Federal Reserve Bulletin, 1955-07

E D E R AL E S E R VE ULLETIN JULY 1955 .***?**»« ^##### BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. CONTENTS PAGE Credit and Money in 1955. . 741-748 Selected Liquid Asset Holdings of Individuals and Businesses. 749-750 Proposed Changes in Securities Exchange Act 751-752 Bank Holding Company Legislation. 753-755 Silver Legislation . 755 Law Department . 756-757 Current Events and Announcements... 758-759 National Summary of Business Conditions. . 760-761 Financial, Industrial, Commercial Statistics, U. S. (See p. 763 for list of tables) 763-821 International Financial Statistics (See p. 823 for list of tables) . 823-841 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 842 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 843 Federal Reserve Board Publications... 844-845 Map of Federal Reserve Districts... 846 Index to Statistical Tables. . 847-848 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

BULLETIN VOLUME 41 July 1955 NUMBER 7 CREDIT AND MONEY IN 1955 The demand for credit from banks and BANK LOANS AND INVESTMENTS other lenders strengthened late in 1954 and ALL COMMERCIAL BANKS Billions of dollars remained strong throughout the first half of 80 1955. During recent months demand has been strong in nearly all credit areas, including some in which it had slackened during - - 70 LOANS // late 1953 and early 1954. Consumer loans and bank loans to businesses, which declined K•' V during the first half of 1954, began to rise in / s/ U. S. GOVT. 60 the second half and increased sharply in SECURITIES the first half of 1955. Mortgage lending and State and local government security issues, which expanded at a growing rate in 1954 •\^-- - i-- • - .J~\ /-S^ 50 20 when demands for some other types of credit abated, continued at a high level in 1955. Corporate security issues for new capital OTHER SECURITIES have increased in recent months after some decline in 1953 and 1954. Bank loans in the first six months of 1955 1952 1953 1954 1955 NOTE.—Figures are partly estimated. Data exclude interexpanded a record amount for the January- bank loans and are for the last Wednesday of month except fr o>rr June and December call dates. Latest figures shown are June period. In order to meet the growing foi:r June 1955, and all 1955 figures are preliminary. demand for loans, banks sold a large volume of 1954 to 150 million in the second quarter of United States Government securities, as of 1955. In late 1953 and much of 1954 the shown by the chart, and reduced their pur- abatement of demand for credit by busichases of other securities. nesses and consumers and the policy of ac- Banks also increased their borrowing from tive ease followed by the Federal Reserve had the Federal Reserve Banks somewhat and permitted banks to maintain their indebtreduced their excess reserves in late 1954 and edness at a low level at the same time that early 1955 as Federal Reserve policy was they expanded their purchases of United modified to make bank reserves less readily States Government and State and local govavailable. Free reserves of member banks— ernment securities and increased their real that is, excess reserves minus borrowings estate lending. from Federal Reserve Banks—declined from In response to the recent moderate tightenabout 700 million dollars in the third quarter ing of bank reserve positions, there has been JULY 1955 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONEY IN 195 5 some slowing down in the rate of growth of SELECTED BANK LOANS demand deposits and currency held by con- CHANGE/ J A Nt tA R Y -*-J UN E Ilions of dollars sumers and businesses. A sharp increase in the second half of 1954, after allowance for -+2.0 usual seasonal changes, had reflected the early stages of recovery of the economy from the moderate downturn of late 1953 and early 1954. - +1.0 BANK LOANS AND INVESTMENTS Aggregate loans of commercial banks increased about 4 billion dollars in the first half of 1955. Growth was concentrated in business, consumer, and real estate loans. Totai loans and investments declined about 1 billion dollars, however, as the loan expansion was more than offset by a sharp reduction in bank holdings of United States Government securities. Holdings of other NOTE.—Data are for all commercial banks. Consumer loans securities increased slightly. are partly estimated for all dates. Figures for 1955 are preliminary. Loans. Commercial bank loans to businesses, which began to increase seasonally textile, and public utility companies, which in the fall of 1954, continued to rise after had shown little change a year earlier. a brief interruption early this year. The 2 These were offset only in part by seasonal billion dollar expansion in the first half of repayments of loans by commodity dealers 1955, shown in the chart, was the largest for and food, liquor, and tobacco processors. the January-June period since the war. In Bank loans to consumers, which had the first hdkf of each of the preceding three shown little change during 1954, expanded years business loans had declined. The re- by about 1 billion dollars in the first half of duction in the first half of 1954 had been 1955. This was almost as much as the record particularly sharp as a result of the recession growth in the first half of 1953. The recent in business activity and the repayment of expansion of consumer instalment credit has loans for excess profits tax credits following accompanied a sharp increase in purchases of the expiration of the tax at the end of 1953. consumer durable goods, particularly auto- The sizable expansion in business loans in mobiles, and some easing of credit terms. the first half of 1955 stemmed from the in- Real estate loans of commercial banks in crease in business activity and in consumer the first half of 1955 continued to grow at financing, as well as the concentration in about the same rate as in the second half this period of corporate tax payments on 1954 of 1954. The 1.3 billion dollar expansion income. There were large increases in bank was the largest increase for the first half of loans to sales finance companies and to the year since the war. During the abatemetal and machinery manufacturers, which ment of demand for business and consumer had declined sharply during the first half of credit in 1954, real estate loans of banks had 1954, and in loans to petroleum and chemical, continued to grow; in fact, the rate of 742 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONEY IN 195 5 growth had increased sharply about the seasonal, in bank holdings of United States middle of the year as banks used available Government securities. The reduction of funds to meet a strong demand for such 5l/ billion dollars in the first half of this 2 loans. Maintenance of a high rate of lend- year was larger than in other recent years. ing in 1955 reflected in part the purchase of There had been little change in bank holdmortgages on a temporary basis from insur- ings of Government securities in the first ance companies and other investors. half of 1954, when the abatement of loan Bank loans for purchasing or carrying se- demand and the ready availability of recurities showed little change in the aggre- serves enabled city banks to purchase suffigate during the first half of 1955. Loans on cient securities to off set sales by other banks. United States Government securities de- The recent decline in bank holdings of clined, while loans on other securities con- United States Government securities has tinued to expand. Loans on other securities been concentrated in short maturities, which had accounted for a sharp increase in bank are typically used by banks for reserve adsecurity loans in the second half of 1954. justment purposes. During the first six The increase in these loans was associated months of this year there was a considerable with the sharp rise in stock prices and the reduction in total short-term Government large volume of stock market trading. securities outstanding, and the demand for Credit for purchasing or carrying securities such securities on the part of nonbank inother than United States Government securivestors was heavy. There was little net ties extended directly by city banks and by change in bank holdings of intermediate- and brokers rose from 2.7 to 3.4 billion dollars in long-term bonds, which commercial banks the second half of 1954, while stock prices inhad acquired on a large scale during 1954. creased about one-fifth. In order to help pre- Acquisitions early in 1955, associated in part vent excessive use of credit for stock market with a Treasury refunding offer, were partrading, the Board of Governors raised martially offset by subsequent sales. In the year gin requirements for purchasing or carrying preceding April 30, 1955, the average malisted securities from 50 to 60 per cent in turity of bank portfolios of Government seearly January and to 70 per cent in late April. curities increased from about 4^4 t0 5/4 years, The rate of growth of loans by banks and and holdings of securities maturing within brokers on securities other than Government one year declined by about 50 per cent. securities has declined during 1955. An increase early in 1955 in bank hold- Increases in most other types of bank ings of securities other than United States loans in the January-June period were offset in part by the liquidation of about ll/ bil- Government securities, reflecting in part ac- 4 quisition of a new Federal National Mortlion dollars of agricultural loans guaranteed gage Association note issue, has been offset by the Commodity Credit Corporation, inin part by a recent decline. The expansion cluding certificates of interest redeemed by banks prior to maturity in order to raise of about 400 million dollars for the first half funds for other uses. Agricultural produc- of the year was only about half as much as tion loans increased somewhat. that for the corresponding period of 1954, Security holdings. The sharp increase in when banks used available funds to make bank loans during the first six months of substantial purchases of tax-exempt State and 1955 was more than offset by a decline, partly local government securities. 743 JULY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONEY IN 1955 BANK RESERVE POSITIONS country member banks, as is evident from the chart. After mid-February the indebtedness Member bank reserve positions tightened of New York central reserve city banks to moderately in late 1954 and early 1955 in the Federal Reserve was small, as these banks response to the strong demand for credit and met their reserve needs largely by selling the shift of Federal Reserve policy away from securities or by borrowing from other banks that of active ease which had previously been through the Federal funds market. Although followed. Since March there has been little the indebtedness of Chicago central reserve change in such positions except for tempocity banks was heavy in late March and early rary fluctuations. Average indebtedness of April, in large part because of depositor admember banks to the Reserve Banks injustments relating to the Cook County percreased from less than 100 million dollars in sonal property tax assessment on April 1, the third quarter of 1954 to more than 400 it declined considerably after that time. million in the second quarter of 1955, while Borrowings of Chicago central reserve city excess reserves declined from about 800 milbanks as well as those of reserve city banks lion to about 600 million. The recent level have consistently exceeded their excess reof member bank borrowing has been about serves in recent months. At country banks, the same as in the spring of 1952 but about excess reserves have continued to exceed a billion dollars less than the peak level of borrowings, although the margin between late 1952 and early 1953. the two has narrowed since last fall. During the first half of 1955 most of The recent change in bank reserve posithe member bank borrowing from Federal tions, shown in the table, reflected Federal Reserve Banks, as well as the reduction in Reserve open market operations together excess reserves, took place at reserve city and with other factors, the most important of EXCESS RESERVES AND BORROWINGS which were currency movements and CLASSES OF MEMBER BANKS changes in required reserves. Late in 1954 Billions of dollars 1.0 the Federal Reserve permitted reserve po- COUNTRY BANKS sitions to tighten by limiting its purchases EXCESS RESERVES of United States Government securities. This made it necessary for member banks to bor- 0 row in order to meet growing needs for re- 1.0 serve funds resulting from the currency RESERVE CITY BANKS drain and the increase in required reserves accompanying credit and deposit expansion. In the first two months of 1955 the Federal Reserve sold or redeemed 13 billion dollars of United States Government securi- CENTRAL RESERVE CITY BANKS: CHICAGO ties. These operations were primarily for the purpose of absorbing reserve funds made ^^s^/^L O^C* available by the seasonal return of currency from circulation and the reduction in required reserves associated with the seasonal deposit decline. As already noted, 1952 1953 1955 NOTE.—Data are monthly averages of daily figures. Latest however, they also resulted in some further figures are for June 1955 and are preliminary. 744 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONEY IN 195 5 CHANGES IN MEMBER BANK RESERVES WITH RELATED FACTORS reserve needs of the commercial banking [Based on monthly averages of daily figures, in billions of dollars] system in the second half of the year. Dec. June Dec. June In recognition of the rise in market rates 1954- 1954- 1953- 1953- Item June Dec. June Dec. 1955 1954 1954 1953 of interest since the summer of 1954, the Federal Reserve Banks raised the discount rates Member bank reserves on loans to member banks from ll/ to 1% Total reserves -0.6 -0.4 -0.3 -0.4 2 per cent in April and early May. Rates of 1% Excess reserves -0.1 -0.2 +0.2 -0.1 Required reserves -0.4 -0.2 -0.4 -0.3 per cent had prevailed throughout 1951 and Effect of: Reduction in reserve re- 1952, before an increase early in 1953. By quirement percentages -1.4 -0.3 -1.2 Change in deposits -6.4 + 1.2 -0.1 +0.9 making borrowing more expensive, the re- Principal factors affecting (Signs iidicate effect on •eserves) cent rise in discount rates tended to serve reserves as a deterrent to excessive reliance on bor- Currency in circulation +0.7 -0.9 +1.1 -1.0 T F G e r o e d l a d e s r s u a t l r o y c R k o e p s a e e n r r d v a e t f i o o f r l n e o s i a g t n accounts. + C 0. 1 1 ) + + -0 0 0 . . . 1 2 3 - - 0 0 0) . . 2 3 2- + - 0 0 0 .5 . . 4 2 rowing by individual banks. Other factors -0.1 0) 0) -0.2 0) DEPOSITS AND CURRENCY Federal Reserve loans and investments: U. S. Govt. securities....... -1.3 -0.1 -0.6 2+1.4 Demand deposits and currency held by Acceptances 0) (3) (3) (3) Discounts and advances: consumers and businesses, which together To member banks +0.2 +0.1 -0.3 0) To others —0.1 +0.1 0) 0) form the active part of the money supply, in- 1 Less than 50 million dollars. creased sharply after mid-1954. This growth 2 Treasury operations and U. S. Government security holdings exclude a free gold transaction involving a 500 million dollar reflected the economic recovery that was reduction in Treasury cash in order to retire an equal volume of Government securities held by the Federal Reserve. commencing. Recently, however, as shown 3 No acceptances held. NOTE.—Details may not add to totals because of rounding. by the chart, there has been a decline in the tightening of bank reserve positions. In the DEMAND DEPOSITS AND CURRENCY period March-June the Federal Reserve used Billions of dollars open market operations on a few occasions to 140 supply or absorb reserves temporarily, but there was little net change in its security holdings. Early in July the Federal Reserve - - 135 purchased Government securities in order to supply banks with reserve funds to meet -A* seasonal and growth needs. r - 130 In late March the Federal Reserve Bank of New York began to purchase bankers' 1 V" acceptances on a small scale, the first pur- v 125 chases since 1951. Acquisitions were in recognition of the recent increase in the use J ADJUSTED FOR - / SEASONAL VARIATION of bankers' acceptances and of the interest - 120 of the Federal Reserve in the continued development of a broad market for such credit instruments as a means of facilitating trade. 1 1 115 In the 1920's the creation of acceptances had 1952 1953 1954 1955 NOTE.—Figures are partly estimated. Demand deposits are been an important means of financing inter- for all banks in the United States and exclude U. S. Government and interbank deposits and items in process of collection. national trade, and purchases by the Reserve Currency excludes bank vault cash. Figures are for last Wednesday of month except for June and December call dates. Banks had provided a part of the seasonal Latest figures shown are for June 1955, and all 1955 figures are preliminary. JULY 1955 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONEY IN 195 5 rate of expansion after allowance for usual deposits outside New York City has risen seasonal developments. somewhat since late 1954. The decline of about 4 billion dollars in As the money supply has been used more actively in recent months, demand deposits demand deposits and currency held by conand currency held by consumers and busisumers and businesses in the first six months nesses have declined slightly as a proportion of 1955 compares with declines of about 5 of gross national product. As is shown by billion dollars in each of the two preceding the chart, this ratio has fluctuated around 35 years. For currency the reduction in the first per cent since 1951, after declining from half of 1955 was about as much as would have about 50 per cent at the close of the war, been expected from the operation of seasonal when inactive balances were large. The factors, but for demand deposits it was about present ratio is close to that prevailing in the 2l/ billion dollars less. Over the six-month 2 late 1930's but still considerably above that period, demand deposits and currency toin the 1920's. gether expanded at a rate of about 4 per cent The rate of growth of time and savings per annum after allowance for usual seasonal deposits, which had increased early in 1954, developments, but their growth has been has declined since late in that year. In the slower since early in the year. In the second first half of 1955, the increase in time dehalf of 1954 the rate of expansion had been posits in commercial and mutual savings about 5 per cent. The rate of turnover of banks and the Postal Savings System was V/ 2 billion dollars, slightly more than half as RATIO OF DEMAND DEPOSITS AND CURRENCY much as in the first half of 1954 and the TO GROSS NATIONAL PRODUCT smallest increase for a comparable period Per cent since 1951. The slackening in this rate of expansion accompanied a declining rate of personal savings through early 1955 and increased direct security purchases by individuals. United States Government deposits increased by about 500 million dollars in the first half of 1955, 1.5 billion dollars less than in the comparable period of 1954. These deposits fluctuated sharply from time to time in accordance with debt operations and tax receipts. - 10 UNITED STATES GOVERNMENT FINANCE In the first half of 1955 the United States 1920- 1935- 1951 1953 1955 Government had a cash surplus of about 6 NOTE.—Figures for 1920-29 and 1935-39 are averages of annual data; beginning 1951, data are quarterly. Demand billion dollars, which reflected the concendeposits and currency are the seasonally adjusted data used in the preceding chart. Gross national product estimates begin- tration of tax receipts in the January-June ning 1929 are from U. S. Department of Commerce; prior to 1929 data are unofficial estimates based on somewhat different period. The surplus was used in part to concepts; quarterly data are also adjusted for seasonal variations. Latest data are for the second quarter of 1955. Gross build up the Treasury balance but in large national product data for this quarter are estimated by the Federal Reserve. Deposit and currency data for 1955 are preliminary. part to reduce outstanding indebtedness. The 746 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONEY IN 195 5 publicly held debt—that is, securities held the first half of 1954, when commercial by investors other than United States Govern- banks maintained their holdings despite rement investment accounts—declined about ductions in the debt. 5 billion dollars, about the same amount as Among investors predominantly interested in the first half of 1954. in short-term securities, foreign banks in- The decline in publicly held debt in creased their portfolios in the first half of the first half of 1955 was due to the retire- 1955, and nonfinancial corporations mainment of tax anticipation certificates and ma- tained theirs despite heavy tax payments. turing nonmarketable savings notes, as well Nonfinancial corporations had reduced their as cash redemptions of maturing marketable holdings about 4l/ billion dollars in the first 2 securities for which new issues were offered half of 1954. Nonbank investors also acin exchange. These effects were offset in quired a considerable volume of intermedipart by a note issue for new money and an in- ate- and long-term Government bonds in the crease in savings bonds outstanding, largely first half of 1955, largely by acquisition of the as the result of the accrual of interest on out- new long-term bond issued in February. standing bonds. OTHER CREDIT AREAS In February the Treasury issued about 1.9 billion dollars of new long-term bonds in Credit to private borrowers and State and exchange for a partially tax-exempt bond local governments from lenders other than called for redemption in March. Commer- commercial banks also expanded at a rapid cial banks held the bulk of the maturing pace during the first half of 1955. Investbond issue, but most of the new issue was ing by savings institutions continued to be acquired by nonbank investors through pur- large, and individuals increased their direct chases from commercial banks of either the investments in several credit areas. maturing issue or the new bonds. Other Real estate credit advanced by all lenders, securities maturing in the first half of 1955 which had expanded at an accelerating rate were refunded with shorter term issues. throughout 1954, continued to increase in The net result of the security retirements 1955 at about the rate reached near the end and the refunding operations in the first half of 1954. About four-fifths of the increase of 1955 was to reduce the supply of short- was taken by nonbank investors. term securities for bank and nonbank invest- Consumer instalment credit, which rose ors. In July, however, the Treasury issued slightly in the second half of 1954, has for new money about 2l/ billion dollars of expanded in recent months at a seasonally 2 bills and tax anticipation certificates as well adjusted rate of about 500 million dollars per as about 800 million dollars of long-term month. Although the increase in direct bank bonds. loans to consumers has been sharp, the share United States Government securities held of sales finance companies in instalment by commercial banks and the Federal Re- lending has grown recently. serve Banks together declined almost 7 bil- Corporate security issues for new capital lion dollars during the first half of 1955. in the first half of 1955 were about one-fifth Holdings of other public investors, including larger than in the corresponding period of domestic nonbank and foreign investors, in- 1954 but still somewhat less than in the first creased almost 2 billion dollars. These hold- half of 1953. State and local government ings had declined about 4 billion dollars in security issues were only about three-quarters JULY 1955 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONEY IN 195 5 as large as in the first half of 1954, principally MONEY RATES because of a decline in revenue bond issues. Per cent per annum The recent increase in outstanding corporate CORPORATE Baa and State and local government securities has been absorbed almost entirely by nonbank investors. In the first half of 1954 commercial banks had made substantial purchases of State and local government securities. STATE AND LOCAL Aaa INTEREST RATES As a result of strong credit demand and J * \ U. S. GOVERNMENT ff+f \^ 3-5 YEARS moderate tightening of bank reserve positions, interest rates, which had turned up in the second half of 1954, continued to rise in the first quarter of 1955. Since mid-April they have shown little change on balance. As shown by the chart, the largest increases since mid-1954 have been in yields on United 1952 1953 1954 1955 States Government securities. Yields on these NOTE.—Treasury bill rates are market yields on longest bills. Long-term U. S. Government yields prior to Apr. 1, 1952 are securities had risen in the second half of on 2x/ per cent bonds first callable after 15 years, and thereafter o2n 2^ per cent bonds first callable after 12 years. Cor- 1954, while those on other securities were porate yields and State and local Aaa yields are from Moody's ?In•vestors Service. Discount rate is for Federal Reserve Bank largely unchanged. The increase in yields of New York. Latest figures are for week ending July 9. in 1955 affected all classes of securities. mercial paper and on privately placed finance Among United States Government securi- company paper each rose more than l/ per- 2 ties, the largest increases in yields were centage point, while the rate on bankers' on short- and intermediate-term securities, acceptances rose somewhat less. which are particularly sensitive to changes Yields on long-term United States Govin bank reserve positions. At the end of ernment securities increased about % per- June yields on such securities ranged from centage point in the first half of 1955, and about % to about 1 percentage point above yields on other long-term securities generally their mid-1954 lows. Yields on Treasury somewhat less. At the end of June yields bills fluctuated in accordance with shorton long-term securities were generally at term market developments and were at times depressed by nonbank demand, which was about levels prevailing near the end of 1952 heightened by the decline in savings notes but considerably below their mid-1953 highs. outstanding. Average yields on 9- to 12- Interest rates charged business customers month certificates of indebtedness, which in- by commercial banks have shown little creased in relation to bill yields, remained change since mid-1954, but rates charged close to the discount rate beginning in March. security dealers have increased. There has Yields on other short-term securities, apparently been a slight increase in interest which had remained unchanged or declined rates on conventional mortgages this year, slightly in the second half of 1954, also in- and discounts on Federally underwritten creased early in 1955. Rates on prime com- mortgages have increased in some areas. 748 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES Individual and business holdings of selected ernment securities decreased 3.3 billion dollars. liquid assets—currency, bank deposits, savings and Savings accounts (time deposits and share accounts) loan shares, and United States Government secu- expanded 8.7 billion dollars, nearly a billion more rities—increased 8.7 billion dollars during 1954. than in 1953 and the largest annual increase since This compares with annual increases of about 10 the war. Demand deposits, after declining slightly billion dollars in 1952 and 1953. in 1953, increased 3.4 billion dollars in 1954. Holdings of bank deposits and share accounts The decline in holdings of United States Governin savings and loan associations accounted for the ment securities during 1954 was the first significant entire increase in 1954. Currency holdings de- decline since 1946 and reflected largely a shift in clined slightly and holdings of United States Gov- holdings of marketable Government securities from individuals and businesses to commercial banks, NOTE.—These estimates are not entirely comparable with which are not covered by these estimates. Business other published data because of conceptual and methodo- and personal holdings of savings bonds remained logical differences. A description of the methodology may practically unchanged during 1954. be secured from the Division of Research and Statistics, Total holdings by businesses of the liquid assets Board of Governors of the Federal Reserve System, Washington 25, D. C. covered by these estimates changed only slightly during the year, an increase in currency and deposit CHANGES IN SELECTED LIQUID ASSET HOLDINGS OF holdings having been offset by a decline in holdings INDIVIDUALS AND BUSINESSES of Government securities. Personal holdings of Government securities also declined but not Increase during year: enough to offset the substantial expansion in per- Type of asset or holder o B f i d ll o io ll n a s rs c P e e n r t sonal holdings of deposits and share accounts. Estimates of selected liquid asset holdings of indi- 1954 1953 1954 1953 viduals and businesses for end-of-year dates beginning with 1939 are presented in the table on the Total 8.7 10.0 3 4 following page. These estimates cover the principal Type of asset: assets that are most readily available for use in Currency -0.1 0.6 (2) 2 Demand deposits 3.4 -0.2 (2) financing current transactions. Currency and de- Time deposits 4.3 4.3 6 Savings and loan shares 4.4 3.5 20 10 mand deposits are basic forms of cash; and time U. S. Govt. securities1 -3.3 1 .8 - 4 2 / deposits, shares in savings and loan associations, Type of holder: Business holdings—total 0.1 2.1 (2) and Government savings bonds are generally more Financial corporations, total3 0.3 -0.1 - 2 Currency, deposits, and shares4 . 0.3 -0.1 10 - 3 readily convertible into cash than are other types of U. S. Govt. securities1 Non financial corporations, total. . . -1.2 1.3 - 3 3 assets. Marketable Government securities fluctuate Currency, deposits, and shares4. 0.5 0.2 2 1 U. S. Govt. securities i......... -1.7 1.1 - 9 7 in value, with the result that their conversion may Unincorporated business, total 1.0 0.9 4 4 Currency, deposits, and shares4 . 1.1 0.3 6 2 involve some capital loss or gain. They are gen- IT. S. Govt. securities1 -0.1 0.6 - 1 10 erally regarded as more liquid than other securities Personal holdings—total. 8.6 7.9 4 4 of comparable maturities, however, since they are Personal trust funds, total 2.6 2.0 8 7 Currency, deposits, and shares4 . 0.4 0.3 13 10 free of the usual credit risks and are readily salable.. U. S. Govt. securities1 2.2 1.7 8 6 Oth C e u r r p r e e r n s c o y n , a d l, e p to o ta si l ts, and shares4 . 6 Q .0 7 5 7 . . 9 5 7 4 4 6 The estimates include liquid assets held by in- U. S. Govt. securities1 -3.7 -1.6 -11 - 5 dividuals (including farmers), unincorporated businesses, and corporations other than banks and in- 1 Securities valued at issue price, except savings bonds, which are valued at issue price plus accrued interest. Under flexible surance companies. The figures, which are demarket conditions, the selling price of marketable issues fluctuates daily and may at times be below the issue price. rived primarily from bank and Treasury -reports, 2Less than one-half of one per cent. 3Excluding banks and insurance companies. are adjusted to approximate holder records. 4Shares refer to shares of savings and loan associations. 749' JULY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [Estimates for end of year, in billions of dollars] Type of holder 1939 1940 1941 1944 1945 1946 1950 1951 1953 1954* Total1. 68.9 74.5 86.5116.1156.3195.3 227.9 231.4 236.9 238.2 242.6 249.9 259.1269.2 279.2 287.9 Currency 5.6 6.4 8.6 12.7 17.4 21.9 24.7 24.9 24.6 24.2 23.5 23.5 24.4 25.5 26.1 26.0 Demand deposits2 21.0 24.8 29.3 37.1 47.6 53.6 60.7 65.2 66.9 65.3 64.7 67.3 71.9 74.2 74.0 77.4 Time deposits 26.2 26.8 26.8 27.6 31.9 ,38.9 47.6 52.9 55.1 55.9 56.8 57.2 59.3 63.5 67.8 72.1 Savings 8c loan shares3 . 4.0 4.2 4.5 4.8 5.4 ^6.2 7.2 8.3 9.6 10.7 12.2 13.7 15.8 18.7 22.2 26.6 U. S. Govt. securities4 . 12.1 12.3 17.3 33.9 54.0 74.7 87.7 80.1 80.7 82.1 85.4 88.2 87.7 87.3 89*. 1 85.8 Business holdings—total. 19.5 22.4 26.2 39.1 56.8 67.3 73.8 66.9 65.3 65.2 67.4 71.0 74.4 75.4 77.5 77.6 Currency 1.6 1.9 2.1 2.7 3.6 4.0 4.5 4.6 4.6 4.6 4.6 4.7 5.0 5.1 5.2 5.3 Demand deposits 12.5 15.3 16.4 21.1 29.5 31.8 34.4 34.4 34.8 34.5 35.0 36.1 38.5 39.7 39.7 41.1 Time deposits 2.0 2.0 2.0 2.1 2.3 2.7 3.1 3.4 3.5 3.5 3.5 3.6 3.7 3.9 4.1 4.3 Savings & loan shares. ... . 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.5 0.7 0.8 1.0 LJ. S. Govt. securities .... 3.3 3.1 5.6 13.1 21.2 28.6 31.6 24.2 22.1 22.3 23.9 26.2 26.7 26.0 27.7 25.9 Corporations—total.. 13.1 15.2 18.0 27.6 40.4 46.1 47.4 40.5 39.8 41.0 43.4 46.9 49.4 50.7 51.9 51.0 Currency 0.8 1.0 1 .1 1.4 1 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.1 2.3 2.3 2.3 Demand deposits 9.4 11.5 12.2 15.4 21.4 22.5 22.7 22.5 23.0 23.4 23.8 24.4 25.9 27.5 27.6 28.3 Time deposits 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Savings & loan shares 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 U. S. Govt. securities. 2.2 4.0 10.1 16.4 20.9 22.0 15.3 14.1 14.8 16.8 19.7 20.5 19.9 21.0 19.3 Financial corporations—total5 . . 1.7 2.5 3.2 3.7 4.8 4.4 4.3 4.5 5.3 5.5 5.8 6.0 5.9 6.2 Demand deposits 1.1 1.2 1.3 1.2 1.4 1.4 2.0 2.1 2.2 2.2 2.4 2.6 2.7 2.9 2.8 3.1 Time deposits 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities 0.5 0.5 0.8 1.2 1.7 2.7. 2.2 2.0 2.2 2.8 2.8 3.0 3.0 3.0 3.0 Nonfinancial corporations—total. 11.4 13.4 15.8 25.1 37.2 42.4 42.6 36.1 35.5 36.5 38.1 41.4 43.6 44.7 46.0 44.8 Currency 0.8 1.0 1.1 1.4 1.8 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.1 2.3 2.3 2.3 Demand deposits 8.3 10.3 10.9 14.2 20.0 21.1 20.7 20.4 20.8 21.2 21.4 21.8 23.2 24.6 24.8 25.2 Time deposits 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 (0.6 0.6 0.6 Savings & loan shares.. . 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 U. S. Govt. securities 1.7 1.5 14.7 18.7 19.3 13.1 12.1 12.6 14.0 16.9 17.5 16.9 18.0 16.3 Unincorporated business—total.. . 6.4 7.2 8.2 11.5 16 A 21.2 26.4 25.4 25.5 24.2 2-1.024.1 25.0 24.7 25.6 26.6 Currency ? . • 0.8 0.9 1.0 1.3 1.8 2.1 2.6 2.7 2.7 2.6 2.6 2.7 2.9 2.8 2.9 3.0 Demand deposits 3.1 3.8 4.2 5.7 8.1 9.3 11.7 11.9 11.8 11.1 11.2 11.7 12.6 12.2 12.1 12.8 Time deposits 1.3 1.3 1.3 1.4 1.6 2.0 2.4 2.7 2.8 2.8 2.8 2.9 3.0 3.2 3.4 3.6 Savings & loan shares 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.6 U. S. Govt. securities 1.1 1.1 1.6 3.0 4.8 7.7 9.6 8.9 8.0 7.5 7.1 6.5 6.2 6.1 6.7 6.6 Personal holdings—total. . . 49.4 52.1 60.3 77.0 99.5 128.0154.1164.5171.6173.0175.2178.9 184 7193.8 201.7 210.3 Currency 4.0 4.5 6.5 10.0 13.8 17.9 20.2 20.3 20.0 19.6 18.9 18.8 19.4 20.4 20.9 20.7 Demand deposits 8.5 9.5 12.9 16.0 18.1 21.8 26.3 30.8 32.1 30.8 29.7 31.2 33.4 34.5 34.3 36.3 Time deposits 24.2 24.8 24.8 25.5 29.6 36.2 44.5 49.5 51.6 52.4 53.3 53.6 55.6 59.6 63.7 67.8 Savings & loan shares 3.9 4.1 4.4 4.7 5.2 6.0 7.0 8.0 9.3 10.4 11.8 13.3 15.3 18.0 21.4 25.6 U. S. Govt. securities 8.8 9.2 11.7 20.8 32.8 46.1 56.1 55.9 58.6 59.8 61.5 62.0 61.0 61.3 61.4 59.9 Trust funds—total6 . . 4.5 4.7 5.6 6.9 10.0 13.4 15.9 19.4 21.6 22.9 23.9 25.5 28.2 30.. 32.2 34.8 Demand deposits 1.2 1.3 1.4 1.2 1.3 1 .4 1.6 1.7 1.6 1.6 1.5 1.6 1.5 1.5 1.6 1 .6 Time deposits 0.2 0.3 0. 0.2 0.2 0.2 0.2 0.3 0.3 0.5 0.5 0.8 1.0 1.0 1.0 1.3 Savings & loan shares. 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.6 0.7 U. S. Govt. securities. 3.1 3.1 3.9 5.4 8.4 11.7 14.0 17.2 19.5 20.6 21.7 23.8 25.3 27.3 29.0 31.2 Other personal—total7 . . 47. 54.7 70.1 89.5 114.6 138. 145.1 150.0 150.1 151.3 152.4 156.5 163.6 169.5 175.5 Currency 4.0 4.5 6 10.0 13.8 1.7.9 20.2 20.3 20.0 19.6 18.9 18.8 19.4 20.4 20.9 20.7 Demand deposits 7.3 8.2 11 14.8 16.8 20.4 24.7 29.1 30.5 29.2 28.2 29.6 31.9 33.0 32. 34.7 Time deposits 24.0 24 25.3 29.4 36.0 44.3 49.2 51.3 51 .9 52.8 52.8 54.6 58.6 62.7 66.5 Savings & loan shares. 3.9 4.1 4.4 4.6 5.1 5.9 6.9 7.8 9.1 10 11.6 13.0 14 17.6 20.8 24.9 U. S. Govt. securities. 5. 6.1 7.8 15.4 24.4 34.4 42.1 38. 39.1 39.2 39.8 38.2 35 34.0 32.4 28.7 ^Preliminary- 'Revised. 1 Holdings of banks, insurance companies, savings and loan associations, nonprofit associations, foreigners, and governmental bodies and agencies are not included in the totals shown. 2These figures are estimates of demand deposit balanc s as they might appear on the record of depositors. They differ from figures based on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total demand deposits as of Dec. 31, 1954 on a holder-record basis (see table) amounted to 77.4 billion dollars while on a bank-record basis these deposits amount to 95.0 billion. This is because checks are constantly in the mail, i.e., added to payee's deposits as per bank records and not yet deducted from payor's deposits as per bank records. 3 Private share capital in all operating savings and loan associations including private repurchasable shares, deposits, and investment certificates. 4Securities valued at issue price, except savings bonds, which are valued at issue price plus accrued interest. Under flexible market conditions, the selling price of marketable issues fluctuates daily and may at times be below the issue price. Includes outstanding amounts of excess profits tax refund bonds beginning December 1945 and armed forces leave bonds beginning December 1947. 5Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and dealers, holding companies not otherwise classified, etc. 6Includes only amounts administered by corporate trustees. 7 Includes holdings of farmers and professional persons. 750 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED CHANGES IN SECURITIES EXCHANGE ACT1 The Board of Governors of the Federal ties Exchange Act in the same manner as if Reserve System is in complete agreement the security were registered on a national with the purposes of S. 2054. securities exchange. Under the Securities Exchange Act of The bill contains certain exemptions. Be- 1934, corporations whose securities are reg- sides the exemption of banks, which are istered on a national securities exchange are specialized institutions, the bill would exsubject to specified requirements covering empt the securities of all corporations which publication of financial reports and related have less than 5 million dollars in assets information, solicitation of proxies, and so- and also the securities of all corporations called "insiders' profits" resulting from trad- which have less than 500 security holders. ing in the company's stock. With certain Since securities covered by the bill would exceptions, S. 2054 would apply those re- be subject to the rules that now apply to quirements to large corporations whether or securities registered on an exchange, let me not their securities are registered on an outline those rules and how they differ from exchange. the rules that apply to unregistered securities. These provisions would provide for the Under present law, when brokers lend security holders of large corporations whose for the purpose of purchasing or carrying securities are widely distributed but not securities, they can lend on registered securegistered on an exchange, information and rities the amount specified in the Board's safeguards which the Securities Exchange margin regulations—rtoW 30 per eent-^but Act requires with respect to securities reg- they are forbidden to lend anything at all istered on an exchange. As these provisions on unregistered securities. In other words, have been and would be administered by the in a brokerage margin account registered Securities and Exchange Commission, the securities have the loan value specified in Commission is better able than the Federal the Board's regulations and unregistered Reserve to express an informed opinion re- securities have no loan value whatever. The garding them. rules that apply to loans made by banks However, Section 3 of the bill directlv re- also depend on whether a security is regislates to the responsibilities of the Federal tered or unregistered. Loans made by banks Reserve System. Under this section any se- to purchase or carry registered securities are curity of an issuer covered by the bill, unless subject to the standard margin requirements; excluded by the Board as "not comprehended loans made by banks to purchase or carry within its purposes," would be subiect to the unregistered securities are exempt from the margin requirement provisions of the Securi- regulations. Under S. 2054, securities covered bv the 1 Statement by Chairman Martin of the Board of Gover- bill would be entitled to loan value in broknors of the Federal Reserve System before the subcommittee erage margin accounts just as registered secuon Securities of the Committee on Banking and Currency rities are, and loans by banks to purchase or of the Senate on June 27, 1955. JULY 1955 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

carry securities so covered would be subject dividual company, its conditions and prosto the usual margin requirements. pects, and not on the basis of ready market- Stated differently, securities covered by ability. By contrast, the securities of large, Section 3 would in one respect be more widely held companies are usually more seafavored than at present—they would get the soned, more widely known, more readily benefit of having loan value in brokerage marketable, and more likely to be traded on margin accounts; and in another respect they margin. would be less favored—loans by banks to Section 3 says, in effect, that such securities purchase or carry the securities would be- should be treated for the purposes of the come subject to the usual margin require- margin requirements in the same way that ments. the law now treats securities that are reg- Both S. 2054 and the present law regard- istered on an exchange. Under the exemping margin requirements recognize that tions in the bill, a security would not be there are important differences between the covered unless the issuer of the security has securities of small, closely held companies at least 5 million dollars in assets and also on the one hand and large, widely owned has at least 500 security holders. companies on the other, The securities of The Board believes Section 3 would help small, closely held companies usually do not to carry out the general purposes of the enjoy a wide or ready market. They are present provisions of law relating to margin more likely to be purchased or financed on requirements, and that enactment of such the basis of personal knowledge of the in- a provision would be in the public interest. 752 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANY LEGISLATION1 During the past 15 years numerous bank In complying with your request for our holding company measures have been in- views, we must, of course, give you our best troduced in the Congress ranging from so- judgment. The fact that we are not in called "death sentence" to "freeze" bills. One accord with H.R. 6227, which has been proposal after another has bogged down in passed by the House, cannot be ascribed to disagreement among those who wanted no any desire to delay further or defeat legislalegislation at all and those who sought to tion on this subject, for you also have before put an end to the holding company device. you a measure, S. 2350, that does accord with Each has been beset by intense controversy. our best judgment. And as I have indicated, Past efforts of members of Congress and remedial legislation to deal with these probthose in Federal or State regulatory agencies lems is essential and is long overdue. who have sought to reconcile sharply diver- We believe, as we have said previously, gent viewpoints and at the same time devise that the principal problems in the bank effective measures have not met with success. holding company field arise from two cir- Over the years, the Reserve Board has cumstances : changed its own views as to the nature of legislation best adapted to meet the existing 1. The unrestricted ability of a bank holdproblems in this field. ing company group to add to the number Existing provisions of law, originally en- of its banking units, thus making possible acted in the Banking Act of 1933, have the concentration of commercial banking proved entirely inadequate to deal with the facilities in a particular area under single special problems presented by bank holding control and management; and companies. It has been, and still is, the 2. The combination under single control Board's view that additional legislation is of both banking and nonbanking enterprises, essential to deal effectively with these probthus permitting departure from the principle lems. that banking institutions should not engage Three years ago when asked to express its in business wholly unrelated to banking, views on a then pending bill, the Board which involves the lending of other people's undertook a complete review of the bank money, whereas other types of business enholding situation and of the legislation it terprise do not involve this element of felt would best deal with it. After intentrusteeship. sive study the Board reached conclusions that were set forth in a letter and accompany- I should like to submit for the record a ing memorandum to the House Banking memorandum of the Board's views, includand Currency Committee on April 11, 1952. ing comments on H.R. 6227 which you have 1 Statement by Chairman Martin of the Board of Gover- under consideration. This memorandum renors of the Federal Reserve System regarding bank holding iterates the views expressed on behalf of company legislation before the Senate Banking and Curthe Board before the House Banking and rency Committee, July 5, 1955. 753 JULY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HQLQING COMPANY LEGISLATION Currency Committee on February 28, 1955.2 of the bill. In addition to covering any In bffief, the Board believes that the major company which owns 25 per cent or more objectives of the legislation could be effec- of the stock of two or more banks, the tively accomplished by a bill which would— definition would cover any other company which might be determined by the Board 1. Define a bank holding company as a to exercise a controlling influence over two company which controls a majority (or posor more banks. We feel that it is unnecessibly 25 per cent) of the stock of any one sary and undesirable to vest the administerbank, with no exceptions from the definiing agency with such discretionary authority. tion; Moreover, we believe that the definition 2. Require approval by an agency of the should cover a company which controls only Federal Government, after consulting with the appropriate State authorities, before a a single bank, since it seems clear that the bank holding company could acquire the potential abuses which may result from the stock of any bank, if thereafter its stock- combination of both banking and nonbankholdings in that bank would exceed 5 per ing interests under single control could very cent; well exist in a case in which only one bank 3. Require bank holding companies within is involved as in cases in which a holding a prescribed period to divest themselves of company controls two or more banks. their nonbanking interests, with a minimum Secondly, the bill would prohibit a bank of specific exemptions, but with administra- holding company from acquiring additional tive authority to make certain limited ex- banks outside of the State in which it has emptions with respect to companies engaged its principal office or carries on its principal in bank-related businesses and with respect business or in any State except in accordance to situations in which an exemption would with the branch laws of that State. The be desirable to prevent hardship or to protect Board believes that these provisions are unthe public interest. necessarily severe and also that they would deprive the States of the right to regulate The bill H.R. 6227 would go beyond these holding company banking in a manner difminimum requirements in regulating bank ferent from branch banking. We feel that holding companies. Operations under its provisions would be possible for the Board Federal regulation of bank holding combut would present some serious administra- panies should not be tied to the branch tive difficulties. banking laws of the States. While we would favor a number of In the third place, the bill would prevent changes in the provisions of the bill, the the approval of the acquisition of stock of principal provisions that concern us may a State or national bank unless the transbe briefly mentioned. action is first approved by the appropriate In the first place, the bill's definition of State banking authority or by the Comptrolbank holding company would not only im- ler of the Currency in the case of a national pose an undesirable discretionary responsi- bank. We believe that this requirement bility on the Board, but would not, we would result in an undesirable diffusion of believe, accomplish one of the major purposes responsibility and give rise to duplication of 2 See Federal Reserve BULLETIN, March 1955, pp. 260-66. effort and administrative difficulties. Con- 754 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANY LEGISLATION sideration should be given to the views of litigation. Of course, even without such the Comptroller and the State authorities, provisions, any arbitrary, capricious, or unbut final responsibility should rest with a lawful action of the administering agency single administering agency. would be subject to review by the courts. Finally, the judicial review provisions of In any event, if provisions for judicial review Section 9 of the bill would give any person are to be included in the bill they should affected by any action or inaction of the be confined to the principal parties involved administering agency a right to institute and should not provide for a trial of the proceedings for judicial review, with a trial facts de novo. of the facts de novo in the reviewing court. In summary, the Board recommends leg- These provisions would in the Board's opin- islation along the lines of S. 2350 because we ion be at variance with the spirit of the feel that it would effectively and equitably Administrative Procedure Act and would provide needed regulation of bank holding possibly result in a considerable amount of companies. SILVER LEGISLATION Existing legislation fixes the price at which concerned primarily with the effect upon silver is purchased by the Treasury, and sets monetary policy of silver purchases under a price below which the Treasury cannot sell existing legislation. We are not prepared silver. The market price of silver has been to say that the effect of the silver purchases such, in recent years, that this existing legis- necessitated by existing legislation has seriously complicated our problems of monetary lation has caused all silver domestically promanagement in recent years. It is true that duced to be sold to the Treasury. To this exthese purchases, when monetized, may intent, the role played by silver in our monecrease member bank reserves. But as comtary system has been increased. S. 1427 propared with other factors influencing member poses to stop this process by repealing those bank reserves in recent years, their effects provisions of existing legislation which fix on reserves have been relatively small; and the price at which the Treasury must buy these effects can be offset, if necessary, by silver. other operations of the Federal Reserve Sys- The Federal Reserve System is, of course, tem. Since these purchases are unnecessary ; from the standpoint of monetary policy, the 1 Statement by Chairman Martin of the Board of Governors of the Federal Reserve System on S. 1427, Repeal- Board of Governors has no interest in the ing Certain Silver legislation, before the Subcommittee on continuance of existing legislation with rethe Federal Reserve System of the Senate Committee on spect to silver purchases. Banking and Currency, July 13, 1955. JULY 1955 755 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 Federal Open Market Committee section 12 A of the Federal Reserve Act, as amended, Executive Committee Discontinued the Federal Open Market Committee prescribes the following regulations relating to the open- The Federal Open Market Committee, comprismarket transactions of the Federal Reserve banks. ing the seven members of the Board of Governors The Federal Open Market Committee expressly of the Federal Reserve System and five of the reserves the right to alter, amend, or repeal this presidents of the regionally situated Federal Reserve regulation in whole or in part at any time. Banks, has simplified its structural organization, effective June 22, 1955, by amending its regulation SECTION 2. DEFINITIONS relating to open market operations of Federal (a) Government securities.—The term "Govern- Reserve Banks, so as to discontinue its Executive ment securities" shall include bonds, notes, certifi- Committee. cates of indebtedness, Treasury bills, and other The Executive Committee was a standing sub- obligations of the United States, including obligacommittee, consisting of three members of the tions fully guaranteed as to principal and interest Board of Governors and two of the Reserve Bank by the United States. presidents. It was established following the Bank- (b) Obligations—The term "obligations" shall ing Act of 1935, under which the present Federal include all bankers' acceptances, bills of exchange, Open Market Committee became a statutory body. cable transfers, bonds, notes, warrants, debentures, So long as travel facilities were less swift and cerand other obligations, including Government securitain than they are now, the Executive Committee ties, which Federal Reserve banks are authorized was an administrative convenience. More recently by law to purchase in the open market. its sessions have, in practice, been attended by (c) System open market account The term "sysother members of the full committee. As all memtem open market account" applies to Government bers of the full Committee may now be gathered securities and other obligations heretofore or herein Washington frequently for regular meetings, and after purchased in accordance with open-market on less than 24 hours' notice when necessary for policies adopted by the Committee and held for special meetings, it was decided to discontinue the the account of the Federal Reserve banks. Executive Committee. (d) Committee .The term "Committee" shall In addition to amending its Regulation, which mean the Federal Open Market Committee. amended Regulation is set forth below, the Federal Open Market Committee also amended its Rules on SECTION 3. GOVERNING PRINCIPLES Organization and Information and its Rules on By the terms of section 12A of the Federal Re- Procedure, which were published in the 1946 Fedserve Act, as amended, the time, character, and eral Reserve BULLETIN at page 1011, so as to elimivolume of all purchases and sales in the open nate references to the Executive Committee. market by Federal Reserve banks shall be governed The amended Regulation of the Federal Open with a view to accommodating commerce and busi- Market Committee reads as follows: ness and with regard to their bearing upon the general credit situation of the country. REGULATION FEDERAL OPEN MARKET COMMITTEE SECTION 4. FEDERAL OPEN MARKET COMMITTEE As amended effective June 22, 1955 (a) Functions The Committee shall consider OPEN MARKET OPERATIONS the needs of commerce, industry and agriculture, SECTION 1 the general credit situation of the country, and Pursuant to the authority conferred upon it by other matters having a bearing thereon and con- 756 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT sider, adopt, and transmit to the several Federal The Committee reserves the right, in its discretion, Reserve banks, regulations and directions with to require the sale of any Government securities respect to the open-market operations of such banks now held or hereafter purchased by an individual under section 14 of the Federal Reserve Act. Federal Reserve bank or to require that such securi- (£) Participation in system open market account. ties be transferred into the system open market —The Committee from time to time shall deter- account in accordance with such directions as the mine the principles which shall govern the alloca- Committee may make. tion among the several Federal Reserve banks of Government securities and other obligations held in SECTION 7. OTHER OPEN MARKET OPERATIONS the system open market account, with a view to Subject to directions of the Committee and the meeting the changing needs of the Federal Reserve following conditions, each Federal Reserve bank banks. may engage in open market operations other than the purchase or sale of Government securities: SECTION 5. CONDUCT OF OPEN MARKET OPERATIONS (1) Each Federal Reserve bank, as may be re- Each Federal Reserve bank shall engage in openquired from time to time by the Committee, shall market operations under section 14 of the Federal report all such transactions to the Secretary of the Reserve Act only in accordance with this regulation Committee. and the directions issued by the Committee from time to time, and no Federal Reserve bank shall (2) Only acceptances and bills of exchange which decline to engage in open-market operations as are of the kinds made eligible for purchase under directed by the Committee. the provisions of Regulation B of the Board of Transactions for the system open market account Governors of the Federal Reserve System may be shall be executed by a Federal Reserve bank selected purchased: Provided, That no obligations payable by the Committee. Each Federal Reserve bank in foreign currency shall be purchased or sold for shall make available to the Federal Reserve bank the account of the Federal Reserve bank except in selected by the Committee such funds as may be accordance with directions of the Committee. necessary to conduct and effectuate such trans- (3) Only bills, notes, revenue bonds, and waractions. rants of States, counties, districts, political subdivisions, or municipalities which are of the kinds SECTION 6. PURCHASES AND SALES OF GOVERNMENT made eligible for purchase under the provisions of SECURITIES Regulation E of the Board of Governors of the No Federal Reserve bank shall purchase or sell Federal Reserve System may be purchased. Government securities, for its own account or for the account of any other Federal Reserve bank, (4) No Federal Reserve bank shall engage in except pursuant to authority granted by the Com- the purchase or sale of cable transfers for its own mittee or in accordance with an open-market policy account except in accordance with the directions of adopted by the Committee and in effect at the time. the Committee. JULY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Branch of the Federal Reserve Bank of Richmond. A meeting of the Presidents of the Federal Mr. Taylor had served the Branch as a director Reserve Banks was held in Washington on June since January 1, 1953. 20 and 21, 1955, and on June 22 the Presidents met On June 27, 1955, the Board of Governors acwith the Board of Governors of the Federal Reserve cepted the resignation of Mr. Bryant Essick, Presi- System. dent, Essick Manufacturing Company, Los Angeles, On June 22 a meeting of the Federal Open California, as a director of the Los Angeles Branch Market Committee was held. of the Federal Reserve Bank of San Francisco. Mr. Essick had served the Branch as a director Appointment of Branch Director since January 15, 1953. On July 15, 1955, the Board of Governors announced the appointment of Mr. Wm. Purnell Admissions of State Banks to Membership in the Hall, Executive Vice President, Maryland Ship- Federal Reserve System building and Drydock Company, Inc., Baltimore, The following State banks were admitted to Maryland, as a director of the Baltimore Branch membership in the Federal Reserve System during of the Federal Reserve Bank of Richmond for the the period May 16, 1955 to June 15, 1955: term ending December 31, 1955. Mr. Hall succeeded Mr. Howard M. Taylor, Jr., President, In- California ternational Bedding Company, Baltimore, Mary- Lancaster—Antelope Valley Bank. land, who resigned. Indiana Resignation of Class C Director Sullivan—Farmers State Bank of Sullivan. Effective July 1, 1955, the Board of Governors accepted the resignation of Mr. Cecil Puckett, Dean, New Foreign FinancingyCorporation Commences College of Business Administration, University of Business Denver, Denver, Colorado, as a Class C director of American Overseas Finance Corporation, 30 Pine the Federal Reserve Bank of Kansas City. Mr. Street, New York, New York, was granted a final Puckett resigned to accept appointment as a Vice permit by the Board of Governors of the Federal President of the Federal Reserve Bank of Kansas Reserve System on June 28, 1955 to commence City. He had served as a Class C director and business as a corporation organized and operating Deputy Chairman since March 21, 1952, and forunder the provisions of Section 25(a) of the Fedmerly had served as a director of the Denver Branch eral Reserve Act and the Corporation officially of the Federal Reserve Bank of Kansas City from initiated operations on that date. June 6, 1950, to March 21, 1952. The following member banks are the original shareholders of the new Corporation: Resignations of Branch Directors Effective June 1, 1955, the Board of Governors The Chase Manhattan Bank, New York accepted the resignation of Mr. Paul H. Helms, Chemical Corn Exchange Bank, New York President, Helms Bakeries, Los Angeles, California, The First National Bank of Boston as a director of the Los Angeles Branch of the Mellon National Bank and Trust Company, Federal Reserve Bank of San Francisco. Mr. Helms Pittsburgh had served the Branch as a director since January National Bank of Detroit 1, 1950. On June 7, 1955, the Board of Governors ac- Index to Statistical Tables cepted the resignation of Mr. Howard M. Taylor, A short subject index to the statistical tables has Jr., President, International Bedding Company, been added to the BULLETIN. This index will ap- Baltimore, Maryland, as a director of the Baltimore pear regularly just inside the back cover (pages 847- 758 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 848 of this issue). The emphasis in the index, as Items of Stock Exchange Firms Carrying Margin in the tables, is on banking, credit, and money and Accounts." The new table brings together imporcredit markets. tant monthly series on customer credit and on This monthly index will not replace, but will be broker and dealer credit. Detailed series on cusintegrated with, the annual index to the entire tomers' debit and credit balances and related items BULLETIN published in the December issue. of member firms of the New York Stock Exchange carrying margin accounts, which are available only Changes in Bulletin Tables for June 30 and December 31 each year, will be Several changes have been made in the table on published semiannually. "Bond and Stock Yields," shown on page 787. The series of high-grade municipal bonds has been re- Tables Published Annually and Semiannually, with placed by two series on State and local obligations: Latest BULLETIN Reference Semiannually Issue Page (1) Moody's Investors Service series of yields for Banking offices: general obligation bonds—the average for four rat- Analysis of changes in number of... Feb. 1955 208 On, and not on, Federal Reserve Par ing groups and for the Aaa and Baa bonds included List, number of Feb. 1955 209 in that average—and (2) the Dow-Jones series of Annually yields on revenue bonds. The rating groups shown Earnings and expenses: Federal Reserve Banks Feb. 1955 206-207 for the corporate yield series are now limited to the Member banks: Calendar year May 1955 564-572 Aaa and Baa groups. First half of year Oct. 1954 1118 Insured commercial banks May 1955 573 A new table "Stock Market Credit" (page 786) Banks and branches, number of, by class and State Apr. 1955 430-431 has replaced the former table "Customers' Debit Operating ratios, member banks June 1955 712-714 Balances, Money Borrowed, and Principal Related Banking and monetary statistics, 1954 {j^ |^ 574-577 JULY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication July 14] Industrial production increased further in June, capacity in May to 94 per cent in June, with mill and construction activity was maintained at ad- operations reduced to 71 per cent in the week bevanced levels. Employment continued to rise, and ginning June 27. Following the wage settlement, unemployment increased less than seasonally. Re- steel output recovered to about 93 per cent by midtail sales were maintained at the May high. Whole- July. sale prices of important industrial materials rose The rise in nondurable goods output in June in late June and early July, while prices of farm reflected mainly new highs for paper, chemicals, products declined. Farm crop prospects improved petroleum, and rubber products. Activity in the in June and this year's output is expected to be textile, apparel, and shoe industries remained at above last year's ample harvest. Credit and capital levels close to earlier peaks. Minerals output indemands continued strong. creased as coal output expanded further and production of crude oil stabilized at the May level INDUSTRIAL PRODUCTION following some decline earlier. The Board's seasonally adjusted index of industrial production increased in June to 139 per cent CONSTRUCTION of the 1947-49 average from 138 in May. Activity Value of new construction put in place during in nondurable goods industries rose to a new high June increased slightly less than seasonally from and minerals production also increased. Output the May record total. The Departments of Comof durable goods continued at the advanced May merce and Labor now anticipate that construction level. volume in 1955 will be 11 per cent larger than Output of most producers' durable equipment 1954. Value of contracts awarded in June inand of household goods increased further in June, creased slightly as gains in nonresidential awards and production of building materials was main- more than offset a further small decline in resitained in record volume. On the other hand, ac- dential contracts. The number of private housing tivity in the steel and auto industries was moder- units started in June was maintained at a seasonately curtailed, reflecting mainly temporary work ally adjusted annual rate of around 1.3 million stoppages associated with labor contract negotia- units. tions. Steel output declined from 97 per cent of EMPLOYMENT Seasonally adjusted employment at nonagricul- INDUSTRIAL PRODUCTION tural establishments increased about 100,000 further in June to 49.3 million, reflecting moderate gains in manufacturing and nonmanufacturing industries. Unemployment at 2.7 million was up 200,000 from May—less than the usual seasonal rise. AGRICULTURE Growing conditions in June were unusually favorable for crop and pasture development. Total crop production this year was officially forecast as NONDURABLE of July 1 to be 3 per cent higher than last year, MANUFACTURES reflecting mainly a much larger crop of corn. With output of most other feeds expected to remain large, total feed supplies, including the large carryover, may exceed last year's record volume by 10 per FHeral Reserve indexes. Monthly figures, latest shown are for June. cent or more. Smaller harvests of wheat and cot- 760 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS ton were indicated, reflecting the influence of Fed- prices of most finished industrial products remained eral acreage curtailments under the price support stable. In agricultural markets prices declined, programs. reflecting decreases in hogs and pork, which had risen sharply by mid-June, and reductions, mainly DISTRIBUTION seasonal, in winter wheat and vegetables. Total retail sales in June, after allowance for seasonal factors, were unchanged from May and BANK CREDIT AND RESERVES about 6 per cent above a year ago. New auto sales were only slightly below their record level of Total loans and investments at city banks the preceding three months and, like used car changed little between early June and early July sales which rose further, were more than one-fifth as loan expansion was about offset by sales of U. S. above their year-ago peaks. Seasonally adjusted Government securities. The increase in outstandsales at department stores in June and early July ing business loans was especially sharp but real remained near their advanced May rate. Dealers' estate and consumer loans also continued to expand. stocks of new as well as used autos declined in June. All business groups with the exception of commodity dealers and food processors increased their COMMODITY PRICES borrowing from banks in June, in part to meet Wholesale prices of industrial materials con- quarterly tax payments. In early July business tinued upward from mid-June to mid-July. Steel loans declined somewhat. mill products were raised about 6.5 per cent in early Free reserves of member banks averaged around July following agreement on a substantial increase 175 million dollars during June, slightly below the in wage rates. Prices of metal scrap, building May level. In early July reserve positions became materials, paper, rubber, and some other materials somewhat tighter due largely to substantial curalso advanced. While prices of some types of pro- rency outflows around the Independence Day holiducers' equipment and of furniture were increased, day and to Treasury operations. In late June and early July about 400 million dollars of reserves MONEY RATES were supplied through Federal Reserve purchases eenf per annu of Treasury bills. SECURITY MARKETS Yields on U. S. Government securities advanced generally from mid-June to mid-July; for most types yields in mid-July were at or near their highs for the year. The Treasury increased by 100 million dollars the size of each of the first three weekly bill offerings during July, sold about 2 billion dollars of 1% per cent tax anticipation certificates due March 22, 1956, and reopened the 3 per cent bond of 1995 for subscriptions of 750 million dollars. Yields on State and local government bonds increased sharply during the last half of June and Figures except for Federal Reserve discount rate are monthly- early July, while yields on corporate bonds were average market yields. Corporate Aaa bonds, Moody's Investors Service; U. S. Government long-term (excludes 3lA per cent stable. Common stock prices rose sharply to new bonds issued May 1, 1953), U. S. Treasury Department and Federal Reserve; municipal high-grade bonds, Standard and highs in the first part of July but subsequently Poor's Corporation; Treasury bills, Federal Reserve. Latest figures shown are for July 2. declined somewhat. JULY 1955 761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 765-766 Federal Reserve Bank rates; margin requirements; reserve requirements 766-767 Reserves and deposits of member banks 768 Federal Reserve Bank statistics 769-771 Regulation V: guaranteed loans, fees, and rates 771 -772 Bank debits and deposit turnover; Postal Savings System. . 772 Money in circulation 773 Consolidated statement of the monetary system; deposits and currency 774 All banks in the United States, by classes 775-777 All commercial banks in the United States, by classes 778-779 Weekly reporting member banks 780-781 Commercial paper and bankers' acceptances 782 Life insurance companies; savings and loan associations. . 783 Government corporations and credit agencies.. 784-785 Security prices and brokers' balances 786 Money market rates; bank rates on business loans; bond and stock yields 787 Treasury finance 788-793 New security issues. . 794 Business finance 795-796 Real estate credit statistics 797-799 Statistics on short- and intermediate-term consumer credit. . 800-802 Business indexes 803-812 Merchandise exports and imports.. 812 Department store statistics 813-817 Consumer and wholesale prices 818-819 Gross national product, national income, and personal income. . 820-821 Index to Statistical Tables. ... .... 847-848 List of tables published in BULLETIN annually or semiannually, with references for latest data 759 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. JULY 1955 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER 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 EXCESS RESERVES 2 0 MONEY IN CIRCULATION 25 20 TREASURY CASH AND DEPOSITS ^ ^ ^^ NONMEMBER DEPOSITS 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER REPURCHASE AGREEMENTS -m ' <<*-> A • •- DISCOUNTS AND ADVANCES 2 0 FEDERAL RESERVE FLOAT | 1949 1950 1951 1952 1953 1954 1955 Latest averages shown are for week ending June 27. See p. 765. 764 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] Period U To .S t . a l Go B R v o o t e u u . s g t s e - h e r t c v u e u r H r e n i B t p e d i a l u e e d n s r r - k c c D a o r a e n u d i d s - d n - i t t s o F ut l s o t a a t nd o i e A n t r h l g i l - Total s G to o c ld k T s r 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 i o i i o n l n r a n - e - y T h c i u n r o a e r g l s y d a h s s - - T t w h u r r e r D e a i y s a n t e e h s p r - m v F o e e s . F e i m t R i b o s g b a , r . n l - e o a B r n t a h b c O n e e a e k r s t n r h s , - k - O s F e R e a t e r r c h e a d v - - e l - e r To r t e a M s l e e r m v q e u b R i e b r e r e - a d b la 2 a n n c k c e E e s s x s - 2 right c a h g a re s e e - vances ing po de si - ts po de si - ts p d o e s - - counts ment its Averages of daily figures Week ending: 1954 May 5 24,632 24,632 158 634 1 25,426 21,969 4,950 29,738 826 586 503 351 850 19,490 18,769 721 May 12 24,652 24,632 20 184 541 1 25,379 21,970 4,952 29,810 829 453 572 370 848 19,418 18,708 710 May 19. ... 24,659 24,640 19 143 739 1 25,542 21,971 4,955 29,769 838 551 532 411 862 19,506 18,785 721 May 26 24,709 24,709 164 638 1 25,512 21,972 4,957 29,707 829 397 500 437 880 19,690 18,924 766 June 2.... 24,812 24,812 216 613 1 25,642 21,966 4,958 29,874 827 452 521 458 878 19,555 18,912 643 June 9.... 24,960 24,960 170 670 1 25,802 21,924 4,958 29,928 823 342 549 358 877 19,805 18,885 920 June 16.... 24,955 24,955 142 665 1 25,764 21,925 4,957 29,870 813 341 549 227 910 19,934 19,043 891 June 23 25,018 24,986 32 194 920 1 26,134 21,926 4,955 29,793 806 757 547 296 998 19.818 18,958 860 June 30 25,113 24,980 133 157 630 1 25,901 21,926 4,956 29,813 812 1,010 579 384 996 19,188 18,349 839 July 7.... 25,082 25,038 44 71 675 1 25,829 21,927 4,959 30,066 821 464 588 413 986 19,377 18,419 958 July 14.... 24,912 24,912 68 710 1 25,691 21,929 4,958 30,099 811 392 765 359 986 19,166 18,404 762 July 21 24,765 24,765 73 833 1 25,673 21,931 4,958 29,932 807 499 651 428 983 19,261 18,356 905 July 28 24,517 24,517 168 590 1 25,277 21,924 4,959 29,815 806 551 569 420 963 19,036 18,347 689 Aug. 4 24,325 24,325 175 653 1 25,154 21,908 4,960 29,890 802 742 526 455 908 18,698 17,666 1,032 Aug. 11 24,040 24,023 17 287 598 1 24,925 21,901 4,959 29,932 803 584 544 430 905 18,586 17,688 898 Aug. 18 23,980 23,876 104 229 723 1 24,933 21,858 4,960 29,919 805 558 579 452 914 18,525 17,662 863 Aug. 25 23,813 23,747 66 178 698 1 24,690 21,858 4,961 29,850 807 566 557 450 927 18,353 17,627 726 Sept. 1 23,938 23,845 93 185 576 1 24,699 21,837 4,962 29,887 808 551 465 516 926 18,346 17,603 743 Sept. 8.... 24,013 23,977 36 147 598 1 24,759 21,809 4,965 30,046 802 479 518 428 923 18,33C 17,556 780 Sept. 15. ... 24,035 24,035 189 714 1 24,939 21,809 4,967 30,073 795 558 559 432 925 18,373 17,594 779 Sept. 22'. '. . '.23,789 23,789 141 977 1 24,908 21,810 4,967 29,969 793 446 514 435 934 18,596 17,691 905 Sept. 29'. '. '. '2.3,868 23,868 191 627 1 24,687 21,810 4,968 29,888 795 652 511 437 933 18,250 17,663 587 Oct. 6 24,492 24,492 179 667 1 25,338 21,810 4,971 30,010 793 676 484 452 948 18,756 17,894 862 Oct. 13 24,606 24,581 25 259 599 1 25,465 21,810 4,972 30,143 790 594 466 472 950 18,832 18,201 631 Oct. 20 24,487 24,456 31 284 927 1 25,699 21,788 4,973 30,125 796 570 443 440 950 19,136 18,269 867 Oct. 27. ... 24,381 24,381 257 721 1 25,360 21,759 4,973 30,028 801 567 442 411 949 18,895 18,224 671 Nov. 3 24,464 24,448 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 30,885 800 345 443 346 975 19,512 18,690 822 Dec. 29 24,918 24,888 30 377 1,138 1 26,433 21,712 4,982 30,828 801 453 523 295 976 19,250 18,630 620 1955 Jan. 5 24,918 24,874 44 372 885 1 26,176 21,712 4,984 30,501 804 449 527 413 916 19,263 18,580 683 Jan. 12 24,532 24,511 21 504 756 1 25,792 21,713 4,984 30,361 814 378 493 409 905 19,130 18,436 694 Jan. 19 24,155 24,128 27 445 881 1 25,482 21,714 4,985 30,079 818 275 516 413 902 19,176 18,383 793 Jan. 26 23,683 23,671 12 453 806 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 1 25,042 21,714 4,988 29,767 834 431 441 419 899 18,952 18,361 591 Feb. 9 24,016 23,902 114 555 640 1 25,212 21,715 4,988 29,794 827 472 447 480 895 19,000 18,272 728 Feb. 16 23,908 23,827 81 387 668 1 24,964 21,715 4,989 29,782 824 399 486 458 913 18,806 18,236 570 Feb. 23 23,732 23,732 395 804 (8) 24,932 21,716 4,990 29,771 825 490 390 486 959 18,716 18,108 608 Mar. 2 23,604 23,604 490 797 1 24,892 21,716 4,995 29,796 827 575 324 481 957 18,642 18,089 553 Mar. 9 23,604 23,604 479 789 1 24,873 21,717 4,995 29,819 828 548 364 476 955 18,596 18,018 578 Mar. 16 23,606 23,604 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 29,831 821 559 344 492 976 18,611 18,055 556 Apr. 13 23,682 23,604 78 662 801 14 25,159 21,669 4,996 29,940 812 325 349 553 979 18,868 18,214 654 Apr. 20 23,604 23,604 521 1 ,031 19 25,175 21,670 4,997 29,793 820 483 419 454 978 18,895 18,253 642 Apr. 27 23,604 23,604 544 861 21 25,031 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 18,659 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 15 24,908 21,672 4,999 29,877 821 310 417 377 924 18,853 18,207 646 May 25.... 23,51323,513 427 880 14 24,834 21,673 4,999 29,826 818 437 394 421 937 18,673 18,192 481 June 1.... 23,603 23,600 3 •612 772 14 25,001 21,674 5,001 29,961 823 582 400 478 936 18,496 18,063 433 June 8.... 23,683 23,683 533 812 17 25,044 21,675 5,002 30,059 835 440 387 416 935 18,648 18,036 612 June 15 23,588 23,588 558 793 17 24,956 21,676 5,001 30,058 832 304 434 387 940 18,678 18,099 579 June 22.... 23,554 23,554 348 1,137 16 25,055 21,676 5,001 30,035 818 213 408 278 981 18,998 P18,298 *>700 June 29\ .[. 23,554 23,554 456 789 16 24,815 21,677 5,001 30,021 814 323 425 275 981 18,653 ^18,161 P492 Monthly: 1954-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 25,776 21,724 4,979 30,287 800 492 416 393 883 19,207 18,393 814 Dec... 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 18,576 703 1955-Jan... 24,200 24,182 18 444 805 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 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 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 18,166 580 June. . 23,598 23,596 2 465 878 16 24,958 21,676 5,001 30,049 825 329 412 345 959 18,715 P Preliminary. For footnotes see following page. JULY 1955 765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, REVERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit <outstanding Deposits, other than member bank Member bank Treas- reserve balances Other reserve balances U. S. Govt. securities ury Money Treas- with F. R. Banks Fed- Date Dis- Gold cur- in ury -eral pe o ri r od Total B r o o ig u u h t g - t ht > u r c a H e n h g p e a d r u k e s e e e r I r - - v co a a a n n u d c d n - e ts s Float o e A t r l h ! l - Total stock . s r o t e i a n u n n g t c - d y - c t c u i i o l r a n - - h c i o n a l g s d h s - T p u o d re r s e y a i - t s s - p F e o d i o g s e r i - n t - s O p d i e o t t e r h s s - - - c s o R e a u r c e v n - - e ts Total qu R ir e e - d2 c E es x s - 2 ment Midyear or year-end: 1929—June. 216 148 68 1,037 52 95 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 54 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec. 2,484 2,484 91 11 2,59317,644 2,963 7,598 2,409 634 397 256 251 11,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 10 2,36122,737 3,247 11,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—Dec. 24,262 24,262 249 578 2 25,09120,065 4,33928,515 2,287 977 862 446 495 15,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 1 23,18122,754 4,56228,868 1,336 870 392 569 563 17,899 16,400 1,499 1949—Dec. 18,885 18,885 78 534 2 19,49924,427 4,59827,600 1,312 821 767 750 706 16,568 15,550 1,018 1950—Dec. 20,778 20,725 ""' ' 53 67 1,368 3 22,21622,706 4,63627,741 1,293 668 895 565 714 17,681 16,509 1,172 1951—-Dec.23,801 23,605 196 19 1,184 5 25,00922,695 4,70929,206 1,270 247 526 363 74620,056 19,667 389 1952—Dec. 24,697 24,034 663 156 967 4 25,82523,187 4,81230,433 1,27.0 389 550 455 777 19,950 20,520 -570 1953—June. 24,746 24,718 28 64 601 3 25,41422,463 4,85430,125 1,259 132 527 176 951 19,561 19,459 102 Dec. 25,916 25,318 598 28 935 2 26,88022,030 4,89430,781 761 346 423 493 839 20,160 19,397 763 End of month: 1954 June 25,037 25,037 37 567 1 25,64221,927 4,95929,922 811 875 545 377 988 19,011 18,412 599 July 24,325 24,325 184 672 1 25,18321,908 4,96029,892 798 716 533 503 908 18,702 17,763 939 Aug 24,023 23,894 129 200 473 1 24,69621,809 4,96629,929 811 511 477 501 925 18,316 17,572 744 Sept 24,270 24,270 132 779 1 25,18321,810 4,97229,985 786 704 461 422 931 18,676 17,724 952 Oct 24,381 24,381 297 721 1 25,40121,759 4,97730,074 806 729 426 496 884 18,722 18,251 471 Nov 24,888 24,888 398 657 1 25,94421,710 4,98230,500 800 694 397 381 880 18,985 18,467 518 Dec 24,932 24,888 44 143 808 1 25,88521,713 4,98530,509 796 563 490 441 907 18,876 18,618 258 1955 Jan 23,885 23,882 3 475 600 1 24,96021,714 4,98929,789 837 360 441 419 899 18,918 18,337 581 Feb 23,605 23,605 485 678 1 24,76921,716 4,99629,817 828 564 320 433 957 18,562 18,091 471 Mar 23,612 23,604 8 391 659 4 24,66721,719 4,99829,800 819 724 351 448 959 18,283 17,871 412 Apr 23,612 23,604 8 560 799 18 24,98821,671 4,99929,769 809 812 360 490 923 18,495 18,161 334 May. . 23,662 23,662 460 643 15 24,78021,674 5,00230,009 828 649 402 413 936 18,221 18,029 192 June. 23,607 23,554 53 128 850 16 24,601?21,677P5,003 ^30,226 P816 380 374 448 972 18,066 ^18,136 p-70 Wednesday 1955 Apr. 6.... 23,644 23,604 40 707 645 14 25,01121,719 4,99729,900 817 443 351 445 979 18,791 18,200 591 Apr. 13 23,641 23,604 37 637 680 18 24,97721,670 4,99729,841 826 365 381 410 979 18,841 18,230 611 Apr. 20 23,604 23,604 569 793 19 24,98621,670 4,99729,714 818 503 408 422 978 18,810 18,258 552 Apr. 27 23,604 23,604 486 746 20 24,85721,671 4,99929,657 820 623 384 411 978 18,654 18,280 374 May 4.... 23,782 23,664 118 720 706 17 25,22521,671 5,00029,782 820 458 357 434 921 19,123 18,242 881 May 11 23,758 23,702 56 365 642 15 24,77921,672 4,99929,842 819 383 388 420 920 18,677 18,176 501 May 18. ... 23,612 23,612 324 950 15 24,90221,673 4,99929,826 825 392 407 307 937 18,879 18,310 569 May 25 23,513 23^513 543 682 14 24,75321,674 4,99929,789 824 415 406 414 937 18,642 18,165 477 June 1 23,694 23,694 567 763 16 25,04021,674 5,00230,042 841 543 398 414 935 18,544 18,040 504 June 8.... 23,615 23,615 391 689 16 24,71121,675 5,00130,044 842 290 402 393 935 18,483 18,027 456 June 15 23,554 23,554 837 872 17 25,27921,676 5,00230,033 833 358 401 263 981 19,087 18,149 938 June 22 23,554 23,544 393 936 16 24,89921,677 5,001 29,983 820 98 418 246 981 19,029 P18,268 P761 June 29 23,554 23,554 722 709 17 25,00221,677 5,00030,128 818 344 407 408 980 18,595 P18,165 P430 P Preliminary. includes industrial loans and acceptances, which are shown separately in subsequent tables. 2These figures are estimated. 3Less than $500,000. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication." MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS ' [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 [n 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 onp.-ifio^ percentage of its market "'^•io ** «-^° tim* nf ovfano^n- +v,« in which the member bank is located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., effective Feb 1, 1936, are the same as those in effect for member banks. 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. 766 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- A o d b v li a g n a c t e io s n s s e c a u n r d e d d i b s y c o G un o t v s e o r f n m an e d nt Other secured advances t b io a n n s k s o t s h e e c r u r t e h d a n b y m d em ire b c e t r Federal Reserve Bank advance ( s S s e e e c s u . r 1 e 3 d , a b r y id e 1 li 3 g a ib ) l 1 e paper [Sec. 10(b)] obl ( i l g a a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous June 30 beginning- rate June 30 beginning— rate June 30 beginning— rate Boston Apr. 15, 1955 Apr. 15,1955 2 3 Apr. 15,1955 New York..., Apr.15, 1955 Apr. 15,1955 2 3 Jan. 16,1953 Philadelphia.. Apr.22,1955 Apr. 22,1955 2 3 Apr. 22,1955 Cleveland Apr.15, 1955 Apr. 15,1955 2 3 Aug. 17,1953 Richmond. . ., Apr.15.1955 Apr. 15,1955 2 3 Jan. 23,1953 Atlanta May 2, 1955 May 2,1955 2 I* 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 K Da a l n l s a a s s City. . A Ap p r r . .1 15 4 , . 1 1 9 9 5 5 5 5 A F p e r b . . 1 1 5 2 , .1 19 9 5 5 5 4 I* 3 3 A A p p r r . . 1 1 5 4 , , 1 1 9 9 5 5 5 5 San Francisco Apr.22, 1955 Apr. 22,1955 Jan. 20,1953 2 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain banke rs' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by ob ligations 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 COMMITMENT'S UNDER SECTION 13b OF THE FEDERAL RESERVE ACT [Per cent of deposits] Maturities not exceeding five years Net demand deposits1 [In effect June 30. Per cent per annum] Time Effective date deposits To c b o i u n m s d i m u n s e e t s r r s c i e a ia s l l or To financing institutions of change C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e ( n m a k l b l s e ) r banks On discounts or 1917—June 21 13 10 7 3 Reserve purchases 1936—Aug. 16 15 10J4 Bank lo O an n s1 co m m O e m n n t i s t- fo P r o w rti h o i n ch Re- c m o O m en n m ts it- 1 1 9 9 3 38 7 — — M A M p a a r y r . . 1 1 1 6 2 2 2 2 6 2 M % 20 2 1 1 1 2 4 2 M 5 6 5 K o i b t n i l o s ig t n i a tu t i e s - d m po a r in ti i o n n g 1 1 9 94 4 2 1 — — S A N e u o p g v t . . . 2 1 0 4 1 2 2 2 6 2 4 20 14 6 Oct. 3 20 Boston 3-5 H 1948—Feb 27 9? N Ph e i w la d Y e o lp r h k i . a .. . . 3-53^ J S u e n p e t. 1 1 6 1 24 16 271^ Cleveland.... 2>|-5 Sept. 24 26 22 A R Ch t i l c i a c h n a m g ta o ond.... 1949— M M a ay y 1 5 24 21 15 2 3 7 7 S M t. i n L n o e u a i p s olis. . 3 3 - - 5 5 K X-Ui J J A u u u l n y g e . 30 1 1 20 1 1 4 3 3 26 6 K Da a l n l s a a s s City. . 2M-5 A Au u g g . . 1 1 6 1 23^ 12 3 2 5 5 San Francisco. Aug. 18... 23 19 Aug. 25 223^ 1 Including loans made in paticipation with financing institutions. Sept. 1 22 18 2 2 Rate charged borrower less commitment rate. 1951—Tan. 11 23 19 36 3Rate charged borrower. 4Rate charged borrower but not Jan 16 13 26 to exceed 1 per cent above the discount rate. Jan. 25 24 20 6Charge of 3^ per cent per annum is made on undisbursed portion Feb. 1 o o f f l 6 l o C o a a h n n a . . rge of y± per cent per annum is made on undisbursed portion 1953— J J u u l l y y 9 1 22 ......... 13 Back figures.—See Banking and Monetary Statistics, Table 118, pp. 1954—June 16 25 446-447. June 24 21 3 5 July 29 20 18 Aug. 1 ' "u' In effect July 1, 19554. . 20 18 12 5 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. 4 Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. JULY 1955 767 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—March 19,573 4,725 1,267 7,767 5,815 1954—March 692 38 8 83 563 April 19,392 4,693 1.221 7,739 5,740 April 765 66 11 148 541 May 19,533 4,738 1,255 7,785 5,754 May 716 35 -2 124 560 1955—March 18.635 4,394 1,141 7,623 5,476 1955—March. . . . 585 21 -2 62 505 April 18,800 4,445 1,122 7,747 5.486 April 590 4 74 513 May 18,746 4,407 1,139 7,734 5,465 May 580 23 85 470 May 18 18,853 4,427 1,152 7,782 5,492 May 18 647 50 7 96 494 May 25 18,673 4,403 1.138 7.716 5.417 May 25 482 5 -1 61 417 June 1.... 18,496 4,338 1,128 7,667 5,364 June 1 436 -10 -1 73 374 June 8 18,648 4,362 1,130 7,651 s5,505 June 8 611 17 2 98 494 June 15.... 18,678 4,343 1,128 7,670 5,537 June 15 578 -3 -3 65 519 June 22.... 18,998 4,443 1,161 7,761 5,633 June 22 *701 19 7 70 P605 June 29 18,653 4,387 -1,134 7,700 5,434 June 29 M93 9 -6 65 P425 Borrowings at Federal Required reserves:1 2 Reserve Banks: 1954—March 18,881 4,687 1,259 7,684 5,252 1954—March. 189 29 79 65 April 18,627 4,627 1,210 7,591 5,199 April. . . 139 9 71 59 May 18,817 4,704 1,257 7,661 5,194 May... 155 7 8 65 75 1955—March 18,050 4,373 1,143 7,561 4,971 1955—March. 464 18 132 213 101 April 18,210 4,442 1,122 7.673 4,973 April. . . 495 27 125 229 114 May 18,166 4,384 1,138 7,649 4,995 May... 368 4 26 213 125 May 18 18,207 4,377 1,146 7,686 4,998 May 18. 236 10 130 96 May 25 18,192 4,398 1,139 7,655 5,000 May 25. 353 20 208 125 June 1 18,063 4,349 1,129 7,595 4,990 June 1. 545 40 322 183 June 8 18,036 4,345 1,128 7,552 5,011 June 8. 463 14 32 298 119 June 15 18,099 4,346 1,130 7,605 5,018 June 15. 489 28 84 244 133 June 22 ?18,298 4,424 1,154 7,691 P5.029 June 22. 283 6 16 170 91 June 29 P18.161 4,378 1,139 7,635 P5,009 June 29. 402 7 33 217 145 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 May 1955 May 1954 Gross demand deposits: Total 112,672 23,454 6,025 44,137 39,056 107,088 22,879 6,002 41,309 36,898 Interbank 12,208 3,940 1 ,115 5,957 1,195 12,293 3,971 1,189 5,982 1,151 Other 100,465 19,514 4,910 38,180 37,862 94,794 18,907 4,813 35,327 35,747 Net demand deposits2 98,170 21,074 5,364 38,037 33,695 93,003 20,482 5,370 35,604 31,546 Time deposits 39,772 3,386 1,304 16,056 19,026 37,721 3,296 1,263 14,943 18,219 Demand balances due from domestic banks. 6,096 48 110 1,905 4,034 6,303 53 124 1,970 4,156 Reserves with Federal Reserve Banks: Total 18,746 4,407 1 ,139 7,734 5,465 19,533 4,738 1,255 7,785 5,754 Required3 . 18,166 4,384 1,138 7,649 4,995 18,817 4,704 1,257 7,661 5,194 Excess 580 23 1 85 470 716 35 -2 124 560 Borrowings at Federal Reserve Banks 368 4 26 213 125 155 7 8 65 75 * i Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 See table on preceding page for changes in reserve requirements. 768 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1955 1955 June 29 June 22 June 15 June 8 June 1 June May June Assets Gold certificates 20,156,10020,156,10220,150,10220,145,10320,142,10120,156,10120,143,102 20 377,101 Redemption fund for F. R. notes.. 837,567 839,481 843,192 845,788 845,754 837,567 844,752 861,406 Total gold certificate reserves. 20,993,667 20,995,583 20,993,294 20,990,891 20,987,855 20,993,668 20,987,854 21,238,507 F. R. notes of other Banks 176,087 202,466 188,724 179,357 164,913 173,778 163,926 144,318 Other cash 342,850 347,242 340,082 329,471 331,161 338,642 344,080 358,345 Discounts and advances: For member banks 668,618 339,903 770,010 324,800 500,377 74,591 393,642 21,745 For nonmember banks, etc 53,333 53,333 66,667 66,667 66,667 53,333 66,667 15,000 Industrial loans 472 550 553 480 695 460 701 1,232 Acceptances: Bought outright 16,482 14,943 16,393 15,893 14,982 15,928 14,096 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 832,450 832,450 832,450 893,450 972,450 832,450 940,950 2,316,075 Certificates: Special Other 8,273,775 8,273,775 8,273,775 8,273,775 8,273,775 8,273,775 ,273,775 6,599,791 Notes 11,645,83711,645,837 11,645,837 11,645,837 11,645,837 11,645,837 ,645,837 13,029,021 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 ,801,750 3,092,550 Total bought outright 23,553,812 23,553,812 23,553,812 23,614,812 23,693,812 23,553,812 23,662,312 25,037,437 Held under repurchase agreement. 53,500 Total U. S. Government securities. 23,553,812 23,553,812 23,553,812 23,614,812 23,693,812 23,607,312 23,662,312 25,037,437 Total loans and securities 24,292,717 23,962,541 24,407,435 24,022,652 24,276,533 23,751,624 24,137,418 25,075,414 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 4,392 998 5,079,468 5,143,916 3,810,747 3,999,095 4,209,677 ,453,158 3,796,835 Bank premises 57,146 56,941 56,971 56,798 56,527 57,106 56,467 53,551 Other assets 139,964 134,410 127,495 170,028 163,710 141,185 162,621 92,139 Total assets. 50,395,451 50,778,673 51,257,939 49,559,966 49,979,816 49,665,702 49,305,546 50,759,131 Liabilities Federal Reserve notes 25,780,417 25,671,25225,710,610 25,709,27125,690,80725,867,600 25,655,904 25,588,132 Deposits: Member bank—reserve accounts.. 18,594 58819,029,45419,086,76918,482,74818,544 18,065,67418,220,83719011,322 U. S. Treasurer—general account. 344 389 98,431 358,439 289,566 542 380,473 649,133 874,868 Foreign 407 139 418,071 401,025 401,572 397 374,037 402,237 545,071 Other 407 944 245,904 262,903 393,417 413, 448,169 412,566 376,531 Total deposits. 19,754,060 19,791,860 20,109,136 19,567,303 19,898,032 19,268,353 19,684,773 20,807,792 Deferred availability cash items 3,683, 4,143,353 4,272,316 ,121,932 3,235 3,359,871 2,810,214 ,229,831 Other liabilities and accrued dividends. 20, 20,505 19,179 19,596 18 11,958 18,759 12,630 Total liabilities. 49,238,931 49,626,970 50,111,24148,418,102 48,843,145 48,507,782 48,169,650 49,638,385 Capital Accounts Capital paid in 294,612 294,402 294,208 293,965 293,892 295,179 293,649 272,316 Surplus (Section 7) 660,901 660,901 660,901 660,901 660,901 660,901 660,901 625,013 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 173,464 168,857 164,046 159,455 154,335 174,297 153,803 195,874 Total liabilities and capital accounts. 50,395,451 50,778,673 51,257,939 49,559,966 49,979,816 49,665,702 49,305,546 50,759,131 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).... 46.1 46.2 45.8 46.4 46.3 45.8 Contingent liability on acceptances purchased for foreign correspondents 26,206 26,648 26,791 26,847 26,322 26,170 26,420 13,509 Industrial loan commitments 3,569 3,555 3,555 3,628 3,414 3,511 3,409 2,396 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advance; -total. 721,951 393,236 836,677 391,467 567,044 127,924 460,309 ,745 Within 15 days 662,549 334,600 778,259 326,699 487,984 68,218 381,949 ,128 16 days to 90 days 45,992 31,963 31,739 38,089 52,381 46,304 51,681 ,617 91 days to 1 year 13,410 26,673 26,679 26,679 26,679 13,402 26,679 Industrial loans—total 472 550 553 480 695 460 701 ',232 Within 15 days 25 267 269 16 17 17 17 4 16 days to 90 days. 147 95 95 193 407 144 409 123 91 days to 1 year 157 45 45 126 126 156 130 ,063 Over 1 year to 5 years 143 143 144 145 145 143 145 42 Acceptances—total 16,482 14,943 16,393 15,893 14,982 15,928 14,096 Within 15 days 5,695 5,919 6,467 4,652 4,743 4,605 4,942 16 days to 90 days 10,787 9,024 9,926 11,241 10,239 11,323 9,154 91 days to 1 year U. S. Government securities—total. 553,81223,553,81223,553 81223,614,812 693,81223,607,31223,662,312 25,037,437 Within 15 days 228,900 248,950 273 850 171,850 230,800 131,500 150,200 463,450 16 days to 90 days 357,249 6,337,199 6,312 299 6,475,299 495,349 6,508,149 6,544,449 2,843,850 91 days to 1 year 765,69910,765,69910,765 69910,765,699 765,69910,765,69910,765,699 12,972,716 Over 1 year to 5 years 773,493 3,773,493 3,773,493 3,773,493 773,493 3,773,493 3,773,493 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 Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. JULY 1955 769 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1955 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates. 20,156,101 961,067 5,867,2521,218,8841,695,9551,130,879 746,2023,499,392 777,767 320,229 817,411 707,9432,413,120 Redemption fund forF. R. notes. 837,567 50,687 172,350 55,427 72,819 68,401 51,352 149,793 45,912 24,175 40,806 27,879 77,966 Total gold certificate reserves. . 20,993,668 1,011,754 6,039,6021,274,3111,768,7741,199,280 797,5543,649,185 823,679 344,404 858,217 735,8222,491,086 F. R. notes of other Banks... 173,778 6,761 27,876 8,854 8,935 9,842 50,517 15,929 7,029 5,976 5,152 9,340 17,567 Other cash, 338,642 24,883 56,726 17,505 40,605 14,730 31,075 57,385 20,812 9,868 13,909 17,671 33,473 Discounts and advances: Secured by U. S. Govt. securities. . . 74,522 3,980 16,745 9,600 6,125 7,518 925 4,125 200 10,985 12,319 2,000 Other. 53,402 3,200 15,573 3,893 4,853 2,667 2,293 7,467 2,027 1,333 2,027 2,576 5,493 Industrial loans. 460 376 84 Acceptances: Bought outright.... 15,928 15,928 Held under repurchase agreement. . U. S. Government securities: Bought outright. . . .23,553,812 1,300,736 5,986,0841,433,5322,024,285 1,387,6491,215,8014,108,421 977,436 570,779 1,024,355 944,4612,580,273 Held under repurchase agreement. . 53,500 53,500 Total loans and securities 23,751,624 1,307,916 6,087,8301,447,4012,035,2631,397,8341,219,0194,120,013 979,663 583,181 1,038,701 949,0372,585,766 Due from foreign batiks•: 22 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash items 4,209,677 312,297 813,513 257,609 450,258 326,190 303,945 671,487 160,139 112,621 194,799 225,834 380,985 Bank premises... 57,106 5,797 7,102 5,184 • 5,366 4,557 4,229 6,168 2,805 1,242 3,195 1,554 9,907 Other assets 141,185 7,356 34,224 8,125 12,216 8,307 7,833 25,862 6,167 3,308 6,071 6,736 14,980 Total assets 49,665,702 2,676,765 13,066,8793,018,9914,321,4192,960,7412,414,1738,546,0322,000,295 1,060,6012,120,0451,945,9955,533,766 Liabilities F. R. notes 25,867,600 1,594,764 5,831,9661,808,0972,372,5981,865,6851,306,1115,022,0731,161,030 559,8091,029,207 710,2162,606,044 Deposits: Member bk.— reserve accts. 18,065,674 707,074 5,456,282 881,5811,442,652 734,607 786,9822,782,958 643,688 365,089 868,994 957,0622,438,705 IT S Trea<? gen. acct.. .. 380,423 . 598 373,162 672 568 566 546 524 569 523 593 595 1,557 Foreign 374,037 22,320 2110,636 27,156 33,852 18,600 15,996 52,080 14,136 9,300 14,136 17,484 38,341 Other 448,169 2,132 367,359 9,750 5,256 1,671 1,074 883 7,485 1,915 4,483 1,473 44,688 Total deposits... 19,268,353 732,124 6,307,439 919,1591,482,328 755.444 804,5982,836,445 665,878 376,827 888,206 976,6142,523,291 Deferred availability cash items 3,359,871 279,146 599,407 207,457 360,354 277,923 249,863 521,152 127,008 93,048 156,382 204,238 283,893 and accrued dividends 11,958 782 3,211 601 1,504 508 656 2,135 456 332 419 355 999 Total liabilities. . 48,507,782 2,606,816 12,742,0232,935,3144,216,7842,899,5602,361,2288,381,8051,954,3721,030,0162,074,2141,891,4235,414,227 Capital Accounts Capital paid in. . 295,179 15,703 88,804 19,456 28,011 13,305 13,206 39,266 10,314 6,702 11,549 15,478 33,385 Surplus (Sec. 7).. 660,901 40,309 188,070 47,773 60,222 33,480 29,480 96,566 26,619 16,918 24,755 29,985 66,724 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 174,297 10,926 40,663 11,959 15,396 11,047 9,497 26,966 8,469 5,892 8,390 7,802 17,290 Total liabilities and capital accounts 49,665,702 2,676,76513,066,8793,018,9914,321,4192,960,7412,414,1738,546,0322,000,295 1,060,6012,120,045 1,945,9955,533,766 Reserve ratio 46.5% 43.5% 49.8% 46.7% 45.9% 45.8% 37.8% 46.4% 45.1% 36.8% 44.8% 43.6% 48.6% Contingent liability on acceptances purchased for forspondents 26,170 1,572 3 7,620 1,913 2,384 1,310 1,127 3,668 995 655 996 1,231 2,699 Industrial loan commitments.. 3,571 409 627 11 90 14 2,420 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $263,376,000 participations of other Federal Reserve Banks. 8After deducting $18,550,000 participations of other Federal Reserve Banks. 770 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month 1955 1955 1954 June 29 June 22 June15 June 8 June1 June May June F. R. notes outstanding (issued to Bank) 26 607,21826 570 36926 567 91226,553 51426,489,43426,629,031 26,464,705 26,543,175 Collateral held against notes outstanding: Gold certificates 11 108,000 11 108 00011 108 00011,108 00011 108 00011,108,000 11,108,000 11,043,000 Eligible paper 194,521 152 491 249 837 142 496 211,935 44,602 213,625 13,617 U. S. Government securities.. 17 055,000 17 055 00017 055 00017,055 00017,055,000 17,055,000 17,055,000 16,945,000 Total collateral 28 357 ,52128 315 491 28,412 837 28,305 496 28,374,93528,207,602 28,376,625 28,001,617 EACH FEDERAL RESERVE BANK ON JUNE 30, 1955 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F S r a a n n- F. R. notes outstanding (issued to Bank) 26,629,0311,628,5365,968,8711,861,189 2,468,9901,914,1131,361,592 5,106,9201,204,155595,2641,054,785752,2972,712,319 Collateral held: Gold certificates11,108,000 6400,,000000 2,670,000 800,0001,050,000 675,000 500,000 2,300,000 355,000175,000 280,000 283,0001,380,000 Eligible paper. . 44,602 3,980 9,600 7,518 200 10,985 12,319 U. S. Govt. securities 17,055,0001,200,000 3,600,0001,200,0001,500,0001,300,0001,000,0002,900,000 910,000500,000 800,000 525,0001,620,000 Total collateral... 28,207,6021,843,980 6,270,000 2,009,6002,550,0001,982,5181,500,0005,200,0001,265,200 685,9851,092,319808,000 3,000,000 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 Partici- [Amounts in thousands of dollars] 194 y E m 5 e n o a d r n t o o h f r 3 N . b u A 5 e m 1 p r a 1 p p - to p li r c d o a A 5 a v t 4 i t e m e o 4 d n o ,9 s u 6 n 1 t (a b p p m l c u r A e o o t o t p m v 3 e u n - 2 d e - n o 0 d i t t ) s (a t L a m 1 o n o , u o d 9 a u t i 9 n - n n 5 s g t) 2 ( C s a m t m o 1 a o m , n e u o 6 n d u t m 4 - t i n 4 s n i t t g ) - s o ( i t a p t n f a u m a g 1 o n f t t , i u o i d i 0 i n o o n u t i 8 a - n n n s n 6 n s t g s t c i ) 3 - - y E m e n o a d r n t o o h f r N G b u u e m a r a r - u a t t o n h t o e d r A e a i d z t m e e l d o o u a n n t s am To o t o G u a u n l u t t a s lo t r a a a n n n d t s e g P i e n u o t d g e a r e t r i a d o n n - a o u a A n b u v n t a o d t a d e m s m r i d e e t r l r e i a a o o t n n a b w i u g o g t d l n s e u e n r i t r e a n a s t e r g l o - - 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1950 62 31,326 8,017 6,265 8,299 1948 3,607 615,653 335 995 1,643 1,990 1951 854 1,395,444 675,459 546,597 472,827 1949 3,649 629,326 539 2,178 2,288 2,947 1952 1,159 2,124,123 979,428 803,132 586,303 1950 3,698 651,389 4,819 2,632 3,754 3,745 1953 1,294 2,358,387 804,686 666,205 363,667 1951 3,736 710,931 3,513 4,687 6,036 11,985 1952 3,753 766,492 1,638 3,921 3,210 3,289 1954 1953 3,765 803,429 1,951 1,900 3,569 3,469 1954 J M un ay e 1 1 , , 3 3 2 3 4 1 2 2 , , 4 4 0 2 8 0 , , 2 3 2 2 6 6 6 6 6 4 4 0 , , 1 6 2 3 2 6 5 5 5 3 2 4 , , 7 69 3 5 8 3 2 3 9 0 9 , , 4 46 0 5 8 May 3,767 810,779 45 1,298 2,373 1,869 J A u u ly gust... . 1 1 , , 3 34 5 2 0 2 2 , , 4 4 5 4 7 3 , , 6 0 8 2 9 1 5 6 5 0 9 4 , , 8 7 5 5 9 0 5 4 0 6 2 6 , , 9 0 0 8 2 9 3 3 0 1 0 1 , , 6 1 7 9 6 1 June 3,768 812,433 195 1,247 2,395 1,855 September. 1,355 2,477,939 546,930 455,618 295,805 July 3,768 813,465 45 1,130 2,354 1,812 October. . . 1,357 2,478,939 527,074 416,713 283,510 August.... 3,768 814,765 45 630 2,794 1,773 November. 1,361 2,481,669 504,708 395,388 266,798 September. 3,769 815,449 395 991 1,943 1,559 December. 1,367 2,499,634 471,947 367,694 272,903 October.. . . 3,769 816,582 395 812 1,896 1,343 November. 3,770 817,605 520 652 1,898 1,202 1955 December.. 3,771 818,224 520 719 1,148 1,027 January... 1,370 2,501,179 454,209 347,008 264,549 1955 February.. 1,375 2,504,169 437,185 333,717 263,248 January. . . 3,772 821,407 170 629 3,152 1,504 A M p a ri r l ch.... 1 1 , , 3 3 8 8 0 4 2 2 , , 5 5 1 2 1 2 , , 8 8 2 6 9 4 4 4 4 2 2 5 , , 2 3 6 9 8 4 3 32 3 0 3 , , 5 2 5 6 7 9 2 2 5 5 4 5 , , 8 2 4 4 0 8 February. . 3,772 822,063 170 542 3,227 1,498 May 1,388 2,530,259 398,867 298,354 272,484 March 3,775 823,195 315 521 3,519 1,564 April 3,775 823,359 270 675 3,389 1,576 May 3,775 823,754 170 707 3,410 1,586 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to bor- 1 Includes applications approved conditionally by the Federal Re- r r e o p w a e i r d s , u g n u d a e ra r nt g e u e a s r a a n u t t e h e o r a iz g e r d e em bu e t n t n s ot o u c t o s m ta p n l d e i t n e g d , r a e n p d re s a e u n t t h s or a i m za o ti u o n n t s 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 3 b y m a o p n p th li s c a o n r t. more, which are not expired or withdrawn. included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. JULY 1955 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEES AND RATES ESTABLISHED UNDER REGULATION V POSTAL SAVINGS SYSTEM ON LOANS GUARANTEED PURSUANT TO DEFENSE [In millions of dollars] PRODUCTION ACT OF 1950 [In effect June 30] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month itors' Cash U. S. Cash bal- in Governances 1 Total deposi- ment funds Guarantee fee Percentage of tory securi- etc 2 Percentage of (percentage of any commitment banks ties loan guaranteed interest payable fee charged by borrower) borrower 1945—December 2,933 3,022 6 2,837 179 1946—December 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December 3,417 3,525 6 3,308 212 75 15 15 1948—December... . 3,330 3,449 7 3,244 198 80 20 20 1949—December 3,188 3,312 7 3,118 187 85 25 25 1950—December 2,924 3,045 11 2,868 166 90 30 30 1951—December 2,705 2,835 28 2,644 162 95 35 35 1952—December 2,547 2,736 33 2,551 151 Over 95 40-50 40-50 1953—December 2,359 2,558 31 2,389 138 1954—February. . . . 2,326 2,505 31 2,336 139 Maximum Rates Financing Institution May Charge Borrower Miarch 2,309 2,470 31 2,299 140 April ...... 2,290 2,434 31 2,278 125 [Per cent per annum] May 2,271 2,416 31 2,256 130 June 2,251 2,399 31 2,240 128 July 2,230 2,379 31 2,220 129 Interest rate August 2,208 2,360 31 2,196 133 Commitment rate. September. . . 2,189 2,339 31 2,176 133 October 2,171 2,304 31 2,156 118 November 2,154 2,287 31 2,134 123 December... . 2,136 2,292 31 2,134 127 P2,115 P2 094 IS^Larch P2 073 April P2 051 May P2,029 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centersx centers2 City centers1 centers2 1944 848,561 327,490 194,751 326,320 22.3 18.3 14.6 1945 924,464 382,760 200,202 341,502 24.1 17.5 13.5 1946 1,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947 1,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1954—April 154,759 60,479 33,152 61,128 41.3 27.6 18.8 41.9 26.8 19.4 May 149,812 59,535 31,159 59,118 41.9 25.5 18.8 43.0 25.9 19.2 June 163,501 64,965 33,785 64,751 44.2 26.8 19.7 40.9 26.3 19.7 July 154,848 61,155 31,556 62,137 41.6 24.9 18.8 42.7 25.4 19.1 August 151,504 58,316 31,526 61,662 40.0 24.8 18.5 46.2 27.1 19.7 September 149,898 56,744 30,922 62,232 40.4 25.3 19.4 39.4 25.6 19.1 October. . . 152,322 58,792 30,706 62,823 39.3 23.6 18.6 40.5 24.3 18.6 November 156,843 58,787 32,230 65,826 42.2 26.3 20.7 42.6 25.9 19.6 December. 186,317 73,817 38,217 74,282 48.1 28.1 21.0 42.6 26.9 19.9 1955—January... 163,388 62,642 33,531 67,215 42.0 25.4 19.6 41.8 25.9 19.4 February.. 149,738 57,091 31,595 61,052 41.9 26.4 19.6 43.0 27.1 19.7 March 178,917 67,242 39,908 71,767 41.7 30.2 20.0 40.7 27.6 20.1 April 158,289 57,634 34,494 66,161 37.3 27.1 19.2 37.9 26.3 19.8 May 167,710 62,211 36,570 68,928 42.7 28.4 20.6 43.8 28.8 21.0 June 177,908 67,634 37,569 72,706 44.7 P28.4 P20.8 41.4 P27.8 P20.8 pPreliminary. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 2338 centers prior to April 1955; the decrease resulted from the combination of two cities for which separate figures are no longer available because of centralized accounting. 3 These data are compiled by the Federal Reserve Bank of New York. NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357. 772 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 $2 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 ,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1940 ,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 1941 ,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942 ,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 1943 ,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 1944 307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 1945 ,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1946 ,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 ,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 ,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 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 ,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 ,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 ,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 ,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—May 29,870 20,946 ,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 ,795 1,183 71 2,023 6,377 9,551 8,924 2,659 5,457 324 473 4 8 July 29,892 20,984 ,793 1,174 70 2,016 6,366 9,564 8,910 2,654 5,451 322 471 4 8 August 29,929 21,015 ,801 1,183 70 2,023 6,361 9,578 8,916 2,653 5,461 321 469 4 8 September... 29,985 21,054 ,811 1,200 70 2,034 6,378 9,561 8,932 2,648 5,486 320 466 4 8 October 30,074 21,118 ,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 ,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 ,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 9,014 673 5,550 317 460 4 9 February.... 29,817 20,845 1,810 1,190 71 2,020 6,316 9,438 8,974 660 5,527 316 457 3 9 March 29,800 20,854 1,822 1,196 70 2,021 6,324 9,421 8,946 647 5,512 317 457 4 9 April 29,769 20,856 1,831 1,202 71 2,020 6,309 9,425 8,914 641 5,492 314 454 9 May 30,009 21,098 1,843 1,219 71 2,051 6,394 9,520 912 2,647 5,489 313 451 9 I 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal M 1 a 9 y 5 3 5 1, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F an e e d k se s e r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d M 1 a 9 y 5 3 5 1, Ap 19 r. 5 3 5 0, M 1 a 9 y 5 4 31, certificates agents Gold 21 674 21 022 2652 Gold certificates 21,022 18,172 2,816 35 35 36 Federal Reserve notes. 26 465 72 973 25 419 25 220 25 338 Treasury currency—total 5,002 ^2,404 103 344 4,555 4,515 4,497 Standard silver dollars 490 220 46 4 221 221 210 Silver bullion 2 185 2 185 Silver certificates and Treasury notes of 1890. 32,404 243 2,161 2,135 2,136 Subsidiary silver coin 1 297 45 60 1,192 1,183 1,160 Minor coin 449 9 11 430 428 417 United States notes 347 3 24 320 316 321 Federal Reserve Bank notes 166 2 164 165 182 National bank notes 68 67 67 70 Total— A M p a r y . 3 3 0 1 , , 1 1 9 9 5 5 5 5 . f4) 2 23 3 ,4 4 2 3 7 5 8 80 2 9 8 1 1 8 8 ,1 1 7 7 2 0 4 4 ,1 3 3 4 2 9 30,009 29 769 May 31 1954 23,726 820 18,477 4,311 29,870 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. 765. 2Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To 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. 4 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. 5Less than $500,000. 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. JULY 1955 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS1 -.. [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total ury U. S. Government obligations liabil- Capital cur- ities Total and Gold rency Other and deposits misc. out- Loans, Com- secu- capital, and acstand- Total net mercial Federal rities net currency counts, ing Total and Reserve Other net savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 •64,698 55,776 8,922 1933—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 19,4.17 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Dec. 31 22,695 4,709 181,323 67,597 97,808 71,343 23,801 2,664 15,918 208,727 193,410 15,317 1952—June 30 23,346 4,754 182,980 69,712 96,266 70,783 22,906 2,577 17,002 211,080 194,960 16,120 Dec. 31 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—June 30 22,463 4,854 190,277 77,071 95,350 68,108 24,746 2,496 17,856 217,594 200,360 17,234 Dec. 31 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—May 26 22,000 5,000 198,800 80,100 99,400 72,400 24,700 2,300 19,300 225,800 207,600 18,200 June 30 21,927 4,959 200,628 81,210 99,827 72,525 25,037 2,265 19,591 227,514 209,354 18,161 July 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—Jan. 26? 21,700 5,000 209,600 85,200 103,600 77,800 23,700 2,100 20,900 236,300 217,500 18,800 Feb. 23* 21,700 5,000 208,200 85,800 101,400 75,600 23,700 100 21,000 234,900 216,000 18,900 Mar. 30? 21,700 5,000 207,000 87,100 98,700 73,000 23,600 100 21,200 233,700 214,500 19,100 Apr. 27^ 21,700 5,000 209,100 87,900 100,000 74,300 23,600 100 21,200 235,700 216,900 18,800 May 25? 21,700 5,000 209,100 89,000 99,200 73,600 23,500 2,000 20,900 235,800 216,700 19,100 Details of Deposits and Currency U. S. Government balances Deposits adjusted and currency Seasonally adjusted series5 Foreign bank At Time deposits2 Total Dede- Treas- com- At De- Cur- demand mand Curposits, ury mercial F. R. Total mand rency deposits de- rency net cash and Banks Com- Mutual Postal de- out- adjusted posits outhold- savings Total mercial savii:ngs Ssaavviinnggss posits4 side and ad- side ings banks banks banks3 System. banks currency justed banks 1929—June 29. . 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30. . 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30. . 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31. . 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31. . 2,141 2,287 24,608 977150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,452 870170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30. . 2,518 1,293 2,989 668176,917 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89, ,600 1951—Dec. 31. . 2,279 1,270 3,615 247185,999 61,450 37,859 20,887 2,704 98,234 26,315 120,100 94,400 25,700 1952—June 30. . 2,319 1,283 6,121 333184,904 63,676 39,302 21,755 2,619 94,754 26,474 123,600 97, ,200 Dec. 31. . 2,501 1,270 5,259 389194,801 65,799 40,666 22,586 2,547 101,508 27,494 124,700 97, ,900 1953—June 30. . 2,467 1,259 3,942 132192,560 68,293 42,245 23,589 2,459 96,898 27,369 126,100 98,800 27,300 Dec. 31. . 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 102,451 28,091 126,700 99, 7,200 1954—May 26. . 3,100 800 5,100 500198,000 72,500 45,000 25,200 2,300 98,700 26,800 127,100 100,100 27,000 June 30. . 3,256 811 5,895 875198,517 73,292 45,653 25,388 2,251 98,132 27,093 126,700 99,700 27,000 July 28. . 3,400 800 3,900 500 200,400 73,700 46,000 25,500 2,200 100,000 26,800 128,500 101,500 27,000 Aug. 25. . 3,400 800 5,500 ,300 74,000 46,200 25,600 2,200 99,400 26,900 127,800 100,90026,900 Sept. 29. . 3,300 800 4,400 800 202,500 74,400 46,400 25,800 2,200 101,200 26,900 129,200 102,400 26,800 Oct. 27. . 3,200 800 6,100 600 204,700 74,800 46,700 25,900 2,200 103,100 26,900 128,700 101,90026,800 Nov. 24. . 3,200 800 6,900 500205,800 74,300 46,300 25,900 2,200 104,000 27,500 129,500 102,60026,900 Dec. 31. . 3,329 796 4,510 563209,684 75,282 46,844 26,302 2,136 106,550 27,852 129,700 102,800 26,900 1955—Jan. 26?. 3,200 800 3,800 400209,200 75,400 46,800 26,500 2,100 107,000 26,800 131,200 104,20027,000 Feb. 23P. 3,100 800 4,600 660000 206,900 75,700 47,000 26,600 2,100 104,500 26,800 131,200 104,300 26,900 Mar. 30P. 3,200 800 4,400 990000 205,300 76,200 47,200 26,900 2,100 102,400 26,700 131,500 104,60026,900 Apr. 27P. 3,100 800 5,000 600207,400 76,200 47,200 26,900 2,100 104,500 26,700 132,600 105,600 27,000 May 25 v. 3,200 800 5,500 400 206,700 76,500 47,400 27,100 2,000 103,400 26,800 131,800 104,900 26,900 ^Preliminary. '•Revised. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 3Prior to June 30, 1947, includes a relatively small amount of demand deposits. 4Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Seasonally adjusted series begin in 1947 and are available only for last Wednesday of the month. For seasonal adjustment factors used in deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 774 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other lia- Total Num- Cla a s n s d o d f a b te ank Total Loans G o U m t o b i v l o . e i e n g n S r a s t . n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 c c b o a i a u a l p n i c n t i d - i t t e a s s l 2 Total i b In an te k r - i U.S D . emand Time c c o a a u c p n - i t t s al ba b o n e f r ks Govern- Other ment All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32 516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105 935 45,613 10,542 14,553 1947—Dec. 313 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809101,936 56,513 13,837 14,650 1951—Dec. 31 154,869 67,608 71,343 15,918 45,531 202,903 185,756 15,087 3,362108,282 59,025 14,623 14,618 1952—Dec. 31 165,626 75,512 72,740 17,374 45,584 213,837 195,552 15,321 4,944111,690 63,598 15,367 14,575 1953—Dec. 31 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 68,354 16,118 14,509 1954—May 26 172,560 80,870 72,390 19,300 40,210 215,820 195,300 14,110 4,810 105,820 70,560 16,550 14,465 June 30 173,343 81,227 72,525 19,591 42,556 218,900 199,508 15,500 5,594107,043 71,371 16,664 14,468 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. 23P 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 21,180 40,900 228,570 206,500 14,570 4,610 112,790 74,530 17,490 14,314 May 25P 184,360 89,840 73,630 20,890 39,760 227,470 205,170 14,020 5,130 111,200 74,820 17,620 14,312 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 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 1950—Dec. 30.. 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806101,917 36,503 11,590 14,121 1951—Dec. 31 132,610 57,746 61,524 13,339 44,645 179,465 164,840 15,086 3,359108,259 38,137 12,216 14,089 1952—Dec. 31 141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 4,941 111,659 41,012 12,888 14,046 1953—Dec. 31 145,687 67,593 63,426 14,668 44,828 193,010 176,702 15,955 4,146 112,604 43,997 13,559 13,981 1954—May 26 145,690 67,120 63,280 15,290 39,330 187,670 170,080 14,110 4,810 105,780 45,380 13,930 13,940 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 Dec. 31. 155,916 70,619 68,981 16,316 43,559 202,378 184,757 16,809 4,172 116,567 47,209 14,576 13,840 1955—Jan. 26*> 156,250 70,550 69,000 16,700 41,080 200,270 181,590 15,230 3,470115,710 47,180 14,650 13,833 Feb. 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 39,250 195,700 176,460 14,670 4,070110,150 47,570 14,680 13,803 Apr. 27* 155,510 72,940 65,580 16,990 39,970 198,560 179,520 14,570 4,610112,740 47,600 14,770 13,786 May 25? 155,520 73,900 64,890 16,730 38,810 197,270 178,060 14,020 5,130 111,150 47,760 14,880 13,784 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22.179 69,640 24,210 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1J176 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—Mav 26 122,602 57,205 52,726 12,671 34,545 159,478 144,513 13,427 4,352 90,350 36,384 11,638 6,724 June 30 123,185 57,197 53,111 12,876 36,722 162,203 148,252 14,733 5,165 91,455 36,900 11,709 6,721 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. 26P 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. 23 P 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 14,095 34,979 168,891 152,638 13 853 4,170 96,343 38,272 12,348 6,613 May 25P 131,035 63,111 54,083 13,841 34,074 167,702 151,282 13,320 4,624 94,928 38,410 12,446 6,619 All mutual savings banks: 1939—Dec. 30 .... 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec. 31 .. 10,379 4 901 3,704 1,774 793 11 804 10 533 ft 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. 31» 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 3 19 20,009 2,247 529 1951—Dec. 31 22,259 9,862 9,819 2,579 886 23,439 20,915 2 3 23 20,888 2,407 529 1952—Dec. 31 24,003 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—May 26 26,870 13,750 9,110 4.010 880 28,150 25,220 (4) (4) 37 25,178 2,620 528 June 30 26,959 13,890 9,017 4,052 987 28,315 25,440 3 3 47 25,388 2,626 528 Dec. 31 27,868 14,998 8,748 4,123 1,026 29,276 26,359 3 4 50 26,302 2,694 527 1955—Jan. 26*> 28,090 15,160 8,770 4,160 1,030 29,510 26,550 (4) (4) 50 26,500 2,690 527 Feb. 23P 28,280 15,320 8,780 4,180 990 29,680 26,660 (4) (4) 50 26,610 2,710 527 Mar. 30P 28,560 15,550 8,800 4,210 980 29,960 26,940 (4) (4) 50 26,890 2,730 527 Apr. 27P 28,670 15,720 8,760 4,190 930 30,010 26,980 (4) (4) 50 26,930 2,720 528 May 25z> 28,840 15,940 8,740 4,160 950 30,200 27,110 (4) (4) 50 27,060 2,740 528 pPreliminary. *"A11 banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska that became a member bank on Apr. 15, 1.954, 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. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2Includes '"other" assets and liabilities not shown separately. For other footnotes see following two pages. JULY 1955 775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES. BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Other Total Total Num- Class of bank U.S. Cash lia- capital ber and date Total Loans G o m t o b i v o l e i e n g n r s a t n - - O s ri e t t c h ie u e s - r assets1 c b a i a a l p n i c t i d i - t e a s l TotaP b In a t n e k r - 1 U. D S e . mand Time co a u c n - ts ba o n f ks counts2 Govern- Other ment Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1951—Dec. 31 21,379 11,146 8,129 2,104 8,564 30,464 26,859 4,832 858 19,490 1,679 2,425 22 1952—Dec. 31 22,130 12,376 7,678 2,076 8,419 31,053 27,309 4,965 1,143 19,361 1,840 2,505 22 1953—Dec. 31 22,058 12,289 7,765 2,004 8,074 30,684 27.037 5,214 778 18,894 2,150 2,572 22 1954—May 26 22,426 12,081 8,065 2,280 6,849 29,881 26,058 5,057 1,109 17,774 2,118 2,629 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 Dec. 31. 23,880 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,392 2,803 21 1955—Jan. 26* 23,778 12,046 9,161 2,571 7,625 32,157 27,910 5,236 489 19,840 2,345 2,818 21 Feb. 23* 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. 27* 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 May 25* 23,257 12,946 8,010 2,301 6,668 30,646 26,464 4,982 1,178 18,027 2,277 2,717 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4 363 4 057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec 31 5 088 1 801 2 890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7 109 1,229 174 4,604 1,103 490 13 1951—Dec. 31 5,731 2,468 2,711 552 2,196 7,972 7,402 1,307 242 4,710 1,143 513 13 1952—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 1,350 343 4,789 1,205 541 13 1953—Dec 31 6 204 2,776 2,856 572 2,115 8 366 7,724 1,387 259 4,837 1,242 566 13 1954—May 26 5,924 2,567 2,774 583 2,013 7,995 7,286 1,219 311 4,510 1,246 578 13 June 30 5,975 2,589 2,825 561 2,036 8,064 7,419 1,339 410 4,403 1,267 583 13 Dec. 31 6,518 2,784 3,120 614 1.954 8,520 7,845 1,321 251 4,977 1,295 600 13 1955—Jan. 26* 6,490 2,610 3,218 662 1,931 8,481 7,693 1,214 188 4,987 1,304 597 13 Feb. 23* 6,364 2,656 3,044 664 1,952 8,369 7,573 1,171 263 4,840 1,299 595 13 Mar. 30* 6,056 2,647 2,734 675 1,656 7,761 6,773 1,328 230 3,949 1,266 601 13 Apr. 27* 6,194 2,645 2,861 688 1,894 8,144 7,374 1,155 256 4,670 1,293 602 13 May 25* 6,170 2,698 2,807 665 1,836 8,055 7,321 1,126 296 4,608 1,291 605 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—May 26 46,836 22,341 19,788 4,707 13,831 61,586 56,156 6,025 1,519 33,823 14,789 4,108 309 June 30 47,056 22,453 19.813 4,791 14,656 62,624 57,665 6,636 2,015 34,058 14,957 4,125 310 Dec. 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955—Jan. 26* 50,857 23,993 21,687 5,177 14,201 66,085 60,268 6,679 1,111 36,979 15,499 4,310 298 Feb. 23* 50,362 24,264 20,870 5,228 14,260 65,642 59,685 6,217 1,604 36,298 15,566 4,348 297 Mar. 30* 49,971 24,637 20,062 5,272 13,909 64,909 58,943 6,292 1,446 35,493 15,712 4,387 296 Apr. 27* 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 May 25* 50,705 25,114 20,354 5,237 14,152 65,883 59,744 6,059 1,730 36,140 15,815 4,473 296 Country member banks: 1939—Dec. 30 10 224 4 768 3 159 2 297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5 966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30 40,558 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 .... 42,444 16,296 21,587 4,561 13,292 56,349 52,288 1,309 876 34,572 15,530 3,760 6,484 1952—Dec. 31 45,594 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 47 404 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—May 26 47,416 20,216 22,099 5,101 11,852 60,016 55,013 1,126 1,413 34,243 18,231 4,323 6,380 June 30 47,474 20,537 21,779 5; 158 12,506 60,745 55,943 1,241 1,362 34,879 18,460 4,372 6,376 Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 1,271 37,794 18,787 4,506 6,326 1955—Jan. 26* 50,684 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* 50,496 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. 30* 50,033 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. 27* 50,473 21,949 22,895 5,629 11,954 63,251 57,928 1,216 1,234 36,542 18,936 4,615 6,285 May 25* 50,903 22,353 22,912 5,638 11,418 63,118 57,753 1,153 1,420 36,153 19,027 4,651 6,292 ^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. 776 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Cla a s n s d o d f a b te ank Total Loans G o U m t o b io v l . e i e n g n S r s a t n . - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 c c b o a i a l a u l p i n i c a n t i d i - t - t e a s s l 2 Total i b In a t n e k r 1 - U. D S. emand Time c c T a o a o p u c t i n - t a a t l s l b N a b u o n e m f r ks - Govern- Other ment All 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. 31 121,809 25,765 88 912 7 131 34 292 157,544 147,775 n 883 740 80 27629 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 1952—Dec. 31 139,770 63,632 62 308 13,831 44 222 186,255 170,971 990 4 912 110 45940 610 12 563 13 422 1953—Dec. 31 143,796 67,082 62,381 14,333 44,398 190,638 174,697 15,548 4,116 111,423 43,610 13,239 13,412 1954—june 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. 31 154,115 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. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6 786 1088 23,262 8,322 3 640 5 117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1952—Dec 31 80,180 36,004 35,835 8,341 26,333 107,830 98,974 9,918 2,935 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 10152 ,525 63,819 24,160 7 391 4 856 1954—June 30. 82,482 37,672 35,759 9,051 24,636 108,611 99,362 9,750 3,325 60,827 25,459 7,686 4,835 Dec. 31 . 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10714 ,508 66,426 26,202 8 085 4,789 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 A411 8 166 24 168 7,986 2 945 1 R67 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 993 381 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 4 690 1 632 32 026 10,196 3 719 I 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—June 30 ... 40,704 19,525 17,353 3,826 12 086 53,593 48,890 983 1840 30 627 11,441 4,023 I 886 Dec. 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 t- 269 1,207 33,177 11,748 4,125 .871 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14 639 2,992 10,584 1,063 4 448 19,256 18,119 244 1 560 10 635 5,680 1,083 6 416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1952—Dec. 31 20 242 8,605 9,556 2 081 4 970 25,451 23,464 373 345 15 006 7,740 1 804 6 627 1953—Dec. 31 21,396 9,328 9,790 2,278 5 020 26,679 24,555 378 360 15,398 8,419 1,925 6,672 1954—June 30. 21,288 9,615 9,362 2,310 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 Noninsured nonmember commercial banks: 1941—Dec. 31 1 457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 313 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1952—Dec. 31 1,854 531 1,010 312 444 2,348 1,960 329 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—June 30 1,932 532 1,047 354 405 2,394 2,020 453 30 1,150 388 325 557 Dec. 31 1,800 492 969 339 397 2,250 1,871 433 18 1,085 335 324 536 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 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 25,424 702 374 16,206 8,142 2,129 7,251 1953—Dec. 31 23,287 9,838 10,835 2,613 5,450 29,051 26,560 784 390 16,580 8,806 2,245 7,241 1954—June 30 . 23,220 10,147 10,409 2,664 4 849 28,406 25,838 764 426 15,542 9,106 2,332 7,219 Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7,183 Insured mutual savings banks: 1941—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 1 2 12 12,192 75? 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 18,345 819 219 1954— D ju e n c e . 3 3 0 1 . 2 2 0 0 ,8 1 3 2 0 1 1 1 0 1 , , 8 6 0 5 4 1 6 6, , 1 3 1 0 7 9 3 3 , , 0 0 6 0 2 8 8 8 3 0 2 7 2 2 1 1 , , 2 9 3 8 7 1 1 1 9 9 , , 1 8 9 8 5 5 3 3 3 2 4 4 8 5 1 1 9 9, , 8 1 3 4 1 5 L L. , 9 8 2 6 0 8 2 2 1 1 9 8 Noninsured mutual savings banks: " 1941—Dec. 31 ... 8 687 4,259 3,075 1,353 642 9,846 8,744 t 8,738 1,077 496 1945—Dec 31 5,361 1,198 3,522 641 180 5,596 5,022 1 5,020 558 350 1947—Dec. 313 . 5 957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1952—Dec. 31 6,382 2,658 2,829 895 187 6,622 5,836 1 2 5,833 749 323 1953—Dec. 31 6 558 2,910 2,707 941 184 6,796 6 015 1 2 6,013 740 309 1954—June 30 6,838 3,086 2,708 1,044 180 7,078 6,246 1 1 6,243 758 309 Dec. 31 7,038 3,346 2,630 1,061 194 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. JULY 1955 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Cla c s a s l a l o n d d f a b te ank i m T n lo a v o e n a e t n n d a s t s t l s - Total C c o m m c o i k p p l i p i n n u m a e a a e e - * e g d - r l r r t n , - - - A t c u u a g r l l - - ri- b p o d L a s T e e r r u n e e r o o r o r a c d s s c a k c l a u n - - h r r s a r i y t o s f T i i i t e o n h n o s r g - g l R t o e a a e s t n a - e l s O l v o u i d t t i a n a h o d i n l - - e - s s r O lo t a h n e s r 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 i r s e i - n n t f D s s - i - m - ir e e N n c o t t t o e b s lig B at o i n o d n s s j t a u e n a e - d r- O S p d s s t a i t g u i b o i i c o a n o a b o v l a l f - t - d i n i n i e l - - t s s s - O s ri e t t h c ie e u s r - All commercial banks:? 1947—Dec. 31. . 116,28438,057 18,167 1,660 8301,220 9,393 5,7231,06378,22669,221 2,193 7,789 6,03453,191 145.2763.729 1953 -Dec. 31. . . 145,68767,593 27,204 4,965 2,3611,202 16,694 14,4611,666 78,09463,426 5,00410,23712,43935,713 34 10,8213,847 1954 -June 30. . 146,383 26.120 5,1432.4621,256 17.22714,4621.65779,04763,508 4,704 5.57212.376 40".818 11,9303,608 Dec. 31 . . . 155,916 7o!619 26,867 ,929 52518.41814,750 2.000 85,29768,981 5.065 5,361 14.672 43,861 12,5863,729 Apr. 11*.. 155,170 72,260 27,3704,720 2,8301,500 19,00015,280 2,640 82,91065,8203,970 4,23015,590 42,020 13,060 4,030 All insured commercial banks: 1941—Dec. 31. . 49,29021,259 9,214 1,450 614 662 4,773 4,545 28,031 21,046 988 3,15912,7974,1023,6513,333 1945—Dec. 31.. 121,80925,765 9,461 1,3143,1643 ,606 4,677 2,3611,18196,043 88,9122,45519,07116,04551,321 223,8733,258 1947—Dec. 31. . 114,27437,583 18,012 1,610 8231,190 9,266 5,6541,02876,691 67,941 2,124 7,552 5,918 5522,334 145,129 3,621 1953—Dec, 31.. 143,79667,082 27,082 4J867 2,3441,181 16,56614,3731,62976,71462,381 4,89510,07612,28335,093 3310,5873,746 1954—June 30. . 144,451 66,805 25,976 5,0572,439 1,228 17,10114,3701,62377,64662,461 4,575 5,50512. .121 3811 68?3,502 Dec. 31... 154,115 70,12 26,7315,108 2,907 1,501 18,30214,6761,97383,98868,0124,901 5,27914,,523 43,287 2112,3523,624 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 3,8323,090 2,871 1945—Dec. 31.. 107,18322,775 8,949 8553,133 3,378 3,455 1,900 1,10484,408 78,3382,27516,98514,27144,792 16 3,254 2,815 1947—Dec. 31. . 97,846 32,628 16,9621,046 811 ',065 7,130 4,662 9"5-2 65,21857,914 1,987 5, 4,815 45.286 10 4,199 3,105 1953—Dec. 31. . 122,42257,762 25,519 3 263 2,3211,060 13,02011,9111,518 64,66052,6034,095 8,2 10,300 291890 8,8713,185 1954—June 30. . 123,185 57,197 24,362 3,4022,411 10613,44011,840 1,5"1'3" 65,98853 ,1113,915 4, 34,369 9 8"9'0" _2,987 Dec. 31. . . 131.602 60.250 25.007 3 529 2.881 ,36314.43312.127 1,85871,35257,8094.075 4, 36,944 1,449 3,094 1955—Apr. 11.. 130,903 61,73 25,4913,0252,780 1,34214,94912,621 2,50269,166 54,968 2,999 3, 13,450 35,303 10,8343,363 New York City:* 1941—Dec. 31. . 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,6521,679 729 830 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 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 1,365 639 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 6 1,851 516 Dec. 31 . 23,880 12,039 7.231 204 2,041 432 467 1,232 64411,841 9,342 785 597 1,924 6,026 101,977 523 1955—Apr. 11. .. 23,578 12,819 7,433 1272,145 438 581 1,284 1,02510,758 8,212 481 496 1,843 5,386 61,990 556 Chicago:* 1941—Dec. 31. . 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1953—Dec. 31. . 6,204 2,776 1,912 158 286 75 70 234 96 3,428 2,856 123 450 684 1,598 400 172 1954 —June 30. . 5,975 2,589 1,835 134 242 74 81 206 74 3,386 2,825 113 261 721 1,731 387 174 Dec. 31. . 6,518 2,784 1,84 140 345 89 91 223 105 3,734 3,120 70 241 855 1,953 415 199 1955—Apr. 11.. 6,254 2,650 1,816 142 185 80 111 237 138 3,605 2,918 137 172 789 1,820 450 238 Reserve city banks: 1941—Dec. 31. . 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 ,173 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 1,459 855 404 31,59429,552 1,034 6,982 5,65315,878 51,126 916 1947—Dec. 31. . 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 31,342 1,053 1953—Dec. 31.. 46,755 22,763 10,568 774 308 456 5,453 4,942 23,993 19,559 1,230 3,357 4,20110,746 25 3 496 1,238 1954—June 30. . 47,056 22,453 10,010 953 326 468 5,639 4,797 629 24,603 19,813 1,241 1,590 4,18312,773 26 3,5851,206 Dec. 31. . 50,738 23.986 10.624 956 407 622 6,134 4,912 26,75221,718 1,326 1,695 4,95413,736 3,7821,252 1955—Apr. 11. . 50,758 24,530 10,75: 789 379 602 6,339 5,130 26,228 20,899 894 1,303 5,55813,142 3,9831,346 Country banks: 1941—Dec. 31. . 12,518 5,890 1,676 659 183 1,823 1,530 6,628 4,377 110 481 2,926 8611,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 471 1,881 707 363 29,40726,999 630 5,102 4,54416,713 91,342 1,067 1947—Dec. 31.. 36.324 10,199 3,096 818 227 3,827 1,979 229 26,125 22,857 480 2,583 2,10817,681 62,0061,262 1953—Dec. 31.. 47,404 19,934 4,822 2,204 210 7,114 5,441 336 27,47022,423 1,819 3,374 4,28512,940 53,9111,136 1954—June 30. . 47,47- 20,53^ 5,0712,170 200 7,331 5,618 345 26,93721,779 1,548 1,855 4,017 14,355 44,0671,090 Dec. 31. . 50.466 21.442 5,3062,229 220 7,742 5,760 38829,02423,629 1,893 1,774 4,731 15,228 3 4,2751,120 1955—Apr. 11. . 50,313 21,739 5,4901,967 223 7,918 5,970 40328,57422,939 1,487 1,233 5,261 14,955 3 4,4121,223 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 1953—Dec. 31.. 23,287 9,838 1,685 1,702 142 3,681 2,551 14813,449 10,835 909 1,951 2,139 5,834 1,951 662 1954—June 30.. 23,220 10,147 1,758 1,741 150 3,795 2,622 14413,073 10,409 790 1,155 2,002 6,460 2,042 621 Dec. 31.., 24,337 10,378 1,859 1,671 161 3,993 2,623 14313,959 11,184 991 1,054 2,209 6,928 2,139 636 e Partly estimated. Figures have been rounded to nearest 10 million. * 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 sayings 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. 778 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Bal- Deserves ances mand Interbank U. S. Class of bank with Cash with de- depc)sits Certi- Indi- Gov- States Indi- Capiand Federal in do- posits U. S. States fied viduals, ern- and viduals, Bor- tal call date Re- vault mestic ad- Gov- and and partner- ment polit- partner- row- acserve banks4 justed s 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 commercial 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 1953—Dec. 31.. 19,995 2,512 12,103102,45213,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 1954—June 30. . 18,924 2,660 11,033 98,117 12,470 1,328 5,591 9,925 2,789 94,282 1,699 331 2,319 43,334 55 14,038 Dec. 31. . 18,734 2,469 12,202106,54013,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—Apr. 11«. 18,580 2,790 10,960103,87012,020 1,540 5,150 9,420 2,700 100,310 1,700 360 2,450 44,880 1,140 14,710 All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 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 1953—Dec. 31.. 19,995 2,482 11,724101,28913,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 1954—June 30. . 18,924 2,627 10,688 96,983 12,252 1,287 5,562 9,776 2,765 93,306 1,506 331 2,264 43,001 50 13,714 Dec. 31.. 18,734 2,444 11,854105,47113,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 21 14,252 Member banks, total: 1941—Dec. 31. . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 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 1955—Apr. 11. . 18,575 2,095 6,728 87,567 11,533 1,486 4,714 7,345 2,474 86,073 1,414 330 2,008 36,002 1,038 12,297 New York City:* 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "l95 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 1953—Dec. 31. . 4,846 129 70 15,901 3,363 1,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 1954—June 30. . 4,614 131 60 15,430 3,237 1,033 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 1,177 736 368 1,223 17,823 1,196 54 192 2,146 1 2,803 1955—Apr. 11. . 4,414 163 41 15,797 2,870 1,162 1,552 239 887 16,811 1,092 55 167 2,150 323 2,693 Chicago:8 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.. 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31 .. 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1953—Dec. 31.. 1,287 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 1954—June 30. . 1,290 30 154 3,844 1,287 34 410 297 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 1955—x\pr. 11. . 1,093 32 107 3,983 1,124 37 296 227 62 4,236 20 6 10 1,275 ' * il7 602 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 1953—Dec. 31.. 8,084 568 2,463 30,986 6,869 219 1,504 2,880 828 32,065 166 98 830 13,203 3,984 1954—June 30. . 7,553 611 2,352 29,940 6,220 202 2,015 2,877 677 30,503 214 97 992 13,867 '' 'ii 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 1955—Apr. 11. . 7,639 655 2,079 32,071 6,257 274 1,780 2,687 741 32,850 282 111 1,018 14,600 398 4,400 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1953—Dec. 31.. 5,780 1,140 4,855 35,029 1,288 12 1,216 4,063 820 31,636 15 153 615 16,921 20 4,194 1954—June 30. . 5,468 1,230 4,496 33,569 1,211 11 1,362 4,261 720 29,898 19 148 759 17,553 26 4,372 Dec. 31. . 5,377 1,129 5,057 36,242 1,469 17 1,271 4,263 795 32,736 22 163 799 17,826 11 4,506 1955—Apr. 11. . 5,429 1,245 4,502 35,716 1,282 13 1,085 4,191 785 32,177 21 158 813 17 ,977 201 4,601 All nonmember banks:2 11995437——DDeecc#. 3311.. 5 64 4 2 4 3 4, ,9 5 4 50 7 1 1 3 6 , , 5 3 9 2 5 5 3 5 8 8 5 6 5 5 2 5 3 1 9 6 0 7 2 1 , ,2 0 9 1 5 6 2 1 1 8 3 0 1 1 2 4 , , 2 3 8 5 4 1 1 14 9 . 0 6 30 6 3 1 5 7 0 2 6 8, , 4 8 2 5 6 8 1 1 9 2 2 1 , ,5 2 9 4 6 5 1954—June 30.. 658 3,972 15,534 514 48 426 2,085 209 13,248 202 30 407 8,669 17 2,332 Dec. 31. . 627 4,590 16,704 496 46 457 2,121 235 14,608 284 31 436 8,814 16 2,369 2 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3Central reserve city banks. 4 Beginning 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. 6Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. 779 JULY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date i m T n lo a v o e n a e t n n d a s s t t l s - i j m L n u a a o v s e n d a e t n d e - n s t d t s s - 1 j L u a o s d a te - n d s 1 i C n t m c a r d o i i n e a a u m d r l l s , - , - - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C t f a e i f e t b i i e r n - t - s - - Notes Bonds2 O 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 v n 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 . v n S a - - s t . .O c t s u t i e h e r - s i e - r n e e d s - a Total— Leading Cities 1954—June 80,827 80,241 38,516 21,784 2,109 902 6,625 7,74233,515 2,530 2,744 6,66321,5788,210 586 1955—April 85,763 84,869 41,695 22,517 2,685 1,104 7.528 8,57734,142 1,698 2,033 8.69921,7129.032 894 May 85,378 84,409 42,140 22,677 2,661 1,119 7,641 8,761 33,501 1,335 1,520 9,05021,5968,768 969 June...... 85,415 84,421 43,082 23,110 2,719 1,178 7,794 9,00332,616 1,100 952 9,154 21,4108,723 994 1955—Apr. 6... 85,878 85,013 41,512 22,449 2,669 1,106 7,482 8,521 34,425 1,739 2,154 8,75821,7749,076 865 Apr. 13... 85,613 84,823 41,666 22,543 2,672 1,103 7,517 8,54734,096 1,572 2,076 8,72921,7199,061 790 Apr. 20... 85,755 84,864 41,787 22,530 2,741 1,100 7,542 8,59034,063 1,731 1,991 8,66721,6749,014 891 Apr. 27... 85,808 84,778 41,818 22,545 2,660 1,108 7,570 8,65233,983 1,750 1,911 8,64021,6828,977 1,030 May 4. . . 85,298 84,464 42,010 22,607 2,717 1,113 7,590 8,701 33,571 1,517 1,783 8,60821,6638,883 834 May 11... 85,106 84,214 42,078 22,721 2,591 1,113 7,633 8,73933,395 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 9,60421,5868,728 1,102 May 25... 85,330 84,280 42,263 22,641 2,686 1,131 7,686 8,84033,296 1,176 1,214 9,38221,5248,721 1,050 June 1... 85,278 84,164 42,440 22,636 2,742 1,155 7,719 8,910 33,026 1,081 1,149 9,30621,4908,698 1,114 June 8... 85,006 84,012 42,464 22,623 2,702 1,171 7,756 8,93632,831 1,060 1,091 9,25421,4268,717 994 June 15... 85,859 85,009 43,425 23,355 2,826 1,182 7,797 8,98832,842 1,255 1,017 9,139 21,4318,742 850 June 22... 85,555 84,449 43,409 23,433 2,648 1,192 7,828 9,02932,303 1,084 760 9,07021,3898,737 1,106 June 29... 85,379 84,472 43,674 23,501 2,678 1,190 7,873 9,153 32,076 1,019 743 9,001 21,3138,722 907 New York City 1954—June 22,551 22,151 11,316 7,630 489 1,093 28 332 383 1,552 8,467 977 696 1,378 5,416 2,368 400 1955—April 23,422 22,817 12,222 7,611 301 1,787 11 428 571 1,728 8,095 548 434 1,823 5,2902,500 605 May. 23,157 22,607 12,295 7,636 197 1,861 10 433 595 1,780 7,995 488 306 1,921 5,2802,317 550 June... 23,257 22,694 12,696 7,890 197 1,875 12 458 629 1,853 7,703 442 158 1,860 5,2432,295 563 1955—Apr. 6... 23,489 22,925 12,230 7,637 3201,757 12 429 562 1,727 8,128 454 504 1,839 5,331 2,567 564 Apr. 13... 23,205 22,711 12,212 7,614 3331,755 10 431 572 1,713 7,973 449 418 1,821 5,2852,526 494 Apr. 20... 23,353 22,749 12,198 7,581 2801,820 13 424 571 1,725 8,090 578 420 1,824 5,2682,461 604 Apr. 27... 23,642 22,886 12,251 7,612 2711,817 10 428 581 1,748 8,188 710 393 1,809 5,2762,447 756 May 4. . . 23,115 22,707 12,275 7,639 2661,803 11 431 585 1,757 8,062 557 412 1,813 5,2802,370 408 May 11. .. 23,018 22,505 12,235 7,644 1831,815 10 429 594 1,777 7,962 465 360 1,838 5,2992,308 513 May 18. .. 23,300 22,646 12,301 7,637 1901,870 11 429 598 1,783 8,044 456 238 2,073 5,2772,301 654 May 25... 23,196 22,572 12,371 7,626 1481,955 10 444 603 1,802 7,912 474 214 1,958 5,2662,289 624 June 1... 23,231 22,553 12,433 7,624 2371,886 11 451 618 1,824 7,827 423 219 1,950 5,2352,293 678 June 8... 22,998 22,425 12,396 7,617 1801,897 14 455 621 1,830 7,729 392 171 1,906 5,2602,300 573 June 15... 23,369 23,038 12,922 8,048 2421,894 12 465 631 1,848 7,814 540 169 1,853 5,2522,302 331 June 22... 23,460 22,728 12,830 8,074 1491,871 11 457 633 1,853 7,607 425 113 1,799 5,2702,291 732 June 29... 23,231 22,727 12,898 8,085 1781,825 12 461 643 1,912 7,540 432 118 1,790 5,2002,289 504 Outside New York City 1954—June 58,276 58,090 27,200 14,154 527 542 6,242 6,19025,048 1,553 2,048 5,285 16,162 5,842 186 1955—April . 62,341 62,052 29,473 14,906 597 665 6,957 6,84926,047 1,150 1.599 6.876 16,4226,532 289 May 62,221 61,802 29,845 15,041 603 676 7,046 6,981 25,506 847 1,214 7,129 16,3166,451 419 June 62,158 61,727 30,386 15,220 647 708 7,165 7,150 24,913 658 794 7,294 16,1676,428 431 1955—Apr. 6... 62,389 62,088 29,282 14,812 592 665 6,920 6,79426,297 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 6,90425,795 1,040 1,518 6,831 16,4066,530 274 May 4... 62,183 61,757 29,735 14,968 648 671 7,005 6,94425,509 960 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 7,03825,384 702 1,000 7,424 16,2586,432 426 June 1... 62,047 61,611 30,007 15,012 619 693 7,101 7,086 25,199 658 930 7,356 16,2556,405 436 June 8... 62,008 61,587 30,068 15,006 625 702 7,135 7,106 25,102 668 920 7,34816,1666,417 421 June 15... 62,490 61,971 30,503 15,307 690 705 7,166 7,140 25,028 715 848 7,286 16,1796,440 519 June 22... 62,095 61,721 30,579 15,359 628 724 7,195 7,176 24,696 659 647 7,271 16,1196,446 374 June 29... 62,148 61,745 30,776 15,416 675 717 7,230 7,241 24,536 587 625 7,211 16,1136,433 403 ^Revised. 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2 Includes guaranteed obligations. For other footnotes see opposite page. 780 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 s F w e R e e r r i e a d t v - h l - e v C a a i u s n l h t b m a w e a n d i s o n c t t - e k h i s s c j p m u o a d s a e d s t n - e i - t d d s 8 s p u v n h a a e i i r d p l r s t - - s - , , S p s a i o u t c n a b l a d i - t l t e - s C c o f a e e i f n e f r r d i d t s - i ' - U G e . o r n v S - - . s p u n v h a a e i i r d l p r s t - - s - , , p S s a i o u t c n a b l a d i - t l t e - s m U G e a r . n o e n d n v S - t - . Demand Time F F e R r e r e o a d - m l - F ot r h o e m rs c C o i a t a u c a p - n l - ts Banks p c a o o n r r d a - - s d i i o v n i s - ch e e tc c . ks, ment p c a o o n r r d a - - s d i i o v n i- s P S i o n a s g v t s - al m D t e i o s c - - F ei o g r n - B se a r n v k e s tions tions Total- Leading Cities 1954—June 14,386 928 2,714 54,462 55,359 4,225 1,8 2,90718,159 1,140 18810,677 1,252 1,439 5 2 7,800 1955—-April 13,689 2,528 56,12957,666 3.948 1,888 3,50618,998 1.138 20710,643 1,436 1,388 423 612 8.161 May.... 13,771 932 2,463 56,23757,320 4,349 1,837 3,49618,991 1,132 20910,152 1,454 1,360 '303 '700 8,228 June.... 13,683 948 2,522 56,67858,305 4,201 2,110 2,69519,094 1,096 21510,267 1,477 1,411 401 729 8,260 1955—Apr. 6. 13,767 888 2,477 55,08656,262 3,819 1,836 4,299 19,043 1 ,130 20710,836 1,413 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 1,452 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 1,442 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 1,438 1,375 349 681 8,176 May 4. 14,001 879 2,354 55,98156,771 4,449 1,939 3,510 18,975 1,132 10,341 1,451 1,365 547 602 8,207 May 11. 13,615 964 56,23457,608 4,258 1,779 3,266 18,976 1,135 209 10,387 1,420 1,348 185 626 8,219 May 18. 13,797 921 56,29457,777 4,350 1,928 3,841 18,999 1,132 210 10,254 1,434 1,362 159 799 8,233 May 25. 13,671 963 2,367 56,43757,123 4,338 1,703 3,368 19,014 1,129 209 9,625 1,512 1,366 '319 '774 8,252 June 1. 13,567 916 2,468 56,01157,624 4,361 2,130 3,148 19,037 1,113 21310,094 1,505 1,375 388 783 8,267 June 8. 13,374 940 2,408 56,37457,242 4,162 1,702 2,209 19,070 1,122 21310,354 1,428 1,405 216 737 8,262 June 15. 13,998 925 2,631 57,726 60,835 4,062 2,530 2,211 19,082 1,099 21510,637 1,448 1,416 632 523 8,248 June 22. 13,896 949 2,521 57,12758,451 4,162 2,233 2,681 19,108 1,085 21610,141 1,485 1,433 253 909 8,249 June 29. 13,582 1,009 2,582 56,156 57,376 4,258 1,956 3,224 19,173 1,059 21710,108 1,522 1,428 514 693 8,272 New York City 1954—June 4,811 143 15,986 16,853 420 946 1,951 132 3,091 1,009 1,205 250 2,593 1955—April 4,398 145 15,977 16,997 278 008 1,369 2,084 158 2.900 1,121 1.077 240 2,666 May. . . . 4,485 142 15,956 16,934 333 886 1,258 2,039 143 2,836 1,121 1,061 336 2,681 June.... 4,470 141 16,188 17,379 321 1,093 838 2,059 140 2,943 1,152 1,107 405 2,678 1955—Apr. 6. 4,606 143 15,846 16,786 253 948 1,721 2,105 168 2,867 1,101 1,089 2S4 2,670 Apr. 13. 4,456 152 15,692 16,885 268 859 1,395 2,089 173 2,923 1,141 1,080 252 2,666 Apr. 20. 4,335 136 16,080 17,092 270 861 1,201 2,071 145 2,902 1,122 1,070 202 2,666 Apr. 27. 4,195 148 16,293 17,225 323 964 1,160 2,069 145 2,909 1,119 1,070 222 2,662 May 4. 4,687 139 15,946 16,874 361 1,000 1,306 2,054 142 2,853 1,117 1,066 120 357 2,681 May 11. 4,378 150 15,895 16,846 322 898 1,168 2,037 142 2,854 1,083 1,051 327 2,681 May 18. 4,466 135 15,960 17,069 316 880 1,375 2,027 141 2,937 1,108 1,062 274 2,682 May 25. 4,409 144 16,024 16,948 332 766 1,181 2,039 145 2,702 1,176 1,067 385 2,682 June 1. 4,479 139 15,926 17,209 307 1,143 1,167 2,049 142 2,930 1,168 1,073 386 2,687 June 8. 4,350 144 16,068 16,953 299 794 741 2,055 146 2,866 1,108 1,102 365 2,679 June 15. 4,583 132 16,576 18,144 317 1,354 601 2,064 150 3,037 1,137 1,111 335 2,678 June 22. 4,485 137 16,405 17,518 311 1,179 732 2,068 139 2,931 1,148 1,124 527 2,672 June 29. 4,450 154 58 15,96417,073 370 994 951 2,057 123 2,949 1,197 1,124 414 2,673- Outside New York City 1954—June.... 9,575 785 2,674 38,47638,506 3,805 902 1,96516,208 1,008 136 7,586 243 234 302 5,207 1955—April 9,291 802 2.474 40,15240,669 3,670 980 2,137 16,914 980 7,743 315 311 408 372 5,495 May. . . . 9,286 790 2,421 40,28140,386 4,016 951 2,238 16,952 989 153 7,316 333 299 '273 '364 5,547 June.... 9,213 807 2.475 40,490 40,926 3,880 1,017 1,857 17,035 956 7,324 32 304 370 324 5,582 1955—Apr. 6. 9,161 745 2,417 39,24039,476 3,566 2,578 16,938 962 152 7,969 312 315 531 307 5,487 Apr. 13. 9,260 847 2,612 40,15741,408 3,557 953 2,093 16,912 974 152 8,10: 311 313 390 316 5,489 Apr. 20. 9,332 790 2,452 40,533 41,098 3,661 1,036 1,93116,909 988 153 7,634 320 308 365 403 5,489 Apr. 27. 9,413 826 2,412 40,67640,696 3,893 1,044 1,94516,900 997 153 7,266 319 305 349 459 5,514 May 4. 9,314 740 2,316 40,03. 39,897 4,088 939 2,20416,921 990 153 7,488 334 299 427 245 5,526 May 11. 9,237 814 2,507 40,33940,762 3,936 881 2,09816,939 993 153 7,533 337 297 185 299 5,538 May 18. 9,331 786 40, 334 40,708 4,034 1,048 2,466 16,972 991 154 7,31 326 300 159 525 5,551 May 25. 9,262 819 2,325 40,41340,175 4,006 937 2,18716,975 984 153 6,923 336 299 '319 '389 5,570 June 1. . 9,088 2,42140,08. 40,41 4,054 987 1,98116,988 971 158 7,164 337 302 385 397 5,580 June 9,024 796 370 40,30640,289 3,863 908 1,46817,015 976 158 7,488 320 303 206 372 5,583 June 15 9,415 79, 589 41,15042,691 3,745 1,176 1,61017,018 949 159 7,600 311 305 538 188 5,570 June 22 9,411 2,472 40,722 40,933 3,851 1,054 1,94917,040 946 159 7,210 337 309 253 382 5,577 June 29 9,132 855 2,524 40,192 40,303 3,1 962 2,273 17,116 936 159 7,159 325 304 464 279 5,599 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. JULY 1955 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY 1 [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l, Period2 t l o F iq b a o n u a o d c o d c r , , o a T l p e e a p a x n t a t h d i r l e e e r l s , , p m M r m ( a o a i e c n e d n t h t c u d a a i l c l n . l s t - s ch P l e c e a e m o u n t a m r d i l c o , , a - l, Other ( r T w e s a r t h a n a a l o d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c - s s e u p P t t t ( r i o i 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 - - bu t o y s A t o i p h n f l e e l e s r ss c c h l N f a a ie n s e d s g t i e - s ch i a t n a a o g n d n t r a d ' ' g l l l , . eery and rubber trans, equip.) 1953—Jan.-June. . . -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June. . . -505 55 -577 -10 • -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June.. . -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 Monthly: 1955—April -130 -6 -43 76 16 60 -109 198 -8 27 18 100 -52 May -102 -6 35 6 50 54 -31 47 43 39 62 197 96 June -29 40 70 36 44 43 -61 239 243 64 52 739 860 Week ending: Apr. 6 -41 -21 -9 9 8 -40 67 -22 2 6 -41 -148 Apr. 13 -25 i -3 5 8 18 -24 25 15 17 14 50 94 Apr. 20 -47 -3 -11 12 18 -28 75 -12 7 14 25 — 13 Apr. 27 -17 -3 -8 69 -1 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 -8 8 25 -6 1 24 30 17 91 114 May 18 -18 -9 18 4 14 5 y -12 -4 10 42 43 16 May 25 -30 -3 2 -32 12 8 -14 -15 15 -2 1 -58 -96 June 1 .... -10 7 -30 -5 3 -1 -17 39 25 13 -12 12 -5 June 8.... -19 4 8 -21 8 -14 -3 10 13 -12 -13 June 15.... 16 20 98 49 45 44 -12 183 173 23 6 645 732 June 22 -14 5 9 -9 2 -14 17 36 17 11 54 78 June 29.... -3 9 -11 3 6 -5 5 2 9 1 34 40 68 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. 2 Figures 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] Commercial and finance Dollar acceptances outstanding paper outstanding Held by Based on End of month Total Accepting banks F. R. Goods stored in or Placed out- Banks Im- Ex- shipped between Placed direct- stand- 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 ie n s 1949—December 837 270 567 272 128 58 70 11 133 184 49 30 9 1950—December.. 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951—December 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952—December 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953—December 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954—May 2,168 641 1,527 616 227 171 56 14 374 277 143 36 115 45 June 2,150 679 1,471 589 220 164 56 14 355 246 143 60 96 43 July 2,208 747 1,461 589 205 164 41 9 376 225 136 92 91 46 August 2,228 794 1,434 563 198 155 43 5 360 205 134 75 101 47 September 2,192 803 1,389 609 259 178 81 6 344 207 139 85 130 48 October 2,048 762 1,286 687 271 217 55 14 402 207 148 72 205 55 November 2,032 769 1,263 768 313 241 71 19 437 248 164 42 247 66 December 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955—January 2,064 713 1,351 869 282 206 77 23 564 273 187 17 303 90 February 2,187 703 1,484 831 242 182 61 28 561 235 178 41 283 93 March 2,191 681 1,510 807 236 187 49 ' " '4' 29 538 227 182 56 248 93 April 2,171 623 1,548 767 206 164 42 17 28 517 229 189 68 190 92 May 2,335 572 1,763 686 192 143 49 14 26 453 207 188 53 150 88 *As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. 2 As 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. 782 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 se ta ts l Total U St n a i t t e e s d St l a o t c e a a l1 nd Foreign2 Total Bonds' 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 ts r 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 L ,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 L,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951. 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2 590 2 872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,405 9,829 1,990 586 34,570 31,997 2,573 23,322 2,020 2,914 3,302 End of month:5 1952—December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—December 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—April 80,114 12,424 9,635 > 208 581 35,216 32,759 2,457 24,005 2 086 2 978 3 405 May 80,547 12,452 9,539 2,326 587 35,371 32,871 2,500 24,174 2,102 3,000 3,448 June 80,981 12,294 9,343 2,363 588 35,683 33,150 2,533 24,384 2,129 3,023 3,468 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 3,159 3,837 April 86,061 12,167 9,105 2,643 419 37,524 34,733 2,791 26,949 2,381 3,177 3,863 1 Includes United States and foreign. 2Central government only. 3 Includes International Bank for Reconstruction and Development. 4These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. BThese represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are 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 r s t- 2 G m o o v b e e l n i r - t n- Cash Other* capital quarter Total1 g M ag o e r s t- 2 G m o o v b e e l n i r - t n- Cash Other« 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 2P... 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 .923 1,500 1,258 22,778 1954* 31,680 26,142 2,026 1,958 1,481 27,259 1955—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. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. JULY 1955 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and agency 1954 1946 1947 1948 1949 1950 1951 1952 1953 1 2 3 4 V Loans, by purpose and agency: To aid agYicultiiYe total ,884 t?,9Q 3,632 4,362 ,884 4,161 ,070 6,811 7,370 6 6,527 6 0?,0 Banks for cooperatives . . .. 23? 276 305 302 345 425 424 377 354 309 343 367 Federal intermediate credit banks 273 336 426 437 510 633 673 590 658 774 754 638 986 Federal Farm Mortgage Corporation . 149 109 80 60 45 34 25 18 17 U 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 To aid home ownevs total ... 619 556 768 251 ,528 2,142 2,603 2,930 2 2,814 2,818 2,907 Federal National Mortgage Assn. 6 4 199 828 1,347 1,850 2,242 2,462 2,366 2,301 2,392 2,461 636 486 369 231 10 Reconstruction Finance Corporation 4 5 10 •1 177 168 137 123 115 108 106 104 V O e th te e r r a a n g s e A nc d i m es i 4 n .. i st . r ation . . 6 65 22 24 35 169 246 I 30 6 0 0 32 6 6 1 34 6 8 2 36 5 7 9 38 6 3 3 To raih'oads, total. . 171 147 140 114 110 101 82 79 79 12 12 12 Reconstruction Finance Corporation 5 153 145 138 112 108 99 80 77 77 1C "ii Other agencies... . .... 18 3 3 3 2 2 2 2 2 2 12 To otheY industry, total . . . .... 192 272 310 462 458 488 516 509 492 415 413 420 Reconstruction Finance Corporation5 7 151 241 272 423 400 415 457 294 270 191 O D t e h p e a r rt a m ge e n n c t ie o s f . the Treasury . . . . . 41 31 38 38 58 74 58 ( 1 4 7 0 4 1 4 7 4 8 1 4 7 5 9 34 6 9 4 35 6 3 7 To financing institutions, total 314 447 525 445 824 814 864 952 630 678 691 870 Reconstruction Finance Corporation5 14 7 6 8 8 8 Federal home loan banks . .... 293 436 515 433 816 806 864 952 630 675 689 868 7 4 4 4 3 2 2 Foreign, total 2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,043 7,987 7,965 7,968 8,001 Export-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 5 7 235 246 206 154 101 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 ,515 1,537 1,539 1,544 1,563 1 6?A All other purposes, total . .. 623 714 584 484 531 779 1,095 763 641 471 451 438 Reconstruction Finance Corporation6 7 232 •340 190 88 59 61 50 57 29 32 Public Housing Administration11 . • 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 11,692 12,733 13,228 14,422 17,826 19,883 19,877 18,489 18,60319,348 Investments: U'. S. Government securities, total 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,602 2,969 2,911 2,988 2,967 Banks for cooperatives 43 48 43 43 43 43 43 43 43 52 43 43 Federal intermediate credit banks 47 48 44 74 46 51 60 63 50 50 58 61 Production credit corporations.. 70 72 66 39 42 43 43 45 43 42 42 42 Federal land bank^2 136 Federal home loan banks 145 i39 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 Corporation2 17 12 12 8 Federal Housing Administration 122 132 144 188 244 285 316 319 310 257 324 327 F R e e d c e o r n a s l t r D uc e t p i o o s n i t F I i n n s a u n r c a e n c C e o C rp o o r r p a o ti r o a n ti 5 o n 7 . 1,04 4 5 8 1ioio 1^064 1,205 1, 8 3 ) 07 1,353 1 1,437 1,526 1,593 1,609 1,610 1,624 Other agencies... 28 9 1 1 1 1 29 1 1 1 1 1 Investment in international institutions 318 3 ,385 3,385 3,385 3 ,385 3 ,385 3 ,385 3 ,385 3,385 3,385 3,385 3,385 Other securities, total 2 1 3 59 0 115048 13 9 3 8 10 83 7 8781 6768 4364 4350 4 35 0 5 50 4 48 53 Production credit corporations 46 35 29 22 16 11 8 5 5 4 4 3 Other agencies 24 11 6 2 1 1 {• 1 1 1 43 2 47 4 Commodities, supplies, and materials, total 1,265 822 627 1,549 1,774 1,461 1,280 2,514 2,696 3,369 3,709 3,852 Commodity Credit Corporation 463 448 437 1,376 1,638 1,174 978 2,086 2,202 2,802 3,059 3,302 667 23.S 15V 142 108 129 172 156 168 91 O De th D e 3 r . r a ti g n e e n n c .t i e o s f thp TYea^nrv 134 138 32 30 28 159 131{• 272 327 476 5 9 5 5 6 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 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 i,685 1,739 3,301 3,305 War Shipping Administration2 7,764 6,507 Federal Maritime Board and Maritime Adm.2 4,834 4,849 4,829 4,782 4,798 Other agencies12 ... 2,044 1,793 189 168 206 465 590 561 511 634"1,466 1,412 Bond g s u , ar n a o n t t e e s e , d ), a n to d t al debentures payable (not 1,252 689 965 772 1,190 1,369 1,330 1,182 949 971! 1,072 1,068 B Fe a d nk er s a f l o i r n t c e o r o m p e e d ra ia ti t v e e c s redit banks 2 3 9 3 3 35 6 8 9 48 7 0 0 49 7 0 8 5 1 2 1 0 0 6 1 7 7 4 0 7 1 0 8 4 1 6 1 1 5 9 0 6 1 2 3 6 3 7 1 3 2 6 0 7 1 6 3 2 1 6 1 4 5 0 6 756 Federal land banks2 169 262 415 204 560 525 445 414 190 115 179 272 Federal home loan banks For footnotes see following page. 784 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 li r t a i g es e , 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 a e i l n v - 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 s ri e o t . c i v I S e u m n t s - . . v e e n s O t s r s t i e - t t c h ie u e s - r L s e t m u t a q a r r n e u n u e d n i d c s p t - , , - O s a t e s h t - e s r a t B F g u n a u u b o r t n a e e l n y d l r s e d y - d s p d , e a n O b y t o e a h t n b e e - l s e r , l O i i a t t i b h e i e s l r - i U m G n e e r . t o e s n e v n S t r - - t - . o v in P w a e t r t s n e e i t - r e l - y d U. S. All agencies: 1948—Dec. 31 21,718 63011,692 627 1,854 3,518 3,060 337 965 ,66318,886 166 1949—Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 772 720 21,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 1,190 21,995 234 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 23,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 1,330 728 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 1,139 19,877 2,696 2,969 3,425 8,035 1,173 949 920 32,899 470 June 30 39,602 1,232 18,489 3,369 2,911 3,439 8,077 2,085 971 033 34,030 486 Sept. 30 40,443 1,324 18,603 3,709 2,988 3,433 8,061 2,325 1,072 357 36,488 498 Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 1,068 183 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 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 () 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 33 174 339 Office of the Administrator: Federal National Mortgage Association. •. . 2,573 94 2,462 () 18 9 2,564 Other 930 71 189 631 39 9 922 Small Business Administration 27 1 25 () (8) 27 Export-Import Bank 2,863 8 2,826 28 2,736 F T e e d n e n r e a s l s e D e e V po a s ll i e t y I n A s u u t r h a o n r c i e t y Corp 1 1 , , 9 6 5 3 1 3 17 3 1 ) 1,624 1 6 1 1 9 2 0 7 1 1 , , 5 8 4 9 3 7 Federal Maritime Board and Maritime Adm... 5,451 267 339 53 5,295 Panama Canal Company 464 26 4 155 451 Veterans Administration 540 124 384 26 13 533 Department of the Treasury 8,752 117 3,935 3,427 ,051 7 8,729 Foreign Operations Administration 1,637 12 1,624| 1 23 1,630 Allother 921 222 127 379 61 132 7 884 38 I 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. 3Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration. 4Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included with "Other agencies" in 1945 and 1946. 5The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) terminated the RFC's lending authority effective Sept. 28, 1953. Its lending activities under the Federal Civil Defense Act of 1950 and the Defense Production Act of 1950 were transferred to the Treasury on that date. When the Corporation went out of existence on June 30, 1954, certain loans, securities, and other assets were transferred to the Federal National Mortgage Association, the Small Business Administration, and the Export-Import Bank, and the Treasury assumed responsibility for completing liquidation of other activities. 6Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 7Figures adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 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 balancesheet for June 30, 1952; figure not published in Treasury compilation, but derived by Federal Reserve. I1 Reflects activities of the Federal Public Housing Authority under the U, S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "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. 12Beginning 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. JULY 1955 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS3 Bond prices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series ume (index, 1935-39=100) (index, 1939=100) of Cor- trad- Ye o ar r , w m e o ek nth, r O i s e e l s - d 2 r N i s e e e s - w 3 g n ( r M i h a c i d i u g p e - h a ) - 4 l g ( r r h p a a d i o t g - e e h ) - * fe P r r r e e - d5 T ta o l - d t I u a r n i l s - - - R ro a a i d l- u P i l t t u i i y c b l- - T ta o l - T t M a o l - anu D f b r a a l u c e - - turi N n d b ra g u o le - - n- T p t r o i a o r n n ta s - - u P i l t t u i i y c l b - - T n s r a a e i a f c n n r i d - e v c d e - e , , M in i g n- s s t h i h a a n ( o n o i r g n f e d u s 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 '•1,404 1953 average 93.90 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 240 1,419 1954 average 99.51 109^60 125.8 117.2 174.5 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1954—Tune 99.49 109.74 123.9 117.0 172.9 222 244 176 135 224 263 237 288 225 134 228 266 1,919 July 100.36 111.07 126.9 117.5 173.3 231 255 184 140 233 275 254 294 234 139 236 257 2,469 Aug 100.28 111.50 128.4 117.8 174.7 236 261 187 142 237 280 257 301 237 141 243 263 2,588 Sept 99.92 110.68 127.2 117.6 175.8 239 264 182 141 240 286 260 309 236 140 247 268 1,963 Oct 99.69 110.59 126.9 117.5 178.1 244 271 187 139 244 291 267 313 240 138 249 269 2,103 Nov 99.27 109.88 127.4 117 A 178.9 252 282 197 141 254 305 284 324 259 141 260 278 3,196 Dec 98.97 109.91 126.6 117.0 178.3 265 297 218 144 268 323 298 345 285 144 268 310 3,475 1955—Jan 97.88 108.43 125.4 116.7 175.7 269 302 222 145 271 326 307 344 288 145 270 314 3,555 Feb 96.97 103.51 125.0 115.7 175.0 278 312 232 150 281 340 320 358 300 150 276 315 3,201 Mar 97.08 103.63 124.4 115.4 174.6 278 311 238 150 280 337 318 354 305 151 275 315 2,907 Apr 96.31 103.43 124.9 115.3 176.0 286 322 252 152 287 347 327 365 320 152 277 311 2,689 May 96.53 103.66 125.1 114.7 175.6 285 320 251 152 289 350 324 372 326 154 280 303 2,163 June 96.37 103.75 123.9 114.5 175.8 301 341 259 153 303 370 344 393 337 154 294 314 2,643 Week ending: June 4.... 96.78 104.12 124.4 114.4 175.4 290 325 255 153 294 357 332 379 334 155 288 305 2,428 June 11. ... 96.64 104.20 124.4 114.5 175.5 298 336 259 154 300 365 340 388 336 154 291 315 2,902 June 18.... 96.51 103.90 124.1 114.5 175.1 302 342 260 154 307 376 352 397 337 154 298 318 2,678 June 25.... 96.16 103.40 123.8 114.4 176.6 307 349 263 153 311 383 354 410 339 154 301 317 2,705 July ^ 2.... 95.76 103.11 122.6 114.6 176.2 308 350 259 154 314 388 355 418 338 154 300 323 2,308 ^Revised. 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 23^ 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. ^xhe 3% per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1955. 4Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 5Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day. 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. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit Excluding U. S. Government securities Bank loans End of month or Net debit to others Money Money last Wednesday Net debit Bank loans to balances for borrowed borrowed Customers' of month balances others for pur- secured purchasing except on on net free excluding chasing or carry- by U. S. or carrying U.S. U. S. credit Total balances ing securities Government U.S. Government Government balances1 secured by U. S. except U. S. obligations1 Government obligationsx obligations1 Government Government obligations2 obligations1 obligations2 1951—December 1,826 1,253 573 40 118 659 36 822 1952—December 1,980 1,332 648 33 149 877 30 727 1953—December 2,445 1,665 780 31 88 1,074 88 713 1954—May 2,666 1,796 870 45 68 1,082 103 836 June 2,678 1,822 856 37 43 1,092 82 847 July 2,734 1,893 841 33 34 1,099 70 877 August 2,830 1,967 863 31 34 1,125 69 910 September 2,953 2,048 905 34 36 1,225 66 924 October. • 3,050 2,095 955 36 38 1,295 69 924 November 3,203 2,202 1,001 40 31 1,353 63 972 December 3,436 2,388 1,048 41 65 1,529 69 1,019 1955—January 3,537 2,517 1,020 42 35 1,620 77 1,069 February 3,643 2,590 1,053 63 39 1,666 113 1,063 A!arch 3,732 2,652 1,080 49 33 1,861 78 1,022 April 3,785 2,704 1,081 48 27 1,988 74 973 May 3,787 2,684 1,103 47 28 2,047 72 928 1 Ledger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers' debit and free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges and balances of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. 2 Data, except as noted below, are for all weekly reporting member banks, which account for about 70 per cent of all loans to others for purchasing or carrying securities. Figures are for the last Wednesday of the month. Some loans for purchasing or carrying U. S. Government securities may be included in column 3 after 1952; loans for that purpose are shown separately in column 5 for all weekly reporting member banks in 1951 and 1952 and for New York and Chicago banks thereafter. 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY MARKET RATES BANK RATES ON BUSINESS LOANS [Per cent per annum) AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES Fi- U. S. Government [Per cent per annum] nance Prime securities (taxable) mo Y w n e e t a h e r k , , or m 4 m P p c - o a r o e i t n p n r m o e c t c h i r - 6 e a , s - l 1 m 3 d p p c p - i l o o a a a r l t n y p e m o c n t c , e e y h - t r d 6 - s - 1 a b a d c n e a a 9 c r c n y s e 0 e ' k s p s - 1 , t- M 3 y - a ie m r l k d o e n t th o i R n s b s i a n u l t l e e e s w s i m ss o u n e t s h 2 3 is - y s e t u o a e r s 5 3 - A A re n a n a u n a d l a p v e e r r io ag d es: lo A a l n l s S 1 1- i 0 ze of 1 1 lo 0 0 - a 0 n (t 1 h 2 0 o 0 0 u 0 - s. o a f n d d 2 o 0 o l 0 . v ) er 19 cities: 1948 2.5 4.4 3.5 2.8 2.2 1952 average.. . . 2.33 2.16 1.75 1.72 1.766 1.81 2.13 1949 2.7 4.6 3.7 3.0 2.4 1953 average. . . . 2.52 2.33 1.87 1.90 1.931 2.07 2.56 1950 2.7 4.5 3.6 3.0 2.4 1954 average. . . . 1.58 1.41 1.35 .94 .953 .92 1.82 1951 . . .. 3.1 4.7 4.0 3.4 2.9 1952 3.5 4.9 4.2 3.7 3.3 1954—June 1.56 1.31 1.25 .64 .650 .76 1.79 1953 . . . 3.7 5.0 4.4 • 3.9 3.5 July 1.45 1.25 1.25 .72 .710 .65 1.69 1954 3.6 5.0 4.3 3.9 3.4 Aug 1.33 1.25 1.25 .92 .892 .64 1.74 Sept 1.25 1.25 1.01 1 007 .89 1.80 Quarterly: Oct 1.31 1.25 1.25 .98 .987 1.03 1.85 19 cities: Nov 1.31 1.25 1.25 .93 .948 .94 1.90 1954—Sept 3.56 4.99 4.32 3.82 3.32 Dec 1.31 1.25 1.25 1.14 1.174 1.10 1.94 Dec 3.55 4.92 4.29 3.84 3.31 1955—Mar 3.54 4.93 4.29 3.83 3.30 1955—Jan 1.47 1.37 1.33 1.23 1.257 1.36 2.11 June 3.56 4.92 4.29 3.83 3.33 Feb '. . 1.68 1.38 1.17 1.177 1.41 2.18 New York City: Mar 1.69 1.50 1.38 1.28 1.335 1.49 2.30 1954—Sept 3.29 4.81 4.21 3.54 3.13 Apr »-1.90 1.73 1.43 1.59 1.620 1.71 2.39 Dec 3.30 4.66 4.15 3.64 3.15 May 1.88 1.50 1.45 1.491 1.72 2.40 1955—Mar 3.29 4.68 4.14 3.65 3.14 June 2^00 1.82 1.50 1.41 1.432 1.71 2.42 June 3.30 4.73 4.18 3.62 3.15 7 Northern and East- Week ending: ern cities: June 4... 2.00 1.88 1.50 1.37 1.434 1.74 2.40 1954—Sept 3.57 5.07 4.34 3.94 3.36 June 11... 2.00 1.83 1.50 1.41 1.390 1.71 2.40 Dec 3.55 4.99 4.31 3.89 3.33 June 18... 2.00 1.81 1.50 1.47 1.514 1.71 2.38 1955—Mar 3.55 5.02 4.32 3.84 3.35 June 25... 2.00 1.81 1.50 1.37 1.420 1.68 2.43 June 3.55 4.97 4.29 3.78 3.37 July 2... 2.00 1.81 1.50 1.43 1.401 1.71 2.48 11 Southern and Western cities: 3 2 r S S R e e e r r v i i e e i s s s e i i d n n . c c l l u u d d e e s s c s e e r l t e * if c D i t c e a a d t t a e n s a o r o t e e f i a a n v n d e d e r b a b t g e o e d n s n d e o i s f s s s d u a a n e i d s l . y * se p l r e e c v te a d il i n n o g t e r a a t n e d s . bond issues. 1 1 9 95 5 4 5 — — J D S M u e e n a p c r e t 3 3 3 3 . . . . 8 9 9 9 7 5 5 0 4 5 5 5 . . . . 0 0 0 9 1 3 0 8 4 4 4 4 . . . . 3 3 3 3 9 6 5 4 4 3 3 3. . . . 9 9 9 0 2 1 3 1 3 3 3 3 . . . . 6 6 6 5 8 7 0 4 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 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 i [Per cent per annum] Bonds Industrial stocks State and local government Corporate 6 Earn- U. S. Govt. (long-term) Dividends / ings/ Year, month, General obligations4 By selected By price ratio price or week ratings groups ratio Rev- By selected enue Total se O ri l e d s2 se N r e ie w s3 Total ratings bonds 5 Aaa Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c fe P r r r e e - d7 m Co o m n8 - m Co o m n9 - Aaa Baa Number of issues.. 3-7 1 20 5 5 10 120 30 30 40 40 40 14 125 125 1952 average 2.68 2.22 1.80 2.70 2.45 3.19 2.96 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 3.16 2.82 2.31 3.41 3.02 3.43 3.20 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1954 average 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 1954—June 2.54 2.70 2.59 2.17 3.22 2.85 3.16 2.90 3.49 3.10 3.23 3.15 4.05 4.74 July 2.47 2.62 2.39 1.98 3.00 2.76 3.15 2.89 3.50 3.10 3.23 3.13 4.04 4.54 9.00 August 2.48 2.60 2.31 1.90 2.94 2.75 3.14 2.87 3.49 3.07 3.21 3.12 4.01 4.66 September.. 2.51 2.64 2.34 1.93 2.98 2.80 3.13 2.89 3.47 3.07 3.22 3.13 3.98 4.31 October.... 2.52 2.65 2.37 1.97 3.00 2.77 3.13 2.87 3.46 3.06 3.23 3.11 3.93 4.43 ' "7'.42' November.. 2.55 2.68 2.34 1.95 2.96 2.76 3.13 2.89 3.45 3.06 3.22 3.10 3.92 4.29 December. . 2.57 2.68 2.40 2.01 2.99 2.76 3.13 2.90 3.45 3.07 3.23 3.10 3.93 4.09 8.15 1955—January.. . . 2.65 2.76 2.48 2.09 3.04 2.77 3.15 2.93 3.45 3.08 3.25 3.12 3.98 4.10 February.. . 2.72 2.92 2.49 2.10 3.05 2.79 3.18 2.99 3.47 3.12 3.28 3.15 4.00 4.14 March 2.71 2.92 2.49 2.09 3.07 2.80 3.20 3.02 3.48 3.14 3.31 3.17 4.01 4.18 ' '8.16 April 2.77 2.92 2.50 2.08 3.08 2.79 3.21 3.01 3.49 3.14 3.30 3.17 3.98 4.03 May 2.75 2.91 2.48 2.06 3.07 2.77 3.23 3.04 3.50 3.17 3.32 3.19 3.99 4.05 June 2.76 2.91 2.49 2.09 3.08 2.80 3.23 3.05 3.51 3.18 3.31 3.21 3.98 3.71 Week ending: June 4. ... 2.74 2.90 2.47 2.06 3.06 2.79 3.23 3.05 3.50 3.17 3.32 3.21 3.99 3.99 June 11. ... 2.74 2.89 2.47 2.07 3.06 2.79 3.23 3.04 3.50 3.17 3.31 3.20 3.99 3.91 June 18 2.75 2.90 2.48 2.08 3.07 2.80 3.23 3.05 3.51 3.17 3.31 3.21 4.00 3.82 June 25.... 2.78 2.93 2.49 2.09 3.10 2.80 3.23 3.05 3.51 3.18 3.31 3.21 3.97 3.76 July 2.... 2.81 2.94 2.53 2.14 3.11 2.84 3.23 3.05 3.51 3.17 3.31 3.22 3.97 3.70 1 Monthly and weekly yields are averages of daily figures for U. S. Government and corporate bonds. Yields of State and local government general obligations are based on Thursday figures; of revenue bonds, on Friday figures; and of preferred stocks, on Wednesday figures. Figures for common stocks are as of the end of the period, except for annual averages. 2Fully taxable, marketable 2% per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3M per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995. 4Moody's Investors Service. The total includes bonds rated Aa and A, data for which are not shown separately. 5Dow-Jones and Co. 6Moody's Investors Service. Because of a limited number of suitable issues, the number of bonds in some of groups has varied somewhat. The total includes bonds rated Aa and A, data for which are not shown separately. 7Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 2 public utility. 8Moody's Investors Service. 9Computed by Federal Reserve from data published by Moody's Investors Service. JULY 1955 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of monthly statements of United States Treasury] Summary Budget receipts and Excess of receipts d I e n c c re re a a se se (— or ) General fund of the Treasury expenditures or expenditures (—) during period (end of period) Deposits in Period Sales and Balrec N e e ip t ts p t e u E n r x e d - s i- S d u e r o f p i r c l i u t s c T o o a a t r u n h c u n d e - s t r t s r o e in o b d a f l e g i m m g G e a a n p o t r c i t k v o y io e t n . 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 r e b o e b l c s i t s c t G ba f e u l n a n e n d r c a e l f a g e u n i e r n n c a n d e l - A f a u F v b n . a l d i e R l s - . B In c e a o t s n i p s l o k l r e n 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 e s t - t e s r Cal. yr.—1951..... 52,979 56,337 -3,358 759 56 -106 2,711 62 4.295 321 146 2,693 1,134 1952...,. 64,840 70,682 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 1,132 1953 63,841 72,997 -9,157 82 C19 -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 L.045 Fiscal yr.—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 S,189 2,096 6,766 875 274 4,836 781 1955 .. . n.a. n.a. n.a. n.a. n.a. n.a. 3,115 -551 6,216 380 343 4,365 L ,127 Semiannual totals: 1952—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-Dec1 25,757 34,484 -8,728 '-317 99 '-246 9,097 -94 4,577 346 131 3,358 742 1954—Jan.-June. 38,899 33,288 5,611 648 —103 «~57 -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 1955—Jan.-June. n.a. n.a. n.a. n.a. n.a. n.a. -4,376 1,036 6,216 380 343 4,365 L ,127 Monthly: 1954—june 10,644 7,308 3,336 -19 32 146 —2,215 1,280 6,766 875 274 4,836 781 Tuly .. . 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 5,894 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.... 4,438 5,356 -919 -79 36 -384 824 522 5,880 649 153 4,054 1,023 June n.a. n.a. n.a. n.a. ii.a. n.a. -3,098 336 6,216 380 343 4,365 L,127 Budget expenditures National security Period Total Total2 D f m e D e n i p e s l - t i e - ., M t m p a u r i r t o l y u i - - al A en to er m g i y c n a I n a f n a f n f a n t a i e t c - d i ' r r e l s - 3 I d n e o e t s n e b t r t - A e i t V s d i r o t a m e r n n t a - i 4 s - n- c 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 i o o f n n n i m u - g d c s e e - P w u o b r l k i s c o P d i f c e o f i f i s 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 C)ther tary gram Cal. yr.—1951 56,337 33,044 29,432 1,594 1,278 3,524 5,983 5,088 1,463 1,D10 694 1,438 684 507 2,901 1952 70,682 47,936 42,078 3,052 1,813 2,574 6,065 4,433 1,508 1,564 646 1,573 775 510 3,098 1953 72,997 49.363 42,953 3, 784 1,889 2,082 6,357 4,156 1,630 3, 238 -159 1,685 525 154 3,966 19541 64,854 42,820 36,807 3, 249 1,937 1,265 6,567 4,206 1,653 3, 437 —393 1,526 241 182 3,350 Fiscal yr.—1951.... 44,058 21,663 19,148 948 908 3,798 5,613 5,288 1,415 635 460 1,458 624 397 2,706 1952 65,408 42,867 38,077 2,292 1,648 2,839 5,859 4,748 1,424 1,219 614 1,515 740 567 3,015 19531... 74,274 50,276 43,611 3, 956 1,791 2,184 6,504 4,249 1,532 3, 134 385 1,660 659 462 3,229 1954.... 67,772 46,522 40,336 3, 629 1,895 1,553 6,382 4,176 1,640 2, 841 -615 1,519 312 164 3,277 Semiannual totals: 1952—Jan.-June. 34,496 23,444 20,652 1,353 937 1,467 3,099 2,269 706 679 222 657 420 84 1,448 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 1,462 July-Dec i. 34,484 23,750 20,819 1,671 945 968 2,816 2,070 806 1,237 -176 900 220 118 1,774 1954—Jan.-June.. 33,288 22,773 19,517 1,958 950 585 3,567 2,106 834 1,604 -439 619 92 46 1,502 July-Dec. . 31,566 20,047 17,290 1,292 987 680 3,000 2,100 819 1,833 46 907 149 136 1,847 Monthly: 1954—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 i48 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 5,228 3,382 3,020 122 134 78 355 379 153 781 26 99 31 4 -59 May 5,356 3,346 3,017 99 126 184 443 378 133 390 34 108 43 2 295 n.a. Not available. e Corrected. 1 Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2. 2 Includes stockpiling not shown separately. 3Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other nonmilitary foreign aid programs, and State Department. 4Excludes transfers to trust accounts, which are shown separately. 788 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of monthly statements of United States Treasury, unless otherwise noted. In millions of dollars] Budget receipts Income and profits taxes Deduct Unem- Period W he i I t l n h d d - ivid O ua th l er* r C a o ti r o p n o 1 - E ta a g s x n t if e a d t s te 1 E ta x x c e is s e 1 i p m t a n a l n s x o e u c n e y e r s t - - re O c t e h i e p r ts r b e T u c o d e t i g a p e l t t s A O t f p l r u d p u n - r a s d o t g p e ria R t r i m a o e i t n e l i r s r n o e t t a - o d : r R e e c f o e u i f p n t d s s r b e u c N 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 1,251 42,242 1,922 373 2,000 37,947 July-Dec. 9,825 2,826 7,821 390 5,048 42 1,388 29,546 1,891 311 451 26,893 1953—Jan.-June. 11,347 8,481 13,773 502 4,931 234 1,137 42,910 2,195 311 2,700 37,703 July-Dec.2 11,078 2,593 5,375 405 5,405 40 1,255 28,195 1,722 321 395 25,757 1954—Jan.-June. 10,558 8,154 16,148 540 4,609 245 1,627 44,978 2,815 282 2,982 38,899 July-Dec. 10,230 2,323 3,767 420 4,527 40 1,305 25,239 2,305 322 339 22,272 Monthly: 1954—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 May 2,991 602 377 94 843 15 333 6,119 785 80 817 4,438 Trust and other accounts Internal revenue collections (on basis of Internal Revenue Service reports) Social security, Other accounts6 retirement, and insurance accounts Period Excise and miscellaneous taxes Total* Total Liquor Tobacco M a a n n d u e r f x e a c t c i a s t i e u le re rs r ' s' Other ce R i e p - ts I m nv e e n s t t s - Ex t p u e re n s di- m In e v n e t s s t 6 - Other * Cal. yr.—1951 8,682 2,460 1,446 2,790 1,987 759 7,906 3,155 4,507 271 786 1952 9,558 2,727 1,662 3,054 2,115 49 8,315 3,504 4,942 329 508 1953 9,714 2,819 1,614 3,262 2,020 82 8,123 2,387 5.811 153 310 1954 9,248 2,707 1,543 3,131 1,867 '2812 9,191 1,177 7,717 405 c9i9 Fiscal yr.—1951.... 8,704 2,547 1,380 2,841 1,936 295 7,251 3,360 3,752 196 353 1952.... 8,971 2,549 1,565 2,824 2,032 219 8,210 3,361 4,885 275 530 1953 9,946 2,781 1,655 3,359 2,151 2460 8,529 3,059 5,257 242 489 1954 9,517 2,783 1,580 3,127 2,027 332 8,708 1,687 6,846 367 524 Semiannual totals: 1952—Jan.-June.. 4.531 1,245 817 ,481 988 -72 4,242 2,009 2,486 223 404 July-Dec. 5; 027 1,482 845 ,573 1,127 121 4,073 1,495 2,456 106 105 1953—Jan.-June.. 4,919 1,299 810 ,786 1,025 341 4,458 1,564 2.802 136 385 July-Dec... 4,795 1,521 804 ,476 995 '2-317 =3,655 823 3,003 37 — 109 1954—Jan.-June.. 4,722 1,262 777 ,651 1,032 »648 =5,052 864 3,843 331 °633 July-Dec... 4,527 1,445 766 ,480 835 164 4,143 313 3,874 74 282 Monthly: 1954—May 1,343 222 130 727 263 271 1,212 330 630 61 80 June 561 246 147 11 157 — 19 1,467 888 651 -79 -26 July 713 226 123 38 328 -135 389 -98 648 7 32 Aug 765 207 141 692 -276 387 1,200 281 606 30 104 Sept 766 250 137 3 377 -283 414 -82 682 34 -63 Oct 786 273 134 42 337 -288 334 -148 640 6 -124 Nov 778 280 124 696 -322 358 956 111 641 56 210 Dec 719 209 108 10 391 126 850 249 657 -58 124 1955—Jan 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 718 209 122 9 378 -193 489 -358 700 -55 395 May n.a. n.a. n.a. n.a. n.a. -79 1,298 644 705 -62 -91 n.a. Not available. cCorrected. 1 Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953. Excise taxes and nonwithheld individual taxes foT that period are obtained by subtracting IRS data from appropriate Treasury daily statement totals. 2Beginning new reporting basis. See footnote 1 on preceding page. 3Less than $500,000. 4Excess of receipts, or expenditures (—). 5 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of Government sponsored corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 6, but their operating transactions are included in Budget expenditures. e Consists of ^a) net investments in public debt securities of Government sponsored corporations and agencies and other trust funds and (b) beginning November 1950, net investments of wholly owned Government corporations and agencies, which prior to that date are included with Budget expenditures. JULY 1955 789 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 g t s e . t r T P a e c r l c u u c 't s s t s . : t . t I G r L n a e o t n s r v s s a : t . - . 1 m O P j a u e l t u d h s n s - t e t : - s r 2 E p C q o d u a e s a s - i l t h s s : B p t e u u e n r x d e d - g s i e - t a T o P a c t l r n u h c u s d t e s : s r t . t I G r n a o t n r v s a t . L - . 1 ess A p : a u l c s b c t r li u o c - 3 F E S l u t i x i t z n o a c a d b n h - 4 i . - c C o i a l n u e c g a - n P r t l - us: T a T o s c r r i u a c e d t n t a e - . s s 5 . , m O ju a e t d s h n - t e t - s r 2 E d w C q r a i u a a l t a w s 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 —1952 61 391 8 807 2,104 68,093 65,408 4,952 2,104 710 9 401 -170 67,786 307 19536... 64,825 8,929 2,194 -215 71,345 74,274 5,169 2,194 694 -28 250 -155 -215 76,407 -5,062 1954 64,655 9,155 2,097 101 71,815 67,772 6,769 2,097 509 -109 303 -274 118 71,974 -159 1955 n.a. n.a. n.a. n.a. 67,769 n.a. n.a. n.a. 488 -156 n.a. n.a.. 69,899 -2,130 Semiannual totals: 1952—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 C246 -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 C57 -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 1955—Jan.-June.. n.a. n.a. n.a. n.a. 41,790 n.a. n.a. n.a. 157 -39 n.a. n.Ji. 35,732 6,057 Monthly: 1954—June 10,644 1,448 898 104 '•11,278 7,308 658 898 76 -146 -25 93 r6 894 4,384 July 2,827 434 130 -173 2,958 4,827 660 130 70 —31 97 —39 — 170 5,144 -2,186 Aug. 3,911 1,224 49 289 5,375 6,731 526 49 38 16 222 —28 407 7 788 —2,412 Sept 4,951 457 100 -28 5,280 5,019 788 100 57 -112 —21 —8 — 145 5,364 -84 Oct. 2,639 370 74 -318 2,617 4,857 800 74 50 —6 — 104 —7 —320 5 096 —2,478 Nov 4,201 994 58 -14 5,122 3,842 469 58 45 —9 209 — 1 —33 4,374 748 Dec 3.742 890 427 421 4,626 6,288 573 427 71 25 -425 -11 449 6,401 -1,775 1955— F j e an b. 4 5 , , 6 4 5 2 5 7 2 6 6 0 8 0 5 4- 3 v — 3 5 3 8 2 2 4 6 , ,3 2 0 9 6 9 4 4 , , 9 8 4 3 2 1 5 6 8 5 1 3 4 5 2 3 — 5 1 1 8 —8 — 1 3 8 5 6 4 — — 2 4 4 0 — 4 5 3 8 4 2 5 5 ,0 4 0 8 9 1 — 8 7 2 1 5 0 Mar 9,741 ^78 64 488 10,943 5,894 761 64 4 —36 —36 —63 479 6,932 4,010 Apr. 3 732 528 78 —532 3,651 5,228 1 134 78 31 —6 —309 584 5 355 — 1 704 May 4,438 1,320 n.a. '5,547 5,356 817 n.a. 39 384 n.a. 6 278 —731 June n.a. n.a. n.a. 11,045 n.a. n.a. n.a. 51 11 n.a. na. 6,677 4,368 n.a. Not available. rRevised. cCorrected. l 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. 3 Represents 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. 4 Cash 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 Detailsof net cash borrowing" from or In- debt transactions Equals: repayment, ^/ —\; o_ ir tD_ orrowm• g tJ_o_ txni e puot_n 1 c• °_ • c o r r e a d s e e - , rl^^OaO s ^S e l ui c n n u l r S i S ti u e a s n o v. f c \ji A m dj e u n s t t- Net inv. Accruals to public2 c N a e sh t Period ( c - r ) e , a s i e n Federal agencies tr f a o n r s. s in e c F . e b d y . Int. on Payts. b i o n r g r , o o w r - m D k i t r a e b c l t e. S in a g v s - Sav- P S o a s v ta . l p d g d u i r e r b o e b l s c i t s c t a G n u te a e r d - a g N n u o t a e n r e - - d T a o s c r i u e c d t a t e - . s * . a G f a n u g d o n e v d n t t s r . . . T b s a o r a e n n v d a d . s s . f F o i o e r n f d m . b ( r o e — i p r n r a ) o g , y w o t. - f is c a s o u n n e d v s . 4 b p (i o r s i n s c u d e e s ) n i o n t g e s s s i p s S e s y u c s i e . a s l Other « bills sec. Cal. yr.—1951 2,711 18 37 n.a. 3,418 718 — 125 — 1,242 1,999 — 1 ,191— 1 ,099 —997 46 1952 7,973 12 -102 n.a. 3,833 770 — 74 3,353 5,778 —406 — 1,784 —113 —122 1953 7,777 22 -3 n.a. 2,540 591 66 4 601 64,829 6—344 248 — 162 —30 19547 3,582 -42 -31 —266 1,582 577 176 906 3,071 -175 -1,469 -195 -326 Fiscal yr.—1952 3,883 16 -88 — 170 3,636 779 -79 -695 1,639 —717 -1,209 -155 -252 19537.... 6,966 7 -32 -155 3,301 719 3 2,763 65,294 6-94 -2,164 -100 -173 1954 5 189 29 -33 -257 2,054 524 94 2,255 2,530 -381 628 -239 -283 1955 3,115 -37 n.a. n.a. n.a. 497 147 1,579 P4.258 -10 -3,168 -122 P959 Semiannual totals: 1952—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 «-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 1955—Jan.-June.. . -4,376 10 n.a. n.a. n.a. 161 35 -5,021 P-3,121 147 -2,654 -72 2>679 Monthly: 1954—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 —25 17 191 72 -26 —349 — 198 —9 — 136 —6 1955—jan —311 — 10 521 —24 — 134 51 259 —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 5 2,955 3! 144 —88 —42 —30 —30 May....... 824 5 31 n.a. 582 39 (8) 209 1,778 —32 — 1,476 —25 —36 June , -3,098 1 n.a. n.a. n.a. 51 -11 -4,031 -48 -891 -26 n.a. Not available. ? Preliminary. 1 Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases. 2Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 3 Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 4 Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 5Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6Excludes exchanges of savings bonds into marketable bonds, the amount of 409 million dollars. 7Beginning new reporting basis. See footnote 6 above. 8Less than $500,000. 790 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 * [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 n t r a D c a x o t i e r i r p o s e o n c 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 a t m n h s - e h e r 4 R D c o e e e f f u i d p r n u e t d c s - s t. 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 6 e I d s n t e t e b o r t n - g e V p r r a r a e o m n t - - s s7 g c S p r u o s a r r e c o m i - i - t a y s l 5 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 19549.... 68,595 '31,785 '20,280 '8,801 '7,655 '3,433 3,358 68,896 42,400 1,089 '4,870 '4,664 8,587 '7,285 Fiscal yr.—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 '33,363'21,817 ••9,679 '7,197 '3,178 3,419 71,974 46,422 1,457 '4,838 '4,943 7,645 '6,669 1955. . . 67,769 32,563 18,201 9,109 7,919 3,422 3,444 69,899 n.a. n.a. 4,947 4,766 n.a. n.a. Semiannual totals: 1952—July-Dec.. 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 24,505 1,123 2,246 2,500 2,876 4,107 1953—Jan.-June. 41,241 20,329 13,773 4,931 3,656 1,252 2,700 39,203 25,606 1,069 2,413 2,420 3,247 4,448 July-Dec.9 29,199 14,478 5,272 5,357 3,031 «1,498 437 37,244 24,398 930 2,334 2,465 3,368 3,748 1954—Jan.-June. 42,615 '18,885 '16,545 '4,322 '4,165 '1,680 2,982 34,730 22,024 526 '2,503 '2,478 4,277 '2,921 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 . 1955—Jan.-June. 41,790 19,663 14,466 4,630 4,430 1,669 3,068 35,732 n.a. n.a. 2,580 2,579 n.a. n.a. Monthly: 1954—June ••11,278 '2,691 '7,071 '797 '616 '252 150 '6,894 3,964 81 '806 444 760 '838 July 2,958 1,120 549 702 304 365 82 5,144 3,465 50 152 194 674 609 Aug 5,37/ 2,985 302 760 1,177 220 69 7,788 3,644 110 314 381 714 2,625 Sept 5,280 2,936 1,108 722 371 204 60 5,364 3,251 40 461 375 716 521 Oct 2,617 1,040 352 768 260 237 39 5,096 3,149 67 286 374 758 462 Nov 5,122 2,881 271 783 939 296 47 4,374 3,314 80 328 419 720 -488 Dec 4,626 1,938 1,153 744 439 432 80 6,401 3,552 217 826 443 730 635 1955—Jan 4,299 2,806 353 644 197 350 52 5,009 3,191 171 183 430 834 200 Feb 6,306 4,096 330 703 1,019 346 189 5,481 3,100 140 424 409 768 641 Mar 10,943 2,984 6,844 864 715 241 705 6,932 3,808 73 470 439 792 1,351 Apr 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 3,253 184 481 432 783 1,144 June 11,04. 3,346 6,102 922 819 275 420 6,677 n.a. n.a. 707 436 n.a. n.a. n.a. Not avilable. 'Revised. ^Corrected. 1 Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals ot the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. 2Includes estate and gift taxes. 3Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 4Represents mostly nontax receipts. includes net redemptions of armed forces leave bonds. includes special International Bank and Monetary Fund notes. 7Includes payments from veterans life insurance funds. 8Includes benefit payments for old-age and unemployment insurance and Government employees and railroad retirement funds. 9Beginning new reporting basis, described in Treasury Bulletin for April 1954, p. A2. UNITED STATES SAVINGS BONDS—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING1 [In millions of dollars] All series SeriesA-E and H Series F, G, J and K Year or Redemptions2 Out- Redemptions2 Out- Redemptions2 Outmonth stand- stand- stand- Sales ing Sales ing Sales ing Total m B a e tu fo r r i e ty p (e e n ri d o d o ) f Total m B at e u fo ri r t e y3 p (e e n ri d o d o ) f Total m B a e tu fo r r i e ty p (e e n ri d o d o ) f 1946 7,427 6,243 5,941 49,776 4,466 5,632 5,330 33,410 2,962 611 611 16,366 1947 6,694 4,889 4,522 52,053 4,085 4,181 3,814 33,739 2,609 708 708 18,314 1948 7,295 4,840 4,404 55,051 4,224 4,011 3,575 34,438 3,071 829 829 20,613 1949 5,833 4,708 4,077 56,707 4,208 3,905 3,274 35,206 1,626 803 803 21,501 1950 6,074 5,323 4,583 58,019 3,668 4,435 3,695 34,930 2,406 888 888 23,089 1951 3,961 5,150 4,571 57,587 3,190 4,079 * 3,500 34,728 770 1,071 1,071 22,859 1952 4 161 4,565 3,806 57,940 3,575 3,657 2,896 35,324 586 908 908 22,616 1953 4,800 5,552 3,613 57,710 4,368 3,643 2,629 36,663 432 1,909 984 21,047 1954 6,173 6,348 3,655 57,672 4,889 3,920 2,784 38,233 1,284 2,428 871 19,439 1954—May 464 459 261 58,025 354 290 202 37,392 110 169 59 20,633 June. . . 523 580 392 58,061 392 387 303 37,482 130 193 89 20,579 July 508 644 471 58,005 393 346 255 37,597 115 298 216 20,409 Aug 546 513 235 58,078 415 339 255 37,714 131 174 -20 20,364 Sept. 464 508 352 58,088 367 323 257 37,808 97 185 95 20,280 Oct 456 468 308 58,126 369 293 224 37,930 87 175 84 20,196 Nov 466 454 226 58,186 384 294 196 38,069 82 160 30 20,118 Dec. 557 566 306 57,672 445 348 232 38,233 112 218 74 19,439 1955—Jan. 742 691 368 57,967 573 337 190 38,515 169 354 178 19,451 Feb 602 433 -134 58,225 465 257 63 38,721 137 176 -197 19,504 Mar 614 520 161 58,366 518 336 176 38,914 95 184 -15 19,452 Apr. . . 535 623 332 58,326 448 330 229 39,063 87 293 103 19,263 May 488 520 255 58,346 419 343 236 39,181 69 177 19 19,166 June 496 544 263 58,365 428 373 P225 39,285 68 171 P37 19,080 P Preliminary. *New arrangement savings notes outstanding, previously included, are shown in table at top of p. 792. 2A change in procedure for processing redeemed savings bonds, beginning in June 1954, resulted in a high level of redemptions which were not yet classified between matured and unmatured bonds. This and the subsequent distribution of these redemptions temporarily obscured relationships between matured and unmatured classifications. 3Redemptions of extended Series E bonds are included with matured issues. Maturities of Series E bonds in June 1955 were 723 million dollars, bringing the total since May 1, 1951, when extensions of such bonds began, to 18,072 million, of which 5, 087 million, or 28 per cent have been redeemed. NOTE.—Sales and redemptions (the latter including exchanges) of bonds are shown at issue price; amounts outstanding are at current redemption value and include only interest-bearing issues. Redemptions before maturity for the years 1946-49 exclude all Series A-D bonds. JULY 1955 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues3 Marketable Nonmarketable Total E m n o d n t o h f d T g e r o o b t s t a * s l d d g i e r r o b e s c t s 2 t Total Total Bills c e i C n a d e t d n e r e e t s i b s f o s i t - - f Notes B el a ig n i B k - ond B s r a e n - k b v C i o b e o n r l n d e t- - s Totals b i o n n g d s s s i T a n a n a g v d x 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 21,788 15,050 6,384 9,032 1943—Dec. 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12.703 1944—Dec. 232 144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16J326 1945—Dec. 278 682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec. 259 487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec. 256 981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—Dec. 252 854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—Dec. 257 160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—Dec. 256 731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—June 255 251 255,222 218,198 137,917 13,614 9,509 35,806 42,928 36,061 13,573 66,708 57,572 7,818 34,653 Dec. 259 461 259,419 221,168 142,685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—June 259 151 259,105 219,124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6,612 37,739 Dec. 267 445 267,391 226,143 148,581 21,713 16,712 30,266 58,874 21,016 12,500 65,062 57,940 5,770 39,150 1953—June 266,123 266,071 223,408 147,335 19,707 15,854 30,425 64,104 17,245 12,340 63,733 57,886 4,453 40,538 Dec. 275 244 275,168 231,684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6.026 41,197 1954—June 271,341 271,260 226,681 150,354 19,515 18,405 31,960 71,802 8,672 11,861 64,465 58,061 5,079 42,229 July. 271,005 270,984 226,528 150,342 19,512 18,405 31,964 71,790 8,671 11,857 64,329 58,005 4,993 42,152 Aug. 274,982 274,955 230,214 154,020 19,508 18,277 31,967 75,596 8,671 11,853 64,341 58,078 4,929 42,479 Sept. 274,838 274,810 230,033 153,963 19,510 18,184 32,001 75,597 8,671 11,820 64,250 58,088 4,829 42,407 Oct.. 278,786 278,752 234,161 158,148 19,509 18,184 36,188 75,597 8,669 11,787 64,226 58,126 4,766 42,238 Nov. 278,888 278,853 234,160 158,152 19,507 18,184 36,196 75,596 8,668 11,780 64,228 58,186 4,704 42,351 Dec. 278,784 278,750 233,165 157,832 19,506 28,458 28,033 76,129 5,706 11,767 63,565 57,672 4,548 42,566 1955—Jan.. 278,463 278,439 233,427 157,834 19,507 28,462 Feb.. 278,209 278,182 233,517 157,752 19,505 21,455 Mar. 274,080 274,048 229,103 153,350 19,505 17,722 Apr.. 276,686 276,649 232,233 156,578 19,507 20,932 May 277,515 277,472 232,563 158,404 19,511 17,046 June 274,418 274,374 228,491 155,206 19,514 13,836 30, 1955) and fully guariy 31, 1955. )t shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public U. S. Government End of month (i gd n re c ob l s u ts d- a tr g u e s n t c i f e u s n a d n s d 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public Banks banks2 banks com- rations govern- Savings Other invesse ti c e u s r ) i- issues issues panies ments bonds securities tors' 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 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 3,218 100,221 6,189 41.100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec...... 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,600 8,900 1949—Dec...... 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,800 8,100 49,300 17,000 9,400 1950—June. .... 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,400 8,700 49,900 17,600 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 19,700 8,800 49,600 16,700 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 20,000 9,400 49,100 16,400 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,500 20,700 9,600 49,100 15,500 10,600 1952—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 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 16,100 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 18,400 12,000 49,300 17,100 12,800 Dec 275,244 41,197 7,116 226,931 25,916 63,700 9,200 15,800 21,000 12,900 49,300 15,800 13,200 1954—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 6-3,400 9,200 15,500 19,100 14,100 49,500 15,600 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—Jan 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 13,800 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 Apr 276,686 41,691 7,229 227,766 23,612 65,700 8,800 15,000 20,600 15,700 50,200 13,900 14,200 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. 792 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 June 30, 1955 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury Bills Certificates Treasury bonds bonds—Cont« July 7, 1955 1,501 A D u ec g . . 1 1 5 5 , , 1 1 9 9 5 5 5 5 W 1M % 8 5 , , 4 3 7 5 7 9 S M e a p r t . . 1 1 5 5 , , 1 19 9 5 5 6 6 - - 5 5 8 9 . 2 . . . . 2 2 % ^ 1,4 9 4 8 9 2 3 2 , , 7 8 5 2 3 6 July 14, 1955 1,500 Sept. 15, 1956-59. . .2^ 3,822 3,830 July 21, 1955 1,501 Treasury notes Mar. 15, 1957-59. . .2% 927 4,718 July 28, 1955 1,501 Dec. 15, 1955. .... . 1 % 6,854 June 15, 1958 2% 4,245 2,961 Mar. 15, 1956 1% 8,472 June 15, 1958-632 , .2% 919 1,882 Aug. 4, 1955 1,501 Apr. 1, 1956. . 1H 1.007 Dec. 15, 1958 2% 2,368 2,716 Aug. 11, 1955 1,502 Aug. 15, 1956 2 5,706 June 15, 1959-62. . .23^ 5,276 3,812 Aug. 18, 1955 55000 Oct. 1, 1956. „. . . AY2 550 Dec. 15, 1959-62... 2 M 3,465 1,606 Aug. 25, 1955 500 A M p a r r . . 15 1 , , 1 1 9 9 5 5 7 7 2 I % H 2,9 5 9 3 7 1 N De o c v . . 1 1 5 5 , , 1 19 9 6 6 0 0 -652. .2 2 % y8 8 4 0 8 6 5 1,924 Sept. 1, 1955 1,501 May 15, 1957 \% 4,155 Sept. 15, 1961 2% 2,239 Postal Savings Sept. 8, 1955 1,500 Aug. 15, 1957 2 3,792 Nov. 15, 1961 2j| 11,177 bonds -2}i 21 Sept. 15, 1955 1,503 Oct. 1, 1957. „ 1H 824 Aug. 15, 1963 2^ 6,755 Panama Canai Loan. .3 50 Sept. 22, 1955 1,503 Apr. 1,1958.... ...1^ 383 June 15, 1962-67. . .2>£ 2,116 Sept. 29, 1955 1,500 Oct. 1, 1958 IH 121 Feb. 15, 1959 1% 5,102 Convertible bonds Apr. 1, 1959 13^ 139 Investment Series B Oct. 1,1959.. 1^ 99 Apr. 1, 1975-80... 2M 11,676 Apr. 1,1960 \y2 17 JSold on discount basis. See table on Money Market Rates, p. 787. 2 Partially tax-exempt. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES* Marketable and Convertible Direct Public Securities [Par value in millions of dollars] U.S. U S. End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i 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 c a o i n e a m r k l - s - b M t s i a n u a n g a v u k l s - - s c I o n m su p r a a n n i c e e s Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e R e a e r r n e a d v - k l - e s C m c o i e a m r l - - M tua u l - c I o n m su p r a a n n i c e e s Other funds Life i Other funds Life Other Type of security: Type of security: Total marketable lonvertible bonds and convertible: (Investment 1952—Dec 161,081 6,613 24,697 55,828 8,740 9,514 4,711 50,979 Series B): 1953—June 159,67f 6,899 24,746 51,365 8,816 9,347 4,:"' 53,694 1952—Dec 12,500 3 438 185 1,352 3,179 360 3,987 1954— D D Ju e e n c c e 1 1 1 6 6 6 6 9 2 , , , 6 5 2 1 9 1 9 9 6 6 6 6 , , , 9 9 9 8 1 8 9 8 5 2 2 2 5 4 5 , , , 9 9 0 1 3 3 6 7 2 6 5 5 1 6 5 , , , 0 1 9 8 9 3 2 9 3 8 8 8 , , , 1 5 3 1 2 5 3 4 3 9 8 8 , , , 1 3 6 2 7 6 0 1 7 4 4 4 , , , 8 9 9 5 0 5 4 5 8 5 5 5 2 5 5 , , , 1 2 2 2 3 2 1 3 6 1 1 9 9 5 5 3 4 — — D J J u u e n n c e e 1 1 1 1 2 1 , , , 9 3 8 8 4 6 9 0 1 3 3 3 4 4 4 3 3 3 9 9 9 1 1 1 6 8 6 8 2 5 1 1 1 , , , 2 3 2 6 1 6 4 4 5 2 3 2 , , , 9 1 8 3 3 7 3 5 6 3 3 3 5 2 1 3 8 7 3 3 3 , , , 8 9 8 5 1 0 4 9 0 1955—Mar 165,060 7,131 23,613 56,280 8,175 8,442 4,834 56,586 Dec 11,767 3 439 163 1,239 2,865 305 3,756 Apr 168,270 7,103 23,61257,755 8,13: 8,450 4,862 58,353 1955—Mar 11,710 3 439 163 1,224 2,858 291 3,734 Treasury bills: Apr 11,692 3439 163 1,225 2,858 291 3,715 1952—Dec 21,713 86 1,341 7,047 137 464 119 12,518Marketable secur- 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 rities, maturing: Dec 19,511 102 2,993 4,368 126 410 109 11,402Within 1 year: 1954—June 19,51" 46 2,316 4,187 98 520 101 12,248 1952—Dec 56,953 133 14,74916,996 263 532 733 23,547 Dec 19,507 51 2,204 4,399 75 537 125 12,11, 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 1955— A M p a r r 1 1 9 9 , , 5 5 0 0 5 7 5 6 3 5 8 8 9 8 1 6 2 3 , , 9 50 6 3 8 1 1 1 0 4 8 5 5 6 5 8 9 1 1 2 2 2 7 1 1 4 4 , , 7 2 8 6 9 0 1954— D D Ju e e n c c e 7 6 6 0 2 3 , , , 1 8 2 2 2 3 3 7 5 1 1 7 0 7 0 7 5 1 1 1 6 6 9 , , , 9 2 4 7 8 1 2 0 7 2 1 1 5 7 5 ~, , 0 7 6 3 2 8 4 2 1 9 7 5 4 5 9 4 5 5 4 6 3 6 8 7 1, 5 0 6 9 6 5 8 2 1 2 2 2 6 9 4 , , , 3 0 5 2 0 6 3 1 8 Ce 1 1 rt 9 9 i 5 f 5 i 2 3 c — — ate D J s u e : n c e 1 1 6 5 , , 7 8 1 5 2 4 2 3 7 0 5 4 , , 0 9 6 9 1 6 4 4 , , 7 3 9 5 1 1 3 8 ' 7 2 5 7 6 3 31 1 0 7 6 6 , , 4 0 2 5 4 2 1955— A M p a r r 5 5 2 6 , , 5 7 7 9 3 2 7 9 7 3 1 1 8 9 , , 0 0 9 9 7 61 8 0 , , 5 0 0 76 7 1 17 7 4 1 5 5 8 9 1 9 3 3 1 3 2 8 2 2 4 6 , , 8 4 2 1 9 6 Dec 26,386 63 5,967 9,21 184 37 445 10,475 1-5 years: 1954—June.. 18,405 41 6,600 4,942 101 7 202 6,511 1952—Dec 37,713 31 7,146 22,: 259 48 910 6,938 Dec 28,458 4 13, " 4,835 5' 4 179 9,496 1953—June 32,330 152 6,452 18,344 464 109 914 5,895 1955— A M p a r r 2 1 0 7 , , 9 7 3 2 2 2 8 8 9,960 2 3 , , 1 1 2 9 0 3 3 3 ! 9 26 1 1 8 1 5 4 5 7 , , 5 5 1 9 6 2 1954— D D Ju e e n c c e 2 2 2 9 7 9 , , , 3 6 9 0 6 6 6 7 5 2 1 1 0 9 3 5 2 7 3 6 6 , , , 0 1 3 8 5 0 5 7 7 : 1 1 1 4 8 6 , , , 6 8 0 2 4 5 4 6 6 4 4 5 3 7 0 1 6 2 1 1 1 2 5 5 3 5 8 , 9 8 0 8 9 2 0 0 2 5 5 5 , , , 4 3 8 3 0 5 0 8 5 Tre 1 1 a 9 9 s 5 5 u 2 3 r — — y D J n u e o n c t e es: 3 3 0 0 , , 2 4 6 2 6 5 2 1 3 6 1 1 3 3 , , 7 7 7 7 4 41 1 0 0 , , 9 3 5 5 5 : 4 6 9 2 8 5 4 5 8 2 6 9 4 5 , , 9 6 7 7 8 8 1955— A M p a r r 3 3 3 2 , , 4 4 5 6 6 7 1 1 8 7 7 1 3 2 , , 0 0 8 8 7 7 2 2 0 0 , , 8 8 5 4 9 5 5 5 1 3 8 0 1 14 4 4 4 , ,1 1 5 4 3 5 7 7 , , 5 5 0 4 3 8 Dec 31,406 8 13,28911,510 130 52 605 5,814 5-10 years: 1954—June 31,960 64 13,02911,423 221 99 592 6,531 1952—Dec 22,834 546 1,387 11,058 1,775 885 ,348 5,835 Dec 28,5033 46 6,04413,649 242 67 675 7,310 1953—June 18,677 422 1,374 8,772 1,395 745 ,104 4,865 1955— A M p a r r 3 3 4 5 , , 9 0 8 0 9 7 9 90 ! 9 9 , , 9 9 5 6 9 3 1 1 4 4 , , 6 6 4 7 0 4 2 2 7 7 4 1 6 69 9 9 5 9 9 , , 2 2 6 4 3 8 1954— D D Ju e e n c c e 3 3 2 0 3 0 , , , 5 2 6 4 9 7 2 2 7 4 4 49 7 1 4 7 8 1 1 1 , , , 0 3 0 3 7 1 5 4 4:2 1 1 1 0 8 , , , 1 0 7 0 5 4 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 6 9 5 8 5 5 6 7 , , , 4 2 7 3 1 1 9 1 1 Ma 1 1 r 9 9 k 5 5 e 2 3 t — — ab D J le u e n b c e onds:i 8 7 1 9 , , 3 8 4 9 9 0 3 3, , 3 0 0 4 0 6 4 4 , , 5 5 2 2 2 2 3 3 2 2 , , 8 0 4 6 9 6 7 7, , 2 1 3 6 2 5 5 5 , , 8 85 0 5 7 3 3 , , 4 4 2 8 9 4 2 2 3 4 , , 0 8 7 9 2 0 1955— A M p a r r. 3 33 3 , , 6 6 8 8 8 8 4 5 9 0 9 0 1 1 , , 0 0 1 1 4 4 * 2 21 1 , , 1 1 4 2 0 1 1 1, , 4 4 3 5 2 8 4 4 2 1 1 9 , , 6 6 3 4 2 3 7 7 , , 5 5 2 5 5 8 Dec 77,327 3,377 3,66730,671 6,820 5, 3,418 23,688After 10 years: 1954—June 80,474 3,39," 3,093 35,481 6,669 5,164 3,641 23,032 1952—Dec 31,081 2464 1,415 5,207 5,091 4,870 ,361 10,673 Dec 81,835 3,378 2,802 38,037 6,499 4,"~ 3,673 22,548 1953—June 31,739 2,723 1,415 4,488 5,167 4,'~"~ ,356 11,621 1955— A M p a r r 8 8 1 1 , , 1 1 3 3 4 2 3 3 , , 5 5 3 0 4 1 2 2 , , 8 8 0 0 2 2 3 3 6 6 , , 2 3 2 8 2 8 6 6, , 4 5 9 3 2 1 4 4 , , 9 9 5 4 5 6 3 3 , ,6 6 3 4 1 0 2 2 3 3 , , 5 2 3 8 9 4 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 4 9 6 ( 6 5 1 1 1 1 , , , 4 4 4 1 1 1 5 5 5 4 4 5 , , , 5 9 2 9 8 3 5 5 4 5 4 4 , , , 9 0 6 3 3 6 0 8 9 4 4 4 , , , . 3 5 6 8 4 2 , , , 3 3 3 3 3 6 9 9 9 1 1 1 1 1 1 , , , 7 7 8 1 3 7 6 4 4 1955—Mar 33,633 2 929 1,415 5,611 4,7914,438 1,454 12,995 Apr 33,632 2 900 1,415 5,550 4,786 4,429 1,436 13,116 •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. 793 JULY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates, in millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e d c o u rp se o s r a o t f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total G m U ov e . e n S rn t . 8 - 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 l i - e - Other Total Total o B P f l o f i u c e n r l b d y e - d s p v P l a a r t c i e - e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total mo N n e e w y7 l M p a c o u e n u i l r s e s - - - - d m b t R e i a o e r b e n e f n - t k - t , s m r t i e i t o r e c i e f e n u - s t etc.* 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 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1,875 458 1954—May., 4,388 2,669 783 5 851 649 422 227 129 73 656 596 60 181 June.. 2,422 523 80 855 4 1,041 792 343 449 131 118 842 789 53 183 July.. 2,167 508 280 3 1,253 1,085 714 371 76 92 909 828 81 329 Aug.., 1,279 546 123 300 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 42 247 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 64 290 244 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... '1,635 535 »-429 18 654 451 297 155 54 149 470 422 48 167 May. 4,340 3,020 30 329 961 656 465 191 93 213 865 762 104 75 Proposed uses of net proceeds, by major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month T c p n e o r e e o t d a t - s l N c it a e a p w l - R m e e t n ir t e s1 - 0 T p n o r e o ta t - l N c it a a e p l w * - R m e e t n ir t e s1 - 0 T p n o r e o ta t - l N c it a e a p w l - 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 a e p l w - " R m e e t n ir ts e 1 - 0 T p n o r e o t t a - l N c it a e a p w l - 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 ca e p w - R m e e t n ir t e s1 - 0 1949 1,391 1,347 44 338 310 795 784 11 2,276 2,043 233 567 517 593 558 35 1950 1,175 1,026 149 538 474 806 609 196 2,608 1,927 682 395 314 739 639 100 1951... 3,066 2,846 221 518 462 490 437 53 2,412 2,326 85 605 600 515 449 66 1952 3,973 3,712 261 536 512 983 758 225 2,626 2,539 88 753 747 508 448 60 1953 2,218 2,128 90 542 502 589 553 36 2,972 2,905 67 874 871 1,561 1,536 24 1954 2,234 2,044 190 923 771 501 270 3,665 2,675 990 711 651 1,061 788 273 1954—May 205 199 42 41 20 20 502 330 173 40 40 27 26 June 295 273 93 90 40 40 431 373 58 9 8 156 58 July 525 520 100 68 91 60 321 188 132 2 2 199 71 128 August 116 107 55 41 46 46 158 104 55 27 25 14 12 2 September. 149 109 58 58 163 40 123 247 174 74 329 326 47 41 7 October... 278 273 144 127 47 22 25 272 212 60 98 98 274 270 4 November. 108 105 74 73 69 18 51 61 46 15 74 20 27 26 1 December. 187 123 137 132 70 52 18 459 153 305 44 108 100 1955—January... 186 163 50 45 37 43 239 198 7 97 97 February.. 84 68 100 88 8 108 101 44 148 145 2 March 632 547 94 36 36 224 196 27 381 368 13 April 182 154 26 110 19 187 151 18 115 109 5 May 411 34 241 225 22 161 156 5 'Revised. 1 Estimates of new issues sold for cash in the United States. 2Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 Includes issues guaranteed. 4 Issues not guaranteed. includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 8Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. 8Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. •Includes all issues other than those for retirement of securities. 10Retirement of securities only. Source.—Securities and Exchange Commission. 794 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 Manufacturing Total (200 corps.) : Sales 37,948 45,351 12,444 13,90562,66557,45 15,459 4,902 4,23314,77613,40115,04718,023 Profits before taxes 5,168 8,042 8,702 7,147 8,225 093 2,093 1,395 1,754 1,923 1,549 1,868 2,429 Profits after taxes 3,186 4,143 3,486 3,117 3,560 ,750 885 892 891 977 790 1,093 1,197 Dividends ,. 1,710 2,295 2,036 2,031 2,110 ,33 495 631 524 523 518 772 545 Nondurable goods industries (94 corps.):1 Sales 4,051 15,99418,67018,90820,276 ,19: 5,082 5,084 4,961 4,972 4,955 5,304 6,948 Profits before taxes 1,975 2,847 3,324 2,715 908 ,658 783 581 669 676 637 676 773 Profits after taxes 1,297 1,599 1,481 1,313 446 ,531 376 371 365 376 357 433 422 Dividends 759 942 894 91f 934 ,023 222 275 228 229 230 336 248 Durable goods industries (106 corps.):2 Sales 23,89 29,35733,77434,99 390 ,265 10,377 9,817 9,272 9,804 8,446 9,74311,075 Profits before taxes 3,19. 5,195 5,378 4,432 31 ,435 1,309 814 1,084 1,247 912 1,192 1,656 Profits after taxes 1,888 2,544 2,005 1,804 11 ,219 509 521 526 600 433 660 775 Dividends 950 1,35 1,14r 1,119 176 ,31 274 356 296 294 288 436 297 Selected industries: Foods and kindred products (28 corps.): Sales 4,223 4,402 4,909 5,042 5,411 5,46- 1,355 1,394 1,337 1,351 1,339 1,437 1,354 Profits before taxes , 434 53r 473 446 46. 461 131 107 99 132 122 108 100 Profits after taxes 268 289 22 204 211 22. 57 54 46 63 59 56 47 Dividends 149 161 159 15 15. 156 37 45 36 36 39 45 36 Chemicals and allied products (26 corps.): Sales 3,680 4,57 5,574 5,695 6,071 5,91 1,506 1,453 1,434 1,471 1,461 1,551 1,642 Profits before taxes 693 1,133 1,421 1,200 1,260 1,133 330 224 272 271 268 322 354 Profits after taxes 415 572 496 458 493 59 124 121 133 136 132 190 176 Dividends 321 448 363 38 398 48C 91 127 98 98 95 189 110 Petroleum refining (14 corps.): Sales 3,907 4,260 4,966 5,290 5,757 5,883 1,473 1,498 1,479 1,442 1,440 1,522 1,531 Profits before taxes 552 673 869 689 796 713 229 176 214 189 165 145 202 Profits after taxes 428 464 532 495 571 54 155 157 148 138 127 128 142 Dividends 191 223 247 268 27- 27? 67 74 68 68 69 73 73 Primary metals and products (39 corps.): Sales 8,18710,44612,49711,55713,750 11,51 3,475 3,194 2,910 3.019 2,715 2,873 3,339 Profits before taxes 993 1,700 2,092 1,16 1,82- 1,37 510 295 301 359 305 405 489 Profits after taxes 578 85- 776 575 793 714 203 196 150 179 151 234 242 Dividends 285 377 381 36' 37 40! 88 113 100 92 92 124 93 Machinery (27 corps.): Sales 4,363 5,071 6,183 7,082 8,009 7,74< 1,959 2,038 1,917 1,937 1,864 2,028 1,956 Profits before taxes 520 850 1,003 974 1,009 89' 241 193 252 237 199 209 235 Profits after taxes 32 42. 370 380 402 46< 95 115 117 107 102 143 112 Dividends 138 208 192 200 23' 49 90 58 64 65 76 68 Automobiles and equipment (15 corps.): Sales 9,57 11,80512,49612,825 16,37 13.94C 3,917 3,495 3,485 3,731 2,922 3,802 4,729 Profits before taxes 1,473 2,305 1,913 1,945 2,048 1,74 451 235 434 532 299 476 823 Profits after taxes 86' 1,08' 705 698 82 168 168 214 257 127 229 369 Dividends 451 671 479 462 463 52' 114 11 114 113 106 196 108 Public Utility Railroad: Operating revenue 8,580 9,47. 10,39110,58 ,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 1,45 ,404 90( 399 27 156 199 226 319 259 Profits after taxes 438 78 693 832 87 67 234 219 •88 136 172 277 175 Dividends 252 312 328 338 412 375 79 162 96 73 74 136 101 Electric power: Operating revenue 5,069 5,528 6,058 6,54< ,13 7,611 1,721 1.826 1,984 1,819 1,831 1,976 2,171 Profits before taxes l,12r 1,31 1,482 1.74C ,89 = 2,04< 428 460 570 487 478 513 636 Profits after taxes 75 822 81- 94' ,030 1,141 231 260 321 266 264 288 341 Dividends 560 619 65 725 780 85' 194 212 21 210 211 224 225 Telephone: Operating revenue 2,967 3,342 3,729 4,136 ,525 4,90: 1,129 1,178 1,174 1,210 1,233 1,285 1,298 Profits before taxes 333 580 691 78 925 l,05C 220 248 24: 262 262 284 306 Profits after taxes * 20' 33 341 384 452 52. 10 122 116 125 141 143 152 Dividends 213 276 318 35 412 44 104 108 109 111 11 116 118 1 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of 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). JULY 1955 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d d C e i a v n s i d h - s tr U p i r b n o u d fi t i t e s s - d Y qu e a a r r te o r r i N ss e u w es R m e e ti n r t e s - ch N an et ge i N ss e u w es R m e e ti n r t e s - ch N a e n t 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 3 4 9 5 1 6 9 . . 4 0 1 1 0 . . 4 7 5 8 . . 0 3 3 4 . . 8 7 3 1. . 2 6 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 , , 0 28 1 3 1 3 4 , ,6 0 5 0 5 4 1 1 , , 8 63 6 2 7 4 5 0 12 0 1 1, , 2 3 3 5 2 5 1 1 9 9 4 4 8 7 3 2 2 9 . . 8 5 1 1 1 2 . . 3 5 2 1 0 8. . 2 3 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 , ,5 8 8 0 3 2 3 2, , 0 2 0 8 4 4 2 1 , ,8 4 6 1 4 8 6 2 9 9 8 2 1 1 , , 5 7 7 2 2 0 1 19 9 5 4 0 9 2 4 6 0 . . 2 0 1 1 0 7 . . 4 8 2 1 2 5 . . 1 8 , 9 7 . . 2 5 1 8 2 . . 3 9 1 19 9 5 5 2 1 1 9 0 , , 0 6 4 7 8 9 2 2 , , 7 7 7 5 2 1 6 7 , , 2 9 7 2 7 7 5 7 , , 6 3 8 4 2 4 2 2 , , 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 66 8 2 2 , , 9 7 8 0 7 0 1951 41.2 22.5 18.7 9.1 9.6 1 1 9 9 5 5 4 3 1 9 1 , , 5 7 5 1 0 5 2 5 , , 4 3 2 5 8 3 6 7 , , 3 1 6 2 1 1 6 7 , , 6 8 5 7 1 2 3 1 , ,8 8 9 9 6 7 4 3 , , 7 9 5 7 5 5 3 2 , , 8 89 4 8 3 1,4 5 5 3 6 3 2 2 , , 3 3 6 8 6 6 1952r 35.9 19.8 16.1 9.0 7.2 1953'" , 38.3 21.3 17.0 9.3 7.7 1954—1. . . 2,700 977 1,724 1,619 758 862 1,081 219 862 1954r 34.0 17.1 17.0 10.0 6.9 2. .. 2,858 1,139 1,719 1,863 847 1,016 995 292 703 1954— 2 1 T ' . . . . 3 33 2 . . 7 7 1 1 6 6 . . 4 9 1 1 6 6 . . 3 8 9 9 . . 7 8 6 7 . . 6 0 4 3 . . . . . . 3 3, , 1 0 2 2 8 7 1 1 , , 3 9 1 2 4 3 1 1, , 2 7 0 1 5 4 2 2, , 0 3 7 1 5 4 1,3 9 5 3 4 8 1,3 7 7 2 7 1 1,0 7 5 1 3 3 3 5 7 6 6 9 3 4 3 8 7 4 3r. . 33.5 16.8 16.7 10.0 6.7 1955—1. . . 3,065 1,347 1,719 1,681 702 979 1,384 645 740 4'. . 36.0 18.1 17.9 10.6 7.3 1955—1 . . . 40.9 20.5 20.4 10.2 10.2 1 Reflects cash transactions only. As compared with data shown on p. 794, new 21. . 42.5 21.3 21.2 10.6 10.6 issues exclude foreign and include investment company offerings, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new 'Revised. 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. 794. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y te e r ar w c o a N p rk e it i t a n l g Total Cash er U G n . o m v S e - . nt Not r e e s c e a i n v d a b a le ccts. I to n r v i e e n s - Other Total Note p s a a y n a d b le accts. F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v S t. . 2 Other liabilities 1939 24.5 54.5 10.8 2.2 .0 22.1 18.0 1.4 30.0 .0 21.9 1.2 6.9 1945 51 6 97 4 21 7 21 1 2.7 23.2 26 3 2.4 45.8 .9 24.8 10.4 9.7 1948 68.6 133.0 25.3 14 8 42.4 48.9 1.6 64.4 35.3 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 1954—2 94.4 179.6 29.1 16.4 2.4 63.2 65.9 2.6 85.2 2.4 rSl 8 12.0 18.9 3.. 95.5 183.9 30.3 18.1 2.3 65.1 65.4 2.7 88.4 2.6 »-52.3 14.0 19.5 4 95 8 187 3 31.7 19 3 2 4 66.2 65 1 2 6 91 5 2 4 '"54 0 15 7 19.4 1955—1. 98.1 187!9 30.3 19.0 2.2 67.8 65.8 2.8 89.8 2.5 54.2 13.4 19.7 r Revised. 1 Excludes banks and insurance companies. Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Estimates, in millions of dollars] Trans- Manu- Trans- Year Total f M a i c a n t n g u u r- - M in i g n- r R o a a i d l s - p o t t o h t i h o r a t e n n a r - P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n t in 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 L,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 1,352 887 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 L.474 1,490 3,664 1,319 5,916 4 6,988 3,209 559 1,109 2,110 1952 26,493 11,632 985 L.396 1,500 3,887 1,537 5,557 1955—1 5,847 2,435 538 845 2,030 1953 28,322 11,908 986 1,311 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. 2Includes trade, service, finance, and construction. 3 Includes communications and other. 3Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties1 or quarter h A o er l l d s l - t F u i i n c t n i i s o a a t l i n n - - s S F e e a c l g d e i e e e c n r s t a e - l d v o i I d t a n h u n d e a d i r l - s s h A o er l l s d l - Total t F u i i n c t n i i s o a a t l i n n - - s O h e o th r l s d e - r Total t F u i i n c t n i s i o a a ti l n n - - s O h e o t r h l s d e - r h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - - s h O ol t d h e e r r s2 1941 .. 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 L.5 4.9 1942 .. , ... 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 L.4 4.5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 1.3 4.1 1944 ... 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6,2 11.8 7.2 4.6 4.9 .3 3.7 1945 35.5 21.0 .9 13.7 30.8 18.5 12.2 6.4 12.2 7.5 4.7 4.8 .3 3.4 1946 41.8 26.0 6 15.1 36.9 23.1 16.0 7.0 13.8 8.4 5.4 4.9 L.5 3.4 1947., . . 48.9 31.8 ,5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 .7 3.3 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 0 3.4 1949 , 62.7 42.9 1.1 18.7 57.1 37.5 28.4 9.1 19.6 12.4 7.2 S.6 S.I 3.5 1950 72.8 51.6 1.4 19.8 66.7 45.1 35.3 9.8 21.6 14.0 7.6 6.1 5.3 3.7 1951 82.2 59.5 2.0 20.7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6.6 8.6 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 5.8 4.3 1953.... 101 0 75.0 2.8 23.2 93.3 66.3 53.8 12.5 27.1 18.2 8.9 7.7 5.0 4.6 1954 113.5 85.6 2.8 25.0 105.3 75.9 62.7 13.2 29.4 19.6 9.7 8.2 5.3 4.9 1953—September 98.7 73.0 2.8 22.9 91.2 64.6 52.1 12.4 26.6 17.9 8.7 7.6 5.0 4.6 December 101.0 75 0 2 8 23.2 93.3 66.3 53,8 12.5 27.1 18.2 8.9 7.7 5.0 4.6 1954—March 103.1 76.8 2.7 23.6 95.2 67.8 55.3 12.5 27.5 18.5 9.0 7.8 5.1 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 5.2 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 5.2 4.9 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 5.3 4.9 1955—March? 117.5 1 88.8 2.9 25.6 108.9 78.9 65.4 13.5 30.0 20.0 9.9 8.4 5.4 5.1 P Preliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2 Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS » [In millions of dollars] Commercial bank holdings2 Mutual savings Dank holdings4 :Nonfarm NTonfarm End of year or quarter Total Residential* Residential* Farm Total Farm Total Other Total Other FHA- VA- Con- FHA- VA- Con- Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941. 4,906 4,340 3,292 1,048 566 4 81? 4 784 3,884 900 28 1942. 4,746 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943. 4 4,058 3 80? 46.3 4 4?0 4 .30 S 3,558 837 25 1944. 4,430 3,967 3,218 749 463 4 30S 4 3,476 805 24 1945 4,772 4 251 3,395 856 521 4,208 4,184 3,387 797 24 1946. 7,?34 6,533 S,146 1 70? 4 441 4 41 * 3,588 827 26 1947 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948. 10,897 10,023 8 066 1 0S7 874 S 806 S 77,3 4,758 1,015 34 1949 11,644 10,736 8,676 ,060 909 6 70S 6,668 5,569 L.099 37 1950 13 664 12 69510,431 ,264 968 8,261 8,218 7,054 L 164 44 1951. 14 13,728 11 3 421 2 9214 Q?Q ? 4S8 1 004 0 016 0 860 8,595 S67 1,726 303 1,274 47 1952. IS 867 14,809 1? 188 67S 3,012 S S01 1,058 11 .370 11 .3?7 9,883 3 168 2,237 4 477 1,444 53 1953 16,850 15,768 3 01? 3,061 0S1 9 843 1 1? 043 1? 800 11,334 ,3480 3,053 70? 1,556 53 1954 18,555 17,397 14,137 4,104 3,348 6,685 3,260 1,158 15.007 14,951 13,211 3 800 4,262 5 149 L,740 56 1953—September..... 16,640 15,550 12,770 3,860 3,040 5,870 2,780 1,090 12,500 12,450 10.930 3 405 2,785 4 740 1,520 50 December 16,850 15,768 12,925 3,912 3,061 5,951 2,843 1,082 12,943 12,890 11,334 3 489 3,053 4 792 1,556 53 1954—March. 16 070 15,870 1? 06 S 3 o?o 3 ,075 S070 oos 1 10013 34S 13 11,700 ,3S60 3,295 4 84 S 1,592 53 17 366 16,227 13 .3060 3,116 6 144 .3007 1 130 1.3881 1.38?6 12,181 .36S0 3,579 4 04? 1,645 55 September 17,920 16,770 13,655 4 020 3,235 6 400 3,115 1,150 14,415 14,360 12,665 3 725 3,900 5 040 L, 695 55 December 18,555 17,397 14,137 4 104 3,348 6 685 3,260 1,158 15,007 14,951 13,211 3 800 4,262 5 149 1,740 56 1955—March? 19,175 17,960 14,600 4 175 3,465 6 960 3,360 1,215 15,560 15,504 13,675 3 850 4,610 5 215 1,829 56 p 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. 3 Data not available for all classifications prior to December 1951. ^Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies, Comptroller of the Currency, and Federal Reserve. JULY 1955 797 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 F ns H u A re - d a g n V u t A e a e r - - d Other Farm Total Total i F ns 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 1943 855 6,714 5 873 1 286 4 587 841 1944 935 6,686 5,886 1,408 4,478 800 1945 976 6,636 5,860 1,394 4 466 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4,876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2 026 8 176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 . . . 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,334 4,921 673 1,377 2,871 413 25,927 23,881 6,122 4,636 13,123 2,046 1954—May 342 318 48 85 185 24 24,174 22,212 6,088 3,804 12,320 1,962 Jun& 451 410 60 100 250 41 24,384 22,403 6,091 3,886 12,426 1,981 July 421 393 51 98 244 28 24,572 22,575 6,095 3,951 12,529 1,997 August 464 435 53 133 249 29 24,795 22,786 6,100 4,048 12,638 2,009 September 484 459 53 156 250 25 25,035 23,019 6,098 4,187 12,734 2,016 October 471 446 56 148 242 25 25,260 23,235 6,103 4,302 12,830 2,025 November 571 538 80 183 275 33 25,574 23,540 6,133 4,451 12,956 2,034 December 631 588 62 208 318 43 25,927 23,881 6,122 4,636 13,123 2,046 1955—January 521 479 69 161 249 42 26,223 24,171 6,132 4,771 13,268 2,052 February 495 443 66 118 259 52 26,474 24,405 6,156 4,861 13,388 2,069 March 563 493 77 154 262 70 26,727 24,629 6,166 4,982 13,481 2,098 April 480 431 71 128 232 49 26,949 24,824 6,171 5,070 13,583 2,125 May 525 481 76 135 270 44 27,217 25,067 6,200 5,168 13,699 2,150 NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance: end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [In millions of dollars] [Number in thousands; amount (except averages) in millions of dollars]' Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m e o a n r t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t u s h e r e s - r l Total 3 F su H in re A - d - an g V t u e A a e r d - - tio C v n e o a n n l - - 3 m Y o o e n r a t r h Num- Total . a S l s c a ; s a s n v n & s - . p I c r a a o l n n s m c u ie e r - s - b C m c a o i n e a m r k l - s - M b s i u a n a n t g v u k s - a s l Other a c m o l ( a r d r e o r d o s - u e l ) - d nt 1941 1,379 437 581 361 4,578 1941. 1,628 4,732 1,490 404 1 166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942. 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943. 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944. 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945. 1,639 5,650 2,017 250 1097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 2,497 10,589 3,483 503 2 712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,3451948 2,535 11,882 3,629 1016 2 664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,3131949 2,488 11,828 3,646 1046 2 446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,8121950 3,032 16,179 5,060 1618 3 365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1615 3 370 1,013 5,112 5,701 1952 6,617 2,105 2,955 1,557 18,336 904 3,385 14,0471952. 3,028 18,018 6,452 1420 3 600 1,137 5,409 5,950 1953 7,767 2,475 3,488 1,804 21,882 1,044 3,961 16,877 1953 3,164 19,747 7,365 1480 3 680 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 1768 4 239 1,501 7,154 6,644 1954-May.. 728 254 301 173 1954-May., 278 1,805 675 124 330 118 558 6,484 June.. 810 283 341 185 23,847 1,102 4,277 18,468 June., 303 1,990 741 146 368 133 602 6,573 July.. 802 281 349 173 July.. 306 2,027 734 155 371 141 626 6,625 Aug.. 841 289 372 180 Aug.. 312 2,086 770 166 369 138 643 6,684 Sept.. 828 282 369 177 25i053 1,150 4^503 19,400 Sept.. 313 2,122 766 164 383 141 668 6,789 Oct... 824 283 364 177 Oct.., 314 2,156 765 178 393 140 679 6,874 Nov.. 807 278 357 172 Nov., 307 2,148 757 177 399 147 667 7,004 Dec... 853 295 369 189 26,142 i',171 4,714 20^257 Dec. 318 2,267 784 191 420 158 714 7,131 1955-Jan... 744 252 166 1955-Jan.., 284 2,024 688 165 379 128 665 7,120 Feb... 775 265 340 171 Feb.. 277 1,958 702 151 365 116 624 7,077 Mar.. 1,026 386 427 212 27\313 4,946 21,135 Mar., 343 2,455 928 174 458 134 761 7,153 Apr... 1,016 380 430 205 AAppr. 328 2,357 900 165 456 136 700 7,182 May.. 1,069 395 470 205 Maayy... 344 2,483 950 163 482 153 734 7,215 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. 2Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 798 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 Government- Home Home underwritten m Y o o e n r a t r h Total Total e p N r r m t o e i w o e p s r - tga i e p g s E r r t e t o i x i s n e p - g s - g m P t e a y r o c g o p t r e - j e t s - - ! p l P m o e r i r m r o a e o t n v n y p - s e t - 2 - Total e p N r r m t o e i w o e p s r - tga i e p g s E r r t e t o i x i s n e p - g s - ' A a e a t p l i n t a o e d i n r r2 q y E u e n a a d r r t o o e f r r Total Total F su H in re A - d , a g n V u t A a e r e - - d t C i v o e o n n n a - - l 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 4 5 4 4 4 5 4 5 4 4 5 4 4 4 5 0 1 1 2 3 5 3 2 6 9 0 4 7 8 4 . 3 5 5 6 5 5 6 1 1 7 7 , , , , , , , , , , , 1 9 1 9 4 8 8 0 2 2 8 9 8 3 0 2 5 9 1 3 7 5 5 2 4 2 5 3 3 7 1 2 1 6 4 7 7 8 2 3 0 0 6 4 4 3 4 3 3 3 3 3 1 , , , , , , , , 3 9 1 9 8 6 7 3 8 0 1 1 7 8 2 4 9 1 8 6 2 3 7 5 4 2 5 6 8 2 1 1 3 8 5 1 4 7 2 6 6 3 6 2 0 1 1 1 1 1 1 , , , , , , 5 4 7 5 2 3 4 9 7 2 6 0 2 4 1 1 1 3 3 5 5 8 6 5 3 8 2 6 7 2 9 6 5 7 9 3 8 6 7 4 4 8 9 7 0 1, 2 3 4 2 2 8 0 2 8 9 9 1 6 1 7 3 0 0 1 9 7 1 1 5 2 7 8 0 1 8 0 2 8 8 2 5 7 0 6 4 4 3 7 3 4 1 1 , , 0 3 3 1 6 5 2 2 2 5 2 6 8 0 2 8 5 2 5 3 1 1 1 1 7 2 0 2 9 1 5 6 0 9 2 3 4 3 1, 3 5 2 2 5 6 6 8 3 8 1 7 1 1 2 3 1 2 9 7 9 8 4 3 1 9 2 0 1 1 4 6 8 1 1 4 6 8 4 4 4 6 8 4 3 3 2 3 3 4 2 1 1 , , , , , , , , , 7 6 8 2 0 4 3 2 0 1 2 8 1 2 8 7 0 9 5 6 1 1 4 4 2 6 3 2 7 4 2 2 2 1 1 , , , , , 8 8 0 6 6 7 6 2 4 9 6 8 5 4 3 5 7 6 1 1 1 , , , 2 6 9 5 0 8 0 6 1 2 4 9 2 6 4 9 2 0 3 5 6 6 5 6 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 5 4 4 4 4 4 5 5 5 5 2 7 0 1 6 2 9 3 5 8 4 0 1 4 4 3 4 2 3 2 5 5 6 1 1 7 1 1 1 1 3 5 7 3 8 8 1 6 7 7 5 8 8 7 8 . . . . . . . . . . . . . . . 3 2 1 7 5 1 9 8 2 9 3 5 9 3 4 3 2 2 2 1 1 1 4 4 4 2 3 3 6 9 2 5 8 2 2 5 8 . . . . . . . . . . . . . . . 2 1 7 3 0 1 3 3 1 4 1 9 5 0 9 1 1 1 3 3 4 4 4 3 9 2 3 6 8 5 2 2 0 . . . . . . . . . . . . . . . 2 1 1 3 7 0 6 8 7 8 8 0 9 7 3 1 1 1 1 1 5 8 2 4 7 6 9 0 3 . . . . . . . . . . 6 1 3 1 5 2 4 3 2 2 3 2 2 2 3 4 2 1 1 1 1 1 1 1 1 3 6 8 9 3 2 0 7 3 5 5 4 8 4 3 . . . . . . . . . . . . . . . 2 3 2 0 5 8 8 0 7 4 0 5 9 2 7 1954— J J A M u u u a l n g y y e . , . , , 5 5 5 6 3 1 7 8 1 2 9 0 2 2 2 2 4 3 7 6 3 8 0 2 8 7 7 7 6 4 5 2 7 7 7 7 2 9 9 9 4 2 2 1 0 5 4 4 8 7 7 7 2 1 0 1 3 2 4 2 9 0 6 1 3 9 9 8 2 2 1 1 5 0 7 7 1 0 1 8 1 1 1 9 1 0 6 8 5 9 7 . . . . 3 3 3 2 1952— S D Ju e e n p c e t . . . 5 5 5 8 5 7 . . . 7 1 0 2 2 2 4 4 5 . . . 7 0 4 1 1 1 0 0 0 . . . 8 1 4 1 1 1 3 4 4 . . . 9 6 3 3 3 3 1 2 3 . . . 1 3 3 S N O D e c o e p t c v . t . . . . 6 8 7 7 7 4 7 6 9 3 0 0 2 2 2 2 6 5 8 6 9 2 7 6 9 8 9 7 2 0 1 7 1 5 9 7 0 9 2 4 9 3 2 9 3 7 3 1 8 6 0 7 9 3 1 6 4 4 5 5 1 1 9 5 0 8 4 6 3 2 3 3 0 5 3 0 7 2 7 4 2 2 1 1 1 1 8 5 1 9 9 7 . . . . 5 4 4 5 1953— J S D M u e e n a p c r e t . . . . 6 6 4 6 . . 6 3 2 2 2 2 6 6 8 7 . . . . 1 7 1 5 1 1 1 1 1 1 1 2 . . . . 7 1 4 0 1 1 1 1 5 5 5 6 . . . . 0 3 8 1 3 3 3 3 4 8 5 7 . . . . 3 2 8 1 1955—J F A M M a e p a a n b r r y . . . . . 9 8 8 8 8 3 3 4 5 0 1 9 0 6 9 3 3 2 2 2 0 2 7 8 9 9 4 4 4 4 1 1 8 9 9 0 0 9 3 3 7 9 1 1 1 1 1 4 5 3 3 6 5 1 6 8 0 1 3 5 5 9 2 3 5 4 4 5 6 2 6 5 1 6 5 5 5 5 2 3 1 5 6 2 2 5 5 7 3 3 3 3 34 9 4 5 1 1 0 5 7 9 2 2 2 1 1 3 0 1 8 9 1 9 3 6 5 1. . . . . 2 7 7 6 5 1954— J S D M u e e n a p c r e t . . . . 6 7 7 7 7 0 2 5 . . . . 8 0 8 9 2 3 2 3 8 0 9 2 . . . . 8 5 7 1 1 1 1 1 2 2 2 2 . . . . 2 4 6 8 1 1 1 1 6 7 7 9 . . . . 6 9 3 3 " 4 3 4 4 0 9 3 2 . . . . 0 3 8 3 1955—Mar. 78.9 33.5 13.2 20.3 45.4 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those "Corrected. for more than that amount must be. NOTE.—For total debt outstanding, figures for 3 Prior to 1949, data are not available for classifications shown. first three quarters are Federal Reserve estimates. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- For conventional, figures are derived. anteed loans, gross amount of loans closed. Figures do not take account of principal repay- Sources.—Home Loan Bank Board, Federal Housments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by ing Administration, Veterans Administration, and type are derived from data on number and average amount of loans closed. Federal Reserve. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Author- Com- Mortgage holdings Mort- Advances outstanding ized mit- gage Mort- (end of period) E o n r d m of o n y t e h ar fu u n n d - s m u e n n - ts FHA- VA- c p ha u s r e - s 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 ym co it m te - d bu d r i s s- ed Total su in re - d a g n u te a e r- d ( p d e u ri r o in d g ) ( p d e u ri r o in d g ) Total S te h r o m rt 1 - L te o r n m g 2 - 1948 528 227 199 188 11 198 1945 278 213 195 176 19 1949 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 351 209 436 218 217 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—May 560 791 2,299 680 1,619 38 30 1953 728 640 952 634 317 June 570 779 2,301 700 1,601 50 37 1954 734 818 867 612 255 July 540 737 2,371 724 1,647 120 37 August 594 700 2,355 733 1,622 33 39 1954—June... 106 39 675 428 247 September. . 631 654 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. .. . 0) 418 2,462 817 1,645 48 10 December. . 171 47 867 612 255 February... 0) 359 2,488 832 1,656 48 8 March 0) 287 2,512 839 1,673 54 18 1955—January 38 188 717 491 226 April 0) 215 2,545 855 1,690 58 11 February... 34 63 688 466 223 May 163 2,562 860 1,702 39 7 March 71 58 702 464 238 0) April 85 33 754 497 257 May 104 37 821 542 279 !No authorization figures shown after October since under its new charter, June 237 42 1,117 715 302 effective Nov. 1, 1954, FNMA maintains 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 year but not more than ten years. Source.—Home Loan Bank Board. JULY 1955 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar Total Total Au p to ap m e o r b i ile co p O g n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e a z p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 . . .. 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 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 1,910 4,875 1,356 2,353 1,166 1948 14,411 8,968 3 ,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949 . .. 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 1,707 1953 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 1,720 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 1,720 1954—May 28,372 21,487 10,002 5,370 1,634 4,481 6,885 2,313 2,786 1,786 June 28,666 21,717 10,168 5.367 1,635 4,547 6,949 2,334 2,819 1,796 July 28,725 21,849 10,298 5,328 1,637 4,586 6,876 2,303 2,773 1,800 August 28,736 21,901 10,349 5,294 1,642 4,616 6,835 2,312 2,734 1,789 September 28,856 21,935 10,365 5,287 1,642 4,641 6,921 2,335 2,807 1,779 October 28,975 21,952 10,340 5,324 1,637 4,651 7,023 2,377 2,892 1,754 November 29,209 22,014 10,296 5,398 1,631 4,689 7,195 2.407 3,042 1,746 December 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 1,720 1955—January 29,760 22,436 10,459 5,609 1,574 4,794 7,324 2,371 3,225 1,728 February 29,518 22,508 10,641 5,484 1,550 4,833 7,010 2,427 2,831 1,752 March 29,948 22,974 11,053 5,479 1,530 4,912 6,974 2,481 2,735 1,758 April 30,655 23,513 11,482 5,492 1,534 5,005 7,142 2,496 2,859 1,787 May 31,568 24,149 11,985 5,555 1,546 5,063 7,419 2,589 3,011 1,819 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 a n i l t t - Total m b C e a o r n c m k i s a - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n r s t t 1 - F s t t u u o r r r n e e i s - H a a h p o n o p u c l s l 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 1,596 394 374 196 167 365 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 ,117 866 244 308 739 1953. . 22,187 18,758 8,998 6,147 1,124 2,489 3,429 ,040 903 291 380 815 1954. . 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 1954—May 21,487 18,325 8,729 5,944 175 2,477 3,162 1,027 821 271 371 672 June 21,717 18,538 8,783 6,060 207 2,488 1,037 820 273 379 670 July 21,849 18,671 8,763 6,189 228 2,491 178 1,032 818 277 386 665 August 21,901 18,731 8,731 6,256 250 2,494 170 1,032 821 276 389 652 September 21,935 18,753 8,688 6,294 267 2,504 182 1,041 822 278 390 651 October 21,952 18,726 8,637 6,315 270 2,504 226 1,063 830 282 390 661 November 22,014 18,719 8,586 6,325 1,282 526 295 1,098 846 283 390 678 December 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 1955—January 22,436 18,977 8,651 6,462 1,282 2,582 3,459 ,158 862 291 397 751 February 22,508 19,153 8,688 6,570 1,298 2,597 3,355 ,108 848 286 404 709 March 22,974 19,613 8,844 6,808 1,330 2,631 3,361 ,123 838 280 420 700 April 23,513 20,127 9,020 7,077 1,360 2,670 3,386 ,138 834 278 437 699 24,149 20.718 9,228 7,390 1,395 2,705 3,431 1,150 842 277 457 705 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 800 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 institutions outlets Automobile Repair E o n r d m o o f n y t e h ar i c T n m n r o s o e e t t n d a n a - i l t l t - C m ( o s m e in n - g t le lo - V p a a n y s) - D a e c - (c c h o a u r n g t e s) S c e re rv d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - ch P a u s r e - p d ape D r irect s O g c u o t o m o h n d e e - s r r e l m r t o a n i n a o o i n z d d n a s - - s l P o o a e n n r a - s l m ci e a r l - Other m pa e r n t- t Other banks stores1 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 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 1,008 114 452 1,624 1,014 1949 4,439 849 946 1,016 715 913 1947 4,875 1,203 153 532 1,821 1,166 1950 5,798 1,177 1,294 1,456 834 1,037 1948 5,443 1,261 184 575 2,138 1,285 1951 5,771 1,135 1,311 1,315 888 1,122 1949 5,588 1,334 198 584 2,096 1,376 1952 7,524 1,633 1,629 1,751 1,137 1,374 1950 6,323 1,576 245 641 2,365 1,496 1953 8,998 2,215 1,867 2,078 1,317 1,521 1951 6,631 1,684 250 685 2,411 1,601 1954 8,633 2,198 1,645 1,839 1,275 1,676 1952 ... . 7,143 1,844 250 730 2,612 1,707 1953 7,350 1,899 320 748 2,663 1,720 1954—-May 8,729 2,195 1,735 1,925 1,293 1,581 1954 7,658 2,085 335 764 2,754 1,720 June 8,783 2,237 1,729 1,913 1,293 1,611 July 8,763 2,240 1,720 1,880 1,297 1,626 1954—May 6,885 1,918 395 499 2,287 1,786 August... . 8,731 2,230 1,707 1,857 1,299 1,638 June 6,949 1,977 357 497 2,322 1,796 September. 8,688 2,224 1,686 1,835 1,299 1,644 July 6,876 1,989 314 448 2,325 1,800 October. . . 8,637 2,207 1,663 1,822 1,296 1,649 August... . 6,835 1,985 327 446 2,288 1,789 November'. 8,586 2,188 1,636 1,822 1,287 1,653 September. 6,921 1,997 338 488 2,319 1,779 December. 8,633 2,198 1,645 1,839 1,275 1,676 October. . . 7,023 2,067 310 517 2,375 1,754 November. 7,195 2,049 358 574 2,468 1,746 1955—January... 8,651 2,208 1,656 1,859 1,241 1,687 December. 7,658 2,085 335 764 2,754 1,720 February.. 8,688 2,241 1,680 1,845 1,219 1,703 March.... 8,844 2,309 1,751 1,846 1,201 1,737 1955—January.. . 7,324 2,048 323 623 2,602 1,728 April 9,020 2,371 1,818 1,842 1,205 .1,784 February.. 7,010 2,085 342 535 2,296 1,7-52 May 9,228 2,466 1,880 1,865 1,211 1,806 March.... 6,974 2,114 367 507 2,228 1,758 April 7,142 2,165 331 526 2,333 1,787 May 7,419 2,199 390 532 2,479 1,819 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 [Estimated amounts outstanding, in millions of dollars] COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Other Repair Total Auto- con- and Per- End of year instal- mobile sumer modern- sonal End of year i T n o st t a a l l - Auto- O c t o h n e - r R a e n p d air Per- or month c m re e d n i t t paper g p o a o p d er s iz lo a a ti n o s n loans or month c m re e d n i t t m pa o p b e il r e s g p u o a m o p d e e r s r m iz lo o a a d ti n e o s r n n- l s o o a n n a s l 1939 789 81 24 15 669 1940 891 102 30 16 743 1941 957 122 36 14 785 1939 1,197 878 115 148 56 1940 1,575 1,187 136 190 62 1945 731 54 20 14 643 1941 1,797 1,363 167 201 66 1 1 9 9 4 4 6 7 1,2 9 7 9 5 1 13 7 0 7 3 6 4 9 3 2 9 2 1,0 8 3 5 7 8 1945 300 164 24 58 54 1948 1,573 189 99 59 1,226 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 5 4 5 6 9 7 1 8 0 .. . 3 3 2 1 1 , , , , , 7 7 3 9 9 6 5 9 6 8 5 7 5 0 9 0 5 7 3 3 2 1 , , , , 1 2 4 3 3 8 8 7 2 5 7 0 3 8 5 7 7 2 3 3 2 2 1 4 3 0 1 6 8 1 2 3 3 7 5 2 2 1 4 1 8 5 4 7 2 6 3 7 1 0 2 1 1 1 1 7 9 2 5 3 6 5 2 6 8 9 4 1 1 1 1 1 1 9 9 9 9 9 9 S 5 5 5 4 5 2 4 0 9 3 1 3 3 2 3 2 1 , , , , , , 8 6 2 8 5 0 5 8 1 3 3 5 8 1 3 7 7 3 3 4 5 2 3 5 9 5 3 4 7 5 6 7 0 0 3 8 3 3 2 2 1 1 4 3 8 0 7 3 0 7 2 9 9 7 2 2 1 1 1 4 8 6 1 3 8 9 9 0 5 2 7 2 2 2 1 1 1 , , , , , , 3 6 8 6 4 1 9 1 3 8 5 3 2 0 8 5 4 0 1952 . . 4,833 4,072 332 82 347 1953 6,147 5,306' 367 83 391 1954—May 3,652 565 323 258 2,506 1954 6,421 5,563 351 81 426 June 3,695 574 323 259 2,539 July 3,719 581 321 258 2,559 1954—May 5,944 5,136 331 83 394 August 3,744 587 321 261 2,575 June 6,060 5,249 331 83 397 September. . . 3,771 591 324 262 2,594 July 6,189 5,371 335 82 401 October 3,774 589 329 260 2,596 August 6,256 5,436 335 82 403 November. . . 3,808 591 331 263 2,623 September. . . 6,294 5,474 336 81 403 December.... 3,881 596 340 260 2,685 October 6,315 5,491 337 81 406 November. . . 6,325 5,491 340 81 413 1955—January 3,864 595 338 254 2,677 December.... 6,421 5,563 351 81 426 February.... 3,895 607 339 253 2,696 March 3,961 628 344 253 2,736 1955—'January 6,462 5,603 350 79 430 April 4,030 649 353 253 2,775 February. ... 6,570 5,709 349 78 434 May 4,100 670 363 258 2,809 March 6,808 5,945 348 76 439 April 7,077 6,207 348 76 446 May 7,390 6,512 353 77 448 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. JULY 1955 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Automobile Other consumer Repair and Personal Total paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 721 677 ,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 607 826 707 ,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 585 853 769 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—May 2,397 2,336 1,047 987 607 650 121 104 622 595 June 2,703 2,473 1,244 1.078 659 662 109 108 691 625 July 2,549 2,417 1,163 1.033 622 661 107 105 657 618 August 2,477 2,425 1,114 1,063 607 641 112 107 644 614 September 2,441 2,407 1,062 1,046 629 636 115 115 635 610 October 2,454 2,437 1,031 1,056 687 650 106 111 630 620 November 2,554 2,492 1,040 1,084 716 642 108 114 690 652 December 3,046 2,593 1,184 1,084 936 666 95 110 831 733 1955—January 2,389 2,420 1,060 997 616 675 67 109 646 639 February 2,416 2,344 1,167 985 529 654 72 96 648 609 March 3,159 2.693 1 .569 1 .157 708 713 99 119 783 704 April 3,089 2,550 1,512 1.083 703 690 106 102 768 675 May 3,206 2,570 1,616 1,113 741 678 121 109 728 670 SEASONALLY ADJUSTED* 1954—May 2,321 2,392 984 1,010 604 658 115 115 618 609 June 2,495 2,413 ,114 1,056 649 658 95 108 637 591 July 2,455 2,364 ,060 1,006 666 667 98 100 631 591 August 2,409 2,480 ,035 1,067 613 678 100 105 661 630 September 2,474 2,404 ,077 1,014 609 634 106 118 682 638 October 2,461 2,424 ,068 1,039 633 652 92 106 668 627 November 2,612 2,500 ,109 1,098 677 631 101 113 725 658 December 2,762 2,488 ,298 1,083 679 643 99 108 686 654 1955—January 2,823 2,496 ,233 1,020 788 684 87 104 715 688 February 2,898 2,521 ,382 1,071 660 680 97 97 759 673 March 3.035 2,562 ,472 1 .096 741 683 109 116 713 667 April 3.017 2,552 ,404 1,093 736 672 109 109 768 678 May 3,091 2,634 1,517 1,139 736 687 115 122 723 686 * Includes adjustment for differences in trading days. NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en m t p a o g r n e e t c h e c d h i a n n g ge m f P ro o e m n rc t h e c n o t o y a r f r e g e a e p s r r p c e o h c n a e d n d i g i n n e g g Instalment accounts a C c h co ar u g n e ts M 19 a 5 y 5 A 19 p 5 r 5 . M 19 a 5 r 5 . M 19 a 5 y 5 A 19 p 5 r 5 . M 19 a 5 r 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 p H s o l t o l i o d a u r n a s e c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1954—May 14 12 10 46 Total + 10 +2 + 15 + 10 +7 +9 June 14 12 10 47 C C a re sh d it s a s l a e l s es: + 13 -2 +9 +6 +1 +8 A Ju u ly gust 1 1 4 3 1 1 2 2 1 1 0 0 4 4 5 5 Instalment +10 +5 +16 + 13 +10, +10 September 13 12 10 46 Charge account +5 0 +8 + 12 +10 +12 O N c o t v o e b m er ber 1 1 4 3 1 1 2 2 1 1 0 0 4 4 7 8 Accounts receivable, end December 14 12 9 46 of month: Total +2 0 -2 +5 +4 +4 1955—January 14 12 9 44 Instalment +1 -1 -1 +3 +1 +1 February 14 11 9 43 Charge accounts +3 +1 -4 +14 +14 +12 A M p a r r i c l h 1 1 5 5 1 1 3 2 9 9 4 4 8 4 Inventories, end of May 15 12 9 45 month, at retail value. 2 +3 +7 0 -1 -3 1 Collections during month as percentage of accounts outstanding at beginning of month. 802 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction In ( d p u h 1 s y 9 t s r 4 i i c a 7 a l - l 4 p v 9 r o = o l 1 d u 0 u m 0 c e ti ) o * n aw 1 a 9 rd 4 c e 7 o d - n 4 t 9 r ( a = v c a t 1 s l 0 u 0 e)1 Employ 1 m 94 e 7 n - t 4 a 9 n = d 1 0 p 0 ayrolls2 Depart- Whole- Freight ment Con- sale carload- store sumer com- Non- Manufacturing ings* sales* prices 2 modity Year Manufactures agri- production workers 1947-49 (retail 1947-49 prices2 or month Total Total r D ab u l - e N r d a o b u n - le - M er i a n l - s Total R d t e e ia n s l i - - o A th l e l r p m t c e u l u m o e r l a n y - - l t - Em m p e l n o t y- P ro a l y ls - = 100 1 v 9 = a 4 l 1 7 u 0 - e 0 4 ) 9 3 = 100 19 = 4 1 7 0 -4 0 9 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 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.4 66 9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30 4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.6 65 5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 68.0 64.2 32.8 112 37 73 3 62 9 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 55 i 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 1103 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 99.0 93.8 97.2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102 3 99.6 111 7 97 105 102 8 103 1 1951 120 121 128 114 115 171 170 172 108 2 106 4 129 8 101 109 111 0 114 8 1952 . . 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113 5 111 6 1953 P134 P136 PIS* P118 J»116 192 178 201 113 6 111 8 151 4 96 112 114 4 110 1 1954 P125 P127 Pi 3 7 P116 Pill 216 232 204 110.4 101.8 137.7 86 111 114.8 110.3 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 J01.8 100.2 134.6 84 108 115 0 110 9 June.. 124 124 125 135 116 114 207 227 193 110 1 101 4 100 5 135 8 84 112 115 1 110 0 July 123 116 124 134 114 112 206 233 188 109.8 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 135 137 136 148 124 121 260 291 239 111.5 103.5 103.3 146.6 93 113 114.3 110.0 April 136 138 138 151 125 120 253 286 230 111.7 104.6 103.6 146.7 93 119 114.2 110.5 May 138 138 140 153 127 121 245 280 221 112.5 105.8 104.2 150.2 96 *117 114.2 109.9 June P]39 ?138 P141 P153 J»128 P122 P112.8P106.1P105.2 151.3 94 116 110.3 ^Estimated. pPreliminary. rRevised. * Average per working day. 1 Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 811. 2The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The figures on employment and payrolls incorporate revisions to first-quarter 1954 bench-mark levels. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights; prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100. 3For indexes by Federal Reserve districts and for other department store data, see pp. 813-817. Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. JULY 1955 803 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 pro- Industry portion 1953P 1954P May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED Industrial Production—Total 100.0© 134 125 125 124 123 123 124 126 128 130 132 133 135 136 138 Manufactures—Total 90.02 136 127 126 125 124 125 126 128 130 131 133 134 136 138 140 Durable Manufactures—Total 43.17 153 137 136 133 134 135 137 139 142 143 145 147 148 151 153 Primary metals 6.70 132 108 106 108 103 105 111 118 121 127 131 136 138 140 Metal fabricating 28.52 167 150 148 147 147 148 149 150 152 154 155 157 157 160 162 Fabricated metal products 5.73 136 123 121 122 122 124 122 124 125 125 125 126 129 130 134 Machinery 13.68 160 142 138 139 141 144 147 147 148 145 145 146 146 149 151 Nonelectrical machinery 9.04 143 125 124 124 125 125 125 123 122 120 124 125 126 -•131 134 Electrical machinery 4.64 194 177 163 170 173 181 189 194 198 193 187 187 184 185 184 Transportation equipment 7.54 189 175 178 170 170 166 167 169 175 187 191 193 195 '197 201 Instruments and related products. . 1.29 155 140 138 135 136 135 137 137 138 140 140 142 143 143 142 Clay, glass, and lumber products 5.91 125 123 125 118 113 114 124 130 130 133 '132 '132 '135 '136 138 Stone, clay, and glass products 2.82 133 131 130 129 131 132 134 132 136 135 136 138 143 "•146 150 Lumber and products 3.09 118 115 120 108 96 97 116 128 124 131 129 127 '127 '127 128 Furniture and misc. manufactures 4.04 131 121 118 120 120 123 123 123 123 122 122 12 3 125 126 131 Furniture and fixtures 1.64 117 106 102 104 106 109 109 110 108 108 109 109 112 113 117 Miscellaneous manufactures 2.40 140 131 128 131 130 133 132 132 132 131 132 133 135 135 140 Nondurable Manufactures—Total 44.85 118 116 117 116 114 114 115 117 118 119 121 121 124 125 127 Textiles and apparel 11.87 107 100 101 99 98 99 98 102 103 104 106 105 109 112 113 Textile mill products 6.32 104 95 95 93 95 94 95 101 101 101 103 103 104 109 Apparel and allied products , 5.55 110 105 107 106 102 103 101 103 105 107 108 106 115 117 Rubber and leather products 3.20 113 104 106 107 99 97 103 108 108 115 123 120 '122 '123 125 Rubber products 1.47 128 115 119 120 97 98 117 125 122 133 143 138 140 -144 147 Leather and products 1.73 99 95 94 95 100 96 91 94 96 100 105 104 105 '105 107 Paper and printing 8.93 125 125 126 126 126 126 127 127 127 127 129 130 133 134 137 Paper and allied products 3.46 132 134 137 136 133 135 137 138 137 136 140 143 147 151 156 Printing and publishing 5.47 121 120 120 121 121 121 121 121 120 121 122 124 '123 125 Chemical and petroleum products 9.34 142 142 142 142 141 141 144 143 145 148 148 151 153 155 159 Chemicals and allied products 6.84 147 148 148 148 148 149 150 150 152 155 154 157 160 163 167 Petroleum and coal products 2.50 130 125 125 124 122 121 125 124 127 129 131 134 134 136 136 Foods, beverages, and tobacco 11.51 107 106 109 108 105 105 105 105 106 106 107 106 108 110 109 Food and beverage manufactures. . . 10.73 107 106 408 «107 105 105 105 105 106 106 107 106 109 110 110 Tobacco manufactures .78 108 103 107 107 101 99 102 102 100 101 107 106 107 103 Minerals—Total 9.98 116 111 111 114 112 109 108 109 113 116 120 123 121 120 121 Mineral fuels 8.35 115 113 112 115 112 110 109 110 115 117 120 123 121 121 Coal 2.68 78 67 65 69 70 68 67 70 69 73 74 79 72 ' 72 81 Anthracite .36 57 52 44 48 56 50 49 43 51 66 55 61 45 41 42 Cr B ud it e u m oi i l n a o n u d s n co a a tu l ral gas 2 5 . . 3 6 2 7 81 1 7 3 0 4 1 6 3 8 4 13 7 6 2 13 7 3 2 1 7 3 1 0 1 7 2 0 9 1 7 3 4 0 72 74 77 1 8 4 2 4 1 7 4 6 4 . 1 4 7 4 y 87 Metal, stone, and earth minerals 1.63 119 106 110 108 102 102 101 105 115 118 123 114 119 Metal mining .82 113 90 91 99 91 83 82 81 86 103 110 114 113 100 110 Stone and earth minerals 81 124 123 121 122 125 121 121 121 125 127 126 124 132 129 128 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 134 125 124 124 116 123 126 130 130 128 131 135 137 138 138 MANUFACTURES—TOTAL 90.02 136 127 125 125 116 125 127 132 132 129 133 136 140 140 140 Durable Manufactures—Total 45.17 153 137 136 135 125 132 135 140 143 143 147 151 154 155 155 Primary metals 6.70 132 108 108 109 94 100 103 112 118 117 129 136 142 144 143 Ferrous metals 5.03 133 105 104 105 91 95 98 107 114 115 124 132 138 •143 143 Pig iron and steel 3.51 138 108 107 108 95 96 101 111 121 121 128 136 144 147 149 Pig iron .37 130 101 94 99 94 93 93 101 110 113 117 122 131 134 138 Steel 3.05 139 109 108 109 96 97 102 112 122 121 130 138 146 148 151 Carbon steel 2.62 135 108 108 111 96 96 101 111 119 118 125 134 143 145 148 Alloy steel .43 165 115 109 102 93 104 111 120 138 145 155 165 165 171 169 Ferrous castings and forgings 1.52 121 97 97 97 80 90 90 97 98 101 113 121 124 133 129 Iron and steel castings 1.29 115 95 96 96 79 90 89 95 96 99 111 119 123 '132 128 Steel forgings .23 154 106 100 101 87 91 98 106 107 110 127 133 132 140 132 ^Preliminary. 'Revised. rCorrected. 1 Seasonal factors for lumber revised beginning March 1955. NOTE.—Anumber 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. 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] .947-49 Annual 1954 1955 pro- Industry por- 953P May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 129 120 120 122 103 117 118 127 129 124 146 149 155 148 144 Primary nonferrous metals .38 144 147 147 149 142 139 137 142 158 160 159 167 169 166 166 CCooppppee r smeltingg .09 112 101 97 109 93 76 88 98 124 121 118 140 134 133 132 S N e o A A CC LL Z N C c n o i e o o l l o a f n n u u a e pp p d n c d m m d r pp p f r a e e e o i i r r n n r r u y r u u o s m r m m n u e s i o f s l h i f n l n m i a c f ii s p n a e i h l e r s g l a r t s o i p s n u h a e g n s s a s d p m e c s e a . t s a t l i s n . g . s . . 1. , . . . . . , . 1 0 1 0 0 2 1 3 6 6 4 0 6 9 0 3 3 3 2 1 1 1 1 1 1 1 1 0 0 1 1 2 1 1 6 3 9 1 3 6 6 4 2 8 0 2 1 1 1 1 1 1 1 1 4 0 0 0 0 1 0 5 1 4 1 5 9 5 3 0 4 4 2 1 1 1 1 1 1 1 1 4 0 0 0 1 0 4 0 1 6 2 7 9 3 2 9 8 2 2 1 1 1 1 1 1 1 9 4 1 0 0 0 1 6 1 7 5 5 2 9 1 4 2 2 2 1 1 9 9 8 4 7 7 0 4 1 7 6 8 9 6 5 5 2 1 1 1 1 1 1 9 9 4 0 1 0 6 0 0 8 8 6 2 1 5 3 3 0 2 1 1 1 1 1 1 8 8 4 0 0 1 5 0 0 4 9 4 9 3 4 9 5 7 2 1 1 1 1 1 1 9 9 4 1 2 6 1 0 2 i 0 6 5 1 0 4 8 4 2 1 1 1 1 1 1 1 1 4 1 1 0 1 2 0 2 6 6 1 8 7 2 3 7 2 2 2 1 1 1 1 1 1 1 9 3 5 0 1 2 1 6 0 0 1 0 3 6 8 4 8 7 2 1 1 1 1 1 1 1 9 5 4 3 2 8 1 1 4 9 2 5 5 2 2 8 4 4 2 1 1 1 1 1 1 1 9 5 9 2 2 4 5 3 1 9 3 6 5 5 6 5 4 9 » 2 1 - 1 1 1 1 1 1 2 5 3 1 2 3 5 6 3 0 3 6 3 2 2 3 3 3 2 2 2 1 1 1 1 1 1 1 5 0 1 2 1 2 4 1 6 7 4 5 4 8 4 4 4 8 2 2 1 1 1 1 1 5 0 0 3 3 1 1 9 8 1 9 3 8 0 * Metal Fabricating.. 28.52 167 150 148 147 138 144 145 ISO 154 1S6 159 162 165 166 165 Fabricated metal products 5.73 136 123 121 122 116 124 124 126 125 124 124 126 130 131 134 Structural metal parts 2.68 137 126 125 126 123 125 125 127 129 130 127 129 131 132 136 Stampings and misc. metal products. 2.12 138 117 116 114 106 109 111 115 122 124 124 125 129 129 130 Tin cans .30 129 131 125 143 153 196 172 142 103 102 110 107 111 126 141 Furnaces, gas ranges, and heaters. .. .63 93 90 88 93 75 104 109 121 99 78 87 99 108 107 103 Machinery 13.68 160 142 i 38 137 128 138 145 15© 15© 146 148 152 154 152 151 Nonelectrical machinery 9.04 143 125 126 125 119 118 122 121 123 126 129 132 134 135 Farm and industrial machinery 8.13 139 121 122 121 117 116 116 116 116 119 119 121 124 126 129 Farm machinery 1.02 96 79 84 84 79 74 75 73 75 80 85 90 94 95 95 Industrial and commercial machinery 7.11 145 127 127 127 122 122 122 122 122 125 124 125 128 131 134 Machine tools and presses , .68 188 160 161 157 152 150 150 147 146 149 148 149 152 154 157 Laundry and refrigeration appliances .69 128 114 112 111 88 91 125 123 124 122 146 155 164 161 155 Electrical machinery 4.64 177 162 162 145 176 189 207 206 191 191 196 195 189 182 Electrical apparatus and parts. 3.23 179 160 159 156 151 152 154 158 162 165 165 167 169 171 176 Radio and television sets .74 230 214 156 166 116 234 280 341 325 258 261 272 261 228 190 Transportation equipment. . 7.54 189 175 179 175 165 165 155 159 179 191 200 205 209 213 211 Autos, trucks, and parts 4.80 126 109 116 111 96 98 81 90 120 136 150 157 163 171 165 Autos 1.50 146 131 146 143 125 123 81 70 144 174 195 210 215 223 205 Trucks .66 118 92 101 96 78 79 74 78 93 94 98 87 104 137 132 Light trucks .22 112 95 104 99 86 81 76 74 99 103 102 77 109 148 139 Medium trucks .19 58 59 63 64 57 54 43 46 58 59 64 48 67 89 88 Heavy trucks .14 183 133 148 132 99 113 110 121 134 130 143 144 14-1 193 192 Truck trailers .07 229 130 141 146 102 109 119 132 135 131 138 160 170 185 176 Auto and truck parts 2.58 117 101 102 96 85 88 84 105 113 125 137 145 148 150 150 Aircraft and parts 1.30 465 474 472 472 469 465 470 464 471 478 479 477 479 472 472 Shipbuilding and repair. .81 135 112 118 115 111 107 104 106 106 110 110 113 115 117 119 Railroad equipment .53 72 39 43 39 26 32 33 28 24 31 32 36 35 38 47 Railroad cars 64 17 20 20 39 .35 29 32 25 22 25 18 12 25 26 28 Instruments and related products. 155 132 142 140 142 1.29 140 138 "135 132 137 138 140 142 145 144 Clay, Glass, and Lumber Products. 125 109 125 rl24 139 3.91 123 126 122 118 129 136 130 129 133 137 Stone, clay, and glass products 2.82 133 131 130 131 128 134 136 139 137 134 132 134 140 146 150 Glass and pottery products 1.09 123 118 117 115 107 116 118 125 124 120 126 129 131 132 133 Flat glass and vitreous products. . .60 136 131 124 123 119 126 134 141 144 148 148 147 149 150 151 Flat and other glass .47 139 133 126 125 127 136 144 148 151 151 150 152 152 152 Glass containers .26 120 117 126 127 125 112 119 105 93 114 124 124 125 129 Home glassware and pottery .23 91 85 87 81 63 80 84 92 93 80 82 89 92 -94 91 Cement .32 132 135 137 138 150 151 155 152 145 131 119 115 132 151 Structural clay products .35 110 111 111 115 111 116 118 115 117 113 107 111 119 121 125* Brick .12 106 113 113 124 116 126 128 121 124 112 101 106 121 127 132 Clay firebrick, pipe, and tile .20 115 111 112 111 109 112 112 113 114 115 114 115 120 120 122 Concrete and plaster products .48 163 161 161 164 170 172 169 168 166 162 155 155 165 174 185 Misc. stone and earth manufactures. .58 143 140 135 136 134 140 144 146 149 147 151 155 160 164 Lumber and products. , 3.09 118 115 122 115 91 102 123 134 123 116 rll7 -125 126 128 129 Lumber 2.05 112 106 117 106 91 98 110 119 107 100 101 108 109 115 116 Millwork and plywood. .60 149 161 161 155 93 128 187 207 191 186 ••193 -206 ••210 201 Millwork .39 118 123 119 128 90 116 157 164 139 137 '143 151 155 148 Softwood plywood. . . .12 199 222 229 195 95 145 232 274 275 264 274 294 298 288 Wood containers .29 99 91 92 85 83 87 91 88 91 '89 91 Furniture and Misc. Manufactures 4.04 131 121 114 116 112 121 125 129 128 125 121 125 227 124 126 Furniture and fixtures 1.64 117 106 98 100 99 107 111 113 112 112 109 113 114 111 112 Household furniture 1.10 118 106 96 98 98 108 112 116 115 115 110 115 116 113 114 Fixtures and office furniture. .54 116 107 103 105 100 106 108 107 107 108 106 109 109 107 110 Miscellaneous manufactures. 2.40 140 131 124 127 121 130 136 140 139 134 129 134 136 133 136 ^Preliminary. 'Revised. "Corrected. For other footnotes see preceding page. JULY 1955 805 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1954 1955 Industry proportion 953P 1954P May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. | May WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 118 116 114 115 107 117 119 123 120 115 119 122 125 124 124 Nondurable Manufactures—Total., 11.87 107 100 98 96 86 103 99 105 104 98 108 112 115 113 110 Textiles and Apparel Textile mill products 6.32 104 95 94 93 82 97 97 103 102 98 104 108 109 109 108 Cotton and synthetic fabrics 3.72 107 100 99 96 85 101 100 109 110 104 114 116 118 118 117 Cotton consumption 2.30 104 97 95 92 80 99 96 104 104 95 105 106 105 103 104 Synthetic fabrics . . . .97 115 108 107 110 105 104 112 121 126 127 132 138 147 154 '146 Fabric finishing .45 101 93 96 82 65 98 86 101 102 90 107 109 106 107 Wool textiles .97 78 66 68 70 68 74 67 69 69 70 70 72 74 79 '82' Kn W W K H it o n o o F S s i g o o e u t i o l e l a l g l o r m a f - y a d a f p l a r b s e p m s r s h a i s c e r i o e s n h n l t o s e y s d i a e r r h n y o s siery 1. . . . . . . 1 6 1 2 5 7 4 5 5 6 0 0 5 5 1 1 1 1 1 9 1 7 1 0 1 1 1 6 5 3 2 9 8 1 1 1 1 6 9 0 7 0 1 0 4 7 3 6 6 3 8 1 1 1 8 9 9 6 0 1 1 4 5 9 4 5 6 0 1 1 1 1 8 9 6 0 0 0 1 1 8 8 6 6 6 0 1 6 8 0 7 7 7 7 6 9 3 9 8 8 7 1 1 1 1 1 8 0 1 0 0 0 7 6 9 3 8 6 0 1 1 1 1 1 1 6 1 1 7 0 1 1 6 2 3 3 7 3 6 1 1 1 1 1 6 7 1 1 1 1 0 7 7 3 8 5 2 7 1 1 1 1 1 6 1 1 7 0 0 1 9 1 2 2 2 9 0 1 1 1 1 6 9 0 0 0 7 0 8 3 5 2 3 1 4 1 1 1 1 9 6 0 7 0 1 1 8 7 5 9 0 4 0 1 1 1 1 1 6 8 0 1 1 2 0 9 5 6 2 9 4 4 1 1 1 8 9 1 7 1 1 2 6 1 2 8 0 1 1 1 1 8 9 1 0 0 0 7 9 3 6 6 8 9 7 1 1 1 1 ' 9 1 0 0 0 8 2 2 3 3 8 8 " Floor coverings1 .48 Woven carpets .31 86 71 68 66 36 70 79 82 62 71 84 83 86 85 71 Apparel and allied products. 5.55 110 105 103 99 91 110 101 106 107 99 113 116 123 116 113 Men's outerwear 1.78 113 103 108 95 80 110 95 108 108 96 115 113 113 118 119 Men's suits and coats .73 96 83 88 81 56 98 76 82 88 87 98 97 88 '92 105 Men's suits .50 92 82 84 75 52 92 73 80 88 90 102 100 91 '90 100 Men's outercoats .13 89 67 80 87 57 98 72 72 66 52 60 59 55 '76 101 Shirts and work clothing. . . .99 124 116 121 101 94 118 106 124 121 99 126 124 130 135 127 Women's outerwear 1.85 103 109 105 104 96 114 100 102 102 93 120 125 143 129 116 Women's suits and coats.. . .76 117 129 80 114 127 146 130 127 130 115 152 160 165 109 95 Misc. apparel and allied mfrs., 1.92 112 103 97 98 97 105 107 110 110 106 103 109 112 103 104 Rubber and Leather Products. 3.20 113 104 103 106 86 98 105 114 108 110 123 127 128 124 122 Rubber products 1.47 128 115 118 121 85 94 118 132 124 128 145 144 146 146 145 Tires and tubes .70 117 105 111 119 84 75 104 116 110 116 130 134 133 128 135 Auto tires .40 117 110 122 133 94 81 107 117 111 119 136 141 145 140 150 Truck and bus tires .30 118 99 96 100 71 69 99 114 110 113 121 125 117 113 116 Miscellaneous rubber products. . .77 133 124 125 124 86 111 132 147 137 139 158 153 '158 163 155 Leather and products 1.73 99 95 89 94 87 101 94 98 94 94 105 112 113 105 101 Leather • .44 91 87 90 89 71 87 83 88 88 88 94 98 94 95 Cattlehide leathers .29 92 92 96 93 75 91 89 96 94 95 101 104 101 102 Skin leathers .15 89 75 79 81 65 78 70 72 75 73 80 86 80 Shoes and slippers2 .90 •Miscellaneous leather products .39 100 90 79 84 87 94 95 97 98 94 91 100 103 '92 Paper and Printing, 8.93 125 125 126 126 116 124 128 133 131 125 127 131 136 137 137 Paper and allied products 3.46 132 134 134 136 120 137 137 146 140 129 140 148 152 154 153 Pulp and paper 1.76 130 132 132 136 116 134 133 140 139 127 140 147 150 148 151 Wood pulp .51 142 148 148 153 133 150 148 158 160 142 158 166 170 169 171 Paper and board 1.25 125 125 125 129 109 128 126 133 131 120 132 139 142 140 143 Printing paper .22 119 118 117 120 99 121 120 122 121 112 123 127 133 127 128 Fine paper .14 116 120 120 123 96 122 120 130 127 124 132 138 134 131 148 Coarse paper .20 118 119 117 119 102 121 118 124 124 112 124 132 134 130 129 Miscellaneous paper .18 129 137 134 136 126 137 136 145 142 135 150 154 153 160 158 Paperboard .41 134 130 132 136 112 133 129 138 137 122 136 145 149 147 151 Building paper and board .10 118 124 125 137 123 131 137 135 129 115 122 126 141 139 142 Converted paper products 1.70 134 136 136 135 124 139 141 152 140 131 141 149 153 159 154 Shipping containers .51 133 133 133 132 119 136 141 151 140 131 135 146 153 156 154 Sanitary paper products .11 138 145 144 144 139 146 141 153 141 128 156 156 152 166 152 Printing and publishing 5.47 121 120 121 119 113 116 122 125 125 123 118 121 126 126 126 J N o e b w p s r p i r n i t n i t n g c o a n n s d um p p er ti io o d n icals 3 1 . .8 6 5 2 1 1 1 2 8 2 1 12 1 1 9 1 1 2 1 5 9 1 1 1 2 9 0 1 1 0 1 2 9 1 1 0 2 7 0 1 1 2 2 0 3 129 1 1 3 2 0 2 1 1 2 2 3 4 1 1 1 2 4 0 1 1 2 2 1 1 1 1 3 2 2 3 1 12 3 2 4 1 1 3 2 5 2 Chemical and Petroleum Products. 9.34 142 142 13? 139 133 139 143 147 149 149 150 154 157 155 156 Chemicals and allied products 6.84 147 148 145 144 137 144 149 155 156 156 157 162 165 164 164 Industrial chemicals 2.54 154 153 150 152 145 150 153 160 165 166 169 176 184 182 182 Basic inorganic chemicals .57 149 157 159 155 148 151 155 161 171 170 175 181 184 180 185 Industrial organic chemicals 1.97 155 152 147 151 144 150 152 159 164 165 167 175 184 183 181 Plastics materials .24 183 184 179 183 149 170 195 197 200 196 206 231 243 246 Synthetic rubber .11 186 136 120 122 121 126 137 143 147 151 180 193 202 203 Synthetic fibers .59 156 152 149 157 148 152 148 165 174 173 172 181 196 191 180 Miscellaneous organic chemicals 1.03 144 146 141 143 143 146 147 148 151 154 155 157 160 161 167 Vegetable and animal oils .64 116 118 104 96 91 96 109 138 140 130 127 128 117 108 109 Vegetable oils .48 112 113 95 85 80 84 101 139 140 126 125 123 111 99 98 Grease and tallow .16 131 133 132 127 126 129 131 134 137 139 135 145 136 134 142 Soap and allied products .71 113 108 104 99 69 104 116 117 105 105 103 108 102 102 99 Paints .66 118 116 116 117 117 117 115 115 117 118 116 116 119 122 126 Fertilizers .23 124 122 137 107 95 99 109 113 108 112 116 124 177 176 154 ^Preliminary. '•Revised. 1 Publication suspended pending revision of data for the period 1952 to date. 2Publication suspended pending adjustment to revised Census production figures for the period 1950 to date. NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 806 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1954 1955 pro- Industry portion 953? 954? May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.!Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 13© 125 123 124 122 124 127 126 129 129 132 134 133 132 P133 PePtertorloeluemu ma rnedf icnionagl products 1.97 135 133 130 131 130 131 133 132 136 140 142 144 139 136 P\36 Gasoline. ... ... . 1.04 144 141 140 141 141 142 142 140 143 146 146 147 143 144 PU7 Automotive gasoline . . . .98 139 136 136 136 136 137 138 135 139 141 142 143 140 140 Aviation gasoline .06 227 221 218 235 229 233 215 214 214 232 216 209 205 212 Fuel oil .56 130 128 122 122 122 123 127 128 135 140 146 152 142 129 P126 Distillate fuel oil .30 155 158 145 148 150 154 161 164 172 177 184 196 181 163 Residual fuel oil .26 101 93 94 92 89 87 89 87 92 97 101 101 97 91 Kerosene .10 117 110 99 100 97 99 98 101 116 125 134 123 117 102 Lubricating oil .17 106 108 109 111 104 109 111 106 110 108 109 105 110 124 Coke .26 111 84 80 79 77 75 77 84 90 93 96 98 102 104 105 Asphalt roofing and siding . . . .15 99 103 118 135 110 127 147 133 106 62 70 75 110 131 Foods, Beverages, and Tobacco 11.51 107 106 103 110 108 114 119 116 109 99 99 97 100 101 104 Food and beverage manufactures... 10.73 107 106 103 109 109 115 120 117 110 101 98 97 100 101 104 Food manufactures 8.49 108 107 100 106 107 117 124 118 113 104 102 99 100 100 102 Meat products 1 48 115 117 105 108 102 108 120 127 135 136 138 124 128 118 114 Beef .46 129 135 132 137 135 138 141 142 136 132 140 129 134 133 138 Pork . .83 104 103 87 89 81 88 104 115 131 134 133 117 121 106 98 Dairy products .69 105 106 135 145 128 115 97 85 78 79 85 91 104 117 140 Butter 14 108 110 152 145 115 99 84 81 79 85 99 101 104 119 143 Natural cheese . . .07 112 116 159 161 129 114 98 87 87 91 95 102 113 133 164 Concentrated milk .19 93 94 139 139 109 94 76 66 65 70 76 86 100 116 143 Ice cream . . 28 106 104 110 139 143 133 113 95 81 74 78 84 100 107 122 Canned and frozen foods 1.13 121 112 85 99 138 194 212 141 99 87 77 72 74 81 85 Grain-mill products 1.16 106 107 106 114 112 110 114 110 103 101 103 102 101 '102 101 Wheat flour 46 81 81 76 78 78 82 86 90 84 80 87 85 83 79 76 Cereals and feeds .70 122 124 127 137 134 129 132 123 117 115 114 113 113 116 118 Bakery products . . 1 64 100 97 96 98 99 98 98 99 98 98 94 95 95 '94 98 Sugar .27 113 117 76 82 72 94 109 258 273 176 93 61 67 64 Cane sugar .11 113 106 109 121 112 115 115 105 90 87 100 106 110 101 Beet sugar . .13 108 121 42 43 32 71 99 385 427 248 81 17 24 27 Confectionery .71 102 99 81 80 66 91 131 123 125 87 106 112 96 93 78 Miscellaneous food preparations. . . 1.41 104 105 105 108 109 108 106 108 105 101 100 101 101 '103 107 Beverages 2.24 105 103 113 124 118 108 107 110 97 88 84 89 101 107 Bottled soft drinks 54 Alcoholic beverages 1 70 100 98 108 114 103 95 98 107 99 84 80 86 100 106 Beer and ale 1.02 103 99 117 128 122 112 93 84 79 83 85 84 101 113 Liquor distilling .17 60 68 64 62 42 39 69 121 92 67 61 67 66 68 Liquor bottling .37 107 102 104 104 85 85 115 142 139 90 76 93 109 104 Tobacco manufactures .78 108 103 107 114 92 111 109 111 103 83 105 104 105 99 Cigarettes .46 111 106 112 119 98 115 111 111 102 86 111 106 108 102 Cigars .17 107 105 105 111 83 112 113 121 113 82 99 107 106 99 MINERALS—TOTAL 9.98 116 111 112 115 110 111 111 112 114 114 117 119 118 120 122 Mineral Fuels 8.35 115 113 111 113 108 110 110 113 117 117 121 123 121 121 120 Coal 2 68 78 67 62 63 57 68 70 77 75 75 77 79 71 72 77 Anthracite 36 57 52 45 50 44 48 51 52 57 61 55 61 41 39 43 Bituminous coal 2.32 81 70 65 65 59 71 72 81 78 77 81 82 76 '77 83 Crude oil and natural gas 5.67 133 134 134 136 133 130 129 130 136 138 142 144 144 144 P141 Oil and gas extraction 4.82 129 128 129 129 124 123 124 124 130 132 139 140 139 137 P133 Crude oil 4.12 124 122 124 125 120 118 118 118 122 123 130 131 132 132 P\28 Natural gas 34 167 172 160 161 154 157 159 167 184 199 202 207 Natural gas liquids .36 157 160 155 156 151 151 159 163 170 172 175 176 169 161 Oil and gas well drilling .85 154 167 163 176 180 166 159 160 171 171 163 168 175 184 Metal, Stone, and Earth Minerals.. 1.63 119 106 116 123 119 115 113 no 102 99 97 99 104 114 131 Metal mining. 82 113 90 108 120 108 100 98 92 79 76 79 85 86 >100 130 Iron ore .33 128 84 126 152 139 132 117 87 43 37 36 39 41 79 Nonferrous metal mining .49 104 94 96 98 87 78 85 95 103 102 108 117 117 115 Copper mining .24 114 103 106 108 95 77 92 106 118 116 124 134 133 132 Lead mining . . .09 86 80 78 80 74 83 76 78 82 83 83 89 91 '87 ' *84 Zinc mining .06 87 75 78 79 72 75 67 71 74 73 80 83 85 '83 85 Stone and earth minerals .81 124 123 125 127 130 130 129 129 126 122 115 113 122 128 132 p Preliminary. rRevised. For other footnotes see preceding page. 807 JULY 1955 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 May June July Aug. Sept. Oct Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 127 116 119 118 116 115 114 112 119 125 131 135 139 145 Major Durables 69.72 138 125 130 128 126 125 121 117 128 137 145 151 156 •163 164 Autos 32.10 146 131 145 136 127 121 110 104 127 149 160 172 179 19© 189 Major household goods 36.13 132 122 119 123 127 131 132 131 130 129 133 135 138 2 143 Furniture and floor coverings 15.32 113 101 96 96 102 106 107 106 103 105 107 107 109 110 113 F H l o o u o s r e c h o o v ld e r f i u n r g n s i 1 ture 1 4 1 . . 0 3 1 1 118 106 100 102 104 109 111 111 111 110 110 113 114 115 118 Appliances and heaters 15.60 118 111 116 110 114 109 112 110 114 115 128 131 137 ••145 145 Major appliances 11.88 123 115 120 111 118 113 117 114 120 119 133 135 139 152 153 Ranges .. 90 79 83 79 83 74 80 79 77 82 79 96 97 101 105 Refrigeration appliances 137 124 143 131 132 125 117 110 122 117 137 140 152 166 169 Laundry appliances 2.51 141 148 124 113 136 146 169 170 174 181 190 181 172 199 188 Heating apparatus 3.72 100 97 106 107 101 98 96 97 95 100 115 120 -•131 ••121 123 Radio and television sets 5.21 230 214 196 243 241 270 267 270 259 242 225 226 222 226 222 Radio, sets 3.42 67 52 43 45 47 56 46 62 70 70 73 68 65 68 Television sets 1.79 541 522 487 621 611 678 687 667 620 571 515 527 532 516 Other Consumer Durables 30.28 102 95 93 96 93 91 98 98 97 96 98 99 100 100 103 Auto parts and tires 14.00 01 01 90 96 89 85 95 96 93 94 100 97 96 98 101 Misc. home and personal goods 16.28 111 99 96 96 96 79 101 100 101 97 97 100 102 102 105 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL.. 100.00 127 116 116 116 102 113 108 109 129 132 142 151 155 156 147 Major Durables 69.72 138 125 126 125 107 121 111 111 142 149 163 174 179 '180 167 Autos 21. ,0 146 131 146 143 125 123 81 70 144 174 195 210 215 223 205 Major household goods 36.13 132 122 110 112 92 121 139 149 142 130 137 146 151 '145 136 Furniture and floor coverings. 15.32 113 101 92 93 89 102 108 111 108 109 108 111 114 111 109 Household furniture 11.31 118 106 96 98 98 108 112 116 115 115 110 115 116 113 114 Floor coverings* 4.01 Appliances and heaters 15.60 118 111 112 112 101 122 124 116 108 124 138 151 150 145 Major appliances 11.88 123 115 117 114 96 121 121 118 116 134 149 163 162 156 Ranges 2.60 90 79 80 76 53 68 87 87 83 77 81 104 110 106 100 Refrigeration appliances.. 4.98 137 124 147 141 109 99 116 104 106 112 147 152 180 187 183 Laundry appliances 2.51 141 148 111 117 90 128 181 199 192 177 177 207 201 193 181 Heating apparatus 3.72 100 97 96 104 86 116 124 133 107 84 93 102 114 113 111 Radio and television sets 5.21 230 214 155 165 116 234 279 338 324 258 260 272 260 228 189 Radio sets 3.42 67 52 48 44 29 51 48 64 71 67 73 74 80 74 75 Television sets 1.79 541 522 360 397 281 583 722 860 806 623 618 648 604 521 408 Other Consumer Durables 30.28 102 95 92 94 90 94 101 104 100 94 95 97 99 99 102 Auto parts and tires 14.00 01 91 90 96 91 90 100 101 93 89 95 93 93 96 101 Misc. home and personal goods 16.28 111 99 94 93 89 97 102 106 105 98 95 101 105 102 102 ' 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED Total 12,546 12,337 12,297 12,346 12,445 12,572 12,580 12,586 12,673 12,798 ri2,934 13,091 13,127 Durable goods 7,136 6,979 6,928 6,957 7,054 7,159 7,177 7,191 7,269 7,350 '7,443 7,554 7,599 Ordnance and accessories 107 104 101 102 100 98 97 96 94 94 91 91 91 Lumber and wood products 658 572 569 649 678 675 674 668 669 654 '658 679 692 Furniture and fixtures 286 286 294 297 295 294 291 289 290 295 298 305 308 Stone, clay, and glass products. 425 430 432 435 436 436 435 434 438 442 448 457 460 Primary metal industries.. 982 979 972 965 969 988 997 i,008 1,027 1,052 1,076 1,103 1,117 Fabricated metal products 839 834 828 821 825 840 835 826 836 851 '864 881 886 Machinery except electrical 1,143 1,122 1,123 1,125 1,115 1,103 1,095 \,093 1,108 1,127 1,147 1,161 1,163 Electrical machinery 769 778 782 785 792 799 793 792 795 795 T-804 817 817 Transportation equipment 1,328 1,279 1,238 1,183 1,249 1,334 1,375 1,400 1,426 1,447 1,462 1,462 1,458 Instruments and related products 220 218 216 218 217 217 216 216 215 218 217 212 220 Misc. manufacturing industries. 379 377 373 377 378 375 369 369 371 375 378 386 387 Nondurable goods 5,410 5,358 5,369 5,389 5,391 5,413 5,403 5,395 5,404 5,448 '5,491 5,537 5,528 T F T o e o x o b t d a i c le a c - n o m d m il k l a in n p d u ro r f e a d d c u t c u p t r s r e o s ducts... „ 1, 9 1 7 1 9 8 4 4 1,09 95 2 1,0 9 8 8 9 9 3 9 1,08 92 6 1,0 9 8 7 9 9 2 4 1, 9 0 7 9 9 3 6 7 1, 9 0 6 9 9 8 3 4 t, 9 0 6 9 8 7 0 5 1, 9 07 7 9 8 0 3 1, 9 09 7 9 1 5 2 1, ' 1 9 1 8 3 3 1, 9 1 7 9 1 1 6 0 . 1,0 9 9 3 6 Apparel and other finished tex- 970 988 979 tiles 1,037 1,030 1,033 1,033 1,041 1,060 1,057 1,058 1,064 1,072 1,073 1,096 1,093 Paper and allied products 441 442 441 447 444 440 435 435 435 437 '441 447 453 Printing, publishing and allied industries 514 513 514 518 515 513 511 51? 515 516 '519 520 517 Chemicals and allied products.. 529 528 528 526 529 528 531 534 532 540 '546 557 554 Products of petroleum and coal 180 179 175 174 175 173 173 171 172 174 175 176 176 Rubber products 197 176 177 196 200 199 204 207 208 212 212 218 221 Leather and leather products. . 326 333 330 329 332 334 337 336 337 339 '339 346 346 For footnote see following page. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—CO [Compiled by Bureau of Labor Statistics. In thousands of persons] 1954 1955 Industry group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT Total 1?,437 1?,179 1?,418 1?,577 1?,61? 1?,657 645 17, 1?,649 1?,778 '1? 816 1?,891 13,016 Durable goods 7,130 6,876 6,890 ft,965 7,081 7J98 7,•218 7,18? 7,?8? 7 '7,457 7,535 7,•595 Ordnance and accessories 107 104 101 109 100 Q8 97 96 94 Q4 91 91 91 Lumber and wood products 674 583 592 672 692 685 661 631 639 634 '651 682 709 Furniture and fixtures 977 275 290 298 301 301 9Q7 903 296 ?Q8 297 9Q7 9QQ Stone, clay, and glass products. . 427 424 434 437 438 438 437 430 434 442 450 457 462 Primary metal products 982 969 967 965 969 988 1,002 1,013 1,032 1,057 n,076 1,097 1,117 Fabricated metal products 831 809 820 821 829 844 843 834 844 860 r868 877 877 Machinery except electrical 1,154 1,111 1,095 1,097 1,093 1,092 1,106 1,109 ° 1,125 1,144 rl ,164 1,173 1,175 Klectrical machinery 761 751 766 78S 800 811 809 800 80S 80S r804 809 809 Transportation equipment 1,328 1,279 1,238 1,183 1,249 1,334 1,375 1,400 1,426 1,447 n,462 1,462 1,458 Instruments and related products 219 214 214 218 218 218 218 217 216 219 218 211 219 Misc. manufacturing industries. 371 358 373 386 393 390 373 360 371 376 378 379 377 Nondurable goods 5,307 5,303 5,528 5,612 5,531 5,459 5,427 5,341 .5,367 5 '5,359 5,356 5,421 ,403 Food and kindred products 1,086 1,152 1,238 1,268 1,180 1,111 1,062 1,007 985 1,011 1,029 1,068 Tobacco manufactures 82 83 102 110 119 10S 100 91 89 991 f-80 80 81 Textile-mill products . 973 946 974 978 979 983 983 977 985 9885S ••983 971 974 Apparel and other finished textiles 990 984 1,054 1,059 1,057 1,060 1,073 1,069 1,101 1,110 ,057 1,041 1,044 Paper and allied products 439 433 439 445 444 444 442 437 437 439 r441 445 451 Printing, publishing and allied products 514 508 509 518 5?0 518 519 51? 51? 516 »-516 517 517 Chemical and allied products. . . 521 517 520 529 534 533 534 534 535 548 ••551 551 546 Products of petroleum and coal. 181 181 179 177 175 173 172 169 170 172 173 175 177 Rubber products 196 171 175 196 202 202 907 909 909 212 211 917 990 Leather and leather products. . . 324 328 338 331 330 332 335 336 345 347 ••337 332 344 'Revised. NOTE.—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 June 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 1954 1955 1954 1955 1954 1955 June Apr. May June June Apr. May June June Apr. May June Total 71.50 '74.96 76.30 76.11 39.5 '40.3 40.8 40.7 1.81 1.86 1.87 1.87 Durable goods 76.40 '81.58 82.78 82.19 40.0 '41.2 41.6 41.3 1.91 '1.98 1.99 1.99 Ordnance and accessories 79.40 '82.42 82.82 84.05 40.1 '40.6 40.8 41.2 2.03 2.03 2.04 Lumber and wood products , 68.30 '•67.06 67.89 n.a. 40.9 '40.4 40.9 n.a. '1.66 1.66 n.a. Furniture and fixtures 62.17 64.48 64.71 65.92 39.6 '40.3 40.7 41.2 1.60 1.59 1.60 Stone, clay, and glass products 70.88 ••75.17 76.91 77.38 40.5 '41.3 41.8 41.6 1.82 1.84 1.86 Primary metal industries 80.70 '89.40 90.91 90.67 38.8 41.2 41.7 41.4 2.08 2.17 2.18 2.19 Fabricated metal products 76.92 80.34 81.54 80.54 40.7 '41.2 41.6 41.3 1.89 1.95 1.96 1.95 Machinery except electrical 81.00 '85.70 87.15 87.36 40.5 '41.6 42.1 42.0 2.00 2.06 2.07 2.08 Electrical machinery 72.07 '75.52 76.30 75.33 39.6 '40.6 40.8 40.5 1.86 1.87 1.86 Transportation equipment 84.59 '92.62 94.79 89.79 39.9 '42.1 42.7 41.0 2.20 2.22. 2.19 Instruments and related products 72.83 75.76 75.92 78.47 39.8 40.3 40.6 41.3 1.88 1.87 1.90 Miscellaneous manufacturing industries 63.36 '65.76 66.83 66.99 39.6 '40.1 40.5 40.6 1.64 1.65 1.65 Nondurable goods 64.57 65.91 67.32 67.83 38.9 39.0 39.6 39.9 1.66 1.69 1.70 1.70 Food and kindred products 69.14 70.12 71.51 71.62 41.4 40.3 41.1 41.4 1.67 1.74 1.74 Tobacco manufactures 51.71 '50.60 54.71 56,37 38.3 '36.4 38.8 39.7 1.35 1.39 1.41 Textile-mill products 51.41 '53.02 54.65 55.06 37.8 '38.7 39.6 39.9 1.36 1.37 1.38 Apparel and other finished products... . 46.55 r46.99 48.05 48.68 35.0 35.6 36.4 36.6 1.33 '1.32 1.32 Paper and allied products 74.20 '76.93 77.47 78.26 42.4 '42.5 42.8 43.0 1.75 1.81 1.81 Printing, publishing and allied products 87.32 '89.71 90.79 91.18 38.3 '38.5 38.8 38.8 2.28 '2.33 2.34 2.35 Chemicals and allied products 79.10 '81.36 81.36 82.39 41.2 '41.3 41.3 41.4 1.92 '1.97 1.97 1.99 Products of petroleum and coal 93.98 '95.94 97.29 97.47 41.4 '41.0 41.4 41.3 2.27 2.34 2.35 2.36 Rubber products 79.60 '86.53 86.94 90.74 40 41.8 41.8 42.8 1.98 '2.07 2.08 2.12 Leather and leather products 51.01 51.24 51.75 53.44 36.7 36.6 36.7 37.9 1.39 1.40 1.41 1.41 'Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for June 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. 809 JULY 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i 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—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 February 48 440 16 091 741 2,410 3,984 10,541 2,154 5,649 6,870 March.. . 48,766 16 229 739 2,478 3,986 10,633 2,161 5,656 6,884 April '48,881 16,380 743 »-2,499 r3,946 10,600 2,161 5,674 6,878 May.. 49 214 16 540 748 2,529 4,000 10,655 " 2,171 5,679 6,892 June 49 330 16,588 753 2,510 4,061 10,666 2,180 5,693 6,879 WITHOUT SEASONAL ADJUSTMENT 1954—June 48,200 15,835 771 2,629 4,017 10,389 2,128 5,715 6,716 July. 47 866 15 584 760 2,686 4,029 10,351 2,150 5,755 6,551 August. 48,123 15,822 763 2,735 4,018 10,321 2,151 5,750 6,563 September 48,490 15,972 744 2,698 4,023 10,447 2,141 5,719 6,746 October. 48 580 16,007 743 2,652 4,005 10,548 2,136 5,660 6,829 November 48,808 16,057 749 2,598 3,986 10,745 2,134 5,622 6,917 December 49,463 16,050 747 2,426 3,996 11,354 2,136 5,588 7,166 1955—January 47 741 15 925 741 2,237 3,927 10,419 2,124 5,533 6,835 February. . 47,753 16,060 737 2,169 3,937 10,309 2,132 5,536 6,873 March 48 212 16 201 739 2,255 3,966 10,408 2,150 5,571 6,922 April »*48 643 16 255 739 r2,399 »-3,939 10,549 2,161 5,674 6,927 May. 48,922 16,333 741 2,529 3,997 10,534 2,171 5,736 6,881 June. 49,336 16,481 757 2,610 4,078 10,598 2,202 5,778 6,832 '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 June 1955 are preliminary. The series for recent years were revised by the Bureau of Labor Statistics in May 1955 to first-quarter 1954 benchmark levels indicated by data from government social insurance programs. Back data may be obtained from the Bureau of Labor Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed1 Not in the Year or month 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 U pl n o e y m ed - 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—May . . 116 083 * 67,786 64,425 61,119 54,297 6,822 3,305 48,297 June 116,153 68,788 65,445 62,098 54,470 7,628 3,347 47,365 July 116,217 68,824 65,494 62,148 54,661 7,486 3,347 47,393 August. 116,329 68,856 65,522 62,277 55,349 6,928 3,245 47,473 September 116,432 68,566 65,244 62,145 54,618 7,527 3,100 47,865 October 116 547 68,190 64,882 62,141 54,902 7,239 2,741 48,357 November 116,659 67,909 64,624 61,732 55,577 6,154 2,893 48,750 December 116,763 66,811 63,526 60,688 55,363 5,325 2,838 59,952 1955—January 116,855 66,700 63,497 60,150 54,853 5,297 3,347 50,156 February 116,901 66,550 63,321 59,938 54,854 5,084 3,383 50,352 March 117,051 66,840 63,654 60,477 54,785 5,692 3,176 50,212 April 117,130 67,784 64,647 61,685 55,470 6,215 2,962 49,346 May . . 117,236 68,256 65,192 62,703 55,740 6,963 2,489 48,979 June 117,318 69,692 66,696 64,016 56,335 7,681 2,679 47,626 1 Includes self-employed, unpaid family, and domestic service workers. 2Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained from the Bureau of the Census. 810 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 Total Business Other Year or month Total d R en e t s i i a - l Total In tr d i u al s- m C e o r m ci - al u P t u i b li l t i y c n d r t e o e i s a n n i l - - - 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 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5 259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16 689 13,256 6 310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28 454 21,454 12,600 5 680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5,160 1952 33 008 22,107 11 100 7 460 2,320 1,137 4 003 3 547 10 901 1,388 2,820 854 5,839 1953 r35 271 23,877 11,930 8 436 2,229 1,791 4 416 3 511 11,394 1,307 r3,160 830 ''6,097 1954r 37 577 25,768 13,496 8 583 2,030 2,212 4,341 3,689 11,809 1,030 3,750 704 6,325 1954—June- 3,108 2,125 1,102 711 168 183 360 312 983 87 314 63 519 July 3,133 2,180 1,150 713 163 189 361 317 953 82 309 60 502 Augustr 3,199 2,226 1,192 724 161 201 362 310 973 82 318 55 518 Septemberr 3,199 2,247 1,215 724 159 202 363 308 952 81 314 53 504 October r 3,136 2,238 1,210 722 165 193 364 306 898 87 266 51 494 November r 3,254 2,269 1,229 724 173 186 365 316 985 90 320 53 522 December r. 3,429 2,350 1,307 730 180 184 366 313 1,079 97 393 55 534 1955—January r 3,428 2,396 1,336 747 181 198 368 313 1,032 98 344 55 535 Februaryr 3,451 2,435 1,345 776 183 222 371 314 1,016 103 341 51 521 March r 3,442 2,446 1,330 - 798 188 235 375 318 996 94 321 54 527 Aprilr 3,493 2,498 1,366 810 188 246 376 322 995 105 319 57 514 May r 3,530 2,502 1,366 814 191 247 376 322 1,028 115 340 59 514 June** 3,497 2,473 1,345 815 197 242 376 313 1,024 112 337 56 519 ^Preliminary. ^Revised. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] B ow y n t e y r p s e h i o p f 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 1,958 4,142 1954—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 1,070 142 174 195 195 546 May ... . 2,185 675 1,510 1,011 171 183 201 111 448 June 2,255 757 1,498 CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions*"of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas 1954— March 1,528 116 219 120 146 130 210 245 96 51 81 113 April.. 1,692 149 282 99 185 143 154 305 95 55 98 126 May.. 1,925 117 398 119 210 171 168 324 119 85 91 122 1955—March 2,135 121 297 160 221 198 245 368 148 90 137 150 April.. 2,322 126 306 119 212 266 272 492 119 73 181 157 May.. 2,185 131 331 107 259 182 211 477 101 97 120 168 JULY 1955 811 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—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 (i) 62 26 36 December 91 n.a. n.a. 90 80 3 7 51 22 29 1955—January. . 88 n.a. n.a. 87 78 2 7 0) 46 20 26 February 90 n.a. n.a. 88 79 3 6 2 45 17 28 March 114 n.a. n.a. 113 100 4 10 1 54 24 30 April ... P127 n.a. n.a. P126 n.a. n.a. n.a. Pl "61 26 35 May P130 n.a. n.a. 2>130 n.a. n.a. n.a. Pl 66 28 38 June P129 n.a. n.a. 127 n.a. n.a. n.a. 3 72 32 40 *> Preliminary. "Corrected. n.a. Not available. iLess 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 May Dec. Jan. Feb. Mar. Apr. May May Dec. Jan. Feb. Mar. Apr. May Total. 127 114 112 123 121 122 123 123 128 114 114 110 113 115 120 130 Coal 103 92 84 105 103 105 91 95 105 84 106 103 105 91 95 105 Coke 171 105 94 119 121 124 133 144 149 93 125 127 131 134 142 147 Grain 135 141 144 142 132 127 130 140 155 127 133 132 124 120 123 133 Livestock 63 62 58 62 64 56 62 65 57 53 60 61 45 49 58 52 Forest products 143 132 128 154 148 144 135 133 139 133 137 133 138 135 133 145 Ore 215 144 136 184 210 198 204 177 177 224 57 53 49 59 136 271 Miscellaneous 143 129 128 135 134 136 144 142 144 130 127 123 128 137 140 146 Merchandise, 1. c. 1 43 40 39 41 39 40 40 39 40 39 40 37 39 40 39 40 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise 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 1,165 1,016 923 1,080 922 833 870 February 1,200 1,183 1,233 927 998 1,138 856 809 850 March 1,390 1,126 1,342 1,052 923 1,250 1,004 862 1,019 April 1,394 1,426 1,263 1,054 1,258 1,169 1,013 957 871 May 1,453 1,401 0 1,085 1,137 Pl.176 902 829 P956 June 1,385 1,474 1,013 1,115 933 947 July 363 1,291 965 1,024 908 822 August 1,187 1,156 911 955 840 825 September 1,256 1,112 1,052 960 926 780 October 1,253 1,265 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-May. . 6,730 6,228 5,134 5,239 P5,813 4,697 4,290 P4,566 rRevised. ^Preliminary. 1 Exports of domestic and foreign merchandise. 2Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 3 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 812 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c Ch a i g - o Lo S u t. is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES i 1948. 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 304 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 111 117 109 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—Mav 108 102 '98 105 98 115 123 108 106 105 125 114 June .. 112 106 102 109 107 120 129 110 122 103 117 127 114 July 111 107 101 109 105 117 132 106 112 105 121 132 115 August 112 104 105 107 108 120 131 108 no 105 116 127 115 September 108 109 102 107 101 115 121 106 104 101 110 114 110 October 113 110 105 105 106 124 138 111 112 106 118 129 116 November . 114 110 105 111 109 124 135 110 115 104 116 130 114 December . . 117 111 105 113 116 133 136 115 118 113 123 134 118 1955—January 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 119 107 101 115 113 129 142 120 122 108 129 140 122 May 111 101 114 110 P137 116 P121 108 119 137 122 WITHOUT SEASONAL ADJUSTMENT 1954—May 106 102 104 98 114 108 106 105 111 •"121 108 June. , .... 106 106 99 104 100 113 114 108 110 96 110 112 105 Tuly 88 77 73 78 82 93 106 86 89 84 99 111 100 August ..... . . ... 98 83 80 85 94 102 115 98 100 99 107 115 111 September 113 115 106 111 105 122 123 113 111 111 116 121 112 October 118 110 110 113 111 130 141 114 123 122 124 135 116 November 137 133 132 146 134 153 154 133 137 120 133 147 134 December 200 200 184 197 192 231 234 188 193 180 205 225 209 1955—January 91 90 84 85 87 91 106 88 93 80 94 107 97 February 88 82 81 83 84 108 84 90 81 89 101 93 Mi arch 100 90 91 101 94 111 129 98 101 88 104 120 97 April 114 108 97 109 113 125 141 114 117 108 123 136 112 May 111 99 113 110 2>129 116 P121 108 119 133 116 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 no 1 1 9 O 5 5 1 2 , . . 1 1 2 1 9 8 1 11 2 1 4 1 11 2 3 4 1 11 2 3 7 1 11 2 1 8 1 13 3 3 0 1 13 4 5 0 1 11 2 5 8 1 11 2 7 8 1 10 1 7 7 1 1 3 2 2 4 1 1 3 2 2 6 1 1 3 2 1 5 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—May 121 120 114 116 117 137 137 122 118 111 128 129 119 June 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 Seotfmber 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—Tauuary 123 119 112 118 112 139 146 118 127 114 135 128 129 February 121 117 109 114 112 138 146 118 122 115 136 132 125 March 123 119 110 114 111 •"143 149 119 123 114 139 135 128 April 123 121 111 115 114 142 145 120 125 113 138 136 124 May P124 P\22 110 119 115 138 147 123 121 140 P137 124 WITHOUT SEASONAL ADJUSTMENT 1954—May 126 121 117 120 119 146 138 124 123 113 136 131 129 117 110 107 109 109 133 128 116 119 107 129 121 122 July .... 116 105 104 103 106 135 128 114 120 109 127 123 125 August 120 114 111 110 112 139 136 118 116 114 132 129 122 September 129 121 120 121 121 146 147 126 128 124 141 139 132 October 138 131 130 132 128 158 154 136 129 128 145 144 144 November 139 138 129 134 130 152 160 140 127 133 150 143 141 December., 110 111 103 107 105 120 126 111 103 107 118 121 107 1955—January 111 107 100 103 102 125 133 108 107 107 124 115 117 117 111 106 112 110 132 144 114 116 111 133 129 118 March ... 128 122 114 122 118 149 155 124 126 119 143 144 129 130 125 117 124 120 153 153 125 134 118 148 144 133 May P123 113 123 117 146 149 125 127 148 P138 135 J» Preliminary. rRevised. 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. JULY 1955 813 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales3 Year or month m S (t a o f o l o n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o ( s e r O t n i d a n u d n e g t r d - o s - 1 f m c ( e t R o f i o o p n e t r - t t a s h l 2 ) o m ( r N t o d f o o e n e t r w r t a h s l 2 ) Stocks s o O t r i a d n u n e g t d - rs - S st p o t i a o n u l n u c g t- d s k - s ce R i e p - ts month) orders 1946 average 345 767 964 373 354 2.3 3 0 5.3 L.I 1947 average 365 887 588 366 364 2.5 1.7 4.3 L.O 381 979 494 386 363 2.7 L.4 4.1 0 1949 average. . . . 361 925 373 358 358 2.7 L.I 3.8 L.O 1950 average 376 1,012 495 391 401 2.8 L.4 4 2 1 391 1,202 460 390 379 3.2 L.3 4.4 1 0 1952 average... . . .. 397 1,097 435 397 401 2.9 L.2 4.1 L.O 1953 average 406 1,163 421 408 401 3.0 1 4.1 0 1954 average 407 1,136 387 407 409 3.0 1.0 4.0 1.0 1954—-May ••373 '•1,164 ^250 '351 ^320 3.1 0.7 3.8 0.9 June 378 1,067 390 '281 r421 2.8 1.0 3.9 '0.7 July 306 1,042 471 281 362 3.4 1.5 4.9 0.9 August 350 1,095 465 403 397 3.1 1 3 4.5 1.2 September 400 1,184 486 489 510 3.0 1.2 4.2 1.2 October . . 437 1,268 477 521 512 2.9 1.1 4.0 1.2 November 509 1,318 406 559 488 2.6 0 8 3.4 1.1 December 766 1,056 301 504 399 1.4 0.4 1.8 0.7 336 1,042 385 322 406 3.1 1.1 4.2 1.0 February . .. . . . .. 307 1,105 414 370 399 3.6 1.3 4.9 1.2 392 1,190 367 477 430 3.0 0.9 4.0 1.2 April 413 1,216 308 439 380 2.9 0.7 3.7 1.1 May**. . 403 1,188 305 375 372 2.9 0.8 3.7 0.9 ^Preliminary. 'Revised. 1 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated total department store sales. 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 Aug. 4 88 Aug. 2. .. . 87Aug. 1. .. . 86Aug. 7. . . 92Feb. 2 84 Feb. 7 88 Feb. 6. . .. 86Feb. 5. . .. . 86 11 87 9.. . . 90 8.. . . 92 14. . . 97 9 87 14 92 13. .. . 91 12. . .. . 92 18 93 16. .. . 95 15. .. . 95 21. . . 10C 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. .. . 100Sept. 5. .. . 101Sept. 4 . . 113Mar. 1 85 Mar. 7 96 Mar. 6.. . . 85Mar. 5 98 8 100 13. ... 114 12. .. . 102 11. . . 97 8 88 14 100 13... . 92 12. .. ..102 15 114 20. .. . 113 19. .. . 120 18. . . 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.. . 116Oct. 3.. . 112Oct. 2. . . IK Apr. 5 109Apr. 4 118 Apr. 3. . .. 103Apr. 2. .. ..114 13 117 11. . . 126 10. . . 120 9. . . 118 12 111 11 97 10. . .. 113 9. . .. .122 20 116 18.. . 124 17.. . 118 16. . . 115 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.. . 121Nov. 6. . ...127 May 3 111 May 2 114 May 1. . .. 112May 7. . .. .134 10 127 8.. . 118 14.. . 133 13. .. ..13( 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.. . 195Dec. 5.. . 190Dec. 4... ..192 Tune 7 111 June 6 118 June 5. . .. 97June 4 ..102 8 191 13.. . 223 12.. . 216 11. . .. .224 14 116 13 112 12. .. . Ill 11. .. . .114 15 213 20.. . 237 19.. . 234 18... ..240 21 98 20 111 19. .. . 115 18. . .. .117 22 228 27.. . 146 26.. . 163 25... ..190 28 91 27 94 26. .. . 97 25. .. . .103 29 92 1952 1953 1954 1955 Jan. 5 78 Jan. 3.. . 81Jan. 2. . . 81Jan. 1 . . . 8( July 5. ... 79 July 4. . 79 July 3. . . 93 JUly 2 97 12 92 10.. . 89 9. . . 94 8. .. . .106 12.... 83 11 92 10 77 9 19 90 17.. . . 92 16.. . 85 15.. ... 99 19 82 18 84 17. . .. 88 16. . . 26 83 24.. . . 86 23.. . . 86 22... .. 95 26 79 25 83 24, .. . 84 23. .. 31.. . . 87 30.. . . 85 29... .. 87 31. .. . 87 30. .. 814 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 o tr R r i c e c t s i , t e y r - ve M 19 a 5 y 5 A 1 p 9 r 5 . 5 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 M 19 a 5 y 5 A 19 p 5 r 5 . m 19 5 o 5 s . 5 Fe a d r e e d r a a i , s l t o r R r ic e c t s , i e ty rve M 19 a 5 y 5 A 19 p 5 r 5 . 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 M 19 a 5 y 5 1 A 9 p 5 r 5 . 1955 United States.. p+8 +5 +7 leve.-cont. !hicago-cont. Kan. City-cont. Met. Areas-cont. Met. Areas1-cont, Met. Areas-cont. Wheeling- Joliet2 +21 +33 +22 Wichita +16 +33 +24 B M P B o e D o o t s r . s o t t t w o l o A a n n n n r t e d o a w s1 n + + + 1 8 0 7 + +5 1 0 + + + 4 6 4 R Z P i i S o t c y t r h e t u s m m b o e o n n u d v t i h l 2 l . e 2 . . . . + + + 1 3 7 0 + + + 1 7 4 2 + + + 6 4 8 T D P R G ( e r o e M i o c a c - k r C r o a i y f t l a i o i u t 2 n r i r d e e 2 s , 2 + + + + + 3 1 7 5 7 1 8 + + + + + 4 1 1 7 4 6 4 0 + + + 2 1 3 3 7 O O A T St u k m l . b l l s J a a u a o h h q s a o u e m e p r h a q u C e i . ty . . . + + + - - 1 1 2 1 5 0 0 + + r+ + + 1 1 3 2 0 7 2 + + + + + 1 1 2 3 6 2 5 Boston2 +6 -3 + 1 Rockland; Cities Suburban Met. Areas1 Davenport) Greeley +14 +14 +12 B C o a st m on bridge. . + + 1 9 1 + + 6 4 + + 1 6 0W D a o s w hi n n t g ow to n n2. . . +10 +2 +6 F In o d rt i a W na a p y o n li e s 2 2 . . . . . + + 1 1 4 5 + + 2 9 + + 7 5 J H o u p t l c in hinson. . . . + -9 7 + - 1 3 6 +6 0 Quincy +8 +2 +8 Wash +8 -2 +2 Muncie , + 13 +9 +8 Kansas City.... +2 +7 +5 L N L o e w a w w e l r B l e - e n d c f e ord.. . + + 1 2 1 +3 0 + 1 0 1A R B s a a h l l e t e i i v m g i h l o l 2 r e e 2 2 P + + + 1 6 9 1 + + -3 4 4 + + + 1 1 4 0 0 T S C o e e u r d r t a e h r H R B a a e u p n i t d d e 2 2 s . .. . .. .. + + + 1 4 8 1 + + + 1 8 2 1 + + + 9 6 5 Enid -23 r__19 -9 Worcester2 +7 +5 +5 Winston-Salem 2 +8 +9 Des Moines +4 +5 +7Dallas * +10 +12 +12 Charleston, Dubuque , +9 0 +4 Cities S. C.2.; +36 +31 +35 Sioux City +4 +2 +2 N S P e p r w r o i v n Y g id f o i e e r n l k d ce2.... + + + 6 5 3 + - 1 1 + + + 3 2 6 N C G P o o re o r lu e f r o n t m s l v k m b i - l i l o a e 2 u 2 th2 . . + + + 1 6 9 3 + + 8 6 + + + 1 8 7 3 W F D G l r e i a a n t t r n e t o 2 d r i l o t R 2 o apids2 . + + + + 1 3 6 7 1 + + + + 1 1 9 3 1 2 + + + + 1 2 1 8 9 M S D C e h o a t r r . l e l p a v A u s e s r 2 p e C a o s h rt r . i s . ti . + + + 1 1 9 2 1 + + + 2 1 1 3 0 1 + + + 1 1 7 3 8 Richmond2 + 13 +5 +10 Jackson2 +5 +3 +7 El Paso +6 +11 + 10 M A e l t b , an A y r - e S a c s1 he- R Ch o a a r n l o es k t e o 2 n .. , . +6 L K a a n la s m in a g z 2 oo + + 1 5 3 + + 1 8 9 + + 1 6 5 F H o o r u t s W to o n r 2 t . h . . . . . + + 1 8 2 + + 1 1 5 1 + + 1 9 1 nectady-Troy W. Va.2 . . . +8 +7 Saginaw +3 + 12 +8 San Antonio.. + 13 +6 +10 Albany +2 0 +1 Green Bay.... +20 0 +8 Waco +14 +15 +12 B B S u i c n ff h g a e l h o n a e m c t ta o d n y .. . . . . + ? 1 +5 +2 5 C C i H t u ie a m s g b e e r r s l t a o n w d n - . . +12 +6 + 9 M M a il d w is a o u n kee2. .. +4 0 -1 -2 1 -1 -i San Francisco. P+5 +7 +8 N Bu ia ff g a a l r o a 2 Falls.. -1 0 +1 + + 2 2 S L p y a n r c t h a b n u b r u g r 2 g . . . . . . + + 1 1 5 0 -6 0 +3 0 C D it a ie n s ville +11 + 18 +12 N R N N o e . w c e N h w Y e e a w Y . s r t C o k e J 2 r r i e k 2 t r y - s 2 N e . . y . E . . . . + + - — 2 2 4 1 + — A 1 + + + - 1 2 2 2 0 N F H P M a a e u i r w n r o k m t p r e i g o n o r a s r g n t b n t t- o u t N o n r e w g 2 w . n . . s . . . . , + + + + 1 1 7 9 0 4 + + + + 1 1 1 8 8 1 1 + + + + 1 4 7 8 6 A S M P B o h p a u r t e p s t t b l k l e e H o e t g o y u C o n g r r n o e a n e n . k . . . . . . . . + + + + - 2 1 1 8 9 8 1 + + + + - 4 1 1 9 9 9 0 1 + + + 3 1 8 3 2 M F L P e r h o t e D s o . s e o A n A n w o n i r 2 x n e g 2 a t e o s l w e 1 s n 2 . .. + + + 1 8 7 1 + + 2 5 0 + + + 5 8 6 Syracuse2 +3 +; +3 +8 L. A.2... ... +4 -4 +2 Utica-Rome... + 1 +2 Atlanta +11 +8 +11 St. Louis p+12 +5 WestsideL.A.2 +7 +8 +9 Ci U tie ti s ca +5 +6 +6 M B e i t r . m A in re g a h s a 1 m2.. +15 +8 +12 M F e o t r . t A S r m ea it s h +14 +13 + + 1 8 1 L S P a o a n s n a t g a d B e M n e a o a n c i h c 2 a . . . . + + + 1 8 2 4 + + - 1 1 2 0 6 + + + 1 9 3 6 Bridgeport2. . . +4 0 +4 Mobile + 14 +9 Little Rock2... 2 + 1 0 Riverside and Poughkeepsie.. +10 +6 +11 M Ja o c n k t s g o o n m vi e l r l y e2 . .. . + 11 r+7 + + 1 6 2 L Ev o a u n is sv v i i l l l l e e 2 2 . . . . . . . + + 1 9 5 + + 6 5 + + 3 7 n S a a r n d i B n e o r- +5 +30 + 16 Philadelphia.. +5 O M r i l a a m nd i2 o + + 2 8 4 + +1 2 0 6 + + 2 1 6 0 S St p . ri L n o g u fi i e s2 l . d . . . . . . . . + +1 3" + + 5 3 3 + + 4 8 1 S Sa a n c r D am ie e g n o t 2 o2. . . P+ — 2 3 + + 4 5 + + 6 3 M W et i . l m A i r n e g a t s on. . . + 10 +2 St. T P am ete p r a sburg- +6 +5 Memphis2.... P+7 +2 +6 Sa O n a F k r l a a n n c d is 2 co- P+5 +8 +9 Trenton2 + 14 +6 St. Petersburg +8 +9 Cities Oakland- L Ph a i n l c ad a e s l t p e h r2 i . a . 2 .. .. + + 6 9 + + 4 1 A T tl a a m nt p a a 2 2 p+ + 1 r 5 + + 1 2 5 Q Pa u d in u c c y ah + + 1 1 1 + -6 4 B D er o k w e n le t y o 2 wn +6 +5 +8 Reading2 + 12 +5 +8 Augusta + 10 +6 +8 Oakland2. . + 1 0 +2 S W c i r l a k n e t s o - n Barre— + 1 r 9 + 1 C M o a l c u o m n b 2 us + + 2 1 1 0 + + 2 9 5 Minneapolis. . +6 S V a a n ll e F j r o ancisco2. + -2 1 + -4 5 + + 4 3 Hazleton2 +11 + 10 + 10 Savannah P+13 +11 Met. Areas1 San Jose2 + 11 +4 + 12 Baton Rouge2. +5 + 1 •K Mpls.-St. Paul2 +2 +3 +4 Stockton2 + 7 -1 +5 City New Orleans2. +8 0 +7 Minneapolis2. Portland2 +5 +4 +4 C Y le o v rk e 2 land + + 1 3 2 +9 + + 1 1 0 J K C a n h c o a k x t s t v o a i n n l 2 l o e o 2 ga2. + — 5 1 + 10 + + - 1 1 4 2 S S io t u . x P a F u a l l 2 ls + + 4 3 + + 2 2 S S S a p e l a o t t k t L a le a n 2 k e e 2 City2. + + 5 1 0 + + + 1 4 7 1 + + + 6 7 9 Nashville2 + 12 +9 Cities Tacoma2 +10 +22 + 13 Met. Areas Mankato +3 + 1 Lexington +15 —6 -1 Cities Duluth- Cities A Ca k n ro to n n 2 2 + + 8 3 +2 +4 R M o e m ri e dian + + + 1 + + 4 8 G S re u a p t e F ri a o ll r s 2.... + + 5 6 + + 1 3 2 +11 0 T B u a c k s e o rs n field2 + + 1 1 2 5 + + 1 6 0 + + 1 1 3 1 Cincinnati2 . . . +5 +4 +4 Bristol + 1 -I- Grand Forks. . +8 0 Boise and S C C p o l r e l i v u n m e g l f b a ie u n l s d d 2 2 2 . . . . . . . . . . . + + + 1 1 6 4 2 + + 1 2 0 + + + 1 5 5 1 Chicago +6 +7 +7 K L a a n C s r a o s s s C e ity... + + 4 6 + + 1 5 1 T Id N w a a i h n m o F p F a a a l l l l s s + — -1 6 2 + + + 1 5 4 8 + + + 1 6 3 2 Toledo2 + 11 +5 +9 Met. Areas1 Bellingham -9 +8 +2 Youngstown2.. +1 + 10 Chicago2 +• +4 +5 Met. Areas Everett2 +7 + 16 + 13 Erie2 Au +9 + 10 +9 Denver +16 + 18 +15 Walla Walla2... -4 +8 + 10 Pittsburgh2. . . +30 + 12 +21 Elgin. + + 1 +9 Topeka +6 +6 +6 Yakima2.. 9 +1 ^Preliminary. rRevised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. JULY 1955 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change from a year ago Sales during Department period Four Apr. months 1955 1955 +1 +4 +1 +5 +1 0 -5 -11 -6 -24 -11 0 0 +6 +3 +5 +5 +4 +10 +8 +2 +5 -5 2 +6 +5 +3 +5 -1 +10 +2 +17 +1 +8 -8 +13 0 -3 +4 +4 +9 +4 +2 +5 -3 +2 -4 +1 -3 -9 -7 -15 A -5 +3 + 1 +3 +1 0 0 +4 +3 -2 -1 + 1 0 -7 +1 -4 +7 -3 +3 -11 +2 -1 +4 -3 -10 -17 -7 -3 -11 XI +2 +4 +4 -18 0 § +3 + 1 1 MC MC O 00 Ratio of Federal Reserve index number3 stocks to without seasonal adjustment, sales1 1947-49 average =1002 Stocks Sales during Stocks at end (end of April period of month month) 1955 1954 1955 1954 Apr. 1955 1954 1955 Apr. Mar. Apr. Apr. Mar. Apr. GRAND TOTAL—entire store3 +1 3.1 3.2 MAIN STORE — total +1 3.4 3.4 ICO 98 99 122 122 121 Piece goods and household textiles +2 4.4 4.4 75 78 74 109 107 107 Piece goods +1 3.5 3.3 72 88 76 91 94 89 Silks, velvets, and synthetics +2 3.7 3.2 61 78 69 82 81 80 Woolen yard goods -6 8.8 7.2 21 56 28 74 77 78 Cotton yard goods +4 2.6 2.6 119 122 118 120 123 116 Household textiles +2 4.9 5.2 77. 71 72 119 113 117 Linens and towels • +2 5.4 5.7 73 69 69 109 103 107 Domestics—muslins, sheetings -2 4.6 5.1 74 69 70 136 128 139 Blankets, comforters, and spreads +5 4.4 4.7 88 76 81 119 114 113 Small wares +3 4.1 4.1 93 89 92 122 117 118 Laces, trimmings, embroideries, and ribbons +1 3.8 3.6 104 99 109 130 133 129 Notions +2 3.4 3.6 114 94 108 137 133 134 Toilet articles, drug sundries +2 3.5 3.6 103 98 100 111 109 109 Silverware and jewelry +7 5.2 4.9 88 79 89 132 126 124 Silverware and clocks +8 7.4 7.2 74 75 72 143 134 133 Costume jewelry +9 3.0 2.9 102 86 101 127 123 116 Fine jewelry and watches +6 9.7 8.2 98 72 107 155 128 147 Art needlework 0 6.3 6.3 64 78 64 110 107 110 Books and stationery +2 4.0 4.2 85 90 81 122 117 120 Books and magazines +2 3.2 3.5 90 99 83 110 107 108 Stationery +2 4.4 4.5 84 85 82 129 120 126 Women's and misses' apparel and accessories +2 2.5 2.4 110 107 114 128 131 125 Women's and misses' ready-to-wear accessories.. +3 3.0 2.9 110 103 114 133 135 130 H N a ec n k d w ke e r a c r h i a e n f d s scarfs ,• +3 4 2 . . 1 2 3 2 . . 9 1 1 5 2 2 0 1 4 0 7 5 1 5 2 7 5 1 7 4 0 4 15 7 0 4 14 7 0 2 Millinery -8 0.7 0.7 130 135 152 89 136 97 Women's and children's gloves -3 2.9 2.9 107 87 113 90 97 93 Corsets and brassieres +5 2.9 2.8 138 128 136 154 150 146 Women's and children's hosiery, +3 2.6 2.5 88 85 89 131 129 127 Underwear, slips, and negligees +3 3.3 3.2 86 75 86 125 120 122 Knit underwear +4 3.5 3.5 101 92 98 158 154 152 Silk and muslin underwear, and slips +3 3.3 3.1 80 67 82 115 109 111 Negligees, robes, and lounging apparel +2 2.6 2.6 82 75 81 108 98 106 Infants' wear t +5 2.9 2.6 110 116 118 128 130 122 Handbags, and small leather goods +6 2.3 2.1 121 104 126 135 137 127 Women's and children's shoes +2 4.2 4.1 134 127 139 153 156 150 Children's shoes +3 3.6 3.3 135 127 152 150 154 145 Women's shoes +2 4.3 4.2 137 128 138 157 158 154 Women's and misses' ready-to-wear apparel.... +2 2.0 1.9 111 111 114 121 127 118 Women's and misses' coats and suits -1 1.7 1.5 88 113 99 90 114 92 Coats +7 1.5 1.3 86 103 92 83 102 78 Suits 1.9 1.7 105 140 127 110 141 119 Juniors' and girls' wear +2 +4 1.8 1.6 120 131 129 125 134 120 Juniors' coats, suits, and dresses 0 +1 1.4 1.4 116 117 119 111 120 110 Girls' wear +3 +7 2.3 1.9 125 148 141 136 145 127 Women's and misses' dresses +4 +2 1.5 1.5 124 111 122 126 129 123 Inexpensive dresses +3 +3 1.2 1.2 127 107 125 125 124 121 Better dresses +5 +3 1.8 1.8 123 113 120 127 131 124 Blouses, skirts, and sportswear +5 +1 2.6 2.8 118 101 113 158 148 157 Aprons, housedresses, and uniforms +4 +6 1.9 1.9 127 104 122 135 124 128 Furs +19 +3 5.3 4.2 59 76 72 84 91 82 Men's and boys' wear +4 0 4.4 4.4 95 83 95 130 127 131 Men's clothing +3 -4 5.0 5.3 98 85 97 141 136 147 Men's furnishings and hats.. •. +5 +1 4.5 4.6 81 68 79 125 120 124 Boys' wear +4 +5 3.2 2.9 122 115 131 117 121 112 Men's and boys' shoes and slippers +5 5.3 5.6 114 95 111 140 139 141 For footnotes see following page. 816 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 l 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 ) April Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd A 19 p 5 r 5 . m F 1 o 9 o n 5 u t 5 r hs A 19 p 5 r 5 . 1955 1954 1955 1954 1955 1954 Apr. Mar. Apr. Apr. Mar. Apr. Homef urnishlngs +11 +11 4.2 4.8 97 101 87 119 116 120 Furniture and bedding +12 +11 -4 5.0 106 115 94 120 120 126 U M p a h tt o r l e s s t s e e re s, d s a p n ri d n g o s t , h e a r n d f u s r t n u i d tu io re beds + + 1 7 3 + + 1 9 2 -6 0 4 2 . . 7 3 2 5 . . 6 8 1 10 1 2 6 1 1 2 0 9 8 1 9 0 0 9 1 1 4 1 9 7 1 1 4 1 6 4 1 1 4 2 9 4 Domestic floor coverings +11 +14 -2 4.7 5.5 77 86 70 99 102 102 Rugs and carpets +11 +14 -1 4.8 5.6 80 84 72 106 99 107 Linoleum +13 +6 -9 3.6 4.5 64 65 57 64 60 70 Draperies, curtains, and upholstery +2 +4 +2 4.2 4.2 107 104 105 123 120 120 Lamps and shades +6 +6 + 1 4.6 5.0 84 75 120 114 119 China and glassware +5 +4 +2 8.0 8.3 92 85 130 125 128 Major household appliances +32 +32 +4 2.7 3.5 91 62 106 97 103 Housewares (including small appliances) +12 +11 +1 3.6 4.1 117 110 105 135 129 134 Gift shop +3 +3 +3 6.4 6.5 84 86 142 133 138 Radios, phonographs, television, records, etc. +6 +3 +2 3.6 3.9 81 103 76 105 104 103 Radios, phonographs, television +4 +2 +6 3.3 3.3 77 100 74 103 97 98 Records, sheet music, and instruments +9 +1 -t 4.7 5.6 84 100 77 102 99 103 Miscellaneous merchandise departments.. +4 +6 +4 3.1 3.1 89 81 86 110 111 106 Toys, games, sporting goods, cameras +9 +10 +4 5.1 5.4 74 61 68 121 118 116 Toys and games +3 +7 +5 5.1 58 47 56 116 109 110 Sporting goods and cameras +19 +15 +3 5.1 102 79 86 126 116 122 Luggage +3 +16 +6 4.7 78 71 76 123 115 116 Candy -3 +5 +5 0.7 0.7 138 99 142 92 140 BASEMENT STORE—total -2 +1 +1 2.2 2.1 107 101 110 116 116 115 Domestics and blankets +3 +1 +1 3.5 3.6 117 87 114 167 116 165 Women's and misses' ready-to-wear -5 -1 +1 1.6 1.6 109 102 115 111 114 110 0 0 +3 2.3 2.2 110 97 110 127 120 123 Intimate apparel 0 1.9 1.8 Hosiery -2 +1 XI 2.5 2 4 () () () () () () D C I G B n o r l i f U o r e a a l u s s t n n s s s ' d e t e w s a s e s ' n , r e w w d a s r k e e s i a a u r r r t i , s ts , c o an rs d e t s s p a o n rt d s w b e ra a s r sieres - + - - - - 1 4 8 3 4 1 4 + + + - - 1 2 4 3 6 -4 q j 2 2 1 1 1 1 . . . . . . 1 0 1 5 9 0 2 2 2 1 1 1 . . . . . . 1 0 0 3 0 0 1 1 1 1 9 2 1 1 3 3 8 5 1 1 1 1 1 9 2 8 4 1 5 2 9 0 2 1 1 1 1 1 0 1 2 1 5 7 7 0 1 3 1 1 1 1 2 0 1 3 7 1 5 9 0 9 1 1 1 9 9 3 2 2 5 6 7 8 4 1 1 1 1 3 8 1 1 0 1 2 5 7 7 Aprons, hous'edresses, uniforms +5 Men's and boys' wear +4 +1 2.5 2.5 114 106 114 125 125 122 Men's wear +2 +4 -4 2.7 2.8 107 96 105 127 121 127 M M e e n n ' ' s s f c u lo rn th is i h ng ings + -1 4 + + 4 3 +2 2 2 . . 9 5 2 2 . . 9 5 1 9 2 5 8 117 1 9 2 1 9 1 1 3 2 1 5 1 11 2 7 8 1 12 3 2 4 82 Boys' wear -6 +6 0 1.9 1.7 143 151 118 135 107 2 144 Homefurnishings +8 +8 3.1 3.3 100 93 121 111 121 +2 100 Shoes -3 +1 3.1 3.1 124 128 126 127 128 +10 110 NONMERGHANDISE—total +2 +2 110 108 +1 113 Barber and beauty shop -5 0 155 163 2 138 JThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1947-49 average of monthly sales and of end-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. 813. 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. JULY 1955 817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Gas Solid House- House- parel porta- ical sonal and and Total Rent and fuels fur- hold tion care care recrea- servelec- and nish- opera- tion ices tricity fuel oil ings tion 1929 73.3 65.6 117 4 60 3 1933 55.3 41.6 83 6 45 9 1941 62.9 52.2 88 4 55 6 1942 69.7 61.3 90.4 64.9 1943 74.0 68.3 90 3 67 8 1944 75.2 67.4 90.6 72.6 1945 76.9 68.9 90.9 76 3 1946 83.4 79.0 91 4 83 7 1947 95.5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 . 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106 1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1954—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 May 114.2 111.1 119.4 130.3 110.9 122.5 103.7 119.0 103.3 125.5 127.5 113.9 106.5 119.9 NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion ofnew 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 d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i c e n o p l r x t e d d - e s - l - l H e s 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 r n w h i e a g d a t e l - - l , r s ,C a p i u a l c h r l n c o a e ie t l d d m s s d - - p R u a b r u n c o e b t d d r s - - L w p u a b r u o n c o e m o t d d r s d - - p a P p u a 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 c n o t t t d a d 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 n t d d e - s - - - F h o d h t a b o u t u u o n h l u r r e r l n d e s a e d s e i r - - -e s N t r t m t m a u a r o l l i u r e l s n n a i c - — - c - l - . b b e m o b a T r a e t a n f c t o v r g l d c - s e - e o . d s n c M e e o l i l s u a - - s 1948.. 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1954 May 110.9 97.9 106.8 94.8 96.0 108.2 107.1 125.1 116.1 115.8 127.1 124.4 115.5 119.3 121 A 109.2 June 110.0 94.8 105.0 114.2 94.9 95.6 107.8 106.8 126.1 116.3 115.8 127.1 124.3 115.4 119.1 121.4 105.1 July 110.4 96.2 106.5 114.3 95.1 94.9 106.2 106.7 126.8 119.1 116.2 128.0 124.3 115.3 120.4 121.4 103.9 August 110.5 95.8 106.4 114.4 95.3 94.0 106.9 106.8 126.4 119.1 116.3 128.6 124.3 115.3 120.5 121.5 102.3 September 110.0 93.6 105.5 114.4 95.3 93.0 106.9 106.8 126.9 119.3 116.3 129.1 124.4 115.3 121.7 121.5 99.1 October 109.7 93.1 103.7 114.5 95.4 92.4 106.9 106.9 128.5 119.8 116.3 129.7 124.3 115.6 121.9 121.5 96.7 November 110.0 93.2 103.8 114.8 95.2 92.8 107.4 107.0 131.4 119.9 116.0 129.9 125.3 115.6 121.8 121.4 97.0 December. ...... 109.5 89.9 103.5 114.9 95.2 91.8 107.5 107.0 132.0 120.0 115.9 129.8 125.7 115.7 121.8 121.4 98.0 1955 January 110.1 92.5 103.8 115.2 95.2 91.9 108. 107.1 136.8 120.3 116.3 130.1 125.8 115.5 122.0 121 97.0 February 110.4 93.1 103.2 115.7 95.2 92.3 108. 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 92.2 108 106.8 138.0 121.4 116.8 131.9 126.1 115.1 121.9 121.6 95.6 April 110.5 94.2 102.5 115 r95.0 93.2 '107 107.1 138.3 -•122.4 117.4 132.9 126.3 115.1 122.3 121.6 94.0 May 109.9 91.3 102.1 115.5 95.0 93.2 107.2 106.8 138.0 123.2 117.7 132.5 126.6 115.1 123.2 121.6 91.3 ^Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 818 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 May Mar. Apr. May May Mar. Apr. May Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 104 4 104 4 120 9 118.7 Grains 91 2 92 2 91 0 92 4 Paper board 124.4 125.7 126.0 126.0 Livestock and poultry 93 0 79 9 84 0 78.4 Converted paper and paperboard.. 111.5 111.5 111.5 111.7 Plant and animal fibers 107 0 102 9 102 7 103.4 Building paper and board 127.9 129.7 129.7 129.7 Fluid milk . 84 1 90 5 r90 3 87 5 Eggs 69 0 82 2 77 9 71.5 Metals and Metal Products: 95 3 93.1 89 9 88.7 Other farm oroducts 181 2 143 0 142 3 138 3 Iron and steel .... 131 8 136.2 '•136.4 135.6 Nonferrous metals 123.6 134.3 138.3 137.8 Processed Foods: 130.0 131.6 131.6 131.4 Hardware 137 9 144 4 144.4 144.4 Cereal and bakery products 113.3 116.5 116.8 118.3 Plumbing equipment 118.2 123.0 123.3 123.3 Meats, poultry, and fish...'. 98 3 83 3 86 0 85 7 Heating equipment 113.9 113.6 113.6 113.5 Dairy products and ice cream . 101.7 107.2 106.9 104.0 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 116.5 117.9 '118.5 118.6 bles . 104 5 104 8 104 7 104.1 Fabricated nonstructural metal Sugar and confectionery 113 1 110 8 110 8 110 3 products .... 125.3 125.9 125.8 125.8 Packaged beverage materials 229.6 180.4 180.2 179.8 Other processed foods 101.3 100.8 100.9 101.2 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122.6 121.5 121.5 121.5 Cotton products 88.3 90.8 90.4 90.3 Construction machinery and equip- ^^ool products 109 5 106 1 106 0 106 1 ment 131.5 133.8 134.1 134.3 Synthetic textiles . 85.2 87.5 87.2 86.9 Metal working machinery 132.6 136.9 137.1 139.1 Silk products 131 6 121 1 122 8 123 2 General purpose machinery and Apparel 98 2 98 3 r98 0 98 0 128.2 130.4 131.0 131.1 Other textile products 78.8 76.6 •76.3 76.4 Miscellaneous machinery 125.2 126.8 126.8 126.9 Electrical machinery and equip- Hides, Skins, and Leather Products: 126.0 126.4 126.4 126.5 Motor vehicles 118 9 121.5 '•121.9 122.0 Hides and skins 62.5 50.7 56.9 53.4 Leather 87.6 82.1 83.6 85.0 Furniture and Other Household Dura- Footwear 111.9 111.5 111.5 111.4 bles: Other leather products .. 97.5 95.7 95 9 96.4 113.5 112.7 112.8 113.1 Fuel, Power, and Lighting Materials: Commercial furniture 126.2 128.6 128.6 128.6 Floor covering 122.6 124.4 125.0 125.1 Coal 104.6 105.1 '•102.3 100.5 109.9 107.2 107.3 106.6 Coke 132.4 132.4 133.4 133.4 Radio 95.7 94.7 94.7 94.7 Gas 109 0 116 6 r113 1 113 1 Television 73.8 68.8 68.8 69.0 Electricity 101.8 99.5 »-97 8 97.8 Other household durable goods.... 130.4 132.0 131.9 131.9 Petroleum and products 111.7 111.7 111.5 111.5 Nonmetallic Minerals—Structural: Chemicals and Allied Products: 124.7 123.9 124.9 124.9 Industrial chemicals 117.3 117.5 118.0 117.6 Concrete ingredients 120.0 124.1 124.8 124.7 Prepared paint 112 8 114 0 114 8 114 8 Concrete products 117.3 118.2 118.2 118.2 95 3 95 9 r96 2 97 0 Structural clay products 132.0 136.5 136.8 137.0 Drugs, Pharmaceuticals, cosmetics. 94.0 93.1 93.2 93.2 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 59 3 55 4 55 2 53.2 96.3 98.8 98.5 105.8 Mixed fertilizers 109.9 108.9 108 8 108.8 Other nonmetallic minerals 120.2 119.2 119.2 121.0 114.0 113.6 113.5 113.1 Other chemicals and products 108.1 107.6 107.6 107.6 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber .... .... 117 5 142 8 143 8 142.4 Cigars 103.5 103.7 103.7 103.7 Tires and tubes 129 3 142.3 142 3 142.3 Other tobacco products 120.7 121.4 121 A 121.4 Other rubber products 123 7 130 3 r130 3 130 4 Alcoholic bevera&es 114.3 114.7 114.7 114.7 Nonalcoholic beverages 147.9 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 115.0 121.8 '•122.9 123.9 JMfllwork 130.8 128.7 129.3 129.3 Toys, sporting goods, small arms.. 113.6 113.2 113.2 113.2 Plywood 101.4 104.8 104.8 105.6 109.1 83.0 80.1 75.0 Notions and accessories 93.5 92.3 92.3 92.9 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 102.3 103.1 103.0 103.0 121.3 120.6 121.0 120.8 Woodpulp 109.7 110.0 113.8 113.8 67.2 89.4 89.4 92.7 Paper 126.5 128.0 128.0 128.8 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 131-313. JOLT 1955 819 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally b a y d j q u u st a e r d te r a s nnualrates 1954 r 1955 r 1929 1933 1941 1949 1950 1951 1 W O fO ^ L O rr 1953 T 1954 r 1 2 3 4 1 Gross national product 104.4 56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.3 357.6 358.8 367.1 375.3 Less: Capital consumption allowances. . 8.6 7.2 9.0 18.4 20.5 23.5 25.5 27.8 30.0 29.2 29.6 30.4 30.9 31.2 Indirect business tax and related liabilities 7.0 7.1 11.3 21.6 23.7 25.6 28.1 30.2 30.3 29.9 30.4 30.0 30.7 31.1 Business transfer payments .6 .7 .5 .8 .8 1.0 1.2 1.2 1.2 1,2 1.2 1.2 1.2 1.2 Statistical discrepancy .3 .9 .4 .1 .2 1.3 .7 1.3 -.8 i -2.3 -1.5 .7 7 Plus: Subsidies less current surplus of government enterprises — .1 .0 .1 — .2 .2 .2 -.1 — .4 -.1 -.4 .3 .0 -.3 3 Equals: National income 87.8 40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 297.7 298.9 298.7 303.2 311.4 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 28.1 35.1 39.9 36.9 37.2 33.8 32.6 34.0 33.1 35.5 39.6 Contributions for social insurance. . .2 .3 2.8 5.7 6.9 8.2 8.6 8.7 9.6 9.7 9.6 9.6 9.6 10.5 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .1 .0 -.1 .0 .0 .0 .0 .0 .1 Plus: Government transfer payments. . . .9 1.5 2.6 11.6 14.3 11.6 12.0 12.8 15.0 14.3 15.1 15.0 15.7 15.9 Net interest paid by government. . 1.0 1.2 1.3 4.6 4.7 4.8 4.9 5.0 5.2 5.1 5.2 5.2 5.2 5.1 Dividends 5.8 2.1 4.5 7.5 9.2 9.1 9.0 9.3 10.0 9.7 9.8 10.0 10.6 10.2 Busness transfer payments .6 .7 .5 .8 .8 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 Equals: Personal income 85.8 47.2 96.3 206.8 227.1 255.3 271.1 286.2 287.6 285.8 286.6 287.3 290.8 293.6 Less: Personal tax and related payments. . 2.6 1.5 3.3 18.7 20.9 29.3 34.4 35.8 32.8 32.7 32.7 32.8 33.1 32.6 Federal 1.3 .5 2.0 16.2 18.2 26.3 31.2 32.4 29.1 29.1 29.1 29.1 29.3 28.8 1.4 1.0 1.3 2.5 2.7 3.0 3.2 3.4 3.7 3.6 3.6 3.7 3.8 3.8 State and local 83.1 45.7 93.0 188.2 206.1 226.1 236.7 250.4 254.8 253.1 253.9 254.5 257.8 261.0 Equals: Disposable personal income. 79.0 46.4 81.9 180.6 194.0 208.3 218.3 230.6 236.5 232.2 235.1 237.9 241.0 245.8 Less: Personal consumption expenditures 4.2 -.6 11.1 7.6 12.1 17.7 18.4 19.8 18.3 21.0 18.8 16.6 16.8 15.3 Equals: Personal saving NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1954 >* 1955 r 1929 1933 1941 1949 1950 1951 1952' 1953' 1954' National income 87.8 40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 297.7 298.9 298.7 303.2 311.4 Compensation of employees 51.1 29.5 64.8 140.9 154.3 180.4 195.3 209.2 207.9 206.7 207.2 207.8 209.8 213.1 Wages and salaries1 50.4 29.0 62.1 134.3 146.5 170.9 185.1 198.5 196.2 195.2 195.6 196.1 198.1 200.8 Private 45.5 23.9 51.9 113.9 124.3 142.1 152.2 164.7 162 A 161.7 162,0 162.1 163.8 166.5 Military .3 .3 1.9 4.2 5.0 8.7 10.5 10.3 9.5 9.7 9.5 9.4 9.3 9.1 Government civilian 4.6 4.9 8.3 16.2 17,2 20.1 22.5 23.5 24.4 23.9 24.1 24.5 25.0 25.3 Supplements to wages and salaries.. .7 .5 2.7 6.5 7.8 9.5 10.2 10.8 11.7 11.5 11.6 11.7 11.8 12.2 Proprietors' and rental income2... 20.2 7.6 20.9 42.0 44.6 49.9 49.9 48.4 48.4 49.0 48.2 48.3 48.2 48.8 Business and professional 8.8 3.2 10.9 21.4 22.9 24.8 25.7 25.9 25.9 25.3 25.9 26.0 26.3 26.6 Farm 6.0 2.4 6.5 12.7 13.3 16.0 14.3 12.3 12.0 13.2 11.9 11.7 11.2 11.5 Rental income of persons 5.4 2.0 3.5 7.9 8.5 9.1 9.9 10.3 10.5 10.4 10.5 10.6 10.7 10.7 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 28.1 35.1 39.9 36.9 37.2 33.8 32.6 34.0 33.1 35.5 39.6 Corporate profits before tax 9.6 .2 17.0 26.2 40.0 41.2 35.9 38.3 34.0 32.7 33.7 33.5 36.0 40.9 Corporate profits tax liability.... 1.4 .5 7.6 10.4 17.8 22.5 19.8 21.3 17.1 16.4 16.9 16.8 18.1 20.5 Corporate profits after tax 8.3 -.4 9.4 15.8 22.1 18.7 16.1 17.0 17.0 16.3 16.8 16.7 17.9 20.4 Inventory valuation adjustment.... .5 -2.1 -2.5 1.9 -4.9 -1.3 1.0 -1.1 -.2 -.2 .2 -.5 -.5 — 1.3 Net Interest 6.4 5.0 4.5 5.2 5.9 6.8 7.4 8.8 9.5 9.4 9.5 9.5 9.7 9.9 '•Revised. 1 Includes employee contributions to social insurance funds. 2Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 820 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 ' f lollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1954 r 1955 ' 1929 1933 1941 1949 1950 1951 1952 1953 1954' 1 2 3 4 Gross national product 104.4 56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.3 357.6 358.8 367.1 375.3 Personal consumption expenditures 79.0 46.4 81.9 180.6 194.0 208.3 218.3 230.6 236.5 232.2 235.1 237.9 241.0 245.8 Durable goods 9.2 3.5 9.7 23.6 28.6 27.1 26.6 29.8 29.3 28.3 29.0 29.4 30.4 34.4 Nondurable goods 37.7 22.3 43.2 96.9 100.4 111.1 116.0 118.9 120.9 119.2 120.4 121.5 122.5 122.4 Services 32.1 20.7 29.0 60.1 65,0 70 i 75.7 81.8 86.4 84.7 85.7 87.0 88.1 89.0 Gross private domestic investment 16.2 1.4 18.1 32.5 51.2 56.9 49.6 51.4 47.2 45.5 46.9 45.9 50.7 54.1 New construction* 8.7 1.4 6.6 17.5 2Z.7 23.3 23.7 25.8 27.8 25.9 27.3 28.5 29.4 31.2 Residential, nonfarm 3.6 .5 3.5 8,3 12 6 11.0 11.1 11.9 13.5 11.8 13.0 14.2 15.0 16.0 Other 5.1 1.0 3.1 9.2 10 1 12.4 12.6 13.8 14.3 14.1 14.3 14.3 14.4 15.1 Producers' durable equipment 5.9 1.6 6.9 17 8 21 1 23.2 23.1 24.4 22.3 22.9 22.4 22.2 21.9 21.5 Change in business inventories 1.7 -1.6 4.5 -2 7 7.4 10.4 2.8 1.2 -2.9 -3.2 -2.7 -4.9 -.6 1.5 Nonfarm only 1.8 -1.4 4.0 —1 9 6.4 9.0 2.1 1.9 -3.2 -3.4 -3.2 -5.4 -1.0 1.5 Net foreign investment .8 .2 1.1 -2.? .2 -.2 -2.0 -1.1 -.3 -.7 .9 -.4 Government purchases of goods and services 8.5 8.0 24.8 43.6 42.0 62 8 77.5 84 77.0 81.7 75.9 75.8 74.5 75.8 Feder O N L a e t a l h s t s i e : o r n G a o l v s e e r c n u m ri e ty nt sales2 1 1 . . . 3 0 3 2 2. . . 0 0 0 ( J 1 1 3 3 6 .2 . . 8 9 i 1 S 6 9 A . . . 6 4 3 2 1 3 2 8 . . . . 1 5 9 3 4 3 1 4 7 . . . . 0 2 3 4 5 4 4 5 8 . . . . 3 8 8 4 5 5 9 8 1 . . . 5 4 4 4 4 9 6 3 . . . . 2 3 2 4 5 4 4 8 6 . . . . 3 7 8 4 4 4 8 5 3 . . . . 6 4 6 4 4 4 7 6 2 . . . . 7 1 4 1 4 4 5 5 0 . . . . 7 5 5 3 4 4 6 5 1 . . . . 4 5 2 3 State and local 7.2 6.0 7. 18.2 19.9 21.8 23.2 25.0 27.8 27.0 27.3 28.1 28.7 29.4 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Year or month in s P c o e o n r m a - l e Total Wa d p m i g C u r n e o o s g o d d t m a r i u i i n n t e - c y d - s - sa D l i a u n i t r s r t d y i i t u e v ri s s e d b - i - sbu S i r n e s tr e r d i v m u e i s s c e - e nts m G er o e n n v - t - in O l c a o t b h m o e r r e* i p n r r c P e a i o n e r n o m t t d o - a e l r 4 s' i i n d n D s p a t e c o e i e n o n n v r r d m d a e i - - l s s e t m T p r e f a a e n y n r t - s s - 8 b p c i a s u e o n L o n f r t n s c e o s i c u o t i s o r e r a r s n n i 6 - l - s al i a n g N t c u r o o i r c m n a u l - e l- 7 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.2 1933 47.2 29.0 9 8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.4 1941 96 3 62.1 27.5 16.3 8.1 10 2 .7 20.9 • 10 3 3 1 8 88 0 1948 208.7 135.1 60.2 38.8 17.4 18.7 2.7 45.6 16.2 11.3 2.2 188.5 1949 206.8 134.4 56.9 39.0 18.0 20.5 3.0 42.0 17.2 12.4 2.2 190.8 1950 *. 227.1 146.5 63.5 41.3 19.5 22.1 44.6 19 8 15.1 2.9 210 5 1951 255.3 170.8 74.9 45.8 21 .3 4 8 49.9 ?0 7 n 6 3.4 235 7 1 1 9 9 5 5 2 3 r * 2 2 7 8 1 6 .2 1 1 1 8 9 5 8 .6 2 8 80 8 .2 6 4581..78 2 2 3 4 .8 0 3 3 2 3 .8 9 5 6 .0 3 4 4 9 8 .4 9 2 2 1 3 .1 3 1 1 4 3 . 0 2 3 3 .9 8 2 2 5 7 3 0 .2 1 1954 r 287.6 196.2 84.2 52.3 25.9 33.8 6.6 48.4 24.7 16.2 4.5 271.9 1954—May 286 7 195 7 84 5 52 1 25 5 33 6 6 5 48 0 24 5 16 5 4 5 271 0 Juner 286 7 195 8 84 2 52.1 25 8 33 7 6 6 48 2 24 6 16 0 4 5 272 1 July r 287.1 196.6 83.8 52.8 26.2 33.8 6.6 47.6 24.6 16.1 4.4 272.1 A Se u p g t u em str ber r 2 2 8 8 6 7 .9 7 1 19 9 5 5 .8 8 8 8 3 2 . . 1 8 5522..55 2 2 6 6 .3 3 3 33 4 .2 9 6 6 . . 6 6 4 4 8 9 .0 1 2 2 4 4 .7 7 1 1 6 6 .3 1 4 4 .5 6 2 2 7 7 1 2 .1 5 October r. . 288.4 196.8 83.4 52.7 26.5 34.2 6.7 47.5 24.9 17.0 4.5 273.8 November r 290 8 198 6 85 2 52 5 26 6 34 3 6 7 48 3 24 9 16 8 4 5 275 9 Decemberr 293.4 198.8 84.8 53.1 26.6 34.3 6.7 48.9 26.5 17.1 4.6 278.1 1955—January r 292 2 199 3 85 4 52 9 26 8 34 2 6.8 49 1 25 0 17 0 5 0 276 5 Februaryr 293.2 200.3 86.3 53.0 26.7 34.3 6.8 48.8 25.3 17.0 5.0 277.7 A M p a r r i c l h r r 2 2 9 9 5 8 .9 7 2 2 0 0 2 4 .6 6 8 8 7 8 .9 8 5 5 3 3 .6 6 2 2 7 7 .2 0 3 3 4 4 . . 2 9 6 6 . .9 8 4 4 8 9 .0 5 2 2 5 5 .9 5 1 1 7 7 . . 4 6 5 5. . 1 1 2 2 8 8 0 3 .7 9 Mayp 301.1 207.1 90.6 54.5 27.3 34.7 6.9 48.5 26.2 17.6 5.2 286.6 P Preliminary. r Revised. 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. 3Includes 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: a 1st •> noncorporate inventory valuation adjustment. 5Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustmeni 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 aie not included in personal income. 7Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce, JULY 1955 821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States. . 824-828 Gold production 828 Estimated foreign gold reserves and dollar holdings. . 829 Reported gold reserves of central banks and governments. 830 Net gold purchases and gold stock of the United States. 831 International Bank and Monetary Fund. 832 Central banks . 832-836 Money rates in foreign countries. 837 Commercial banks 838 Foreign exchange rates. . 839 Price movements in principal countries: Wholesale prices.. 840 Consumers' price indexes. . 841 Security prices 841 Index to Statistical Tables. . 847-848 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States 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. JULY 1955 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n ti a a - - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n o i 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 ad an a - A L m a e ti r n ica Asia o A th l e l r tutions2 and Officials of private 1951—Dec. 31. 1,641.1 7,661.1 3,547.6 289.4 405.6 300.5 521.3 642.6 846.6 3,005.9 1,307.1 1,455.2 1,595.5297.4 1952—Dec. 31. 1,584.9 8,961.2 4,654.2 342.6 551.1 308.9 641.8 817.9 1,093.3 3,755.5 1,420.7 1,612.9 1,836.5335.6 1953—Dec. 31. 1,629.4 10,019.0 5,666.9 428.5 898.8 465.7 674.2 708.9 1,557.5 4,733.6 1,295.5 1,768.4 1,895.5326.1 1954—May 31. 1,679.0 10,576.3 6,265.0 387.01,051.2 483.0 651.8 952.2 1,750.2 5,275.4 1,286.6 1,994.5 1,711.0308.7 June 30. 1,637.0 10,561.9 6,307.0 441.41,084.9 455.6 636.0 986 1 1,701.3 5,305.4 1,320.6 1,954.9 1,682.5298.5 Julv 31. 1,656.5 10,771.0 6,438.6 376.51,222.1 468.8 680.5 942.2 1,722.7 5,412.8 1,342.0 2,037.4 1,693.2285.6 Aug. 31. 1,751.0 10,686.6 6,287.3 418.9 1,225.1 510.7 680.8 851.9 1,676.7 5,364.0 1,380.4 1,918.7 1,748.2275.2 Sept. 30. t,801.9 10,730.6 6,319.2 474.21,247.6 528.4 668.5 837.9 1,673.3 5,430.0 1,384.1 1,889.6 1,764.1262.9 Oct. 31. 1,773.9 10,752.2 6,404.2 495.81,257.2 553.9 645.5 842.8 1,690.1 5,485.3 1,372.8 1,839.5 1,782.5272.1 Nov. 30. 1,792.8 10,781.8 6,379.3 502.11,287.2 563.0 623.7 829.7 1,673.7 5,479.2 1,377.8 1,848.1 1,811.8264.9 Dec. 31. 1,769.9 11,155.4 6,774.0 715.41,372.5 578.6 672.4 639.5 1,642.1 5,620.5 1,538.5 1,905.9 1,825.4265.1 1955—Jan. 31. 1,752.2 11,101.4 6,749.5 706.51,368.9 591.5 624.2 656.8 1,675.1 5,623.1 1,532.1 1,836.6 1,842.1267.4 Feb. 28 ],793.4 10,926.0 6,536.0 725.11,406.9 610.2 634.5 598.9 1,626.7 5,602.4 1,366.9 1,811.6 1,860.8284.3 Mar. 31 P 1,818.2 10,896.5 6,466.3 749.61,411.1 611.2 649.3 637.8 1,591.4 5,650.5 1,320.9 1,786.9 1,848.3289.8 Apr. 30P 1,820.7 11,068.1 6,606.8 670.71,404.5 639.3 657.6 681.0 1,661.5 5,714.7 1,320.9 1,886.3 1,848.3297.8 May 3\v 1,881.9 11,183.3 6,701.1 766.11,407.6 637.7 672.4 663.6 1,578.4 5,725.8 1,274.7 1,991.0 1,886.4305.4 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 e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - l P an o- d t P u o g r a - lm R a u n - ia Spain S d w en e- T k u ey r- U.S.S.R.Y sla 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 45.8 148.8 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—May 31 1,750 2 234 3 122 9 92 4 41.6 116.0 250.4 130.6 2.2 83.5 7.8 22.1120.4 7.9 2.2 6.2 509.6 June 30 1,701.3 238.5 111.6 92.7 42.4 114.0 272.3 131.2 2.2 86.3 7.9 26.2 123.1 7.4 3.1 5.9 436.5 July 31. 1,722 7 260 5 118 0 80 7 42.4 112.1 305.7 127.2 2.2 88.5 7.9 37.5 157.0 6.4 2.8 6.8 367.1 Aug. 31 1,676.7 275 6 99.3 79.5 41.0 104.5 252.9 129.1 1.7 83.8 7.9 46.0 173.6 6.2 3.0 6.4 366.1 Sept. 30 1,673.3 281.9 104.0 76.4 37.7 94.3 247.6 132.3 1.8 83.5 7.9 58.3 180.5 6.4 2.1 6.9 351.7 Oct. 31 L,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 I,673 7 272 4 103 2 69 2 39 8 110.2 241.4 115.8 2.2 88.9 8.0 70.9 159.0 8.1 5.2 9.0 370.3 Dec. 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—Jan. 31 L 675 1272 8 98 1 76 2 39 7 129 2 256 3 88 8 2 0 92.6 8.0 78 4130.5 9.5 1.8 9.4 381.9 Feb. 28 1,626.7 276.6 92.7 70.3 41.6 134.2 219.2 66.2 1.7 98.1 8.0 84.7 129.7 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 94.6 8.3 99.2 118.2 11.1 1.8 8.9 400.9 May 31 P 1,578.4 271.7 104.5 64.3 40.4 131.0 194.6 67.8 1.9 94.1 11.4100.6113.9 10.3 2.0 6.2 364.0 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 lo C b m i o a - - Cuba p m i D R c l u i i a o e b c n n - - - - G m u a a l t a e- M ic e o x- l W I S a a n e u n n d r e r d d - i s i e s - t s l a p P i R 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 27.8100.3 54.0 106.4 263.6 45.8 27.3 158.2 34.9 67.7 47.2 27.8 84.7 71.9 87.8 1952—Dec. 31. 1,612.9 138.8 24.5 72.5 79.3 118.2 301.2 44.2 34.3 231.2 44.3 80.8 60.9 25.6 94.1 145.5 117.4 1953—Dec. 31. 1,768.4 130.0 19.1101.7 78.8 150.2 340.8 39.3 37.9 183.2 51.5 89.9 68.0 26.8 109.6 222.4 119.2 1954—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 June 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 28.0167.4 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 27.3102.6 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 31.9139.1 72.8 147.7 269.0 59.9 34.1 265.4 46.3 77.4 79.2 23.0 98.5 183.0 121.7 Nov. 30. 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 30.8100.4 73.3 189.5 234.2 68.2 37.5 335.8 42.7 73 A 81.0 39.6 86.8 177.7 122.4 Feb. 28. 1,811.6 144.2 27.2 104.8 67.3 138.7 228.1 65.4 42.6 357.7 44.7 75.1 79.0 46.6 83.3 176.8 130.1 Mar. 31 P 1,786.9 151.7 26.3 95.1 73.4 97.6 232.3 63.1 44.5 363.3 44.8 82.4 82.1 42.6 85.4 176.2 126.1 Apr. 30P 1,886.3 155.9 26.5110.7 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 May 31 P 1,991.0 167 A 28.3129.3 94.8 90.7 254.0 67.3 51.1 371.7 45.2 73.3 81.8 48.4 67.5 287.1 133.2 ^Preliminary. For footnotes see following page. 824 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 lo.—Asia and All Other For- Ko- Egypt mosa rea, and Union Date Asia C a h n i d na H K o o n n g g Indian I e n s d i o a - Iran IsnielJapan p R u e b - - ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a g 13 ia e n i- A E n g g y l p o - - So o u f th Other Main- lic Congo tian Africa land of4 Sudan X 951 —Dec.31. 1,595.5 87.4 62.4 62.1 140.6 25.5 26.6 596 0 26.2 329.7 96. 7 142.2 297.4 38.5 54.5 110.7 7.0 86.8 1952 -Dec. 31. 1,836.5 76.4 70.9 64.6 61. 0 19.2 18.8808.0 54.4 315.1 181.0 167.1 335.6 47.2 118.6 59.7 23.6 86.5 1953 -Dec. 31. 1,895.5 73.6 68.0 99.0 39. 3 43 6 18.0 827 9 91.5 295.5 167.9 171.2 326.1 59.2 89.6 43.3 38.2 95.7 1954-May 31. 1,711.0 76.7 66.8 86.7 63. 8 39.4 27.4 616 9 104.7 303.1 139.3 186.3 308.7 49.6 74.1 51.3 34.2 99.5 June 30. [,682.5 75.8 65.1 91.3 59. 2 34 0 28.9 615 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 36.0 643 4 98.2 314.2 126.2 211.2 275.2 41.3 45.5 47.7 37.9 102.8 Sept. 30. 1,764.1 69.6 64.3 73.4 87. 3 26.1 33.1 668 5 94.9 308.5 125.0 213.3 262.9 35.4 44.2 45.1 38.5 99.7 Oct. 31. 1,782.5 71.1 64.7 77.7 95. 4 24 7 24.7 695 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 82.1 100.6 28.2 26.0 712.6 88.7 276.8 124.2 236.6 264.9 37.3 44.4 47.6 38.1 97.5 Dec. 31. 1,825.4 69.9 60.8 86.9 100.3 31 4 41.0 724.9 95.6 257.4 123.1 234.1 265.1 47.7 43.6 47.1 32.7 94.0 1955—Jan. 31. ,842.1 69 ? 60 8 95 0 109.3 44 s 38 Q707 3 98.9 264.9 131.6 221.9 267.4 44.4 45.9 48.6 31.4 97.1 Feb. 28 ,860.8 70.3 60.1 101.5 112.3 47 0 40.4 700 1100.2 263.2 133.1 232.6 284.3 58.6 42.7 52.0 36.2 94.8 Mar. 31* ,848.3 70.0 61.2 71.5 97. 7 40 1 45.0 715.5 99.9 253.6 132.0 261.9 289.8 56.8 44.3 53.6 33.4 101.8 Apr. 30P L.848.3 69.1 59.0 83.5 96. 1 47 0 44.5 711 8100.3 249.3 130.2 257.5 297.8 60.4 44.4 53.9 35.9 103.3 May 31P 1,886.4 70.4 61.0 93.4 99. 9 51 6 42.9 720 1107.7 249.3 128.8 261.1 305.4 70.2 42.9 48.3 33.8 110.2 Table Id.—Supplementary Areas and Countries 5 End of year End of year Area or country Area or country 1951 1952 1953 1954 1951 1952 1953 1954 Other Europe: Other Asia: Albania .1 .2 .2 .2 Afghanistan. . 10.6 4.0 2.7 n.a. Azores ,3 .3 .4 n.a. British dependencies 21.0 25.5 19.8 21.1 British dependencies .6 .4 .4 .6 Burma 9.5 16.9 23.0 29.7 Bulgaria .6 .6 .6 .6 Ceylon 19.2 13.9 17.1 n.a. Czechoslovakia 1.3 .6 .6 .7 Iraq 12.9 14.1 13.8 10.0 Eastern Germany n.a. n.a. n.a. 1.2 Jordan .5 .6 .9 .8 Estonia. 2.7 1.9 1.9 n.a. Lebanon 15.3 19.3 23.9 16.5 Hungary 1.0 1.0 1.0 1.0 Pakistan 13.1 14.4 9.7 3.8 Iceland . 3.5 3.7 7.5 8.9 Palestine .1 .1 .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 Lithuania .6 .6 .4 .5 Syria 5.4 11.4 20.5 Luxembourg 11.8 5.0 4.0 4.5 Viet-Nam n.a. n.a. n.a. 8.1 Monaco 3.2 2.6 3.0 5.3 Trieste 5.6 4.1 2.5 2.2 All other: British dependencies 1.2 1.6 1.6 1.4 Other Latin America: Ethiopia and Eritrea.... 6.9 3.5 9.1 n.a. British dependencies 14.6 14.6 18.0 19.0 French dependencies 36.5 27.0 22.3 16.8 Costa Rica 8.7 12.1 13.4 15.3 Italian Somaliland .1 1.1 .3 n.a. Ecuador 11.4 23.7 17.7 21.2 Liberia 6.1 10.3 11.8 5.6 French West Indies and French Libya .5 2.3 3.0 n.a. Guiana .8 2.2 .6 .4 New Zealand 5.2 3.5 2.1 2.3 Haiti 10.3 11.6 9.3 12.7 Portuguese dependencies . 4.3 6.3 5.0 n.a. Honduras 17.2 15.4 18.7 n.a. Spanish dependencies .2 .2 .2 .5 Nicaragua 8.3 13.4 16.0 10.3 Tangier 21.5 26.7 36.1 35.7 Paraguay 5.4 5.0 6.0 3.6 ^Preliminary. n.a. Not available. j 1 "Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial paper and of liabilities payable in foreign currencies are also included. 2 Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes Bank for International Settlements, reported under "Other Europe." 3 Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 4Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 5These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount in the "other" categories. NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in. the reporting forms and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order, and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545. JULY 1955 825 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES^ [Amounts outstanding, in millions of dollars] Date Total France R m e F G p a e e . n d r y o - . f , Italy S l w a e n r it - d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e i r n - Asia ot A h l e l r 1951—Dec. 31 968.4 10.1 28.3 10.3 11.2 35.0 88.5 183.4 92.0 489.3 161.8 41.9 1952—Dec. 31 1,048.7 31.9 26.8 17.8 7.1 30.3 98.2 212.2 62.3 662.0 89.8 22.4 1953—Dec. 31 904.5 10.6 30.5 18.8 17.9 70.5 87.S 235.9 56.4 472.7 114.8 24.9 1954—-Apr. 30 879.9 9.2 58.9 14.4 12.5 87.0 87.2 269.2 47.5 433.3 101.9 27.9 May 31 915.4 8.9 57.0 14.4 10.7 79.7 101.1 271.7 52.6 447.9 114.6 28.6 June 30 971.1 10.2 53.7 15.3 12.1 77.0 89.7 258.0 65.2 499.3 113.3 35.3 July 31 1,109.6 9.5 52 5 16 7 14 6 85.1 85.2 263.6 66.4 625.8 117.5 36 2 Aug. 31 1,108.6 7.5 51.9 13.4 16.1 94.4 87.4 270.7 65.6 613.9 125.7 32.8 Sept. 30 1,187.4 14.1 48.4 12.9 17.4 128.7 87.7 309.2 70.9 646.5 125.6 35.2 Oct. 31 1,290.6 7 1 47 3 15 8 16 4 126.2 107.5 320.4 68.0 740.3 128 1 33 9 Nov. 30 1,315.5 10.3 56 1 19.3 12.6 128.2 114.4 340.7 66.2 750.2 125.9 32.5 Dec. 31 1,384.2 14.2 67 8 19 7 16 2 173.5 108.6 400.1 75.6 728 1 143.3 37 0 1955—Jan. 31 . 1,378 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 1,366.2 12.0 78.5 21.9 21.9 115.9 142.6 392.8 105.3 670 6 160.0 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 A.pr. 30P 1,374.3 8.7 81.5 24.1 20.3 88.0 127.6 350.1 103.2 705.0 177.5 38.5 Table 2a.—Other Europe Date E O ur th o e p r e A tr u i s a - g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y n- Y sl u av g i o a - ot A h l e l r 1951—Dec. 31 88.5 (2) 39.6 4.8 3.1 .2 5.0 2.5 .8 18.8 5.4 .6 3.9 4.0 1952—Dec 31 98 2 8 16 2 2 1 5.6 .2 4.4 Q .5 11.2 2.5 38.8 8.6 5.4 1953—Dec. 31 87.5 .8 13.0 6.2 1.9 1.3 8.6 0 .6 24.3 2.7 15.7 4.8 6.8 1954—Apr. 30.. 87 2 .2 14.9 4.3 1.6 2.0 7.9 1 4 .6 10.6 2.2 29.8 5.2 6.6 May 31 101.1 .1 15.2 3.5 1.6 1.9 8.8 3 .6 5.7 1.9 49.2 5.1 6.1 June 30 . . 89 7 2 14 8 4 1 1 9 1 8 11.9 .6 3.5 2.4 35.9 5 3 6.2 July 31 85.2 .1 15.3 4.2 1.8 2.6 9.3 5 .7 2.1 2.7 32.7 5.7 6.5 Aug. 31 87.4 .2 14.7 3.5 1.4 2.6 9.4 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 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 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. 28 142 6 1 2 19 1 9 1 2 0 3 3 18 0 2 9 1.0 3.6 3.4 67.5 6 2 5 3 Mar. 31 P 140.0 .7 18.9 7.3 2.9 3.7 18.8 2.8 .7 2.7 4.1 68.4 4.4 4.6 Apr. 30P 127.6 .4 17.8 7.0 2.2 3.6 14.8 2.7 .8 3.9 3.0 62.1 4.3 5.0 Table 2b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i a i o e b c n n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e r i d d - e s i- t s 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 - O A L i m a t c h t a e i e n r r nam 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 3.0 11.8 9.5 10.5 41.7 14.S 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—Apr. 30.. 433.3 6.2 1.7 117.4 19.6 54.4 55.2 2.2 3.2 77.3 1.5 7.4 16.4 5.0 2.7 45.7 17.3 May 31.. 447.9 5.6 2.3 129.1 18.5 59.1 55.9 2.4 3.0 76.6 1.8 6.2 15.2 4.1 3.2 47.7 17.1 June 30.. 499.3 5.7 2.0 167.4 12.2 66.4 59.2 2.5 2.9 81.7 2.5 7.7 16.0 4.6 4.4 46.4 17.6 July 31.. 625.8 5.8 2.9 276.6 21.0 64.6 56.9 2.4 3.0 85.5 2.1 8.5 15.7 5.4 3.9 51.6 20.1 Aug. 31.. 613.9 5.8 1.7 269.6 14.9 64.0 59.7 j 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—Jan. 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. 28. . 670.6 5.8 2.2 249.3 11.9 89.5 47.6 3.8 3.8 111.0 1.9 14.6 14.7 7.2 6.5 76.3 24.5 Mar. 31P. 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 Apr. 30P. 705.0 5.5 3.1 226.8 13.2 99.9 69.2 4.4 4.4 124.9 1.4 17.9 16.1 6.4 6.6 80.1 25.0 ^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 422 million dollars on Apr. 30, 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 Statas, including U. S, citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 2Less than $50,000. 826 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 AH Other For- Egypt Date Asia M m C a h n o a i d s i n n a a - H K o o n n g g IndiaI n n e d s o ia - Iran IsraelJapan K S R o c r o e e - V a, ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s ia - 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 i c t o a h n Other land Sudan 1951—Dec. 31. . 161.8 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—Dec. 31. . 89.8 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 24.6 22.4 10,1 6.0 .5 2.0 3.8 1953—Dec. 31..114.8 8.1 3.1 3.7 .8 13.8 22.9 25.6 5.8 6.1 24.7 24.9 8.0 6.3 .5 2.4 7.8 1954—Apr. 30.. 101.9 8.1 3.2 3.9 .5 15.1 16.2 30.6 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.i 2.4 4.5 .6 16.9 9.3 30.0 .2 12.3 6.7 34.5 35.2 10.5 6.9 .5 5.3 12.1 Oct. 31.. 128.1 8.1 2.6 4.8 .6 17.7 8.2 33.3 .4 10.8 6.9 34.8 33.9 10.9 6.8 .5 5.2 10.4 Nov. 30.. 125.9 8.1 3.3 4.4 .8 16.7 9.4 29.9 .3 10.7 7.1 35.3 32.5 10.4 6.6 .4 5.8 9.4 Dec. 31. . 143.3 8.1 3.4 4.9 .7 15.8 10.7 50.0 .2 7.3 6.3 36.0 37.0 14.1 6.3 1.0 5.9 9.6 1955—jan# 3i# 152 3 8 1 3 4 3 6 9 18 2 10 8 48.1 4 9 6 13.5 35.9 39.8 13.4 6.2 1.1 7.5 11.7 Feb. 28. . 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 Apr. 3QP 177 5 8 1 4 7 4 7 4 18 8 8 3 56 7 3 12 6 15 3 47.7 38.5 10.5 5.5 1.3 6.4 14.9 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 8 [In millions of dollars] U. S. Government bonds U. S. corporate bonds and notes and stocks Foreign bonds Foreign stocke Year or month Net Net Net Net pur- pur- pur- pur- Pur- Sales chases Pur- Sales chases Pur- Sales chases Pur- Sales chases chases or sales chases or sales chases or sales chases or sales (-) (-) (-) (-) 1951 673.6 1,356.6 -683.0 859.8 761.0 98.7 500.4 801.0 -300.6 272.3 348.7 -76.4 1952 533.7 231.4 302.3 850.3 837.7 12.6 495.3 677.4 -182.1 293.9 329.6 -35.8 1953 646.0 728.0 -82.0 801.9 731.4 70.5 542.5 621.5 -79.0 310.1 303.4 6.8 1954 800.9 792.7 8.2 1,404.8 1,263.7 141.1 792.4 841.3 -48.8 393.3 644.9 -251.6 1954—April 65.2 30.0 35.2 112.1 96.5 15.6 49.7 75.4 —25.7 31 3 46 5 — 15 2 May 87.3 88.4 -1.2 110.8 96.4 14.4 37.3 34.3 3.0 29.5 56.1 -26.6 June 49 2 27.7 21 4 107.2 99 9 7.3 57 8 48 9 8 9 29 7 79 6 —49 9 July 33.4 24.3 9.1 133.2 100.5 32.7 57.3 49.0 8.3 34 8 39.6 —4 8 August...... 86.9 33.9 53.0 110.6 108.5 2.1 70.7 37.5 33.2 37.5 101.4 -63.9 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 1955—January 120.8 81.1 39.7 177.0 148.7 28.2 75.7 62.7 13.0 42.3 87.7 -45 4 February . 352.3 216.0 136.3 159.5 161.2 -1.7 130.9 70.3 60.7 43.3 70.3 -27.0 March P 84.8 90.4 -5.6 178 3 160 8 17.5 56.2 35.7 20.5 54 2 74 7 —20 5 April P 48.4 48.8 -.4 136.4 131.6 4.7 49.2 32.2 17.0 49.0 56.2 —7.2 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES. BY COUNTRIES [Net sales, (—). In millions of dollars] Ger- Y m e o a n r t o h r n t I a u i n n t t i i t s 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 e i d c a p n e u o r y f b a , - l Italy Sw la i n tz d er- U K d n i o 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 (2) 1.9 45.9 21 A —66.0 9.2 —595.5 13.9 4.8 — .7 1952 14.7 300.2 5.5 .2 .5 50.7 70.4 —15.9 111.4 191.6 4.7 —9.5 1.9 19S3 22.7 —34.3 —41.7 .2 — .5 57.1 71.3 —24 0 62.4 —120.6 24.9 (2) — .9 1954 77.7 71.6 17.0 — .1 — .6 73.4 69.8 -20.5 138.9 -187.2 113.2 3.5 3^2 1954—Apr.... .6 50.1 36.1 (2) .1 10.5 5.0 -2.0 49.7 -5.2 3.3 .8 1.4 May... 21.8 -8.6 2.2 (2) -.4 5.4 3.4 .2 10.8 -34.3 14.8 -.2 .4 June... .5 28.1 1.5 (2) .2 -.2 3.5 -.4 4.6 -8.7 31.2 .4 .7 July... -4.4 46.2 3.0 (2) (2) 24.8 5.7 -.6 32.8 -3.5 15.8 1.1 .1 Aug.... 41.2 13.8 .1 (2) .6 .5 6.5 -2.4 5.2 -1.7 10.5 -.3 .1 Sept.... 2.0 14.6 .2 — .1 .1 1.2 .7 5.3 7.3 -4.5 11.2 .5 .1 Oct.... 25.6 2.2 .9 (2) -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 (2) .2 10.2 6.8 -8.3 -19.1 -108.0 -6.9 1.4 .6 1955—Jan... . 2.0 66.0 2.4 (2) .5 20.1 17.9 3.8 44.7 -7.9 29.1 .3 -.2 Feb.... 1.6 133.0 .7 .1 -5.0 15.1 22.0 20.3 53.2 76.3 3.3 .2 (2) Mar.P. . .3 11.6 1.3 .1 -16.7 19.9 2 g -4.0 -2.3 -8.1 6.0 14.6 1.3 Apr.P. . .4 4.0 2.1 (2) -6.4 2.5 4.0 1.4 3.6 -5.5 4.4 1.2 .4 p Preliminary. *Not reported separately until Mar. 31, 1954. 2Less than $50,000. 3Includes transactions of international institutions. JULY 1955 827 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 i [Net sales, (—). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o ar n th or na in ti s o t n i- al f c o o re u i n g - n E T u o ro ta p l e C a a da n- A La m ti e n r- Asia o A th l e l r Date Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous3 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—June 30.. 545 2,900 87 July 31. . 533 3,033 85 1954—Apr... .7 -41.6 -10.5 -31.3 1.7 -2.5 .9 Aug. 31.. 477 2,989 82 May. . -4.7 -18.8 -18.6 -.9 3.9 -3.6 .4 Sept. 30. . 461 3,013 101 June.. -.7 -40.3 -9.9 -29.3 2.4 -3.9 .3 Oct. 31. . 426 3,050 99 July... -1.1 4.7 .2 -2.3 1.4 -2.6 8.0 Nov. 30.. 397 3,002 104 Aug.. . -6.0 -24.7 -.7 -28.2 1.8 -1.4 4.0 Dec. 31.. 490 2,908 105 Sept.. . -54.6 91.4 25.9 52.7 8.6 1.9 2.3 Oct.... -2.9 39.2 -4.1 38.6 7.7 -2.8 -.2 1955—Jan. 31. . 441 3,000 117 Nov.. . -1.9 -20.8 -11.7 -.8 -.3 -6.4 -1.6 Feb. 28.. 320 2,966 128 Dec. . . -2.6 -13.4 -3.4 4.7 -1.4 -3.3 -9.8 Mar. 31.. 351 3,062 131 Apr. 30. . 360 3,137 137 1955—Jan.... -2.6 -29.9 -22.7 -14.6 3.6 -5.3 9.2 May 31. . 402 3,264 141 Feb.... 10.9 22.8 -8.4 34.6 2.0 -3.7 -1.8 June 30. . 374 3,295 139 Mar.p. .3 -.2 -3.7 3.8 .1 -.9 .6 Apr.P . -2.4 12.3 7.6 6.8 .4 -2.4 0) 1955—June 1. . 398 3,270 140 June 8. . 402 3,309 139 June 15. . 401 3,324 138 ^Preliminary. June 22. . 418 3,339 137 !Less than $50,000. June 29. . 407 3,321 139 1 Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 831, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reportedmonthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month U o .S ut .S si . d R e .1 r m e T p o o o n t r t a h te l l d y A So fr u ic th a d R e h s o i - a A W fr e ic st a2 B C e o l n g g ia o n 2 U St n a i t t e e s d 3 C a a d n 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= 15Y21 grain- .of goldAo fine: i e., an 01mce of fitle 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 39 1 7 7 1954—April. . . . 66.0 37.0 1.6 2.2 1.1 4.9 12.5 .8 .9 .3 .7 3 2 7 May 68 9 38 3 6 2.3 1.0 5 0 13.4 1 3 1 0 5 7 3 3 6 June 70.0 38.3 7 2.3 1.0 6.1 13.2 1.2 1.2 .3 .7 3 3 7 July- 71 1 39 4 6 2.3 1 0 6 1 13.3 1 0 1 0 4 8 3 4 7 August ... 71.4 39.8 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 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 13.5 1.2 1.2 .4 .6 3.3 .6 December. 40.8 2.3 .9 5.8 13.5 8 .7 3.4 .6 j 955—January 40.7 1.4 2.2 1.5 5.0 1.2.8 1 6 .6 2.8 .5 February.. 38.8 1 6 2.2 1.2 4.8 12.3 1.1 6 2 7 5 March.... 42.3 2.2 1.2 5.4 13.0 1.2 .6 .6 April 41 7 2.2 1.3 5.0 12.9 7 .5 Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. 3Yearly figures through 1953 are estimates of United States Mint. Figures for 1954 and 1955 are estimates of American Bureau of Metal Statistics. 4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. 828 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. 31 Mar. 31 P Continental Western Europe: Belgium-Luxembourg (and Belgian Congo) . . .. 898 1 035 1,052 1,044 1,081 1,098 1,124 1,055 1 024 1 039 1 087 Denmark 76 101 93 102 113 127 133 124 107 102 100 Finland 53 55 52 60 57 64 71 73 69 72 69 France (and dependencies) * 896 967 883 926 1,003 1,049 1,060 1,092 1,124 1,358 1,417 Germany (Federal Republic of)... 434 691 770 893 1,053 1,225 1,381 1,503 1,822 1,999 2,125 Greece 49 57 67 82 89 112 123 125 105 124 141 Italy 633 655 651 660 714 812 841 802 874 925 957 Netherlands (and Netherlands West Indies and Surinam) 524 815 905 953 1,022 1,055 1,064 1,125 1,118 1,118 1 109 Norway 150 160 171 164 169 171 169 178 177 148 109 Portugal (and dependencies) 331 374 391 412 437 469 499 516 537 560 570 Spain (and dependencies) 128 130 130 134 138 150 136 142 174 188 209 Sweden 224 275 283 280 309 335 337 342 399 406 386 Switzerland 1 973 2,053 2,051 2,091 2,120 2,133 2,134 2,105 2,172 2,185 2 148 Turkey 165 151 153 152 157 157 153 151 150 152 154 Other2 580 849 922 954 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.... 99 113 113 109 111 108 105 105 104 103 103 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 575 515 527 579 587 531 548 532 477 423 418 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 Urusuav 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 2,147 2,223 2,278 Eastern Europe^ 309 307 307 306 314 306 308 309 308 309 310 All other: Egypt 285 234 227 229 218 217 224 226 219 221 228 Other 42 49 57 61 63 67 74 67 70 68 71 Total 327 283 284 290 281 284 298 293 289 289 299 Total foreign countries 19,226 20,473 21,254 21,729 22,582 23,055 23,673 24,027 24,469 24,995 25,052 International5 3,171 3,287 3,249 3,272 3,212 3,331 3,401 3,364 3,536 3,560 3,562 Grand total 22,397 23,760 24,503 25,001 25,794 26,386 27,074 27,391 28,005 28,555 28,614 P Preliminary. 1 Includes gold reserves of Bank of France and French dependencies only. 2Includes 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. 3 Includes latest available figure for Mexican gold reserves (February 28). 4 Excludes gold reserves of the U. S. S. R. 5Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private dollar holdings as shown in Tables 1 and la-Id of the preceding section, as well as certain longer term U. S. Government securities reported as purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245. JULY 1955 829 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 el m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- U.S.S.R.)i Treasury Total2 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec 36,280 23,187 23,252 706 21 317 896 42 214 31 23 1953—Dec 36,700 22,030 22,091 37l' 776 21 321 996 42 86 186 31 23 1954—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 1,050 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 1,065 42 186 31 23 Nov.. . 21,710 21,791 371 767 3 322 1,071 42 186 31 23 Dec 37,340 21,713 21,793 371 778 3 322 L,080 42 186 31 23 1955—jan 21,714 21,786 371 781 (3) 322 L,083 43 186 31 23 Feb 21,716 21,788 371 797 322 L.086 43 186 31 23 Mar.. . . P37,500 21,719 21,763 371 824 322 1,097 43 186 31 23 Apr 21,671 21,724 371 839 322 1,103 43 186 31 23 IVlay 21,674 21,727 848 322 1,111 43 186 31 23 Ger- E m n o d n t o h f Egypt France4 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - Pa ta k n is- Peru of 1949—Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 174 576 326 27 247 145 137 346 158 737 52 38 36 1954—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 1955—Jan 174 576 650 27 247 138 346 63 796 45 38 35 Feb..... 174 576 700 27 247 138 63 796 45 38 35 Mar 174 576 714 27 247 138 798 45 38 35 Apr. . . . 174 576 722 27 247 138 800 45 38 May.... 174 576 740 138 804 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 i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1949—Dec..... 178 17 128 85 70 1,504 118 154 51,688 178 373 :,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 5$,300 236 373 ,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 s>,335 221 373 ,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 5L,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 5>,518 227 373 ,702 193 1954—May.... 393 29 180 55 218 1,450 113 144 52,985 227 373 ,727 186 June 393 29 187 56 219 1,469 113 144 55.017 227 403 ,727 182 July.... 403 29 188 56 219 1,485 113 144 5*,013 227 403 ,733 186 Aug 410 29 193 56 219 1,490 113 144 5?,918 227 403 L,734 193 Sept 416 29 195 56 219 1,503 113 144 5>.9O1 227 403 ,734 195 Oct 422 29 199 56 224 1,513 113 144 5>,936 227 403 ,734 193 Nov.. . . 427 29 194 56 246 1,513 113 144 5>,925 227 403 ,736 193 Dec 429 29 199 56 265 1,513 113 144 52,762 227 403 1,740 196 1955—Jan 431 29 195 56 265 1,512 113 144 52,763 227 403 L.744 198 Feb 431 29 201 56 265 1,501 113 144 52,681 227 403 ,744 209 Mar 438 29 203 56 265 1,499 113 144 52,667 227 403 L.744 204 Apr 29 208 56 258 1,493 144 52,686 227 403 204 M!ay 29 *>2O7 56 263 1,473 144 52,686 403 207 P Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Less than $500,000. 4Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 5 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 830 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES (Negative figures indicate net sales by the United States) [In millions of dollars at $35 per fine troy ounce] q Y u e a a r r t e o r r Total K U in n g i d te o d m g B iu e m l- France R m F G e a p e e n . d r y - . o , f N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o h p er e1 Canada A t r i g n e a n- Cuba Mexico 1945.. —452 9 31.1 278.5 -47.9 —86.8 —7.4 36.8 —224.9 —85.0 —23.8 1946 721 3 — .2 14.2 -10.0 80.2 —29 9 27.3 337 9 153 2 —30 0 36 9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 a-159.9 3.4 -49.9 -10.0 -16.1 1950...... -1,725.2 -1,020.0 -55.0 -84.8' -79.8 -15.0 -22.9' -38.0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 — 15.0 —60.1 -10.0 -49!9' -20.0 -60.2 1952 393 7 440.0 —3.8 —10.0 —100.0 —5.0 22.5 —17.3 7.2 —20.0 87.7 1953 -1,164.3 -480.0 -84.9 -130.0 -65.0 -59.9 -20.0 -65.0 -111.8 -84.8 -28.1 1954 —326 6 —50 0 —225 6 -54.9 —15 0 -15 5 —17 4 80 3 1953 Jan.-Mar.. -599.1 -320.0 -36.5 -30.0 -25.0 -15.0 -10.0 -20.0 -45.0 -54.9 -28.1 A Ju p ly r. - - S J e u p n t e . . — -1 3 2 0 8 6 . 2 6 — -4 12 0 0 . . 0 0 -1 -3 2 . . 4 4 — -1 4 0 0 .0 .0 —46.6 - — 1 1 5 5 .0 .0 —16! 6 - — 2 1 5 5 .0 .0 — -8 42 .8 .8 - — 2 1 0 0 .0 .0 Oct.-Dec.. -130.3 -32.6 -50.0 -15.0 -5.0 -15.3 1954 —63.0 —40.0 —20.0 —2.4 Apr.-June. -19.6 —50.0 —15 6 -5.0 —1.1 80.3 July-Sept.. -171.8 -140.0 -20.0 -8.0 -2.5 Oct.-Dec. . -72.3 -30.0 -10.0 -is !6' -7.5 -11.3 • 1955 Jan.-Mar. -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 o er r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d y a s o - f p T e o ri t o a d P I i n n s g c to r o to e l c d a t k a s l e g p e o o x N ld r p t e o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n s s d e e e - d e- p D ti r c o t o i m o d g u n o e c l s d - - 1945 -37.9 -73.1 --2277..8 3- 188.3 3.7 1946 -4.9 —9.2 25.0 13.7 94.3 22.9 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1948 10.7 -108.0 13.4 -4.1 498.6 6.9 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1949 -14.4 -50.0 -7.5 -52.1 195. -1.6 1946 20,529 20,706 623.1 311.5 465.4 51.2 1950 -64.8 -17.2 -35.4 13. -47.2 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1951. 22.2 — .9 -17.2 «-50.1 52. -84.0 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 1952 14.9 -25.1 -7.0 11. -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 -30.0 17.2 -10.4 -.4 1951 22,695 22,873 52.7 —549.0 617.6 66.3 1952 23,187 23,252 379.8 684.3 -304.8 67.4 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 Apr .-June... -5.0 -1.2 1954—June.. 21,927 22,027 -11.6 3.3 -16.9 6.1 July-Sept... -1.4 July.. 21,908 21,960 -66.5 1.5 -72.7 6.1 Oct.-Dec -2 -9.9 Aug... 21,809 21,897 -63.6 1.7 -65.4 5.8 Sept... 21,810 21,863 -33.6 1.1 -34.6 5.1 1954 Oct.... 21,759 21,827 -36.7 1.6 -34.6 5.6 Nov... 21,710 21,791 -35.9 1.5 -36.7 5.6 Jan.-Mar.... -5.0 13.2 -8.9 Dec. . 21,713 21,793 2.6 .7 1.8 5.8 Apr.-June... -30.0 2.0 -.1 July-Sept.. . —1.2 1955—Jan. . 21,714 21,786 -7.3 2.2 -9.7 5.0 Oct.-Dec... 1.9 — .1 Feb... 21,716 21,788 1.6 3.2 -.8 4.8 Mar... 21,719 21,763 -24.7 2.7 -27.7 5.4 1955 Apr... 21,671 21,724 -39.4 2.5 -41.8 5.0 May. . 21,674 21,727 2.9 4.5 -1.0 5.3 Jan-Mar.. 3.4 -2.7 June. . P21.677P21.730 P3.0 4-.9 1 Includes Bank for International Settlements. ^Preliminary. 2 Includes sale of 114.3 million dollars of gold to Italy. xSee 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 sales 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 6,890.9 million dollars on June 30, 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. JULY 1955 831 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 ,010 1,049 1,034 990 Currencies:1 Effective loans2 1,694 ,738 1,620 1,663 1,562 United States 1,567 1,574 1,472 1,408 1,386 Other assets3 35 37 33 31 33 Other ... 4,734 4,738 4,746 4,824 4,847 IBRD bonds outstanding 838 849 850 777 742 Unpaid member subscriptions... 798 798 892 889 796 Undisbursed loans 386 420 336 380 357 Member subscriptions 88,853 8,853 8,853 8,849 8,739 Other liabilities 11 11 9 10 7 Accumulated net income -10 -9 -9 -8 -8 Reserves 174 165 154 146 137 Capitals 1,806 ,806 1,831 1,830 1,808 Cumulative net drawings Sub- on the Fund1© Loans as of May 31, 1955 scrip- Country9 Quota p ti a o i n d 1955 1954 Country4 Outstanding in gold Prin- Dis- Undis- Re- Apr. Mar. Feb. Apr. cipal bursed bursed paid Sold Total to others1 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 258.5 197.0 61.5 197.0 11.2 Germany 330 33.0 -49.5 —49.5 -49.5 -4 A Belgium 106.0 88.5 17.5 2.5 86.0 17.4 India 400 27.5 27.6 27.6 53.3 63.8 Brazil 194.1 140.4 53.7 3.1 137.3 4.0 Indonesia 110 15.5 15.0 15.0 15.0 Chile . 37.3 18.3 19.0 3.9 14.3 .5 Japan 250 62.5 62.4 62.4 62.4 62.4 Colombia 78.8 46.0 32.8 6.2 39.8 Mexico 90 22.5 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 Finland 50.1 34.6 15.5 5.2 29.4 2.3 United States. 2,750 687.5 -418.5 -419.0 -450.7 -623.9 France 257.5 252.2 5.3 8.3 243.9 21.6 India 126.0 58.4 67.6 15.1 43.3 5.7 Japan 40.2 23.9 16.3 23.9 6.1 1 Currencies include demand obligations held in lieu of deposits. Mexico 141.3 85.6 .55.8 *3.8 81.7 2.6 2 Represents total principal of authorized loans, less loans not yet Netherlands 221.5 221.5 132.6 88.8 10.0 effective, repayments, the net amount outstanding on loans sold or Norway 50.0 30.0 20.0 30.0 2.0 agreed to be sold to others, and exchange adjustment. Pakistan 44.5 29.3 15.2 2.3 26.9 2.1 3 Excludes uncalled portions of capital subscriptions. Peru 31.0 4.6 26.4 .4 4.2 2.1 4Loans to dependencies are included with member. Thailand 25.4 23.8 1.6 .7 23.1 ^Includes also effective loans agreed to be sold but not yet disbursed. Turkey 61.0 34.0 27.0 .3 33.8 ©Includes 129 million dollars in loans not yet effective. Union of S. Africa. 110.0 107.2 2.8 1.9 105.3 13.0 7Includes 93 million dollars not guaranteed by the Bank. United Kingdom... 66.0 40.9 25.1 40.9 6.5 8Includes 125 million dollar subscription of withdrawing member Uruguay 33.0 31.2 1.8 30.3 .5 (Czechoslovakia). Yugoslavia 60.7 54.2 6.5 3.1 51.2 9Includes countries having cumulative net drawings of 10 million Other 131.4 74.4 57.0 9.3 65.1 2.5 dollars (+ or —) on the latest date. 10 Represents for each country purchases of other currencies from Total 62,164.3 1,635.9 528.3201.3 1,434.7 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 i a i t e l n a i r - d l 1948—Dec. 29 I 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 , i 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 > iI 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1 1 1 9 9 9 5 5 5 3 1 2 — — — D D D e e e c c c . . . 3 2 3 0 6 1 # m i i I I I 1 1 1 , , , 6 4 5 7 5 7 5 0 5 . . . 0 0 0 5 5 1 7 1 4 . . . 8 3 1 1 1 4 8 1 . . . 9 2 2 3 3 3 8 3 7 9 1 8 . . . 2 2 1 1 1 1 , , , 5 4 6 2 3 1 5 7 9 . . . 5 9 9 2 3 29 9 0 0 9 2 . . . 2 8 8 1 1 1 0 4 3 . . . 0 4 9 2 7 4 . . . 2 3 6 8 7 7 9 8 0 . . . 8 5 4 1 1 18 8 8 . . . 2 1 1 1954—June 30 1,675.0 30.2 11.7 374.6 1,647.4 307.7 10.6 8.7 71.3 18.2 July 28 1,750.0 36.8 8.2 338.7 1,715.8 269.1 14.8 10.2 71.3 18.3 Aug. 25 1,700.0 48.7 7.0 310.1 1,654.0 267.2 14.6 1.7 63.8 18.4 Sept. 29 1,675.0 42.3 6.5 337.6 1,635.4 276.1 16.4 6.3 69.0 18.5 Oct. 27 1,675.0 41.7 2.1 351.1 1,635.9 295.6 9.8 6.3 65.4 17.8 Nov. 24 1,675.0 25.9 4.5 374.9 1,651.9 293.7 11.7 9.6 72.3 17.9 Dec. 29 1,775.0 26.0 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955—Jan. 26 ^ iI 21,725.0 62.8 16.4 298.0 1,664.9 251.9 16.3 4.7 85.9 18.3 Feb. 23 I 1,725.0 68.8 52.4 248.1 1,658.9 271.1 11.3 4.7 63.7 18.4 Mar. 30 I 1,725.0 31.5 16.1 328.8 1,696.3 275.7 11.7 4.1 66.4 18.5 Apr. 27... _ iI 21,750.0 21.3 18.0 319.2 1,731.5 253.9 18.6 4.6 63.6 17.8 May 25 _ /I 21,775.0 25.6 11.8 307.2 1,752.2 240.5 13.7 6.9 65.6 18.0 xOn 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 and May 4. 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. 832 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 Sterling securities Other (F C ig a u n re a s d i i a n n m d i o ll l i l o ar n s s ) of Gold* and S t U at n e i s ted a O s t s h e e ts r circ N u o la t t e ion liab a i n li d ties 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 ,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,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 1,211 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 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—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 ,651.2 502.3 109.9 1,572.1 543.9 50.5 30.9 119.5 Aug. 31. 56.9 ,669.9 502.4 77.2 1,573.0 531.0 49.6 31.5 121.3 Sept. 30. 57.9 ,660.8 545.6 73.3 1,585.3 521.4 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, 1,587.1 528.8 141.1 36.0 131.5 Dec. 31. 54.2 ,361.5 871.1 114. 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. 1,541.7 503.8 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 May 31. 52.3 1,357.6 817.5 87.1 1,597.7 516.9 50.6 35.6 113.7 Assets Liabilities Bank of France Advances to mill ( io F n ig s u o re f s f r i a n ncs) Golds F c o h e r a e x n i - g g e n m O a p rk en et Dom S e p s e t c i i c a l bills Other Cu G rr o e v n e t rnm O en th t er O as t s h e e t r s ci N r ti c o o u t n l e a- G m ov e e n r t n- De E p G os A its Other c l O a i i a a t p t n i b h e i d i t e s l a r - l 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042 937,459172,000 479,982 159,727 2,123,514 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—June 24. 201,282 34,133 217,399 18,317 946,002195,000 656,749 185,,682 2,270,081 84 202 119,155 65,043 July 29. 201,282 37,884 264,197 12,206 1,018,726195,000 652,449 196,,282 2,386,357 70 348 132,203 59,047 Aug. 26. 201,282 41,059 265,330 5,129 980,146195,000 648,049 191,874 2,333,133 100 83 128,178 66,377 Sept. 30. 201,282 45,117 262,922 15,058 1,030,309195,000 634,749 224,089 2,443,797 6 90 105,192 59,441 Oct. 28. 201,282 48,971 264,861 32,697 1,027,934 195,000 626,249 218,288 2,428,122 93 98 119,406 67,563 Nov. 25. 201,282 51,939 224,487 44,593 1,013,121195,000 619,549 218,584 ,386,103 65 3,304 106,920 72,162 Dec. 30. 201,282 57,291 236,765 48,925 1,130,183195,000 617,649 277,2152,538,455 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 ,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 May 26. 201,282 153,030 210,448 26,545 1,028,496 190,000 584,949 3334:,,"3-8-9 2,523,444 20 11,120 129,730 64,823 *On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 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. 3inciudes advance to Stabilization Fund, amounting to 198.0 billion francs on May 26. NOTE.—For details relating to individual items, see BULLETIN for April 1955, p. 443. For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. JULY 1955 833 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) May Apr. Mar. May date of month) May Apr. Mar. May Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—-Cont. Gold reported separately 1,623 1,623 1,623 Loans and discounts 595,271596,232 644,,520 350,917 Other gold and foreign exchange. 1,133 1,195 1,798 Government loans and securities. 473,269 456,051 3;33,685 258,966 Government securities 4,067 4,265 3,808 Other assets 125,711 135,185 !148,620 126,349 Rediscounts and loans to banks.. 74,129 72,770 62,000 Note circulation 613,053 617,254 624,736 634,734 Other assets 381 440 247 Deposits 657,950 666,333602,952 438,008 Currency circulation 31,302 31,489 26,003 Other liabilities and capital . 190,705 176,320 172,350 111,943 Deposits—Nationalized 44,394 43,340 38,626Central Bank of Costa Rica Other sight obligations 635 543 553 (thousands of colones): Other liabilities and capital 5,004 4,921 4,295 Gold 11,503 503 11,503 11,503 Commonwealth Bank of Aus- Foreign exchange. 134,741 010118,046 91,719 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,032 032 7,032 7,032 Gold and foreign exchange 374,565378,687 394,539 539,847 Loans and discounts 66,981 418 78,215 103,086 Checks and bills of other banks.. 6,687 8,684 7,990 9,061 Securities 4,828 828 6,328 500 Securities (incl. Government and Other assets 27,247 778 25,864 25,154 Treasury bills) 455,273454,166 442,554. 403,738 Note circulation 153,662 943 159,300 138,299 Other assets 86,090 91,810 100,164 70,438 Demand deposits 65,598 148 55,859 70,706 Note circulation 362,577367,327 360,077 344,113 Other liabilities and capital 33,072 478 31,829 29,989 Deposits of Trading Banks: National Bank of Cuba Special 295,644 295,670 295,670 353,920 (thousands of pesos): Other 24,938 37,202 48,750 Gold 185,875 185,875185,875 185,748 Other liabilities and capital 239,456 243,634 252,298 276,301 Foreign exchange (net) 113,912 112,226105,000 36,039 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 208,720 208,348196,603 296,181 Gold 556 556 556 186 Silver Foreign exchange (net) 7,955 8,116 8,352 8,556 Net claim on Int'l. Fund2 12,512 12,512 12,512 Loans and discounts 5,263 5,208 5,170 5,436 Loans and discounts 59,842 67,022 41,288 Claim against Government 1,811 1,762 1,774 1,780 Credits to Government 56,476 71,892 40,075 Other assets 375 377 378 36 Other assets 84,510 78,158 75,640 Note circulation 12,226 12,145 12,062 10,633 Note circulation 430,188 434,448 431,279 427,304 Deposits—Banks 1,537 1,690 1,860 2,861 Deposits 270,665280 458 265,,894 242,954 Other 538 501 613 729 Other liabilities and capital 20,996 20 478 19,890 17,225 Blocked 1,660 1,683 1,695 1,770National Bank of Czechoslovakia3 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold 42,390 41,938 41,203 38,972 Gold 68 68 68 69 Foreign claims and balances (net). 11,666 12,180 12,535 11,702 Foreign exchange 661 705 693 995 Loans and discounts 7,395 5,890 7,920 6,622 Loans and discounts 208 241 239 125 Consolidated Government debt.. 34,660 34,660 34,660 34,660 Securities 475 473 474 503 Government securities 6,657 8,823 7,994 7,286 Govt. compensation account 3,144 3,144 3,144 3,232 Other assets 4,873 5,004 4,935 4,575 Other assets 831 588 480 170 Note circulation 103,096103,811104,039 98,188 Note circulation 1,973 1,986 1,973 1,954 Deposits—Demand 1,378 1,600 2,176 1,272 Deposits—Government 1,314 1,300 1,298 1,253 ECA .... 76 96 96 113 Other 1,856 1,732 1,630 1,660 Other liabilities and capital 3,092 2,988 2,937 4,245 Other liabilities and capital 243 202 198 227 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 1,515 Gold 12,076 12,076 12,076 12,076 Foreign exchange (net) 1,469 113,250 Foreign exchange (net) 12,762 11,815 12,818 25,087 Loans and discounts 26,076 7,292 Net claim on Int'l. Fund* 1,250 1,250 1,250 1,250 Government securities 2,505 2,505 Loans and discounts 3,975 3,999 3,957 2,106 Other assets 802 248 Government securities 8,890 8,890 8,890 9,420 Note circulation 21,120 14,492 Other assets 14,597 14,574 14,448 6,988 Deposits 7,096 3,840 Note circulation 41,172 41,391 41,002 35,749 Other liabilities and capital 3,769 6,477 Demand deposits 9,803 8,706 10,004 19,106 Central Bank of Ceylon (thousands Other liabilities and capital 2,575 2,508 2,434 2,072 of rupees): Central Bank of Ecuador Foreign exchange 587,555580,525565,657 416,911 (thousands of sucres): Advances to Government Gold 343,334343. 343,229 342,455 Government securities 23,050 22,918 18,043 61,311 Foreign exchange (net) 44,751 94, 82,894 94,397 Other assets 4,945 8,634 4,501 4,311 Net claim on Int'l. Fund2 18,757 18, 18,757 18,757 Currency in circulation 379,421385,261379,679 354,968 Credits—Government 395,438 364,358 403,125 375,033 Deposits—Government 82,338 75,034 61,279 6,261 Other. 219,924 193207,689 178,910 Banks 101,834100,833 97,525 75,403 Other assets 256,707 315 211,565 197,513 Other liabilities and capital 51,956 50,949 49,719 45,901 Note circulation 647,984 634,668628,647 608,692 Central Bank of Chile (millions Demand deposits—Private banks. 218,847219,845205,597 188,239 of pesos): Other 159,575168,358201,286 158,433 Gold 5,750 5,747 5,746 5,664 Other liabilities and capital 252,506242 467231,729 251,702 Foreign exchange (net) 1,708 504 1,694 855 National Bank of Egypt (thou- Discounts for member banks.... 3,716 4,238 4,047 2,634 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 13,462 13,444 11,724 8,713 Foreign assets4 177,741180,795179,292 22,708 Other assets 5,007 3,784 3,665 3,563 Egyptian Govt. securities 71,555 74,499 105,155 250,060 Note circulation 33,365 32,239 30,550 '21,102 Clearing and other accounts (net) -12,177-11,323 -8,375 Deposits—Bank 5,520 4,272 3,568 4,731 Loans and discounts 18,215 20,661 22,242! "i3,596 Other 1,570 2,246 2,322 817 Advances to Government Other liabilities and capital. i . .. 5,073 4,846 6,320 Other assets * 2,210 2,389 1,641 2,365 Bank of the Republic of Colombia Note circulation 173,903 172,920 173,133 171,482 (thousands of pesos): Deposits—Government 46,387 58,360 94,358 59,053 Gold and foreign exchange 243,077248,058248,834 424,075 Other 78,576 78,521 75,028 110,118 Net claim on Int'l. Fund2 24,380 24,380 24,380 24,377 Other liabilities and capital 19,229 17,773 17,990 8,628 *Latest month available. rRevised. 1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2 This 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. 834 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) May Apr. Mar, May date of month) May Apr. Mar. May Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Note circulation 8,075 7,614 7,428 5,736 Gold 71,431 71,507 71,568 72,295 Deposits— ECA 495 495 495 495 Foreign exchange (net)......... 68,398 64,511 65,839 71,502 Other 2,272 2,211 2,184 1,258 Net claim on Int'l. Fund1 1,567 1,569 1,569 1,568 Other liabilities and capital 822 809 813 609 Loans and discounts 35,443 34,158 30,462 13,349 Central Bank of Ireland (thousands Government debt and securities.. 13,205 15,297 15,939 13,649 of pounds): Other assets 7,179 7,075 6,686 5,924 Gold 2,646 2,646 2,646 2,646 Note circulation 93,927 98,095 99,861 95,623 Sterling funds 69,032 69,952 71,339 64,685 Deposits 94,111 87,003 83,319 74,032 Note circulation 71,678 72,598 73,985 67,331 Other liabilities and capital 9,187 9,019 8,882 8,631 Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 4 4 kaa): Foreign exchange 69 66 69 69 Gold 6,882 6,891 6,909 5,862 Advances to Treasury 567 567 567 567 Foreign assets (net) 27,820 29,771 30,260 13,289 Loans and discounts 367 393 378 328 Clearings (net) 4,526 3,653 4,734 9,678 Government securities 362 350 362 290 Loans and discounts 41,117 39,100 35,787 38,031 Other assets 805 765 802 726 Securities 2,102 2,096 2,157 2,220 Note circulation 1,420 1,422 1,434 1,348 Other assets 1,983 1,984 2,010 2,061 Deposits—Government 50 50 48 21 Note circulation , 51,344 49,713 48,746 47,169 Demand 64 61 61 59 Deposits.. 16,807 18,782 20,209 9,23' Other 503 483 502 438 Other liabilities and capital 16,279 15,000 12,902 14,734 Other liabilities and capital 135 129 137 120 Bank of German States2 Bank of Japan (millions of yen): (millions of German marks): Bullion 448 448 448 Gold 3,033 2,998 1,707 Advances to Government 1,250 2,050 1,400 Foreign exchange 8,606 8,610 7,961 Loans and discounts 224,165 272,450 412,471 Loans and discounts 1,581 2,192 1,907 Government securities. 408,378 798 482,238 228,997 Loans to Government 4,524 4,385 4,902 Other assets 104,270 110920117,161 95,696 Other assets. 897 955 881 Note circulation 522,202 534530,703 522,604 Note circulation 12,642 12,477 11,498 Deposits—Government 63,411 018180,816 65,664 Deposits—Government 1,072 1,225 1,139 Other.. 69,837 142 71,355 69,951 Banks 2,890 3,094 2,686 Other liabilities 83,062 641 91,474 80,792 Other 277 537 272 Bank of Mexico (millions of pesos) : Other liabilities and capital.... 1,760 1,807 1,762 Monetary reserve5 1,513 1,524 1,539 1,277 Bank of Greece 3 (millions of drach- "Authorized" holdings of secumae): rities, etc 4,178 4,129 3,763 3,285 Gold and foreign exchange (net). 5,341 5,363 5,295 5,252 Bills and discounts 565 620 779 922 Loans and discounts 119 130 180 130 Other assets 502 526 785 1,067 Advances—Government 8,470 8,745 8,577 8,416 Note circulation 4,160 4,167 4,153 3,608 Other. ..: 4,688 4,568 4,435 3,924 Demand liabilities 1,893 1,928 2,002 1,500 Other assets 1,436 1,363 1,317 1,! Other liabilities and capital . 706 703 710 1,444 Note circulation 3,866 4,04. 3,773 3,266Netherlands Bank (millions of Deposits—Government 1,022 1,107 1,154 1,371 guilders): Reconstruction and Gold... 3,046 3,030 3,023 2,924 relief accts 7,296 7,296 7,054 6,697 Silver (including subsidiary coin). 22 19 16 15 Other 3,592 3,580 3,745 2,826 Foreign assets (net) 1,477 1,481 1,489 1,539 Other liabilities and capital.... 4,277 4,140 4,077 5,445 Loans and discounts 65 45 28 30 Bank of Guatemala (thousands of Govt. debt and securities 801 800 800 875 quetzales): Other assets 432 437 443 426 Gold 27,227 27,227 27,228 Note circulation—Old 28 28 28 29 Foreign exchange (net) 22,596 17,306 18,716 New 3,720 3,552 3,527 3,367 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Deposits—Government 647 735 583 751 Rediscounts and advances 8,632 10,317 14,367 ECA 612 610 653 797 Other assets 34,825 36,395 29,424 Other 605 644 766 651 Circulation—Notes 49,212 49,773 51,684 Other liabilities and capital 230 244 243 213 Coin 3,739 3,772 3,687Reserve Bank of New Zealand Deposits—Government 9,838 9,279 1,897 (thousands of pounds): Banks 16,521 13,920 16,480 Gold 6,161 6,161 6,161 6,169 Other liabilities and capital 15,220 15,752 17,238 Foreign exchange reserve 47,919 44,614 45,128 89,983 National Bank of Hungary4 Loans and discounts 31,257 32,355 31,358 13,937 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings 16,548 45,531 50,536 40,986 Issue department: Investments 33,265 33,262 33,479 23,924 Gold at home and abroad 400 400 400 Other assets 1,439 1,568 1.755 1,283 Foreign securities 6,620 6,468 6,882 Note circulation 69,944 70,693 69,865 68,143 Indian Govt. securities 5,338 5,039 4,21 Demand deposits 56,757 83,124 88,963 98,139 Rupee coin 1,062 1,022 968 Other liabilities and capital 9,1 9,674 9,588 10,001 Note circulation 13,108 12,771 12,029 Bank of Norway (millions of kroner): Banking department: Gold 203 203 203 218 Notes of issue department. . . . 312 159 433 Foreign assets (net) -181 -251 -398 99 Balances abroad 532 831 630 Clearing accounts (net) -33 -42 -51 -37 Bills discounted 120 104 90 Loans and discounts 102 68 61 70 Loans to Government 9 9 Securities 83 72 82 30 Other assets 1,026 1,337 Occupation account (net) 5,546 5,546 5,546 5,546 Deposits 1,57." 2,116 Other assets 73 63 58 60 Other liabilities and capital. . . 424 38: Note circulation 3,070 3,099 3,130 2,939 Bank Indonesia (millions of rupiahs) Deposits—Government 1,367 1,216 952 1,857 Gold and foreign exchange (net).. 1,36 1,399 1,406 619 Banks 449 454 628 542 Loans and discounts 298 337 314 616 FOA—MSA 551 520 165 163 Advances to Government 9,689 9,085 6,628 Other liabilities and capital 354 371 625 486 Other assets 312 308 314 235 !This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2 Combined figures for the Bank of German States and the nine Land Central Banks. 3On May 1, 1954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar. 4For 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. JULY 1955 835 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) date of month) May Apr. Mar. May May Apr. Mar, May State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 580 569 584 481 Issue department: Foreign assets (net) 849 860 924 1,367 Gold at home and abroad... 81 81 81 81 Net claim on Int'l. Fund3 129 129 129 129 Sterling securities 432 432 428 463 Swedish Govt. securities and ad- Pakistan Goyt. securities.. . 1,455 ,455 1,459 1,318 vances to National Debt Office8 2,783 2,939 2,777 2,300 Govt. of India securities.... 221 221 221 146 Other domestic bills and advances 327 252 203 525 I R n u d p ia ee c u co r i r n e ncy . 30 4 0 5 3 4 0 8 0 30 4 0 7 30 5 0 5 O No th te e r c a ir s c s u e l t a s t . i ; on 4 1 , , 7 01 9 5 2 4,8 9 5 9 7 6 4 1 , , 7 05 5 5 6 4,4 8 3 4 3 4 Notes in circulation 2,441 ,426 2,440 2,266 Demand deposits—Government. 105 100 129 514 Banking department: Other 102 105 96 25 Notes of issue department.. 92 111 95 98 Other liabilities and capital . 684 683 691 675 Bills discounted 1 Swiss National Bank (millions of Loans to Government 50 64 43 44 francs): Other assets 312 329 396 311 Gold 6,150 6,235 6,259 6,047 Deposits 347 403 434 334 Foreign exchange 604 564 561 499 Other liabilities and capital. 108 102 100 119 Loans and discounts , 113 110 112 151 Ce ( n th tr o a u l s a B n a d n s k o f o f g u P a a ra ra n g ie u s) a : y 1 (S 95 e 4 p ) t * . O N t o h t e e r c a ir s c s u e l t a s t . i : on 5,07 8 3 6 5,08 9 4 0 5,10 9 5 5 4,91 8 5 8 Gold* 3,984 2,846 Other sight liabilities 1,680 1,719 1,727 1,668 Foreign exchange (net) 58,730 91,307 Other liabilities and capital . , 199 196 196 203 Net claim on Int'l. Fund2 40 28 Central Bank of the Republic of Loans and discounts 469,142 450,566 Turkey (millions of pounds): Government loans and securities. 489,182 537,452 Gold 402 402 402 402 Other assets 368,608 229,189 Foreign exchange and foreign Note and coin issue 604,602 625,964 clearings 179 184 198 224 Deposits—Government 152,644 138,965 Loans and discounts 2,918 2,964 2,898 2,162 Other 159,663 155,762 Securities 29 30 30 27 Other liabilities and capital 472,778 390,697 Other assets. 96 99 96 96 Central Reserve Bank of Peru Note circulation 1,602 1,608 1,575 1,451 (millions of soles): Deposits—Gold 154 154 154 154 Gold and foreign exchange 628 617 328 Other 1,391 1,373 1,401 830 Net claim on Int'l. Fund2 67 67 67 Other liabilities and capital 478 543 494 477 Loans and discounts to banks.. . 485 508 614 Bank of the Republic of Uruguay Loans to Government ,103 1,108 ,128 (thousands of pesos): (Feb.)* Other assets 77 . 64 91 Gold 344,167 344,167 Note circulation ,744 1,726 ,671 Silver 8,479 8,672 Deposits 465 500 356 Advances to State and Govern- Other liabilities and capital 152 138 201 ment bodies 139,426 123,343 Central Bank of the Philippines Other loans and discounts 424,548 375,715 (thousands of pesos): Other assets 655,194 609,949 Gold 21,860 20 393 20,116 18,813 Note circulation 484,828 456,400 Foreign exchange 336,848338,593343,172 443,429 Deposits—Government 162,396 148,591 Net claim on Int'l. Fund3 29,504 29 504 29,504 29,504 Other 325,630 333,215 Loans 28,343 21 789 31,420 3,574 Other liabilities and capital 598,958 523,640 Domestic securities 301,929 293 782289,900 248,449 Central Bank of Venezuela (mil- Other assets 162,936 130150,096 162,623 lions of bolivares): Circulation—Notes 597,111 856 615,219 603,572 Gold 1,233 1,233 1,233 1,141 Coin 86,548 018 85,761 84,654 Foreign exchange (net) 478 331 170 485 Demand deposits 151,702 145117,383 167,783 Other assets 138 131 137 104 Other liabilities and capital 46,059 173 45,846 50,383 Note circulation 1,040 1,051 1,054 996 Bank of Portugal (millions of Deposits 271 268 282 267 escudos): Other liabilities and capital. 538 376 204 467 Gold 5,584 5,312 National Bank of Federal People's Foreign exchange (net) 13,238 13,070 Republic of Yugoslavia (millions Loans and discounts 853 654 of dinars): Advances to Government 1,398 1,418 Gold 4,470 4,426 4,054 Other assets 1,086 939 2,369 2,369 2,369 Note circulation 10,068 9,265 Gold contribution to Int'l. Fund. 43,071 43,839 39,640 Demand deposits—Government.. 1,655 1,939 Foreign assets 697,239 701,094 637,200 ECA 26 6 Loans (short-term) 3,920-11,431 -11,630 Other 8,220 8,065 Government debt (net) 38,840 32,988 29,027 Other liabilities and capital 2,189 2,117 Other assets 90,084 85,742 67,289 South African Reserve Bank Notes and coin in circulation.... 174,945 164,079 150,566 (thousands of pounds): Demand deposits 97,285 94,527 110,419 Gold 73,473 ,699 71,855 63,934 Foreign liabilities 363,194366,101 315,867 Foreign bills 41,542 ,299 60,539 42,707 Long-term liabilities (net) 64,401 62,836 56,519 Other bills and loans 25,257 ,045 28,131 18,256 Other liabilities and capital Other assets 53,906 ,051 59,117 45,101 Bank for International Settle- Note circulation 103,236 ,759101,706 98,522 ments (millions of Swiss gold Deposits 73,197 ,559100,027 51,515 francs): 633 626 626 569 Bank O t o h f er S p li a a i b n i li ( t m ie i s l l a io n n d s c o a f p p it e a s l etas): 17,745 ,775 17,909 19,961 C G a o s ld h i o n n b h a a r n s d and with bankf 91 64 73 167 Gold 615 615 615 605 Rediscountable bills and accept* 384 503 333 297 Silver 323 323 323 328 ances (at cost) 209 188 225 311 Government loans and securities 14,735 ,916 15,929 16,191 Time funds at interest 382 409 392 415 Other loans and discounts 27,414 ,652 27,332 23,642 Sundry bills and investments.., 297 297 297 297 Other assets.. 37,153 ,530 36,004 34,467 Funds invested in Germany.... 1 1 1 5 Note circulation 42,093 ,297 41,986 37,827 Other assets 453 453 453 437 Deposits—Government 3,403 ,947 4,392 3,233 Demand deposits (gold) Other 3,610 ,562 3,308 3,744 Short-term deposits: 1,002 1,081 942 1,082 Other liabilities and capital 31,135 ,230 30,515 30,430 Central banks—O O w th n e r account 2 2 2 6 9 2 3 2 7 9 2 3 2 7 9 2 3 2 0 9 L O o th n e g r - te li r a m bi l d it e ie p s o s a i n ts d : c S a p p e it c a i l al.... 288 287 286 283 * Latest month available. rRevised. iOn 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. 3Includes small amount of non-Government bonds. 836 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— Rate Rate Date Central May Date Central May Date effective C a a d n a - U K d n i o i n m t g ed - 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- bank of—• 31 effective bank of— 31 effective Ineffect Dec,31, Argentina Mar. 1, 1936 Ireland Mar. 25, 1952 1949 .. IX 2 3 4 3M 2X Austria May 20,1955 Italy 4 2 Apr. 6, 1950 June 8 1950 2X Belgium 2M Oct. 29,1953 Japan 5.84 Oct. 1, 1951 Sept. 11 3% Bolivia 6 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 . Apr. 7, 1953 Apr. 17, 1951.. 4 Ceylon June 11, 1954 New Zealand. 4 Nov. 26, 1954 July 5 3X Chile June 13, 1935 Norway. . . Feb. 14 1955 Sept. 13 Colombia 4 July 18, 1933 Pakistan.... 3 July 1, 1948 Oct 11 3 Costa Rica 4 Feb 1 1950 Nov. 8 2X Nov. 9 4 Jan. 22 1952 3X Mar. 12 4 Denmark June 23,1954 Peru 6 Nov. 13, 1947 A M u a g y . 29 1 5 3 E E c g u y a p d t or io 3 2 N M o a v y . 1 15 3 , , 1 19 9 5 4 2 8 S P o o u r t t h u g A a f l ri . c .. a . . I* J M an a . r . 2 1 7 2 , , 1 1 9 9 5 4 2 4 Aug. 21 4^ El Salvador. . . 3 Mar.22, 1950 Spain July 1, 1954 Dec. 18 3 Finland 5 Dec/ 1, 1954 Sweden 3% Apr. 19, 1955 Jan. 8, 1953. 4 3H Apr. 7 2X June 11 3X Sept. 17 3X 3X France 3 Dec. 2, 1954 Switzerland.. IX Nov. 26, 1936 O N c o t v . . 2 2 9 0 2% 2% G Gr e e r e m ce any1 3 9 J M an ay . 20 1 , , 1 1 9 9 5 5 4 5 T U u n r i k te e d y King- 3 Feb. 26, 1951 Feb. 4 1954 3H Nov. 15, 1951 dom Feb. 24, 1955 May 13 3 Indonesia 3 2 Apr. 1, 1946 U.S.S R. 4 2 July 1, 1936 May 20 3 Dec 2 3 Jan. 27 1955 3X 1 Rates established for the Land Central banks. Feb. 15 IX z NOTE.—Changes since May 31: New Zealand—July 1, from£ to 5 per cent; Feb. 24 *X Turkey—June 28, from 3 to 4^ per cent. Apr. 19 In etfeet May 31, 1955 IX 3 3 2H OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month 3 T m re b o a il n s l u s th ry s1 m D d o ay a n y - e t y o 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 l e l a o p n o w o k n s a e i n r t s s c ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m p o o a n 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—April. 1.03 1.01 1.00 .50 1.47 1.25 1946—April. .37 .53 .51 .63 .50 1.25 .90 .50 1.25 1947—April. .41 .53 .51 .63 .50 1.41 1.59 1.11 1.25 1948—April. .41 .56 .51 .63 .50 2.00 1.38 .93 1.50 1949—April. .49 .58 .51 .63 .50 2.12 1.29 1.24 1.63 1950—April. .51 .69 .51 .63 .50 2.64 1.44 1.25 1.50 1951—April. .76 .69 .51 .63 .50 2.60 1.55 1.24 1.50 1952—April. .98 3.00 2.35 2.25 00 3.65 1.40 1.00 1.50 1953—April. 1.53 3.00 2.41 2.25 00 4.05 .93 .71 1.50 1954—April. 1.58 2.17 2.09 1.94 1.75 3.55 .41 .50 1.50 1954—May 1.60 1.89 79 1.63 1.44 3.54 .38 .50 1.50 June 1.57 1.43 1.66 61 1.44 1.25 3.57 .38 .50 1.50 July 1.38 16 1.60 57 1.44 1.25 3.79 .40 .50 1.50 August 1.32 1.06 1.61 60 1.44 1.25 3.82 .75 .53 2%-S 1.50 September. 1.21 .95 1.64 63 1.44 1.25 3.77 .88 .51 1.50 October... 1.18 .96 1.62 59 1.44 1.25 3.65 .88 .63 1.50 November. 1.17 .78 1.62 1.60 1.44 1.25 3.51 .87 .50 1.50 December. 1.08 .76 1.78 1.78 1.45 1.25 3.29 .77 .57 1.50 1955—January.. .99 .69 2.02 2.05 1.55 1.29 3.27 .79 .58 1.50 February. .90 .69 2.58 2.68 2.15 1.67 3.25 .79 .53 1.50 March... 1.13 .98 3.81 3.80 3.29 2.50 3.28 1.16 .71 1.50 April 1.23 .97 3.83 3.81 3.17 2.50 1.04 .58 1.50 i 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. 2Represents 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. JULY 1955 837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (1 b m 1 a i n ll L k io s o s . n n t s e d r F o o li n i f n g g u p c ) r o le e u s a n ri i d n n s g re C se a r s v h es M ca n o s l o n h l t e o i y a c r n t e a d t B co il u ls n t d e i d s- T re d r c e e e a p s i o p u s t r i s y t 2 - Securities Loans to a O s t s h e e t r s Total D D e e p m o a s n it d s Time li c a O a b a t p i n h l i i e d t t r a i - 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 1,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1,965 1,950 867 6,333 4,290 2,042 651 1952—December. 549 529 248 2,148 1,764 748 6,460 4,232 2,228 528 1953—December. 542 501 417 2,275 1,725 729 6,694 4,327 2,368 495 1954—June 531 455 170 2,311 1,856 711 6,533 4,193 2,340 501 July 534 428 185 2,351 1,836 643 6,466 4,121 2,345 510 August. . . 534 438 209 2,348 1,840 656 6,519 4,173 2,346 505 September 521 418 262 2,360 1,828 670 6,539 4,171 2,367 520 October... 532 437 296 2,364 1,836 691 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 6,941 4,485 2,456 595 1955—January.. 546 486 1,283 2,351 1,904 759 6,718 4,303 2,415 611 February. 525 445 1,072 2,298 2,013 810 6,525 4,112 2,413 637 March.... 514 438 966 2,281 2,037 843 6,402 4,017 2,384 677 April 539 434 973 2,217 2,080 811 6,381 4,033 2,348 673 May 515 417 1,011 2,141 2,116 829 6,361 4,040 2,321 668 Assets Liabilities Canada 3 Security Deposits payable in Canada (10 chartered banks, Entirely in Canada loans excluding interbank deposits Other En C d a i n n o a f d m m i i a l n o li n o t d n h o s l o f la i f g r u s) res re C se a r s v h es Se lo c a u n ri s ty l d o i a O s n c t s o h u e a n r n t d s d a f a u b n o b e a d r r e n o f i n r k g a o e s d n m t Securities a O s t s h e e t r s Notes4 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 ,058 14 7,227 2,794 4,433 1,477 1950—December. 824 134 2,776 171 4,286 ,304 (4) 7,828 3,270 4,558 1,667 1 1 9 9 5 5 2 1 — — D D e e c c e e m m b b e e r r . . 9 91 0 6 7 1 1 5 0 5 7 3 3 , , 2 0 8 2 9 8 2 32 2 6 7 3 3 , , 9 8 5 7 5 6 , ,5 4 1 6 6 4 8 7 , , 4 8 2 9 1 6 3 3, S2 4 8 9 4 7 4 4 , , 6 9 1 2 2 4 1 1, , 7 7 3 1 6 4 1953—December. 906 154 3,897 424 3,831 ,510 8,881 3t847 5,034 1,841 1954—May 866 215 3,925 382 3,780 ,481 8,818 3,441 5,378 1,830 June 872 238 3,943 360 3,806 ,540 8,929 3,506 5,423 1,829 July 780 211 3,924 352 4,096 ,266 8,946 3,474 5,473 1,683 August. . . 809 174 3,917 312 4,220 ,280 9,022 3,487 5,535 1,690 September 802 175 3,890 322 4,337 ,396 9,226 3,641 5,585 1,695 October... 833 293 3,892 330 4,442 ,454 9,469 3,781 5,687 1,777 November. 810 297 3,984 334 4,473 ,428 9,462 3,930 5,532 1,864 December. 810 211 3,952 325 4,429 ,706 9,579 3,964 5,615 1,854 1955—January-• 806 176 3,876 288 4,625 ,488 9,402 3,656 5,746 1,857 February. 760 214 3,857 285 4,707 ,663 9,608 3,728 5,880 1,879 March.... 791 197 3,873 252 4,795 1,619 9,650 3,678 5,972 1,877 April 802 230 3,954 255 4,812 1,618 9,788 3,667 6,120 1,883 Assets Liabilities France (4 o m f l i a l m r li g o o e n n s b th a o n f f k i g s f u . r r a e n s c E s i n n ) d re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- 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 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—December 51,155 68,243 636,624 170,298 29,734 902.547 870,504 32,043 24,957 28,551 1953—December 50,746 86,273 744,076 184,930 35,673 1,037,169 994,620 42,549 30,308 34,222 1954—April 43,467 78,411 710,596 206,008 45,340 ,007,632 967,024 40,608 31,538 44,652 May 49,186 79,438 719,284 213,557 46,594 ,030,758 989,474 41,284 29,721 47,580 June 45,701 85,313 721,240 214,988 48,348 ,034,079 993,533 40,546 28,422 53,090 July 51,277 90,693 787,897 208,091 49,709 ,103,289 1,061,250 42,039 26,945 57,432 August 47,292 84,294 719,014 227,750 49,845 ,043,036 999,131 43,905 24,248 60,910 September 46,676 87,028 730,466 223,746 52,147 ,052,196 1,007,956 44,241 23,179 64,688 October 51,991 83,631 820,800 214,681 56,909 ,133,087 1,087,933 45,154 25,355 69,570 November 47,696 82,270 797,574 229,729 63,785 ,119,354 1,071,500 47,854 28,515 73,185 December* 53,348 84,898 848,539 223,692 72,762 ,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 March 44,381 78,810 833,482 234,246 48,261 1,164,788 1,122,034 42,754 32,406 41,986 P Preliminary. !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. 838 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Vrgentina Canada Year or month Basic P ( e p r n e e t f s i e o a r l ) - Free (p t A r o u a u s l n i - a d) ( A sc u h s il t l r in ia g) B ( e fr l a g n i c u ) m (c B ru r z a e z i i r l o) M B (d r a o s i i l l t a l a i a s y r h - ) Officia ( l dollar) Free 1949 29.774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 "i.31333' 223.15 1.9908 5.4406 32.788 90.909 91.474 1951 20 000 13 333 7 067 223 07 1 9859 5 4406 32 849 94 939 1952 20.000 13.333 7.163 222.63 1.9878 5.4406 32.601 102.149 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 5 4420 32.595 101.650 1954 20.000 13.333 7.198 223.80 3.8580 1.9976 14.2808 J3.5261 32.641 102.724 1954—juiy 20 000 13 333 7 198 224 51 3 8580 2 0009 4 2808 3 5261 32 689 102 611 August .. 20 000 13 333 7 198 224 13 3 8580 1 9994 X4 2808 13 5261 32 644 103 060 20.000 13.333 7.198 223.18 3.8580 2.0007 32.558 103.112 October 20 000 13 333 7 198 222 89 3 8580 1 9977 32 634 103 094 November 20 000 13 333 7 198 222 67 3 8580 1 9982 32 625 103 160 December 20.000 13.333 7.198 222.10 3.8580 1.9954 32.544 103.292 1955—January 20.000 13.333 7.198 221.92 3.8580 1.9959 32.538 103 498 February 20.000 13.333 7.198 221.80 3.8580 1.9938 32.535 102.384 March 20 000 13.333 7 198 222 42 3 8580 1.9856 32 608 101 587 April 20.000 13.333 7.198 222.83 3.8580 1.9890 32.675 101.404 20 000 13 333 7 168 222 78 3 8580 1 9896 32 686 101 405 June 20.000 13.333 7.175 222.29 3.8580 1,9871 32.614 101.568 France Year or month Ceylon m De a n r - k Finland (franc) G (d e e r u m ts a c n h y e India Ireland Mexico e N rl e a t n h d - s (rupee) (krone) (markka) mark) (rupee) (pound) (peio) (guilder) Official Free 1949 27.839 19.117 .4671 .3017 27.706 12.620 34.528 1950 20.850 14.494 .2858 23.838 20.870 11.570 26.252 1951 20.849 14.491 .4354 .2856 23 838 20 869 280 38 11 564 26 264 1952 . . . 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 26.315 1953 21.046 .4354 .2856 21.049 281.27 11.607 26.340 1954 21 017 4354 .2856 ' 223'.838' 21.020 280.87 39.052 26.381 1954—juiy- 21.094 .4354 .2856 23.838 21.094 281.76 8.000 26.415 August 21.059 .4354 .2856 23.838 21.061 281.29 8.005 26.396 September 20 968 4354 .2856 23.838 20.970 280.08 8.005 26.364 October 20.935 .4354 .2856 23.838 20.938 279.72 8.005 26.267 November 20.920 .4354 .2856 23.838 20.922 279.45 8.005 26.290 December 20.863 .4354 .2856 23.838 20.863 -278.74 8.006 26.346 1955—January 20 843 4354 .2856 23.838 20.843 278.52 8.006 26.349 February 20.834 .4354 .2856 23.838 20.834 278.36 8.006 26.290 March . . . 20 892 4354 .2856 23.838 20.892 279.14 8.006 26.297 April 20.930 .4354 .2856 23.834 20.930 279.65 8.006 26.307 May 20.927 .4354 .2856 23.744 20.927 279.59 8.006 26.302 June 20.877 .4354 .2856 23.733 20.877 278.98 8.006 26.228 Year or month Z (p e N o a u e 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 e i u n l s i o e b p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n c th d a ) (k S d r w o e e n n - a) e S (f r w r l a a i n n t c z d ) - ( U K p d o n i o u i n m t n g e d - d ) Ur ( u p g e u so a ) y4 1949.. 365.07 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65 830 56.180 42 553 1950 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 . . 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1952 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1953 278.48 14.015 49.676 3.4887 280.2J 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—juiy 278 97 14 008 49 677 3.4900 280 71 19 333 23 320 281 76 278.50 14.008 49.677 3.4900 280.24 19.333 23 322 281.29 September . . .. 277.31 14.008 49.677 3.4900 279.04 19.333 23.325 280.08 October 276.95 14.008 49.677 3.4900 278.68 19.333 23.320 279.72 November . . 276 68 14 008 49 677 3 4900 278 40 19.333 23 328 279 45 December 275.98 14.008 49.677 3.4900 277.69 19.333 23.335 278.74 1955—January .. 275 76 14 008 49 677 3 4900 277 48 19.333 23 326 278 52 February 275 60 14 008 49 677 3 4900 277 32 19 333 23 319 278 36 March 276.38 14.008 49.677 3 4900 278 10 19.333 23 329 279 14 April 276.88 14.008 49.677 3.4900 278.61 19.333 23.330 279.65 May 276.82 14.008 49.677 3.4900 278.54 19.333 23.333 279.59 June. . . 276.22 14.008 49.677 3.4900 277.94 19.333 23.335 278.98 1 Based on quotations through Aug. 13, 1954. 2Based on quotations beginning Apr. 1, 1954. 8The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. 4For figures on free rate for the period Feb". 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this period was 34.217. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333. JULY 1955 839 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 1 t 4 a 0 i 7 t t 0 e e - ) 4 d s 9 ( C 1 - a 9 1 n 3 0 5 a 0 - d ) 3 a 9 M (1 1 e 9 0 x 3 0 i 9 ) c - o K U ( i 1 n 1 n 9 g 0 3 i 0 t d 0 e ) = o d - m F (1 r 1 9 a 0 4 n 0 9 c ) = e (1 I 1 t 9 0 a 3 0 ly 8 ) - ( a 1 J v 9 a e 3 p r 4 a a - g n 3 e 6 N ( l 1 e a 1 9 t n 0 4 h 0 8 d e ) s r = - S (1 w 1 9 e 0 3 0 d 5 ) e = n ( S A w l u a i g t n . z d 1 e 9 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—May 111 218 431 331 139 5,292 348 137 296 214 110 218 437 332 135 5,256 342 137 298 215 July 110 217 437 333 134 5,251 341 134 297 214 111 216 441 329 136 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 5,353 345 138 300 215 February 110 217 468 338 135 5,322 346 137 302 210 March 110 217 478 335 135 5,317 348 136 304 April 111 219 483 P334 P135 344 136 P305 215 ]V£g.y 110 218 482 P333 P137 214 p Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 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 ie u n f r u l e y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u u ra s c - w ts fi I n n tr i d s i h a u l e 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 P364 122 171 143 1952 107 109 113 250 219 231 284 P352 129 166 135 1953 97 105 114 »-222 207 229 307 123 156 132 1954 96 105 115 '210 205 224 308 124 155 134 1954—May 98 107 115 r215 '207 *224 310 129 155 133 June 95 105 114 r215 207 '224 311 131 155 134 JUly 96 107 114 »"22O 207 224 313 118 155 133 96 106 114 208 205 222 304 116 156 135 SeDtember 94 106 114 205 203 223 302 116 156 135 October 93 104 115 202 201 222 301 122 156 135 November • 93 104 115 204 202 222 305 124 156 135 December 90 104 115 205 r204 222 315 123 156 136 19 "55 Tanuarv 93 104 115 207 205 222 315 123 158 139 Februarv 93 103 116 207 208 223 311 120 158 139 Anarch 92 102 116 204 206 224 303 117 158 138 April 94 103 116 213 210 224 301 116 159 138 May 91 102 116 213 210 223 P298 n.a. Not available. »Preliminary. 'Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 840 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U 1 S 9 n t 1 4 a i 0 7 t t 0 e e - ) 4 d s 9 i = C ( a 1 a d 9 1 n 4 0 a 0 - 9 ) 1 K 5 d (J , i o 1 n a m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 c 0 9 e ) N = l ( e a 1 1 t n 0 9 h 5 d 0 e 1 s ) r 2 - 1 ( l 9 A a e 3 n r u 9 - d g = . ( U = S 19 1 n ta 4 0 i 7 t t 0 e e - ) d 4 s i 9 = C ( a 1 a 1 d 9 0 n 4 a 0 - 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 c 0 9 e ) N = l ( a e 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 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 162 100 100 76 100 174 1950 103 103 86 111 159 101 103 82 111 176 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 115 116 108 143 105 171 113 112 114 135 108 188 1954—May 115 116 107 144 104 170 113 110 112 137 108 186 June 115 116 107 144 106 171 114 112 114 136 111 187 July 115 116 109 142 105 171 115 112 118 133 109 188 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 114 117 110 145 106 173 110 113 118 136 109 192 1955—January 114 116 110 145 107 172 111 112 119 137 112 190 February 114 116 110 145 107 172 111 112 119 136 111 189 March 114 116 110 145 107 172 111 111 119 136 111 189 April 114 116 111 145 106 172 111 Hi 120 136 111 189 May 114 116 111 P106 172 111 112 120 189 ^Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100. 2 In February 1955 the base period for this index was changed from 1949 = 100 to 1951 = 100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( n t h r a a i ig t t d e e h e s d )* ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U 2 i e n 1 c n g e i = m t d e o b d 1 m 0 e 0 r ) F = ( r 1 a 1 9 n 0 4 c 0 9 e ) N la e n th d e s2 r- ( U 1 S = 9 n t 3 a i 1 5 t t 0 e e - 0 3 d s ) 9 C (1 = a 9 n 1 3 0 5 a 0 - d 3 ) a 9 (1 K 9 U i 2 n n 6 g i = t d e o d 1 m 00) (1 F 94 r 9 a n = c 1 e 00) N = l ( e a 1 1 t n 9 h 0 5 d 0 e 3 s ) r 3 - Number of issues. . . 17 87 60 14 480 99 278 295 26 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 ... •• —•• • 113 1949 . ... 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 102 1950 121.9 109.6 121.2 99.8 106.7 146.4 131.6 90.0 90 102 1951 117.7 95.7 117.6 101.4 86.9 176.5 168.3 97.1 112 101 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 91 1953 112.1 83.6 112.0 113.5 100.2 189.0 160.3 92.2 159 100 1954 117.2 98.6 117.4 116.4 103.2 226.7 181.2 99.8 214 125 1954—May 117.5 100.3 117.3 115.4 101.8 219.8 179.5 97.8 199 118 June 117.0 100.3 116.0 114.9 105.0 221.8 180.5 98.5 194 121 July 117.5 102.1 118.5 114.9 103.7 231.1 182.3 100.0 198 128 August 117.8 102.8 119.7 116.6 102.7 236.4 187.0 101.7 221 128 September. . . 117.6 102.1 118.9 116.4 103.4 238.5 189.5 102.1 234 130 October 117.5 101.9 119.4 117.6 104.3 243.5 190.2 103.8 240 134 November. . . 117.4 101.2 119.7 119.6 106.3 252.2 199.5 105.3 260 141 December.... 117.0 101.1 118.1 120.1 108.3 264.5 206.8 106.1 271 141 1955—January 116.7 100.3 117.7 121.0 105.9 268.8 207.3 109.1 282 141 February.... 115.7 103.3 114.9 122.4 105.0 278.1 214.7 110.0 290 142 March 115.4 104.3 112.5 124.3 106.9 277.5 213.7 106.7 308 147 April 115.3 105.0 114.7 126.6 106.6 286.2 216.5 108.6 337 150 May 114.7 104.0 111.2 107.6 285.0 222.1 109.5 152 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 3 For a detailed description of this weighted index, which replaces the series of monthly averages, see Maandstatistiek van het financiewezen for April 1955, p. 115. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. JULY 1955 841 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. KEN YON, Assistant Secretary FRED A. NELSON, Assistant Director LEGAL DIVISION ARTHUR H. LANG, Chief Federal Reserve Examiner GEORGE B. VEST, General Counsel ROBERT C. MASTERS, Assistant Director FREDERIC SOLOMON, Assistant General Counsel GLENN M. GOODMAN, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel HENRY BENNER, Assistant Director DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser on Economic Research KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director ALBERT R. KOCH, Assistant Director DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE LOANS ARTHUR W. MARGET, Director GARDNER L. BOOTHE, II, Administrator LEWIS N. DEMBITZ, Assistant Director DIVISION OF BANK OPERATIONS OFFICE OF THE CONTROLLER ROBERT F. LEONARD, Director EDWIN J. JOHNSON, Controller J. E. HORBETT, Assistant Director M. B. DANIELS, Assistant Controller LOWELL MYRICK, Assistant Director Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN FEDERAL MARKET COMMITTEE 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 842 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 l President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in charge of branches are listed in lower section of this page) Boston Harold D. Hodgkinson J. A. Erickson Robert B. Harvey 3 Carl B. Pitman Robert C. Sprague Alfred C. Neal E. O. Latham O. A. Schlaikjer R. F. Van Amringe New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse Forrest F. Hill William F. Treiber John Exter T. G. Tiebout H. H. Kimball V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia.. William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman Henderson Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland. John C. Virden W. D. Fulton Dwight L. Allen Martin Morrison Sidney A. Swensrud Donald S. Thompson Roger R. Clouse H. E. J. Smith G. H. Emde2 Paul C. Stetzelberger A. H. Laning Richmond. John B. Woodward, Jr. Hugh Leach N. L. Armistead James M. Slay Alonzo G. Decker, Jr. Edw. A. Wayne Aubrey N. Heflin C. B. Strathy Upton S. Martin Chas. W. Williams J. M. Nowlan 2 Atlanta. Rufus C. Harris Malcolm Bryan V. K. Bowman L. B. Raisty Harllee Branch, Jr. Lewis M. Clark J. E. Denmark Earle L. Rauber John L. Liles, Jr.3 S. P. Schuessler Harold T. Patterson Chicago John S. Coleman C. S. Young Neil B. Dawes L. G. Meyer Bert R. Prall E. C. Harris W. R. Diercks George W. Mitchel1 L. H. Jones 2 A. L. Olson 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. Boysen 3 E. D. Vanderhoof Henry O. Koppang Cecil Puckett D. W. Woolley Clarence W. Tow Dallas Robert J. Smith Watrous H. Irons E. B. Austin L. G. Pondrom Hal Bogle W. D. Gentry W. H. Holloway8 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 Branch Vice Presidents Federal Reserve Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City Denver G. A. Gregory Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Charlotte R. L. Cherry Omaha P. A. Debus Atlanta Birmingham H. C. Frazer Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston J. L. Cook Nashville J. E. McCorvey4 San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco Los Angeles W. F. Volberg St. Louis. Little Rock Fred Burton Portland J. A. Randall Louisville V. M. Longstreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashisr. 4 Acting Manager. JULY 1955 843 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 possessions, Bolivia, Canada, Chile, Colombia, Costa THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Rica, Cuba, Dominican Republic, Ecuador, INGS AND THEIR USE IN ECONOMIC ANALYSIS. Guatemala, Haiti, Republic of Honduras, Mexico, January 1952. 175 pages. 25 cents per copy; in Nicaragua, Panama, Paraguay, Peru, El Salvador, quantities of 10 or more copies for single ship- Uruguay, and Venezuela is $2.00 per annum or ment, 15 cents each. 20 cents per copy; elsewhere $2.60 per annum or 25 cents per copy. Group subscriptions in the THE FEDERAL RESERVE ACT, as amended to Novem- United States for 10 or more copies to one ad- ber 1, 1946, with an Appendix containing prodress, 15 cents per copy per month, or $1.50 visions of certain other statutes affecting the for 12 months. Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $6.00 COMPILATION OF FEDERAL AND STATE LAWS RELATper annum including one issue of historical sup- ING TO BRANCH BANKING WITHIN THE UNITED plement (listed below). 60 cents per copy; in STATES (July 1, 1951). December 1951. 33 pages. quantities of 10 or more copies of a particular issue for single shipment, 50 cents each. (Domestic rates) RULES OF ORGANIZATION AND RULES OF PROCEDURE —^-Board of Governors of the Federal Reserve System (with Amendments). September 1946. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE 31 pages. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. Annual REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodic releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 736-39 of the June 1955 BULLETIN. with amendments and supplements thereto. 844 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS THE MONETARY SYSTEM OF THE UNITED STATES. USE OF MONETARY INSTRUMENTS SINCE MID-1952. February 1953. 16 pages. December 1954. 8 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES DIRECTLY PLACED FINANCE COMPANY PAPER. De- ON ECONOMIC STABILITY. March 1953. 16 pages. cember 1954. 8 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- CREDIT AND MONETARY EXPANSION IN 1954. Feb- BILITY. May 1953. 7 pages. ruary 1955. 8 pages. REVISION OF CONSUMER CREDIT STATISTICS. April THE FEDERAL BUDGET FOR 1956. February 1955. 1953. 19 pages. 11 pages. ^DETAILED DESCRIPTION OF SOURCES AND METHODS BANKING AND MONETARY STATISTICS, 1954. (Se- USED IN REVISION OF SHORT- AND INTERMEDIATE- lected series of banking and monetary statistics TERM CONSUMER CREDIT STATISTICS (supplemen- for 1954 only) February and May 1955. 12 tary details for item listed above), April 1953. pages. 25 pages. DOLLAR FLOWS AND INTERNATIONAL FINANCING. FEDERAL RESERVE BANK RESPONSIBILITIES. May March 1955. 8 pages. 1953. 5 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DE- UNITED STATES POSTWAR INVESTMENT IN LATIN POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. AMERICA. May 1953. 6 pages. March 1955. 4 pages. UNITED STATES BANKS AND FOREIGN TRADE FINANC- WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE ING. April 1955. 11 pages. CORPORATIONS. July 1953. 12 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED DEPARTMENT STORE SALES AND STOCKS, BY MAJOR STATES. May 1955. 13 pages. DEPARTMENTS (Revised Indexes) November 1953. 65 pages. 1955 SURVEY OF CONSUMER FINANCES—PRELIMINARY FINDINGS OF THE 1955 SURVEY OF CONSUMER FI- FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL NANCES. March 1955. 3 pages. Purchases of PRODUCTION, 1953 Revision. December 1953. 96 Durable Goods in 1954. May 1955. 17 pages. pages. The Financial Position of Consumers. June 1955. 14 pages. (The final article will appear EXTENSIONS AND REPAYMENTS OF CONSUMER IN- in a subsequent issue of the BULLETIN.) Similar STALMENT CREDIT. January 1954. 14 pages. Surveys are available for most earlier years from 1947, 1949, 1951, 1952, 1953, and 1954 BULLETINS. INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. March 1954. 9 pages. (Also, similar article from ESTIMATES OF CONSUMER INSTALMENT CREDIT EX- March 1953 BULLETIN) TENDED AND REPAID, 1929-1939. June 1955. 8 pages. NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages. (Also, similar re- FINANCING OF LARGE CORPORATIONS IN 1954. June print from October 1951 BULLETIN) 1955. 8 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS tember 1954. 10 pages. AND BUSINESSES. July 1955. 2 pages. (Also, similar article from July 1954 BULLETIN) RECENT FINANCIAL CHANGES IN WESTERN GER- MANY. October 1954. 10 pages. CREDIT AND MONEY IN 1955. July 1955. 8 pages. JULY 1955 845 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 I 35= BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM w w © FEDERAL RESERVE BANK CITIES 1 • FEDERAL RESERVE BRANCH CITIES DECEMBER I, 1954 SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES Acceptances, bankers', 782, 787 Department stores: Agricultural loans of commercial banks, 778 Merchandising data, 814 Agriculture, Govt. agency loans, 784, 785 Sales, 803, 813, 814, 815, 816 Assets and liabilities (See also Foreign liabilities and Stocks, 813, 816 claims reported by banks) : Deposits (See also Specific types of deposits): Banks and the monetary system, consolidated, 774 Adjusted, and currency, 774 Corporate, current, 796 Banks, by classes, 775, 779, 781 Domestic banks, by classes, 775, 778, 780 Federal Reserve Banks, 769, 770, 828 Federal Reserve Banks, 769, 770, 771 Postal savings, 766, 772, 774 Foreign banks, 832, 838 Turnover of, 772 Govt. corporations and credit agencies, by type and Deposits, reserves, and borrowings, by class of member agency, 784, 785 bank, 768 Automobiles: Discount rates, 767, 837 Consumer instalment credit, 800, 801, 802 Discounts and advances by Federal Reserve Banks, 765, 769 Production index, 805, 808 Dividends, corporate, 795, 796 Bankers' balances, 779, 781 Dollar assets, foreign, 828, 829 (See also Foreign liabilities and claims reported by banks) Dwelling units started, 812 Banks and the monetary system, consolidated statement, 774 Earnings and hours, manufacturing industries, 803, 809 Bonds (See also U. S. Govt. securities): Employment, 803, 808, 810 New issues, 794, 796 Export-Import Bank, loans, etc., 784, 785 Prices and yields, 786, 787, 841 Farm mortgage loans, 784, 797, 798 Brokers and dealers in securities, bank loans to, 778, 780 Federal Deposit Insurance Corporation, assets, etc., 784, 785 Business expenditures on new plant and equipment, 796 Federal home loan banks, loans, etc., 784, 785, 799 Business indexes, 803 Federal Housing Administration, Business loans (See Commercial and industrial loans) loans, etc., 784, 785, 797, 798, 799 Capital accounts: Federal National Mortgage Association, Banks, by classes, 775, 779, 781 loans, etc., 784, 785, 799 Federal Reserve Banks, 769, 770 Federal Reserve Banks: Carloadings, 803, 812 Condition statement, 769, 770 Central banks, foreign, 830, 832, 837 U. S. Govt. securities held by, 765, 769, 770, 792, 793 Coins, circulation of, 773 Federal Reserve credit, 765, 769, 770 Commercial banks: Federal Reserve notes, 769, 770, 771, 773 Assets and liabilities, 775, 778, 838 Finance company paper, 782, 787 Consumer loans held, by type, 801 Number, by classes, 775 Foreign central banks, 830, 832, 837 Real estate mortgages held, by type, 797 Foreign commercial banks, 838 Commercial and industrial loans: Foreign deposits in U. S. Commercial banks, 778 banks, 765, 769, 770, 774, 779, 781 Weekly reporting member banks, 780, 782 Foreign exchange rates, 839 Commercial paper, 782, 787 Foreign liabilities and claims reported by banks, 824, 826, 828 Commodity Credit Corporation, loans, etc., 784, 785 Foreign trade, 812 Condition statements (See Assets and liabilities) General fund balance, 788 Construction, 803, 811, 812 Gold: Consumer credit: Earmarked, 831 Instalment credit, 800, 801, 802 Net purchases by U. S., 831 Major parts, 800 Production, 828, 831 Noninstalment credit, by holder, 801 Reserves of central banks and governments, 830 Reserves of foreign countries and international Ratio of collections to accounts receivable, 802 institutions, 829 Consumer durable goods output indexes, 808 Stock, 765, 774, 831 Consumer price indexes, 803, 818, 841 Gold certificates, 769, 770, 771, 773 Consumption expenditures, 820, 821 Corporate sales, profits, taxes, and dividends, 795, 796 Govt. agencies, assets and liabilities, by type Corporate security issues, 794, 796 and agency, 784, 785 Corporate security prices and yields, 786, 787, 841 Govt. debt (See U. S. Govt. securities) Cost of living (See Consumer price indexes) Gross national product, 820, 821 Customer credit, stock market, 786 Home owners, Govt. agency loans, 784, 785 Debits to deposit accounts, 772 Hours and earnings, manufacturing industries, 803, 809 Demand deposits: Industrial advances by Federal Reserve Adjusted, banks and the monetary system, 774 Banks, 767, 769, 770, 771 Adjusted, commercial banks, by classes, 779 Industrial production indexes, 803, 804, 808 Banks, by classes, 775, 781 Type of holder, at commercial banks, 779 Instalment loans, 800, 801, 802 JULY 1955 847 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES—Continued Insurance companies, 783, 792, 793, 798 Real estate loans: Insured commercial banks, 777, 778 Commercial banks, 778, 780, 797 Type of mortgage holder, 797, 798, 799 Interbank deposits, 775, 779, 781 Type of property mortgaged, 797, 798, 799 Interest rates: Regulation V, loan guarantees, 771, 772 Bond yields, 787 Business loans by banks, 787 Reserve requirements, member banks, 767 Federal Reserve rates, 767 Reserves: Foreign countries, 837 Commercial banks, 779 Open market, 787, 837 Federal Reserve Banks, 769, 770 Regulation V loans, 772 Foreign central banks and governments, 830 Stock yields, 787 Foreign countries and international institutions, 829 Time deposits, maximum rates, 766 Member banks, 765, 768, 769, 770, 779, 781 Internal revenue collections, 789 Residential mortgage loans, 797, 798, 799 International capital transactions of the U. S., 824 Sales finance companies, consumer loans of, 800, 801 International financial institutions, 829, 830, 832 Savings, 820 Inventories, 821 Savings bonds, sales and redemptions, 791 Investments (See also Specific types of investments): Savings deposits (See Time deposits) Banks, by classes, 775, 778, 780 Federal Reserve Banks, 769, 770 Savings institutions, principal assets, 783 Govt. agencies, etc., 784, 785 Savings and loan associations, 783, 798 Life insurance companies, 783 Securities, international transactions, 827, 828 Savings and loan associations, 7S3 Security issues, 794, 796 Labor force, 810 Silver coin and silver certificates, 773 Loans (See also Specific types of loans): State member banks, 777 Banks, by classes, 775, 778, 780 State and municipal securities: Federal Reserve Banks, 765, 767, 768, 769, 770, 771 New issues, 794 Govt. agencies, etc., 784, 785 Prices and yields, 786, 787 Insurance companies, 783, 798 States and political subdivisions: Savings and loan associations, 783, 798 Deposits of, 779, 781 Loans insured or guaranteed, 771, 797, 798, 799 Holdings of U. S. Govt. securities, 792 Manufacturers, production indexes, 803, 804, 808 Ownership of obligations of, 778, 783 Margin requirements, 766 Stock market credit, 786 Member banks: Stocks: Assets and liabilities, by classes, 775, 778 New issues, 794 Borrowings at Federal Reserve Banks, 765, 768 Prices and yields, 786, 787, 841 Deposits and reserves, by classes, 768 Tax receipts, Federal, 789 Number, by classes, 775 Time deposits, 766, 768, 774, 775, 779, 781, 838 Reserve requirements, by classes, 767 Treasury cash, 765, 774 Reserves and related items, 765 Weekly reporting series, 780 Treasury currency, 765, 773, 774 Minerals, production indexes, 803, 804 Treasury deposits, 765, 769, 770, 788 Money in circulation, 765, 773 Treasury finance: Cash income, outgo, and borrowing, 790 Money rates (See Interest rates) General fund balance, 788 Mortgages (See Real estate loans) Receipts and expenditures, 788 Mutual savings banks, 774, 775, 777, 792, 793, 797 Unemployment, 810 National banks, 777 U. S. Govt. balances: Consolidated monetary statement, 774 National income, 820 Commercial bank holdings, by classes, 779, 781 National security expendituers, 788, 821 Treasury deposits at Federal Reserve Banks, 765, 769, Nonmember banks, 769, 777, 778 770, 788 U. S. Govt. securities: Payrolls, manufacturing, index, 803 Bank holdings, 774, 775, 778, 780, 792, 793 Personal income, 821 Federal Reserve Bank holdings, 765, 769, 771, 792, 793 Postal Savings System, 766, 772, 774 International transactions, 827 Prices: New issues, gross proceeds, 794 Ownership of, 792, 793 Consumer, 803, 818 Prices and yields, 786, 787 Foreign, 840, 841 Volume and kind outstanding, 791, 792, 793 Security, 786 Wholesale commodity, 803, 818 United States notes, outstanding and in circulation, 773 Production, 803, 804, 808 Veterans Administration, loans, etc., 784, 785, 797, 798, 799 Profits, corporate, 795, 796 Yields (See Interest rates) FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis