7.6 Total earnings 100 0 100.0 100 0 100 0 100 0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wage's 32 4 32.5 34 4 28.1 32.7 30.1 32.3 29.6 33.3 28.8 25.3 29.3 Interest on time deposits 2.0 14.4 3.2 10.9 7.5 6.1 10.7 6.3 6.3 6.5 6.6 16.9 Other current expenses 23.1 24.0 23.0 21.8 21 .8 27.3 22.1 22.6 21.1 22.3 26.7 16.7 Total expenses 57.5 70.9 60.6 60.8 62.0 63.5 65.1 58.5 60.7 57.6 58.6 62.9 Net current earnings before income taxe-5 42 5 29.1 39 4 39 2 38 0 36.5 34.9 41.5 39.3 42.4 41.4 37.1 Net losses including transfers (or recoveries and profits +) 1.7 + 1 .0 2.5 + 1.8 + •2 +4.9 +7.3 + .6 + .5 +4.8 +2.9 + .2 Taxes on net income 19.4 13.8 15.9 19.7 20.0 16.7 17.4 20.4 18.3 20.0 19.6 18.3 Net profits. 21.4 16.3 21.0 21.3 18.2 24.7 24.8 21.7 21.5 27.2 24.7 19.0 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.85 1.86 1.96 1.93 1.96 1.79 2.02 1.93 1.92 1.82 1.94 2.01 Interest and dividends on other securities ... 2.05 2.18 2.22 2.49 2.04 2.46 1.81 2.32 1.87 1.94 3.38 2.06 Net losses (or recoveries and profits +)1 + .56 + .75 + .38 + .81 + .50 + .63 + .82 + .69 + .28 + .47 + .69 + .32 Return on loans: Earnings on loans 4.08 4.83 4.43 4.32 4.73 4.88 4.70 4.20 4.66 4.41 4.43 5.32 Net losses (or recoveries +) l - + .06 .04 .13 .03 .0 .03 .05 .02 .07 .09 .07 .03 Distribution of assets: Percentage of total assets: U. S. Government securities 27.5 28.2 24.1 36.1 34.8 33.1 42.5 28.7 29.0 32.6 25.1 31.0 Other securities... 6.0 8.4 10.1 8.2 5.8 6.6 7.9 5.7 7.1 7.6 3.9 8.5 Loans 41.8 40.7 39.9 32.8 33.1 32.3 26.8 38.5 36.5 30.4 39.6 40.5 Cash assets 22.5 21.2 24.5 21.6 24.9 26.6 21.8 26.0 26.5 28.4 29.2 18.3 Other assets 2.2 1.5 1.4 1.3 1.4 1.4 1.0 1.1 .9 1.0 2.2 1.7 Other ratios: Total capital account to: Total assets 9.4 6.8 8.6 7.8 6.7 6.1 5.2 6.8 6.5 6.2 6.8 5.8 Total assets less Government securities and cash assets 18.9 13.5 16.7 18.5 16.5 15.2 14.7 15.0 14.6 15.9 14.8 11.5 Total depo-ut^ 10.7 7.4 9.5 8.6 7.3 6.7 5.6 7.4 7.1 6.7 7.3 6.4 Time to total deposits 8.4 29.3 11.5 26.0 17.3 15.4 32.1 13.5 13.5 12.2 14.6 40.6 Interest on time deposits to time deposits .83 1.72 .96 1.29 1.37 1.23 .92 1.37 1.48 1.41. 1.36 1.59 Number of banks • 10 11 10 23 27 21 72 20 9 41 27 29 * Not including central reserve city banks. !"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 2Ratios of less than .005 are shown as .0. MAY 1955 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1954—Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 13.8 14.4 12.7 14.2 15.2 16.9 17.0 15.6 19.0 16.9 16.2 18.7 Profit before income taxes 12.7 13.9 12.6 14.6 16.0 17.4 18.8 16.6 17.6 16.7 15.0 20.8 Net profits 7.0 8.7 8.1 9.1 9.6 10.5 12.2 10.8 10.8 11.0 9.5 12.8 Cash dividends declared 3.5 3.3 3.3 3.0 3.3 3.1 3.0 3.0 3.9 3.2 3.4 3.7 Percentage of total assets: Total earnings 3.37 3.38 3.20 3.10 3.22 3.13 3.02 2.97 3.34 3.13 3.02 3.69 Net current earnings before income taxes 1.11 1.02 1.18 1.10 1.17 1.11 1.04 1.09 1.20 1.17 1.07 1.15 Net profits .57 .62 .76 .70 .74 .69 .75 .76 .68 .76 .63 .79 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities , 19.7 20.9 23.7 26.2 22.7 23.3 28.3 26.1 24.3 24.3 20.6 18.3 Other securities 4.6 5.9 7.1 5.9 4.6 5.8 5.6 6.0 4.8 5.4 5.4 3.8 Earnings on loans , 56.2 58.7 56.0 55.2 59.5 54.3 52.9 56.7 55.2 56.4 60.8 61.7 {Service charge on deposit accounts, 7.4 7.1 4.1 5.0 5.8 7.4 5.7 4.9 7.2 7.6 6.8 7.8 Other current earnings 12.1 7.4 9.1 7.7 7.4 9.2 7.5 6.3 8.5 6.3 6.4 8.4 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 33.0 31.5 28.0 27.8 29.5 31.7 30.6 30.6 29.8 33.2 34.4 32.7 Interest on time deposits . . 9.3 14.0 12.9 13.1 12.7 8.6 12.8 9.9 12.4 7.9 4.7 15.4 Other current expenses. . . 24.9 24.3 22.2 23.5 21.5 24.3 22.1 22.8 21.8 21 .4 25.4 20.7 Total expenses 67.2 69.8 63.1 64.4 63.7 64.6 65.5 63.3 64.0 62.5 64.5 68.8 Net current earnings before income taxes 32.8 30.2 36.9 35.6 36.3 35.4 34.5 36.7 36.0 37.5 35.5 31.2 Net losses including transfers (or recoveries.and profits +) , 2.6 .9 .1 + .8 + 1.9 + 1.1 +3.9 +2.3 2.5 .4 2.8 +3.4 Taxes on net income , 13.4 11.0 13.2 13.7 15.2 14.5 13.6 13.5 13.0 12.8 11.9 13.2 Net profits 16.8 18.3 23.6 22.7 23.0 22.0 24.8 25.5 20.5 24.3 20.8 21.4 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.97 2.01 2.05 2.04 2.06 2.01 2.04 2.02 2.10 2.07 2:01 1.91 Interest and dividends on other securities 1.88 2.07 2.23 2.11 2.11 2.13 1.94 2.10 2.14 2.14 2.36 2.11 Net losses (or recoveries and profits +) i + .36 + .33 + .24 + .37 + .40 + .38 + .49 + .40 + .17 + .27 + .50 Return on loans: N Ea e r t n l i o n s g s s e s o 1 n loans. 5. . 1 0 5 9 5. . 2 0 9 8 5. . 2 0 6 5 5. . 2 0 7 9 5. . 5 0 9 4 5. . 6 1 8 2 5. . 3 0 8 7 5. . 4 1 5 1 5. . 5 1 9 0 5. . 9 2 5 0 5. . 7 3 8 1 5. . 9 1 6 1 Distribution of assets: Percentage of total assets: U. S. Government securities 33.7 35.1 37.1 39.8 35.4 36.5 42.0 38.4 38.8 36.7 30.8 35.5 Other securities 8.4 9.6 10.2 8.7 6.9 8.5 8.7 8.4 7.5 7.9 6.9 6.6 Loans 36.8 37.5 34.0 32.5 34.2 29.9 29.7 30.9 33.1 29.7 31.7 38.2 Cash assets 19.5 16.5 17.4 17.8 22.1 23.8 18.6 21.3 19.6 25.1 29.3 18.4 Other assets 1.6 1.3 1.3 1.2 1.4 1.3 1.0 1.0 1.0 .6 1.3 1.3 Other ratios : Total capital accounts to: Total assets 7.1 9.3 7.7 7.7 6.6 6.2 7.0 6.3 6.9 6.2 Total assets less Government securities and cash assets 17.2 14.6 20.5 18.3 18.1 16.5 15.6 17.4 15.3 18.2 16.5 13.3 Total deposits 8.9 10.4 8.5 7.1 6.6 7.6 6.8 7.1 6.6 7.7 8.4 7.5 Time to total deposits 27.1 40.4 41.9 40.2 31.0 22.1 38.0 27.1 35.0 16.9 11.5 37.3 Interest on time deposits to time deposits 1.28 1.28 1.10 1.11 1.44 1.31 1.09 1.18 1.27 1.59 1.33 1.64 Number of banks. 302 648 577 609 449 352 935 470 464 709 605 206 141 Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 572 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1954 INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1951-1954 [Amounts in thousands of dollars] All insured commercial banks1 F B ed an er k a s l n R o e t s m er e v m e b S e y rs s t o em f Items 1952 1954 1951 1952 1954 Earnings 4,395,411 4,931,688 5,483,954 5,773,787 727,242 812,634 894,387 948,458 Interest and dividends on securities: U. S. Government 983,662 1,099.059 1,206,965 1.272,731 152,005 170,023 196,261 206,658 Other 249,495 276,993 297,739 324,823 38,759 42,498 45,997 52,083 Interest and discount on loans 2,390.106 2,742,100 3,107,885 3,205,894 416,015 472,429 516,720 544,082 Other charges on loans 34,595 42,295 47,850 57.550 5,927 6,361 7,314 8,474 Service charges on deposits 230,507 244.696 271,444 3U ,806 43,635 46,962 52,613 59,540 Other charges, fees, etc 116,1.40 121,868 132,978 144,140 37,145 39,003 40,661 41,664 Trust department 192,313 204,967 217.096 246,223 9,895 10,539 10,781 10,603 Other current earnings 198,593 199.71.3 201,101 210,621 23,862 24,820 24,044 25,355 Expenses 2,701,313 3,028,575 3,375,552 3,638,087 469,835 528,002 594,593 640,177 Salaries—officers 486,300 530,035 582.405 622,862 111,065 121,770 135,335 144,077 Salaries and wages—others 864,510 965,197 1.069.890 1,139,013 114,526 129,948 145,597 155,260 Directors' fees, etc 27.343 30,871 34.591 37,197 8,197 9,362 10,882 11,662 I I n n t t e e r r e e s s t t o o n n t b i o m r e ro d w e e p d o s m it o s ney 38 9 5, . 3 6 4 6 4 7 45 2 8 0, . 9 0 2 5 1 9 5 2 3 4 4 . f4 1 9 7 3 1 618 8 , , 3 5 4 5 1 6 80,0 5 7 9 6 0 93 1 , , 8 09 6 6 6 110 1, , 5 0 1 9 . 7 4 125, 5 0 7 5 1 6 Taxes other than income.. * 135,590 139,290 148,783 166,452 20,645 21,645 23,606 26,306 Recurring depreciation 65.845 74,953 84,085 94,720 12,781 14,892 17,042 19,099 Other current expenses 726,707 809,252 807,137 950,945 121,956 135,426 150,522 158,146 Net current earnings before income taxes 1,694,100 1,903,112 2,108,398 2,135,700 257,409 284,631 299,790 308,281 Recoveries, transfers from reserves, and profits 169,233 144,146 152,373 631,496 20,621 19,139 20,101 79,533 On securities: Recoveries 15,292 11,191 11. ,45-1 14.912 1,761 1,237 1,608 3.203 Transfers from reserves 12,285 20,492 2 7,545 60,555 1 ,350 846 1 ,668 17,413 Profits on securities 56,563 33,806 38,865 416.520 4,683 4,759 4,264 41,915 On loans: Recoveries 22,595 22.004 28,423 34,014 5,018 5,038 5,265 6,664 Transfers from reserves 28,453 2 7,330 18,20.? 57,965 2,841 2,596 2,563 3,407 All other 34,046 29,324 27,79-1 47,530 4,970 4,665 4,734 6,931 Losses, charge-offs, and transfers to reserves 395,687 362,444 448,323 552,606 56,840 56,065 64,854 73,346 On securities: Losses and charge-offs 83,756 97,512 155,969 66,670 11,655 13,662 16,096 8,122 Transfers to reserves 31,680 29,531 54,160 126,173 3,262 2,491 5,861 7,316 On loans: Losses and charge-offs 21,215 23,637 31,774 29,269 7,660 7,985 11,358 11,498 Transfers to reserves 204,202 154,510 132,127 222,998 24,168 21,614 20,151 26,858 All other 54,836 57,253 74,291 107,497 10,097 10,312 11,387 19,553 Profits before income taxes. 1,467,645 1,684,813 1,812,451 2,214,591 221,189 247,704 255,040 314,469 Taxes on net income. . 559,475 694,883 786,490 907,560 68,556 87,033 94,238 103,378 Federal 530,810 662,277 750,796 862.065 65,330 83,595 90,590 99,385 State 28,664 32,606 35,693 45,495 3,225 3,438 3,648 3,993 Net profits. 908,175 989,931 1,025,963 1,307,032 152,638 160,672 160,804 211,091 Cash dividends declared. . 418,860 441,971 473,866 516,977 48,356 51,541 55,214 60,862 On preferred stock2 3,876 3,675 2,979 2,912 1,289 1 ,365 1,024 882 On common stock 414,984 438,298 470,888 514,066 47,067 50,177 54,191 59,980 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 2,363 4,355 2,232 3,154 278 47 1,465 218 On loans 28,477 31,508 33,612 40,384 3,423 3,420 4,682 5,702 Losses charged to reserves (not included in losses above): On securities 17,725 25,598 38,480 15,841 1 ,806 956 4,554 594 On loans 64,735 64,607 89,186 89,495 9,154 9,669 14,692 1.4,749 Loans 54,533,221 59,999,743 65,213,144 68,148,039 7,494,950 8,299,177 9,083,796 9,752,818 U. S. Government securities 59,711,922 61,065,059 60,868,295 64,372,065 8,691,259 9,194,638 9,652,460 9,876,648 Other securities 12,554,632 13,562,462 14,082,070 15,209,165 1,885,830 2,053,320 2,195,092 2,385,813 Cash assets 40,373,273 42,952.808 43,192,523 42,976,798 4,368,648 4,771,055 4,827,446 4,919,537 Other assets 2,034,346 2,223,391 2,329,251 2,633,547 215,804 237,903 260,710 287,041 Total assets 169,207,394 179,803,463 185,685,283 193,339,61422,656,491 24,556,093 26,019,504 27,221,857 Time deposits 37,271,294 39,817,653 43,047,556 46,842,306 7,023,832 7,575,491. 8,228,876 8,846,025 Total deposits 155,460,465 165,031,495 170,075,888 176,865,49720,8642,"8"5 22,613, 728 23,923,316 24,998,746 Total capital accounts. . 11,615,767 12,270,913 12,941,478 13,761,339 1,650,644 1,770,932 1,894,427 2,018,722 Number of officers 73,806 76,754 79,574 82,167, 23,263 24,113 24,947 25,642 Number of employees. . 334,961 358,325 376,750 386,625 52,713 57,475 60,797 62,702 Number of banks 13,455 13,439 13,432 13,323 6,618 6,644 6,692 6,667 1 Excludes three mutual savings banks and for 1954 a noninsured nondeposit trust company, State member banks of the Federal Reserve System, which are included in member banks figures on preceding pages. 2Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each year. The number of officers, employees, and banks are as of the end of each year. MAY 1955 573 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 Csapital Total Bank credit assets, net— Treas- u. s Total ury Government obligations liabil- Capital Date cur- ities Total and Gold rency Other and deposits misc. out- Loans, Com- secu- capital, and acstand- Total net mercial Federal rities net currency counts, ing Total and Reserve Other net 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—Tune 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 9f ,637 82 811 7,826 1945—Dec. 3\ 20,065 4,339 167 381 30,387 128,41.7 101,288 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—[une 30 24,231 4,607 164 348 51,999 98,709 77,320 18,331 3,058 13,640 19^ ,186 178,568 14,618 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—June 30 21,756 4,655 m 447 63,821 94,450 68,726 22,982 2,742 15,176 1Q( ,858 185,038 14,820 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 18? 980 69,712 96,266 70,783 22 906 2 577 17 002 91 1 080 194 960 16 120 Dec. 31 23,187 4,812 192 866 75,484 100,008 72,740 24,697 2,571 17,374 22C, 865 204,220 16,647 1953—June 30 22 463 4 854 190 277 77,071 95,350 68,108 24 746 2 496 17 856 917 594 200 360 17 234 Dec. 31 22,030 4,894 199 791 80,486 100,935 72,610 25,916 2,409 18,370 22C,715 209,175 17,538 1954—Jan. 27 22,000 4,900 198 000 79,100 100,400 73,400 24,700 2,400 18,500 224 ,900 207,100 17,800, Feb. 24 22 000 4 900 197 300 79 300 99,100 72,200 24 600 2 400 18 900 9 9.-1 100 206 200 17 900 Mar. 31 22,000 4,900 196 100 80,300 96,800 69,800 24,600 2,300 19,000 79^ ,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 Mav 26 . .. 22,000 5,000 198 800 80,100 99,400 72,400 24,700 2,300 19,300 ?9S,800 207,600 18,200 Tune 30 21,927 4,959 200 628 81,210 99,827 72,525 25,037 2,265 19,591 227 ,51.4 209,354 18,161 Julv 28 21 900 5 000 ?00 600 80,800 100,000 73,300 24,500 2 200 19 800 997 500 709 100 18 400 Aug. 25 21,900 5,000 202 500 80,200 102,300 76,200 23,900 2,200 19,900 22<J,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 23C, 800 211,800 19,000 Oct. 27 .. 21,800 5,000 707 700 81,900 105,600 79,000 24,400 2,200 90,300 ?S4 ,400 215,400 19,100 Nov. 24 21,700 5,000 209 700 83,900 105,600 78,900 24,600 2,200 20,300 236 ,400 217,200 19,200 Dec. 31 21,713 4,985 210 988 85,730 104,819 77,728 24,932 2,159 20,439 237 ,686 218,882 18,806 Deposits and Currency u. s.Government Deposits adjusted and currency Seasonally balances adjusted5 Roreign Date bank At Time deposits3 De- Total de- Treas- com- At De- Cur- mand Curposits, ury mercial F. R. Total mand rency de- rency net h c o a l s d h - sav an in d gs Banks po d s e i - ts2 Total m C e o rc m ia - l M sa u v t i u n a g l s S P a o v s i t n a g l s o si u d t e - po ad si - ts o si u d t e ings banks banks banks4 System banks j usted banks 1929—Tune 29 55,776 365 704 381 36 54,790 22,540 28,611 19,557 8,90S 40 3 639 1 1 9 9 3 3 9 3 — — D ju e u c e . 3 3 ( 0 ) 4 6 2 8 ,3 0 5 2 9 9 ,21 50 7 9 4 96 0 - « i 8 8 4 5 6 2 63 3 4 5 4 6 0 3 , , 8 2 2 5 8 3 2 1 9 4 , , 7 4 9 1 3 1 2 21 7 ,0 6 5 5 9 6 1 1 0 5 ,2 8 5 4 8 9 10 0 ,5 6 9 2 S 1 1 1,<>- K 78 6 4 6 ,4 7 0 6 1 1 1941—Dec. 31 82 811 1 498 ">91 5 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 75 348 ] . 682 1 SVi 1,452 870170,008 87,121 56,411 35,249 17,746 3,416 26 476 1950—June 30 178,568 ,555 1 998 3,801 950 169,964 85,040 59,739 36,719 19 9?3 3,097 25,185 1951—T D u e n c e . 3 3 0 0 i 1 8 8 4 5 , 3 0 8 3 5 8 i,5 4 1 2 8 4 1 2 98 9 1 3 2 6, , 3 9 3 8 2 9 3 6 1 6 7 81 1 7 7 6 4 , , 9 6 1 8 7 4 9 8 2 8 , , 2 9 7 6 2 0 5 5 9 9 , , 2 9 4 4 7 8 3 3 6 6, , 7 3 8 1 1 4 2 9 0 0 , ,3 0 8 0 2 9 2 2, , 7 9 8 2 5 3 2 25 5 ,3 7 9 7 8 6 Dec. 31 193 410 <•279 1 9 70 3,615 247 185,999 98 234 61,450 37 859 90 887 2 '"0/1 26 315 1952—Tune 30 194,960 i,319 1,283 6,121 333184,904 94,754 63,676 39,302 21, 755 2,619 26,474 Dec. 3\ >04 220 501 1 ^ 70 5,259 389 194,801 101,508 65,799 40,666 9 9,586 2,547 97 494 1953—June 30 200,360 ,467 1,259 3,942 132192,560 96,898 68,293 42,245 23, 589 2,459 27;369 Dec. 31 209,175 ,694 761 4,457 346200,917 102,451 70,375 43,659 24,358 2,359 28,091 1954—jan> 27 ?07 100 800 800 3,400 200199,800 102,300 70,600 4-3,700 94 600 2 300 26 900 99,600 27,100 Feb. 24 . . . '206 200 ' 900 800 4,500 500 197,400 99,600 71,000 44,000 94 700 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 1206,200 3,100 800 4,500 500197,300 98,600 72,000 44,700 25,000 2,300 26,700 99,600 27,100 Mav 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 •Tune 30 '209,354 1,256 811 5,895 875198,517 98,132 73,292 45,653 ?5 388 2,251 27,093 99,700 27,000 July 28 ,209,100 3, 400 800 3,900 500200,400 100,000 73,700 46,000 25,500 2,200 26,800 101,500 27,000 Aug. 25 :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 >11 800 1 300 800 4,400 800202,500 101,200 74,400 46,400 9 5 800 2,200 26,900 102,400 26,800 Oct. 27 215,400 3,200 800 6,100 600204,700 103,100 74,800 46,700 25,900 2,200 26,900 101,900 26,800 Nov. 24 \217,200 ,200 800 6,900 500205,800 104,000 74,300 46,300 ?5 900 2,200 2 7,500 102,600 26,900 Dec. 31 218,882 ,329 796 4,510 563 209,684 106,550 75,282 46,844 26 302 2,136 27,852 6103,000626,900 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. 5Fpr seasonal adjustment factors used in deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255. °Figure is for last Wednesday of month. 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 LJ. 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. 574 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 Total assets— Cla a s n s d o d f a b te ank Total Loans G o o U b m v l e . e i n g r S t a n . - - O r s t i e t h c i u e e - r s a C ss a e s t h s1 c b T a i a l l p o i n i a t i t d i t - a e a l s l Total i b I a nt n e k r ^ - Dema O nd ther c c T a o a p o u c i t - n t a a t l s l b N a b u o e n m f r k - s tions co a u c n - ts2 G U ov . e S r . n- Other Time 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, 99927,344 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, 19910,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,7.14 1950—June 30 142,959 51,999 77,320 13,640 34,099 179,159 163,770 .1.1,435 3,622 91, 56,830 13,576 14,674 Dec. 30 148,021 60,38( 72,894 14,741 41,086 191,317 175,296 14,039 2,809101,936 56,513 13,83" 14,650 1951—June 30 147,742 63, 840 68,726 15,176 38,235 188,336 171,860 11,947 6,128 96,398 57,386 14,236 14,636 Dec. 31 154,869 67,608 71, 343 15,91.845,531 202,903 185,756 15,087 3,3621.08,282 59,025 14,623 14,618 1952—June 30 157,528 69,742 70,783 17,002 41,667 201.793 184,130 1.3,5.13 5,839103,409 61,369 15,039 14,599 Dec. 31 165,626 75,512 72,740 17,374 45,584 213,837 195,55: 15,321 4,944111,690 63,598 15,36^ 14,575 1953—June 30 163,082 77,117 68,108 17,856 42,023 207,758 189,159 13,600 3,636105,752 66,170 15,791 14,537 Dec. 31 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 68,354 16,1.18 14,509 1954—Jan. 27 171,380 79,500 73,350 18,530 41,280 215,510 195,95C 14,710 3,110 109,510 68,620 16,170 14,510 Feb. 24 171, 100 80,020 72,220 18, 86041,250 215,210 194,97(. 14,210 4,220 107,540 69,000 1.6,290 14,488 Mar. 31 169,190 80,380 69, 800 19,010 41,500 213,530 194,16C 14,490 5,060 104,900 69,710 16.35C 14,482 Apr.. 28 170,710 80,280 71,240 19, 19040,780 214,450 194,450 14,260 4,190 105,990 70,010 16,480 14,472 May 26 172,560 80,870 72,390 19300 40,210 215,820 195,300 14,110 4,810 105,820 70,560 16,550 14,468 June 30 173,343 81,227 72,525 19591 42,556 218,900 199,508 15,500 T 5 " , | 5 (.) 9 I 4 V/ 1 I J 0 V 7 J\ , J 0 ) 4 U 3 il/ 71,371 16,664 14,465 July 28 174,380 81,340 73,270 19770 40,230 217,640 197,310 1.4,940 3,58011.07,010 71,780 16,690 14,457 Aug. 25 176, 790 80,690 76,210 19890 39,480 219,300 198,780 15,210 5,140 i 106,29072,140 16,770 14,446 Sept. 29 178,040 81,680 76,200 20160 40,620 221,710 201,150 15,470 4,120 109,020 72,540 1.6,860 14,436 Oct. 27 181,600 82,330 79,000 20270 41,630 226,360 205,250 15,670 5,730110,920 72,930 17,080 14,422 Nov. 24 183,370 84, 230 .78,860 20280 42,180 228,690 207,260 15,570 6,620112,540 72,530 17,320 14,406 Dec. 31 183,784 85,617 77,728 20439 44,585 231 ,654 211,115 16,811 4,1.76116,617 73,511 17,270 14,367 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7 114 22,474 65.216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7225 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 7331 34,806 160,312 150,22" 14,065 105,921 30,24.1 8,950 14,011 1947—Dec. 31 3 116,284 38,057 69,221. 9006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—June 30 121,767 44, 796 65,751 11221 33,268 156,908 143,82" 11,435 3,620 91,865 36,908 11,387 14,144 Dec. 30 126,675 52,249 62,027 12399 40,289 168,932 1.55,265 14,039 2,806101,917 36,503 11,590 14,121 1951—June 30 126045 54821 58,521 12703 37,384 165,501 151,457 11,946 6,126 96,381 37,004 11,951 14,107 Dec. 31 132610 57746 61,524 13339 44,645 179,465 164,840 15,086 3,359108,259 38,137 12,216 14,089 1952—June 30 134437 59233 61,178 14026 40,702 177,415 162,348 13,512 5,837103,385 39,614 12,601 14,070 Dec. 31 141624 64163 63,318 14143 44,666 188,603 172,931 15,319 4,941 1.11,659 41,012 12,888 14,046 1953—June 30 137957 65025 58,644 14287 41,156 181,425 165,531 13,598 3,634105,718 42,581 13,275 14,009 Dec. 31 145687 67593 63,426 .14668 44,828 193,010 176,702 15,955 4,146 112,604 43,997 13,559 13,981 1954—Jan. 27 145330 66460 64160 14710 40.330 188,150 171,360 14,710 3,110 109,470 44,070 13,600 13,982 Feb. 24 144900 66870 63030 15000 40,290 187,670 170,270 14,210 4,220107,500 44,340 13,700 13,960 Mar. 31 142790 67050 60650 15090 40,490 185,740 1.69,220 14,490 5,060104,860 44,810 13,750 13,954 Apr. 28 1441.10 66750 62130 15230 39,830 186,520 169,400 14,260 4,190 1.05,950 45,000 13,870 13,944 May 26 145690 67120 63280 15290 39,330 187,670 170,080 14,110 4,810 1.05,780 45,380 13,930 13,940 June 30 146383 67337 63508 15538 41,569 190,585 174,068 15,497 5,591 106,996 45,983 14,038 13,937 July 28 147280 67290 64340 15650 39,260 189,190 17.1 ,770 14,940 3,580106,960 46,290 14,060 13,929 Aug. 25 149490 66450 67300 15740 38,540 190,670 173,130 15,210 5,140106,240 46,540 14,120 13,919 Sept. 29 150580 67250 67330 16000 39,670 192,900 175,300 15,470 4,120 108,970 46,740 14,200 13,909 Oct. 27 154 010 67740 70160 16no 40,720 197,480 179,300 15,670 5,730110,870 47,030 14,420 13,895 Nov. 24 155710 69450 70110 16150 41,260 199,720 181,280 15,570 6,620112,490 46,600 14,640 13,879 Dec. 31 155916 70619 68981 16316 43.559 202.37 184,75 16,809 4,172 116,567 47,209 14,576 13,840 All member banks: 1939—Dec. 30 33941 13962 14328 5 651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941— Dec. 31 43521 18021 19539 5961 23,123 68,121 61 ,717 10,525 1 ,70937,136 12,347 6,619 1945—Dec. 31 107183 22775 78338 6070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7] 589 6,884 1947—Dec. 31 97846 32628 57914 7304 32,845 132.060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—June 30 102745 37658 55759 9328 29,380 133,742 122,707 10,850 3,340 78,892 29,625 9,523 6,885 Dec. 30 107424 44705 52365 10355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1951—June 30 106563 46866 49108 10590 33,244 141,612 129,73 11,347 5,811 82,867 29,712 9,987 6,859 Dec. 31 112247 49561 51621 11065 39,252 153,439 141,015 14,425 3,101 92,867 30,623 1.0,218 6,840 1952—June 30 113502 50526 5126.1 11715 36,046 151,540 138,769 12,812 5,439 88,730 31,788 10,526 6,815 Dec. 31 119547 55034 52763 11751 39,255 160,826 147,527 14,617 4,567 95,453 32,890 10,761 6,798 1953—June 30 115789 55613 48318 11858 36,467 154,258 140,830 12,933 3,378 90,401 34,117 11,070 6,765 Dec. 31 122422 57762 52603 12057 39,381 163,983 150,164 15,170 3,756 96,024 35,213 11,316 6,743 1954—Jan. 27 122,102 56657 53330 12115 35,349 159,651 145,358 13,978 2,762 93,354 35,264 11,356 6,747 Feb. 24 121 ,772 57035 52330 12407 35,365 159,319 144,440 13,509 3,824 91,597 35,510 11,440 6,737 Mar. 31 119,840 57109 50241 12490 35,640 157,647 143,608 13,801 4,690 89,215 35,902 11,484 6,733 Apr. 28 121,125 56804 51690 12,631 35,043 158,438 143,913 13,575 3,775 90,502 36,061 11,585 6,729 May 26 122,602 57205 52726 12,671 34,545 159,478 144,513 13,427 4,352 90,350 36,384 11,638 6,724 June 30 123,185 57,197 53111 12,876 36,722 162,203 148,252 14,733 5,1.65 91,455 36,900 11,709 6,721 July 28 123,915 57,114 53832 12,969 34,514 160,748 145,975 14,204 3,181 91,435 37,155 11 ,724 6,716 Aug. 25 126,001 56,453 56,476 13,072 33,819 162,136 147,179 14,437 4,699 90,663 37,380 11,794 6,713 Sept. 29 126,851 57,164 56,373 13,314 34,796 163,964 148,964 14,692 3,714 93,016 37,542 11,868 6,707 Oct. 27 129,973 57,662 58,906 13,405 35,607 167,991 152,537 14,924 5,206 94,558 37,849 12,035 6,701 Nov. 24 131,548 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. 31 131,602 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99,604 37,950 12,210 6,660 For footnotes see end of table. MAY 1955 575 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 otal assets— Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans G U m o . v e S e n . r t n- O se t c h u e - r a C ss a e s t h s1 c b a i a l p n it i d i t e a s l Total 1 b In a t n e k r - 1 Demand c c a o a p u c i n - ta ts l ba b o n e f r ks o t b i l o i n g s a- rities co a u c n - ts2 U. S. Time Govern- Other ment All mutual savings banks: 1939—Dec. 30. .. 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec. 31. .. 10,379 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 3 14 17,745 1,889 533 1950—June 30. .. 21,192 7,203 11,569 2,420 831 22,252 19,943 2 19 19,922 2,189 530 Dec. 30. . . 21,346 8,137 10,868 2,342 797 22,385 20,031 3 19 20,009 2,247 529 1951—June 30. .. 21,697 9,020 10,205 2,472 851 22,835 20,404 2 18 20,382 2,285 529 Dec. 31. .. 22,259 9,862 9,819 2,579 886 23,439 20,915 3 23 20,888 2,407 529 1952—June 30. .. 23,091 10,509 9,606 2,976 966 24,378 21,782 2 24 21,755 2,438 529 Dec. 31.. . 24,003 11,349 9,422 3,231 918 25,233 22,621 3 30 22,586 2,479 529 1953—June 30... 25,124 12,091 9,464 3,569 867 26,333 23,628 2 35 23,589 2,516 528 Dec. 31... 25,810 12,925 9,184 3,701 983 27,130 24,398 3 35 24,358 2,559 528 1954—Jan. 27. .. 26,050 13,040 9,190 3.820 950 27,360 24,590 (4) (4) 37 24,548 2,570 528 Feb. 24. .. 26,200 13,150 9,190 3,860 960 27,540 24,700 (4) (4) 37 24,658 2,590 528 Mar. 31... 26,400 13,330 9,150 3,920 1,010 27,790 24,940 (4) 37 24,898 2,600 528 Apr. 28. .. 26,600 13,530 9,110 3,960 950 27,930 25,050 (4} 37 25,008 2,610 528 J M u a n y e 3 2 0 6 . . . . . . 2 2 6 6 , , 8 9 7 5 0 9 1 1 3 3 , , 7 8 5 9 0 0 9 9, , 0 1 1 1 7 0 4 4, , 0 0 5 1 2 0 8 98 8 7 0 2 2 8 8 , , 3 1 1 5 5 0 2 25 5 , , 4 2 4 2 0 0 (4) (4) 3 3 4 7 7 2 2 5 5 , , 3 17 8 8 8 2 2 , , 6 6 2 2 0 6 5 5 2 2 8 8 July 28. . . 27,100 14,050 8,930 120 970 28,450 25,540 (4) 47 25,488 2,630 528 Aug. 25. . . 27,300 14,240 8,910 150 940 28,630 25,650 (4) 47 25,598 2,650 527 Sept. 29. .. 27,460 14,430 8,870 160 950 28,810 25,850 (4) (4) 47 25,798 2,660 527 Oct. 27.. . 27,590 14,590 8,840 160 910 28,880 25,950 (4) (4) 50 25,900 2,660 527 N De o c v . . 3 2 1 4 . . . . . . 2 2 7 7 , , 6 8 6 6 0 8 1 1 4 4 , , 7 9 8 9 0 8 8 8 , , 7 7 5 4 0 8 4,1 1 2 3 3 0 1, 9 0 2 2 0 6 2 2 8 9 , ,2 9 7 7 6 0 2 26 5 , , 3 9 5 8 9 0 (4) (4) 4 5 5 0 0 2 2 5 6, , 3 9 0 3 2 0 2 2, , 6 6 9 8 4 0 5 5 2 2 7 7 Central reserve city p 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 4,07: 7,265 1,559 6,63" 19,86: 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31. .. 26,143 7,334 17,574 1,235 6,43' 32,887 30,121 4,65" 6,940 17,287 1,236 2,120 37 1947—Dec. 31 . . . 20,393 7,179 ii,97r 1,242 7,261 27,98: 25,216 4,464 267 19,040 1,445 2,259 37 1950—June 30. .. 19,548 7,723 10,281 1,544 6,329 26,261 23,213 3,894 684 16,984 1,651 2,341 25 Dec. 30. .. 20,612 9,729 8,993 1,890 7,922 28,954 25,646 638 451 18,836 1,722 2,351 23 1951—June 30. .. 20,60< 10,234 8,460 1,910 7,393 28,444 25,064 4,107 1,808 17,484 1 ,666 2,398 22 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—June 30. . . 21,710 11,268 8,212 2,231 8,135 30,365 26,745 4,639 1,651 18,659 1,795 2,460 22 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—Tune 30. .. 20,452 11,883 6,639 1,930 7,879 28,814 25,244 4,578 887 17,849 1,930 2,544 22 Dec. 31. . . 22,058 12,289 7,765 2,004 8,074 30,684 27,037 5,214 778 18,895 2,150 2,57" 22 1954—Jan. 27. 21,70< 11,741 7,909 2,059 7,088 29,374 25,612 5,001 474 18,050 2,087 2,585 22 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 Mar. 31. 21,392 11,726 7,350 2,316 8,028 29,967 26,382 5, Ol1 1,169 18,068 2,126 2,614 22 Apr. 28. 21,680 11. ,635 7,701 2,344 7,305 29,564 25,874 5,24 707 17,822 2,098 2,619 22 May 26. 22,426 12,081 8,065 2,280 6,849 29,881 26,058 5,05 1,109 17,774 2,118 2,629 22 June 30. 22,68 11,619 8,695 2,36 7,524 30,771 27,225 5,51 1 ,378 18,114 2,216 2,630 22 July 28. 22,72 11,574 8,789 2,364 6,611 29,949 26,117 5,379 528 17,851 2,359 2,64: 22 Aug. 25. 22,966 11,380 9,233 2,353 6,65< 30,220 26,151 5,241 1,167 17,391 2,35" 2,646 22 Sept. 29. 22,949 I1,504 8,976 2,46 7,29< 30,830 26,938 5,338 724 18,545 2,331 2,644 22 Oct. 27. 23,87" 11,741 9,687 2,449 6,984 31,463 27,406 5,410 1,395 18,227 2,374 2,657 21 Nov. 24. 23,933 11,897 9,632 40' 7,349 31,932 27,666 5,404 1,355 18,569 2,338 2,811 21 Dec. 31. 23.88C 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,39: 2,80r 21 Chicago: 1939—Dec. 30. 2,10 = 569 1 ,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31. 2,76C 95 1,430 376 1,566 4,36. 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31. 5,93 1,333 4,213 385 1,489 7,455 7,046 ,31 1,552 3,462 71' 377 12 1947—Dec. 31. 5,085 1,801 2,890 397 ,739 6,866 6,402 ,217 72 4,201 913 14 1950—June 30. 5, 1,557 3,138 562 6,938 6,41 ,015 211 4,094 1,099 482 13 Dec. 30. 5.56C 2,083 2,911 576 2,03 7,649 7,10<J ,229 174 4,604 1,103 490 13 1951—June 30. 5.52C 2,215 2,742 564 1,898 7,47^ 6,92' ,040 484 4,272 1,126 501 13 Dec. 31. 5,73 2,468 2,71 552 2,196 7,972 7,402 ,307 242 4,710 1 ,143 513 13 1952—June 30. 5,664 2,380 2,721 563 1,899 7,610 7,027 ,18: 306 4,375 1,164 530 13 Dec. 31. 6,24f 2,748 2,912 581 2,010 8,297 7,686 ,350 343 4,789 1,20 = 541 13 1953—June 30. 5,62 2,552 2,529 546 2,058 7,729 7,11'" ,216 201 4,495 ,207 551 13 Dec. 31. 6,204 2," 2,85(3 57 2,115 8,366 7,72 ,387 259 4,836 1,24: 566 13 1954—Jan. 27. 6,07? 2, 2,988 574 2,011 8,140 7,492 ,308 178 4,772 1,234 563 13 Feb. 24. 6,00 2,570 2,85 583 1,989 8,049 7,304 ,240 279 4,561 1,224 565 13 Mar. 31. 5,56? 2,638 2,33' 59 1,650 7, 6,602 ,703 375 3,320 1,204 570 13 Apr. 28. 5,85f 2,539 2,725 586 2,01 7,920 7,26 ,200 331 4,495 1,235 571 13 May 26. 5,924 2,567 2,774 583 2,013 7,995 7,28(3 ,219 311 4,510 1,246 578 13 June 30. 5,97, 2,589 2,825 561 2,036 8,064 7,419 ,339 410 4,403 1,267 583 13 July 28. 5,981 2,52 2,89i 563 1,936 7,97 7,27C ,281 206 4,527 1,256 583 13 Aug. 25. 6,124 2,47 3,07 570 1,902 8,07 7,395 ,339 364 4,437 1,254 587 13 Sept. 29. 6,18( 2,49 3,11C 582 1 ,835 8.07C 7,343 ,310 266 4,509 1,258 590 13 Oct. 27. 6,28 2,454 3,25' 574 1,95 8,29C 7,61' ,352 344 4,649 1,27 590 13 Nov. 24. 6,42: 2,580 3.25C 592 1,866 8,34 7,65 1,306 452 4,627 1,266 592 13 Dec. 31. 6,51, 2,784 3.12C 61 1,95 8.52C 7,845 1,32 251 4,977 1 ,295 600 13 For footnote see end of table. 576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other lia- Total Num- Class of bank U.S. Cash bilities capital ber and date Total Loans G m ov e e n r t n- O se t c h u e - r assets1 ca a p n i d tal Total1 Inter- Demand co a u c n - ts ba o n f ks obliga- rities ac- bank1 Time tions counts2 U. S. Govern- Other ment Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 1.9,687 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 22,3.13 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— June 30 38,697 14,868 20,510 3,319 11,639 50,987 47,187 5,069 1,408 28,897 11,81.2 3,268 336 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—-June 30 39,991 18,558 17,659 3,774 13,175 53,870 49,874 5,264 2,272 30,518 1.1,819 3,431 324 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—June 30. . 43,091 19,745 19,123 4,223 13,925 57,799 53,425 5,908 2,097 32,666 12,754 3,663 319 Dec. 31 45,583 21,697 19,624 4,262 15,544 61,941 57,357 7,001 1,81.4 35,281 13,261 3,745 319 1953—June 30 44,352 22,150 17,756 4,446 14,447 59,587 54,861 6,066 1 ,358 33,694 13,743 3,874 321 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—Tan. 27 46,897 22,516 19,933 4,448 14,062 61,851 56,640 6,462 1,027 34,967 14,184 4,000 319 Feb. 24 46,885 22,706 19,639 4,540 14,088 61,851 56,362 6,172 1 ,590 34,208 14.392 4,031 319 Mar. 31 45,802 22,485 18,783 4,534 13,993 60,674 55,61.4 5,960 2,001 33,119 14;534 4,037 309 Apr. 28 46,353 22,317 19,409 4,627 13,928 61,177 55,902 6,007 1,447 33,839 14,609 4,089 309 Mav 26 46,836 22,341 19,788 4,707 13,831 61,586 56,156 6,025 1 ,519 33,823 14,789 4,108 309 Tune 30 47,056 22,453 19,813 4,791 14,656 62,624 57,665 6,636 2.015 34,058 1.4,957 4,124 310 Julv 28 47,400 22,405 20,136 4,859 13,818 62,129 56,838 6,366 1,180 34,303 14,989 4,127 309 Aug. 25 48,586 22,268 21,398 4,920 13,354 62,858 57,523 6,614 1 ,753 34,069 15,087 4,168 307 Sept. 29 48,779 22,605 21,187 4,987 13,566 63,276 57,835 6,772 1,418 34,467 15,178 4,205 306 Oct. 27 49,933 22,745 22,128 5,060 14,175 65,086 59,544 6,852 1 ,804 35,557 15,331 4,247 303 Nov. 24 50,612 23,580 21,986 5,046 14,485 66,063 60,391 6,807 2,357 35,981 15,246 4,281 303 Dec. 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,1.58 5,852 1,851 5,966 1.941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1 ,982 6,219 1945—Dec. 31 35,002 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 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—June 30 39,245 13,510 21,830 3,904 9,773 49,556 45,888 871 1 ,036 28,916 15,064 3,433 6,511 Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 1.4,865 3,532 6,501 1951—June 30 40,448 15,858 20,247 4,343 10,779 51,821 47,877 936 1,248 30.592 15,101 3.658 6,500 Dec. 31 42,444 16,296 21,587 4,561 13,292 56,349 52,288 1,309 876 34.572 15,530 3,760 6,484 1952—June 30 43,037 17,133 21,206 4,698 12,087 55,766 51 ,571 1,083 1 ,384 33,029 1.6,075 3,873 6,461 Dec. 31 45,594 18,213 22,549 4,832 13,281 59,535 55,1.75 1,301 1,267 36,022 16,585 3,970 6,444 1953—June 30 45,359 19,028 21,394 4,936 12,083 58,129 53,606 ,073 932 34,363 17,237 4,101 6,409 Dec. 31. 47,404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 1,216 36,519 17,690 4,194 6,389 1954—Tan. 27 47,418 19,884 22,500 5,034 12,188 60,286 55,614 1,207 1,083 35,565 17,759 4,208 6,393 Feb. 24 47,215 19,968 22,216 5,031 12,074 59,991 55,265 ,141 1,248 35,053 17,823 4,233 6,383 Mar. 31 47,078 20,260 21,769 5,049 11,969 59,740 55,010 1,119 1,145 34,708 18,038 4,263 6,389 Apr. 28 47,242 20,313 21,855 5,074 11,793 59,777 54,876 1,121 1,290 34,346 18,119 4,306 6,385 May 26 47,416 20,216 22,099 5,101 11,852 60,016 55,013 .126 1,413 34,243 18,231 4,323 6,380 Tune 30 47,474 20,537 21 ,779 5,158 12,506 60 745 55 943 .241 1,362 34,880 18,460 4,372 6,376 July 28 47,808 20,614 22,011 5,183 12,149 60,699 55,750 L, 178 1,267 34,754 18,551 4,372 6,372 Aug. 25 48,325 20,328 22,768 5,229 11,909 60,981 56,110 ,243 1,414 34,766 18,687 4,393 6,371 Sept. 29 48,934 20,558 23,100 5,276 12,099 61,788 56,848 ,272 1 ,306 35.495 18,775 4,429 6,366 Oct. 27 49,876 20,722 23,832 5,322 12,497 63.152 57,968 1,310 1 ,663 36,125 18,870 4,541 6,364 Nov. 24 50,581 21,194 24,001 5,386 12,505 63,841. 58,712 ,337 1,877 36,804 18,694 4,566 6,350 Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 1 ,271 37,794 18,787 4,506 6,326 * "All banks"' comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 4 million dollars) that became a member bank on Apr. 15, 1954, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2 Includes "other" assets and liabilities, not shown separately. 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. 4Less than 5 million dollars. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. MAY 1955 577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 580-584 Gold production 584 Estimated foreign gold reserves and dollar holdings 585 Reported gold reserves of central banks and governments... 586 Net gold purchases and gold stock of the United States.... 587 588 International Bank and Monetary Fund. . Central banks 588-592 Money rates in foreign countries. .. 593 Commercial banks 594 Foreign exchange rates 595 Price movements in principal countries: Wholesale prices 596 597 Consumers' price indexes.. . 597 Security prices . 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. 579 MAY 1955 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 ofdollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a a i- l - Official France m R F a e e n d p y . . 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 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 o A th ll tutions2 and Officials of private 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. 31. 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 1.836.5335.6 1953—Dec. 31. 1,629.4 10,019.0 5,666.9 428.5 898 8 465 7 674 2 708 9 1,557.5 4,733.6 1,295.5 1,768.4 1,895.5326 1 1954—Mar. 314 1,698.5 10,350 0 5,925.2 419.9 994 3 494 6 665.2 797.9 1,638.4 5,010.3 1,340.4 1,866.8 L,801.7330.9 Apr. 305 1,678.0 10 ,461 2 6,062.9 285.9 1,039 3 519 2 664 8 899 5 1,689.0 5,097.7 1,282.3 '•1,999.2 1,762.1 319.9 May 31. 1,679.0 '10,576 3 6,265.0 387.0 1,051 2 483 0 651.8 952 2 1,750.2 5,275.4 L.286.6 '•1,994.5 1,711.0 308.7 June 30. 1,637.0 no,561 9 6,307.0 441.4 1,084 9 455 6 636 0 986 1 1,701.3 5,305.4 1,320.6 '1,954.9 1,682.5 298.5 July 31. 1,656.5 no,771.0 6,438.6 376.5 1,222.1 468 8 680 5 942 2 1,722.7 5,412.8 1,342.0 '2,037.4 L.693.2 285.6 Aug. 31. 1,751.0 no, 686.6 6,287.3 418.9 I,225 1 510 7 680 8 851.9 1,676.7 5,364.0 ,380.4 '1,918.7 1,748.2 275.2 Sept. 30. 1,801.9 no,730.6 6,319.2 474.2 1,247.6 528 4 668 5 837 9 1,673.3 5,430.0 1,384.1 '1,889.6 1,764.1 262.9 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 1,839.5 L ,782.5 272.1 Nov. 30. ,792.8 10,781.8 6,379.3 502.1 1,287.2 563 0 623 7 829.7 ,673.7 5,479.2 1,377.8 1,848.1 1,811.8 264.9 Dec. 31. ,769.9 n,161.0 6,779.6 715.4 1,372.5 578 6 672 4 639.5 ,642.1 5,620.5 ,538.5 1,911.5 L ,825.4 265.1 1955—Jan. 31 P ,752.2 n,101.0 6,750.4 706.5 1,367.9 591.5 624 2 656.6 L,673.1 5,619.9 ,528.2 1,843.4 ,842.1 267.4 Feb. 28* ,781.9 10,912.6 6,519.7 716.6 1,405.9 610 2 634 5 599.4 ,629.0 5,595.7 ,365.3 1,806.2 ,860.8 284.6 Mar. 31* ,818.2 10,896.5 6,466.3 749.6 1,411.1 611 2 649 3 637.8 ,591.4 5,650.5 1,320.9 1,786.9 :,848.3 289.8 Table la.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - l P an o- d t P u o g r a - lm R a u n - iaSpain S d w en e- T k u e r y - U.S.S.R. s Y la u v g i o a - o A th l e l r 1951—Dec. 31 846.6 57.1 134.7 45.3 27.0 45.8 143.8 99,7 2.8 40.7 6.1 17.1 71.7 14.1 2.5 7.1 125.9 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 91.0 8.4 1.7 12.0 219.3 1953—Dec. 31 1,557.5 190.9 130.3 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—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. 3O5 1,689 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 May 31 1,750.2 234.3 122.9 92.4 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 July 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 1,673.3 281.9 104.0 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 1,690.1 283.6 104.6 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 1,673.7 272.4 103.2 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. 31 1,642.1 273.2 99.8 71.1 41.3 112.5 249.3 103.4 2.1 91.3 7.8 71.3 141.0 8.2 1.8 8.6 359.5 1955—Jan. 31* 1,673.1 272.8 98.1 76.2 39.7 129.2 254.3 88.8 2.0 92.6 8.0 78.4 130.5 9.5 1.8 9.4 381.9 Feb. 28* 1,629.0 276.6 93.0 70.3 41.6 134.2 221.2 66.2 1.7 98.1 8.0 84.7 129.7 9.2 1.7 9.8 382.9 Mar. 31* 1,591.4 274.7 98.9 69.3 37.8 130.5 222.1 64.3 2.4 91 .9 8.2 92.6 121.3 9.8 1.5 8.0 358.0 Table lb.—Latin America Neth- Date A L m i a c t a e in r A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a e o c b n n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a p P i R c m u a e b n o a - - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r nam 1951 -Dec. 31. 1,455 2 249.7 27 8 100.3 54.0 106 4 263.6 45.8 27.3 158.2 34.9 67.7 47.2 27.8 84.7 71.9 87.8 1952 Dec. 31. 1,612 9 138 8 24 5 72.5 79.3 118 2 301.2 44.2 34 3 231.2 44.3 80.8 60,9 25.6 94.1 145.5 117.4 1953—Dec. 31. 1,768 4 130 0 19 1101.7 78.8 150 2 340.8 39.3 37 9 183.2 51.5 89.9 68.0 26.8 109.6 222.4 119.2 1954 -Mar. 31* 1,866 8 170 4 27 1110 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 ,999 2 175 4 26 5 100 7 56.4 170 5 376.0 52.7 53.5 233.5 52.8 '94.9 68.9 50.2 104.9 241.0 141 1 May 31. ,994 CJ173.8 28.5 92 6 55.8 190 5 377.1 53.4 54.1 203.5 49.1 '88.9 67.2 44.9 105.2 269.8 140 3 June 30 '1 9S4 () 176 7 31 4 96.1 61.2 230.6 346.5 55.8 48 0 201.3 51.5 '87.8 66.6 41.6 107.7 218.0 134.0 July 31. '2,037 4 181 8 28 0 167 4 73.9 236 2 328.8 61.1 44 9 210.0 50.9 '92 3 66.6 36.3 112.8 207.7 138 7 Aug. 31. '1,918 7 191 1 27 3 102 6 78.9 215 0 309.6 60.9 40 4 236.8 50.1 '86.7 69.2 30.5 104.1 179.1 136.6 Sept.30. n,889 (,204 8 30 2 91 3 74.7 168 2 291.2 60.7 37 1 254.7 50.1 '76 9 76.4 25.0 101.6 210.5 136 1 Oct. 31. l,839 5 190 7 31 9 139 1 72.8 147 7 269.0 '59.9 34 1 265.4 46.3 77 4 79.2 23.0 98.5 183.0 '121 7 Nov. 30. l,848 1 175 3 32 3 160 3 73.2 168 6 243.7 '59.6 31 5 265.5 46.9 75 6 79.6 20.4 91.7 202.2 '121 9 Dec. 31. l,911.5 160 4 29 2 119 6 69.6 222 2 242.3 60.4 34 5 328.9 48.7 73 8 83.4 30.4 90.3 193.6 124 1 1955—Tan. 31* i,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. 28* l,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 Mar. 31* l. 786.9 151 7 26 3 95 1 73.4 97 6 232.3 63.1 44 5 363.3 44.8 82.4 82.1 42.6 85.4 176.2 126 1 9 Preliminary. 'Revised* For footnotes see following page. 580 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table lc—Asia and All Other For- Ko- Egypt Date Asia C m a h o n i s d n a a H K o o n n g g India n I e n s d i o a - Iran IsraelJapan p r R e u e a b - , - ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a g .PB i o a el n l- A E a n g n g y d l p o - - S U o o n u f i t o h n Other Main- lic Congo tian Africa land of« Sudan 1951— Dec. 31. 1,595.5 87.4 62.4 62.1 140.6 25.5 26.6 596.0 26.2 329.7 96.7 142.2 297.4 38.5 54.5 110.7 7.0 86.8 1952—Dec. 31. 1,836.5 76.4 70 9 64.6 61.0 19,2 18 8808.0 54.4 315.1 181.0 167.1 335.6 47.2 118.6 59.7 23.6 86.5 1953—Dec. 31. 1,895.5 73.6 68.0 99.0 39.3 43.6 18.0827.9 91.5 295.5 167.9 171.2 326.1 59,2 89.6 43.3 38.2 95.7 1954—Mar. 31* 1,801.7 79.6 65.3 82.2 68.3 47.7 33.7 675.8 102.8 309.9 155.1 181.2 330.9 49.6 83.3 49,7 43.9 104.3 Apr. 30« 1,762.1 79,0 66.3 85.1 65.2 45.4 31.0639.7 103.7 317.7 144.6 184.3 319.9 49.5 81.1 51.8 32.8 104.8 May 31. 1,711.0 76,7 66.8 86.7 63.8 39.4 27.4 616.9 104.7 303.1 139.3 186.3 308.7 49.6 74.1 51.3 34.2 99.5 June 30. 1,682.5 75.8 65.1 91.3 59.2 34.0 28.9615.4 105.9 298.9 130.1 177.8 298.5 48.0 63.6 51.7 37.8 97.4 July 31. 1,693.2 75.1 64.6 79.2 60.5 28.6 25.1616.0 101.2 308.2 127.1 207.6 285.6 42.8 51.3 51.5 38.6 101.3 Aug. 31. 1,748.2 74.2 64.2 75.5 81.9 23.3 36.0643.4 98.2 314.2 126,2 211.2 275.2 41.3 45.5 47.7 37.9 102.8 Sept. 30. 1,764.1 69.6 64.3 73.4 87.3 26.1 33.1668.5 94.9 308.5 125.0 213.3 262.9 35.4 44.2 45.1 38.5 99.7 Oct. 31 . 1,782.5 71.1 64.7 77.7 95.4 24.7 24.7695.8 93.8 289.7 117.8 227.0 272.1 41.6 47.0 45.2 39.4 99.0 Nov. 30. 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. 31. 1,825.4 69.9 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. 31P 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. 28v 1,860.8 70.3 60.1 101.5 110.5 47.0 40.4 700.1 100.2 263.2 133.1 234.4 284.6 58.6 42.7 52.0 36.2 95.1 Mar. 31 P 1,848.3 70.0 61.2 71.5 97.7 40.1 45.0 715.5 99.9 253.6 132.0 261.9 289.8 56.8 44.3 53.6 33.4 101.8 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 ,1 .2 .2 .2 Afghanistan 10.6 4.0 2.7 n.a. Azores .3 .3 .4 n.a. British dependencies 21.0 25.5 19.8 21.1 British dependencies , .6 ,4 .4 .6 Burma 9.5 16.9 23.0 29.7 Bulgaria .6 .6 .6 .6 Ceylon 19.2 13.9 17.1 n.a. Czechoslovakia , 1.3 .6 .6 .7 Iraq 12.9 14.1 13.8 10.0 Eastern Germany n.a. n.a. n.a. 1.2 Jordan .5 .6 .9 .8 Estonia 2.7 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 Ireland, Republic of 15.9 12.6 14.1 n.a. Portuguese dependencies 2.7 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 A .2 Svria 5.4 11.4 20.5 21 .5 Luxembourg 11.8 5.0 4.0 4.5 Viet-Nam n.a. n.a. n.a. 8.1 Monaco 3.2 2.6 3.0 5.3 Trieste 5.6 4.1 2.5 2.2 All other: British dependencies 1.2 1.6 1.6 1.4 Other Latin America: Ethiopia and Eritrea.... 6.9 3.5 9.1 n.a. British dependencies 14.6 14.6 18.0 19.0 French dependencies 36.5 27.0 22.3 16.8 Costa Rica 8.7 12.1 13.4 15.3 Italian Somaliland .1 1.1 .3 n.a. Ecuador 11.4 23.7 17.7 21.2 Liberia 6,1 10.3 11.8 5.6 French West Indies and French Libya .5 2.3 3.0 n.a. Guiana .8 2.2 .6 .4 New Zealand 5.2 3.5 2.1 2.3 Haiti 10.3 11.6 9,3 12.7 Portuguese dependencies . 4.3 6.3 5.0 n.a. Honduras 17.2 15.4 18.7 n.a. Spanish dependencies .2 .2 .2 5 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 MAY 1955 581 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 COUNTRIES1 [Amounts outstanding, in millions of dollars] Date Total France m F G a e e n d r y - . , Italy S l w a er n it - d z- U K d n i o i n m t g e - d E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e i r n - Asia ot A h l e l r Rep. of 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— M Fe a b r . . 2 31 8 2 9 8 0 6 1 7 .1 5 9 7 . . 6 1 4 5 3 3 .4 6 1 1 3 7 . 7 5 1 1 6 2 . . 1 8 5 5 9 9 .5 9 9 97 4 .5 0 2 24 4 1 3 . 2 5 6 59 0 . . 2 0 4 4 5 2 0 6 .4 4 1 1 2 1 6 1 . 7 4 2 2 4 5 .8 0 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 89.7 258.0 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 87.4 270.7 65.6 613.9 125.7 32.8 Sept 30 . . 1.187 4 14.1 48 4 12 9 17.4 128 7 87 7 309 2 70 9 646.5 125 6 35 2 Oct. 31 'I,290.6 7 1 47 3 15 8 16.4 126.2 107.5 320.4 68.0 '740.3 128.1 33 9 Nov. 30 rl ,315.5 10.3 56.1 19.3 12.6 128.2 114.4 340.7 66.2 '750.2 125.9 32.5 Dec. 31 ... 1,384.2 14 2 67 8 19.7 16.2 173.5 108.6 400.1 75.6 728.1 143.3 37 0 1955—Tan. 31P 1,380.1 17 2 65 8 20.2 18.5 145.9 139.0 406.6 103.6 677.8 152.3 39 8 Feb. 28P 1,366.5 12.0 78.5 21.9 21.9 116.2 144.1 394.5 105.3 669.2 160.0 37.6 Table 2a.—Other Europe Date E O ur th o e p r e A tr u i s a - g B iu e m l- m D a en rk - l F a i n n d - 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 e r y - Y sl u av g i o a - ot A h l e l r 1951—Dec 31 88.5 39.6 4.8 3.1 .2 5.0 2 J5 .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 9 .5 11.2 2.5 38 8 8 f- 5 4 1953—Dec. 31 87.5 .8 13.0 6.2 1.9 1.3 8.6 0 .6 24.3 2.7 15.7 4 8 6.8 1954—Feb. 28 97.0 .2 14.3 4.1 1.3 1.4 9.4 6 .5 19.8 1.7 31.0 5.4 6.2 Mar. 312 94.5 .2 13.2 2.9 1.3 1.5 13.1 3 A 12.2 1.4 35.4 5.9 5.6 Apr. 30.. . 87 2 .2 14.9 4 3 1 6 2.0 7.9 4 .6 10.6 2.2 29.8 5 2 6 6 May 31 101.1 ,1 15.2 3.5 1.6 1.9 8.8 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 .6 3.5 2.4 35.9 5.3 6.2 July 31 85.2 .1 15.3 4.2 1 8 2.6 9.3 .7 2.1 2.7 32.7 5.7 6 5 Aug. 31 87.4 .2 14.7 3.5 1.4 2.6 9.4 1.4 .5 3.5 2.6 37.0 4.2 6.3 Sept. 30 87.7 .2 16.0 4.8 2.0 3.6 10.9 1.7 .5 4.0 2.4 33.3 3.0 5.3 Oct. 31... 107.5 .2 14.2 6 0 2.3 3.6 11.2 1.4 .7 4.0 2.8 55 0 6 5.6 Nov. 30 114.4 .3 17.0 7.5 2.1 3.4 14.6 1.7 .6 5.5 3.0 52.4 1.0 5.3 Dec. 31 .... 108.6 .4 19.6 9.7 2 5 3.3 15.9 2.1 .5 4.0 4.1 40.7 1 3 4 6 1955—Tan. 31 v 139.0 .7 19.3 9.1 2.2 4.9 18.3 2.3 .6 3.1 4.2 66.4 2.8 5.1 Feb. 28P 144.1 1.2 19.1 9.1 2.0 3.3 18.0 2.9 1.0 3.6 3.4 67.5 6.2 6.8 Table 2b.—Latin America Neth- Do- er- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C b om i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- I l n W a a d n n e i d d e s s t s a p r R m a u i e b l 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 of lic Surinam 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—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. . '•740.3 6 1 2.2 '360. 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.. r75O.2 5 8 2.2 '321.6 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. . 728.1 5.6 2.5 273.5 14.1 107.0 70.7 2.6 3.9 115.7 1.4 8.8 16.2 10.0 6.9 62.7 26 5 1955—Jan. 31 v. 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 Feb. 28P. 669.2 5 8 2.2 249.3 11.9 89.5 47.6 3.8 3.8 111.0 4.7 11.7 14.7 7.2 6.5 75.9 23 4 ^Preliminary. rRevised. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their customers in the United States. 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. 31, 1955. The term "fore.ign.er" 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. 2Beginning 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. 582 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2c—Asia and All Other For- Egypt Date Asia m C a h n o i s d n a a H K o o n n g g India I n n e d si o a - Iran IsraelJapan K p R o u r e b e - - a, ip P p h i i n l e - s T la h n a d i- O A t s h i e a r ot A h l e l r t A ra u l s ia - g .•BR ia oei n l- A E a n g n g y d l p o - - S U o n o u f i t o h n Other Main- lic of i Congo tian Africa land Sudan 1951—Dec. 31. . 161.8 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—Dec. 31. . 89.8 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 24.6 22.4 10,1 6.0 .5 2.0 3.8 1953—Dec. 31. .114.8 8.1 3.1 3.7 .8 13.8 22.9 25.6 5.8 6.1 24.7 24.9 8.0 6.3 .5 2.4 7.8 1954—Feb. 28. 126.7 8.1 2.2 3.2 .9 14.7 27.6 31.7 8 0 •> 2 25.0 24.0 7.2 6.5 5 5 1 4 6 Mar. 312. 111.4 8.4 2.2 4.1 .7 14.3 22.1 32.8 .1 4.9 4.3 17.5 25.8 7.6 6.7 1.3 4.5 5.7 Apr. 30. . 101.9 8.1 3.2 3.9 .5 15.1 16.2 30.6 (3) 6.4 4.9 13.0 27.9 8.7 6.4 .3 5.5 7.0 May 31 .. 114.6 8.2 3.4 5.1 1.4 15.3 8.8 36.7 10.5 5.7 19.5 28.6 7.7 7.1 .5 5.8 7.6 June 30.. 113.3 8.1 3.1 3.5 .6 16.0 8.0 38.6 '.2 8.7 6.2 20.1 35.3 10.2 7.8 .3 5.9 11.1 July 31.. 117.5 8.1 3.6 4.2 .6 17.5 8.4 33.3 .2 9.7 5.6 26.3 36.2 12.1 7.9 .2 5.3 10.7 Aug. 31. . 125.7 8.2 2.8 3.9 .4 20.3 9.3 30.9 .5 12.0 6.2 31.3 32.8 10.1 7.5 .4 5.2 9.5 Sept. 30. .125.6 8.1 2.4 4.5 .6 16.9 9.3 30.0 .2 12.3 6.7 34.5 35.2 10.5 6.9 .5 5.3 12.1 Oct. 31.. 128.1 8.1 2.6 4.8 .6 17.7 8.2 33.3 .4 10.8 6.9 34.8 33.9 10.9 6.8 .5 5.2 10.4 Nov. 30. 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. . 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 8.1 3.4 3.6 .9 18.2 10.8 48.1 .4 9.6 13.5 35.9 39.8 13.4 6.2 1.1 7.5 11.7 Feb. 28P. 160.0 8.1 3.3 4.4 1.4 18.7 8.3 60.3 .5 8.7 11.2 35.2 37.6 11.7 6.0 .9 8.3 10.8 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES* [In millions of dollars] U. S. Government bonds U. S. corporatebonds and notes and stocks Foreign bonds Foreign stocks Year or month Net Net Net Net pur- pur- pur- pur- Pur- Saks 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 800 9 792 7 8 2 1,404 8 1,263.7 141 1 792.4 841.3 -48 8 393 3 644 9 —251 6 1954—February 87.4 99.9 -12.6 77.1 85.7 -8.6 '62.7 '33.6 29.1 26.9 38.9 -12.0 55 0 22.1 32.9 98.0 95.8 2.2 46.8 82.6 —35.8 32 6 41.6 —9 0 April 65.2 30.0 35.2 112.1 96.5 15.6 '49.7 '75.4 -25.7 31.3 46.5 -15.2 May 87 3 88.4 — 1.2 110.8 96.4 14.4 37.3 34 3 3 0 29.5 56 1 —26 6 June 49.2 27.7 21.4 107.2 99.9 7.3 57.8 48.9 8.9 29.7 79.6 -49.9 July 33 4 24 3 9 1 133.2 100 5 32.7 57 3 49.0 8 3 34 8 39 6 —4 8 August 86.9 33.9 53.0 110.6 108.5 2.1 70.7 37.5 33.2 37.5 101.4 -63.9 O Se c p to te b m er ber 4 3 8 8 6 0 3 2 9 5 .9 2 2 — 2. 1 6 1 10 1 3 7 .2 8 1 8 1 6 1 . . 6 4 1 5 7 . . 7 2 1 10 2 3 6 . . 5 0 5 7 3 8 . . 4 7 4 5 7 0 .1 3 > »\ - 3 3 0 5 . 5 7 r r 4 4 9 1 0 5 r T— — 1 1 0 3 5 8 November 11.5.1 101.8 13.3 168.9 '130.2 '38.7 48.2 46.3 1.9 r38.0 ••62.5 r-24.6 December 101.3 261.3 -160.0 197.4 180.5 16.9 75.9 69.3 6.6 38 6 61 2 —22 6 1955—JanuaryP 123.4 81 .1 42.3 177.2 149.6 27.6 75.8 64.5 11.3 41.5 65.2 -23.7 February?.... 347.3 216.0 131.2 158.2 160.1 -1.9 132.2 65.6 66.7 42.7 69.4 -26.7 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 a c p n e u o r y f b a , - l Italy Sw la i n tz d er- U K d n i o n i 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 i r n - Asia ot A h l e l r 1951 —15.9 -568.4 6.0 (3) 1.9 45.9 21.4 -66.0 9.2 —595.5 13.9 4.8 — .7 1952 . 14.7 300.2 5.5 .2 .5 50.7 70.4 -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 1954 77.7 71.6 17.0 — .1 -.6 73 .4 69.8 -20.5 138.9 -187.2 113.2 3.5 3.2 1954—Feb.... .7 -21.8 -16.2 (3) -.1 .1 6.1 -.9 -11.1 -6.7 -2.9 -.1 -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 -2.0 49.7 -5.2 3.3 .8 1.4 May... 21.8 -8.6 2.2 8 -.4 5.4 3.4 .2 10.8 -34.3 14.8 -.2 .4 June... .5 28.1 1.5 .2 -.2 3.5 -.4 4.6 -8.7 31.2 .4 .7 J A u u l g y... - 4 4 1 . . 4 2 4 1 6 3 . . 2 8 3. . 0 1 ( ( 3 3) ) (3) .6 24. .5 8 5 6 . . 7 5 - - 2 . . 6 4 3 5 2 . . 2 8 - -1 3 . . 7 5 1 10 5 . . 5 8 - 1 .3 .1 . . 1 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 '52.6 3.0 .3 13.0 8.0 '-6.4 '•1.7.9 -2.3 36.3 .1 .6 Dec -11.2 -132.0 -27.9 (3)" .2 10.2 6.8 -8.3 -19.1 -108.0 —6.9 1.4 .6 1955—Tan.P. . 2.0 67.9 2.4 (3) .5 20.1 17.9 3.2 44.0 -5.3 29.1 .3 -.2 Feb.?.. 1.6 127.7 .7 .1 -5.0 13.0 22.0 17.2 48.0 76.3 3.3 .2 (8) p Preliminary. 'Revised. !Not reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. 3Less than $50,000. 4Includes transactions of international institutions. MAY 1955 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN UNITED STATES, BY AREAS CORRESPONDENTS x [Net sales, (-). In millions of dollars] [In millions of dollars] Y m e o a n r t o h r 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 E T u o ro ta p l e C ad a a n- A L i a m c t a i e n r- Asia o A th ll er Date Deposits U se . c A S u . s r s i G t e i o t e s v s 2 t i . n c l u a M s n t i e o s o c d e u y l s - 3 1951 — 152.7-224.3 28.5 -258.6 33.8 -36.0 7.9 1952 — 118 1 —99.8 19.9 -141.0 25.3 —10.0 6.0 1953—Dec. 31.. 423 2,586 106 1Q53 -61 .2 — 11.0 96.3 -137.8 34.6 -29.9 25.8 1954 -163.9 -136.5 -9.1 -133.2 32.8 -34.2 7.2 1954—Apr. 30.. 471 2,840 96 May 31.. 527 2,969 93 1954—Feb. .. 10.5 6.7 ••8.7 '•10.1 .1 -4.8 -7,4 June 30.. 545 2,900 87 Mar... .1 -44.8 8.3 -S3.2 1.3 -2.2 1.0 July 31.. 533 3,033 85 Apr.... .7 -41.6 '-10.5 '-31.3 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. . -.7 -40.3 -9.9 -29.3 2.4 -3.9 .3 Oct. 31. . 426 3,050 99 July... -1.1 4.7 .2 -2.3 1.4 -2.6 8.0 Nov. 30.. 397 3,002 104 Aug.. . -6.0 -24.7 -.7 -28.2 1.8 -1.4 4.0 Dec. 31.. 490 2,908 105 Sept... -54.6 '91.4 25.9 '52.7 8.6 1.9 2.3 Oct.... -2.9 '39.2 -4.1 '38.6 7.7 -2.8 -.2 1955—Jan. 31.. 441 3,000 117 Nov.. . -1.9 '•-20.8 '•-11.7 '-.8 -.3 -6.4 — 1.6 Feb. 28.. 320 2,966 128 Dec... -2.6 -13.4 -3.4 4.7 -1.4 -3.3 -9.8 Mar. 31.. 351 3,062 131 Apr. 30. . 360 3,137 137 1955—Jan. P.. -2.6 -9.9 -24.7 7.6 3.4 -5.3 9.2 Feb.? . 9.3 30.6 -8.4 42.5 2.0 -3.7 — 1.8 1955—Apr. 6.. 351 3,077 134 Apr. 13. . 381 3,074 132 Apr. 20. . 408 3.076 i35 ^Preliminary. 'Revised. Apr. 27. . 384 3,113 134 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 587, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month U o .S u . t S si . d R e .1 r m e T p o o o n t r t a h te l l d y A So fr u ic th a d R e h s o i - a A W fr e ic st a2 C Be o l n g g ia o n 2 U St n a i t t e 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 li s a tra- India2 $1 = 15 Mi grainsof gold Hofine: i. e.. an ounee of fine gold = j\35. 1951 840 0 758.3 403.1 17.0 22.9 12.3 66.3 153 7 13 8 15 1 6 1 8 8 31 3 7.9 1952 864.5 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8 9 34 3 8.9 1953 857 5 776.5 417 9 17 5 25.4 13 0 6Q 0 147 4 16.9 IS 3 4.6 9 1 37 7 7.8 1954 462 4 18 8 27 6 13 0 65 4 152 8 13 2 8 ? 7 7 1954—February.. 61.8 34.5 1.5 2.2 1.1 4.9 10.9 .9 1.2 .3 .7 3 0 .6 March 68.7 37.5 s 2.2 ? 5.4 12.9 1 6 1 1 .4 .7 3 5 7 April 66.0 37 0 6 2.2 1 1 4.9 12.5 .8 .9 .3 .7 3.2 .7 68 9 38 3 6 2.3 0 5.0 13 4 1 3 1 0 .5 7 3 3 6 70 0 38 3 7 2.3 0 6.1 13 2 1.2 1 2 ,3 .7 3.3 7 July- 71 1 39 4 6 2 3 0 6 1 13 3 1 0 1 0 4 8 3 4 7 August ... 71 A 39 8 6 2.4 4 5 8 12 9 1.4 1.2 .3 .7 3 2 7 September. 39.9 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 .3 .6 3.1 .6 November 40.7 1.6 2.3 .9 5 6 13.5 1.2 4 .6 .6 December. 40.8 1.5 2.3 .9 5.8 13.5 8 7 .6 1955—Tanuary 40 7 2.2 1.5 5.0 12.8 1.6 f> .5 38 8 2.2 4.8 .12.3 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. 3Yearly figures through 1953 are estimates of United States Mint. Figures for 1954 and 1955 are estimates of American Bureau of Metal Statistics. 4Goid 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. 584 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 Continental Western Europe: Belgium-Luxembourg (and Belgian 848 898 1,035 1,052 1,044 1,081 1,098 1,124 1,055 1,024 1,039 Denmark . . .. 76 76 101 93 102 113 127 133 124 107 102 Finland 30 53 55 52 60 57 64 71 73 69 72 France (and dependencies) * 834 896 967 883 926 1,003 1,049 1,060 1,092 1,124 1,358 Germany (Federal Republic of) . 222 434 691 770 893 1,053 1 225 1,381 1,503 1,822 1,999 Greece .. . .. 36 49 57 67 82 89 112 123 125 105 124 Italy 571 633 655 651 660 714 812 841 802 874 925 Netherlands (and Netherlands 559 524 815 905 953 1,022 1,055 1,064 1,125 1,118 1,118 Norway 94 150 160 171 164 169 171 169 178 177 148 Portugal (and dependencies) 257 331 374 391 412 437 469 499 516 537 559 132 128 130 130 134 138 150 136 142 174 188 Sweden 205 224 275 283 280 309 335 337 342 399 406 2,023 1,973 2,053 2,051 2,091 2,120 2,133 2,134 2,105 2,172 2,185 Turkey . . 164 165 151 153 152 157 157 153 151 150 152 Other2 778 580 849 922 954 1,040 1,118 1,232 1,285 1,255 1,268 Total 6,829 7,114 8,368 8,574 8,907 9,502 10,075 10,457 10,618 11,107 11,643 Sterling Area: 3,557 2,843 2,318 2,627 2,836 3,051 3,009 3,198 3,536 3,388 3,190 United Kingdom dependencies.... 120 99 113 113 109 111 108 105 105 104 103 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 232 326 347 356 369 354 373 371 373 371 381 Total 4,453 3,774 3,284 3,626 3,910 4,070 4,050 4,224 4,577 4,417 4,240 Canada 1,988 2,157 2,492 2,435 2,238 2,292 2,417 2,487 2,463 2,543 2,619 Latin America: 518 518 427 485 519 520 503 543 550 578 533 Bolivia 43 51 45 41 47 41 40 35 36 35 32 Brazil 543 417 390 393 451 481 423 43 i 417 413 442 Chile 120 99 121 128 129 134 121 102 103 117 112 Cuba 530 575 515 527 579 587 531 548 532 477 428 Dominican Republic . . . 47 58 56 59 59 57 51 61 68 73 72 Guatemala 53 54 61 73 72 63 65 80 75 64 62 Mexico.. 415 366 375 393 339 325 341 329 258 315 391 Panama, Republic of . 59 68 81 91 97 102 90 93 87 76 74 Peru 91 93 107 113 109 106 104 109 103 110 118 Kl Salvador. . . .. 50 54 55 84 74 63 56 80 74 58 59 Uruguay 311 306 301 309 311 311 337 329 335 329 317 Venezuela. ... 458 445 519 490 530 571 595 562 621 614 597 Other .- 217 256 326 351 356 347 366 410 463 401 442 Total 3,455 3,360 '•3,379 3,537 3,672 3,708 3,623 3,712 3,722 3,660 3,679 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 Philippines 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 Europe3 344 309 307 307 306 314 306 308 309 308 309 All other: Egypt 173 285 234 227 229 218 217 224 226 219 221 Other .... 28 42 49 57 61 63 67 74 67 70 68 Total 201 327 283 284 290 281 284 298 293 289 289 19,140 19,226 "20,480 21,261 21,736 22,591 23,064 23,682 24,036 24,478 25,009 International4 3,090 3,171 3,287 3,249 3,272 3,212 3,331 3,401 3,364 3,536 3,560 Grand total . .. 22,230 22,397 ^23,767 24,510 25,008 25,803 26,395 27,083 27,400 28,014 28,569 "Revised. 1 Includes gold reserves of Bank of France and French dependencies only. 2Includes holdings of other Continental OKEC countries, 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. 3Excludes gold reserves of the U. S. S. R. * Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other nternational organizations. NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private dollar holdings as shown in Tables 1 and la-Id of the preceding section, as well as certain longer term U. S. Government securities reported as purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245. MAY 1955 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- U.S.S.R.)1 Treasury Total2 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec '36,290 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—Mar. . . 36,920 21,965 22,035 787 8 321 1,022 42 186 31 23 Apr .. - 21,969 22,083 788 8 321 1,030 42 186 31 23 May 21,973 22,039 779 5 321 1,034 42 186 31 23 June.. 37,100 21,927 22,027 765 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—Tan 21,714 21,786 781 322 1,083 43 186 31 23 Feb. 21,716 21,788 797 322 1,086 43 31 23 Alar 21,719 21,763 824 .097 43 31 23 Ger- E m n o d n t o h f Egypt France3 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - Pa ta k n is- Peru of 1949—Dec... 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec... 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec... 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec... 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec... 174 576 326 27 247 145 137 346 158 737 52 38 36 1954—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 27 247 138 346 62 796 45 38 34 Dec.. . 174 576 626 27 247 138 62 796 45 38 35 1955 Tan 174 576 650 27 247 138 796 45" 38 35 Feb 174 576 700 27 247 138 796 45 38 35 Mar 174 576 714 798 45 38 35 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1949—Dec 178 17 128 85 70 1,504 118 154 *i,688 178 373 1,451 68 1950 —Dec 192 23 197 61 90 1,470 118 150 *3,300 236 373 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 1,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 42,518 227 373 L.7O2 193 1954—Mar 386 29 177 54 218 1,469 113 144 42,685 227 373 L,703 199 Apr 391 29 180 54 218 1,471 113 144 42,820 227 373 L ,719 197 May.... 393 29 180 55 218 1,450 113 144 42.985 227 373 ,727 186 June 393 29 187 56 219 1,469 113 144 43,017 227 403 1,727 182 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 1,513 113 144 42,936 227 403 ,734 193 Nov.. . . 427 29 194 56 246 1,513 113 144 42,925 227 403 1,736 193 Dec.. . . 429 29 199 56 265 1,513 113 144 42,762 227 403 1,740 196 1955—Jan 431 29 195 56 265 1,512 144 42,763 227 403 1,744 198 Feb 431 29 201 56 265 1,501 144 42,681 403 ,744 209 Mar 29 265 v1,499 144 42,667 403 1L 744 204 i'Preliminary. r Revised. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949f p. 86, and February 1949, p. 196, respectively. 586 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES (Negative figures indicate net sales by the United States) [In millions of dollars at $35 per fine troy ounce] Y qu e a a r r t e o r r Total K U in n g i d te o d m g B iu el m - 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 t o he p r e1 Canada A t r i g n e a n- Cuba Mexico 1945 -452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 -.2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 -159.9 3.4 -49.9 -10.0 -16.1 1950 -1,725.2 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22! 9 -38.0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 —60.1 -10.0 -49! 9 -20.0 -60.2 1952 393.7 440.0 -3.8 -10.0 -100.0 -5.0 22.5 -17.3 7.2 -20.0 87.7 1953 -1,164.3 -480.0 -84.9 -130.0 -65.0 -59.9 -20.0 -65.0 — 111.8 -84.8 -28.1 1954 -326.6 -50.0 -225.6 -54.9 -15.0 -15.5 -17.4 80.3 1952 Jan.-Mar.. 557.3 520.0 20.2 22.5 -10.1 11.3 Apr.-June. 105.7 6.9 101.4 July-Sept., -1.3 .3 Oct.-Dec -268.0 —80.0 -24.0 -10.0 -100.0 -5.0 -7.2 -20.0 -25.0 1953 Jan.-Mar.. -599.1 -320.0 -36.5 -30.0 -25.0 -15.0 -10.0 -20.0 -45.0 -54.9 -28.1 Apr.-June. -128.2 -40.0 -3.4 -10.0 -15.0 -25.0 -8.8 -20.0 July-Sept.. -306.6 -120.0 -12.4 -40.0 -40.6 -15.0 -15.0 -42.8 -10.0 Oct.-Dec. -130.3 -32.6 -50.0 -15.0 -5.0 -15.3 1954 Jan.-Mar.. -63.0 -40.0 -20.0 -2.4 Apr.-June. -19.6 -50.0 — 15.6 -5.0 -1.1 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 qu e a a r r t e o r r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e n r r - O A c a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r Period T e r n e d a s o - f p T e o ri t o a d l 1 I i n n s g c to r o to e c ld a t k a s l e g p e o o s N l p d rt e o i t o m rt r -g m o c c o l r r a r d e e r : a a i k n s s e d e e - d e- p D ti r c o t o i m o d g n u o e c l s d - - 1945 -37.9 -73.1 -27.8 3-188.3 3.7 1946 -4.9 -9.2 25.0 13.7 94.3 22.9 1943 21,938 21,981 -757 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 -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 -106.3 -356.7 32.0 1949 -14 4 -50.0 -7.5 -52.1 195.7 -1.6 1946 20,529 20,706 623 311.5 465.4 51.2 1950 -64.8 -17.2 -35.4 13.1 4-47.2 1947 22,754 22,868 22,162 1,866.3 210.0 75.8 1 1 1 9 9 9 5 5 * 2 1 3 — 2 1 1 2 4 5 . . 2 9 0 -.9 - - 1 2 -3 7 5 . . 2 1 8 - - 7 6. . 1 0 5 1 2 1 . . 1 5 4-8 - - 2 9 4 . . . 0 9 0 1 1 1 9 9 9 4 4 5 9 8 0 2 2 2 4 4 2 , , , 4 7 2 2 0 4 7 6 4 2 2 2 4 4 2 , , , 5 3 8 6 9 2 3 9 0 -1 1 , , 7 5 1 4 3 6 3 4 0 1 - , 3 6 6 7 8 8 1 0 6 . . . 3 4 5 -1 - - 1 4 ,3 5 9 5 9 5 2 . . . 2 7 4 6 8 7 7 0 0 . . . 1 3 9 1954 -5 0 -30.0 17.2 -10.4 . -.4 1951 22,695 22,873 52 -549.0 617.6 66.3 1952 23,187 23,252 379 684.3 -304.8 67.4 1952 1953 22,030 22,091 -1,161 2.2 -1,170.8 69.0 Jan.-Mar 10.0 -17.6 -3.2 4.3 1954 21,713 21,793 -297 16.6 -325.2 65.4 A O ln c p i t v r . . - - - S D Ju e e n n c t e 4.8 - - 7 2 2 . . . 4 0 0 - - 2 1 . . 4 8 .4 7.2 -1.9 • 1954—A J M p u a r n y . e . . . 2 2 2 1 1 1 , , , 9 9 9 7 6 2 3 9 7 2 2 2 2 2 2 , , , 0 0 0 2 3 8 7 9 3 - - 4 1 4 4 1 7 . . . 1 6 9 2 3 1 . . . 4 2 3 - - 4 1 3 8 6 7 . . . 4 9 5 4 5 6 . . . 9 0 1 July. 21,908 21,960 -66.5 .5 -72.7 6.1 1953 Aug.. 21,809 21,897 -63.6 .7 -65.4 5.8 Sept.. 21,810 21,863 —33.6 .1 -34 5.1 Jan.-Mar -10.0 -3.6 -1.1 Oct... 21,759 21,827 -36.7 .6 -34.6 5.6 —5 0 — 1.2 Nov.. 21,710 21,791 -35.9 .5 —36.7 5.6 Tnlv-SeDt — .1 — 1.4 Dec.. 21,713 21,793 2.6 .7 1.8 5.8 Oct -Dec . — .1 —2.4 -9.9 1955—Jan. . 21,714 21,786 -7.3 2.2 -9.7 5.0 1954 Feb.. 21,716 21,788 1.6 3.2 -.8 4.8 Mar.. 21,719 21,763 -24.7 2.7 -27.7 5.4 Jan.-Mar -5.0 ' -30.6 1 2 3 . . 0 2 -8.9 '" -.i Apr.. 21,671 P21,724 p-39.5 4-41. CO -1 2 Oct -Dec 1.9 -.1 4 ^Preliminary. JSee footnote 2 on opposite page. 2 Change includes transfer of 687.5 million dollars gold subscrip- 1 Includes Bank for International Settlements. tion to International Monetary Fund. 2Includes sale of 114.3 million dollars of gold to Italy. 3 Not yet available. 3 Includes sales of 185.3 million dollars of gold to China. 4 Gold held under earmark at the Federal Reserve Banks for foreign ^Includes 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 6,889.0 million dollars on Apr. 30, 1955. Gold ^Includes sales of 45.0 million dollars of gold to Indonesia. under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. MAY 1955 587 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] 1955 1954 1955 1954 International Bank Monetary Fund Mar. Dec. Sept. June Mar. Jan. Oct. July Apr. Jan, Dollar deposits arid U. S. securities 485 466 478 415 468 Gold 1,744 1,734 1,733 1,719 1,702 Other currencies and securities1 1,001 1,010 1,049 1,034 990 Currencies:1 Effective loans2 1,694 1,738 1,620 1,663 1,562 United States 1,567 1,574 1,472 1,408 1,386 Other assets3 35 37 33 31 33 Other 4,734 4,738 4,746 4,824 4,847 IBRD bonds outstanding 838 849 850 777 742 Unpaid member subscriptions... 798 798 892 889 796 Undisbursed loans 386 420 336 380 357 Member subscriptions 88,853 8,853 8,853 8,849 8,739 Other liabilities 11 11 9 10 7 Accumulated net income -10 -9 -9 -8 -8 Reserves 174 165 154 146 137 Capital 1,806 1,806 1,831 1,830 1,808 Cumulative net drawings Sub- on the Fund10 Loans as of March 31, 1955 scrip- Country • Quota tion paid 1955 1954 Country* Outstanding go in ld Prin- Dis- Undis- Re- Feb. Jan. Dec. Feb. cipal bursed bursed paid Sold Total to others8 Australia 200 8.4 14.0 14.0 14.0 38.0 Brazil 150 37.5 65.5 65.5 65.5 65.5 Colombia 50 12.5 25.0 25.0 25.0 Australia 258.5 186.1 72.4 186.1 7.4 France 525 108.1 105.0 105.0 105.0 125.0 Belgium 106.0 87.6 18.4 2.0 85.6 17.9 Germany 330 33.0 -49.5 -49.5 -49.5 -4.4 Brazil 194.1 139.5 54.6 3.1 136.4 4.0 India... 400 27.5 53.3 53.3 53.3 100.0 Chile 37.3 17.8 19.5 3.9 13.9 Indonesia 110 15.5 15.0 15.0 15.0 Colombia 78.8 44.7 34.1 4.6 40.1 Japan 250 62.5 62.4 62.4 62.4 62.4 Denmark 40.0 40.0 1.5 38.5 1.3 Mexico 90 22.5 22.5 22.5 22.5 Finland 50.1 33.2 16.8 5.2 28.1 Turkey 43 10.8 20.0 20.0 24.0 27.0 France 257 5 251.0 6.5 6.8 244.2 8.3 United States 2,750 687.5 -450.7 -461.6 -464.4 -648.1 India 126.0 56.1 69.9 14 1 42.0 5.7 Japan 40 2 19.8 20.4 19.8 6.1 Mexico 141 3 81.6 59.7 3.8 77.8 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 27.9 16.6 2.3 25.6 2.1 agreed to be sold to others, and exchange adjustment. Thailand 25.4 23.2 2.2 .5 22.7 3 Excludes uncalled portions of capital subscriptions. Turkey 61.0 31.1 29.9 2 30.9 4Loans to dependencies are included with member. Union of S. Africa. 110.0 105.9 4.1 1 3 104.6 8.6 6Includes also effective loans agreed to be sold but not yet disbursed. United Kingdom... 66.0 40.1 25.9 40.1 6.0 •Includes 138 million dollars in loans not yet effective. Uruguay 33.0 30.9 2.1 30.0 7Includes 67 million dollars not guaranteed by the Bank. Yugoslavia 60.7 53.7 7.0 2 / 51 .0 8Includes 125 million dollar subscription of withdrawing member Other 141.9 77.6 64.3 9.7 67.9 4.1 (Czechoslovakia). ^Includes countries having cumulative net drawings of 10 million Total 02,118.8 1,594.2 524.5 193.5 1,400.7 787.7 dollars (+ or —) on the latest date. 10 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 Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* O as t s h e e t r s N c a o o n t i d e n s a v c n o a D d n u i s c n a - e t d s s - Se t c ie u s ri- cir t c io u n la- Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - l d 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 14.1 18.2 389.2 1,437.9 299.8 13,4 .6 89.8 18. 1952—Dec. 31 .4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18 1953—Dec. 30 .4 1,675.0 57.8 4.9 338.1 1,619.9 290.2 14,9 7.2 70.4 18.:! 1954—Apr. 28 .4 1,625.0 15.5 7.5 369.5 1,612.6 289.3 11.7 6.6 67.1 17.i$ May 26 .4 1,625.0 14.7 7.0 352.5 ,613.4 267.8 14.0 4.6 69.8 18.() June 30 .4 1,675.0 30.2 11.7 374.6 ,647.4 307.7 10.6 8.7 71.3 18.:I July 28 .4 1,750.0 36.8 8.2 338.7 L.715.8 269.1 14.8 10.2 71.3 18.:\ Aug. 25 .4 1,700.0 48.7 7.0 310.1 ,654.0 267.2 14.6 1.7 63.8 18.'I 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 ,635.9 295.6 9.8 6.3 65.4 17.ii Nov. 24 .4 1,675.0 25.9 4.5 374.9 ,651.9 293.7 11.7 9.6 72.3 17. <} Dec. 29 .4 1,775.0 26.0 8.9 350.7 ,751.7 276.1 15.4 9.6 66.3 18. L 1955—Tan. 26 .4 21,725.0 62.8 16.4 298.0 ,664.9 251.9 16.3 4.7 85.9 18..5 Feb. 23 .4 1,725.0 68.8 52.4 248.1 ,658.9 271.1 11.3 4.7 63.7 18. I Mar. 30 .4 1,725.0 31 .5 16.1 328.8 :,696.3 275.7 11.7 4.1 66.4 18. 1On Sept. 19, 1949, the official buying price of the Bank of England for gold was increased from 172 shillings and threepence to 248 shillings per fine ounce. 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. 2Fiduciary 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. For details relating to individual items, see BULLETIN for April 1955, p. 442. 588 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a es d i i a n n m d i o ll l i l o a n rs s ) of Gold* an S d S t e t U a rl t i n e n i s g ted securities O as t s h e e ts r circ N u o la te tion lia O b a t i n h l d i e ti r es dollars S t h e o rm rt- Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital 1945—Dec. 31. 156.8 157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31. 54.9 ,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Apr. 30. 58.3 ,703.8 568.0 101.2 ,535.7 661.7 86.0 27.3 120.6 May 31. 61.5 ,740.4 520.5 103.2 ,546.6 589.3 143.8 30.3 115.7 June 30. 54.2 ,568.5 702.0 112.9 ,553.5 624.4 99.0 41.4 119.2 July 31. 53.6 ,651.2 502.3 109.9 ,572.1 543.9 50.5 30.9 119.5 Aug. 31. 56.9 .669.9 502.4 77.2 ,573.0 531.0 49.6 31.5 121.3 Sept. 30. 57.9 ,660.8 545.6 73.3 ,585.3 521.4 81.8 25.8 123.2 Oct. 30. 52.3 ,438.2 809.9 105.5 ,579.8 595.2 49.8 31.4 149.5 Nov. 30. 57.7 ,444.3 837.5 85.1 1,587.1 528.8 141.1 36.0 131.5 Dec. 31. 54.2 ,361.5 871.1 114.1 1,623.5 529.6 56.3 30.5 161.0 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 Mar. 31. 50.8 1,325.6 821.6 101.4 1,552.9 541.9 57.5 42.7 104.3 Assets Liabilities B m a il n l ( i k o F n i o g s f u o r f e F s r f a r i a n n n c c e s) Gold2 F c o h e r a x e n i - g g e n m O a p rk en et Dom 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 t er O as t s h e e t r s ci N r ti c o o u t n l e a- G m ov e e n r t n- De E po C s A its Other c l O a i i a a t p t n i b h e i d i t e s l a r - l 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042 937,459172,000 479,982 159,727 ,123,514 27 897 137,727 49,305 1953—Dec. 31. 201,282 15,421 292,465 61,108 891,560 200,000 679,849 169,964 ,310,452 21 2,061 142,823 56,292 1954—Apr. 29. 201,282 27,862 218,436 33,162 982,829195,000 663,349 192,424 ,322,140 15 98 132,387 59,704 May 26. 201,282 31,344 208,288 26,612 934,538195.000 651,849 210,331 ,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 ,386,357 70 348 132,203 59,047 Aug. 26. 201,282 41,059 265,330 5,129 980,146195,000 648,049 191,874 ,333,133 100 83 128,178 66,377 Sept. 30. 201,282 45,117 262,922 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 67,56? Nov. 25. 201,282 51,939 224,487 44,593 1,013,121195,000 619,549 218,584 ,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—Tan. 27. 201,282 60,482 226,244 46,054 1,063,937190,000 592,249 286,200 2,472,650 97 3,733 125,962 64,006 Feb. 24. 201,282 66,689 172,750 40,224 1,062,552190,000 617,649 306.480 2,482,667 61 137 121,699 53,062 Mar. 31. 201,282 86,467 160,613 32,564 1,138,808190,000 597,449 '353,2852,583,654 24 7,351 115,374 54,064 1On 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). 2For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. a Includes advance to Stabilization Fund, amounting to 195.0 billion francs on Mar. 31. NOTE.—For details relating to individual items, see BULLETIN for April .1955, p. 443. 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. MAY 1955 589 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. 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 644,520 552,944 466,754 306,968 Other gold and foreign exchange. 1,197 1,257 1,765 Government loans and securities. 333,685 311,817315,450 258,418 Government securities 4,235 4,496 3,85-5 Other assets 148,620 106,419 97,542 125,800 Rediscounts and loans to banks. 71,123 69,316 60,563 Note circulation 624,736 651,156670,407 580,923 Other assets 386 270 254 Deposits 602,,952 522,256514,436 400,443 Currency circulation 31,526 31,328 25,862 Other liabilities and capital...... 172,350 146,974 133,586 101,551 Deposits—Nationalized 41,836 40,648 37,548 Central Bank of Costa Rica Other sight obligations 443 404 606 (thousands of colones): Other liabilities and capital.... 4,761 4,582 4,044 Gold 11,503 503 11,503 11,503 Commonwealth Bank of Aus- Foreign exchange 118,046 008102,564 104,291 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,032 032 7,032 7,032 Gold and foreign exchange 394,539 405,585413,408 538,989 Loans and discounts 78,215 041 107,607 93,596 Checks and bills of other banks.. 7,990 5,783 7,065 11,479 Securities 6,328 786 2,828 Securities (incl. Government and Other assets 25,864 072 24,357 26,462 Treasury bills) 442,554 432,914 466,798 381,314 Note circulation 159,300 829163,953 137,548 Other assets 100,164 95,958 74,896 87,365 Demand deposits 55,859 480 60,893 76,290 Note circulation 360,077353,827354,327 341,113 Other liabilities and capital 31,829 133 31,045 29,046 Deposits of Trading Banks: National Bank of Cuba Special 295,670 29'55,,670 295,670 373,920 (thousands of pesos): Other 37,202 34,930 49,737 33,226 Gold 185,875 185,748 Other liabilities and capital 252,298 255,813262,433 270,888 Foreign exchange (net) 95,367 36,509 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 199,377 276,383 Gold 556 556 556 186 Silver 7,616 Foreign exchange (net) 8,352 8,545 8,634 7,899 Net claim on Int'l. Fund2 12,512 12,512 Loans and discounts 5,170 5,137 5,158 5.376 Loans and discounts 51,591 43,641 Claim against Government 1,774 1,774 1,774 1,780 Credits to Government 69,359 33,196 Other assets 378 376 374 35 Other assets 77,058 68,856 Note circulation 12,062 12,028 11,904 10,423 Note circulation 410,428 421,674 Deposits—Banks 1,860 2,044 2,156 2,284 Deposits 262,005 226,475 Other 613 595 706 699 Other liabilities and capital 18,706 16,313 Blocked 1,695 1,723 1,730 1,868 National Bank of Czechoslovakia' National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold 41,203 39,834 39,044 39,354 Gold 68 68 68 69 Foreign claims and balances (net). 12,535 12,419 12,558 13,247 Foreign exchange 693 693 763 1,008 Loans and discounts 7,920 5,815 6,802 5,384 Loans and discounts 239 173 266 210 Consolidated Government debt. . 34,660 34,660 34,660 34,660 Securities 474 475 479 502 Government securities.. 7,994 8,722 7,539 5,393 Govt. compensation account. „ . ,144 3,147 3,147 3,233 Other assets 4,935 4,666 4,574 4,216 Other assets 480 638 405 128 Note circulation 104,039101,265100,571 97,274 Note circulation ,973 1,983 2,025 1,972 Deposits—Demand 2,176 1,745 1,642 1,504 Deposits—Government ,298 1,297 1,283 1,477 ECA 96 96 93 119 Other ,630 1,645 1,555 1,478 Other liabilities and capital 2,937 3,009 2,870 3,359 Other liabilities and capital 198 269 265 222 Central Bank of Bolivia—Mone- (Nov. Central Bank of the Dominican tary dept. (millions of bolivianos): 1954)* Republic (thousands of pesos): Gold at home and abroad 1,134 1,903 12,076 12,076 12,076 12,076 Foreign exchange (net)1 10,430 12,643 Foreign exchange (net) 12,818 14,137 15,696 23,867 Loans and discounts 11,034 6,401 Net claim on Int'l. Fund2 1,250 1,250 1,250 1,250 Government securities 2,505 2,505 Loans and discounts 3,957 3,422 3,138 1,766 Other assets 3,70 220 Government securities 8,890 8,890 8,890 9,420 Note circulation 19,645 13,229 Other assets 14,448 14,247 14,261 3,720 Deposits 2,089 3,929 Note circulation 41,002 40,575 40,960 36,796 Other liabilities and capital 7,076 6,514 Demand deposits 10,004 11,089 12,080 13,318 Central Bank of Ceylon (thousands Other liabilities and capital..... 2,434 2,358 2,271 1,984 of rupees): Central Bank of Ecuador Foreign exchange 565,657577,008549,084 329,305 (thousands of sucres) : Advances to Government 35,200 Gold 343,229 342,954 342,990 342,368 Government securities 18,04.3 ,016 26,014 91,021 Foreign exchange (net) 82,894138 186151,138 80,679 Other assets 4,501 ,251 3,725 3,911 Net claim on Int'l. Fund2 18,757 18 757 18,757 18,757 Currency in circulation 379,679 368,179 370,116 348,101 Credits—Government 403,125370 478366,018 369,369 Deposits—Government 61,279 52 34,334 440 Other 207,689168 370 175,077 175,135 Banks 97,525134, 123,852 66,280 Other assets 211,565219 352 185,722 176,849 Other liabilities and capital 49,719 48. 50,521 44,615 Note circulation 628,647646 437651,990 574,832 Central Bank of Chile (millions Demand deposits—Private banks. 205,597204 907 199,331 174,055 of pesos): Other 201,286172 195166,525 192,556 Gold 5,746 5,744 5,743 5,655 Other liabilities and capital 231,729234,558221,855 221,716 Foreign exchange (net) 1,437 1,040 933 215 National Bank of Egypt (thou- Discounts for member banks.... 4,047 4,602 4,110 1,801 sands of pounds): Loans to Government 15,885 15,885 11.385 11,509 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 11 ,724 10,160 12,352 7,392 Foreign assets4 179,292179,400181,391 22,617 Other assets 3.922 3,738 4,852 2,737 Egyptian Govt. securities 105,155105,151 99,136 251,445 Note circulation 30,550 28,192 26,714 r19,372 Clearing and other accounts (net) -8,375 -7,286-11,559 Deposits—Bank 3,568 4,824 4,413 4,693 Loans and discounts 22,242 25,284 26,867 15,070 Other 2,322 1,668 1,269 722 Advances to Government Other liabilities and capital 6,320 6,485 6,978 '"4,522 Other assets 1,641 1,562 1,779 1,954 Bank of the Republic of Colombia Note circulation 173,133 179,195 178,267 172,118 (thousands of pesos): Deposits—Government 94,358 94,079 88,733 69,678 Gold and foreign exchange. 248,834 324,826 414,303 367,355 Other 75,028 74,289 74,296 101,717 Net claim on Infl. Fund2.. 24,380 24,380 24,380 24,377 Other liabilities and capital 17,990 17,099 16,870 8,125 *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. 4 Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities. 590 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1955 1954 1955 1954 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Note circulation 7,428 7 464 7 371 5,105 Gold 71 ,568 71,653 71 797 72 435 Deposits—ECA 40S 40S 40S 495 Foreign exchange (net) 65 830 68 563 59 306 75 243 Other 9 184 1 951 1 004 1 544 Net claim on Int'l. Fund1 1,569 1,569 1 569 1 567 Other liabilities and capital 813 669 638 614 Loans and discounts 30,462 36,974 41,351 11 229 Central Bank of Ireland (thousands Government debt and securities.. 15939 9,214 8,434 14 454 of pounds): Other assets ... 6 686 6 879 6 807 2 361 Gold 9 646 9 646 646 646 Note circulation 99 861 104,033 10S 617 10J 501 71 330 70 946 70 0?0 64 8.3?, Deposits 83 319 82,104 74,601 66 114 Note circulation 73 985 73 592 72 666 67,477 Other liabilities and capital 8 882 8,714 8,976 9,583 Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold . . . .. 4 4 4 4 kaa)- Foreign exchange 60 74 74 65 Gold 6 000 6 909 6 909 5,862 Advances to Treasury 567 567 566 567 Foreign assets (net) . .. 30 960 29,416 97 ,101 14 490 Loans and discounts 378 43 5 306 331 Clearings (net) 4 734 4,437 3 708 10 0?9 36? 348 340 791 Loans and discounts 35 787 33 974 33, 63 7 36,645 Other assets . . 809 764 700 •77.S Securities 9 157 2,184 9 179 Note circulation 1 434 1 43,5 1 444 1,332 Other assets 2 010 2,108 1, 989 2, 046 Deposits—Government 48 43 42 5,5 Note circulation 48 746 48,151 44 764 44 658 Demand 61 56 5? 6.5 Deposits 90 900 18 979 17, 989 11,917 Other . . . S09 514 51,3 406 Bank O t o h f e r G li e a r b m ili a ti n e s S a t n a d t e c s a 2 pital 12 902 11,899 12,770 14,659 Bank O t o h f e r J a li p a a b n il it ( i m es i ll a i n o d ns c o ap f i y ta e l n): 137 143 138 123 (millions of German marks): Bullion 448 448 448 448 Gold 2 90S 2 898 9 731 1 6? 7 Advances to Government 9 050 1 ?83 1 ?83 1? 300 Foreign exchange 8 610 8,599 8 700 7 673 Loans and discounts 979 115 757 068 485,764 Loans and discounts 9 109 1 638 1,891 2 30S Government securities 48? 9 38390 1,33441 003 178 807 Loans to Government . . 4 38^ 3,138 3,616 4 801 Other assets 117 161 0? 694 9? 600 111,477 Other assets OSS 1,128 067 976 Note circulation 530 703 .546 977 561 410 534,625 Note circulation 12 477 10,738 1? ,180 11 403 Deposits—Government 180 816 56 546 SO349 107,667 DeDosits—Government 1 99S 1 060 1 023 1,221 Other 71 355 77 076 83 867 67 110 Banks 3 004 3 445 9, 600 9 618 Other liabilities 01 474 OS 07 766 79,383 Other 537 336 3? 7 ?40 Bank of Mexico (millions of pesos): Other liabilities and capital 1 807 1,822 1 ,784 1,849 Monetary reserve6 1 539 1 520 1 483 1,779 Bank of Greec©3 (millions of drach- (Dec. "Authorized" holdings of secumae) * 1954}* rities, etc. . . . 3 763 3 777 3 816 ,886 Gold and foreign exchange (net) 4, 040 45 188 Bills and discounts 770 715 6.58 6.58 Loans and discounts 133 4143 Other assets 785 771 730 801 Advances—Government 8 745 48 51,3 Note circulation 4 153 4 705 4 3, 463 Other 4 471 43 688 Demand liabilities 9 00? 1 876 1 716 1,651 Other assets 1, 805 41 817 Other liabilities and capital 710 70? 753 509 Note circulation ,. . 3 888 4.3 151 Netherlands Bank (millions of Deposits—Government 1,315 41,661 guilders): Reconstruction and Gold 3 023 3 015 3 015 2 974 7 101 46 Silver (including subsidiary coin). 16 16 15 12 Other 3 34< 4 9 030 Foreign assets (net) 1 480 1 46.5 1 558 1,419 Other liabilities and capital 4, 449 44,077 Loans and discounts 98 ,51 30 33 Bank of Guatemala (thousands of Govt. debt and securities 800 685 685 1,217 quetzales): Other assets ... . 443 434 451 404 Gold 27,227 97 ??7 ?7 ??8 Note circulation—Old 98 78 28 30 Foreign exchange (net) 14,505 11 00? ?3 468 New 3 .577 3 5H3 3 539 3,290 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Deposits—Government 583 616 441 854 Rediscounts and advances 11 456 19 583 19 220 ECA. 65* 653 65,3 1 077 Other assets 37 374 41 35,77? Other 766 5.3.3 843 588 Circulation—Notes 51,136 51 179 53 83? Other liabilities and capital ?43 753 250 219 Coin 3 767 3,737 3, 669 Reserve Bank of New Zealand Deposits—Government ... . 9,095 8 037 3 499 (thousands of pounds): Banks 12.443 13,587 23,032 Gold 6,161 6,171 6,175 6,153 Other liabilities and capital 15,371 17 09 S 99 013 Foreign exchange reserve 45 45 .551 46,920 78,766 National Bank of Hungary a Loans and discounts 31,358 30,440 33,408 .no, 635 Reserve Bank of India (millions of Advances to State or State unrupees) * 50 536 so 503 49 50.3 , 733 Issue department: Investments 33,479 33,446 33,446 33,902 Gold at home and abroad... . 400 400 400 400 Other assets 1,755 1,276 1,278 1 671 Foreign securities 6,4-68 6.632 6,532 6 489 60 865 68 671 68 79.3 68,004 Indian Govt securities 5 030 4 477 37f 4 213 Demand deposits 063 89 305 09 87? 106 180 Rupee coin 1 099 1,037 1 045 037 Other liabilities and capital 0 588 0 410 9,065 9,677 Note circulation 12,771 12,420 12,177 11,859 Bank of Norway (millions of kroner): Banking department: Gold 903 903 ?03 718 Notes of issue department. . . 159 17C 172 Foreign assets (net) -398 -340 -3U 30 Balances abroad 831 655 764 1,048 Clearing accounts (net) -SI —57 -85 -42 Bills discounted 104 45 107 Loans and discounts 61 55 52 66 Loans to Government . . Q g 89 44 3? 32 Other assets 1 1 RC 1,117 1 091 1 163 Occupation account (net) 5 S4C 5 54f 5 54r 5, 546 Denosits 1 890 1 572 1 67( 2,145 Other assets 58 S3 57 46 Other liabilities and capital. . 399 380 325 351 Note circulation 3 3,090 3,13-1 2 0S4 Sank Indonesia (millions of rupiah) Deposits—Government 'os? 999 1,029 1,756 Gold and foreign exchange (net). 1 1,267 1,223 838 Banks . . . 628 639 543 607 Loans and discounts *314 393 46" 549 FOA—MSA. 165 16.5 165 137 Advances to Government 8,885 8,558 8,45f 6,126 Other liabilities and capital 625 612 622 443 Other assets 314 361 350 252 * Latest month available. '•Revised. 1This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2 Combined figures for the Bank of German States and the nine Land Central Banks. »On May 1, 1954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar. 4Figure expressed in billions of drachmae. 6For last available report (February 1950), see BULLETIN for September 1950, p. 1263. •Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. MAY 1955 591 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 36,004 36,232 40,741 34,157 Issue department: Note circulation 41,986 41,591 41.206 37,675 Gold at home and abroad... 81 81 81 81 Deposits—Government 4,392 4,859 5,353 3,471 Sterling securities 428 428 428 535 Other 3,308 3,353 3.2.14 3,851 Pakistan Goyt. securities. . . 1,459 1,459 1,409 1,286 Other liabilities and capital 30,515 30,785 35,975 30,205 Govt. of India securities. ... 221 221 221 146Bank of Sweden (millions of kronor): India currency 300 300 300 Gold 584 584 584 481 Rupee coin 47 48 49 300 Foreign assets (net) 924 973 1.040 1 ,329 Notes in circulation 2,440 2,445 2,436 Net claim on Int'l. Fund2 129 129 129 129 Banking department: 2,315 Swedish Govt. securities and ad- Notes of issue department.. 95 92 52 vances to National Debt Office3 2,777 2.953 2,99 2,299 Bills discounted 90 Other domestic bills and advances 203 59 30 384 Loans to Government 43 69 86 Other assets 1 ,055 1.028 1 ,029 883 Other assets 396 392 423 379 Note circulation 4,756 4.793 4,855 4,459 Deposits 434 447 447 477 Demand deposits—Government.. 129 144 123 309 Other liabilities and capital.. 100 107 114 107 Other 96 103 142 21 Central Bank of Paraguay (Sept.) Other liabilities and capital 691 685 68' 716 (thousands of guaranies): 1954)* Swiss National Bank (millions of Gold* 3,984 2,846 francs): F N o e r t e i c g la n i m ex c o h n a n In ge fl . ( n F e u t) nd2 58,73 4 0 0 81,0 2 2 8 0 F G o o r l e d ign exchange 6,2 5 5 6 9 1 6.2 5 6 7 9 6 6,3 5 1 7 8 5 6,1 4 3 9 1 6 Loans and discounts 469,142 447,291 Loans and discounts 112 103 108 151 Government loans and securities. 489,182 573,140 Other assets 95 84 82 72 Other assets 368,608 \3\,438 Note circulation 5,105 5,045 5,048 4,921 Note and coin issue 604,602 545,377 Other sight liabilities 1,727 1,788 1.839 1,732 Deposits—Government 152,644 132,823 Other liabilities and capital.... 196 200 19 197 Other 159,663 201,989Central Bank of the Republic of Other liabilities and capital 472,778 355,575 Turkey (millions of pounds): Ce ( n m t i r l a li l o n R s e o se f r s v o e l e B s) a : nk of Peru Gold 402 402 402 •402 Cent O D O N L L N G r o o a o t e t e o h h a a l p l t t d e e e n n o B c r r s s s l a c a i a l a i n a t t i i r o n s s a n m d c s k b d u e G f i l t o l o o a d s o i n r t f t i v e i i s e o i e I c t g s n n h r o n n t e a u ' m n l n e . P d x t e s F c h n c h u t t i a o . a l n p i n . d p b i g t 2 p a a e n i l n k e s s . . . 1 1 , , 0 7 4 5 5 1 9 3 6 4 9 4 6 8 1 7 7 0 3 6 7 7 1 1 , , 1 7 4 5 5 2 4 1 3 8 4 6 6 7 8 0 9 1 5 5 7 4 .1 1, , 4 4 6 2 6 0 1 5 2 4 1 6 0 9 3 1 7 1 9 7 6 3 5 S O O F L N D e o o t t e o c c h h r a p t l e u e e e n e o i r r r s a g s i c r i t n l a a t i i i i s r e n s a n c — s s g b d u e e s i x t l l G O s a d i c t t i o t h i i s h e o l a c d s e n n o r g a u n e n d ts a c n a d p ita fo l reign 2 1 1 , , , 4 8 5 4 1 1 0 9 7 9 3 9 5 9 8 1 5 4 0 6 4 8 2 1 1 . , . 5 8 3 4 1 1 1 6 4 6 9 3 0 9 5 6 1 0 3 0 2 9 4 2 1 1 , , , 5 4 4 2 7 1 1 2 0 6 3 0 1 5 9 6 1 0 0 7 3 4 0 2 1 , , 0 4 4 7 1 1 6 1 9 4 7 2 9 5 9 2 5 6 2 5 2 4 (thousands of pesos): Bank of the Republic of Uruguay (Nov. Bank O F O G D D N C L o o i o t t o e e r h h r a l m t m c e o d e e n u i c f r r a e s g l l n s a a n a l t d i t i i s a i P m c e s o b d x e o n i s e t c o l r — e s i p h t n t c u o i a u N e C n g s I r s i n g o o i a t t t i e s a t l i n ' e e n l s . s d F ( m c u a i n p ll d i i t o 2 a n l s of 3 2 1 1 . 4 3 8 2 4 2 8 . 1 5 1 5 0 5 1 3 9 9 5 0 7 , , . , . , , , . 1 , 7 8 1 5 4 9 2 0 3 . 6 7 4 0 0 2 1 9 8 1 1 2 6 4 0 0 9 6 3 6 3 2 6 1 1 4 8 4 2 2 8 2 4 1 5 1 6 5 1 2 9 0 3 5 1 , , , , , , , , , , 5 0 1 0 7 4 2 2 7 6 7 0 6 3 0 4 0 1 6 9 4 1 9 1 6 8 8 8 0 4 2 3 6 . 1 7 4 8 5 2 5 1 1 1 3 ( 5 6 3 5 2 4 9 0 9 D 9 1 , . . , , . e , . . , 1 1 6 c 5 9 2 2 8 6 3 . 2 1 9 0 9 5 9 9 7 8 2 7 4 4 2 4 0 4 7 4 4 6 2 1 1 8 5 1 3 3 2 6 1 5 1 4 1 2 6 9 9 0 8 6 9 , , . , , , , , , . 2 3 4 1 8 3 8 5 2 7 0 7 7 0 1 1 8 0 2 9 2 6 6 3 3 2 7 4 4 0 (th A O O S O N D G o i d t t t o e o u l m h h h v p v l t s d e e e e e o a a e r r r r n n s n c i c d l l a t i t i o e r s s s a b c a s — s b u o n e o i t t l d s f l O G s o a i i t t a p e t o i i e h n s S e o v s e s d n t e o a r r a t d s n n e ) i m d : s a c e c o n n a u d t p n i t G t s a o l vern- 3 3 5 4 3 5 1 1 1 4 8 1 5 6 1 4 4 9 8 4 1 5 9 4 4 6 7 5 . . , . , . , , . 5 1 8 8 9 7 7 4 5 8 ) 6 7 6 5 8 2 9 8 6 * 7 1 0 6 9 6 6 6 6 3 3 4 3 5 5 1 1 3 6 2 0 4 8 4 0 . 6 8 2 1 0 4 7 2 1 , , , , , , , , , 7 1 8 7 0 4 4 5 3 0 6 1 4 3 2 2 8 4 1 7 1 9 9 6 6 0 7 escudos): 1954)* Central Bank of Venezuela (mil- Gold 5,582 5,252 lions of bolivares): Foreign exchange (net) 13,234 12,980 Gold 1 ,233 1.233 1.233 1,141 Loans and discounts 965 650 Foreign exchange (net) 170 133 157 246 Advances to Government 1 ,403 1 .418 Other assets 137 134 167 101 Other assets 1 ,175 884 Note circulation 1.054 1.031 1 .056 1,011 Note circulation 10.457 9,579 Deposits 282 278 238 275 Demand deposits—Government.. 1 ,908 1,845 Other liabilities and capital.... 204 192 263 201 ECA 25 6 Bank for International Settle- Other 7,699 7,658 ments (millions of Swiss gold Other liabilities and capital 2 ,269 2,097 francs): South African Reserve Bank Gold in bars 626 641 605 (thousands of pounds): Cash on hand and with banki 73 60 58 j Gold 71,855 71,094 69,159 62,660 Rediscountable bills and accept Foreign bills 60,539 67,384 67,254 34.023 ances (at cost) 333 3511 378 315 Other bills and loans 28,131 22,115 14,726 41,690 Time funds at interest 225 265 2 79 183 Other assets 59,117 46,185 45,372 52,940 Sundry bills and investment*.. . 392 389 426 273 Note circulation 101,706100,951101.057 96,754 Funds invested in Germany..., 297 297 297 297 Deposits 100,027 88,618 78,107 72,952 Other assets 1 3; 2 3 Other liabilities and capital 17,909 17,209 17,347 21,607 Demand deposits (gold) 453 453 436 439 Sank of Spain (millions of pesetas): Short-term deposits: Gold 615 613 613 596 Central banks—Own account. . 942 1 .000 1,048 745 Silver 323 323 323 336 Other 37 37 48 46 Government loans and securities. 15,929 15,781 15,549 15,913 Long-term deposits: Special 229 229 229 229 Other loans and discounts 27,332 27,638 28,522 24.200. Other liabilities and capital 286 287 286 282 • 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. 592 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 ad an a - U K d n i o i n m t g e - d France m G a e n r y - 1 g B i e u l m - N la e e n r t - d h s - S d w en e- ba C n e k n t o r f a — l R M 3 a a 1 t r e . ef D fe a ct t i e ve ba C n e k n tr o a f— l R M 3 a a 1 t r e . ef D fe a ct t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Ireland J« Mar. 25, 1952 1949 IX 2 3 4 3M 2K 2X Austria June 3, 1954 Italy Apr. 6, 1950 June 8 1950 2X Belgium Oct. 29, 1953 Japan 5.84 Oct. 1, 1951 Sept. 11 3% Bolivia 6 * Sept. 30, 1950 June 4, 1942 Sept. 26 3 Oct. 17 2 Oct. 27 6 Dec. 1 3 Canada IX Feb. 15, 1955 Netherlands. Apr. 7, 1953 Apr. 17, 1951 4 Ceylon June 11, 1954 New Zealand. Nov. 26, 1954 July 5 Chile *x June 13, 1935 Norway l» Feb. 14, 1955 Sept. 13 Colombia .. July 18,1933 Pakistan.... July 1, 1948 Oct. 11 3 Costa Rica 4 Feb. 1, 1950 Nov. 8 4 Nov. 9 4 Jan. 22, 1952 Mar 12 4 Denmark SX June 23, 1954 Peru 6 Nov. 13, 1947 May 29 5 Ecuador 10 May 13, 1948 Portugal.... 2X Jan. 12,1944 Aug. 1 3 3 Nov. 15, 1952 South Africa. 4 Mar. 27, 1952 Aug. 21 43^ El Salvador.'.". 3 Mar. 22. 1950 Spain July 1, 1954 Dec. 18 . . 3 Finland 5 Dec. 1, 1954 Sweden Nov. 20, 1953 Jan 8 1953 4 Apr. 7... . 2X J S u e n p e t. 1 1 1 7 . 3^ 3X 3)4 France 3 Dec. 2, 1954 Switzerland.. 5M Nov. 26, 1936 Oct. 29 2% Germany1 3 May 20, 1954 Turkey Feb. 26, 1951 Nov. 20 2« Greece 9 Jan. 1, 1955 United King- Feb. 4,1954.. SH India 3X Nov. 15, 1951 dom Feb. 24, 1955 May 13 3 Indonesia Apr. 1, 1946 U.S.S.R July 1, 1936 May '20 3 Dec. 2 3 Jan. 27, 1955 1 Rates established for the Land Central banks. Feb. 15 IX NOTE.—Changes since Mar. 31: Sweden—Apr. 19, from 2% to 3% per cent. Feb 24 In effect Mar. 31, 1955 IX 4K 3 3 2K 2V2 2M 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 s n l u s th ry s1 m Da o d y n ay - e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d l e l a o p n o w o k n s a e i n r t s s c ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e t y o- 3 L u m p o o a n n to t s hs d P is r r i c a v o t a e u t n e t 1945—February .37 1 .03 1 .00 1.00 .50 1.60 .1.25 1946—February .36 .53 .51 .63 .50 1.18 1 .00 1 .25 1947—February .40 .53 .51 .63 .50 .72 1.46 1.25 1948—February .41 .56 .50 .63 .50 .38 .78 1.50 1949—February .42 .56 .52 .63 .50 .39 .90 1 .63 1950—February .51 .69 .52 .63 .50 .54 1.50 1 .50 1951 —February .73 .69 .51 .63 .50 .55 1 .00 1 .50 1952—February .91 1.50 .99 1 .00 .75 3 .93 .17 1.00 1.50 1953—February 1.47 3.00 2.42 2.25 2 .00 4.10 .81 .50 1.50 1954—February 1.75 2.15 2.07 1.94 1.75 3.55 .25 .50 1.50 1954—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 1.89 1.79 1.63 1.44 3.54 .38 .50 1.50 June 1.57 1.43 1.66 1.61 1.44 1.25 3.57 .38 .50 1.50 July 1.38 1.16 1.60 1.57 1.44 1.25 3.79 .40 .50 1.50 August 1.32 1.06 1.61 1.60 1.44 1.25 3.82 .75 .53 1.50 September 1.21 .95 .64 1.63 1.44 1.25 3.77 .88 .51 1.50 October 1.18 .96 .62 1.59 1.44 1.25 3.65 .88 .63 1.50 November 1.17 .78 .62 1.60 1.44 1.25 3.51 .87 .50 1.50 December 1.08 .76 .78 1.78 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 February .90 .69 2.58 2.68 2.15 1 .67 3.25 .79 .53 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. MAY 1955 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities ( b m 11 a i n ll L k io o s s n . n t e s d r o F o li n f i n g g p c u ) l o r e e u a s n r i i d n n s g re C se a r s v h es M c n a s o l o h n l t o e i a c r y n t e d at B co il u ls n d te i d s- T 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 t p i n h l i i d t e t a i r e l s 1949—December. 532 571 ,109 793 1,512 1,534 579 6,202 4,161 2,041 427 1950—December. 540 592 ,408 456 1,528 1,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1,965 1,950 867 6,333 4,290 2,042 651 1952—December. 549 529 ,248 2,148 1,764 748 6,460 4,232 2,228 528 1953—December. 542 501 ,417 2,275 1,725 729 6,694 4,327 2,368 495 1954—April 535 489 ,088 2,280 1,786 699 6,378 4,056 2,321 499 May 501 463 ,122 2,305 1,804 643 6,335 4,005 2,330 502 June 531 455 ,170 2,311 1,856 711 6,533 4,193 2,340 501 July 534 428 ,185 2,351 1,836 643 6,466 4,121 2,345 510 August. . . 534 438 ,209 2,348 1,840 656 6,519 4,173 2,346 505 September 521 418 ,262 2,360 1,828 670 6,539 4,171 2,367 520 October... 532 437 ,296 2,364 1,83.6 691 6,609 4,214 2,396 545 November 534 452 ,300 2,364 1,871 725 6,684 4,244 2.440 562 December. 571 498 ,313 2,353 1,920 881 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 2,013 810 6,525 4,112 2,413 637 March.... 514 438 966 2,281 2,037 843 6,402 4,017 2,384 677 Assets Liabilities Canada8 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 o l i a 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 k r 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 1,058 14 7,227 2,794 4,433 1,477 1950—December. 824 134 2,776 171 4,286 1,304 (4) 7,828 3,270 4,558 1,667 1951—December. 907 107 3,028 227 3,876 1,464 7,896 3,284 4,612 1,714 1952—December. 916 155 3,289 326 3,955 1,516 8,421 3,497 4,924 1,736 1953—December. 906 154 3,897 424 3,831 1,510 8,881 3,847 5,034 1,841 1954—March.... 923 167 3,899 421 3,774 1,426 8,780 3,535 5,245 1,830 April 892 144 3,925 398 3,780 1,408 8,708 3,397 5,312 1,839 May 866 215 3,925 382 3,780 1,481 8,818 3,441 5,378 1,830 June 872 238 3,943 360 3,806 1,540 8,929 3,506 5,423 1,829 July 780 211 3,924 352 4,096 1,266 8,946 3,474 5,473 1,683 August. . . 809 174 3,917 312 4,220 1,280 9,022 3,487 5,535 1,690 September 802 175 3,890 322 4,337 1,396 9,226 3,641 5,585 1,695 October... 833 293 3,892 330 4,442 1,454 9,469 3,781 5,687 1,777 November. 810 297 3,984 334 4,473 1,428 9,462 3,930 5,532 1,864 December. 810 211 3,952 325 4,429 1,706 9,579 3,964 5,615 1,854 1955—January.. 806 176 3,876 288 4,625 1,488 9,402 3,656 5,746 1,857 February. 760 214 3,857 285 4,707 1,663 9,608 3,728 5,880 1,879 Assets Liabilities France (4 large banks. End Deposits Own Other o m f i m lli o o n n t s h o f f i g f u ra re n s c s i ) n re C se a r s v h es Du b e a n f k ro s m B co il u ls n d te i d s- Loans O as t s h e e t r s a a c n c c e e p s t- liab a i n li d ties Total 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 1951—December 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—December 51,155 68,243 636,624 170,298 29,734 902,547 870,504 32,043 24,957 28,551 1953—December 50,746 86,273 744,076 184,930 35,673 1,037,169 994,620 42,549 30,308 34,222 1954—February 44,083 75,183 770,445 193,050 40,242 1,054,531 1,010,245 44,286 32 ,539 35,933 March 43,889 80,266 714,717 201,349 45,611 1,011,093 968,648 42,444 34,322 40,416 April... 43,467 78,411 710,596 206,008 45,340 1,007,632 967,024 40,608 31,538 44,652 May 49,186 79,438 719,284 213,557 46,594 1,030,758 989,474 41,284 29,721 47,580 June 45,701 85,313 721,240 214,988 48,348 1,034,079 993,533 40,546 28,422 53,090 July 51,277 90,693 787,897 208,091 49,709 1,103,289 1,061,250 42,039 26,945 57,432 August 47,292 84,294 719,014 227,750 49,845 1,043,036 999,131 43,905 24,248 60,910 September 46,676 87,028 730,466 223,746 52,147 1,052,196 ,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? 53,348 84,898 848,539 223,692 72,762 1,176,111 1,130,026 46,085 31,372 75,757 1955—January 46,988 84,521 823,669 231,670 39,982 1,158,280 1,113,206 45,074 32,205 36,344 ^Preliminary. iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 3 In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures shown may not be strictly comparable with those for earlier dates. 4 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 594 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certifiednoon buying rates in New \ork for cable transfers. Ln cents per unit of foreign currency] Argentina Canada Year or month Basic P ( e p r n e e t f s i e a o r l ) - Free (p t A r o a u u l s n i - a d) ( A sc u h s il t l r in ia g) B (f e r l a g n i c u ) m (c B ru r z a e z ir il o) M B (d r a o s i i l l t a l a i a s y r h - ) Officia (d l ollar) Free 1949 29.774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 "i3'.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 4A?n 32.595 101.650 1954 20.000 13.333 7.198 223.80 3.8580 1.9976 14.2808 13.5261 32.641 102.724 1954—May 20.000 13.333 7.198 224.58 3.8580 1.9909 4.2808 3.5261 32.681 101.575 June 20.000 13.333 7.198 224.56 3.8580 2.0032 4.2808 3.5261 32.666 101.882 July 20.000 13.333 7.198 224.51 3.8580 2.0009 4.2808 3.5261 32.689 102.611 August 20.000 13.333 7.198 224.13 3.8580 1.9994 14.2808 13.5261 32.644 103.060 September 20.000 13.333 7.198 223.18 3.8580 2.0007 32.558 103.112 October 20.000 13.333 7.198 222.89 3.8580 1.9977 32.634 103.094 November 20.000 13.333 7.198 222.67 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 April 20.000 U.333 7.198 222.83 3.8580 1.9890 32 675 101.404 France Year or month C (r e u y pe lo e n ) ( m D kr e a o n r n k - e) ( F m in ar l k a k n a d ) (franc) G (d e m e r u a m t r s k a c ) n h y e ( I r n u d pe ia e) I ( r p e o l u a n n d d ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h e d - r s ) Official Free 1949 27.839 19.117 .4671 .3017 27.706 12.620 34.528 1950 20.850 14.494 .2858 23.838 20.870 11.570 26.252 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 1952 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11,588 26.315 1953 . . . . .. 21.046 4354 2856 21.049 281.27 11.607 26.340 1954 21 017 .4354 .2856 223.838 21.020 280.87 39.052 26.381 1954—May 21.078 .4354 .2856 23.838 21.084 281.85 7.995 26.418 June 21 077 4354 .2856 23.838 21.085 281.82 7.995 26.426 July 21.094 .4354 .2856 23.838 21.094 281.76 8.000 26.415 August 21 059 4354 .2856 23.838 21.061 281.29 8.005 26.396 September 20.968 .4354 .2856 23.838 20.970 280.08 8.005 26.364 October 20.935 .4354 .2856 23.838 20.938 279.72 8.005 26.267 November 20.920 .4354 .2856 23.838 20.922 279.45 8.005 26.290 December 20.863 .4354 .2856 23.838 20.863 278.74 8.006 26.346 1955—January 20 843 43 54 .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 43-"> 4 .2856 23.838 20.892 279.14 8.006 26.297 April 20.930 .4354 .2856 23.834 20.930 279.65 8.006 26.307 Year or month Z (p e N o a u e l j a . w x 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 o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) (k S d r w o en e n - a) e S (f r w r l a a i n t n c z d ) - ( U K p d o n i o u i n m t n g e d - d ) Ur ( u p g es u o a ) y4 1949 365.07 18.481 49.723 3.8800 366.62 25.. 480 23.314 368.72 65.830 56.180 42.553 1950 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65 833 56.180 42.553 1951 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1952 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1953 278.48 14.015 49.676 3.4887 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—May 279.06 14.008 49.677 3.4900 280.80 19.333 23.333 281.85 June 279.03 14.008 49.677 3.4900 280.76 19.333 23.334 281.82 July 278.97 14.008 49.677 3.4900 280.71 19.333 23.320 281.76 August 278.50 14.008 49.677 3.4900 280.24 19.333 23.322 281.29 September 277.31 14.008 49.677 3.4900 279.04 19.333 23.325 280.08 October 276.95 14.008 49.677 3.4900 278.68 19.333 23.320 279.72 November 276.68 14.008 49.677 3.4900 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—Tamiary 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 April 276.88 14.008 49.677 3.4900 278.61 19.333 23.330 279.65 1 Based on quotations through Aug. 13, 1954. 2Based on quotations beginning Apr. 1, 1954. 3The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. 4For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this period was 34.217. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333. MAY 1955 595 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 1 t n 4 a 0 i 7 t t 0 e e - ) 4 d s 9 ( C 1 - a 9 1 n 3 0 5 a 0 - d ) 3 a 9 M (1 1 e 9 0 x 3 0 i 9 ) c - o K U ( i 1 n 1 n 9 g 0 i 3 0 t d e 0 ) o d - m F (1 r 1 9 a 0 4 n 0 9 ) c = e (1 I 1 t 9 0 a 3 0 l 8 y ) - ( a 1 J v 9 a - e 3 p 1 r 4 a ) a - g n 3 e 6 N ( l 1 e a 1 9 t n 0 4 h 0 8 d e ) s r = - S (1 w 9 1 3 0 e 5 0 d ) e = n ( S A w - l u 1 a i g t 0 n . z 1 0 d 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 110 217 429 330 136 5,293 349 136 297 214 1954—March 111 219 401 329 136 5,336 361 135 296 214 April 111 218 411 330 137 5,295 354 136 297 215 May 111 218 431 331 139 5,292 348 137 296 214 June 110 218 437 332 135 5,256 342 137 298 215 July 110 217 437 333 134 5,251 341 134 297 214 August 111 216 441 329 136 5,261 342 134 296 214 September 110 215 439 329 135 5,267 344 134 295 215 October . ... 110 214 450 329 134 5,276 343 136 296 215 November 110 215 454 331 135 5,320 346 136 298 216 December 110 215 460 336 135 '5,350 344 136 299 217 1955—Tanuary no 216 463 338 136 '5,353 345 138 300 216 February 110 217 468 P339 135 5,323 346 137 P302 215 March no 217 478 P336 215 PPreliminary. 'Revised. v rreiirmnary. ' is.evisea. 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 £Lbove] United States Canada United Kingdom Netherlands (1947-49 -100) (1935-39 = 100) (1930 = 100) (1948 = 100) Year or month 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 R fa m p g a c a o w t a u r o n t r d l a u e y s n - d d F f u a c m g l c h l o a t y ie u o n f d r a u l e s y n - d 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 r u a s c - w ts p f I i r n n o tr i d d s i h u a u l e s c - d ts 1945 72 n.a. 71 166 136 130 158 175 1946 83 n.a. 78 '180 140 138 158 184 1947 100 98 95 192 164 162 165 207 1948 107 106 103 '232 196 192 181 242 100 100 100 1949 93 96 101 '229 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 »364 122 171 143 1952 107 109 113 250 219 231 284 »352 129 166 135 1953 97 105 114 221 207 229 307 123 156 132 1954 96 105 115 209 205 224 308 124 155 134 1954—March 98 105 114 210 204 227 311 126 154 133 April 99 106 115 209 206 225 310 127 153 133 May 98 107 115 213 208 225 310 129 155 133 June 95 105 114 213 207 225 311 131 155 134 July 96 107 114 218 207 224 313 118 155 133 August 96 106 114 208 205 222 304 116 156 135 September 94 106 114 •"205 203 223 302 116 156 135 October 93 104 115 '202 201 222 301 122 156 135 November 93 104 115 204 202 222 '305 124 156 135 December 90 104 115 205 203 222 315 123 156 136 1955—Tanuary 93 104 115 207 205 222 315 123 158 139 February 93 103 116 '207 208 223 311 120 158 139 March 92 102 116 204 206 224 P305 n.a. Not available. PPreliminary. 'Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 596 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 ( S U 1 = t 9 n a 1 4 i 0 t t 7 e 0 e - s ) d 49 C = ( a 1 a 1 d 9 0 n 4 a 0 9 - ) 1 K 5 d ( , J i o n a 1 m n 9 g 5 . - 2 F - ( r 1 1 a 9 0 n 4 0 c 9 ) e N l - ( e a 1 1 t n 9 0 h 4 d 0 e 9 s ) r- 1 ( l A 9 a er 3 n u - d 9 g - . ( U S - 1 1 9 t n 0 a 4 i 7 0 t t e e - ) 4 d s 9 - C ( a 1 1 a d 9 0 n 4 a 0 9 - ) 1 K 5 d (J , i o 1 n a m 9 n g 5 . - 2 F - ( r 1 1 a 9 0 n 4 0 c 9 ) e N l - ( e a 1 1 t n 9 0 h 4 d 0 e 9 s ) r- 1 ( l 9 A a e 3 n r u - 9 d g - . = 100) 100) -100) 100) 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 124 184 1954 115 116 108 143 126 171 113 112 114 135 129 188 1954—March.... 115 116 107 144 124 169 112 111 112 136 127 184 April 115 116 107 142 125 170 112 110 113 134 129 185 May 115 116 107 144 126 170 113 110 112 137 131 186 June 115 116 107 144 127 171 114 112 114 136 134 187 July 115 116 109 142 127 171 115 112 118 133 132 188 August. .. 115 117 108 142 126 172 114 114 116 132 130 190 September 115 117 108 143 126 172 112 114 115 134 130 191 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—January.. 114 116 110 145 129 172 111 112 119 137 134 190 February. 114 116 110 145 172 111 112 119 136 189 March 114 116 110 P145 172 111 111 119 P136 189 ^Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( r n t h a a i ig d t t e e h e 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 c 1 g e i = t d m 1 e o d 0 b m 0 e ) r F = ( r 1 1 a 9 0 n 4 0 c 9 ) e N la e n th d e s r 2 - ( 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 r 9 a = n 1 ce 00) N la e n th d e s r 3 - Number of issues. .. 17 87 60 14 480 99 278 295 27 1948 118 3 105 0 129 9 106 4 107.1 124.4 112.5 92.0 240 1949 121 0 107 6 126.5 100.0 106.8 121.4 109.4 87.6 100 219 1950 121 9 109 6 121 2 99.8 106.7 146.4 131.6 90.0 90 217 1951 117 7 95.7 117.6 101.4 86.9 176.5 168.3 97.1 112 215 1952 115 8 86 1 108.3 111.1 85.6 187.7 173.1 91.1 143 192 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 1954—March 117.9 95.5 115.3 116.0 98.8 204.9 165.0 95.6 187 250 118 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.... 115.7 103.3 114.9 122.4 105.0 278.1 214.7 110.0 290 329 March 115.4 104.1 112.5 106.9 277.5 213.7 106.7 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. 3Average of the ratios of current prices to nominal values, expressed as a percentage. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. MAY 1955 597 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. CHAS. 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 J. E. HORBETT, Assistant Director EDWIN J. JOHNSON, Controller LOWELL MYRICK, Assistant Director M. B. DANIELS, Assistant Controller Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT C. CANBY BALDERSTON 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. RIEFLER, Secretary WALLACE M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist W. W. CAMPBELL, ST. LOUIS DISTRICT J. DEWEY DAANE, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT L. MERLE HOSTETLER, Associate Economist MORGAN H. RICE, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist GEO. G. MATKIN, DALLAS DISTRICT O. P. WHEELER, Associate Economist RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary -598 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 ti a o r n g e o f o f t h b is r a p n a c g h e e ) s are listed in Boston.... Harold D. Hodgkinson J. A. Erickson Robert B. Harvey 3 Carl B. Pitman Robert C. Sprague Alfred C. Neal E. O. Latham O. A. Schlaikjer R. F. Van Amringe New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse Forrest F Hill William F. Treiber John Exter T. G. Tiebout H. H. Kimball V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia. .. William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman Henderson Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland. John C. Virden W. D. Fulton Dwight L. Allen Martin Morrison Sidney A. Swensrud Donald S. Thompson Roger R. Clouse H. E. J. Smith A. H. Laning 3 Paul C. Stetzelberger Richmond. John B. Woodward, Jr. Hugh Leach N. L. Armistead James M. Slay Alonzo G. Decker, Jr. Edw. A. Wayne Aubrey N. Heflin C. B. Strathy Upton S. Martin Chas. W. Williams J. M. Nowlan 2 Atlanta. Rufus C. Harris Malcolm Bryan V. K. Bowman L. B. Raisty Harllee Branch, Jr. Lewis M. Clark J. E. Denmark Earle L. Rauber John L. Liles, Jr.3 S. P. Schuessler Harold T. Patterson Chicago. John S. Coleman C. S. Young Neil B. Dawes L. G. Meyer Bert R. Prall E. C. Harris W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson L. H. Jones 2 Alfred T. Sihler W. W. Turner St. Louis M. Moss Alexander Delos C. Johns Dale M. Lewis H. H. Weigel Caffey Robertson Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis. . . Leslie N. Perrin 0. S. Powell E. B. Larson Otis R. Preston O. B. Jesness A. W. Mills H. G, McConnell M. H. Strothman, Jr. Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy John T. Boysen 3 E. D. Vanderhoof Cecil Puckett Henry O. Koppang Clarence W. Tow D. W. Woolley Dallas Robert J. Smith Watrous H. Irons E. B. Austin L. G. Pondrom Hal Bogle W. D. Gentry W. H. Holloway3 Morgan H. Rice T. W. Plant Harry A. Shuford San Francisco... A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan 3 Y. Frank Freeman H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City Denver G. A. Gregory Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte R. L. Cherry Atlanta Birmingham H. C. Frazer Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston J. L. Cook Nashville J. E. McCorvey4 San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco.... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville V. M. Longstreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. * Also Cashier. 4 Acting Manager. MAY 1955 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1 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 *A 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. 600 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS (From Federal Reserve Bulletin unless preceded by an asterisk) AND BUSINESSES. July 1954. 2 pages. (Also, similar article from July 1953 BULLETIN) PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. FINANCING OF LARGE CORPORATIONS IN 1953. August 1954. 9 pages. REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. THE BALANCE SHEET OF AGRICULTURE, 1954. August 1954. 13 pages. RECENT CREDIT EXPANSION. December 1952. 7 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. CREDIT AND MONETARY REVIEW FOR 1952. February 1953. 7 pages. RECENT FINANCIAL CHANGES IN WESTERN GER- MANY. October 1954. 10 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. WORLD TRADE AND PRODUCTION IN 1953-54. October 1954. 8 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. USE OF MONETARY INSTRUMENTS SINCE MID-1952. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- December 1954. 8 pages. BILITY. May 1953. 7 pages. DIRECTLY PLACED FINANCE COMPANY PAPER. De- REVISION OF CONSUMER CREDIT STATISTICS. April cember 1954. 8 pages. 1953. 19 pages. CREDIT AND MONETARY EXPANSION IN 1954. Feb- *DETAILED DESCRIPTION OF SOURCES AND METHODS ruary 1955. 8 pages. USED IN REVISION OF SHORT- AND INTERMEDIATE- THE FEDERAL BUDGET FOR 1956. February 1955. TERM CONSUMER CREDIT STATISTICS (supplemen- 11 pages. tary details for item listed above), April 1953. 25 pages. BANKING AND MONETARY STATISTICS, 1954. (Selected series of banking and monetary statistics FEDERAL RESERVE BANK RESPONSIBILITIES. May for 1954 only) February and May 1955. 12 1953. 5 pages. pages. UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA. May 1953. 6 pages. DOLLAR FLOWS AND INTERNATIONAL FINANCING. March 1955. 8 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS. July 1953. 12 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DE- POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR March 1955. 4 pages. DEPARTMENTS (Revised Indexes) November 1953. 65 pages. UNITED STATES BANKS AND FOREIGN TRADE FINANC- ING. April 1955. 11 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STALMENT CREDIT. January 1954. 14 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. BANK CREDIT AND MONEY IN 1953. February 1954. 6 pages. 1955 SURVEY OF CONSUMER FINANCES—PRELIMINARY FINDINGS OF THE 1955 SURVEY OF CONSUMER FI- INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. NANCES. March 1955. 3 pages. Purchases of March 1954. 9 pages. (Also, similar article from Durable Goods in 1954. May 1955. 17 pages. March 1953 BULLETIN) (Other articles on the 1955 Survey will appear in NEW INDEXES OF OUTPUT OF CONSUMER DURABLE later issues of the BULLETIN. Also similar Surveys GOODS. May 1954. 15 pages. (Also, similar re- for earlier years from 1948, 1949, 1950, 1951, print from October 1951 BULLETIN) 1952, 1953, and 1954 BULLETINS.) MAY 1955 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM i FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis