Federal Reserve Bulletin, 1955-06

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. CONTENTS PAGE Business Financing in Early 1955. . 603-608 1955 Survey of Consumer Finances: The Financial Position of Consumers. 609-622 Financing of Large Corporations in 1954. 623-630 Estimates of Consumer Instalment Credit Extended and Repaid, 1929-1939. . 631-638 Ownership of Demand Deposits. ., 639-641 Bank Mergers and Consolidations. . 642-647 Law Department . . 648 Current Events and Announcements 649 National Summary of Business Conditions... 650-651 Financial, Industrial, Commercial Statistics, U. S. (See p. 653 for list of tables) . 653-714 International Financial Statistics (See p. 715 for list of tables). 715-733 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council : 734 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 735 Federal Reserve Board Publications... 736-739 Map of Federal Reserve Districts... 740 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 June 1955 NUMBER 6 BUSINESS FINANCING IN EARLY 1955 Expansion of business investment accom- quarter. Business borrowing at commercial panied the upturn in economic activity in banks, which usually declines in the first the latter part of 1954 and has accelerated half of the year, has increased sharply during in 1955. Larger earnings and increased 1955. The expansion in external financing borrowing have provided ample funds, and has reflected to a considerable extent the business liquidity has apparently increased. needs of those concerns, such as durable While business outlays for new plant and goods manufacturers and consumer finance equipment in the first quarter of 1955 were companies, that have been most affected by smaller than in the same period of 1954, the increased business and consumer demand expenditures in the second quarter are esti- for durable goods. mated to be 6 per cent larger than a year ago and a sharper rise is anticipated for the BUSINESS INVESTMENT third quarter. There has been some accumu- The increased business investment in 1955 lation of inventories since the end of 1954, has differed in several important respects especially by retailers, and probably an in- from early 1954, when businesses were adcrease in financing of customers, both con- justing their outlays and financing to resumers and other businesses. duced levels of activity and sales. Plant and An increase in the volume of funds re- equipment outlays have expanded in the tained from current operations has facilitated second quarter of 1955 in contrast to a downthe financing of outlays in 1955. Corporate ward movement a year ago. Inventories profits before taxes have apparently been and accounts receivable of nonfinancial corsubstantially larger than in the first half of porations have increased moderately this 1954, and depreciation allowances have year, whereas together they declined nearly reached a new peak. Income tax payments, 4 billion dollars in the first half of 1954. though high in the first half of the year for Vlant and equipment. Business expendiseasonal reasons, have been smaller than in tures on new plant and equipment may total early 1954, both in dollar volume and in 7.3 billion dollars during the second quarter relation to current income. of 1955, according to estimates of the De- Business demands for both long- and short- partment of Commerce and the Securities term credit have also risen in recent months. and Exchange Commission. In the second Corporate security offerings for new capital quarter of 1954, such expenditures amounted were larger during the first three months of to 6.9 billion. Outlays of manufacturers as 1955 than in any previous first quarter, and a group have been only slightly above their the volume has also been large in the second year-ago level, although expenditures in the JUNE 1955 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN EARLY 195 5 nonelectric machinery and petroleum indus- with a moderate decline from 1953 to 1954, tries have increased sharply. Outlays by shown in the chart. Reflecting in part a concerns in the commercial and miscella- lower level of expenditures on defense projneous group—communications, trade, serv- ects undertaken under certificates of necesice, finance, and construction—have risen sity, capital outlays by manufacturing busiabout 10 per cent. nesses were 7 per cent smaller in 1954 than The most recent Commerce-SEC survey in 1953, with the sharpest declines occurring of expenditure plans indicates that businesses in the primary metals groups. Outlays in as a group expect to spend 9 per cent more most other manufacturing groups were modon new plant and equipment in the third erately below 1953 levels but at or above quarter of 1955 than they spent in the same those of 1952. Producers of transportation period last year. If these plans are realized, equipment, particularly of automobiles, incapital outlays will be at a seasonally ad- creased their expenditures substantially. justed annual rate of 28.8 billion dollars— Large manufacturing corporations increased equal to the record third quarter of 1953. their capital outlays slightly, as noted in Another indication of an optimistic out- the article on pages 623-630 of this BULLETIN. look toward investment in plant and equip- Outlays in the commercial and miscellanement is the increase since mid-1954 in new ous group increased slightly in 1954 to a new orders received by manufacturers of durable peak level. In most other major industrial goods. By March 1955 such orders were groups, expenditures declined somewhat. approaching the high levels reached soon Inventories. The book value of manufacafter the Korean outbreak, and in April they turing and trade inventories (unadjusted for remained close to the advanced March level. seasonal) increased 2.8 billion dollars in the The expected expansion of plant and first quarter of 1955 compared with an inequipment expenditures this year compares crease of 1.2 billion in the first quarter of 1954, as shown in the table. Most of the expansion this year represented seasonal PLANT AND EQUIPMENT OUTLAYS additions to retailers' stocks. After allow- Billions of dollars ance for seasonal influences, accumulation was approximately 500 million dollars; holdings of retail automobile dealers rose by COMMERCIAL ANO OTHER about the same amount. Inventories of manufacturers showed virtually no change, TRANSPORTATION 1 a marked shift relative to the first quarter ELECTRIC ANO GAS of 1954 when such inventories declined 1 roughly one billion dollars. 1 The total dollar value of manufacturing MANUFACTURING and trade inventories at the end of March II • 1955 was 1.7 billion dollars less than that a year earlier and slightly less than in March 1952 1953 1954 1955^ 1953, while the dollar volume of sales reached * Anticipated by business. Seasonally adjusted annual rate a new peak for the first quarter in 1955. for first nine months. Inventories showed little change in April iicss, cx-ciuumg agiicuiiuic. v^uinuiciciai auu inner unjiimes mi —declining less than seasonally—in contrast ing, communications, trade, service, finance, and construction. 604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN EARLY 195 5 CHANGes :N MANUFACTURIXG AND TRADE INVENTORIES receivables. In the second half of the year [Book value, in billions of dollars] notes and accounts receivable increased 3.0 billion dollars, reflecting in part the usual Increase,or decrease ( —) On seasonal expansion in such accounts and in hand, Industry ana type 1954 Mar. part an improvement in sales to other busiof inventory 1955 31. lstQ 1955 nesses and to consumers. lstQ 2nd Q 3rdQ 4th Q FINANCING FROM INTERNAL SOURCES Total 1 .2 -2.5 -0.9 -1 .1 2.8 78.6 Manufacturing: Funds available from current operations Durable good?;.... -0.6 -1.0 -1 .3 0.6 0.2 24.2 Nondurable goods-. -0.4 0) -0.3 0.3 -0.2 19.3 have continued to represent the major source Wholesale trade: N D o u n ra d b u l r e a b g le o o g d o s o . d . s .. . -0 0 . . 2 4 - -0 0 . . 2 2 -0 0 . . 2 5 -0 0 . ) 2 -0 0 . . 4 5 5 5 . . 9 7 of business financing. For nonfinancial cor- Retail trade: Durable goods.... 1.0 -0.4 -0.6 -0.6 1.7 11.0 porations these funds—that is, profits after Nondurable goods. 1.1 -0.8 1 .0 -1.2 1.1 12.5 income tax and dividend payments, plus deiLess than $50,000. preciation allowances—are currently slightly NOTE.—Department of Commerce data, without adjustment for seasonal variation or for inventory revaluation arising out of price larger than they were in the first half of changes. Retail? may not add to totals because of rounding. 1953 and are well above the level of early to substantial liquidation in April, as well 1954, as may be seen from the chart. Depreas May and June, of 1954. The ratio of ciation allowances have continued to grow, inventories to sales was lower in March and and profits before taxes have increased April 1955 than at any time since early 1951. sharply; although dividend payments have been somewhat larger, income tax payments Although investment in additional invenhave been smaller than a year ago. tories appears to have been on a moderate Funds from asset liquidation—another scale in 1955. cessation of inventory liquidasource of internal financing—have been relation in some lines and greater accumulation tively unimportant thus far in 1955 for corin others, relative to a year ago, has altered the character of business financial needs and FUNDS FROM OPERATIONS increased the demand for credit. Billions of dollars Customer -financing. Accounts receivable 30 of nonfinancial corporations, which reflect financing by these businesses of their cor- PROFITS BEFORE TAX, PLUS DEPRECIATION porate and unincorporated business customers as well as credit granted to consumers 20 by retail stores and consumer finance companies, probably expanded somewhat in early INCOME TAX AND 1955. These accounts tend to level off in DIVIDEND PAYMENTS 10 the first part of the year as consumers reduce their instalment and charge-account indebtedness, but the strength in the markets FUNDS FROM for consumer as well as industrial goods in OPERATIONS early 1955 suggests an increase this year. 1st 2nd lsr 2nd 1st 2nd 1st 1952 1953 1954 1955 During the first half of 1954 curtailment NOTE.—Semiannual totals based on data from Department of Commerce and Treasury Department. Figures for banks and of purchases by customers was accompanied insurance companies, partly estimated by Federal Reserve, are excluded. All figures shown for first half of 1955 include Fedby a 1.8 billion dollar reduction in corporate eral Reserve estimates for second quarter based largely on data for first quarter. JUNE 1955 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN EARLY 195 5 porations in the aggregate. Such liquida- paper, printing, chemicals, petroleum refintion appears to have been confined to liquid ing, and leather—declines did not exceed assets, which have shown an unusually small 5 per cent. Recovery in manufacturing decline for this time of year. profits in the fourth quarter of the year Corporate profits. A major determinant was general and for this period all but three of the volume of funds from operations is of the 23 groups listed separately showed corporate profits before taxes. These are year-to-year increases in profits before taxes. estimated to have been at a seasonally ad- Liquidation of assets. In recent years justed annual rate of 40.0 billion dollars in some reduction in corporate holdings of the first quarter of 1955, as compared with cash and United States Government securi- 34.5 billion a year earlier. Profits of large ties has normally taken place in the first manufacturing companies, as shown by Fed- part of the year. This has reflected the large eral Reserve tabulations, were 40 per cent cash drain on corporate funds resulting from above those of the first three months of last the concentration of Federal income tax payyear. Earnings of the larger railroads were ments in the first half of the year. substantially above the low levels of a year The reduction in liquid assets in 1955 has earlier, and those of other public utilities probably been small relative to earlier years. reached new highs. Business developments In the first half of 1954, on the other hand, when income tax payments were the largest suggest that aggregate corporate profits have on record and pretax current earnings were continued to rise in the second quarter. the lowest since the first half of 1950, non- The recent improvement in earnings befinancial corporations reduced their holdings gan in the fourth quarter of 1954. Despite of liquid assets by nearly 6.5 billion dollars. their increase near the year-end, corporate The 1954 reduction—the largest for any firstprofits before taxes for 1954 as a whole were half-year period since adoption of the Mills lower than in any other year since 1949 and Plan for accelerating corporate income tax were 11 per cent below the 1953 level, acpayments—is the more striking since it occording to Department of Commerce esticurred at a time when corporations were mates. Public utilities other than railroads also obtaining a substantial volume of funds appear to have been the only major indusfrom liquidation of inventories and reductrial group to show a significant increase in tion of customer financing. profits from 1953 to 1954. In the last half of 1954, with income tax Manufacturing industries as a group expayments seasonally low, profits beginning perienced a decline of 14 per cent in profits to rise, and short-term debt expanding, corbefore taxes from 1953 to 1954, according porations added substantially to their liquid to the Quarterly Financial Report, United assets. States Manufacturing Corporations published jointly by the Federal Trade Commission EXTERNAL FINANCING and the Securities and Exchange Commis- For many businesses, financing needs assosion. Profits declined in every industrial ciated with increased capital outlays, invencategory shown in this report, with the tory accumulation, or the expansion in cussharpest declines being concentrated in dur- tomer financing—largely related to the inable goods groups. In most nondurable crease in consumer credit—have been too goods groups—including food, tobacco, large in 1955 to be met with internal funds. 606 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN EARLY 195 5 As a result, business demands for long- and were larger than in any quarter on record short-term credit have been heavy despite with the exception of April-June 1953. the marked increase in aggregate funds re- Manufacturing companies as a group also tained from operations. offered an unusually large volume of security These developments differ greatly from issues for new capital in the first three those during the first half of 1954, when months of 1955. About two-fifths of the corporations floated the smallest volume of total represented the 325 million dollar comsecurity issues since the first half of 1950 mon stock issue of General Motors Corporaand also repaid more than 4.5 billion dollars tion. Trade, service, and construction comof short-term debt, including bank loans and panies as a group sold a substantially larger debt owed to suppliers. A large part of this volume of securities than in the correspondrepayment was undoubtedly associated with ing period of the two previous years, but the voluntary liquidation of manufacturers' offerings by electric, gas, and water utilities inventories during the period. Corporate were appreciably smaller. notes and accounts payable increased moder- The volume of corporate securities issued ately in the closing months of 1954, but new for refunding purposes in the first quarter capital issues remained below the fourth of 1955, while much larger than in the first quarter level of the three preceding years. quarter of last year, was only half as large Security issues. Corporate security offer- as in each of the final two quarters of 1954. ings for new capital in the first quarter of With bond yields lower than in 1953 and 1955 were almost 40 per cent larger than in with corporate needs for new funds lessened, the corresponding period of 1954 and about refinancing increased sharply in 1954 and 15 per cent above the previous January- for the year was the largest since 1946. March peak reached in 1952. Offerings by The proportion of total security issues sales finance and personal loan companies represented by preferred and common stocks increased slightly in 1954 and rather sharply CORPORATE NEW CAPITAL ISSUES in 1955, reflecting in part the higher price Billions of dollars levels prevailing on the stock market. De- 2.5 spite this increase, external equity financing CONSUMER FINANCE is still relatively small, and debt issues ac- OTHER 2.0 counted for two-thirds of total security offerings in the first quarter. The proportion of MANUFACTURING 1.5 debt issues that are convertible into stock was small in the early months of 1955 but 1.0 has increased sharply in the second quarter. Ban\ loans. Business loans at commercial banks increased about one billion dollars in PUBLIC UTILITY .5 the first five months of 1955. Some borrowers, mainly food processors and commodity 1952 1953 1954 1955 dealers, made large seasonal repayments dur- Quarterly Averages ing this period, but other industries increased NOTE.—Securities and Exchange Commission estimates of net proceeds from public offerings and private placements of all their bank loans. Sales finance companies issues except those for retirement of securities. Public utility comprises electric and gas, railroad and other transportation, were particularly heavy borrowers. and communication. Consumer finance figures, compiled by Federal Reserve, include sales finance and personal loan companies. 607 JUNE 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN EARLY 195 5 BUSINESS LOANS AT COMMERCIAL BANKS of cash and United States Government se- Billions of dollars curities have declined somewhat from their level at the end of 1954, but the reduction has been small both in relation to the decline in the first half of other recent years and in relation to the substantial decline in accrued tax liabilities. Even though some other types of short-term corporate debt have increased, the ratio of liquid assets to current liabilities appears to have risen somewhat. The ratio of net worth to total corporate debt has probably also risen this year, reflecting primarily the high level of earnings. SELECTED FINANCIAL RATIOS OF BUSINESS CORPORATIONS X [End of year] 25 Ratio 1950 1952 1953 1954 D NOTE.—Figures for June 30 and December 31 are reported: Current assets to current liabilities.. 2.02 1.94 1.95 2.05 other figures are for last Wednesday in month and are partly Liquid assets to current liabilities... .60 .53 .54 .56 estimated. Latest figure shown is for May. Liquid assets to current assets .30 .27 .27 .27 Equity to debt2 1.41 1.3 9 1 .21 1.27 The increase in outstanding business loans 1 Excludes banks and insurance companies. 2Ratio of capital stock and surplus to long- and short-term in 1955, shown in the chart, contrasts sharply debt. NOTE.—Based primarily on data from the Treasury Department, with the first five months of 1954, when the Securities and Exchange Commission, and the Department of Commerce. businesses repaid on balance 1.2 billion dol- The financial position of corporations had lars of their indebtedness to banks. Heavy improved slightly during 1954, as may be borrowing, associated largely with seasonal seen from the table. Outstanding debt was credit demands of trade concerns, food reduced on balance, and the equity-to-debt processors, and commodity dealers, was reratio increased for nonfinancial corporations sumed late in 1954, but business loans showed as a group, and especially for manufacturing a moderate decline for the year. This recompanies. Liquid assets at the end of the flected to a large extent very heavy repayyear were still somewhat smaller relative to ments of bank debt by metals and metal total current assets and to short-term debt products manufacturers. Sales finance comthan they had been in the postwar period panies and public utilities also repaid more through 1950. In the past few years corbank debt than they incurred. porate holdings of both cash and United States Government securities have fluctuated FINANCIAL POSITION within a narrow range except for seasonal The over-all financial position of business, changes associated with income tax paywhich has been relatively strong throughout ments. Most of the increase in current assets the postwar period, appears to have continued since 1950 has reflected additions to invento strengthen in 1955. Corporate holdings tories and expansion of customer financing. 608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1955 SURVEY OF CONSUMER FINANCES THE FINANCIAL POSITION OF CONSUMERS1 The business readjustment during 1954 owned relatively small amounts. Nearly twobrought little change in the financial posi- thirds held stock valued at less than $5,000, tion of consumers. According to the Survey, The one-fourth of the shareholders that held average income before taxes declined slightly stock valued at $10,000 or more accounted for from 1953 to 1954 but, since tax payments most of the total value of reported holdings. also declined, average disposable income was unchanged. With consumer prices virtually INCOME stable, real income was about the same in The level and distribution of income were 1954 as in 1953. Consumers began and ended about the same in 1954 as in 1953 (see Table the year with about the same amount of 1). In both years nearly one-third of the short-term personal debt. A decline was respending units reported incomes of $5,000 or ported in the proportion of consumers havmore. Average money income before taxes ing some liquid assets and in the median declined slightly from $4,570 in 1953 to amount of consumer holdings. $4,420 in 1954 but remained well above the Survey data on stock ownership in pub- 1952 average. Because of a decline in averlicly held corporations in early 1955 indicated age income tax payments, average disposable little change from early 1953, when similar income was the same in both years ($3,920), information was obtained by the Survey. A majority of spending units reported Eight per cent of the consumer spending units reported stock ownership. As in pre- TABLE 1 vious years, the majority of shareholders IXCOMK GKOUPJN'G OF SPENDING UNITS AND TOTAL MONEY INCOME BEFORE TAXES1 1 This is the third of a series of articles presenting the [Percentage distribution] results of the 1955 Survey of Consumer Finances conducted by the Federal Reserve System in cooperation with the Sur- 1954 1953 1947 vey Research Center of the University of Michigan. The f o a i n f r d s t c o a h n r o t s i u u c s m l e e s e , , r p s w re a a s n s e d n p t t i u h n b e g l i i r s i n h p e fo l d a r n m s in a t f i o o th r n e p o u M n rc a t h r h c a e h s i n e B c g o U n d L o L u m E ra T i b c IN l e o . u g t o l T o o o h d k e s M b o e n fo ey re i t n a c x o e m s e S u p i n e n i n g t d s - m T co o i o n n m t - e a e y l -S u p i n e n i n g t d s - m T co o i o n m n t - a e e l y S u p in n e g i n t - s d- m T co i o o n m n t - a e e l y second article, published in the May BULLETIN, dealt with purchases of durable goods in 1954. The final article, Under SI,000 10 1 10 1 14 2 to be published in a subsequent issue of the BULLETIN, SI, 000 -SI. 999 : 13 5 13 4 22 10 <$2,000-$2,999 14 8 14 8 23 17 will analyze the ownership of houses, purchases during S3.OOO-S3.999 17 13 16 12 17 18 1954, and factors influencing the demand for houses. The S4.000-S4.999 14 14 16 15 10 13 S5,000-87,499 21 28 20 27 9 17 sampling procedure of the Survey and the limitations of S7.500-S9.999 6 11 6 10 2 5 the data are discussed in a technical appendix to the May $10,000 and over. . . . 5 20 5 23 3 18 article. All cases 100 100 100 100 100 100 This article was prepared by Tynan Smith of the Con- Median income2 S3,700 $3,780 S2,53O sumer Credit and Finances Section of the Board's Division Mean income3 $4,420 §4,570 $3,290 of Research and Statistics. A close working relationship is maintained with the staff of the Survey Research Center 1 Income data for each year are based on interviews early in following year. at all stages of the work, and the author has had the bene- 2Median income is that of the middle spending unit in a ranking fit of suggestions from the Center's staff, particular!)' of all units by size of money income before taxes. 3Mean income is the average obtained by dividing aggregate E. Scott Maynes and Mordechai Kreinin. money income before taxes by number of spending units. JUNE 1955 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES changes in their incomes* as in other years. INCOME GROUPING OF CONSUMERS Two-fifths reported higher incomes for 1954 Per cent of spending units 60 than for 1953, one-fourth lower, and onethird no substantial change. This pattern was similar for most occupational groups. 195419501947 Farm operators were the only group to re- 40 port more decreases (43 per cent) than increases (30 per cent). Postwar trend. There has been a general movement of spending units into higher in- 20 come groups during the postwar period, as shown in the accompanying chart. The proportion of consumer spending units with incomes before taxes of less than $3,000 has UNDER $3,000 $3,000 - $4,999 $5,000 OR MORE declined from 59 per cent in 1947 to 37 per MONEY INCOME BEFORE TAXES cent in 1954, while the proportion with in- the past seven years. Average income of the comes of $5,000 or more has increased from top tenth increased somewhat less than con- 14 per cent to 32 per cent. Over the last seven sumer prices over this period while average years average money income has increased income of the remaining nine-tenths of the 35 per cent. population rose about 20 per cent more than While the shift of spending units has been the prices they paid for consumer goods and toward higher income groups, the increase services. in amount of individual incomes has been Sources of income. One-fifth of the relatively less for the top tenth of income spending units had no income from wages receivers than for other groups. Average and salaries, which are of course the most money income before taxes for the top tenth common source of income. Most of those increased only 17 per cent (from $11,020 to with no wage and salary income in 1954 were $12,940) over the past seven years as comin the lower income groups where insurance pared with an increase of about 40 per cent benefits, pensions, and other transfer pay- (from $2,430 to $3,470) for the other groups. ments were reported most frequently. One- As a result, the share of total money income fifth of the spending units in the top tenth of the top tenth has declined from 33 per of the income scale also had no wage and cent in 1947 to 29 per cent in 1954. Since salary income, but income from interest, the distribution of income tax payments has dividends, and rent was reported more frechanged little over the past seven years, quently by this group than by other income shares of income after taxes, that is, disposgroups. able income, have followed a similar trend. Working wives contributed to the income The increase in income since 1947 has been of one-fourth of the spending units in 1954. accompanied by an increase in prices so that The wage or salary receipts in about one-half average real income has increased much less than average money income. After defla- of these cases amounted to less than $1,000, tion by the consumers' price index, average suggesting occasional or part-time work. income shows an increase of 12 per cent over Very few of the working wives earned as 610 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES much as $5,000. Among young married holdings of those that held some liquid assets couples without children about three-fifths remained almost unchanged (see Table 2). of the wives worked, at least part time. The About one-third of the spending units reproportion of working wives was lowest— ported increases in liquid asset holdings from one-fifth—among families with young chil- early 1954 to early 1955 and one-fourth redren but was two-fifths among young cou- ported decreases. Increases were reported ples with children over 5 years of age. more frequently than decreases by all groups Among older married couples (45 years or with income of $2,000 or more and by occuolder) the proportion of working wives was pational groups other than farm operators about one-fourth. and skilled and semiskilled workers. The majority of the increases were small (less LIQUID ASSETS than $500) while nearly half of the decreases The proportion of spending units holding were large ($500 or more). The small insome liquid assets declined from early 1954 creases were largely the result of interest acto early 1955. Liquid assets, as measured by cruals on savings bond holdings while most the Survey, include deposits in checking and of the large decreases were due to withsavings accounts at banks, shares in savings drawals from savings and checking accounts. and loan associations, and United States Gov- In early 1955 the proportion holding liquid ernment securities. It has not been possible assets varied from 40 per cent of spending to obtain adequate information about pocket units with incomes of less than $1,000 to cash or other holdings of currency, which are nearly 100 per cent of those with incomes of probably substantial in individual cases. The $10,000 or more. Since the higher income decline in the proportion holding liquid as- groups also tend to hold larger amounts sets was general, occurring in each income of liquid assets than do the lower income group and most occupational groups. This groups, the amount held is largely concenresulted in a decline in the median amount trated among the high income groups. In held by all spending units, but the median early 1955 the tenth of the spending units with incomes of less than $1,000 held 4 per TABLE 2 cent of total liquid assets while the tenth SIZE OF LIQUID ASSET HOLDINGS X with incomes of $7,500 or more held 38 per cent of the total. [Percentage distribution, of spending units] About 30 per cent of the spending units Liquid assets2 1955 1954 1953 1952 1951 1946 held United States savings bonds, 50 per cent Zero 29 26 29 31 28 24 had savings accounts, and 45 per cent had S1-S199 17 15 16 17 16 15 S2OO-S499 12 13 12 13 14 14 checking accounts in early 1955. The pro- SS00-vS999 10 13 11 9 11 14 SI,000-SI,999 10 1.1 12 10 12 14 portions having savings and checking ac- S2,000-84,999 12 13 11 12 11 13 S S5 I0 .O ,0 O 0 O 0 - S a 9 n . d 9 9 o 9 ver. . . . 4 6 4 5 4 5 3 5 3 5 4 2 counts have increased since early 1950 while All cases 300 100 100 100 100 100 the proportion holding savings bonds has Median holding: declined, as shown in the chart on the follow- All unit53 S25O S350 S300 S230 S300 3400 All units with assets $760 $770 S79O 3720 S710 $750 ing page. The decline over the last five years in the proportion holding savings bonds has early in other years. occurred among all income and occupational groups. is excluded. JUNE 1955 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES UQUED ASSET HOLDINGS some tendency for the person interviewed to Per cent of spending units forget small shareholdings, particularly if 60 they are owned by other members of the _ 1955 1950 50 spending unit. As in previous years, ownership of corpo- 40 rate stock early this year increased sharply from the lower to the upper income groups. h 30 Of the spending units with incomes of less than $3,000, only 4 per cent reported stock 20 ownership as compared with 35 per cent among those with incomes of $10,000 or 10 more. Among the different occupational groups, stock ownership was found most frequently in the professional and managerial U.S. SAVINGS SAVINGS CHECKING BONDS ACCOUNTS ACCOUNTS groups. In these groups one-fifth of the TYPE OF LIQUID ASSETS spending units reported owning corporate Savings bonds were held less frequently stock. than other types of liquid assets in each in- Regardless of income, stock ownership was come group. Savings accounts were gener- much more common among spending units ally the most common type of liquid asset headed by persons with some college educaholding among the lower income groups tion than among other spending units. To while checking accounts were most frequent some extent this difference reflects a difin the group having incomes of $5,000 or ference in occupation and business associamore. A larger proportion of the profes- tions, but it probably also reflects more insional, managerial, self-employed, and farm- formation concerning corporate financing operator groups had checking accounts than and the operation of stock markets. Simihad other types of liquid assets, while other larly, familiarity with corporate stocks and occupational groups reported savings accounts most frequently. TABLE 3 SIZE OF STOCKHOLDINGS1 CORPORATE STOCK [Percentage distribution of spending imitsj Ownership of stock in publicly held cor- Amount of stock held Early Early Early Early Early 1955 1953 1952 1950 1949 porations was reported by 8 per cent of the None2 92 92 93 93 92 spending units in early 1955. This is the Some 8 8 7 7 8 same proportion as in 1953 and earlier post- Under $500 2 2 2 2 3 $500-$999 1 1 1 1 1 war years (see Table 3). Previous Surveys $l,000-$4,999 2 2 2 2 2 $5,000-$9,999 1 1 1 have indicated that on the average there are S10,000-$24,999 1 1 1 } i 1 $25,000 and over 1 1 (3) 1 1 four individual stockholders for every three Not ascertained (3) (3) (3) (3) (8) spending units that report owning stock. On All cases 100 100 100 100 100 Number of cases 3,119 3,097 2,820 3,512 3,510 this basis the Survey reports imply ownership by approximately 5.5 million individuals 1 Includes common and preferred stock of corporations open to investment by general public; excludes stock of privately held in early 1955. This must be regarded as a corporations. 2 Includes the less than 1 per cent of all spending units for which minimum estimate since there is probably stock ownership was not ascertained. 3No cases reported or less than one-half of 1 per cent. 612 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 S SURVEY OF CONSUMER FINANCES ready availability of brokerage offices are re- TABLE 4 flected in the larger proportion of spending SHORT-TERM CONSUMER DEBT WITHIN INCOME GROUPS units owning stock in metropolitan areas [Percentage distribution of nonbusiness spending units] than in smaller cities and rural areas at each Consumer debt early in year1 income level. Money income before All $500 and The majority of the spending units own- taxes in y e p a r r eceding cases Zero SI-$499 over ing corporate stock held relatively small 1955 1954 1955 1954 1955 1954 amounts. One-fourth of them held stock valued at less than $500 while one-half owned All nonbusiness spending units 100 43 45 34 32 23 23 stock valued at from $500 to $10 5 000. Large Money income: Under $1,000.... 100 68 67 28 29 4 4 holdings account for most of the value of $l,000-$l,999.. . 100 52 56 38 37 10 7 S2,000-S2,999. . . 100 46 47 38 33 16 20 shares held. Since few very large holders S3.000-S3.999.. . 100 37 42 38 38 25 20 S4,000-S4,999. . . 100 36 36 34 34 30 30 are included in the Survey sample, an accu- S5,000-$ 7,499.. . 100 33 37 32 29 35 34 $7,500 and over. 100 48 46 19 16 33 38 rate estimate of the total value of stock held 1 Consumer debt includes all personal debt except business debt, cannot be obtained. If very large holdings mortgage debt, and charge accounts. Figures are presented only are excluded, the Survey indicates an in- f b o y r f n a o rm nb u o s p i e n r e a s t s o r s s p e a n n d d i n o g w n u e n r i s t s o , f e x p c a l r u t d o in r g a l v l s p o e f n d a i n n g u n u i n n i c ts o rp h o ea ra d t e e d d business or privately held corporation. crease of nearly 40 per cent in the value of These debt figures cannot be compared directly with the shortand intermediate-term consumer debt statistics regularly published stock held by individuals from early 1953 by the Board of Governors because of differences in universe and definition necessitated by Survey methodology. to early 1955. This is consistent with the rise in stock prices. directly associated with purchases were reported by 8 per cent, and 7 per cent owed SHORT-TERM DEBT money to a loan company. Debts were owed More than half of the spending units owed to other individuals by 6 per cent. some short-term consumer debt in early 1955, Instalment debt. Most of the debt outthe same proportion as a year earlier. The standing on various purchases as well as most amounts owed were also similar to those of the personal debt owed to banks and loan in early 1954, with three-fifths of the debtors companies is on an instalment basis. Nearly owing less than $500 and two-fifths owing one-half of the spending units reported owing larger amounts (see Table 4). some instalment debt in early 1955. Some- As in previous years, liquid asset holdings what more than one-half of those with inexceeded the short-term debts of nearly one- comes between $3,000 and $7,500 had such third of the indebted consumers. Another debt while the proportions were smaller third had some liquid assets but smaller in above and below this income range. amount than their debts, while the remain- Of those with instalment debt in early ing third of the debtor group reported no 1955, two-thirds had scheduled repayments liquid asset holdings. equal to less than 20 per cent of their dispos- Debt arising from the purchase of automo- able income and most of the remaining onebiles, other durable goods, and housing main- third were obligated to make repayments tenance and improvement was the most com- amounting to 20-40 per cent of their disposmon type of personal debt and was reported able income. These proportions were about by one-fourth of the spending units in early the same as in early 1954. In general, the 1955. One-fifth reported amounts owed on rate of repayment in relation to disposable medical bills. Amounts owed to banks not income tended to be higher for instalment JUNE 1955 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES debtors in the lower income groups than comparable decline in total instalment credit for those in the middle and upper income since new debts will undoubtedly be incurred groups. as the existing debts are paid. Most instalment debts are scheduled to be repaid in a relatively short time. Of the TABLE 5 spending units owing instalment debt at the SCHEDULED REPAYMENT OF INSTALMENT DEBT time of interview, about one-fourth were WITHIN INCOME GROUPS, 1955 scheduled to pay off the debt within six [Percentage distribution of spending units] months and an additional two-fifths within 1954 money income the following six months (see Table 5). Instalment debt status at All before "taxes D w e e b re t o s rs c he w d i u th le d i n t c o o m co e m s p o le f te l es p s a y t m ha e n n t $ m 5,0 o 0 re 0 time of interview groups S U 3 n ,0 d 0 e 0 r S $ 3 4 . , 0 9 0 9 0 9 - aSn S5 d 5 ,O o O v O er rapidly than those with incomes of $5,000 Without instalment debt... 57 68 48 53 or more. This reflected the smaller average With instalment debt 43 32 52 47 credit purchases of durable goods by lower Scheduled to be repaid in full within: income groups and also the shorter maturities 3 months 3 3 3 3 3-6 months 7 5 8 8 customary for these purchasers. These sched- 6 months-1 year 17 13 23 17 1. -2 years 13 9 15 15 2 years and over 3 2 3 4 uled repayments do not necessarily imply a SUPPLEMENTARY TABLE 1 INCOME DISTRIBUTION OF SPENDING UNITS WITHIN SPECIFIED GROUPS, 1954 [Percentage distribution of spending units within specified groups] 1954 money income before taxes Num- All Group characteristic ber of income cases groups Under S1,000- S2,000-83,000-$4,000- $5,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over All spending units 3,119 100 Number of income receivers in unit: One =2,165 100 12 15 16 18 13 17 9 Two or more "939 100 3 10 10 13 16 31 17 Age of head of spending unit: 18-24 228 100 9 23 30 23 4 3 25-34 709 100 3 8 13 21 18 27 10 35-44 718 100 4 9 10 16 16 30 15 45-54 556 100 7 9 12 16 17 23 16 55-64 447 100 14 16 13 16 12 16 13 65 and over 394 100 35 29 15 4 6 3 Family status of spending unit: Single person: Age 18-44 313 100 9 19 29 24 11 Age 45 and over 394 100 34 23 16 11 7 Married:1 Age 18-44, no children under 18 220 100 5 9 14 14 39 14 Age 18-44, children under 18 991 100 6 9 20 18 31 14 Age 45 and over, no children under 18 612 100 15 14 14 15 18 16 Age 45 and over, children under 18... 320 100 9 10 15 14 26 18 Region:2 North East 897 100 5 9 17 18 15 25 11 North Central 1,037 100 9 15 12 15 14 22 13 South 781 100 19 17 14 15 12 15 West 404 100 4 11 11 21 15 25 13 "Estimated. *Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. 2Survey regions are defined 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 the Mountain and Pacific Coast States. 614 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 INCOME DISTRIBUTION OF SPENDING UNITS WITHIN OCCUPATIONAL GROUPS1 [Per cent] Money income P p a r r o o n f f d e e s s s s s e i i m o o n n i a - a l l Managerial em S p e lo lf y - ed a C nd le r s i a c l a e l s an S s d k k i i l s l l l e e e m d d i- U s n e s a r k v n i i d l c l e ed op F e a ra rm tor2 before taxes 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 Under $1,000... () 1 1 2 4 2 1 2 1 11 11 24 23 SI,000-$1,999. . 4 6 3 () 7 9 9 9 4 6 22 24 24 22 $2,000-$2,999. . 5 8 3 2 7 8 19 16 12 12 22 28 16 21 «3,000-$3,999. . 13 7 12 9 10 14 18 21 23 21 21 15 11 15 $4,000-!ii;4,999. . 12 15 12 15 15 13 22 18 21 24 10 14 7 4 $5,000-$7,499.. 32 36 38 34 22 19 20 26 32 30 12 7 11 $7,500 and over. 34 27 31 40 37 33 10 9 6 6 2 1 7 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Median income., ,020 S5 ,540 $5 ,860 $6,610 §5,710 $5,000 S3, 980 $4,100 S4,390 $4,400 $2, Mean income. . . ,380 $6,790 $7 ,480 $8,920 $8,360v$8,S30$4,420 $4,480 $4,500 $4,550 $2, Number of cases 290 281 222 179 273 278 378 392 817 850 273 i Income data for each year are based on interviews early in the following year. Occupational groupings are in terms of occupation of head of spending unit. 2Income for farm operators is not directly comparable with income for other groups because of the large amount of nonmoney income that farmers produce for their own consumption. 3 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 3 INCOME DISTRIBUTION BY AGE GROUPS WITHIN EDUCATIONAL GROUPS, 1954 [Percentage distribution of spending units within groups] 1954 money income before taxes Num- All Education and Age1 ber of income cases groups Under $1,000 - $2,000- $3,000- 84,000- $5,000- $7,500- $10,000 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 $9,999 and over Grade school: All ages 936 100 18 21 16 16 11 14 2 2 18-24 25-34 . 106 100 12 21 15 17 18 14 3 (3) 35-44 172 100 6 17 17 21 14 22 (3) 3 45-54 208 100 11 11 18 20 15 20 3 2 55-64 216 100 17 21 15 16 11 15 2 3 6 5 and over . 214 100 42 31 16 5 3 3 High school: All ages . . . 1,427 100 6 10 15 19 16 24 6 4 18-24 157 100 6 21 36 21 8 8 (3) 25-34 404 100 2 5 15 26 17 28 5 2 35-44 379 100 2 6 9 17 18 35 9 4 45-54 . 221 100 4 8 12 13 22 23 10 8 55-64 154 100 10 11 13 14 12 20 11 9 65 and over 112 100 30 26 15 14 4 6 1 4 College: All ages 642 100 2 6 7 13 14 28 14 16 18-24 50 100 17 17 19 27 12 6 2 (3) 25-34 197 100 (3) 2 6 13 18 37 16 8 35-44 163 100 1 4 4 5 11 33 19 23 45-54 120 100 4 1 10 11 30 16 28 55-64 65 100 5 2 6 21 13 14 14 25 65 and over 0) 1 Education and age refer to head of spending unit. Educational classifications do not necessarily denote graduation. Data exclude spending units for which educational or age status was not ascertained. 2 Insufficient number of cases for computation. 3 No cases reported or less than one-half of 1 per cent. JUNE 1955 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 4 INCOME CHANGE WITHIN SPECIFIED GROUPS [Percentage distribution of spending units] Change from previous year in money income before taxes Number Group characteristic of cases ca A s l e l s I l n a c r o g m er e N ti o a l s c u h b a s n ta g n e - I s n m c a o l m le e r asce N rt o a t ined 1953 1954 1953 1953 1954 1953 1954 1953 All spending units 3,119 3,000 100 42 46 30 23 Money income before taxes: Under $1,000 240 239 100 25 19 43 •"47 30 ••31 2 $1,000-$! ,999 363 351 100 32 33 35 32 32 31 1 $2,000-82,999 385 381 100 42 44 31 26 26 28 1 S3.000-S3.999 484 447 100 40 44 35 31 25 23 0) $4,000-$4,999 439 465 100 41 56 36 27 24 14 C1) S5.000-S7.499 730 670 100 50 58 31 27 18 13 $7,500 and over 478 447 100 60 56 29 28 10 11 1 Occupation of head of spending unit: Professional and semiprofessional. 290 281 100 58 65 28 23 14 10 0) Managerial 222 179 100 52 54 34 38 14 6 0) Self-employed 273 278 100 45 38 30 29 23 28 Clerical and sales 378 392 100 57 60 28 25 15 13 0) Skilled and semiskilled 817 850 100 42 53 35 26 23 18 0) Unskilled and service 272 273 100 41 36 33 22 24 Farm operator 213 227 100 31 26 24 43 41 1 Age of head of spending unit: 18-24 228 221 100 67 70 18 13 14 13 25-34 709 633 100 52 56 27 23 20 18 35-44 718 705 100 41 47 33 29 25 22 45-54 556 569 100 38 43 36 31 25 23 55-64 447 476 100 33 40 38 33 28 24 65 and over 394 389 100 26 27 51 51 22 20 ••Revised. 1No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 5 PERCENTAGE DISTRIBUTION OF TOTAL MONEY INCOME BEFORE TAXES BY INCOME TENTHS X Percentage of total money income Lowest income within tenth Income tenth2 1954 1953 1952 1951 1950 1949 1948 1947 1954 1953 1952 1951 1950 1949 1948 1947 Highest tenth.. . 29 31 30 31 29 30 31 33 $7,720 §7,680 $7,090 S6,600 $6,210 $5,800 $6,000 $5,700 Second 15 15 15 15 15 15 15 15 6,000 6,000 5,500 5,060 4,950 4,500 4,500 4,200 Third 13 12 12 12 13 12 12 12 5,060 5,000 4,650 4,330 4,080 3.760 3 750 3 500 Fourth 11 10 11 10 11 11 10 10 4,350 4,400 4,000 3,700 3,550 3,200 3,200 3,000 Fifth 9 9 9 9 9 9 9 9 3,700 3,780 3.440 3,200 3,000 2,700 2,840 2,550 Sixth 8 8 8 8 8 8 8 7 3,120 3,150 2,900 2,660 2,510 2,290 2 400 2 100 Seventh 6 6 6 6 6 6 6 6 2,500 2,500 2,340 2,090 1,990 1,810 2 000 1 700 Eighth 5 5 5 5 5 5 5 4 1,760 1 ,'800 1,600 1,450 1,430 1,280 1,500 1,200 Ninth 3 3 3 3 3 3 3 3 1,000 1,000 940 850 830 710 860 750 Lowest tenth.... 1 1 1 1 1 1 1 1 (3) (3) (3) (3) (3) (3) (3) (3) 1 Income data for each year are based on interviews early in the following year. The proportion of income received by the highest tenth may be underestimated by several percentage points in all years because the samples of approximately 3,000 to 3,500 spending units used in the surveys cannot be expected to provide a completely representative sample of the highest dollar incomes. 2Tentks were obtained by ranking spending units according to money income before taxes 3 Data not available. 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 6 PERCENTAGE DISTRIBUTION OF CONSUMER INCOME AND INCOME TAX BY INCOME FIFTHS Money income before taxes Estim in a c t o ed m e F e ta d x e r l a i l a b p i e li r t s y o 2 nal Disposable income3 Income fifth1 1954 1953 1952 1951 1950 1954 1953 1952 1951 1950 1954 1953 1952 1951 1950 Highest fifth 44 46 45 46 44 64 68 64 * 68 65 42 42 42 42 42 Second 24 22 23 22 24 19 17 19 17 19 23 23 24 24 24 Third 17 17 17 17 17 11 10 11 10 10 18 18 17 18 18 Fourth 11 11 11 11 11 5 4 5 5 5 12 12 12 12 12 Lowest fifth 4 4 4 4 4 1 1 1 (*) 1 5 5 5 4 4 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Fifths were obtained by ranking spending units according to money income before taxes. 2Without adjustment for capital gains or losses, which are excluded from money income. 3Money income less estimated Federal personal income tax. 4 Less than one-half of 1 per cent. SUPPLEMENTARY TABLE 7 INCOME DISTRIBUTION OF FAMILY UNITS AND TOTAL MONEY INCOME BEFORE TAXES 1 [Per cent] 1954 1953 1952 1951 1950 1949 Money income before taxes F u a n m it i s ly i m n T c o o o n t m a e l y e F u a n m it i s ly i m n T c o o o n t m a e l y e F u a n m it i s ly i m n T c o o o n t m a e l y e F u a n m it i s ly i m n T c o o o n t m a e l y e F u a n m it i s ly i m n T c o o o n t m a e l y e F u a n m it i s ly i m n T c o o o n t m a e l y e Under $1 000 9 1 9 1 10 1 11 1 11 1 13 2 <U 000-$1 999 12 4 10 3 12 4 13 4 15 6 15 6 $2 000-82,999 11 6 11 5 14 7 16 9 16 10 18 12 S3- 000-83 999 15 11 15 10 16 12 17 14 18 16 19 18 $4 000-S4,999 14 12 16 14 15 15 15 16 13 14 12 14 $5 000-87 499 24 29 23 27 21 28 17 24 18 26 15 23 $7 500-89,999 8 13 8 13 6 11 6 5 I 27 4 $10 000 and over 7 24 8 27 6 22 5 4 4 > 25 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Median income $4,100 84,170 S3,850 S3,530 S3.400 $3,100 M!ean income .. $4,900 $5,080 $4,560 $4,320 S3,990 S3,750 Number of cases 2,805 2,688 2,756 2,501 3,029 3,069 1 Income data for each year are based on interviews early in the following year. A family unit includes all persons living in the same dwelling who are related by blood, marriage, or adoption; single-person families are included. SUPPLEMENTARY TABLE 8 WAGE OR SALARY INCOME OF WIFE, BY TYPE OF SPENDING UNIT, 1954 [Percentage distribution of spending units within groups) Wages or salary income of wife Num- Type of spending unit b c e a r s e o s f ca A s l e l s Zero $ S 4 l 9 - 9 $ $ 5 9 0 9 0 9 - $ $ 1 2 , , 0 9 0 9 0 9 $ $ 3 4 , , 0 9 0 9 0 9 - $ o 5 a v , n 0 e d 0 r 0 c A n er m o t t a o i a u n s n e - d t All spending units 3,119 100 80 0) Money income before taxes: Under S3,000 988 100 92 0) 0) 0) $ $ 3 5 , , 0 0 0 0 0 0 - - $ $ 4 9 , , 9 9 9 9 9 9 9 9 6 2 1 3 1 10 0 0 0 8 6 0 3 20 0) 0) 0) $10,000 and over 247 100 81 2 I 0) Age of husband and children:2 18-44, no children under 18 220 100 43 12 28 11 0) 1 1 18 8 - - 4 4 4 4 , , y y o o u u n n g g e e s s t t c c h h i i l l d d o u v n e d r e r 5 5... 2 7 8 0 6 5 1 1 0 0 0 0 6 7 0 9 10 7 1 8 6 2 6 0) 0 0 45 and over, no children under 18 612 100 78 5 12 2 1 0) 45 and over, children under 18... 320 100 73 9 10 2 1 o 0) 1Less than one-half of 1 per cent. 2 Includes only spending units in which both husband and wife are present. JUNE 1955 617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 9 TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS * [Percentage distribution of spending units] Money income before taxes in ]^receding year All spending units Type and size of holding Under $1,000 $l,000-$2,999 $3,000-$4,999 $5,000 and over 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 All types:2 Zero 29 26 61 59 46 41 26 23 8 6 $l-$499 29 28 21 18 24 28 37 33 28 27 $500-31,999 21 24 8 12 17 19 20 26 29 29 $2,000-$4,999 11 13 5 6 8 8 10 12 18 20 $5,000 and over 10 9 5 5 5 4 7 6 17 18 All cases 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds (series A-F):3 Zero 69 63 85 83 80 76 70 62 54 47 S1-S499 17 20 9 12 12 16 18 24 24 23 $500-$l,999 9 11 3 3 5 6 9 10 13 17 $2,000 and over 5 6 3 2 3 2 3 4 9 13 All cases 100 100 100 100 100 100 100 100 100 100 Savings accounts:4 Zero 52 50 82 79 65 63 51 49 33 32 Sl-$499 20 21 10 7 15 17 23 25 25 24 $500-$l,999 14 16 2 8 12 12 15 15 20 22 $2,000 and over 14 13 6 6 8 8 11 11 22 22 All cases 100 100 100 100 100 100 100 100 100 100 Checking accounts: Zero 54 55 76 76 71 69 56 59 30 32 S1-S499 31 29 16 16 20 21 33 29 44 39 S500-S1 999 11 12 6 6 8 9 9 10 17 20 $2,000 and over 4 4 2 2 1 1 2 2 9 9 All cases 100 100 100 100 100 100 100 100 100 100 Number of cases 3,119 3,000 240 239 748 732 923 912 1,208 1,117 1 Liquid asset data refer to holdings at time of interview early in year indicated. 2Liquid assets include all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions; currency is excluded. 3 Amounts are shown as 88 per cent of maturity value in 1955 and 87 per cent in 1954. 4 Includes postal savings and shares in savings and loan associations and credit unions. SUPPLEMENTARY TABLE 10 SUPPLEMENTARY TABLE 11 PERCENTAGE DISTRIBUTION OF TOTAL LIQUID ASSETS BY PERCENTAGE DISTRIBUTION OF TOTAL LIQUID ASSETS BY INCOME TENTHS1 LIQUID ASSET TENTHS X Income tenth2 1955 1954 1953 1952 1951 1950 1949 1948 Liquid asset tenth2 1955 1954 1953 1952 1951 1950 1949 Highest tenth.. 36 39 37 39 36 35 44 43 Highest tenth 65 64 66 65 65 64 66 Second . 11 12 12 11 15 13 11 14 Second 18 17 17 18 17 19 17 Third 9 9 10 9 10 10 9 8 Third 9 9 9 9 9 9 9 Fourth 8 8 5 8 6 8 8 7 Fourth ... 5 5 5 5 5 5 5. Fifth .. 8 7 8 7 7 8 6 5 Fifth 2 3 2 2 3 2 2 Sixth 6 6 6 5 6 6 6 6 Sixth... 1 1 1 1 1 Seventh.. 6 5 6 6 6 7 6 4 Seventh 1 /3\ Eighth 7 5 5 5 5 5 3 4 Eighth 0 0 Ninth 5 5 6 5 4 4 4 4 Ninth 0 o 0 o o o o Lowest tenth... 4 4 5 5 5 4 3 5 Lowest tenth 0 0 0 0 0 0 0 All cases... 100 100 100 100 100 100 100 100 All cases 100 100 100 100 100 100 100 JAs of Jan. 1, 1952 and at time of interview early in other years. 1 As of Jan. 1, 1952 and at time of interview early in other years. For types of liquid assets included, see Supplementary Table 9, For types of liquid assets included, see Supplementary Table 9, note 2. note 2. 2Tenths were obtained by ranking spending units according to 2Tenths were obtained by ranking spending units according to money income before taxes in preceding year. size of liquid asset holdings at time of interview. 3Less than one-half of 1 per cent. 618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 12 LIQUID ASSET HOLDINGS WITHIN OCCUPATIONAL AND AGE GROUPS * [Percentage distribution, of spending units within groups 1 Amount of liquid asset holdings Number Occupation and age of cases ca A s l e l s Zero SI-$499 $500-$1,999 $ $ 2 4 , , 0 9 0 99 0- a $ nd 5 ,0 o 0 v 0 er 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 Occupation of head of spending unit: Professional and semiprofessional. 290 281 .100 6 8 25 28 31 33 18 17 20 14 Managerial 222 179 100 7 5 27 24 25 29 22 19 19 23 Self-emploved 273 278 100 11 13 24 21 29 29 17 16 19 21 Clerical and sales 378 392 100 10 41 36 27 29 11 15 8 10 Skilled and semiskilled 817 850 100 30 28 35 33 21 25 9 10 5 4 Unskilled and service . .. 272 273 100 51 39 27 33 11 15 8 19 3 1 Farm operator 213 227 100 31 32 26 19 20 25 14 10 10 Age of head of spending unit: 18-24 228 221 100 38 32 42 45 16 19 3 4 1 C2) 25-34 709 633 100 29 26 39 43 22 21 7 8 3 7 35-44 718 705 100 22 25 35 30 25 28 12 10 6 7 556 569 100 ! 29 22 22 18 22 29 14 17 13 \/L 55-64 . 447 476 100 j 97 22 17 19 18 21 19 20 19 18 65 and over 394 389 100 36 32 16 18 17 19 12 18 19 13 1 Liquid asset data refer to holdings at time of interview early in year indicated. For types of liquid assets included, see Supplementary Table 9, note 2. 2 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 13 LIQUID ASSET HOLDINGS OF FAMILY UNITS 1 [Percentage distribution of family units] Amount of liquid asset holdings 1955 1954 1953 1952 1-951 1950 Zero . . . 28 25 28 29 27 29 SI-S499 28 27 26 29 29 27 $500 -SI,999 21 24 23 20 23 20 $2 0Q0--S4 999 . 13 13 12 13 12 14 S5 ,000 and over 10 11 11 9 9 10 All cases 100 100 100 100 100 100 Number of cases 2,805 2,688 2,756 2,501 3,029 3,069 1 Liquid asset data refer to holdings as of Jan. 1, 1952 and at time of interview early in other years. For types of liquid assets included, see supplementary Table 9, note 2. SUPPLEMENTARY TABLE 14 PERSONAL DEBT BY LIQUID ASSET GROUPS WITHIN INCOME GROUPS, EARLY 1955 X [Percentage distribution of spending units within groups] Amount of personal debt Income and liquid assets2 Nu c m a o s f b es er c A as l e l s d N eb o t S d o e m bt e I .$100- $200- S500- $1,000 $l-$99 $199 $499 $999 and over All spending units 3,119 100 55 15 12 Income under $3,000 and liquid assets of: Zero 441 100 4.2 58 18 11 17 9 SI-$499 243 100 41 59 10 10 19 12 $500 and over 304 100 79 21 6 3 6 2 Income of $3,000-$4,999 and liquid assets of: Zero 216 100 18 6 16 26 20 14 S1-S499 331 100 28 72 7 10 18 21 16 $500 and over 376 100 62 j 38 10 6 7 6 9 I Income of $5,000 and over and liquid assets of: Zero 79 .100 I 25 75 2 9 23 17 24 S1-S499 307 100 I 16 84 6 6 21 25 26 S500 and over 822 ioo ! 57 4.3 7 I 4 9 9 14 JDebt as of date of interview. Personal debt excludes business debt, mortgage debt, and charge accounts; it includes non-mortgage debt on additions and repairs. 21954 money income before taxes. Liquid asset holdings at time of interview. For types of liquid assets included, see Supplementary Table 9, note 2." JUNE 1955 619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1955 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 15 INSTALMENT DEBT PAYMENTS IN RELATION TO DISPOSABLE INCOME WITHIN SPECIFIED GROUPS, EARLY 1955 a [Percentage distribution of spending units] Payments as a percentage of disposable income2 Group characteristic N of u m ca b s e e r s All Zeros 1-9 10-19 20-39 40 and over All spending units 3,119 100 57 15 16 10 1954 money income before taxes: Under $1,000 240 100 81 1 5 4 9 $l,000--$l,999 363 100 67 6 14 10 3 $2,000-$2,999 385 100 58 11 15 12 4 $3,000-$3,999 484 100 48 20 15 16 1 $4,000-S4,999 439 100 47 21 17 14 1 $5,000-$7,499 730 100 47 19 23 10 1 $7,500-$9,999 231 100 56 20 19 5 0 $10,000 and over 247 100 74 14 10 2 (0 Occupation of head of spending unit: Professional and semiprofessional 290 100 54 18 17 8 Managerial 222 100 58 14 20 7 Self-employed 273 100 69 12 6 11 Clerical and sales 378 100 57 14 16 12 Skilled and semiskilled 817 100 41 21 23 14 Unskilled and service 272 100 48 17 13 17 Farm operator 213 100 76 6 9 5 Retired 212 100 89 3 5 2 Others 403 100 65 10 15 8 Family status: Single: Age 18-44 313 100 67 8 9 13 Age 45 and over 394 100 86 4 5 3 Married: a Age 18-44, no children under 18 220 100 44 18 21 14 Age 18-44, children under 18 991 100 37 21 24 16 Age 45 and over, no children under 18 612 100 74 9 9 7 Age 45 and over, children under 18... 320 100 49 20 20 9 Other7 106 100 51 21 17 6 1 Excludes payments on charge accounts, single-payment loans, and debts incurred for business purposes. 2Annual rate of instalment debt payments early in 1955 as a percentage of disposable income in 1954. 3Includes the less than 1 per cent of all spending units for which indebtedness was not ascertained. 4 No cases reported or less than one-half of 1 per cent. 5Includes spending units headed by housewives, protective service workers, unemployed persons, and students. 6Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. "Includes spending units from which husband or wife is absent and those for which family status was not ascertained. SUPPLEMENTARY TABLE 16 DEBTS TO DOCTORS, DENTISTS, AND HOSPITALS FOR MEDICAL SERVICES X [Percentage distribution of spending units within groups] Amount of debt Grou p characteristic N of u m ca b s e e r s c A as l e l s No debt Somedebt $l-$99 SI00-$199 §20 o 0 v e a r nd asce N r o ta t ined 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 All spending units 3,119 3,000 100 80 81 20 19 13 13 4 3 3 3 Money income before taxes in preceding year: Under $1 000 240 239 100 80 80 20 20 12 15 3 3 5 2 $1,000-&1,999 363 351 100 77 80 23 20 14 13 4 2 4 5 1 $2 000-&2 999 385 381 100 81 79 19 21 13 17 3 3 3 1 (2) W\ $3 000-S3,999 484 447 100 76 78 24 22 15 15 5 2 4 5 (2) (2) $4 000-$4 999 439 465 100 76 83 24 17 16 11 4 2 4 4 $5 000-$7 499 730 670 100 79 82 21 18 14 13 4 3 3 2 (2) $7,500 and over 478 447 100 90 89 10 11 5 6 3 3 2 2 Age of head of spending unit: 18-24 228 221 100 86 81 14 19 10 14 3 1 1 4 25-34 . . . 709 633 100 73 72 27 28 16 19 5 5 6 A. (2) (i) 35-44 718 705 100 77 78 23 22 16 16 4 3 3 3 (2) 45-54 556 569 100 76 82 24 18 14 12 6 2 4 4 (2) /2\ 55-64 447 476 100 86 90 14 10 9 6 3 2 2 2 (2) CO 65 and over 394 389 100 88 92 12 8 9 5 1 2 2 1 1 Includes debt at the beginning of each year. Excludes debts to other individuals and financial institutions which were incurred to pay for medical services. 2No cases reported or less than one-half of 1 per cent. 620 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 17 AMOUNT OF INSTALMENT DEBT, EARLY 1955 1 [Percentage distribution of spending units] I Amount of instalment debt ; Number All No Some 1954 money income before taxes • of cases cases debt* debt $l-$99 $ $ 1 1 0 9 0 9 - $ $ 2 4 0 9 0 9 - $ $ 5 9 0 9 0 9 - a $ nd 1 ,0 o 0 v 0 er A as m ce o r u ta n i t n n ed ot All income groups j 3,119 100 56 13 Under $1,000 240 100 81 19 4 5 1 1 $1,000-81,999.... 363 100 67 33 7 10 4 2 $2,000-$2,999.... 385 100 56 44 9 15 6 5 S3,000-$3,999.... 484 100 48 52 12 15 11 7 S4,000-$4,999.... 439 100 45 55 8 18 13 10 S5,000-$7,499.... 730 100 45 55 6 17 15 12 $7,500-89,999.... 231 100 57 43 5 10 9 14 $10,000 and over. 247 100 74 26 3 4 9 1T)ebt as of date of interview. Excludes charge accounts, single-payment loans, and debt incurred for business purposes. 2Includes the less than one-half of 1 per cent of all spending units for which personal instalment indebtedness was not ascertained. 3 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 18 STOCK OWNERSHIP BY PLACE-OF-RESIDENCE GROUPS WITHIN INCOME GROUPS, EARLY 1955 1 [Percentage distribution of spending units within groups] Amount of stock held Income and place of residence2 c A as l e l s o s w t N o n c o e k d3 o s S w t o o n m c e k e d U $ n 5 d 0 e 0 r $ $ 5 9 0 9 0 9 - S $ I 9 , , 0 9 0 9 0 9 - a $ n 1 d 0 , o 0 v 0 e 0 r c A n e o r m t t a o i a u n s n e - d t All incomes: Metropolitan areas 100 90 10 Other cities 100 92 8 Small towns and open country 100 96 4 Under $3,000: Metropolitan areas 100 94 Other cities 100 96 Small towns and open country 100 97 $3,000-$4,999: Metropolitan areas 100 94 Other cities 100 94 Small towns and open country 100 98 $5,000 and over: Metropolitan areas 100 83 17 Other cities 100 85 15 Small towns and open country 100 90 10 1 Stock ownership as of date of interview. Includes common and preferred stock of corporations open to investment by general public; excludes stock of privately held corporations. 21954 money income before taxes. Metropolitan areas include the 12 largest cities and the immediately adjacent areas, "other" cities include all other cities of 2,500 inhabitants or more, and small towns and open country include towns of less than 2,500 inhabitants and open country areas. 3 Includes the less than 1 per cent of all spending units for which ownership of stock was not ascertained. 4 No cases reported or less than one-half of 1 per cent. JUNE 1955 621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 19 STOCK OWNERSHIP WITHIN IN-COME AND OCCUPATIONAL GROUPS, EARLY 1955 x [Percentage distribution of spending units within groups] Amount of stock held Num- No Some Income and occupation b c e a r s e o s f ca Al se l s o s w t n o e c d k 2 o s w t n oc e k d U $ n 5 d 0 e 0 r $ $ 5 9 0 9 0 9 - $ S 1 4 , , 0 9 0 9 0 9 -$ $ 5 9 , , 0 9 0 9 0 9 -$ $ 1 2 0 4 , , 0 9 0 9 0 9 - $2 o a 5 v n , e 0 d r 00 c A e n r m o t t a o i a u n s n e - t d All spending units 3,119 100 92 1954 money income before taxes: Un.der"S3,()00 100 96 4 00 ( S3.OOO-S4.999 923 100 95 5 1 S5.000-S7.499 730 100 91 9 1 1 S7,500-89,999 231 100 84 16 1 1 SI0,000 and over 247 100 65 35 5 11 Occupation of head of spending unit: Professional and semiprofessional. 200 100 79 21 Managerial 222 100 81 19 S,elf-employcd 273 100 90 10 Clerical and sales 378 100 91 9 Skilled and semiskilled 817 100 97 3 Unskilled and service 272 100 97 3 Farm operator 213 100 92 Retired 212 100 89 1 Stock ownership as of date of interview. Includes common and preferred stock of corporations open to investment by general public; excludes stock of privately held corporations. 2 Includes the less than 1 per cent of all spending units for which ownership of stock was not ascertained. 3 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 20 STOCK OWNERSHIP BY EDUCATIONAL GROUPS WITHIN INCOME GROUPS, EARLY 1955 x [Percentage distribution of spending units within groups] Amount of stock held Income and education2 b N c e a u r s m e o s - f c A as l e l s o s w t N o n o c e k d3 o S s w t o o n m c e k e d Under $500- $1,000- $10,000 Amount not $500 $999 $9,999 and over ascertained All incomes: Grade school 988 100 97 3 C1) High school. 1,458 100 93 7 College 659 100 81 19 l Under $3,000: Grade school. 510 100 98 High school. 388 100 95 College 81 100 91 $3,000-$4.999: Grade school, 270 100 97 High school. , 496 100 95 College 154 100 92 $5,000 and over: Grade school. 208 100 94 6 1 1 ( High school. , 574 100 90 10 6 2 C1) College 424 100 73 27 10 10 1 Stock ownership as of date of interview. Includes common and preferred stock of corporations open to investment by general public; excludes stock of privately held corporations. 21954 money income before taxes of the spending unit and education of the head of the spending unit. Educational classifications do not necessarily denote graduation. Data exclude spending units for which educational status was not ascertained. aIncludes the less than 1 per cent of ail spending units for which ownership or stock was not ascertained. 4Xo cases reported or less than one-half of 1 per cent. 622 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1954 Outstanding developments in large cor- the most pronounced shifts in large corporaporation financing in 1954 were substantial tion financing in 1954 as compared with liquidation of inventories, large use o£ funds 1953, as may be seen from the table. Sizable for payment of Federal income taxes in- amounts were obtained from all long-term curred on 1953 profits, and sizable reduction sources except banks. Bank term loans were in bank debt.2 Net funds from operations reduced as in 1953. Net funds from operarose slightly, as did security sales. Plant and tions increased as a result of higher depreequipment expenditures declined somewhat. ciation charges. Increased funds were also Inventory declines were largely associated obtained by sales of securities, as the rise in with lowered levels of national defense ex- net capital stock issues exceeded the decline penditures. Reductions in Federal income in net flotation of debt securities. All shorttax liabilities resulted from the expiration term liabilities were reduced. of the excess profits tax and reduced levels of profits before taxes. CHIEF SOURCES AND USES OF LARGE CORPORATION FUNDS 1954 AND 1953 With increased funds from operations and [In millions of dollars] security sales and with reduced expendi- Account 1954 tures upon inventories and fixed assets, large corporations were able to reduce short-term Sources debt substantially while maintaining liquid Net funds from operations: Retained earnings 3.313 3.316 assets at high levels. One result of these Depreciation and other nonfund charges. . . . 6,074 5,607 Net new issues: developments was that net working capital Capital stock 1.566 1 .087 Bonds 1 ,426 1 ,801 Bank borrowing: rose by a near-record amount. Large cor- Long-term -148 -229 Short-term -777 —50 poration liquidity as measured by the ratio Accrued Federal income taxes -1,523 934 Trade payables -43 -159 of liquid assets to current liabilities rose to Other current liabilities -307 280 76 per cent, the highest level since 1950. Uses The sharp reversals in accrued Federal Plant and equipment expenditures. 10,667 10,918 Inventories -1 ,251 928 income tax liabilities and inventories were L R i e q c u e i i d v a a b s le se s ts -2 2 2 1 8 5 1 — ,0 2 5 9 4 0 Other assets 314 132 1This article was prepared by Paul S. Anderson of the Business Finance and Capital Markets Section of the Board's NOTE.—Bonds include a small amount of miscellaneous long-term debt. Funds from operations include earnings after tax accruals Division of Research and Statistics. and dividends plus capital allowances. In the leading article of this 2 The group of large corporations for which the Board of BULLETIN, funds from operations are defined as profits before taxes less dividends and tax payments, plus depreciation allowances, in Governors regularly compiles financial data includes 200 order to indicate effects of the concentration of Federal income tax companies in 10 manufacturing industries, 42 in retail trade, payments in the first half of the year. 20 railroads, 35 electric utilities, and one communications company. The previous total number of 300 corporations Amounts applied to all conventional uses has been reduced to 298 by mergers within the group. except receivables and other assets were Composite balance sheet, selected income statement, and sources and uses of funds data for large corporations have smaller in 1954 than in 1953. A rise in rebeen compiled for each year since 1939. Data arc available ceivables reflected a sales upturn at the end upon request to the Board's Division of Research and Staof the year. Other assets consist mainly of tistics. Previous articles discussing financial developments for this group have appeared in the June 1949, June 1950, patent expenses and other intangibles, and August 1951, June 1952, July 1953. and August 1954 issues of investments other than United States Govof the Federal Reserve BULLETIN. JUNE 1955 623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1954 eminent securities. The increase in this cate- raised large corporation net worth at the gory probably resulted in large part from same time that aggregate debt was being rerising expenditures on research and from duced. The equity-debt ratio at the end of larger acquisitions of subsidiaries for the pur- 1954 was the highest since 1949. pose of product diversification. Plant and equipment expenditures fell 2 COMPARISON OF LARGE CORPORATIONS per cent from the record level in 1953 WITH ALL BUSINESSES whereas sales dropped 6 per cent. Capital Because of their size and industrial comoutlays generally decline when business position, large corporations often have finanactivity falls off. The 1954 experience cing patterns that differ from those of the compares favorably with that of 1949 when business universe as a whole. These differcapital outlays declined 14 per cent and ences were especially marked in 1954 and sales 3 per cent. Apparently longer run included divergencies in profitability, in capigrowth considerations were important to intal expenditures, and in external financing. vestment decisions in 1954. It is important to bear in mind in con- Heavy reliance on long-term borrowing sidering these differences that large corporafrom the capital market in spite of reduced tions are much more important in some inneeds for all major uses indicates that large dustries than in others, and that some of the corporations were influenced by the favordifferences noted here may be unrelated to able rates and terms on such borrowing that size. For example, figures for all corporaprevailed during 1954. The fact that bank tions include finance companies while taburates remained much closer to 1953 levels lations for large corporations do not. Also, probably accounted in part for the dollar retail trade and services are much more imas well as relative decline in the use of bank portant for business as a whole than for large term credit by large corporations. corporations. Termination of the excess profits tax at Profits after taxes of large corporations the end of 1953 had several effects on large increased by 5 per cent over 1953, while corporation financing. Accrued Federal inafter-tax profits of all corporations fell somecome tax liabilities fell 1.5 billion dollars, what. Profits before taxes declined in both about 20 per cent. Retained profits remained cases, however. Federal income taxes of the practically unchanged in spite of higher dividend payments and a lower level of large corporations declined relatively more profits before taxes. Termination of this than those of all corporations, primarily betax apparently also encouraged some repay- cause termination of the excess profits tax ment of short-term bank loans since bor- affected the large corporations more than rowed capital was no longer a part of the other corporations. capital base used for the computation of Plant and equipment expenditures of large income exempt from excess profits taxation. corporations declined only 2 per cent from Sales of preferred and common stock com- 1953, while those of all corporate and nonbined were at a record level in 1954, almost corporate businesses declined considerably 50 per cent higher than in the preceding more. The divergence was most striking year. This supply of equity funds, together in manufacturing. Capital expenditures of with the high level of retained earnings, large manufacturing corporations changed 624 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1954 little, while those of all manufacturing busi- tion allowances increased about 5 per cent, nesses fell 7 per cent. net funds from operations declined mate- Net amounts obtained through sales of rially. The largest increases in funds from debt securities declined about the same rela- operations were those of machinery manutive amount for large as for all corporations. facturing companies. Although sales of the In the case of capital stock issues, however, machinery group declined about 7 per cent, the experiences were quite different. Large lowered taxes and increased operating efficorporations obtained a half billion dollars ciency made possible a 10 per cent gain in more by equity issues than in 1953. All net profits. Depreciation allowances incorporations, however, obtained about the creased also, with the result that funds from same amount of funds through capital stock operations increased about 16 per cent. A sales as in the previous year. similar pattern of developments took place The most marked financing divergence in nonferrous metals, automobile, and other between large corporations and all businesses transportation equipment manufacturing occurred in the field of bank credit. Large companies. The iron and steel group difcorporations reduced their outstanding bank fered in that profits fell considerably, but loans by 900 million dollars, or over a fourth. net funds from operations declined little. Total business loans of banks, however, de- Electric power and communication comcreased only 300 million dollars, about one panies showed large gains in funds from per cent. A sharp contrast also occurred in operations, primarily because of depreciation 1950, when large corporations repaid bank allowances resulting from large recent inloans on balance while total business loans vestment in new plant and equipment. Subof banks rose by a record amount. stantial increases in funds from operations Other financing experiences were similar were also registered by petroleum, chemical, for large corporations and all businesses. and tobacco companies. Both had inventory reductions amounting Security sales. The largest users of the to about 5 per cent, and both had small de- securities market wrere electric utilities and clines in liquid assets. communications corporations, which financed roughly one-half of their needs for funds by INDUSTRIAL DIFFERENCES security sales. Nevertheless, these concerns Financing differences among the indus- raised relatively less in this manner in 1954 trial groups represented by the large cor- than in 1953. Manufacturing concerns, espeporations were less marked than usual. Di- cially in the iron and steel and automobile vergencies were restricted mainly to rail- industries, increased flotations markedly, alroads and defense goods manufacturers. though they usually obtain only a minor part Net funds from operations. Amounts of their funds from security sales. supplied by retained earnings and deprecia- As in 1953, almost all groups increased tion allowances remained virtually un- outstanding capital stock by outright sales, changed or increased appreciably in 1954 by conversions of debt issues, or through for all of the 14 industrial, groups except employees' stock plans. The amount of railroads. For the latter, net profits de- funds obtained was moderate in most groups, clined about a fourth and, although divi- though higher than in 1953. The one comdends were decreased slightly and deprecia- munications company secured a total of 900 JUNE 1955 625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1954 million dollars through issuance of equity CHANGE IN PLANT AND EQUIPMENT EXPENDITURES securities, a record amount. Electric power 1953 TO 1954 companies secured a large portion of funds PERCENTAGE INCREASE 1 1 1 1 in this form, as in previous years. AUTOMOBILES RETAIL TRADE Bank credit. Tobacco and rubber manu- TOBACCO '•''; ';VS'-.'"'^!^/J facturing companies obtained short-term FOOD •••::•• :;:.^>£1 funds from banks in 1954 but all other PETROLEUM --•-"•••1 RUBBER groups of large corporations reduced this COMMUNICATIONS 1 type of bank debt. The most substantial PERCENTAGE DECREASE declines were among iron and steel, machinfl OTHER TRANS. EQUIP. ery, and other transportation equipment rrri MACHINERY manufacturers. ELECTRIC UTILITIES •-••--•••; CHEMICALS Term loans from banks were repaid by lkiti^;i;,;^M-,': -;v-:-:- •••" RAILROADS 7 of the 10 groups using this source of funds. 1^^-:.: ,:••:,• -,:•• /;. -^ • IRON AND STEEL ^ai/^-^a;.^:. ;-,.- ••••'•••.•.••-. .:- •-••••••••, NONFERROUS METALS Only chemicals and machinery manufac- .50 -30 -10 +20 +40 turers and electric power companies secured funds on balance through bank loans with post-Korean expansion projects. In addiintermediate maturities. tion, dieselization has been virtually com- Plant and equipment expenditures. pleted by the railroads. Capital expenditures of large corporations Inventories and other current liabilities. as a whole fell 2 per cent from the 1953 Large inventory liquidations took place in level. Seven of the 14 industrial groups the defense goods manufacturing industries increased these outlays, however, the in- —machinery, automobile, and other transcreases having been most marked among portation equipment—and in the railroad automobile and retail trade concerns, as group. The decline among the railroads was shown in the chart. Sharp declines occurred associated with a 12 per cent decline in operin the cases of primary metals and railroads. ating revenues. Smaller declines occurred in Both the automobile manufacturing and 7 of the remaining 10 industrial groups inretail trade groups spent record amounts on cluded in this study. capital assets. Erection of new stores in Reduction of inventories in the three insuburban areas was an important factor in dustrial groups most heavily engaged in deincreasing the plant and equipment expendi- fense work was matched by reductions in tures by retail trade companies. Extensive other current liabilities, which include premodel changes as well as expansion of ca- payments and contract advances by the Fedpacity accounted for the high level of these eral Government. As defense work-inoutlays by automobile producers. This group process inventories were completed and has increased capital expenditures each year shipped, these liabilities were extinguished. since 1949. Among other industrial groups, other cur- Railroads and primary metals manufac- rent liabilities generally increased moderturers have been reducing plant and equip- ately. ment outlays since 1952. These declines Other sources and uses of funds. Tax have reflected in large part completion of payments were larger than accruals in all 626 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1954 groups except the electric power and com- BANK TERM CREDIT TO RAILROADS munications industries. Receivables due from For the first time the current compilations customers absorbed funds in 10 of the 14 include a separate listing of bank term credit groups and were exceptionally large in the extended to railroads. This credit is in the retail trade group, where consumer credit is form of conditional sales contracts, where important. They declined significantly in the seller of railroad equipment has assigned the machinery and other transportation the obligation to banks. The contracts genequipment manufacturing groups. A de- erally provide for instalment repayment over cline in accounts receivable from the United a five-year period. States Government was responsible for about two-thirds of the decline in the case of other BANK TERM LOANS TO LARGE RAILROADS. 1938-54 transportation equipment producers. [In millions of dollars] Cash levels increased generally by moder- Year Amount Year Amount Year Amount ate amounts. Government security holdings, 1938 21 1944 78 1950 187 however, were reduced substantially in most 1939 28 1951 444 1945 71 1952 613 1940 38 1946 103 1953 640 groups, with the largest dollar declines in 1941 55 1947 174 1954 584 1942 57 1948 210 petroleum, chemicals, and automobile manu- 1943 71 1949 177 facturing. Increases in Government security holdings occurred in five groups, with the Most railroad conditional sales contracts are financed through banks, although in largest in primary metals manufacturing. some cases the equipment manufacturers Liquidity positions. Aggregate liquidity have retained the contracts and in a few of large corporations, as measured by the instances other credit institutions such as ratio of liquid assets to current liabilities, insurance companies have accepted them. rose 10 per cent in 1954, primarily because Rates on conditional sales contracts do not of 30 per cent increases in the two primary vary appreciably from rates on publicly ofmetals manufacturing groups. These groups fered equipment trusts, but the convenience obtained sizable amounts of funds from all of conditional sales financing has increased long-term sources and also reduced their its importance in the postwar period. expenditures on plant and equipment. Large Most of the growth in bank credit extenrubber corporations, on the other hand, had sions to railroads occurred after World War a 20 per cent reduction in liquidity. These II—particularly in 1951 when railroad capital concerns increased plant and equipment exoutlays were large. Capital expenditures penditures and also retired debt securities have declined since 1951 but bank term loans and capital stock. to railroads have continued to rise until 1954, Liquidity changes in most other groups as shown in the table. Since external debt were moderate in 1954 and year-end levels was repaid on balance in 1952 and 1953, bank compared favorably with those of the postcredit increased in relative importance as a war period. Electric power companies were source of railroad funds. At the present time an exception, however. Their liquidity ratio bank term debt amounts to almost 8 per cent at 37 per cent was substantially lower than it of the total debt of large railroads, as comhad been in any postwar year prior to 1953. pared with less than one per cent in 1939. JUNE 1955 627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1954 COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1954 AND 1953 298 LARGE CORPORATIONS IN SELECTED INDUSTRIES [In millions of dollars] Manufacturing All selected Account (2 in 9 d 8 u c s o tr r i p e s s .) (200 T o c t o a r l ps.) (30 F c o o o r d ps.) ( T 4 o c b o a r c p c s o .) (4 R u c b o b rp e s r .) ( P 2 e 4 t r c o o le rp um s.) ( C 3 h 2 e m co i r c p a s l . s ) Iro s n te a e n l d (18 corps.) 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 Sources of funds 9,718 12,742 5,987 8,334 208 262 12 56 104 159 2,907 2,985 532 956 7901,310 Net from operationsl 9,387 8,923 7,150 6,765 261 273 47 37 181 182 2,757 2,629 635 5991,004 1,012 Trade payables -43 -159 47 -146 5 17 1 -1 22 -22 76 94 -4 -28 -42 -153 Bank loans, short-term -777 -50 -696 -121 -1 -89 14 -27 1 -4 -52 -16 -64 -13 -206 11 Bank loans, long-term -163 -229 -83 -252 -5 -5 0 0 0 0 -29 -81 28 -16 -7 -26 Accrued Fed. income taxes -1,523 934 -1,421 852 -51 37 -30 31 -50 o -128 51 -223 77 -266 477 Other current liabilities -307 280 -375 261 -1 17 (2) 4 -5 54 13 -21 7 6 -15 Mortgages, bonds, other liab 1,441 1,801 995 792 -7 -7 -18 -14 14 82 275 104 305 222 -3 Capital stock 1,566 1,087 276 102 19 -1 -40 1 72: 6 64 25 76 7 Other sources3 137 156 94 81 0 1 76 14 13 0 3 0 Uses of funds 9,718 12,742 5,987 8,334 208 262 12 104 159 2,907 2,985 532 956 79(1 1,310 Plant and equipment expenditures 10,667 10,918 6,"832 6,805 248 218 20 148 144*2,819 42,576 593 691 640 897 Inventories -1,251 928 -1,166 967 -50 -64 -6 4 -21 —67 96 -36 57 -74 213 Receivables 215 -290 97 -199 11 -4 1 43 3 173 171 41 -15 -12 -91 Cash 168 93 195 -4 7 26 -3 -12 1 46 40 36 -40 29 2 Government securities -396 961 -266 738 -33 87 0 -73 31 -167 80 -155 243 169 267 Other assets 314 132 295 27 12 -2 i -7 1 102 22 52 19 38 15 Other uses5 0 0 0 0 12 2 1 0 0 0 0 0 1 0 6 Gross uses (sources) 14,178 13,470 9,994 9,056 356 433 71 300 219 3,350 3,082 1,035 1,068 1,3971,598 Manufacturing, cont. Utilities Retail Account N (1 o 4 m n f e c e t o r a r r l p o s s u . s ) M e a le c i c n h t c i r n h ic e a r l y, (9 m A c o u o b t r o i p l - e s.) O e p t q h o u e r i r t p a m t t r i a o e n n n s t - (42 t r c a o d r e ps.) ( R 20 a il c r o o r a p d s s .) (3 E 5 p l o e c w c o t r e r p i r c s.) C ( o c 1 a m c ti m o o r n u p s n .) i- (46 corps.) (19 corps.) 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 Sources of funds 358 453 142 7001,062 1,150 -101 334 392 305 320 690 1,630 1,684 1,4131,738 N Tr e a t d f e r o p m a y o a p b e le r s ations1 3 - 5 9 1 - 2 1 9 0 9 - 6 3 4 3 3 - 5 1 5 5 21,02 7 1 3 - 9 8 8 6 1 - 2 4 4 1 9 20 5 2 7 28 1 8 8 - 2 3 6 1 8 - 6 5 2 6 2 71.4 659 o 579 5 - 6 4 7 4 0 59 1 8 5 Bank loans, short-term 12 -26 -53 31 -203 -45 -5 (fi) -26 8 -10 68 Bank loans, long-term -68 13 9 -134 0 — 1 -11 -37 -11 -61 18 3 0 0 Accrued Fed. income taxes -61 43 -230 -37 -299 79 -84 101 -18 -14 -150 -25 713 738 53 83 Other current liabilities 12 2 -253 175 -140 126 -34 -56 5 3 10 -18 24 18 29 15 Mortgages, bonds, other liab 116 19 56 157 443 -2 11 29 118 60 -78 -67 589 618 -184- 399 Capital stock 12 12 78 27 -4 -6 12 3 32 5 (2) 7 362 414 896 560 Other sources3 7 67 0 1 22 28 0 31 31 33 51 0 0 3 0 Uses of funds 358 453 142 700 1,0621,150 -101 334 392 305 320 6901,630 1,684 1,413 1,738 Plant and equipment expenditures 222 422 588 618 1,412 1,080 141 143 263 208 576 8041,591 1,713 1,406 1 .388 Inventories -68 171 -444 214 -328 229 -96 36 50 -68 -104 2 -31 20 1 7 Receivables 51 -28 -71 -73 59 -162 -198 1 130 -93 -50 -39 25 10 13 31 Cash 55 -39 —6 -4 53 -57 -11 66 -79 188 17 -74 40 -16 -5 CO Government securities 91 -71 7 -97 -152 137 46 63 19 64 -84 -7 -27 -70 -38 236 Other assets 8 -2 62 43 18 -78 10 5 • 9 5 -35 4 8 20 36 76 Other uses5 0 0 6 0 0 19 0 0 0 0 23 7 0 Gross uses (sources). 566 605 1,308 1,087 2,0381,542 577 392 571 527 938 924 1,723 17701,694 1,738 xNet profit after taxes plus current depreciation accruals and minus cash dividends paid; noncurrent and nonrecurring charges and credits to income have been eliminated from net profit. 2 Less than 0.5 million dollars. 3Proceeds from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds. 4Company figures which in some cases include, and in others exclude, dry hole costs. 5Prior years' tax payments, charges resulting from devaluation of foreign currencies, and extraordinary uses of funds. 6Included with trade payables. Amount is less than 1 million dollars. 7 Includes State income and property taxes. NOTE.—Figures were derived from income data and year-to-year changes in balance sheet accounts, as shown in the Composite Balance Sheet and Income Statement. Asset write-ups and write-downs, stock dividends, and other nonfund bookkeeping transfers are not shown separately, but are eliminated from the income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement. Negative figures in the Sources of Funds section represent uses of funds, while negative figures in the Uses of Funds section represent sources of hinds. Gross uses include negative sources; gross sources, negative uses. Details may not add to totals because of rounding. 628 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1954 COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1954, 1953 AND 1952 * 298 LARGE CORPORATIONS IN SELECTED INDUSTRIES [In millions of dollars] Manuficturing All selected industries (298 corps.) Total Food Fobacco Account (200 corp3.) (30 corps0 (4 corps.) 1954 1953 1952 1954 1953 1952 21954 1953 1952 1954 1953 1952 Total assets (end of year) 129,007125,141118,16974,80672,99568,919 4,465 4436 4,362 2,069 2,071 2,024 Cash 7,242 7,059 6,974 5,367 5,155 5,167 437 429 403 69 72 73 Government securities 9,029 9,4.14 8,456 6,937 7,186 6,451 311 344 257 0 0 0 Receivables, net 10,808 10,548 10,866 8,450 8,308 8,536 572 561 566 107 105 104 Inventories 19,393 20,658 19,71816,55317,73116,752 1,230 1280 1,355 1,723 1,729 1,694 Plant and equipment3 73,578 68,972 63,81932,88330,40127,859 1,688 1609 1,559 135 126 119 Other assets4 8,959 8,490 8,336 4,615 4,214 4,155 227 214 222 34 38 34 Total liabilities and equity 129,007125,141118,16974,80672,99568,919 4,465 4436 4,362 2,069 2,071 2,024 Notes payable to banks, short-term 995 1,785 1,599 709 1,418 1,305 137 137 230 285 271 298 Trade notes and accounts payable 6,207 6,245 6,398 4,793 4,734 4,873 281 275 256 18 18 18 Accrued Fed. income taxes 7,295 8,936 8,042 5,395 6,891 6,060 306 380 342 146 175 145 Other current liabilities5 6,973 7,024 6,706 5,404 5,643 5,341 226 213 199 32 30 27 Notes payable to banks, long-term 1,579 1,726 2,186 698 765 1,247 10 16 21 0 0 0 Mortgages, bonds, other liabilities6 26,800 25,398 23,673 9,004 7,991 7,245 519 527 536 503 523 520 Surplus reserves7 2,357 2,288 2,305 841 748 834 132 131 134 0 0 0 Capital stock 34,334 32,275 31,333 17,19716,17116,011 1,149 1152 1,134 546 548 542 Surplus 42,467 39,464 35,92730,76428,63426,001 1,704 1606 1,510 539 507 473 Income statement: Sales 120,270127,304115,57290,93697,71087,014 13,1211313413,135 2,663 2,805 2,765 Depreciation8 5,123 4,731 3,927 3,780 3,488 2,763 145 140 134 10 9 9 Profit before income taxes9 13,833 15,184 13,645 10,27411,50110,171 542 590 517 250 261 222 Net profit 9 8,050 7,688 6,922 6,028 5,711 5,112 275 284 245 121 104 92 Dividends 4,737 4,371 4,159 3,378 3,103 2,986 179 175 168 85 78 75 Manufacturing, cont. Rubber Petroleum Chemicals Iron and steel Account (4 corps.) (24 corps.) (32 corps.) (18 corps.) 1954 1953 1952 1954 1953 1952 1954 1953 1952 1954 1953 1952 Total assets (end of year) 2,262 2,262 2,21420,37019,124 17,766 8,200 7,866 7,255 10,70410,586 9,886 Cash 159 171 178 1,147 1,100 1,061 653 596 636 792 763 759 Government securities 160 232 201 1,145 1,313 1,236 1,038 1,175 932 1,200 1,032 765 Receivables, net 514 473 478 2,009 1,836 1,664 773 721 737 867 877 965 Inventories 760 759 786 2,131 2,198 2,104 1,378 1,357 1,300 1,998 2,073 1,852 Plant and equipment3 637 588 533 12,74911,61310,649 3,351 3,129 2,824 5,392 5,426 5,145 Other assets4 31 38 39 1,189 1,063 1,052 1,007 887 825 454 416 400 Total liabilities and equity 2,262 2,262 2,21420,37019,124 17,766 8,200 7,866 7,25510,70410,586 9,886 Notes payable to banks, short-term 9 8 12 59 91 109 24 89 52 23 230 79 T A O M N r c t o o a h c t r d e e r t u e r s g e a c p n d g u a o e r y F t s r e a e , e s b d n b l a . t e o n i l n n d i t d a o c s b o a , b m c i l a o c i e n t o t i h k u e t e a s n s r , x 5 t s e l l o s i p a n a b g y i - l a t i e t b i r e l m e s6 . . . . 5 1 1 1 0 5 5 7 0 3 9 3 4 2 5 1 1 1 2 3 6 0 7 0 1 8 5 2 1 1 0 2 5 7 0 9 8 1 4 2 1 , , 8 5 3 0 3 7 6 4 6 3 9 9 4 5 0 1 1, , 9 9 4 4 2 3 6 8 8 2 1 5 8 7 9 1 1 , , 9 4 1 5 6 4 9 4 6 0 3 0 5 6 6 1, 3 6 2 2 7 0 9 6 5 1 2 2 8 6 1, 9 2 2 0 3 0 9 9 7 8 4 0 4 4 3 8 2 7 1 1 6 3 9 0 7 5 4 0 4 1, 6 8 5 3 5 4 1 5 9 1 7 5 0 6 1 1, , 6 4 1 1 8 9 2 5 6 9 2 8 7 0 1, 4 6 2 1 8 9 4 7 2 4 7 9 5 4 2 Surplus reserves7 137 146 172 74 60 60 66 74 110 108 93 90 Capital stock 282 276 278 5,626 5,090 4,940 1,623 1,572 1,574 2,920 2,881 2,905 Surplus 845 797 690 9,425 8,782 7,906 3,898 3,530 3,207 4,192 3,856 3,425 Income statement: Sales 3,418 3,753 3,578 16,97616,70215,628 7,308 7,386 6,896 LI,09913,12510,898 Depreciation8 95 84 72 1,175 1,068 971 410 364 291 643 592 432 Profit before income taxes9 276 340 352 2,541 2,611 2,382 1,335 1,448 1,365 1,252 1,630 942 Net profit9 148 161 157 1,966 1,912 1,730 743 644 599 663 709 465 Dividends 62 58 57 914 881 847 529 437 433 350 321 309 AData for 1953 and 1952 may differ from those published previously, reflecting revisions made to take account of consolidations and mergers with other corporations, inclusions or exclusions of domestic and foreign subsidiaries, and changes in the classification of accounts of the individual corporations. 2Data for one company in food manufacturing and two companies in retail trade estimated. 3Net of reserve for depreciation. 4Includes relatively small amounts of intangibles and current assets not shown separately. BIncludes current instalments of principal repayments on mortgages and bonds, accrued interest and charges, dividends payable, operating reserves, etc. includes pension reserves and minority interest in capital stock and surplus. 7Includes reserves for self-insurance, contingencies, plant replacement, and possible future declines in value of inventories. For continuation of footnotes, see next page. JUNE 1955 629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1954 COMPOSITE BALANCE SHEET AND INCOME STATEMENT—Cont. 298 LARGE CORPORATIONS IN SELECTED INDUSTRIES [In millions of dollars] Manufacturing, cont. Account Non ( f 1 e 4 rr o c u o s r p m s.) etals Ma ( c e 4 h l 6 e i c n c t e o r r i r c y p a , s l i .) nc. A (9 u t c o o m rp o s b . i ) le Other e ( 1 q t 9 r u a i c p n o m s r p p e o s n r . t ) tation 1954 1953 1952 1954 1953 1952 1954 1953 1952 1954 1953 1952 Total assets (end of year). 5,050 4,892 4,645 9,539 9,746 9,244 8,352 7,970 7,615 3,798 4,042 3,908 Cash 362 307 345 661 666 670 689 636 693 399 413 348 Government securities.. . . 586 495 566 1,134 1,126 1,224 1,182 1,333 1,196 182 136 73 Receivables, net 358 308 335 1,634 1,705 1,777 948 860 1,016 668 862 894 Inventories 875 944 772 2,828 3,265 2,947 1,933 2,285 2,075 1,696 1,840 1,867 Plant and equipment3.... 2,500 2,477 2,261 2,611 2,384 2,080 3,053 2,335 2,034 766 714 656 Other assets4 369 362 365 670 599 546 547 521 602 87 78 70 Total liabilities an 5,050 4,892 4,645 9,539 9,746 9,244 8,352 7,970 7,615 3,798 4,042 3,908 Notes payable to banks, short-term. 10 51 21 54 179 191 34 86 56 74 276 258 Trade notes and accounts payable. 219 228 240 506 538 553 937 864 948 365 412 352 Accrued Fed. income taxes 324 398 356 666 897 940 1,036 1,352 1,274 326 421 321 Other current liabilities5 202 145 141 1,502 1,733 1,445 767 908 781 1,141 1,215 1,369 Notes payable to banks, long-term. 159 189 194 17 10 157 0 0 1 14 27 39 Mortgages, bonds, other liabilities6 597 526 513 1,378 1,311 1,157 665 221 227 206 211 183 Surplus reserves7. 80 59 49 45 44 47 183 130 155 14 11 17 Capital stock 1,253 1,230 1,210 2,177 1,860 1,842 1,117 1,089 1,107 504 473 479 Surplus 2,203 2,066 1,921 3,193 3,174 2,912 3,614 3,320 3,067 1,153 996 891 Income statement: Sales 4,248 4,244 3,92611,46612,35311,269 13,834 16,776 13,108 6,803 7,431 5,812 Depreciation8 184 150 113 342 295 250 697 707 427 78 78 64 Profit before income taxes9. 638 654 627 1,253 1,420 1,460 1,637 1,975 1,867 550 572 437 Net profit9 398 361 364 653 590 592 788 739 706 275 207 160 Dividends 248 234 240 374 354 313 526 472 470 111 91 75 Utilities Retail trade (42 corps.) Railroads Electric power Com mu nications Account (20 corps.) (35 corps.) (1 corp.) 21954 1953 1952 1954 1953 1952 1954 1953 1952 1954 1953 1952 Total assets (end of year) 5,835 5,612 5,48919,296 19,43019,162 16,221 15,131 13,86512,85011,97310,734 Cash 814 892 705 617 600 674 345 • 308 325 99 104 104 Government securities... 455 437 373 617 702 708 131 165 235 888 925 690 Receivables, net 1,012 880 973 489 536 575 349 329 320 507 494 463 Inventories 1,791 1,741 1,809 466 570 569 447 481 461 135 134 128 Plant and equipment3 1,522 1,423 1,39814,07513,95313,569 i° 14,6281013,595 l012,28210,470 9,600 8,712 Other assets4 241 238 233 3,032 3,070 3,067 320 253 243 751 715 638 Total liabilities and equity 5,835 5,612 5,48919,296 19,430 19,162 16,221 15,131 13,86512,85011,97310,734 Notes payable to banks, short-term 76 120 124 115 141 133 95 105 37 Trade notes and accounts payable. 394 375 407 463 524 527 206 219 213 350 394 379 Accrued Fed. income taxes 425 456 470 222 383 416 i2619 12621 12590 634 585 507 Other current liabilities5 420 400 394 534 431 451 332 294 281 283 254 239 Notes payable to banks, iong-term. 237 275 287 584 645 613 59 41 38 0 0 0 Mortgages, bonds, other liabilities6 . 415 305 248 5,995 6,063 6,152 7,353 6,822 6,199 4,033 4,217 3,829 Surplus reserves7 13 15 1,420 1,486 1,434 76 33 15 13 7 6 Capital stock 1,110 1,092 1,113 5,062 5,062 5,082 5,745 5,413 5,023 5,221 4,538 4,103 Surplus 2,751 2,576 2,432 5,016 4,835 4,487 1,716 1,551 1,372 2,220 1,873 1,634 Income statement: Sales 13,95313,90013,631 6,274 7,160 7,105 4,322 4,117 3,782 4,785 4,417 4,040 Depreciation8 131 123 120 348 333 313 41.8 377 349 448 411 382 Profit before income taxes9 763 782 774 567 889 923 1,170 1,086 979 1,059 926 798 Netprofit9 389 364 344 404 552 541 679 593 519 550 467 407 Dividends 242 233 230 230 236 217 472 431 406 415 368 320 8Includes depletion and, when reported, amortization of tools and dies and accelerated, amortization of defense facilities. 9 Excludes nonrecurring charges and credits to income, tax refunds, payments of prior years' taxes, gains on sales of assets, and charges and credits to and from surplus reserves. 10Includes intangibles. "A small amount of short-term bank loans may be included in trade notes and accounts payable, and an unknown amount of current instalments of long-term bank loans is included in long-term bank loans. 12 Includes State income and property taxes. NOTE.—Includes most of the largest companies in each industry group having fiscal years that end on or around December 31 and for which data are available in investment manuals and company reports to stockholders. Manufacturing and trade groups include companies with end-oiyear 1954 total assets of 10 million dollars and over; railroads, companies with total assets of 270 million and over; utilities, Class A and B electric companies with total assets of 102 million and over; communications, American Telephone and Telegraph Company and principal subsidiaries comprising the Bell System. Details may not add to totals because of rounding. 630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, 1929-1939 * Monthly estimates of consumer instalment These estimates supplement the monthly credit extended and repaid for the period series on total consumer instalment credit January 1929 through December 1939 are outstanding for the years 1929-39 published presented in this article to supplement the in the BULLETIN for April 1953. estimates for the period January 1940 to date published in the January 1954 issue and sub- INSTALMENT CREDIT EXTENDED AND REPAID sequent issues of the Federal Reserve BUL- From information compiled by the Na- LETIN. These estimates make available comtional Bureau of Economic Research and the prehensive data on the flow of instalment Russell Sage Foundation, monthly estimates credit to and from the consumer for the for the earlier years were available for direct entire period for which estimates of outloans of industrial banking companies and standing instalment credit have been compersonal finance companies and for instalpiled. ment credit extended (including paper sold) From information available for years prior by automobile dealers, department stores, furto 1940, it was not feasible to obtain estimates niture stores, household appliance stores, and for all major types of credit, but separate estijewelry stores.2 The same source contained mates could be prepared for automobile pamonthly estimates from 1934 for direct loans per, one of the most important and sensitive of commercial banks and for repair and modtypes. All other major types of instalment ernization loans insured by the Federal Houscredit were combined into a single series. ing Administration. The Board's staff re- The series for automobile paper and for vised these estimates to incorporate later and other instalment paper have been adjusted more comprehensive data and to include, in for seasonal variation and for differences in the number of trading days in order to in- addition, monthly estimates of instalment crease their usefulness for analytical purposes. credit extended by "all other" retailers. The adjustments were similar to those made These revised estimates covered all except in the estimates for 1940 and later years de- three comparatively small segments of conscribed in the BULLETIN for January 1954. sumer instalment credit: miscellaneous lend- Tables 1 and 2 show estimates by months ers, credit unions, and direct loans of comfor the period January 1929 through De- mercial banks. These three constituted a cember 1939 for automobile and other in- very small proportion of the total in 1940 stalment credit extended and repaid, adjusted (less than 5 per cent), and only one of them, for seasonal variation and without seasonal miscellaneous lenders, had to be estimated adjustment. Table 3 shows end-of-month for the entire period 1929-39. Credit union amounts outstanding for both types of credit. 2 See Duncan McC. Hoithausen, Malcolm L. Merriam, and 1 This article was prepared by Katharyne Reil and Alfred P. Rolf Nugent, The Volume of Consumer Instalment Credit, Johnson of the Consumer Credit and Finances Section of 1929-3 8 (National Bureau of Economic Research, Studies in the Board's Division of Research and Statistics. Consumer Instalment Financing, Number 7), 1940. JUNE 1955 631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATES OF CONSUMER INSTALMENT CREDIT and commercial bank data were available an- AUTOMOBILE CREDIT nually for the entire period and monthly The only major type of instalment credit from the beginning of 1939 and 1934, re- for which data were available to permit sepspectively. Annual estimates for miscella- arate estimates was automobile credit. In neous lenders were derived by assuming a addition to a monthly series beginning in constant relationship between loans by this 1926 on credit extended by automobile dealgroup and other direct loans prior to 1940. ers for the purchase of cars, including paper Data for the three missing segments were sold to banks or other financial institutions, assumed to fluctuate monthly in the same and the amount outstanding thereon, annual manner as similar types of credit extended by series on direct automobile loans of indusother lenders. In order to obtain monthly trial banks and industrial loan companies estimates for total direct loans including the were available from 1929 and of commercial missing segments, the annual ratios between banks from 1935. These segments accounted such loans and those for which monthly data for more than 95 per cent of total automobile were already available were computed. paper in 1940 and an even larger percentage These ratios were used to obtain monthly in earlier years when direct automobile loans adjustment factors. The monthly adjustment made by financial institutions were less prevafactors were then applied to the existing lent. monthly aggregates to give an estimated Data were available for 1935 to permit calseries for total direct loans. The sum of this culation of the ratio of direct automobile series and those covering all dealer credit credit of commercial banks to total automogranted (including paper sold to financial in- bile credit for both the amount extended and stitutions) gave monthly estimates of total the amount outstanding. Available evidence instalment credit extended which were con- indicated that in 1926 the amount of credit ceptually the same as the series currently in of this type at commercial banks was negliuse. The estimates were adjusted to the level gible. Annual totals for direct automobile of those for later years on the basis of the loans of commercial banks and the year-end 1940 relationship between the new and the amounts outstanding were estimated by assuming a straight-line growth in the ratio old totals. Differences in level resulting from from 1926 to 1935. the modification of estimating techniques Annual totals for direct automobile loans and the use of new and improved data after of commercial and industrial banks and in- 1939 were minor and it was assumed that dustrial loan companies were combined with these differences were approximately the those for automobile dealer credit extended. same in earlier years. The ratios of these totals to automobile dealer Repayments were then computed from the credit were applied to the monthly series revised estimates of instalment credit exfor dealer credit granted to give monthly estitended and the figures for end-of-month inmates of total automobile credit extended. stalment credit outstanding as follows: A similar procedure was followed in ob- Outstanding amount at end of previous taining year-end estimates of automobile month plus amount extended during month credit outstanding for the years 1929-39. The minus outstanding amount at end of current ratios to automobile dealer credit outstanding month equals credit repaid. were adjusted by the straight-line method 632 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATES OF CONSUMER INSTALMENT CREDIT between year-end points to give end-of-month quently, the 1940 relationships between the estimates of total automobile credit outstand- new and the old series were used to adjust ing. The difference in 1940 between the estimates for earlier months to the level of the derived series and the recently published revised automobile paper extended. series for automobile paper extended and A separate seasonal adjustment was made outstanding was due principally to the ab- for both credit extended and repaid in this sence of estimates for credit unions, small segment since the pattern does not conform loan companies, and miscellaneous lenders with that shown by the remainder of the inin the old series. It was assumed that these stalment credit components. Seasonal admissing segments, which constituted a very justment factors were determined also for small part of the total, would not affect the all other instalment credit extended and monthly movements of the series. Conse- repaid. NOTE.—The tables on the following pages contain the estimates of consumer instalment credit extended, repaid, and outstanding for the years 1929-39. JUNE 1955 633 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATES OF CONSUMER INSTALMENT CREDIT TABLE 1 ESTIMATES OV CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, AND CHANGES IN CREDIT OUTSTANDING [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] ! Total Automobile paper All other Month and year 'Extended Repaid Change Extended Repaid Change Extended Repaid Change 1929. 5,799 5,350 -+-449 2,584 2,334 +250 3,215 3,016 1 + 199 1930. 4 814 5,278 -464 1, 869 2,267 -398 2, 945 3.011 : - 66 1931 ^ 866 4346 —480 1,282 1,584 -302 ?,,584 ?,, 762 1 -178 1932. ? '1-35 3.121 -686 ! 640 968 -328 1, 795 ?., 153 ! -358 1933 9 4S0 9 413 + 67 I 817 680 +137 1,663 1. 733 I - 70 1934. 3 125 9,842 +283 1,039 918 +121 2,086 1, 924 ! + 162 I 1935 4 189 3 366 +823 1630 1,252 +378 9. 559 ?.114 - !+445 1936 5 617 4688 +929 9,226 1 .846 +380 3,391 ?,842 ' +549 1937. 6 308 5,916 +392 ?,.393 2.271. + 122 3,915 3,645 : +270 1938 5 406 s730 —324 1594 1 989 -395 3,812 3.741 ! + 71 1939. 6,872 6,060 +812 2,338 1,940 +398 4, 534 4,120 ; +414 19?9--Tanuarv 391 423 -102 121 172 — 51 200 251 - 51 Februarv . . . 3 54 398 - 44 144 .172 - 28 210 226 - 16 A M M p a a r r v i - . l li 4 5 5 7 5 9 3 3 0 4 4 4 3 1 4 1 9 8 . + + + 1 1 4 5 2 5 1 2 2 2 29 2 7 3 4 3 1 1 1 7 0 8 6 0 4 + - + | -1 4 9 0 7 0 3 2 2 2 5 7 9 9 7 0 2 2 2 4 5 4 9 7 2 + + + 3 3 8 2 8 June 577 451 + 126 287 196 + 01 290 255 + 35 Tuly.. 547 458 + 89 288 200 4- 88 259 258 + I August... 575 465 + 60 261 206 + 55 264 259 + 5 September 456 452 + 4 201 207 - 6 255 245 + 10 October.... 488 467 + 21 207 210 — 3 281 257 + 24 November 4? 7 461 — 34 154 212 — 58 273 249 + 24 December . 488 477 + 11 131 209 — 78 357 268 + 89 1930 — Tannarv 319 458 -139 \\3 210 — 97 206 248 - 42 A F M M p e a a r b r y i r c . l u h . a . . r . y . . 3 4 4 4^ 9 3 9 r 3 0 4 > 4 4 4 46 6 6 4 5 3 8 4 + - - — 1 1 2 4 4 9 6 0 2 1 1 1 3 2 9 7 1 6 1 8 2 2 2 ? 1 1 1 0 1 0 4 0 + - — - ? 1 7 2 0 6 9 6 2 2 2 1 3 6 7 9 2 8 8 9 2 2 2 2 5 5 6 3 2 8 1 4 + + - - 1 1 3 2 5 0 0 7 Tune.. .... 475 464 + 11 210 194 + 16 265 270 A S O T c u e ul t g p y o u t . b s e e t m r ber 4 3 3 39 6 1 7 1 6 9 8 4 4 4 41 1 3 2 1 2 4 4 - - - - 3 3 4 1 3 3 3 8 1 1 1 1. 8 2 6 4 9 5 0 3 1 1 1 1 7 8 8 6 1 9 2 8 - — - - 2 3 2 2 4 9 8 2 2 2 2 3 3 2 4 1 1 6 9 2 2 2 2 4 4 4 4 1 5 2 3 + - - - 1 1 1 6 1 5 4 November ^30 397 — 67 97 161 — 64 233 236 - 3 December 433 438 - 5 106 157 - 51 327 281 + 46 1931—January 284 394 -110 85 155 - 70 199 239 - 40 Februarv . 277 370 - 93 90 153 — 63 187 217 - 30 March 338 393 — 55 123 148 - 25 215 245 - 30 April 389 383 + 6 151 145 + 6 238 238 0 May. 383 373 + 10 147 140 + 7 236 233 + 3 Tune 379 379 0 .1.41 136 + 5 238 243 - 5 Tulv . . 338 361 — 23 128 130 - 2 210 231 - 21 August 31 3 3 5'l — 41 107 123 — 16 206 231 - 25 September 292 338 - 46 92 120 - 28 200 218 - 18 October 294 335 - 41 83 115 - 32 211 220 Q November. 9 SO 328 — 69 66 111 — 45 193 21.7 - 24 December 320 338 - 18 69 108 - 39 251 230 + 21 1932 —Tfiniiarv . . 190 297 — 107 53 104 — 51 137 193 - 56 Fobruarv ! 104 294 -100 53 101. - 48 141 193 - 52 March i 99{ 907 — 76 61 100 — 39 160 197 — 37 April 9 3O 290 - 51 68 96 — 78 171 194 - 23 M Tu a n y e. . 2 9 3 3 1 3 ! 2 2 7 7 2 0 - — 3 4 7 1 Ii 7 7 0 7 8 8 8 3 - — 1 6 8 1 1 6 5 1 6 1 1 8 8 4 7 - - 3 2 1 3 Tulv 176 i 248 - 72 53 78 - 25 I 123 170 - 47 August 191 241 — 50 53 70 — 17 138 171 - 33 September 188 230 - 42 45 66 - 21 I 143 164 - 21 October 187 229 - 42 40 63 - 23 147 166 - 19 November 1 70 ?14 — 44 34 62 — 28 I 136 152 - 16 December 215 239 - 24 33 57 - 24 182 182 0 1933-J F a e n b u r a u r a y rv .. 1 1 . 3 4 7 7 j | 2 1 0 8 1 6 - - 4 5 9 4 4 4 3 0 5 5 7 3 - - 1 1 . 4 3 1 9 0 7 4 1 1 . 3 4 3 4 - - 3 4 6 0 March 152 1 191 - 39 47 55 - 8 105 136 - 31 April . . 196 1 190 + 6 62 52 + 10 134 138 4 Mav 229 194 + 35 80 51 + 29 149 143 + 6 Tune 241 1.99 + 42 89 51 + 38 152 148 + 4 Tuly 217 195 + 22 88 53 + 35 129 142 - 13 August 249 200 + 49 97 57 + 40 152 143 + 9 S Oc e t p o t b e e m r ber 2 2 ? 3 / 2 > 2 21 0 1 0 + + 2 2 1 9 8 7 5 9 ! 6 5 3 7 + + 2 1 8 6 1 15 4 3 4 1 1 4 4 3 8 + 1 November 904 21? — 8 61 65 A 143 147 ± 4 December 247 i 234 + 13 i| 46 j 66 - 20 201 168 1 + 33 i ! 1 634 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATES OF CONSUMER. INSTALMENT CREDIT TABLE 1—Cont. ESTIMATES OF CONSUMER INSTALMENT CKKDIT EXTENDED AND REPAID, AND CHANGES IN CREDIT OUTSTANDING—Cont. [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] Total Automobile paper All other Month and year j [extended Repaid ! Change \,Extended Change j Extended ' Repaid '; Change 1934—January 170 212 - 42 43 66 - 23 127 ! 146 - .19 February 183 203 - 20 62 68 - 6 121 , 135 - 14 March 246 224 + 22 84 68 + 1.6 162 ; 156 + 6 April 289 230 + 59 106 71 + 35 183 ' 159 + 24 May 312 243 + 69 120 75 + 45 192 j 168 + 24 June 307 251 + 56 120 79 + 41 187 ' 172 + 15 July 276 243 + 33 1.14 79 + 35 162 i 164 - 2 August 278 245 + 33 106 83 + 23 172 j 162 + 10 September 242 234 + 8 76 82 - 6 166 i + 14 October 277 247 + 30 83 83 0 194 ! 164 + 30 November 246 243 + 3 68 81 - 13 178 j 162 + 16 December 299 267 + 32 57 83 - 26 242 ; 184 + 58 1935—'January 217 236 - 19 83 86 - 3 134 i 150 - 16 February 240 236 -f- 4 98 87 + 11 142 ; 149 - 7 March 327 260 + 67 140 91 + 49 187 !- !69 + 18 April 383 269 + 114 167 96 + 71. 216 ! }73 + 43 May 384 275 + 109 159 101 + 58 225 ! 174 + 51 June 383 280 + 103 1:57 103 + 54 226 ! 177 + 49 July I 379 283 + 96 169 107 + 62 210 176 + 34 A O S N D e u c o e p t c g v o t e u e e b m s m m e t b r b b e e e r r r | 3 3 3 3 4 7 3 4 6 5 5 5 5 7 4 3 3 3 2 2 0 9 0 3 8 7 1 8 7 4 + + + + + 1 5 0 5 4 8 8 1 9 7 4 1 1 1 1 1 5 1 3 1 4 1 1 3 7 5 1 1 1 1 1 1 1 2 1 1 4 0 4 6 7 + + + + - 2 4 1 1 3 5 1 6 . 3 2 2 2 2 1 0 4 2 3 8 0 3 4 4 i i ! j | 2 1 1 1 1 8 9 7 3 1 1 0 + + + + + 4 4 4 5 8 3 3 8 2 7 1936— F Ja e n b u ru ar a y ry 3 31 2 1 9 3 32 1 5 9 + - 4 8 1 1 2 2 2 0 1 1 3 3 1 3 - - 1 9 3 2 1 0 8 9 9 j | \ 19 8 2 8 + + 1 1 7 March 466 355 + 111 195 137 + 58 271 i 218 + 53 April 524 370 + 154 233 142 + 91 29! i 228 + 63 May 542 383 + .159 239 148 + 91 303 I 235 + 68 June 547 416 +131 252 154 + 98 295 , 262 + 33 July 502 400 +102 228 159 + 69 274 • 241 + 33 August. 470 404 + 66 191 164 + 27 279 i 240 + 39 September 451 405 + 46 166 165 285 i 240 + 45 October 446 418 + 28 140 168 - 28 306 i 250 + 56 November 437 422 + 15 148 173 - 25 289 i 249 + 40 December. . 592 471 +121 192 172 + 20 400 ! 299 + 101 1937—January 375 423 - 48 150 179 - 29 225 j 244 - 19 February 398 427 - 29 14-6 179 - 33 252 i 248 4- 4 March 577 484 + 93 240 187 + 53 337 | 297 + 40 April. . 617 490 + 127 252 .187 + 65 365 i 303 j + 62 May | 642 510 +132 264 191 + 73 378 i 319 + 59 June I 647 524 + 123 269 191 + 78 378 ! 333 + 45 July ! 557 503 + 5-1 242 193 + 49 315 ; 310 + 5 August | 538 495 + 43 227 193 + 34 311 ! 302 + 9 September ; 504 504 0 181 J91 - 10 323 I 313 + 10 October ' 485 510 - 24 152 193 - 41 334 ; 317 + 17 November A 4.0 51 1 — 62 144 194 - 50 305 i 317 - 12 December 518 535 - 17 126 193 - 67 392 ! 342 + 50 -no '! 1938—January 337 447 108 1.91 - 83 229 ! 256 - 27 February 340 475 -135 ij 110 187 - 77 230 288 - 58 March 440 495 - 55 j| 152 192 - 40 288 303 - 15 April 475 498 = S 'i 148 186 - 38 327 312 + 15 May 470 489 150 179 - 29 320 310 + 1.0 Tune 464 484 147 170 - 23 317 314 + 3 J A u u ly gust 4 4 6 2 3 4 4 46 7 9 4 = - S 2 2 0 ' i i j 1 1 3 3 1 7 1 1 6 5 5 4 - - 3 1 2 7 3 2 2 9 6 3 3 3 1 1 1 5 + - H 18 September 438 457 106 146 - 40 332 311 + 21 October 455 467 - 1.9 !l 107 11! - 34 348 326 i + 22 November 483 464 - 12 jj 143 140 + 3 340 324 i + 16 December 617 511 + 19 ,| 155 140 + 15 462 371 | + 91 + 106 I 1939—January 408 4-52 - 4.4 140 | 1.48 - 3 268 304: I - 36 February. . 412 440 - 28 142 : 148 - 6 270 292 j - 22 March 549 482 + 67 208 157 + 51 341 325 ! + 16 April 577 484 + 93. 210 I 156 + 54 328 | + 39 May 630 491 4-139 242 j 1C0 -!- 82 388 331 ; June 635 517 + 118 236 | 163 t i:t 399 35-i • + 45 July 573 510 -\-H 208 i 163 365 347 | + 18 August. . . . 587 520 200 i 164 -j~ 4."5 387 356 ; + 3.1 September. 560 512 163 I 164 + 36 397 348 I + 49 October... . 603 516 i + 87 189 j 168 4 14 3A8 I + 66 November. 600 535 I + 65 !v5 + 23 405 363 ! + 42 December.. 738 60 i I +137 205 + 28 42-1 ! + 109 NOTE.—See note to Table 2, p. 637. JUNE 1955 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATES OF CONSUMER INSTALMENT CREDIT TABLE 2 ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, AND CHANGES IN CREDIT OUTSTANDING [Adjusted for seasonal variation and differences in trading days. In millions of dollars] Total Automobile paper All other Month and year Extended Repaid Change Extended Repaid Change Extended Repaid Change 1929—Tanuary 442 427 4- 15 189 172 4- 17 253 255 — 2 February 469 420 4- 49 202 174 4- 28 267 246 4- 21 March 481 422 4 59 210 177 4 33 271 245 4- 26 April . 477 426 4 51 214 183 263 243 4- 20 Mav 489 434 4- 55 221 184 4- 37 268 250 4- 18 Tune . . ... 493 447 -j- 46 220 196 -j- 24 273 251 4 22 July 511 455 4- 56 243 197 4- 46 268 258 4 10 August 514 458 4 56 245 201 4- 44 269 257 4 12 September 502 477 4- 25 221 217 4- 4 281 260 4 21 October 497 462 4 35 231 208 4- 23 266 254 4 12 November 479 456 4 23 211 208 4- 3 268 248 4 20 December 445 466 — 21 177 217 - 40 268 249 4- 19 1930—Tanuarv 432 462 - 30 173 210 - 37 259 252 4- 7 February 435 467 - 32 184 213 - 29 251 254 March 429 468 - 39 178 2T2 - 34 251 256 - 5 April .. 426 462 - 36 173 208 - 35 253 254 - 1 IVIay 384 450 - 66 133 198 - 65 251 252 - 1 J J u u l n v e. 4 3 0 9 7 5 4 4 5 3 7 2 - — 3 5 7 0 1 1 5 5 8 4 1 18 9 6 4 — — 3 3 2 6 2 24 49 1 2 2 6 4 3 6 —- 154 An fust 395 436 — 41 154 185 — 31 241 251 — 10 September . . 387 419 - 32 149 172 — 23 238 247 - 9 October 378 407 - 29 142 167 - 25 236 240 - 4 November 374 410 — 36 136 165 — 29 238 245 December.. 372 408 - 36 135 157 — 22 237 251 - 14 1931—Tanuary.... 374 397 - 23 155 — 24 243 242 4 1 February 362 390 - 28 124 154 - 30 238 236 4 2 March.. 347 396 - 49 116 149 — 33 231 247 - 16 April 340 378 - 38 117 144 — 27 223 234 - 11 May. . . 334 374 - 40 114 141 — 27 220 233 - 13 Tu ne 321 361 - 40 102 131 — 99 219 230 - 11 July 325 360 - 35 i 107 128 — 21 218 232 - 14 August ... 315 364 - 49 , 103 125 — 2? 212 239 - 27 September 299 344 - 45 ! 96 121 — 25 203 223 - 20 October.. . 290 332 - 42 92 115 — 23 198 217 - 19 November 288 337 - 49 i 92 113 - 21 196 224 - 28 December 271 313 - 42 88 108 - 20 183 205 - 22 1932—Tanuary 254 311 - 57 78 108 — 30 176 203 — 27 February.... 241 299 - 58 68 98 - 30 173 201 - 28 March 289 - 69 1 55 97 — 4? 165 192 - 27 April... 213 285 - 72 52 94 — 42 161 191 - 30 May.... 205 277 - 72 55 89 — 34 150 188 - 38 Tune... 200 259 - 59 56 80 — 24 144 179 - 35 Tulv 185 258 - 73 46 80 — 34 139 178 — 39 August 187 243 - 56 49 71 — 22 138 172 - 34 September 189 235 — 46 47 67 — 20 142 168 - 26 October.... 185 234 - 49 45 65 - 20 140 169 - 29 November 180 216 - 36 46 62 — 16 134 154 - 20 December... 176 215 - 39 43 57 - 14 133 158 - 25 1933—Tanuary 194 211 - 17 59 59 0 135 152 - 17 February.... 184 198 - 14 54 54 0 130 144 - 14 March. . . .. 157 187 - 30 44 54 - 10 113 133 - 20 April 177 193 - 16 49 52 — 3 128 141 - 13 Mav 193 189 4- 4 59 49 134 140 - 6 Tune.. 202 191 4 11 64 50 4 14 138 141 - 3 July 210 200 4 10 70 54 4- 16 140 146 - 6 August 231 199 4 32 83 57 + 26 148 142 4- 6 September .. 232 203 4 29 88 57 4 31 144 146 - 2 October 236 212 4- 24 89 63 4 26 147 149 - 2 November 233 212 4 21 81 63 4 18 152 149 + 3 December 231 218 + 13 77 68 4 9 154 150 4- 4 1934—Tanuary 217 219 - 2 57 66 - 9 160 153 4- 7 February 247 221 . 4 26 84 69 4 15 163 152 4- n A M p a r r i c l h.. 2 24 6 5 0 2 2 3 19 3 4 4 - 2 2 7 6 8 7 4 3 6 7 6 2 • 4 4 - - 1 7 2 1 17 72 6 1 16 53 1 44-- 1159 May... 261 238 4- 23 89 73 4 16 172 165 4- 7 June 257 237 4- 20 88 76 4- 12 169 161 4- 8 July.. 268 246 4- 22 92 79 4 13 176 167 4- 9 A Se u p g t u e s m t b . e . r . 2 2 6 6 5 7 2 2 4 4 2 7 4 4 - - 2 2 3 0 9 92 3 8 8 1 5 4+ 127 1 1 7 7 2 5 1 16 6 1 2 4 4- - 1 1 3 1 October 276 243 4 33 96 83 4 13 180 160 4- 20 November 278 246 + 32 93 82 4 11 185 164 4- 21 December 284 251 4 33 98 86 4 12 186 165 4- 21 636 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATES OF CONSUMER INSTALMENT CREDIT TABLE 2—Cont. ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, AND CHANGES IN CREDIT OUTSTANDING—Cont. [Adjusted for seasonal variation and differences in trading days. In millions of dollars! Total Automobile paper All other Month and year Extended Repaid Change Extended Repaid Change Extended Repaid Change 1935—January 288 247 + 41 110 86 + 24 178 161 + 17 February 322 256 + 66 130 89 -- 41 192 167 + 25 March 322 260 + 62 125 92 -- 33 197 168 + 29 April 329 262 + 67 126 94 -- 32 203 168 + 35 May 319 269 + 50 116 98 -- 18 203 171 + 32 June 336 274 + 62 122 102 -- 20 214 172 + 42 July 352 277 + 75 134 104 + 30 218 173 + 45 August 358 284 + 74 137 107 + 30 221 177 + 44 September. . . 363 300 + 63 138 118 + 20 225 182 + 43 October 370 304 + 66 140 116 + 24 230 188 + 42 November 400 309 + 91 164 119 + 45 236 190 + 46 December 430 324 +106 188 127 + 61 242 197 + 45 1936—January 416 330 + 86 162 128 + 34 254 202 + 52 February 426 342 + 84 160 132 + 28 266 21.0 + 56 March 459 355 +104 173 138 + 35 286 217 + 69 April 452 364 + 88 180 141 + 39 272 223 + 49 May 465 383 + 82 186 146 + 40 279 237 + 42 June 460 395 + 65 192 150 + 42 268 245 + 23 July 466 396 + 70 184 157 + 27 282 239 + 43 August 470 410 + 60 183 165 + 18 287 245 + 42 September. . 479 414 + 65 191 167 + 24 288 247 + 41 October 473 416 + 57 180 167 + 13 293 249 + 44 November... 498 438 + 60 193 179 + 14 305 259 + 46 December.. . 553 445 +108 242 176 + 66 311 269 + 42 1937—January 520 453 + 67 209 181 + 28 311 272 + 39 February... 533 462 + 71 205 184 + 21 328 278 + 50 March 545 469 + 76 205 182 + 23 340 287 + 53 April 544 481 + 63 204 186 + 18 340 295 + 45 May 554 508 + 46 207 188 + 19 347 320 + 27 June 548 496 + 52 206 186 + 20 342 310 + 32 July 526 496 + 30 199 190 + 9 327 306 + 21 August.... 538 504 + 34 216 197 + 19 322 307 + 15 September. 536 510 + 26 210 192 + 18 326 318 + 8 October 512 519 193 193 0 319 326 - 7 November.. 489 511 - 22 180 195 - 15 309 316 - 7 December.. 463 507 - 44 159 197 - 38 304 310 - 6 1938—January 450 479 - 29 149 194 - 45 301 285 + 16 A F M e p a b r r i r c l u h ary... 4 4 43 3 2 3 6 6 4 5 4 7 8 0 7 5 8 - - - 5 5 7 1 2 2 1 1 1 3 3 2 5 0 4 1 1 18 9 8 1 2 4 - - - 5 5 5 7 7 4 3 3 2 0 0 9 1 9 6 3 3 2 1 0 9 6 4 3 + + - 1 5 3 5 May 434 487 - 53 124 176 - 52 310 311 i June 417 471 - 54 118 165 - 47 299 306 - 7 July 442 480 - 38 124 165 ~ 41 318 315 + 3 August. . . . 452 464 - 12 125 154 - 29 327 310 + 17 September. 450 467 - 17 121 151 - 30 329 316 + 13 October 468 474 - 6 134 142 - 8 334 332 + 2 November. 490 464 + 26 153 141 + 12 337 323 i 14 December.. 508 474 + 34 157 144 + 13 351 330 21 1939—January.... 535 477 + 58 183 151 + 32 352 326 + 26 February.., 528 474 + 54 176 151 + 25 352 323 + 29 March 526 464 + 62 178 151 + 27 348 313 + 35 April 544 491 + 53 186 159 + 27 358 332 + 26 May 555 477 + 78 194 155 + 39 361 322 + 39 June 562 502 + 60 188 158 + 30 374 344 + 30 July 591 515 + 76 196 164 + 32 395 351 + 44 August 583 515 + 68 197 164 + 33 386 351 + 35 September. 579 519 + 60 187 167 + 20 392 352 + 40 October 623 521 + 102 226 168 + 58 397 353 + 44 November. 609 536 + 73 209 172 + 37 400 364 + 36 December.. 637 569 + 68 218 180 + 38 419 389 + 30 NOTE.—Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. Estimates for later years are shown in the BULLETIN for January 1954 and subsequent months. JUNE 1955 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATES OF CONSUMER INSTALMENT CREDIT TABLE 3 ESTIMATES OF CONSUMER INSTALMENT CREDIT OUTSTANDING [In millions of dollars] End of month i T m ns o e t t a n a l t l - m A pa o u p b t e o il r - e o A th l e l r End of month i T m n o s e t t n a a t l l - m A pa o u p b t e o il r - e o A th l e l r credit credit 1929—January. . . 2,600 1,083 1 ,157 1935—January.. . , 1,852 611 1,241 February. . 2,556 1,055 1,501 February.. 1,856 622 1,234 March. . . . 2,611 1,102 1,509 March 1,923 671 1,252 April 2,733 1,192 1,541 April 2,037 742 295 May 2,874 1,295 1,579 May...... 2,146 800 346 June 3,000 1,386 1,614 June 2,249 854 395 July 3,089 1,474 1,615 July 2,345 916 429 August 3,149 1,529 1,620 August. 2,429 957 472 September. 3,153 1,523 1,630 September. 2,480 960 520 October 3,174 1,520 1,654 October 2,527 955 572 November. 3,140 1,462 1,678 November., 2,586 971 615 December.. 3,151 1,384 1,767 December. , 2,694 992 .,702 1930—January. .. 3,012 1,287 ,725 1936—January... 2,686 983 .,703 February. . 2,898 ,208 ,690 February.. ,690 970 1,720 March 2,858 ,188 ,670 March.... 2,801 1,028 1,773 April 2,884 ,204 ,680 April 2,955 1,11.9 1,836 May 2,875 ,178 ,697 May 3.114 1,210 1,904 June 2,886 ,194 ,692 June 3! 245 1,308 1,937 July 2,868 ,190 ,678 July 3.347 1,377 1,970 August.... 2,835 ,168 ,667 August.... 3.413 1,404 2,009 September. 2,792 ,140 ,652 September. 3,459 1,405 2,054 October 2,759 ,101 ,658 October. . . 3,487 1,377 2,110 November. 2,692 ,037 ,655 November. 3,502 1,352 2,150 December.. 2,687 986 ,701 December. 3,623 1,372 2,251 1931—January ,577 916 ,661 1937—January.. . ,575 1,343 2.232 February ,484 853 ,631 February.. ,546 1,310 2,236 March ,429 828 ,601 March ,639 1,363 2,276 April ,435 834 ,601 April ,766 1,428 2,338 May ,445 841 ,604 May. ,898 ,501 2,397 June ,445 846 599 June ,021 1,579 2,442 July ,422 844 578 July ,075 1,628 2,447 August ,381 828 553 August ,118 1,662 2,456 September , 335 800 535 September. ,1.18 1,652 2 ,466 October ,294 768 526 October. . . ,094 1,611 2,483 November ,225 723 502 November. .032 1,561 2,471 December ,207 684 1,523 December. ,015 1,494 2,521 1932—January. . . ,100 633 1 ,467 1938—January 3.905 1,411 2 ,494 February.. ,000 585 1,415 February 3,770 1,334 2,436 A M p a r r i c l h , ,8 9 7 2 3 4 5 5 4 1 6 8 1 1 , , 3 3 7 5 8 5 A M p a r r i c l h 3 3, r7 6 1 9 5 2 1 1 , , 2 25 9 6 4 2 2 , , 4 4 2 3 1 6 J M u a n y e , , 7 8 9 3 5 2 4 5 9 0 4 0 1 1 , , 3 3 3 0 2 1 J M u a n y e 3 3 , , 6 6 7 5 3 3 l 1 r , 2 2 2 0 7 4 2 2 , , 4 4 4 4 6 9 July ,723 469 1,254 July 3,603 1,172 2,431 August.... ,673 452 1,221 August 3,597 1,155 2., 442 September. ,631 431 1,200 September 3,578 1,115 2,463 October. . . , 589 408 1,181 October 3,566 1,081 2,485 November. ,545 380 1 ,165 November 3,585 1,084 2,501 December.. ,521 356 1,165 December 3,691 1,099 2,592 1933—January. . . ,467 342 1,125 1939—January... 3,647 1,091 2,556 February. . ,418 329 1,089 February.. 3,619 1,085 2,534 March ,379 321 1,058 March.... 3,686 1,136 2,550 April ,385 331 1,054 April 3,779 1,190 2 ,589 May ,420 360 1,060 May 3,918 1,272 2,646 June ,462 398 1,064 June 4,036 1,345 2,691 J A u u ly gust , , 4 53 8 3 4 4 4 3 7 3 3 1 1 ,0 ,0 5 6 1 0 J A u u ly gust.... 4 4, , 1 0 6 9 6 9 1 1 , r 4 3 2 9 6 0 2 2, . 7 7 4 0 0 9 September. ,562 501 1 ,061 September. 4,214 1,425 2,789 October ,583 517 1,066 October... 4,301 1,446 2,855 November. ,575 513 1,062 November. 4,366 1 ,469 2,897 December. ,588 493 1,095 December. 4,503 1,497 3,006 1934—January. .. 1,546 470 1 ,076 February. .. 1,526 464 1,062 March 1,548 480 1,068 April 1,607 515 1,092 May 1,676 560 116 June 1,732 601 131 July 1,765 636 129 August.... 1,798 659 139 September. 1,806 653 153 October.... 1,836 653 183 November. 1,839 640 1,199 December.. 1,871 614 1,257 NOTE.—The estimates of automobile paper and all other instalment credit outstanding shown above supplement the data for total instalment credit published in the BULLETIN for April 1953, p. 354. 638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF .DEMAND DEPOSITS1 Demand deposits of individuals, partner- OWNERSHIP OF DEMAND DEPOSITS ships, and corporations at all commercial Billions of dollars i I i 120 banks rose 4.6 per cent in the year ending January 31,1955, according to estimates based 100 on the Federal Reserve System's latest survey of demand deposit ownership. The increase, amounting to 4.5 billion dollars, was sub- 80 stantially greater than in either of the two preceding years and reflected the marked ex- 60 pansion of bank credit during the last half of 1954. 40 Historical comparisons are shown in the accompanying chart. Breaks in the series in 1953 and 1954 reflect the effect of changes 20 in estimating techniques. While the estimates for some categories of ownership since 1952 are not fully comparable with the earlier 1945 1950 1955 estimates, it is believed that the year-to-year t Change in series. * Includes deposits of trust funds and foreigners. changes shown are reasonably accurate. Cleveland District to a high of 10 per cent All major holders except farm enterprises in the rapidly expanding San Francisco Disparticipated in the over-all increase in detrict. mand deposits last year. The largest increase, both in dollar amount and percentage terms, Business deposits. Demand deposits of was in personal accounts, which were up 2.6 all domestic businesses rose 3 per cent in the billion dollars or 9 per cent. Total business year ending January 31, 1955, nearly twice deposits rose 3 per cent, with those of non- the increase in the preceding year and about financial businesses up 2 per cent and those the same as that in the year ending January of financial businesses up 8 per cent. In 31, 1953. For the second consecutive year most business categories, increases were about one-half of the total dollar increase in greater on a percentage basis for noncorporate business deposits was accounted for by addithan for corporate enterprises. Deposits of tions to balances of financial businesses. farmers and corporate farming enterprises These rose 8 per cent this year as against 5 declined 2 per cent, as shown in Table 1. per cent last year. Balances of nonfinancial The rate of deposit growth varied consider- businesses rose 2 per cent, while last year ably over the country. Although some ex- they rose one per cent. pansion occurred in all Federal Reserve dis- Within the nonfinancial business group, tricts, as is shown in Table 2, the increases the largest percentage increase occurred in varied from a low of one per cent in the deposits classified in the "all other nonfinancial business" category, which includes pri- 1This article was prepared by Edward P. Snyder of the marily the service industries and the profes- Board's Division of Research and Statistics. JUNE 1955 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS TABLE 1 haps reflecting the higher level of sales in early 1955 as compared with early 1954. A OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNER- SHIPS, AND CORPORATIONS 3.4 per cent increase in public utility deposits [Estimates, dollar amounts in billions] nearly offset a 3.8 per cent decline during the Dollar amounts Change since preceding year. outstanding Jan. 30, 1954 Noncorporate business deposits rose more Type of holder Ja 1 n 9 . 5 3 5 1, ( J r a e 1 n v 9 . i 5 s 3 4 e 0 d , ) a D m o o l u la n r t ce P n e ta r- ge r f a o p rm id e ly r y t e h a a r n s w c h o e rp n o r c a o te rp , or i a n t e c d o e n p tr o a s s i t t s w ge it n h - All holders. 102.3 97.9 +4.5 +4.6 erally grew more rapidly. In the case of non- Business—total 58.9 57.1 +1.8 +3.1 financial businesses, this rate of increase was Corporate 45.2 44.1 + 1.0 +2.3 Noncorporate. 13.7 13.0 +0.7 +5.5 3% times as great for noncorporate deposits Nonfinancial business . 48.4 47.4 + 1.0 +2.0 as for corporate deposits, but for financial Corporate 37.2 36.7 +0.5 +1.3 Noncorporate 11.2 10.7 +0.5 +4.6 businesses the two rates did not differ sub- Manufacturing and stantially. mining 21 .6 21 .6 (0 () Public utility 4.7 4.5 +0.2 +3.4 Trade 14.6 14.2 +0.4 +3.0 Deposits of individuals. Demand deposits O Co th n e s r truction 5 2 . . 1 4 4 2 . . 7 4 +0 0 . ) 4 + +7 0 . . 6 6 of individuals rose sharply over the past year, Financial business. . 10.5 9.7 +0.8 +8.2 whereas in the previous year they had de- Corporate 8.0 7.4 +0.6 + 7.6 Noncorporate. . 2.6 2.3 +0.2 +9.9 clined slightly. The largest increases oc- Farming 5.4 5.5 -0.1 -2.3 Personal 3\ .2 28.6 +2.6 +9.1 curred in the financial and heavily indus- Nonprofit associations. 4.3 4.1 +0.3 +6.7 All other 2.5 2.5 0) -0.6 trialized districts, particularly New York and Philadelphia. Growth in personal accounts, iLess than 50 million dollars. 2Less than 0.05 per cent. which amount to less than one-third of total NOTE.—Detailed figures may not add to totals because of rounding. Data are not fully comparable with figures published earlier. demand deposits of individuals, partnerships, sions. Deposits in this category have risen and corporations, accounted for more than steadily in recent years, irrespective of the one-half of the total dollar increase in these level of economic activity. Accounts of deposits during the year. Individuals also manufacturing and mining firms were al- apparently added substantial amounts to most unchanged from a year ago, although their holdings of liquid assets in other forms. industrial output was up 5 per cent. This While currency outside banks remained about may reflect a lag in making necessary finan- unchanged, the aggregate volume of time decial adjustments to a higher level of activity, posits, savings and loan shares, and United since business borrowing has been substantial States Government savings bonds, forms of recently, after having shown no marked liquid assets held mostly by individuals, rose growth through the end of 1954. It may 9.5 billion dollars in 1954. also indicate somewhat more efficient utiliza- A decline of 2.3 per cent in the deposits tion of balances, since the rate of turnover of farmers, including a small volume of balof demand deposits rose moderately over the ances held by corporate farming enterprises, past year. Deposits of construction firms, for was the only significant decline for an ownerwhich separate reporting was instituted a ship category. Substantial declines were reyear ago, increased only nominally, notwith- ported in the Philadelphia, Atlanta, and Chistanding a substantial expansion in the level cago districts and sharp increases in the New of construction activity. Retail and whole- York and San Francisco districts. Estimates sale trade deposits were up 3 per cent, per- of changes in deposit holdings within dis- 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS TABLE 2 tricts, even for major ownership categories, however, should be interpreted with caution, PERCENTAGE CHANGES IN DEMAND DEPOSITS OF SELECTED HOLDERS, BY FEDERAL RESERVE DISTRICT since the margin of error of these estimates JANUARY 30, 1954 TO JANUARY 31, 1955 is significantly greater than is that of the Non- national estimates. Federal Reserve All financial Farm- Perdistrict holders busi- ing sonal Other accounts. Demand deposits of nonness profit associations rose nearly 7 per cent in All districts +4.6 +2.0 - 2.3 + 9.1 the year ending January 31, 1955. As has Boston +6.1 +3.6 ~ 2.2 + 10.4 N Ph e i w la d Y e o lp rk hia + + 4 5 . . 0 3 + -0 0 . . 2 3 + -1 1 3 0 . . 2 7 + + 1 1 7 4 . . 2 3 been the case in other postwar years, the rate Cleveland + 1.1 -4.2 - 2.3 + 9.3 of growth in these accounts was above the Richmond +5.0 +4.2 - 0.8 + 6.6 Atlanta +4.6 +1.5 -14.3 + 8.5 average for all deposit ownership groups. Chicago +3.3 + -11 .7 + 6.2 Aggregate demand deposits of trust funds St. Louis + 1.7 +0.5 + 0.9 + 2.4 Minneapolis +4.1 + 18 - 2.2 + 4.4 of banks declined slightly. Foreign accounts Kansas City +3.8 +5.2 - 2.1 t 4.7 in the New York District, an estimated 90 Dallas " +6.4 +7.6 + 2.7 5.3 San Francisco +9.9 +9.7 + 8.8 + 9.9 per cent of these deposits, were unchanged. JUNE 1955 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK MERGERS AND CONSOLIDATIONS1 It is our understanding that one of the years have decided to merge or consolidate purposes of these hearings is to explore pos- have varied widely. However, we undersible legislative measures for restricting the stand that frequently the reasons have been development of monopolistic tendencies in the favorable prices at which the smaller the banking field. banks may be purchased, the desire by large According to our information, a total of city banks for banking outlets in suburban 100 bank mergers, consolidations, and ab- areas, and the need for stronger successor sorptions took place in 1952, the largest management in the case of many relatively yearly number since 1939. The number small banks. grew to 116 in 1953 and 207 in 1954. For Whatever the cause, the current trend in the first four months of 1955, the figure was bank mergers and consolidations is a matter 81, indicating that, if growth continues at which deserves careful consideration and one the same rate, this year's total may reach to which the Board of Governors has given around 240. Since 1933, the merger move- a great deal of thought in recent months. ment has been the major factor in the grad- Before indicating the views of the Board reual decline in the total number of banks. garding this problem, it may be helpful to This is in contrast with the 10-year period describe briefly the nature of the Board's rejust prior to 1933 when bank suspensions sponsibilities and experience in this general were more numerous than mergers and were field under existing provisions of law. the major factor in reducing the number of commercial banks by about one-half. PRESENT RESPONSIBILITIES OF THE In general, consolidations have taken place FEDERAL RESERVE between relatively small banks or through At present the Board is vested with the absorption of small banks by much larger authority to enforce the provisions of the banks. In the five-year period from 1950 to Clayton Antitrust Act where applicable to 1954, both inclusive, there was a decrease of banks. Section 7 of that Act prohibits any 598 banks as the result of mergers, con- corporation from acquiring the stock of solidations, and absorptions. Of this num- other corporations engaged in commerce ber 274 were absorbed by large banks having where, in any line of commerce in any sectotal assets of 100 million dollars or more; tion of the country, the effect may be suband of the banks so absorbed 153 had total stantially to lessen competition or tend to assets of less than 10 million, 88 had assets create a monopoly. However, as far as of from 10 million to 50 million, and 33 had banks are concerned, this section applies only assets of more than 50 million. to acquisitions of stock. It does not apply to The reasons for which banks in recent acquisitions of bank assets and does not 1 Statement by Chairman Martin of the Board of Governors cover bank mergers and consolidations. of the Federal Reserve System before the Antitrust Sub- National banks and State banks which are committee of the Committee on the Judiciary of the House members of the Federal Reserve System are of Representatives on June 13, 1955. 642 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK MERGERS AND CONSOLIDATIONS prohibited from purchasing corporate stocks pany controls a bank which is a member of and many States similarly prohibit stock pur- the Federal Reserve System and wishes to chases by State banks. Consequently, this vote its stock in that bank, it must first obprovision of the Clayton Act as presently in tain from the Board a voting permit and force is of little significance as applied to comply with certain requirements and conbanks. As a practical matter, it applies only ditions. However, this lav/ does not prevent where a nonbanking corporation—a bank or limit the acquisition of bank stocks by holding company—acquires the stock of holding companies and does not effectively banks. restrict the ability of such companies to ex- In only one case has the Board instituted pand the number of banks controlled by proceedings under the Clayton Act. This them. Bills to provide more effective reguproceeding was brought because of the ac- lation of bank holding companies have been quisition over the years of numerous banks under consideration for some years and the by Transamerica Corporation in the States latest such bill has recently been reported of California, Oregon, Washington, Arizona by the House Banking and Currency Comand Nevada. After extensive hearings, in mittee. Under that bill, a bank holding which it was shown that Transamerica banks company would be required to obtain the had 40 per cent of all bank offices in the five- prior consent of the Board of Governors be- State area and held 40 per cent of all deposits fore acquiring additional bank stocks and, in that area, the Board entered an order re- in determining whether to give its consent, quiring Transamerica to dispose of its stock the Board would be required to consider holdings in all but one of these banks. Upon certain factors including the effect of the review of this matter, the United States proposed acquisition upon the preservation Court of Appeals for the Third Circuit set of competition in the field of banking. aside the Board's order, holding that there Other provisions of existing law which had not been a determination of the five- vest limited authority in this general field in State area as the effective area of competition the bank supervisory agencies are those of and that there was insufficient evidence of Section 18(c) of the Federal Deposit Incompetition or lessening of competition be- surance Act. Under that section, the Board, tween the banks which had been acquired the Comptroller of the Currency, and the by Transamerica. Petition for certiorari was Federal Deposit Insurance Corporation, in denied by the United States Supreme Court. their respective areas of authority, are re- Apart from the Clayton Act, the Board quired to pass in advance upon mergers and has other functions under present law which consolidations of banks, but only in cases in involve consideration of the competitive which the capital stock or surplus of the aspects of banking and possible tendencies resulting bank will be less than the aggregate toward monopoly in the banking field, al- capital stock or aggregate surplus, respecthough such considerations are not specif- tively, of the banks involved. It should be ically mentioned in the law itself. emphasized that, in view of the limited na- In the first place, under legislation enacted ture of this authority, many mergers and in 1933, the Board exercises some, although consolidations do not have to be passed upon not extensive, functions with respect to bank in advance by any Federal bank supervisory holding companies. If a bank holding com- agency. Of course, there are other statutes JUNE 1955 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK MERGERS AND CONSOLIDATIONS which require the Comptroller to act in the competitive advantage in relation to other case of national banks. A notable recent banks in the area involved. The Federal example was the merger of The Chase Na- Reserve Banks likewise consider the comtional Bank and the Bank of the Manhattan petitive factors in transmitting to the Board Company of New York City where the applications for approval of mergers and capital and surplus of the resulting bank consolidations and for voting permits of were such that prior approval of the merger bank holding companies. was not required under Section 18 (c). At the same time, it is important to bear Still other provisions of existing law re- in mind that lessening of competition and quire the advance approval of the establish- tendency toward monopoly are not the only ment of branches by national banks, State factors which must be considered in conmember banks, and nonmember insured nection with various banking transactions inbanks by the Comptroller of the Currency, cluding mergers and consolidations. There the Board of Governors, and the Federal are other factors which also have an impor- Deposit Insurance Corporation, respectively. tant bearing upon the public interest and Although many mergers and consolidations which must be taken into account in such do not as such require prior approval, it is cases, such as the adequacy of a bank's capital frequently the case that a merger or con- structure, the competency of its managesolidation involves the acquisition of one or ment, its future earnings prospects, and the more branches by the resulting bank; and needs of the community. The Board must, in cases where the resulting bank is a State of course, give proper weight to these facmember bank, the acquisition of such tors in discharging its functions under the branches must be approved by the Board. law; and it is understood that similar fac- The Chase-Manhattan merger was a situ- tors are considered by the Comptroller of ation of this kind. While the merger itself the Currency and the Federal Deposit Inwas not required to be approved by the surance Corporation in performing their Board, it was necessary for the Board to pass respective statutory responsibilities. There upon the establishment as branches of the have been in the past and there can well be resulting institution of the offices previously in the future instances in which the over-all operated as branches of The Chase National public interest would clearly be served by a merger or consolidation even though it may Bank. incidentally tend to lessen competition. Having in mind the policy of Congress as evidenced in the antitrust laws, the Board of It should also be borne in mind that, Governors, in passing on the types of trans- in the light of existing provisions of Fedactions above mentioned, considers the pos- eral lav/ relating to bank mergers and consible existence of any undue lessening of solidations, Congress has apparently concompetition among banks. In transmitting templated that not all such mergers and to the Board applications for branches of consolidations are objectionable but, on the State member banks, the Federal Reserve contrary, that there may be many such trans- Banks are expected to consider whether the actions which, subject to supervisory apestablishment of a particular branch will proval, are justified and desirable in the tend to create a monopoly or an undesirable public interest. 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK MERGERS AND CONSOLIDATIONS PENDING PROPOSALS these proposals would require the banking agencies to consider, among other factors, Various proposals have recently been made whether the proposed transaction would unin Congress for the purpose of providing duly lessen competition or tend unduly to such measures of restraint as may be necescreate a monopoly. Another such proposal sary to prevent monopolistic tendencies as would make it mandatory upon the approthe result of bank mergers and consolidapriate bank supervisory agency to refuse its tions. consent to any proposed bank merger or One of these proposals is represented by consolidation if its effect would be substanthe bill H.R. 5948 which is pending before tially to lessen competition or tend to create this Committee. That bill would amend a monopoly. Section 7 of the Clayton Act to make it applicable, not only to acquisitions of bank ENFORCEMENT AUTHORITY UNDER THE stocks, but also to the acquisition of bank CLAYTON ACT assets where the effect of such acquisition may be substantially to lessen competition The Board feels that Section 7 of the or to tend to create a monopoly. Another Clayton Antitrust Act in its present form is proposal now pending in the Senate along not an appropriate and practical means of the same lines, although in somewhat dif- controlling or restricting monopolistic tendferent form, would amend Section 7 of the encies in the banking field. This view is Clayton Act to cover acquisitions of bank based not only on the result of the Transassets but would farther provide that, if any america proceeding but more particularly on of the banks involved have capital, surplus, the fact that the present law applies only and undivided profits aggregating more to acquisitions of bank stocks and not to than 1 million dollars, the transaction could mergers and consolidations and upon the not be consummated until 90 days after ad- fact that more effective control in this matvance notice to the Attorney General and the ter, the Board believes, can be obtained Federal Trade Commission. Under this pro- through a requirement of advance approval posal the failure of the Attorney General or by some Government agency of all mergers the Trade Commission to interpose objection and consolidations of banks. to the proposed transaction within the 90- The Board favors the general objective of day period would not constitute a bar to the recent proposals to amend Section 7 of the subsequent initiation of any proceedings Clayton Act to make it applicable to acwith respect to the transaction under any quisitions of bank assets. However, these provisions of law. proposals would leave unchanged those pro- Other proposals on this subject would fol- visions of the Clayton Act which now vest low the approach of amending Section 18 (c) in the Board of Governors authority to of the Federal Deposit Insurance Act so as enforce the provisions of Section 7 where to make the prior consent of the bank super- applicable to banks, banking associations, visory agencies necessary in all cases of bank and trust companies. As previously inmergers and consolidations, whether or not dicated, that authority is now limited by the capital or surplus of the resulting bank reason of the law's applicability only to is less than the capital or surplus, respec- acquisitions of stock. Under the present protively, of the banks involved. One of posals to amend the Clayton Act, the Board's JUNE 1955 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK MERGERS AND CONSOLIDATIONS responsibilities would extend to all types of the courts to prevent and restrain any violabank mergers and consolidations, whether tions of that Act. It would be the Board's carried out under Federal or State statutes proposal to vest in the Attorney General exor effectuated through purchases of assets or clusive authority for the enforcement of all assumption of liabilities. This would result aspects of Section 7 of the Clayton Act rein a substantial enlargement of the Board's lating to banks. responsibilities in the antitrust field; and the Board would be called upon to consider the ADVANCE CONSIDERATION OF MERGERS competitive or monopolistic aspects of all AND CONSOLIDATIONS such transactions, even though they had pre- At the same time, the Board believes that viously been approved by the other bank the possible competitive and monopolistic supervisory agencies, the Comptroller of the effects of bank mergers and consolidations Currency and the Federal Deposit Insurance should not be left solely for after-the-fact Corporation, after consideration by those consideration, but that there should be an agencies of other aspects of the particular opportunity to consider this matter in adtransactions. vance in each particular case. The principal responsibilities and functions As previously indicated, the three Federal of the System lie in the fields of monetary bank supervisory agencies under Section and credit regulation and bank supervision. 18(c) of the Federal Deposit Insurance Act The prosecuting and adiudicatory functions are now required to pass in advance upon incident to the enforcement of the antitrust mergers and consolidations of banks where laws are only indirectly related to the Board's the capital or surplus of the resulting bank principal responsibilities. Such functions are will be less than the aggregate capital or of a character quite different from the adsurplus of the merging banks. It is the ministrative functions normally exercised by the Board in passing in advance upon par- Board's opinion that the objectives of legisticular transactions in the bank supervisory lation on this subject would be more effecfield. In other words, the enforcement of tively accomplished if this requirement were the antitrust laws and the function of bank extended to apply to all bank mergers and supervision represent, we believe, different consolidations, whether or not they result in spheres of governmental operation. a diminution of capital or surplus. This In the circumstances, the Board recom- might be done either by amending the promends that the enforcement of the provisions visions of the Federal Deposit Insurance Act of Section 7 of the Clayton Act relating to or by an appropriate amendment to the the acquisition either of the stocks or assets Clayton Act, which would require the prior of banks should not be vested in the Board. approval of any bank merger or consolida- At present the Attorney General, under Sec- tion by the Comptroller of the Currency, the tion 15 of the Clayton Act, has a concurrent Board of Governors of the Federal Reserve jurisdiction with the Board in the enforce- System, or the Federal Deposit Insurance ment of the provisions of that Act insofar Corporation, depending upon whether the as they relate to banks. He is vested with resulting bank will be a national bank, a authority to direct the various United States State member bank, or a nonmember insured District Attorneys to institute proceedings in bank. 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK MERGERS AND CONSOLIDATIONS In addition, however, the Board would phrase "substantially to lessen competition recommend a further provision in order to or to tend tp create a monopoly." The Board require due consideration of the possible would suggest that in any bill relating to monopolistic effects of bank mergers and bank mergers or consolidations the test consolidations. Each of the bank super- should be whether the transaction would visory agencies should be authorized in its "unduly" lessen competition or "unduly" tend to create a monopoly. If there were a discretion to request the views of the Attown in which there were only three or four torney General in any particular case coming banks and there were a merger between two before it, if the banking agency feels that of them, it seems possible or likely that there there is a substantial question as to whether would be a substantial lessening of bank comthe proposed merger or consolidation would petition, but it might well be that the merger bring about an undue lessening of competiwas desirable or necessary in the public intion or tendency to monopoly. If the Atterest because of other reasons. The use of torney General should then indicate his view the word "unduly" instead of "substantially" that the proposed transaction would have would permit such a desirable merger to take such a monopolistic effect, the Bank superplace. visory agency would be precluded from It is the Board's belief that legislation along" giving its consent to the merger or consolithe lines here suggested—transfer to the Atdation in question. However, it should be torney General of exclusive jurisdiction for clearly provided that, if the Attorney Genenforcement of Section 7 of the Clayton Act eral has not been previously consulted by the with respect to banks and provision for prior appropriate bank supervisory agency and has approval by the banking agencies of all bank not indicated an absence of objection on his mergers and consolidations as outlined above part, he would continue to have full author- —would provide effective safeguards against ity to institute proceedings under the Claythe development of undue monopolistic ton Act, if he should deem it desirable, with tendencies in the banking field and, at the respect to any situation resulting from the same time, continue in the bank supervisory particular merger or consolidation. agencies, in accordance with the pattern of There is one other point we would like to present law, responsibility for consideration mention. Existing law as well as some of of all the ordinary banking aspects of the proposals under consideration use the mergers and consolidations. JUNE 1955 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new'regulations issued by the Board of Governors, and other similar material Withdrawal from "Savings Deposit" Although the footnotes to the amendments state Not Evidenced by a Pass Book that "Payment may be made to the depositor over the counter, through the mails or otherwise," The Board recently received an inquiry concernin the situation presented by the inquiry payment ing the recent identical amendments to the definitions of "savings deposit" in section 1 (e) of would not be made "to the depositor," but rather Regulation D and section l(e) of Regulation Q, to a third party. The footnotes merely explain effective May 16, 1955 (20 Federal Register 3305). that the depositor would not necessarily have to go to the bank in person to make a withdrawal. For The question was whether such amendments example, it would be permissible for the bank to would permit a bank that maintained for its customer a "savings deposit5' evidenced by a written make payment to the depositor by mailing him a receipt or agreement although not by a pass book, check, or it would be permissible for the depositor to pay a check against such a deposit drawn by to send a messenger to the bank and for the bank the depositor payable to a third party, where the to deliver to the messenger a check payable to the depositor was required by the deposit agreement to depositor. give 30 days' advance written notice of with- Whether the particular deposit agreement is drawal. The Board replied that it would not be one with respect to which the bank merely repermissible for the bank to pay the check and con- serves the right to require 30 days' advance written tinue to classify the account as a "savings deposit." notice of withdrawal or is one which specifically The amendments in question require that with- requires 30 days' advance written notice of withdrawals may be made "only through payment drawal, payment in the manner contemplated by to the depositor himself but not to any other per- the inquiry would not be in conformity with the.-, son whether or not acting for the depositor." amendments in question. 648 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Appointment of Class G Director Admissions of State Banks to Membership in the Federal Reserve System On May 25, 1955, the Board of Governors announced the appointment of Mr. Philip I. Welk, The following State banks v/ere admitted to mem- President, Preston-Shafier Milling Company, Waila bership in the Federal Reserve System during the Walla, Washington, as a Class C director of the period April 16, 1955 to May 15, 1955: Federal Reserve Bank of San Francisco for the California term ending December 31, 1957. Mr. Welk had been serving as a Board appointed director of the East Los Angeles, Garneld Commercial & Savings Portland Branch of the Federal Reserve Bank of Bank. San Francisco since January 1, 1954. He succeeded Illinois Mr. Harry R. Well man, Vice President, Agricul- Cerro Gordo, State Bank of Ccrro Gordo. tural Sciences, University of California, Berkeley, California, whose term expired. Virginia Appointments of Branch Directors Cambria, Cambria Bank, Incorporated. On May 24, 1955, the Board of Governors an- Tables Published Annually and Semiannually, with nounced the appointment of Mr. Ray Reynolds, Latest BULETIN Reference who is engaged in cattle feeding and farming at Semiannually Issue Page Longmont, Colorado, as a director of the Denver Banking offices: Analysis of changes in number of.,. Fcb, 1955 20S Branch of the Federal Reserve Bank of Kansas City On, and not on, Federal Reserve Par for the term ending December 31, 1956. Mr. List, number of Feb. 1955 209. Reynolds succeeded Mr. G. Norman Winder, a Annually rancher at Craig, Colorado, whose term expired. Earnings and expenses: Federal Reserve Banks Feb. 1955 2G6--207 On May 27, 1955, the Board of Governors an- Member banks : Calendar year May 1955 564-572: nounced the appointment of Mr. G. Ted Cameron, First half of year Oct. 1954 Ills Insured commercial banks May 1955 573 President, Cameron Feed Mills, North Little Rock, Banks and branches, number of, by class and State Apr. 1955 430-431 Arkansas, as a director of the Little Rock Branch Operating ratios, member banks Jim. 1955 712-714 of the Federal Reserve Bank of St. Louis for the Hanking and monetary statistics, 1954 |^eb- |£5j! 574I577 term ending December 31, 1956. Mr. Cameron succeeded Mr. Sam B. Strauss, President, Pfeifers of Arkansas, Little Rock, Arkansas, who resigned. JUNE 1955 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication June 1 5 ] Industrial production and construction activity Nondurable goods production increased in May reached new record levels in May, and retail sales to 126 per cent of the 1947-49 average. Output of continued at their April high. Employment and textiles and apparel advanced somewhat further incomes expanded further, and unemployment de- following substantial gains in March and April, clined. Average prices continued to change little and steady expansion continued in the chemical in both wholesale and retail markets. Bank loans and paper industries. Minerals output was mainand other types of private credit increased further. tained at high levels, with crude oil output down moderately from earlier peaks and bituminous coal INDUSTRIAL PRODUCTION production up further. The Board's seasonally adjusted index of industrial production rose twro points further in May to CONSTRUCTION a new record of 138 per cent of the 1947-49 aver- Value of new construction in May increased age, one point above the previous peak reached in slightly further to a record seasonally adjusted an- May and July 1953. Activity in durable goods nual rate of more than 42 billion dollars—oneindustries in May was only moderately below mid- eighth larger than a year earlier. Value of con- 1953 despite sharply lower defense production. tract awards declined slightly from the record April Output of nondurable goods was at a new high, total but was more than one-eighth larger than in about 2 per cent above the level of two years ago. May 1954. The seasonally adjusted annual rate of Further increase in. durable goods output re- nonfarm housing starts was 1.3 million, about the flected continued gains in producers' equipment, same as in April but lower than in the first quarter. household goods, metals and building materials. EMPLOYMENT Auto assembly held steady in May at record levels, after seasonal allowances; in early June output by Employment (seasonally adjusted) in nonagritwo major auto producers was curtailed owing to cultural establishments in May increased 300,000 sporadic work stoppages. Steel production reached to 49.2 million, about 1 million above a year ago. a new high in May, with operations at almost 97 Both manufacturing and nonmanufacturing emper cent of January 1, 1955 rated capacity, and ployment showed important gains. The average changed little in early June. work-week at factories in May increased to 40.7 INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED Millions of dollars I,:/,..', — . L :__!.:_ - ^,._,:j.i -i!._!.. _. •_•_: ,v,~: 100 MINfcKALJ) r,V I 1." ••~W L" U(jAi.LLJ_- :-J-!-L LL LJ., j 0 1952 1953 1954 1955 Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for May. Monthly figures, latest shown are for May. 650 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS hours—1.4 hours above a year ago. Average hourly cultural loans declined, largely reflecting reduced earnings continued to edge up and average weekly bank holdings of CCC certificates. Bank acquisiearnings reached a new high of $76.11, which was tions of new Treasury notes in mid-May were aboul; $5.00 or 7 per cent above the level of a year less than reductions in holdings of other U. S. ago. Unemployment declined 500,000—much more Government issues including exchanges and cash than seasonally—and at 2.5 million was 800,000 redemptions of maturing certificates. below the level of a year ago. In late May and early June, member bank borrowings from the Federal Reserve averaged around DISTRIBUTION 450 million dollars and were about 50 million less Department: store sales in May and early June than excess reserves. Reserve positions had eased were near their advanced April rate, alter allow- temporarily in mid-May but subsequently tightance for the usual seasonal changes. Total retail ened due largely to holiday and month-end cursales in May were maintained at their April peak— rency outflows and to increases in Treasury deposits about 8 per cent above a year ago. New car sales at the Reserve Banks. The Federal Reserve made continued at very high levels, 38 per cent above a some purchases and sales of U. S. Government year ago, and used car sales advanced further. securities, both outright and under repurchase Dealers' stocks of new autos rose somewhat tur- agreement, during May but at the month-end Systher in May. tem holdings approximated their March and April COMMODITY PRICES level. SECURITY MARKETS The general level OL wholesale commodity prices continued to change little from mid-May to mid- Yields on intermediate Treasury issues were gen- June. Hog and pork prices advanced consider- erally stable to slightly higher between mid-May ably as marketings declined more than seasonally. and mid-June. Yields on the two longest Govern- Cattle marketings continued large and steer prices ment bond maturities edged slightly lower, howremained at the reduced levels reached in May. ever, and the bid yield on 90-day Treasury bills, Winter wheat prices dropped to the lowest level after declining 10 basis points to 1.32 per cent in since last summer, as the new crop approached early June, subsequently recovered and in mid-June harvesting. Prices of coflee advanced, reflecting was near its mid-May level. Common stock prices reduced domestic stocks and improved prospects increased to new record levels in the first part of for the pending price stabilization agreement among June. producing countries. Prices o(: industrial materials generally continued firm. Rubber prices advanced, influenced in part by the outlook for uninterrupted operations in the auto industry. Scrap metals strengthened, following some decline earlier, and some cotton textiles and paper products increased. Wool tops declined, however. While prices of most finished goods were unchanged, woven carpets were raised. BANK CREDIT AND RESERVES Total loans and investments at banks in leading cities changed little between early May and early June. Continued expansion in loans about offset further reductions in bank holdings ol: U. S. Government and other securities. Business, real estate, consumer, and security loans increased, while agri- Federal Reserve data. Weekly figures, latest shown are for June 1. JUNE 1955 651 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 kerns 655-656 Federal Reserve Bank rates; margin requirements; reserve requirements 656-657 Reserves and deposits of member banks 658 Federal Reserve Bank statistics 659-661 Regulation V: guaranteed loans, fees, and rates 661-662 Bank debits and deposit turnover; Postal Savings System 662 Money in circulation 663 Consolidated statement of the monetary system; deposits and currency 664 All banks in the United States, by classes 665-667 All commercial banks in the United States, by classes. .. 668-669 Weekly reporting member banks 670-671 Commercial paper and bankers' acceptances 672 Life insurance companies; savings and loan associations. . 673 Government corporations and credit agencies 674-675 Security prices and brokers' balances .<•• 676 Money market rates; bank rates on business loans; bond and stock yields 677 Treasury finance 678-683 New security issues. . 684 Business finance . 685-686 Real estate credit statistics 687-689 Statistics on short- and intermediate-term consumer credit. . 690-692 Business indexes 693-702 Merchandise exports and imports. . 702 Department store statistics 703-707 Consumer and wholesale prices 708-709 Gross national product, national income, and personal income. . 710-711 Member bank operating ratios, 1954. 712-714 List of tables published in BULLETIN annually or semiannual!?, with references for latest data 649 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. JUNE 1955 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages of daily figures, 1951- Billions of dollars MEMBER BANK RESERVE BALANCES 20 15 I 7 r— , EXCESS RESERVES 1 1 2 0 MONEY SN CIRCULATION TREASURY CASH AND DEPOSITS 1 LMONMEMBER DEPOSITSJ 30 FEDERAL RISERVg CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER - 2 REPURCHASE AGREEMENTS 1 J* ^~. -_A. A . _ r 0 DISCOUNTS AND ADVANCES 2 0 FEDERAL RESERVE FLOAT ;V ^J{ 1949 1950 1951 1952 1953 1954 1955 Latest averages shown are for week ending May 25. See p. 655. 654 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 than member bank Member bank Period U To .S t . a l Go B v o o t u u . g t s - h e t cu u r r H e i n t p e d ie l u e d s r r - c D a o a n u d i d s - n - ts Float o e A r t l h i l - Total s G to o c ld k T r s c o e t u r a u n u e r n r y c t a - - d y s- - M c t c u o i i i o n l n r a n - e - y T h c i u r o n a e r l g s y a d h s s - - T w u r r e e r i y s a th e s r - v F e . F e R b i o g a . r n l - B an a c n O e e k s t r s , h - - O s F e R e a t e r r h c e a d v - e - l - e r To r t e a s l erv q e u R i b r e e - a d la 2 iic c e E e s s x s - 2 right a m g e re n e 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 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 1.9.194 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 82*; 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 25,642 21,966 4,958 29,874 827 452 521 458 878 19,555 18,912 643 June 9 24,960 24,960 170 670 25,802 21,924 4,958 29,928 823 342 549 358 877 19.805 18,885 920 June 16.... 24,955 24,955 142 665 25,764 21,925 4,957 29,870 813 341 549 227 910 19,934 19,043 891 June 23.... 25,018 24,986 32 194 920 26,134 21,926 4,955 29,793 806 757 547 296 998 19,818 18,958 860 June 30 25,113 24,980 133 157 630 25,901 21,926 4,956 29,813 812 1,010 579 384 996 19,188 18,349 839 July 7.... 25,082 25,038 44 71 675 25,829 21,927 4,959 30,066 821 464 588 413 986 19,377 18,419 958 July 14 24,912 24,912 68 710 25,691 21,929 4,958 30,099 811 392 765 359 986 19,166 18.404 762 July 21 24,765 24,765 73 833 25,673 21,931 4,958 29,932 807 499 651 428 983 19,261 18,356 905 July 28.... 24,517 24,517 168 590 25,277 21,924 4,959 29,815 806 551 569 420 963 19,036 18,347 689 Aug. 4 24,325 24,325 175 653 25,154 21,908 4,960 29,890 802 742 526 455 908 18,698 17,666 1,032 Aug. 11 24,040 24,023 '"'17 287 598 24,925 21,901 4,959 29,932 803 584 544 430 905 18,586 17,688 898 Aug. 18. ... 23,980 23,876 104 229 723 24,933 21,858 4,960 29,919 805 558 579 452 914 18,525 17,662 863 Aug. 25. , . . 23,813 23,747 66 178 698 24,690 21,858 4,961 29,850 807 566 557 450 927 18,353 17,627 726 Sept. 1 23,938 23,845 93 185 576 24,699 21,837 4,962 29,887 808 551 465 516 926 18,346 17,603 743 Sept. 8 24,013 23,977 36 147 598 24,759 21,809 4,965 30,046 802 479 518 428 923 18,336 17,556 780 Sept. 15 24,035 24,035 189 714 24,939 21,809 4,967 30,073 795 558 559 432 925 18,373 17,594 779 Sept. 22 23,789 23,789 141 977 24,908 21,810 4,967 29,969 793 446 514 435 934 18,596 17,691 905 Sept. 29 23,868 23,868 191 627 24,687 21,810 4,968 29,888 795 652 511 437 933 18,250 17,663 587 Oct. 6 24,492 24,492 179 667 25,338 21,810 4,971 30,010 793 676 484 452 948 18,756 17,894 862 Oct. 13.... 24,606 24,581 25 259 599 25,465 21,810 4,972 30,143 790 594 466 472 950 18,832 18,201 631 Oct. 20 74,487 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.... 74,464 24,448 16 355 617 1 25,436 21,759 4,976 30,088 806 669 432 472 895 18,810 18,233 577 Nov. 10 24,754 24,745 9 277 669 1 25,701 21,752 4,977 30,206 796 362 423 394 886 19,364 18,244 1,120 Nov. 17.... 24,685 24,685 271 751 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 2 465 724 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 30,885 800 315 443 346 975 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 4,9S4 30,501 804 449 527 413 916 19,263 18,580 683 fan. 12 24,532 24,511 21 504 756 1 25,792 21,713 4,984 30,361 81.4 378 493 409 905 19,130 18,436 694 Jan. 19 24,155 24,128 27 445 881 1 25,482 21,714 4,985 30,079 818 275 516 413 902 19,176 18,383 793 Jan. 26 23,683 23,671 12 453 806 1 24,942 21,714 4,985 29,866 827 272 422 280 901 19,074 18,429 645 Feb. 2 23,852 23,844 8 524 666 125,04-2 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 !8,642 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 2 483 719 1 24,809 21,717 4,995 29,833 817 356 422 358 957 18,779 18,149 630 Mar. 23 23,664 23,604 60 630 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 39 613 656 7 24,918 21,719 4,997 29,831 821 550 344 492 97 (: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 97<;18,868 18,214 654 Apr. 20 23,604 23,604 521 1,031 19 25 1 75 21 670 4 997 29 793 820 4 83 419 454 978 18, 8<>5 18,253 642 Apr. 27 23,604 23,604 544 86.1 21 25!OS! 21',671 4',998 29!686 813 541 367 438 978 18,877 18,260 617 May 4.... 23,666 23,613 53 544 743 17 24,971 21,671 4,999 29,767 815 675 360 443 923 1.8,659 18,201 458 May 11 23,839 23,702 137 374 696 15 24,924 21,671 4,999 29,859 811 280 363 442 920 18.920 18,176 744 May 18 23,687 23,664 23 317 888 1.524,908 '21,672 4,999 29,877 821 3.10 4.17 377 924 18,853 P 18,1.99 P654 May 25 23,513 23,513 427 880 14 24,834 21,673 4,999 29,826 818 437 394 421 937 18,673 r'l 8,173 *>500 Monthly: 1954-May. . 24,689 24,680 9 172 640 1 25,503 21,971 4,954 29,773 830 486 531 412 864 19,533 18,817 716 June.. 24,998 24,960 38 166 710 1 25,876 21,927 4,956 29,856 815 602 553 321 941 19,670 18,813 857 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 1 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-Jan... 24,200 24,182 18 444 805 1 25,449 21,714 4,985 30,110 819 341 477 383 903 19,114 18,432 682 Feb... 23,838 23,787 51 473 710 1 25,021 21,715 4,990 29,784 826 477 420 473 927 18,819 18,195 624 Mar.. . 23,619 23,604 15 566 804 1 24,989 21,718 4,996 29,790 823 690 363 442 960 18,635 18,050 585 Apr. . .23,632 23,604 28 585 838 16 25,070 21,680 4,997 29,807 816 501 370 481 973 18,800 18,210 590 May. . 23,666 23,617 49 445 798 15 24,924 21,673 4,999 29,861 818 421 389 432 928 18,746 ^Preliminary. For footnotes see following page. JUNE 1955 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Con tinned [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u r r e y as- Money Treas- w re it s h e r F ve . 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 r i t o e d Total B r o o i u g u h t g - h t t a u r c H g e h n p r e a d e l u s e d e e r r - - v c D a o a a n u n d is c n d - - e t s s Float o A t l h l - Total s G t o o l c d k s r o c t e i a u n u n n r g t c - - d y - c t c u i i i o n l r a n - - h c i u n o a r l g s d y h s - T p u o d r r s e e y i a - t s s - p F e o d i o g s e r i - n t - s O d e t e r h - - c s o e R e a r u e r c a n v - - l t e s Total qu R ir e e - d2 c E es x s - * ment its Midyear or year-end: 1929—June. 216 148 68 1,037 52 1,400 ,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 2,220 ,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec. 2,484 2,484 7 91 2,593 ,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 2,361 ,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec.24,262 24,262 249 578 25,091 ,065 4,339 2288,515 2,287 977 862 446 495 15,915 14,457 1,458 1947—Dec.22,559 22,559 85 535 23,181 ,754 4,56228,868 1,336 870 392 569 56317,899 16,400 1,499 1949—Dec.18,885 18,885 78 534 19,499 24427 4,598 27,600 1,312 821 767 750 70616,568 15.550J 1,018 1950—Dec.20,778 20,725 53 67 1,368 22,216 221706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1951—Dec.23,801 23,605 196 19 1.184 25,009 22,695 4,709 29,206 1,270 247 526 363 746 20,056 19,667 389 1952—Dec.24,697 24,034 663 156 967 25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—June.24,746 24,718 28 64 601 25,414 22,463 4,854 3—0 .125 1,259 132 527 176 95119,561 19,459 102 Dec.25,916 25,318 598 28 935 26,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 End of month: 1954 May 24,812 24,812 245 723 25,78121,973 4,95729,870 820 408 527 645 87819,563 18,891 672 June 25,037 25,037 37 567 25,64221,927 4.959 29,922 811 875 545 377 98819,011 18,412 599 July 24,325 24,325 184 672 25| 183 21,908 4.960 29,892 798 716 533 503 90818,702 17,763 939 Aug... 24,023 23,894 129 200 473 24,696 21,809 4,966 29,929 811 511 477 501 92518,316 17,572 744 Sept 24,270 24,270 132 779 25,183 21,810 4,97229.985 786 704 461 422 93118,676 17,724 952 Oct 24,381 24,381 297 721 25,401 21,759 4,97730,074 806 729 426 496 88418,722 18,251 471 Nov 24,888 24,888 398 657 25,944 21,710 4,98230,500 800 694 397 381 88018,985 18,467 518 Dec 24,932 24,888 143 808 25,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955 Jan 23,885 23,882 475 600 24,960 21,714 4,989 29,789 837 360 441 89918,918 18,337 581 Feb 23,605 23,605 485 678 24,769 21,716 4,99629,817 828 564 320 433 95718,562 18,091 471 Mar 23,612 23,604 391 659 24,667 21,719 4, ,800 724 351 448 95918,283 17,871 412 Apr 23.612 23,604 560 799 24,988 21.671 4,99929.769 809 812 360 92318,495 18,161 334 May 23,662 23,662 460 643 24,780 P21,674 30,008 P828 649 402 413 93618,221 P18,010 Wednesday 1M55 Mar. 2 23,604 23,604 385 823 24,813 21,716 4,99529,776 835 589 329 486 95518,555 18,113 442 Mar. 9 23,604 23,604 488 621 24,714 21,717 4,99529,816 827 500 392 417 95318,521 18,002 519 Mar. 16. . . .23,604 23,604 369 1,028 21,717 4,99529,801 822 185 336 246 96519,360 18,313 1,047 Mar. 23 23,604 23,604 535 763 24,904 21,718 4,99529,719 833 755 351 406 96418,588 18,085 503 Mar. 30 23,604 23,604 691 552 24,848 21,719 4,99729,738 829 851 356 437 96418,388 17,876 512 Apr. 6.... 23,644 23,604 707 645 25,01121,719 4,99729,900 817 443 351 445 97918,791 18,200 591 Apr. 13 23,641 23,604 637 680 24,97721,670 4,99729,841 826 365 381 410 97918,841 18,230 611 Apr. 20.... 23,604 23,604 569 793 24,98621.670 4,99729,714 818 503 408 422 97818,8.10 18,258 552 Apr. 27 23,604 23,604 486 746 24,85721,671 ,657 820 623 384 97818,654 18,280 374 May 4 23,782 23,664 118 720 706 25,22521,671 000 29,782 820 458 357 434 92119,123 18,242 881 May 11 23.758 23,702 56 365 642 24,7792.1,672 ,842 819 383 388 420 92018,677 18,176 501 May 1.8 23.612 23.612 324 950 24,902 21,673 999 29,826 825 392 407 307 93718,879^18,291 P588 May 25.... 23.51.3 23,513 543 682 24,75321,674 999 29,789 824 415 406 93718,642 P18.146 P496 'Preliminary. 1 Includes industrial loans and acceptances, which are shown separately in subsequent tables. 2These figures are estimated. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS 1 [Per cent per annum] [Per cent of market value] Nov. 1, 1933-Feb. 1, 1935- Effective Feb. 20, Jan. 4, Effec- Jan. 31. 1935Dec 31, 1935 Jan. 1,1936 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1955 1955 1955 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months.... and dealers on listed securities 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, 504 and Annual Report for 1948, p. 77, and 1953, p. 76. 656 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Federal Reserve Bank a A o d d b v v l a i a 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 t i v s b ) 1 e le o r f n p m a a n e p d n e t r Other [ s S e e c c u . r e 1 d 0 (b ad )J vances b o a b n l ( i k l g a s a s t s t 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 U 3 i ) r . e S ct . Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous May 31 beginning- rate May 31 beginning— rate May 31 beginning— rate Boston Apr. 15,1955 Apr. 15,1955 2 Apr. 15, 1955 New York Apr. 15,1955 Apr. 15,1955 2 Jan. 16, 1953 Philadelphia. . Apr. 22,1955 Apr. 22,1955 2 Apr. 22, .1955 Cleveland Apr. 15,1955 Apr. 15,1955 2 Aug. 17, 1953 Richmond Apr. 15,1955 Apr. 15,1955 2 Ian. 23, 1953 Atlanta May 2,1955 May 2,1955 2 Feb. 9, 1954 Chicago Apr. 22,1955 Apr. 22,1955 2 Apr. 22, 1955 St. Louis Apr. 15,1955 Apr. 15,1955 2 May 18, 1953 Minneapolis. . Apr. 15,1955 Apr. 15,1955 2 Jan. 26, 1953 Kansas City. . Apr. 14,1955 Feb. 12,1954 2V* Apr. 14, 1955 Dallas Apr. 15,1955 Apr. 15,1955 Apr. 15, 1955 San Francisco Apr. 22,1955 Apr. 22,1955 2 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 corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS MEMBER BANK RESERVE REQUIREMENTS AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT [Per cent of depot-its] Maturities not exceeding five years Net demand deposits1 [In effect May 31. Per cent per annum] Time deposits Effective date Central (all To c b o i u n m s d i m u n s e e t s r r s c i e a ia s l l or To financing institutions of change r b e c a s i e n t r y k v s e 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 k b s e ) r 1917—June 21. 13 10 R F B e e d s a e e n r r k v a e l On p d u i r s c c h o a u s n e t s s or 1 1 9 9 3 3 6 7 — — A M u a g r . . 1 1 6 . . 2 1 2 9 % ^ a15* t n o y y , On On On May 1. 26 14 loansl co m m e m nt i s t- fo P r o w rti h o i n ch Re- c m om en m ts it- 1938—Apr. 16. 22M 12 institu- maining 1941—Nov. 1. 26 20 14 tion is portion 1942—Aug. 20. 24 obligated Sept. 14. 22 Oct. 3. 20 1948—Feb. 27. 22 Boston 09 June 11. 24 New York 09 Sept. 16. 16 373, Philadelphia 09 Sept. 24. 26 22 371, C R l i e c v h e m la o n n d d 0 0 9 9 1949—May 1. 15 27 Atlanta May 5. 24 21 37 Chicago June 30. 20 a 6 St. Louis 09 July 1. 14 26 Minneapolis.... 09 Aug. 1. 13 Kansas City 09 Aug. 11. 35 Dallas 09 Aug. 16. 12 25 San Francisco... 09 Aug. 18. 23 19 Aug. 25. 22 18 Sept. 1. 22 18 2 3 1 R R In a a c t t e l e u d c c h i h n a a g r r g g l e o e 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 c m ip m a 4 t R i i t o m a n t e e w nt c i t h h r a a r f t g i e n e . a d n c b in o g rr o i w ns e t r i tu b t u i t o n n s o . t 1951— J J J a a a n n n . . . 2 1 1 5 6 1 . . . 2 2 4 3 '2 1 6 9 ' 13 3 26 6 to exceed 1 per cent above the discount rate. Feb. 1. 14 5Charge of ^ per cent per annum is made on undisbursed portion of loan. 1953—July 1 13 6Charge of 34 per cent per annum is made on undisbursed portion July 9 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 June 1, 1955*. 20 18 12 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2Requirement became effective at country banks. 3Requirement became effective at central reserve and reserve city banks. * Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. JUNE 1955 657 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—February 19,557 4,652 1,269 7,825 5,811 1954—February 632 8 83 548 March 19,573 4,725 1,267 7,767 5,815 March 692 38 83 563 April 19,392 4,693 1,221 7,739 5,740 April 765 66 11 148 541 1955—February... . 18,819 4,380 ,183 7,726 .5,531 1955—February 625 30 79 516 March 18,635 4,394 ,141 7,623 5,476 March 585 21 '-2 62 505 April 18,800 4,445 ,122 7,747 5,486 April 590 4 74 513 Apr. 20 18.895 4,425 ,145 7,776 5,549 Apr. 20 642 11 68 563 Apr. 27 18,877 4,489 ,137 7,751 5,500 Apr. 27 617 43 -1 65 510 May 4 18,659 4,402 ,138 7,724 5,394 May 4 460 -29 70 419 May 11 18,920 4,436 ,142 7,754 5,588 May 11 746 50 102 589 May 18 18,853 4,427 ,152 7,782 5,492 May 18 P655 50 7 96 *>502 May 25 18,673 4,403 1,138 7,716 5,417 May 25 5 -1 61 P433 Borrowings at Federal Required reserves:1 2 Reserve Banks: 1954—February 18,925 4,645 1,276 7,742 5,262 1954—February 293 36 46 148 63 March 18,881 4,687 1,259 7,684 5,252 March 189 16 29 79 65 April 18,627 4,627 1,210 7,591 5,199 April 139 9 71 59 1955—February 18,195 4,350 1,183 7,646 5,015 1955—February 354 50 38 189 77 March 18,050 4,373 1,143 7,561 4,971 March 464 18 132 213 101 April 18,210 4,442 1,122 7,673 4,973 April 495 27 125 229 114 Apr. 20 18,253 4,415 1,145 7,707 4,986 Apr. 20 426 29 53 233 111 Apr. 27 18,260 4,446 1 ,138 7,686 4,990 Apr. 27 462 16 93 239 114 May 4 18,201 4,432 1,139 7,655 4,975 May 4 464 18 52 280 114 May 11 18,176 4,387 1,137 7,653 4,999 May 11 289 18 160 111 May 18 ^18.199 4,377 1,146 7,686 i>4,990 May 18 236 10 130 96 May 25 PIS,173 4,398 1,139 7,655 P4.981 May 25 353 20 208 125 P 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.1 In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago April 1955 April 1954 Gross demand deposits: Total 113,261 23,759 5,920 44,419 39,162 105,961 22,326 5,779 40,966 36,890 Interbank 12,820 3,996 1,228 6,334 1,262 12,294 3,973 1,225 5,933 1,163 Other 100,441 19, 763 4, 693 38,085 37,900 93,667 18,353 4,554 35,032 35,727 Net demand deposits2 98,358 21,346 5,282 38,185 33,544 92,235 20,152 5,161 35,283 31,640 Time deposits 39,713 3,453 1,307 16,003 18,949 37,354 3,220 1,245 14,789 18,101 Demand balances due from domestic banks... 6,527 95 97 2,051 4,284 6,270 67 113 2,016 4,074 Reserves with Federal Reserve Banks: Total 18,800 4,445 1,122 7,747 5,486 19,392 4,693 1,221 739 740 Required3 18,210 4,442 1,122 7,673 4,973 18,627 4,627 1,210 591 199 Excess • 590 4 74 513 765 66 11 148 541 Borrowings at Federal Reserve Banks 495 27 125 229 114 139 71 59 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3See table on preceding page for changes in reserve requirements. 658 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 May 25 j May 18 May 11 Assets Gold certificates Redemption fund for F. R. notes Total gold certificate reserves F. R. notes of other Banks Other cash Discounts and advances: For member banks For nonmember banks, etc, Industrial loans Acceptances: Bought outright Held under repurchase agreement. U. S. Government securities: Bought outright: Bills Certificates: Special Other Notes Bonds Total bought outright Held under repurchase agreement Total U. S. Government securities Total loans and securities Due from foreign banks Uncollected cash items Bank premises Other assets Total assets Liabilities Federal Reserve notes Deposits: Member bank—reserve accounts U. S. Treasurer—general account Foreign Other Total deposits Deferred availability cash items Other liabilities and accrued dividends Total liabilities Capital Accounts Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts Total liabilities and capital accounts Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.6 Contingent liability on acceptances purchased for foreign correspondents 27,716i 14,330 Industrial loan commitments 3,388| 2,374 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 543.246 324,181 364,959 719,880 486,194 460,3091 559,963 244,511 Within 15 days 464,970 247,259 285,307 627,190 393,224 381,949 447,433 209,309 16 days to 90 days 51,597 36,922 39,652 52,690 52,970 51,681 72,530 35,202 91 days to 1 year 26,679 40,000 40,000 40,000 40,000 26,679 40,000 Industrial loans—total 599 633 642 644 662 701 670 1,282 Within 15 days i5 15 17 17 15 17 \ 7 4 16 days to 90 days 312 338 345 343 364 409 362 222 91 days to 1 year 126 134 133 136 .135 130 .143 1.013 Over 1 year to 5 years 146 146 147 148 148 145 148 43 Acceptances—total 13,433 13,894 14,205 16,131 19,200 14,096 17,352 Within 15 days 5,194 5,553 5,465 6,061 9,151 4,942 6,504 16 days to 90 days 8,239 8,341 8,740 10,070 10,049 9,154 10,818 91 days to 1 year U. S. Government securities—total 23 513,712 23,612,4.12 23,757,584 23,782,606 604,606 23,662,312 23,6.11.906 24.812,337 Within 15 days 125,700 201,900 1,934.138 2 , .102 ,960 388,49-1- 150,200 .187,794 316,000 16 days to 90 days 420,349 6.439,849 788,450 644.650 181,116 6.544,449 2,389,116 1 ,925,375 91 days to 1 year 765,699 10,765,699 16,519,398 16,519.398 519,398 10,765,699 16,519,398 13,813,541 Over 1 year to 5 years 773,493 3,773,493 2,087,127 2,087,127 087,127 3,773,493 2,087,127 6,307,260 Over 5 years to 10 years 013,614 1,013,614 1,013,614 1,013,614 013,614 1,013,614 1,013,614 1,035,304 Over 10 years 414,857 1,414.857 1,414,857 1,414.857 414,857 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. JUNE 1955 659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1955 flu thousands of dollars] San Ttern 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 Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c r is a c n o - Assets Gold certificates. 20,143,102 960,711 5,548,9211,206,2971,773,2841,104,797 821,6683,532,367 788,640 389,297 807,459 728,4612,481,200 Redemption fund for F. R. notes. 844,752 51,230 174,5841 54,402 73,620 70,661 51,815 150,593 46,134 24,257 40,989 28,053 78,414 Total gold certificate reserves. . ?0,987.8541,011,941 5,723,5051,260,6991,846,9041,175,458 873,4833.682,960 834,774 413,554 848,448 756,514|2,559,614 F. R. notes of other Banks... 163,926 5,538 31,998 6,595 9,567 7,439 51.517 15,080 5,226 3,348 4,475 8,339 14,804 Other cash 344,080 26,201 81,191 15,080 36,638 16,616] * 31,145 51,645 18,519 10,1491 12,645 16,216] 28,035 Discounts and advances: Secured by U. S. Govt. Ot s h e e c r urities. . . 39 6 3 6 , , 5 7 2 8 9 0 1 4 9 , , 0 8 0 6 0 0 2 1 6 9 , , 9 46 0 7 0| 54 4 , , 5 8 8 6 2 7 20 6 , , 9 0 3 6 5 7 34 3 , , 0 4 3 0 7 3 45 2 , , 7 8 3 6 9 7 62 9, , 3 8 7 0 6 0 ] 22 2 , , 1 5 1 3 0 3 53 1 , ,6 2 6 8 7 5 29 2 , , 6 5 8 3 1 3 1 3 2 , , 1 3 3 0 3 0 1 6 1 , , 8 3 6 0 7 0 Industrial loans.. 701 615 86] Acceptances: Bought outright. . . . 14,096 14,096! Held under repurchase agreement. . U. S. Government securities: Bought He o ld u tr u i n g d h e t r . . . . 23,662,312 1,306,728 6,013,6581,440,1362,033,6101,394,0411,221,4014,127,346 981,939 573,4091,029,074] 948,811 2,592,159 repurchase agreement. . Total loans and securities 24,137,41811,330,583 6,074,1211,500,200 2,060,6121,431,4811,270,007|4,l99,5221,006,582 628,4471,061,288 964,2442,610,326 Due from foreign banks 22 1 1 1 1 1 1 1 Uncollected cash, O Ba t i h n t e e k r m p a s r s e s m et i s ses. .. 3,4 1 5 5 6 3 6 2 , , , 1 4 6 5 6 2 8 7 1 ] 27 5 8 1, , , 8 7 6 2 8 3 0 9 3 6 3 79 9 7 , , , 8 4 12 6 8 5 5 0 230 9 5 , , , 5 2 2 7 0 5 1 6 3 ] 35 1 1 5 3 , , , 3 9 9 1 0 0 8 0 0 241 9 4 , , , 9 4 4 1 9 7 9 7 3 211 4 8 , , ,8 1 9 9 7 6 1 0 9 57 2 6 9 6 , , , 2 1 5 8 5 7 7 1 7 130 2 7 , , , 8 0 2 1 2 3 0 0 9 ] 85 3 1 , , ,1 4 9 9 0 8 9 8 9 171 3 7 , , , 1 6 1 5 2 8 5 9 1 16 7 6 l, , , 4 6 5 2 9 3 0 5 4 | 33 1 9 5 7 , , , 5 0 5 9 7 0 1 8 4 Total assets 49,305,546 2,660,511 12,637,2913,027,606 4,324,8412,886,8842,451.1838,561,2252,005,1711,146,0952,108,822 ,920,9635,574,954 Liabilities F. R. notes 25,655,904 1,563,205 5,784,1911,795,6812,355,2361,840,6971,285,0335,000,1691,157,103 565,4911,027,552 705,5442,576,002 Deposits: Member bk.— reserve accts. 18,220,837 705,904 5,459,116) 821,9801,359,751 741,568 870,5012,869,075 654,442 432,151 858,950 971,4372,475,962 U. S. Treas.— F O o t g h re e e i n r g . n acct.. . . 6 4 4 0 1 4 2 2 9 , , , 2 5 1 3 6 3 7 6 3 3 22 3 1 . , ,6 5 4 3 6 4 9 0 3 2 3 1 3 7 3 7 3 6 , , , 7 4 0 6 6 0 7 5 4 2 5 1 7 6 1 , , , 4 8 8 4 3 2 8 6 3 3 8 4 9 7 , . , 2 5 6 1 0 8 6 0 7 4 1 4 8 2 . . , 0 8 0 2 0 0 0 1 5 ] 4 1 5 6, . 6 1 1 2 6 7 8 3 8 . 5 8 2 6 1 , , , 2 6 87 5 4 4 9 0 3 1 2 8 4 , , , 9 2 9 9 8 8 5 8 4 40 9 , , 8 5 4 8 5 0 3 0 0 3 1 8 3 4 , , , 9 1 2 0 5 8 1 9 8 5 1 5 7 1 , , ,2 6 6 3 7 8 5 2 5 3 5 3 4 2 8 , , . 9 2 7 6 2 5 7 0 3 Total deposits.. . 19,684,773j 763,546 6,006,352 918,0871,491,154 806,394 932,470 3,009,848 710,709 482,984 915,298 1,046,02912,601,902 Deferred availability cash items 2,810,214 263,964 522,613 230,371 373,368 178,878 181,064 388,051 91,507 66,928 120,539 114,870 278,061 Other liabilities and accrued dividends 18,759 1,158 4,885 1,047 2,224 858 949 3,041 693 627 739 760 1.778 Total liabilities. . 48,169,6502,591,87312,318,0412,945,186 4,221,9822,826,8272,399,5168,401,1091,960,0121,116,0302,064,128 1,867,2035,457,743 Capital Accounts O S S C u u a th r r p p p e i l l r t u u a s c s l a ( p ( p S S a i e e i t d c a c . l . i 1 7 n 3 ) b . . . . ) 2 66 9 2 0 3 7 , , , 9 6 5 0 4 4 1 9 3 4 1 3 0 5 , , , 3 0 3 0 1 2 9 1 8 ! 1 8 8 8 7 8 , , , 7 3 0 2 1 7 2 9 0 4 1 7 4 9 , , , 7 4 4 7 8 4 3 7 9 2 60 7 1 , , , 2 9 00 2 6 6 2 7 3 1 3 3 3 . , , 4 2 3 7 8 4 5 0 9 2 1 9 2 , , 7 4 9 6 0 8 2 3 0 3 9 9 6 1 , , , 0 5 42 2 6 9 6 6 2 1 6 0 , , 5 6 2 2 1 4 1 9 3 1 6 6 1 , , , 0 6 9 7 9 1 3 8 0 2 1 4 1 1 , , , 1 7 3 3 5 0 7 5 6 2 1 9 5 1 , , , 3 9 4 0 3 8 7 2 5 3 6 3 6 2 , , , 3 1 7 4 1 2 0 0 4 accounts 153,803 9,990| 35,139 10,711 13,664 9,953 8,522 23,095 7,776 5,384] 7,496 7,036 15,037 Total liabilities and capital accounts 49,305,54612,660,51112,637,2913,027,6064,324,8412,886,884|2.451,1838,561,2252,005,1711,146,0952,108,822 1,920,9635,574,954 Reserve ratio... . 46.3% 43.5% 48.5% 46\5% 48.0%. "44.4% | 39.4% 46.0% 44.7% 39.4% 43.7% 43.2% 49.4% Contingent liability on acceptances purchased for foreign correspondents 26,420 1,590 37,658 1,935 2,412 1,325 1,139 3,710 1,007 663 1,007 1,24; 2,729 Industrial loans commitments.. 3,409 245 627 11 2,420] 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $266,208,000 participations of other Federal Reserve Banks. 3After deducting $18,762,000 participations of other Federal Reserve Banks. 660 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 IInd of month 1955 1955 1954 May 25 May 18 May 11 May 4 April 27 May April May F. R. notes outstanding (issued to Bank) 26 426 90126 443,99126,443,902 26,416,470 26 436,534 26,464, 70526,426,93826,547,653 Colla G te o r l a d l c h e e r l t d if i a c g a a te in s st notes outstanding: 11008 00011008,00011,008,000 n ,008,000 11008,000 11,108 00011008 000 11,043,000 Eligible paper 213 715 153,981 143.534 157,365 174,104 213, 625 188 523 123,933 U. S. Government securities 17 155 00017 155,000 17,155,000 17,155,000 17 155,000 17,055,00017 155,000 16,945,000 Total collateral 28 376 715 28 316 ,98128,306,534 28,320,365 28 337,104 28,376,62528,351,52328.111,933 EACH FEDERAL RESERVE BANK ON MAY 31, 1955 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C la le 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 S r is a a c n n o - F. R. notes outstanding (issued to Bank) 26,464,705 1,612,822 5,921,5261,862,888 2,472,1 121,891,5181,35-1,0465,077,583! 1,205,453598,39<)1,051,668749.4392,667,251 Collateral hold: Gold certificates11,108,000 640,000! 2,670,000 800,000 1,050,000 675,000 500,0002.300.000J 355.000175.000 280,000283,000 ! ,380,000 Eligible pa per. . 213,62 = 19,860 54,582 34, ur 22,110 53,285 29,681 U. S. Govl. securities 17,055,000 1,200,0003,600,000 500,000 1,300,0001,000,000 2,900,000 910,000 500,000 800,000 525,0001,620,000 Total collate? a I... 28,376,625 1,859,860 6,270,000 2,054 2,550,000 2,009,1071,500,000 5,200,000 1,287,110 728,2851,109,081808,0003,000,000 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] approved Ap- Commit- pations End of to date proved Loans ments of financy m ea o r n t o h r N b u e m r - Amount (a b p m u c le o t o t m e u n d - n o 1 t t ) s (a ta m o n o u d u t i - n n g t) 2 s (a ta m o n o u d u t i - n n g t) s i ( n t a t a g u m o n t i u i o d n o t u i s - n n n t s g i t - ) 3 y E e n a d r o o f r Gua a r u a t t n o h t o e d r e a i d z t e ed 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 a r i 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 19 9 9 5 4 4 0 9 8 3 3 3 , , , 6 6 60 9 4 7 8 9 6 6 6 5 2 1 1 9 5 , , , 3 3 6 2 5 8 6 3 9 4,8 3 5 1 3 3 9 5 9 2 2 , , 6 1 9 7 3 9 8 2 5 3 2 1 , , ,6 7 2 4 5 8 3 4 8 3 2 1 , , ,9 7 9 9 4 4 0 7 5 1 19 9 5 5 1 0 85 6 4 2 1,39 3 5 1, , 3 4 2 4 6 4 67 8 5 , , 0 4 1 5 7 9 54 6 6 , ,5 2 9 6 7 5 47 8 2 , , 2 82 9 7 9 1951 3,736 73 0,931 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 3,2iO 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 April 1,322 2,406,651 684,631 569,551 347,823 April 3,767 810,051 405 1,302 2,891 2,412 May 1,324 2,408,226 664,122 552,738 330,403 May 3,767 810,779 45 1,298 2,373 1,869 June 1,331 2,420,326 640.636 534,695 299,465 J J u ul n y e 3 3 , , 7 7 6 6 8 8 8 8 1 1 3 2 , , 4 4 6 3 5 3 1 4 9 5 5 1 1, , 1 2 3 4 0 7 2 2 , , 3 3 9 5 5 4 1 1, , 8 8 1 5 2 5 J A u u ly gust.... 1 1 , , 3 3 4 5 2 0 2 2 , , 4 4 4 5 3 7 , , 0 6 2 8 1 9 6 5 0 5 4 9 , , 7 8 5 5 0 9 4 5 6 0 6 2, , 9 0 0 8 2 9 3 3 1 0 1 0, , 6 1 7 9 6 1 August.... 3,768 814,765 45 630 2,794 1,773 September. 1,355 2,477,939 546,930 455,618 295,805 September. 3,769 815,449 395 991 1,943 1,559 October.. . 1,357 2,478,939 527,074 416,713 283,510 October. . . 3,769 816,582 395 812 1,896 1,343 November. 1,361 2,481,669 504,708 395,388 266,798 November. 3,770 817,605 520 652 1,898 1,202 December. 1,367 2,499,634 471,947 367,694 272,903 December . 3,771 818,224 520 719 1,148 1,027 1955 1955 January... 1,370 2.501,179 454,209 347,008 264,549 J F a e n b u r a u r a y r . y . . . . 3 3 , , 7 7 7 7 2 2 8 8 2 2 1 2 , , 4 0 0 6 7 3 1 1 7 7 0 0 6 54 2 2 9 3 3 , , 1 2 5 2 2 7 1 1 , , 5 4 0 9 4 8 F M e a b r r c u h ar . y .. . . . 1 1 . , 3 3 7 8 5 0 2 2 , , 5 5 1 0 1 4 , , 8 1 2 6 9 9 4 4 4 3 2 7 , , 2 1 6 8 8 5 3 33 3 3 3 , , 2 7 6 1 9 7 2 2 5 6 4 3 , , 8 2 4 4 0 8 March 3,775 823,195 315 521 3,519 1 ,564 April 1 .384 2,522.864 425,394 320,557 255,218 April 3,775 823,359 270 675 3,389 1,576 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 t d ee 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 2 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 r t a t d io u n e b 3 y m a o p n p th li 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. JUNE 1955 661 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 i In millions of dollars] PRODUCTION ACT OF 1950 [In effect May 31] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month itors' Cash U. S. Cc'«n an ba c l e - s1 Total dep in osi- G m ov e e n r t n- r f e u - n e d rv s. e Guarantee fee j Percentage of torv securi- Qfr- 2 Percentage of (percentage of ! any commitment banks ties loan guaranteed interest payable 1, fee charged by borrower) [ borrower 1945—December... . 2,933 3,022 « 2.837 1 79 1946—December.. . . 3.284 3.387 6 3,182 200 70 or lc^s io ! 10 1947—December.. . . 3,417 3,525 i 6 3,308 212 75 .... 15 i 15 1948—December 3.330 3,449 ! 7 3,244 198 80 20 1949—December.. . . 3.1SS 3,312 ! 7 3J18 187 85 i" ! 1950—December.. . . 2,924 3.045 ! 11 2.8SS 166 90 30 30 1951—December.. . . 2,705 2.835 I; 28 2,644 162 95 35 1 35 1952—December 2,547 2.736 ;! 33 2 , ro1 151 Over 95 40-50 I 40 50 1953—December.. . . 2,359 2,558 !i 31 2,389 138 1954—Tanuarv 2.343 2.540 '1 31 2.373 136 Maximum Rates Financing Institution May Charge Borrower February. ... 2,326. 2 .505 i 31 2.336 139 [Per cent per annum] A M p a r r i c l h 2 2 , , 3 2 0 9 9 0 2 2 , , 4 4 7 3 0 4 ! ! 3 3 1 1 2 2 . , 2 2 0 7 9 8 1 12 4 5 0 Max- 2,271 2,416 31 2,25* 130 Tune 2,251 2,399 3\ 2 .240 128 C In o te m re m st i , t m ra e t n e t rate A JUu l g y ust 2 2 , . 2 2 3 0 0 8 2 2 .3 3 6 7 0 9 i 3 3 1 1 2 ?, . 1 2 9 2 6 0 1 1 2 3 9 3 September. . . 2,189 2,339 ! 31 2,1 "6 133 October 2,171 2.304 1 31 2.15' 118 November.... 2,154 2.287 i 3\ ?. \ 34 1 23 December... . 2,136 2,292 ! 31 2.1.34 127 1955—Tanuarv . . vl, 115 February P2 094 March P7.073 April P2.051 BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except to demand deposit accounts, interbank and U. S. Government deposits except interbank and . S. Government accounts Without seasonal adjustment. | Seasonally adjusted2 Year or month Total, all 33 7 other New 6 337 other reporting reporting York other reporting centers centers City centers1 centers | 327,490 326.320 14.6 M 382,760 341,502 13.5 II 406,790 391. .817 14.1 !! 398,464 458,517 15.5 443,2.16 513.348 1 f>. 6 446,224 499.172 15 9 i 509.340 j 572.208 17.2 i | 544,367 18.4 • 18.4 1954—March 67.913 April. 60.479 May 59,535 Tu ne 64.965 July.... 61,155 August 58,316 September... 56.744 October 58,792 November 58.787 December 73,817 1955—January 163,388 62,642 67.215 February 149,738 57,091 61.052 March 178,917 67,242 71.767 j April 158,289 57.634 66,161 May 167,710 62.211 68.928 ^Preliminary. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 2Thesc data are compiled by the Federal Reserve Rank 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. 662 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942 15,410 11,576 880 801 55 1,69* 4,051 4,096 3,837 1,019 1,910 287 586 9 25 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 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 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 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 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 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 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 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 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 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 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 1954—April 29,735 20,799 1,783 1,173 70 2,006 6,325 9,443 ,936 2,651 5,470 327 478 4 8 May 29,870 20,946 1,787 1,182 69 2,036 6,375 9,496 8,926 2,651 5,463 325 475 4 8 June 29.922 20,999 1,795 1,183 71 2,023 6,377 9,5.51 8,924 2,659 5,457 324 473 4 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 August 29,929 21,015 1,801 1,183 70 2,023 361 9,578 8,916 2,653 5,461 321 469 4 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 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 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 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 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 February.... 29,817 20,845 !1 .8101 ,190 71 2,020 6,316 9,438 8,974 2.660 ,527 316 457 3 9 March 29.800 20.854 I I .8221.196 70 2.021 6.324 9.421 8,946 2,647 5.512 317 457 4 9 April 29,769 120,856 1,831 1,202 71 2,020 6,309 9,425 8.914 2.641 5.492 3.14 454 4 9 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; S1 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 Ap 1 r 9 . 5 3 5 0, g a o s g l i d a lv in e a s r n t d Tr c e a a s s h ury B R F an e e d k se s e r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d Ap 1 r 9 . 5 3 5 0, M 1 a 9 r. 5 5 31, Ap 1 r 9 . 5 3 4 0, certificates agents Go'd 21 671 ?1 020 2 651 Gold certificates 21,020 i 8,170 2,816 35 35 36 Federal Reserve note.-* 26.427 66 1,141 25,220 25,269 25,239 Treasurv currencv—total 4,999 32,416 92 393 4,515 4,495 4,460 Standard silver dollar? 490 234 31 5 221 219 209 Silver bullion 2,182 2,182 Silver certificates and Treasurv note-; of 1890 32 4/6 280 2 135 2 126 2,109 Sub.sidiarv silver coin 1 297 4 9 65 1 183 I 177 1 158 Minor coin 4-1-3 9 12 428 426 417 United States notes 347 2 29 316 313 315 Federal Reserve Banlc note^ 167 (5) 2 165 167 183 National bank nol.<»s 68 (•>) (5) 67 68 70 Total—Apr. 30, l')55 . (') 23.435 809 18.170 4,349 29,769 Alar. 31, 1955 (l) 23,479 819 18,211 4,314 29,800 Apr. 30, 1954 CO 23,726 819 18,468 4,419 29,735 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above; totals by weeks in table on p. 655. ?Includes $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, "-Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 3Less than ,9500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank, Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JUNE 1955 663 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 l [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities ! and Capital Total j Bank credit assets, net- Treas- Total ury U. S.Government obligations liabil- Capital Date Gold s r t o c e i a u n n u n g r c t d - - y - Total Lo n a e n t s, Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca i a n p t n i e i e d t t s al, c d u eT r a po r n o e t d sa n il c ts y c m o a n a u n i c e s n - d 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 14,74-1 199,009 184 385 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 . 23 137 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—Apr 28 22,000 4,900 197,200 79,900 98,200 71,200 24,600 2.300 19,200 224,100 206,200 17,900 May 26 22 000 5,000 198,800 80,100 99,400 72,400 24,700 2,300 19,300 225,800 207,600 18,200 Jure 30 21.927 4,959 200,628 81,210 99,827 72,525 25,037 2,265 19,591 227,514 209,354 18,161 July 28 21,900 5,000 200,600 80,800 100,000 73,300 24,500 2,200 19,800 227,500 209,100 18,400 Aug. 25 21,900 5,000 202,500 80,200 102,300 76,200 23,900 2,200 19,900 229,300 210,500 18,800 Sept. 29 21 800 5,000 204,000 81,400 102,400 76,200 24,000 2,200 20,200 230 800 211,800 19,000 Oct. 27 21,800 5,000 207,700 81,900 105,600 79,000 24,400 2,200 20,300 234,400 215,400 19,100 Nov. 24 21,700 5,000 209,700 83,900 105,600 78,900 24,600 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 1955—Tan. 26P. 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. 30P 21,700 5.000 207,000 87,100 98,700 73.000 23,600 2,100 21.200 233,700 214,500 19,100 Aor. 27P 21,700 5,000 209,100 87,900 100,000 74,300 23,600 2,100 21,200 235,700 216,900 18,800 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 For- j eign 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 r n 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 * l s S S P a y o v s s i t n e ta g m l s b r C s o e a i n u u n d c t e r k - y - s m j p u D o a d a s e d s e 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 27,72' 15,884 10,532 1,313 9,615 1945—Dec. 31 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1947—Dec. 31 175,348 1,682 1,336 1,452 870170,008 87,121 56,411 35,249 17,746 3,416 26,476 1950—Dec. 30 184.385 2,518 1,293 2,989 668176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Dec. 31 193,410 2,279 1,270 3,615 247 185,999 98,234 61,450 37,859 20,887 2,704 26,315 1952—June 30 194,960 2,319 1,283 6,121 333 184,904 94,754 63,676 39,302 21,755 2,619 26,474 Dec. 31 204,220 2,501 1,270 5,259 389 194,801 101,508 65,799 40,666 22,586 2,547 27,494 1953—June 30 200,360 2,467 i.259 3,942 192,560 96,898 68,293 42,245 23,589 2,459 27,369 Dec. 31 209,175 2,694 761 4,457 346 200,917 102,451 70,375 43,659 24,358 2,359 28,091 1954—Apr. 28 206,200 3,100 800 4,500 500197,300 98,600 72,000 44,700 25,000 2,300 26,700 99,600 27,100 May 26 207,600 3,100 800 5,100 500198,000 98,700 72,500 45,000 25,200 2,300 26,800 100,100 27,000 June 30 209,354 3,256 811 5,895 87 198,517 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 6,100 600 204,700 103,100 74,800 46,700 25,900 2,200 26,900 101,900 26,800 Nov. 24 217,200 3,200 800 6,900 500 205,800 104,000 74,300 46,300 25,900 2,200 27,500 102,600 26,900 Dec. 31 218,882 3,329 796 4,510 563 209,684106,550 75,282 46,844 26,302 2,136 27,852 6103,000626,900 1955—Jan. 26P 217,500 3,200 800 3,800 400 209,200 107,000 75,400 46,800 26,500 26,800 104.200 27,000 Feb. 23P 216,000 3,100 800 4,600 600 206,900 104,500 75,700 47,000 26,600 26,800 104,300 26,900 Mar. 30P 214,500 3,200 800 4,400 900 205,300 102,400 76,200 47,200 26,900 26,700 104,600 26,900 Apr. 27? 216,900 3,100 800 5,000 600 207,400 104,500 76,200 47,200 26,900 2,100 26,700 105,600 27,000 ^Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks 4Prior to June 30, 1947, includes a relatively small amount of demand deposits. 5For seasonal adjustment factors used in deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255. 6Figure is for last Wednesday of month. NOTE.—For description of statement and back figures, see BULLETIN for January 194S, 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. 664 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 iotal assets— Other Total Total Num- Class of bank U. S. Cash lia- capital ber and date Total Loans G o m o b v l e i e g n r a t n - - O s ri e t t c h ie u e s - r assets1 c b a i a l p n it i d i t e a s l Total1 b In an te k r ^ - Demand co a u c n - ts ba o n f ks tions ac- U. S. Time counts2 Govern- Other I ment AM 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 15,035 194!— 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. 31» 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 45,53] 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 4,149 112,639 68,354 16,118 14,509 2954—Apr. 28 170,710 80,280 71,240 19,190 40,780 214,450 194,450 14.260 4.190 105,990 70.010 16,480 14,472 June 30 173,343 81,227 72,525 19,591 42,556 218,900 199,503 15,500 5.594107,043 71,371 16,664 14,465 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 P 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 Apr. 27P 184,180 88,660 74,340 21,3 80 40,900 228,570 206,500 14,570 4,610 112,790 74,530 17,490 14,314 AM 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. 3! 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. 31» 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 2950—Dec. 30 126,675 52,249 62,027 12,399 40;289 168,932 155,265 14.039 2,806101,917 36,503 11,590 14,121 1951—Dec. 31 132,610 57,746 61,524 13,339 44,645 179,465 164,840 15)086 3,359108.259 38,137 12,216 14,089 1952—Dec. 31 141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 4,941 111i 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—Apr. 28 144,110 66,750 62,130 15.230 39.830 186,520 169,400 14,260 4.190105,950 45,000 13,870 13,944 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 Nov. 24 155,710 69,450 70,1!0 16,150 41.260 199,720 181,280 15,570 6,620112,400 46,600 14,640 13.879 Dec. 31 155,916 70,619 68,981 16,316 43,550 202,378 184.757 16,800 4.172 116.567 47.209 14,576 13,840 1955—Jan. 26P 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. 23P 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 30,250 195.700 176,460 14,670 4.070 110.150 47,570 14.680 13,803 Apr. 27P 155,510 72,940 65,580 16,990 39,970 198,560 179,520 14,570 4,610 112,740 47,600 14,770 13,786 AH member banks: 1 !9 9 4 3 i 9 — — D D e e c c . . 3 3 1 0...... 4 3 3 3 , , 5 9 2 4 1 1 1 1 3 8 , , 9 0 6 2 2 1 1 19 4 , , 5 3 3 2 9 8 5 5 , , 6 9 5 6 1 1 2 1 3 9 , , 1 78 2 2 3 6 5 8 5 , , 1 3 2 6 1 1 4 61 9 , , 7 3 1 4 7 0 1 9 0 , . 4 5 1 2 0 5 1,7 7 0 4 9 3 3 2 7 7 , , 1 48 3 9 6 1 12 1 , , 3 6 4 9 7 9 5 5t, 5 8 2 8 2 6 6 6 , , 3 61 6 9 2 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—Apr. 28 121,125 56,804 51,690 12,631 35,043 158,438 143,913 13,575 3,775 90,502 36.061 11,585 6,729 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 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 Apr. 27? 131,191 62,329 54,767 3 4,095 34,979 168,891 152,638 13,853 4,170 96,343 38,272 12,348 6,613 AM mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 tO.524 3 10,52.1 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 1 3 !4 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2.342 797 22,385 20,031 3 19 20,009 2,247 529 1951—Dec. 31 22,259 9,862 9,819 2,579 886 23,439 20,915 2 3 23 20,888 2,407 529 1952—Dec. 31 24,003 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—Apr. 28 26,600 13,530 9,110 3,960 950 27,930 25,050 (!) (4) 37 25,008 2,610 528 June 30 26,959 13,890 9,017 4,052 987 28,315 25,440 3 3 47 25.388 2,626 528 Nov. 24 27,660 14,780 8,750 4,130 920 28.970 25,980 (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—Tan. 26P 28,090 15,160 8.770 4,160 1,030 29,510 26,550 (*) (4) 50 26,500 2,690 527 Feb. 23P 28,280 15,320 8.780 4,180 990 29,680 26,660 (4) (0 50 26,610 2,710 527 Mar. 30P 28,560 15,550 8,800 4,210 980 29,960 26,940 (*) (0 50 26,890 2,730 527 Apr. 27? 28,670 15,720 8,760 4,190 930 30,010 26,980 (<) (<) 50 26,930 2,720 528 p Preliminary. *"Ali 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 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 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. i Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at ail 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. JUNE 1955 665 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- Cla a s n s d o d f a b te ank Total Loans G o U m b o l v . e i e g n S r a t n . - - O s ri e t t c h ie u e s - r a C ss a e s t h sl c b a i a l p i n t i d i t e a s l Total i b In a t n e k r- Demand c c a o a p u c i n t - a ts l ba b o n e f k r 3 tions co a u c n - ts2 U.S. Time Govern- Other ment Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 ,464 267 19,040 445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 ,638 451 18,836 722 2,351 23 1951—Dec. 31 21,379 11,146 8,129 2,104 8,564 30,464 26,859 ,832 858 19,490 679 2,425 22 1952—Dec. 31 22,130 12,376 7,678 2,076 8,419 31,053 27,309 ,965 1,143 19,361 840 2,505 22 1953—Dec. 31 22,058 12,289 7,765 2,004 8,074 30,684 27,037 ,214 778 18,894 2,150 2,572 22 1954—Apr. 28 21.680 11.635 7,701 2,344 7,305 29,564 25,874 5,247 707 17,822 2,098 2,619 22 June 30 22,681 11,619 8,695 2,367 7,524 30,771 27,225 5,517 1,378 18,114 2,216 2,630 22 Nov. 24 23,933 11,897 9,632 2,404 7,349 31,932 27,666 ,404 1,355 18,569 2,338 2,811 21 Dec. 3i 23,880 12,039 9,342 2,499 7,581 32,193 28,252 ,709 736 19,414 2,392 2,803 21 1955—Jan. 26P 23,778 12,046 9,161 2,571 7,625 32,157 27,910 ,236 489 19,840 2,345 2,818 21 Feb. 23P 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. 30? 23,238 12,733 7,918 2,587 7,030 31,013 26,678 5,103 657 18,555 2,363 2,687 20 Apr. 27P 23,717 12,977 8,281 2,459 6,673 31,179 27.103 5,136 1,160 18,496 2,311 2,697 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 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—Apr. 28 5, S50 2,539 2,725 586 2,017 7,920 7,261 1,200 331 4,495 1,235 571 13 June 30 5,975 589 2,825 561 2,036 8,064 7,419 1,339 410 4,403 1,267 583 13 Nov. 24 6,422 580 3,250 592 1,866 8,341 7,651 1,306 452 4,627 1,266 592 13 Dec. 31 6,518 784 3,120 614 1 ,954 8,520 7,845 1,321 251 4,977 1,295 600 13 1955—Jan. 26P 6,490 610 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. 3QP 6,056 2,647 2.734 675 1 ,656 7,761 6,773 1,328 230 3,949 1,266 601 13 Apr. 2 7 v 6,194 2,645 2,861 688 1,894 8,144 7,374 1,155 256 4,670 1,293 602 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—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 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 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—Tan. 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. 23v 50,362 24,264 20,870 5,228 14,260 65,642 59,685 6,217 1,604 36,298 15,566 4,348 297 Mar. 30P 49,971 24,637 20,062 5,272 13,<><)9 64,909 58,943 6,292 1 ,446 35,493 15,712 4,387 296 Apr. 27P 50,807 24,758 20,730 5,319 14,458 66,317 60,233 6,346 1,520 36,635 15,732 4,434 297 Country member banks: 1939—Dec. 30 ,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941—Dec. 31 ,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1 ,982 6,219 1945—Dec. 31 ,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31 ,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30 ,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1951—Dec. 31 ,444 16,296 21,587 4,561 13,292 56,349 52,288 1,309 876 34,572 15,530 3,760 6,484 1952—Dec. 31. ,594 18,213 22,549 4,832 13,281 59,535 55,175 1,301 1,267 36,022 16,585 3,970 6,444 1953—Dec. 31 ,404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 1,216 36,520 17,690 4,194 6,389 1954—Apr. 28 ,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 June 30 ,474 20,537 21,779 5,158 12,506 60,745 55,943 1,241 1,362 34,879 18.460 4,372 6,376 Nov. 24 581 21,194 24,001 5,386 12,505 63,841 58,712 1,337 1,877 36,804 18,694 4,566 6,350 Dec. 31 |466 21,442 23,629 5,395 33,117 64,364 59,360 1,508 1,271 37,794 18,787 4,506 6,326 1955—Jan. 26» ,684 21,489 23,722 5,473 12,233 63,681 58,550 1,339 1,240 37,197 18,774 4,536 6,319 Feb. 23? ,496 21,649 23,317 5,530 12,152 63,419 58,229 1,247 1,258 36,897 18,827 4,569 6,312 Mar. 30P ,033 21,749 22,696 5,588 11,749 62,573 57,356 1,218 1,275 35,970 18,893 4,588 6,296 Apr. 27P ,473 21,949 22,895 5,629 11,954 63,251 57,928 1,216 1,234 36,542 18,936 4,615 6,285 '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. For other footnotes see preceding and opposite pages. 666 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 Class of bank U. S. Cash bi l l i i a ti - es c T a o p t it a a l l N b u e m r and date Total Loans G o m t o b i l o v e i e n g n r s a t n - - O s ri e t t c h ie u e s - r assetsl c c o a a u a p n c n i d - t t a s l 2 Total 1 b In an te k r - 1 G U ov . D S er . e n m - an O d ther Time co a u c n - ts ba o n f ks ment AH insured commercial banks: 1941—Dec. 31. 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, 3{ 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947—Dec. 3i 114,274 37,583 67,941 8,750 36,926 152,733 141.851 12,670 1,325 92,975 34,882 9,734 13,398 195^>—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 is 548 4 116 111 423 43,610 13 239 13 412 1954—Tune 30 144,451 66,805 62,461 15,185 41,164 188,191 172,048 15,044 5,562 105,847 45,596 13,714 13,380 Dec. 3i 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16,376 4,154 115,482 46,874 14,252 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 14013 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—D^c, 31 80,180 36,004 35,835 8 341 26 333 107,830 98,974 9,918 ? 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 10,1S9 •?,525 63,819 24,160 7,391 4,856 1954— D T e u c n . e 3 3 0 1. . 8 8 2 8 , , 4 5 8 0 2 9 3 3 7 9 , , 6 7 7 1 2 2 3 3 5 9 ,3 7 9 5 2 9 9 9 ,4 0 0 5 5 1 2 2 4 5 , 6 66 3 2 6 1 11 0 5 8 , , 8 6 3 1 5 1 1 9 0 9 5 , , 3 8 6 5 2 1 1 9 0,7 7 1 50 4 3 ,5 3 0 25 8 6 6 6 0 , ,8 4 2 2 7 6 2 2 5 6 , , 4 2 5 0 9 2 8 7 ,0 6 8 8 5 6 4 4 ,7 8 8 3 9 5 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3, 739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9.062 3,055 1,918 1952—Dec. 31 39,367 19,030 16,928 3 409 12 922 52,996 48,553 4 699 1 632 32,026 10,196 3,719 1 889 1953—Dec. 31 40,509 19,931 17,121 3,457 12,903 54,179 49,510 5,019 1,232 32,206 11,054 3,925 1,887 1954—Tune 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 5,269 1,207 33,177 11,748 4,125 1,371 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 2,310 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 Nonlnsured nonmember commercial banks: 1943—i>c. 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 1,960 329 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— D 7 e u c n . e 3 30 1. 1 1 , ,9 8 3 0 2 0 4 5 9 32 2 1,0 9 4 6 7 9 3 3 3 54 9 3 4 9 05 7 2 2 , , 3 2 9 5 4 0 2 1 , ,8 0 7 2 1 0 4 4 5 3 3 3 3 1 0 8 1 1, , 0 1 8 5 5 0 3 3 8 3 8 5 3 32 2 5 4 5 5 5 3 7 6 All nonmember commercial banks: 1941—Dec. 3? 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7*. 662 1945—Dec. 31 ... 16.849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec, 313 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 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 70^ 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 27,528 825 457 16,964 9,282 2,368 7,183 Insured mutual savings banks: 194{—Dec. 31 . 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 ., . 12,683 3,560 8,165 958 675 13,499 12,207 2 12 12,192 1,252 194 1952—Dec. 31 17,621 8,691 6,593 2,337 732 18,612 16,785 2 2 28 16,753 1,730 206 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 2 2 33 18,345 1,819 219 1954—Tune 30 . 20,121 10,804 6,309 3,008 807 21,237 19,195 3 2 45 19,145 1,868 219 Dec. 31 20,830 11,651 6,117 3,062 832 21,981 19,885 3 3 48 19,831 1,920 218 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 t 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3 522 641 180 5,596 5 022 2 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—Tune 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 1,061 194 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. JUNE 1955 667 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] Loansl Investments Cla c s a s l a l o n d f d a b te ank i m T n lo a v o e n a e n t n d a s t s l t s - Total C c m o m c i k p l p i p o i n u n e a a e a e m e g d - r r l t - r n , - - - - A c tu a u g r l l r - - i- o b p d L a s e T e r r u n e e r o o r o r a s c d s c k a c l a u n - - h r r s a r i y t o s i T e f i i t e o r n n h o s s r g g - l R t o a a e t n a e l s O i v o u i d t t i a a n h o i d n l - - e s - s r O lo th an er s Total Total U. B S i . l ls Go C o d c v n e e f a e e r e d t b t r i s e i - n n t f s 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- i I ! O p d S s t a i s g i u o b c i o t i n o v a a o a b l l f d n i i i t - l - n - t - e s - s sO s ri e t t h c i e e u r s - All commercial banks:2 1947—Dec. 31., 116,28438,057 18,167 ,660 830 1,220 ,393 723 1 06378,226 69,221 2,193 789 034 53,191 14 5.276 3,729 1948—Dec. 31 ..114,29842,488 18,923 2,860 ,344 963 10,804 87811 12671. 62,622 2.89810,,.321 46245,931 9 5,661 3,528 1949—Dec. 31 ..120,19742,965 17,060 3,051 , 763 87411,542 070ll 155 7 23267,0053 750 12,722 943 44,583 716,548 3,679 1950—Dec. 30 . .126,67552,249 21,927 ,905 ,8021,057 13,541 120! 1573 62,0274 1 ,033 38,778 Ills, 118|4,281 1951—Dec. 31 ..132,61057,746 25,879 3,408 ,581 980 14,580 ,451 il 681 74,863 ,524 7,657 ,408 35,101 2119.19814,141 1952—Dec. 31. . 141,62464,163 27,871 3,919 2.060 10315,712 684|1 71877,461 ,318 5,580 878 38,077 22 10,18813,955 1953—Dec. 31. . 145,68767,593 27,204 4,965 2361 20216,694 461 Jl666 78,094 ,426 1OJ23712,43935,713 10,8213,847 1954—June 30. . 146,38367,33" 26,120 5,143 2462 1|256 17,227 462 165779,047 ,508 5.572 ,376 40,818 11,930 3,608 Dec. 31...155,916 70,619 26,867 5,2002,929 1,52518,418 750' 2000 85,29: ,981 5,36114,672 43,861 22; 12,5863,729 AH insured commercial banks: 1941—Dec. 31. . 49,290 21,259 9,2141,450 614 662 4,773 4,545 28,031 21,046 988 3,15912,797 4, 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,4611,314 3 164 3,606 4,677 2,361 ,18196,04388,912 2,45519,07116,04551,321 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,0121,610 823 1,190 9,266 5,654 ,02876,69167,941 2,124 7,552 5,918 5-2 ,334 5,1293,621 1952—Dec. 31.. 139,770 63,632 27,739 33,805 2,0501,082 15,57212,603 ,68376,13862,308 7,622 5,49411,714 37,456 9,977 3,854 1953—Dec. 31.. 143,796 67,082 27,082 4,867 22,3441,181 16,56614,373 629 76,71462,381 4,89510,07612, ,093 10,587 3,746 1954—June 30. .144,451 66,805 25,976 5,057 2439 1,22817,10114,370 77,64662,461 4,575 5,50512,223 40,123 11.682 3,502 Dec. 31. . 154,1 LI 70,127 26,7315,108 2 9071,50118,30214,676 973 83,98868,012 4,901 5,27914,,523 43,287 12,352 3,624 Member banks, total: 1941— Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,729 3,832 3,090 2,871 1945—Dec. 31. . 107,18322,775 8,949 855 3133 3,378 3,455 1,900 1,104 84,408 78,3382,27516,985 14,27144,792 163, ,815 1947-Dec. 31...97,84632,628 16,9621,046 8111,065 7,130 4,662 952 65,218 57,914 ,987 5,816 4,81545,286 10 4,199 3,105 1952—Dec. 31.. 119,54755,034 26, ~" ,416 2032 96612,21410,3961,577 64,514 52,7636,565 4,255 9,83532,087 19 8,409 3,342 1953—Dec. 31.. 122,42257,762 25,519 3,263 2,3211,06013,02011,911 1,518 64,660 52,6034,095 8,287 10,300 29,890 31 8,871 3,185 1954—June 30.. 123,185 57,197 24,362 3,4022,4111,10613,44011,840 1,513 65,988 53,111 3,915 4,417 10,374 34,369 36 9,890 2,987 Dec. 31...131,60260,250 25,007 3,529 2,8811,36314,4331-2-, 1-2—7 1,858 71,35257,8094,075 4,307 12,464 36,944 ,094 20 10,449 3 New York City:* 1941—Dec. 31... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 80 287 29818,809 17,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 111 564 33013,214!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| 7,6781,079 233 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—June 30. . 22,681 11,619 7,447 1441,778 364 390 1,220 46611,062 8,695 1,014 711 1,454 5,510 61.851 516 Dec. 31.. 23,880 12,039 7,231 2042,041 432 467 1,232 64411,8411 9,342 785 597 1,924 6,026 101,977 523 Chicago:* 1941— Dec. 31 . 2,760 954 732 6 48 52 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31 5,931 1,333 760 2 211 233 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31 5,088 1,801 1,418 3 73 87 14.9 26 3,287 2,890 132 235 248 2,274 213 185 1952--Dec. 31 6,240 2,748; 2,080 14 239 66 211 120 3,493 2,912 407 224 607 1,674 384 197 1953—Dec. 31 6,204 2.776 1,912 158 286 75 234 96 3,428 2,856 123 450 684 1,598 400 172 1954—June 30 5,975 2,589 1.835 134 242 74 206 74 3,386 2,825 113 261 721 1,731 387 174 Dec. 31.. 6,518 2,784 1,847 140 345 89 223 105 3,734 3,120 70 241 855 1,953 415 199 Reserve city banks: 1941—Dec. 31. . 15,347 7,105 3,456 300 194 1,527! 1.512 8,243 6,467 295 751 4,2481,173 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 1,459 855 4041J1 ,594 29,552 1,034 6,982 5,65315,878 51,126 916 1947—Dec. 31. . 36,040 13,449 7,088 225 170 484 3,147! 1,969 366122,591 20,196 373 2,358 1,90115,560 31,342 1,053 1952—Dec. 31.. 45,583 21,697 10,842 501 218 422 5,099| 4.347 595123,886 19,6242,387 1,774 3,85411,594 14 2,934 1,328 1953—Dec. 31. . 46,755 22,763 10,568 774 308 456 5,453! 4,942 611i23,993 19,559 1,230 3,357 4,20110,746 253,196 1,238 1954—J D u e n c e . 3 31 0 . . . . 5 4 0 7 , ,0 7 5 3 6 8 2 2 3 2 , , 9 4 8 5 6 3 1 1 0 0 , , 0 62 1 4 0 9 9 5 5 6 3 4 3 0 26 4 6 6 2 8 2 5 6 , , 6 1 3 3 9 4 | 4 4T. 79 9 7 12 6 7 2 2 9 0 1 1 2 26 4 , , 7 6 5 0 2 3 2 1 1 9 , , 7 81 1 3 8 1 1 , , 2 3 4 2 1 6 1 1 , , 5 69 9 5 0 4 4 , , 1 9 8 5 3 4 1 1 2 3 , , 7 7 7 3 3 6 26 7 3 3', , 5 7 8 8 5 2 1 1 , , 2 2 0 5 6 2 Country banks: 1941—-Dec. 31. . 12,518 5,890 1,676 659 183 1,823 1,5530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31. . 35,002 5,596 i, 484 648 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 1,342 1,067 1947—Dec. 31. . 36,324 10,199 3,096 818 227 3,827 1,979 22926.12522,857 480 2,583 2,10817,681 62,006 1,262 1952-Dec. 31. . 45,594 18,213 4,630i,901 191 6,662 4,702 32227,381 22,549 2,692 2,024 4,20413,625 43,639 1,194 1953 -Dec. 31. . 47,404 19,934 4,8222,204 210 7,114 5,441 33627,47022,423 1,819 3,374 4,28512,940 3,911 1,136 1954—June 30. . 47,474 20,537 5.0712,170 200 7,33J| 5,618 34526,93721,779 1,548 1,855 4,01714,355 4 4,0671,090 Dec. 31. . 50,466 21,442 5,3062,229 220 7,742 5,760 38829,024 23,629 1 ,893 1,774 4,73115,228 3 4,2751,120 All nonmember banks:2 1947—Dec. 31 . . 18,454 5,432 1,205 614 156 2,266 1,061 11113,021 11,318 206 1,973 1,219 7,916 1,078 625 1952—Dec. 31. . 22,096 9,136 1,639 1,503 137 3,505 2,288 14112,960 10,567 1,196 1,325 2,043 6,000 1,781 613 1953—Dec. 31 , 23,287 9,838 1,685 1,702 142 3,681| 2,551 14813,449110,835 909 1,951 2,139 5,834 1,951 662 1954—June 30 23,220 10,147 1,758 1,741 150 3,7951 2,622 13,073110.400 790 1,155 2,002 6,460 2,04? 621 Dec. 31 .. 24,337 10,378 1,859 1,671 161 3,9931 2,623 13,959!11,184 991 1,054 2,209 6,928 2,139 636 * These figures exclude data for banks in possessions of the United States except for one bank in Alaska 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. 668 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 fin millions of dollars] Demand deposits Time ceposits 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 IT. S. States lied viduals, ern- and viduals, Bor- tal call date Re- vault mestic ad- Gov- and and partner- ment polit- partner- row- acserve banks1 justed6 ern- political offi- ships, Inter- and ical ships, ings counts 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 87,123 11,362 1.430 1,343 6,799 2,581 84,987 240 111 866 34.383 65 10,059 1948 - Dec. 31 .. 20,404 1 ,978 9,385 85,526 10,476 1,521 2,338 7,299 2,135 82,882 272 117 1,136 34,668 56 10,480 1949—Dee. 31 .. 16,428 2,015 9,849 85,757 11,045 ,343 3,071 7,543 2,354 83,168 321 182 1 ,286 34,860 20 10,967 1950 Dec. 30. . 17,458 2,1 74 10,863 92,282 12,102 ,476 2,806 8,012 2,918 90,986 462 189 1 ,384 34,930 90 11,590 1951- -Dec. 31. . 19,911 2,697 11,969 98,243 13,123 ,413 3,359 8,426 3,166 96,666 550 278 1,536 36,323 34 12,216 1952—Dec. 31 19,809 2,753 11,875 101,506 13,109 .,465 4,941 8,910 2,956 99,793 744 346 1,620 39,046 188 12.888 1953—Dec. 31. 19,995 2t512 12,103 102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13.559 1954—June 30. . 18,924 2,660 11,033 98,117 12,470 L.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 12,202 106,540 13,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 \11 insured commercial banks: 1941—Dec. 31 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1952—Dec. 31 19,809 2,720 11,489 100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 1953—Dec. 31. 19,995 2,482 11,724 101,289 13,221 1,296 4,116 9,407 i2,978 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 '2A,765 93,306 1.506 331 2,264 43,001 50 13.714 Dec. 31. . 18,734 2,444 11,854 105,471 13,392 L ,4974,154 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 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31. . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1952—Dec. 31 19,810 2,081 7,378 85,543 12,594 11,431 4,567 7,029 2,744 85,680 592 321 1,303 31,266 165 10,761 1953—Dec. 31.. 19,997 1,870 7.554 86,127 12,858 1,291 3,756 7,530 2,783 85,711 1,021 308 1,595 33,311 43 11,316 1954—June 30. . 18,925 2,001 7,062 82,783 11,956 1,280 5,165 7,839 2.581 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 7,781 -2,964 88,859 1,475 334 1,966 35,650 15 12,210 New York City:* 1941—Dec. 31 5,105 93 141 10,761 3,595 607 866 319 4S0 11,282 6 29 778 1,648 1945—Dec. 31 4,015 111 78 15,065 3,535 ,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31 4,639 151 70 16,653 3,236 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 i,154 1,143 322 1,120 17,919 465 59 29 1,752 132 2,505 1953—Dec. 31 4,846 129 70 15,901 3,363 ,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 1954—June 30 4,614 131 60 15,430 3,237 .033 1,378 404 1,109 16,601 1,246 51 151 2,014 1 2,630 Dec. 31. . 4,398 126 67 16,500 3,336 L i 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 L,O27 8 127 233 34 2,152 476 28S 1945—Dec. 31 942 36 200 3,153 .,292 20 1,552 237 66 3.160 719 377 1947—Dec. 31 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1952— Dec. 31.. 1,144 32 169 4.126 L.308 37 343 242 56 4,491 5 4 11 1,190 541 1953—Dec. 31. . i,287 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 1954—June 30.. 1,290 30 154 3,844 1,287 34 410 297 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 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31 7,095 562 2.125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1952—Dec. 31 7,788 651 2,419 30,609 6,662 230 1:814 2,693 791 31,798 109 105 739 12,417 8 3.745 1953—Dec. 31 8,084 568 2,463 30,986 6,869 219 1,504 2,880 828 32,065 166 98 830 13,203 3,984 1954—June 30. . 7V553 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: 1.941— 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 5r465 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 L .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 All oonmember banks:2 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,590 1952—Dec. 31 672 4,498 15,964 516 34 374 1,881 212 14,113 152 25 317 7,800 23 2,12VV 1953—Dec. 31 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 1954—June 30 . 658 3,972 15,334 514 48 426 2.085 209 13,248 202 30 407 8,669 17 2.33'; 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. 3Central reserve city banks. 4Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commerical banks. 5Demand deposits other than interbank and 13. 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. JUNE 1955 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date in m T lo a v o e n a e t n n d s a t s t l s - i j L m n u a a o v s e n d a t e n e d - n s t d t s s - 1 j L u a o s d t a e - n d s ' i C t n m c a r d o i i n e a a u m d r l l s , - , - - a T n o d b d r e o a k l e e r r s s To others e l R s o e t a a a n t l s e O lo t a h n e s r Total Bills o d c C t f a e i f e t b i i e r n - t - s - - Notes Bonds' 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 i e - r G t l U i o i o o g . b S n v a - . - s t.O c t s u t i e h e r - s e i- r ed- Totalr- Leading Cities 1954—May 80,149 79,334 38,729 22,005 2,178 898 6,568 7,720 32,592 2,536 3,008 5,48.121,5638,013 815 1955—March. . . 85,124 84,130 41,185 22,465 2,504 1,090 7,408 8,429 33,908 1,685 1,404 8,88321,936 9,037 994 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 May 85,378 84,409 42,140 22,677 2,661 1,119 7,641 8,76133,501 1,335 1,520 9,05021,596 8,768 969 1955 -Mar. 2. . 85,267 84,341 40,751 22,241 2,374 1,080 7,359 8,408 34,599 1,816 1,633 9,074 22 076 8,991 926 Mar. 9. . 85,152 84,167 40,898 22,265 2,452 1,075 7,373 8,444 34,1771,677 1,535 8,962 22 003 9,092 985 Mar. 16.. 85,890 84,843 41,444 22,584 2,718 1,081 7,402 8,372 34,3741,949 1,542 8,929 21 954 9,025 1,047 Mar. 23. . 84,883 83,921 41,382 22,637 2,491 1,100 7,432 8,435 33,509 1,696 1,197 8,774 21 842 9,030 962 Mar. 30. . 84,432 83,380 41,448 22,597 2,483 1,113 7,474 8,488 32,8851,286 1,117 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 1,739 2,154 8,75821,774 9,076 865 Apr. 13. . 85,613 84,823 41,666 22,543 2,672 1,103 7,517 8,547 34,096 1,572 2,076 8,729 21,7199,061 790 Apr. 20. . 85,755 84,864 41,787 22,530 2,741 1,100 7,542 8,590 34,063 1,731 1,991 8,66721,674 9,014 891 Apr. 27.. 85,808 84,778 41,818 22,545 2,660 1,108 7,570 8,65233,983 1,750 1,911 8,640 21,6828,977 1,030 May 4. . 85,298 84,464 42,010 22,607 2,717 1.113 7,590 8,70133,571 1,517 1,783 8,60821,6638,883 834 May 11. . 85,106 84,214 4.2,078 22,721 2,591 1,113 7,633 8,739 3333,395 1,377 1,798 8,60721,6138.741 892 May 18. . 85,781 84,679 42,208 22,737 2,649 1,121 7,657 8,76333,743 1,269 1,284 9,604 21. 5868,728 1,102 May 25. . 85,330 84,280 42,263 22,641 2,686 1,131 7,686 8,840 3333,296 1,176 1,214 9,38221,5248,721 1,050 New York City 1954—May 22,159 21,643 11,623 7,859 5841,056 320 382 1,569 7,750 744 661 934 5,411 2,270 516 1955—March 23,369 22,806 12,047 7,642 1,654 412 549 1,727 8,172 583 240 1,915 5,434 2,587 563 April 2 2 3 3 , , 4 1 2 5 2 7 2 2 2 2 , , 8 6 1 0 7 7 1 1 2 2 , ,2 2 9 2 5 2 7 7 , , 6 6 1 3 1 6 3 1 0 9 1 7 1 1, , 8 7 6 8 1 7 4 4 2 3 8 3 5 57 9 1 5 1 1 , , 7 78 2 0 8 8 7 , , 0 99 9 5 5 5 48 4 8 8 4 3 3 0 4 6 1 1 , , 8 92 2 1 3 5 5 , , 2 28 9 0 02 2, , 3 5 1 0 7 0 6 5 0 5 5 0 May 1955—Mar. 2 . . 23,372 22,837 11,771 7,508 201 1,585 397 535 1,745 8,477 684 259 2,019 5,515 2,589 535 Mar. 9. . 23,320 22,793 11,910 7,535 2171,662 403 542 1,752 8,268 601 246 ,958 5,463 2,615 527 Mar. 16. . 23,741 23,161 12,256 383 1,717 409 548 1,695 8,320 705 263 ,920 5,432 2,585 580 Mar. 23. . 23,252 22,696 12,147 258 1,652 421 554 1,721 7,979 540 220 ,827 5,"392 2,570 556 Mar. 30. . 23,164 22,543 12,151 7,717 2571,656 429 565 1,722 7,817 386 211 ,851 5,369 2,575 621 Apr. 6. . 23,489 22,925 12,230 7,637 3201,757 429 562 1,727 8,128 454 504 ,839 5,331 2,567 564 Apr. 13. . 23,205 22,711 12,212 7,614 3331,755 431 572 1,713 7,973 449 418 ,821 5,285 2,526 494 Apr. 20. . 23,353 22,749 12,198 7,581 2801,820 424 571 1,725 8,090 578 420 ,824 5,2682,461 604 Apr. 27. . 23,642 22,886 12,251 7,612 1,817 428 581 1,748 8,188 710 393 ,809 5,276 2,447 756 May 4. . 23,115 22,707 12,275 7,639 2661,803 431 585 1,757 8,062 557 412 1,813 5,2802,370 408 May 11.. 23,018 22,505 12,235 7,644 1831,815 429 594 1,777 7,962 465 1 ,8385,2992,308 513 May 18. . 23,300 22,646 12,301 7,637 1901,870 429 598 1.783 8,044 456 2,073 5,2772,301 654 May 25. . 23,196 22,572 12,371 7,626 1,955 4.44 603 1.802 7,912 474 214 1,958 5,2662,289 624 Outside New York City 1954—May 57,990 57,691 27,106 14,146 538 535 6,186 6,15124,842 1,792 2,347 4,55116,1525,743 299 1955—March. . . 61,755 61,324 29,138 14,823 587 665 6,859 6,70225,736 1,102 1,164 6,968 16,5026,450 431 April 62,341 62,052 29,473 14,906 597 665 6,957 6,849 26,047 1,150 1,599 6,876 16,4226,532 289 May 62,221 61,802 29,845 15,041 603 676 7,046 6,98125,506 847 1,214 7,129 16,3166,451 419 1955—Mar. 2. . 61,895 61,504 28.980 14,733 588 668 6,824 6,66326,122 1,132 1,374 7,055 16,5616,402 391 Mar. 9.. 61,832 61,3?4 28,988 14,730 573 658 6,831 6,692 25,909 1,076 1,289 7,004 16,5406,477 458 Mar. 16. . 62,149 61,682 29,188 14,878 618 659 6,854 6,677 26,054 1,244 1,279 7,009 16,5226,440 467 Mar. 23.. 61,631 61,225 29,235 14,892 581 668 6,878 6,71425,530 1,156 977 6,947 16,450|6,460 406 Mar. 30. ., 61,268 60,837 29,297 14,880 570 672 6,909 6,76625,068 900 906 6,825 16,4376,472 431 Apr. 6. ., 62,389 62,088 29,282 14,812 592 665 6,920 6,794 16,297 1,285 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 1,123 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 1,153 1,571 6,843 16,4066,553 287 Apr. 27. . 62,166 61,892 29,567 14,933 572 670 6,989 6,904 25,795 1,040 1,518 6,831 16,4066,530 274 May 4. . 62,183 61,757 29,735 14,968 648 671 7,005 6,944 25,509 960 1,371 6,795 16,383 6,513 426 May 11.. 62,088 61,709 29,843 15,077 593 674 7,039 6,96225,433 912 1,438 6,769 16,3146,433 379 May 18. . 62,481 62,033 29,907 15,100 589 681 7,059 6,98025,699 813 1 ,046 7,531 16,3096,427 448 May 25. . 62,134 61,708 29,892 15,015 583 677 7,083 7,C !5,384 702 1,000 7,424 16,2518 6,432 426 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2Includes guaranteed obligations. For other footnotes see opposite page. 670 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 n a t d v - h l k - e s v C a i a n u s l h t b m a w a n d e n o i c s t - e k h ti s s c j p u m o a d s a d t s e n e - i - t d d s 3 s p p u v n c h a o a a o e i n i r r d l p r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l b a n d i t i - l t e s - - s c C h c o a f e e e e i f t n e c f r c r d i d t s k . - i ' s - , U m G e . r o e n n v S - t - . s p p u v n c h a o a a o e i n i r r d l p 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 b a n d i t i - l t e - s - s j P m U G S e i a o n r . a n o e s g n v d n v S t s - - a t - . l m D t e i D o c s - - ema F n ei d o g r n - Time F B s F e R e r a e r r o e a n d v m - l k - e s F ot r h o e m rs c C o i a t a u c a p - n l - ts tions tions Total- Leading Cities 1954 May. . . . 14,231 930 2,590 54,06854,646 4,346 1,758 2,58817,939 1,137 19010,483 1 ,253 1,390 757 7,781. 1955—March... 13,629 923 2,50856,55457,852 3,898 1,887 2,47118,969 1,140 20610,408 1,393 1,421 300 726 8,214 April.... 13,689 947 2,52856,12957,666 3.948 l.S 3.50618,998 1.138 20710,643 1,436 1 ,388 423 612 8,161 May 13,771 932 2,46356,23757,320 4,349 1,837 3,49618,991 1,132 209 10,152 1,454 1,360 300 703 8,228 1955—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 1,132 206 10,127 ,418 1,425 357 705 8,239 Mar. 30. 13,399 965 2,579 55,590 -5"6,474 4,062 1,805 2,534 18,990 1,132 20710,235 ,430 1,420 468 806 8,118 Apr. 6. 13,767 2,477 55,08656,262 3,819 1,836 4,299 19,043 1,130 20710,836 ,413 1,404 531 591 8,157 Apr. 13. 13,716 999 2,657 55,84958,293 3,825 1,812 3,488 19,001 1,147 20611,025 ,452 1,393 423 568 8,155 Apr. 20. 13,667 926 2,511 56,61358,190 3,931 1,897 3,132 18,980 1,133 20810,536 ,442 1,378 390 605 8,155 Apr. 27. 13,608 974 2,465 56,96957,921 4,216 2,008 3,105 18,969 1,142 20810,175 ,438 1,375 349 681 8,176 May 4. 14,001 879 2,35<14 555,981 56,771 4,449 1 ,9393,51018,975 1 ,132 20910,341 ,451 1,365 547 602 8,207 May 11. 13,615 964 2,552 56,234 57,608 4,258 1,779 3,26618,976 1,135 20910,387 ,420 1,348 185 626 8,219 May 18. 13,797 921 2,577 56,294 57,777 4,350 1,928 3,84118,999 1,132 21010,254 1,434 1,362 159 799 8,233 13,671 963 2 367 56,43757,123 4,338 1 ,7033,368 19,014 1,129 209 9,625 1,512 1 ,366 310 783 8,252 May 25. New York City 4,768 145 4115,78216,568 415 857 1,865 127 2,981 1 ,0121,167 349 2,594 1954—May. . . . 1955—March... 4,444 139 16,44217,485 273 907 668 2,072 176 2,962 1,079 1,107 3 306 2,761 April.... 4,398 145 5415.97716,997 278 908 1.369 2.084 158 2,900 1 ,121 1,077 15 240 2,666 May.... 4,485 142 15,95616,934 333 886 1,258 2,039 143 2,836 1,121 1,061 30 336 2,68.1 1955--Mar. 2. 4,224 138 4116,20917,250 276 898 711 2,066 178 3,009 1,061 1,103 2 215 2,789 Mar. 9. 4,503 143 3399 16,55117,456 258 862 569 2,079 179 2,920 1,056 1,103 4 305 2,785 Mar. 16. 4,598 133 5716,92118,161 243 1,145 641 2,054 180 3.100 1,064 1,112 1 301 2,788 Mar. 23. 4,403 135 5500 16,19217,162 286 768 760 2,066 173 2,937 1,100 1,111 4 328 2,789 Mar. 30. 4,489 148 11516, 338' 17,394 304 865 659 2,096 172 2,846 1,114 1,105 2 383 2,651 Apr. 6. 4,606 143 15,846 16,786 253 948 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 ,201 2,071 145 2,902 1,122 1,070 202 2,666 Apr. 27. 4,195 148 16,29317,225 323 964 ,160 2,069 145 2,909 1,119 1,070 222 2,662 May 4. 4,68 139 15,94616,874 361 1,000 ,306 2,054 142 2,853 1,117 1 ,066 120 357 2,681 May 1 1 . 4,378 .150 15,89516.846 322 898 ,168 2,037 142 2,854 1 ,083 1 .051 327 2,681 May 18. 4,466 135 15,96017,069 316 880 ,375 2,027 141 2,937 1,108 1 .062 274 2,682 May 25. 4,409 144 16,02416,948 332 766 1,181 2,039 145 2,702 1,176 1,067 385 2,682 Outside Sew York City 1954 —May.... 9,46.1 2,549 38,28638,078 3,931 1 ,73116,074 1,010 137 7,502 241 223 4(8 5,187 19 ss—March... 9,185 784 2,44740,112 40,367 3,625 980 1,803 16,897 964 151 7,446 314 314 297 420 5,453 April.... 9.291 802 2,474 40,15240,669 3,670 980 2.137 16,914 980 152 315 311 408 372 5,495 May 9,286 790 2,42140,28140,386 4,016 951 2,238 16,952 989 153 333 299 270 367 5,547 1955- Mar. 2. 9,287 755 2,447 40.,06140,512 3,684 967 1,92216,864 967 151 7,601 316 312 210 448 5,455 Mar. 9. 9,032 782 2,319 40,218 40,339 3,523 898 1,50916,892 973 151 7,392 308 311 283 407 5,454 Mar. 16. , 9,579 772 2,595 40,940 41,909 3,479 1,106 1,85616,903 960 151 7,655 312 316 172 443 5.443 Mar. 23. 9,118 792 2,413 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 2,464 39,25239,080 3,758 940 1,87516,894 960 151 7,389 316 315 466 423 5,467 Apr. 6. 9,161 745 2,41739,240 39,476 3,566 2,578 16,938 962 7,969 312 315 531 307 5,487 Apr. 13. 9,260 847 2,61240,157 41,408 3,557 953 2,093 16,912 974 152 8,102 311 313 390 316 5,489 Apr. 20. 9,332 790 2,452 40,533 41,098 3,661 1,036 1,931 16,909 988 153 7,634 320 308 365 403 5,489 Apr. 27. 9,413 826 2,412 40 676 40,696 3,893 1,044 1,945 16,900 997 153 7,266 319 305 349 459 5.514 May 4. 9,314 740 2,316 40,035 39,897 4,088 939 2,20416,921 990 153 7,488 334 299 427 245 5,526 May 11. 9,237 814 2.50740,339 40,762 3.936 881 2,09816,939 993 153 7,533 337 297 185 299 5,538 May 18. 9,331 786 2,533 40,334:40, 7084.034 1 .0482,46616,972 991 154 7,317 326 300 159 525 5,551 May 25. 9,262 819 2,325 40,413140,175 4,006 937 2,18716,975 984 153 6,923 336 299 310 398 5,570 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 except for the December 29 revisions in commercial, industrial and agricultural loans, other loans, and loans to banks 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. JUNE 1955 671 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY1 [Xet declines, (—). In millions of dollars| Business of borrower Manufacturing and mining Comrn'l, Period2 l F iq a o n u o d o d r , , ch P l e c e c m o u t a r m i o l c , , a - l,! j j i Other ( r T w e s a r a t h n a a l o e d d 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 i i o u i a o l n r b i n n c t t l i a s ) l i e . - c - s s C t t i r o o u n n c - - ; I bu t o y s A t o i p h n l f e e l e s r ss i j I ' c c h l f a a i n c s d g si e - s c i a h t n a o g a n d t r n d a ' ' l g l l , , e tobacco and j rubber j i 1953 — Tan.-fune. —057 -45 90 i 215 -614 -91 12 18 -11 -536 -805 July-Dec. 537 138 -49 392 -137 91 -23 101 610 795 i 1954—Jan.-June. ! -505 -10 -1 -41 -363 -175 126 71 106 1-1,314 -1,496 July-Dec.. 498 88 -62 120 539 32 -225 82 539 Monthly: 1955—January.. -119 28 7 -10 -116 -82 5 -9 4 -80 -371 -429 February. -118 90 29 109 4 13 -47 3 -It 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 27 100 —52 May -102 -6 35 6 50 54 -31 47 4.3 39 197 96 Week ending: 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 4 -20 18 23 1 -9 -40 Apr. 6. . -41 -21 -9 -40 67 -22 2 6 -41 -148 Apr. 13. . -25 1 -3 5 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 -i 69 16 -17 32 11 2 -16 66 15 May 4. . -35 3 41 16 16 -4 72 8 1 2 120 62 May 11.. -19 6 12 V 8 25 -6 1 24 30 17 91 114 May 1.8. . -18 -9 18 4 14 5 — 7 -12 -4 10 42 43 16 May 25.. -30 -3 2 -32 12 8 -1.4 -15 15 2 1 -58 -96 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. NOTE.—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 on p. 524 of the BULLETIN for April 1955. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commercial and finance paper outstanding Held by Based on End of month Total Accepting banks F. R. Goods stored in or Placed out- Baiiks Im- Ex- shipped between Placed direct- stand- Oth- ports ports Dollar points in Total through ly ing into from exdealers1 ( p fi a n p a e n r c ) e 2 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 i n es 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 3? 1953—December.... 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954—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 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 1955—Tanuary 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 29 538 227 182 56 248 93 April 2.171 623 1,548 767 206 164 42 17 28 517 229 189 68 190 92 2As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. 2As 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. 672 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Date a T s o s t e a ts l Total U St n a i t t e e s d St l a o t c e a a l n i d Foreign2 Total Bonds3 Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e t r s End of year:4 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3 248 2 030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34,931 11,851 9,295 2 045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1044 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 [,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 ,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 ,393 1.130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 ,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 ,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 ,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3 088 1953 78,533 12,405 9,829 .990 586 34,570 31,997 2,573 23,322 2,020 2,914 3,302 End of month:« 1952—December ... 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—December 78,201 12,322 9,767 1 ,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—March 79,649 12,4lo 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 80,547 12,452 9,539 2,326 587 35,371 32,871 2,500 24,174 2,102 3,000 3,448 Tune . ... 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 September 82,362 12,094 9,086 2,485 523 36,326 33,717 2,609 25,035 2,205 3,049 3,653 October 82,850 12,013 9,024 2,509 480 36,579 33,979 2,600 25,260 2,241 3,061 3,696 November 83.338 11 ,992 8,936 2,575 481 36,663 34,040 2,623 25,574 2,260 3,075 3,774 December 84.052 12.037 9,021 2,533 483 36,843 34,147 2,696 25,927 2.275 3,087 3,883 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 March 85,627 12.153 9.091 2,649 413 37,384 34.611 2,773 26.727 2,367 3,1.59 3,837 1 Includes United States and foreign. 2Central 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. *These 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 Total1 g M ag o e rt s - 2 G m o o v b e e l n i r - t n- Cash Other3 capital quarter Total* g M ag o e r s t- 2 G m o o v b e e l n i r - t n- Cash Other3 capital gations gations 1940 5,733 4,125 71 307 940 4,322 1952—2 20,599 16,875 1,687 1,182 770 17,656 1941 6.049 4,578 107 344 775 4,682 3. ... 21,295 17,696 1,765 1,044 708 18,198 1942 6,150 4,583 318 410 612 4,941 4 22,585 18,336 1,791 1,306 1,072 19,143 1943 6,604 4,584 853 465 493 5,494 1944 7,458 4,800 1,671 413 391 6,305 1953—1 23,442 19,051 1,926 1,259 1,128 20,072 1945 8,747 5.376 2,420 450 356 7,365 2.... 24,724 20,099 1,997 1,333 1,218 21,140 1946 10,202 7,141 2,009 536 381 8,548 3 25,582 21,116 1,982 1,196 1,212 21,735 1947 11,687 8,856 1.740 560 416 9,753 4.... 26,638 21,882 1,923 1,500 1,258 22,778 1948 13,028 10,305 1,455 663 501 10,964 1949 14,622 11,616 1,462 880 566 12,471 1954—1 P.. . 27,667 22,722 1,928 1,613 1,330 23,901 1950 16,846 13,622 1,489 951 692 13,978 2/>... 29,105 23,847 1,961 1,782 1,442 25,163 1951 19,164 15,520 1,606 1,082 866 16,073 3*... 30,168 25,053 1,972 1 ,671 1,400 25,895 1952 22,585 18,336 1,791 1,306 1,072 19,143 4P. . . 31,680 26,142 2,026 1,958 1,481 27,259 1953 26.638 21,882 1 ,923 1,500 1.258 22,778 1954* 31,680 26.142 2.026 1,958 1,481 27,259 195.v -I-".. . 33.006 27,313 2,207 1,911 1 ,514 28,398 P Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 3Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation, 673 JUNE 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End o: year End of quarter Asset or liability, and agency 1954 1946 1947 1948 1949 1950 1951 1952 1953 1 2 3 4 Loans, by purpose and agency: To did dgriculture totdl 2,884 2,299 3,632 4,362 3,884 4,161 5,070 6,811 7,370 6 381> 6 527 6 929 Banks for cooperatives 232 276 305 302 345 425 424 377 354 3m 343 367 Federal intermediate credit banks. 273 336 426 437 510 633 673 590 658 774 754 638 Federal land banks3 986 Federal Farm ^Mortgage Corporation 149 109 80 60 45 34 25 18 17 ie 15 13 Farmers Home Administration* 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 1,426 3,076 3,468 2,368 2,457 2,981 Other agencies 6 7 5 9 7 6 6 5 5 4 4 4 To did home owners totdl 659 556 768 1,251 1,528 2,142 2,603 2,930 2,858 2,814 2 818 2 907 6 4 199 828 1,347 1,850 2,242 2,462 2,366 2,301 2,392 2,461 Home Owners' Loan Corporation2 636 486 369 231 10 Reconstruction Finance Corporation* * ... 10 •1 177 168 137 123 115 108 106 104 Veterans Administration 6 65 22 24 35 169 246/ 1 30 6 0 0 32 6 6 1 34 6 8 2 36 5 7 9 38 6 3 3 no To rdilrodds totdl 171 147 140 114 101 82 79 79 12 12 12 Reconstruction Finance Corporation* .. . . 153 145 138 112 108 99 80 77 77 1G Other agencies 18 3 3 3 2 2 2 2 2 2 12 12 To other industry, totdl 192 272 310 462 458 488 516 509 492 415 413 420 Reconstruction Finance Corporation * ' 151 241 272 423 400 415 457 294 270 191 Department of the Treasury 41 31 38 38 58 74 58 { 174 178 179 349 353 Other agencies . . \ 40 44 45 64 67 7Y> financing institutions, totdl 314 447 525 445 824 814 864 952 630 678 691 870 Reconstruction Finance Corporation * 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, totdl 2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,043 7,987 7,965 7,968 8,001 Kxport-Import Bank 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,833 2,783 2,762 2,788 2,806 Reconstruction Finance Corporation* 1. . 235 246 206 154 101 64 58 52 45 42 U. S. Treasury Department9 800 3,450 3,750 3,750 3,750 3,750 3,667 3,620 3,620 3,618 3,618 3,570 «»1,515 1,537 1,539 1,544 1,563 1,624 All other purposes totdl 623 714 584 484 531 779 1,095 763 641 471 451 438 Reconstruction Finance Corporation * '.... 232 •340 190 88 59 61 50 57 29 32 278 278 294 297 366 609 919 535 428 245 144 113 Other agencies 113 96 100 99 105 109 126 171 184 195 307 325 Less: Reserve for losses. 478 395 368 476 185 173 140 203 181 255 276 228 Total loans receivable (net) 6,649 9,714 11,69212,73313,22814,42217,826 19,88319,877 18,489 18,603 19,348 Investments: U. S Government securities, totdl 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 banks * . . .. 136 Federal home loan banks , 145 139 274 275 199 249 311 387 706 672 687 641 Federal Savings and Loan Insurance Corp. 172 184 199 214 193 200 208 217 222 228 222 228 Home Owners* Loan Corporation^ 17 12 12 8 Federal Housing Administration 122 132 144 188 244 285 316 319 310 257 324 327 Reconstruction Finance Corporation* * 48 1 Federal Deposit Insurance Corporation 1,045 1,020 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 1 Investment in interndtiondl institutions 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, totdl 230 154 133 107 88 78 44 40 40 54 48 53 Reconstruction Finance Corporation* 159 108 98 83 71 66 36 35 35 5C 46 35 29 22 16 11 8 5 5 4 4 3 Department of the Treasury 24 11 6 2 1 1 / 43 47 Other agencies.... \ 1 1 1 2 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 463 448 437 1,376 1,638 1,174 978 2,086 2,202 2,802 3,059 3,302 Reconstruction Finance Corporation * ^... . 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 9 6 5 47 8 0 0 Land, structures, and equipment, total 16,92412,600 3,060 2,962 2,945 3,358 3,213 8,062 8,035 8,077 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 Corporation * 7 2,861 35 630 611 605 594 199 175 169 161 Tennessee Valley Authority 727 754 793 830 886 1,048 1,251 1,475 1,549 1,630 1,685 1 ,739 3 301 3,305 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 1,793 189 168 206 465 590 561 511 634"1,466 1,412 Bonds, notes, and debentures payable (not guaranteed), total 1,252 689 965 772 1,190 1,369 1,330 1,182 949 971 1,072 1 068 Banks for cooperatives 33 69 70 78 110 170 181 150 133 120 131 156 Federal intermediate credit banks. . . , 293 358 480 490 520 674 704 619 626 762 640 Federal land banks2 756 Federal home loan banks 169 262 415 204 560 525 445 414 190 115 179 272 For footnotes see following page. 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items1 Li i a n b t i e l r it a i g e e s, n c o y th e it r e m th s an Date, and corporation or agency Total Cash L c a o r e b e a i l - v n e - s m m C p s r t a i l i u o o a n i e a p e m d t s d l e - s s , i - , - - G U r s i e o t . c i v I e u S m n t s - . . v e e n O s t s r s t i e - t t c h ie u e s - r e L s t m q u t a a r u r n e n u e i d n d c p s t - , , - O s a t e h s t - s er a t B F g u n a u u b o r t n a e e y l n d l s r e d y - d s 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 e n e r . t o e s e n n v t S r - t - - . o v in P w a e t r t s e n i e t - r e l - y d U. S. All agencies: 1948—Dec. 31 21,718 63011,692 627 1,854 3,518 3,060 337 965 1,663 18,886 166 1949—Dec. 31 23,733 44112,733 ,549 2,047 3,492 2,962 509 772 1,720 21,030 183 1950—-Dec. 31 24,635 64213,228 ,774 2.075 3,473 2,945 499 1,190 1,193 21,995 234 1951—Dec. 312 26,744 93114,422 ,461 2,226 3,463 3,358 882 1,369 1,161 23,842 329 1952—Dec. 312 29,945 94417,826 ,280 2,421 3,429 3,213 832 1,330 1,728 26,456 378 1953—Dec. 312 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 1,182 3,818 33,429 434 1954—Mar. 31. 39,313 1,13919,877 2,696 2,969 3,425 8,035 1,173 949 4,920 32,899 470 June 30. 39,602 1,23218,489 3,369 2,911 3,439 8,077 2,085 971 4,033 34,030 486 Sept. 30. 40,443 1,32418,603 3,709 2,988 3,433 8,061 2,325 1,072 2,357 36,488 498 Dec. 31. 41,403 1.37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,183 35,610 508 Classification by agency, Dec. 31, 1954 Farm Credit Administration: Banks for cooperatives 437 363 156 250 30 Federal intermediate credit banks 729 638 640 84 Production credit corporations 46 46 Federal Farm Mortgage Corp 15 13 15 Department of Agriculture: Rural Electrification Administration 2,337 2,223 1 105 2,336 Commodity Credit Corporation 6,731 2,915 3,302 152 340 2,615 4,116 Farmers Home Administration 664 597 (8) 26 8 657 Federal Crop Insurance Corp 24 2 9 15 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,561 47 868 641 5 272 810 479 Federal Savings and Loan Insurance Corp. 236 2 228 6 10 226 Public Housing Administration11 338 18 112 112 21 318 Federal Housing Administration 545 46 47 327 124 174 339 Office of the Administrator: Federal National Mortgage Association. 2,573 94 2,462 18 2,564 Other 930 71 189 39 922 F F T F P V D E S o e e m a e x e e d d r n n p t p a e e e e n a o a l i r r r l e m g r r a a a s t t n n B l l a - s m s I e u M D O m C e e s A e p n i a a p V n p t e d n r o e o r i m a a o r s t a s l l t i s f l t i i m e i n t C o B A t y i e h I n s o a d e n A t s m n B m r s k a T u A u o p i t t r r a n i a d h e a o r i n m o d a n s n y s t r c i r i a u e n a t n r y i t y d s C io t o r n M a rp ti a o r n itime Adm.. 5 8 2 1 1 1 , , , , 4 4 , , 5 7 8 9 6 5 6 6 4 6 5 2 5 3 3 1 4 0 7 3 2 3 1 7 2 1 1 1 6 2 7 1 2 1 3 7 6 1 8 7 4 2 1 3 2 1 , , ( 9 3 , 8 ) 8 3 6 2 2 4 2 5 5 6 4 1,624 3,427 ( , , 4 1 7 ) 2 7 4 9 1 3 3 2 8 9 1, ( 3 0 8 3 5 2 2 ) 1 9 8 6 6 1 4 1 1 1 9 2 5 2 5 1 7 0 3 3 5 7 7 3 2 5 8 1 1 1 , , , , , , 7 8 5 6 2 7 4 5 9 4 3 2 9 3 5 2 3 7 3 0 6 9 5 1 7 3 All other 921 222 127 379 61 132 38 884 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i.e., after reserve for losses. 2Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies after repayment, of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the 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. sFigures 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. ^Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included with "Other agencies" in 1945 and 1946. 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. TFigures adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 8Less than $500,000. 9Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury compilation. 10Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance sheet for June 30, 1952; figure not published in Treasury compilation, but. derived by Federal Reserve. 11Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement, with "other agencies" through 1947—were not transferred to the PHA until 1948. Effective July 1, 1954, the public war housing program of the PHA (represented largely by "Land, structures, and equipment") and several small housing programs managed by the Office of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by the Office of the Administrator^ 12 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 11. 13 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. JUNE 1955 675 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS I Bond prices Stock prices Common U. S. Govt. Vol- Ye o ar r , w m e o ek nth, r ( O i s l e e o l - s d n 2 g-te N r r i s m e e e - s w ) 3 g n ( r M i h a c i d i u g p e - h a ) - l 4 g ( r C r h p a a o o i d t g - r e e - h ) - 4 fe P r r r e e - d « S T t t a ( o a i n - l n d d a e r x d d , t I u r a n i s a 1 - l - - n 93 d 5 P R r -3 o o a 9 a o i d — l r - 's 1 s 0 u e P 0 i l r t u t i ) i i y c b e l- - s T ta o l - Sec T u t M a o r - l i a ti n e u s f D a r b a c a l u n t e - u d - ( r i i n n E d g N x d e r b c a x o u le h - , - n a - 1 n 9 T g p 3 e t r o i 9 a o r C = n n ta o s 1 - - m 00 m u P ) i l t i u t i i s y c b l s - - ion T a s a f r e n i s i a n c r n e c d e v d r - e i e - , e , s M in i g n- s s t h t u i h a r n a ( o m o a o n i r g f n f d u d e 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 93.90 ioiiic 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 240 1.419 1954 average 99.51 125.8 117.2 174.5 227 250 180 136 230 271 245 295 233 136 236 267 2.270 109.60 1954—May 99.68 123.6 117.5 173.8 220 242 173 135 223 263 232 291 221 134 226 270 2,096 June 99 49110099 .3794 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 100.28 111.50 128.4 117.8 174.7 236 261 187 142 237 280 257 301 237 141 243 263 2,588 Sept. . . 99 92110 68 127.2 117 6 175.8 239 264 182 141 240 286 260 309 236 140 247 268 1 963 Oct 99.69 110.59 126.9 117.5 178.1 244 271 187 139 244 291 267 313 240 138 249 269 2,103 Nov 99.27 109.88 127.4 117.4 178.9 252 282 197 141 254 305 284 324 259 141 260 278 3,196 Dec. 98 97109 91 126.6 117.0 178.3 265 297 218 144 268 323 298 345 285 144 268 310 3,475 1955—Tan 97.88 108.43 125.4 116.7 175.7 269 302 222 145 271 326 307 344 288 145 270 314 3,555 Feb 96.97 103.51 125.0 115.7 1 75.0 278 312 232 150 281 340 320 358 300 150 276 315 3,201 Mar. 97 08 103 63 124.4 115 4 1 74.6 278 311 238 150 280 337 318 354 305 151 275 315 2 907 '\pr. 96 31103 43 124.9 115.3 176.0 286 322 252 152 287 347 327 365 320 152 277 311 2 ,680 May 96.53 103.66 125.1 114.7 1 75.6 285 320 251 152 289 350 324 372 326 154 280 303 2,163 Week ending: Apr. 30 96.21 103.47 125.1 115.2 175.9 288 324 255 152 290 351 329 370 329 153 276 305 1 2,5 76 Mav 7 96.27 103.56 125.1 114.9 1 75.7 286 320 252 152 290 351 327 372 330 154 279 305 2,313 Mav 14.... 96.56 103.65 125.1 114.7 175.6 285 319 252 152 286 346 319 371 322 153 277 298 2,208 May 21 .... 96.70 103.66 125.3 114.6 1 75.7 283 318 2-49 152 289 350 324 373 324 153 283 304 2,138 Mav 28 96.56 103.70 124.9 114.5 175.2 287 322 251 153 291 352 327 374 327 154 284 305 : 2,028 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}4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3^ per cent bonds of 1978-83 and, beginning Feb. 1, 1955,' the 3 per cent bond of February 1955. * 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 noncaliable high-grade stocks on basis of a $7 annual dividend. 8Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on credit balances1 Other credit balances End of month ba ( d n l e a e b n t i c ) t i es a in n p a v d c a e c r t s t o r n t u a m e d n r e i t s s n n ' g t a in n a v d c e c f t i s o r r t m u a m d n e i ts n n g t a b h n a a d n n k d in s bo M rr o o n w e e y d2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r u a m t d n n e i t e s n n r g t s' a in n a v d I c n e c t s o r f t u a i m r d n m e i ts n n g t I a n c ( c c n o a e u p t n ) it t a s l 1951—June 1.275 10 375 364 680 834 225 26 13 319 December. . 1,292 12 392 378 695 816 259 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 December. 1,362 8 406 343 920 724 200 35 9 315 1953—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—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. . 82,242 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 3 1,063 March 32,701 31,939 31.022 April 32 752 «2\062 3973 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): February, 63; March, 49; April, 48. 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, 676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY MARKET RATES BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES Fi- U. S. Government [Per cent per annum] mo Y w n e e th e a k , r , or m 4 m p P - c o a r o e t n p i m r o m t e c - h 6 i r e a , s - 1 l m 3 d p n p p - c o i l a o a a r a l t n y m n p e o c n , t c c - e e y h e t r 6 d s - - 1 a a P b d c n e a r a 9 c r c i n y s 0 m e e ' k s p s 1 e - , t- M y 3 a i - e m r l k d o e n t s t e h o c i n R u s b s r a i n u i l t t l e e e i s w s es 9 ( m i t - s a t s o o x u n a e b t 1 s h 2 2 le - ) 3 i - s y s t e u o a e r s 5 8 - 19 A ci A r t e i n e a s n : a ua n l d a p v e e r r i a o g d es: lo A a l n l s S 1 1 i 0 - ze of 1 1 lo 0 0- a 0 n'th 1 2 o 0 0 0 u 0 - s. o a f n d 2 d o 0 o l 0 . v ) er 1946 2 1 4.2 3.1 2.2 1.7 1 1 1 9 9 9 5 5 5 2 4 3 a a a v v v e e e r r r a a a g g g e e e . . . . . . . . . . . . 2 2 1 . . .5 5 3 8 2 3 2 1 1. . . 4 3 1 1 3 6 L L 1. 7 3 . 5 8 5 7 1 1 . . . 7 9 9 2 0 4 1 1 . . . 7 9 9 6 3 5 6 1 3 2 1 . . . 8 0 9 1 7 2 J £ . . . 1 8 5 3 2 6 1 1 1 1 9 9 9 9 4 4 4 5 7 8 9 0 . . . 2 2 2 2 7 5 7 1 4 4 4 4 . . . 2 4 6 5 3 3 3 3 . . . . 5 1 6 7 2 2 3 3 . . . 0 5 8 0 2 2 2 1 . . . . 2 4 4 8 1954— J J A M u u u n l a g y y e 1 1 1 1 . . . . 5 4 5 3 6 5 8 3 L 1 [ t . . . 3 2 2 .3 1 5 5 8 1 L L 1 . . . 2 2 2 .2 5 5 5 5 . . . . 7 9 6 7 2 2 4 6 . . . . 7 8 7 6 8 9 1 5 2 2 0 0 . . . . . 6 7 7 6 6 6 5 4 L 1 L 1 . . . 7 7 6 . 9 4 7 9 8 1 1 1 1 9 9 9 9 5 5 5 5 2 4 1 3 .. . 3 3 3 3 . . 7 6 5 1 4 4 5 5 . . . . 0 7 0 9 4 4 4 4 . . . . 3 2 0 4 3 3 3 3 . . . . 9 4 7 9 3 3 3 2 . . . . 3 5 4 9 O N S D e e c o c p t v . t 1 1 1 1 . . . . 3 3 3 3 1 1 1 1 1 1 1 1. . . . 2 2 2 2 5 5 5 5 1 1 1 1 . . . . 2 2 2 2 5 5 5 5 1 1 . . . . 0 1 9 9 1 4 8 3 1 1 . . . . 1 0 9 9 0 7 8 4 7 4 7 8 1 1. . . . 1 0 8 9 0 3 9 4 L 1 L . . . 9 8 9 .8 0 0 4 5 19 1 c 9 i Q 5 ti 4 u e — s a : r S J te u e r n p l e t y: 3 3 .5 6 6 0 4 4 . .9 9 7 9 4 4. . 3 3 2 5 3 3 . .8 8 2 9 3 3 . . 3 3 2 7 1955— A F M M Ja e p a a n b r r y 2 2 1 1 1 . . . . . 6 6 4 0 1 9 8 7 0 9 L 1 L 1. . . . 8 5 7 5 .3 8 0 3 0 7 L L 1 1 1. . . 5 3 4 . . 3 3 0 8 3 3 8 1 1 1 1 1 . . . . . 1 4 2 2 5 7 5 8 3 9 1 1 1 1 1 . . . . . 4 6 1 3 2 9 2 7 3 5 1 0 7 5 7 1 1 1 1 1 . . . . . 7 4 3 4 7 2 1 6 9 1 2 2 2 2 2 . . . . . 1 3 1 3 4 8 9 1 0 0 Ne 1 1 w 9 9 5 5 Y 4 5 o — — rk D S D J M u e e e C n a p c r c e t i . t . y .. : 3 3 3 3 3 .5 3 3 2 5 4 4 0 9 5 4 4 4 4 4 . . . . 9 7 6 9 8 2 5 6 3 1 4 4 4 4 4 . . . . . 2 2 1 2 2 1 4 5 9 9 3 3 3 3 3 . . . . . 7 8 8 6 5 1 4 3 4 4 3 3 3 3 3 . . . . . 3 3 1 1 1 1 0 9 5 3 Week ending: 1955—Mar 3 29 4 68 4.14 3.65 3.14 Apr. 30... 2.16 .85 L.50 1.62 1.697 1.79 2.43 7 No e r r t n h e c r i n t ie a s n : d East- M M M M a a a a y y v v 2 2 1 7 1 8 4 . . . . . . . . . . . . 2 2 2 2 . . . . 1 1 1 1 9 9 9 9 t . . . . . . 8 8 8 8 8 8 8 8 1. . . . 5 5 5 5 0 0 0 0 1 1 1 1 . . . . 4 5 4 4 2 5 1 4 1 1 1 1 . . . . 4 6 4 4 7 2 4 2 . 7 0 1 7 1 1 1 1 . . . . 7 7 7 7 5 0 1 0 2 2 2 2 . . . . 4 3 4 3 1 9 1 8 1 19 9 5 5 5 4 — — S D M j e u e a p n c e r t . 3 3 3 3 .5 5 6 5 7 5 1 5 4 5 5 5 . . 0 0 9 0 2 7 9 4 4 4 4 4 . . . . 3 3 3 3 1 1 2 4 3 3 3 3 . . . . 8 8 9 8 9 4 4 3 3 3 3 3 . . . . 4 3 3 3 2 6 5 3 11 Southern and ••Revised. Western cities: *Data are averages of daily prevailing rates. 1954—June 3.98 5.05 4.43 4.05 3.67 2 Series includes certificates of indebtedness and selected note and bond issues. Sept 3.95 5.03 4.39 3.91 3.68 8 Series includes selected note and bond issues. Dec... 3 90 5 01 4.36 3.93 3.60 Back figur*.;;.—See Banking and Monetary Statistics, Tables 120-121, pp. 1955—Mar 3.87 5.00 4.35 3.92 3.54 448-459, and BULLETIN for May 1945, pp. 483-490, October 1947, pp. 1251- 1253, and February 1955, p, 215. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] Bonds Industrial stocks Corporate (Moody's)3 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 ss Aaa Aa A Baa In tr d i u a s l - R ro a a i d l- P ut u i b li l t i y c fe P rr r e e d - « m Co o m n7 - C m o o m 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 19 319 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 2.93 3.16 2 72 3.43 3.20 3.31 3.47 3 74 ^.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 '4.70 8.75 1954—May 2.52 2.72 2.49 3.13 2.88 3 03 3.15 3 4^ 3.06 3.21 3.13 4.03 4 81 June 2.54 2.70 2.48 3.16 ? 90 3 06 3.18 3 i9 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 August 2.4S 2 60 2.23 3.14 2.87 3.03 3.15 3 49 3.07 3 21 3.12 4.01 4.66 September,.. 2.51 2.64 2.29 3.13 2.89 3.04 3.13 3.47 3.07 3.22 3.13 3.98 4.31 7.42 October 2.52 2 65 2.32 3.13 2.87 3.04 3.14 3 46 3.06 3.23 3.U 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 '8.16 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 May 2.75 2.91 2.41 3.23 3.04 3.15 3.21 3.50 3.17 3.32 3.19 3.99 4.05 Week ending: 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 May 7 2.77 2.92 2.41 3.21 3.02 3.14 3.20 3.49 3.16 3.31 3.18 3.99 4.04 Mav 14 2.75 2.92 2.41 3.23 3.04 3.15 3.21 3.50 3.16 3.32 3.20 3.99 4.09 May 21 2.74 2.91 2.40 3.23 3.04 3.15 3.22 3.49 3.17 3.32 3.20 3.98 4.08 May 28 2.75 2.91 2.42 3.23 3.05 3.15 3.23 3.50 3.17 3.33 3.20 4.00 4.03 'Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio). 2 Fully 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. 3 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. 5 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. 6 Standard 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. 8 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. JUNE 1955 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basisof monthly statements of United StatesTreasury] Summary Bud e g x e p t e r n e d c i e t i u p r t e s s and or E e x x ce p s e s n d o i f t u r r e e c s e i ( p t — s ) d d u e In c ri c r n e r g e a a se p se e ( r — o io r d ) General ( e fu n n d d o f o f p e th ri e o d T ) reasury Deposits in Period rec N e e i t pts p t e u E n r x e d - s i- S d u e ( r o - f p i > r c l i u t s c T o o a a t r u n h c u n d e - s t r t s r o e i S n o b d a a f l e g l i m e m g G e s a a n p o t a r c i t k v n o y io e t n d . t n s s C co i l a 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 i t s c t G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l e - - A a F v b . a l i e R l- . B In c e a o s n p s l k l r e s o o c f c - - S d it p e a e p r c o ie i s a s - l O s n a t e h s e t - e t s r funds tion Cal. yr.—1951 , , 52,979 56,337 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 1,134 1952 64,840 70,682 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 1,132 1953 63,841 72,997 -9,157 82 25 -209 7,777 -1,488 4,577 346 131 3,358 742 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.1 25,757 34,484 -8,728 -312 99 -250 9,097 -94 4,577 346 131 3,358 742 1954—Jan.-June. 38,899 33,288 5,611 648 -103 -58 -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—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 -313 5,145 704 170 3,469 801 Oct 2,639 4,857 -2,218 -288 -23 104 3,942 1,518 6,663 736 175 4,936 816 Nov 4,201 3,842 358 358 33 —209 101 641 7,304 694 137 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 5,804 3,846 -80 73 36 -4,134 -260 5,151 724 149 3,203 1 .074 Apr 3,732 5,228 -1,496 -193 29 309 2.601 1,250 6.401 814 362 4.023 1,201 May n.a. n.a. n.a. n.a. n.a. n.a. 824 -522 5,880 649 153 4,054 1,023 Budget expenditures National security Period Total Total2 D f m e D e n i p 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 I n a f n a f n f a n t a i e c t - d i ' r e r l s - s I d n e o e t s n e b t r t - A e i t V s d i r o t a m e r n n a t i - 4 s - n- c g S p u r o s a r r c e o i m i - t - a y s l A t c u g u r r l e - i- H n h a a o o f n n i m u - d c s e e - P w u o b r l k i s c o P d i f c e o f f i i s c t - t e T c t o f r r a e t a u u c o r n s n - s t s t - s Other tary gram Cal. yr.—1951 56,337 33.044 29.432 1 .594 1,278 3,524 5,983 5,088 1,463 1 ,010 694 1,438 684 507 2,901 1952 70,682 47,936 42,078 3,052 1,813 2,574 6,065 4,433 1,508 1,564 646 1,573 775 510 $,098 1953 72,997 49.363 42,953 3,784 1,889 2,082 6,357 4,156 1,630 3,238 -159 1,685 525 154 5,966 19541 64,854 42,820 36,807 3,249 1,937 1,265 6,567 4,206 1,653 3,437 -393 1,526 241 182 5,350 Fiscal yr.—1951 44,058 21,663 19,148 948 908 3,798 5,613 5,288 1,415 635 460 L.458 624 397 2,706 1952.... 65,408 42,867 38,077 2,292 1,648 2,839 5,859 4,748 1,424 1,219 614 1,515 740 567 5,015 19531... 74,274 50,276 43,611 3,956 1,791 2,184 6,504 4,249 1,532 3,134 385 1,660 659 462 5,229 1954 67,772 46,522 40,336 3,629 1,895 1,553 6,382 4,176 1,640 2,841 -615 1,519 312 164 5,277 Semiannual totals: 1952—Jan.-June.. 34,496 23,444 20,652 1,353 937 1,467 3,099 2,269 706 679 222 657 420 84 L.448 July-Dec. . 36,186 24,491 21,426 1,699 876 1,107 2,966 2,164 802 885 424 916 355 426 :1,650 1953—Jan.-June.. 37,801 25,596 22,134 2,113 926 1,113 3,542 2,086 791 2,178 -42 740 305 31 L.462 July-Dec i. 34,484 23,750 20,819 1,671 945 968 2,816 2,070 806 1,237 -176 900 220 118 1,774 1954—Jan.-June.. 33,288 22,773 19,517 1,958 950 585 3,567 2,106 834 1,604 -439 619 92 46 1,502 July-Dec. . 31,566 20,047 17,290 1,292 987 680 3,000 2,100 819 1,833 46 907 149 136 1,847 Monthly: 1954—Apr 5,296 3,691 3,137 343 164 105 350 375 118 468 -195 116 9 259 May 5,203 3,374 2,834 331 169 120 249 346 122 694 -14 109 5 198 June 7,308 4,663 3,932 516 110 69 1,763 370 169 248 -85 114 -40 17 20 July 4,827 3,061 2,493 334 174 81 213 333 139 270 49 156 56 468 Aug 6,731 3,370 2,913 228 169 94 332 333 118 2,039 -39 137 4 344 Sept 5,019 3,261 2,843 210 160 152 541 320 137 144 -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—Jan 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 63 153 109 478 386 119 690 -17 85 16 1 270 Apr 5,228 3,382 3,020 122 134 78 355 379 153 781 26 99 31 4 -59 n.a. Not available. 1 Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2. 2 Includes stockpiling not shown separately. 'Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other nonmilitary foreign aid programs, and State Department. •Excludes transfers to trust accounts, which are shown separately. 678 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of monthly statements of United States Treasury, unless otherwise noted. In millions of dollars] Budget receipts Income and profits taxes Deduct Unem- Period W he i I t l n h d d - ivid O ua th l er1 r C a o ti r o p n o 1 - E ta a g s x n i t f e a d t s te 1 E ta x x ci e s s e 1 i p m t n a a l n s x o e u c e y n r e s - t - re O c t e h i e p r ts r b e T u c o d e t i g a p e l t t s A O t f p l r u d p u n - r a s d o t g p e ria R ti r m o a e i n t l e i r s r n o e t t a - o d : r R e e c f o e u i f p nd ts s r b e u N c d e e g ip t e t t s account Cal. yr.—1951 16,037 10,311 16,565 801 8,591 235 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 22', 605 11,279 19,045 923 10,288 269 2,570 71,524 3,918 628 3,137 63,841 19542 20,787 10,477 19,915 960 9,136 285 2,932 70,217 5,121 604 3,322 61,171 Fiscal yr.—1951 13,535 9,830 14,388 730 8,693 234 2,263 53,369 3,120 575 2,107 47,568 1952 18,521 11,359 21,467 833 8,893 259 2,364 67,999 3,569 738 2,302 61,391 19532.,. 21,351 11,417 21,595 891 9,934 277 2,478 72,649 4,086 620 3,118 64,825 1954 21,635 10,747 21,523 945 10,014 285 2,882 73,173 4,537 603 3,377 64,655 Semiannual totals: 1952—Jan.-June. 10,220 9,008 14,318 459 4,519 224 ,251 42,242 1 ,922 373 2,000 37,947 July-Dec.. 9,825 2,826 7,821 390 5,048 42 ,388 29,546 1,891 311 451 26,893 1953—Jan. -June. 11,347 8,481 13,773 502 4,931 234 ,137 42,910 2,195 311 2,700 37,703 July-Dec.2 11,078 2,593 5,375 405 5,405 40 ,255 28,195 1,722 321 395 25,757 1954—Jan.-June. 10,558 8,154 16,148 540 4,609 245 ,627 44,978 2,8.15 282 2,982 38,899 July-Dec. 10,230 2,323 3,767 420 4,527 40 1,305 25,239 2,305 322 339 22,272 Monthly: 1954—April 1,108 808 645 94 763 5 234 3,956 278 21 906 2,751 May 2,601 140 358 73 804 17 215 5,037 759 71 616 3,592 June 1,272 1,342 6,956 103 731 1 389 11,347 507 45 150 10,644 July 1,035 252 532 77 713 4 299 3,148 217 20 85 2,827 August..., 2,578 93 300 64 766 16 166 4,801 743 76 70 3,911 September 1,422 1,429 1,104 72 767 1 164 5,280 274 47 8 4,951 October. .. 1,077 199 361 65 785 4 187 2,887 188 21 39 2,639 November. 2,759 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—January... 884 2,239 355 62 649 31 483 4,833 113 17 48 4,655 February.. 2,916 881 274 67 709 167 321 5,954 255 64 208 5,427 March 1,721 745 6,812 151 841 20 191 11,089 562 46 741 9,741 April 967 2,190 478 77 717 4 171 4,941 316 19 874 3,732 Trust and other accounts Internal revenue collections (on basis of Internal Revenue Service reports) Social security, Other accounts5 retirement, and Period Excise and miscellaneous taxes insurance accounts Total4 Total Liquor Tobacco M an an d u e r x f e a c t c i a s t i e u le re rs rs ' ' Other ce R i e p - ts I m nv e e n s t t s - Ex tu pe re n s di- m In e v n e t s s t 8 - Other4 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 1953 9,714 2,819 ,614 3,262 2,020 82 8,123 2,387 5,811 153 310 1954 9,248 2,707 ,543 3,131 1,867 2807 9,191 1,177 7,717 405 915 Fiscal yr.—1951.... 8,704 2,547 ,380 2,841 1,936 295 7,251 3,360 3,752 196 353 1952.... 8,971 2,549 ,565 2,824 2,032 219 8,210 3,361 4,885 275 530 1953 9,946 2,781 ,655 3,359 2,151 2460 8,529 3,059 5,257 242 489 1954 9,517 2,783 ,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 2,802 136 385 July-Dec... 4,795 1,521 804 1,476 995 2-312 3,660 823 3,003 37 -109 1954—Jan.-June.. 4,722 1,262 777 1,651 1,032 644 5,048 864 3,843 331 633 July-Dec... 4,527 1,445 766 1,480 835 164 4,143 313 3,874 74 282 Monthly: 1954—Apr 477 223 130 50 74 -375 436 25 665 13 -102 May 1,343 222 130 727 263 271 1,212 330 630 61 80 June 561 246 147 11 157 -19 1,467 888 651 -79 -26 July 713 226 123 38 7328 — 135 389 -98 648 7 32 Aug 765 207 141 692 -276 387 1,200 281 606 30 104 Sept 766 250 137 3 377 -283 414 -82 682 34 -63 Oct 786 273 134 42 337 -288 334 -148 640 6 — 124 Nov 778 280 124 696 -322 358 956 111 641 56 210 Dec 719 209 108 10 391 126 850 249 657 -58 124 1955—Tan 654 155 131 27 340 -179 227 -334 704 200 164 Feb 707 181 119 676 -269 26 569 -126 697 47 75 Mar 844 246 139 99 360 -80 729 39 733 58 21 Apr n.a. n.a. n.a. n.a. n.a. -193 489 -358 700 -55 395 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. 2 Beginning new reporting basis. See footnote 1 on preceding page. 3Less than $500,000. 4 Excess of receipts, or expenditures (—). 5Consists 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. 6 Consists of fa) 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. JUNE 1955 679 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 of de- Period B re N u c d e 't t g s e . t r T P a e l c r c u u c ' s t s t : s . t . t I G r L n a e o t n s r v s s a : t . - . 1 m O P ju a e l t u d h s n s - t e t - : s r 2 E p C q o d u a s e a s i - h t l s s: B p t e u u e n r x d e d - g s i e - t a T o P a c t l r n h u c u s d e t s : s r t . t I G r n a o t n r v s a t . L - . 1 ess A p : a u l c s b c l r t i u o c - 3 F E S l u t i x i t n z o a c a d n b h - 4 i . - c C o l i a e u n c a - n g P r t l - us T T a o s : r c r u i a c e t d 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 w s h h l - - s. d p w r o 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 1 19 9 5 5 4 36..m 6 6 4 4 , , 6 8 5 2 5 5 8 9, , 1 9 5 2 5 9 2 2 , , 0 1 9 9 7 4 -2 1 1 0 5 1 7 7 1 1 , , 8 3 1 4 5 5 6 7 7 4 , , 7 2 7 7 2 4 5 6 , , 1 7 6 6 9 9 2 2 , , 0 1 9 9 7 4 6 50 9 9 4 - - 1 2 0 8 9 3 2 0 5 3 0 - - 2 15 7 5 4 -2 1 1 1 5 8 7 7 6 1 , , 4 9 0 7 7 4 -5 - , 1 0 5 6 9 2 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 -117 -23 -94 188 34,167 -8,187 Monthly: 1954—May 3,592 1,230 45 104 4,882 5,203 568 45 43 -33 511 -38 105 6,228 -1,347 June 10,644 1,448 898 104 11,298 7,308 658 898 76 -146 -25 93 6,915 4,384 July 2,827 434 130 -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 Q -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-—Tan 4,655 268 \'K -582 4,299 4,942 581 42 51 186 -24 -582 5,009 -710 Feb 5,427 600 53 332 6,306 4,831 653 5?. -18 "-8 -354 -40 434 5,481 825 Mar 9,741 778 64 488 10,943 5, 8<>4 761 64 4 -36 -36 -63 479 6,932 4,010 Apr 3,732 528 n .a. 3,651 5,228 1,134 n.a. 31 -6 -309 n.a. 5,355 -1,704 May n.a. n.a. n.a. 5,547 n.a. n.a. n.a. 39 n.a. 6,278 -731 n.a. Not available. ^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). 6 To 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 public* crease, Cash issuance of Adjust- Met Period ( c p o d g - d r u r i r ) e e r o b , a e d b s l s c e i i t s e c n t - a F G n e u s t d e e a e e c r r d - u a r l i t a ie g a s g e N n n u o t o c f e a n i r e e - - d s T t a m o r s c r f a i u o e e c d n r n t a t e - s t s . , l . N s i a n e G f a e n u c g t d o F . n e i v d e n t b n t s d r . . y v . . . Ac I T b n c s b a o r r t a i e n . u n l v d a l a d o s . s l s n s . to p P f F u s a o i o e e b y r n f c 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 o w w r t f - - . m i D s C k a s i O t u r n a e n 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 e i . a . a s l l Other « Cal. yr.—1951 2,711 18 37 n.a. 3,418 718 -125 -1,242 1 ,999 -1 ,H>i -1 ,099 -997 46 1952 7,973 12 -102 n.a. 3,$33 770 -74 3,353 5,778 -406 -1,784 -113 -122 1953 7,777 22 -3 n.a. 2,540 591 66 4,601 64,829 6 -344 248 -162 -30 19547 3,582 -42 -31 -266 1,582 577 176 906 3,071 -175 -1,469 -195 -326 Fiscal yr.—1951 -2,135 10 374 -79 3,557 638 -149 -5,874 -3,943 -467 -657 -1.093 286 1952 3,883 16 -88 -170 3,636 779 -79 -695 1,639 -717 -1,209 -155 -252 19537 6,966 7 -32 -155 3,301 718 3 2,763 «5,294 6-94 -2,164 -100 " -173 1954 5 189 29 -33 -257 2,054 524 94 2,255 2,530 -381 628 -239 -283 Semiannu a 1 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 -SO -58 Monthly- 1954—Mav 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 -72 97 5 35 -4,270 -4,291 94 -129 62 -5 Apr 2,601. 5 24 n.a -413 31 2,955 3.144 —88 -42 -30 -30 May 824 5 n.a. n.a. n.a. 39 209 Pi,780 -32 -1,476 -25 P-38 n.a. Not available. vPreliminary. 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 corporarions and agencies and some miscellaneous debt items. •Excludes exchanges of savings bonds into marketable bonds, the amount of 409 million dollars. 7Beginning new reporting basis. See footnote 6 above. 8Less than $500,000. 680 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY GASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS 1 [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash deposits Cash.,withdrawals Period Total ta D u i x v n i a e i r d l d s e s i - c - 2 o t nt r a 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 * R D c o e e e f f i d u p r n u e t d c s - t s : Total g N p r s a e r a o c m t . - 'l s 5 f I a a n i f r t - s 'l 8 e I d s n t e t e b o r t n - g e V p r r a r a e o m n t - - s s7 g c S r p u o s a r r e c o m i - i - t a y s l 8 Other Cal. yr.—1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 33,194 3,498 4,137 6,121 4,915 6,169 1952 71,396 32,728 22,140 9,566 6,589 2,823 2,451 72,980 47,971 2,612 4,230 5,209 5,617 7,341 1953 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 50,294 2,000 4,589 4,885 6,648 8,113 1954® 68,595 31,936 20,112 8,817 7,654 3,435 3,358 68,896 42,400 1,089 4,666 4,668 8,587 7,485 Fiscal yr.—1951 53,439 24,095 14,388 8,693 5,839 2,531 2,107 45,726 21,823 3,785 4,052 5,980 4,458 5,628 1952. 68,093 30,713 21,467 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 3,180 3,419 71,974 46,422 1,457 4,633 4,947 7,645 6,870 Semiannual totals: 1952—Jan.-June 41,293 19,687 14,318 4,519 3,386 1,383 2,000 35,622 23,466 1,489 1,984 2,709 2,741 3,233 July-Dec, 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 24,505 1,123 2,246 2,500 2,876 4,107 1953—Jan.-Tune. ... 41,241 20,329 13,773 4,931 3,656 1,252 2,700 39,203 25,606 1,069 2,413 2,420 3,247 4,448 July-Dec. 9. . . 29,199 14,478 5,272 5,357 3,031 1,507 437 37,244 24,398 930 2,334 2,465 3,368 3,748 1954—Jan.-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_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 AUK. 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— F ja e r b u> t 4 6 , , 2 3 9 0 9 6 4 2 , , 0 8 9 0 6 6 3 3 3 5 0 3 6 7 4 0 4 3 1,0 1 1 9 9 7 3 3 4 5 6 0 18 5 9 2 5 5, , 4 0 8 0 1 9 3 3 , , 1 1 9 0 1 0 1 1 7 4 1 0 4 1 2 8 4 3 4 4 3 0 0 9 7 8 6 3 8 4 6 2 4 0 1 0 Mar 10,943 2,984 6,844 864 715 241 705 6,932 '3,808 '73 470 439 792 1,351 3,651 2,688 444 694 464 235 874 5,355 3,084 72 314 434 794 657 May 5,547 3,743 394 802 1,215 221 829 6,278 n.a. n.a. 481 432 n.a. n.a. n.a. Not available. ^Revised. 1 Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. 2Includes estate and gift taxes. 3 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 4Represents mostly nontax receipts. 5Ircludes net redemptions of armed forces leave bonds. 6Includes special International Bank and Monetary Fund notes. 7 Includes payments from veterans life insurance funds. 8Includes benefit payments for old-age and unemployment insurance and Government employees and railroad retirement funds. 9Beginning new reporting basis, described in Treasury Bulletin for April 1954, p. A2. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Tax and savings notes Year or All series Series A-E and H Series F, G. J and K month Redemp- Outstand- Redemp- Outstand- Redemp Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sale3 tions and ing (end of Sales tions and ing (end of maturities period) maturities period) ma .urities 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 70S 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 8S8 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 ••3,909 38,233 1,284 2,863 19,439 1,469 4,548 1954—Apr. 511 473 57,967 390 310 37,279 122 163 20,687 81 5,500 May.. 464 453 58.025 354 289 37,393 110 164 20,633 156 5,344 June. 523 1575 58,061 392 1386 37,482 130 *189 20,579 265 5,079 July 508 641 58 005 393 346 37 597 115 295 20,409 86 4 993 Aug... 546 511 58.078 415 339 37,714 131 172 20,364 64 4,929 Sept 464 505 58,088 367 322 37,808 97 183 20 280 100 4 829 Oct, 456 466 58,126 369 293 37,930 87 173 20,196 63 4,766 Nov 466 451 58,186 384 293 38 069 82 158 20,118 62 4 704 Dec. 557 2l,089 257,672 445 347 38,233 112 2 747 219,439 156 4 548 1955—Jan. 742 2506 57,967 573 336 38,515 169 2170 19,451 50 4 498 Feb.. . 602 ••2333 58,225 465 256 38,721 137 '277 19,504 55 4,443 Alar 614 r247Q 58,366 518 334 38,914 95 2144 19.452 125 4 318 Apr.. . 535 600 58,326 448 329 39,063 87 272 19,263 39 4,279 •"Revised. *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 include rather large amounts of accrued discount, which are 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, March, and April 1955, not included in current redemption figures, totaled 185, 100, 41, and 22 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. JUNE 1955 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury, In millions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s 1 l d T d g i e r o r o b e t s t a c s 2 l t Total Total Bills c e i C n a d e t d n e r e e t s i b s f o s t i f - - Notes B el a ig n i k B - ond B s r a e n - k b C v i o b e o n l r n e d t- - s Total« b S i o n a n g v d s - s s i T a a n a n v g x d - s S i p ss e u c e ia s l ble* stricted notes 1940—Dec 50,942 45,025 39.089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec 112,471 108.170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 2!, 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 45572 31,714 1949—Dec 257,160 257,130 221,123 155,123 12,319 29,636 8J249 55,283 49,636 66,000 56,707 7,610 33,896 1950—Dec 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—June 255,251 255,222 218,198 137,917 13,614 9,509 35,806 42,928 36,061 13.573 66,708 57,572 7,818 34,653 Dec 259,461 259,419 221,168 142.685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—Tune 259,151 259,105 219,124 140,407 17,21.9 28,423 18,963 48,343 27,460 13,095 65,622 57.685 6,612 37,739 Dec 267,445 267,391 226,143 148,58! 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 17,24.5 12,340 63,733 57,886 4,453 40,538 Dec 275,244 275,1.68 231,684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6.026 41,197 1954—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 271,005 270,984 226,528 150,34.2 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 1.8.277 31,967 75,596 8,671 11,853 64,341 58,078 4,929 42,479 Sept 274,838 274,810 230.033 153,963 19,510 18,184 32,001 75,597 8,671 11,820 64,250 58,088 4.829 42,407 Oct 278,786 278,752 234,161 158,148 19,509 18,184 36.188 75,597 8,669 11,787 64,226 58,126 4,766 42,238 Nov 278,888 278.853 234.160 158,152 19,507 18,184 36,1 75.596 8,668 11,780 64,228 58,186 4,704 42,351 Dec 278,784 278,750 233,165 157,832 19,506 28,458 28,033 76,129 5,706 1i,767 63,565 57,672 4,548 42,566 1955—Jan 278,463 278,439 233,427 157,834 19,507 28,462 28,037. 81.828 11,764 63.830 57,967 4,498 42,268 Feb 278,209 278.182 233 ,51" 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 276,686 276,6-19 232,233 156,578 19.507 20.932 35,00 81 ,132 11.692 63.963 58,326 4.279 41,691 May 277,515 277,47 232,563 158.404 19,511 17,046 40,718 81,130 11,687 62,473 58,346 2.804 42,240 i 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 506 million dollars on May 31, 1955) and fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt, not shown separately. 3[ndudcs amounts held by Government agencies and trust funds, which aggregated 7,229 million dollars on Apr. 30, 1955. 4Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 5Incltides 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 gross U. S. Government End of month in ( g i d n e c g b l u u t a d r - - 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 l M an is e c o e u l s a se n ti c t e e u s e r ) i d - S is p s e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n rc k i s a 2 l. s b a a v n in k g s s p c a a o n n m c ie e - s r c a o t r i p o o n - s g m o lo v e c e n a r t l n s - S b a o v n in d g s s se O cu th ri e t r ies i t n o v r e s s 8 - 1940—Dec 50.942 5.370 2,260 43,312 2,184 17,300 3,200 6,900 2.000 500 2,800 7,800 700 1941--Dec 64,262 6.982 2,558 54,722 2,254 21.400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3.218 100.22! 6,189 41,100 4,500 11,300' 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232.144 16.326 5,348 210.470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7.000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259.487 24,585 6.338 228,564 23,350 74.500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec 256,98! 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 ••18,900 10,400 49,000 '15.600 11.600 Dec 267,445 39,150 6,743 221,552 24,697 63.400 9.500 16,J00 ' 19,900 11,100 49,200 '16.000 11.700 1953—June 266,123 40.538 7,022 218,563 24.746 58.800 9,500 16,000 r 18,400 12,000 49,300 '17.100 1? 800 Dec 275,244 41,197 7,116 226,931 25,916 63,700 9,200 15,800 r21 ,000 12,900 49.300 '15,800 '13.200 1954—Mar 270,312 41,002 7,203 222,107 24,632 60.900 9,200 15,600 '19,200 13,600 49,400 '15,800 '13,800 Apr 271,127 41,049 7,151 222,927 24.632 62,500 9,200 15.600 '18,700 13,800 49,500 '15,400 '13.700 May 273,555 41,367 7,182 225,006 24,812 63,400 9,200 15,500 '19,100 14,100 49,500 '1.5.600 '13,800 June. 271,341 42,229 7,111 222,001 25,037 63,600 9.100 15,300 '16.400 14,300 49,600 '•15.000 '13,700 July 271.005 42,152 7,081 221,772 24,325 64,800 9,000 15,100 '16,400 14,300 49,600 '14,600 '13.700 Aug 274,982 42.479 7,032 225,471 24,023 '67,100 9,000 15,100 '18,100 14,400 49.700 '14.500 '13,600 Sept 274,838 42,407 7.042 225,389 24,271 67,100 8,900 15,100 '18.100 14,400 49;700 '14,100 '13,700 Oct 278,786 42,238 7,047 229,501 24,381 '70.100 8,900 15,100 '18.700 14,500 49,700 .14,100 '14,000 Nov 278,888 42,351 7,080 229,457 24,888 '69,700 8.800 15,000 '19.300 14,600 49,800 '13,700 '13,800 Dec 278,784 42,566 7,043 229,175 24,932 '•69,200 8,800 15,000 '19,300 14,600 49,900 '13,500 '13,900 1955—Tan 278,463 42,268 7,167 229.028 23,885 '68,700 8,800 15,200 '20,100 15,000 50.000 '13,500 '13.800 Feb 278,209 42.047 7 ,202 228,960 23,605 '66,900 8.800 15,200 '21 ,400 15,300 50.100 '1.3,800 '13,900 Mar 274.080 42.097 7,260 224,723 23,613 64,200 8,800 15,000 19,500 ' 15,500 50.200 13,900 14,000 'Revised. 1 Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1954. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.— Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 682 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 May 31, 1955 [On basis of daily statements of United States Treasury, In millions of dollars] Issue and coupon rate Amount Issue arid coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasury bonds—Cont. June 22, 19552 3,210 Mar. 15, 1956-58. . .2^ 1.449 Dec. 15, 1963-68 ..2" 2,826 June 2, .1955. 1,501 Aug. 15, 1955 8,477 Sept. 15, 1956-593. .2% 982 June 15, 1964-69...2 3,753 June 9,1955. 1,500 Dec. 15, 1955 5,359 Sept. 15, 1956-59. . .2\i 3,822 Dec. 15, 1964-69... 2- 3,830 June 16, 1955. 1,501 Mar. 15, 1957-59. . .2% 927 Mar. 15, 1965-70. 4,718 June 23, 1955. 1.502 Treasury notes Jane 15, 1958 2% 4,245 Mar. 15, 1966-71. 2,961 June 30. 1955. 1,500 Dec. IS, 1955 6,854 June 15, 1958-633. .2% 919 June 15, 1967-72. 1,883 Mar. 15, 1956 1% 8,472 Dec. 15, 1958 2% 2,368 Sept, 15, 1967-72. 2,716 July 7, 1955 1,501 Apr. 1, 1956 1% 1 007 June 15, 1959-62. . .2H 5,276 Dec. 15, 1967-72. 3,813 July 14, 1955 1,500 Aug. 15, 1956 2 5,706 Dec. 15. 1959-62. ..2*4 3,465 Fune 15, 1978-83. 1,606 July 21. 1.955 1,501 Oct. 1, 1956 1% 550 Nov. 15, 1960 2^ 806 Feb. 15, 1995 3 1,924 July 28, 1955 1,501 Mar. 15, 1957 ..2% 2,997 Dec. 15. 1960-653. ,2% 485 Apr. 1,1957 1)4 531 Sept. 15, 1061 2% 2.239 Postal Savings Aug. 4, 1955 1 ,501 May 15, 1957 \% 4,155 Nov. 15, 1961 2H 11,177 bonds 2M 21 A A u u g g . . 1 18 1 , , 1 1 9 9 5 5 5 5 1 1, 5 ,5 0 0 0 2 O A c u t g . . 1 1 5 , , 1 1 9 9 5 5 7 7 \Y 2 A 3,7 8 9 2 2 4 A Ju u n g e . 1 1 5 5 , , 1 19 9 6 6 ? 2 -67. . . 2 2 H ^ 6 2 , , 7 1 5 1 5 6 Panama Canal Loan. .3 50 Aug. 25, 1955 1,500 Apr. l,1958..o \y% 383 Oct. 1, 1958 VA 121 Convertible bonds Feb. 15, 1959 \% J5,102 Investment Series B Apr. 1, 1959 13^ 110 Apr. 1, 1975-80. ..2% 11,687 Oct. lv 1959 1H 99 Apr. 1,1960 VA 6 JSold on discount basis. See table on Money Market Rates, p. 677. 2Tax anticipation series. •'* Partially tax-exempt. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES • Marketable and Convertible Direct Public Securities [Par value in millions of dollars] U.S. U. S. End of month s T t o i a o n u n t g t a d - l - G a t c a r g o u i n e e v s d n s t t - . B s F e R e a e r r n e a d v - k l - e s b C m a c o i n e a m r k l - s - M s t in u a g v a u s 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 c u n i e e v d s n s t t - . B s F e R e a e r r n e a v d 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 u n a n a g v u k l s - - , s s [ o n m su p r a a n n i c e e s Other funds oa1K.B Life Other funds Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1952—Dee 161,081 6,613 24,69755,828 8,740 9 514 4,711 50,979 Series B): 1953—June 159,675 6,899 24,74851,365 8,816 9 347 4,808 53,694 1P52—Doc 12500 3,438 185 1,352 3,179 360 3,987 Dec 166,619 6,989 25,91655,933 8,5S4 9 120 4,905 55.233 1953—June 12340 3,439 182 1,314 3,133 353 3,919 1954—June 162,216 6 985 25 03756 199 8353 8667 4,854 52,121 Dec. 11^89 3,439 168 1,264 2,935 300 3,854 Dec 169,599 6,918 24,93261,082 8,113 8371 4,958 55,226 1954—June 11861j 3,439 165 1,265 2,876 317 3,800 1955—Fob 169,490 7.077 23,60558,897 8,161 8576 4,940 58.23o Doc 11767 3,439 163 1,239 2,865 305 3,756 Mar 165,060 7,131 23,61356,280 8,175 8442 4,834 06,586 1955—Fob 1173S 3,439 103 1,227 2,856 302 3,750 Treasury bills: Mar 11710 3,439 163 1,224 2,858 291 3,734 1952—Dec. 21,713 86 1,341 7,047 137 464 119 12,518 Marketable secu- 1953—June 19,707 106 1.455 4,411 120 327 132 13, 155 rities, maturing- Dec 19,511 102 2; 003 4,368 126 410 100 n,402 Within 1 year: 1954—June 19,515 46 2.316 4,187 9S 520 101 12,248 1952—Dec... 56953 133 U,74916,996 263 532 733 23,547 Dec 19,507 51 2,204 4,399 75 537 125 12,115 1953—June.... 64589 163 If,50519,580 476 300 1,082 27,393 1955— M Fo a b r 1 1 9 9 . , 5 5 0 0 5 5 P 5 . 3 3 891 3 2 . , 8 9 0 0 7 8 1 9 1 5 4 6 5 7 6 5 8 1 1 2 2 4 2 1 1 3 4 . , 7 8 8 5 9 8 1954-J D D u e e n c c e 6 6 7 2 0 3 8 2 1 2 3 2 7 5 3 1 1 7 0 7 0 7 5 I I 1 f f 6 , , . 4 9 2 7 1 8 2 7 0 2 1 1 5 5 7. , , 6 7 0 8 6 3 4 2 8 4 2 1 7 9 5 5 4 9 5 4 5 4 6 3 6 8 7 1,0 5 6 6 9 5 1 8 2 2 2 2 6 4 9 , , . 5 0 3 6 2 0 8 3 1 Ce 1 1 rt 9 9 i 5 5 fi 2 3 c — — ate D J s u e : n c e 1 15 6 , , 8 7 5 1 4 2 3 2 0 7 5 4 , , 0 9 6 9 1 6 4 4, , 3 7 5 9 1 1 3 8 7 7 5 2 6 7 3 3 1 1 7 0 8 6 , , 4 05 2 2 4 1955— M Fo a b r 4 5 8 2 5 5 7 7 0 3 S 77 2 1 lb 4. , 0 0 7 9 7 7 8 8 , , 7 5 9 0 2 7 1 1 4 7 7 1 6 5 7 8 9 1 3 3 8 1 0 2 2 2 4 4 , ,8 4 2 1 9 4 Dec 28386 63 5,067 9,215 184 37 445 10,475 1-5 years: 1954—June... . 18,405 41 6.600 4,94? 101 7 202 6,511 1952—Dec 37 713 31 '',14622.381 259 48 910 6,938 Dec 28,458 4 13,882 4,835 57 4 179 9,496 1053-June.... 32 330 152 e1,45218,344 464 109 914 5,895 1955— M Fo a b r 2 1 1 7 , , 4 7 5 2 o 2 9 8 9 9 , , 9 9 6 6 0 0 2 2, , 1 9 2 8 0 8 3 3 9 2 2 1 1 8 4 5 1 8 5 . , 3 5 1 1 6 6 1954— D D J e e u c c ne.... 2 2 2 9 7 9 3 9 6 6 6 0 7 5 6 2 1 1 9 0 3 2 5 7 6 3 6 , , , 1 0 3 5 8 0 5 7 7 1 1 1 6 8 4 , , , 0 8 6 5 2 4 6 4 6 4 5 4 0 3 7 2 1 6 1 1 1 5 2 5 8 3 5 1,0 9 8 2 S 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 n J e o u c t n e e s . : ... 3 3 0 0 , . 2 4 6 2 6 5 2 1 3 6 1 1 3 3 , , 7 7 7 7 4 4 1 1 0 0 , , 9 3 5 5 5 5 4 6 9 2 5 8 4 5 8 2 6 9 4 5 , , 9 6 7 7 8 8 1955— M Fo a b r 4 3 1 3 8 4 8 5 0 6 1 1 8 8 3 7 7 3 . , 0 0 9 8 9 72 2 0 3, ,8 0 5 4 9 5 5 5 3 3 8 0 1 1 6 4 7 4 1 1 , , 1 1 6 4 0 5 9 7 , , 6 5 9 0 3 3 Dec 31,406 8 13,28911,510 130 52 605 5,814 5-10 years: 1954—June 31,060 64 13.02011,423 221 99 592 6,531 1952—Dec 22 834 546 L.38711,058 1,775 885 1,348 5,835 Dec 28,033 46 6,044 13,640 242 67 675 7,310 1953—June.... 18677 422 1,374 8,772 1,395 745 1,104 4,865 1955— M Fo a b r 3 3 5 4 , , 2 9 8 8 0 9 8 9 3 7 9 9 . , 9 9 5 5 0 9 1 1 5 4 , , 2 6 3 4 7 0 2 2 7 7 4 4 7 6 3 0 7 6 0 9 1 5 8 9 , , 9 2 0 6 2 3 1954— D D Ju e e n c c e 3 2 3 3 0 0 2 5 6 9 4 7 2 2 7 4 4 4 9 7 1 4 7 8 1 L , , . 0 3 0 7 1 3 4 4 5 2 1 1 1 8 0, , , 0 7 1 5 4 0 1 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 , , , 7 2 43 1 1 9 1 1 M 1 a 1 9 r 9 k 5 5 e 2 3 t — — ab D J l u e e n c b e onds: * 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 , , 8 0 4 6 9 6 7 7,2 1 3 6 2 5 5 5 , , 8 8 0 5 7 5 3 3 , , 4 4 2 8 9 4 2 2 3 4 , , 0 8 7 9 2 0 1955— M Fo a b r 3 3 3 3 6 6 8 8 7 8 4 4 9 9 7 9 , , 0 0 1 1 4 4 2 2 1 1 , , 1 1 5 4 9 0 1 1 , , 4 4 5 5 0 8 4 4 2 2 4 1 1 1, , 6 6 3 3 2 1 7 7 , , 5 5 0 2 5 5 Dec 77,327 3,377 3,66730,671 6 820 5,686 3,418 23,688 After 10 vears: 1954—June 80,474 3.395 3,09335,481 6669 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 6499 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— M Fo a b r 8 1 1 8 , , 5 1 1 3 2 4 3 3 . , 4 5 8 3 2 4 2 2 , , 8 8 0 0 2 23 3 6 6. , 6 3 5 8 1 8 ( 6 55 5 2 3 6 1 4 4 , , 9 9 7 5 1 5 3 3 , , 6 6 7 4 2 0 2 2 3 3 , , 4 28 0 4 8 1954— D D Ju e e n c c e 3 3 3 1 1 1 , , ,7 7 7 1 3 2 9 6 5 2 2 2 ; , , 7 7 7 9 4 6 6 0 5 [ 1 1 . , , 4 4 4 1 1 1 5 5 5 4 5 4 , , , 2 5 9 3 9 8 4 5 5 4 5 4 , . . 6 0 9 6 3 3 8 9 0 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 , , , 8 7 7 3 7 1 4 4 6 1955—Fob 33 609 2,877 ,415 5.738 4,7<H) 4,450 1,467 12,872 Mar 33,633 2,929 1,415 5,611 4,791 4,438 1,454 12,995 *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. JUNE 1955 683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES * [Estimates, in millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e d co u rp se o s r a o t f e n i e ss t u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total G m U o e v . n S er t . n 3 - ag F e e e r n a d c l - y- S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l o i f u c e n r l b d e y - d s 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 mo N n e e w y7 l M p a c o u e n u i l r s e s - - - - m d b e t R i t e a o r c e b e n e f . n - t - k 8 t , m s r t i e i o t r e c i e f e n u - s - t 1939. 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 420 325 26 69 1,695 1940. 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 762 569 19 174 1,854 1941 15.157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 52,424 1 661 22 3,202 2,670 1 ,892 778 369 163 753 657 47 49 2,389 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1946.. 18,685 10,217 357 1,157 56 6.900 4,881 3,019 1,862 1,126 891 3,889 3,279 231 379 2,868 1947.. 19,941 10,589 2.324 451 6,577 5,035 2,888 2,147 761 778 5,115 4,591. 168 356 1,352 1948.. 20.250 10,327 2,690 156 7,078 5,973 2,963 3,010 492 614 6,651 5,929 234 488 307 1949.. 21 ,110 11,804 216 2,907 132 6,052 4,890 2.434 2,455 424 736 5.558 4,606 315 637 401 1950.. 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951.. 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952.. 27,209 12,577 459 4,401 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953.. 28,824 13,957 106 5,558 306 8.898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954.. 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1 ,875 1954—Apr... 1 ,958 511 71 735 1 639 419 216 203 109 111 497 483 14 130 May. 4,388 2,669 80 783 5 851 649 422 227 129 73 656 596 60 181 June. 2,422 523 855 4 1,041 792 343 449 131 118 842 789 53 183 July.. 2,167 508 "l23 280 3 1,253 1 ,085 714 371 76 92 909 828 81 329 Aug.. 1,279 546 300 8 424 352 166 186 45 27 335 304 31 82 Sept.. 2,125 464 652 2 1 ,008 886 581 305 60 62 747 705 42 24 7 Oct.. . 6,544 4,611 184 615 3 1,130 813 470 343 52 265 1 .003 856 146 109 Nov.. 1.350 466 459 4 422 321 116 205 37 64 200 244 46 123 Dec... 2,552 557 906 71 1.019 854 288 566 62 103 604 515 89 400 1955—Jan... 2,706 742 716 541 35 672 484 252 232 53 135 546 465 81 114 Feb... 1,431 602 328 1 501 364 156 208 25 113 436 362 74 56 Mar.. '2.583 614 '540 9 1,420 871 524 346 37 512 1.261 1,190 71 135 Apr... 1,621 535 415 18 654 451 297 155 54 149 470 422 48 167 Proposed uses of net proceeds, by major groups of corporate issuers Year or Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al month T c p n e o r e o o t d a t - s l N c it a a e p l w - 9 R m e e t n ir ts e 1 - 0 T c p n e o r e e o t d a t - s l N c it a e a p l w - * R m e e t n ir ts e 1 - 0 T c p n e o r e e o t t d a - - s l N c it a e a p w l - R m e e t n ir ts e 1 - 0 T c p e n o r e e o t d t a - s l N c it a a e p l w - s R m e e t n ir ts e 1 - 0 T c p n e o r e e o t d t a - s l N c it a a e p l w - s R m e e t n ir ts e 1 - 0 T c p e n o r e e o t d a t - s l N c it a a e p l w - s R m e e t n ir t e s1 - 0 1949 1,391 1,347 44 310 795 784 11 2,276 2,043 233 567 517 593 55S 35 1950 1,175 1,026 149 538 474 806 609 196 2,608 1,927 6S2 395 314 739 639 100 1951 3,066 2,846 22.1 518 462 490 437 53 2,412 2,326 85 605 600 515 449 66 1952 3,973 3,712 261 536 512 983 758 225 2,626 2,539 88 753 747 508 44.8 60 1953 2,218 2,128 90 542 502 589 553 36 2,972 2,905 67 874 871 1,561 1,536 24 1954 2,234 2,044 190 923 831 771 501 270 3,665 2,675 990 711 651 1,061 788 273 1954—April 84 8 75 63 70 58 12 309 237 72 26 26 63 38 25 May 205 199 6 42 41 20 20 502 330 173 40 40 27 26 1 Juno 295 273 23 93 90 40 40 431 373 58 9 8 156 58 98 July 525 520 5 100 68 91 60 31 321 188 132 2 2 199 71 128 August.... 116 107 10 55 41 46 46 158 104 55 27 25 14 12 2 September. 149 109 40 58 58 163 40 123 247 174 74 329 326 47 41 7 October... 278 273 5 144 127 47 22 25 272 212 60 98 98 274 270 4 November. 108 105 3 74 73 69 IS 51 61 46 15 74 20 27 26 1 December. 187 123 64 137 132 70 52 18 459 153 305 44 108 100 1955—January... 186 163 23 50 45 37 43 239 198 41 7 97 97 February.. 84 68 16 100 88 108 101 8 44 148 145 2 March.... 632 547 85 96 94 224 196 27 27 381 368 13 April 182 154 29 26 20 110 19 90 187 151 36 18 .115 109 5 r Revised. 1 Estimates of new issues sold for cash in the United States. 2Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. 4 Issues not guaranteed. 5Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 8Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7Includes proceeds for plant and equipment and working capital. 8Tnchides 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. 9lncludes all issues other than those for retirement of securities. "Retirement of securities only. Source.—Securities and Exchange Commission. 684 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 1955 1949 1950 1951 1952 1953 1954 3 4 1 2 3 i 1 Manufacturing Total (200 corps.) : Sales 37,94845,351 52,444 53,905 62,665 57,457 15.459 14,902 14,233 14,776 13,401 15.017 18,023 Profits before taxes 5 168 8 042 8 702 7 147 8 225 7, 003 2,093 1, 395 f 754 1923 1, 549 1.868 2,420 Profits after taxes 3,186 4 143 3,486 3 117 3,560 7 SO 885 891 977 700 1 003 1,197 Dividends 1,710 2,295 2,036 2,031 2,110 ,337 495 631 524 523 518 '772 545 Nondurable goods industries (94 corps.):1 Sales 14,051 15,994 18,670 18,908 20,276 20,192 5,082 5,084 4,961 4.972 4,955 5,304 6,048 Profits before *axes . . 1 975 2 847 3 324 2 715 2 908 7 658 783 581 669 676 637 6)76 773 Profits alter taxes 1,297 1,599 1,481 1,313 1,446 1 S31 376 371 36 S 376 3S7 433 422 Dividends 759 942 894 912 934 M 073 222 ?7S 770 930 248 Durable goods industries (106 corps.):2 S'lles 23 89729 35733,774 34,997 42,390 37.265 10,377 9,817 9,272 9,804 8, 446 9,743 11,075 Profits before taxes 3 193 5 195 5 378 4 432 5 317 4 435 1 309 814 1 084 1 947 912 1 109 1 .656 Profits after taxes 1,888 2,544 2,005 1,804 2,114 ? 509 591 526 600 433 660 775 Dividends 95( 1,352 1,142 1,119 1,176 "•1 V* 274 3S6 706 904 788 M36 297 Selected industries: Foods and kindred products (28 corps.): Sale? 4,223 4,402 4,909 5,042 5,411 s,464 1,355 1, 304 1,337 1 1 1 4 37 1 354 Profits before taxes 434 532 473 446 465 46 131 107 99 132 122 108 100 profits pfter taxes 268 289 227 204 211 57 54 46 SO 47 Dividends . 149 161 15< 154 154 cl 5C 37 45 36 36 30 45 36 Chemicals and allied products (26 corps.): Sales 3,680 4,577 5,574 5.695 6,071 5,91" 1,506 1,453 i.434 1.471 1,461 1,551 .1 ,64.2 Profits before taxes . . .. . . 693 1,133 1,421 1 200 1,26( 1,133 330 274 272 971 968 Ml 354 Profits after taxes 415 572 496 458 493 124 1?t ! 36 13? 1Of> 176 Dividends 321 44 f 363 381 39P r480 91 127 98 08 OS 110 Petroleum refining (14 corps.): Sales 3,907 4,26f 4 966 5 200 5 757 5 883 1 473 498 1 479 1 442 1, 440 522 1 531 Profits before taxes 552 673 869 796 713 229 176 214 189 165 .145 202 Profits after taxes 428 464 53? 495 571 S41 155 157 UP 138 177 178 142 Dividends 191 223 247 268 278 67 74 68 60 73 73 Primary metals and products (39 corps.): Sales 8,18/ 10,446 12,497 11,557 13,75( 11 3,476 3,194 2,910 3.019 2,715 2,873 3.339 993 1 700 7 092 1 161 1 821 1 370 510 29S 301 350 30 S 405 489 57* 85-1 11 ( 57!" 793 714 203 1S0 179 151 734 242 Dividends . . 285 377 381 36' 377 88 113 100 92 0? r|94 93 Machinery (27 corps.): 4,363 5 071 6.183 7,081 8,009 7 746 1,959 7,038 i 917 1,9^7 1 864 9 i ,956 Profits before taxes 520 850 1,003 l,00< 80 241 7S? 1 0C) 900 235 Profits after taxes 425 370 38( 402 46l 95 115 117 10? 102 143 112 138 20f 20( ?3"' 26. 49 90 58 64 65 76 68 Automobiles and equipment (15 corps.): Sales 9,57" ii,sor 12,496 12,825 16,377 13,040 3,917 3,495 3 4SS 3,731 7,099 3 80? 4,729 Profits before taxes l, 47; 2,305 1,91; 2,048 1 74 451 ?3S 434 700 476 823 861 1,087 705 698 747 8? 168 168 757 177 ??0 369 Dividends 451 671 479 462 463 114 117 114 113 106 106 108 Public Utility Railroad: Operating revenue 8.580 9.473 10,391 10,581 10,664 9,37 2,755 2,582 2,275 2,335 2,366 2,395 2,302 Profits before taxes ' 700 1 ,385 1,260 1 ,451 1 ,40* 000 399 979 156 226 Profits after t?xes 438 784 603 83? 871 674 234 219 88 136 172 277 175 Dividends 252 3J2 328 338 412 37< 79 73 74 136 101 Electric power: Operating revenue 5,069 5,528 6,058 6,549 7,136 7,610 1 ,721 1.826 1,984 1,819 1,831 1.976 2,171 Profits before taxes 1,129 1,313 1,482 1.74C 1 ,895 ? 04< 428 460 570 487 478 513 636 Profits after taxes 757 822 814 947 1,030 1 231 260 321 266 26^ 2SS Dividends 560 619 651 725 78( 85" 194 212 211 224 22') Telep O h p o e n r e a : t ting revenue ... 2,967 3,342 3,729 4,136 4,525 4,902 1,129 1,178 1,174 1,210 I, 233 1,285 1,298 333 58( 691 787 925 1 OSO 220 748 969 267 284 306 Profits after taxes 207 331 341 384 452 5? 107 127 116 125 141 143 1 52 Dividends 213 276 318 35b 412 448 104 108 109 111 112 116 118 'Corrected. rRevised. includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). JUNE 1955 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d d C e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s d - Y qu e a a r r t o er 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 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 a e n t ge 1 1 9 9 4 3 5 9 1 6 9 . 4 0 1 1 0 .7 4 5 8 .3 0 3 4 .7 8 3 1 . 6 2 1 1 9 9 4 4 7 8 6 7 , , 8 5 8 7 2 0 2 1 , ,6 5 8 2 3 3 4 5 , , 3 8 5 8 9 7 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 , , 6 8 3 6 2 7 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 . . 8 5 1 12 1 . . 5 3 2 1 0 8 . . 3 2 6 7 . . 5 2 1 1 1 3 . . 7 0 1 1 9 9 5 4 0 9 6 7 , , 7 2 3 2 1 4 3 1 , , 5 87 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 , , 4 86 1 4 8 6 2 9 9 8 2 1 1 , ,5 7 7 2 2 0 1 1 9 9 5 4 0 9 . 4 26 0 . 2 0 1 1 0 7 .8 4 2 1 2 5 .1 8 9 7 . 2 5 1 8 2 .9 3 1 1 9 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 , , 1 4 0 0 5 3 4 3 , , 9 5 4 7 0 7 3 3 , , 3 3 3 6 5 6 3 6 4 6 8 6 2 2, , 9 7 8 0 7 0 1 1 9 95 5 2 i . 4 3 1 7 . . 2 2 2 2 2 0 . . 5 0 1 17 8 . . 2 7 9 9 . . 1 1 9 8. . 1 6 1 1 9 9 5 5 4 3 1 9 1 , , 5 7 5 15 0 5 2 , ,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 3 4 , , 9 75 7 5 5 3 2 , ,8 8 9 4 8 3 1,4 5 5 3 6 3 2 2 , , 3 3 6 8 6 6 1 1 9 9 5 5 3 4 . 3 39 5 .0 4 2 1 1 7 . 1 2 1 1 8 7 .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 •1953—4 32.5 17.4 15.1 9.6 5.5 1954— 2 1 . . . . . . 2 2 , , 7 8 0 5 0 8 1,1 9 3 7 9 7 1 1 , , 7 7 2 1 4 9 1 1 , , 8 6 6 1 3 9 8 7 4 5 7 8 1,0 8 1 6 6 2 1,0 9 8 9 1 5 2 29 1 2 9 8 7 6 0 2 3 H.954— 2 1 3 3 4 4 . . 5 5 1 1 7 7 . . 0 0 1 1 7 7 . . 5 5 9 9 . . 6 6 7 7 . . 9 9 4 3 . . . . . . 3 3, , 1 0 2 2 8 7 1 1 , , 9 3 2 1 3 4 1 1, , 2 7 0 1 5 4 2 2 , , 0 3 7 1 5 4 1,3 9 5 3 4 8 1,3 7 7 2 7 1 1,0 7 5 1 3 3 3 56 7 9 6 3 4 3 8 7 4 3 34.2 16.8 17.4 9.8 7.6 4 36.8 18.1 18.7 10.4 8.3 1 Reflects cash transactions only. As compared with data shown on p. 684, new 1955—11. .. 40.0 19.7 20.3 10.0 10.3 i h s e s l u d e s b e y x c a l f u fi d li e a te fo d r ei c g o n m p a a n n d i e i s n c o lu r d R e F i C nv , e s s p tm ec e ia n l t o c f o f m eri p n a g n s y t o o f f e e m rin p g lo s, y e s e a s l , e s a n o d f a s l e s c o u r n it e i w es 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. 684. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1 [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o ua f r t y e 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 - n . t 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 t S .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 31.3 44.6 1.6 61.5 37.6 10.7 13.2 1948 68 6 133 0 25.3 14.8 42 .4 48.9 1.6 64.4 39.3 11.5 13.5 1949 72 4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9.3 14.0 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951. . 86 5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90 1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 . 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 H954—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 1 Excludes banks and insurance companies, 2Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.--Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT1 [Estimates, in millions of dollars] Trans- Manu- Trans- Year Total f M a i c a n t n g u u r- - M in i g n- r R o a a i d l- s p o t t o h t i h o r a t e n n a r - P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n i t n u g d - r- p i r t o n a io 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—3 7,084 3,116 708 1,221 2,039 1945 8,692 3,983 383 548 574 505 321 2,378 4 7,625 3,565 743 1,247 2,070 1948 22,059 9,134 882 1.319 1,285 2,543 1,742 5,154 1954—1 6,266 2,788 634 929 1,916 1949 19,285 7,149 792 ,352 887 3,125 1,320 4,660 2 6,932 3,120 620 1,121 2,071 1950 20,605 7,491 707 1,111 1,212 3,309 1,104 5,671 3 6,640 2,896 553 1,060 2,133 1951 25,644 10,852 929 1,474 1,490 3,664 1,319 5,916 4 6,988 3,209 559 1,109 2,110 19S2 . ... 26,493 11,632 985 1,396 1,500 3,887 1,537 5,557 1955— lr 5,847 2,435 538 845 2,030 1953 28,322 11,908 986 L .311 1,565 4,552 1,690 6,310 24»- 7,324 3,192 646 1,185 2,302 1954 26,827 11,038 975 854 1,512 4,219 1,717 6,513 34 7,220 3,063 601 1,279 2,278 19554 27,063 10,704 896 763 1,495 4,384 8, 319 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. ,686 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 ]STonfarm Farm i | E o n r d q o u f a r y t e e a r r A er l e l | i t F u i i n c t n i i s o a a t l i n n - - s S F e a e l g d e e e c n r h t O e a - o d l l t e ll i v c e i r r I d s a n u n d a d i l - s h A e o r l l s d l - T 1 o - t a to l 4- F f i a i n c m n i s a a t il i l n y - - !lo O h u o s th e ld s e - r c T o o m t M a m l u e l j t r i c F - i i , f a i c n a . l n i s m a a t p l i i n r - l c - y uv a e O n h rt d o i t e h l s d e " - r 1 h A ol l d l - ! t F u in c i t n i i s o a t a i l n n - s - h O ol t d h e e r r s2 |i cies others tutions tutions !94i 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 ii 20.7 i.8 14.2 ii 30.8 IS. 2 11.5 6.? 12.5 7. .8 4 .7 6.C 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 4.3 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 1 30.8 18. S 12,2 6.4 12.2 7,5 4. V 4.8 1.3 3.4 1946 41 S 26 0 .6 15.1 1 36.9 23.1 16.0 7,0 13.8 8.4 b, 4 4.9 1.5 3.4 1947 48 9 3? .8 ..5 16 6 i 43.9 28.2 20.5 7,6 15.7 9.6 6.1 S.I 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 18.7 57.i 37.5 28.4 9,1 19,6 12.4 7 2 5.6 2.1 3.5 1Q50 72.8 51.6 1.4 19.8 66.7 45.1 35.3 9.8 21,6 14,0 7 6 6.1 1 2.3 3.7 1951 . . 59.5 2.0 20.7 75.6 5 A. 9 41.2 10.7 23.7 i 15.7 8.0 6.6 2.6 4.0 1952 , 91.2 66.8 2.4. 21.9 84,0 58.7 47.0 11.7 25.3 17.0 8.3 7.2 ! 2.8 4.3 1953 101 0 75.0 2.8 23.2 93.3 66.3 53.8 12.5 27. i 18.2 8 9 7.7 3 0 4.6 1954 113 5 85 6 2 8 r25.O 105.3 75.9 62.7 13.2 29.4 19.6 9.7 8.2 3.3 r,\. 9 1953—September.... 98.7 1 73.0 2.8 22.9 91 .2 64.6 52.1 12 A 266 17 9 8.7 7.6 3.0 4.6 December 101.0 75 0 2.8 23.2 93.3 66.3 53. S 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 IS 5 9,0 7.8 3.1 4.7 June 106.2 /9.5 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 A Q December. , . .-113.5 85.6 2.8 '•25.0 105.3 75.9 62.7 13.2 29.4 19 .6 9.7 8.2 3.3 ••4.9 1955—March P 117.3 88.8 2.9 25.6 108.9 78.9 65.4 13.5 30.0 20.0 9.9 8.4 3.4 5.1 p P re 1! 111 i n ar y. Re v i sed. 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 an rters of each year arc 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, FXMA, and VA (the bulk of the amounts through 1948 held by 11OLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) arc 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 * fin millions of dollars] Commercial bank holdings2 Mutual Savings bank holdings4 Nonfarm ]Vonfarm End of year or quarter Total Residential3 Residential8 Farm Total Faim Total Other Total Other FHA- VA- Con- FHA- VA- Con- Total in- guar- ven- Total in- guar- vensured anteeci tional sured anteed tional 1941 4 906 4,340 3,292 1,048 566 4,812 4,784 3,884 900 28 1942 4 746 4,256 3,332 974 491 4,627 4,60? 3,725 876 26 1943 4 571 4,058 3,256 802 463 4,420 4,395 3,55? 837 25 1944 .430 3,967 3,218 740 4,305 4,281 3,47f: SOS 24 1945 4,777 4,251 3,395 856 521 4,208 4,184 3,387 797 24 1946 7,234 6,533 5,146 1 ^87 707 4,441 4,415 3,58? 827 26 1947 0 446 8,623 6,933 1,690 4,856 4,828 3,937 891 28 1948 10 897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11 644 10,736 8,676 7, 060 909 6,705 6,668 5,569 ,099 37 1950 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 ,164 44 1951 73? 13,728 11,270 ,471 'i',92i "4,979 7,458 1,004 9,916 9,869 8,595 7 567 i',726 4 ^B 1,274 47 1952 15,867 14,809 12,188 3,675 3,012 5,501 2.621 1,058 11,379 11,327 9,883 3 168 2,237 4 477 ,444 53 1953 16,850 15,768 12.925 3,912 3,061 5,951 2,843 ,082 12,943 12,890 11,334 3 489 3,053 4 792 53 1954 IS S.SS17,397 14,137 4,104 3,348 6,685 3, 260 1,158 15,007 14,951 13,21.1 3 800 4,262 s 149 "74O 56 1953—September 16,640 15,550 12,770 3,860 3,040 5,870 2,780 1, 09012,500 12.450 10,930 3 405 2,785 4 740 ,520 50 December 16,850 15,768 12,925 3,912 3,061 5,951 2,843 1,082 12,943 12,890 11,334 3 489 3,053 4 792 1,556 53 1954—March 16, 97015,870 12,965 970 3.075 970 7 90S 1,100 13,345 (3,292 11,70C 3 S60 3,295 4 84 S ,592 53 June 17 16,227 13,220 3 960 3,116 6,144 3,007 1,139 13,881 13,8261'12.181 3 6 SO 3,579 4 947 1,645 55 September 17,920 16,770 13,655 4,020 3.235 6,400 3,115 1, 15014,415 14.36O\\12,66F 3 725 3.900 5 040 , 695 55 December 18,555 17,397 14,1.37 4,104 3,348 6. 685 3, 260 1,158 15,007 1.4,951| 13,211 3 800 4,262 5 149 , 740 56 1955—March* 19,175 17,960 14,600 4,175 3,465 6, 960 3,360 1,215 15,560 15,504ljl3,675 3 850 4,610 5,215 1,829 56 v Preliminary. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. 3Data not available for ail 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. JUNE 1955 687 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) Nonfarm Nonfarm Year or month Total Total i in F s H u A re - d a g n V u t A e a e r - - d Other Farm Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 1940 . . .. 5,972 5,073 668 4 405 899 1941 6,442 5 529 815 4 714 913 1942 898 ; 6,726 5,830 1,096 4,734 896 194'5 855 6 714 5 873 1 286 4 587 841 1944 935 i 6,686 5,886 1,408 4,478 800 1945 976 i 6 636 5 860 1 394 4 466 776 1946 3 661 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 S38 895 1<)48 . . 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 2H 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 Si8 1 705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3.560 11 864 1,886 19S4 5,334 4,921 673 1,377 2,871 413 25,927 23,881 6,122 4,636 13,123 2,046 1054—\pril. 443 403 47 86 270 40 24,005 22,060 6 081 3 746 12 ^3 1 945 May. 342 318 48 85 185 24 24,174 22,212 6,088 3 804 1? ;P0 1 962 [line 451 410 60 100 250 4.1 24,384 22,403 6,091 3,886 12,426 1,981 July •'-21 393 51 98 244 28 24.572 22,575 6,095 3 951 12 529 1 997 August 464 435 53 133 249 29 24,795 22,786 6,100 4,048 12,638 2,009 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 4,303 1.2,830 2,025 November 571 538 80 183 275 33 25.574 23,540 6,1.33 4.451 12,956 2.034 December 631 588 62 208 318 43 25,927 23,881 6,122 4,636 13,1.23 2,046 1955—[anuarv 521 479 69 161 249 42 26,223 24,171 6,132 4,771 13,268 2,052 February 495 443 66 11.8 259 52 26,474 24,405 6,156 4,861 13.388 2,069 "March 563 493 77 154 262 70 26,72 7 24,629 6,166 4,982 13 481 2 098 April 480 431 71 128 232 49 26,949 24,824 6,J7! 5,070 13,583 2,125 i NOTJ.-;. —For loans acquired, monthly figure- may not add to annual totals, and for loans outstanding, eud-of-December figures may differ from end-oJ"-year figures, be-, aii.se rnonihly 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-rnonth figures, the Tally of Life Insurance Statistics and Life Insurance KeiJS Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [In millions of dollars] [Number of thousands; amounts (except averages) in millions of dollars] Loans made, by purpose Loans outstanding (end of period)'-1 Amount, by typo of lender Average Y m e o a n r t o h r Total s N t t i r e o u w n c- H c p h o u a m r s - e e p O p o t s u h e r e s - r 1 Total;i F su I in I re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l ; m Y o o e n r a t r h N b u e m r - Total in S lo g a a s v n - & . p I c a n a o n s n m c u i e e - r s - M b s i a u n a n t v g u k - s a s l Other a c m l o ( a d r r e r o d o - s u e l ) - d nt 1941 1 379 437 581 361 4,578! 1941 1,628 4,732 1,490 404 218 1,454 2,906 1942 1,051 190 574 287 4,583:1 1942 1,351 3,943 1,170 362 166 1,359 2,918 1943 1 184 106 802 276 4,5S4|i 1943 1,274 3,861 1,237 280 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 1,446 4,606 1,560 257 165 1,746 3,186 1945 . .. 1 913 181 1,35-3 374 5.376 1945 1,639 5,650 2,017 250 217 2,069 3,448 1946 8 584 616 2,357 611 7,141 194(5 2,497 10,589 3,483 503 548 3,343 4,241 1947 3,811 S94 2J2S 789 8,856| 1947 2,567 11,729 3,650 847 597 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 1,016 745 3,828 4,688 1949 . . 3 636 1,083 1,559 994 11,616! 717 2,586 8,313 1949 2,488 11,828 3,646 1.046 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622! 84.1 2,969 9,812 1950 3,032 16,179 5,060 1J618 1,064 5,072 5,335 1951 5 250 1 657 2 357 1 236 15,520! 864 3,125 11,530 1951 2,878 16,405 5,295 1,615 1,013 5,112 5,701 1952 6 617 2,105 2,955 ] 557 18,336!i| 904 3,385 14,047 1952 3,028 18,018 6,452 1,420 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 1,327 5,895 6,241 1954 8 969 3 076 3 846 2 047 26,142 1,171 4,714 20,257 1954 3,458 22,974 8,312 1,768 1,501 7,154 6,644 1954-Apr.... 732 257 29S 177 1954-Apr.. 280 1,793 669 130 112 550 6,411 May... 728 254 301 173 May., 278 1,805 675 124 118 558 6,484 June... 810 283 341 185 23,847 1,102 4,277 18,468 June 303 1,990 741 146 133 602 6,573 July... 802 281 349 173 July. 306 2,027 734 155 141 626 6,625 Aug... 841 289 372 180 Aus; 312 2,086 770 166 138 643 6,684 Sept... 828 282 369 177 25,053 1,150 4,503 19,400 Sept. 313 2 122 766 164 141 668 6,789 Oct.... 824 283 364 177 Oct.. 314 2,156 765 178 140 679 6,874 Nov... 807 278 357 172 Nov. 307 2,148 757 177 147 667 7,004 Dec... 853 295 369 189 26J42 iil71 i',7U 20^257 Dec. 318 2,267 784 191 158 714 7,131 1955-Jan.... 744 252 326 166 1955-Jan.. 284 2,024 165 128 665 7,120 Feb.... 775 265 340 171 Feb.. 277 1,958 702 151 .116 624 7,077 Mar... 1,026 386 427 212 27,313 1 ^ 232 4^946 21,135 Mar. 343 2,455 928 174 134 761 7,153 Apr.... 1,016 380 430 205 Apr.. 2,357 900 165 136 700 7,182 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. a Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 688 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] FIIA-insured loans VA-guaranteed loans3 Government- Home Home underwritten Year mortgages Proj- Prop- mortgages End of Conor Total j erty Alter year or Total venmonth Total e p N r r t o e i w p es - e i p s r E r t t o i x i n p e - g s -' g m t e a y o c g p r t e - e t s - 1 p l m o r im a o e n v n - s t e 2 - Total e p N r r t o e i w e p s - i p e s E r r t t o i x i n p e - g s - re a a p ti n a o d i n r2 quarter Total F su I i - n r I e A - d - a g n V u t A e ar e - - d tional 1940 991 991 588 175 13 216 1940 17.3 2.3 2.3 1.5.0 1941 1 152 1 ,152 728 183 14 228 1941 18 4 3.0 3.0 15 4 1942 1 ,121 1,121 766 208 21 126 1942 18.2 3.7 3.7 .14 ^ 5 1943 934 934 553 210 85 86 1943 17 8 4.1 4.1 13.7 1944 877 877 484 224 56 114 1944 17.9 4 2 4 2 13.7 1945 857 665 257 217 20 171 192 1945 .18.5 4.3 4.1 2 14.2 1946 3.058 756 120 302 13 321 2.302 1.946 23.1 6.1 3.7 2^4 17.0 1947 5,074 1,788 477 418 360 3,286 1947 28 2 9.3 3.8 5.5 1S. 9 1948 5,222 3,34.1. i , 434 684 609 6i4 1.881 194-8 33.3 12.5 5.3 7.2 20. S 1949 5,250 * 826 1,319 892 1 021 594 1 .424 793 629 3 1949 37.5 15.0 6.9 8.1 22! 5 1950 7.416 4,343 1,637 856 1,157 694 3,073 1 ,865 1 ,202 5 1950 45.1 18.9 8.6 10.3 26.2 1951 6.834 3.220 1 ,216 713 582 708 3,614 2,667 942 6 1951 51.9 22.9 9.7 13.2 29 0 1952 5.830 3,113 969 974 322 848 2.721 1.824 890 6 1952 58.7 25.4 10.8 1.4.6 33.3 1953 6,946 3,882 1.259 1,030 259 1,334 3,064 2.045 1,014 6 1954 66.3 28.1 12.0 16.1 38.2 1 ''54 7,323 3,066 1,035 907 232 89.1. 4,257 2,686 1 ,566 5 1954 75.9 32.1 12.8 19.3 43.8 1954-May. . 512 243 74 72 25 71 269 171 98 .3 1952—June.. . 55.1 24.0 10.1 13.9 31 .1 June.. 579 2 70 86 79 24 82 309 200 .109 .3 Sept... 57.0 24.7 10.4 14.3 32.3 July... 531 238 75 79 14 70 293 178 115 .3 Dec... . 58.7 25.4 10.8 11.6 33.3 A.ug.. . 680 262 72 79 40 71 418 251 167 .2 Sent... 679 269 77 59 33 101 410 252 157 .5 1953 -Mar. . . 60.4 26. .1 11.1 15.0 34.3 Oct.... 770 252 80 74 9 89 518 307 211 .4 .Hine.. . 62.5 26.7 11.4 15.3 35.8 Nov.. . 760 266 j 9.1 92 7 76 494 304 189 .5 Sept... 64.6 27.5 11.7 15.8 37.1 Dec.. . 843 287 92 1.09 23 63 556 337 219 .4 Dec... . 66.3 28.1 |j 12.0 16.1 38.2 1955— Tan 931 309 107 145 5 52 622 390 231 1.2 1954—-Mar. . . 67.8 28.8 12.2 16.6 39.0 Feb... 840 274 89 138 12 36 567 357 209 .7 June... 70.0 29.7 12.4 17.3 40.3 Mar... 856 324 109 160 9 46 532 345 186 r.7 Sept... 72.8 30.5 I 12.6 17.9 42.1 Apr... 809 294 93 151 5 45 515 319 195 .6 Dec... . 75.9 32.1 12.8 1.9.3 43.8 1955--Alar. . . 78.9 33.5 13.2 20.3 45.4 'Revised. 1 Monthly figures do not reiieet mortgage amendments included in. annual totals. 2FHA-in>ure( propM-(:y im rovemeni. loansare not ordinarily secured by mortgages; VA- NOTE.—For total debt outstanding, figures for guaranteed alteration and repair loan; of SI ,000 or les.s need not be secured, whereas those first three qintiers are Federal Reserve estimates. for more than that amount m ist be. For conventional, figures are derived. ;!Prior to 1949, daU are not available for classifications shown. Sources.—-Ilome Loan Bank Board, Federal Hous- NOTI-:.-- -Fll A-insured loan.-, re prosJin gross amount of insurance written; V\-guar- ing Administration, Veterans Ad milu'straikn, and an teed loans, gross amouut of loans closed. Figures co not t:ke account of principal repay- Federal Reserve. men is on previously i isirred or guaranteed k aus. F>r VA-guaranleed loans, amounts by typo are derived from data o number and average amount oi loansclosed. Sources. —Federal Housing .\dmini>trat ion and Veterans Administration. FEDERAL NATIONAL MORTGAGE ,ASSOCIATION ACTIVITY 1 FEDERAL HOME LOAN BANK LENDING [In millions of dollars) [In millions of dollars] Author- Com- Mortgage holdings Mort- Advanc.es outstanding ized mit- gage Mort- (en of period) I. o u r u i m of o n y th ear fu u n n d - s m 1 e 11 n 1- ts FIIA- VA- c p ha u s r- es s g a a l g e e s Year or month va A n d c - es R m e e p n a ts ycom- dis- Total in- guar- (during (during Short- Longmitted bursed sured anteed period) period) term ' term2 1948 528 227 199 .188 11 198 .1945 278 213 195 176 19 194c) 848 824 828 403 425 672 20 1946 329 231 293 184 109 1950 918 485 1,347 169 1 ,178 1,044 469 1947 351 209 436 218 21 7 1951 661 239 1 ,850 204 1,646 677 111 1948 360 280 515 257 258 1952 1,085 323 2,242 320 1 ,922 538 56 1949 256 337 433 231 202 1953 550 638 2,462 621 1 ,841 542 221 1950 675 292 816 547 269 1954 0) 476 2,434 802 1 ,632 614 525 1951 423 433 806 508 298 1952 586 528 864 565 299 1954—April 539 812 2,299 667 1,632 50 108 1953 728 640 952 634 317 M.ay 560 791 2,299 680 1,619 38 30 1954 734 818 867 612 255 Tune 570 779 2,301 700 1,601 50 37 Fury 540 737 2,371 724 1,647 120 37 1954—Mav .. 28 33 608 377 231 August 594 700 2,355 733 1,622 33 39 Tune 106 39 675 428 247 September. . 63.1 654 2,362 745 1,618 38 19 July 53 98 630 406 223 October.... 678 603 2,368 752 1,616 39 23 August 59 31 659 422 236 November. . 0) 547 2,396 773 1,623 50 11 September.. 69 38 689 452 237 December. . 0) 476 2,434 802 1,632 64 15 October.... 63 45 708 471 236 November.. 74 38 743 495 248 1955—January.... C1) 41.8 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 April (1) 215 2,545 855 1,690 58 11 February... 34 63 688 466 223 March 71 58 702 464 238 April 85 33 754 497 257 ' I^o authorization figures shown after October since nnripr its np\v chnrter. May 104 37 821 542 279 effective Nov. 1, 1954, FNMA maintedns three separate programs, for which the type of fund authorization varies. Other figures represent the combined programs: secondary market, special assistance, and management and liquidation. 1 Secured or unsecured loans maturing in one year or less. Source.—Federal National Mortgage Association. 2Secured loans, amortized quarterly, having maturities of more than one yeai but not more than ten years. Source.—Home Loan Bank Board JUNE 1955 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year Total Other Repair or month Total Au p to a m pe o r b 1 ile co p g n a o s p o u e d m r s 1 er e a r n l n d o i a z m n at s o i 2 o d n - Pe lo rs a o n n s al Total p S a l y i 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 J fiSR 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 [,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1,014 1947 11,570 6,695 1,924 2,143 718 [.910 4,875 1,356 2,353 1,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 11,285 1949 17,104 11,516 4,699 3,486 8R7 2,444 5,588 1,532 2,680 1L,376 1950 20,813 14,490 6,342 4,337 .,006 2,805 6,323 1,821 3,006 11,496 1951 21,468 14,837 6,242 4,270 ,090 3,235 6,631 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 ,406 3,851 7,143 2,094 3,342 U7O7 1953 29,537 22,187 10,341 5,831 L.649 4,366 7,350 2,219 3,411 1,720 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 L.720 1954—April 28,095 21,426 9,942 5,413 1,617 4,454 6,669 2,181 2,723 1,765 May 28,372 21,487 10,002 5,370 1,634 4.4R1 6,885 2,313 2,786 1,786 June 28,666 21.717 10,168 5,367 1,635 1,547 6,949 2,334 2,819 1,796 July 28,725 21,849 10,298 5,328 1,637 1,586 6,876 2,303 2,773 1,800 August 28,736 21,901 10,349 5,294 1,642 1,616 6,835 2,312 2,734 1,789 September 28,856 21,935 10,365 5,287 1,642 1,641 6,921 2,335 2,807 1,779 October 28,975 21,952 10,340 5,324 1,637 1,651 7,023 2,377 2,892 1,754 November. ... 29,209 22,014 10,296 5,398 1,631 i.689 7,195 2,407 3,042 [,746 December 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 7?n 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 H),641 5,484 1,550 4,833 7,010 2,427 2,831 1,752 Miarch 29,948 22,974 11,053 5,479 530 4,912 6.974 2,481 2,735 1,758 April 30,655 23,513 11,482 5,492 1,534 5,005 7,142 2,496 2,859 1,787 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n r s t t 1 - F s t t u u o r r r n e e i s - H a a h p o n o p u c l l s d e i e - - d m A ea o u l b t e o i r l - s e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 22,187 18,758 8,998 6,147 ,124 2,489 3,429 1,040 903 291 380 815 1954 22,467 18,935 8,633 6,421 ,293 2,588 3,532 1,201 890 293 394 754 1954—April 21,426 18,245 8,722 5,901 ,157 2,465 3,181 1,032 823 274 368 684 May 21,487 18,325 8,729 5,944 ,175 2,477 3,162 1,027 821 271 371 672 21,717 18,538 8,783 6,060 L,207 2,488 3,179 1,037 820 273 379 670 July 21,849 18,671 8,763 6,189 L,228 2,491 3,178 1,032 818 277 386 665 August 21,901 18,731 8,731 6,256 L.250 2,494 3,170 1,032 821 276 389 652 21,935 18,753 8,688 6,294 ,267 2,504 3,182 1,041 822 278 390 651 October 21,952 18,726 8,637 6,315 ,270 2,504 3,226 1,063 830 282 390 661 November 22,014 18.719 8,586 6,325 L ,282 2,526 3,295 1,098 846 283 390 678 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 1955—January 22,436 18,977 8,651 6,462 ,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 22,974 19,613 8,844 6,808 1,330 2,631 3,361 1,123 838 280 420 700 April 23,513 20,127 9,020 7,077 1,360 2,670 3,386 1,138 834 278 437 699 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 690 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT— Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m of o n y t e h ar i c T m n n r s o o e e t n t d a n a - i l t l t - C m i ( o n s e m i s n n t - g i t 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 a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m h o p n e d e e - r r s r e R m l r t a o e n i n o p a o iz d n d a n a s - ir - s l P o o a e n n r a - s ! m ci e a r l - Other m pa e r n t- t Other banks stores1 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1940 2,824 636 164 251 1,220 553 1945 745 66 143 114 110 312 1941 3,087 693 152 275 1,370 597 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 .,008 114 452 1,624 ,014 1949 4,439 849 946 1,016 715 913 1947 4,875 L,203 153 532 1,821 ,166 1950 5,798 1,177 1,294 1,456 834 1,037 1948. 5,443 1,261 134 575 2,138 ,285 1951 5,771 1,135 1,311 1,315 888 1,122 1949 5,588 1,334 198 584 2,096 ,376 1952 7,524 1,633 1,629 1,751 1,137 1,374 1950 6,323 1,576 245 641 2,365 ,496 1953 8,998 2,215 1,867 2,078 1,317 1,521 1 1 9 95 5 2 1 6 7 , , 6 1 3 4 1 3 1 1, , 8 6 4 8 4 4 2 2 5 5 0 0 6 7 8 3 5 0 2 2, , 6 4 1 1 2 1 , ,7 6 0 0 7 1 1954. 8,633 2,198 1,645 1,839 J 97"? 1 f>7A 1 1 9 9 5 5 3 4 7 7, , 6 3 5 5 8 0 1 2 , , 8 0 9 8 9 5 3 33 2 5 0 7 76 4 4 8 2 2 , , 6 7 6 5 3 4 L , , 7 7 2 20 0 1954—A M p a r y il 8 8 , , 7 7 2 2 2 9 2 2 , , 1 19 8 5 0 1 1 , , 7 73 4 5 5 1 1 , , 9 9 3 2 9 5 1 1 , , 2 2 8 9 1 3 1 1 , , 5 5 7 8 7 1 June 8,783 2,237 1,729 1,913 1,293 1,611 1954—Anril 6,669 1,883 298 502 2,221 1,765 July. . . 8,763 2,240 1,720 1,880 1,297 1,626 J M u a n y e 6 6, , 9 8 4 8 9 5 1 1, , 9 9 7 1 7 8 3 3 9 5 5 7 4 49 9 7 9 2 2, , 3 2 2 8 2 7 L , . 7 7 8 9 6 6 A Se u p g te u m st b . e .. r . . 8 8 , , 7 6 3 8 1 8 2 2 , , 2 2 3 2 0 4 1 1 , , 7 6 0 8 7 6 1 1 , , 8 8 5 3 7 5 1 1 , , 2 2 9 9 9 9 1 1, , 6 6 4 3 4 8 July 6,876 L,989 314 448 2,325 ,800 October... 8,637 2,207 1,663 1,822 1,296 1,649 August.... 6,835 1,985 327 446 2,288 ,789 November. 8,586 2,188 1,636 1,822 1,287 1,653 September. 6,921 1,997 338 488 2,319 ,779 December. 8,633 2,198 1,645 1,839 ,275 1,676 October. .. 7,023 2,067 310 517 2,375 ,754 November. 7,195 2,049 358 374 2,468 :,746 1955—January.. . 8,651 2,208 1,656 1 ,859 ,24i ,687 December. 7,658 2,085 335 764 2,754 1L ,720 February.. 8,688 2,241 1 ,680 1 ,845 1,219 ,703 March.... 8,844 2.309 1 .751 1 ,846 ,201 ,737 1955—January.. . 7,324 2,048 323 623 2,602 1,728 April 9,020 2,371 1 .818 1 ,842 , 205 ,784 February.. 7,010 2,085 342 535 2,296 1,752 March.... 6,974 2,114 367 507 2,228 1,758 April 7,142 2,165 331 526 2,333 ,787 1 Includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Total Other Repair E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s O g p u c o a t o m o p h n d e e e - r r s r m i R z lo o a e a n a d p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c n r s e t d a i l t - m A pa o u p b t e o il r - e s p g c u o a o m p o n d e e - r s r m iz lo o a a n a d ti n d e o s r n n- s l P o o e a n r n a - s l 1939 789 81 24 15 669 1940 891 102 30 16 743 1939 1,197 878 115 148 56 1941 957 122 36 14 785 1940 1,575 1,187 136 190 62 1941 1,797 1,363 167 201 66 1945 731 54 20 14 643 1946 991 77 34 22 858 1945 300 164 24 58 54 1947 1,275 130 69 39 1,037 1946 677 377 67 141 92 1948 1,573 189 99 59 1,226 1947 . ... 1,355 802 185 242 126 1949 1,858 240 137 89 1,392 1948 1,990 1,378 232 216 164 1950 2,237 330 182 115 1,610 1949 2,950 2,425 303 83 139 1951 2,537 358 209 132 1,838 1950 3,785 3,257 313 57 158 1952 3,053 457 279 187 2,130 1951 3,769 3,183 . 241 70 275 1953 3,613 573 337 249 2,454 1952 4,833 4,072 332 82 347 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—April 3,622 560 325 252 2,485 May 3,652 565 323 258 2,506 1954—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 Tune 6,060 5,249 331 83 397 August. . . 3,744 587 321 261 2,575 JUly 6,189 5,371 335 82 401 September. 3,771 591 324 262 2,594 August 6,256 5,436 335 82 403 October... 3,774 589 329 260 2,596 September. . . 6,294 5,474 336 81 403 November 3,808 591 331 263 2,623 October 6,315 5.491 337 81 406 December. 3,881 596 340 260 2,685 November. . . 6,325 5,491 340 81 413 December 6,421 5,563 351 81 426 1955--January.. . 3,864 595 338 254 2,677 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 April 4,030 649 353 253 2,775 IVlarch 6 808 5,945 348 76 439 April 7,077 6,207 348 76 446 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. JUNE 1955 691 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe lo rs a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953 30,321 26,818 13,621 11,379 8,014 7,511 1,387 1,144 7,299 6 784 1954 29,304 29,024 12,532 12,477 7,700 7,863 1,245 1,278 7,827 7,406 WITHOUT SEASONAL ADJUSTMENT 1954—April 2,400 2,355 J .038 1,015 615 645 105 102 642 593 May 2,397 2,336 1,047 987 607 650 121 104 622 595 Tune 2,703 2,473 1,244 1,078 659 662 109 108 691 625 July 2,549 2,417 L, 163 1,033 622 661 107 105 657 618 August 2,477 2,425 1,114 1,063 607 641 112 107 644 614 September.. 2,441 2,407 1,052 1,046 629 636 115 115 635 610 October 2,454 2,437 1,031 1,056 687 650 106 111 630 620 November 2,554 2,492 1,040 1,084 716 642 108 114 690 652 December 3,046 2,593 L ,184 1,084 936 666 95 110 831 733 1955—Tftnuary 2,389 2,420 [,060 997 616 675 67 109 646 639 February 2,416 2,344 I ,167 985 529 654 72 96 648 609 March 3,159 2,693 1,569 1,157 708 713 99 119 783 704 April 3,089 2,550 .512 1,083 703 690 106 102 768 675 SEASONALLY ADJUSTED* 1954—April 2,358 2,358 964 1.025 644 629 108 109 642 595 May . 2,321 2,392 984 1,010 604 658 115 115 618 609 June 2,495 2,413 1,114 1,056 649 658 95 108 637 591 July 2,455 2,364 1,060 1,006 666 667 98 100 631 591 August 2,409 2,480 1,035 1,067 613 678 100 105 661 630 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 L.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 M,arch 3 035 2,562 1,472 1,096 741 683 109 116 713 667 April. .. 3,017 2,552 1,404 1,093 736 672 109 109 768 678 * Includes adjustment for differences in trading days. NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding month year A 19 p 5 r 5 . M 19 a 5 r 5 . F 1 e 9 b 5 . 5 A 19 p 5 r 5 . M 19 a 5 r 5 . F 19 eb 5 . 5 Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1954—April 14 12 9 45 Total +2 + 15 i +7 +9 +2 May 14 12 10 46 Cash sales -2 +9 -9 + 1 +8 -1 June 14 12 10 47 Credit sales: July 14 12 10 45 Instalment +5 + 16 + 1 + 10 +10 +4 August 13 12 10 45 Charge account 0 +8 +2 +10 +12 +8 S O e c p to te b m er ber 1 1 3 4 1 1 2 2 1 1 0 0 4 4 6 7 Accounts receivable, end November 13 12 10 48 of month: December 14 12 9 46 Total .. 0 -2 -2 +4 +4 +3 Instalment -1 -1 -2 + 1 +1 0 1955—January 14 12 9 44 Charge accounts + 1 -4 + 14 + 12 +14 February 14 11 9 43 March 15 13 9 48 Inventories, end of April 15 12 9 44 month, at retail value. +3 +7 +5 -1 -3 -6 1 Collections during month as percentage of accounts outstanding at beginning of month. 692 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d p u h 1 y s 9 t s r 4 i i c 7 a a l - l 4 p v 9 r o o = l d 1 u u 0 m 0 c e ti ) o * n aw C ar o d c n e o s d n t r t u ra ( c v c t a i ts o lu n e)1 Employ 1 m 94 e 7 nt - 4 a 9 n = d 10 p 0 ayrolls2 1947-49=100 Depart- Whole- Freight ment Con- sale carload- store sumer com- Non- Manufacturing ings* sales* prices 2 modity Year Manufactures agri- production workers 1947-49 (retail 1947-49 prices3 or month Total Total r D ab u l - e N r d a o b u n - le - M er i a n ls - Total R d t e e ia s n l i - - o A th l e l r p m t e c u l u m e o r l a n y - - l t - Em m p e l n o t y- P ro a l y l - s = 100 1 v 9 = a 4 l 7 1 u 0 - e 4 0 ) 9 3 = 100 194 1 7 0 - 0 49 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.4 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62.0 69 0 37 1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922. . . 39 39 37 40 45 43 41 43 58.5 58 4 25.7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.4 66 9 32.6 107 34 12 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 3? 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 1938 48 46 35 57 62 35 27 40 66 1 59.6 25 3 67 32 60 3 51 1 1939 . 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34 0 83 37 59 9 51 1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56 8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72 2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96.3 121.4 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 91.5 104.0 87.8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94.4 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 9Q.0 93.8 97.2 88 98 101 8 99 2 1950 112 113 116 111 105 159 1.85 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 ii4 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 1953 s'134 P136 Pi 53 P118 P116 192 178 201 113.6 111 .8 151.4 96 112 114 4 110 ? 1954 Pi 25 P127 Pl3. P116 Pill 216 232 204 110.4 101 .8 137.7 86 111 114 8 110 3 1953 December. . 126 124 127 142 112 113 208 177 229 112.2 106.8 107.3 146.7 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 90 107 115.2 110.9 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 123 126 125 135 114 112 191 205 182 110.8 103.4 103.2 137.9 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 June 1?4 124 125 135 116 114 207 227 193 110 1 101 4 J 00.5 135 8 84 112 115 1 110 0 July 123 116 124 134 114 112 206 233 188 109.8 99.7 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 '124 '121 260 291 239 111.5 M03.5 ••103.3 146.6 93 113 114.3 110.0 Anril 136 138 138 150 125 120 253 286 230 111.7 104.7 103.7 146.5 93 P119 114.2 110.5 May P\3S *>137 Pi 40 P.153 Pi 26 P120 P112.4^105.7 P104.1 "149.7 96 «117 "Estimated, ppreliminary. 'Revised. ^Average por working day. 1 Three-month moving average, based on F. \Y. 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. 701. 2The indexes of employment and payrolls, wholesale commodity prices, and consumer prices arc 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. 703-707. Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. JUNE 1955 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average =100] 1947-49 Annual 1954 1955 Industry p p r o o r - tion 1953P1954P Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED Industrial Production—Total 100.00 134 125 123 125 124 123 123 124 126 128 130 132 133 135 136 Manufactures—Total 90.02 136 127 125 126 125 124 125 126 128 130 131 133 134 136 138 Durable Manufactures—Total 45.17 153 137 134 136 135 134 235 137 139 142 143 145 147 148 150 Primary metals 6.70 132 108 103 106 108 103 105 105 111 118 127 131 138 Metal fabricating 28.52 167 150 147 147 147 148 149 150 152 154 155 157 rl57 160 Fabricated metal products 5.73 136 123 119 121 122 122 124 122 124 125 125 125 126 M29 130 Machinery 13.68 160 142 138 138 139 141 144 147 147 148 145 145 146 146 149 Nonelectrical machinery 9 04 143 125 125 124 124 125 125 125 123 122 120 124 125 126 130 Electrical machinery 4.64 194 177 163 163 170 173 181 189 194 198 193 187 1.87 r!84 185 Transportation equipment 7.54 189 175 174 178 170 170 166 167 169 175 187 191 193 rl95 198 Instruments and related products... 1.29 155 140 139 138 135 136 135 137 137 138 140 140 142 '143 143 Clay, glass, and lumber products....... 5.91 125 123 121 125 118 113 114 124 130 130 133 133 133 134 133 Stone, clay, and glass products 2.82 133 131 128 130 129 131 132 134 132 136 135 136 138 rl43 144 Lumber and products 3.09 118 115 114 120 108 96 97 116 128 124 131 129 127 -•126 123 Furniture and misc. manufactures 4.04 131 121 117 118 120 120 123 123 123 123 122 122 123 rl25 126 Furniture and fixtures 1.64 117 106 103 102 104 106 109 109 110 108 108 109 109 n 12 113 Miscellaneous manufactures 2.40 140 131 127 128 131 130 133 132 132 132 131 132 133 rl35 135 Nondurable Manufactures—Total. 44.85 118 116 115 117 116 114 114 115 117 118 119 121 121 125 Textiles and apparel 11.87 107 100 101 101 99 98 99 98 102 103 104 106 105 109 112 Textile mill products 6.32 104 95 94 95 93 95 94 95 101 101 101 103 103 104 109 Apparel and allied products 5.55 105 109 107 106 102 103 101 103 105 107 108 106 115 115 Rubber and leather products 3.20 113 104 103 106 107 99 97 103 108 108 115 123 120 121 Rubber products 1.47 128 115 113 119 120 97 98 117 125 122 133 143 138 140 142 Leather and products 1.73 99 95 94 94 95 100 96 91 94 96 100 105 104 rl05 103 Paper and printing 8.93 125 125 126 126 126 126 127 127 727 127 129 130 <-133 134 Paper and allied products 3.46 132 134 133 137 136 133 135 137 138 137 136 140 143 147 151 Printing and publishing 5.47 121 120 120 120 121 121 121 121 121 120 121 122 122 124 124 Chemical and petroleum products 9.34 142 142 140 142 142 141 141 144 143 145 148 148 151 153 155 Chemicals and allied products 6.84 147 148 146 148 148 148 149 150 150 152 155 154 157 160 163 Petroleum and coal products 2.50 130 125 124 125 124 122 121 125 124 127 129 131 134 134 P134 Foods, beverages, and tobacco 11.51 107 106 106 "109 108 105 105 105 105 106 106 107 106 108 110 Food and beverage manufactures. .. 10.73 107 106 107 110 108 105 105 105 105 106 106 107 106 rlO9 110 Tobacco manufactures .78 108 =104 '107 107 101 99 102 102 100 101 107 106 107 Minerals—Total 9.98 116 111 109 111 114 112 109 108 109 113 116 120 123 121 120 Mineral fuels 8.35 115 113 111 112 115 112 110 109 110 115 117 120 •123 '121 121 Coal 2.68 78 67 58 65 69 70 68 67 70 69 73 74 79 72 73 Anthracite .36 57 52 46 44 48 56 50 49 43 51 66 55 61 45 41 Bituminous coal 2.32 81 70 60 68 72 72 71 70 74 72 74 77 82 76 78 Crude oil and natural gas 5.67 133 134 137 134 136 133 130 129 130 136 138 142 fl 44 144 Metal, stone, and earth minerals 1.63 119 106 99 106 110 108 102 102 101 105 115 118 '119 123 1.15 Metal mining .82 113 90 78 91 99 91 83 82 81 86 103 110 '114 113 pi oo Stone and earth minerals .81 124 123 120 121 122 125 121 121 121 125 127 126 124 '132 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 134 125 124 124 124 116 123 126 130 130 128 131 135 137 138 MANUFACTURES—TOTAL 90.02 136 127 125 125 125 116 125 127 132 132 129 133 136 140 140 Durable Manufactures—Total 45.17 153 137 137 136 135 125 132 135 140 143 143 147 151 154 155 Primary metals 6.70 132 108 107 108 109 94 100 103 112 118 117 129 136 142 144 Ferrous metals 5.03 133 105 102 104 105 91 95 98 107 114 115 124 132 138 142 Pig iron and steel 3.51 138 108 104 107 108 95 96 101 111 121 121 128 136 144 147 Pig iron .37 130 101 93 94 99 94 93 93 101 110 113 117 122 131 134 Steel 3.05 139 109 105 108 109 96 97 102 112 122 121 130 138 146 148 Carbon steel 2.62 135 108 103 108 111 96 96 101 111 119 118 125 134 143 145 Alloy steel .43 165 115 113 109 102 93 104 111 120 138 145 155 165 165 171. Ferrous castings and forgings 1.52 121 97 98 97 97 80 90 90 97 98 101 113 121 124 131 Iron and steel castings 1.29 115 95 98 96 96 79 90 89 95 96 99 111 119 123 129 Steel forgings : .23 154 106 104 100 101 87 91 98 106 107 110 127 133 132 140 v Preliminary. * Revised. " Corrected. *??, '»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. 694 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average - 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953?1954?' Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Noffprrous metals . .. *«», 1,67 129 120 122 120 122 103 117 118 127 129 124 146 '149 rl55 149 Primary nonferrous rnetala .38 144 147 1*7 147 149 142 139 137 14? 158 160 159 167 169 166 .09 112 101 99 97 109 93 76 88 98 124 121 118 140 '134 132 Copper reining .06 116 109 114 107 114 105 102 89 91 118 131 122 134 133 124 Lead .04 101 105 107 109 97 79 98 109 i?4 107 103 99 99 112 115 Zinc .10 113 101 100 102 102 97 98 84 90 112 116 118 119 122 P 118 Aluminum. . .09 209 244 245 246 245 248 246 244 246 246 250 252 253 256 257 .13 114 105 115 108 109 86 105 105 108 107 107 114 125 133 Nonferrous shapes and castings.,., 1.16 126 113 114 113 115 91 111 114 124 123 114 145 146 '153 144 Copper mill shapes .63 112 100 101 102 101 76 100 103 115 ill 90 135 125 133 114 .20 168 154 154 149 162 145 163 159 160 162 168 182 196 199 "202 Nonferrous castings ...... .33 130 114 116 112 112 88 103 107 121 122 128 144 155 163 Metal Fabricating 28.52 167 15Q ISO 148 147 135 144 145 150 154 156 159 162 165 166 Fabricated metal products . ...... 5.73 136 123 120 121 122 116 124 124 126 125 124 124 126 130 132 Structural metal parts 2.68 137 126 123 125 126 123 125 125 127 129 130 127 129 131 133 Stampings and misc. metal products-. 2.12 138 117 117 116 114 106 109 111 115 122 124 124 125 129 129 Tin cans .30 S29 131 122 125 143 153 196 172 142 103 102 110 107 111 126 Furnaces, gas ranges, and heaters ,63 93 90 84 88 93 75 104 109 121 99 78 87 99 108 110 Machinery 13.68 160 142 141 138 137 128 138 145 150 150 146 148 152 154 152 9.04 143 125 128 126 125 119 118 122 121 121 123 126 129 132 133 Farm and industrial machinery 8.13 139 121 124 122 121 117 116 116 116 116 119 119 121 124 126 Farm machinery 1.02 96 79 85 84 84 79 74 75 73 75 80 85 90 94 95 Industrial and commercial machinery 7.11 145 127 129 127 127 122 122 122 122 122 125 124 125 '128 131 Machine tools and presses .68 188 160 167 161 157 152 150 150 147 146 149 148 149 152 154 Laundry and refrigeration appliances. .69 128 114 120 112 111 88 91 125 123 124 122 146 155 164 154 4.64 194 177 166 162 162 145 176 189 207 206 191 191 196 ••195 188 Electrical apparatus and parts 3.23 179 160 160 159 156 151 152 154 158 162 165 165 167 ••169 171 Radio and television sets .74 230 214 172 156 166 116 234 280 341 325 258 261 272 261 228 Transportation equipment 7.54 189 175 181 179 175 165 165 155 159 179 191 200 205 r209 213 4.80 126 109 117 116 111 96 98 81 90 120 136 150 157 '163 171 Autos 1.50 146 131 151 146 143 125 123 81 70 144 174 195 210 215 223 Trucks .66 118 92 101 101 96 78 79 74 78 93 94 98 87 104 137 .22 112 95 104 104 99 86 81 76 74 99 103 102 77 109 148 Medium trucks .19 58 59 68 63 64 57 54 43 46 58 59 64 48 67 89 Heavy trucks .14 183 133 150 148 132 99 113 110 121 134 130 143 144 '•141 193 .07 229 130 132 141 146 102 109 119 132 135 131 138 160 170 185 Auto and truck parts 2.58 117 101 101 102 96 85 88 84 105 113 125 137 145 148 Aircraft and parts 1.30 465 474 475 472 472 469 465 470 464 471 478 479 477 ••479 472 .81 135 112 119 118 115 111 107 104 106 106 110 110 '113 '115 115 Railroad equipment .53 72 39 49 43 39 26 32 33 28 24 31 32 36 '35 38 .35 64 29 39 32 25 17 22 25 18 12 20 20 25 26 28 Instruments and related products.. 1.29 155 140 140 138 136 132 132 137 138 140 142 140 142 145 144 Clay, Glass, and Lumber Products. S.91 125 123 124 126 122 109 118 129 136 130 125 125 -129 133 135 Stone, clay, and glass products 2.82 133 131 128 130 131 128 134 136 139 137 134 132 134 140 144 Gl F as l s a t a g n l d a s p s o a t n te d r y v i p tr r e o o d u u s c t p s roducts. .. 1. . 0 6 9 0 1 1 3 2 6 3 1 13 1 1 8 1 12 1 4 7 1 1 1 2 7 4 1 1 1 2 5 3 1 1 0 1 7 9 1 1 1 2 6 6 1 13 1 4 8 1 1 4 2 1 5 1 14 2 4 4 1 1 2 4 0 8 1 1 2 4 6 8 1 1 4 2 7 9 ' ' 1 13 4 1 9 1 1 4 3 9 0 .47 139 333 126 126 125 119 127 136 144 148 151 151 150 '152 151 Glass containers .26 120 117 121 126 127 118 125 112 119 105 93 114 124 124 125 Home glassware and pottery .23 91 85 93 87 81 63 80 84 92 93 80 82 80 rQ2 89 Cement .32 132 135 132 137 138 150 151 155 152 145 131 119 115 132 Structural clay products .. .35 110 111 111 111 115 111 116 118 115 117 113 107 111 1 19 122 Brick .12 106 113 115 113 124 116 126 128 121 124 112 101 106 1?1 127 Clay firebrick, nipe, and tile .... .20 115 111 no 112 111 109 112 112 113 114 115 114 115 '120 120 Concrete and plaster products .48 163 161 157 161 164 170 172 169 168 166 162 155 155 1 65 172 Misc. stone and earth manufactures.. .58 143 140 135 135 136 134 140 144 146 146 149 147 151 '155 161 Lumber and products 3.09 118 115 119 122 115 91 102 123 134 123 116 118 rJ24 '126 128 Lumber . . 2.05 112 106 113 117 106 91 98 110 119 107 100 101 108 109 115 Millwork and plywood .60 149 161 163 161 155 93 128 187 207 191 186 195 ?05 209 Alillwork . . .39 118 123 111 119 128 90 116 157 164 139 137 145 '149 '154 143 Softwood plywood .12 199 222 248 229 195 95 145 232 274 275 264 274 29-t 298 .29 99 88 90 91 92 85 83 87 91 88 88 88 88 91 88 Furniture and Misc. Manufactures 4.04 131 121 115 114 116 112 121 125 129 128 125 121 125 127 124 Furniture and fixtures 1.64 117 106 101 98 100 99 107 111 113 112 112 109 113 114 111 Household furniture i.io 118 106 100 96 98 98 108 112 116 115 115 110 115 116 113 .54 116 107 103 103 105 100 106 108 107 107 108 106 109 109 107 2.40 140 131 125 124 127 121 130 136 140 139 134 129 134 '136 133 IP Preliminary. ' Revised. For other footnotes see preceding page. JUNE 1955 695 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 1953P 1954P Apr. May June July Aug. Sept. Oct. Nov.Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 118 116 114 114 115 107 117 119 123 120 115 119 122 125 124 Nondurable Manufactures—Total... 11.87 107 100 100 98 96 86 103 99 105 104 98 108 r!12 115 113 Textiles and Apparel Textile mill products 6.32 104 95 94 94 93 82 97 97 103 102 98 104 108 109 109 Cotton and synthetic fabrics 3.72 107 100 99 99 96 85 101 100 109 110 104 114 116 118 118 2.30 104 97 97 95 92 80 99 96 104 104 95 105 106 105 103 Synthetic fabrics • .97 115 108 102 107 110 105 104 112 121 126 127 132 138 147 153 Fabric finishing .45 101 93 97 96 82 65 98 86 101 102 90 107 M09 106 107 Wool textiles .97 78 66 63 68 70 68 74 67 69 69 70 70 72 74 79 Wool apparel yarns .16 91 76 80 84 81 78 86 73 77 72 68 79 85 82 89 .75 75 64 59 64 68 66 71 66 67 69 71 67 69 72 77 ICnit goods.. . 1.15 116 106 103 105 106 89 109 113 113 110 103 105 112 110 108 .65 113 108 111 110 106 78 106 113 115 109 102 110 119 111 109 .45 118 113 119 116 110 79 108 116 118 112 105 114 124 118 116 Seamless hosiery... .20 102 97 91 95 98 77 100 107 107 102 93 100 106 96 93 .50 119 103 93 99 106 103 113 112 112 111 104 98 104 108 106 .48 .31 86 71 77 68 66 36 70 79 82 62 71 84 83 86 85 5.55 110 105 1@8 103 99 91 110 101 106 107 99 113 116 123 117 lien's outerwear . . 1.78 113 103 111 108 95 80 110 95 108 108 96 115 \\3 113 119 Men's suits and coats .73 96 83 79 88 81 56 98 76 82 88 87 98 97 88 93 .50 92 82 78 84 75 52 92 73 80 88 90 .102 100 91 91 IVJen's outcrcoats .13 89 67 65 80 87 57 98 72 72 66 52 60 59 55 78 Shirts and work clothing .99 124 116 132 121 101 94 118 106 124 121 99 126 124 130 135 Women's outerwear . . 1.85 103 109 116 105 104 96 114 100 102 102 93 120 1?5 143 130 Women's suits and coa^s •. -. .76 117 129 102 80 114 127 146 130 127 130 115 152 160 165 109 1.92 112 103 96 97 98 97 105 107 110 110 106 103 109 112 103 Rubber and Leather Products 3.20 113 104 104 103 106 86 98 105 114 108 110 123 127 128 122 1.47 128 115 116 118 121 85 94 118 132 124 128 145 144 146 145 .70 117 105 111 111 119 84 75 104 116 110 116 130 134 133 128 Auto tires .40 117 110 120 122 133 94 81 107 117 111 119 136 141 U5 140 Truck and bus tires ..... * .30 118 99 99 96 100 71 69 99 114 110 113 121 125 117 113 Miscellaneous rubber products « .77 133 124 120 125 124 86 111 132 147 137 139 158 153 157 160 Leather and products 1.73 99 95 94 89 94 87 101 94 98 94 94 105 112 113 103 Leather .44 91 87 86 90 89 71 87 83 88 88 88 94 98 94 Cattlehide leathers .29 92 92 93 96 93 75 91 89 96 94 95 101 104 101 Skin leathers .15 89 75 73 79 81 65 78 70 72 75 73 80 86 80 .90 Miscellaneous leather products .... .39 100 90 82 79 84 87 94 95 97 98 94 91 100 103 9.1 Paper and Printing 8.93 125 125 128 126 126 116 124 128 133 131 125 127 131 136 137 Paper and sillied products 3.46 132 134 136 134 136 120 137 137 146 140 J29 140 148 152 154 1.76 130 132 131 132 136 116 134 133 140 139 127 140 147 150 148 Wood pulp .51 142 148 146 148 153 133 150 148 158 160 142 158 166 170 169 Paper and board 1.25 125 125 125 125 129 109 128 1?6 133 131 120 132 139 i -1-2 140 Printing paper .. .22 119 118 121 117 120 99 121 1.20 122 121 112 123 127 133 127 .14 116 120 121 120 123 96 122 120 130 127 124 132 138 134 131 Coarse paper .20 118 119 116 117 119 102 121 118 124 124 112 124 132 134 130 Mj^cellaneous paper .18 129 137 137 134 136 126 137 136 145 142 \35 150 154 153 160 .41 134 130 128 132 136 112 133 129 138 137 122 136 145 149 147 Building paper and board! .10 118 124 124 125 137 123 131 137 135 129 115 122 126 141 139 Converted paper products • . 1.70 134 136 141 136 135 124 139 141 152 140 131 141 149 1 S3 159 Shipping containers .51 133 133 135 133 132 119 136 141 1 "51 140 131 135 146 1 S3 156 .11 138 145 158 144 144 139 146 141 153 141 128 156 156 152 166 Printing and publishing 5.47 121 120 122 121 119 113 116 122 125 125 123 118 121 126 126 1.85 118 119 129 125 119 102 107 120 129 130 123 114 1?1 132 134 Job printing and periodicals . 3.62 122 121 119 119 120 119 120 123 122 122 124 120 121 123 122 Chemical and Petroleum Products. 9.34 142 142 140 139 139 133 139 143 147 149 149 150 154 '157 155 Chemicals and allied products 6.84 147 148 147 145 144 137 144 149 155 156 156 157 '162 165 165 2.54 154 153 150 150 152 145 150 153 160 165 166 169 176 183 183 Basic inorganic chemicals .57 149 157 157 159 155 148 151 155 161 171 170 175 181 183 179 Industrial organic chemicals 1.97 155 152 148 147 151 144 150 152 159 164 165 167 '175 184 184 .24 183 184 190 179 183 149 170 195 197 200 196 206 '231 243 .11 186 136 127 120 122 121 126 137 143 147 151 180 193 202 Synthetic fibers .59 156 152 145 149 157 148 152 148 165 174 173 171 M81 M96 191 Miscellaneous organic chemicals.. 1.03 144 146 141 141 143 143 146 147 148 151 154 155 157 160 161 Vegetable and animal oils .64 116 118 114 104 96 91 96 109 138 140 130 127 128 117 108 Vegetable oils .48 112 113 109 95 85 80 84 101 139 140 126 125 123 111 99 Grease and tallow . .16 131 133 131 132 127 126 129 131 134 137 139 135 145 136 134 .71 113 108 111 104 99 69 104 116 117 105 105 103 108 1.02 102 Paints .66 118 116 116 116 117 117 117 115 115 117 118 116 116 119 122 Fertilizers .23 124 122 173 137 107 95 99 109 113 108 112 116 124 177 176 p Preliminary. r Revised. 1 Publication suspended pending revision of data for the period 1952 to date. 2 Publication suspended pending adjustment to revised Census production figures for the period 1950 to date. NOTE.—A number of groups and subgroups include individual series not published separately. For description ami back figures, see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 696 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 1953P 1954P Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued PePtretorloelueumm arnefdin cinogal products 2 1 . .9 5 7 0 1 1 3 3 0 5 1 1 2 3 5 3 1 1 2 2 0 8 1 13 2 0 3 1 13 2 1 4 1 13 2 0 2 1 1 2 3 4 1 1 1 2 3 7 3 1 13 2 2 6 1 1 2 3 9 6 1 14 2 0 9 1 14 3 2 2 1 14 3 4 4 1 13 3 9 3 P\33 1.04 144 141 137 140 141 141 142 142 140 143 146 146 147 143 P141 Automotive gasoline .98 139 136 132 136 136 136 137 138 135 139 141 142 143 140 Aviation gasoline .06 227 221 215 218 235 229 233 215 214 214 232 216 209 205 Fuel oil .56 130 128 121 122 122 122 123 127 128 135 140 146 152 142 P129 Distillate fuel oil .30 155 158 146 145 148 150 154 161 164 172 177 184 196 181 Residual fuel oil . . .26 101 93 93 94 92 89 87 89 87 92 97 101 101 97 Kerosene .10 117 110 106 99 100 97 99 98 101 116 134 123 117 Lubricating oil .17 106 108 103 109 111 104 109 111 106 110 108 109 105 110 Coke .26 111 84 80 80 79 77 75 77 84 90 93 96 98 102 104 Asphalt roofing and siding .15 99 103 103 118 135 110 127 147 133 106 62 70 75 110 Foods, Beverages, and Tobacco 11.51 107 106 98 103 110 108 114 119 116 109 99 99 97 100 101 Food and beverage manufactures.. 10.73 107 106 98 103 109 109 135 120 117 110 101 98 97 100 101 Fo I o V d fe & m t a n p u ro fa d c u t c u t r s es 8 1 . . 4 4 9 8 1 11 0 5 8 1 1 0 1 7 7 1 9 0 7 6 1 1 0 0 5 0 1 1 0 0 6 8 1 10 0 2 7 1 1 1 0 7 8 1 1 2 2 4 0 1 1 1 2 8 7 1 13 1 5 3 1 1 0 3 4 6 1 1 0 3 2 8 1 9 2 9 4 1 1 0 2 0 8 1 1 1 0 8 0 Beef .46 129 135 13? 137 135 138 141 142 136 132 140 129 134 133 Pork .83 104 103 91 87 89 81 88 104 115 131 134 133 117 121 106 .69 105 106 119 135 145 128 115 97 85 78 79 85 91 104 117 Butter .14 108 110 128 152 145 115 99 84 81 79 85 99 • 01 104 119 .07 112 116 133 159 161 129 114 98 87 87 91 95 102 113 133 Concentrated milk .19 93 94 115 139 139 109 94 76 66 65 70 76 86 100 116 .28 106 104 107 110 139 143 133 113 95 81 74 78 84 100 107 1.13 121 112 75 85 99 138 194 212 141 99 87 77 72 81 Grain-mill products 1.16 106 107 09 106 114. 112 110 114 110 103 101 103 102 101 10 i Wheat flour .46 81 81 75 76 78 78 82 86 90 84 80 87 85 83 79 Cereals and fe«ads . . .70 122 124 114 127 i37 134 129 132 173 117 115 114 113 113 116 B?kery products 1.64 100 97 96 96 98 99 98 98 99 98 98 94 95 '95 95 .27 113 117 76 8? 72 94 109 258 273 176 93 61 67 Cane supar .11 113 106 103 109 1?1 11? 115 105 90 87 100 106 110 .13 108 121 24 42 43 32 71 99 385 427 248 81 17 24 Confectionery .71 102 99 89 81 80 66 91 131 123 125 87 106 112 96 "3 Miscellaneous food preparations ... 1.41 104 105 103 105 108 1.09 108 106 108 105 101 100 101 101 102 Beverages 2.24 105 103 102 113 124 118 108 107 110 97 88 84 89 101 Bottled soft drinks .... .54 Alcoholi^ beverages 1 70 ioo 98 100 10& 1 14 103 96 98 107 99 84 80 86 100 Beer ond ale 1.02 103 99 106 1 1 7 1 ?2 11? 93 84 79 83 85 84 101 Liquor distilHno" .17 60 68 64 64 62 4? 39 69 121 92 67 61 67 66 .37 107 102 98 104 104 85 85 115 '142 139 90 76 93 109 .78 108 103 c100 107 114 92 111 109 in 103 83 105 105 Cigarettes .46 111 106 112 119 98 115 111 in 102 86 111 106 108 Cigars .17 107 105 t-99 111 S3 112 113 121 113 82 99 107 106 MINERALS—TOTAL 9.98 116 111 109 112 115 110 111 111 112 114 114 117 '119 118 120 Mineral Fuels 8.35 115 113 111 111 113 108 110 110 113 117 117 121 121 121 Goal 2.68 78 67 58 62 63 57 68 70 77 75 75 77 79 71 72 Anthracite .36 57 52 44 45 50 44 48 51 52 57 61 55 61 41 39 2.32 81 70 60 65 65 59 71 72 81 78 77 81 82 76 78 Crude oil and natural gas 5.67 133 134 137 134 136 133 130 129 130 136 138 142 144 144 Oil and gas extraction 4.82 129 1.28 132 129 129 124 123 124 124 130 132 139 140 139 P137 Crude oil 4.12 124 122 127 124 125 120 118 118 118 122 123 130 132 P131 Natural gas . 34 167 172 167 160 161 1 54 157 1 59 167 184 199 202 207 .36 157 160 156 155 156 151 151 159 163 170 172 175 176 169 Oil and gas well drilling .85 154 167 163 163 176 180 166 159 160 171 171 163 168 175 Metal, Stone, and Earth Minerals . 1.63 119 106 99 116 123 119 115 113 110 102 99 97 99 104 114 M-Mtal mining .82 113 90 79 108 120 108 100 98 92 79 76 79 85 86 101 ?rop ore .33 128 84 58 126 152 139 132 117 87 43 37 36 39 41 N mferrous metal mining .49 104 94 93 96 98 87 78 85 95 103 102 108 117 117 116 Copoer mining .24 114 103 102 106 108 95 77 92 106 118 116 124 134 133 .09 86 80 82 78 80 74 83 76 78 82 83 83 89 '91 88 Zinc mining .06 87 75 78 78 79 72 75 67 71 74 73 80 83 85 82 .81 124 123 119 125 127 130 130 129 129 126 122 115 113 122 128 9 Preliminary. ' Revised. c Corrected. For other footnotes see preceding page. JUNE 1955 697 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average-—100] 1947-49 Annual 1954 1955 Product proportion 1953 1954 Apr. May June July Aug. Sept. Oct.Xov. Dec. i Jan.Feb. .i Apr. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. . Iio». 127 116 116 119 118 116 115 114 112 119 125 131 135 139 143 ! Major Durables i 69. 138 125 126 130 128 126 125 121 117 128 137 145 151 156 162 Autos ' 32". 146 131 139 145 136 127 121 110 104 127 149 160 172 179 190 Major household goods ' 36. 132 122 115 119 123 127 131 132 131 130 129 133 135 '138 140 Furniture and floor coverings I 15. 113 101 97 96 96 102 106 107 106 103 105 107 107 109 110 Household furniture • n. 118 106 102 100 102 104 109 111 .111 111 110 1.10 113 114 115 Floor coverings1 , 4. Appliances and heaters ! 15. 118 111 112 116 110 114 109 112 1.1.0 114 115 i 128 131 1.37 141 Major appliances I 11. 123 1.15 116 120 111 118 113 117 114 120 119 i 133 1.35 1.39 146 Ranges j 2! 90 79 76 83 79 83 74 80 79 77 82 i 79 96 97 101 Refrigeration appliances I 4. 137 1.24 135 143 131 132 1.25 .1.17 110 122 117 I 137 140 152 166 Laundry appliances | 2. 141 148 134 124 1.13 136 146 169 170 174 181! 1.90 181 172 Heating apparatus i 3 [ 100 97 98 106 107 101 98 96 97 95 100 I 115 120 132 125' Radio and television sets I 5. 230 21.4 178 196 243 241 270 267 270 259 242 i 225 226 222 226 Radio sets 3. 67 52 43 43 45 47 56 46 62 70 70 | 73 68 71 65 Television sets j \' 541 522 436 487 621. 611 678 687 667 620 571 1 515 527 512 532 I 102 95 93 93 96 93 91 98 98 97 96 I 98 '100 100 01 01 89 90 96 89 85 95 96 93 94 ! 100 97 96 98 111 99 96 96 96 96 79 101 100 101 97 97 '100 102 101 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL..100.GO 127 116 119 116 116 102 113 108 109 129 132 i 142 151 155 155 Major Durables 69.72 138 125 131 126 125 107 121 111 111 142 149 i 163 174 179 179 Autos 21.,0 146 131 151 146 143 125 123 81 70 144 174 i 195 210 215 223 Major household goods 36.13 132 122 116 110 112 92 121 139 149 142 130 137 146 151 143 Furniture and floor coverings 15.32 113 101 97 92 93 89 102 108 111 108 109 108 111 '•114 111 Household furniture 11.31 118 106 100 96 98 98 108 112 116 115 115 110 115 116 113 Floor coverings1 _ 4.01 Appliances and heaters j 15.60 118 111 116 11.2 112 88 101 122 124 116 108 ! 124 138 151 146 Major appliances 11.88 123 115 124 117 114 88 96 121 121 118 116 134 149 163 156 Ranges 2.60 90 79 79 80 76 53 68 87 87 83 77 81 104 110 106 Refrigeration appliances 4.98 137 124 153 147 141 109 99 116 104 106 112 147 152 180 187 Laundry appliances 2.5.1 141. 148 130 111 117 90 128 181 199 192 177 177 207 201 Heating apparatus 3.72 100 97 91 96 104 86 116 124 133 107 84 93 102 114 Radio and television sets 5.21 230 214 172 155 165 116 234 279 338 324 258 260 272 260 228 Radio sets 3.42 67 52 49 48 44 29 51 48 64 71 67 74 80 74 Television sets 1.79 541 522 406 360 397 281 583 722 860 806 623 648 604 521 Other Consumer Durables 30.28 102 95 92 92 94 90 94 101 104 100 94 95 97 99 99 Auto parts and tires 14.00 01 91 87 90 96 91 90 100 101 93 89 95 93 93 96 Misc. home and personal goods 16.28 111 99 96 94 93 89 97 102 106 105 98 95 '101 -•105 101 r Revised. 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED Total 12,590 12,546 12,337 12,297 12,346 12,445 12,572 12,580 12,586 12,673 •12,798 12,948 13,078 Durable goods 7,182 7,136 6,979 6,928 6,957 7,054 7,159 7,177 7,191 7,269 '7,350 7,455 7,557 Ordnance and accessories 112 107 104 101 102 100 98 97 96 94 94 91. 90 Lumber and wood products 651 658 572 569 649 678 675 674 668 669 »-654 656 674 Furniture and fixtures 286 286 286 294 297 295 294 291 289 290 295 298 303 Stone, clay, and glass products. 427 425 430 432 435 436 436 435 434 438 442 448! 459 Primary metal industries 979 982 979 972 965 969 988 997 1,008 1,027 rl ,052 1 ,080 1,105 Fabricated metal products 836 839 834 828 821 825 840 835 826 836 '851 867 880 Machinery except electrical 1,158 1,143 1,122 1,123 1,125 1,115 1,103 1,095 1,093 1,1081 '1,127 1,148 1,159 T E r le a c n t s r p ic o a r l t a m ti a o c n h i e n q e u ry ipment 1,3 7 4 84 6 1,3 76 2 9 8 1,2 7 7 78 9 1,2 78 3 2 8 1,1 7 8 85 3 1,2 7 4 92 9 1,3 79 3 9 4 1,3 7 7 93 5 1, 7 4 9 0 2 0 1,4 7 2 9 6 5 1 ! '1, ' 4 79 4 5 7 1,4 8 6 0 6 6 1 , 8 4 2 6 0 6 Instruments and related products 225 220 218 216 218 217 217 216 216 21.5 218 217 217 Misc. manufacturing industries. 378 379 377 373 377 378 375 369 369 371 375 378 384 Nondurable goods 5,408 5,410 5,358 5,369 5,389 5,391 5,413 5,403 5,395 5,404 '•5,448 5,493 5,521 T T Fo e o x o b d t a i c le a c - n o m d m il k l a i n n p u d ro f r a e d d c u t c u p t r s r e o s ducts.... 1, 9 1 6 9 1 6 4 9 1, 9 1 9 7 1 4 8 4 1, 9 0 9 9 7 5 0 2 1, 9 0 9 8 8 3 9 9 1,0 9 8 2 6 1, 9 08 7 9 9 4 2 1, 9 0 7 9 9 3 6 7 1, 9 0 9 6 9 3 8 4 1, 9 0 6 8 9 7 0 5 1, 9 0 9 7 7 3 0 8 '1,0 ' 9 9 1 2 1 ,1 8 1 9 3 1, 9 1 7 9 1 1 0 0 Apparel and other finished tex- 988 '975 982 tiles 1,040 1,037 1,030 1,033 1,033 1,041 1,060 1,057 1,058 1,064 1,072 1,074 1,099 Paper and allied products 437 441 442 441 447 444 440 435 435 435 '437 440 444 Printing, publishing and allied industries 514 514 513 514 518 515 513 511 512 515 '516 520 519 Chemicals and allied products.. 534 529 528 528 526 529 528 531 534 532 540 548 553 Products of petroleum and coal 180 180 1.79 175 174 175 173 173 171 172 '174 175 175 Rubber products 195 197 176 177 196 200 199 204 207 208 '212 212 215 Leather and leather products. . 329 326 333 330 329 332 334 337 336 337 '339 340 345 For footnote see following page. 698 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Compiled by Bureau of Labor Statistics. In thousands of persons] 1955 Industry group May June July Aug. Sept. Oct. , Nov. Dec, Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT Total 12,394 12,437 12,179 12,418 12,577 12,612 12,657 12,645 12,523 12,649 12,778 12,828 12,879 Durable goods 7,163 7,130 6,876 6,890 6,965 7,081 7,198 7,218 7,182 7,282 '7,375 7,467 7,537 Ordnance and accessories 112 107 104 101 102 100 98 97 96 94 91 91 90 Lumber and wood products 654 674 583 592 672 692 685 661 631 639 "•634 649 677 Furniture and fixtures 279 277 275 290 298 301 301 297 293 296 298 297 295 Stone, clay, and glass products. . 427 427 424 434 437 438 438 437 430 434 442 450 459 Primary metal products 974 982 969 967 965 969 988 1,002 1,013 1,032 '1,057 1,080 1,099 Fabricated metal products 832 831 809 820 821 829 844 843 834 844 '860 871 876 Machinery except electrical 1,170 1,154 1,111 1,095 1,097 1,093 1,092 1,106 1,109 1,125 ••1,144 1,165 1,171 Electrical machinery 776 761 751 766 785 800 811 809 800 803 '803 806 812 Transportation equipment 1,346 1,328 1 ,279 1,238 1,183 1,249 1,334 1,375 1,400 1,426 "•1,447 1,466 1 ,466 Instruments and related products 224 219 214 21.4 218 218 218 218 217 216 219 218 216 Misc. manufacturing industries. 370 371 358 373 386 393 390 373 360 371 377 376 376 Nondurable goods 5,231 5,307 5,303 5,528 5,612 5,531 5,459 5,427 5,341 5,367 '5,403 5,361 5,342 Food and kindred products 1,037 1,086 1,152 1,238 1,268 1,180 1,111 1,062 1,007 985 '991 1,011 1,030 Tobacco manufactures 82 82 83 102 110 112 103 100 9.1 89 r83 79 79 Textile-mill products 961 973 946 974 978 979 983 983 977 985 '985 982 966 Apparel and other finished textiles 988 990 984 1,054 1,059 1,057 1,060 1,073 1,069 1,101 1,110 1,058 1,044 Paper and allied products 435 439 433 439 445 444 444 442 437 437 '439 440 442 Printing, publishing and allied products 511 514 508 509 518 520 518 519 512 512 '516 517 516 Chemical and allied products. . . 529 521 517 520 529 534 533 534 534 535 548 553 547 Products of petroleum and coal. 179 181 181 179 177 175 173 172 169 170 '172 173 174 Rubber products 194 196 171 175 196 202 202 207 209 209 '•2.12 211 214 Leather and leather products. . . 316 324 328 338 331 330 332 335 336 345 '347 338 331 'Revised. NOTK.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for May 1955 are preliminary. The series for recent years were revised by the Bureau of Labor Statistics in May 1955 to first-quarter 1954 bench-mark levels indicated by data from government social insurance programs. Back data may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1955 1954 1955 1954 1955 May Mar. Apr. May- May Mar. Apr. May May Mar. Apr. May Total 71.13 '75.11 74.77 76.11 39.3 40.6 40.2 40.7 1.81 '1.85 1.86 1.87 Durable goods. 76.21 81.56 80.97 82.98 39.9 41.4 41.1 41.7 1.91 1.97 1.97 1.99 Ordnance and accessories 78.80 '82.42 82.22 82.62 40.0 -40.6 10.5 40.7 1.97 2.03 2.03 2.03 Lumber and wood products. . . . 66.63 '66.10 66.66 68.31 39.9 ^•40.8 40.4 41.4 1.67 1.62 1.65 1.65 Furniture and fixtures 60.53 65.67 64.48 65.35 38.8 41.3 40.3 41.1 1 .56 1.59 1.60 1.59 Stone, clay, and glass products. 71.10 74.75 74.80 76.36 40.4 41.2 41.1 41.5 1 .76 1.81 1.82 1.84 Primary metal industries 79.49 '88.34 89.19 90.69 38.4 '40.9 41.1 41.6 2.07 2.16 2.17 2.18 Fabricated metal products 76.92 80.73 80.34 8.1.73 40.7 41.4 41-.2 41.7 1.89 1.95 1.95 1.96 Machinery except electrical 8\ .61 84.87 85.49 86.94 40.6 41.4 41.5 42.0 2.01 2.05 2.06 2.07 Electrical machinery 71.50 '75.33 75.33 76.48 39.5 '40.5 40.5 40.9 1.81 '1.86 1.86 1.87 Transportation equipment 85.67 '94.37 91.96 94.79 40.6 '42.7 41.8 42.7 2.11 2.21 2.20 2.22 Instruments and related products 72.07 '76.14 75.76 76.14 39.6 40.5 40.3 40.5 1.82 '1.88 1.88 1.88 Miscellaneous manufacturing industries. 63.43 '66.58 65.93 66.99 39.4 '40.6 40.2 40.6 1.61 1.64 1 .64 1.65 Nondurable goods. 63.91 66.70 65.91 66.98 38.5 39.7 39.0 39.4 1.66 1.68 1.69 1.70 Food and kindred products 68.54 '70.07 70.12 71 .34 40.8 '40.5 40.3 41.0 1 .68 1.73 1.74 1.74 Tobacco manufactures 49.98 '51.51 51.57 52.78 37.3 '37.6 37.1 37.7 1.34 1.37 1.39 1 .40 Textile-mill products 5.1.10 '54.80 53.16 54.23 37.3 '40.0 38.8 39.3 1.37 1.37 1.37 1.38 Apparel and other finished products.. . . 46.07 '49.71 46.64 47.92 34.9 '37.1 35.6 36.3 1.32 1.34 1 .31 1.32 Paper and allied products 72.83 '77.04 76.74 76.86 42.1 '42.8 42.4 42.7 1.73 '1.80 1.81 1.80 Printing, publishing and allied products. 86.7.1 90.79 90.32 91.42 38.2 38.8 38.6 38.9 2.27 2.34 2.34 2.35 Chemicals and allied products 77. 71 80.32 81.58 81.79 40.9 41.4 41.2 41.1 1.90 1.94 1.98 1.99 Products of petroleum and coal 93.52 '93.61 95.47 95.76 41.2 '40.7 40.8 41.1 2.27 '2.30 2.34 2.33 Rubber products 77.81 '83.64 86.11 84.26 39.7 '41.0 41.8 41.1 1.96 2.04 2.06 2.05 Leather and leather products 49.21 '53.52 51.24 50.96 35.4 '38.5 36.6 36.4 1.39 '1.39 1.40 1.40 'Revised. NOTE.—Data are for production and related workers. Figures for May 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. JUNE 1955 699 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... . .. 44,448 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 44,738 14,967 889 2,333 3,977 9,645 1 ,824 5,077 6,026 1951. . . . 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,285 15,989 770 2,527 4,008 10,498 2,114 5,629 6,751 SEASONALLY ADJUSTED 1954—T\iay 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 July .... 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—January 48,398 15,993 741 2,458 3,974 10,574 2,145 5,646 6.867 Febmarv 48,440 16,091 741 2,410 3,984 10,541 2,154 5,649 6,870 March r4$, 766 16,229 »739 r2,478 '3,986 10,633 r2,l61 '5,656 6,884 April 48,878 1.6,384 743 2,496 3,948 10,594 2,161 5,674 6,878 Mav 49 184 16 531 747 2,537 3,990 10,640 2,172 5,675 6,892 WITHOUT SEASONAL ADJUSTMENT 1954—\iav 47,939 15 781 761 2,542 3,993 10,351 2,103 5,672 6,736 [line.... . . ... 48,200 15,835 771 2,629 4,017 10,389 2,128 5,715 6,716 Fulv 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 I )ecernber 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 '48,21 2 16,201 •739 ••2,255 '3,966 10,408 r2,15O '•5,571 6,922 April 48,641 16,260 739 2,396 3,941 10,543 2,161 5,674 6,927 May 48,889 16,321 740 2,537 3,987 10,51.9 2,172 5,732 6,881 ••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 May 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 overj Civilian labor force Total non- Total Employed1 Not in the Year or month institutional labor labor force population force Total Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 . . .. 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 . . 113,119 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—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 48,297 116,153 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 Aoril 117,130 '67,784 64,647 61,685 55,470 6,215 2,962 49,346 Alay 117,236 68,256 65,192 62,703 55,740 6,963 2,489 48,979 cCorrected. 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. 700 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 r d e o e s n n i - - - Total M ta i r l y i- H w ig ay h- C va o t n i s o e n r- o A th l e l r trial mercial utility tial 1940 8,682 5,054 2.985 1,561 442 348 771 508 3 628 385 1 302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1.715 1,287 346 155 786 413 10 660 5 016 734 357 4 553 1943 8,301 1.979 885 759 156 S3 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 39% 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 J ,132 i,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 It,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—May 3,089 2,131 1.105 713 175 171 367 313 958 83 297 66 512 June 3,078 2,122 1,102 710 171 172 367 310 956 91 292 63 510 Tilly 3,094 2,173 1,150 708 167 174 367 315 921 80 292 59 490 August 3,145 2,219 1,192 718 164 187 367 309 926 77 288 56 505 September 3,157 2,234 1,214 714 156 191 367 306 923 75 299 53 496 October 3,105 2.221 1,210 707 152 188 367 304 884 75 274 53 482 November 3,192 2.259 1,228 717 156 193 368 314 933 80 288 54 511 December 3,262 2,292 L, 262 716 159 189 368 314 970 90 305 59 516 1955—Taruarv 3,379 2,398 ,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 1,326 803 196 239 368 319 983 102 321 55 505 April** 3,470 2,492 1,362 804 201 234 369 326 978 97 314 58 509 ppreliminary. 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 Fac- Com- Educa- Other public tories mercial tional utilities 1948 . . .. 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1953 ' 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 L.958 4,142 1954—May 1,925 669 1,256 825 86 179 189 218 428 June 1,733 625 1,108 720 107 192 186 172 357 July 1,837 681 1,156 745 108 145 201 187 450 August 1,573 509 1,064 693 93 141 181 136 330 September 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 December 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 1,109 744 113 133 135 153 303 March . . 2,135 677 1 ,458 990 176 194 201 189 386 April 2,322 676 1 ,646 1,011 171 183 201 171 448 Mav . 1 ,070 142 174 195 195 546 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—February 1,221 58 192 103 110 100 156 218 74 60 53 95 1 ,528 116 219 120 146 130 210 245 96 51 81 113 1,692 149 282 99 185 .143 154 305 95 55 98 126 1955—February 1,581 140 216 112 163 177 172 217 93 46 116 131 March 2,135 121 207 160 221 108 245 368 148 00 137 150 April 2,322 126 306 119 212 266 272 402 119 73 181 157 JUNE 1955 701 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—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 (i) 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 51 22 29 1955—Tanuary 88 n.a. n.a. 87 78 2 7 0) 46 20 26 F M e a b r r c u h ary P1 9 1 0 7 n n . . a a . . n n . . a a . . P11 8 6 8 n. 7 a 9 . n.a 3 . n.a 6 . P2i 4 5 5 4 2 1 4 7 3 2 0 8 April P\27 ri.a. n.a. 2>] 26 n.a. n.a. n.a. Pi 64 Of) 35 Mav Pi 30 n.a. n.a. P130 n.a. n.a. n.a. Pi 66 28 38 PPreliminary. "Corrected. n.a. Not available. 1 Less than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adjusted Monthly—without seasonal adjustment Annual Class 1954 1955 1954 1955 1953 1954 Apr. Nov. Dec. Jan. Feb. Mar. Apr. Apr. Nov. Dec. Jan. Feb. Mar. Apr. Total 127 114 Ill 118 123 121 122 123 123 108 121 114 no •113 115 120 Coal 103 92 79 106 105 103 105 91 95 79 106 106 103 105 91 95 Coke 171 105 98 116 119 121 124 133 144 96 116 125 127 131 134 142 Grain 135 141 134 163 142 132 127 130 140 118 159 133 132 124 120 123 Livestock 63 62 62 68 62 64 56 62 65 55 85 60 61 45 49 58 Forest products 143 132 127 146 154 148 144 135 133 127 143 137 133 138 135 133 Ore 215 144 136 109 184 210 198 204 177 88 98 57 53 49 59 136 Miscellaneous.... 143 129 130 129 135 134 136 144 142 128 134 127 123 128 J37 140 Merchandise, 1. c 1. . 43 40 39 40 41 39 40 40 39 40 41 40 37 39 40 39 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t lu s2 ding Merchandise imports3 Month 1953 1954 1955 1953 1954 1955 1953 1954 1955 January . ... 1.293 1 ,092 n ,165 1,016 923 ••1,080 922 833 870 February ., 200 1 ,183 1,233 927 998 1 ,138 856 809 850 March ,390 »•] .126 1,342 1 .052 r923 1 250 1 004 862 1 019 April ... . . . . ,394 ,426 Pi,262 1,054 1,258 Pl.168 1 ,013 957 ^871 Mav ,453 I 401 1 085 1 137 902 829 June ,385 ,474 1,013 1,115 933 947 July 1.363 1,291 965 'I.024 908 822 August .187 ,156 911 955 840 825 September.... 1 ,256 ,112 1,052 960 926 780 October .253 . 265 1,019 1,162 813 764 November 1,247 1., 249 1 ,031 1,164 849 839 December 1,353 1,318 1,138 1,220 907 942 January-April ... . 5,277 4,827 i»5,002 4,049 4,102 24,636 3,795 3,461 P3.610 ••Revised. ^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. 702 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES* 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 too 101 97 98 99 99 102 98 1950. 105 103 101 106 105 105 S09 J04 104 105 108 113 105 1951 109 105 105 109 ill 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 103 109 105 121 128 109 112 104 115 125 113 SEASONALLY ADJUSTED 1954—April 111 105 100 rllO 104 122 ••128 111 rH5 101 115 123 111 May 108 A02 100 105 98 215 122 108 106 104 11.0 123 114 112 106 102 109 107 120 129 110 122 103 117 127 114 July . . 111 i07 101 109 105 117 132 106 112 105 121 132 115 August , .. 112 104 105 107 108 120 131 108 110 105 116 127 115 September 108 109 102 107 101 115 121 106 104 101 no 114 110 O N c o t v o e b m e b r e . r 1 1 1 1 3 4 1 11 1 0 0 1 1 0 05 5 1 11 0 1 5 1 1 0 0 9 6 J 1 2 2 4 4 1 1 3 38 5 t n t o l 1 1 1 1 2 5 1 10 0 6 4 1 1 1 1 8 6 1 13 2 0 9 1 11 1 4 6 December 117 111 105 113 116 133 136 115 118 113 123 134 118 1955—Tanuary 118 114 106 112 113 124 137 114 120 111 126 135 124 February .. . 112 109 100 109 109 119 131 109 113 105 113 125 115 March 113 105 103 111 104 128 133 111 116 '104 116 131 116 April Pi 19 107 101 115 113 P129 P142 120 P122 108 129 140 122 WITHOUT SEASONAL ADJUSTMENT 1954—April 110 103 r99 109 ••104 124 ••130 109 112 '•102 112 122 107 May 106 102 98 104 98 tl4 120 108 106 104 110 119 107 June 106 106 99 104 100 113 114 108 110 96 no 112 !05 July 88 77 73 78 82 93 106 86 89 84 99 131 100 98 83 80 85 94 102 115 98 100 99 107 115 111 September 113 115 106 111 105 122 123 113 111 111 116 121. 112 October 118 110 no 113 til 130 141 114 123 122 124 135 116 November 137 133 132 146 134 153 154 133 137 120 133 147 134 December . 200 200 184 197 192 231 234 188 193 180 205 225 209 1955—Tanuary 91 90 84 85 87 91 106 88 93 80 94 107 97 February 88 82 81 83 84 90 108 84 90 81 89 101 93 March.. . 100 00 91 101 94 111 129 98 101 88 104 120 97 Anril M14 108 97 109 113 P125 P141 114 P117 108 123 136 112 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 129 124 124 127 128 133 140 128 128 117 132 132 131 1952 . . . 118 111 113 113 111 130 135 115 117 107 124 126 125 1953 126 116 116 119 119 143 146 123 126 115 136 137 133 1954 122 117 113 116 115 138 140 121 118 114 133 130 125 SEASONALLY ADJUSTED 1954—April. . 120 117 '112 114 113 136 135 122 116 111 128 130 116 May 121 120 115 116 117 137 137 122 118 111 128 128 119 122 117 114 117 115 139 135 122 119 112 133 131 122 July .. 124 116 117 116 117 139 137 122 129 113 136 133 129 August . 124 119 115 115 116 139 136 124 119 119 141 132 129 September . . 125 118 115 117 115 141 143 124 120 123 138 134 128 October 124 116 116 116 116 147 141 122 115 120 134 132 128 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—January 123 1.19 112 118 112 139 146 118 127 114 135 128 129 February 121 117 109 114 112 138 146 118 122 115 136 132 125 March 123 119 110 114 111 142 149 119 123 114 139 135 128 April. . Pi 23 P121 111 117 114 142 145 120 125 P113 139 P135 124 WITHOUT SEASONAL ADJUSTMENT 1954—April 127 122 117 ••124 120 '147 143 '127 124 116 137 137 125 May 126 121 118 119 119 146 138 124 123 113 136 130 129 117 110 107 109 109 133 128 116 119 107 129 121 122 July 116 105 104 103 106 135 128 114 120 109 .127 123 125 August . . r . 120 114 111 no 112 139 136 118 116 114 .132 129 122 September 129 121 120 121 146 147 126 128 124 141 139 132 October 138 131 130 121 128 158 154 136 129 128 145 144 144 November 139 138 129 132 130 152 160 140 127 133 150 143 141 December 110 111 103 134 105 120 126 111 103 107 118 121 107 107 1955—Tanuary 111 107 100 103 102 125 133 108 107 107 124 115 117 February 117 111 106 112 110 132 144 114 116 111 133 129 118 March 128 122 114 122 118 149 155 124 126 119 143 144 129 April P130 P126 117 127 120 153 153 125 134 Pl 18 148 J»143 133 p Preliminary, '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. JUNE 1955 703 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to saless Year or month m S ( o a t f o l o n e t r t s a h l i ) S m t ( o o e o n c n f k t d h s ) i o m ( s e r O t o n i d a n u n d n e g t t r d - h o s - ) 1 f m c ( e o t R f i o o n p e t r t t - a h s l 2 ) o m ( r N o t d f o o n e e t r w t r a h s l ) 2 Stocks s o O t r i a d n u n e g t d r - s - S s o t o p t r i a o d u l n n u c e g t s - d k rs - s ce R i e p - ts 1946 average 345 767 964 373 354 2.3 3.0 5.3 1 l 365 887 588 366 364 2.5 1.7 4.3 1.0 1948 average 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 average 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 average 376 1,012 495 391 401 2.8 L.4 4.2 1.1 1951 average. 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 average 397 1,097 435 397 401 2.9 L.2 4.1 1.0 1953 average . . . .. 406 1,163 421 408 401 3.0 l.l 4.1 1.0 407 1,136 387 407 409 3.0 L.O 4.0 1.0 1954—April »-404 rl.186 281 '413 ••350 2.9 ).7 3.6 1.0 Ml ay 372 1,161 249 "•347 '315 3.1 ).7 3.8 0.9 J J u u l n y e 3 3 7 0 8 6 1 L , . 0 0 6 4 7 2 3 4 9 71 0 2 28 8 1 4 4 3 2 6 5 2 2 3. . 4 8 L 1. . 5 O 3 4. . 9 9 0 0. . 9 8 August . 350 1,095 465 403 397 3 1 3 4 5 1 2 September 400 1,184 486 489 510 3 0 L.2 4.2 1.2 October . . . 437 L 2^8 477 521 512 2 9 1 4 0 1 2 November 509 1,318 406 559 488 2 6 ) 8 3 4 1.1 766 1,056 301 504 399 1 4 ).4 1.8 0.7 336 ,042 385 322 406 3.1 L.I 4.2 1.0 February . .. 307 r .105 414 '370 r399 3 6 3 4 9 1 2 March 392 1,190 367 477 430 3 0 0 9 4 0 1 2 April P .. 413 1,210 308 433 374 2.9 0.7 3.7 1.0 P Preliminary. r Revised. 1 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated total department store sales. 2 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. 3The 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 1952 1953 1954 1955 July 7 75 July 5 79July 4 79 July 3.. . . 93Jan. 5 78Jan. 3 . . . 81 Jan. 2 81 Jan. 1 . . . ...80 14.... 83 12.... 83 11. . . . 92 10 . .. 77 12 92 10.... 89 9 94 8 106 21 81 19.... 82 18 84 17 . Sb 19 90 17 . 92 16.... 85 15 99 28!. . . 80 26. . . . 79 25 83 24. .. . 84 26 83 24 86 23 86 22 . 95 31. .. . 87 31 87 30 85 29 . 87 Aug. 4 88 Aug. 2 87 Aug. 1 86 Aug. 7. . .. 91'Feb. 2 84 Feb. 7 88 Feb. 6 86 Feb. 5 . 86 11 87 9 90 8. . . . 92 14. . .. 9/ 9 87 14 92 13 91 12. . . .. 92 18 93 16 95 15 95 21. .. . lOf 16 89 21 85 20.... 86 19 . 90 25 97 23 .... 100 22 100 28. .. . 102 23 83 28 93 27 90 26 . 93 30 110 29.... 101 Sept. 1 . . 105 Sept. 6 100 Sept. 5. . . 101 vSept 4 . 113 Vfar 1 asMar. 7.... 96 Mar. 6.... 85 Mar. 5 98 8 100 13 114 12 102 11 . . .. 9' 8 88 14 100 13.... 92 12 .102 15 114 20.... 113 19. . . . 120 18. .. . 12( 15 90 21 109 20 95 19 .108 22 111 27 112 26.... 114 25. .. . 11* 22 94 28 112 27 100 26 .103 29 114 29 101 Oct. 6 110 Oct. 4 116 Oct. 3 112 Oct. 2. . .. 11CApr. 5 109Apr. 4 118Apr. 3 103 Apr. 2 .114 13 117 11 126 10 ... 120 9. .. . us 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. 3 121 Nov. 1 115Nov. 7 121 Nov. 6. . . .127 May 3 111 May 2 114 May 1 112 May 7 .134 10 127 8 118 14 133 13. .. .130 10.... 117 9 128 8 123 14 .108 17 130 15 130 21 131 20... .134 17 99 16 105 15 97 21 .115 24 123 22 134 28 133 27. . . .133 24 105 23 112 22 106 28 .114 29 138 31 97 30 97 29 104 Dec. 1 161 Dec. 6 195 Dec. 5 190 Dec. 4 .192 une 7 in June 6 118 June 5 97 Tune 4 .102 8 191 13 223 12 216 11 .224 14.... 116 13.... 112 12 111 11 15 213 20 237 19 234 18. . . .240 21 98 20. . 111 19 . . 115 18 22 228 27 146 26 163 25... .190 28 91 27 94 26 97 25 29 92 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 704 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 a i , s l t o r R r i c e c t s , i e ty rve A 19 p 5 r 5 . 1 M 95 a 5 r .' i 1955 Fe a d r e e d r a a i , s l t o r R r i c e c t s , i e ty rve A 19 p 5 r 5 . 1 M 9 a 55 r. 1955 Fede d ra i I o S l f C r R i l r l - C e t- s t j e rve I I I / A ^ < Q " „ r ? „ ' C MarJ r Fe a d r e e d r a a i , s l t o r R r i c e c t s , i e ty rve!A 19 p 5 r 5 . ! j M 19 a 5 r. 5 i . 1955 area, or city j " i United States. p+5 +12| +7 C M l e e t. v e A . r - e c a o s n -c t. o nt. j j C M h et i . c a A g r o ea -c s1 o - n co t n . t. I I K M a e n t. . A C r i e t a y s - 1 c -c o o n n t t . . Wheeling- i Joliet2 +33: +32! +23 Wichita +33 +32i +26 Boston +3 Steubenville2..! +12 +7 +7 Gary , +19i +11. St. Joseph +2| +25 +4 Decatur2 +3! +3 Omaha +71 +7 +3 Met. Areas1 ?Aty Peoria2 +20; +12 Albuquerque. . . + 12! +12! +14 Portland +4; +5 Portsmouth2 . . . +7 +9 +3 Rockford +6| +4 Oklahoma City. -+-10! +181 +17 Boston +2; +3 Tri-Cities2 +46! +32 +24 Tulsa + 1 +6! +4 Downtown Richmond P+4 + 13 +7 (Moline, Boston2 0 Rockland; Cities ! Suburban Met. Areas1 Davenport) Greeley + 141 +19J +12 Boston + 10 Washington2 . . . +2 +6 +4 Fort Wayne2... +9 +5 Hutchinson. . . + 161 +11' +6 Cambridge. . +j 0 +5 Downtown Indianapolis2... +2! +3 Joplin -3i -1! +2 Quinc.y +2! +3\ +7 Wash — 2' +5i Muncie +9! +6 Kansas City. . . + 7: +12i +7 Lowell- Baltimore2 -3; +IO: +4 South Bend2. . . +8 Enid —14; +1; -2 C W N i L t e i o a e w r w s c r e B e s n t e e c d r e 2 ford... +3 0 !! ' + — 8 3 ! ! + + - 11 1 4 A W R C S a s h i . h l a n e e C r s i l v t g e . o i 2 h s l n l t 2 e - o S 2 n a , lem 2 p -4 - + - ' 3 h 4 1 ; 1 +2fI + + + 1 8 9 0 T C S D D i e e u e o r d s u b r a e x u M r q H C R u o e i a i a t n u y p e t i s e d . . s 2 . . . . . . . . +2 0 1 + + 14 12| ; + + + + + 5 3 6 8 2 Dallas. . + ?2i'"+17i +12 S P p r r o in v g id fi e el n d ce2.... + 18; + + 2 6 G Co re lu en m v b il i l a e 2 2 +8: + + 3 9 4 W De a t t r e o r i lo t2 o + + 1 9 1 1 . + 18; + +9 U M S e h t r . e A v r e e p a o s rt.... + 101 ! +9! ! +7 Norfolk- +13 Flint2 +12: + 12! +11 Corpus Christi. +23; +22; +19 New York -3! +7; +2 Portsmouth2 . . +6; +7 Grand Rapids2 . +3: +r>! +2 Dallas2 + 11: +18> +13 M A e l t b . a A n r y e - a S s c '1 he- R R C i o h c a a h r n m l o e k s o t e n o 2 d n 2 , +5 o : ; +9i + +6 10 J T K a v a c a l k a n s m s o i a n n z g 2 o 2 o , + + + 1 8 9 3 - ! ! + +1 1 1! 2 + + + 1 6 7 6 F H E o l o r u P t s a W t s o o n o 2 rth. . . + + + 1 1 1 5 1 1 " ! ! + + 1 + 1 1 9 ! ' 7! + + + 11 9 11 A S n c lb e h c a e t n n a y e d c y t - a T d r y o . y .. •Ar + +9 4 ; ; +« o ; Ci W tie . s Va.2 +2! +15; +7 S G M a r a g e d e in i n s a o w B n ay. . . . + -H 1 i 2 0 ' + + 9 5 -2 W Sa a n c o Antonio... + + 1 f 5, i; + (3) 1 71 ! +8 +12 Binghamton... . —6 Cumberland- Milwaukee2. . . 2' -2 Buffalo +3 I lagers town. . . +8 San Francisco. +9 Buffalo2 -2! +11"; +2 Spartanburg -6' \Cities N N ew ia " g a Y ra o r F k a -N lls .E . . . + + 2 3 L N y ew nc p h or b t u N rg e 2 w .. s .. .. 0: +7; -4 D B a a n tt v le il l C e reek. . . + + 4 1 91 8 , + + 5 1 3 9 ! ". + + 34 13 Met. Areas1 Ne N w e a w r k T 2 ersey.. +1 F M air o m rg o a n n t t - own. . +4; +4 M Po u r s t k H eg u o r n on + + 1 1 9: 0; + + 181 i^: F P r h e o s e n n o i 2 x2 +2 + + 1 6 4 i + + 5 5 N. Y. City2. . . -6| +5. -1 Huntington2 . . I til! + 12! +6 Appleton , -9| +4j + Los Angeles2 . . . + 11! +8 S R y o r c a h c e u s s t e e 2 r2 +3j + + 1 0 Parkersburg. . . + 10! + 7 Sheboygan +1; ++i 1i1!1 +6 D L o . w A nt .2 own P+ -4 4! ! +4; +2 U U ti t c ic a a -Rome. . . . + + 3 6 1 ] + + 3' + + 2 2 Atlanta i ++ 1178! ++ 1161St. Louis +9! +6 L W on e g s t B si e d a e c L h .A 2. . . 2 + + 1 8 0 ! 1 + + 1 1 4 0 ; : + + 9 9 +6 Met. Areas1 j \Met. Areas Pasadena 2' +8! +3 C B it r i i e d s geport2.... 0: +15! +4 M Bi o r b m il i e ngham2... P +4 + | 8i + + 1 24 2 + + 11 8 L F i o t r t t l e S R m o it c h k2... + l! +4i +11 0 R S iv a e n r t s a i d M e o a n n i d ca.. + 16! + 16J +17 P P h o i u l g a h d k e e l e p p h s i i a e. . . . . . CJ +10J + 1 + 2 4 M M Ja o i c a n k m t s g i o o 2 n m v e il r l y e 2 . . . .. . + + + 2 8 8 6 1 i ; + +s 15 ; | + + + 2 1 6 6 2 i I L S E o p v u r a i i n s n v s g v il f i l i l e l e 2 e l 2 d . . . . . . . + + + 53 5 6 ; ! i + +5 3 0 0: i ! + + 4 7 4 0 Sa n S c a a r r a n d m i B n e e o n r t - o2. . . + + 3 4 0 i i + + 1 1 3 5 ! ! + 19 M W et i . l m A i r n e g a t s on. . . . +21 +13- O St r . T l a P a n m e d t o p er a sburg- + + 101 \ + + 2 + 8 1 9 ' 8 < ' | + + 5 11 M St. e L m o p u h is i 2 s2.... P p + +z 3; + + 1 6 0 ; > + + 6 5 S S a a O n n a F D k r i l a e a n g n c o d i 2 s 2. c o . - . . + +5 8 1 J + + 1 5 2 j ] + + 1 4 0 Trenton2 -5; + 141 St. Petersburg. +6- + 12: +9 Cities Oakland- Lancaster2 1: + 10 Tampa2 o! +6: + 1 Quincy. . +6 Berkeley2 +8 P R h e i a l d a i d n e g l 2 phia2... + + 1 8 6; A A u tl g a u n s t t a a 2 r» + + 6 91, +20- + +7 15 Paducah. —4 D O o a w k n l t a o n w d n 2. . +6; +2 Scranton + 10; Columbus +29: + \(v +26 Minneapolis. . +6 +5 San Francisco2. + 7! +6 Wilkes-Barre — Macon2 +6' +34. +8 Vallejo + 7: +3 Hazleton2 | +10; +21' +9 S B a a v to a n n n R ah ouge2. . + + 4 l[ + + 20: 10; + + 1 5 0 1 |l 1 l/ < M ? p /. i s A .r S e t a . s P 1 aul2 +3; +131 +4 S S a to n c J k o to se n 2 2 +241: + + 1 4 2 C Y it o y rk2 i -li 0 J N C a h e c w a k t s t O o a n n r 2 l o e o a g n a s 2 2 _ . . . . . . . - — 2( 4 )• ' + + + 2 8 2 . | H' + + 7 3 0 1 | i ! I S S M i t o . i u n P x n a e F u a a l p 2 l o l l s i . s . 2 . . . + + + 3 4 3 , . ' + + + 1 1 1 4 0 1 ! ; ; + + + 4 4 2 S S P a e o l a r t t t l t L a le a n 2 k d e 2 City + + 1 2 5 ! J + + + 1 4 7 0 Cleveland + 15, +9 Knoxville2'. +10 '+\V. + 13II Spokane2.... +9 Nashville2 +7; + 12. +8 Cities Tacoma2 +9 ! +14 Met. Areas Mankato +3; +17; +1 A L C C e k a i x n n r i o c t n o n i g 2 n n t 2 n on ati2.... + — ? 61 ! + +6 4 ; , + + + 3 4 1 C R M B it o r i e i e m s r s t i e o d l i an • ; : + - + 8 1 1 ! ' 1 4 - ; + +23; + + - 1 9 4 0 G G D S r r u u a e l n a p ii t d e t h r F i - F o a o r l 2 l r s k . s . . . . . + + + 1 3 8 2 ' ; : - + - 1 2 4 5! ; + + - 13 2 1 C T B B 1- i * u t o a i c e i k1 s s s e e o r n s a f/ n "i• e_ d 1l d-I 2 o , ;P+ + 1 1 0 6s + +1 1 8 4 ; ! + +1 1 1 2 Cleveland2 -4-13; +4 LaCrosse +5; +11; +6 Nampa +i?| +8! +13 Columbus2 J +9: +4 (Chicago +J3l +7 Idaho Falls. +7! +4 S T Y E P p o i r o t i r l u e t i e n n s 2 d . g g b o s f u 2 i t e r o l g d w h 2. 2 n . 2 . . . . . . 1 + + + | 5 7 ! ; i + + + + + K 2 1 1 5 4 V 5 3 ; \ : M + — , 8 i - I j 9 j n C M E h A e i u c l t a r . g g o A o r 2 a i r n e as1 ' : i + + P l 1 i + 0 ; 4! + + + 1 1 8 3 .2 < - ; + + + 8 6 8 1 \ 1 | \ 1 j M 1 T D e K o t e p . a n e n A v k s r a e a e r s a . s . C . ity... + + + 1 1 6 1: 8 - . + + 1 + 4 8 : 1 ! 8'+ + + 1 6 C 15 W Y T E B w v e a a l e k i l l n l i r i n a e m g F t W t a h a 2 2 a l l m a s lla2... . • ! j i I + + + * 8 8 1 0 : l ' 6| + + + + 1 -5 0 2 7 7 : - ; ; . + + + + + 1 1 8 2 6 4 4 ^Preliminary. ""Revised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2Indexes 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. 3Data not available. JUNE 1955 705 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 Ratio of Federal Reserve index numbers Percentage change stocks to without seasonal adjustment, from a year ago sales1 1947-49 average = 1002 Sales Stocks Sales during Stocks at end Department during (end of March period of month period month) 1955 1954 1955 1954 M 1 a 95 r 5 . m T 1 o h 9 n r 5 t e 5 h e s M 1 a 95 r 5 . 1955 1954 Mar. Feb. Mar. Mar. Feb. Mar. GRAND TOTAL—entire stores +9 +6 0 3.2 3.6 MAIN STORE — total +10 +6 0 3.5 3.8 98 76 89 122 112 121 Piece goods and household textiles 0 0 +3 4.1 4.0 78 68 79 107 105 104 Pie S c i e lk g s, o o v d e s lvets, and synthetics - - 1 1 -5 + + 2 1 3 2. . 9 0 2 2 . . 8 9 8 7 8 8 6 5 6 8 8 8 9 0 9 8 4 1 9 8 5 4 9 8 2 0 Woolen yard goods -13 -8 4.1 3.8 56 54 65 77 88 83 Cotton yard goods +5 0 +6 2.7 2.7 122 89 116 123 123 116 Household textiles 0 +2 +3 5.1 5.0 71 68 71 113 110 110 Linens and towels +2 *+4 +3 5.4 5.3 69 66 67 103 99 100 Domestics—muslins, sheetings — 5 2 + 1 4.7 4.5 69 70 73 128 161 126 Blankets, comforters, and spreads +3 +7 +5 5.0 4.9 76 72 73 114 112 109 Small wares +8 +6 +2 4.2 4.5 89 81 82 117 109 115 Laces, trimmings, embroideries, and ribbons. . . . + 1- 0 0 4.0 4.1 99 69 98 133 113 134 Notions +5 +5 +4 4.0 4.1 94 74 89 133 122 128 Toilet articles, drug sundries +7 +6. +2 3.7 3.9 98 89 92 109 101 107 Silverware and jewelry +22 +1.5 +3 5.5 6.6 79 71 65 126 1.17 1.22 Silverware and clocks +29 +24 +3 6.9 8.7 75 71 58 134 126 130 Costume jewelry + \3 + 11 +5 3.5 3.8 86 74 76 123 105 117 Fine jewelry and watches +55 +25 +6 10.3 15.2 72 64 46 128 122 121 Art needlework 5 -3 + 1- 5.0 4.7 78 82 82 107 102 105 Books and stationery +5 +4 +2 3.7 3.9 90 91 86 117 108 116 Books and magazines +3 +3 +4 2.9 2.8 99 93 96 107 96 103 Stationery +7 +5 + 1 4.1 4.4 85 89 80 120 113 119 Women's and misses' apparel and accessories +11 +5 + 1 2.6 2.9 107 74 97 131 121 131 Women's and misses' ready-to-wear accessories.. -HO +4 + 1 3.2 3.6 103 74 94 135 122 133 H N a ec n k d w ke e r a c r h i a e n f d s scarfs +5 j +4 4 2 . . 7 6 2 4. . 8 7 1 4 0 7 5 5 7 2 9 .1 4 0 9 0 15 7 0 4 1 7 3 0 3 14 7 5 7 W Mi o ll m in e e n r ' y s and children's gloves + + . Y 1. 1 7 + + 8 2 -8 -^ 4 1 . . 0 0 4 1 . . 8 3 1. 8 3 7 5 5 6 8 8 12 7 1 4 1 9 3 7 6 1 8 0 5 8 1 10 4 1 8 Corsets and brassieres +7 +4 +5 3.1 3.2 128 101 119 150 141 142 Women's and children's hosiery +4 +2 +5 2.7 2.7 85 73 81 129 116 123 Underwear, slips, and negligees +1 0 +2 3.6 3.6 75 63 74 120 104 117 K Si n lk it a u n n d d e m rw us e l a in r underwear, and slips + + 2 4 +3 + + 6 2 3 3 . . 7 7 3 3. . 7 8 9 6 2 7 8 5 0 5 8 6 8 6 1 10 5 9 4 1 9 3 5 5 1 1 4 0 5 7 Negligees, robes, and lounging apparel 0 0 +3 2.7 2.6 75 64 76 98 84 95 Infants' wear +\3 +5 +1 2.8 3.2 116 77 102 130 122 128 Handbags, and small leather goods +24 + 13 +4 2.7 3.2 104 72 84 137 117 132 Women's and children's shoes +15 +7 0 4.5 5.3 127 82 111 156 146 156 Children's shoes +23 + 10 -1 4.0 5.3 127 66 103 154 143 156 Women's shoes +12 +6 0 4.7 5.3 128 84 114 158 143 158 Women's and misses' ready-to-wear apparel. . . . +12 +5 0 2.1 2.4 111 75 100 127 119 127 Women's and misses' coats and suits +5 0 -5 1.7 1.9 113 71 108 114 114 121 Coats +7 +3 + 1 1 .5 1.6 103 69 97 102 102 102 Suits +3 -4 -11 1.8 2.1 140 82 136 141 144 159 Juniors' and girls' wear + 16 +6 0 1.8 2.2 .131 69 113 134 128 134 Juniors' coats, suits, and dresses +9 +2 -4 1.5 1.7 117 66 107 120 116 124 Girls' wear +23 + 11 +2 2.1 2.6 148 73 120 145 138 143 Women's and misses' dresses + 11 +5 0 1.7 1.9 111 75 100 129 121 129 Inexpensive dresses + 10 +3 +1 1.4 1.6 107 72 97 124 118 123 Better dresses +11 +6 + 1 2.1 2.3 113 82 102 131 127 129 Blouses, skirts, and sportswear + 10 +5 + 1 2.9 3.2 101 79 92 148 131 147 Aprons, housedresses, and uniforms +8 +4 +4 2.2 2.3 104 84 96 124 114 119 Furs +85 +32 +1 4.5 8.3 76 73 41 91 82 90 Men's and boys' wear +11 +6 -i 5.0 5.7 83 65 74 127 115 129 Men's clothing +8 +3 -6 5.7 6.5 85 67 79 136 125 145 Men's furnishings and hats +7 +6 +2 5.1 5.5 68 63 64 120 107 118 Boys' wear +22 +.1.1 + 1 3.5 4.4 115 62 94 121 110 120 Men's and boys' shoes and slippers + 14 +6 6.4 7.5 95 75 83 139 122 141 For footnotes see following page. 706 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, Department d p S u e a r r l i i e o n s d g ( m S e t n o o d n c t k o h s f ) March Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd M 19 a 5 r 5 . m T 1 o h 9 n r 5 e t 5 e hs M 19 a 5 r 5 . 1955 1955 1954 1955 1954 Mar. Feb. Mar. Mar. Feb. Mar. Homef urnishingts. +10 +11 -1 3.9 4.5 101 88 92 116 106 117 Furniture and bedding +10 +11 -6 3.9 1.15 114 105 120 107 1.27 Mattresses, springs, and studio beds +8 + 10 +2 2.1 2.3 129 131 119 146 139 143 Upholstered and other furniture + 11 +11 4.4 5.4 108 111 98 114 104 123 Domestic floor coverings +13 +15 -3 4.4 5.2 86 81 76 102 95 105 Rugs and carpets + 13 + 15 -I 4.5 5.2 84 87 74 99 102 100 Linoleum +3 -4 3.3 3.8 65 42 62 60 56 62 Draperies, curtains, and upholstery +6 +5 +2 4.3 4.4 104 78 98 120 111. 118 L C M H G a h i o a f m i u t j n o s p a s r e s h w a o h a n a p o n d r u d e s s g e s l h ( h a i o s a n l s d c d w e l u s a a d r p e i p n l g ia s n m ce a s ll appliances). + + + + + 3 4 3 8 3 7 + + + + + 3 1 6 4 2 3 1 + + + 2 1 0 1 0 3 4 2 6 7 . . . . . 7 2 2 3 5 4 3 4 6 7 . . . . . 1 1 6 5 7 1 9 9 8 1 8 . 2 4 0 4 1 8 6 8 7 7 7 9 7 6 5 1 9 8 6 0 8 0 1 6 2 1 1 1 1 1 9 2 2 1 3 7 5 9 4 3 1 1 1 1 2 9 1 0 2 1 2 7 3 5 . 1 1 1 1 9 3 2 2 1 6 2 3 8 4 Radios, phonographs, television, records, etc.. . —3 +2 +4 2.9 2.8 103 93 107 104 94 100 Radios, phonographs, television +2 +9 2.6 2.3 100 85 107 97 85 90 Records, sheet music, and instruments +4 3.7 4.1 100 95 97 99 95 101 Miscellaneous merchandise departments. + 13 +7 +3 3.4 3.7 81 65 71 111 100 107 Toys, games, sporting goods, cameras. +.14 + 11 +4 6.1 6.8 61 44 54 118 109 114 Toys and games + ]() +9 +4 6.0 6.5 47 36 43 109 104 105 Sporting goods and cameras +20 + 13 +2 6.1 7.1 79 58 66 116 109 114 Luggage. +35 +22 0 5.1 6.9 7.1 60 53 115 103 115 Candy.. . +21 +10 +2 1.6 1.9 99 92 82 140 103 138 BASEMENT STORE—total +6 +2 2.4 2.5 101 69 95 116 107 117 Domestics and blankets -2 +3 3.3 3.1 87 75 89 115 112 Women's and misses' ready-to-wear. +6 +1 -1 1.8 2.0 102 67 97 114 105 116 Intimate apparel -1-1 0 + 1 2.5 2.5 97 79 96 120 1.14 119 D I C B G n l o r i f o U H r e a a l u s s t n o n s s s ' s d e t e w i s s a e s e ' , n r e r w w y d a s k r e e s i a a u r r r t i , s t , s c o an rs d e t s s p a o n r d ts w b e ra a s r sieres. + + +- + + 2 1 1- 1 3 3 3 5 0 4 + + + + - 1 2 7 2 2 1 + + + - - 1 3 1 2 0 1 2 2 2 2 1 1 1 . . . . . . 2 2 2 7 3 0 .6 2 2 2 2 2 1 1 . . . . . . . 5 0 6 4 0 3 3 ( 1 1 C 4 9 1 8 O 4 ) 5 2 9 0 C (0 5 6 6 7 O 7 2 5 4 ( ( 1 1 1 ' 0 9 8 0 1 0 ) 0 6 6 6 7 1 (c 1 1 9 9 3 2 o 2 0 8 4 5 7 6 ( ( 1 1 1 • 9 9 0 1 1 4 o ) 3 5 3 7 5 1 1 ( 1 1 9 0 2 3 2 ) 8 5 7 3 6 Aprons, liousedresses, uniforms -1 2.2 2.0 122 CO Men's and boys' wear. +11 +7 2.8 3.1 106 72 96 125 111 125 Men's wear +6 +5 — 1 2.9 3.1 96 75 90 121 109 122 Men's clothing... . + 7 +5 -3 2.7 2.9 117 89 110 128 116 131 Men's furnishings. +6 +5 + 1 3.1 3.3 82 66 117 105 116 Boys' wear +24 + 14 +2 2.2 2.7 144 66 115 135 121 132 Homef urnishings +9 +8 -3 2.9 3.2 100 79 92 111 107 114] Shoes +11 +3 -1 3.6 4.0 110 71 100 127 119 128 NONMERCHANDISE—total. +3 +1 CO CO 91 110 CO CO m 113 Barber and beauty shop +7 + 1 CO 112 130 CO CO 138 !The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1947-49 average of monthly sales and of eiui-qf-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 703. 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. JUNE 1955 707 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=1.00] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h s - - e- H o h p o o e u l r s d a e - - p A ar p e - l T p t r o i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ing3 tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41 6 83.6 45.9 1941 62 9 52 2 88 4 55.6 1942 69 7 61 3 90 4 64.9 1943 74 0 68 3 90 3 67.8 1944 75 2 67 4 90 6 72 6 1945 76 9 68 9 90 9 76.3 1946 83 4 79 0 91.4 83.7 1947 95.5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102 8 104.1 101 7 100.7 100 0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102 8 10t 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—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—January 114.3 110.6 119.6 129.5 109 4 126.1 104.6 117.7 103.3 127.6 126.5 113.7 106.9 119.9 February 114.3 110.8 119.6 129.7 109.9 126.2 104.8 117.7 103.4 127.4 126.8 113.5 106.4 119.8 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 April 114.2 111.2 119.5 129.9 110.3 125.7 104.5 118.1 103.1 125.3 127.3 113.7 106.6 119.8 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 i o e m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a a t r a i c e n o p l r x t d e 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 F t i o e a m g i u n w r n h i e a g d a e t l - - l , r s , C a p i u a l c h r l n c o a i e e d t l m d s s d . - - p R u a b r u c n o e t b d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p a P p u a a l r u l p n c o i l e t e d d p s d r - , , M m p u a r e e n c o t t t d d a a s l - l s p c M u a m t e h r i n c o r v i o a y t n d d e s - - - - F h o d h t a b o u t u u o n h l u r r r e l n d e s a e d s e r i - - - e s N t t r m t m a u a r o l l r u i e l s n a n i - c — c - l - - b b e m o b a T r a t e a n f c t o r v g d l 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 1.953 110.1 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 April 111.0 99.4 105.9 114.5 94.7 94.6 108.6 107.2 125.0 116.2 116.3 1.26.8 124.4 115.6 120.8 121.5 110.3 May 110.9 97.9 106.8 114.5 94.8 96.0 108.2 107.1 125.1 116.1 115.8 127.1 124.4 115.5 119.3 121.4 109.2 June 110.0 94.8 105.0 114.2 94.9 95.6 107.8 106.8 126.1 116.3 115.8 127.1 124.3 115.4 119.1 121.4 105.1 July 110.4 96.2 106.5 114.3 95.1 94.9 106.2 .106.7 126.8 119.1 116.2 128.0 124.3 115.3 120.4 121.4 103.9 August 110.5 95.8 106.4 114.4 95.3 94.0 106.9 .106.8 126.4 119.1 116.3 128.6 124.3 115.3 120.5 121.5 102.3 September.. 110.0 93.6 105.5 114.4 95.3 93.0 106.9 106. 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 March 110.0 92.1 101.6 115.6 95.3 92.2 '108.5 '106.8 138.0 '121.4 116.8 131.9 -126.1 115.1 121.9 121.6 95.6 April 110.5 94.2 102.5 115.7 95.1 93.2 108.2 107.1 138.3 122.2 117.4 132.8 126.2 115.1 122.2 121.6 94.0 rRevised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 708 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 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 97.4 103.8 104.4 120.9 Grains 9? 9 93 1 0? ? 91 0 Paperboard 124 8 124.0 1 25.7 126.0 Livestock and pouHry 94 9 80'. 7 79 9 84.0 Converted paper and Daoerboard.. 111.8 111.5 111.5 111.5 Plant and animal fibers 105.5 104.3 102.9 102.7 Building paper and board 127.9 129.4 129.7 129.7 Fluid milk 88.3 92.0 90.5 90.5 Kpgs 77.9 90.1 82 2 77.9 Metals and Metal Products: Hay and seeds 96.5 93.2 93.1 89.9 Other farm nrodncts 18? ? 139 4 143 0 142 3 Iron and steel 131 1 135.8 136.2 136.3 Nonferrous metals 123.4 133.7 .134.3 138.2 Processed Foods: Metal containers.. 130.0 131.6 131.6 131.6 Hardware 138.5 143.3 n 44.4 144.4 Cereal and bakery products 113.2 1 ! 6. 3 116.5 116 .8 Plumbing equipment 118.2 118.7 123.0 123.3 Meats, poultry, and fish 94.3 86.9 83.3 86.0 Heating eriuioment 114.5 113.7 113.6 113.6 Dairy products and ice cream 103.0 107.2 107.2 106.9 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 116.6 11.8.0 117.9 118.2 bles 103 3 104.4 M04 8 104.5 Fabricated nonstructural metal Sugar and confectionery 112.6 112.6 110.8 110.8 products 125 3 1?S 8 1 25.9 125.9 Packager! beverage materials 229.6 186.4 180.4 180.2 Other processed foods. . 102 9 100.7 100.8 100.9 Machinery and Motive Products: Textile Products and A pparel: Agricultural machinery and equipment 1?2 3 121 6 121 5 121 .5 CoHon prodnc<s 88 "5 90.6 90 8 90.4 Construction machinery and equip- Wool products 109 2 106 3 106 1 106.0 ment 131.6 133.8 M33.8 134.1 Synthetic textiles 84 6 86. 7 r87.5 87.2 Metal working machinery .... 132.6 136.6 '136.9 137.0 Silk products 132 3 122.4 12! .1 122.8 General purpose machinery and 98 ? 98 2 r98 3 '98.2 equipment 128 ? 130.3 '•130.4 131 .0 Other textile products 78 9 78.0 76.6 76.4 Miscellaneous machinery 125.2 126.4 126.8 126.8 Electrical machinery and equip- Bides, Skins, and Leather Products: ment 126.5 126.7 126.4 126.4 Motor vehicles 118 9 121 .5 121.5 121.7 Hides and skins ?i6 5 51 .6 50 7 56.9 Leather 86 0 82.2 82.1 83.6 Furniture and Other Household Dura- Footwear 111 .9 111.5 111.5 111.5 bles: Other leather products 97 4 95 .8 r95 7 95.9 Household furniture 113 6 112.6 112.7 112.8 Fuel, Power, and Lighting Materials: Commercial furniture . . 126.2 128.6 128.6 128.6 Floor covering 122.6 124.4 124.4 125.0 Coal 104 1 105.2 105 1 102.2 Household appliances 109.9 108.5 107.2 107.3 Coke 1 3? 4 132 4 13? 4 133.4 Radio 95.7 94. 7 94.7 94.7 Gas 112 3 116 3 rl16 6 116.6 Television 73.8 68.8 68.8 68.8 Electricity 101 8 100.1 r99 5 99 5 Other household durable goods 130.4 132.0 1.32.0 131.9 Petroleum and products 112.1 111.7 111.7 .111 .5 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 1 '?4 7 123 9 123.9 124.9 117 4 117 •* 117 5 118 0 Concrete ingredients 119 8 123.9 124.1 124.6 Prepared paint \ 11 g 113 1 114 0 114.8 Concrete products 11.7.3 117.0 118.2 118.2 Paint materials 94 7 96.1 95.9 96.1. Structural clay nroducts 132.0 136.1 M36.5 136.8 Drugs, Pharmaceuticals, cosmetics 94.0 93.3 93.1. 93.2 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 59 8 61.0 '5.S.4 55.2 Prepared asphalt roofing 108.4 100.4 r98.8 98 5 Mixed fertilizers 109 9 109.0 108.9 108.8 Other nonmetallic minerals 120.2 119.2 119.2 119.2 Fertilizer materials 114 1 11.3.5 113.6 .113.5 Other chemicals and products 108.1 108.0 MO7.6 107.6 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 11*7 0 1 SI 3 14? 8 143 8 Cigars 103 5 103.7 103. 7 103.7 Tires and tubes 129 3 142.4 142.3 142 .3 Other tobacco oroducts 1 20.7 121.4 121.4 121 .4 Other rubber •oroduct^ 1 ?3 7 13? () 130 3 130 A Alcoholic beverages 111. 6 114.6 114.7 11.4.7 Nonalcoholic beverages 1 -! 7 . 9 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 115.3 121 .4 n?A .8 122.7 Mill work.. 130 8 129 0 128.7 129.3 Toys, sporting goods, small arms.. 113.6 1.13.1 113.2 113.2 100 7 104.8 104.8 101.8 Manufactured animal feeds 111.1 85.8 -83.0 80.1 Notions and accessories 93 .5 92.3 92.3 92.3 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 102 . 7 103.2 103.1 102.9 Other miscellaneous .. . 121.3 120.6 120.6 12.1.3 Woodpulp... . . ... 109 7 110.0 110.0 113.8 Wastepaper 83.2 90.2 89.4 89.4 Paper 126.8 128.0 128.0 128.0 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 131-313, 709 JUNE 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 1954 1 Gross national product 104.4 56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 355.8 356.0 362.0 370.0 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 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 30.4 30.7 S B t u a s t i i n st e i s c s a l t r d an is s c f r e e r p a p n a c y y ments . . 6 3 , . 7 9 . , 5 4 . . 8 1 . . 2 8 1 1 . . 3 0 i.O 1 1 . . 0 0 1.0 1.0 -3 1 . . 8 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 -.4 .2 -.2 — .4 Equals: National income 87.8 40.2 104.7 216.2 240.0 277.0 305.0 300.0 299.6 302.6 n.a. 291.0 298.9 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 36.4 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: Government 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.S 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 and 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 3.5 3.7 3.7 3.7 3.7 3.8 State and local 3.0 3.2 3.8 83.1 1.0 93.0 188.2 206.1 250.1 253.5 252.3 252.9 253.2 255.9 Equals: Disposable personal income. 226.1 236.9 260.6 79.0 45.7 81.9 180.6 194.0 230.1 234.0 230.5 233.1 234.8 237.7 Lew: Personal consumption expenditures 208.3 218.4 242.0 4.2 46.4 11.1 7.6 12.1 20.0 19.5 21.8 19.7 18.4 18.2 Equals: Personal saving 17.7 18.4 18.7 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 1954 1 2 3 4 1 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. 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 4.2 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 49.0 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 39.4 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. 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 Ket 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. a Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 710 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 1954 1 2 3 4 1 ^s"OS8 national product . 194.4 56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 355.8 356. G 355,5 362.0 370.0 Persona?, consumption expenditures ... 79.© 46.4 81.9 180.6 194. G 208.3 218.4 230, t 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 A 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 J 20.7 29.0 60.! 65 ,.0 70.1 75,6 81.4 84.6 83.6 84.3 84,8 £5.7 86.5 Gross private domestic In.vesttn&nt 16.2 1.4 1S.1 32,5 51.2 56,9 507 51.4 46.1 44 5 45,6 45,3 49,5 53.3 Ne'iv construction^- 8.7 1.4 6.6 17.5 22.7 23.3 23// Z5.5 27.6 26.0 27 .G 28.3 29.1 30.8 Residential ^OTI^S.'^UI 3.6 K 3,5 8.3 12,6 11.9 11.1 11.9 13.3 11 7 12 8 14.0 14.8 15.9 Otbev 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 2.6 6.9 17.8 21.1 23,2 23 .,3 24.4 22.2 22.7 22.4 21.8 21.7 21.1 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 -1.3 1.3 1.8 -1,4 4.0 ~1.9 6.4 9.0 3.0 2.2 -3.8 -4.2 -4.0 -5.0 -1.6 i.2 Kk?t foreign ipypstTWHt1 ,8 ,2 1.1 .5 -•3.2 , 2 -.2 -1.9 -A -1.1 -1.0 -».2 .8 .0 Government purchases of Fe ^ d o er o a d l s aisd services ........ 8 1. . 3 5 82.,09 2 16 4 . . 9 8 * 25 3 . . 4 6 2 4 2 2 . . 1 0 4 6 1 2 . . 0 8 7 54 7 . . 0 2 8 60 5 . . 1 2 5 7 0 7 . . 0 5 5 8 5 1 . 0 9 5 7 1 8 . 3 3 4 7 7 5 . . 9 6 7 45 4 . . 9 1 4 7 5 4 . . 9 7 National security \ * * 113.8 19.3 18.5 37.3 48.5 52.0 43.6 46.9 44.7 42.1 40,5 40.7 Other JL.3 2.0 1 3.2 6.6 3.9 4.2 5.8 8.5 6.7 8.4 6.9 6.1 5.6 5.5 Less: Government tsalps2..... .0 1 n A .3 .4 A .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 27.7 28.2 28.8 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage and salary disbursements Divi- pe L r e so ss na] Year or month in s P o c e o n r m a - l e Total p d m i C n r u o o g s o d d t m r i u i i n t e - c y - s - D i u n i t s r t d i i t u e v r s i s e b - - S in e tr r d i v u e i s s c - e m G er o e n v n - - t in O l c a t o b h m o e r r e3 i p n r r c e P a i o n e r n o m t t d o a - e l rs 4 ' i i n d n s p a t c o e e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s - 3 b c i a s u o n o n f t n s o c i c u o t i r e r a r n i 6 - l - s i a n g N t c u r o o i r c m n a u - ! e l - T 1929 85.8 50.4 21.5 15.6 8,4 4.9 .6 20.2 13.2 1.5 .,1 77.2 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7,6 8.3 2.1 .2 43.4 1941. 96 3 62 1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1948 208.7 135.1 60.2 38.8 17.4 18.7 2.7 45.6 16.2 11.3 2,.2 188.5 194Q 206 8 134 4 56.9 39.0 1S.0 20.5 3.0 42.0 17.2 12.4 2,2 190.S 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 17.6 3.4 235.7 1952 271.2 185 I 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 S3.8 52.6 25.5 33.7 6.6 43.7 24.3 15.9 4.7 270.7 1954—April 284.4 194 3 83.7 52.0 25.2 33.4 6.6 48.2 24,0 15.9 4.6 269. t May 286.2 X95.0 84.2 52.3 25.2 33.3 6.6 49.4 24.0 13.8 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 2 70.1 July 285.7 195.7 83.4 53.1 25.4 33.8 6.6 47.9 24.2 1S.S 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 .i October 286 3 196 1 82.9 52.9 26.1 34.2 6.6 47.2 24.5 16.5 4.6 272.3 289.3 198.1 84.6 53.0 26.2 34.3 6.6 48.3 24.6 16.4 4.7 274.6 December 291.4 197 S 84,4 53.1 26.1 34.2 6.6 48.8 26.2 16.7 4.7 276.5 1955—January 291 4 199 3 85 2 53 5 26.4 34.2 6.6 49.5 24.7 16.5 5.2 275.5 February 202.4 199 8 8.S.9 53.4 26.3 34.2 6.6 49.8 24.8 16.5 5.1 276.2 March 294 6 201 7 87.4 53.7 26.5 34.1 6.6 49.8 24.8 16.9 5.2 278.9 April* 295.6 202.2 88.2 53.5 26.4 34.1 6.6 50.0 25.0 1.6.9 5.1 279.9 'Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. * Includes 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. sIncludes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers, 6Prior 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 ara 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, 711 JUNE 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1954 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Reserve district All Item tr d i i c s t - s B to o n s- 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.. 14.3 11.8 12.1 11.3 13.0 13.5 15.5 15.4 14.7 17.2 15.8 15.3 16.5 Profits before income taxes 14.1 11.5 12.3 11.0 12.6 13.7 15.1 16.7 14.7 16.1 15.0 13.0 15.9 Net profits 9.4 7.3 8.2 7.6 8.3 9.9 11.6 10.2 10.5 10.2 8.8 9.8 Cash dividends declared 3.0 2.9 2.7 2.6 2.8 2.9 3.1 2.8 3.0 3.7 3.3 3.6 3.0 Percentage of total assets: Total earnings 3.18 3.44 3.33 3.21 3.08 3.24 3.26 2.94 2.95 3.41 3.17 3.17 3.59 Net current earnings before income taxes. . 1.09 1.07 .98 1.10 1.07 1.10 1.10 1.01 1.11 1.16 1.19 1.13 1.06 Net profits .71 .67 .67 .73 .69 .72 .71 .75 .76 .72 .76 .65 .63 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Government securities 25.1 20.2 23.4 25.8 26.9 23.0 22.4 31.4 28.7 25.0 23.8 20.2 20.8 Other securities 5.7 4.9 6.9 7.0 6.1 5.1 5.9 5.5 6.1 5.1 5.2 5.6 3.8 S E e a r r v n i i c n e g s c h o a n rg l e o s a n o s n depos ; it accounts 5 6 7 . . 0 3 5 9 7 . . 9 2 5 7 7 . . 2 4 5 3 8 . . 6 5 5 4 7 . . 7 0 6 4 1 . . 8 5 5 6 8 . . 7 8 5 6 1 . . 1 4 5 4 5 . . 0 8 5 6 4 . . 4 1 5 7 8 . . 1 6 6 5 3 . . 9 1 6 8 0 . . 1 1 Other current earnings 5.9 7.8 5.1 5.1 5.3 5.6 6.2 5.6 5.4 9.4 5.3 5.2 7.2 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.5 32.7 31.2 27.2 27.8 29.0 32.3 31.7 31.0 31.1 34.6 35.9 33.4 Interest on time deposits 11.7 10.9 16.1 16.3 14.3 15.0 10.2 12.1 8.7 13.8 6.8 3.6 16.1 Other current expenses 22.5 25.3 23.0 22.2 23.3 21.7 23.7 21.6 21.0 20.3 22.9 21.0 24.7 Total expenses 65.7 68.9 70.3 65.7 65.4 65.7 66.2 65.4 65.9 69.8 62.6 62.4 64.2 Net current earnings before income taxes. 34.3 31.1 29.7 34.3 34.6 34.3 33.8 34.6 34.1 30.2 N N e e t t i l n o c ss r e ea s s ( e o r i n re v c a o l v u e a r t i i e o s n a n re d s e p r r v o e f s its, +)1 • • + 1.4 +1 2 . .0 3 +2 1 . .8 3 + 1 . .3 5 +1 1 . . 0 9 +1 1 . . 7 3 +4 1 . . 2 7 + 3 1 7 . . 5 4 1. . 4 5 37 1. . . 1 6 7 3 3 5 . . 9 8 + 1 . . 1 3 Taxes on net income 11.0 10.9 9.8 10.4 11.2 12.3 11.4 11.3 1.4 11.0 11.5 1.2 11.2 Net profits 22.7 19.5 20.4 23.1 22.5 22.4 22.0 25.8 11.4 21.2 24.3 9.8 18.2 26.1 20.9 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities... 2.09 2.02 2.09 2.17 2.09 2.13 2.06 2.08 2.08 2.15 2.09 2.07 1.96 Interest and dividends on other securities.. 2.52 2.52 2.28 2.71 2.54 2.55 2.60 2.27 2.60 2.32 2.54 2.83 2.87 Net losses (or recoveries and profits, +)l... + .21 + .26 + .28 + .14 + .19 + .23 + .27 + .32 + .21 + .12 + .13 + .13 + .23 Return on loans: Earnings on loans 5.71 5.43 5.38 5.44 5.37 5.80 6.19 5.28 5.71 5.70 6.10 6.49 6.13 Net losses1 .15 .08 .09 .07 .12 .05 .17 .07 .10 .15 .26 .47 .18 Distribution of assets Percentage of total assets: U. S. Government securities 36.0 32.5 35.3 36.6 38.2 33.5 33.4 41.9 38.2 38.1 34.1 28.8 35.1 Other securities 7.9 7.7 9.9 9.1 8.2 7.1 8.1 7.9 7.5 7.6 7.2 6.9 5.6 Loans 32.7 36.8 36.2 34.9 33.3 34.9 31.5 29.1 29.6 32.9 31.5 31.9 35.6 Cash assets... .• 22.5 21.5 17.4 18.3 19.4 23.2 25.8 20.4 24.0 20.6 26.6 31.3 22.4 Real estate assets .8 1.2 1.0 1.0 .8 1.1 1.0 .6 .6 .6 .5 1.0 1.0 Other ratios Total capital accounts to: Total assets 8.0 9.6 8.5 10.2 8.6 8.4 7.7 6.8 7.8 7.1 7.8 7.7 6.9 Total assets less Government securities and cash assets 20.7 21.9 19.1 23.7 21.8 20.4 19.6 19.8 23.1 18.3 21.2 20.7 17.2 Total deposits 8.8 10.8 9.5 11.5 9.5 9.3 8.4 7.3 8.5 7.7 8.5 8.4 7.5 Time to total deposits 31.5 30.0 44.3 48.7 42.3 35.5 24.5 35.1 22.3 37.5 14.5 8.2 36.2 Interest on time deposits2 1.28 1.20 1.29 1.19 1.11 1.45 1.36 1.07 1.19 1.34 1.48 1.43 1.65 Trust department earnings to total earnings2 . 3.1 4.5 3.0 3.2 4.1 3.5 2.6 2.7 2.4 2.5 2.7 1.9 4.2 Number of banks3 6,609 311 678 578 633 474 362 1,012 489 470 748 628 226 1"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 reserves are excluded. 2 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. 3 The ratios for 50 member banks in operation at the end of 1954 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. One member bank in Alaska also excluded. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1955 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages whereas the figures of the many small and medium-sized banks have but little influence on the aggregate dollar amounts. Averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks, while 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. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1954. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1953, and June 30 and Oct. 7, 1954, (and Dec. 31, 1954, for the New York District) except for a limited number of banks for which all reports were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (263 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. 712 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1954—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed in percentages] Ratio of time deposits to Size group—total deposits (in thousands of dollars) total deposits (per cent) Item All groups u 1 a n , n d 0 d e 0 r 0 1 2 . , 0 0 0 0 0 0 - 5,000 5 1 . 0 0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 -2 5 5 0 , , 0 0 0 0 0 0 - 5 1 0 0 . 0 0 ,0 0 0 0 0 -i 10 O 0 v , e 0 r 00 Un 2 d 5 er 25-50 o a 5 v n 0 e d r Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 14.3 10.5 12.5 14.0 H5.1 15.7 16.5 17.0 17.1 15.4 1.4.2 12.5 Profits before income taxes 14.1 9.2 11 .7 13.1 15.0 16.5 18.4 18.3 18.0 14.6 14.3 12.6 Net profits 9.4 6.7 8.5 9.1 9.9 10.4 11 .3 10.5 9.8 9.9 9.5 8.8 Cash dividends declared 3.0 2.7 2.8 3.0 3.0 3.1 3.3 3.3 3.8 3.3 2.9 2.6 Percentage of total assets: Total earnings 3.18 3.44 3.28 3.18 3.16 3.16 3.09 3.02 3.06 3.25 3.29 Net current earnings before income taxes 1.09 1.13 1.13 1.10 1.07 1.04 1.03 1 .03 1.08 1.15 1.06 1.01 Net profits .71 .72 .72 .70 .68 .69 .63 .62 .73 .70 .70 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Government securities 25.1 20.1 24.5 25.8 25.6 25.6 24.7 23.9 24.0 24.6 25.1 26.1 Other securities 5.7 4.1 4.9 5.8 6.5 6.2 5.7 5.2 5.1 5.4 5.8 6.3 Earnings on loans 57.3 65.9 60.5 57.9 55.9 53.7 53.7 55.1 54.1 57.2 56.9 58.5 Service charges on deposit accounts. . 6.0 5.0 5.2 5.7 6.6 7.3 7.1 6.0 4.4 6.6 6.2 4.4 Other current earnings 5.9 4.9 4.9 4.8 5.4 7.2 9.8 12.4 6.2 6.0 4.7 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 31.5 35.6 32.4 31.0 30.7 31*. 3 31.7 31 .9 30.7 34.4 30.7 27.2 Interest on time deposits 11 .7 8.8 11.1 12.1 12.5 12.4 11.1 9.8 8.3 4.5 14.0 21.3 Other current expenses 22.5 23.0 22.0 22.0 22.7 23.3 23.8 24.0 22.5 23.3 22.6 20.9 Total expenses 65.7 67.4 65.5 65.1 65.9 67.0 66.6 65.7 61.5 62.2 67.3 69.4 Net current earnings before income taxes 34.3 32.6 34.5 34.9 34.1 33.0 33.4 34.3 38.5 37.8 32.7 30.6 Ne ++ t l )) o1sses (or recoveries and profits, + .8 3.1 1.5 .9 + 1.3 +4.4 +6.8 +6.4 +6.2 +2.0 + 1.2 Net increase in valuation reserves . . . 1.4 .6 .5 9 1.5 2.6 2.8 3.8 4.4 1.3 1 .7 1 .2 Taxes on net income 11.0 7.9 8.9 10.0 11.4 12.8 14.5 15.6 18.3 11 .9 10.9 9.2 Net profits 22.7 21.0 23.6 23.1 22.5 22.0 22.9 21.3 22.0 24.1 22.1 21.4 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 2.09 2.14 2.17 2.13 2.08 2.04 1 .96 .1 .93 1.89 2.07 2.08 2.16 Interest and dividends on other securities , 2.52 3.30 2.97 2.55 2.33 2.17 2.10 2.19 2.32 2.64 2.41 2.50 Ne ++ t ) l ) o1sses (or recoveries and profits, + .21 + .04 + .06 + .11 + .25 + .40 + .52 + .60 + .54 + .17 + .26 + .20 Return on loans: Earnings on loans 5.71 6.49 5.95 5.80 5.68 5.49 5.24 5.05 4.58 5.87 5.62 5.51 Net losses1 .15 .31 .18 .17 .15 .08 .07 .10 .02 .22 .11 .10 Distribution of assets Percentage of total assets: U. S. Government securities. 36.0 30.2 35.0 36.3 36.7 37.3 36.7 35.6 34.3 34.2 36.9 37.6 Other securities , 7.9 5.3 6.1 7.8 9.3 9.1 8.5 7.6 6.5 7.2 8.2 8.7 Loans 32.7 36.2 34.2 32.5 31.7 31.6 32.1 33.1 34.1 30.7 33.3 35.5 Cash assets 22.5 27.7 23.9 22.4 21.3 20.8 21 .4 22.4 23.7 27.1 20.5 17.2 Real estate assets , .6 .9 1.0 1.0 1.0 .9 .7 .9 .8 Other ratios Total capital accounts to: Total assets 8.0 11.1 9.3 8.2 7.4 7.0 6.4 6.2 6.6 7.9 7.9 8.6 Total assets less Government securities and cash assets 20.7 28.4 24.7 21. .5 18.8 17.6 16.2 15.4 16.0 22.0 19.8 20.1 Total deposits 12.7 10.4 9.1 8.1 7.6 7.0 6.7 7.2 8.7 8.7 9.5 Time to total deposits 31.5 23.5 29.5 32.1 34.3 34.9 30.4 26.0 21 .5 11 .6 37.6 58.5 Interest on time deposits2 1 .28 1.44 1.37 1 .31 1.25 1.17 1.20 1.18 1.19 1.25 1.30 1.30 Trust department earnings to total earnings J 3.1 1 .5 1.7 2.1 3.2 3.8 4.6 6.2 3.9 3.0 1.9 Number of banks3. 6,609 308 1,067 2,340 1,325 881 326 158 204 2,602 2,696 1,311 For footnotes see p. 712. JUNE 1955 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1954—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over Item All Size group—total deposits (in thousands of dollars) groups u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 5 25 .0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 1 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 14.3 12.9 15.3 17.1 17.1 11.6 \3.5 15.2 16.5 10.8 12.4 13.2 16.8 Profits before income taxes 14.1 11.6 14.0 16.6 18.0 11.1 12.8 15.6 1.8.5 10.3 12.0 14.1 18.8 Net profits 9.4 8.5 9.7 10.7 10.1 8.0 8.9 10.0 11.2 7.6 8.5 9 5 11.9 Cash dividends declared 3.0 3.2 3.4 3.3 3.5 2.5 2.8 3.0 3.3 2.2 2.7 2.7 3.6 Percentage of total assets: Total earnings 3.18 3.24 3.04 3.05 2.81 3.40 3.26 3.20 3.17 3.38 3.29 3.23 3.31 Net current earnings before income taxes 1.09 1.19 1.16 1.14 1.08 1.09 1 .08 1.04 1.02 1.03 1.03 .97 .97 Net profits .71 .77 .74 .72 .64 .75 .72 .68 .68 .72 .71 .68 .66 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Government securities . . 25.1 22.2 26.0 25.3 23.9 24.1 25.3 25.5 24.5 25.7 26.2 26.2 26.2 Other securities 5.7 4.3 5.7 6.3 5.1 4.9 5.7 6.2 5.6 5.2 6.1 7.2 6.4 Earnings on loans 57.3 62.6 56.5 54.0 54.5 60.9 58.3 55.0 53.8 60.9 59.5 56.2 53.5 Service charges on deposit accounts 6.0 6.0 6.8 7.8 5.4 4.9 5.6 7.1 6.6 3.6 4.0 5.2 7.1 Other current earnings 5.9 4.9 5.0 6.6 11.1 5.2 5.1 6.2 9.5 4.6 4.2 5.2 6.8 Total earnings. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.5 36.4 34.5 33.4 31.7 31.5 30.1 30.7 31 .5 27.9 26.5 27.4 29.7 Interest on time deposits. 11.7 3.7 4.3 5.1 5.6 14.1 14.6 13.7 13.4 21 A 21.8 20.8 19.9 Other current expenses... 22.5 23.0 22.9 23.8 24.0 22.2 22.0 22.9 23.1 20.6 20.3 21.7 21.5 Total expenses 65.7 63.1 61.7 61.3 67.8 66.7 67.3 68.0 69.9 68.6 69.9 71,1 Net current earnings before income taxes 34.3 36.9 38.3 37.7 38.7 32.2 33.3 32.7 32.0 30.1 31.4 30.1 28.9 Net losses (or recoveries and profits, +) i 3.2 +1.2 +5.7 +3.0 +7.4 +3.4 +7.2 Net increase in valuation reserves 1.4 .5 .7 1.8 3.5 .6 1.1 2.1 3.5 .5 .8 1.9 4.0 Taxes on net income 11.0 9.0 10.9 13.1 18.0 8.7 9.7 11 .9 14.2 7.8 8.8 10.3 11 .4 Net profits 22.7 24.2 24.6 24.0 22.9 22.3 22.5 21.7 21.7 21.2 21.7 21.3 20.7 Rates of return on securities and loans I Return on securities: Interest on U. S, Government securities 2.09 2.11 2.09 2.06 1.9: 2.19 2.1 2.05 1.93 2.24 2.19 2.11 2.02 Interest and dividends on other securities 2.52 3.24 2.65 2.22 2.2: 2.85 2.49 2.26 2.11 2.88 2.47 2.32 2.20 Net losses (or recoveries and profits, +)1 + .21 + .05 + .07 + .25 + .5: + .08 + .1 + .33 + .58 + .06 + .12 + .34 + .51 Return on loans: Earnings on loans. 5.71 6.30 5.96 5.86 4.81 5.98 5.7 5.53 5.17 5.67 5.55 5.40 5.29 Net losses1 .15 .32 .25 .17 .06 .13 .13 .10 .06 .09 .11 .09 .09 Distribution of assets Percentage of total assets: U. S. Government securities. . . 36.0 31.7 35.5 35.3 33.4 35.4 36.6 37.5 37.9 36.9 37.5 38.0 38.4 Other securities 7.9 5.3 7.5 8.8 6.6 6.5 7.8 9.0 8.6 6.7 8.4 10.2 10.0 Loans 32.7 33.3 29.6 28.8 32.3 35.3 33.5 32.3 33.4 36.9 35.9 34.2 34.4 Cash assets 22.5 29.2 26.7 26.0 26.3 22.0 21.1 20.0 18.8 18.7 17.2 16.5 15.8 Real estate assets .5 .7 .9 .9 .9 1.0 1.0 . 7 .9 1.1 Other ratios Total capital accounts to: Total assets 8.0 9.6 7.9 7.0 6.5 9.9 8.4 7.2 9.9 7.8 5.9 Total assets less Government securities and cash assets.... 20.7 26.5 22.6 19.3 16.8 25.3 21.0 17.8 15.4 23.8 20.5 17.9 13.4 Total deposits 10.7 8.6 7.6 7.1 11.1 9.2 7.8 6.9 11.1 9.6 8.6 6.4 Time to total deposits 3.1.5 8.9 10.7 14.1 14.4 37.4 38.2 37.6 36.3 58.9 59.2 57.8 55.0 Interest on time deposits2 1.28 1.38 1.2! 1.1 1.1' 1.41 1.3. 1.23 1.24 1.3; 1.32 1.26 1.24 Trust department earnings to total earnings2 3.1 1.7 1.6 3.2 5.3 1.2 1.9 4.4 1 .3 1.6 1.9 2.3 Number of banks5. 6,609 660 933 669 340 434 864 1,097 301 281 543 440 47 For footnotes see p. 712. 714 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE international capital transactions of the United States.... 716-720 Gold production 720 Estimated foreign gold reserves and dollar holdings 721 Reported gold reserves of central banks and governments... 722 Net gold purchases and gold stock of the United States... 723 International Bank and Monetary Fund. . 724 Central banks . 724-728 Money rates in foreign countries... 729 Commercial banks 730 Foreign exchange rates 731 Price movements in principal countries: Wholesale prices . 732 Consumers' price indexes... 733 Security prices . 733 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 arc reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JUNE 1955 715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] 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 er 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 1,595.5 297.4 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 ,420.7 1,612.9 1,836.=5 335:.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 ,295.5 1,768.4 1,895.5326.1 1954—Apr. 304 1,678.0 10,461.2 6.062.9 285.91,039.3 51.9.2 664.8 899.5 1,689.0 5,097.7 ,282.3 1,999.2 1.762 .1319.9 May 31. 1,679.0 10,576.3 6,265.0 387.01.051.2 483.0 651 .8 952.2 .,750.2 5,275.4 286.6 1,994.5 1,711 .0308.7 June 30. 1,637.0 10.561 .96,307.0 441.4 084.9 455.6 636.0 986.1. .,701.3 5,305.4 ,320.6 1,954.9 1,682.5298.5 July 31. 1,656.5 10,771.0 6,438.6 376.5 222.1 468.8 680.5 942.2 1,722.7 5,412.8 1,342.0 2,037.4 1,693.2 285.6 Aug. 31. 1,751.0 10,686.6 6,287.3 418.9 225.1 510.7 680.8 851. .9 1,676.7 5,364.0 1,380.4 1,918.7 1,748.2 275.2 Sept. 30. 1,801.9 10.730.6 6,319.2 474.2 247.6 528.4 668.5 837.9 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 .,404.2 495.8 257.2 553.9 64 S. 5 842.8 1 ,690.1 5,485.3 1. ,372.8 1,839.5 1,782 .5272.1 Nov. 30. .,792.8 10.781.8 6.379.3 502.1 1.287.2 563.0 623. 7 829.7 1,673.7 5,479.2 1,377.8 1,848.1 1,811 .8264.9 Dec. 31. .,769.9 •11. ,155.4r6,774.0 715.41,372.5 578.6 672.4 639.5 1,642.1 5,620.5 1,538.5 1,905.9 1,825.4265.1 1955—Tan. 31. 1,752.2 .1,101.4 6,749.5 706.5 1,368.9 591 .5 624.2 656.8 1,675.1 5,623.1 1,532.1 1,836.6 1,842.1 267.4 Feb. 28P 1,781.9 10,912.6 6,519.7 71.6.6I,405.9 610.2 634.5 599.4 1,629.0 5,595.7 1,365.3 1,806.2 1,860.8284.6 Mar. 31 P 1.818.2 10.896.5 .,466.3 749.6 1. ,411 .1611.2 649.3 637.8 1,591.4 5,650.5 1,320.9 1.786.9 1,848.3 289.8 Apr. 30 P 1,820.7 11,068.1 6,606.8 670.7 1,404.5 639.3 657.6 681.0 1,661 .5 5,714.7 1,320.9 1,886.3 1,848.3 297.8 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 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 - l P an o- d t P u o g r a - lm R a u n - ia Spain S d w en e- T k u ey r- 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 1-18.8 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—Apr. 30' 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 Mav 31 1,750.2 234.3 122.9 92.4 41 .6 11.6.0 250.4 130.6 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 Tulv 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 5157 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 1.29.1 1 .7 83.8 7.9 46.0 1.73.6 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 .3141 .0 8.2 1.8 8.6 359.5 1955—Tan. 31 1,675.1. 272.8 98.1 76.2 39.7 129.2 256.3 88.8 2.0 92.6 8.0 78.4 130.5 9.5 1.8 9.4 381 .9 Feb. 28P 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 1.29.7 9.2 1 .7 9.8 382.9 Mar. 31 P 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 Apr. 30P 1,661.5 272.3 105.5 69.7 37.2 134.5 218.2 76.8 4.4 91.6 8.3 99.2 118.2 11.1 1.8 8.9 400.9 Table lb.—Latin America Neth- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c u i a e o b n n - - - - G m u a a l t a e- M ic e o x- l W I a a n e n n d e r d d - i s e s t s l a p P i R m c u a e b n a o - - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - 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 19.1 101.7 78.8 150.2 340... 39.3 37.9 183.2 51.5 89.9 68.0 26.8 109.6 222.4 119.2 1954—Apr. 301 1,999.2 1.75.4 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. 1,994.5 173.8 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 Tune 30. 1,954.9 176.7 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. 1,889.6 204.8 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. 1,839.5 190.7 31.9 139.1 72.8 147.7 269.0 59.9 34.1 265.4 46.3 77 A 79.2 23.0 98.5 183.0 121.7 Nov. 30. 1,848.1 175.3 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. 1,905.9 160.4 29.2 119.6 69.6 222.2 '236.7 60.4 34.5 328.9 48.7 73.8 83.4 30.4 90.3 193.6 124.1 1955—Jan. 31. 1,836.6 143.3 30.8 100.4 73.3 189.5 234.2 68.2 37.5 335.8 42.7 73.4 81.0 39.6 86.8 177.7 122.4 Feb. 28P 1,806.2 14.4.2 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. 31P 1,786.9 15.1.7 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 Apr. 30P 1,886.3 155.9 26.5 110.7 75.8 89.4 251.7 67.8 48.2 376.0 43.6 80.7 84.6 46.3 74.1 223.2 131.6 'Preliminary. 'Revised. For footnotes see following page. 716 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 rnossi rea and Union Oats C M a h n a i d n in a - H K o o n n g g Indian I e n s d i o a - 'Iran s i;ir:.el Japan p R l u i e b c - - ip P p h in il e - s T la h n a d i- O A th si e a r o A th H er t A ra u l s i - a C g o i n an go A E t n g ia g y n l p o - - A S f o r o i u c f t a h Other land of' Sudan 1951 Dec. 31. 1. 595,5 87 4 62 4 62 1140.6 25.5 26 6596 0 26 2 329.7 96 7 142 2 297.4 38 5 54.5 no 7 7 0 86.8 S.952- -'Dsc. 31 1.836,5 76 4 70 9 64 6 61 0 19 2 18 8808 0 54 4 315 1 181 0167 1 335 6 47 2 118.6 so V 23 6 86.5 5953- -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 I 59 2 89.6 43 3 38.2 95.7 ;954 Apr. 30* vi -762 1 79 rs 66.3 85.1 65 2 45.4 31 .0639.7 103 7 317 7 144 6 184.3 319.9 49 c 81.1 51.8 32.8 104.8 May 31 . 1 711 0 76 7 66 8 86.7 63 8 39.4 27 4616.9 104 7 303 1 139.3 186.3 308.7 49 6 74.1 51.3 34.2 99.5 Tune 30. 1.682 75 8 65 1 91.3 59 2 34.0 28.9 615.4 105 9 298 9 130.1 177.8 298.5 48.0 63.6 51 .7 37.8 97.4 July 31 . 1,693.2 75 1 64 6 79 2 60 5 28,6 25.1 616.0 101 2 308 2 127.1 207.6 285.6 42 8 51.3 51 .5 38.6 101.3 Aug. 31 . 1,748.2 74 2 64 2 75 5 81 9 23.3 36 0643.4 98 2 314 2 126.2 211.2 275.2 41 3 45.5 47.7 37.9 102.8 Sept. V) 1 764 1 69 6 64 •^ 73 4 87 26 1 33 1668 5 94 9 308 e; 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 24.7 695 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 1100 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 8?S 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— Jan. 31 . 1,842.1 69.2 60 8 95 0 109 3 44.5 38.9 707.3 98.9 264 131.6 221.9 267.4 44 4 45.9 48 6 31.4 97.1 Feb. 28^ 1,860 8 70.3 60 1101 5 110 ".> 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 v 1 848 70 Q 61 9 71 S 97 7 40 1 4S 0 715.5 99 9 253 6 132 0 261 9289.8 56 8 44 3 53 6 33 a 101 8 Apr. 30 P 1,848.3 69. 1 59 0 83 5 96 1 47.0 44.5 711.8 100.3 249 3 130.2 257.5 297.8 60 4 44.4 53. 9 35.9 103.3 Table Id.—Supplementary Areas and Countries ° 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 A 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 i.9 1 9 n.a. Lebanon 15.3 19.3 23.9 16.5 Hungary 1.0 i o 1.0 1 .0 Pakistan 13.1 14.4 9.7 3.8 Iceland 3.5 3 7 7.5 8.9 Palestine .1 .1 .1 Ireland, Republic of 15.9 12.6 14.1 n.a. Portuguese dependencies 2.7 2.8 5.3 1.8 Latvia 1.3 1.3 1.3 '1.0 Saudi Arabia 13.2 15.9 18.5 61.5 Lithuania 6 6 .4 »\5 Syria 5 4 It 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 & 18.0 19.0 French dependencies 36.5 27 ..0 22.3 16.8 Costa Rica 8 7 13.4 \5.3 Italian Somaliland .1 1.1 .3 n.a. Ecuador 11.4 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 13 4 16 0 10.3 Tangier 21.5 26 7 36.1 35.7 Paraguay 5.4 5.0 6.0 3.6 *^"! 'SIChlllolllUrtcl-I tye. rm liabilJilt.iil.e isM"U rcleVcpLlolclrUtlCe.d in these statistics represent principally deposits and U. S. Government obligations maturing in not more an one year from their date of issue, held by banking institutions in the United States; smallamounts of bankers' acceptances and commercial iper and of liabilities payable in foreign currencies are also included. vt JJUUIU wnj..y aud represent a partial breakdown of istrict reported at least 90 per cent of the total amount JUNE 1955 717 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] Ger- Date Total France R m e F p a e . n d y o . f , Italy S l w a e n r i - t d z- U K d n i o i n m t g 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 in r- Asia o A th l e l r 1951—Dec. 31.. 968.4 10.1 28.3 10.3 11.2 35.0 88.5 183.4 92.0 489.3 161.8 41.9 1952—Dec. 3!., 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.S 24.9 1954—Mar. 312. 867.1 9.6 53,4 13.7 128 59.5 94.5 243.5 60.0 426.4 111.4 25.8 Apr. 30.. 879.9 9.2 58.9 14.4 12.5 87.0 87.2 269.2 47.5 433.3 101.9 279 May 31.. 915.4 8.9 57.0 14.4 10,7 79.7 101 271.7 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.. ,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.. ,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.. ,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.. ,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. 31.... ,378.1 12.5 70.5 20.2 18.5 145.9 137.5 405.1 103.6 677.2 152.3 39.8 'Feb. 28 P.. . 366.5 12.0 78.5 21.9 21 .9 116.2 144.1 394.5 105.3 669 2 160.0 37 6 Mar. 31P... 1,346.9 7.5 61.3 22.6 18.3 111.9 140.0 361.7 91.0 690.6 167.1 36.5 Table 2a.—Other Europe Dats E O u t r h o e p r e A tr u i s a - g B iu el m - m D a en rk - l F a i n n d - 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 e e n - T k u ey r- Y sl u av g i o a - ot A h& ll r 1951—j3eCe 31 88.5 (*> 39.6 4.8 3.1 .2 5.0 2.S 8 18.8 5.4 .6 3,9 4.0 1952—Dec 31 ,. 98.2 8 16 2 2 i 5 « 2 4,4 9 .5 11 2 2.5 38 8 8 i; 5 4 1953—nec 31 87.5 ,8 13.0 6.2 i Q 13 8.6 L0 .6 24.3 2.7 15.7 4,8 6 b J954—Mar 312 94.5 .2 13.2 2.9 1.3 1.5 13.1 1.3 ,4 12.2 1.4 35.4 5,9 5 6 Aor. 30. ... 0 87 2 .2 14 9 4 3 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 Q 1.8 11.9 6 3 5 2 4 35 9 5 3 6 ? July 31 85.2 .1 15.3 4.2 1.8 2.6 9.3 .5 .7 2.1 2.7 32.7 5,7 6.5 Aug. 31 87.4 .2 14.7 3.5 4 2.6 9.4 L.4 .5 3.5 2,6 37.0 4.2 6.3 Sept. 30 87.7 .2 16.0 4.8 2.0 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 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—Jan. 31 137.5 .7 19.3 9.1 2.2 3.4 18.3 2.3 .6 3.1 4.2 66 4 2 9 5 1 Feb 28 P 144 1 1 2 19 i 9 1 2 0 3 3 18 0 2 0 1 0 3 6 3 4 67 S 6 2 6 8 Mar. 31 P 140.0 .7 18.9 7.3 2.9 3.7 18.8 2.8 .7 2.7 4.1 6S. 4 4.4 4.6 Table 2b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c u li i a o e b c n n - - - - G m u a a l t a e- M ic e o x- I l n W S a a d e u n n e r i r d d - e s i s - s t l a P p i R m c u a e b n - a o - - , f Peru v S a E a d l l - or g U u r a u y - V zu e e n l e a - O A L i a t m c h t a h e e r r i nam 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43,7 32.3 1.8 3.8 90.6 1.2 3,0 11.8 9.5 10.5 41.7 14.5 1952—Dec. 31.. 662.0 8.2 5.8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 1.3 6.5 14.8 9.1 14.3 36.7 13.7 1953—Dec. 31.. 472.7 7.1 10.8 125.1 22.6 56.9 51.2 1.9 4.1 92.9 2.6 4.6 20.2 8.2 3.7 41,6 19.3 1954—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 1.5.7 5.4 3.9 51.6 20.1 Aug. 31. . 613.9 5.8 i.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.. 750.2 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—Tan. 31.. 677.2 5.8 2.1 252.0 15.2 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 Mar. 31 P. 690.6 5.5 3.0 225.5 18.5 87.6 64.5 4.4 4.0 127.7 1.4 17.7 15.1 5.8 7.7 78.7 23.6 ^Preliminary. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions (excluded from these statistics) amounted to 481 million dollars on Jan. 31, 1955. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S, citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 2 Beginning Mar. 31, 1954, banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 9.6 million dollars of such claims on that date. 3Less than $50,000. 718 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2c.—Asia and All Other For- Egypt Date Asia M m C a h n o a i s d i n n a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan K l p i R o c u r e b e o - - a f , 1 ip P p h in il e - s T la h n a d i- O A t s h i e a r ot A h l e l r t A ra u l s i - a C g B o i n e a l g n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u i f c i t o a h n Other land Sudan J.951--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—Mar. 31», 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 i.3 4.5 5.7 Apr. 30. .101.9 8.1 3.2 3.9 .5 15.1 16.2 30.6 (S) 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 A 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 14.3 6.3 1.0 5.9 9.6 1955—Tan. 31 .. 152.3 8.1 3.4 3.6 .9 18.2 10.8 48.1 A 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 Mar. 31 P 167 1 8 0 4 0 4 9 5 16 4 7.5 57 6 5 9 8 11 9 46.0 36.5 10.9 5.6 1.0 6.8 12.3 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES* [In millions of dollars] U. S. Government bonds U. S. corporate ^onds and notes and stocks Foreign bonds Foreign stocks Year or month Net Net Net Net pur- pur- pur- pur- Pur- Sales chases Pur- Sales chases Pur- Sales chases Pur- Sales chases chases or sales chases or sales chases or sales chases or sales <-) (-) (-) (-) 1951 673.6 1,356.6 -683 0 859. S 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 !s>54—March. .. 55.0 22.1 32.9 98.0 95.8 2.2 46.8 82.6 -35.8 32.6 41.6 -9.0 April .... 65 ? 30.0 35.2 112.1 96.5 15.6 49 7 75 4 —25 7 31 3 46 5 — 15 2 87.3 88.4 -1.2 110.8 96.4 14.4 37.3 34.3 3.0 29.5 56.1 -26.6 June 49,2 27.7 21.4 107.2 99.9 7.3 57.8 48.9 8.9 29.7 79.6 -49.9 July 33 4 24.3 9 1 133.2 100.5 32.7 57 3 49.0 8 3 34 8 39 6 —4 8 August 86.9 33.9 53.0 110.6 108.5 2.1 70.7 37.5 33.2 37.5 101.4 -63.9 September 38 6 39.2 — .6 103.8 86.6 17.2 126 0 78 7 47 3 30 5 41 0 — 10 5 October 48,0 25.9 22.1 117.2 111.4 5.7 103.5 53.4 50.1 35.7 49.5 -13.8 November.... 115 1 101.8 13 3 168.9 130.2 38.7 48 2 46 3 1 9 38 0 62 5 —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 -22.6 195 5— Januar v 120.8 81.1 39.7 177.0 148.7 28.2 75.7 62.7 13.0 42.3 87.7 -45.4 FebruaryP 347 3 216 0 131 2 ] 58.2 ] 60.1 — 1 9 132 2 65 6 66 7 42 7 69 4 — 26 7 TvicircliP 84.8 90. 4 -5.6 178.3 160.8 17.5 56.2 35.7 20.5 54.2 74.7 -20.5 TABLE 4- NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t a I u i n n t t i i s t o o e t n i n r - a - s l f c o T t o r r o e i u t e i n a g s l - n France F R m l e G e i d a c p e n e u o r r y - b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- Asia o A th l e l r 1951 —15,9 —568 4 6.0 (3) 1.9 45.9 21 .4 —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 ill .4 191.6 4.7 —9.5 1 .9 1953 22.7 —34.3 -41.7 .2 57.1 71.3 -24-. 0 62.4 -120.6 24.9 (8) — .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 £954—Mar.... .5 34.5 21.4 -.1 -.4 2.3 9.2 -2.1 30.2 -.3 3.2 (s) 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 (3) -.4 5.4 3.4 .2 10.8 -34.3 14.8 — 2 .4 June,.. .5 28.1 1.5 (3) .2 -.2 3.5 -.4 4.6 -8.7 31.2 A .7 July. . . -4.4 46.2 3.0 (") (3) 24.8 5.7 -.6 32.8 -3.5 15.8 1.1 .1 Aug 41.2 13.8 .1 (3) .6 .5 6.5 -2.4 5.2 -1.7 JO.5 „. 3 .1 Sept... . 2.0 14.6 .2 i ,1 1.2 .7 5.3 7.3 -4.5 11.2 '.5 .1 Oct.... 25.6 2.2 .9 — 1.2 4.5 5.9 -1.7 8.6 -5.2 .1 .1 -1.4 Nov.... -.6 52.6 3.0 .1 .3 13.0 8.0 -6.4 17.9 -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—Jan.. . . 2.0 66.0 2.4 (3) .5 20.1 17.9 3.8 44.7 -7.9 29.1 .3 -.2 Feb.P. . 1.6 127.7 . 7 .1 -5.0 13.0 22.0 17.2 48.0 76.3 3.3 .2 Mar*. . .3 11.6 1.3 .1 -16.7 19.9 -2.8 -4.0 -2.3 -8.1 6.0 14.6 1.3 ppreliminary. 1Not reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. 3Less than $50,000. * Includes transactions of international institutions. JUNE 1955 719 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] Inter- Total Latin Assets in custody Y m e o a n r th or na in ti s o t n i- al fo co re u i n g - n E T u o ro ta p l e C a a da n- Amer- Asia o A th ll er Date Deposits tutions tries U se . c S u . r i G ti o e v s2 t. la M n i e s o c u el 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 1953 —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—May 31 527 2,969 93 June 30 545 2,900 87 1954—Mar.. . .1 -44.8 8.3 -53.2 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—Tan. 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.... -2.6 -29.9 -22.7 -14.6 3.6 -5.3 9.2 May 31 402 3,264 141 F M eb a . r . P P . . . 9. . 3 3 3 - 0 .2 .6 - -3 8 . . 7 4 4 3 2 . . 8 5 2. . 0 1 -3 - . . 7 9 -1.8 .6 1955—May 4 357 3,141 136 May 11 388 3,168 138 May 18 407 3.207 137 ^Preliminary. May 25 406 3,220 137 Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 723, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Y m ea o r n o th r pro w d o u r c ld tion Total Africa North and South America Other U.S.S.R.1 r m ep o o n r th te 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 B C e 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= 155Ai grain.- of goldHo fine: i e., an omce of fitte gold = $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 69.0 142.4 16.9 15.3 4.6 9 1 37 7 7.8 1954 462 4 18 8 27.6 13 0 65 4 152.8 13 2 8 2 7 7 1954—March. . 68.7 37.5 1.5 2.2 1.2 5.4 12.9 1 .6 1.1 .4 7 3 5 .7 April 66 0 37 0 1 .6 2.2 1 .1 4.9 12.5 8 9 3 7 3 2 7 jVIay 68.9 38.3 1.6 2.3 1.0 5.0 13.4 1.3 1.0 .5 .7 3.3 .6 Tune 70 0 38 3 1 7 2 3 1 0 6 1 13 2 1 2 1 2 3 7 3 3 7 July . 71 .1 39.4 1.6 2.3 1.0 6.1 13.3 1 0 1 0 .4 8 3 4 7 August 71.4 39.8 1.6 2.4 1 .4 5.8 12.9 1.4 1.2 .3 .7 3.2 .7 September. 70.2 39.9 1.5 2.4 1.1 5.1 13.1 .9 1.1 .4 .7 3.4 .6 October . 71.3 40.5 1.7 2.3 .9 5.6 13.3 1.4 1.1 .3 .6 3.1 .6 November. 72.0 40.7 1 .6 2.3 .9 5.6 1.3.5 1.2 1.2 .4 .6 3.3 .6 December 40 8 1 5 2 3 .9 5 8 13.5 8 7 6 1955—Tanuary .. 40 7 1 .4 2.2 1.5 5.0 12.8 1 6 6 5 February 38 8 2 2 4 8 12 3 1 i 6 March 42 3 2 2 5 4 13.0 6 .6 Gold -production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2Reported 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 Meta Statistics. 4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1.948, 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. 720 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] 1951 1952 1953 1954 1955 Area and country Dec. 31 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31Mar. 31 P Continental Western Europe: Belgium-Luxembourg (and Belgian Congo) 898 1,052 1,044 1,081 1,098 1,124 1,055 1,024 1,039 1,087 Denmark 76 93 102 113 127 133 124 107 102 100 Finland 53 52 60 57 64 71 73 69 72 69 France (and dependencies)1 896 883 926 1,003 1,049 1,060 1 ,092 1,124 1,358 1,417 Germany (Federal Republic of). . . 434 770 893 1,053 1,225 1,381 1,503 1,822 1,999 2,125 Greece 49 67 82 89 112 123 125 105 124 141 Italy 633 651 660 714 812 841 802 874 925 957 Netherlands (and Netherlands West Indies and Surinam) 524 905 953 1,022 1,055 1,064 1,125 1,118 1,118 1,109 Norway 150 171 164 169 171 169 178 177 148 109 Portugal (and dependencies) 331 391 412 437 469 499 516 537 ••560 570 Spain (and dependencies) 128 130 134 138 150 136 142 174 188 209 Sweden 224 283 280 309 335 337 342 399 406 386 Switzerland 1,973 2,051 2,091 2,120 2,133 2,134 2,105 2,172 2,185 2,148 Turkey 165 153 152 157 157 153 151 150 152 154 Other2" 580 922 954 1,040 1,118 1,232 1,285 1,255 1,268 1,338 Total 7,114 8,368 8,574 8,907 9,502 10,075 10,457 10,618 11,107 11,644 11,919 Sterling Area: United Kingdom 2,843 2,318 2,627 2,886 3,051 3,009 3,198 3,536 3,388 3,190 3,138 United Kingdom dependencies. . . . 99 113 113 109 111 108 105 105 J04 103 103 India 309 312 323 334 340 346 329 338 320 334 318 Union of South Africa 197 194 207 212 214 214 221 225 234 232 236 Other 326 347 356 369 354 373 371 373 371 381 401 Total 3,774 3,284 3,626 3,910 4,070 4,050 4,224 4,577 4,417 4,240 4,196 Canada 2,157 2,492 2,435 2,238 2,292 2,417 2,487 2,463 2,543 2,619 2,493 Latin America: Argentina 518 427 485 519 '518 '501 '541 '548 '576 '531 523 Bolivia 51 45 41 47 41 40 35 36 35 32 26 Brazil 417 390 393 451 481 423 431 417 413 442 417 Chile 99 121 128 129 134 121 102 103 117 112 116 Cuba 575 5.1.5 527 579 587 531 548 532 477 '423 418 Dominican Republic 58 56 59 59 57 51 61 68 73 72 75 Guatemala 54 61 73 72 63 65 80 75 64 62 72 Mexico 366 375 393 339 325 341 329 258 315 391 3426 Panama, Republic of 68 81 91 97 102 90 93 87 76 74 82 Peru 93 107 113 109 106 104 109 103 110 118 117 El Salvador 54 55 84 74 63 56 80 74 58 59 72 Uruguay 306 301 309 311 311 337 329 335 329 317 312 Venezuela 445 519 490 530 571 595 562 621 614 597 579 Other 256 326 351 356 347 366 410 463 401 '441 322 Total 3,360 3,379 3,537 3,672 '3,706 '3,621 '3,710 '3,720 '3,658 '3,671 3,557 Asia: Indonesia 421 296 275 246 198 184 166 140 168 181 194 Iran 163 157 156 155 168 181 185 172 164 169 178 Japan 729 ••929 '1,019 1,015 '1,055 '951 '800 '740 '794 '851 843 Philippines 337 324 334 316 318 304 319 308 318 266 264 Thailand 210 294 306 311 304 281 268 243 238 236 245 Other 325 360 401 363 374 401 451 444 465 520 554 Total 2,185 '2,360 '2,491 '2,406 '2,417 '2,302 '2,189 '2,047 '2,223 2,278 Eastern Europe' 309 307 307 306 314 306 308 309 309 310 All other: Egypt 285 234 227 229 218 217 224 226 219 221 228 42 49 57 61 63 67 74 67 70 68 71 Other 327 283 284 290 281 284 298 293 289 289 299 Total 19,226 '20,473 '•21,254 '21,729 •22,582 '23,055 r23,673 •24,027 '24,469 '24,995 25,052 Total foreign countries 3,171 3,287 3,249 3,272 3,212 3,331 3,401 3,364 3,536 3,560 3,562 International5 22,397 '23,760 '24,503 '25,001 '25,794 '26,386 '27,074 •27,391 '28,005 '28,555 28,614 Grand total I p Preliminary. 'Revised. 1 Includes gold reserves of Bank of France and French dependencies only. '-Includes holdings of other Continental OEEC 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. 51 Includes latest available figure for Mexican gold reserves (January 31). 4 Excludes 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 international organizations. NOTIS.—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. JUNE 1955 721 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- U.S.S.R.)1 Treasury Total* 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35.970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952— Dec '•36,280 23,187 23,252 706 21 317 896 42 214 31 23 1953—Dec »-36,700 22,030 22.091 371* 776 21 321 996 42 86 186 31 23 1954—Apr 21,969 22,083 371 788 8 321 1L.030 42 186 31 23 May... 21,973 22,039 371 779 5 321 1,034 42 186 31 23 June... '•37,090 21,927 22,027 371 765 5 321 1,042 42 186 31 23 July.... 21,908 21,960 371 765 5 322 L.050 42 186 31 23 Aug.. . . 21.809 21,897 371 756 5 322 1,052 42 186 31 23 Sept 37.200 21.810 21.863 371 760 5 322 1,059 42 186 31 23 Oct 21.759 21,827 371. 760 5 322 i .065 42 186 31 23 Nov. 21,710 21,791 371 767 3 322 L071 42 186 31 23 Dec 37,340 21,713 21,793 371 778 3 322 1,080 42 186 31 23 1955—Jan 21,714 21,786 371 781 322 1,083 43 186 31 23 Feb.... 21 ,716 21,788 371 797 322 1,086 43 186 31 23 Mar.. . . "P37',S66" 21 ,719 21,763 371 824 322 ,007 43 186 31 23 Apr 21,671 21,724 839 322 . 103 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 si o a - 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—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 27 247 138 346 62 796 45 38 35 i 955—Tan 174 576 650 27 247 138 63 796 45 38 35 Feb 174 576 700 27 247 138 796 45 38 35 Mar 174 576 71.4 247 138 70S 45 38 35 Apr.... 174 576 722 138 800 45 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l z a w e n r i d - t- T la h n a d i- Turkey U K d n i o n i m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a 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 L,504 118 154 41,688 178 373 1.451 68 1950 -Dec 192 23 197 61 90 1,470 118 150 43.300 236 373 1.495 167 1951 -Dec 265 26 190 51 152 1,452 113 151 42,335 221 373 1,530 115 1952 -Dec 286 29 170 51 184 1,411 113 143 41,846 207 373 \ 692 196 1953—Dec 361 29 176 54 218 1,459 113 143 42,518 227 373 1,702 193 1954— Apr 391 29 180 54 218 1,471 113 144 42,820 227 373 1,729 197 May.... 393 29 180 55 218 1,450 113 144 42,985 227 373 1,727 186 June 393 29 187 56 219 1,469 113 144 43,017 227 403 L ,727 182 July.... 403 29 188 56 219 .,485 113 144 43,013 227 403 1,733 186 Aug 410 29 193 56 219 L.490 113 144 42,918 227 403 L, 734 193 Sept 416 29 195 56 219 L.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 1.13 144 42.762 227 403 1,740 196 1955—Jan 431 29 195 56 265 1,512 113 144 42,763 227 403 1,744 198 Feb 431 29 201 56 265 ,501 113 144 42,681 403 , ,744 209 Mar.. . . 438 29 203 56 265 ,409 144 4 2.667 403 1,744 204 Apr. . 29 208 56 258 1.493 144 42,686 403 204 * 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. 2Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 8Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949. p. 86, and February 1949, p. 196, respectively. 722 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] Gerq Y u e a a r r t e o r r Total K U in n g i d te o d m g B i e u l m - France R m e F p a e . n d 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 h p er e1 Canada A t r i g n e a n- Cuba Mexico 1945 .. . -452.9 31.1 278 s -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 6 311 727 5 —650 45 4 1948 ,. . 1,510.0 734.3 69.8 15 8 40.7 63.0 3.0 —5.6 5.8 114 1 — 10 0 61.6 1949 193.3 446.3 -41,0 —23 5 14 0 -40.0 2-159.9 3.4 -49.9 -10. 0 -16. 1 1950 — 1,725.2 —1,020.0 —55.0 -84 8 -79 8 -15.0 —22.9 -38 0 -68 0 -too 0 28 9 —1189 1951 75.2 469 9 — 10.3 —20 0 -4. S -34.9 —32.0 -15.0 —60 1 — to 0 -49 9 --20 0 —60 1952 393 7 440 0 —3 8 — 10 0—1000 -5 0 22 5 -17 3 7 —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 1953 Jan.-Mar.. -599.1 -320.0 -36.5 -30.0 -25. 0 -15,0 -10.0 -20.0 -45.0 -54.9 -28. Apr -June — 128 2 —40 0 -3 4 — 10 0 — 15 0 —25 0 -8 8 —20 0 July-Sept. -306 6 —120.0 — 12 4 —40 0 —40. 0 -15.0 ••-i6.6 — 15.0 —42 8 — 10 0 Oct.-Dec. -130.3 -32.6 -50.0 -15.0 -5.0 -15.3 1954 -63.0 —40.0 -20.0 —2.4 A.pr -June — 19 6 —50 6 — 15 6 -5.0 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 1955 Jan -Alar. -36 9 -22.5 — 10.0 —5.0 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 i m a t c h t a e i e n r r - Oc A a e n s a d i n a ia A U So f n o r u i i f o c th a n o A th l e l r Period T e u r n e r d y a s o - f p T e o ri t o a d P I i n n s g c to o r t e o l c d a t k a se l g p e o o x N ld r p t e o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- p D ti r c o t o i m d o g n u o e c l s d - - 1945 -37.9 -73.1 -27.8 3-188.3 3.7 1946 -4.9 —9 2 25.0 13.7 94.3 22.9 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1944 20,619 20.631 -1,349.8 -845.4 -459.8 35.8 1948 10.7 -1C8.0 13.4 -4.1 498.6 6.9 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1949 -14.4 —50.0 -7.5 -52.1 195,7 -1.6 1946 20,529 20,706 623.1 311.5 465.4 51.2 1950 —64 8 -17.2 -35.4 13.1 4-47.2 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1951 22.2 -.9 •--17.2 6-50.1 52.1 4-84.0 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 1952 . . .. 14 Q -25.1 -7.0 11.5 -2.0 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1953 -15.0 -3 8 -6.1 -9.9 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 1954 -5.0 -30'. 6 17.2 -10.4 . -.4 1951 22,695 22,873 52.7 -549.0 617.6 66.3 1952 23,187 23,252 379.8 684.3 -304.8 67.4 1953 1953 , . 22,030 22,091 -1,161.9 2.2-1,170.8 69.0 1954. 21,713 21,793 -297.2 16.6 -325.2 65.4 Jan.-Mar -10.0 -3.6 -1.1 O ] A u c I p y t r - - - S D J e u e p n c t e —5 0 — .1 i — — — 2 1 1 . . 4 4 .2 -9.9 1954— J J M u u l n a y e y . . . . . . 2 2 2 1 1 1 , , , 9 9 9 2 7 0 7 3 8 2 2 2 2 2 1 , , , 0 0 9 3 2 6 9 7 0 — - - 6 1 4 1 6 4 . . . 5 6 1 3 1 1 . . , 5 2 3 - - - 4 1 7 8 2 6 . . . 4 7 9 6 5 6 , . . 1 0 1 Aug... 21,809 21,897 --63.6 1.7 —65.4 5.8 1954 Sept.. . 21,810 21,863 -33.6 1 . 1 -34.6 5.1 Oct 21,759 21,827 —36.7 1.6 -34.6 5.6 Tan -Mar — 5 0 -30.0 3 2 3 . 0 2 -8.9 j N De o c v . . . . . . 2 2 1 1 , . 7 7 1 1 3 0 2 21 3 , , 7 7 9 9 3 1 -35 2 . . 9 6 1. . 5 7 -36 1 . . 7 8 5 5 . . 6 8 Tulv-SeDt — 1 2 Oct -Dec. 1.9 -.1 -.4 1955—Tan. . 21,714 21,786 -7.3 2.2 -9.7 5.0 Feb... 21,716 21,788 1.6 3.2 -.8 4.8 1955 Mar... 21,719 21,763 -24.7 2.7 -27.7 5.4 Jan -"Var 3.4 1 -2.7 A M p a r y . . . . . » 2 2 1 1 , , 6 6 7 7 1 4 P 2 2 1 1 , , 7 7 2 26 4 — J 3 » 9 2 . . 4 7 2.5 4 -4 -1 1 . . 0 8 5.0 1 Includes Bank for International Settlements. ^Preliminary. 2Includes sale of 114.3 million dollars of gold to Italy. lSee footnote 2 on opposite page. »Includes sales of 185.3 million dollars of gold to China. 2Change includes transfer of 687.5 million dollars gold subscrip- * Includes sales of gold to Egypt as follows: 1950, 44.8 million tion to International Monetary Fund. dollars; and 1951, 76.0 million. 3 Not yet available. 'Includes sale3 of 45.0 million dollars of gold to Indonesia. 4 Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to 6,890.0 million dollars on May 31, 1955. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. JUNE 1955 723 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 and 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 58,853 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 Capital3 1,806 1,806 1,831 1,830 1,808 Cumulative net drawings Sub- on the Fundx 0 Loans as of April 30, 1955 scription Country® Quota paid 1955 1954 Country* Outstanding in gold Prin- Dis- Undis- Re- Mar. Feb. Jan. Mar. cipal bursed bursed paid Sold Total to others5 Brazil 150 37.5 65.5 65.5 65.5 65.5 Colombia 50 12.5 25.0 25.0 25.0 France 525 108.1 105.0 105.0 105.0 125.0 Australia 258.5 195.3 63.2 195.3 11.2 Germany 330 33.0 -49.5 -49.5 -49.5 -4 ,4 Belgium 106.0 88.0 18.0 2.0 86.0 17.9 India 400 27.5 27.6 53.3 53.3 63.8 Brazil 194.1 139.8 54.3 3.1 136.7 4.0 Indonesia 110 15.5 15.0 15.0 15.0 Chile 37.3 .18.1 19.2 3.9 14.1 .5 Japan 250 62.5 62.4 62.4 62.4 62.4 Colombia . . 78.8 45.4 33.4 4.6 40.8 Mexico 90 22.5 22.5 22.5 22.5 Denmark 40.0 40.0 1.5 38.5 1.3 Turkey 43 10.8 20.0 20.0 20.0 27.0 F F i r n a l n a c n e d 2 5 5 0 7 . . 1 5 2 3 5 3 1 . . 9 0 1 6 6 . . 5 1 5 6 . . 2 8 2 2 4 8 4. . 2 8 23.2 United States 2,750 687.5 -419.0 -450.7 -461.6 -605.9 India 126.0 56.7 69.3 14.5 42.2 5.7 Japan 40.2 21.7 18.5 21.7 6.1 1 Currencies include demand obligations held in lieu of deposits. Mexico 141.3 84.5 56.8 *3.8 80.7 2.6 2 Represents total principal of authorized loans, less loans not yet Netherlands 221.5 221.5 132.6 88.8 8.8 effective, repayments, the net amount outstanding on loans sold or Norway 50.0 25.0 25.0 2.0 agreed to be sold to others, and exchange adjustment. Pakistan 44.5 28.6 15.9 2^3 26.3 2.1 3 Excludes uncalled portions of capital subscriptions. Peru 31.0 4.5 26.5 .4 4.0 1.6 4Loans to dependencies are included with member. Thailand 25.4 23.5 .1 .9 .7 22.8 "Includes also effective loans agreed to be sold but not yet disbursed. Turkey 61.0 32.5 28.6 .3 32.2 sIncludes 159 million dollars in loans not yet effective. Union of S. Africa. 110.0 ] 05.9 4.1 1.3 104.6 8.6 7Includes 84 million dollars not guaranteed by the Bank. United Kingdom. .. 66.0 40.5 25 40.5 6.5 8Includes 125 million dollar subscription of withdrawing member Uruguay 33.0 30.9 2.1 30.0 (Czechoslovakia). Yugoslavia 60.7 54.0 6.7 3.1 50.9 ^Includes countries having cumulative net drawings of 10 million Other 131.4 73.4 58.0 9.2 64.2 2.5 dollars (+ or —) on the latest date. 10 Represents for each country purchases of other currencies from Total 62,164.3 1,614.6 549.7 196.3 1,418.4 7105.2 Fund less purchases of own currency by it or other countries. CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* O as t s h e e t r s N c a o o n t i d n es a v c n o a D d n u i s c n a - e t d s s - Se t c ie u s ri- cir t c io u n la- Bankers' Pub D li e c posit E s GA Other t c l i O i e a a s p t b h a i i t e l n a i r - d l 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17,* 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15,4 4 85.0 18.1 1951—Dec. 26 4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 6 89.8 18 .1 1952—Dec. 31 4 1,575.0 51.3 11.2 371.2 1,525,5 302.8 10.0 24.3 78.5 18 1 1953—Dec. 30 4 1,675.0 57.8 4.9 338 1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—May 26 .4 1,625.0 14.7 7.0 352.5 1,613.4 267.8 14.0 4.6 69.8 18.0 June 30 .... .4 1,675.0 30.2 11.7 374,6 1,647.4 307.7 10.6 8.7 71,3 18,2 July 28 .4 1,750.0 36.8 8.2 338.7 1,715.8 269.1 14.8 10.2 71.3 18.3 Aug. 25 .4 1,700.0 48.7 7.0 310.1 1,654.0 267.2 14.6* 1.7 63.8 18.4 Sept. 29 .4 1,675.0 42.3 6.5 337.6 ,635.4 276.1 16.4 6.3 69.0 18.5 Oct. 27 .4 1,675.0 41.7 2.1 351.1 ,635.9 295.6 9.8 6.3 65.4 17.8 Nov. 24 .4 1,675.0 25.9 4.5 374.9 ,651.9 293.7 11.7 9.6 72.3 17.9 Dec. 29 .4 1,775.0 26.0 8.9 350.7 [,751.7 276.1 15.4 9.6 66.3 18.1 1955—Jan. 26 .4 21,725.0 62.8 16.4 298.0 ,664.9 251.9 16.3 4.7 85.9 18.3 Feb. 23 .4 1,725.0 68.8 52.4 248.1 ,658.9 271.1 11.3 4.7 63.7 18.4 Mar. 30 .4 1,725.0 31.5 16.1 328.8 ,696.3 275.7 11.7 4.1 66.4 18.5 Apr. 27 .4 21,750.0 21.3 18.0 319.2 ,731.5 253.9 18.6 4.6 63.6 17.8 *On 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 and increased by 25 million on Apr. 6. 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. 724 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 Goldi an S d S t e t r a U l t i n e n i s g ted securities O as t s h e e t r s circ N u o la te tion lia O b a t i n h li d 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 m v e e i n n rn t io - n Other capital 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98. 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 1,307.4 541.7 30. 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 1,367.4 578.6 24. 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 ,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 1,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31. 54.9 ,376.6 893.7 112.0 1,599.1 623.9 51.5 29.5 133.1 1954—May 31. 61.5 ,740.4 520.5 103.2 1,546.6 589.3 143.8 30.3 115.7 June 30. 54.2 ,568.5 702.0 112,9 1,553.5 624.4 99,0 41.4 119.2 July 31. 53.6 ,651.2 502 109.9 1,572.1 543.9 50.5 30.9 119.5 Aug. 31. 56.9 ,669.9 502 77.2 1,573.0 531.0 49.6 31.5 121.3 Sept. 30. 57.9 ,660,8 545.6 73.3 1,585.3 521.4 81.8 25.8 123.2 Oct. 30. 52.3 ",438.2 809.9 105.5 1,579.8 595.2 49.8 31.4 149.5 Nov. 30. 57.7 ,444.3 837.5 85.1 1,587.1 528.8 141.1 36.0 131.5 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 ,249.8 876.0 87.7 1,545.9 528.7 56.5 38.6 95.4 Feb. 28. 52.4 ,320.6 815.1 82.1 1,541.7 503.8 63.2 47.3 114.1 Mar. 31 . 50.8 ,325.6 821.6 101.4 1,552.9 541.9 57.5 42.7 104.3 Apr. 30. 59.0 ,385.5 808.4 123.6 1,579.3 570.7 50.8 40.5 135.2 Assets Liabilities B m a il n l ( i k o F n ig o s u f o r f F e s r f r a i a n n n c c e s) Gold* F ch o e r a x e n - i g g e n Open Domestic bills G A o d v v e a r n n c m es e n t t o O as t s h e e t r s ci N r ti c o o u t n l e a- Govern- Deposits O li i a a t t n i b h e d i e s l r market Special Other Current Other ment ECA Other capital 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 64 117,8261471400 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 195I—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 2,310,452 21 2,061 142,823 56,292 1954—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 2,333,133 100 83 128,178 66,377 Sept. 30. 201,282 45,117 262,922 15,058 1,030,309195,000 634,749 224,089 2,443,797 6 90 105,192 59,441 Oct. 28. 201,282 48,971 264,861 32,697 1,027,934195,000 626,249 218,288 2,428,122 93 98 119,406 67,56? 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—Jan. 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 Apr. 28. 201,282 121,962 200,233 28.526 1,113,385190,000 546,749 ^336,2942,544,115 51 11,302 128,552 54,410 !On May i, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 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. ;i includes advance to Stabilization Fund, amounting to 198.0 billion francs on Apr. 28. 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 1.945), see BULLETIN for December 1946, p. 1424. JUNE 1955 725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1954 1955 1954 •Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. 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 1 ,623 Loans and discounts 596,232 644,520552,944 330,917 Other gold and foreign exchange. 1,133 1,195 1,197 1,853 Government loans and securities 456,051 333,685311,817 257,504- Government securities 4,067 4,265 4,235 3,834 Other assets 135,185 148,620106,419 124,724 Rediscounts and loans to banks.. 74,129 72,770 71,123 61,532 Note circulation 617,254 624,736651,156 595,177 Other assets 381 440 386 249 Deposits 666,,333 602,952522,256 413,041 Currency circulation 31,302 31,489 31,526 26,051 Other liabilities and capital. , , , 176.320 172,350146,974 102,519 Deposits—Nationalized 44,394 43,340 41,836 38,302 Central Bank of Costa Rica Other sight obligations 635 543 443 565 (thousands of colones): Other liabilities and capital. . . . 5,004 4,921 4,761 4,173 Gold 11,503 11,503 11,503 11,503 Commonwealth Bank of Aus- Foreign exchange 129,010118,046113,008 105,349 tralia (thousands of pounds): Net claim on Int'l. Fund2 7.032 7.032 7.032 7,032 Gold and foreign exchange 378,687 394,539 405,585 539,055 Loans and discounts 70,418 78,215 90,041 91,625 Checks and bills of other banks.. 8,684 7,990 5,783 10,050 Securities 5,828 6,328 4.786 Securities (incl. Government and Other assets 25,778 25,864 25,072 '27',324 Treasury bills) 454, 166 442.554 432,914 402,491 Note circulation 157,943159,3001.64,829 135,930 Other assets 91 ,810 100 95,958 79,360 Demand deposits 59,148 55.859 55.480 77,424 Note circulation 367, 327 360,077 353,827 349,613 Other liabilities and capital 32,47 31,829 31,133 29,479 Deposits of Trading Banks: National Bank of Cuba Special 295,670295,670 295,670 373,920 (thousands of pesos): Other 26,716 37,202 34,930 34.364 Gold 185,875185,875 185,748 Other liabilities and capital 243,634 252,298 255,813 273,059 Foreign exchange (net) 105,000 93,309 37,989 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 196,603198,629 286,782 Gold 556 556 556 186 Silver 7.616 Foreign exchange (net) 8,11.6 8,352 8,545 8,1.64 Net claim on Int'l. Fund2 12,512 12,512 12,512 Loans and discounts 5.208 5,170 5,137 5,459 Loans and discounts 67,022 55,212 45,922 Claim against Government 1,762 1,774 1,774 1,780 Credits to Government 71,892 69,380 36,162 Other assets 377 378 376 35 Other assets 78,158 78,154 68,656 Note circulation 12,145 12,062 12,028 10,544 Note circulation 431,27 121,291 426,498 Deposits—Banks 1,690 1,860 2,044 2,562 Deposits , . 265,894 252,593 238,079 Other 501 613 595 757 Other liabilities and capital. . 19,890 19.188 16,810 Blocked 1,683 1,695 1,723 1,761 National Bank of Czechoslovakia 3 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold 41,938 41,203 39,834 39,380 Gold 68 68 68 69 Foreign claims and balances (net) 12,180 1.2.535 12,419 12,335 Foreign exchange 705 693 693 1,010 Loans and discounts 5,890 7,920 5,815 5 ,655 Loans and discounts 241 239 173 193 Consolidated Government debt 34,660 34,660 34,660 34,660 Securities 473 474 475 503 Government securities 8,823 7,994 8,722 7,812 Govt. compensation account. .. 3,144 3,144 3,147 3,233 Other assets 5,004 4.935 4,666 4.450 Other assets , . 588 480 638 121 Note circulation 103,811104,039101,265 98,157 Note circulation 1,986 1,973 1 ,983 1,981 Deposits—Demand 1,600 2,1 76 1,745 1,989 Deposits—Government 1.300 1,298 1,297 1 ,374 KCA 96 96 96 115 Other 1,732 1,630 1,645 1,548 Other liabilities and capital 2,988 2,937 3.009 4,031 Other liabilities and capital. . . 202 198 269 226 Central Bank of Bolivia—Mone (Dec. 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) 1,469 M2, 745 Foreign exchange (net). 11,815 12,818 .14,137 25,358 Loans and discounts 26,076 6,411 Net claim on Int'l. Fund3 1 .250 1,250 1 ,250 1,250 Government securities 2,505 2,505 Loans and discounts 3,999 3,95 3,422 1,661 Other assets 802 235 Government securities 8.890 8.890 8.890 9,420 Note circulation 21,120 13,779 Other assets 14.574 14,448 14,247 6,807 Deposits 7,096 3,309 Note circulation 41,391 41,002 40.575 35,703 Other liabilities and capital 3,769 6,710 Demand deposits 8. 706 10,004 11.089 18,842 Central Bank of Ceylon (thousands Other liabilities and capital. . . 2,508 2,434 2,358 2,028 of rupees): Central Bank of Ecuador Foreign exchange 580,525565,657577,008 391,747 (thousands of sucres): Advances to Government....... 100 Gold 343,321343,229342,954 342,395 Government securities 22.918 18 043 24,016 79.327 Foreign exchange (net)........ 94,393 82. 894138,186 59,353 Other assets. 8,634 4 501 3,251 3,820 Net claim on Int'L Fund2 18.757 18, 757 18,757 18,757 Currency in circulation 385,261379 679 368,179 355,713 Credits—Government........ 364,358 03 ,,125370,478 372,967 Deposits—Government 75,034 61 279 52,805 700 Other 221,193207., 689168,370 173,355 Banks 100,833 97 525 134,450 73,283 Other assets ,. . 223,315211.565219,352 193,856 Other liabilities and capital.... 50,949 49, 719 48,842 45,298 Note circulation 634,668 ,647646,437 593,720 Gentral Bank of Chile (millions Demand deposits—Private banks. 219,845 ,597204,907 179,392 of pesos): Other 168.358 ,286172,195 167,736 Gold 5,747 5 ,746 5,744 5,661 Other liabilities and capital 242,467 ,729234,558 219,834 Foreign exchange (net) 504 r\ ,694 n , 569 538 National Bank of Egypt (thou- Discounts for member banks.... 4,238 4.047 4,602 2,490 sands of pounds): Loans to Government 15,885 15,885 15,885 11.509 Gold 60,553 60,553 60,553 60,553 Other loans and discounts...... 13,444 11,724 10,160 7,543 Foreign assets4 180,795 179,292179,400 24,301 Other assets 3,784 '3.665 '3,209 3,590 Egyptian Govt. securities 74,499 105,155105,151 247,804 Note circulation 32,239 30,550 28,192 r20,519 Clearing and other accounts (net) -11,323 -8,375 -7,286: Deposits—Bank 4,272 3,568 4,824 5,016 Loans and discounts 20.661 22,242 25,284 13!656 Other 2,246 2,322 1,668 621 Advances to Government Other liabilities and capital 4,846 6,320 6,485 ••5,176 Other assets 2,389 1,641 1,562 1,617 Bank of the Republic of Colombia Note circulation 172,920 173,133 179,195 169,070 (thousands of pesos): Deposits—Government 58,360 94,358 94,079 61,109 Gold and foreign exchange 248,058 248,834 324,826 373,216 Other 78,521 75,028 74,289 108,579 Net claim on Int'l. Fund2 24,380 24,380 24,380 24,377 Other liabilities and capital 17,773 17,990 17,099 9,172 •Latest month available. rRevised. 1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 4Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities. 726 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Note circulation 7,614 7,428 7.464 5,331. Gold 71,507 71 ,568 71,653 72,358 Deposits—EGA 495 495 495 495 Foreign exchange (net) 64,511 65,839 68,563 75,731 Other 2.21.1 2,184 1 ,951 1,429 Net claim on Int'l. Fund1 1 ,569 1 ,569 1 ,569 1,567 Other liabilities and capital..... 809 813 669 590 Loans and discounts 34,158 30,462 36.974 7,551 Central Bank of Ireland (thousands Government debt and securities. 15,297 15,939 9,214 14.425 of pounds): Other assets 7,075 6,686 6,879 5.544 Gold 2.64.6 2.616 2,646 2,646 Note circulation 98,095 99,861 104,033 97,576 Sterling funds 69,952 71 ,339 70,946 65,574 Deposits 87,003 83,319 82,104 7.1 .068 Note circulation 72,598 73,985 73,592 68,220 Other liabilities and capital.... 9,019 8,882 8,714 8,533 Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold • 4 4 4 kaa): Foreign exchange 66 74 67 Gold 6.891 6,909 6,909 5.862 Advances to Treasury 567 567 567 567 Foreign assets (net) 29,771 30,260 29,416 13,739 Loans and discounts 393 378 435 343 Clearings (net) 3,653 4,734 4,437 9,940 Government securities 350 362 348 290 Loans and discounts 39,100 35,787 33,974 36,309 Other assets 765 802 764 713 Securities 2,096 2,157 2,184 2.192 Note circulation .422 1,434 1 ,435 1,343 Other assets. 1,984 2,010 2,108 2,354 Deposits—Government 50 48 43 47 Note circulation 49,713 48,746 48,151 45,508 Demand 61 611 56 54 Deposits 18,782 20,209 18,979 10,268 Other 483 502 514 421 Other liabilities and capital..... 15,000 12,902 11,899 14,620 Other liabilities and capital.... 129 137 143 119 Bank of German States2 Bank of Japan (millions of yen): (millions of German marks): Bullion 448 448 448 448 Gold 3,033 2.998 2,898 1.738 Advances to Government 1 .250 050 1 ,283 1,400 Foreign exchange 8,606 8,6.1.0 8,599 7,800 Loans and discounts 224,9192 72,450283 ,1.15438,937 Loans and discounts 1 ,581. 2,192 1,638 1 ,781 Government securities 429.798 482.238399.133 209.937 Loans to Government 4,524 4,385 3, .138 5, .134 Other assets 110.920 92,694 103.270 Other assets 897 955 1. ,128| 786 Note circulation 550.53 703546,922 543,973 Note circulation 12,642 12,477 10,738 11,588 Deposits—Government 46,018 ,816 56,546 42,200 Deposits—Government 1,072 1,225 1 ,060 1,180 Other 78,142 71.355 77,976 77,223 Banks 2,890 3,094 3,445 2,438 Other liabilities 92.641 4.74 95.228 90,537 Other 277 537 336 276 Bank of Mexico (millions of pesos) : i Other liabilities and capital. . . 1,760 1.807 1,822 1,758 Monetary reserve0 1,524 1,229 Bank of Greece^ (millions of drach- "Authorized" holdings of secu- 539 1.520 mae): rities, etc 4.129 3.763 3.777 3,335 Gold and foreign exchange (net) 5,295 45,171 Bills and discounts '620 779! 715 857 Loans and discounts 180 '136 Other assets 52f 78SJ 771 933 Advances—Government 8.577 48.535 Note circulation 4.16/ 4.1531 4.205 3,605 Other 4,435 •Ki, 7S0 Demand liabilities 1 ,928 2.002 i ,876 1 ,311 Other assets 1.317 *1,857 Other liabilities and capital.... 703 7:0 702 1 ,438 Note circulation 3,773 43.443 Netherlands Bank (millions of Deposits—Government 1 ,1 54 41,509 guilders): Re r c e o li n ef s tr a u c c c t t i s on and 7,054 46,564 S G i o lv ld er . ( .; including subsidiary coin) 3.03 1 0 9 3.02 1 3 6 5,01 1 5 6 2,92 1 4 3 Other 3.745 42.800 Foreign assets (net) 1 .481 1 ,480 I. .465 1 ,410 Other liabilities and capital . . 4,077 ±5.163 Loans and discounts 45 2vS 51 29 Bank of Guatemala (thousands of Govt. debt and securities 800 800 685 914 quetzaies): Other assets 437 443 434 459 Gold 27,227 27,227 27,227 27,228 Note circulation—Old 28 28 28 30 Foreign exchange (net) 22.596 17,306 14,505 23,311 New 3,552 3.52 7 5,583 3,267 Gold contribution to Int'l. Fund 1 ,250 1 ,250 1,250 1,250 Deposits—Government 735 583 616 618 Rediscounts and advances 8,632 10,317 11,456 16,558 EGA 610 653 653 856 Other assets 34,825 36.395 37,374 35,56 Other 644 766 533 761 Circulation—Notes 49,212 49,773 51 ,136 53,315 Other liabilities and capital.... 244 243 253 217 Coin 3. 739 3,772 3,767 3,674 Reserve Bank of New Zealand Deposits—Government 9.838 9,279 9,095 3,061 (thousands of pounds); Banks 16,521 13,920 12,443 1.9,178 Gold 6,161 6.171 6,168 Other liabilities and capital. . . 15,220 15,752 15,371 24,687 Foreign exchange reserve 45 ,128 45.551 83.648 National Bank of Hungary 5 Loans and discounts 31 .358 30,440 12,442 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings 50,536 50.503 '55,589 Issue department: Investments 33. 179 33.446 23,902 Gold at home and abroad.. 40C 400 400 Other assets 1 ,755 1,276 1,569 Foreign securities 6,468 6.632j 6,78: Note circulation 69.865 68,671 69,145 Indian Govt. securities 5,03' 4,4771 4,21. Demand deposits 88.963 89,305 104,545 Rupee coin 1 ,022 1,037 981 Other liabilities and capital.... 9.588 9,110 9,627 Note circulation 12,771 12,420 12,172 Bank of Norway (millions of kroner) : Banking department: Gold 203 203 203 218 Notes of issue department. . 159 126 201 Foreign assets (net) — 251 -308 -340 26 Balances abroad 831 655 741 Clearing accounts (net) —42 —57 -39 Bills discounted 104 45 1.12 Loans and discounts 68 61 67 Loans to Government 9 8 Securities 82 30 Other assets 1 ,189 3.117J 1 ,303 Occupation account (net) 5.546 5 ,54-C ,546 5,546 Deposits 1,890 1,572' 2,00 Other assets 63 58 53 65 Other liabilities and capital. 399 380 366 Note circulation 3.099 3 .130 , 090 2,968 Bank Indonesia (millions of rupiah) Deposits—Government 1.2.1.6 952 999 1 ,699 Gold and foreign exchange (net).. 1,399 1 ,406 1,267 656 Banks 454 628 639 655 Loans and discounts 337 314 393 581 FOA—MSA 520 165 165 146 Advances to Government 9,085 8,885 8,558 6,374 Other liabilities and capital 371 625 61.2 447 Other assets 308 314 361 235 r Revised. 1This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2Combined figures for the Bank of German States and the nine Land Central Banks. »On May 1, i954, 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. fiFor last available report (February 1950), see BULLETIN for September 1950, p. 1263. 6Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 727 JUNE 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1955 1954 Central Bank 1955 1954 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. State Bank of Pakistan (millions of Sank of Sweden (millions of kronor): rupees): Gold 569 584 584 4.81 Issue department: Foreign assets (net) 860 924 973 1,357 Gold at home and abroad... 81 81 81 81 Net claim on Int'l. Fund2 129 129 129 129 S P t a e k r i li s n ta g n s e G c o u y ri t t . i e s s ecurities. . . 1,4 4 5 3 5 2 1,4 4 5 2 9 8 1,4 4 5 2 9 8 , 1 ,2 4 8 9 3 9 Sw v e a d n i c sh e s G to o v N t. a t s i e o c n u a r l i t D ie e s b a t n O d ff a i d c - e3 ,939 2,777 2,953 2,331 Govt. of India securities 221 221 221 146 Other domestic bills and advances 252 203 59 471 India currency 300 300 300 300 Other assets 996 1 .055 1 ,028 845 Rupee coin 48 47 48 55 Note circulation ,857 4.756 4,793 4.575 Notes in circulation 2,426 2,440 2,445 2,296 Demand deposits—Government. 100 129 144 321 Banking department: Other 105 96 103 33 Notes of issue department.. 111 95 92 68 Other liabilities and capital... 683 691 685 686 Bills discounted 1 Swiss National Bank (millions of Loans to Government 64 43 69 38 francs): Other assets 329 396 392 337 Gold ,235 6,259 6,269 6,139 Deposits 403 434 447 332 Foreign exchange 564 561 576 484 Other liabilities and capital. 102 100 107 112 Loans and discounts 110 112 103 149 Central Bank of Paraguay (Sept. Other assets 90 95 84 75 (thousands of guaranies): 1954)* Note circulation .084 5,105 5,045 4.926 Gold1 3,984 2.846 Other sight liabilities ,719 1 ,727 1,788 1,722 Foreign exchange (net) . 58,730 78,846 Other liabilities and capital 196 196 200 200 Net claim on Int'l. Fund2 40 28 Central Bank of the Republic of Loans and discounts 469,142 458,941 Turkey (millions of pounds): Government loans and securities. 489.182 541,764 Gold 402 402 402 402 Other assets 368,608 165,819 Foreign exchange and foreign Note and coin issue 604,602 606,447 clearings 184 198 199 201 Deposits—Government 152.644 136,544 Loans and discounts ,964 2,898 2,841 2,124 Other 159,663 159,723 Securities 30 30 30 25 Other liabilities and capital 472,778 345,532 Other assets 99 96 102 120 Central Reserve Bank of Peru Note circulation ,608 1,575 1 ,566 1,432 (millions of soles): Deposits—Gold 154 154 154 154 Gold and foreign exchange 628 6.17 567 413 Other ,373 1 ,401 1,360 836 Net claim on Int'l. Fund2 67 67 67 67 Other liabilities and capital. . 543 494 493 451 Loans and discounts to banks. . . 485 508 546 598 Bank of the Republic of Uruguay (Nov. Loans to Government 1,103 1,108 1,091 1,107 (thousands of pesos): 1.954)* Other assets 77 64 93 114 Gold 344,167 344,167 Note circulation 1,744 1,726 1 .737 1,645 Silver 8,560 8,647 Deposits 465 500 440 432 Advances to State and Govern- Other liabilities and capital .... 152 138 187 222 ment bodies 147,866 112,591 Central Bank of the Philippines Other loans and discounts 381,889 372,846 i thousands of pesos) : Other assets 559,726 580.626 Gold 20.116 20,071 18,813 Note circulation 464,796 451,808 Foreign exchange 343,172343,169 426,797 Deposits—Government 146,586 147,605 Net claim on Int'l. Fund2 29,504 29,504 29,504 Other 315,871 316,662 Loans 31,420 41,706 8,524 Other liabilities and capital... . 51.4,956 502,803 Domestic securities 289,900 282,260 262,640 Central Bank of Venezuela (mil- Other assets 150,096151,694 164.397 lions of bolivares): Circulation—Notes 615,219621,208 606,266 Gold , 233 1,233 1,233 1,141 Coin 761 85,448 84.405 Foreign exchange (net) 331 170 133 381 Demand deposits 117.38311.5.718 166,621 Other assets 131 137 134 98 Other liabilities and capital 45,846 46,031 53,382 Note circulation ,051 1,054 1,031 1,000 Bank of Portugal (millions of Deposits 268 282 278 270 escudos): Other liabilities and capital. . 376 204 192 351 Gold.... 5,551 5,282 National Bank of Federal People's Foreign exchange (net) 13,214 13,018 Republic of Yugoslavia (millions Loans and discounts 856 630 of dinars): Advances to Government 1.398 1,4.18 Gold 470 426 4,400 4,062 Other assets 1 ,064 987 Gold contribution to Int'l. Fund. 369 369 2,369 2,369 Note circulation 10.000 9,473 Foreign assets 071 839 44,978 37,931 Demand deposits—Government.. 1.832 1,890 Loans (short-term) ,239 094 699,565 618,128 RCA 26 6 Government debt (net) 920 431 22,667 29,181 Other 8.053 7,792 Other assets 840 988 27,108 30,686 Other liabilities and capital 2,172 2,176 Notes and coin in circulation. . . . 084 742 86,781 69,521 South African Reserve Bank Demand deposits 945 079 175,389 147,942 vthousands of pounds): Foreign liabilities 285 527 114.464 108,897 Gold 73.699 71.855 71.094 63,896 Long-term liabilities (net) 194 366,101366.074 335,551 Foreign bills 51,299 60.539 67,384 38,177 Other liabilities and capital 401 62836 58.379 60,446 Other bills and loans 27.045 28,131 22,11.5 31,005 Bank for International Settle- Other assets 51,051 59,117 46,185 45.666 ments (millions of Swiss gold Note circulation 102,759101,706100,951 97.766: francs): Deposits 82.559 100,027 88.618 60.881 Gold in bars 626 626 641. 602 Other liabilities and capital. . . 17,775 17,909 17,209 20,097 Cash on hand and with banks 64 73 60 '97 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 615 61.5 613 596 ances (at cost) 503 333 351 433 Silver 323 323 323 336 Time funds at interest 188 225 265 200 O G t o h v e e r r n lo m a e n n s t a l n o d a n d s i s a c n o d u n s t e s curities 2 1 7 5 , , 6 9 5 1 2 6 2 1 7 5 , , 3 9 3 2 2 9 2 15 7 , , 7 6 8 3 1 8 . 2 1 3 5 , ,9 8 3 8 1 5 S F u u n n d d r s y i n b v il e ls s te an d d < in i n G ve e s r t m m a e n n y t! . . . , . . . 4 2 0 9 9 7 3 2 9 9 2 7 3 2 8 9 9 7 3 2 6 9 2 7 Other assets 37.530 36.001 36,232 33,709 Other assets 1 1 3 8 Note circulation 42.297 41,986 41. ,591 37,738 Demand deposits (gold) 453 453 453 320 Deposits—Government 3,947 4.392 4,859 3,865 Short-term deposits: Other 3.562 3,308 3.353 3.389 Central banks—Own account. ,081 942 1,000 1,131 Other liabilities and capital 32,230 30.515 30,785 29.465 Other 37 37 37 37 Long-term deposits: Special. 229 229 229 229 Other liabilities and capital 287 286 287 282 • 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. 728 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve C a a d n a - U K d n i o i n m t g e - d 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 A 3 a p 0 t r e . ef D fec a t t i e ve ba C n e k n tr o a f— l R A 3 a p 0 t r e . ef D fec a t t i e ve In effect Dec. 31, Argentina Mar. 1. 1936 Ireland...... Mar. 25, 1952 1949 2 3 4 3M 2M Austria June 3, 1954 Italy 4 A Apr. 6, 1950 June 8 1950 Belgium Oct. 29, 1953 Japan 5.84 Oct. 1, 1951 Sent. 11 3% Bolivia.... 6 4 Sept. 30, 1950 Mexico June 4, 1942 Sept. 26 3 Oct. 17 2 Oct. 27 6 Dec. 1 3 Canada IX Feb. 15, 1955 Netherlands 2X Apr. 7, 1953 Apr. 17 1951 4 Cevlon........ June 11, 1954 New Zealand,. Nov. 26, 1954 Tuly 5 . Chile June 13, 1935 Norway 3X Feb. 14, 1955 Sept 13 Colombia 4 July 18, 1933 Pakistan. , July 1, 1948 Oct. 11. 3 Costa Rica. . .. 4 Feb. 1, 1950 Nov. 8 2X Nov 9 4 Jan. 22,1952.. •2 1/ Mar. 12 4 Denmark 5X June 23, 1954 Peru 6 Nov. 13, 1947 May 29 5 Ecuador 10 May 13, 1948 Portugal. . , 2H Jan. 12, 1944 Aug. 1 3 Egypt 3 Nov. 15, 1952 South Africa? Mar. 27, 1952 Aug. 21.. 4^ El Salvador. . . 3 Mar. 22. 1950 Spain 3M July 1, 1954 J D a e r c . 1 8 8 1953 4 3 Finland 5 Dec. 1, 1954 Sweden 3% Apr. 19, 1955 Apr. 7 2X June 11 3% O Se c p t. t . 2 17 9.. sy 2 3X 2% F G r e a r n m ce any1 3 3 D M e a c y . 20 2 , , 1 19 9 5 5 4 4 S T w ur i k tz e e y rland.. 3 VA N Fe o b v . . 2 2 6 6 , , 1 1 9 9 5 3 1 6 Nov. 20 2% Greece........ 9 Jan. 1, 1955 United King- Feb. 4, 1954 3M India I" Nov. 15, 1951 dom Feb. 24, 1955 May 13 3 Indonesia..... Apr. 1, 1946 U.S.S.R 4 July 1, 1936 May 20 3 D Ja e n c . . 27 2 , 1955.. 3X 3 1 Rates established for the Land Central banks. Feb. 15 NOTE.—Changes since Apr. 30: Austria—May 20, from 3}4 to 4J/£ per cent. Feb. 24 4^ Apr. 19... 3% In effect Apr. 30, 1955 4^ 3 3 2M 2% OPEN MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month 3 T m re b o a il n s l u s th ry s1 m Da o d y n a - y e to y - 2 3 B a a m a 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 ll e a o p n o w o k n s a e i n r t s c s ' e D m a d o y a - n y t e o 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 t n o t s hs d P is r r c i a v o t a e u t n e t 1945—March 37 1.03 1 .00 1.00 .50 1.60 2J4--5 1 .25 1946—March 36 53 .51 .63 .50 1 .34 1.05 1 .00 1 r)> 1947—March 40 .53 .51 .63 .50 1 .41 1 65 1 19 2% 1948—March 4! 56 51 63 50 2 09 1 45 99 9 1^_4 W 50 1949- March 42 56 .52 .63 . 50 2.10 1.38 1.01 2X-4X .63 3 950—March 51 69 .52 63 50 2 70 I 45 1 13 L 50 1951—March 76 69 51 63 50 2 45 1 46 1 ?3 3-5 50 1952—March 94 2.48 2.01 1 .82 1 .57 3.51 1.38 1 00 3-5 50 1953—Ma'-ch r 51 3 00 2 40 2 25 2 00 3 93 90 51 3-5 =0 1954—March L.62 2.16 2.10 1.94 1.75 3.42 .45 .50 2M-5 L.50 1954—,\prii L 58 2.17 2 09 L.94 L.75 3.55 .41 50 2^-5 L.50 May L.60 1.89 L.79 .63 L.44 3.54 ,38 .50 L 50 June 57 1 43 1 66 L .61 1.44 L.25 3.57 .38 50 2%~s- L 50 July L.38 1.16 1.60 L.57 .44 L.25 3.79 ,40 .50 2M-5 L.50 AuCTust L.32 1.06 1.61 .60 .44 L.25 3.82 .75 .53 2M-5 September ... L.21 .95 1.64 L.63 .44 L.25 3.77 .88 .51 2^-5 1 50 October L.18 .96 1.62 L.59 .44 L.25 3.65 .88 .63 2M-5 1.50 November L 17 .78 1.62 .60 L.44 L.25 3.51 .87 .50 1 50 December L.08 .76 1.78 L.78 .45 L.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 March 1.13 .98 3.81 3.80 3.29 2.50 3.28 1.16 .71 1.50 r Revised. 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. JUNE 1955 729 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 London clearing b m a i n ll k io s s n . t e s r F o li f i n g g p u ) o re u s n d in s re C se a r s v h es M c n a s o l o h 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 p t i n h l i d i t e t a i r e l s 1949—December. 532 571 1,109 793 1,512 1,534 579 6,202 4,161 2,041 427 1950—December. 540 592 1,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951 -December. 531 598 972 102 1,965 ,950 867 6,333 4,290 2,042 651 1952—December. 549 529 1,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—December. 542 501 1,417 2,275 ,725 729 6,694 4,327 2,363 495 1954— J M un a e y 5 5 3 0 1 1 4 4 5 6 5 3 1 1 , ,1 1 2 7 2 0 2 2 , s3 31 0 1 5 , ,8 8 5 0 6 4 6 71 4 1 3 6 6, , 5 3 3 3 3 5 4 4 , , 1 0 9 0 3 5 2 2 , , 3 3 4 3 0 0 5 5 0 0 1 2 July 534 428 1,185 2,351 ,836 643 6,466 4,121 2,345 510 August. . . 534 438 1,209 2,348 ,840 656 6,519 4,173 2,346 505 September 521 418 1,262 2,360 ,828 670 6,539 4,171 2,367 520 October... 532 437 1,296 2,364 1,836 691 6,609 4,214 2,396 545 November 534 452 1,300 2,364 1.871 725 6,684 4,244 2.440 562 December. 571 498 1,313 2,353 1,920 881 6f94i 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 2,41.3 637 March.... 514 438 966 2,281 2.037 843 6,402 4.017 2,384 677 April 539 434 973 2,217 2,080 811 6,381 4,033 2,3-18 673 Assets Liabilities Canada8 (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k t? . d C e a p n o a s d it a s End of month figures abroad Other Ca i n n a m di i a l n li o d n o s l o la f rs) 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 f u b n o e a d r e n f i n k r g o s e n m t Securities O as t s h e e t3 r Notes* Total Demand Time li c a a b a p i n l i d i t t a i l es 1949—December. 765 133 2.271 146 4,345 1.058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2,776 171 4,286 1J304 7,828 3,270 4,558 ,667 1951—December. 907 107 3,028 227 3,876 1,464 7,896 3,284 4,612 ,714 1952—December. 916 155 3,289 326 3,955 1.516 8,421 3,497 4,924 = 736 1953—December, 906 154 3,897 424 3,831 1,510 8,881 3,847 5,034 ,841 1954—April 892 144 3,925 398 3,780 1,408 8,708 3,397 5,312 ,839 May 866 215 3,925 382 3,780 1,481 8,818 3,441 5,378 ,830 June 872 238 3,943 360 3,806 1,540 8,929 3,506 5,423 ,829 July 780 211 3,924 352 4,096 1,266 8,946 3,474 5,473 ,683 August. . . 809 174 3.917 312 4,220 1,280 9,022 3,487 5,535 ,690 September 802 175 3,890 322 4,337 1,396 9,226 3.641 5,585 , 695 October... 833 293 3,892 330 4,442 1 ,454 9,469 3,781 5,687 ,777 November. 810 297 3,984 334 4,473 1,428 9,462 3,930 5,532 ,864 December. 810 211 3,952 325 4,429 1,706 9,579 3,964 5,615 ,854 1955—January. . 806 176 3,876 288 4,625 1,488 402 3,656 5.746 1,857 February. 760 214 3,857 285 4,707 1 ,663 608 3,728 5,880 1,879 March 791 197 3.873 252 4,795 1,6.19 9,650 3.678 5,972 1 ,877 Liabilities France (4 large banks. End Deposits Own Other of month figures in Cash Due from Bills dis- Other accept- liabilities millions of francs) reserves banks counted Loans assets ances and Total Demand Time capital ? 949—December. 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26.355 15,662 £950—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 l:037,169 994,620 42,549 30.308 34,222 1954—March 43,889 80,266 714,717 201,349 45,611 1,011,093 963,648 42,444 34,322 40,416 April 43,467 78,411 710.596 206,008 45,340 1,007,632 967,024 40,608 31,538 44,652 May 49,186 79.438 719,284 213,557 46,594 1,030,758 989,474 41,284 29,721 47,580 June 45,701 85,313 721,240 214,988 48,348 1,034,079 993,533 40,546 28,422 53,090 July 51,277 90,693 787,897 208,091 49,709 1,103,289 1.061,250 42,039 26,945 57,432 August 47,292 84,294 719,014 227,750 49,845 1,043,036 999,131 43,905 24,248 60.910 September 46,676 87,028 730,466 223,746 52,147 1,052,196 1,007,956 44,241 23.179 64,688 October 51,991 83,631 820,800 214,681 56,909 1,133,087 1,087,933 45.154 25,355 69,570 November 47,696 82,270 797,574 229,729 63,785 1.119,354 1,071,500 47,854 28,515 73,185 December P 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 February 44,424 79,631 815,141 241,070 45,850 1,155,013 1,111,675 43,338 33,543 37,559 ^Preliminary. 1 This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2Represent six-month loans to the Treasury with a yield of % per cent. 3In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures shown may not be strictly comparable with those for earlier dates. Beginning February 1955, when two banks merged, figures are for 10 banks. 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. 730 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada Year or month Basic P ( e p r n e e t f s i e o a r l ) - Free ( t p A r o a u u l s i - n a d * ) ( A sc u h s il t l r i i n a g) B ( e fr l a g n i c u ) m (c B ru r z a e z i i r l o) M B (d r a s o 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 1^50 26.571 13,333 8.289 223.15 1.9908 5.4406 32.788 90.909 91.474 1951 . 20 000 13 333 7 067 273.07 1.9859 5 4406 32 849 94.939 20 000 13 333 7 163 272 63 1 9878 5 4406 3? 601 102 149 195? 20 000 13 333 'i 198 224. 12 3 8580 2 0000 5 4420 32 595 101.650 19^4 20.000 13.333 7.198 223.80 3.8580 1.9976 H.2808 13.5261 32.641 102.724 19«54—June. .. 20 000 13.333 7.198 224.56 3 8580 2,0032 4.2808 3.5261 32 666 101.882 Julv 20 000 13 333 7 S93 224 51 3 8580 2 0009 4 2808 3 5261 32 689 102 611 Alif llSt 20 000 13 333 7 198 224.i3 3 8.S80 1.9994 *4 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 9082 32 625 103.160 December 20.000 13.333 7.198 222.10 3.8580 1.9954 32.544 103.292 ! 9 *5 S—Jam' arv 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 13.333 7.198 222.83 3 8580 1.9890 32 675 101 404 Mav . 20.000 13.333 7.168 222.78 3.8580 1.9896 32 686 .101.405 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 nd a) (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 d n h e d - r s ) Official Free 1949 27.839 19.117 .4671 3017 27.706 12.620 34.528 1.950 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 19*53 21.04-6 ,4354 . 2856 21 0*9 281 27 H 607 26 340 1954 21.017 .4354 .2856 223.838 21.020 280.87 39.052 26.381 1954—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 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 20 022 279 45 8 005 26 290 December 20.863 .4354 ,2856 23.838 20.863 278.74 8.006 26.346 1955—januarv 20.843 .4,154 .2856 23.838 20.843 278.52 8.006 26.340 February 20 834 .4354 .2856 23 838 20 834 278 36 8 006 26 200 Mprch 20 80? 43 5 't .2856 23.838 20.8')2 270.14 8.006 26.207 April 20 030 4354 .2856 23 834 20 030 270 65 8 006 26 307 20.927 4354 . 2856 23.744 20.927 279.59 8.006 26.302 Year or month Z (p e N o a e u la w n n d d ) N (k o r r o w n a e y ) R P e ( p h p p i i e u n l s i e b o p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u o i n c th d a ) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - ( U K p d o n i o u i n m t n g e d - d ) Ur ( u pe g s u o a ) y4 1949 365.07 18 4S1 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 „ /i.704 278.38 19.332 '23 136 280 07 65 833 56 180 42 553 277,19 14 015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56,180 42.553 1Q52 276,49 14,015 *9.675 3.4853 278.20 19.326 23,148 279.26 65 833 56.180 42 553 278.48 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—June 279 03 14 008 49 677 3 4900 280 76 19 333 23 334 281 82 July 278.9? 14.00S 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 23 320 270 72 November 276.68 14.008 49.677 3.4000 278.40 19.333 23.328 270.45 December 275.98 14.008 49 677 3.49C0 277.69 19.333 23 335 278 74 1955— T? nu arv 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 23 320 279 14 April 276 88 14 008 49 677 3 4000 278 61 19 333 23 330 270 65 Mav 276.82 14.008 49.677 3.4900 278.54 19.333 23.333 279.50 1 Based on quotations through Aug. 13, 1954. 2 Based 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.lO-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. 731 JUNE 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U 1 S « 9 n t - 4 1 a i 7 0 t t e e 0 -4 s d ) 9 ( C 1 - a 9 1 n 3 0 5 a 0 - d ) 3 a 9 M (1 1 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 0 e ) o d » m F (1 r 9 1 a 0 4 n 0 9 c ) e = (1 I 1 9 t 0 a 3 0 l 8 y ) = ( a 1 J v 9 a - e 3 p 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 1 9 e 0 3 0 d 5 ) e = n ( S A w = u la i g 1 t n . z 0 d e 0 19 r ) - 39 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—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—January . 110 216 463 »-337 136 5,353 345 138 300 216 February 110 217 468 338 135 5,323 346 137 302 215 March 110 217 478 P33S 135 347 136 P304 215 April 111 219 483 P334 P135 136 215 pPreliminary. ""Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p.1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49 = 100) (1935-39 = 100) (1930 = 100) (1948 = 100) Year or month Raw and Fully and pr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a a t r u n t r l u e y - d fa c m c h a t i u e n f r u l e y - d Foods p I r n o tr d d ia u u l s c - ts Foods t p r I r i n o al d d u u r s c a - t w s fi I n n t i r d s i h u a e l s d goods goods products 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 113 111 116 269 238 242 247 122 171 143 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—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 Oc tober 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 Tanuarv 93 104 115 207 205 222 315 123 158 139 February 93 103 116 207 208 223 311 120 158 139 March 92 102 116 204 206 224 303 117 138 \pril 94 103 116 213 210 224 116 159 138 n.a. Not available. PPreliminary. NOTE.—-For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 732 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- Vear or month ( S U = 1 t 9 n a 1 4 i 0 t 7 t e 0 e - s ) 4 d 1 9 = C ( a 1 a d 9 1 n 4 a 0 - 9 0) 1 K 5 d ( i , J o n 1 a m n 9 g . 5 - 2 F . ( r = 1 a 9 1 n 4 0 c 0 9 e ) N = l ( e a 1 t 1 n 9 h 0 5 d e 0 1 s r ) - 2 1 ( l 9 A a e 3 n r u 9 - d g . - ( U S - 1 n t 1 9 i a 0 4 t t 0 7 e e - ) s d 1 49 C ( a 1 a d 9 n 4 a - 9 1 K 5 d ( , J i o 1 a n m 9 n g 5 . - 2 F « ( r 1 = a 9 1 n 4 0 9 c 0 e ) N = l ( e a 1 1 t n 9 h 0 5 d 0 e 1 s ) r 2 - 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 1 1 9 9 4 4 8 9 1 1 0 0 3 2 1 9 0 7 0 8 8 2 4 t 9 o 0 o 1 1 6 6 3 2 1 1 0 0 4 0 ioo 7 7 2 6 1 9 0 2 0 1 1 7 7 6 4 1950. 103 103 86 111 159 101 103 82 ill 176 1951 111 114 95 130 100 167 113 117 91 128 100 181 1952 114 116 103 145 101 171 115 117 105 141 103 184 1953 114 115 106 144 101 170 113 113 112 137 104 184 1954 115 136 108 143 105 171 113 112 114 135 108 188 f.954—April 115 116 107 142 104 17G 112 110 113 134 107 183 May .... 115 116 107 144 104 170 113 110 112 137 108 186 June 115 116 107 144 106 17! 114 112 114 136 111 18? July .... 115 116 100- 142 105 171 115 112 11? 133 109 183 August. . . 115 117 108 142 105 172 114 114 116 132 108 190 September 115 117 108 143 106 172 112 114 115 134 109 191 October. . 115 117 109 143 105 173 112 114 116 134 108 192 November 115 117 109 144 106 173 111 113 117 135 108 192 December. 114 117 110 145 106 173 no 113 118 136 109 192 1955—January. . 114 116 HO 145 107 172 111 112 119 137 112 190 February. 114 116 110 145 107 172 111 112 119 136 111 189 March. . . 114 116 110 145 107 1.72 111 111 119 136 111 189 April 114 116 111 145 106 172 111 111 120 136 111 189 P Preliminary. H'hevse 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. 2In February 1955 the base period for this index was changed from 1949=100 to 1951=100. NOTE.—For sources and references concerning change;- in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( r n t h a a i i d g t t e e e h d s )1 ( C 1 = a 9 1 n 3 0 5 a 0 - d 3 ) a 9 1 K (D 9 U i 2 e n n 1 c g i e = 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 s d 9 ( C 1 = a 9 1 n 3 0 5 a 0 - d 3 ) a 9 ( K 19 U i 2 n n 6 g i — t d e o 1 d m 00) (1 F 94 ra 9 n = c 1 e 00) N la e n th d e s r s 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 1?1 9 109 6 t?l 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 JOS 3 111.1 85.6 187.7 173.1 9i,l 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 j| 954—April 118 1 99 8 116,6 115.7 100.0 212.7 173 6 97.0 194 256 May 117 5 100 3 117 3 115.4 101.8 219.8 179.5 97.8 199 261 June 117 0 100 3 116.0 - 114.9 105.0 221.8 180.5 98.5 194 269 July... . 117 5 J02 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 22* 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 ••104.3 112.5 124.3 106.9 277.5 213.7 106.7 308 342 April 115.3 105.0 114.7 126.6 286.2 216.5 108.6 337 "•Revised. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Rej>resents 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. NOTK.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. JUNE 1955 733 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. NO YES, Assistant Director JOSEPH E. KELLEHER, Assistant Director ALBERT R. KOCH, Assistant Director DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE LOANS ARTHUR W. MARGET, Director GARDNER L. BOOTHE, II, Administrator LEWIS N. DEMBITZ, Assistant Director DIVISION OF BANK OPERATIONS OFFICE OF THE CONTROLLER ROBERT F. LEONARD, Director EDWIN J. JOHNSON, Controller J. E. HORBETT, Assistant Director M. B. DANIELS, Assistant Controller LOWELL MYRICK, Assistant Director Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT C. CANBY BALDERSTON A. L. MILLS, JR. WILLIAM R. K. MITCHELL, PHILADELPHIA DISTRICT C. E. EARHART J. L. ROBERTSON 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 734 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. Poor man Hencieison Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari E. C. Hill Richard G. WTilgus 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. Colernan C. S. Young Neil B. Dawes L. G. Meyer Bert R. Prall E. C. Harris W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson L. H. Jones 2 Alfred T. Sihler W. W. Turner St. Louis M. Moss Alexander Delos C. Johns Dale M. Lewis H. H. Weigel Caffey Robertson Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis. . , Leslie N. Perrin O. S. Powell E. B. Larson Otis R. Preston 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. Boy sen 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 Hai Bogle W. D. Gentry W. H. Holloway 3 Morgan H. Rice T. W. Plant Harry A. Shuford San Francisco.. A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan 3 Y. Frank Freeman H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City Denver G. A. Gregory Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Charlotte R. L. Cherry Omaha P. A. Debus Birmingham H. C. Frazer Atlanta Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Nashville J. E. McCorvey4 Houston J. L. Cook San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco.... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville V. M. Longstreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Acting Manager. JUNE 1955 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from subscription to monthly chart book includes one the Division of Administrative Services, Board of issue of supplement. Single copies, 60 cents each; Governors of the Federal Reserve System, Wash- in quantities of 10 or more copies for single ington 25, D. C. Where a charge is indicated, shipment, 50 cents each. (Domestic rates) remittance should be made payable to the order of the Board of Governors of the Federal Reserve BANKING AND MONETARY STATISTICS. Statistics of System. banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per THE FEDERAL RESERVE SYSTEM—PURPOSES AND copy. No charge for individual sections (un- FUNCTIONS. Revised edition. July 1954. 224 bound). pages. A STATISTICAL STUDY OF REGULATION V LOANS ANNUAL REPORT of the Board of Governors of the September 1950. 74 pages. 25 cents per copy; Federal Reserve System. Issued each year. in quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- THE DEVELOPMENT OF BANK DEBITS AND CLEARsessions, Bolivia, Canada, Chile, Colombia, Costa INGS AND THEIR USE IN ECONOMIC ANALYSIS. Rica, Cuba, Dominican Republic, Ecuador, January 1952. 175 pages. 25 cents per copy; in Guatemala, Haiti, Republic of Honduras, Mexico, quantities of 10 or more copies for single ship- Nicaragua, Panama, Paraguay, Peru, El Salvador, ment, 15 cents each. Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere $2.60 per annum or THE FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing pro- 25 cents per copy. Group subscriptions in the visions of certain other statutes affecting the United States for 10 or more copies to one ad Federal Reserve System. 372 pages. §1.00 per dress, 15 cents per copy per month, or $1.50 copy. for 12 months. COMPILATION OF FEDERAL AND STATE LAWS RELAT- FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY ING TO BRANCH BANKING WITHIN THE UNITED RATES, AND BUSINESS. Issued monthly. $6.00 STATES (July 1, 1951). December 1951. 33 pages. per annum including one issue of historical supplement (listed below). 60 cents per copy; in RULES OF ORGANIZATION AND RULES OF PROCEDURE quantities of 10 or more copies of a particular —Board of Governors of the Federal Reserve issue for single shipment, 50 cents each. (Do- System (with Amendments). September 1946. mestic rates) 31 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE REGULATIONS OF THE BOARD OF GOVERNORS OF THE CHARTS ON BANK CREDIT, MONEY RATES, AND FEDERAL RESERVE SYSTEM. Individual regulations BUSINESS. Issued annually in September. Annual with amendments and supplements thereto. 736 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS PERIODIC RELEASES EMPLOYMENT IN NONAGRICULTURAL ESTABLISH- MENTS WEEKLY FEDERAL RESERVE PAR LIST (Also annual list. Both available at Federal Reserve Banks only). AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS AND STATE- INTERDISTRICT SETTLEMENT FUND MENT OF CONDITION OF THE FEDERAL RESERVE INDEX NUMBERS OF WHOLESALE PRICES BANKS MONTHLY DEPARTMENT STORE SALES CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS, BY INDUSTRY MONTHLY DEPARTMENT STORE SALES AND STOCKS, CHANGES IN STATE BANK MEMBERSHIP BY MAJOR DEPARTMENTS CONDITION OF WEEKLY REPORTING MEMBER BANKS MONTHLY DEPARTMENT STORE STOCKS IN LEADING CITIES MONTHLY FOREIGN EXCHANGE RATES CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY DEPARTMENT STORE SALES OPEN-MARKET MONEY RATES AND BOND PRICES WEEKLY DEPARTMENT STORE SALES—SELECTED RETAIL FURNITURE REPORT CITIES AND AREAS SALES FINANCE COMPANIES WEEKLY FOREIGN EXCHANGE RATES STATE MEMBER BANKS OF THE FEDERAL RESERVE SYS- WEEKLY REVIEW OF PERIODICALS (Available only TEM AND NONMEMBER BANKS THAT MAINTAIN for domestic distribution) CLEARING ACCOUNTS WITH FEDERAL RESERVE BANKS (Also annual list) SEMIMONTHLY DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER SEMIANNUAL-QUARTERLY BANKS ALL BANKS IN THE UNITED STATES AND POSSESSIONS— MONTHLY PRINCIPAL ASSETS AND LIABILITIES ASSETS AND LIABILITIES OF ALL BANKS IN THE MEMBER BANK CALL REPORT UNITED STATES. (Including Consolidated Statement for Banks and the Monetary System). MEMBER BANK EARNINGS ASSETS AND LIABILITIES OF ALL MEMBER BANKS, BY MEMBER BANK LOANS DISTRICTS SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORA- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS TIONS BUSINESS INDEXES ANNUAL CONSUMER CREDIT (Short- and Intermediate-Term BANKS DEBITS TO DEMAND DEPOSIT ACCOUNTS and Consumer Instalment Credit Extended and Repaid) DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS CONSUMER FINANCE COMPANIES—LOANS OUTSTAND- ING AND VOLUME OF LOANS MADE IRREGULAR CONSUMER INSTALMENT CREDIT AT COMMERCIAL DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND BANKS STANDARD METROPOLITAN AREAS (NOW biennial) DEPARTMENT STORE CREDIT SELECTED LIST OF ADDITIONS TO THE RESEARCH DEPARTMENT STORE MERCHANDISING DATA LIBRARY 737 JUNE 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS NOTES ON FOREIGN CURRENCY ADJUSTMENTS. NO- (Frcm Federal Reserve Bulletin unless preceded by an asterisk) vember 1949. 14 pages. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS A STUDY OF INSTALMENT CREDIT TERMS. Decem- IN THE UNITED STATES. November 1938. 20 ber 1949. 8 pages. pages. MEASUREMENT OF CONSUMER CREDIT. November THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- 1950. 9 pages. SERVE BANKS. February 1940. 8 pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- FOREIGN COUNTRIES—PROCEDURES AND TECH- SERVE POLICY. April 1940. 11 pages. NIQUES. November 1950. April 1951. 19 pages. GENERAL INDEXES OF BUSINESS ACTIVITY. June 1940. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING 7 pages. THE INTRODUCTION OF REAL ESTATE CREDIT REGU- LATION. July 1951. 23 pages. MEASUREMENT OF PRODUCTION. September 1940. REVISED INDEXES OF DEPARTMENT STORE SALES AND 16 pages. STOCKS. December 1951. 53 pages. FEDERAL RESERVE BANK LENDING POWER NOT DE- RECENT CHANGES IN GERMANY'S FOREIGN TRADE PENDENT ON MEMBER BANK RESERVE BALANCES. BALANCE. March 1952. 7 pages. February 1941. 2 pages. BANKING IN THE SOVIET UNION. April 1952. 8 ADJUSTMENT FOR SEASONAL VARIATION. Descrip- pages. tion of method used by Board in adjusting economic data for seasonal variation. June 1941. REVISED WEEKLY INDEX OF DEPARTMENT STORE 11 pages. SALES. April 1952. 4 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- September 1945. 2 pages. LATION X. June 1952. 18 pages. BUSINESS LOANS OF MEMBER BANKS. March, May, REVISED SERIES ON DEPARTMENT STORE SALES, June, July, and August 1947. 80 pages. STOCKS, AND ORDERS. October 1952. 5 pages. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL T HE MONETARY SYSTEM OF THE UNITED STATES. SURVEYS FOR ECONOMIC RESEARCH. March 1947. February 1953. 16 pages. 9 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON « , \s o e ECONOMIC STABILITY. March 1953. 16 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE r & 1929. January 1948. 9 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- BILITY. May 1953. 7 pages. SALES FINANCE COMPANY OPERATIONS IN 1947, July 1948. 6 pages. REVISION OF CONSUMER CREDIT STATISTICS. April 1953. 19 pages. THE PHILIPPINE CENTRAL BANK ACT and Text of the Act. In part a reprint from the August •DETAILED DESCRIPTION OF SOURCES AND METHODS 1948 BULLETIN. 36 pages. USED IN REVISION OF SHORT- AND INTERMEDIATE- TERM CONSUMER CREDIT STATISTICS (supplcmcn- NEW STATISTICS OF INTEREST RATES ON BUSINESS tary details for item listed above), April 1953. LOANS. March 1949. 10 pages. 25 pages. 738 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS FEDERAL RESERVE BANK RESPONSIBILITIES. May DIRECTLY PLACED FINANCE COMPANY PAPER. De- 1953. 5 pages. cember 1954. 8 pages. CREDIT AND MONETARY EXPANSION IN 1954. Feb- UNITED STATES POSTWAR INVESTMENT IN LATIN ruary 1955. 8 pages. AMERICA. May 1953. 6 pages. THE FEDERAL BUDGET FOR 1956. February 1955. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE 11 pages. CORPORATIONS. July 1953. 12 pages. BANKING AND MONETARY STATISTICS, 1954. (Se- DEPARTMENT STORE SALES AND STOCKS, BY MAJOR lected series of banking and monetary statistics DEPARTMENTS (Revised Indexes) November for 1954 only) February and May 1955. 12 1953. 65 pages. pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL DOLLAR FLOWS AND INTERNATIONAL FINANCING. PRODUCTION, 1953 Revision. December 1953. 96 March 1955. 8 pages. pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DE- POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- March 1955. 4 pages. STALMENT CREDIT. January 1954. 14 pages. UNITED STATES BANKS AND FOREIGN TRADE FINANC- INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. ING. April 1955. 11 pages. March 1954. 9 pages. (Also, similar article from March 1953 BULLETIN) BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages. (Also, similar re- 1955 SURVEY OF CONSUMER FINANCES—PRELIMINARY print from October 1951 BULLETIN) FINDINGS OF THE 1955 SURVEY OF CONSUMER FI- NANCES. March 1955. 3 pages. Purchases of Durable Goods in 1954. May 1955. 17 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS The Financial Position of Consumers. June AND BUSINESSES. July 1954. 2 pages. (Also, 1955. 14 pages. (Other articles on the 1955 similar article from July 1953 BULLETIN) Survey will appear in later issues of the BUL- LETIN). Similar Surveys are available for most THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- earlier years from 1947, 1949, 1950, 1951, 1952, tember 1954. 10 pages. 1953, and 1954 BULLETINS. ESTIMATES OF CONSUMER INSTALMENT CREDIT EX- RECENT FINANCIAL CHANGES IN WESTERN GER- TENDED AND REPAID, 1929-1939. June 1955. 8 MANY. October 1954. 10 pages. pages. USE OF MONETARY INSTRUMENTS SINCE MID-1952. FINANCING OF LARGE CORPORATIONS IN 1954. June December 1954. 8 pages. 1955. 8 pages. JUNE 1955 739 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 w w © FEDERAL RESERVE BANK CITIES I • FEDERAL RESERVE BRANCH CITIES H Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis