Federal Reserve Bulletin, 1955-08

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

EDITORIAL COMMITTEE ELLIOTT THURSTON THOM4§ WINFIEL,© W. RALPH A. YOUNG SUSAN S BURR e 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 The Labor Market in Mid-1955. 849-855 1955 Survey of Consume Finances: Housing Arrangements of Consumers. 856-868 The Balance Sheet of Agriculture, 1955. 869-878 Supervision of Bank Administration of Pension Trusts. 879-881 Current Events and Announcements. 882 National Summary of Business Conditions. 883-884 Financial, Industrial, Commercial Statistics, U. S. (See p. 885 for list of tables) . 885-945 International Financial Statistics (See p. 947 for list of tables) 947-965 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 966 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 967 Federal Reserve Board Publications 968-969 Map of Federal Reserve Districts. 970 Index to Statistical Tables. 971-972 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, Ilaiti, 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

ERVE BULLETIN VOLUME 41 August 1955 NUMBER 8 THE LABOR MARKET IN MID-1955 Sharp increases in consumer and business HONAGftiCOLTURAt IMPLOVMfeflT demands for goods and services have been Millions of persons 34 reflected in substantial recovery in the labor market. Employment has increased from the reduced levels of last sUmmef, and gains 32 have been widespread both industrially and geographically. In July civilian employment, including farm workers and the seltemployed, totaled a record 65 million per- 30 sons. Unemployment, at 2.5 million or 4 per cent of a larger labor force, Was almost 1 million below a year earlier. Involuntary J L 28 part-time work also has declined markedly. Total wage and salary income at midyear MANUFACTURING 10 was at a new high, reflecting the favorable employment situation, a relatively long workweek, and record Wage rates. The early phase of recovery in economic activity^ in the latter part of 1954, Was apparent in the labor market in a general lengthening of the workweek in manufac- 1951 1953 1955 turing, and in employment gains which Were NOTE.—Bureau of Laboi- Statistics data adjusted for seasonal variation. Latest figures shown are for July 1955. largely concentrated in the automobile and related industries. As total output rose to trade, finance, and State and local govnew record levels during the first half of ernments. An increase of about 500,000 this year, the expansion in employment occurred in the durable goods manufacturing spread to most major lines of activity. From industries while nondurable goods employ- January to July employment in nonfarm ment rose only moderately. establishments, seasonally adjusted^ increased Although considerably above a year ago, 13 million workers—the largest rise for this employment in manufacturing in July was six-month interval since 1950. Employment still 800,000 below the mid-1953 peak, and in nonmanufacturing activities advanced to manhoufs worked were down 7 pbr cent. a new high, as may be seen in the chart, With factory output moderately above the, paced by continued expansion in services, level of two years ago, a substantial advance AUGUST 1955 849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-1955 in productivity is indicated. Gains in pro- Many new contracts contain increased penductivity were apparently more rapid during sion, insurance, medical, and other benefits. the initial phase of recovery in the second A major innovation in collective bargaining half of 1954 than in recent months. is supplementary unemployment compensa- The labor market in mid-1955 was fairly tion, initially incorporated in the three-year well balanced. Manpower resources, except contracts signed in the automobile industry. in engineering and some other professional The largest automobile producers have occupations, appeared generally ample. Un- agreed to establish funds based on employer employment was close to the average for contributions of 5 cents an hour until a prethe years 1947-49 but was somewhat above determined maximum is reached. The funds that for 1951-53. The number of major will be used to supplement State unemployareas with substantial labor surpluses in ment compensation benefits to bring pay- July was smaller than a year ago, with con- ments to laid-off workers up to a total of siderable improvement shown in a number 60-65 per cent of weekly take-home pay. The of midwest industrial centers. High un- company supplemental payments, however, employment rates were reported in a few will not exceed $25 a week for a maximum large cities, but were mainly confined to of 26 weeks. Benefits to laid-off workers textile and coal mining communities which will start in July 1956, if certain prior condihave been subject to adverse long-term in- tions are met, and will be based on the size fluences. of the fund accumulated by that time and the worker's seniority. Company liability is WAGES limited to the assets in the fund, which are Wage rates rose somewhat more in the to be held in cash and United States Govfirst half of 1955 than in 1954, and the rise ernment securities. Similar lay-off supplehas probably accelerated since midyear. ments are included in union demands in a Underlying recent rate increases have been number of other industries and have been sharp expansion in economic activity, rising granted by some companies. employment, gains in productivity, pro- In July average hourly earnings in manunounced increase in business profits, and facturing, at a record $1.88, were 4 per cent widespread confidence in prospects for higher than a year earlier. This compares further economic growth. with a rise of 2 per cent in the preceding Collective bargaining agreements this year twelve months. Higher wage rates, a longer have not followed any single pattern. Wage workweek, and a larger than average expanincreases for the most part have been larger sion in manhours worked in the higher-wage in metal producing and metal fabricating durable goods industries resulted in an inthan in other industries. In some industries, crease over the past year of 7 per cent in including textiles and coal mining, wage average weekly earnings, to $75.76 in July. rates have shown little change. Since mid- In manufacturing, weekly earnings in recent year negotiations in important industries months have been at new high levels, both have reflected the influence of the settlements before and after allowance for price changes, in the automobile and steel industries which as may be seen in the chart. Since July were substantially more liberal than increases 1951 average weekly earnings in manufacturgranted in other recent years. ing have increased 19 per cent, while aver- 850 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-19 5 5 AVERAGE WEEKLY EARNINGS IN MANUFACTURING adjusted annual rate of 208 billion dollars, Dollars were 6 per cent larger than a year earlier and were 3 per cent above the mid-1953 peak. 75 LABOR FORCE CURRENT DOLLARS The labor force totaled more than 70 million persons in July 1955—a record number both before and after allowance for large sea- 65 sonal changes during the summer months. Of the total, 92 per cent were engaged in some kind of civilian employment, 4 per cent were in the armed forces, and 4 per cent were 55 unemployed. From mid-1953 to mid-1954 virtually no net additions were reported in the labor force, 1951 1953 1955 in part because of fewer job opportunities. NOTE.—Bureau of Labor Statistics data. Weekly earnings expressed in terms of 1947-49 dollars are obtained by adjusting There were significant declines in the proweekly earnings by the changes in the consumer price index. Latest figures shown are for July 1955. portions of younger people and of older men age consumer prices ha,ve risen about 3 per participating in the labor force. This year, cent. Over the preceding four years—from rising demand for labor has been accompamid-1947 to mid-1951—average weekly nied by a large expansion in the labor force. money earnings in this sector increased Exceptionally sharp gains in June and July 28 per cent, while consumer prices rose reflected an influx of women and teen-age 18 per cent. youths into summer jobs in trade and serv- Sizable increases in hourly and weekly ice. In July the labor force was estimated earnings have occurred over the past year in to be 1.6 million above the level of a year most nonmanufacturing industries. In the earlier. spring and early summer, pay scales were In the first half of 1955 about 58 per cent raised for military personnel, postal workers, of the population 14 years of age and over and other Federal civilian employees. A was in the labor force. While this proporlarge gain took place in weekly earnings in tion has been relatively stable over recent coal mining, reflecting sharp recovery in years, year-to-year changes in the labor force hours worked per week from the reduced have been uneven. As may be seen in the level reached last year. On the other hand, chart on the following page, the annual inaverage weekly earnings in contract construc- crease in the labor force over the past five tion, which increased considerably in the first years has averaged about 750,000. Over the half of 1954, rose only slightly this year. In next five years, however, the population of agriculture average wage rates, which have working age will begin to reflect the sharply shown little change since early 1952, were rising birth rates of the 1940's, and in the only 1 per cent higher than in July 1954. five years 1960-65 the annual increase is Aggregate wage and salary payments have expected to average about 1.2 million. expanded markedly since the autumn of last There have been a number of significant year. Total payments in June, at a seasonally changes in the composition of the labor force AUGUST 1955 851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-195 5 GROWTH OF LABOR FORCE nonfarm activities, with an unusually rapid Annual rate, millions of persons rise this summer in employment in trade and service. Farm employment, after allowance for the large seasonal swings, has shown relatively little change over the past two years following an almost uninterrupted downward trend since the end of World War II. There were 7.7 million workers on farms, about the same number at midyear this year as in 1954 and 1953. The armed forces totaled about 3 million persons in July compared - 0.4 with the post-Korean high of 3.6 million reached in mid-1952. More than half of the reduction occurred during the past year, and a further reduction to 2.8 million by 1920- 193© - '40- *46- '50- 1955- 1960- 3930 1940 '4* '50 "55 1960 1965 mid-1956 is planned. NOTE.—Based on Bureau of Census data for April of each year. For 1940-55, from regular monthly reports (Series P-57); for other years, from Current Population Reports. Series P-50, Mo. 42. NONAGRICULTURAL EMPLOYMENT since 1950. The proportions of teen-age youths and of older men participating have In July 1955, 49.7 million persons were declined relatively sharply while the propor- reported by the Bureau of Labor Statistics tion of women over 35 years of age has in- as on the payrolls of nonagricultural estabcreased. The relatively sharp reduction lishments—1.6 million more than a year among youths reflects in part expanding earlier and almost 5 million more than in school enrollments, while the acceleration of July 1950. The total, however, was still the long-run decline in the proportion of about 300,000 below the record of mid-1953. older men in the labor force is associated Postwar changes in the composition of with expanded benefits and increased cover- employment have been associated with image of the Social Security system and with portant technological innovations, major growth of private pension programs. The changes in defense programs,, rapid growth steady increase in labor force participation in population, and shifts in consumer and among women has been especially pro- business demands. The largest relative innounced among wives, with almost 12 mil- creases have been in finance, service, and lion working wives in the labor force in State and local government employment. April 1955, as compared with 93 million in Employment in manufacturing industries, 1950 and 8.5 million at the peak of World which accounts for one-third of nonfarm em- War II. ployment, has fluctuated widely. Durable Civilian employment as reported by the goods industries now provide a larger pro- Census Bureau—which includes the self- portion of manufacturing jobs than in either employed, domestic servants, and unpaid the immediate prewar period or 1950. A family workers—totaled a record 65 million sizable decline since the end of World War persons in July, An exceptionally large in- II in the relative importance of the coal mincrease this year represents advances in most ing and railroad industries reflects persistent 852 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-19 5 5 reductions in employment in these fields as led the upturn in the fall of 1954 as output well as growth in other industries. of automobiles and steel rose sharply, have Manufacturing. Manufacturing employ- experienced the largest increases, both absoment, seasonally adjusted, totaled 16.7 mil- lutely and relatively. In the nonelectrical lion workers in July 1955. Such employment machinery group declines persisted longer has increased each month since the low of than in other metal working industries. 15.7 million in August 1954, but in July was Since the low reached in January of this still 800,000 below the high of mid-1953 when year, employment in this group has risen employment on defense work was at peak sharply, reflecting a marked turnaround in rates. As may be seen from the table, July business spending for fixed capital and a employment in most major manufacturing further rise in output of consumer goods. industries was higher than a year ago but Employment gains in the metal, lumber, and below the highs of two years ago. In durable stone, clay, and glass industries have been goods industries employment was 600,000 stimulated by strength in construction lower than in mid-1953, and in nondurable activity. In the ordnance industry, on the goods activities it was 200,000 lower. other hand, employment has declined stead- Employment gains over the past year have ily since mid-1953 and in July was almost been greatest in durable goods industries, 50 per cent below the post-Korean high. where they have offset more than half of In nondurable goods industries employthe earlier declines. The primary metals ment changes for the most part have been and transportation equipment groups, which moderate. Declines were mainly confined to the period between mid-1953 and early EMPLOYEES IN MANUFACTURING INDUSTRIES 1954. Following relative stability during most of last year, employment has risen in Percentage increase, July 1955 or decrease (—), (in July 1955 from 1955, with the paper, printing, and chemicals Industry group thousands earlier July: of groups in July at new record levels. The persons) 1954 1953 1950 rubber, apparel, and leather industries have shown significant gains this year. In the All manufacturing. 16,715 - 4 11 textile industry, where the increase this year Durable goods 9,662 - 6 18 L O u rd m n b a e n r c e .« ....... 7 1 7 3 0 3 - 1 1 2 0 1 -47 - 3 75 6 has been small, employment in July was Furniture . 366 - 2 Stone, clay, and glass 552 1 6 slightly higher than in mid-1954. Primary metals 1,322 13 9 Fabricated metals 1,117 7 - 5 12 Hours of wor\. Average weekly hours of Machinery (excluding electrical) 1,593 4 - 7 17 work in manufacturing industries began to Electrical machinery 1,146 7 - 8 30 T In r s a t n r s u p m o e r n ta ts tion equipment.. 1,8 3 6 2 4 0 1. 3 0 - - 6 6 4 3 5 1 increase earlier last year than employment. Miscellaneous 479 4 - 6 6 By the spring of 1955, as may be seen in the Nondurable goods 7,053 3 - 2 2 Foods 1,544 1 - 1 1 table on the following page, a relatively long Tobacco 99 - 4 - 6 - 5 Textile-mill products 1,078 2 -11 -16 workweek was reported in both durable and Apparel 1,222 6 - 2 3 Paper 555 4 3 14 nondurable goods industries. This reflected Printing and publishing. . 812 2 3 10 Chemicals 819 4 20 Petroleum and coal.. 255 0 10 in part substantial over-time in a number of Rubber 281 123 - 1 13 Leather 388 4 0 - 1 industries. Seasonally adjusted hours in July continued close to the second quarter level 1 Employment reduced in July 1954 largely because of work StO] and were about as long as in any July of 5 than .5 per cent. NOTE.—Bureau of Labor Statistics data adjusted, for seasonal the postwar period. variation. July 1955 figures are preliminary. 853 AUGUST 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-19 5 5 AVERAGE WEEKLY HOURS IN MANUFACTURING INDUSTRIES somewhat since early spring but remains well below the levels of earlier years. AH Durable Nondurable Quarter manufacturing goods goods Civilian government employment reached a record 6.9 million employees in mid-1955, 1953—ist 41 0 41.8 39.9 2nd 40.8 41.5 39.8 and accounted for 14 per cent of total non- 3rd 40 3 41 0 39.3 4th 40.0 40.7 39.0 farm employment. State and local govern- 1954—1st 39.5 40.0 38.7 2nd 39.4 39.9 38.7 ments added 150,000 workers over the past 3rd 39 7 40.2 39.1 4tn 40.0 40.6 39.3 year, continuing a steady upward trend 1955—1st 40.4 41.1 39.5 which has increased their employment by 2nd 40.7 41.4 39.7 almost 50 per cent since the end of World NOTE.—Bureau of Labor Statistics data adjusted for seasonal War II. Federal employment, which had variation by Federal Reserve. declined during 1953, was little changed in The workweek has also increased in many July from a year earlier. nonmanufacturing activities, with an important gain in bituminous coal mining. For EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS the economy as a whole, about 1 million persons who usually work full-time were re- Percentage increase, July 1955 or decrease (—), ported working less than 35 hours a week (in July 1955 from Industry division thousands earlier July: of because of economic conditions. A year ago persons) 1954 1953 1950 the comparable number was reported at almost 2 million. Total 49,684 - 1 10 The number of manhours worked at facto- Manufacturing. 16,715 11 Durable 9,662 - 6 18 ries in July was almost 10 per cent above Nondurable.. 7,053 2 2 Nonmanuf acturing 32,969 2 10 last year's low, but was still about 7 per cent Mining 756 -12 -18 Contract construction 2,542 6 below the 1953 peak. With factory output Transportation 2,720 - 7 ~ 2 Public utilities 1,336 1 10 moderately above the previous mid-1953 rec- Trade 10,756 2 11 Finance 2,204 8 21 ord, output per manhour has risen somewhat Service 5,726 3 12 Government 6.929 5 16 more rapidly over the past two years of reces- Federal 2,208 - 4 20 sion and recovery than the average postwar State and local. 4,721 10 14 rate of about 4 per cent a year. 1Less than .5 per cent. NOTE.—Bureau of Labor Statistics data adjusted for seasonal Nonmanuf acturing. Employment in non- variation. Self-employed and domestic servants are excluded. July 1955 figures are preliminary. manufacturing establishments reached a new high of almost 33 million in July, 650,000 UNEMPLOYMENT more than last year and about 500,000 more Unemployment, after allowance for seathan two years ago. In finance, service, pubsonal factors, began to decline after the sumlic utilities, and State and local governments, mer of 1954 and was reduced considerably employment continued to rise over the past by the spring of 1955, as widespread advances two years. Trade employment, which expein employment more than offset further sizrienced a slight decline during 1954, was also able increases in the labor force. Seasonally at record levels in July. Construction emadjusted unemployment of 2.3 million in ployment has remained fairly stable, close to July compares with the high of 3.6 million record highs. In coal mining and railroad in August 1954 and the low of 1.4 million transportation employment has increased in the summer of 1953. 854 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-19 5 5 UNEMPLOYMENT 850,000 in the same month last year and Millions of persons 150,000 in July 1953. Claims for State unemployment compensation have declined substantially. In July the number of weekly claims averaged 1.1 million. This was 800,000 below the advanced year-ago level but about 250,000 above July 1953. Unemployment benefits averaged almost $25 a week in June 1955, the same as last year, and $4 more than in 1950. Total benefits, which were at an annual rate of o 2.3 billion dollars in the second quarter of 1954, had declined to a rate of 1.4 billion in the spring of this year. Unemployment has been reduced sub- 1951 1953 1955 stantially in a number of areas which earlier NOTE.—Bureau of Census data adjusted for seasonal varia- had shown high unemployment rates, partion. Latest figure shown is for July 1955. Estimates through June 1955 refer to the week containing the 8th day of the ticularly areas where automobile and metal month. Beginning with July 1955 the survey week was changed to contain the 15th of the month. work activities are concentrated. In July fewer major labor market areas were classi- In July about 4 per cent of both men and fied in the substantial labor surplus category women in the labor force were unemployed, than at any time since January 1954. Of the with the decline from a year ago fairly evenly 149 major areas, 31 were classified by the distributed among age and sex groups. The Bureau of Employment Security as having number of workers unemployed for periods an unemployment rate of 6 per cent or more of 15 or more weeks was reduced to about of the labor force. A year ago 53 major areas 600,000 persons in July as compared with were in this category. AUGUST 1955 855 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1955 SURVEY OF CONSUMER FINANCES HOUSING- ARRANGEMENTS OF CONSUMERS1 The 1955 Survey of Consumer Finances in the job location of the breadwinner, and shows that one-third more nonfarm families in housing costs.2 Individual preference for owned their homes in early 1955 than in owning or renting, apart from the type of early 1948. The growth in home ownership housing obtained, also appears to enter into reflects not only changes in family composi- consumer thinking about housing. tion and in income status, but also the con- The Survey findings reported here rest in tinuing availability of mortgage financing on large part on information regarding family generally favorable terms. The Survey also housing history, attitudes, and outlook obshows growth in the proportion of owner- tained this year for the first time. Experioccupied houses that are mortgaged and in ence has indicated that answers to questions the average size of mortgage debt. regarding attitudes and outlook are very Increase in population and movement of sensitive to wording and coding procedures. people from one part of the country to an- Moreover, the questions regarding outlook other, combined with generally favorable were asked without explicit reference to economic conditions, have maintained high expected financial changes. The findings levels of demand for housing. They also should therefore be taken as a broad view help to account for the fact that early this of consumer attitudes toward housing rather year half of all nonfarm families had oc- than as a measure of future action. cupied their living quarters for less than Dissatisfaction with current housing arfive years. rangements was expressed by 15 per cent of the home-owning families and by twice FACTORS AFFECTING HOUSING ARRANGEMENTS as large a proportion of renters (see Table 1). The 1955 Survey indicates that changes in Many reasons were given, but insufficient a family's housing arrangements are assospace was apparently the most common ciated with changes in the size and composisource of dissatisfaction. Families having tion of the family, in its financial position, less than one room per person expressed dis- 1This is the last of a series of four articles presenting the satisfaction more than twice as frequently results of the 1955 Survey of Consumer Finances conducted by the Federal Reserve System in cooperation with the as those with more space. About 30 per Survey Research Center of the University of Michigan. The cent of the families owning homes of four first article, presenting information on the economic outlook rooms or less were dissatisfied in contrast of consumers and their plans for purchasing durable goods and houses, was published in the March BULLETIN. The second article, published in the May BULLETIN, dealt with 2 In general, the discussion of housing arrangements is purchases of consumer durable goods in 1954; and the third, based on family units, which are defined to include all perappearing in the June BULLETIN, analyzed the financial sons living in the same dwelling who are related by blood, position of consumers. marriage, or adoption. Two or more family units may This article was prepared by John Frechtling of the Con- occupy the same dwelling. For some purposes, however, sumer Credit and Finances Section of the Board's Division data based on spending units are used. The spending unit of Research and Statistics. A close working relation has been includes all persons living in the same dwelling and related maintained with the Survey Research Center at all stages of by blood, marriage, or adoption who pool their incomes to the work, and the author has had the benefit of suggestions meet major expenses. Secondary spending units are those from the Center's staff, particularly James N. Morgan and that share or rent portions of dwellings owned or rented by Herbert Mohring. primary spending units. 856 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

19 5 5 SURVEY OF CONSUMER FINANCES TABLE 1 have houses of similar value regardless of CONSUMER ATTITUDES TOWARD PRESENT HOUSING ARRANGE- the number of occupants, and much the MENTS, EARLY 1955 same is true of rent payments of renters. Percentage distribution of nonfarm spending units within groups] Unfavorable location of their present Housing status homes was mentioned by many families All Present housing s n p o u e n n n f d i a t r i s n m g O ho w m n e s h R o e m nt e s 1 L w re iv i l t a e h - s Other2 w de e s r i e r in c g it e t d o m m o o v r e e . o H fte i n g h b o y p e r r e a n t t i e n r g s e t x h p a e n n s b e y s tives home owners who expected to change Satisfactory 67 71 53 80 78 their housing arrangements. Expectation of Fairly satisfactory. . 11 13 12 6 8 Unsatisfactory 20 15 32 8 11 change in job location was mentioned by Not ascertained or no firm opinion. . . 2 1 3 6 3 one-third of the families feeling unsettled All cases 100 100 100 100 100 in their present homes, but by only one- Percentage of all nonfarm spending eighth of the home owners with plans to units i 100 50 33 10 7 buy or build another house. 1 Includes only spending units responsible for rent of entire Survey questions regarding consumer dwelling unit. 2 Spending units that jointly rent homes, rent rooms from non- plans to buy or build homes did not deterrelatives, receive housing as part of compensation, live temporarily n houses they have sold, etc. mine directly why ownership was preferred to renting. In many communities the choice with about 10 per cent of the owners of between owning and renting is basically a homes with more rooms. For renters, the choice between a house and an apartment. corresponding proportions were 35 and 23 Plans to buy or build a home may therefore per cent. The larger proportion of renters merely indicate a preference for living in a than of home owners feeling their homes house. The prevalence of such comments were too small probably reflects the fact as "we want to own our home," however, that renters usually have one room less than suggests that additional factors are involved. owners of similar age, income, and family Possibly consumers feel that home ownersize. Also, rented quarters generally have ship provides greater independence than less space devoted to garages, basements, and renting. Favorable mortgage terms and constorage facilities. Families appear to expand their living ROOMS PER PERSON space more readily than they contract it. Median number, early 1955 Throughout the period of growth, families enlarge their homes and maintain about the 2 T/2 same number of rooms per person, as shown in the chart. Later, parents tend to retain their homes after their children move away, and the number of rooms per person in- V 1/2 creases. Values of owner-occupied houses and rent payments of renters do not appear to be affected significantly by size of family, even though larger families generally occupy more rooms than smaller families. Home- All • Under 25-34 35-44 45-54 55-64 65 and owning families of similar income tend to families 25 over AGE OF HEAD OF FAMILY AUGUST 1955 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES sideration of capital gains have probably been location, and about one-fifth mentioned fiimportant to many purchasers. nancial difficulties. Older married persons Income appears to have been a major fac- TABLE 3 tor in the decision of many owner-occupants FORMER OWNERS AMONG NON-HOME-OWNERS, EARLY 1955 to purchase a different home. In nearly all [Percentage within age and income groups]1 age groups, the proportion of home owners i d n i ff e e a re rl n y t h 1 o 95 u 5 se w w h a o s l h ar a g d e r f o a r m m o e n rl g y th o o w se n e w d i th a A of g e s u p o n e f i n t d h i e n a g d g in ro c A o u l m p l s e 2 $ U 3 n ,0 d 0 e 0 r $ $ 3 4 , , 0 9 0 9 0 9 - a $ n 5 d , 0 o 0 v 0 er incomes of $5,000 or more than among those All ages 17 20 12 20 18-44 11 9 9 15 with lower incomes (see Table 2). More 45-64 25 29 17 30 65 and over 42 41 46 52 than 60 per cent of the families that had changed their homes thought their present 1 Non-home-owning spending units that formerly owned homes as a percentage of all nonfarm non-home-owning spending units. home was more valuable than their former 21954 money income before taxes. NOTE.—Based on spending rather than family units in order one. This proportion increased with income. to take account of spending units that have moved in with relatives and become part of another family instead of remaining a separate family. The desire for additional space was also immentioned finances most frequently. Only portant. About 60 per cent of home-owning 10 per cent of the former owners had found families with children that had formerly their homes inadequate, and somewhat owned a different home indicated that their fewer had found their locations unfavorable. present home was larger, and less than 25 In many cases the reasons cited for giving per cent said it was smaller. up home ownership relate to ownership of TABLE 2 a particular house, and do not necessarily OWNERS OF FORMER HOMES AMONG NONFARM HOME OWNERS indicate permanent withdrawal from owner- EARLY 1955 ship. [Percentage withm age and income groups]1 IMPORTANCE OF AGE AND FAMILY Age f o a f m h il e y ad of g in ro c A o u l m p l s e 2 $ U 3 n ,0 d 0 e 0 r $ $ 3 4 , , 0 9 0 9 0 9 - an $ d 5 ,0 o 0 v 0 er COMPOSITION Need for additional space and change in All ages 37 45 29 38 18-24 8 7 15 (3) financial condition are apparent in both the 25-34 18 8 19 19 35-44 37 30 29 42 45-54 37 30 21 47 present housing arrangements and the hous- 55-64 40 53 40 34 65 and over 61 60 60 64 ing outlook of consumers within various family status groups. The first housing of 1 Home-owning family units that owned a former home as a percentage of all nonfarm family units owning homes. a young unmarried person who has become 21954 family money income before taxes. 3Insufficient number of cases for computation. financially independent is typically with his Some home owners shift to other quarters, family or, less often, in rented quarters (see especially at older age levels. In early 1955, Table 4). Early in 1955, nearly one-third of more than 40 per cent of the non-home-own- such persons did not feel settled, or were ing spending units headed by persons 65 not completely satisfied with their quarters, years of age or older had owned a home at but relatively few had plans to buy or build some time in the past. The corresponding homes. figure for the group 45-64 years of age was Following marriage, most young couples only 25 per cent (see Table 3). When asked rent their living quarters, but expect to make why they had given up owner-occupancy, a change soon in their housing arrangeabout one-fourth indicated a change in job ments. In early 1955, only 3 in 10 of the 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES TABLE 4 HOUSING STATUS RELATED TO AGE AND FAMILY STATUS, EARLY 1955 [Percentage distribution of nonfarm spending units within groups] Percent- Housing status age of all Number Age and family status1 nonfarm of All spending cases cases Owns Rents Lives with units home home relatives Other* All nonfarm spending units3 100 2,906 100 50 36 10 Age 18-44: Single 11 305 100 9 33 55 Married, no children under 18. .. 7 209 100 35 54 5 Married, youngest child under 6. 23 651 100 52 43 1 Married, youngest child 6 or over 268 100 65 32 2 Age 45-64: Single. 7 201 100 40 44 11 Married, no children under 18 12 389 100 69 28 1 Married, children under 18 9 272 100 70 23 2 Age 65 and over: Sngle 180 1.00 49 36 Married 211 100 72 22 xAge refers to head of spending unit; "married" refers only to spending units that include both husband and wife; "single" refers to unmarried, widowed, separated, and divorced persons without children. 2Spending units that receive housing as part of compensation, live temporarily in houses they have sold, etc. 3 Includes some spending units of types not covered in separate categories or for which information was not obtained. Together these account for about 10 per cent of all nonfarm spending units. younger renting couples without children home owners at some time in their lives, felt settled and 4 in 10 were planning to buy and in part the discontinuance of home ownor build a house within two years. Married ership after the death of a spouse. home owners under 45 years of age who did TREND TOWARD HOME OWNERSHIP not have children were more often satisfied and settled. The rate of increase in the number of By the time the family includes children, owner-occupant families has been greater home ownership becomes the usual arrange- than that of all families since early 1948, ment, and many nonowners look forward to and early this year 55 per cent of all nonownership. Plans to buy or build a first farm families owned their homes as comhome are more frequent among renting fam- pared with 49 per cent in early 1948.3 The ilies with children under six years of age most striking increase in home ownership than among renting families with older has occurred among families headed by perchildren. sons 35-44 years of age, as shown in the Home owners with children plan to buy chart on the following page. In the early or build another home, or to make major postwar years this group included many additions and repairs, more frequently than families that formerly had been unable to those without children. Desire for addi- purchase homes because of depression or tional space, as well as improvement in war. In early 1955, families in this age financial conditions, is reflected in their group had experienced a decade of high and plans. rising incomes and had access to favorable A larger proportion of single than of 3 The number of home-owning families has increased from married persons 65 or more years of age rent 18.6 million to 24.9 million and the number of renters has their homes. This reflects in part the smaller risen from 16.9 to 18.2 million during this period. Only proportion of single persons who become those neither owning nor renting have decreased in number—2.4 million in 1948 to 2.0 million this year. AUGUST 1955 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES HOME OWNERSHIP cupants was $10,000 in early 1955 in contrast WITHIN AGE GROUPS with $8,000 in early 1949, an increase of 25 Per cent of group per cent. The median monthly rent of nonfarm renters rose from $35 to about $47 over the same period, or by nearly 35 per cent. Elements of continued strength in the demand for owner-occupied housing are indicated by the large proportion of nonfarm spending units with plans to buy in 1955 or 1956. In early 1955 the proportion having plans to purchase or build a house within two years was larger than the proportion with similar plans in the three earlier Sur- 35.44 45-54 55-64 veys (see Table 5). Execution of plans to buy houses is, of course, conditioned by mortgage terms as well as large supplies of developments; in the personal financial sitbuilding materials. uation of the prospective buyer and by de- Factors previously discussed in connection velopments affecting the supply, cost, and with the present housing arrangements and financing of houses. outlook of nonfarm consumers have been reinforced during the postwar years by the INCREASE IN MORTGAGE DEBT backlog demand for housing resulting from Availability of mortgage financing on the dislocations of war and the depressed favorable terms during most of the postlevels of economic activity in the thirties. war period has encouraged owner-occupancy. Price and other financial considerations have The number of mortgaged owner-occupied also favored owning rather than renting houses has increased from 8.7 million in homes. Since the removal of almost all rent early 1949 to 13.2 million early this year.4 controls in 1949, rents have increased rela- The proportion of owner-occupied houses tively more than house values. The median that are mortgaged has increased from 45 value placed on their homes by owner-octo 54 per cent in the same period and the median size of mortgage has increased from TABLE 5: $3,000 to $4,700 (see Table 6). Mortgages CONSUMER PLANS TO BUY OR BUILD HOUSES have increased in size more rapidly than [Percentage of all; nonfarm spending units] house values; in early 1955, 3 in 10 mort- Plans to buy or build Plans to buy or build gages equalled 60 per cent or more of the during year during next year owners' estimates of home value in contrast Year Definite Definite or Possible or Possible with 2 in 10 in early 1949. probable purchase probable, purchase purchase1 purchase The dominant factor in the increased number and proportion of houses that are 1955 5.8 3.6 2.2 6.3 1954 4.0. 2.6 2.5 5.6 1953 5.6 3.2 2 7 5.9 4 The discussion of mortgaged homes omits owner- 1952 4.4 2.0 2.5 5.6 occupied properties of three or more dwelling units and 1 Includes spending units that had already purchasedin the year apartments in cooperative projects. These exclusions amount of interview. to less than 1 per cent of all owner-occupied properties, 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES mortgaged has been the continuing high MORTGAGE STATUS HELMED TO level of home purchases financed by mort- LENGTH OF H00S1 OWNERSHIP Per cent of houses gages during this period. Survey data in- MORTGAGE DEBT AS PER CENT OF HOUSE VALUE dicate that 80-85 per cent of home purchases in recent years have involved mortgage m 40"59 100 H6o'79 financing. The large volume of recent m 80 and over mortgages, on which there has been little 80 amortization, has contributed to the rise in the average size of mortgages outstanding. \ 60 Easing of terms in recent years has also tended to increase the size of outstanding mortgages by permitting larger mortgages 40 than in earlier years on homes of the same price and by permitting extension of the i i•d 20 amortization period. Apart from changes p 0 in terms, increases in house values reflecting up-grading of housing standards as well as 1955 1950 1955 1950 OWNED LESS OWNED 2 TO general price increases have tended to raise THAN 2 YEARS 5 YEARS the amount of recent mortgages above those NOTE.—The chart shows the relationship of size of mortgage debt to house value for owner-occupied nonfarm houses grouped placed in earlier years. by period of owner-occupancy. Smaller down payments and smaller infor homes owned less than five years. The creases in real estate values account in large higher ratios in 1955 than in 1950 for homes part for the increase from 1950 to 1955 in owned less than two years reflect primarily the ratios of mortgage debt to house values the smaller down payments relative to the which are shown in the accompanying chart purchase price in recent years. In the case TABLE 6 of homes owned between two and five years NONFARM HOUSES CLASSIFIED BY VALUE AND MORTGAGE DEBT the slower rise in values ill recent than in [Percentage distribution of owner-occupied nonfarm houses] earlier postwar years has contributed to the Value i Mortgage debt^ increase in the ratios of mortgage debt to Amount house value. 1955 1953 1951 19491955 1953 1951 1949 The mortgage guarantee operations of the Zero 55 Veterans Administration and Federal Hous- $l-$4,999 18 22 29 $ $ 5 7 , , O 50 O 0 O -$ -$ 9 7 ,9 ,4 9 9 9 9,.• . . 1 1 7 5 1 1 9 7 3 7 ing Administration have been very signifi- $10,000-$12,499.. 17 16 $12,500-$14,999.. 7 5 cant factors in postwar housing markets. $15,000-$l 9,999.. 12 10 $20,000 and over. 9 Approximately 1 in 5 respondents owning Not ascertained. . 5 4 mortgaged homes indicated that the mort- All cases 100 100 100 100 gage originated under the VA program and Average (thousands of Me d d o i l a la n r s) (thousands of 11.0 10.7 9.3 55.4H.S 53.853.7 about the same proportion identified the dollars) 10.0 9.0 7.9 8.054.753.553,053.0 mortgage as PHA financed. While the Sur- *As estimated by respondents early in year indicated, except vey estimate of the number of VA mortgages that houses purchased during preceding year were valued at purchase price. outstanding is veiy close to estimates derived 2Early in year specified. 3 House value and amount of mortgage assigned if not determined from VA records* the Survey estimate of in interview. 4No cases reported or less than one-half of 1 per cent. FHA mortgages is approximately 40 per 5Fof mortgaged nouses only. AUGUST* 1955 8<51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES TABLE 7 MORTGAGE DEBT AS A PERCENTAGE OF HOUSE VALUE IN RELATION TO AGE OF OWNER, VETERAN STATUS, AND TERM OF OCCUPANCY, EARLY 1955 1 [Percentage distribution of nonfarm home-owning families] Under age 45, veteran in unit Under age 45, no veteran in unit Age 45 and over Mortgage debt as a p h e o rc u e s n e ta v g a e lu o e f te A r o m l f l s Un 3 der 3-6 6 a y n e d ars te A r o m l f l s Un 3 der 3-6 6 a y n e d ars te A r o m l f l s Un 3 der 3-6 6-15 ye 1 a 5 rs occu- years years over occu- years years over occu- years years years and pancy2 pancy2 pancy2 over Zero 18 7 13 32 37 19 23 55 64 42 45 53 89 Under 20 8 (3) 8 17 8 2 9 10 10 1 5 17 6 20-39 13 14 23 14 5 18 17 13 8 14 23 3 40-59 24 16 35 21 22 25 30 14 9 19 28 6 1 60-79 23 35 26 7 12 28 13 4 3 16 6 1 1 80 and over 14 37 4 (3) 7 21 7 (3) 1 14 2 (3) (3) All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 415 152 142 118 268 62 86 118 826 80 137 308 298 xAge refers to head of unit, veteran status refers to presence in unit of veteran of World War II or Korea. 2Includes cases for which term of occupancy was not ascertained. 3No cases reported or less than one-half of 1 per cent. cent higher than estimates based on FHA comparable periods. The favorable terms records. Reporting errors probably account on which mortgages were obtained by vetfor this overestimate.5 erans is indicated by the generally higher About 45 per cent of the mortgages of ratio of mortgage debt to house value for families headed by persons under 45 years veterans' homes (see Table 7). The smaller of age and including veterans were reported proportion of homes with mortgages among as VA mortgages.6 The impact of the Vet- older families is the result of generally erans Administration program is indicated longer occupancy, of requirements for more by a comparison of the mortgage status of rapid amortization when older persons buy homes, and of the ability of these older famhomes owned for similar periods of time by ilies to make larger down payments by use families differing as to veteran status. In of equities built up in their previous home general the homes of veterans were mortor by use of other savings. gaged more frequently than those of younger nonveterans who had owned homes for Former ownership of a different home is also important in the consideration of mort- 5 The VA program requires direct contact between the gage debt. In early 1955, about 70 per cent mortgagor arid the guaranteeing agency to obtain a letter of of the families previously owning different eligibility. The FHA procedure does not require such direct contact. As a result, some respondents may have confused homes and purchasing their present home mortgages held by Federal savings and loan associations or in 1952 or later had mortgages in contrast even other mortgages requiring monthly amortization payments with FHA mortgages, or some may have remembered with 85 per cent of the families whose that FHA financing had been available on the project in 1952-54 purchase was their first home. The which they bought even though they were not sure of the mortgages of the former group also tended type of mortgage they themselves had. 6 Only about one-eighth of the mortgages on homes owned to be smaller relative to the value of the by nonveteran families of similar age and a very small pro- home. portion of mortgages on homes owned by older families were VA mortgages. The VA mortgages of families not including TECHNICAL NOTE veterans in early 1955 may have been obtained by veterans Revised estimates of sampling errors for who subsequently left the household or by the purchase from veterans of houses subject to VA mortgages. percentages based on Survey information are 862 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES given in the accompanying tables. The re- SAMPLING ERRORS OF DIFFERENCES X vised estimates reflect extensive computa- Differences required for significance (95 per cent probability) in comparisons of percentages derived from successive Surveys of Consumer Finances and from two different subgroups of the tions completed since the publication of the same Survey. table of sampling errors on page 473 of the Size of sample or group May 1955 issue of the Federal Reserve BUL- Size of sample or group 200 300 500 700 1,000 3,0002 LETIN. These generalized tables are based on com- For percentages from about 35 per cent to 65 per cent putation of sampling errors for many specific 200 14 statistics. They are conservative rather than 300 13 11 500 12 10 9 average values; the sampling errors of many 700 11 10 8 8 1 000 11 9 8 7 6 types of Survey data are smaller than the 3.0002 10 8 7 6 5 3.6 values presented in the table. For percentages around 20 per cent and 80 per cent A discussion of the factors affecting sam- 200 11 pling errors in the Survey of Consumer 300 10 9 500 9 8 7 Finances will be available on request from 700 9 « 8 7 6 1,000 . . . 9 7 6 6 5 the Division of Research and Statistics, Board 3.0002 8 7 5 5 4 2.9 of Governors of the Federal Reserve System, For percentages around 10 per cent and 90 per cent Washington 25, D. C. 200... 8 300 8 7 500 7 6 5 APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS 700 7 6 5 4 1,000 6 6 5 4 4 The chances are 95 in 100 that the value being estimated lies within 3,0002 6 5 4 4 3 "l.'l a range equal to the reported percentage plus or minus the number of percentage points shown below. For percentages around 5 per cent and 95 per cent Number of interviews Reported 300 6 5 percentage 3,000i 1,000 700 500 300 100 5 7 0 0 0 0 5 5 4 4 4 4 3 1 000 5 4 3 3 3 50 2.6 4.4 5 6 8 14 3,0002 4 4 3 3 2 1.6 30 or 70 2.3 4.1 5 6 7 13 20 or 80 2.0 3.5 4 5 6 11 !The sampling error does not measure the actual error that is 10 or 90 1.5 2.7 3 4 5 8 involved in specific Survey measurements. It shows that—'except 5 or 95 1.1 1.9 2 3 4 for nonsampling errors, errors in reporting, in interpretation, etc.—differences larger than those found in the table will arise by chance in only 5 cases in 100. 1 Approximate size of sample, 1952-55. 2 Approximate size of annual Survey sample, 1952-55. Note.—Supplementary tables for this article begin on the following page. AUGUST 1955 863 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 1 HOUSING STATUS OF NONFARM FAMILIES [Percentage distribution of nonfarm families within specified group Number of cases Owns home Rents home Other i All Group characteristic cases 1955 1954 1953 1955 1954 1953 1955 1954 1953 1955 1954 1953 All nonfarm families 2,601 2,478 2,540 100 55 56 54 40 40 43 Family money income before taxes in preceding year: Under $1,000 152 154 178 100 43 44 50 40 37 35 17 19 15 $l,000-$l,999 238 209 247 100 45 45 49 46 46 45 9 9 6 $2,000-$2,999 246 222 292 100 39 47 38 54 47 59 7 6 3 $3,000-$3,999 371 340 382 100 46 45 45 51 52 53 3 3 2 $4,000-$4,999 373 395 382 100 54 52 52 43 45 47 3 3 1 $5,000-47,499 693 637 602 100 65 65 6* 33 33 35 2 2 1 $7,500 and over 528 515 450 100 75 72 70 24 27 30 1 1 Occupation of head of family: Professional and semiprofessional 207 249 275 100 58 58 48 37 38 48 5 4 Managerial and self-employed.. , 393 443 432 100 70 69 67 26 29 31 4 2 Clerical and sales 246 296 313 100 55 56 46 44 42 52 1 2 Skilled and semiskilled 796 773 752 100 56 54 53 42 43 46 2 3 Unskilled and service... , 295 239 287 100 40 41 38 49 46 53 11 13 Retired 211 190 180 100 65 65 75 30 25 19 5 10 Age of head of family: 2 1 5 8 - - 3 2 4 4 ft. . . 6 1 1 0 2 0 52 9 7 2 "598 1 1 0 0 0 0 4 1 3 5 4 1 2 8 4 1 1 4 5 7 3 6 5 7 5 7 5 8 7 2 3 5 35-44 629 614 «568 100 59 57 54 38 39 43 4 45-54 , 494 490 '491 100 62 63 60 34 33 38 4 55-64 383 410 "352 100 66 66 64 29 30 32 4 65 and over 351 339 «368 100 63 63 69 31 27 25 10 Veteran status:3 No veteran in family 726 715 781 100 43 44 43 52 52 54 One or more veterans 828 740 716 100 52 51 45 45 47 54 Size of community: Metropolitan area 845 885 875 100 46 46 43 51 52 55 3 2 Other city, 50,000 and over 506 428 470 100 51 51 46 47 46 51 2 3 Town or city, 2,500-49,999 567 542 515 100 56 57 57 41 39 41 3 4 Town under 2,500 396 397 462 100 70 70 68 25 23 29 5 7 Open country 286 226 218 100 68 68 69 17 20 23 15 12 Region: North East «748 747 761 100 46 50 44 50 47 53 North Central , 824 815 100 59 61 64 36 35 34 South , «695 578 620 100 58 56 50 37 39 45 West «360 323 337 100 60 55 57 36 38 40 «Estimated. 1 Families that receive housing as part of compensation, live temporarily in houses they have sold, etc. 2No cases reported or less than one-half of 1 per cent. 3Veteran of World War II or Korea in family, and head of family under 45 years of age. SUPPLEMENTARY TABLE 2 SUPPLEMENTARY TABLE 3 FAMILY INCOME WITHIN HOUSING STATUS GROUPS YEARS IN PRESENT RESIDENCE, EARLY 1955 [Percentage distribution of nonfarm families] [Percentage distribution of nonfarm families] M be o f n o e r y e t in ax co e m s1 e A f ll a m no il n ie fa s2 rm Owns home Rents home Years in residence f n a o m n A i f l l a i l r e m s1 O ho w m n e s R ho e m nt e s 195519531949195519531949195519531949 Under 2 years. . . 33 19 50 2-5 years 24 24 24 Under $1,000 7 9 9 6 8 8 8 7 7 5-9 years 15 19 10 $1,000-11,999 11 11 14 9 10 10 12 12 18 9-20 years 18 22 13 $2,000-$2,999 11 13 20 8 9 17 15 18 23 20 years and over 10 16 2 $3,000-$3,999 16 17 22 13 14 21 20 20 24 Not ascertained.. 1 $4,000-14,999 14 15 13 14 15 15 16 17 12 $5,000-$7,499 25 22 14 29 26 17 20 18 11 All cases.... 100 100 100 $7,500 and over. . . 16 13 8 21 17 12 9 8 5 Not ascertained (3) (4) (4) (3) 1 (4) (3) (4) (4) 1 Includes 5 per cent of nonfarm families that neither own nor All cases 100 100 100 100 100 100 100 100 100 rent their homes. 2No cases reported or less than one-half of 1 per cent. 1 In year prior to specified year. 2 Includes small proportion of families who receive housing as part of compensation, live temporarily in houses they have sold, etc. 3 Income assigned if not determined in interview. 4No cases reported or less than one-half of 1 per cent. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1.9 5 S SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 4 SUPPLEMENTARY TABLE 5 OWNER'S APPRAISAL OF PRESENT AND FORMER HOME IN ROOMS PER PERSON IN RELATION TO AGE OF HEAD OF FAMILY RELATION TO INCOME EARLY 1955 [Percentage distribution of selected nonfarm, families, within [Percentage distribution of nonfarm families within groups] income groups]1 Age of head of family 1954 family money income All before, taxes Rooms per person1 fa A m ll i- Co w m it p h a r f i o so rm n e o r f h p o re m se e nt g in r c o o u m ps e 1 Under $3,000- $7,500 lies? Un 2 d 5 er 25-34 35-4445-54 55-64 o a 6 v n 5 e d r $3,000 $7,499 and over Under J^, 1 1 2 1 (3) 1 Greater value 63 51 63 78 12 16 19 17 10 (9 1 Same value 4 2 7 2 1—1 -J/ 31 46 40 39 28 17 14 Less value 18 30 17 8 17 13 20 19 17 17 9 Not ascertained 15 17 13 12 2-2y2 1 1 4 6 11 7 1 8 0 1 8 3 2 1 0 7 3 1 0 8 2 1 7 9 All cases 100 100 100 100 3}/% and over 9 5 1 3 7 15 29 Not ascertained.... 1 (») 1 1 1 Includes only nonfarm families that formerly have owned All cases 100 100 100 100 100 100 100 another home. 1 Excludes bathrooms. ^Includes cases for which age of head of family was not ascertained. 3 No cases reported or less than one-half of 1 per cen:. SUPPLEMENTARY TABLE 6 SUPPLEMENTARY TABLE 7 CONSUMER RESPONSE TO STATED NEED FOR CHANGE IN HOUSING OUTLOOK OF CONSUMERS, EARLY 1955 HOME, EARLY 19551 [Percentage distribution of nonfarm spending units within groups:} [Spending units stating need; as a percentage of nonfarm spending units within group indicated] Housing status All non- Need for change P or l a t n o s m to a , k b e u y a d a d h it o io m n e s , N tle o d p u o l n a r s n f a s e t , e i s l b s fa u c t h t o o u m r n y s e 3 e ^ i t s - Housing outlook ; ' s u p f i n a e n r i n g m ts d- ' h O o w m n e s R ho e m nt e s 1 L t w r i e i v i v l t a e e h - s s Other2 O e w rs n- R e e rs n 4 t- Others 5 O e w rs n- R e e rs n 4 t- Others5 Plans to buy:3 Definite or probable 8 6 13 1 3 Present home too Possible 10 7 16 6 5 large 5 2 8 2 Present home too Plans to make major addismall 29 29 19 23 29 10 tions or repairs 4 6 13 (5) (5) (*) Unsatisfactory neighborhood or No plans to buy or make Op lo er c a a t t i i n o g n expenses 17 10 11 11 4 Un a s d e d tt i l t e io d n s in o h r o r m ep e a 6 irs: 16 6 26 24 22 too high..,,. . . , 2 10 2. 4 11 (•). Home unsatisfactory7. . , 6 6 7 3 5 Other unfavorable Settled in satisfactory features......... 14 9 8 13 18 2 home8 » 54. 62 ; 38. 66 65 Desire to own home 66 54 7 3 All cases 100 100 100 100 100 Ex j ; o p b ec l t o c c a h t a io n n ge in 12 4 6 22 27 71 Percentage of all nonfarm spending units 100 50 33 10 7' 1 Refers to the 46 per cent of all nonfa^m spending units that plan to buy or build a home or to make major additions or repairs, or 1 Includes only spending units responsible for the rent of the that are unsettled or find their present homes unsatisfactory. entire dwelling, unit. 2Plans to buy or build in 195$ or 1956, or, for owners, plans to 2Spending units that jointly rent homes, rent rooms from nonmake major additions or repairs ($500 and over) in 1955. relatives, receive housing as part of compensation, live temporarily 3No plans to buy a home or to make additions or repairs. in houses they have sold, etc. 4Includes only spending units responsible for rent of entire dwel- sIn 1955 or 1956. ling; unit. 4Additiqns or repairs of $500 and over in 1955; includes definite, 6Spending units that jointly rent homes, live with relatives, rent probable, and possible expenditures. rooms from nonrelatives, receive housing as part of compensation, 6No cases reported or less than one-half of 1 per cent. live temporarily in houses they have, sold, etc. 6The question was: "Do you feel that you have settled down to 6No cases reported or less than one-half of 1 per cent. stay here in this house or do you feel you may not stay here very long?" Excludes spending units covered by preceding groups. 7The question was: "Would you say your present home is satisfactory for your needs, or unsatisfactory, or what?" Excludes spending units covered by preceding groups. 8Excludes spending units covered by preceding groups. AUGUST 1955 865 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 8 HOUSING OUTLOOK WITHIN AGE AND FAMILY STATUS GROUPS, EARLY 1955 1 [Percentage distribution of nonfarm spending units within groups] Singles Married* All Housing outlook g f s r a t o m a u t i p u l s y s 2 1 A 8- g 4 e 4 4 A 5- g 6 e 4 65 o A v a g e n e r d u c n h 1 d A 8 i n l e - d g o 4 r e r 4 e 1 , n 8 y u o 1 n c u A 8 h d n - g i e 4 g l e r d 4 e , 6 st y o c o 1 r h u A 8 i n - l o g d 4 g v e 4 e e 6 , s r t u c 4 n h 5 d A i n l - e d g o 6 r e r 4 e 1 , n 8 u c 4 n h 5 d A il - e d g 6 r e r 4 e 1 , n 8 65 o A v a g e e n r d Owners: Plans to buy6 . . . 13 (6) 12 (8) 14 20 15 13 14 5 Plans to make major additions or repairs ^ 13 6 11 2 8 17 21 9 15 6 No plans to buy or make additions or repairs: Unsettled or home unsatisfactory ^ 12 19 10 7 14 17 10 7 14 10 Settled in satisfactory home® 62 75 67 91 64 46 54 71 57 79 All cases 100 100 100 100 100 100 100 100 100 100 Percentage of all nonfarm spending units . . 50 1 3 3 3 12 6 8 6 4 Nonowners: Plans to buy * 22 6 7 (4) 42 44 34 19 29 4 No plans: Unsettled or home unsatisfactory8 31 32 16 15 30 29 32 24 43 45 Settled in satisfactory home9... 47 62 77 85 28 27 34 57 28 51 All cases 100 100 100 100 100 100 100 100 100 100 Percentage of all nonfarm spending units 50 10 4 3 5 11 3 4 3 2 !Age refers to head of spending unit. 2 Includes some spending units not in separate categories and those for which age or family status was not ascertained. 3 Includes unmarried, widowed, separated, and divorced people without children. 4Includes only spending units in which both husband and wife are present. 5In 1955 or 1956; includes definite, probable, and possible purchase. 6No cases reported or less than one-half of 1 per cent. 7Additions or repairs of $500 and over in 1955; includes definite, probable, and possible expenditures. 8For questions, see Supplementary Table 7, notes 6 and 7. 9Includes all spending units not previously accounted for. SUPPLEMENTARY TABLE 9 SUPPLEMENTARY TABLE 10 MONTHLY RENT OF NONFARM FAMILIES EXPENDITURES ON HOME IMPROVEMENT AND MAINTENANCE [Percentage distribution of rent-paying nonfarm families] [Percentage distribution of home-owning nonfarm families] Amount1 1955 1954 1953 1949 Amount 1954 1953 1952 1950 1948 Under $20 8 10 11 19 Zero 41 42 40 38 36 $20-$29 14 14 16 21 Under $100 13 15 14 14 14 $30-$39 16 18 ' 15 23 $100-$199 10 10 12 12 $40-$49 16 16 17 15 $200-$499 17 14 15 17 } « $ N $ 7 5 o 5 O t - a $ a n 7 s d 4 c o e v r e ta r ined...... 3 1 1 4 1 2 1 6 5 1 2 1 6 2 3 1 5 6 1 $ $ N 1 5 o , 0 t 0 0 0 a - 0 $ s 9 c a 9 e n r 9 d ta o in v e e d r. . . . 1 8 0 1 9 2 8 11 7 1 1 6 2 1 1 9 2 C1) All cases 100 100 100 100 All cases. . . . 100 100 100 100 100 Number of cases..... 931 903 1 ,040 1,115 LNo cases reported or less than one-half of 1 per cent. 1 Early in year specified. 866 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1955 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 11 EXPENDITURES ON HOME IMPROVEMENT AND MAINTENANCE WITHIN FAMILY INCOME GROUPS, 1954 [Percentage distribution of home-owning nonfarm families within groups] Famil b y e f m or o e n e ta y x e in s come N c u a m o s f e b s er c A as l e l s None U $ n 1 d 0 e 0 r $100-$199 $200-$499 $500-$999 an $ d 1 ,0 o 0 v 0 er n A o t t a m i a n o s e u c d n e t r- All income groups. 1,554 100 41 13 10 17 10 1 Under $1,000 71 100 55 18 5 12 4 3 $l,000-$l,999 112 100 48 23 8 11 3 1 $2,000-$2,999 106 100 38 12 17 18 9 I1) $3,000-$3,999 181 100 43 19 7 18 9 $4,000-$4,999 205 100 36 15 13 18 8 0) $5,000-$7,499 467 100 41 11 11 16 12 $7,500 and over... 412 100 36 9 20 13 1 *No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 12 SUPPLEMENTARY TABLE 13 ANNUAL MORTGAGE PAYMENTS BY NONFARM HOME-OWNING MORTGAGE DEBT IN RELATION TO HOUSE VALUE FAMILIES [Percentage distribution of owner-occupied nonfarm houses] [Percentage distribution of nonfarm home-owning families] Mortgage debt as a percentage of 1955 1954 1951 1950 1949 m A o m rt o g u a n g t e o p f a a y n m n e u n a t l s 19551 19541 19512 1949 2 house value Zero 46 50 53 54 55 Zero 46 49 51 55 Under 20 9 9 8. 8 9 Under $500 14 16 24 24 20-39 14 13 15 12 12 $500-$999 30 27 16 13 40-59 15 14 11 13 10 $1,000 and over 8 7 5 3 60-79 10 10 6 7 5 No regular payments or 80 and over 6 3 5 4 3 amount not ascertained.. 2 1 4 5 Not ascertained 0) 1 2 2 6 All cases 100 100 100 100 All cases 100 100 100 100 100 1 Scheduled monthly payment multiplied by 12. Number of cases 1,535 1,466 1,486 1,417 1,413 2Actual payments during previous year. 1 House value and amount of mortgage assigned if not determined in interview. SUPPLEMENTARY TABLE 14 MORTGAGE DEBT IN RELATION TO HOUSE VALUE, BY TERM OF OWNER-OCCUPANCY [Percentage distribution of owner-occupied nonfarm houses] All Term of owner-occupancy M a o p rt e g r a c g e e n ta d g e e b t o f as n o o w nf n a e r r m -o c h c o u u p s i e e s d 1 Under 2 years 2-5 years •5-9 years 9-20 years 20 years and o\rer house value 1955 1950 1955 1950 1955 1950 1955 19502 1955 19502 1955 1950 Zero 46 54 20 20 27 35 43 61 61 73 87 85 Under 20 9 8 3 4 7 7 11 14 16 14 6 6 20-39 14 12 6 11 14 18 24 15 16 7 4 6 40-59 15 13 18 26 30 23 17 8 5 3 2 2 60-79 10 7 25 21 18 10 4 1 2 (3) 1 (3) 8 N 0 o t a n a d s c o e v r e ta r ined.... (4 6 ) 4 2 2 (4 8 ) 1 3 5 (4 4 ) 5 2 (4) 1 (») ( ( 3 4 ) ) 2 1 ( ( * 4) ) (3 1 ) All cases 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases... 1,535 1,417 301 266 376 342 277 279 332 203 247 252 i Includes cases for which term of owner-occupancy was not ascertained. 2Classifications were 5-10 years and 10-20 years. 3No cases reported or less than one-half of 1 per cent. 4House value and amount Of mortgage assigned if not determined in interview. AUGUST 1955 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 15 MORTGAGE. DEBT IN RELATION TO HOUSE VALUE WITHIN SPECIFIED. GROUPS^ EARLY 1955 [Percentage, distribution of home-owning nanfarm families within, groups] Percentage of all All Debt as a percentage of house value Group characteristic hom no e n - f o a w rm ning cases families Zero 1-19 20-39 40-59 60-79 80 and over All home-owning nonfarm families 100 100 46 14 15 10 Family income before taxes in preceding year: Under $2,000 15 100 80 7 2 1 $2,000-12,999 8 100 ; 63 9 11 4 $3,000-$3,999 13 100 45 10 14 12 10 $4,000-f4,999 14 100 43 10 15 15 10 $5,000-17,499 29 100 30 15 21 17 $7,500 and over 21 100 43 16 19 10 Estimated house value: Under $7,500 33 100 58 11 7 6 $7,500-$9,999 14 100 51 14 14 11 $10,000-$l 2,499 20 100 39 17 20 9 $12,500-$19,999 . . 23 100 32 10 13 21 18 $20,000; and over 10 100 49 12 17 17 4 Former ownership of different, home: First home owned1 63 100 45 10 15 13 10 Owned different home formerly... . 37 100 49 7 n 19 9 i Includes families for which former ownership was not ascertained. SUPPLEMENTARY TABLE 16 PURCHASES OF NONFARM HOUSES1 Per- Esti- Esticentage mated mated of non- number Median Average total Type of house farm of pur- expend- expend- expendspend- chasers iture2 iture2 iture ing (in (in units millions) billions) 1954: New 1.9 1.0 |$10,500 $11,200 $26.9 Existing. . . 2.8 1.4 1953: N Ex ew isting.... 2 1 . . 9 4 : 0 1 . 7 . 5. I 10,500 11,600 25.5 1952: N Ex ew is . t i . ng.. . , 2 1 . . 3 3 0 1 . . 6 1 | 10,800 11,800 20.1 1951: N Ex e i w st . ing,.. . • 1 3 . . 3 5 ; 0 1 . - 7 7 } 8,500 9,300 22:. 3 1950: N Ex e i w st . ing... . 2 1 . . 9 6 0 1 . . 8 4 } 8,500 9,400 20.7 1949: N Ex ew isting. . . 2 1 . . 2 3 0 1 . . 6 0 | 5,900 7,000! 11.3 ^Purchases in each year were ascertained from interviews "early in the following year. 2Data based on relatively small number of cases and should be used with caution. 868 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1955 1 The major factual portion of the eleventh in a L. A. Jones, R. W. Bierman, M. M. Taylor, and series of annual reports on the financial condition W. H. Scofield. of agriculture, issued by the United States Depart- Data relating to the inventories of particular ment of Agriculture, is given below.2 The full items were prepared under the direction of the report will be published as an Agriculture Informa- following persons: Livestock—A. V. Nordquist; tion Bulletin of the Department of Agriculture, crops—C, E. Burhjiead, /. /. Morgan, George D. The study was prepared under the direction of Harrell; machinery—E. W. Grove, Margaret F. Norman /. Wall, Head of the Agricultural Finance Cannon; household equipment—Jean L. Pennoc\. Section, Production Economics Research Branch, Data relating to farm income and expenditures Agriculture Research Service, by F. L. Garloc\, were compiled under the direction of E. W. Grove. THE 1954 BALANCE SHEET IN GENERAL Increases occurred during 1954 in the value of THE BALANCE SHEET farm real estate, stored crops, farm household OF AGRICULTURE furnishings and equipment, and financial assets ASSETS CLASMS owned by farmers. These increases were partly $BIL. offset by decreases in the value of livestock, machin- ^Financial t" E3Owners' equities ESS! Other physical ery, and motor vehicles on farms. Lower prices of IFarm real estate -H^eal estate debt \ some types of livestock, and lower numbers of other types, reduced the value of the livestock inventory. Depreciation in excess of purchases lowered the value of machinery and motor vehicles on farms. Farm debts for production purposes rose in 1954, 1940 1945 1950 1940 1945 1950 1955 after declining in 1953. Price-support loans in- DATA A*E AS Of JANUARY t EACH YEA* creased somewhat. Farm-mortgage debt increased 1 The Balance Sheet views agriculture as though it were use, and limitations of the Balance Sheet and its individual one large enterprise. It is an aggregate of individual series items were considered. Many of the considerations in that publication are still of farm assets and the claims to those assets. In effect, it is pertinent. They may be referred to with profit by those comparable to a consolidated balance sheet of all farms, but who examine the Balance Sheet of Agriculture for the first it is not restricted to the assets and debts of farm operators. time. In a country as vast and diversified as ours, financial It includes, in addition, the farm assets owned, and the changes are never entirely uniform, either for geographic iarm-mortgage debt owed, by nonoperators. areas or for individuals. Thus, even when the Balance The Balance Sheet, formulated by the then Bureau of Sheet accurately reflects the aggregate, it does not reveal the Agricultural Economics for each year from 1940 to 1944, differences that are found in different States and regions was first issued in processed form in September 1944, in a and among individual farmers. publication entitled The Impact of the War on the Financial 2 For earlier reports in this series, see the Federal Reserve Structure of Agriculture. In August 1945, a printed report BULLETIN for September 1946, pp. 9-74-94; November 1947, of this study under the same title was issued as Miscellaneous pp. 1357-72; September 1948, pp. 1067-82; September 1949, Publication 567 of the U. S. Department of Agriculture. pp. 1053-63; September 1950, pp. 1118-31; September 1951, In that report the nature and significance of the financial pp. 1090-1103; July 1952, pp. 758-71; August 1953, pp. structure of agriculture were analyzed, and the meaning, 822-34; and August 1954, pp. 821-33. AUGUST 1955 869 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 195 5 for the ninth successive year. Total farm debt rose ASSETS from 17.1 billion dollars on January 1, 1954 to Farm assets in the United States were valued at 18.0 billion on January 1, 1955. As the increase 163.1 billion dollars on January 1, 1955 (Table 1). in debt was less than the increase in value of farm The record first-of-year value of such assets was assets, proprietors' equities in farm properties rose 170.0 billion dollars on January 1, 1952, following slightly during the year. the rise in agricultural prices that resulted from the Korean outbreak. With the later decline in prices, it dropped to 160.9 billion on January 1, 1954. The TABLE 1 value at the beginning of 1955 reflects an increase COMPARATIVE BALANCE SHEET OF AGRICULTURE, UNITED during 1954 of about 1.4 per cent. STATES, JANUARY 1, SELECTED YEARS, 1940-55 The greatest dollar increase in farm assets—about [In billions of dollars] 2.2 billion dollars—occurred in farm real estate. The value of crop inventories increased about 0.4 Net increase or billion dollars in 1954 because of increased quantidecrease 1940 1953 1954 1955 (-)1 ties in storage, and farmers added about 0.5 billion to the value of their household furnishings and 1940-1954equipment. The financial assets owned by farmers 55 55 increased about 0.1 billion. ASSETS Partly offsetting these increases were decreases Physical assets: in the value of livestock and of machinery and Real estate 33.6 92.7 289.1 91.3 57.7 2.2 Non-real-estate: motor vehicles on farms. Each of these assets Livestock 5.1 14.8 11.9 11.4 6.2 -0.5 Machinery and motor dropped in value about 0.5 billion dollars during vehicles 3.2 218.1 218.2 17.7 14.6 -0.5 Crops stored on and off 1954. All major classes of machinery and motor farms3 2.7 9.0 29.2 9.6 6.9 0.4 Household furnishings vehicles declined in value during 1954 because and equipment4 4.3 10.0 10.6 11.1 6.8 0.5 purchases were not sufficient to offset depreciation. Financial assets: Deposits and currency2 . . 3.8 13.8 13.8 13.6 9.8 -0.2 The physical assets of agriculture, as measured United States savings bonds .3 5.0 25.2 5.4 5.1 0.2 by valuations in 1940 prices, changed little during Investments in cooperatives .8 2.7 2.9 3.0 2.2 0.2 1954. Continued additions to farm structures added Total 2,5 53.8 166.1160.9163.1109.3 2,3 slightly to the physical farm plant and the physical CLAIMS quantities of both stored crops and household furnishings and equipment also rose somewhat. Liabilities: Real estate debt 6.6 7.2 7.7 8.2 1.6 0.5 But these small increases were almost fully offset Non-real-estate debt: To principal institu- by deterioration of farm machinery and motor tions: Excluding loans held vehicles. Although the livestock inventory changed or guaranteed by Commodity Credit considerably, in aggregate it was at about the same Corporation 1.5 4.2 3.8 4.0 2.5 0.2 Loans held or guar- level on January 1, 1955 as a year earlier (Table 2). anteed by Commodity Credit Cor- There were conflicting movements also among poration6 .4 1.2 2.4 2.5 2.1 0.1 To others7 1.5 3.4 3.2 3.3 1.8 0.1 the financial assets owned by farmers. Farmer- Total liabilities5 .. 10.0 16.0 17.1 18.0 8.0 1.0 owned currency and demand deposits—the current working funds of farmers—declined. But Proprietors' equities 2,5 43.8 150.1143.8 145.1101.4 1.3 farmers increased their holdings of savings bonds Total2,5 53.8 166.1160.9163.1109.3 2.3 and the amount of their time deposits and invest- 1 Computed from unrounded data. ments in cooperatives. More than half of the 2 Revised. 3 Includes all crops held on farms for whatever purpose and crops increase in redemption value of United States savheld off farms as security for Commodity Credit Corporation ings bonds owned by farmers resulted from accrual loans. The latter on Jan. 1, 1955 totaled 1,934 million dollars. 4Estimated valuation for 1940, plus purchases minus depreciation of interest. since then. 6 Totals in first four columns from rounded data. The purchasing power of the liquid financial 'Although these are nonrecourse loans, they are included as liabilities because borrowers must either pay them in cash or deliver reserves of farmers (currency, bank deposits, and4 the commodities on which they were based. The values of the underlying commodities are included among the assets; hence the United States savings bonds) decreased about 1 loans must be included as liabilities to avoid overstating the amount of proprietors' equities. per cent in 1954. Prices paid by farmers were 'Includes individuals, merchants, dealers, and others. Esti- slightly higher on January 1, 1955 than a year mates based on fragmentary data. 870 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 195 5 TABLE 2 at a low level, and the supply of farm credit appears to have been adequate in most areas. PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940 PRICES UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-55 AGRICULTURAL INCOME [In billions of dollars] The decline in farm income which began in Net in- 1952 continued in 1954. Total gross farm income crease or decrease in 1954, including an increase in commodity in- ASSETS 1940 1953 1954 1955 ventories, was 34.2 billion dollars, 1 per cent lower than in 1953 (Table 3). This decline was much 1940- 1954- 55 55 smaller than the 8 per cent between 1952 and 1953. Cash receipts from marketings, home consumption Real estate2 . 33.6 336.9 337.2 37 4 3.7 0.2 Livestock. 5 1 5 2 35 2 5 2 0 1 (4) of farm products, and the rental value of dwellings Machinery and motor vehicles 3.2 38.6 38.6 8.3 5.1 -0.3 each showed decreases between 1953 and 1954. Crops stored on and off Government payments increased and the value of farms 2 7 3 1 3 4 3 5 0 9 0 1 Ho e u q s u e i h p o m ld e n f t u 6 rnishings and 4.3 6.2 36.3 6.5 2.2 0.2 crop and livestock inventories also rose. Totals 48.9 360.0360.7 60.9 12.0 0.1 TABLE 3 1 Computed from unrounded data. COMPARATIVE INCOME STATEMENT FOR AGRICULTURE 2This new series is based on data for Census years developed by UNITED STATES, SELECTED YEARS, 1940-54 x Alvin S. Tostlebe in cooperation with the National Bureau of Economic Research. It takes into account changes in the area in [In millions of dollars] farms, acreage of improved land, and number and condition of farm structures. (See Agricultural Finance Review, November 1952.) Data for intercensal years, and for 1953-55, are extensions Item 1940 1953 1954 from Census benchmarks based on net investment in farm structures (gross investment minus depreciation). All data adjusted to a 1940 price base. HOW NET INCOME WAS OBTAINED s Revised. 4Less than 50 million dollars. Total gross farm income: ^Purchases since 1940 are deflated by an index of prices paid by Cash receipts from farm marketings 8,332 31,41329,954 farmers for housefurnishings. Government payments to farmers 724 213 257 6Totals in first four columns from rounded data. Home consumption of farm products.... 1,239 2,053 1,895 Rental value of farm dwellings 625 1,751 1,741 Net change in inventory 2 270 -796 318 earlier but there was no change in the liquid Total 11,19034,63434,165 financial assets owned by farmers. Production costs, other than wages, rent, and interest on mortgages: Feed bought 998 3,724 3,800 DEBTS Livestock bought, except horses and mules . 530 1,430 1,483 Fertilizer and lime bought 261 1,194 1,175 Farm debt, including price-support loans, totaled Vehicle operation 584 2,312 2,225 Depreciation and maintenance 1,085 5,032 4,951 18.0 billion dollars at the beginning of 1955, nearly Taxes on farm real estate and personal property 446 1,087 1,123 6 per cent more than a year earlier. Farm-mort- Seed bought 197 621 565 Miscellaneous 766 2,204 2,090 gage debt increased in 1954 for the ninth successive year, with the greatest increases in the Mountain, Total. 4,867 17,604 17,412 Southeast, and Delta States. Non-real-estate farm Net income from agriculture 6,32317,03016,753 debt, excluding price-support loans of the Com- HOW NET INCOME WAS DISTRIBUTED modity Credit Corporation, also increased in 1954. Wages to hired labor (cash and perquisites) . 1,031 3,052 2,985 Net rent and Government payments to It rose in 43 States and the largest increases were landlords not living on farms 3 431 1,152 1,086 Interest to holders of farm mortgages 293 347 380 in the Corn Belt. Price-support loans made or Net income of farm operators. 4,568 12,47912,302 guaranteed by the Commodity Credit Corporation Net income from agriculture 6,32317,03016,753 declined somewhat from 1953 but the amount of REALIZED NET INCOME such loans owed by individual farmers rose. OF FARM OPERATORS The increase in farm debt during 1954 was Net income of farm operators 4,568 12,47912,302 Net change in inventory 270 -796 318 related to a complex of factors. It included some Realized net income of farm operators..;.. 4,298 13,27511,984 liberalization in loan limits of mortgage-credit institutions, a larger number of farm transfers, more 1 Income estimates in this table are as of Mar. 4, 1955. Revised estimates for 1953 and 1954 will be found in The Farm Income cattle on feed, the cost-price squeeze, drought, and Situation for October 1955. a more stable price situation. Foreclosures of both 2 Market value, in terms of prices at end of year, of increase or decrease in physical quantities of crops and livestock. mortgage loans and non-real-estate loans have been 3After subtraction of taxes, mortgage interest, and other expenses paid by such landlords. AUGUST 1955 871 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1955 The cause of the 4.6 per cent decline in cash 200 million below their income in 1953. However, receipts from marketings—the main income item only about 12 billion dollars was actually realized —was a 3 per cent decline in prices and a 1 per by operators in 1954 because 318 million of their cent decline in the volume of marketings. The gross income represented an increase in crop and crop situation, however, differed from the live- livestock inventories. This is in contrast to the stock situation. Marketings of crops—particularly situation in 1953 when operators reduced their incotton and wheat—declined between 1953 and ventories by nearly 800 million dollars. 1954. Marketings of livestock and livestock prod- Because of the decline in net income and a small ucts increased. Prices received for crops increased rise in the prices paid by farmers for goods and about 1 per cent. Prices of livestock and livestock services, the purchasing power of farm income products declined about 5 per cent. The net result declined between 1953 and 1954—about 3 per cent of these changes was a 3 per cent decline in receipts for total net income and nearly 11 per cent for from livestock and a 6 per cent decline in receipts realized net income. Purchasing power of realized from crops. income was only 62 per cent of the peak postwar Although production expenses other than wages, levels in 1946 and 1947. However, because of the rent, and interest on mortgages were about 200 shrinking number of farm people, the purchasing million dollars lower in 1954 than in 1953, the power of farm income per capita decreased much reduction was not large enough to offset the decline less. Further, income of farmers from nonfarm in income. As a result the net income received sources is substantial. In 1954 it amounted to 5.7 by farm operators was 12.3 billion dollars, less than billion dollars. THE 1955 BALANCE SHEET IN DETAIL The foregoing pages have provided a summary The firmness in prices and the steady demand analysis of the Balance Sheet in general terms, and for farm land noted during the last half of 1954 an account of the income position of agriculture. and continuing into early 1955 reflect generally In this section each item of the 1955 Balance Sheet favorable long-term expectations for agriculture. is treated in detail. Livestock on farms. The total value of livestock and poultry on farms on January 1, 1955 was 11.4 ASSETS billion dollars, 4 per cent less than a year earlier Farm real estate.3 The market value of farm real estate (land and buildings) increased 2.2 billion dollars during the year ending March 1, 1955. At CHANGES IN DOLLAR VALUE 91.3 billion dollars, it was 2 per cent above the OF FARM LAND* Percentages, March 1954 to March 1955 revised estimate for a year earlier and only 2.4 billion below the record peak in March 1952. On a per acre basis, land and buildings had a value of $78.81, and buildings alone of $20.45. The slight rise in the national inventory value of farm real estate during the year ending March 1955 was the result of mixed trends in the various regions, as is shown on the map. Largest gains in per acre values were centered in the Corn Belt where little or no decline has occurred since the post-Korean peak in 1952. Only three areas of lower values stand out—the Northeast, the Southeast, and the Mountain region. Lower income from dairy and poultry was apparently responsible for 3 Changes in the aggregate value of farm real estate shown in the Balance Sheet for the years since 1950 reflect only the slight dip in the Northeast. Drought and the changes in market value per acre. Acreage of land in farms reduced acreage of cotton were factors in the is interpolated for intercens&l years before 1950, but the 1950 Southeast. Census acreage is used for 1951 and later years. 872 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 195 5 and 42 per cent below the record 1952 value. Lower This compares with 7.4 per cent in 1954 and 9.4 values per head lor cattle, hogs, chickens, and per cent in 1950. turkeys, and reduced numbers of milk cows, horses, Machinery ae<l motor vehicles on farms. On Janumules, and sheep were factors in the decline ary 1, 1955 the value of farm machinery and motor (Table 4). vehicles on farms totaled 17.7 billion dollars (Table 5). This was a decline of about 3 per cent from a TABLE 4 year earlier but 26 per cent above 1950. Valued LIVESTOCK ON FARMS: NUMBER, VALUE PER HEAD, AND in 1940 prices, machinery and motor vehicles on TOTAL VALUE BY CLASSES, UNITED STATES farms totaled 83 billion dollars at the beginning of JANUARY 1, 1954 AND 1955 1955 compared with 8.6 billion on that date a year earlier and 7.6 biltkm in 1950. 1954! 1955 Class N b u e m r - • : V h p a e e l a u r d e T va o l t u a e l N b u e m r - V h p a e e l a u r d e v T a o l t u a e l FARM MACHINERY AND MO T T A O B R LE V EH 5 ICLES: VALUE BY CLASSES UNITED STATES, JANUARY t, SELECTED YEARS, 1946-55 (Mil- (Dol- {Million (Mil- {Dol- {Million lions) lars) i dollars) lions) ; lars) • dollars) [In millions of dollars] H C o a M g tt s i l l e k . cows2... 4 9 2 9 5 5 1 9 3 4 2 6 6 . . . 4 7 0 0 0 0 i 8 3 1 , , ,7 7 6 8 0 5 1 6 6 9 5 2 5 5 4 1 8 3 3 8 0 3 . . . 8 6 0 0 0 0 8 3 1, , , 6 4 2 8 7 5 4 9 3 Year Total* : Tractors mobiles M tru o c t k o s r :fa c r O h m i t n h e e m r r y a- Horses 3 48.90 166 3 53.00 165 Mules 2 , 61.10 98 1 62.30 90 All sheeps 31 13.98 436 31 14.97 463 1940 23,176 : 501 2958 301 1,358 Stock sheep4.. 27 13.90 376 27 14.90 402 Chickens 443 1.43 634 447 1.05 471 1946 . . 26,302 1,069 2941 650 3,562 Turkeys 5 6.31 34 5 5.34 29 1953 218,G73 3,770 22,948 1,705 29,585 Total...... 11.905 11,381 1954 18,235 3,806 3,121 1,694 9,554 1 ' 19553 . 17,747 : 3,611 3,040 1,649 9,391 1 Revised. 2Subclass; included in cattle. 1Also includes harness and saddlery. 3 Includes sheep and lambs on feed for market. ^Revised. 4Subclass; included in all sheep. 3 Preliminary. At 1940 prices, the total value of livestock and Numbers of farm machinery and motor vehicles poultry on January 1, 1955 was 5.2 billion dollars, in the major classes continued upward in 1954. about the same as in 1953 and only 1 per cent On January 1, 1955 the numbers of tractors, motorabove the 1954 total. trucks, and grain combines on farms were at Cattle numbers totaled 95 million head on Janu- record highs. The number of motor trucks on farms ary 1, 1955- They have been increasing since 1949 was 4 per cent above a year earlier compared with when 77 million head were on farms. The increase 3 per cent for tractors and cornpickers. The numduring 1954 of 646,000 head was the smallest of bers of automobiles and grain combines on farms the last six years. Increases in the number of beef at the beginning of 1955 were about 1 per cent cattle were responsible for the 1954 rise in cattle above January 1, 1954. numbers, as the number of dairy cattle declined Purchases of farm machinery and motor vehicles slightly. in 1954 were about 600 million dollars less than Hog prices in 1954 averaged about the same as the amount needed to offset depreciation allowin 1953. The number of hogs on farms on Janu- ances. This may be attributed to the continued ary 1 increased from 49 million head in 1954 to decline in farm income which resulted largely from 55 million head in 1955. drought, lower prices for farm products, and acre- Total value of chickens on farms (excluding age controls. Prices paid for farm machinery and broilers) was lower at the beginning of 1955 than motor vehicles in 1954 were near the level of a a year earlier. A drop in value in 1954 from $1.43 year earlier. to $1.05 per head more than offset a small increase Crops. Mainly because of acreage restrictions for in numbers on farms. several important crops and severe drought in At 11.4 billion dollars, the total value of live- some parts of the country, the quantity of crops stock and poultry on farms on January 1, 1955 was produced in 1954 was about 3 per cent less than about 7.0 per cent of the total assets of agriculture. in 1952 and 1953. However, the 1954 production AUGUST 1955 873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 195 5 still was the fifth largest of record. For the major TABLE 6 crops, harvested acreage was the smallest since LIQUID FINANCIAL ASSETS OWNED BY FARMERS 1953, except in 1951. But yields per acre in 1954 JANUARY 1, SELECTED YEARS, 1940-55 were high for most crops and, in the aggregate, [In billions of dollars] they almost equaled the record set in 1948. tho T s h e e o t w o n ta e l d v b al y u e f a o rm f e c r r s o p s s t o s re to d r ed o ff o n f ar f m ar s m s u n a d n e d r Year Total1 re C n u c r y - 1 Dema D nd ep 2 osit T s ime s b a U o v n . i n d S g s . 3 s Commodity Credit Corporation loans was 9.6 billion dollars on January 1, 1955 compared with 1940 4.1 0.9 1.5 1.4 0.3 9.2 billion a year earlier. 1945 13.9 3.2 5.0 2.3 3.4 The value of crops stored on farms, including 1950 17.9 3.1 6.8 3.2 4.8 crops sealed under loan to the Commodity Credit 1951 18.0 2.9 7.0 3.2 4.9 1952 18.6 3.1 7.3 3.3 4.9 Corporation, was 7.6 billion dollars, the same as 1953 18.8 3.0 7.3 3.5 5.0 1954 19.0 2.9 7.2 3.7 i5.2 a year earlier. The value in constant 1940 prices 1955 19.0 2.8 7.0 3.8 5.4 did not change, indicating little change, on the 1 Revised. whole, in either quantity or prices. 2Federal Reserve estimates, adjusted to a January 1 basis, are used for 1944-53. Data for later years are based on Federal Re- The value of crops owned by farmers in off- serve estimates for 1953, with adjustments for year-to-year change farm storage and pledged as security for price- indicated by revised Federal Reserve estimates for 1954 and 1955. See text note 4 on this page. support loans was 1.9 billion dollars. This is a 3Redemption value. record January high for the period since 1940 when deposits, as estimated by the Board of Governors estimates first became available. The value was 24 of the Federal Reserve System, dropped about 2.3 per cent higher and the physical quantity 20 per per cent during the year ended January 31, 1955. cent higher than a year earlier. Although these Federal Reserve estimates, which may not measure crops technically are assets owned by farmers, a changes by districts accurately, suggest that delarge volume of them will not be redeemed through clines in farmer-owned demand deposits may have repayment of the loans. Nearly 60 per cent of the been greatest in the Philadelphia, Atlanta, and value of these crops in off-farm storage is accounted Chicago Districts. Substantial increases in such for by cotton. deposits are indicated for the New York and San Liquid financial assets. In 1954, for the first time Francisco Districts. since 1949, farmers did not increase their liquid Farmer-owned time deposits are estimated to financial assets (Table 6). Increases in the rehave increased about 3 per cent during 1954. This demption value of their United States savings bonds is less than the percentage increase in time deposits and in their time deposits at banks were offset by in urban centers or even in selected agricultural decreases in their currency holdings and demand counties (Table 7). deposits. The amount of liquid financial reserves that farmers held on January 1, 1955 is estimated to TABLE 7 have been 19.0 billion dollars, the same as a year earlier.4 PERCENTAGE CHANGE IN DEMAND AND TIME DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, 1954 Deposits and currency. Farmer-owned demand BY CLASS OF COUNTY X [Increase or decrease (—)] 4 This estimate may be as much as 2.5 billion dollars too high. During the last two years, the Board of Governors of Class of county Demand Time a D n e d m t a im nd e the Federal Reserve System has been revising the procedures deposits deposits deposits used in preparing its series on "Ownership of Demand Deposits." The revision is not yet complete but current All counties 3.5 6.7 4.5 estimates indicate that farmer-owned demand deposits in Counties that contain: 1954 and 1955 may be as much as 2.0 billion dollars below Major trade and financial the estimates that would have been obtained under the centers 4.4 9.7 5.7 Secondary trade and financial procedure used earlier. If this turns out to be true, the centers 4.6 4.3 4.5 estimates of time deposits shown in Table 6 will also be too Small trading centers 1.0 5.1 2.4 Selected agricultural counties.... -0.7 6.1 1.5 high. Both series are being held at the levels indicated by earlier estimating procedures until the Federal Reserve com- 1 Prepared from county data for insured commercial banks suppletes its revision. plied by Federal Deposit Insurance Corporation. 874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 195 5 Farmer-owned currency is estimated to have decreased 0.1 billion dollars between January 1, FARM MORTGAGE DEBT HELD 1954 and the beginning of 1955. BY MAJOR LENDERS United States savings bonds. The redemption BIL. DOLLARS j I value of United States savings bonds owned by Farmers Home Ad Joint-slock land banks 12|- EU Fed. Farm Morfc. Corp.-E3 Fed. land banks farmers increased about 0.2 billion dollars during _^_ ilffl Life ins. cos. 1954, bringing the total to about 5.4 billion on ES2 Banks* 9 January 1, 1955. More than half of the increase resulted from accrual of interest on Series A-E bonds. The rest came from purchases in excess of redemption of bonds. A development in 1954 was the large increase in farmers' holdings of Series H bonds. Net purchases of these bonds by farmers totaled more 1910 1920 1930 1940 1950 than 129 million dollars in 1954. This compares with net purchases of about 3 million dollars in 1926. The average size of mortgage recorded in Series E bonds and redemptions of 53 million 1954 was $5,970, compared with $5,910 in 1953. in Series F-G bonds. Voluntary farm sales for the year ending March Net worth of farmers' cooperatives. On January 1, 1955 were about 7 per cent above a year earlier. 1, 1955, after more than one and one-half decades The percentage of such sales that was financed with of continuous growth, the net worth of farmers' credit rose from 71 per cent in the year ending cooperative associations reached 3 billion dollars. March 1, 1954 to 74 per cent a year later. An Marketing associations accounted for more than a increase in the percentage of credit-financed sales third of this amount; purchasing and credit cowas reported in all regions, except the Mountain operatives each accounted for nearly a fifth. Irrigation, electrification, and fire insurance associa- States where an increase in mortgage-financed sales tions together accounted for most of the remainder. was more than offset by a decline in sales contracts. Rural electrification associations had the largest All classes of active lenders increased their farmpercentage increase in net worth during 1954. mortgage holdings in 1954 (Table 8). The Federal land banks and some of the major CLAIMS Farm real estate debt. The amount of farm- TABLE 8 mortgage debt outstanding continued upward in FARM-MORTGAGE DEBT OUTSTANDING, BY LENDERS, UNITED 1954 as recordings increased and the rate of STATES, JANUARY 1, SELECTED YEARS, 1940-55 principal repayments declined somewhat from a Amount outstanding Percentage year earlier. On January 1, 1955 the farm-mort- (In millions of dollars) change1 gage debt totaled nearly 8.2 billion dollars. This Lender was about 7 per cent above a year earlier and the 1940 1946 1954 19551950-19 5 5 5 4highest since the beginning of 1933, as shown in the chart. Total 6,586 4,760 7 656 8,176 47 Principal payments in 1954 on farm-mortgage Federal land banks2 2,010 1,079 1,169 1,267 40 Federal Farm Mortgage loans held by 78 life insurance companies averaged Corp.3 713 239 18 13 -78 -27 Farmers Home Adm.4 32 182 268 271 44 1 12.0 per cent of the total amount owed to these Life insurance companies2 . . 984 8911,893 2,052 75 Insured commercial banks. . 534 5071,060 1,136 29 companies at the beginning of the year compared Individuals and misc.5 2,313 1,862 3,248 3,437 45 with 12.4 per cent in 1953. Advance payments on principal on Federal land bank loans in 1953 2 1 A C l o so m p in u c t l e u d d e fr o p m ur c u h n a r s o e u - n m d o e n d e y f ig m u o re r s t . gages and sales contracts. amounted to 6.5 per cent of the amount outstand- 3Loans were made for the Corporation by Land Bank Commissioner. Authority to make new loans expired July 1, 1947. ing on January 1 of that year, compared with 6.3 4For 1940 tenant-purchase loans only. 1945-55 includes tenantpurchase, farm-enlargement, farm-development, and projectper cent in 1954. The dollar amount of farm liquidation loans, and, beginning 1951, farm-housing loans. Data also include similar loans from State Corporation trust funds. mortgages recorded in 1954 was 2 per cent above 5Estimates of farm-mortgage debt held by individual and miscellaneous lenders for 1954 and 1955 should be regarded only as 1953 and the largest amount in any year since general indicators of trend. AUGUST 1955 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF A^RICtTLTU^E, 1951 life insurance companies liberalized their lending sions on farm-mortgage loans in 1954 was above policies somewhat in 1954. Several major life that of a year earlier but it was still low. At the insurance companies reduced interest rates in the beginning of 1955, approximately 63 per cent of all spring of 1954 and increased appraisals or upper Federal land bank loans outstanding were extended loan limits. The appraisal policy of the Federal or overdue compared with 5.9 per cent a/ year land banks was modified late in 1954, too late to earlier.5 The unpaid principal of delinquent loans affect the 1954 loan volume to any extent. This held by 78 life insurance companies increased from liberalized appraisal policy is expected to affect about 4.7 million dollars on January 1, 1954 to significantly the volume of such loans in 1955. 6.5,million at the beginning of 1955.6 However, In the first quarter of 1955 the dollar amount of these amounts accounted for only about 0.3 per Federal land bank loans closed was 47 per cent cent of the total amount of farm-mortgage debt above the same period in 1954; the number of held by these companies at those times. loans closed was up 17 per cent and the average The average interest rate payable on total farmsize of loan increased 26 per cent. Although a mortgage debt outstanding at the beginning of part of this increase may be due to factors other 1955 was only slightly above the 4.7 per cent on than the increase in appraised values, it appears January 1, 1954. Interest charges payable on total that loans are now being made for about 40 per farm-mortgage debt in 1954 were 376 million dolcent of the current market value compared with lars—about 8 per cent above 1953. about 30 to 35 per cent in December 1954. The Hon*teaUest&te debt* Non-real-estate farm debt, dollar amount of farm mortgages acquired by 16 excluding price-support loans made or guaranteed life insurance companies in the first quarter of by the Commodity Credit Corporation, rose about 1955 was about 27 per cent above a year earlier- 5 per cent during 1954 after declining 9 per cent The number of farm mortgages acquired by these during 1953. Before 1953 non-real-estate debt had 16 companies in the first quarter of 1955 was 33 increased in each year of the postwar period. On per cent above the first quarter of 1954, January 1, 1955 the debt totaled 7.3 billion dollars Increases in farm-mortgage debt in 1954 ranged (Table 9). At the beginning of 1946 it was 2.9 from 9 to 11 per cent in the Mountain States, the billion. Southeast, and the Delta States. The smallest increases were in the Lake States, the Great Plains, TABLE 9 and the Corn Belt, where increases were from 4 FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES to 5 per cent. The generally higher rate of in- JANUARY 1, SELECTED YEARS, 1940-55 crease in the South and West reflects the increased [Iii billions of dollars] availability of farm-mortgage credit in these areas Type of debt 1940 1946 1953 1954 1955 from such lenders as life insurance companies, Federal land banks, and commercial banks. In Price-support loans made or guarrecent years, life insurance companies have become a C n o te rp e o d r a b ti y o n C 1 ommod ^ ity Credit .4 .3 1.2 2.4 2.5 increasingly important in the South and West. At Other loans by banks and Federally sponsored agencies 1.5 1.7 4.2 3.8 4.0 the beginning of 1945, nearly three-fourths of all Loans and book credits by miscellaneous lenders^ » » 1 5 1.2 3.4 3.2 3.3 farm-mortgage debt held by life insurance com- Total, excluding Commodity panies was in the North, compared with less than Credit Corporation loans 3.0 2.9 7.6 7.0 7.3 Total, ^ including Commodity half at the beginning of 1955. At the beginning Credit Corporation loans 3.4 3.2 8.8 9.4 9.8 of 1954—for the first time on record—Iowa lost its place as the State in which life insurance com- 1 Although these are nonrecourse loans, t hey are treated as debts. Borrowers must either pay them in cash or deliver the commodities panies held the largest amount of farm-mortgage on which they are based. 2 Estimate based on fragmentary data. debt. On both January 1, 1954 and 1955, life insurance companies held a larger amount of farm- 6 This excludes the Springfield and Houston Districts where mortgage debt in Texas than in any other State. liability for delinquent items billed to the borrowers was, The rate of farm-mortgage foreclosure in 1954 with few exceptions, assumed by the national farm loan associations. was up slightly from the previous year but it was 6 Delinquent loans include only those loans on which still near the record low level of recent years. Indiinterest is overdue more than 90 days and those in process cations are that the rate of delinquencies and extenof foreclosure. 876 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 195 5 in the North Central region was substantial—14 NON-REAL-ESTATE FARM LOANS per cent. (HELD BY BANKS AND FEDERALLY SPONSORED AGENCIES) By lender groups, banks and production credit Percentage Change, 1954-55* associations each showed increases of about 6 per cent during 1954- The outstanding loans of livestock loan companies and agricultural credit corporations decreased about 8 per cent. A factor in this decline is the importance of these lenders in financing production of cotton and range cattle in the Southwest and West. Cotton acreage allotments and reduction of herds reduced credit needs. Emergency loans of the Farmers Home Administration rose 39 per cent; its production and subsistence loans increased about 8 per cent. Much of the increase for this agency stemmed from difficulties caused by the drought and low prices for cattle. The non-real-estate farm debt owed banks and Federally sponsored agencies on January 1, 1955 The expansion of short-term, non-real-estate was 4.0 billion dollars or 65 per cent higher than credit continued in early 1955, As in 1954, the a year earlier. The debt held by these institutional increases in early 1955 were largest in the Midwest. lenders rose in 43 States, as shown on the map. Many farmers and ranchers in the Southwest A variety of factors accounted for these widespread have been unable to repay their loans. Sufficient increases. To some extent they resulted from the credit to carry on operations has often been difficult need of farmers to borrow more because of heavy to obtain. Lenders have not been taking on expenses, lower prices, or drought, freezes, and many new customers and in some instances they other production difficulties. Also, in some in- have referred old borrowers to the Farmers Home stances, the inability to repay loans on maturity Administration for emergency financing. Howwas a factor in maintaining a high debt level. But ever, foreclosures and forced liquidations are relit is probable that a more stable situation for agri- atively few. Apparently, lenders are willing to cultural prices in 1954 was also a factor. Despite carry the debt if chances of paying out in the weakness of some prices, farmers appeared to be more confident than a year or two earlier. In 1953 NON-REAL-ESTATE FARM LOANS both farmers and lenders were cautious. In 1954 HELD BY BANKS AND FEDERALLY SPONSORED AGENCIES, BY REGIONS* farmers showed more willingness to make ex- 11 DOLLARS penditures and to risk the use of credit, and ap- 0.2 Lj- N g O gg R S TH j I k E . A A S F G E T E D I'.)RCAIELS ^§gU§^S 2.6 NORTH CENTRAL parently lenders were more liberal in extending 0 J 1 credit. 1.4 SOUTH For the institutional lenders, non-real-estate loans IB r I o n s d e i an 1 a 5 , p I e ll r in c o e i n s, t I o o r w m a, o a re n d in N M eb a r i a n s e k , a . M O as n sa c Ja h n u u se a t r t y s, 0 1 . . 8 0 — 1 jyf FEDE\RAML W J P A i Y ll 1, 1955 about 5 per cent more cattle were on feed 0.6 Jim in the latter four States than a year earlier and 0.4 -Jmm ! m M i Wmi they were bought at substantially higher prices. 0.2 mliliili Non-real-estate debt decreased—or rose least—in 0 . iSi States experiencing recurring drought or where 0.8 WEST \ li m widespread crop-production restrictions were in 0.6 M FEDERAL effect. 0.4 S.GENCIE \ , By regions, as shown in the chart, very little P.2 & ni change in 1954 occurred in the loans of the insti- n im mm tutional lenders in the South and West, and the 1910 1920 1930 1940 1950 increase in the Northeast was moderate. The rise 877 AUGUST 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET QF AGRICULTURE, 195 5 long run are reasonable. In some instances, off- —are available by regions, and they may be infarm work and money from mineral leases have dicative of regional changes in total farm debt. been helpful. During 1954 total farm loans held by these lenders On January 1, 1955 the volume of outstanding rose 7 per cent. Increases occurred in all regions. price-support loans held or guaranteed by the The Corn Belt showed the largest expansion—10 Commodity Credit Corporation was a record Janu- per cent. Increases of 9 per cent each occurred ary high of more than 2.9 billion dollars—2.5 in the Southeast and Great Plains. The smallest billion in loans to individuals and 0.4 billion in credit expansion was in the Pacific and Texasloans to cooperatives. A large volume of loans Oklahoma regions. made in 1953, especially loans secured by cotton, The variation among regions was largely related was still outstanding. Of all CCC loans outstandto the change in short-term, non-real-estate debt ing at the beginning of 1955, 39 per cent were which ranged from a decrease of 4 per cent in the secured by cotton, 27 per cent by wheat, 12 per Pacific region to an increase of 17 per cent in the cent by tobacco, and 8 per cent by corn. Corn Belt. The rise in farm real-estate debt was Total farm debt. Total farm debt (excluding more uniform. All regions showed increases that nonrecourse price-support loans) rose 5.9 per cent ranged from about 6 per cent in the Northeastern, during 1954 to 15.5 billion dollars on January 1, Corn Belt, Great Plains, and Texas-Oklahoma re- 1955. Except for a slight decline during 1953, gions to 12 per cent in the Southeastern and Mounfarm debt has risen steadily throughout the posttain regions. war period. On January 1, 1946 the debt was 7.7 billion dollars. For the entire postwar period from January 1, Regional estimates of the total debt of farmers 1946 to January 1, 1955, the farm debt held by are not available. However, farm loans held by the the institutional lenders rose 91 per cent. The principal institutional lenders—banks, life insur- increases in non-real-estate and real-estate debt were ance companies, and Federally sponsored agencies 140 and 64 per cent, respectively. 878 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPERVISION OF BANK ADMINISTRATION OF PENSION TRUSTS1 The contact of the Board of Governors of with applicable laws and regulations, the the Federal Reserve System with pension, requirements of individual trust instruments, health and welfare plans stems primarily and sound principles of trust administration. from its supervisory and regulatory func- Federal Reserve Regulation F includes a tions. These functions are confined to na- number of provisions relating to the mantional banks and to such State banks as are agement and operation of the trust activities members of the Federal Reserve System. of national banks. It requires the separation, The Board of Governors exercises super- both as to administration and accounting, of vision over administration of pension trusts trust department activities from other activby these banks just as it does over their other ities of the bank, and emphasizes the responfiduciary activities. We do not know the sibilities of the bank's directors, its trust inextent to which pension trusts administered vestment committee, and the officers in by banks are the result of collective bar- charge of the trust department. It specifigaining. cally requires that the bank conform to sound principles in the operation of its trust NATIONAL BANKS department. No national bank may exercise trust pow- Regulation F also requires that trust funds ers unless it has received a special permit shall "be invested promptly and in strict from the Board of Governors. At the presaccordance with the will, deed or other inent time some 1,500 national banks engage strument creating the trust." If the trust in trust activities under such permits. The instrument gives the bank discretion with Federal Reserve Act also authorizes the respect to investment, all investments must Board to issue regulations necessary for the be approved by the directors' trust com- "proper exercise" of trust powers by national mittee. When the trust instrument does banks. not expressly give the bank discretion and, Although the Board grants or denies to on the other hand, does not specify the charnational banks permission to exercise trust acter of investments, trust funds are required powers, and prescribes appropriate regulato be placed in those investments that are tions, the actual supervision of the trust lawful for trustees under State law. activities of national banks is by the Comp- The Board's regulation as to the investtroller of the Currency. He is required by ment of trust funds contains only one specific law to make periodic examinations of nareference to pension and similar trusts. This tional banks, including their trust departprovision is of only incidental interest, to ments. The purpose of his trust examinayour Committee. If a pension trust is exempt tions is to ascertain if the bank's trust busifrom Federal income taxes, its funds may ness is being administered in accordance be invested collectively with those of other pension trusts provided this is specifically 1 Statement by Vice Chairman C. Canby Balderston on authorized by the trust instrument. behalf of the Board of Governors of the Federal Reserve System before the Subcommittee on Welfare and Pension Regulation F further prohibits trust in- Funds of the Senate Committee on Labor and Public Welvestments that involve conflicts of interest fare, July 20, 1955. 879 AUGUST 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPERVISION OF BANK ADMINISTRATION OF PENSION TRUSTS or "self-dealing/' such as investment in stock a substantial use of trustee banks in connecor obligations of the trustee bank, its per- tion with i:he administration of such trusts. sonnel or their interests, unless expressly To the extent that this business is in the required by the trust instrument. hands of member State banks, it is concentrated in the larger centers, particularly in STATE BANKS New York City. It is also centered in those banks that maintain large trust departments, Trust activities of all State-chartered banks particularly those that have developed skill are governed by State laws and regulations and experience in the administration of such and are supervised by the State banking aubusiness. thorities. State banks that are not members Of the 13,840 commercial banks in the of the Federal Reserve System but that are United States (as of December 31, 1954), insured by the Federal Deposit Insurance roughly 3,100 exercise trust powers. Of Corporation are also supervised by that Corthese, only about 65 are large enough to have poration. The purpose of its trust exampersonal trust assets (including pension and inations is akin to that of other Federal bank health and welfare trusts) exceeding 100 supervisory agencies. million dollars. These 65 hold the bulk of Those State banks that are Federal Reemployee benefit trust business administered serve members are examined by the Federal by banks. Thirty-eight of these 65 large Reserve Banks as well as by State authorities. trust institutions are State bank members of Ordinarily each of the 1,871 State member the Federal Reserve System. Our examinabanks is examined at least once a year, tions of their trust departments indicate that either separately by Federal Reserve exthey hold—subject to varying degrees of aminers or jointly by them and the State administrative responsibility—almost 6 bilexaminers. These examinations cover the lion dollars of pension and other employee trust departments of the 636 banks exerbenefit funds in some 2,800 accounts. Howcising trust powers. ever, because of variations in bookkeeping The regulation and supervision of trust control practices and in the degree of the business by Federal banking authorities banks' discretionary responsibility, this 6 cover pension trusts, like all other trusts, billion dollar figure does not accurately reonly to the extent of ascertaining whether flect the volume of pension funds over which the bank conducts its operations in accordthese 38 banks have full control. ance with the governing trust instruments, Neither do the statistics now available statutes, regulations, and sound principles reveal the total volume of all pension and of trust administration. The responsibilities other employee benefit trusts, that is, those of bank supervisory authorities do not inadministered by banks and by others. The clude any control over investment or other Securities and Exchange Commission is curimportant discretionary actions. rently making a survey of this field, but the results of this survey are not yet available. BANK ADMINISTRATION OF PENSION TRUSTS In the absence of this information, we do We are aware of the recent rapid rise in not know how much of the total of employee the number of employee benefit plans and benefit trusts is in the hands of banks. Morein the dollar aggregate of the trusts thus over, many of the instruments creating such created. We also realize that there has been trusts do not give to the bank trustee full and FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPERVISION OF BANK ADMINISTRATION OF PENSION TRUSTS uncontrolled discretion as to investment de- trusts. They are sufficient in scope to detercisions. It is not uncommon for the instru- mine whether there is compliance with the ment creating a pension trust to name a controlling trust instruments and the rebank as trustee or agent, but to center all quirements of applicable laws and regulaauthority over investments in a group of tions, including those of the Internal Revindividuals. The bank acts as custodian for enue Service. The examiner's attention is the trust property and performs a variety directed particularly to those trust arrangeof ministerial duties, but it has no discretion- ments that give to the trustee bank adminary authority over the broader phases of in- istrative discretion. In such cases, he reviews vestment administration. In these situa- the administration of the trusts in the light tions, the influence of supervisory authorities of the requirements of the controlling inon investment administration is of course struments and laws, and of accepted trust negligible. principles and practice. Investments in securities of employer corporations are given INVESTMENT POLICIES OF TRUSTEE BANKS special scrutiny to determine (1) whether Standards generally followed in investing such investments are required or permitted pension trust funds embrace consideration by the instrument creating the trust, and of the quality of specific securities, reason- (2) whether the required disclosure of inable diversification of risk, and avoidance tention so to invest has been made to the of conflicts of interest. The application of Internal Revenue Service so that it may desuch standards, however, may be modified termine whether the trust is administered by special provisions of trust instruments for the exclusive benefit of employees. that permit or even require the trustee to The examiner takes note of observed dedepart from customary investment stand- partures from accepted principles, and of ards. These provisions may authorize or violations of applicable provisions of trust require the investment of part or all of the instruments or law. His report is made trust funds in securities of the employer cor- available, not only to the appropriate bank poration, or the making of other investments supervisory authorities, but also to the diof a character which, in the absence of spe- rectors of the bank examined. cific authority, would be improper. The In summary, the Board recognizes that few apparent departures from recognized pension and health and welfare funds are trust principles that our examiners have ob- growing rapidly in volume and in signifiserved have proved to be authorized by the cance. The very magnitude of these funds governing instruments. tends to create troublesome problems. To a considerable degree the possibilities of EXAMINATION PROCEDURE WITH RESPECT TO abuse stem from the provisions of the trust PENSION TRUST ADMINISTRATION instruments themselves. The Federal Reserve System's trust exam- In our experience, the administration of inations include investigation into bank pension funds by trustee banks has been practices and policies related to pension competent and conscientious. AUGUST 1955 881 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings BULLETIN. Data for earlier months may be obtained Meetings of the Federal Open Market Committee upon request from the Division of Research and were held in Washington on July 12 and August 2, Statistics, Board of Governors of the Federal Re- 1955. serve System, Washington 25, D. C. This review is' part of a program for periodic ex- Changes in Board's Staff amination of seasonal patterns in department store Effective August 10, 1955, the following changes trade. Similar studies were made in 1951 and 1953 were made in the staff of the Board of Governors: and the results were published in the BULLETIN for Mr, J. E. Horbett was appointed Associate Direc- December and August, respectively, of those years. tor of the Division of Bank Operations. Mr. Hor- Death of Director bett has been with the Board of Governors since 1918 and has been serving as an Assistant Director Mr. Philip C. Williams, President, Bank of Yazoo of the Division of Bank Operations since 1935. City, Yazoo City, Mississippi, who had served as a Mr. Gerald M. Conkling was appointed an As- director of the New Orleans Branch of the Federal sistant Director of the Division of Bank Operations. Reserve Bank of Atlanta since November 12, 1954, Mr. Conkling, who came with the Board of Gov- died on July 15, 1955. ernors in 1934, has been serving as Chief of the Admissions of State Banks to Membership in the Member Bank Section of the Division of Bank Federal Reserve System Operations since 1949. The following State banks were admitted to Mr. John R. Farrell was appointed an Assistant membership in the Federal Reserve System during Director of the Division of Bank Operations. Mr. the period June 16, 1955 to July 15, 1955: Farrell, who was employed by the Board of Governors in 1927, has been serving as Chief of the California Reserve Bank Budget and Expense Section of the Santa Cruz County Bank of Santa Cruz Division of Bank Operations since 1949. Mr. Clarke L. Fauver was appointed an As- Iowa sistant Secretary of the Board of Governors. Mr. Cedar Rapids. . Peoples Bank and Trust Company Fauver joined the Board's staff in 1947 and recently has been serving as a Special Assistant to the Board Ohio of Governors. Fremont. . The Croghan Bank and Savings Company Revised Indexes of Department Store Sales and Stocks Following a review by the Federal Reserve Banks Tables Published Annually and Semiannually, with of the factors used in adjusting the monthly indexes Latest BULLETIN Reference of department store sales and stocks for seasonal Semiannually Issue Page variation, the seasonally adjusted indexes have been Banking offices: revised for a number of months in recent years. Analysis of changes in number of... Aug. 1955 944 On, and not on, Federal Reserve Par Special Easter adjustment factors for March and List, number of Aug. 1955 945 April were also examined and a few minor re- Annually visions were made. Other revisions in some dis- Earnings and expenses: Federal Reserve Banks Feb. 1955 206-207 tricts made at this time result from changes in Member banks: Calendar year May 1955 564-572 the reporting sample. First half of year Oct. 1954 1118 Insured commercial banks May 1955 573 The revised figures for the 13 months ending Banks and branches, number of, June 1955 for the United States and for each Fed- by class and State Apr. 1955 430-431 Operating ratios, member banks June 1955 712-714 eral Reserve district are given on page 935 of this Banking and monetary statistics, 19S4 {^ \9 9\\ 574:577 882 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication August 2 5] Economic activity expanded further in July as With construction demands strong, production industrial production, employment, and consumer of building materials rose moderately further in incomes and buying increased after allowance for July. Output of primary metals, however, was reseasonal influences. Prices of industrial commodi- duced by curtailed operations at copper and steel ties rose further, while some farm products de- mills. The first break in the month-long strike at clined. Business, real estate, and consumer loans three major copper producers occurred August 3 continued to expand. Private interest rates showed when settlement was reached with one producer. further moderate advances and discount rates at Steel production averaged 85 per cent of capacity in Federal Reserve Banks were raised. July compared with 94 per cent in June. Work stoppages in the first few days of the month, and INDUSTRIAL PRODUCTION according to trade reports the subsequent heat wave The Board's seasonally adjusted industrial proand necessary repairs, restricted operations. Steel duction index rose one point further in July to a output in the second week of August was scheduled new record of 140 per cent of the 1947-49 average at 91 per cent of capacity. and was 14 per cent above a year ago. Durable Activity in July in most nondurable goods indusmanufactures reached the previous record rate of tries remained at the advanced levels reached in two years ago, while nondurable manufactures and June which averaged 4 per cent above the 1953 minerals had exceeded their previous records earlier peak rate. Total mineral production decreased this year. slightly in July as the effects of the work stoppages The rise in durable manufactures in July reflected in copper mining were partly offset by a small mainly increased output of consumer durables with further rise in coal output. major goods about three-fourths above the 1947-49 average. Auto assemblies, which were limited in CONSTRUCTION June by work stoppages, exceeded the previous July Activity in most lines of construction was mainrecord in 1950 by 58,000 units. Production cut- tained in July at close to peak rates. New conbacks in preparation for 1956 models are occurring tracts awarded continued to rise as increases in in August. Output of household durable goods private and public nonresidential awards more than rose further in July from the high June level. offset a decline in awards for private residential Activity in industries producing agricultural ma- units. The number of private housing units started chinery, motor trucks, and other types of equip- in July declined somewhat to a seasonally adjusted ment was maintained in July after seasonal adjust- annual rate of about 1.2 million units. ment. EMPLOYMENT AND PAYROLLS INDUSTRIAL PRODUCTION sted, 1947-49.100 Employment increased further in July with relatively marked gains in nonmanufacturing lines. Unemployment declined further to less than 4 per cent of the labor force. The average factory workweek was close to the postwar high for the month and hourly earnings rose to $1.88, about 4 per cent above a year ago. In addition to increasing wage rates and employment in private activities in July, Federal payrolls reflected a rise of 7.5 per cent in pay rates for Civil Service employees. NONDURABLE MANUFACTURES DISTRIBUTION Seasonally adjusted sales at department stores rose considerably in July, featured by a striking in- I ,..,,1,»,, 1953 1954 1955 1952 1953 1954 1955 crease for appliances. Sales at most other stores Federal Reserve indexes. Monthly figures, latest shown also showed increased strength. With sales of new are for July. AUGUST 1955 883 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS and used autos continuing markedly above a year 100 million dollars in July, somewhat below the ago, total retail sales were 9 per cent higher than a June level of about 175 million. In early August year ago. Stocks of new autos rose somewhat but, reserve positions tightened as the amount of relike used car stocks, remained below a year ago in serves absorbed, largely through currency outflow, relation to sales. Treasury operations, and reduction in Reserve Bank float, exceeded the amount supplied, principally COMMODITY PRICES through a reduction in required reserves. Prices of industrial materials continued to advance from mid-July to mid-August, with sharpest SECURITY MARKETS rises in scrap metals and rubber. There were also In early August, with the approval of the Board advances in aluminum and nonferrous products, of Governors, the discount rate was increased from 'building materials, fuel oils, tires, home appliances, 1 % per cent to 2 % per cent at the Federal Reserve and machinery. Hog prices, meanwhile, dropped Bank of Cleveland and to 2 per cent at all other to the seasonal lows of last winter as hot weather Reserve Banks. reduced meat demands and marketings of livestock Yields on Government securities advanced sharply and products continued in large volumes. Prices from rnid-July to early August, reaching the highof some other farm products also declined as crop est levels since September 195,3. The average rate prospects improved during July. A total harvest on three-month Treasury bills rose to around 1% 6 per cent larger than last year was officially fore- per cent, close to the new discount rate,. Around cast as of August 1 with a 15 per cent increase in mid-July the Treasury gave holders of maturing feed grains. Higher yield prospects for cotton and August 1% per cent certificates the option of exwheat indicated harvests would be reduced by only changing into 2 per cent June 1956 tax anticipation half as much as the Federal acreage curtailments. certificates .or the 2 per cent August 1956 notes, which were reopened. Of the 2.7 ^billion dollars of BANK CREDIT AND RESERVES maturing certificates held outside the Federal Re- Total loans and investments at city banks in- serve System, only 150 million were redeemed for creased about three-quarter billion dollars between cash. early July and early August. Most types of .business Yields on corporate and State bonds rose moderborrowing and real estate and consumer loans rose ately after mid-July and private short-term money further. Banks made substantial purchases of rates increased further. In early August the prime Treasury bills and also acquired new tax antici- commercial loan rate was raised to 354 per cent pation certificates around mid-July; subsequently from 3 per cent. Common stock prices reached they sold securities. record levels late in July but declined during .early Pree reserves of member banks averaged around August. PRICES AND TRAD! MONEY RATES Per cent, 1947-49 = 100 WHOLESALE PRICES CONSUMER COMMODITIES PRICES PRODUCTS .I.- ...I DEPARTMENT STORE TRADE 1952 ,19.53 1954 Seasonably ada^stefl, except for price indexes. Prices, Bu- Figures except for Federal Reserve discount rate are reau of Labor Statistics; disposable personal income and total monthly average market yields-. Corporate Aaa tends;, Mooiy's retail sates, based on Department of Commerce data; -depart- Investors Service; U. S. Government long-term ((excludes 3/4 ment store trade, Federal Reserve. "Other" wholesale prices per cent bonds issued May 1, 1953), U. S. Treasury Departexclude processed foods, included in total but not shown sep- ment and Federal Reserve; municipal high-grade bonds, Standarately. Monthly figures, latest shown: June for income and ard and Poor's Corporation; Treasury bills, Federal Reserve. department store stocks; July for other series. Latest figures shown are for Aug. 6. 884 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 8.87-88& Federal Reserve Bank rates; margin requirements; reserve requirements 888—889 Reserves and deposits of member banks... 890 Federal Reserve Bank statistics 891-893 Regulation V: guaranteed loans, fees, and rates. 893-894 Bank debits and deposit turnover; Postal Savings System. . 894 Money in circulation 895 Consolidated statement of the monetary system; deposits and currency 896 All banks in the United States, by classes ........ 897-899 All commercial banks in the United States, by classes.. . 900-901 Weekly reporting member banks. 902-903 Commercial paper and bankers' acceptances 904 Life insurance companies; savings and loan associations 905 Government corporations and credit agencies 906-907 Security prices and brokers' balances 908 Money market rates; bank rates on business loans; bond and stock yields 909 Treasury finance. . 910-915 New security issues. . 916 Business finance 917-918 Real estate credit statistics , 919-921 Statistics on short- and intermediate-term consumer credit 922-924 Business indexes 925-934 Merchandise exports and imports. . ... .. 934 Department store statistics ,,.. 935-939 Consumer and wholesale prices... 940-941 Gross national product, national income, and personal income... 942-943 Changes in number of banking offices in the United States 944 Number of banking offices on Federal Reserve par list and not on par list by Federal Reserve districts, States, Alaska and Hawaii 945 Index to statistical tables 971-972 List of tables published in BULLETIN annually or s^miannually, with references for latest data 882 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 table smay be obtained from earlier BULLETINS-. AUGUST 1955 885 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 25 MEMBER BANK RESERVE BALANCES 20 15 EXCESS RESERVES 35 MONEY IN CIRCULATION 30 25 J*" RESERVE BANK CRED1IITT Vf 20 "A« TREASURY CASH AND DEPOSITS 1 1 1 L NONMEMBER DEPOSITS i- FEDERAL RESERVE CRiDST U.S. GOVERNMENT SECURITIES- HELD UNDER - REPURCHASE AGREEMENTS - 2 0 DISCOUNTS AND ADVANCES 2 0 FEDERAL RESERVE FLOAT 1949 1950 1951 1952 1953 1954 1955 Latest averages shown are for week ending July 27. See p. 887. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other period T U o .S ta . l Go B v o o t u u . g t s - h e t cu u r H r e n it p e d i l u e e d s r r - c D o a a n u d is - d n - ts Float o e A t r h H i - Total s G to o c ld k T s r o c e t u r a u n u e r n 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 r n o a e r g l s y a d h s s - - T t w h u r r e e a r i y s a t n e h s r - m v F e e . F e m R b i o g a b . r n l e - a B r n a b c O n e a e k s n t 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 l b a 2 a r n ic k c e E e s s x s - 2 right a m g e re n e t -vances ing po d s e i - ts po de si - ts p d i o t e s s - - counts Averages of daily figures Week ending: 1954 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 19,043 391 June 23! ! ! !25,018 24,986 32 194 920 J 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 21,92.7 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 1& 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 if \ 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 18,336 17,556 780 Sept 15.... 24,035 24,035 189 714 1 24,939 21,809 4,967 30,073 795 558 559 432 925 18,373 17,594 779 Sept 22 23 78923,789 141 977 1 24,908 21,810 4,967 29,969 793 446 514 435 934 18 596 17^691 905 Sept 29! '.'.' 23^86823,868 191 627 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 3! 284 927 1 25,699 21,788 4,973 30,125 796 570 443 440 950 19,136 IB,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 25,43f 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 24,685 275 751 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 21,7O« 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 18,630 620 955 J Ja a n n . . 152.... 2 2 4 4, , 5 9 3 1 2 8 2 2 4 4 , , 8 5 7 1 4 1 4 2 4 1 3 5 7 0 2 4 8 7 8 5 5 6 1 1 2 2 5 6 , , 7 1 9 7 2 0 2 2 1 1, , 7 7 1 1 2 3 4 4 , ,9 9 8 8 4 4 3 3 0 0 , , 3 5 6 0 1 1 8 8 0 1 4 4 4 3 4 7 9 8 4 5 9 2 3 7 4 4 1 0 3 9 9 90 1 5 6 1 19 9 , , 1 2 3 6 0 3 1 1 8 8 , , 5 4 8 3 0 6 6 6 9 8 4 3 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 (3) 24,932 21,716 4,990 29,771 825 490 390 486 959 18,716 18,108 603 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 39 613 650 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 29,68f 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..... 23,513 23,513 427 880 14 24,834 21,673 4,999 29,826 818 437 394 421 937 18,673 18,192 481 June 1 23,60323,600 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 23,58823,588 558 793 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 18,301 697 June 29!!!! 23,554 23,554 456 789 16 24,815 21,677 5,001 30,021 814 323 425 275 981 18,653 18,164 489 July 6 23,703 23,692 11 688 858 16 25,265 21,678 5,003 30,299 814 420 367 468 970 18,609 18,085 524 July 13 23,957 23,943 14 685 913 16 25,571 21,679 5,003 30,416 803 440 425 419 971 18,779 18,047 732 July 20 23,943 23,943 357 1,118 14 25,432 21,680 5,003 30,287 793 416 460 415 970 18,774 P18.182 ?592 July 27 24,14024,035 '" ios 439 915 12 25,506 21,681 5,002 30,157 798 480 439 403 967 18,945 P18.349 *596 Monthly: 1954-Tulv... 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 S3S 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 S40 Sept... 23,941 23,928 13 170 725 1 24,838 21,809 4,967 29,99! 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 76S 1 25,776 21,724 4,979 30,287 800 492 416 393 883 19,207 18,393 814 Dec... 24,917 24,888 29 407 992 1 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 18,576 703 1955-Jan... 24,200 24,182 18 444 805 1 25,449 21,714 4.9S5 30,110 819 341 477 383 903 19,114 18,432 682 Feb... 23,83823,787 51 473 710 1 25,021 21,715 4,990 29,784 826 477 420 473 927 18,819 18,195 624 Mar... 23,619 23,604 15 566 804 1 24,989 21,718 4,996 29,790 823 690 363 442 960 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 , 1624,958 21,676 5,001 '30,050 825 329 412 345 959 18,715 18,146 569 July... 23,967 23,925 42 576 940 14 25,497 21,680 5,003 30,284 802 461 423 423 962 18,824 ^Preliminary. 'Revised. For footnotes see following page. AUGUST 1955 887 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BA!«iK RESERVES, RE¥ERVE BANK CREDIT, AND RELATED ITEMS—Con tinned [In millions of dollars] 'Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money Treas- w re it s h e rv F e . R ba . la B n a c n e k s, s O F t e h d e - r reserve balances p D e i r o a i r t o e d Total B r o o ig u u h g t- t ht u r c a H e h g n p e a r d e u l s e d e e r r - - v c D o a a a n n u d is c d n - - e ts s Float Total s G to o c ld k r s e c o t i a u n n u n r c g t - - d y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - T p u o d re r s e y a - it s s - p F e o d i o s e g - r i n - ts , O p d i e o t t e r s h s - - - c s o e R e a r u r c e a v - n - l e ts Total qu R ir e e - d2 Exment Mldyear or year-end: 1929—June. 216 148 68 1,037 52 ,400 ,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 ,220 ,031 2,286 5,434 264 35 15 151 346 2,292 1,817 4.75 1939—Dec. 2,484 2,484 7 91 ,593 ,644 2,963 7,598 2,409 634 397 256 251 11,653 6,444 5,209 L941—Dec. 2,254 2,254 3 94 ,361 ,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 ,091 ,065 4,,333399 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 ,181 ,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 .1949—Dec. 18,885 18,885 78 534 19,499 ,427 4,598 2"7~,600 1,312 821 767 750 70616,568 15,550 1,018 .1950—Dec. 20,778 20,725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1951—Dec. 23,£01 23,605 196 19 1,184 25,009 22,695 4,709 29,206 1,270 247 526 363 746 20', 056 19,667 389 1952—DeSt. 24,697 24,034 663 156 967 25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—June. 24,746 24,718 28 64 601 ,414 22,463 4,854 30 125 1,259 132 527 176 951 19,561 19,459 102 Dec. 25,916 25,318 598 28 935 26,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 End of month: 1954 July 24,325 24,325 184 672 25,183 21,908 4,960 29,892 798 716 ,533 503 908 18,702 17,763 939 Aug 24,023 23,894 129 200 473 24,696 21,809 4,966 29,929 811 511 All 501 92518,316 17,572 744 Sept 24,, 270]24,270 132 779 25,183 21,810 4,972 29,985 786 704 461 422 93118,676 17,724 952 Oct 24,381)24,381 297 721 25,401 21,759 4,977 30,074 806 729 426 496 88418,722 18,251 471 N 24,888!24,888 398 657| 25,944 21,710 4,982 30,500 800 694 397 381 88018,985 1'8,467 518 Dec 24,93224,888 143 808 25,885'21, 713 4,985 30,509 796 563 490 441 90718,876 18,618 25S 1955 Jan 23,88523,882 475 600 24,960,21,714 4,989 29,789 837 360 441 419 899 18,918 18,337 581 Feb 23,60523,605 485 678 24,76921,716 4,996 29,817 828 564 320 43.3 18,562 18,091 471 . A M p a r r 2 2 3 3 , , 6 6 1 1 2 2 2 2 3 3 , , 6 6 0 0 4 4 3 5 9 6 1 0 6 7 5 9 9 9 2 2 4 4 , , 6 9 6 8 7 8 ; 2 2 1 1 , , 7 6 1 7 9 1 A 4 , , " 9 9 9 9 8 9 2 2 9 9 , , 8 7 Q 6 0 9 8 8 1 0 9 9 8 7 1 2 2 4 3 3 5 6 1 0 4 4 4 9 8 0 9 9 5 2 9 3 1 1 8 8 , , 4 2 9 8 5 3 1 1 7 8 , , 8 1 7 6 1 1 4 3 1 3 2 4 TVlay 23,66223,662 460 643 24,780 21,674 5,002 30,009 828 649 402 413 93618,221 18,029 192 June 23,60723,554 53 128 850 24,60121,678 5,002 30,229 812 380 374 448 97218,066 18,139 -73 July 24/09023,982 108 754 864 25,719*21,682 5,003 P30,238 P805 623 410 419 91018,999 P18,274 P725 Wednesday T> 1955 May 4. . 23,78223,664 118 720 706 25,225 21,671 5,000 29,782 820 458 357 434 921 19,123 18,242 881 May 11... 23,75823,702 56 365 642 24,779 21,672 4,999 29,842 819 383 388 420 920 18,677 18,176 501 ,May 18. . 23,61223,612 324 950 24,902 21,673 4,999 29,826 825 392 407 307 937 18,879 18,310 569 "May 25.. 23,51323,513 543 682 24,75321,674 4,999 29,789 824 415 406 414 937 18,642 18,165 477 June 1.. 23,69423,694 567 763 25,040 21,674 5,00230,042 841 543 398 414 935 18,544 18,040 504 June 8.. 23,61523,615 391 689 24,71121,675 5,00130,044 842 290 402 393 935 18,483 18,027 456 .June 15. . 23,55423,554 837 872 25^79 21,676 5,00230,033 833 358 401 263 981 19,087 18,149 938 June 22. . 23,55423,544 393 936 24,899 21,677 5,00129,983 820 98 418 246 981 19,029 18,271 758 June 29. . 23,55423,554 722 709 25,002 21,677 5,000 3"0,128 818 344 407 408 98018,595 18,168 427 July 6.. 23,84823,844 4 599 843 25,305 21,678 5,003 30,421 818 468 382 451 97018,475 18,034 441 July 13.. 23,94323,943 503 892 25,35521,679 5,003 30,327 801 338 449 395 97018,757 18,091 666 July 20.. 23,94323,943 570 985 25,51221,681 5,003 30,197 802 564 439 415 96918,810 P18.282 P528 July 27.. 24,14624,038 "i08 549 710 24,41721,681 5,003 30,120 803 458 443 391 967 18,919 Pi 8,340 ^Preliminary. includes industrial loans and acceptances, which are shown separately in subsequent tables. 2These figures are estimated. SLess 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 In'90 days to 6 months. . . . and dealers on listed securities 50 60 70 In less than 90 days For short sales 50 60 70 Regulation U: For loans by banks on stocks 50 60 70 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under tihe laws of the State specified percentage of its market value at the time of extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C, the market value (100%) and the maximum loan value. Changes on 'effective Feb. 1, 1936, are the same as those in effect for member banks. Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. Back figures.—:See Banking and Monetary Statistics, Table 145, p. 504 and Annual Report for 1948, p. 77, and 1953, p. 76. FEDERAL RESERVE 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 l a ig n a c t e i s o n s s e c a u n r d e d d i b s y c ou G n o t v s e o r f n m an e d nt Other secured advances t b i o o a b n n l s i k g s o a - t t s h i e o e c n r u s r t e h o d a f 1 n x t b h y m e d e U m i . r e b S c e . t r Federal Reserve Bank advances secured by eligible paper [Sec. 10(b>p (last par. Sec. 13) (Sees. 13 and 13a) 1 Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous beginning— rate July 31 beginning— rate July M beginning— rate1 Boston , Apr. 15,1955 Apr. 15,1955 Apr. 15, 1955 New York.... Apr. 1-5,1955 Apr. 15,1955 Jan. 16, 1953 Philadelphia. . Apr. 22,1955 Apr. 22,1955; Apr. 22, 1955 Cleveland Apr. 15,1955 Apr. 15,1955 Aug. 17, 1953 Richmond. ... Apr. 15,1955 Apr. 15,1955 Jan. 23, l!953> Atlanta May 2,1955 May 2,1955 Feb. 9, 1954 Chicago Apr. 22,1955 Apr. 22,1955 Apr. 22, 1955 St. Louis Apr. 15,1955 Apr. 15,1955 May 18, 1953< Minneapolis. . Apr. 15,1955 Apr. 15,1955 Jan. 26, 1*953: Kansas City. . Apr. 14,1955 Feb. 12,1954 Apr. 14, 1(955; Dallas. Apr. 15,1955 Apr. 15,1955 Apr. 15, 1955 San Francisco Apr. 22,1955 Apr. 22,1955 Jan. 20, 1953 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of* the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-4431. 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 deposits'1 [In effect July 31. Per cent per annum] Time Effective; date deposits To c b i o u n m s d i m u n s e e t s r r c s i e a ia s l l or To financing institutions of change- C r b e e c a s n i e n t r t y k r v s a e l R b e e a s ii n e f r i k y v 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 R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or 1 1 9 93 1 6 7 — — A Ju u n g e . 2 1 1 6 1 19 3 % 1 1 0 5 1014 Bank lo O an n s1 co m m O en m n ts it- fo P r o w rti h o i n ch Re- c m o O m en n m ts it- 1 19 9 3 3 8 7 — — M A M p a a r y r . . 11 1 1 6 . ........ 2 2 2 2 6 2 M % 2 1 1 0 7 7 1 1 2 4 M institu- maining 1941—J&ov. 1 26 20 12 tion is portion 1942—Aug. 20 24 14 obligated Sept. 1'4 22 Oct. 3 20 Boston 1948—Feb. 27 22 N Ph e i w la d Y e o lp rk hia 3 2^ -5 -5 V2 J S u e n p e t. 1 1 1 6 24 16 Cleveland 2V2-S Sept. 24 26 22 373, A Ri t c la h n m ta ond 2 2 } M 4- - 5 5 1949— M M a a y y 5 1 24 21 15 27 Chicago June 30 20 37 S M t. i n L n o e u a i p s olis. . . . J A u u ly g . 1 1 1 1 4 3 26 K D a al n l s a a s s City. . . . 3-5* A Au u g g . . 1 1 6 1 23^ '35' San Francisco... 3-5 Aug. 18 23 19 25 Aug. 25 22V2 1 Including loans made in paticipation with financing institutions. Sept. 1 22 18 2 Rate charged borrower less commitment rate. 1951—Jan. Ill 23 3 Rate charged borrower. 4Rate charged borrower but not Jan. 16. 13 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 14* of 6 l C oa h n a . rge of }/i per cent per annum is made on undisbursed portion 1953—July 1 of loan. July 9 Back figures.—'See Banking and Monetary Statistics, Table 118,, pp. 1954—June 16 446-447. June 24 21 July 29 20 W Aug. 1 12 In effect Aug. lti 1.9554 . 20 112 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. 4Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending 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—April 19,392 4,693 1,221 7,739 5,740 1954—April 765 66 11 148 541 May 19,533 4,738 1,255 7,785 5,754 May 716 35 2 124 560 June 19,670 4,812 1,251 7,839 5,767 June 858 63 11 153 630 1955—April 18,800 4,445 1,122 7,747 5,486 1955—April 590 4 74 513 May 18,746 4,407 1,139 7,734 5,465 May 580 23 1 85 470 June 18,715 4,388 1,135 7,680 5,512 June 569 15 -3 61 496 June 22 18,998 4,443 1,161 7,761 5,633 June 22 697 19 7 70 601 June 29 18,653 4,387 1,134 7,700 5,434 June 29 490 9 -6 65 422 July 6 18,609 4,336 1,137 7,680 5,456 July 6 524 -16 1 83 456 July 13 18,779 4,307 1,128 7,711 5,633 July 13 731 33 1 85 612 July 20 18,774 4,336 1,144 7,738 5,556 July 20 P593 c 2 54 P542 July 27 18,945 4,462 1,151 7,806 5,526 July 27 P597 20 2 62 Borrowings at Federal Required reserves:1 2 Reserve Banks: 1954—April 18,627 4,627 1,210 7,591 5,199 1954—April 139 9 71 59 May 18,817 4,704 1,257 7,661 5,194 May 155 7 8 65 75 June 18,813 4,749 1,240 7,686 5,138 June 146 14 4 61 67 1955—April 18,210 4,442 1,122 7,673 4,973 1955—April 495 27 125 229 114 May 18,166 4,384 1,138 7,649 4,995 May 368 4 26 213 125 June- 18,146 4,373 1,138 7,619 5,016 June 401 13 40 229 119 June 22 18,301 4,424 1,154 7,691 5,032 June 22 283 6 16 170 91 June 29 18,164 4,378 1,139 7,635 5,012 June 29 402 7 33 217 145 July 6 18,085 4,353 1,135 7,597 5,000 July 6 635 93 68 402 72 July 13 18,047 4,274 1,126 7,626 5,021 July 13 632 181 41 287 123 July 20 P18.182 4,341 1,143 7,684 P5,014 July 20 302 15 8 197 82 July 27 P18.349 4,443 1,149 7,744 *>5,013 July 27 395 33 9 235 118 9 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 New Chi- banks banks banks New Chi- banks banks York cago York cago June 1955 June 1954 Gross demand deposits: Total 112,844 23,431 6,022 44,132 39,259 108,027 23,198 5,978 41,677 37,173 Interbank 12,361 4,008 1,159 5,996 1,198 12,389 4,013 1,225 6,004 1,147 Other 100,483 19,423 4,863 38,136 38,061 95,637 19,185 4,753 35,673 36,026 Net demand deposits2 . . . 98,045 21,006 5,362 37,846 33,832 93,928 20,921 5,357 35,889 31,762 Time deposits 40,010 3,445 1,308 16,132 19,125 38,088 3,414 1,268 15,064 18,342 Demand balances due from domestic ban] 6,180 47 106 1,965 4,062 6,383 46 120 2,019 4,199 Reserves with Federal Reserve Banks: Total 18,715 4,388 1,135 7,680 5,512 19,670 4,812 1,251 7,839 5,767 Required3 18,146 4,373 1,138 7,619 5,016 18,813 4,749 1,240 7,686 5,138 Excess 569 15 -3 61 496 858 63 11 153 630 Borrowings at Federal Reserve Banks 401 13 40 229 119 146 14 4 61 67 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 See table on preceding page for changes in reserve requirements. 890 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1955 1955 1954 July 27 July 20 July 13 July 6 June 29 July June July Assets Gold certificates 20,161,10320,161,10120,158,104 20,156,10320,156,100 20,161,10220,156,10120,367,104 Redemption fund for F. R. notes.. 833,136 836,973 834,973 834,642 837,567 833,137 837,567 852,726 Total gold certificate reserves. 20,994,239 20,998,07420,993,077 20,990,74520,993,66720,994,23920,993,668 21,219,830 F. R. notes of other Banks 234,584 227,745 211,308 156,773 176,087 225,922 173,778 128,304 Other cash 365,421 348,805 331,315 311,926 342,850 367,246 338,642 397,533 Discounts and advances: For member banks 509.317 506,786 450,162 545,819 668,618 713,756 74,591 79,042 For nonmember banks, etc 40,000 63,333 53,333 53,333 53,333 40,000 53,333 105,000 Industrial loans 361 379 446 445 472 489 460 1,116 Acceptances: Bought outright 10,338 12,389 15,422 15,130 16,482 10,384 15,928 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 1,316,700 1,222,200 1,222,200 1,122,800 832,450 1,261,146 832,450 1,603,750 Certificates: Special Other 8,273,775 8,273,775 8,273,775 8,273,775 ,273,775 8,273, ,273,775 6,599,791 Notes 11,645,83711,645,83711,645,83711,645,837 ,645,83711,645, ,645,83713,029,021 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 ,801,750 2,801, ,801,750 3,092,550 Total bought outright 24,038,06223,943,56223,943,562 23,844,162 23,,553,812 23,982 508 23.553,812 24,325,112 Held under repurchase agreement. 108,000 4,000 108000 53,500 Total U. S. Government securities. 24,146,062 23,943,56223,943,562 23 ,848,162 23,553 ,81224,090,508 23,607,31224,325,112 Total loans and securities 24,706,078 24,526,449 24,462,925 24,462,889 24,292,71724,855,13723,751,624 24,510,270 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 3,975,742 4,643,523 4,564,989 3,940,872 ,392,998 3,814, ,209,677 3,308,803 Bank premises 57 678 57,715 57,297 57,081 57,146 57! 57,106 53,669 Other assets 168,036 160,483 154,008 149,299 139,964 172, 141,185 127,943 Total assets. 50,501,800 50,962,816 50,774,94150,069,607 50,395,45150,487,64249,665,702 49,746,374 Liabilities Federal Reserve notes 25,832,939 25,889,50225,982,059 26,018,077 25,780,41725,945,40525,867,600 25,567,312 Deposits: Member bank—reserve accounts.. 18,919,05718,809,90118,756,719 18,474,760 18,594,58818,998, 18,065,67418,701,710 U. S. Treasurer—general account. 457,833 564,133 337,545 468,296 344,389 622, 380,473 715,622 Foreign 442,887 439,074 448,817 382,4 407,139 409, 374,037 532,898 Other 391,091 414,923 395,477 451,437 407,944 419 448,169 503,330 Total deposits. 20,210,868 20,228,03119,938,55819,776,97119,754,060 20,450,92919,268,35320,453,560 Deferred availability cash items 3,265,261 3,658,164 3,672,760 3,098,358 3,683,622 2,950895 3,359,871 2,636,324 Other liabilities and accrued dividends.. 14,804 14,399 13,800 13,604 20,832 13906 11,958 13,414 Total liabilities. 49,323,87249,790,096 49,607,17748,907,010 49,238,93149,361,135 48,507,78248,670,610 Capital Accounts Capital paid in 296,285 296,029 295,876 295,563 294,612 296,358 295,179 273,712 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 193,199 188,247 183,444 178,590 173,464 141,705 174,297 149,496 Total liabilities and capital accounts...... 50,501,800 50,962,816 50,774,941 50,069,607 50,395,451 50,487,642 49,665,702 49,746,374 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.5 45.7 45.8 46.5 46.1 Contingent liability on acceptances purchased for foreign correspondents 23,002 23,749 25,733 25,075 26,206 22,755 26,170 8,666 Industrial loan commitments 3,518 3,503 3,438 3,438 3,569 3,265 3,571 2,354 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total. . . . 549,317 570,119 503,495 599,152 721,951 753,756 127,924 184,042 Within 15 days 503,839 523,031 455,143 537,921 662,549 702,155 68,218 84,308 16 days to 90 days 45,432 33,698 34,952 47,861 45,992 51,532 46,304 89,577 91 days to 1 year 46 13,390 13,400 13,370 13,410 69 13,402 10,157 Industrial loans—total 361 379 446 445 472 489 460 1,116 Within 15 days 61 78 15 15 25 16 17 3 16 days to 90 days 90 90 219 218 147 93 144 806 91 days to 1 year 78 79 79 79 157 249 156 267 Over 1 year to 5 years 132 132 133 133 143 131 143 40 Acceptances—total 10,338 12,389 15,422 130 16,482 10,384 15,928 Within 15 days... 4,847 5,775 8,387 ,583 5,695 4,531 4,605 16 days to 90 days 5,491 6,614 7,035 547 10,787 5,853 11,323 91 days to 1 year U. S. Government securities—total. 146,062 23,943,562 23,943562 23 848,162 23,553,81224,090,508 23,607,312 24,325,112 Within 15 days 463,300 305,900 250,450 122,650 228,900 6,032,899 131,500 564,900 16 days to 90 days. 715,099 6,669,999 6,725,449 6,757,849 6,357,249 1,089,946 6,508,149 2,030,075 91 days to 1 year 765,69910,765,69910,765,69910,765,69910,765,69910,765,69910,765,69912,972,716 Over 1 year to 5 years 773,493 3,773,493 3,773,493 3,773,493 3,773,493 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 1,013,614 1,013,614 1,013,614 1,035,304 Over 10 years 414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1 Acceptances and securities held under repurchase agreement are classified as maturing within IS days in accordance with maximum maturity of the agreements. AUGUST 1955 891 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1955 [In thousands of dollars] Item; Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates. 20,161,102 1,059y229 5,412,549 1,112,3871,754,2251,140,787 793,085 3,690,851 768,472 382,410 871,051 748,1.60 2,427,896 Redemption fund for . R. notes. 833,137 52,164 170,363 56,552 73,063 65,398 50,909 149,021 45,652 24,100 40,636 27,722 77,557 Total gold certificate reserves. . 20,994,239 1411,393 5,582,9121,168,939,1,827,2881,206,185 843,994 3,839,872 814,124 406,510 911,687 775,8822,505,453 F. R. notes of other Banks... 225,922 15,057 35,183 16,854 10,504 16,920 49,853 14,42:7 8,286 13,242 7,002 14,801 23,793 Other cash...... 367,246 27,775 64,111 20,788 43,443 19,008 32,958 63,297 20,284 9,029 13,370 15,622 37,561 Discounts and advances: Secured by U. S. Govt. securities'. . . 713,405 19,230 104,750 103,635 41,985 61,870 90,500 82,075 77,400 56,365 44,745 16,950- 13,900 Other 40,351 2,400 11,680 2,920 3,640 2,000 1,720 5,734 1,520 1,090 1,520 2,007 4,120 Industrial loans.. 489 406 83 Acceptances: Bought outright.... 10,384 10,384 Held under repurchase agreement. . U. S. Government securities: Bought outright. ... .23,982,508 1,324,410 6,095,0351,459,6232,061,1291,412.9051,237,929 4,183,197 995,226 581,1681,042,999 961,6512,627,236 Held under repurchase agreement. . 108,000 108,000 Total loans and securities 24,855,137 1,346,040 6,329,849 1,566,5842,106,7541,476,7751,330,1494,271,0061,074,146 638,706 1,089,264 980,608 2,645,256 Due from foreign banks 22 16 1 1 1 1 1 Uncollected cash items 3,814,742 255,812 716,832 221,235 371,805 308,410 262,037 655,363 157,427 106,103 214,062 189,891 355,765 Bank premises... 57,638 5,767 7,410 5,161 5,360 4,568 4,266 6,148 2,797 1,326 3,213 1,680 9,942 Other assets 172,696 9,182 42,958: 10,192 14,723 10,044 9,267 31,390 7,291 4,113 7,335 7,935 18,266 Total assets 50,487,642 2,771,02712,779,2613,009,755 4,379,879 3,041,9112,532,525 8,881,506 2,084,3561,179,030 2,245,9341,986,420 5,596,038 Liabilities F. R. notes 25,945,405 1,586,177 5,853,7411,793.9962,385,0551,877,8231,305,364 5,068,8221,168,585 552,5611,036,913 715,159 2,601,209 Deposits: Member bk.— reserve accts. 18,998,673 816,135 5,558,523 873,2261,496,804 802,003 895,943 3,016,564 682,711 434,714 927,389 999,410 2,495,251 U. S. Treas.— gen. acct.. . . 622,789 39,767 82,738 33,902 60,967 32,480 35,526 101,893 41,485 57,734 62,848 34,048 39,401 Foreign 409,988 23,700 2130,303 28,835 35,945 19,750 16,985 55,300 15,010 9,875 15,010 18,565 40,710 Other 419,479 1,997 327,222 10,347 7,210 12,800 1,241 1,257 8,131 4,796 1,965 1,210 41; ,303 Total deposits. .. 20,450,929 881,599 6,098,786 946,3101,600,926 867,033 949,695 3,175,014 747,337 507,119 1,007,2121,053,233 2,616,665 Deferred availability cash items 2,950,895 233,897 506,927 186,870 290,188 236,878 225,305 476,987 123,027 89,214 156,680 163,982 260,940 Other liabilities and; accrued dividends. ..... 13,906 912 3,468 772 1,683 599 640 2,578 515 428 563 472 1,276 Total liabilities. . 49,361,135 2,702,58512,462,9222,927,948 4,277,852 2,982,333 2,481,004 8,723,401 2,039,4641,149,3222,201,3681,932,846 5,480,090 Capital Accounts Capital paid iin.. 296,358 15,726 89,066 19,499 28,131 13,389 13,258 39,430 10,391 6,715 11,641 15,679 33,433 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 7319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 141,705 9,396 31,884 10,046 12,668 9,360 8,021 20,680 7,361 5,002 7,033 6,603 13,651 Tatal liabilities and capital accounts..... . 50,487,642 2,771,02712,779^2613,009,7554,379,8793,041,911:2,532r525 8,881,5062,084,3561,179,030 2,245,9341,986,420 5,596,038 Reserve ratio 45.3% 45.0%. 46.7%. 42.7% 45.8% 43.9% 37.4% 46.6% 42.5% 38.4% 44.6% 43.9% 48.0% Contingent Ear bility on acceptances purchased for foreign correspondents . 22,755 1,380 36,471 1,679 2,093 1,150 989 3,220 874 575 874 1,081 2,369 Industrial loan commitments.. 3,265 253 627 11 87 12 2,275 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $279,660,000 participations of other Federal Reserve Banks. 3After deducting $16,284,000 participations of other Federal Reserve Banks. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1955 1954 July 27 July 20 July 13 July 6 June 29 July June July E. R. notes outstanding (issued to Bank) 649 26,841,81226,760,670 26,607,218 26,844,48126,629,031 26,566,741 Collateral held against notes outstanding: Gold certificates 11,108,000 11,108,000 11,108,000 11,208,000 11,108,000 11,043,000 Eligible paper. 152,570 158,660 194,521 363,335 44,602 33,882 U. S. Government securities 000 17,055,000 17,055,000 17,055,000 17,055,000 17,055,000 16,945,000 Total collateral 28,458,984 28,495,389 28,315,570 28,321,660 28,357,521 28,626,335 28,207,602 28,021,882 EACH FEDERAL RESERVE BANK ON JULY 31, 1955 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank). 26,844,481 1,637,852 6,013,3711,871,0292,496,438 1,937,7471,361,8915,143,2301,221,516 591,3341,065,364755,780 2,748,929 Collateral held: Gold certificates11,208,000 640,000 2,670,000 800,000 1,050,000 675,000 500,000 2,400,000 355,000175,000 280,000283,000 1,380,000 Eligible paper. . 363,335 19,230 103,635 61,870 77,400 56,455 44,745 U. S. Govt. securities 17,055,000 1,200,000 3,600,0001,200,000 1,500,0001,300,000 1,000,000 2,900,000j910,000 500,000 800,000 525,0001,620,000 Total collateral... 28,626,335 1,859,230 6,270,000 2,103,635 2,550,000 2,036,870 1,500,0005,300,00011,342,400731,4551,124,745 808,000 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] Applications pations y E m e n o a d r n t o o h f r N b u e m r ap - to p r d o A a v t e m e d ount (a b p p m c l u r e o o t o t m v e n u e d - n o d 1 t t) s ( t a a L m o n o u o d a u t i n - n n s g t) 2 ( C s a m t m o a o m n e u o n d t u m - t i n s n i t t g ) - s o ( i a t t n f a u m g o n f t i u i o d i n o n u t i a - n n s n n s t g t c i ) 3 - - y E e n a d r o o f r N G u u m a a r u - a t t o n h t o e d r e a i d z te e l d oans Tot o G a u l u t a s lo t r a a a n n n d t s e P in e o d g rtion a u a A n b v n t a o d a d e m r i d e e l r r i a o o t a b i w u g o g l n e u e n r t r e a a s t e r l o - - 1945 3,511 544,961 320 1,995 1,644 1,086 ber Amount amount gu te a e ra d n- out m st e a n n t d s ing 1946 3,542 565,913 4,577 554 8,309 2 ,670 1 1 1 1 1 9 9 9 9 9 4 4 4 5 5 7 8 9 0 1 3 3 3 3 3 , , , , , 6 5 6 6 7 0 7 9 4 3 7 4 8 9 6 5 6 6 6 7 8 2 1 5 1 6 9 5 1 0 , , , , , 7 3 6 3 9 2 2 5 8 3 6 6 3 9 1 4 3, , 5 8 9 3 5 1 1 4 3 3 3 9 5 5 9 2 4 2 1 , , , ,3 6 6 1 9 8 8 7 3 9 7 7 8 2 5 3 6 2 7 1 , , , , , 7 6 0 2 4 4 5 3 8 3 3 4 6 8 4 1 4 3 2 1 1 , , , , , 8 7 9 9 9 9 6 4 4 8 0 9 5 5 7 1 1 1 1 9 9 9 9 5 5 5 5 2 1 0 3 1 1 , , 1 2 8 5 9 5 6 9 4 4 2 2 2 1 , , , 1 3 3 2 5 9 3 4 8 5 1 , , , , 3 1 4 3 8 2 2 4 7 3 6 4 6 9 80 7 7 8 4 5 9 , , , , 0 6 4 4 1 8 5 2 7 6 9 8 8 5 6 0 4 6 6 3 6 6 , , , , 1 5 2 2 3 9 0 6 2 7 5 5 4 5 36 7 8 3 2 6 8 , , , , 6 8 3 2 6 2 0 9 7 7 3 9 1 1 9 9 5 5 3 2 3 3 , , 7 7 6 5 5 3 8 7 0 6 3 6 , , 4 4 2 9 9 2 1 1, , 9 6 5 3 1 8 3 1 , , 9 90 2 0 1 3 3 , , 2 5 1 6 0 9 3 3 , , 2 4 8 6 9 9 1954 June 1,331 2,420,326 640,636 534,695 299,465 1954 July 1,342 2,443,021 604,750 502,902 311,191 J J A O S u u e c u l n p y t g e o te u b m s e t r b . . e . .. . r . . . 3 3 3 3 3 , , , , , 7 7 7 7 7 6 6 6 6 6 9 8 8 9 8 8 8 8 8 8 1 1 1 1 1 2 6 3 4 5 , , , , , 5 4 4 7 4 8 6 3 6 4 2 5 3 5 9 3 3 1 9 4 4 9 9 5 5 5 5 5 1 1 , , 2 1 8 6 9 4 3 1 3 9 7 0 2 0 1 2 2 2 1 1 , , , , , 8 9 3 7 3 9 4 9 5 9 6 3 4 4 5 1 1 1 1 1 , , , , , 8 3 8 7 5 1 4 5 5 7 2 3 5 9 3 A N D S O e o e u c p c v t g o t e e u e b m m m s e t b b r b . . e e . e r . . r r . . . . . 1 1 1 1 1 , , , , , 3 3 3 3 3 6 5 5 5 6 7 5 0 7 1 2 2 2 2 2 , , , , , 4 4 4 4 4 7 7 8 9 5 7 8 1 9 7 , , , , , 9 9 6 6 6 3 3 6 8 3 9 9 9 9 4 4 5 5 5 5 7 5 4 2 0 1 9 6 7 4 , , , , , 9 8 9 0 7 4 5 3 7 0 7 9 0 4 8 4 3 3 4 4 6 1 9 6 5 7 6 5 6 5 , , , , , 6 7 3 0 6 9 1 8 8 1 4 3 8 9 8 3 2 2 2 2 9 0 7 8 6 5 0 2 3 6 , , , , , 8 6 9 5 7 0 7 1 0 9 5 6 0 3 8 N D o ec v e e m m b b e e r r . . . 3 3, , 7 7 7 7 1 0 8 8 1 1 7 8 , , 6 2 0 2 5 4 5 5 2 2 0 0 6 7 5 1 2 9 1 1 , , 8 1 9 4 8 8 1 1 , , 2 0 0 2 2 7 1955 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 J F a e n b u ru a a r r y y . . . . . 3 3 , , 7 7 7 7 2 2 8 8 2 2 1 2 , , 4 0 0 6 7 3 1 1 7 7 0 0 6 54 2 2 9 3 3 , , 1 2 5 2 2 7 1 1 , , 4 5 9 0 8 4 A M M p a a r y i r l ch.... 1 1 1 , , , 3 3 3 8 8 8 8 0 4 2 2 2 , , , 5 5 5 1 2 3 1 2 0 , , , 8 8 2 2 6 5 9 4 9 4 4 3 4 2 9 2 5 8 , , , 2 3 8 6 9 6 8 4 7 3 3 2 3 2 9 3 0 8 , , , 2 5 3 6 5 5 9 7 4 2 2 2 5 5 7 4 5 2 , , , 8 2 4 4 8 4 0 4 8 March 3,775 823,195 315 521 3,519 1,564 June 1,390 2,542,819 394,343 293,507 234,634 April 3,775 823,359 270 675 3,389 1,576 May 3,775 823,754 170 707 3,410 1,586 June 3,775 824,441 170 460 3,571 1,577 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 ar e a 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 t u io 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 l o 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. 3Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. AUGUST 1955 893 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 July 31] 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 J Total deposi- ment funds Guarantee fee Percentage of tory securi- 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—March 2,309 2,470 31 2,299 140 Maximum Rates Financing Institution May Charge Borrower April 2,290 2,434 31 2,278 125 May........ 2,271 2,416 31 2,256 130 [Per cent per annum] June 2,251 2 399 31 2,240 128 July .... 2,230 2,379 31 2,220 129 Interest rate •. A Se u p g t u e s m t ber. . . 2 2, , 1 2 8 0 9 8 2 2 , , 3 3 6 3 0 9 3 3 1 1 2 2 , , 1 1 9 7 6 6 1 1 3 3 3 3 Commitment rate. 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 1955—January P2,115 February.... P2,094 March P2,O73 April J»2,051 P2,029 June P2,OO7 ^Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working fuiids 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 adjusted3 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 centers1 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 1 1 9 9 5 5 2 3 1 1 , , 7 6 5 4 9 2 , , 0 8 6 5 9 3 6 5 3 9 2 7 , , 8 8 0 1 1 5 3 3 8 4 5 9 , 19 8 0 3 4 1 6 7 9 4 5 0, , 4 1 3 3 6 3 3 3 6 4 . . 7 4 2 2 5 4 . . 6 1 1 18 8 . . 9 4 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1954—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 28.3 20.8 41.4 27.7 20.8 July 161,741 58,904 34,123 68,714 40.8 41.8 P27.2 P20.S 9 Preliminary. 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. 894 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars) Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 ,019 1,772 1,576 2,048 460 919 191 425 20 32 1940. 8,732 6,247 648 610 39 ,129 2,021 1,800 2,489 538 1,112 227 523 30 60 i941 11,160 8,120 751 695 44 ,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942 15,410 11,576 880 801 55 ,693 4,051 4,096 ,837 1,019 1,910 287 586 9 25 1943 .. 20,449 14,871 ,019 909 70 ,973 5,194 5,705 ,580 1,481 2,912 407 749 9 22 1944 25,307 17,580 ,156 987 81 2,150 5,983 7,224 ,730 1,996 4,153 555 990 10 24 1945 ., 28,515 20,683 ,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1946 . 28,952 20,437 ,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 1947.. 28,868 20,020 ,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1948 28,224 19,529 ,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 1949 27,600 19,025 ,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27,741 19,305 ,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 ,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952. 30,433 21,450 ,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954—June 29,922 20,999 1,795 1,183 71 2,023 6,377 9,551 8,924 2,659 5,457 324 473 4 8 July 29,892 20,984 1,793 1,174 70 2,016 6,366 9,564 8,910 2,654 5,451 322 471 4 8 August 29,929 21,015 1,801 1,183 70 2,023 6,361 9,578 8,916 2,653 5,461 321 469 4 8 September... 29,985 21,054 ,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 ,808 1,191 71 2,017 6,267 9,425 9,014 2,673 ,550 317 460 4 9 February.... 29,817 20,845 ,810 1,190 71 2,020 6,316 9,438 8,974 2,660 5,527 316 457 3 9 March 29,800 20,854 1,822 1,196 70 2,021 6,324 9,421 8,946 2,647 5,512 317 457 4 9 April 29,769 20,856 1,831 1,202 71 2,020 6,309 9,425 8,914 2,641 ,492 314 454 4 9 May 30,009 21,098 1,843 1,219 71 2,051 6,394 9,520 8,912 2,647 ,489 313 451 3 9 June 30,229 21,312 1,858 1,226 72 2,061 6,471 9,625 8,917 2,658 5,487 312 448 3 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. 4Less than $500,000. 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 Ju 1 n 9 e 5 3 5 0, g a o s g l i d a lv in e a s r n t d Tr c e a a s s h ury B R F an e e d s k e e s r r v a a n e l d B R a a n e g k s e e s n r t v a s n e d Ju 1 n 9 e 5 5 30, M 1 a 9 y 5 3 5 1, Ju 1 n 9 e 5 3 4 0, certificates agents Gold . . 21,678 21,028 2649 Gold certificates 21,028 18,178 2,816 34 35 35 Federal Reserve notes 26,629 76 935 25,618 25,419 25 385 Treasury currency—total 5,002 32,411 86 339 4,577 4,555 4,502 Standard silver dollars 490 223 40 4 223 221 212 Silver bullion 2,187 2,187 Silver certificates and Treasury notes of 1890 32,411 240 2,171 2,161 2,136 Subsidiary silver coin 1,296 36 58 1,202 1,192 1,165 Minor coin 450 7 10 433 430 419 United States notes 347 2 25 319 320 320 Federal Reserve Bank notes 164 (5) 1 163 164 180 National bank notes 67 (s) (5) 67 67 70 Total—-June 30 1955 (4) 23,439 812 18,178 4,089 30,229 May 31 1955 (4) 23,427 828 18,172 4,132 30,009 June 30 1954 (4) 23,670 811 18,423 4,273 29,922 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. 887. 2Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 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. 4Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$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. AUGUST 1955 895 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions.of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total ury U. S. Government obligations liabil- Capital' Date cur- ities Total and Gold 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 <S4,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,4<55 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10, 723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14, 741 199,009 184,385 14,624 1951—Dec. 31. 22,695 4, 709 IS1,323 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—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 P 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 9 21,700 5,000 208,200 85,800 101,400 75,600 23,700 2,100 21,000 234,900 216,000 18,900 Mar. 30* 21,700 5,000 207,000 87,100 98,700 73,000 23,600 2,100 21,200 233,700 214,500 19,100 Apr. 27P 21,700 5,000 209,100 87,900 100,000 74,300 23,600 2,100 21,200 235,700 216,900 18,800 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 June 29 P 21,700 5,000 209,400 91,200 97,300 71,700 23,600 2,000 20,900 236,000 217,100 18,900 Details of Deposits and Currency U. S. Govt. 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 saviinnggss Sa1.vings 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 89,700 24,600 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 97,400 26,200 Dec. 31. . 2,501 1,270 5,259 389194,801 65,799 40,666 22,586 2,547 101,508 27,494 124,700 97,800 26,900 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 Dee. 31. . 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 102,451 28,091 126,700 99,500 27,200 1954—June 30. . 3,256 811 5,895 875 198,517 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 2,200100,000 26,800 128,500 101,500 27,000 Aug. 25. . 3,400 800 5,500 600 200, 300 74,000 46,200 25,600 2,200 99,400 26,900 127,800 100,900 26,900 Sept. 29.. 3,300 800 4,400 800 202,500 74,400 46,400 25,800 2,200101,200 26,900 129,200- 102,40026,800 Oct. 27. . 3,200 800 6,100 600 204,700 74,800 46,700 25,900 2,200 103, 10026,900 128,700 101,900 24,800 Nov. 24. . 3,200 800 6,900 500 205,800. 74,300 46,300 25,900 2,200104,000 27,500 129,500 102,600 26,900 Dec. 31. . 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136106,550 27,852 129,700 102,800 26,900 1955—Jan. 26*. 3,200 800 3,800 400 209,200 75,400 46,800 26,500 2,100 107,000 26,800 131,200 104,20027,000 Feb. 23?. 3,100 800 4,600 600 206,900 75,700 47,000 26,600 2,100 104,500 26,800 131,200 104,30026,900 Mar. 30P. 3,200 800 4,400 900 205,300 76,200 47,200 26,900 2,100 102,400 26,700 131,500 104,60026,900 Apr. 27P. 3,100 800 5,000 600 207,400 76,200 47,200 26,900 2,100 104,500 26,700 132,600 105,600 27,000 May 25P. 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 June 29P. 3,300 800 5,200 300 207,400 77,000 47,700 27,300 2,000 103,400 27,100 132,10Q 105,100 27,000 v Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. ^Excludes 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. 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits: Total assets— Total Other lia- Total Nuni- Class of bank U.S. Cash. bilities capital! ber and date Total Loans G m ov e e n r t n- O se t c h u e - r assets1 ca a p n i d tal Total i ; b I a n n te k r i - Demand co a u c n - ts ba o n f ks o t b io li n g s a- rities co a u c n - ts2 U.S. Time 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. 3-1* 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 45,584 223,837 195,552 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—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 85,71© 77,770 20,860 42,110! 229,780 208,140 15,230 3,470115,760 73,680 17,340 14,360 Feb. 23 P 183,100 86,500 75,580 21,020 41,460. 227,930 205,900 14,550 4,260113,170 73,920 17,440 14,351 Mar. 30> 182,050 87,860 72,980 21.210 40,230, 225,660 203,400 14,670 4,070 110,200 74,460 17,410 14,330 Apr. 27* 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 25* 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 June 29* 184,520 91,890 71,730 20,900 41,100, 228,970 206,820 14,630 4,860111,960 75,370 17,630 14,310 All commercial banks: 1939—Dec. 30 40,66S 17,238 16,316 7,114 22,474! 65.216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31...... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 313 116,2S4 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. 31 145,6S7 67,593 63,426 14,668 44,828 193,010 176,702 15,955 4,146 112,604 43,997 13,559 13.9S1 1954—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 4^72 116,567 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. 23* 154,820 71,180 66,800 16,840 40,470 198,250 179,240 14,550 4,260 113,120 47,310 14,730 13,824 Mar. 30* 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 4,610 112,740 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 June 29* 155,530 75,730 63,040 16,760 40,120 198,580 179,470 14,630 4,860111,910 48,070 14,890 13,782 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 32,845i 132,06© 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 • 44,705 52,365 10,355 35,52:4i 144,66© 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1951—Dec. 31 112,247 49,561 51,621 llr065 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 12rO57 39,381 163,983 150,164 15,170 3,756 96,024 35,213 11,316 6,743 1954—June 30 123,185 57,197 53,1H 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. 26* 131,809 60,138 57,788 13,883 35,990 170,404 154,421 14,468 3,028 99,003 37,922 12,261 6,651 Feb. 23 * 130,468 60,690 55,785 13 393 35,404 168,495 152,201 13,815 3,812 96,548 38,026 12,331 6,643 Mar. 30* 129,298 61,766 53,410 14,122 34,344 166,256 149,750 13,94.1 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 25* 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 June 29* 131,151 64,774 52,511 13,866 35,278 169,009 152,651 13,915 4,370 95,669 38,697 12,465 6,612 All mutual savings banks: 1 1 9 9 4 3 1 9 — — D £) eecc>. 3 31 o .. ,. 1 1 0 0 ,3 2 7 1 9 6 4 4 , , 9 9 2 0 7 1 3 3 , , 1 7 0 0 1 4 2 1 , ,7 1 7 8 4 8 8 7 1 9 8 3 1 1 1 1 , , 8 8 5 0 2 4 1 1 0 0 , , 5 5 2 3 4 3 3 6 1 10 0 , , 5 5 2 2 7 1 1 1 , , 3 2 0 4 9 1 5 5 5 4 1 S 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 313 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889i 533 1 19 9 5 5 1 0 — — D D eecc#. 3 3 0 1 .. . . .. 2 2 2 1 , ,3 2 4 5 6 9 9 8 , 8 1 6 3 2 7 1 9 0 , , 8 8 1 6 9 8 2 2 , , 3 5 4 7 2 9 8 7 8 9 6 7 2 2 2 3 , , 3 4 8 3 5 9 2 2 0 0 , , 0 9 3 1 1 5 2 3 3 2 1 3 9 2 20 0 * ,8 0 8 0 8 9 2 2 , , 2 4 4 0 7 7 5 5 2 2 9 9 1952—Dec. 31...... 24,003 11,349 9,422 3,231 918 25,233 22,621 2 3 30 22,586 2,479I 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—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 2,694i 527 1955—Jan. 26* 28,090 15,160 8,770 4,160 1,030 29,510 26,550 (4) («) 50 26,500 2,690 527 Feb. 23* 28,280 15,320 8,780 4,180 990 29,680 26,660 (4) (4) 50 26,610 2,710: 527 Mar. 30* 28,560 15,550 8,800 4,210 980 29,960 26,940 (4) (*) 50 26,890 2,730 527 Apr. 27*..... 28,670 15,720 8,760 4,190 930 30,010 26,980 (*) 8 50 26,930 2,720 528 May 25* 28,840 15,940 8,740 4,160 950 30,200 27,110 50 27,060 2,740 528 June 29* 28,990 16,160 8,690 4,140 980 30,390 27,350 (4) ( 4 ) 50 27,300 2,740 528 *Preliminary. *"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, 1954, and a noninsured State member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 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. AUGUST 1955 897 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—Con tinned [Figures partly estimated except on call dates. 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 S n e g n r s a . t n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 c c b o a i a l a l u p i n i c a n t i d i - t - t e a s s l 2 Total i b In an te k r * - U. D S. emand Time c c T o a a o p c u - t i n a ta t l s l N ba b u o n e m f k r s - Govern- Other ment Central reserve city member banks: New York City: 1939—Dec. 30... 339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31... 896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31... 143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31... ,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30... ,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1951—Dec. 31... ,379 11,146 8,129 2,104 8,564 30,464 26,859 4,832 858 19,490 1,679 2,425 22 1952—Dec. 31... ,130 12,376 7,678 2,076 8,419 31,053 27,309 4,965 1,143 19,361 1,840 2,505 22 1953—Dec. 31... ,058 12,289 7,765 2,004 8,074 30,684 27,037 5,214 778 18,894 2,150 2,572 22 1954—June 30... ,681 11,619 8,695 2,367 7,524 30,771 27,225 5,517 1,378 18,114 2,216 2,630 22 Dec. 31... ,880 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,392 2,803 21 1955—Jan. 26?.. ,778 12,046 9,161 2,571 7,625 32,157 27,910 5,236 489 19,840 2,345 2,818 21 Feb. 23P.. ,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*.. ,238 12,733 7,918 2,587 7,030 31,013 26,678 5,103 657 18,555 2,363 2,687 20 Apr. 27v.. ,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 25P. . ,257 12,946 8,010 2,301 6,668 30,646 26,464 4,982 1,178 18,027 2,277 2,717 18 June 29*.. ,311 13,369 7,641 2,301 7,207 31,217 26,975 5,307 949 18,446 2,273 2,707 18 Chicago: 1939—Dec.30... 2,105 569 ,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec.31... 2,760 954 ,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec.31... 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec.31... 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec.30... 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1951—Dec.31... 5,731 2,468 2,711 552 2,196 7,972 7,402 1,307 242 4,710 1,143 513 13 1952—Dec.31... 6,240 2,748 2,912 581 2,010 8,297 7,686 1,350 343 4,789 1,205 541 13 1953—Dec.31... 6,204 2,776 2,856 572 2,115 8,366 7,724 1,387 259 4,837 1,242 566 13 1954—June30... 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.3QP.. 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 May25*.. 6,170 2,698 2,807 665 1,836 8,055 7,321 1,126 296 4,608 1,291 605 13 June 29*.. 6,244 2,824 2,722 698 1,869 8,162 7,369 1,178 328 4,569 1,294 612 13 Reserve city member banks: 1939—Dec. 30 ,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. 31 347 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 I108 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 ,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 195©—Dec. 30 ,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 ,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 ,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 ,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—June 30. ,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. ,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. 26P ,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* ,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* ,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* ,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* ,705 25,114 20,354 5,237 14,152 65,883 59,744 6,059 1,730 36,140 15,815 4,473 296 June 29* ,724 25,782 19,722 5,220 14,446 66,188 60,151 6,224 1,723 36,254 15,950 4,503 297 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—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 June 29* 50,872 22,799 22,426 5,647 11,756 63,442 58,156 1,206 1,370 36,400 19,180 4,643 6,284 •Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. 4 Less than 5 million dollars. For other footnotes see preceding and opposite pages. 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 U m ov . e e S n r . t n- O se t c h u e - r a C ss a e s t h s1 c b a i a H l p i n o t i d i t e a s l Total i b In a t n e k r 1 - Demand c c T a o a o p u c t i n - a ta t l s l b N a b ii e i n f m r k - s o t b i l o i n g s a- rities co a u c n - ts2 U.S. Time Govern- Other ment All insured commercial banks: 1941—Dec. 31 49,290 ?1 ?59 ?1,046 6,984 ?5 788 76,820 69,411 10,654 1,762 41 ,798 15 699 6 844 13,476 1945—Dec. 31 121,809 95,755 88,912 7,131 34 79? 157,544 147,775 13,883 73,740 80,?76 9Q 876 8,671 13 297 1947—Dec. 31 114,274 37 67,941 8 750 36 9?6 152,733 141,851 1? 670 1,325 97,975 34 88? 9,734 13,398 1952—Dec. 31 139,770 63,63? 6?,308 13,831 44 99? 186,255 170,971 14,990 4,912 110,459 40,610 1?,563 13 422 1953—Dec. 31 143,796 67,082 62,381 14,333 44,39S 190,638 174,697 15,548 4,116 111,423 43,610 13,239 13,412 1954—june 30 144,451 66,805 6?,461 15, 18S 41,164 188,191 172,048 IS,044 5,562 105,847 45 596 13,714 13 3 SO Dec. 31 154,115 70 1?7 68,012 15 976 43 161 200,127 182,886 16 376 4,154 115 487 46 874 14,75? 13,303 National member banks: 1941—Dec. 31 . 27,571 11,7?,5 1?,039 ,3,806 14,977 43,433 39,458 6,786 1,088 73,76? 8 3?? 3,640 5,117 1945—Dec. 31 69,312 n,9?S 51,250 4,137 90,114 90,220 84,939 9,229 14,013 4S 473 16,224 4 644 5 017 1947—Dec. 31 65,280 ?1 4?8 38,674 5,178 ??,0?4 88,182 82,023 8,410 795 53 541 19 ?78 5,409 5 nos 1952—Dec. 31 80,180 36 004 ,35,835 8 341 76, .3.3.3 107,830 98,974 9,918 ?,935 6.3 477 7? 694 7 04? 4,Q09 1953—Dec. 31 .. . 81,913 37,831 35,482 8 600 96,479 109,804 100,654 10, 1 S? ?,525 63 819 ?4 160 7,391 4,§56 1954—june 30 82,482 37 67? 35,759 9 051 ?4,6.36 108,611 99,362 Q,750 3,325 60 877 75 459 7 686 4,835 Dec. 31 88,509 39,71? 39,392 9,405 ?5,66? 115,835 105,851 10,714 ?,508 66 4?6 76 ?0? 8,085 4,789 State member banks: 1941—Dec. 31 15,950 6 ?95 7,500 ?, 155 8,145 24,688 22,259 ,3,739 621 13 874 4 075 ?,?46 1,50? 1945—Dec. 31 37,871 8 850 77,089 1 9.33 9 7.31 48,084 44,730 4 411 8,166 74 168 7 986 7 945 1,867 1947—Dec. 31 32,566 11 700 19,240 ?,1?5 10,«??• 43,879 40,505 3,993 381 ?7 068 9 06? ,3055 1,918 1952—Dec. 31 39,367 19 030 16,928 3 409 1? 927 52,996 48,553 4 699 1,632 3? 076 10 196 .3719 1,889 1953—Dec. 31 40,509 19 931 17,121 3,457 1?,90.3 54,179 49,510 5,019 1,232 ,3? 706 11 054 3,9?5 1,8S7 1954—june 30 40,704 19 575 17,353 .38?6 1? 086 53,593 48,890 4,983 1,840 .30 677 n 441 4 0?3 1 886 Dec. 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 5 769 1,207 33 177 11,748 4,125 1 871 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4 162 3,360 959 6,810 1945—Dec. 31 14,639 ? 99?, 10,584 1,06.3 4,448 19,256 18,119 944 1,560 10 6.35 5 680 1 083 6,416 1947—Dec. 31 16,444 4,958 10,039 1 448 4 083 20,691 19,340 766 149 1? 366 6,558 1,771 6,478 1952—Dec. 31 20,242 8,605 9,556 2,081 4,970 25,451 23,464 37.3 345 15 006 7,740 1,804 6,627 1953—Dec. 31 21,396 9,328 9,790 ? 778 5 070 26,679 24,555 378 360 15 398 8 419 1 975 6,(>7? 1954—June 30 21,288 9,615 9,362 2,310 4,444 26,012 23,819 .31? 396 14 392 8,718 2,007 6 66? Dec. 31 22,536 9,886 10,215 7,4,36 5 088 27,911 25,657 39,3 439 15 879 8,947 7,044 6,647 Noninsured nonmember commercial banks: 1941—Dec 31 1,457 455 761 741 76,3 2,283 1,872 329 1 791 7.5.3 379 85? 1945—Dec. 31 2,211 318 1,693 700 514 2,768 2,452 181 1 905 365 7,79 714 1947—Dec 31s 2,009 474 1,280 755 576 2,643 2,251 363 18 1 39? 478 3? 5 783 1952—Dec. 31 .. 1,854 5.31 1,010 .31? 444 2,348 1,960 379 29 1 701 407 376 674 1953—Dec. 31 1,891 511 1,045 ,3,35 430 2,372 2,005 407 30 1 182 386 320 569 1954— D ju e n c e . 3 3 0 1 .. 1 1 , , 9 8 3 0 2 0 4 5. 9 3 2 ? 1,0 9 4 6 7 9 3 .3 3 5 9 4 3 4 9 0 7 5 2 2 , , 3 2 9 5 4 0 2 1 , , 0 87 20 1 4 4. 5 3 3 ,3 3 1 0 8 1 1 0 1 8 5 5 0 3 3 3 8 5 8 3 3 2 2 4 5 5 5 5 3 7 6 All nonmember commercial banks: 1941—Dec. 31 7,233 3 696 ?,,270 1 766 ,34.31 10,992 9,573 457 5,504 3,613 1,788 7 667 1945—-Dec 31 16,849 3 310 1?,277 1,?6? • 4 96? 22,024 20,571 4? 5 14,101 6 045 1 36? 7,130 1947—Dec. 313 18,454 5,437 11,318 1,70,3 4,659 23,334 21,591 679 167 13 758 7,036 1,596 7,261 1952—Dec. 31 .... 22,096 9 1,36 10,567 7 .39.3 5 414 27,799 25,424 70? 374 16 706 8,14? 7,129 7 751 1953—Dec 31 23,287 9 8.38 10,835 ? 61.3 5,450 29,051 26,560 784 390 16 580 8 806 7 745 7,741 1954—june 30 23,220 10,147 10,409 7,664 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 4?9 11,424 10,363 1? 10 351 1 034 19? 1947—Dec. 31 12,683 3 560 8,165 958 675 13,499 12,207 1 2 12 12,19? 1,752 194 1952—Dec. 31 17,621 8,691 6,593 7,3.37 732 18,612 16,785 7 2 28 16,753 1,730 706 1953—Dec 31 19,252 10 016 6,476 7,760 799 20,334 18,383 ? 2 33 18,345 1,819 719 1954—june 30 20,121 10 804 6,309 ,3008 807 21,237 19,195 .3 2 45 19,145 ,868 7.19 Dec. 31 20,830 11,651 6,117 ,3,06? 832 21,981 19,885 ,3 3 48 19,831 1,920 218 Noninsured mutual savings banks: 1941—Dec 31 8 687 4,959 3,075 1,353 64? 9,846 8,744 S 8 738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 \ 5,020 558 350 1947—Dec 313 5 957 1,384 3,813 760 711 6,215 5,556 1 ' 7 5 5,53 637 339 1952—Dec 31 6 382 ?,658 ?,829 89 5 187 6,622 5,836 1 7 5 8,3.3 749 373 1953—Dec. 31 ... 6,558 ?,910 ?,707 941 184 6,796 6,015 1 2 6,013 740 309 1954—Tune 30 6 838 3,086 ?,708 1,044 180 7,078 6,246 1 1 6 74,3 7.58 309 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. 899 AUGUST 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES • LOANS AND INVESTMENTS [In millions of dollars] : Loans1 Investments Cla c s a s l a l o n f d d a b te ank i m n T lo a v e o n a e n t d n s a t s t s l - ' Total i • . C o m m c c k i m p l o i n a e u e a e m - g r t r l d n - , - - - A t C U a g U l F r l i - " - > b o p s e T r r u L e o r o r s c c k o c a u - a h r r n a r i s t y o s - i T i i t e n o n h s f g g - or 1 R t l e a o e s t a a - e l ns O l v u o i d t t i a a n h o i d l n - - . e s - s r O lo tl a i n e s r jTotaf < Tota U l . B S i - l . l s Go C o c v e f a e r t r t i e i n n f D s i m - - ir e e N n c t o t t o e b s lig B at o i n o d n s s G t a e u n e a - d r- S O p s t a i t g i u o b c o a n o a a b l l t f d n i i - e l - - t s s - O r s i e t t h i c e e u s r pa- and ers debt- diviper deal- ed- sions ers ness All commercial banks:2 1947—Dec. 31... 116,284 38,057 18,167 1,660 830 1,220 9,393 5,7231,063 78,226 69,221 2,193 7,789 6,03453,191 145,2763,729 1953—Dec. 31... 145,687 67,593 27,204 4,965 2,361 1,202 16,694 14,461 1,666 78,094 63,426 5,00410,237 12,43935,713 34 10,8213,847 1954—June 30. .. 146,383 67,337 26,120 5,143 2,462 1,256 17,227 14,462 1,657 79,047 63,508 4,704 5,572 12,37640,818 38 11,9303,608 Dec. 31. .. 155,916 70,619 26,867 5 ,.2002,929 1,525 18,418 14,7502,000 85,297 68,981 5,065 5,361 14,67243,861 22 12,5863,729 1955—Apr. 11 «. .155,170 72,260 27,370 4,720 2,830 1,500 19,000 15,2802,640 82,910 65,820 3,970 4r230 15,59042,020 10 13,0604,030 All insured commercial banks: 1941—'Dec. 31... 49,290 21,259 9,214 1,450 614 662 4,773 4,=45 28,031 21,046 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31. . . 121,809 25,765 9,461 1,3143,164 3,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1947—Dec. 31. .. 114,274 37,583 18,012 1,610 823 1,190 9,266 5,6541,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1953—Dec. 31... 143„796 67,082 27,082 4,867 2,344 1,181 16,566 14,373 1,629 76,714 62,381 4,895 10,076 12,28335,093 33 10,5873,746 1954—June 30... 144,451 66,805 25,976 5,057 2,439 1,228 17,101 14,370 1,623 77,646 62,461 4,575 5,505 12,22340,121 38 11,6823,502 Dec. 31. . .154,115 70,127 26,731 5,108 2,907 1,501 18,302 14,676 1,973 83,988 68,012 4,901 5,279 14,52343,287 21 12,3523,624 Member banks, total: 1941—Dec. 31. .. 43,521 18,021 8,671 972 594 598 3,494 3,( 92 25,500 19,539 971 3,007 11,7293,8323,0902,871 1945—Dec. 31... 107,183 22,775 8,949 855 3,133 3,378 3,455 lr900 1,104 84,408 78,338 2r275 16,98514,27144,792 163,2542,815 1947—Dec. 31... 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5]816 4,815 45,286 104,1993,105 1953—Dec. 31.... 122,422 57,762 25,519 3,2632,321 1,060 13,020 11,911 1,518 64,660 52,603 4,095 8,287 10,30029,890 31 8,871 3,185 1954—June 30. .. 123,185 57,197 24,362 3,4022,411 1,106 13,440 11,8401,513'65,988 53,111 3,915 4,417 10,37434,369 36 9,8902,987 Dec. 31. .. 131,602 60,250 '5,007 3,529 2,881 1,363 14,43312,127 1,858 71,352 57,809 4,075 4,307 12,46436,944 20 10,4493,094 1955—Apr. 11... 130,903 61,7317 25,491 3,025 2,780 1,342 14,949 12,6212,502 69,166 54,968 2,999 3,204 13,45035,303 12 10,8343,363 New York City:* 1941—Dec. 31 12,896 4,072 2,807 8 412 169 123 54 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31. .. 26,143 7,334 3,044 2,453 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1947—Dec. 31. .. 20,393 7,179 5,361 545 "267 111 564 330 13,214 11,972 1,002 640 558 9,771 638 604 1953—Dec. 31. . . 22,058 12,289 8,218 126 1,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 11,365 639 1954—June 30... 22,681 11,619 7,447 144 1,778 364 390 1,220 466 11,062 8,695 1,014 711 1,454 5,510 6 1,851 516 Dec. 31. .. 23,880 12,039 7,231 204 2,04.1 432 467 1,232 644 11,841 9,342 785 597 1,924 6,026 10 1,977 523 1955—Apr. 11.. . 23,578 12,819 7,433 127 2,145 438 581 1,284 1,025 10,758 8,212 481 496 1,843 5,386 6 1,990 556 Chicago:2' 1941—Dec. 31... 2,760 954 732 6 48 52 22 95 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 4Q0 172 1954—June 30... 5,975 2,589 1,835 134 242 74 81 206 74 3,386 2,825 113 261 721 1,731 387 174 Dec. 31 ... 6,518 2,784 1,847 140 345 89 91 223 105 3,734 3,120 70 241 855 1,953 415 199 1955—Apr. 11. .. 6,254 2,65.0 . 1,816 -142 185 80 111 237 1138 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,' 12 8,243 6,467 295 751 4,248 1 173 956 820 1945—Dec. 31... 40,108 8,514 3,661! 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 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 3 1,342 1,053 1953—Dec. 31. . . 46,755 22,763 10,568 774 308 456 5,453 4,942 611 23,993 19,559 1,230 3.,357 4,201 10,746 25 3,196 1,238 1954—June 30. ,. 47,056 22,453 10,010I 953 326 468 5,639 4,797 629 24,603 19,813 1,241 1,590 4,183 12,773 26 3,585 1,206 Dec. 31... 50,738 23,986 10,624! 956 407 622 6,134 4,912 720 26,752 21,718 1,326 1,695 4,954 13,736 73,782 1,252 1955—Apr. 11. .. 50,758 24,530 10,752I 789 379 602 6,339 5,130 937 26,228 20,899 894 1,303 5,55813,142 33,983 1,346 Country banks: 1941—-Dec 31 12,518 5,890 1,676i 659 20 183 1,823 1,' 30 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31... 35,002 5,596 1,484; 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 91,342 1,067 1947—Dec. 31... 36,324 10,199 3,096! 818 23 227 3,827 1,979 229 26,125 22,857 ' 480 2,583 2,108 17,681 62,006 1,262 1953—Dec. 31... 47,404 19,934 4,8222,204 59 210 7,114 5,441 336 27,470 22,423 1,819 3,374 4,285 12,940 53,911 1,136 1954—June 30... 47,474 20,537 5,071 2,170 66 200 7,331 5,618 345 26,937 21,779 1,548 1,855 4,017 14,355 44,067 1,090 Dec. 31. .. 50,466 21,442 5,3062,229 89 220 7,742 5,760 38829,024 23,629 1,893 1,774 4,731 15,228 34,275 1,120 1955—Apr. 11... 50,313 21,739 5,490 1,967 71 223 7,918 5 ,970 403 28,574 22,939 1,487 1,233 5,261 14,955 34,412 1,223 All nonmember banks:2' 1947—Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916 4 1,078 625 1.953—Dec. 31... 23,287 9,838 1,685 1,702 40 142 3,681 2,551 148 13,449 10,835 909 1,951 2,139 5,834 2 1,951 662 1954—June 30... 23,220 10,147 1,758 1,741 51 150 3,795 2,622 144 13,073 10,409 790 1,155 2,002 6,460 22,042 621 Dec. 31... 24,337 10,378 1,859 1,671 49 161 3,993 2,623 143 13,959 11,184 991 1,054 2,209 6,928 12,139 636 ^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 ta be shown net. For other footnotes see opposite page. 900 FEDERAL RESERVE BUIXEEIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL GOMMBRGIAL BANKS IN THE UNITED STATES, BY CLASSES *-~C*nM»ued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Bal- Deserves ances mand Interbank U. S. Class!of bank with Cash with de- deposits Certi- Indi- Gov- States Indi- Capiand Federal in do- posits U. S. States fied viduals, ern- and viduals, Bor- tal call date Re- vault mestic ad- Gov- and and partner- ment polit- partner- row- acserve banks* justed 5 ern- political offi- ships, Inter- and ical ships, , ings counts Banks Do- For- ment subdi- =cers' and cor- bank Postal subdi-and cor-' mestic4: 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 12,103102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 1954—June 30.. 18,924 2,660 11,033 98,117 12,470 1,328 5,591 9,925 2,789 94,282 1,699 331 2,319 43,334 55 14,038 Dec. 31. . 18,734 2,469 12,202 106,54013,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—Apr. 11«. 18,580 2,790 10,960103,870 12,020 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31. . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 583,723 54 111 826 33,946 61 9,734 1953—Dec. 31.. 19,995 2,482 11,724 101,289 13,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 1954—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 11,854 105,47113,392 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 1,24322,179 4,240: 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec, 31. . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 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 1,03812,297 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 "195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 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:* 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 1,2291 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—Apr. 11. . 1,093 32 107 3,983 1,124 37; 296 227 62 4,236 20 6 10 1,275 "ii7 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 11 4,124 Dec. 31.. 7,783 558 2,327 32,694 6,946 259 1,457 2 ,876 866 33,677 239 111 965 14,399 3 4,300 1955—Apr. 11.. 7,639 655 2,079 32,071 6,257 274J 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 1 1 9 9 5 4 3 7 — — D D eecc, . 3 3i 1.. 5 64 4 2 4 4 3 , ,9 5 4 5 7 0 ! 1 1 6 3 , , 3 5 2 95 5 3 5 3 8 5 6 5 5 5 2 3 1 9 6 0 7 2 1 , , 0 2 1 9 6 5 2 1 1 8 3 0 1 1 2 4 , , 2 3 8 5 4 1 1 1 9 4 0 6 30 6 3 1 5 7 0 2 6 8 , , 8 4 5 2 8 6 1 1 2 9 2 1 , , 2 5 4 9 5 6 1954— D juence. 3 3 0 1 6 6 5 2 8 7 3 4 , , 9 5 7 90 2 1 1 6 5 , , 7 3 0 3 4 4 4 5 9 1 6 4 4 4 6 8 4 4 5 2 7 6 2 2 , , 0 1 8 2 5 1 2 2 3 0 5 9 1 1 4 3 , , 6 2 0 4 8 8 2 2 8 0 4 2 3 3 0 1 4 4 0 3 7 6 8 8 , , 6 81 6 4 9 1 1 6 7 2 2 , , 3 33 6 2 9 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. 901 AUGUST 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 Loans Com- Month or date i T n l m o a v o a n e e t n d n a s s t t l s - i j m n u a a s v e n t d e n e d - s d t t s ^ - j L u a o s d a te - n d s 1 in t m c a r d i i n e a a u d r l l s , - , - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t s l 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 s ri e t t h c ie e u s r - b L a o t n a o k n s s t a c u g u r r l a - i- l G U l o i o g . b v a - S - t . . O c s u t e h r - i e - rG l U i o o g b .S v a - . - t.O c s u t e h r - i e - r n e e d s - s tions ties tions ties Total— Leading Cities 1954—July 81,183 80,581 38,501 21,614 2,151 882 6,699 7,809 33,841 2,737 2,749 6,66721,688 8,239 602 1955—May 85,378 84,409 42,140 22,677 2,661 1,119 7,641 8,76133,501 1,335 1,520 9,050 21,596 8,768 969 June 85,415 84,421 43,082 23,110 2,719 1,178 7,794 9,00332,616 1,100 952 9,15421,410 8,723 994 July 85,629 84,547 43,798 23,436 2,746 1,203 7,933 9,21232,046 1,074 912 8,84321,2178,703 1,082 1955—May 4.. 85,298 84,464 42,010 22,607 2,717 1,113 7,590 8,70133,571 1,517 1,783 8,608 21,6638,883 834 May 11. . 85,106 84,214 42,078 22,721 2,591 1,113 7,633 8,739 33,3951,377 1,798 8,60721,6138,741 892 May 18. . 85,781 84,679 42,208 22,737 2,649 1,121 7,657 8,763 333,7431,269 1,284 9,604 2211,5868,728 1,102 May 25. . 85,330 84,280 42,263 22,641 2,686 1,131 7,686 8,840 333,2961,176 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 33,0261,081 1,149 9,306 21,490 8,698 1,114 June 8.. 85,006 84,012 42,464 22,623 2,702 1,171 7,756 8,936 32,8311,060 1,091 9,254 21,426 8,717 994 June 15.. 85,859 85,009 43,425 23,355 2,826 1,182 7,797 8,988 32,8421,255 1,017 9,139 21,4318,742 850 June 22. . 85,555 84,449 43,409 23,433 2,648 1,192 7,828 9,029 32,3031,084 760 9,070 21,,338899 8,737 1,106 June 29. . 85,379 84,472 43,674 23,501 2,678 1,190 7,873 9,153 32,0761,019 743 9,00121,3.138,722 907 July 6.. 85,125 84,095 43,518 23,326 2,673 1,203 7,893 9,152 31 797 914 729 8,,903 21,2518,780 1,030 July 13. . 85,098 84,013 43,687 23,465 2,647 1,199 7,923 9,185 31 663 869 709 8,,870 21,2158,663 1,085 July 20.. 86,195 85,169 43,925 23,429 2,856 1,204 7,937 9,232 32,565 1,318 1,126 8,,860 21,2618,679 1,026 86,100 84,914 44,064 23,526 2,808 1,206 7,978 9,280 32,161 1,196 1,086 8,739 21,140 8,689 1,186 July 27. . New York City 22,492 22,110 11,323 7,519 6061,057 336 392 1,587 8,448 912 676 1,425 5,4352,339 382 1954—July 23,157 22,607 12,295 7,636 1971,861 433 595 1,780 7,995 488 306 1,921 5,280 2,317 550 1955—May 23,257 22,694 12,696 7,890 1971,875 458 629 1,853 7,703 662 158 1,860 5,243 2,295 563 June 23,165 22,590 12,884 7,967 250 1,835 460 653 1,926 7,439 440 159 1,710 5,130 2,267 575 July 23,115 22,707 12,275 7,639 2661,803 431 585 ,757 8,062 557 412 1,813 5,280 2,370 408 1955—May 4.. 23,018 22,505 12,235 7,644 1831,815 429 594 ,777 7,962 465 360 1,838 5,299 ,308 513 May 11. . 23,300 22,646 12,301 7,637 190 1,870 429 598 ,783 8,044 456 238 2,073 5,2772,301 654 May 18. . 23,196 22,572 12,371 7,626 148 1,955 444 603 ,802 7,912 474 214 1,958 5,266 2,289 624 May 25. . June 1. . 23,231 22,553 12,433 7,624 2371,886 451 618 ,824 7,827 423 219 1,950 5,2352,293 678 June 8. . 22,998 22,425 12,396 7,617 180 1,897 455 621 ,830 7,729 392 171 1,906 5,260 2,300 573 June 15.. 23,369 23,038 12,922 8,048 2421,894 465 631 ,848 7,814 540 169 1,853 5,2522,302 331 June 22. . 23,460 22,728 12,830 8,074 1491,871 457 633 ,853 7,607 425 113 1,799 5,270 2,291 732 June 29. . 23,231 22,727 12,898 8,085 1781,825 461 643 ,912 7,540 432 118 1,790 5,200 2,289 504 July 6. . 23,030 22,511 12,806 7,959 1771,862 461 649 1,904 7,388 342 114 1,752 5,180 2,317 519 July 13. . 22,914 22,335 12,803 7,969 1681,832 461 657 1,922 7,277 324 108 1,710 5,1352,255 579 July 20. . 23,362 22,816 12,931 7,939 294 1,862 461 652 1,930 7,647 609 191 1,704 5,1432,238 546 July 27. . 23,354 22,698 12,997 7,999 3611,784 457 655 1,949 7,445 485 225 1,673 5,0622,256 656 Outside New York City 1954—July 58,691 58,471 27,178 14,095 488 528 6,307 6,22225,393 1,825 2,073 5,24216,2535,900 220 1955—May 62,221 61,802 29,845 15,041 603 676 7,046 6,98125,506 847 1,214 7,12916,316 6,451 419 June 62,158 61,727 30,386 15,220 647 708 7,165 7,150 24,913 658 794 7,29416,1676,428 431 July 62,464 61,957 30,914 15,469 661 731 7,280 7,286 24,607 634 753 7,13316,0876,436 507 1955—May 4.. 62,183 61,757 29,735 14,968 648 671 7,005 6,944 25,509 960 1,371 6,79516,3836,513 426 May 11. . 62,088 61,709 29,843 15,077 593 674 7,039 6,962 25,433' 912 1,438 6,76916,314 6,433 379 May 18. . 62,481 62,033 29,907 15,100 589 681 7,059 6,980.25,699 813 1,046 7,53116,309*6,427 448 May 25. . 62,134 61,708 29,892 15,015 583 677 7,083 7,038'25,384 702 1,000 7,42416,25816,432 426 June 1. . 62,047 61,611 30,007 15,012 619 693 7,101 7,086 25,199 658 930 7,35616,2556,405 436 June 8. . 62,008 61,587 30,068 15,006 625 702 7,135 7,106 25,102 668 920 7,34816,166 6,417 421 June 15. . 62,490 61,971 30,503 15,307 690 705 7,166 7,140 25,028 715 848 7,28616t179|6,440 519 June 22.. 62,095 61,721 30,579 15,359 628 724 7,195 7,176 24,696 659 647 7,27116,1196,446 374 June 29.. 62,148 61,745 30,776 15,416 675 717 7,230 7,24124,536 587 625 7,21116,1136,433 403 July 6. . 62,095 61,584 30,712 15,367 634 729 7,248 24,409 572 615 7,15116,0716,463 511 July 13. . 62,184 61,678 30,884 15,496 647 725 7,263 24,386 545 601 7,160 1166,,080 6,408 506 July 20. . 62,833 62,353 30,994 15,490 700 731 7,302 24,918 709 935 7,15616, ,441 480 July 27.. 62,746 62,216 31,067 15,527 663 738 7,323 7,331124,716 711 861 7,066 16,078 6,433 530 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. 902 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—Co»*i»«^ RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] D ex e c m e a p n t d i n d t e e p rb o a s n it k s, ex T c i e m p e t d in e t p e o r s b i a ts n , k In de te p r o b s a i n ts k Borrowings Reserves Bal- De- Indi- Indi- Month or date B s w F e R e a e r r i e a n d t v - h l k - e s v C a i a n u s l h t m b a w a n d e n i o c s t e k - h ti s s c j p m u o a d s a t d s e n e i - - t d d s 8 s p p u v n c h a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o u t c i o n a v l b a n i d t i - l t e s - - s c C h c o a f e e e e i f n t e f c r r c i d d t s k . - i ' s - , U m G er . o e n S n v - . t - s p p u v n c h a o a a o e i n i r d r p l r r d a s t - - - s - , - , S p s d s a i i o u t c i o n a v l b a n d i t i l - t e - s - s P U m G S e i a n o r a n o . e g n s S v n d v t s - . - a t - l m D t e i D o c s - e - ma F n ei d o g r n - Time F B s F e R e r a e r r o e n a d v m - l k - e s F ot r h o e m rs c C o i a t a u c a p - n l - ts tions tions Total— Leading Cities 1954—July 13,979 953 2,733 54,098 55,145 3,971 1,940 2,666 18,301 1,248 188 11,040 1,292 1,505 486 7,818 1955—May 13,771 932 2,463 56237 57,320 4,349 1,837 3,496 18,991 ,132 209 10,152 ,454 1,360 303 700 8,228 June. ... 13,683 948 2,522 56,678 58,305 4,201 2,110 2,69519,094 ,096 21510,267 ,477 1,411 401 729 8,260 July 13,639 970 2,527 55,93258,014 3,887 1,901 3,32219,102 ,045 21110,570 ,500 1,420 405 795 8,287 1955—May 4. 14,001 879 2,354 55,98156,771 4,449 1,939 3,510 18,975 ,132 209 10,341 ,451 1,365 547 602 8,207 May 11. 13,615 964 2,552 56,234 57,608 4,258 1,779 3,266 18,976 ,135 209 10,387 ,420 1,348 185 626 8,219 May 18. 13,797 921 2,577 56,294 57,777 4,350 1,928 3,84118,999 ,132 210 10,254 ,434 1,362 159 799 8,233 May 25. 13,671 963 2,367 56,437 57,123 4,338 1,703 3,368 19,014 ,129 209 9,625 ,512 1,366 319 774 8,252 June 1. 13,567 916 2,468 56,01157,624 4,361 2,130 3,14819,037 ,113 21310,094 ,505 1,375 388 783 8,267 June 8. 13,374 940 2,40856,374 "5,7242 4,162 1,702 2,209 19,070 ,122 21310,354 ,428 1,405 216 737 8,262 June 15. 13,998 925 2,63157,726 60,835 4,062 2,530 2,21119,082 ,099 21510,637 ,448 1,416 632 523 8,248 June 22. 13,896 949 2,52157,12758,451 4,162 2,233 2,68119,108 ,085 216 10,141 ,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 ,059 21710,108 ,522 1,428 514 693 8,272 July 6. 13,406 926 2,582 55,336 57157 4,083 1,885 2,83219,125 ,059 21110,862 ,500 1,425 483 767 8,293 July 13. 13,605 1,020 2,599 56,113 58928 3,851 1,810 2,374 19,093 ,053 21110,934 ,475 1,419 334 839 8,288 July 20. , 13,732 951 2,543 55,866 58050 3,729 2,101 4,14519,108 ,045 21110,529 ,501 1,404 433 741 8,277 13,812 981 2,386 56,416 57921 3,886 1,810 3,937 19,082 ,021 210 9,955 1,524 1,433 371 832 8,290 July 27. New York City 4,497 146 15,59316,474 329 1,057 781 1,954 250 3,142 1,038 1,249 2 4 2,605 1954—July 1955—May 4,485 142 15,95616,934 333 886 1,258 2,039 143 2,836 1,121 1,061 30 336 2,681 June.... 4,470 141 16,18817,379 321 1,093 838 2,059 140 2,943 1,152 1,107 31 405 2,678 July 4,437 146 15,749 16,906 298 910 1,150 1,997 112 2,977 1,159 1,119 72 391 2,685 1955—May 4. 4,687 139 15,94616,874 361 1,000 1,306 2,054 142 2,853 1,117 1,066 120 357 2,681 May 11. 4,378 150 15,89516,846 322 898 1,168 2,037 142 2,854 1,083 1,051 327 2,681 May 18. 4,466 135 15,96017,069 316 880 1,375 2,027 141 2,937 1,108 1,062 274 2,682 May 25. 4,409 144 16,02416,948 332 766 1,181 2,039 145 2,702 1,176 1,067 385 2,682 June 1. 4,479 139 15,92617,209 307 1,143 1,167 2,049 142 2,930 1,168 1,073 386 2,687 June 8. 4,350 144 16,06816,953 299 794 741 2,055 146 2,866 1,108 1,102 365 2,679 June 15. 4,583 132 16,57618,144 317 1,354 601 2,064 150 3,037 1,137 1,111 335 2,678 June 22. 4,485 137 16,40517,518 311 1,179 732 2,068 139 2,931 1,148 1,124 527 2,672 June 29., 4,450 154 15,96417,073 370 994 951 2,057 123 2,949 1,197 1,124 50 414 2,673 July 6. 4,321 145 15,610 16,697 319 879 870 2,019 118 3,056 1,152 1,123 70 461 2,686 July 13. 4,421 154 15,81017,083 307 786 698 2,004 115 3,057 1,143 1,123 50 457 2,687 July 20. 4,499 137 15,68216,920 272 1,089 1,554 1,991 114 2,983 1,156 1,107 108 307 2,686 July 27. 4,505 146 50 15,89316,922 292 888 1,477 1,975 101 2,813 1,183 1,124 60 340 2,682 Outside New York City 1954—July 9,482 807 2,687 38,50538,671 3,642 883 1,88516,347 998 137 7,898 254 256 272 5,213 1955—May 9,286 790 2,42140,28140,386 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 1,85717,035 956 159 7,324 325 304 370 324 5,582 July 9,202 824 2,469 40183 41,108 3,589 991 2,17217,105 933 154 7,593 341 301 333 404 5,602 1955—May 4. 9,314 740 316 40,035 39,897 4,088 939 2,20416,921 990 7,488 334 299 427 245 5,526 May 11. 9,237 814 507 40,339 40,762 3,936 881 2,09816,939 993 153 7,533 337 297 185 299 5,538 May 18. 9,331 786 533 40,334 40,708 4,034 1,048 2,46616,972 991 154 7,317 326 300 159 525 5,551 May 25. 9,262 819 325 40,413 40,175 4,006 937 2,18716,975 984 153 6,923 336 299 319 389 5,570 June 1. 9,088 777 2,42140,085 40,415 4,054 987 1,98116,988 971 158 7,164 337 302 385 397 5,580 June 8. 9,024 796 2,370 40,306 40,289 3,863 908 1,46817,015 976 158 7,488 320 303 206 372 5,583 June 15. 9,415 793 2,589 41150 42,691 3,745 ,176 1,61017,018 949 159 7,600 311 305 538 188 5,570 June 22. 9,411 812 2,472 40722 40,933 3,851 ,054 1,94917,040 946 159 7,210 337 309 253 382 5,577 June 29. 9,132 855 2,524 40192 40,303 3,888 962 2,27317,116 936 159 7,159 325 304 464 279 5,599 July 6. 9,085 781 2,519 39,726 40,460 3,764 ,006 1,96217,106 941 154 348 302 413 306 5,607 July 13. 9,184 866 2,546 40,303 41,845 3,544 ,024 1,676 17,089 938 154 332 296 284 382 5,601 July 20. 9,233 814 2,476 40,184 41,130 3,457 ,012 2,59117,117 931 154 345 297 325 434 5,591 July 27. 9,307 835 2,336 40,523 40,999 3,594 922 2,46017,107 920 153 7,142 341 309 311 492 5,608 ^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. 903 AUGUST 1955 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^ [Net declines, ( —>. In millions of dollars] Business of borrower Manufacturing and mining Comm'l, Period2 t l o F i b q a o a u n o c d o d c r , o , I 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 e M r m r ( a y o a i e c n e d n t a h t c u d a i a i l n c l . l n s d t - s: ; c h P r l e u c e a e m o u b n t a m r b d i o c l e , , a - r 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- 1 m d C e o o a d m l i e t - r y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r i i o u i a o l n r b i n n c t t l i a s l ) i e . - c - s s C t t i r o o u n n c - - 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 i n e s e d g s t i e - s ch i a t n a o a g n d n t r a d ' ' g l l l , . ei teansequip.) 1955—Jan.-June... -657 156 420 -45 90 215 -644 -91 12 18 -II -536 -805 July-Dec 537 ! -107 -326 158 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June. .. -505 I 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dee,... 498 I -26 -54S 88 -62 120 539 32 -225 . 82 132 630 1955—Jan.-June... -540 : 220 515 155 146 . -461 589 384 134 143 1,257 i 177 Monthly; 1955—May —102 ! -6 6 50 54 -31 47 43 39 62 197 96 June. ... -29 40 35 36 44 45 -61 239 243 64 52 739 July -65 j 28 r& 18 29 30 66 -37 2 36 65 125 25 Week ending: 1 -46 May 4 -35 3 41 16 16 -4 72 8 1 2 120 62 May 11...... -19 6 i 12 -8 8; 25 —6 1 24 30 17 91 114 May 18 -18 ! -9 18 4 14 5 -7 . -12 -4 10 42 43 16 May 25..... -30 ! ~3 ; 2 -52 12 8 -14 -15 15 , -2 1 -58 -96 J J J J J u u u u u n n n n n e e e e e 2 2 1 8 2 1 5 9 . . „ . . . . . . . . .. - - -1 1 1 -3 1 4 9 0 6 ! i ! 1 2 9 0 7 4 i ; - - 5 1 9 0 1 8 8 5 - -2 — 4 1 9 3 9 5 - 4 9 5 5 6 — - - 4 2 5 4 8 1 - - — - 1 1 1 -5 1 4 7 4 2 J 1 3 8 1 9 2 3 7 1 3 2 7 6 5 9 5 • 2 1 1 5 7 0 1 -1 3 1 1 2 4 6 3 1 - 6 1 4 4 5 1 2 0 5 4 2 ! ! | - 7 - 1 6 3 7 3 5 8 8 2 ' July 6 -21 t 8 —44 14 —2 4 -36 -31 -7 15 -101 -175 July 15. . . . -20 ; 8 10 9 20 9 21 6 20 18 30 131 139 July 20.... -6 ! 1 -8 -7 7 15 27 -24 -15 16 -5 -36 July 27 11 ; -4 1 4 8 14 17 28 8 25 95 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all' weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2Figures for other than weekly periods are based on weekly changes during period. NOTE..—Monthly amd weekly data for the full year 1954 are shown on pv214 oi the BULLETIN for Fetaruary 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 1 Dollar acceptances outstanding Commercial and finance company 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 Utn- 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 . F ei o g r n - U St n a i t t e e s d U St n a i t t e e s d change United , Foreign corr. States countries 1949—December . 837 . 270 567 272 128 70 11 135 184 49 30 1950—December 920 345 575 394 192 114 78 21 180 245 87 28 32 1951—December . . 1,331 449 882 490 197 119 79 21 272 235 133 25 55 44 1952—December 1,745 ; 552 1,193 492, 183 J26 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—June I 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 i 2,192 8Q5 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 i2,032 769 1,263 768 313 241 71 19 437 248 164 42 247 66 December 1,924 , 733 1,191 875 289 203 86 565 285 182 17 300 89 1955—January. . . 1 2,064 1 715 1,351 869 282 206 77 25 564 273 187 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 95 April. . 2,1.71 623. 767 206- 164 42 17 2& 517 229 68 190 92 May. . . „ 2,335 572 1^763 686 192 143 49 14 26 455 207 , 188 53 150 88 June 2,303 572 1,731 655 182 138 44 16 26 431 216 ' 1891 40 125 85 1 As~ reported' by dealers? include finance company paper as well as other commercial paper sold in the open market, aAs reported1 hy flnanee 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. 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d St l a o t c e a a l1 nd Foreign2 Total Bonds8 Stocks gages ' «state ; loans assets End of year:4 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 „ 32,731 9,478 .6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 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 1,393 1,13© 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,06© 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 .000 586 ,34,570 31.007 2.573 23,322 2.020 2.014 3,302 1954 84,486 12,100 9,070 2,549 481 37,462 34,194 3,268 25,976 2,298 3,127 3,523 End of month:6 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 78,2©1 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—May 80,547 12,452 9,539 2,326 587 35,371 32,871 2,5OC 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 Mardh 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 May 86,515 12,099 9,058 2,632 409 37,693 34,906 2,787 27,217 2,407 3,190 3,909 * Includes United States and foreign. 2Central government only. '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. *These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values •are not made on each item separately, but are included in total in 3'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 AN© LOAN ASSOCIATIONS IN THE UNITED STATES fin millions of dollars] Assets Assets , End of . U.S. Savings End of U. S. Savings year Total* g M ag o e rt s - 3 G m o o v b e e l n i r - t n- Cash ; Other* capital quarter Total* g M ag o e r s t- * 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 11949 14,622 11,616 1,462 880 566 12,471 1954—1*... 27,667 22,722 1,928 1,613 1,330 23,901 1950 16,846 13,622 1,489 951 692 13,978 2»... 29,105 23,847 1,961 1,782 1,442 25,163 1951 19,164 15,520 1,606 1,082 866 16,073 3»,.. 30,168 25,053 1,972 1,671 1,400 25,895 1952 22,585 18,336 1,791 1,306 1,072 19,143 4P... 31,680 26,142 2,026 1,958 1,481 27,259 1953 26,638 21,882 1,923 1,500 1,258 22,778 1954* 31,680, 26,142 2,026 1,958 1,481 27,259 1955—1P... 33,006 27,313 2,207 1,911 1,514 28,398 9 Preliminary. a Includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. sIncludes 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. 1955 905 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 AGENCY1 [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and agency 1954 1955 1946 1947 1948 1949 1950 1951 1952 1953 2 3 4 1 Loans, by purpose and agency: To aid agriculture, total .... 884 ,299 ,63? 4,362 3,884 4,161 5,070 6,811 6,389 6,i?,7 6 9?,Q 7,466 Banks for cooperatives 776 305 302 345 425 424 377 309 343 367 340 Federal intermediate credit banks.... 773 336 476 437 510 633 673 590 774 754 638 775 Federal land banks2 986 Federal Farm Mortgage Corporation 149 109 80 60 45 34 25 18 16 15 13 1? Farmers Home Administration3 590 558 525 523 535 539 596 648 754 754 701 774 Rural Electrification Administration 578 734 999 1,301 1,543 1,742 1,920 2,096 2,164 ?,?00 ?,??6 ? Commodity Credit Corporation . . 170 780 1,793 1,729 898 782 1,426 3,076 2,36? 457 981 3,357 Other agencies 6 7 5 9 7 6 6 5 4 4 4 4 To aid home owners total 619 116 768 1,251 1,528 2,142 2,603 2,930 2,814 ,818 907 3013 Federal National Mortgage Assn. 6 4 199 828 1,347 1,850 2,242 2,462 2,301 ,39? 461 538 Home Owners' Loan Corporation2 636 486 369 231 10 Reconstruction Finance Corporation 4 5 10 •1 177 168 137 123 115 108 104 O V t e h te e r r a a n g s e A n d c m ie i s n 4. i . s . tr . ation 6 65 22 24 35 169 2461 / 30 6 0 0 34 6 8 2 36 5 7 9 38 6 3 3 40 6 8 7 To railroads, total . . 171 147 140 114 110 101 82 79 12 1? 1? 11 Reconstruction Finance Corporation5 153 145 138 112 108 99 80 77 1C Other agencies .3 3 3 2 2 2 2 2 1? 1? 11 To other industry, total 19? 27? 310 462 458 488 516 509 415 413 420 4?6 Reconstruction Finance Corporation5 ? 151 741 77? 423 400 415 457 294 191 O D t e h p e a r rt a m ge e n n c t i e o s f the Treasury 41 31 38 38 58 74 58 \ f 1 4 7 0 4 1 4 7 5 9 34 6 9 4 35 6 3 7 35 7 3 3 To financing institutions, total.... 314 447 171 445 824 814 864 952 678 691 870 704 Reconstruction Finance Corporation5 14 7 6 8 8 8 (*) Federal home loan banks 793 436 SI.5 433 816 806 864 952 675 689 868 70"? Other agencies 7 4 4 4 3 2 2 2 Foreign, total ,?.84 1,673 6,10? 6,090 6,078 6,110 7,736 8,043 7,965 7,968 8 001 7 968 Export-Import Bank. 1,749 1,978 7,14.5 2,187 2,226 2,296 2,496 2,833 2,762 788 7,806 2,768 Reconstruction Finance Corporation5 * 735 746 706 154 101 64 58 52 42 U. S. Treasury Department9 800 3,450 3 750 3,750 3,750 3,750 3,667 3,620 3,618 3 618 3 570 3 570 1,537 1,544 1,563 1,624 1,630 All other purposes, total 623 714 184 484 531 779 1,095 763 471 411 438 411 Reconstruction Finance Corporation5 * •340 190 88 59 61 50 57 32 Public Housing Administration11 . .. 778 778 794 297 366 609 919 535 245 144 113 119 Other agencies i 113 96 100 99 105 109 126 171 195 307 32.5 33? Less: Reserve for losses 478 395 368 476 185 173 140 203 255 276 228 259 Total loans receivable (net) 6,649 9,714 11,692 12,733 13,228 14,422 17,826 19,883 18,489 18,603 19,34819,78? Investments: U.S. Government securities, total 1, 873 1,681 1,814 2,047 2,075 2,226 2,421 2,602 2,911 ,988 967 187 Banks for cooperatives 43 48 43 43 43 43 43 43 52 43 43 43 Federal intermediate credit banks 47 48 44 74 46 51 60 63 5C 58 61 60 Production credit corporations 70 72 66 39 42 43 43 45 42 42 42 42 Federal land banks2 136 Federal home loan banks 145 139 774 275 199 249 311 387 672 687 641 771 Federal Savings and Loan Insurance Corp 172 184 199 214 193 200 208 217 22$ 222 228 234 Home Owners' Loan Corporation2 17 1? 1? 8 Federal Housing Administration 17? 13? 144 188 244 285 316 319 257 3?4 3?7 344 Reconstruction Finance Corporation5 ^ 48 1 Federal Deposit Insurance Corporation... 1,045 1,0?0 1,064 i *205 1,307 1,353 1,437 1,526 1,609 1,610 1,674 1,69? Other agencies 28 29 9 1 1 1 1 1 1 1 1 2 Investment in international institutions ... 318 3, 381 3,385 3,385 3,385 3,385 3,385 3,385 3, 381 , 381 3, 381 Other securities, total ?,30 114 133 107 88 78 44 40 54 48 44 Reconstruction Finance Corporation5 . . 159 108 98 83 71 66 36 35 5C Production credit corporations 46 35 79 22 16 11 8 5 4 A 3 3 O D t e h p e a r rt a m ge e n n c t i e o s f the Treasury 24 11 6 2 1 1 (•) I r . i 1 43 2 38 3 Commodities, supplies, and materials, total 1,265 822 627 1,549 1,774 1,461 1,280 2,514 3,369 3,709 3,852 3,612 Commodity Credit Corporation 463 448 437 1,376 1,638 1,174 978 2,086 2,802 3,059 3,302 2,983 Reconstruction Finance Corporation5 ^ 667 235 157 142 108 129 17? 156 91 O D t e h p e a r rt a m ge e n n c t ie o s f the Treasury ... 134 138 32 30 28 159 131 { 272 476 55 9 6 5 47 8 0 0 5 6 6 5 4 Land, structures, and equipment, total 16 12,600 3,060 2,962 2,945 3,358 3,213 8,062 8,077 8,061 8,046 7,982 Public Housing Administration11 ... ,924 704 ,448 1,352 1,248 1,251 1,173 1,018 823 128 96 80 Reconstruction Finance Corporation 5 ^ ,861 35 630 611 605 594 199 175 161 Tennessee Valley Authority 727 754 793 830 886 1,048 1,251 1,475 1,630 1,685 1,739 1,781 3 301 3 305 War Shipping Administration2 7 764 6 507 Federal Maritime Board and Maritime Adm.2 4,834 4,829 4,78? 4,798 4,749 Other agencies12 2,044 1,793 189 168 206 465 590 561 634 ,466 1,412 1,372 Bbnds, notes, and debentures payable (not guaranteed), total . ... . . 1,252 689 965 772 1,190 1,369 1,330 1,182 971 1,072 1,668 1,561 B Fe a d n e k r 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 29 3 3 3 35 6 8 0 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 7 1 3 2 6 0 7 1 6 3 2 1 640 7 1 1 3 3 9 Federal land banks2 . ... 756 169 ?6? 415 204 560 525 445 414 115 179 ?7? 139 Federal National Mortgage Assn 570 For footnotes see following page. 906 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 labilities, other than interagency items 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 t d s l d e s - s , i , - - - G U s ri e o t . c i v I e u S m n t s - . . v e e n O s t s r t s i e - t t c h ie u e s - r s L e t m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - e s r a t G B u n a b o u r t n e e y n a d e s d r d - s p d , a e n O b y o e a t t h 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 e n i e t - r e l - y d U.S. All agencies: 1948—Dec. 31.. 21,718 63011,692 627 1,854 3,518 3,060 337 965 663 18,886 166 1949—Dec. 31.. 23,733 44112,733 1,549 2,047 3,492 2,962 509 772 ,72021,030 183 1950—Dec. 31. . 14,635 64213,228 1,774 2,075 3,473 2,945 499 1,190 ,19321,995 234 1951—Dec. 312. 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 ,16123,842 329 1952—Dec. 312. 29,945 94417,826 1,280 2,421 3,429 3,213 832 1,330 ,72826,456 378 1953—Dec. 312. 38,937 1,19019,883 2,514 2,602 3,425 8,062 1,261 1,182 3,818 33,429 434 1954—June 30. . 39,602 1,23218,489 3,369 2,911 3,439 8,077 2,085 971 4,03334,030 486 Sept. 30. . 40,443 1,32418,603 3,709 2,988 3,433 8.061 2,325 1,072 2,35736,488 498 Dec. 31. . 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,183 35,610 508 1955—Mar. 31. . 41,996 1,37519,782 3,612 3,187 3,429 7,982 2,629 1,561 4,01335,848 543 Classification by agency, Mar. 31, 1955 Farm Credit Administration: Banks for cooperatives 411 336 139 242 28 Federal intermediate credit banks 819 725 713 98 Production credit corporations 46 45 Federal Farm Mortgage Corp 15 12 14 Department of Agriculture: Rural Electrification Administration. 2,393 2,250 1 108 1 2,392 Commodity Credit Corporation 6,992 3,265 2,983 151 571 2,294 4,698 Farmers Home Administration 770 667 27 13 757 Federal Crop Insurance Corp 20 1 4 15 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,513 702 771 139 862 —3 515 Federal Savings and Loan Insurance Corp. 242 234 10 232 Public Housing Administration" 332 "us 112 24 308 Federal Housing Administration 565 50 344 137 31 175 360 Federal National Mortgage Association.... 2,650 2,540 () 18 570 27 2,052 Office of the Administrator 921 198 596 39 8 914 Small Business Administration 31 1 29 () 31 Export-Import Bank 2,809 2 2,789 112 2,697 Federal Deposit Insurance Corp 1,709 3 () 1,692 () 15 142 1,567 Tennessee Valley Authority. . 1,996 176 1,781 11 47 1,949 Federal Maritime Board and Maritime Adm.. 5,380 25 4,749 331 184 5,197 Panama Canal Company 469 31 421 4 12 457 Veterans Administration 576 134 409 28 569 Department of the Treasury 8,794 17. 3,93 3,423 13' ,059 28 8,766 Foreign Operations'Administration 1,647 1,630 10 6 1,641 All other 899 11 12 475 63 117 48 851 cCorrected. 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i.e., after reserve for 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. I °Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance sheet for June 30, 1952; figure not published in Treasury compilation, but derived by Federal Reserve. 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. 12 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 11. !3See 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. AUGUST 1955 907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * 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 s ie e l s d - 2 ; N ri s e e e s w - 3 :g n ( r M i h a c i d i i g p l e - h a ) - 4 l • g ( r r h p a a d i o t g e e - h )* - fe P rr re e - d5 T ta o l - d t I r a u n i l s - - - R ro a a i d l- , u P i l t t i u i y c l b - - T ta o l - I T t M a o l - anu D f b r a a l u c e - - turi N n d b r g a o u le - - n- T p t r o i a o r n n ta s - - u P i l t t i u i y c l b - - T n s a r a e i f a n c n r i d e c v - d e e - , , M in i g n- s s t h i h a n a ( o n o i r g f n e d u ^ 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 ioi.46 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 240 1,419 1954 average 99.51 109.60 125.8 117.2 174.5 227 250 180 ; 136 j 230 271 245 295 233 136 236 267 2,270 4954—juiv 100.36111.07 126.9 117.5 173,3 231 255 ; 184 I 140 i 233 275 254 294 234 139 236 257 2,469 A Se u p g t 1 9 0 9 0 . . 9 2 2 81 1 1 1 1 0 . . 5 6 0 8 1 1 2 2 7 8 . . 2 4 1 11 1 7 7 . . 6 8 1 1 7 7 4 5 . . 7 8 2 2 3 3 9 6 2 2 6 6 4 1 ! s 1 1 8 8 2 7 1 1 4 4 2 1 2 2 4 3 0 7 2 2 8 8 0 6 2 2 5 6 7 0 3 3 0 0 9 1 2 2 3 3 6 7 1 14 4 0 1 2 2 4 4 7 3 2 2 6 6 8 3 2 1 , , 5 9 8 6 8 3 Oct. . . . 99.69 110.59 126.9 117.5 178.1 244 271 ; 187 139 244 291 267 313 240 138 249 269 2,103 Nov 99.27 109.88 127.4 117.4 178.9 252 282 197 141 254 305 284 324 259 141 260 278 3,196 Dec. 98.97 109.91 126.6 117.0 178.3 265 297 | 218 ; 144 i 268 323 298 345 285 144 268 : 310 3,475 1955—jan. 97 88108 43 125 4 116 7 175.7 269 302 222 i 145 271 326 307 344 288 145 270 314 3,555 Feb 96.97 103.51 125.0 115.7 175.0 278 312 232 150 281 340 320 358 300 150 276 315 3,201 Mar. 97.08103.63 124.4 115.4 174,6 278 311 238 150 280 337 318 354 305 151 275 315 2,907 Apr 96.31 103.43 124.9 115.3 176.0 286 322 252 152 287 347 327 365 320 152 277 311 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 37103.75 123 9 114 5 175 8 301 341 259 153 303 370 344 393 337 154 294 314 2,678 July 94 96102.73 121.4 114.3 176 7 315 360 256 156 319 395 366 421 334 157 304 317 2,423 Week ending: July 2.... 95.76103.11 122.6 114.6 176.2 308 350 259 154 ' 314 388 355 418 338 154 300 323 2,308 July 9.... 95.69 103.04 121.7 114.4 176.1 319 365 259 154 319 395 363 424 331 155 308 i 313 2,891 July 16 95.49 102.99 121.4 114.6 175.9 312 355 254 156 318 393 365 419 333 157 305 316 2,321 July 23.... 94.61 102.71 121.4 114.3 177.2 312 355 254 \ 157 ! 321 397 371 421 336 158 306 319 2,316 July 30 94.04 102.18 121.0 114.0 177.4 319 364 257 S158 ! 322 399 375 421 332 159 .' 303 315 2,233 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures.; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 2% per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1., 1952, only bonds due or first callable after 15 years were included. 3The 3M per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per pent bond of February 1955. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 6Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 8 Average 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. i or carrying U. S. U.S.- credit Total secur b e a d la b n y ce s U- S. i e n x g c e s p e t c u U ri . t i S es , G ob o l v ig e a rn ti m on e s n 1 t \ u..;s. : G ob o l v ig e a rn ti m on e s n 1 t G ob o l v ig e a rn ti m on e s n 1 t balances1 G ob o l v ig er a n ti m on e s n 1 t ; G ob o l v ig e a rn ti m on e s n 2 t < G ob o l v ig e a rn ti m on e s n 2 t ; 1951—December, .... 1,826 \ 1,253 ! 573 40 118 659 36 822 1952—December..... 1,980 1,332 648 33 149 877 3© 727 1953—December 2,445 1,665 780 31 88 i 1,074 88 713 1954—June.. 2,678 1,822 i 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 L, 125 69 910 September 2,953 i 2,048 905 : 34 36 .L:,225 ; 66 924 October 3,050 2,095 955 36 38 1,295 ! 69 j 924 November 3,203 2,202 1,001 40 31 jL,353 ; 63 972 December 3,436 2,388 ; 1,048 41 65 L.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 March 3,732 2,652 1,080 49 33 .;L ,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 > ,047 72 928 3,872 2,712 1,160 46 31 f >,020 73 918 ^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. «., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities -exchanges. Data are as of the end of the month, except money borrowed, which is as of the last Wednesday of the month beginning June 1955. 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. 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY MARKET RATES BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES Fi- U. S. Government [Per cent per annum] mo Y w n e t e h a e , r k , , or m 4 m P p - c o a r o e t i n p r o m m t c e h i r - e 6 a , s - l 1 3 d p n p c p - i l a a o r a l a t n y p e m o c n c , c e e y 6 - t e r d - - a P a b d c n e a r a 9 c r i c n y s m 0 e e ' s k p s 1 e - ' , t- M 3 a -m rk o e n t s t e h o c n R u b r i a i l n t t l e i e s e w s 9 ( i m - t s a s t o o x u n a e t b 1 s h 2 2 le - ) 3 is y - s t e u o a e r s 5 3 - Area and period loans S 1 *_ i 0 ze of 1 1 lo 0 0 a 0 - n'th 1 2 o 0 0 u 0 0 - s. D a f n d d 2 o 0 o l 0 . v ) er months1 yield issues Annual averages; 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 3.90 i 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 i .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—July .. ,. 1.45 1.25 .25 .72 i .710 .65 1.69 1953 3 7 5 0 4 4 3 9 3 5 Aug 1.33 ' 1.25 .25 .92 ' . 892 .64 1 1.74 2954 3.6 5.0 4.3 3.9 3.4 Sept. 1.31 1.25 .25 : iL .01! 1.007 .89 1.80 Oct.. 1.31 1.25 .25 .98 ! .987 1.03 1.85 Quarterly: Nov 1.31 1.25 [.25 .93 1 .948 .94 1.90 19 cities: Dec. 1.31 1.25 [.25 [.14 I I.. 174 1.10 1.94 1954—Sept 3.56 4.99 4.32 3.82 3 32 Dec... 3.55 4.92 4.29 3.84 3.31 1955—Jan 1.47 1.37 L.33 L.23 11.257 1.36 2.11 1955—Mar... 3.54 4.93 4.29 3.83 3 30 Feb.. 1.68 1.50 L.38 : L.17 1.177 1.41 2.IS June......... 3.56 4.92 4.29 3.83 3.33 Mai.. 1.69 1,50 • [.38 t .28 1.335 1.49 2.30 New York City: Apr...... ... 1.90 1.73 : L43 ;. E.59 1.620 1.71 2.39 1954—Sept.. 3.29 4.81 4.21 3.54 3.13 May....... 2.00 1.88 t.50 L .45 1.491 1.72 2.40 Dec 3.30 4 66 4 15 3 64 3 15 June 2.00 1.82 L.50 L.41 • 1.432 1.71 2.42 1955—Mar 3.29 4.68 4.14 3.65 3 14 July 2.11 1.87 [ .50 L .60 1 1.622 1.88, 2.54 June . 3.30 4.73 4.18 3.62 3.15 7 Northern and East- Week ending: ern cities: July 2... 2.00 1.81 L .50 [.43 1 1.401 1.71 2.48: 1954—Sept.. 3.57 5.07 4.34 3 94 3 36 July 9... 2.05 1.86 [.50 L .51 1.541 1.88. 2.48 Dec. 3.55 4.99 4.31 3.89 3.33 J Ju u l l y y 1 23 6 . . . . . . 2 2 . . 0 1 6 4 1 1 . . 8 8 8 8 1 1 . . 5 5 0 0 [ 1 . . 6 5 1 7 1 1 . . 6 6 0 2 6 0 • 1 1. . 8 8 5 7 2 2 . . 4 5 9 5 1955— J M un ar e........ 3 3 . . 5 5 5 5 4 5 .0 9 2 7 4 4 . . 2 3 9 2 3 3 .8 7 4 8 3 3 .3 3 5 7 July 30. .. 2.19 1.88 L.50 [ .71 1.720 1.92 2.64 11 Southern and Western cities: LData are averages of daily prevailing rates. 1954—Sept. 3.95 5.03 4.39 3.91 3.68 2Series includes certificates of indebtedness and selected note and bond issues'. Dec 3 90 5 01 4.36 3 93 3 60 ^Series includes selected note and bond, issues. 1955—Mar... 3.87 5.00 4.35 3 92 3 54 June 3.95 4.98 4.34 4.01 \ 3.67 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 YIELDS1- [Per cent per annum] Bonds Industrial stocks State and local government Corporate 6 U. S. Govt. Earn- , (long-term) Dividends/ ings/ Year, month, General obligations4 By selected By price ratio price or week ratings ratio groups Rev- By selected enue Total se O ri l e d s2 se N r e ie w s3 Total Aaa rating B s aa 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 - d* m Co o m n8 - m Co on m ® - Number of issues.. 3-7 1 20 5 5 10 120 30 30 40 40 40 14 125 125 1 1 9 9 5 5 2 3 a a v v e e r r a a g g e e .. 2 2 . . 6 9 8 3 "s.ii' 2 2 . . 2 8 2 2 2 1 . . 3 8 1 0 2 3. . 4 7 1 0 3 2 . .4 0 5 2 3 3 . . 1 4 9 3 2 3. . 2 9 0 6 3 3 . . 5 7 2 4 3 3 . . 0 3 0 0 3 3. . 5 3 5 6 3 3 . . 2 4 0 5 4 4. . 2 1 7 3 1 5 5 . . 5 5 1 5 1 9 0 . . 4 1 9 4 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—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 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 7.42 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 A3 November.. 2.55 2.6& 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 2.6S 2.4.0 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 f 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 ^8.25 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 8.17 July 2 .87 2.96 2.62 2.23 3.1? 2.86 3.24 3.06 3.52 3.18 3 ..32 3.22 3.96 3,63 Week ending: 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 July 9 2.82 2.94 2.58 2.19 3.14 2.84 3.24 3.05 3.51 3.17 3.32 3.22 3.97 3.61 July 16 2.83 2.94 2.62 2.23 3.17 2.84 3.24 3.05 3.52 3.18 3.31 3.21 3.98 3.63 July 23.... 2.90 2.96 2.63 2.24 3.17 2.87 3.24 3.05 3.52 3.18 3.32 3.21 3.95 3.61 July 30 2.94 2.99 2.64 2.27 3.18 2.90 3.25 3.07 3.53 3.20 , 3.33 3.22 3.95 3.63 ^Revised. 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. 2 Fully taxable, marketable 2J^ 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 3U per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995. 4 6 M Mo o o o d d y y ' ' s s I I n n v v e e s s t t o o r r s s S S e e r r v v i i c c e e . . T B h e e c t a o u t s a e l o in f c a lu l d im es i t b e o d n d n s u m ra b te e d r o A f a s a u n it d a b A le r d i a ss ta u e f s o , r t w he h i n c u h m ar b e e r n o o t f s b h o o n w d n s s i e n p s a o ra m te e ly o . f group 5 s D h o a w s - J v o a n ri e e s d , a s n o d m C e o w . hat. 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. AUGUST 1955 909 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 Bud e g x e p t e r n e d c i e t i u p r t e s s and or E e x x c p es e s n d o i f t u r r e e c s e ip (— ts ) d d e u I c n r r i c n e r a g e s a e p s e e ( r o — io r d ) Accoun S t ta o t f e s T r ( e e a n s d u r o e f r p o e f r i t o h d e ) United Deposits in Period Sales and re N ce 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 i e n o b d a f l e g i m m g e G a n a p t o c r i t v k o i y o n t e . n t s s C co i a l n e c u g a - n r t - p d G d u i r e r b o e b l s c t i s c t G ba f e u l n a n e n d r c a e l a B n a c l e - A F v . ai R l- . B In e a s n p s k r o o s f c- S d it p e a e p r c o ie i s a s - l O s n a t e h s e t - s t er able collecfunds tion Cal. yr.—1951 52,979 56,337 -3,358 759 56 —106 2,711 62 4,295 321 146 2,693 1,134 1952.... 64,840 70,682 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 1,132 1953 63,841 72,997 —9,157 82 19 -209 7,777 -1,488 4,577 346 131 3,358 742 19541. . . 61,171 64,854 -3,683 812 -73 -34 3,582 603 5,180 563 111 3,461 1,045 Fiscal yr.—1952... 61,391 65,408 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5,106 1,175 19531.. 64,825 74,274 -9,449 460 -25 -250 6,966 -2,299 4,670 132 210 3,071 1,256 1954... 64,655 67,772 -3,117 332 -4 -303 5,189 2,096 6,766 875 274 4,836 781 1955... 60,303 64,494 -4,192 -612 881 257 3,115 -551 6,216 380 343 4,365 1,127 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-Dec.1 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. 38,031 32,928 5,102 -775 851 234 -4,376 1,036 6,216 380 343 4,365 1,127 Monthly: 1954—July 2,827 4,827 -2,000 -135 -34 -97 -276 -2,542 4,224 727 196 2,538 764 Aug 3,911 6,731 -2,820 387 -83 -222 3,971 1,233 5,457 511 101 4,078 767 Sept 4,951 5,019 -68 -283 163 21 -145 -313 5,145 704 170 3,469 801 Oct. 2,639 4,857 -2,218 -288 -23 104 3,942 1,518 6,663 736 175 4,936 816 Nov 4,201 3,842 358 358 33 —209 101 641 7,304 694 137 5,584 889 Dec 3,742 6,288 -2,546 126 -26 425 -103 -2,124 5,180 563 111 3,461 1,045 1955—Jan. 4,655 4,942 -287 -179 511 —186 -311 -451 4,728 360 320 2,907 1,142 Feb 5,427 4,831 596 26 -37 354 -257 682 5,411 564 196 3,561 1,089 Mar 9,741 5,894 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 10,038 6,677 3,361 -269 238 104 -3,098 336 6,216 380 343 4,365 1,127 July n.a. n.a. n.a. n.a. n.a. n.a. 3,210 595 6,811 624 179 4,972 1,036 Budget expenditures National security Period Total Total* D f m e D e n i e p l s - i t e - ., M m t p a u r i r o t l y u i - - al e A n t e o r m gy ic n a I n a f n a a f n f n t a i t e c d i - ' r r l e . s - 3 I d n e o e t s n e b t r t - A e i t d V s i r o m t a e r n n t a i - n 4 s - - c g S p u r o s a r r c e o m i - i t - a y s l A t c u u g r l r - e i- n h H a a i o f n o n n m i g u - d c e s 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 c T t o f r r a e t u a u c o r n n s - s t s ts - Other tary gram Cal. yr.—1951 56,337 33,044 29,432 1,594 1,278 3,524 5,983 5,088 1,463 1,010 694 1,438 684 507 2,901 1952 70,682 47,936 42,078 3,052 1,813 2,574 6,065 4,433 1,508 1,564 646 1,573 775 510 3,098 1953 72,997 49,363 42,953 3,784 1,889 2,082 6,357 4,156 1,630 3,238 — 159 1,685 525 154 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.—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 1955.... 64,494 540,989 35,730 51,895 1,856 51,175 6,389 4,376 1,669 4,689 127 1,472 366 157 3,086 Semiannual totals: 1952—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 46 907 149 137 1,847 1955—Jan.-June.. 32,928 20,650 18,440 605 869 787 3,389 2,277 850 2,856 81 565 216 20 1,239 Monthly: 1954—June 7,308 4,663 3,932 516 110 69 1,763 370 169 248 -85 114 -40 17 20 July 4,827 3,061 2,493 334 174 81 213 333 139 270 49 156 56 468 Aug 6,731 3,370 2,913 228 169 94 332 333 118 2,039 -39 137 4 344 Sept. 5,019 3,261 2,843 210 160 152 541 320 137 144 —5 158 1 309 Oct 4,857 3,300 2,908 187 170 73 346 341 171 170 6 164 9 279 Nov 3,842 3,316 2,853 181 156 89 368 372 131 -1,034 96 142 148 1 212 Dec 6,288 3,739 3,280 152 158 192 1,200 401 123 244 -61 149 2 65 234 1955—Jan 4,942 3,176 3,092 -113 158 171 222 373 181 381 35 101 23 r7 '272 Feb 4,831 3,048 2,705 163 151 148 396 364 119 269 36 89 72 r3 '288 Mar 5,894 3,759 3,261 63 153 109 478 386 119 690 -17 85 16 1 '269 Apr 5,228 3,382 3,020 122 134 78 355 379 153 781 26 99 31 '5 '-60 May 5,356 3,346 3,017 99 126 184 443 378 133 390 34 108 43 '3 '294 June 6,677 3,939 3,345 271 147 97 1,495 397 145 345 -33 84 32 1 175 n.a. Not available. 'Revised. 1 Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2. 2 Includes stockpiling not shown separately. ^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other nonmilitary foreign aid programs, and State Department. 4 Excludes transfers to trust accounts, which are shown separately. 6Monthly figures do not add to total because figures for reclassified items are not available for July-February. 910 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 d h d - ivid O ua th l er1 r C a o ti r o p n o 1 - E ta a g s x n i t f e a d t s te 1 E ta x x ci e s s e 1 i p m t a n a l n s o e x u c n y e e r t - s - re O ce th ip e t r s2 r b e T u c o d e t i g a p e l t t s A O t p f l r u d p u n - r a s d o g t p e ria R ti r m o a e i n t e l i s r r n o e t t a - o d : r R e e c f o e u f ip nd ts s r b e u c N d e e g i t p e t t s account Cal. yr.—1951 16 037 10,311 16,565 801 8,591 ?3S 2,337 58,941 3,355 509 2,098 52 979 1952 20 045 11 834 22,140 849 9 566 >66 2,639 71,788 3,814 683 2,451 64 840 1953 22,60S 11,279 19,045 923 10,288 ?69 2,570 71,524 3,918 628 3,137 63 841 19543.. ., 20 787 10,477 19,915 960 9 136 >8S 2,932 70.217 5,121 604 3,322 61 171 Fiscal yr.—1952 18, 11 ,359 21,467 833 8,893 ?SQ 2,364 67,999 3,569 738 2,302 61 391 19533 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 ?8S 2,882 73,173 4,537 603 3,377 64 655 1955 21, 949 10,407 18,265 936 9,194 ?79 3,104 69,368 5,040 600 3,426 60 303 Semiannual totals: 1952—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 ?34 1,137 42,910 2,195 311 2,700 37 703 July-Dec. 3. 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 HS 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 1955—Jan.-June 11,013 8,084 14,498 516 4,666 239 1,800 44,129 2,734 278 3,087 38,031 Monthly: 1954—june 1,272 1,342 6,956 103 731 1 389 11,347 507 45 150 10,644 July...... 1,03S 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 D N e o c v e e m m b b e e r r . . 2,3 7 5 S 9 9 27 7 2 8 1,1 2 8 9 1 0 6 8 1 2 7 7 8 1 1 5 16 2 2 7 1 2 6 4 4, , 2 9 1 0 7 5 5 3 5 2 4 9 9 6 4 4 5 8 6 2 4 3, 7 2 4 0 2 1 1955—January. 884 2,239 355 62 649 31 483 4,833 113 17 48 4,655 February.. 9 916 881 274 67 709 167 321 5,954 255 64 208 5 427 March 1,721 745 6,812 151 841 90 191 11,089 562 46 741 9 741 April 967 2,190 478 77 717 4 171 4,941 316 19 874 3,732 3VIay.. 2,991 602 377 94 843 15 333 6,119 785 80 817 4,438 June 1,534 1,428 6,201 64 907 2 301 11,193 703 53 399 10,038 Trust and other accounts Internal revenue collections (on basis of Internal Revenue Service reports) Social security, Othei accounts6 retirement, and Period Excise and miscellaneous taxes insurance accounts Totals Total Liquor Tobacco M a a n n d u e r f x e a c t c i a s t i e u l r e e r r s 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- I m n e v n e t s s t 7 - Others Cal. yr.—1951 8,682 2,460 1,446 2,79C> 1,987 759 7,906 3 155 4,507 271 786 1 1 9 9 5 5 3 2 .... 9 9 , , 7 5 1 5 4 8 2 2 , , 8 72 1 7 9 1 1, , 6 6 6 1 2 4 3 3 , , 2 0 6 5 2 4[ 2,0u2s0 8 4 2 9 8 8,3 1 1 2 5 3 2 3 5 8 0 7 4 4 c t« ,8 9 1 4 1 2 3 1 2 5 9 3 3 5 1 0 0 8 1954 9,248 2,707 1,543 3,131 1,867 3812 9 191 1 177 1,717 405 919 Fiscal yr.—1952 ... 8,971 2,549 1,565 2,824[ 2,032 8,210 3 361 4 275 530 1953 9,946 2,781 1,655 3,355 2,151 3460 8 529 3 059 5^257 242 489 1954 9,517 2,783 1,580 3,12) 2,027 332 8 708 1 687 ,846 367 524 1955 n.a. n.a. n.a. n.a. n.a. -612 9 096 1 222 ,100 312 -74 Semiannual totals: 1952—July-Dec.. 5,027 1,482 845 1,573 1,127 121 4,073 1 495 2,456 106 105 1953—Jan.-June.. 4,919 1,299 810 l,78t 1,025 341 4,458 1 564 2.802 136 385 July-Dec... 4,795 1,521 804 1.47C 995 3-317 3,655 823 3,003 37 -109 1954—Jan.-June.. 4,722 1,262 777 1,651 1,032 ® 648 5,052 864 ,843 331 633 1955— J J u a l n y . - - D Ju e n c e .. . . . 4 n ,5 .a 2 . 7 1 n .4 .a 4 . 5 n 7 .a 6 . 6 n 1 . .4 a 8 . C) n. 8 a 3 . 5 -7 1 7 6 5 4 4 4 . , 1 9 4 5 3 3 3 9 1 0 3 9 4 < L , . 8 2 7 2 4 6 23 7 8 4 -3 2 5 8 6 2 Monthly: 1954—june 561 246 147 11 157 -19 1 467 888 651 —79 —26 Tulv 713 226 123 3£I 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 L34 42 337 -288 334 -148 640 6 -124 Nov.... . 778 280 124 69t -322 358 956 111 641 56 210 Dec. 719 209 108 1C) 391 126 850 249 657 -58 124 1955—jan 654 155 131 2/r 340 — 179 227 -334 704 200 164 Feb 707 181 119 67<: -269 26 569 -126 697 47 75 Mar... 844 246 139 9?) 360 -80 729 .39 733 58 21 718 209 122 c) 378 -193 489 -358 700 —55 -395 May 844 224 143 754t -277 -79 1,298 644 705 -62 -91 June n.a. n.a. n.a. n.a. n.a. -269 1,641 1 044 686 50 -130 n.a. Not available. 1 Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953. Excise taxes and nonwithheld individual taxes for that period are obtained by subtracting IRS data from appropriate Treasury daily statement totals. 2 Excludes employment and carriers taxes, which are appropriated directly to trust accounts. 3 Beginning new reporting basis. See footnote 1 on preceding page. 4Less than $500,000- 5Excess of receipts, or expenditures (—). 6 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 7, but their operating transactions are included in Budget expenditures. 7Consists of net investments in public debt securities of Government owned and of Government sponsored corporations and agencies and of other trust funds. AUGUST 1955 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash deposits, other than debt Cash withdrawals, other than debt Excess Less: Plus: of de- Period B re N u c d e 't 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 t l d u h s n t - s e t - : s r 2 E p C q o d a u s e s a i - h t l s s: B p t e u u e n r x d e d - g s i e - t a T P o a c t r l n h c u u d t e s s s : r t . t I G r n a o t n r v s a t . - . 1 A p a u l c s b c l r t i u o c - s F E S l u t i x i t n z o a c a d b n h - * i . - c C o i a l n u c e g - n ar t - T a T o s c r r i u c a e d t t n a e - . s s 6 . , m O ju a e t d h s n t - e t - s r 2 E d w C q r a i u a a l t a s w s h h l - s - : d p w ( o r a o - i a s l t ) r w s i h t - s - Cal. yr.—1951 52,979 8,582 2,221 n.a. 59,338 56,337 4,397 2,221 567 -26 106 n.a. 58,034 1,304 1952 64,840 8,707 2,150 n.a. 71,396 70,682 4,825 2,150 734 38 319 n.a. 72,980 -1,583 1953 63,841 8,596 1,989 n.a. 70,440 72,997 5,974 1,989 575 -82 209 n.a. 76,529 -6,090 1954« 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 1953«... 64,825 8,929 2,194 -215 71,345 74,274 5,169 2,194 694 -28 250 -155 -215 76,407 -5,062 1954 64,655 9,155 2,097 101 71,815 67,772 6,769 2,097 509 -109 303 -274 118 71,974 -159 1955 60,303 9,538 na. 67,769 64,494 8,616 n.a. 488 -156 -257 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. 39,203 2,038 July-Dec, e. 25,757 3,953 849 376 29,199 34,484 3,405 849 277 -38 246 -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 57 —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.. 38,031 5,170 na. 41,790 32,928 4,798 n.a. 157 -39 -234 na. 35,732 6,057 Monthly: 1954—July 2,827 434 130 -173 2,958 4,827 660 130 70 -31 97 -39 -170 5,144 -2,186 Aug 3,911 1,224 49 289 5,375 6,731 526 49 38 16 222 -28 407 7,788 -2,412 Sept. 4,951 457 100 -28 5,280 5,019 788 100 57 -112 -21 -8 —145 5,364 -84 Oct 2,639 370 74 -318 2,617 4,857 800 74 50 —6 -104 —7 -320 5,096 -2,478 Nov 4,201 994 58 -14 5,122 3,842 469 58 45 -9 209 — 1 -33 4,374 748 Dec 3,742 890 427 421 4,626 6,288 573 427 71 25 -425 -11 449 6,401 -1,775 1955—Jan.. 4,655 268 42 -582 4,299 4,942 581 42 51 186 -24 -582 5,009 -710 Feb 5,427 600 53 332 6,306 4,831 653 53 -18 '-8 -354 -40 434 5,481 825 Mar 9,741 778 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 59 -152 5,547 5,356 817 59 39 384 182 6,278 -731 June 10,038 1,677 n.a. 11,045 6,677 852 n.a. 51 11 -104 na. 6,677 4,368 July n.a. n.a. n.a. 2,994 n.a. n.a. n.a. 68 -46 n.a. na. 5,352 -2,358 n.a. Not available. 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. 3Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3). 1 To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below. •Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not comparable to the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC Plus: Less: Noncash Details of net cash borrowing from or In- debt transactions Equals: repayment (—) of borrowing to the public8 crease, Cash issuance of Adjust- Net Period ( c p o d g - d r u r i r ) e r e b o . a e d b s l s c e i i t s e c n t - a F G n e s u t d e e a e e c r r d u - a r l i t a ie g a s e g N n n u o t o c e a f n i e r e - - d s T t a m r o s c r f a i u o e e c d n n r a t t e - s . s t 1 , . N s i a n e G f a e n u c g t d o . F n e v i d e n b t n t s d r . . y v . . . Ac I T b n c s a o r r t a n e . u n v a d o a d . s l s n . s to p P f F u a o i o e b y r n f d m l t i . s c . 2 b b ( r i e o - n o c p i ) r g r a n , r r a , s o o g y h o o w w t r f . - - m i D s c k a s o i t u n r a n e e d b v c s l . t 4 e. b p ( S i i o r n s a i n s c g v u d e s - e ) s n S i o n a t g v e s - s s P i p S s S o e s a y s u c v s t e i a . . a s l l Other « 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 -37 918 n.a. 1,534 497 147 1,579 4,288 -10 -3,168 -122 590 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 6-2,028 618 -1,335 -68 -20 July-Dec. 7.. 9,097 24 76 -71 860 283 30 7,952 6,837 -362 1,583 -94 -12 1 19 9 5 5 5 4 — — J J J u a a l n n y . . - - - D J J u u e n n c. e e . . . . . . . . - - 3 4 7 , , 9 , 3 4 0 7 9 9 6 0 -4 1 7 6 0 -1 8 0 4 7 9 1 8 - n 1 - .a 8 8 . 3 3 1 1, , 1 1 3 4 9 8 7 4 7 2 3 1 3 4 6 6 1 1 1 3 6 1 5 4 2 - - 5 5 6 , , , 6 0 6 9 2 0 4 1 0 - - 4 3 7 , , , 3 0 3 0 9 7 7 0 8 — - 1 1 1 4 5 9 7 6 -2 - - , 9 5 6 5 1 5 5 4 4 -1 - -7 5 4 2 0 5 -2 - 6 5 6 4 8 8 8 Monthly: 1954—July -276 -61 27 -36 -91 71 30 -356 -77 -137 -88 7 -61 Aug 3,971 6 -90 90 311 39 -17 3,645 3,680 33 -64 -7 3 Sept -145 1 161 -125 -48 58 111 -229 -105 -44 -101 -8 28 Oct 3,942 5 -28 -9 -142 51 5 3,996 4,129 -12 -64 -20 -37 Nov 101 1 32 -20 167 45 9 -107 -50 12 -62 -22 15 Dec — 103 (8) -25 17 191 72 -26 -349 -198 -9 -136 -6 1955—Jan -311 -10 521 -24 -134 51 — 1 259 -211 51 -56 -26 501 , Feb -257 3 -40 62 -79 -17 7 -143 -241 169 -59 -27 16 Mar -4,134 6 67 -72 97 5 35 -4,270 -4,291 94 -129 62 -5 Apr 2,601 5 24 -52 -413 31 5 2,955 3,144 -88 —42 —30 -30 May 824 5 31 -30 582 39 (8) 209 1,778 -32 -1,476 -25 -36 June -3,098 1 237 n.a. 1,094 51 —11 -4,031 -3,270 -48 -891 -26 203 July 3,210 -3 n.a. n.a. n.a. 69 45 2,953 P3,291 -39 -259 -20 -20 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. 3Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 4Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 6Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6Excludes exchanges of savings bonds into marketable bonds in the amount of 409 million dollars. 7Beginning new reporting basis. See footnote 6 above. 8Less than $500,000. 912 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS 1 [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash deposits Cash withdrawals Period Total a D u x i v n i a e i r d l s d e s i - c - 2 o t nt r a D c a x o t i e r i r o p 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 t a m n h s - e h e r 4 R D c o e e e f f i d u p r u n e t c d s - t s : Total g N p r s a e a ro c t m - . 'l. s5 f I a n a 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 u r o s a r r e c o i m - i - t a y s l 8 Other Cal. yr.—1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 33,194 3,498 4,137 6,121 4,915 6,169 1952.. 71,396 32,728 22,140 9,566 6,589 2,823 2,451 72,980 47,971 2,612 4,230 5,209 5,617 7,341 1953 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 50,294 2,000 4,589 4,885 6,648 8,113 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 42,955 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 40,739 1,311 4,947 4,766 9,057 9,080 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 22,024 526 102,299 i°2,482 4,277 103,121 July-Dec 25,980 12,899 3,734 4,479 3,490 1,754 376 34,167 20,376 563 2,367 2,186 4,311 4,364 1955—Jan.-June 41,790 19,663 14,466 4,630 4,430 1,669 3,068 35,732 20,363 748 2,580 2,579 4,747 4,717 Monthly: 1954—July 2,958 1,120 54ft 702 304 365 82 5,144 3,465 50 '10141 194 674 619 Aug 5,375 2,985 302 760 1,177 220 69 7,788 3,644 110 314 381 714 2,625 Sept 5,280 2,936 1,108 722 371 204 60 5,364 3,251 40 461 375 716 521 Oct 2,617 1,040 352 768 260 237 39 5,096 3,149 67 286 374 758 462 Nov 5,122 2,881 271 783 039 296 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 11,045 3,346 6,102 922 819 275 420 6,677 3,927 108 707 436 IIS 723 July 2,994 1,097 616 812 280 313 125 5,352 n.a. n.a. 157 379 n.a. n.a. n.a. Not available. 'Revised. 1 Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. 2 Includes estate and gift taxes. UNITED STATES SAVINGS BONDS—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] All series Series A-E and F.[ Series F, G, J and K Calendar year Redemptions1 Out- Redemptions1 Out- Redemptions1 Outor month 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 y2 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 35,951 49,776 4,466 5,632 35,340 33,410 2,962 611 611 16,366 1947 6,694 4,889 34,529 52,053 4,085 4,181 33,821 33,739 2,609 708 708 18,314 1948 7,295 4,840 34,408 55,051 4,224 4,011 33,579 34,438 3,071 829 829 20,613 1949 5,833 4,708 34,079 56,707 4,208 3,905 33,276 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—juiy 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 58I#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 *>225 39,285 68 171 P37 19,080 July 494 532 324 58,407 439 353 P242 39,432 55 180 P82 18,975 P Preliminary. 1A 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. 2Redemptions of extended Series E bonds are included with matured issues. Maturities of Series E bonds in July 1955 were 305 million dollars, bringing the total since May 1, 1951, when extensions of such bonds began, to 18,382 million, of which 5,262 million, or 29 per cent have been redeemed. These figures are stated at approximate maturity value. 3Changes from figures published in BULLETIN for July (p. 791) reflects inclusion of redemptions of Series A-D bonds. 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. 913 AUGUST 1955 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 issues8 Marketable Nonmarketable 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 T d g i e r o r o b e t s a c t s s l t Total Total Bills c e i C n a d e t d n e r e e t s i b s f o s i t - - f Notes B e b l a l i e g n * i k B - on s d t B s r r i a e c n - t k ed b v C i o b e o n r l n e d t- - s Total« b S i o n a n g v d s - s n s T i a o n a n a g t v d e x s - s S is p s e u c e ia s l 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec. 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec 112,471 108,170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec ... 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec 259,487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—Dec 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—Dec 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—Dec 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—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 1954—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 278,786 278,752 234,101 158,148 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 28,037 81,828 11,764 63,830 57,967 4,498 42,268 Feb 278,209 278,182 233,517 157,752 19,505 21,455 35,280 81,512 11,738 64,027 58,225 4,443 42,047 Mar 274,080 274,048 229,103 153,350 19,505 17,722 34,989 81,134 11,710 64,043 58,366 4,318 42,097 Apr 276,686 276,649 232,233 156,578 19,507 20,932 35,007 81,132 11,692 63,963 58,326 4,279 41,691 May 277,515 277,472 232,563 158,404 19,511 17,046 40,718 81,130 11,687 62,473 58,346 2,804 42,240 June 274,418 274,374 228,491 155,206 19,514 13,836 40,729 81,128 11,676 61,609 58,365 1,913 43,250 July 277,626 277,584 231,615 158,571 19,913 16,037 40,746 81,875 11,659 61,384 58,407 1,655 43,340 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 483 million dollars on July 31, 1955) and fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt, not shown separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,290 million dollars on June 30, 1955. 4Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government End of month in ( a s g i e d n t n i c e t c e g u e b l s u e r u ) t i a d d - r - - S is p a s t e r u g c u e e i s a n s t l c i f e u s n P i a s d u n s s b u d 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r m c k i s - a 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u i e e r - s - r c O a o t t r i h o p e o n r - s g m S o l a o v t e n c a e n d a t r t e n l s - S b a o v I n i n n d d g s i s vi s d e u O c a u t l h s ri e t r ies l M a i t n n o i v s e r e c s o * s e u - l s - 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 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 r49,400 15,800 13,200 1954—May 273,555 41,367 7,182 225,006 24,812 63,400 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 '49,500 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 '49,800 '14,000 14,000 Nov 278,888 42,351 7,080 229,457 24,888 69,700 8,800 15,000 19,300 14,600 '49,900 '13,600 13,800 Dec 278,784 42,566 7,043 229,175 24,932 69,200 8,800 15,000 19,300 14,600 '50,000 '13,400 13,900 1955—Jan 278,463 42,268 7,167 229,028 23,885 68,700 8,800 15,200 '20,000 15,000 50,000 '13,600 '13,900 F M e a b r 2 2 7 7 8 4 , , 2 0 0 8 9 0 4 4 2 2 , , 0 0 9 4 7 7 7 7 , , 2 2 0 6 2 0 2 2 2 2 8 4 , , 9 7 6 2 0 3 2 2 3 3 , , 6 6 0 1 5 3 6 6 6 4 , , 9 2 0 0 0 0 8 8 , , 8 8 0 0 0 0 1 1 5 5 , ,2 0 0 0 0 0 n '1 i 9 ( 2 ,0 o 0 o 0 1 1 5 5 , , 3 5 0 0 0 0 5 5 0 0 , , 1 2 0 0 0 0 ' ' 1 1 3 4 , , 9 3 0 0 0 0 '1 1 4 3 , , 2 9 0 0 0 0 Apr 276,686 41,691 7,229 227,766 23,612 65,700 8,800 15,000 '20,100 15,700 50,200 '14,300 '14,400 May 277,515 42,240 7,223 228,052 23,662 64,700 8,800 14,900 21,200 15,900 50,200 14,300 14,400 rRevised. * Includes the Postal Savings System. 2 Includes 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. 914 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 July 31, 1955 [On basis of daily statements at 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 1 Certificates Treasury bonds Treasury bonds— Cont. Aug. 15, 1955 8,477 Mar. 15, 1956-58.. J 1,449 Dec. 15, 1963-68 2J 2,826 Aug. 4,1955 1,501 Dec. 15. 1955 1 5,359 Sept. 15,1956-593..2$ 982 June 15, 1964-69. 3,753 Aug. 11, 1955 1,502 Mar. 22, 19562 1 2,202 Sept. 15,1956-59...2} 3,821 Dec. 15, 1964-69. , 3,830 Aug. 18, 1955 1,500 Mar. 15, 1957-59..£ 927 Mar. 15, 1965-70.. 4.718 Aug. 25, 1955 . .1,500 Treasury notes June 15, 1958 ^ 4,245 Mar. 15, 1966-71.. 2,960 Dec. 15,1955 AU 6,854 June 15, 1958-633..2% 919 June 15, 1967-72.. 1,882 S S e e p p t t . . 8 1 , , 1 1 9 9 5 5 5 5 1 1 , , 5 5 0 0 1 0 A M p a r r . . 1 1 5, , 1 1 9 9 5 5 6 6 . . 1V 1H % 8 1 , ,0 4 0 7 7 2 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 8 9 -62.. > ^ 2 5, , 2 3 7 6 6 8 S D e e p c t . . 1 15 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 .. .. 3 2 , f7 81 1 0 6 Sept. 15, 1955 1,503 Aug. 15, 1956 2 5,706 Dec. 15, 1959-62...2\ 3,465 Tune 15, 1978-83.. 1 606 Sept. 22, 1955 1,503 Oct. 1,1956 1H 550 Nov. 15,1960 2} 3,806 Feb. 15, 1995 .3 2,695 Sept. 29, 1955 1,500 Mar. 15, 1957 2% 2,997 Dec. 15, 1960-653..2$ 1,485 Apr. 1,1957 AH 531 Sept. 15,1961 2% 2,239 Panama Canal Loan. .3 50 Oct. 6, 1955 1,600 May 15, 1957 1H 4,155 Nov. 15, 1961 2% 11,177 Oct. 13, 1955 1,600 Aug. 15, 1957 2 3,792 Aug. 15, 1963 6,755 Oct. 20, 1955 1,600 Oct. 1,1957 1% 824 June 15, 1962-67.. 2,116 Convertible bonds Oct. 27, 1955 1,601 Apr. 1,1958 1H 383 Investment Series B Oct. 1, 1958 1H 121 Apr. 1, 1975-80... 2 11,659 Feb. 15, 1959 .lj| 5,102 Apr. 1,1959 1% 1J9 Oct. 1,1959 1H 99 Apr. 1,1960 1J^ 33 rSold on discount basis. See table on Money Market Rates, p. 909. 2Tax anticipation series. 3Partially 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 i n e e v s d n s t t - . B s F e R e a e r r n e a d v - k l - e s b C m c a o i n e a m r k l - - s b M t s i a n u a n g a v u k l s - - s c In om su p ra an 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 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 funds Life Other funds Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1952—Dec 161,081 6,613 24,69755,828 8,740 9,514 4,711 50,979 Series B): jggg June 159,675 6,899 24,74651,365 8,816 9,347 4,808 53 694 1952—Dec 12,500 3,438 185 1,352 3,179 360 3 987 Dec....!. 166,619 6,989 25,91655,933 8,524 9,120 4,905 55,233 1953—June 12,340 3,439 182 1,314 3,133 353 3^919 1954—June 162,216 6,985 25,03756,199 8,353 8,667 4,854 52,121 Dec 11,989 3,439 168 1,264 2,935 328 3,854 Dec 169,599 6,918 24,93261,082 8,113 8,371 4,958 55,226 1954—June 11,861 3,439 165 1,265 2,876 317 3,800 1955— M Ap a r y 1 1 R 7 S 0 ,0 9 9 70 1 7 7 , \ 0 C 9 \% 5 2 90 3 , 0 6 - 6 1 2 95 56 7 * 7 8 5 5 5 7 O 8 O , , 1 1 l Q O 1 O K 8 o 8 O , , 4 tAo 0 Kv 9 (\ 4 4 '8 8 4 6 3 2 O 6 CO O 1 , ,O 1 9K O 0 O Q 7 1955— D A e p c r 1 11 1 , , 6 7 9 6 2 7 3 3 , , 4 4 3 3 9 9 1 1 6 6 3 3 1 1 , , 2 2 3 2 9 5 2 2, , 8 8 5 6 8 5 3 2 0 9 5 1 3 3 , , 7 7 5 1 6 5 May 11,687 3,439 163 1,223 2,858 291 3,713 TYpasurv bills* IQKO—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: 19,515 46 2,316 4,187 98 520 101 12,248 1952—Dec 56,953 133 141,74916,996 263 532 733 23,547 Dec!.'.'.'" 19,507 51 2,204 4,399 75 537 125 12,115 1953—June..... 64,589 163 115,50519,580 476 390 1,082 27,393 1955—A M p a r y 1 1 9 9 , , 5 5 0 1 7 1 3 6 2 5 8 9 8 4 6 1 2 3 , , 6 5 8 0 2 3 1 9 0 4 8 5 5 5 6 9 0 1 1 2 1 7 3 1 15 4 , , 0 2 8 6 9 0 1954— D D Ju e e n c c e 7 6 62 0 3 , , , 8 1 2 2 2 3 7 3 5 1 1 7 7 0 0 5 7 I 1 1 f ( $ ) 5 ) , , , 9 4 2 7 1 8 2 7 0 2 1 1 5 5 7 , , , 0 6 7 6 8 3 2 4 8 4 2 1 7 9 5 5 4 9 4 5 5 6 4 3 8 6 7 5,0 5 6 6 9 5 1 8 2 2 2 2 9 4 6 , , , 0 5 3 2 6 0 3 8 1 Ce 1 1 rt 9 0 i 5 5 fi 2 3 c — — ate D J s u e : n c e 1 15 6 , , 8 7 5 1 4 2 2 3 7 0 4 5 , ,0 9 6 9 1 6 4 4 , , 7 3 9 5 1 1 3 8 7 7 5 2 6 7 3 31 1 0 7 6 6 , , 4 0 2 5 4 2 1955— M Ap a r y 5 5 6 2 , , 7 9 9 1 2 0 9 6 3 4 1 1 9 7 , , 0 4 9 6 6 0 1 7 0 , , 9 0 9 7 3 6 1 1 7 7 4 0 5 6 9 1 9 6 3 3 3 0 8 5 2 2 6 6 , , 4 3 1 0 6 1 Dec 26,386 63 5,967 9,215 184 37 445 10,4751-5 years: 1954—June 18,405 41 6,600 4,942 101 7 • 202 6,511 1952—Dec 37,713 31 'r,146 22,381 259 48 910 6,938 Dec 28,458 4 13,882 4,835 57 4 179 9,496 1953—June 32,330 152 (5,452 18,344 464 109 914 5,895 1955— M Ap a r y 2 1 0 7 , , 9 0 3 4 2 6 8 8 9 8 , , 9 2 6 7 1 4 3 2 , , 1 1 9 1 3 1 3 4 9 9 2 4 6 4 11 9 4 7 7 6 , , 5 4 9 6 2 4 1954— D D Ju e e n c c e 2 2 29 9 7 , , , 6 3 9 0 6 6 6 7 5 2 1 1 0 9 3 5 2 7 i ( ( 5 5 $, , , 0 3 1 8 0 5 7 7 5 : ; 1 1 1 4 6 8 , , , 6 0 8 2 5 4 4 6 6 4 4 5 7 0 3 6 2 1 1 1 1 5 2 5 8 3 5 ,0 9 8 2 8 9 2 0 0 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 o e 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 5 4 6 9 2 8 5 4 52 8 9 6 4 5 , , 9 6 7 7 8 8 1955— M Ap a r y 3 3 2 8 , , 4 1 6 7 7 7 1 18 7 8 1 { 2 5 , , 0 7 8 7 7 3 2 2 0 2 , , 8 0 4 7 5 1 5 53 1 7 8 1 1 4 4 4 2 1 1, , 1 1 8 5 9 3 1 7 0 , , 5 2 4 7 8 7 Dec. 31,406 8 13,28911,510 130 52 605 5,8145-10 years: 2954—june 31,960 64 13,02911,423 221 99 592 6,531 1952—Dec 22,834 546 1,38711,058 1,775 885 ,348 5,835 Dec 28,033 46 6,04413,649 242 67 675 7,310 1953—June 18,677 422 1,374 8,772 1,395 745 1,104 4,865 1955—A M p a r y 3 4 5 0 , , 0 7 0 1 7 8 1 9 1 0 4 1 9 1 , , 9 6 6 4 3 6 1 1 4 5 , , 6 8 7 2 4 5 2 2 7 9 1 1 6 5 1 8 6 7 9 2 9 6 1 9 2 , , 2 0 4 5 8 8 1954— D D Ju e e n c c e 2 3 3 0 0 3 , , , 2 5 6 9 4 7 2 2 7 4 4 47 9 1 7 4 8 : 1 t 1 , , , 3 0 0 7 1 3 4 4 5 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 1 , , , 1 6 6 6 5 9 4 5 8 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:1 7 81 9 , , 3 8 4 9 9 0 3 3 , , 0 3 4 0 6 0 4 4 , , 5 5 2 2 2 2 3 3 2 2 , , 8 0 4 6 9 6 7 7 , , 1 2 6 3 5 2 5 5 , , 8 8 0 5 7 5 3 3 , , 4 4 2 8 9 4 2 2 3 4 , , 0 8 7 9 2 0 1955-A M p a r y 3 3 3 3 , , 6 6 8 8 8 7 5 4 0 9 0 2 1 1 , , 0 0 1 1 4 4 2 2 1 1 , , 1 1 2 0 1 1 1 1 , , 4 4 3 1 2 3 4 3 1 9 9 3 1 L , , 6 6 4 5 3 0 7 7, , 6 5 2 5 3 8 Dec 77,327 3,377 3,667 30,671 6,820 5,686 3,418 23,688After 10 years: 1954—June 80,474 3,395 3,093 35,481 6,669 5,164 3,641 23,032 1952—Dec 31,081 2,464 L,415 5,207 5,091 4,870 1,361 10,673 Dec 81,835 3,378 2,802; 38,037 6,499 4,898 3,673 22,548 1953—June 31,739 2,723 •1,415 4,488 5,167 4,969 L,356 11,621 1955—A M p a r y 8 8 1 1 , , 1 1 3 3 0 2 3 3 , , 5 5 0 01 2 2 2 , , 8 8 0 0 2 23 3 6 6 , , 2 0 2 7 2 7 6 6, ,4 4 9 61 2 4 4 , , 9 8 4 8 6 8 3 3 , , 6 6 1 3 6 1 2 2 3 3 , , 5 7 3 8 9 4 1954-J D D u e e n c c e 3 3 31 1 1 , , , 7 7 7 1 3 2 9 6 5 2 2 2 , , , 7 7 7 4 6 9 0 5 6 L 1 1, , . 4 4 4 1 1 1 5 5 5 4 4 5 , , , 5 2 9 3 9 8 5 4 5 5 4 4 , , , 0 9 6 3 3 6 0 9 8 4 4 4 , , , 5 8 3 8 6 6 2 4 8 1 1 1 , , , 3 3 3 3 3 6 9 9 9 1 1 1 1 1 1 , , , 7 7 8 3 1 7 4 6 4 1955—Apr 33,632 2,900 1,415 5,550 4,786 4,429 1,436 13,116 May 33,630 2,913 1,415 5,529 4,775 4,308 1,408 13,193 •Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent oi 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. AUGUST 1955 915 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates,in millions of dollars Gross proceeds, all issuers9 Prop a os ll e d co 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 State Bonds Mi i s- t R ir e e - - m tir e e n - t G m U o e v . n e S r t . n 8 - ag F e e r e n a d c l - y4 n m a p i n c a u d i l - - Other« Total Total o P f l f i u e c r b ly e - d p v P l a a r t c e i e - l d y f s e P t r o r r c e e k - d C s m t o o o m c n k - Total m N o e n w ey7 p l p a o o u n u s r e e s - - s m d b e e t a o e c b n f n . t k 8 t , s r e i o t c i f u es - 1939 5,687 ? 11? 13 1,128 50 2,164 1,979 1,276 703 98 87 1170 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 1 19 9 4 4 2 1 3 1 5 5 , , 4 1 3 5 8 7 11, 4 8 6 4 6 6 38 1 9 52 5 4 6 30 5 2 1 , ,0 6 6 6 2 7 2,3 9 8 1 9 7 1,5 5 7 0 8 6 4 8 1 1 1 1 1 11 6 2 7 1 3 1 4 0 1,< ( 3 54 4 7 0 4 8 7 6 4 8 2 3 8 5 1 1 4 3 4 8 1,5 3 8 9 3 6 1943 44,518 4? 815 2 435 97 1,170 990 621 369 124 56 108 308 27 73 789 1944 56,310 424 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945 54,712 47, 151 506 795 47 6,011 4,855 3,851 1,004 758 397 1 ,U7 1,080 133 134 4,555 1946 18,685 10, 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 1, ^89 ,279 231 379 2,868 1947 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 5, 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 (551 s 929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,434 2,455 424 736 5, 558 4,606 315 637 401 1950 19,893 Q,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4 *390 4,006 364 620 1,271 1951 21,265 9, 778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7, 6,531 226 363 486 1952 27,209 1? 577 459 4,401 237 9,534 7,601 3,645 3,957 564 1,369 8 716 8,180 537 664 1953 28,824 11,057 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8, 195 7,960 535 260 1954 29,765 1?, 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,4-QO 6,780 709 1,875 1954—June... 2,422 5?3 855 4 1,041 792 343 449 131 118 ^4? 789 53 183 July 2,167 508 123 280 3 1,253 1,085 714 371 76 92 WQ 828 81 329 Aug.... 1,279 546 300 8 424 352 166 186 45 27 }15 304 31 82 Sept 2,125 4-64 652 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 ,rwn 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 62 103 515 89 400 1955—Jan. > 2,706 74? 716 541 35 672 484 252 232 53 135 546 465 81 114 Feb 1 431 602 328 1 501 364 156 208 25 113 <H6 362 74 56 Mar, 2,583 614 540 9 1,420 871 524 346 37 512 1 1,190 71 135 Apr. '1,654 4?9 '15 '675 '475 297 '178 54 '146 4-Q4 '444 '50 '165 May '4,399 3, 020 30 '350 '2 »998 '694 465 '229 '95 '209 903 '791 '112 '74 June 1,919 496 623 4 796 533 190 344 57 206 697 635 62 81 Proposed uses of net proceeds, by major groups of corporate issuers Manufactur C m om isc m e e ll r a c n ia eo l u a s nd Transportation Public utility Communication a R nd e al f in e a s n ta c t i e al Year or month T c p n e o r e e o t d t a - s l ]^Tew R m e e t n ir t e s1 - 0 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 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 ts e 1 - 0 T c p n e o r e e o t d a t - s l K 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 t e s1 - 0 T c p n e o r e e o t d t a - s l N c it a a e p l w - * R m e e t n ir t e s1 - 0 1949 1,391 1,347 44 338 310 28 795 784 11 9 ?76 043 933 >67 517 49 593 558 35 1950 . . . 1 175 1 149 538 474 63 806 609 196 9,608 1 68? « 314 81 739 639 100 1951 3,066 2,846 221 518 462 56 490 437 53 2,412 2 326 85 (305 600 5 515 449 66 1952 3,973 3 261 536 512 24 983 758 225 9,626 53Q 88 r«s 747 6 508 448 60 1953 2 218 9 128 90 542 502 40 589 553 36 9,972 f> P05 67 *74 871 3 1,561 1 536 24 1954 2,234 2,044 190 923 831 93 771 501 270 3,665 2675 990 rn 651 60 1,061 788 273 1954— J J u u l n y e 2 52 9 5 5 590 2 5 3 10 9 0 3 9 6 0 8 32 4 4 9 0 1 4 60 0 31 4 3 3 21 1 3 1 7 8 3 8 58 9 2 8 1 1 19 5 9 6 5 71 8 1 9 28 8 August 116 107 10 55 41 14 46 46 158 104 55 27 25 1 14 12 2 September.. 149 109 40 58 58 1 163 40 123 247 174 74 J29 326 3 47 41 7 October.... 278 273 5 144 127 16 47 22 25 272 212 60 98 98 274 270 4 November.. 108 105 3 74 73 69 18 51 61 46 15 74 20 54 27 26 1 December.. 187 123 64 137 132 4 70 52 18 459 153 305 44 43 1 108 100 8 1955—January 186 163 23 50 45 5 80 37 43 239 198 41 7 6 2 97 97 February... 84 68 16 100 88 12 8 8 108 101 8 44 26 18 148 145 2 March 632 547 85 96 94 3 36 36 224 196 27 27 21 6 381 368 13 April '167 '141 '26 '38 '37 '1 '107 '18 '89 '214 178 36 18 12 6 '114 '108 '6 May '424 '376 48 '46 '42 '55 '55 '. '247 '230 '17 "24 '24 '181 '177 '5 June 174 164 10 121 110 11 57 52 275 260 15 70 31 '"'39' 80 78 2 'Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by mutiplying principal amounts or number of units by offering price* 3Includes issues guaranteed. 4Issues not guaranteed. 5Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7Includes proceeds for plant and equipment and working capital. 8Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. 'Includes all issues other than those for retirement of securities. 10Retirement of securities only. Source.—Securities and Exchange Commission. 916 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1953 1954 1955 1949 1950 1951 1952 1953 1954 3 4 1 2 3 4 1 Manufacturing Total (200 corps.): Sales 37, 94845 35152, 44453,90562, 66557 45715,459 14,902 14,233 14,776 13,401 15,047 18,023 Profits before taxes 5 168 8 04?, 8 70? 7 147 8,??5 7 093 ? 093 1 395 1 754 19?3 1 549 1,868 ? 4?9 Profits after taxes 3,186 4 143 3 486 3 117 3, 560 3 750 885 89? 891 977 790 1,093 1,197 Dividends. ... 1,710 ? 795 ? 036 ? 031 9, 110 ? 337 495 631 524 523 518 772 545 Nondurable goods industries (94 corps.): * Sales 14051 15 994 18 67018 908 ?0 ?76 ?0 19? 5,082 5,084 4 961 4 972 4,955 5,304 948 Profits before taxes 1975 ? 847 3 3?4 ? 715 9 908 9 658 783 581 669 676 637 676 773 Profits after taxes .. 1 297 1 599 1 481 1 313 1,446 1 531 376 371 365 376 357 433 422 Dividends 759 94? 894 91? 934 1 0?3 222 ?75 228 229 930 336 248 Durable goods industries (106 corps.):2 Sales 93 897 99 357 33 774 34 997 4? 390 37 965 10 377 9,817 Q 979 Q 804 8 446 9,743 075 Profits before taxes 3 193 5 195 5 378 4 43? 5 317 4 435 1,309 814 1,084 1,?47 91? 1,192 656 Profits after taxes 1 888 ? 544 ? 005 1 804 ? 114 ? ?19 509 5?1 5?6 600 433 660 775 Dividends 950 1352 142 1 119 1 176 1 314 274 356 296 294 288 436 297 Selected industries: Foods and kindred products (28 corps.): Sales % 4 ?73 4 40? 4 909 5 04? 5 411 5 464 1, 3.55 1,394 1, 337 1,351 1 339 1,437 1,354 Profits before taxes 434 53? 473 446 465 461 131 107 99 13? 1?? 108 100 Profits after taxes ?68 ?89 ??7 ?04 ?11 ??4 57 54 46 63 59 56 47 Dividends 149 161 159 154 154 156 37 45 36 36 39 45 36 Chemicals and allied products (26 corps.): Sales 3 680 4,577 5,574 5,695 6 071 5 917 1,506 1,453 1,434 1,471 1,461 1,551 1,642 Profits before taxes 693 1 133 1 4?1 1 ?00 1 ?60 1 133 330 ??4 272 ?71 ?68 322 354 Profits after taxes 415 57? 496 458 493 591 1?4 1?1 133 136 13? 190 176 Dividends 3?1 448 363 381 398 480 91 1?7 98 98 95 189 110 Petroleum refining (14 corps.): Sales . 3 907 4,?60 4 966 5 990 5 757 5 883 1,473 1,498 1,479 1,44? 1 440 1,522 1,531 Profits before taxes 559 673 869 689 796 713 ??9 176 ?14 189 165 145 ?0? Profits after taxes . 428 464 532 495 571 541 155 157 148 138 127 128 142 Dividends 191 ??3 ?47 ?68 ?74 ?78 67 74 68 68 69 73 73 Primary metals and products (39 corps.): Sales 8 187 10 446 1? 497 11 557 n 750 11 517 3,476 3,194 ?,910 3 019 ? 715 2,873 3,339 Profits before taxes 993 1,700 2,092 1,161 l 824 1,370 510 295 301 359 305 405 489 Profits after taxes ... 578 854 776 575 793 714 ?03 196 150 179 151 234 ?4? Dividends ?85 377 381 367 377 408 88 113 100 9? 9? 124 93 Machinery (27 corps.): Sales 4 363 5,071 6,183 7,08? 8 009 7 746 1,959 ?,038 1,917 1,937 1 864 2,028 1 956 Profits before taxes 520 850 1,003 974 l,009 897 241 193 252 237 199 209 235 Profits after taxes 391 4? 5 370 380 40? 469 95 115 117 107 10? 143 11? Dividends 138 ?08 19? ?00 ?39 ?63 49 90 58 64 65 76 68 Automobiles and equipment (15 corps.): Sales Q,57711,805 1? ,4961? ,8?516 377 13 ,940 3,917 3,495 ,485 3,731 ? 9?? 3,802 4,7?9 Profits before taxes 1 473 ?,305 1,913 1,945 ? 048 1 741 451 ?35 434 53? ?99 476 8?3 Profits after taxes 861 1,087 705 698 747 8?7 168 168 214 ?57 1?7 229 369 Dividends 451 671 479 46? 463 5?9 114 117 114 113 106 196 108 Public Utility Railroad: Operating revenue 8,580 9,473 10,39110,58110,664 9,371 2,755 2,582 2,275 2,335 2,366 2,395 2,302 Profits before taxes 700 1,385 1,260 1,451 1,404 900 399 272 156 199 226 319 259 Profits after taxes 438 784 693 832 871 674 234 219 88 136 172 277 175 Dividends ?5? 31? 398 338 41? 370 79 162 P6 73 74 136 101 Electric power: Operating revenue 5 069 5,598 6,058 6 549 7 136 7,610 1 7?1 1.826 1 984 1 810 1 831 1,976 ? 171 Profits before taxes 1 1?9 1 313 1 48? 1 740 1 895 9,049 428 460 570 487 478 513 636 Profits after taxes 757 8?? 814 947 1 030 1 140 ?31 ?60 3?1 ?66 ?64 288 341 Dividends 560 619 651 7?5 780 857 194 212 ?19 ?10 ?11 224 ??5 Telephone: Operating revenue ?,967 3,34? 3,7?9 4,136 4,5?5 4 90? 1,1?9 1,178 1 174 1,?10 1 ?33 1,285 1 ?98 Profits before taxes . . .... 333 580 691 787 9? 5 1,050 ??0 ?48 ?4? ?6? ?6? 284 306 Profits after taxes ?07 331 341 384 45? 5? 107 1?? 116 175 141 143 15? Dividends . 213 276 318 355 412 448 104 108 109 111 112 116 118 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). 917 AUGUST 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dellars] [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 r e o fo fi r t e s co In m - e P a r f o t f e i r ts d C i a v s i h - tr U ib n u d t i e s- d Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net taxes taxes taxes dends profits issues ments change issues ments change issues ments change 1 1 9 9 4 3 5 9 1 6 9 . . 4 0 1 1 0 . . 4 7 5 8 . . 0 3 3 4. . 7 8 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 , ,2 0 8 1 3 1 4 3 , , 6 0 5 0 5 4 1 1, , 6 8 3 6 2 7 5 4 1 0 2 0 1 1, , 2 3 3 5 2 5 1 1 9 9 4 4 7 8 3 2 2 9 . . 8 5 1 12 1 . . 5 3 2 1 0 8. . 2 3 6 7 . . 5 2 1 1 1 3 . . 7 0 1 19 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 0 6 6 7 2 1 , , 8 58 0 3 2 3 2, , 0 2 0 8 4 4 2 1 , ,8 4 6 1 4 8 6 2 9 9 8 2 1 1 , , 5 7 7 2 2 0 1 1 9 9 4 5 9 0 4 2 0 6. . 2 0 1 1 0 7 . . 4 8 2 1 2 5 . . 1 8 9 7 . . 2 5 1 8 2 . . 3 9 1 19 9 5 5 2 1 1 9 0 , , 0 6 4 79 8 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 6 3 6 5 3 6 4 6 8 6 2 2, , 9 7 8 0 7 0 1 1 9 9 5 5 2 1 4 3 1 5 . . 2 9 2 1 2 9 . . 5 8 1 1 8 6 . . 7 1 9 9 . . 0 1 9 7 . . 6 2 1 1 9 9 5 5 4 3 1 9 1 , , 5 7 5 1 0 5 5 2, , 4 3 2 5 8 3 6 7 , , 3 1 6 2 1 1 6 7 , , 6 8 5 7 1 2 3 1 , ,8 8 9 9 6 7 4 3 , , 7 9 5 7 5 5 3 2 , ,8 8 9 4 8 3 1,4 5 5 3 6 3 2 2 , , 3 3 6 8 6 6 1 19 9 5 5 4 3 3 3 8 4 . . 3 0 2 1 1 7 . . 3 1 1 1 7 7 . . 0 0 1 9 0 . . 3 0 6 7 . . 9 7 1954— 2 1. . . . . . 2 2 , , 7 8 0 5 0 8 1,1 9 3 7 9 7 1 1 , , 7 7 2 1 4 9 1 1 , , 6 8 1 6 9 3 8 7 4 5 7 8 1,0 8 1 6 6 2 1,0 9 8 9 1 5 2 29 1 2 9 8 7 6 0 2 3 1954— 2 1 3 3 2 3 . . 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 48 3 4 7 3 4.. .. 3 3 3 6 . . 5 0 1 1 6 8 . . 8 1 1 1 6 7 . . 7 9 1 1 0 0 . . 0 6 6 7 . . 7 3 1955—1. .. 3,065 1,347 1,719 1,681 702 979 1,384 645 740 1955—1 40.9 20.5 20.4 10.2 10.2 1 Reflects cash transactions only. As compared with data shown on p. 916, 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 1 Preliminary estimates by Council of Economic Ad- stock issues and cash proceeds connected with conversions of bonds into stocks. Revisers. tirements include the same types of issues, and also securities retired with internal Source.—Department of Commerce. funds or with proceeds of issues for that purpose shown on p. 916. 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 ca o N p rk e it i t a n l g Total Cash e U r 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 .4 48.9 1.6 64.4 3<.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 51.8 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 1 Excludes banks and insurance companies. 2 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 * [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 i a o r c i t l n l a - . - P u u t t i b i e l l s i i - c oth A e l r l s rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1953—3 7,084 3,116 708 1,221 2,039 1945 8,692 3,983 383 548 574 505 321 2,378 4 7,625 3,565 743 1,247 2,070 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 1954—1 6,266 2,788 634 929 1,916 1949 19,285 7,149 792 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 L,212 3,309 1,104 5,671 3 6,640 2,896 553 1,060 2,133 1951 25,644 10,852 929 1,474 1,490 3,664 1,319 5,916 4 6,988 3,209 559 1,109 2,110 1952 26,493 11,632 985 1,396 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 1955* 27,063 10,704 896 763 1,495 4,384 8,319 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. a Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 918 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 Naatam Farm End of year h O ol t d h e e r r s 1- to 4-family houses com M m u e l r ti c - i f a a l m p i r ly o p a e n r d ties1 or quarter 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 ti l n n - - s S F e a e c l g d e i e e e c n r s t a e - l d v o i I d a t n h u n d e a d i r l - s s h A e o r l l s d l - Total t F u i i n c t n i s i o a a ti l n n - - s O h e o th r l s d e - r Total t F u i i n c t n i i s o a a ti l n n - - s O h e o 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 s i o a a ti l n n - - s h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 1.5 4.9 1942 . 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7 8 4.7 6 0 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 4.1 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 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 5.6 2 1 3 5 1950 ..... 72 8 51 6 1 4 19 8 66.7 45.1 35.3 9.8 21.6 14.0 7.6 6 1 2 3 3 7 1951. 82.2 59.5 2.0 20.7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6 6 2 6 4 0 1952.............. 91 2 66 8 2.4 21.9 84.0 58.7 47.0 11.7 25.3 17 0 8 3 7 2 2 S 4 3 1953. 101 0 75 0 2.8 23.2 93.3 66,3 53.8 12.5 27.1 18 2 89 7 7 3 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 3.3 4.9 1953—December..... 101.0 75 0 2.8 23.2 93.3 66.3 53.8 12.5 27.1 18.2 8.9 7.7 3.0 4 6 1954—March 103.1 76.8 2.7 23.6 95.2 67.8 55.3 12.5 27.5 18.5 9.0 7.8 3.1 1 4 7 J S u e n p e tember.. .. 1 10 0 6 9 .7 2 8 1 2 9 . 4 5 2 2 . . 7 7 2 2 4 4 , . 0 6 1 9 0 8 1 . . 2 6 7 72 0 . . 8 0 5 5 9 7 . . 9 4 1 1 2 2 . . 6 9 2 2 8 8 . . 8 1 1 1 8 9 .3 9 9 9 .5 2 8 8 .1 0 3 3 .2 2 4 4 9 8 December. . . . 113.5 85.6 2.8 25.0 105.3 75.9 62.7 13.2 29.4 19.6 9.7 8.2 3.3 4 9 1955—March? 117.3 88.8 2.9 25.6 108.9 78.9 65.4 13.5 30.0 20.0 9.9 8.4 3.4 5.1 June? 122.2 92.8 3.0 26.4 113.4 82.8 68.9 13.9 30.6 20.5 10.2 8.8 3.5 5.3 ^Preliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars Commercial bank holdings2 Mutual savings bank holdings4 Nonfarm ]Nonfarm End of year or quarter Total Residential8 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 906 A 340 3,292 1,048 566 4,81? 4,784 3,884 900 28 1942 4,746 4,256 3 33? 0?4 401 4 6?7 4,601 3,725 876 26 1943 A 521 4,058 3,256 80? 463 • 4 4?0 4,395 3,558 837 25 1944 4,430 3,067 3 749 46,3 4 .305 4,281 3,476 805 24 1945 4,772 4,251 3,395 856 4 ?08 4,184 3,387 797 24 1946 7 234 6 533 • 5,146 1,387 70? 4,441 4,415 3,588 827 26 1947 Q,446 8 6 033 1,600 8?.3 4 8.56 4,828 3,937 891 28 1948 10,897 10,023 8,066 1 057 874 5 806 5,773 4,758 1 015 34 1949. 11 644 10 7,36 8 676 ,060 000 6 70.5 6,668 5,569 1,099 37 1950 13 664 695 10 431 9 968 8, 8 218 7 054 1 164 44 1951. 14 73? 13 11 ?70 3,421 2 921 4 Q?Q 2',458 1,004 o,916 9,869 8,595 567 1,726 -i3fH 1,274 47 1952 15,867 14 800 1? 188 3,675 3,012 5 501 7 1 058 11 370 11,327 9,883 3 168 2,237 477 1,444 53 1953. 16 850 15 768 0?5 3,912 3,061 5 951 ?,,843 1,08? 12,943 12,890 11.334 .348Q 3,053 70? 1,556 53 1954 18,555 17 14 137 4,104 3,348 6 685 .3 ?60 1 158 15 007 14,951 13,211 3 800 4,262 140 1,740 56 1953—-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? 065 3,920 3,075 5 070 005 1,100 13,345 13,292 11,700 3 560 3,295 845 1,592 53 Tnne» 17 366 16 1.3 3,960 3,116 6 144 3 007 1,130 13,881 13,826 12,181 3 650 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 1,695 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—MarrhP 10 175 17 060 14 600 4,175 3,465 6 060 3 360 1,215 15,560 15,504 13,675 3 850 4,610 5 1,829 56 June** 20,050 18,775 15,265 4,320 3,655 7 290 3 510 1,275 16,165 16,109 14,230 3 915 4,980 5 335 1,879 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 IBank Call Report and from weekly reporting member banks. 3 Data not available for all classifications prior to December 1951. 4 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. AUGUST 1955 919 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 in F s H u A re - d a g n V u t A e a e r - - d Other Farm Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 1940 5,972 5,073 668 4,405 899 1941 6,442 5,529 815 4 714 913 1942 898 6,726 5,830 1,096 4 734 896 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—june 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 June 519 478 71 151 256 41 27,483 25,310 6,202 5,297 13,811 2,173 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 s u 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 N b u e m r - Total i a n S l s o g a s a s n v n & s - . p I c a n a o n s n m c u ie e r - s - b C m c a o i n e a m 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 d r r e o r d o s - u e l ) - d nt 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946.. 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947. 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948........ 3,607 1,046 1,710 851 10,305 563 2,397 7,3451948 2,535 11,882 3,629 1,016 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 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5^701 1952 6,617 2,105 2,955 1,557 18,336 904 3,385 14,0471952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5,950 1953 7,767 2,475 3,488 1,804 21,882 1,044 3,961 16,8771953 3,164 19,747 7,365 1,480 3,680 1,327 5,895 6,241 1954........ 8,969 3,076 3,846 2,047 26,142 1,171 4,714 20,2571954 3,458 22,974 8,312 1,768 4,239 1,501 7,154 6,644 1954-May... 728 254 301 173 1954-June... 303 1,990 741 146 368 133 602 6,573 June... 810 283 341 185 23,847 1,102 4,277 18,468 July... 306 2,027 734 155 371 141 626 6,625 July... 802 281 349 173 Aug... 312 2,086 770 166 369 138 643 6,684 Aug... 841 289 372 180 Sept... 313 2,122 766 164 383 141 668 6,789 Sept... 828 282 369 177 25,053 1,150 4,503 19,400 Oct.... 314 2,156 765 178 393 140 679 6,874 Oct.... 824 283 364 177 Nov... 307 2,148 757 177 399 147 667 7,004 Nov... 807 278 357 172 Dec... 318 2,267 784 191 420 158 714 7,131 Dec... 853 295 369 189 26,142 1,171 4,714 20,257 1955-Jan.... 284 2,024 688 165 379 128 665 7,120 1955-Jan.... 744 252 326 166 Feb.... 277 1,958 702 151 365 116 624 7,077 Feb.... 775 265 340 171 Mar... 343 2,455 928 174 458 134 761 7,153 Mar... 1,026 386 427 212 27,313 1,232 4,946 21,135 Apr.... 328 2,357 900 165 456 136 700 7,182 Apr.... 1,016 380 430 205 May... 344 2,483 950 163 482 153 734 7,215 May... 1,069 395 470 205 June... 360 2,636 1,024 174 516 171 750 7,312 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. 2 Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 920 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—COM*«#M^ 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 Year mortgages Proj- Prop- mortgages End of Conor Total erty Alter year or Total venmonth Total e p N r r t o e i w e p s - i e p s E r r t t o i x i n e p - g s - g m t a y o g p r e e t s - 1 p l m o r im o a e n v n - s e t 2 - Total e p N r r t o e i w e p s - i p e s E r r t t o i x i n p e - g s - re a a p ti n a o d i n r2 quarter Total F su H in r A e - d - a g n V u t A e a e r - - d tional 1940 991 991 588 175 13 216 1941 1,152 1,152 728 183 14 228 1940 17.3 2.3 2.3 15.0 1942 1,121 1,121 766 208 21 126 1941 18.4 3.0 3.0 15.4 1943 934 934 553 210 85 86 1942 18.2 3.7 3.7 14.5 1943 17 8 4 1 4 1 13 7 1 1 1 1 9 9 9 9 4 4 4 4 5 4 6 7 3 5 , , 0 0 8 8 5 7 7 5 8 4 7 7 1,7 8 6 7 8 7 6 5 8 7 5 6 4 4 2 1 7 8 5 2 7 4 7 0 3 4 2 2 0 1 1 2 2 7 8 4 36 5 2 1 0 6 0 3 3 5 1 1 2 3 1 7 1 4 4 1 3 2 , , 2 3 1 0 8 9 2 6 2 1 1 19 9 9 4 4 4 6 4 5.. 2 1 1 3 7 8 . . . 1 9 5 4 4 6 . . . 2 3 1 4 4 3 . . . 2 7 1 " 2. . 4 2 1 1 1 4 3 7 . . . 2 7 0 1948 5,222 3,341 1,434 684 609 614 1,881 1947 28.2 9.3 3.8 5.5 18.9 1949 5,250 3,826 1,319 892 1,021 594 1,424 793 629 3 1948 33.3 12.5 5.3 7.2 20.8 1950 7,416 4,343 1,637 856 1,157 694 3,073 1,865 1,202 5 1949 37.5 15.0 6.9 8.1 22.5 1951 6,834 3,220 1,216 713 582 708 3,614 2,667 942 6 1950 45,1 18.9 8.6 10.3 26.2 1952 5 6 , , 8 9 3 4 0 6 3 3 , , 1 8 1 8 3 2 1,2 9 5 6 9 9 1,0 9 3 7 0 4 3 2 2 5 2 9 1,3 8 3 4 4 8 3 2 , , 0 72 6 1 4 2 1, , 8 0 2 4 4 5 1,0 8 1 9 4 0 6 6 1952 58.7 25.4 1 9 0 . . 7 8 14.6 33.3 1954 7,323 3,066 1,035 907 232 891 4,257 2,686 1,566 5 1954 66.3 28.1 12.0 16.1 38.2 1954 75.9 32.1 12.8 19.3 43.8 1954—June. . 579 270 86 79 24 82 309 200 109 .3 July... 531 238 75 79 14 70 293 178 115 .3 1952—Sept... 57.0 24.7 10.4 14.3 32.3 Aug.. . 680 262 72 79 40 71 418 251 167 .2 Dec... 58.7 25.4 10.8 14.6 33.3 Sept... 679 269 77 59 33 101 410 252 157 .5 N Oc o t v .. . . . . . 7 7 7 6 0 0 2 2 5 6 2 6 9 8 1 0 9 7 2 4 9 7 8 7 9 6 4 5 9 1 4 8 3 3 0 0 7 4 2 1 1 8 1 9 . . 4 5 1953— J M un ar e . .. . . . 6 6 0 2 . . 4 5 2 2 6 6. . 7 1 1 1 1 1 . . 1 4 1 1 5 5 . . 0 3 3 3 4 5 . . 3 8 Dec... 843 287 92 109 23 63 556 337 219 .4 Sept... 64.6 27.5 11.7 15.8 37.1 Dec... 66.3 28.1 12.0 16.1 38.2 1955—Jan.... 931 309 107 145 5 52 622 390 231 1.2 F A M M e p a a b r y r . . . . . . . . . . . '8 8 8 8 3 4 0 5 2 0 9 6 3 2 2 2 2 8 7 9 4 4 4 4 1 9 8 9 0 3 9 3 9 1 1 1 1 3 6 5 3 6 0 1 8 1 9 3 5 2 3 4 4 5 6 6 5 1 r5 5 5 5 4 3 6 1 8 2 7 5 3 3 3 3 4 5 1 4 5 7 9 1 r2 2 1 1 0 0 9 8 7 9 5 6 . . . . 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 3 2 3 2 0 8 2 9 . . . . 5 8 7 1 1 1 1 1 2 2 2 2 . . . . 2 6 4 8 1 1 1 1 6 7 7 9 . . . . 6 3 9 3 3 4 4 4 9 0 2 3 . . . . 0 3 3 8 June.. 888 336 107 163 5 62 552 348 204 .6 1955—MarP.. 78.9 33.5 13.2 20.3 45.4 r Revised. June**.. 82.8 35.5 13.5 22.0 47.3 1 Monthly figures do not renect mortgage amendments included in annual totals. 2 FHA-insured property improvement loansare notordinarily secured by mortgages; VA- ^Preliminary guaranteed alteration and repair loans of $1,000 or less neednot be secured whereas those NOTE.—For total debt outstanding, figures for for more than that amount must be. first three quarters are Federal Reserve estimates. 3 Prior to 1949, data are not available for classifications shown. For conventional, figures are derived. NOTE.—FHA-insured loans represent gross amount of insurance written: VA-guar- Sources.—Home Loan Bank Board,Federal Housanteed loans, gross amount of loans cl()sed. Figures do not take account of principal repay- ing Administration, Veterans Administration, and ments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by Federal Reserve. type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY * 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 t y s m co it m te - d bu d r i s s e - d 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 - t L e 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—June 570 779 2,301 700 1,601 50 37 1953 728 640 952 634 317 July 540 737 2,371 724 L,647 120 37 1954 734 818 867 612 255 August 594 700 2,355 733 1,622 33 39 September, 631 654 2,362 745 1,618 38 19 1954—July 53 98 630 406 223 O N c o t v o e b m er b . e r .. . 6 C 78 1) 6 54 0 7 3 2 2, , 3 3 9 6 6 8 7 7 5 7 2 3 1 1 , , 6 6 1 2 6 3 3 5 9 0 2 1 3 1 A Se u p g t u e s m t ber. 5 6 9 9 3 3 8 1 6 6 8 5 9 9 4 4 2 5 2 2 2 2 3 3 6 7 December. 0) 476 2,434 802 L,632 64 15 October.. . 63 45 708 471 236 November. 74 38 743 495 248 1955—January... 0) 418 2,462 817 L.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 L,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 C1) 163 2,562 860 1,702 39 7 March 71 58 702 464 238 June. 0) 127 2,567 867 \L,700 21 3 April 85 33 754 497 257 May 104 37 821 542 279 June 237 42 ;l,017 715 302 !No authorization figures shown after October since under its new charter, July...... 152 107 1,061 748 313 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. "Corrected. Source.—Federal National Mortgage Association. 1 Secured or unsecured loans maturing in one year or less. ^Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. AUGUST 1955 921 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 u h e d m e r s r 1 er e a r n R l n o d i e a z p m n a a t s o i i 2 o r 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 e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 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—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 It95$—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 June 32,471 24,914 12,561 5,639 1,562 5,152 7,557 2,686 3,040 1,831 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the litems 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. 2Indliides only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer ;?goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. .A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n 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 l s d e i e - - d m A ea o u l b t e o i r l - s e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 4940 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 1,117 866 244 308 739 1953 22,187 18,758 8,998 6,147 1,124 2,489 3,429 1,040 903 291 380 815 1954 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 4954—June 21,717 18,538 8,783 6,060 1,207 2,488 3,179 1,037 820 273 379 670 July 21,849 18,671 8,763 6,189 1,228 2,491 3,178 032 818 277 386 665 August... 21,901 18,731 8,731 6,256 1,250 2,494 3,170 032 821 276 389 652 September 21,935 18,753 8,688 6,294 1,267 2,504 3,182 1,041 822 278 390 651 October. . 21,952 18,726 8,637 6,315 1,270 2,504 3,226 1,063 830 282 390 661 November 22,014 18,719 8,586 6,325 1,282 2,526 3,295 1,098 846 283 390 678 December. 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 S1955—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 May..... 24,149 20,718 9,228 7,390 1,395 2,705 3,431 ,150 842 277 457 705 June 24,914 21,432 9,495 7,747 1,434 2,756 3,482 1,160 851 279 481 711 1 Includes mail-order houses. ^.Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. •922 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 lnillions 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 m n n r o s o e e t t d n n a a - i l t l t - C m ( o s m e in n - g t le lo -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 a n 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 - r s 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 J .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—June 8,783 2,237 1,729 1,913 1,293 ,611 1954 • 7,658 2,085 335 764 2,754 1,720 July 8,763 2,240 1,720 1,880 1,297 L.626 August.... 8,731 2,230 1,707 1,857 1,299 1,638 1954—Tune. 6,949 1,977 357 497 2,322 1,796 September. 8,688 2,224 1,686 1,835 1,299 L.644 July 6,876 1,989 314 448 2,325 1,800 October. .. 8,637 2,207 1,663 1,822 1,296 L,649 August.... 6,835 1,985 327 446 2,288 1,789 November. 8,586 2,188 1,636 1,822 1,287 L,653 September. 6,921 1,997 338 488 2,319 1,779 December. 8,633 2,198 1,645 1,839 1,275 J1,676 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 1L.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 1,752 May 9,228 2,466 1,880 1,865 1,211 1,806 March.... 6,974 2,114 367 507 2,228 1,758 June 9,495 2,591 1,940 1,897 1,223 L.844 April 7,142 2,165 331 526 2,333 1,787 May 7,419 2,199 390 532 2,479 1,819 June 7,557 2,303 383 518 2,522 1,831 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, m millions of dollars] Other Repair Total Auto- con- and Per- End of year instal- mobile sumer modern- sonal E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s O g p u c o a t o m o h p n d e e e - r r s r m i R z lo a o e a n a d p ti n d e a o s r i n r n- s l P o o a e n n r a - s l 1939 or month .... c m r 7 e e 8 d n 9 i t t pap 8 e 1 r g p o a o p 2 d e 4 r s iz lo a a t 1 i n o 5 s n lo 6 a 6 n 9 s 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 1946 ... ... 991 77 34 22 858 1947 1,275 130 69 39 1,037 1945 300 164 24 58 54 1948 1,573 189 99 59 1,226 1 1 1 1 1 9 9 9 9 9 4 4 4 5 4 9 0 6 7 8 . . 3 2 1 1 , , , , 9 7 3 9 6 9 5 5 8 7 0 5 0 5 7 3 2 1 , , ,3 2 4 3 8 7 2 5 7 0 8 7 5 2 7 3 3 2 1 0 3 1 8 6 3 2 5 7 3 2 2 1 4 1 5 4 8 2 6 1 3 7 1 1 1 1 9 3 6 2 5 2 9 4 6 8 1 1 1 1 1 9 9 9 9 9 5 5 5 4 5 2 1 0 9 3 .. . 3 3 2 2 1 , , , , , 6 2 5 0 85 1 3 3 5 8 3 7 7 3 3 3 4 2 5 3 5 5 7 4 0 7 8 3 0 2 2 3 1 1 3 0 7 8 3 7 9 9 2 7 2 1 1 1 8 4 1 3 8 9 9 5 2 7 2 1 2 1 1 , , , , , 3 6 8 4 1 9 1 3 5 3 2 0 8 4 0 1951. 3,769 3,183 241 70 275 1954 3,881 596 340 260 2,685 1952. 4,833 4,072 332 82 347 1953 6,147 5,306 367 83 391 1954—June 3,695 574 323 259 2,539 1954 6,421 5,563 351 81 426 July 3,719 581 321 258 2,559 August. ..... 3,744 587 321 261 2,575 1954 Tnnp 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 S A e nc p n t is e f mber. . . 6 6 , , 2 2 5 9 6 4 5 5 , , 4 4 3 7 6 4 3 3 3 3 5 6 8 8 2 1 4 40 0 3 3 . D N e o c v e e m m b b e e r r. . . 3 3, , 8 8 8 0 1 8 5 5 9 9 1 6 3 3 3 4 1 0 2 2 6 6 3 0 2 2 , , 6 6 8 2 5 3 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 June........ 4,190 692 380 261 2,857 Anrii 7,077 6,207 348 76 446 May 7,390 6,512 353 77 448 June 7,747 6,857 361 78 451 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. AUGUST 1955 923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Automobile Other consumer Repair and Personal paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 . . . 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953 30,321 26,818 13,621 11,379 8,014 7,511 1,387 1,144 7,299 6,784 1954 29,304 29,024 12-532 12,477 7,700 7,863 1,245 1,278 7,827 7,406 WITHOUT SEASONAL ADJUSTMENT 1954—june . . .. 2,703 2,473 1,244 1,078 659 662 109 108 691 625 July 2,549 2,417 L.163 1,033 622 661 107 105 657 618 August . 2,477 2,425 1,114 1,063 607 641 112 107 644 614 September 2,441 2,407 1,062 1,046 629 636 115 115 635" 610 October 2,454 2,437 1,031 1,056 687 650 106 111 630 620 November 2,554 2,492 L.040 1,084 716 642 108 114 690 652 December 3,046 2,593 L ,184 1,084 936 666 95 110 831 733 1955—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 L.512 1,083 703 690 106 102 768 675 May. ... .... ... 3,206 2,570 1,616 1,113 741 678 121 109 728 670 June 3,443 2,678 1,766 1,190 766 682 125 109 786 697 SEASONALLY ADJUSTED* 1954—june 2,495 2,413 1,114 1,056 649 658 95 108 637 591 July . 2,455 2,364 L.060 1,006 666 667 98 100 631 591 Aufifust 2,409 2,480 1,035 1,067 613 678 100 105 661 630 September ... 2,474 2,404 L,O77 1,014 609 634 106 118 682 638 October 2,461 2,424 L,068 1,039 633 652 92 106 668 627 November .. 2,612 2,500 L,109 1,098 677 631 101 113 725 658 December 2,762 2,488 L.298 1,083 679 643 99 108 686 654 1955—January 2,823 2,496 1,233 1,020 788 684 87 104 715 688 February .. 2,898 2,521 L.382 1,071 660 680 97 97 759 673 March 3,035 2,562 t.472 1,096 741 683 109 116 713 667 April 3,017 2,552 1,404 1,093 736 672 109 109 768 678 M!ay 3,091 2,634 1,517 1,139 736 687 115 122 723 686 June 3,165 2,612 1,580 1,165 754 678 109 109 722 660 * 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 RECEIVABLE1 Item Pe fr r o c m en m ta p 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 e r 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 Month Instalment accounts a C cc h o a u rg n e ts J 1 u 9 n 5 e 5 M 19 a 5 y 5 1 A 9 p 5 r 5 . J 1 u 9 n 5 e 5 M 19 a 5 y 5 A 19 p 5 r 5 . D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1954—June 14 12 10 47 Total i +10 +2 +9 +10 +7 '. July 14 12 10 45 C C a re sh d it s a s l a e l s es: -1 -2 +5 +6 +1 A Se u p g t u em st. b e . r . 1 1 3 3 1 1 2 2 1 1 0 0 4 4 5 6 Instalment... -1 +10 +5 +8 +13 +10 October. . 14 12 10 47 Charge account +3 +5 0 +14 +12 +10 N D o ec v e e m m b b e e r r . 1 1 3 4 1 1 2 2 1 9 0 4 4 8 6 Accounts receivable, end of month: 1955—January. . 14 12 9 44 Total +2 +2 0 +8 +5 +4 February. 14 11 9 43 Instalment +1 +1 -1 +4 +3 March.... 15 13 9 48 Charge accounts +3 +1 +19 +14 April 15 12 9 44 +4 May 15 12 9 45 Inventories, end of June 15 12 9 46 month, at retail value. -3 -2 +3 +2 0 -1 1 Collections during month as percentage of accounts outstanding at beginning of month. 924 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 Industrial production contracts Employment and payrolls2 (physical volume)* awarded (value)1 1947-49=100 1947-49=100 1947-49=100 Depart- Whole- Freight ment Con- sale carload- store sumer com- Non- Manufacturing ings* sales* prices 2 modity Year Manufactures agri- production workers 1947-49 (retail 1947-49 prices2 or month Total Total r D ab u- le N r d a o u b n - le - M era in ls - Total R d t e e ia n s l i - - ot A h l e l r p m t e c u l u m o e r l a y n - - l - t Em m p en lo t y- P ro a l y ls - = 100 1 v 9 = a 4 l 1 7 u 0 - e 4 0 ) 9 3 = 100 10 - 4 1 7 0 - 0 40 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.4 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 62.0 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 7o 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 "t 18 53.7 47.2 15.9 62 24 55.3 42 8 1934 40 39 30 49 51 17 24 58.8 55.1 20.4 67 27 57.2 48 7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58 7 52 0 1936 56 55 49 61 63 30 22 35 65.9 63.9 27.2 81 33 59 3 52 5 1937 . 61 60 55 64 71 32 25 36 70.3 70.1 32.6 84 35 61.4 56 1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59 9 51 1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62 9 56 8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 50 69.7 64 2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 91 5 104.0 87.8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94 4 97.9 81.2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96 4 1948 104 103 104 102 106 102 98 105 101 6 102.8 105 1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 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 J»134 »136 *»153 *>118 J»116 192 178 201 113 6 111.8 151.4 96 112 114 4 110 1 1954 P125 P127 P137 216 232 204 110 4 101.8 137.7 86 111 114 8 110 3 1954 February... 125 126 126 139 114 113 196 201 192 111.1 104.2 104.0 140.0 88 110 115.0 110.5 March. ... 123 126 125 135 114 112 191 205 182 110.8 103.4 103.2 137.9 85 107 114 8 110 5 April 123 124 125 134 115 109 196 213 184 110.3 102.4 101.4 134.5 84 110 114.6 111 0 May 125 124 126 136 117 111 193 216 178 110.2 101.8 100.2 134.6 84 108 115.0 110.9 June .. . 124 124 125 135 116 114 207 227 192 110.1 101.4 100.5 135.8 84 '•111 115.1 110 0 July 123 116 124 134 114 112 206 233 188 109 8 99.7 98.5 131.9 82 112 115 2 110 4 August 123 123 125 135 114 109 218 244 202 109.8 99.4 100.4 134.8 84 111 115.0 110.5 September.. 124 126 126 137 115 108 231 253 217 109.8 99.8 101.7 138.0 84 111 114.7 110.0 October 126 130 128 139 117 109 241 263 226 110.0 100.6 102.0 139.1 87 112 114.5 109.7 November.. 128 130 130 142 118 113 255 264 250 110.6 101.6 102.3 142.2 89 113 114.6 110.0 December.. 130 128 131 143 119 116 259 277 248 110.6 101.7 102.2 143.1 93 116 114.3 109.5 1955 January.... 132 131 133 145 121 120 261 288 243 110.6 101.8 101.2 141.5 92 119 114.3 110.1 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 93 115 114.3 110.0 April 136 138 138 151 125 120 253 286 230 111.7 104.6 103.6 146.7 93 119 114.2 110 5 IVlay. . 138 138 140 153 127 121 245 280 221 112.5 105.8 104.1 150.1 96 117 114 2 109 9 Tune 139 139 141 155 128 123 253 290 228 113.1 106.7 105.8 152.1 94 114 4 110 3 July PI 40 *133 *>157 H13.6 P105.5 105.9 95 123 110.6 "Estimated. *> Preliminary. 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. 933. 2The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights; prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100. 3For indexes by Federal Reserve districts and for other department store data, see pp. 935-939. Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. 925 AUGUST 1955 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 1953* 1954? June July Aug. Sept. Oct. Nov. DecJan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED Industrial Production—Total *00 00 134 125 124 123 123 124 126 128 130 132 133 135 136 138 139 Manufactures—Total 136 127 125 124 125 126 128 13® 131 133 134 136 138 140 141 Durable Manufactures—Total 45.17 153 137 135 134 135 137 139 142 143 145 147 148 151 153 155 Primary metals 6.70 132 108 108 103 105 105 111 118 121 111 131 136 138 140 142 Metal fabricating 28.52 167 150 147 147 148 149 150 152 154 155 157 157 160 162 163 T F M In a r s a N a E b t c n r l r o h e i s u n c i c p m n a e t o r t e l e i e e r r c t n c d y a a t t t l r s m i i o c m a e n a n a t l a d c e m l h q r i p u a e n r c l i e a p o h r t m d i y e n u d e e c n r t p y t s roducts.. 1 4 5 9 7 1 3 . . . . . . 2 6 0 7 5 6 9 4 4 3 4 8 1 1 1 1 1 1 5 3 4 8 9 6 5 6 3 9 4 0 1 1 1 1 1 1 2 4 2 7 7 4 5 2 3 5 7 0 1 1 1 1 1 1 3 2 7 2 3 7 5 2 0 4 9 0 - 1 1 1 1 1 •1 2 4 7 3 7 2 5 1 3 6 0 1 1 1 1 1 1 1 8 2 3 6 2 4 1 5 5 6 4 4 1 1 1 1 1 1 2 4 2 6 3 8 2 7 5 7 7 9 1 1 1 1 1 1 2 3 2 4 6 9 3 7 4 7 9 4 1 1 1 1 1 1 2 7 3 9 2 4 5 5 8 8 2 8 1 1 1 1 1 1 2 4 9 4 8 2 5 5 3 0 7 0 1 1 1 1 1 1 9 4 2 2 8 4 1 5 5 4 7 0 1 1 1 1 1 1 2 2 4 9 4 8 5 6 6 3 2 7 1 1 1 1 1 1 4 2 4 2 9 8 6 6 3 9 5 4 1 1 1 1 1 1 3 8 4 4 3 9 1 5 3 9 0 7 • ' • 1 1 1 1 1 1 4 3 3 8 5 9 1 2 4 4 3 9 1 1 1 1 1 1 3 3 5 4 9 9 5 6 5 9 4 4 Clay, glass, and lumber products 5.91 125 123 118 113 114 124 130 130 133 132 132 135 136 138 142 Stone, clay, and glass products 2.82 133 131 129 131 132 134 132 136 135 136 138 143 146 '149 153 Lumber and products 3.09 118 115 108 96 97 116 128 124 131 129 127 127 127 128 133 Furniture and misc. manufactures 4.04 131 121 120 120 123 123 123 123 122 122 123 125 126 131 134 Furniture and fixtures 1,64 117 106 104 106 109 109 110 108 108 109 109 112 113 117 122 Miscellaneous manufactures 2.40 140 131 130 133 132 132 132 131 132 133 135 135 140 143 Nondurable Manufactures—Total 44.83 118 116 116 114 114 115 111 118 119 121 121 124 125 127 128 Textiles and apparel 11.87 107 100 99 98 99 98 102 103 104 106 105 109 112 113 112 Textile mill products 6.32 104 95 93 95 94 95 101 101 101 103 103 104 109 109 108 Apparel and allied products. 5.55 110 105 106 102 103 101 103 105 107 108 106 115 114 117 116 Rubber and leather products 3.20 113 104 107 99 97 103 108 108 115 123 120 122 123 '124 126 Rubber products 1.47 128 115 120 97 98 117 125 122 133 143 138 140 144 147 149 Leather and products 1.73 99 95 95 100 96 91 94 96 100 105 104 105 105 105 107 Paper and printing 8.93 125 125 126 126 126 127 127 127 127 129 130 133 134 137 138 Paper and allied products 3.46 132 134 136 133 135 137 138 137 136 140 143 147 151 156 156 Printing and publishing 5.47 121 120 121 121 121 121 121 120 121 122 122 124 123 125 127 Chemical and petroleum products 9.34 142 142 141 141 144 143 145 148 148 151 153 155 <-158 160 Chemicals and allied products 6.84 147 148 148 148 149 150 150 152 155 154 157 160 -•162 167 169 Petroleum and coal products 2.50 130 125 124 122 121 125 124 127 129 131 134 134 136 '134 136 Foods, beverages, and tobacco 11.51 107 106 108 105 105 105 105 106 106 107 106 108 110 '110 109 Food and beverage manufactures.. 10.73 107 106 107 105 105 105 105 106 106 107 106 109 110 110 109 Tobacco manufactures .78 108 103 107 101 99 102 102 100 107 106 107 103 109 Minerals—Total 9.98 116 111 114 112 1©9 108 109 113 116 120 123 121 120 121 123 Mineral fuels §.35 115 113 115 112 110 109 110 115 117 120 123 121 121 123 Coal 2.68 78 67 69 70 68 67 70 69 73 74 79 72 72 81 86 Anthracite .36 57 52 48 56 50 49 43 51 66 55 61 45 41 42 43 Bituminous coal 2.32 81 70 72 72 71 70 74 72 74 77 82 76 77 87 92 Crude oil and natural gas 5.67 133 134 136 133 129 130 136 138 142 144 144 '143 140 140 Metal, stone, and earth minerals £.63 119 106 110 108 102 102 101 105 115 118 119 123 114 -120 123 Metal mining. .82 113 90 99 91 83 82 81 86 103 110 114 113 100 -111 117 Stone and earth minerals .81 124 123 122 125 121 121 121 125 127 126 124 132 129 129 129 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL !©©.§§ 134 125 124 116 123 126 13® 13© 128 131 135 137 138 138 139 MANUFACTURES—TOTAL 136 127 125 116 125 127 132 132 129 133 136 140 140 •139 141 Durable Manufactures—Total 45.17 153 137 135 125 132 135 140 143 143 147 151 154 155 155 155 Primary metals 1.32 108 109 94 103 112 118 117 129 136 142 144 143 143 Ferrous metals 5.03 133 105 105 91 95 98 107 114 115 124 132 138 143 143 141 Pig iron and steel 3.51 138 108 108 95 96 101 111 121 121 128 136 144 147 149 146 Pig iron .37 130 101 99 94 93 93 101 110 113 117 122 131 134 138 137 Steel 3.05 139 109 109 96 97 102 112 122 121 130 138 146 148 151 147 Carbon steel 2.62 135 108 111 96 96 101 111 119 118 125 134 143 145 148 144 Alloy steel i. . .43 165 115 102 93 104 111 120 138 145 155 165 165 171 169 169 Ferrous castings and forgings 1.52 121 97 97 80 90 90 97 98 101 113 121 124 133 r128 129 Iron and steel castings 1.29 115 95 96 79 90 89 95 96 99 ill 119 123 132 ••127 127 Steel forgings .23 154 106 101 87 91 98 106 107 110 127 133 132 140 132 139 p Preliminary. r Revised. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 926 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average — 100] 1947-49 Annual 1954 !955 pro- Industry portion 1953P1954? June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT -—Continued Primary metals—Continued Nonferrous metals 1.67 129 120 122 103 117 118 127 129 124 146 149 155 148 144 150 Primary nonferrous metals .38 144 147 149 142 139 137 142 158 160 159 167 169 166 166 167 Copper smeltin0' .09 112 101 109 93 76 88 98 124 121 118 140 134 133 132 131 Copper refining ... .06 11-6 109 114 105 102 89 91 118 131 122 134 133 124 133 133 Lead .04 101 105 97 79 98 109 114 107 103 99 99 112 115 101 110 Zinc .10 113 101 102 97 98 84 90 112 116 118 119 122 118 118 P115 Aluminum . . .09 209 244 245 248 246 244 246 246 250 252 253 256 257 258 259 Secondary nonferrous metals .13 114 105 109 86 105 105 108 107 107 114 125 133 124 123 Nonferrous shapes and castings 1.16 126 113 115 91 111 114 124 123 114 145 146 153 144 139 Copper mill shapes .63 112 100 101 76 too 103 115 111 90 135 125 133 114 110 Aluminum mill shapes . . .20 168 154 162 145 163 159 160 162 ' 168 182 196 202 204 209 228 Nonferrous castings .33 130 114 112 88 103 107 121 122 128 144 155 163 168 155 Metal Fabricating 28.52 167 150 147 138 144 145 ISO 154 156 159 162 165 166 165 164 Fabricated metal products . . .... 5.73 136 123 122 S16 124 124 126 125 124 124 126 130 131 134 135 Structural metal parts 2.68 137 126 126 123 125 125 127 129 130 127 129 131 132 136 136 Stampings and misc. metal products.. 2.12 138 117 114 106 109 111 115 122 124 124 125 129 129 131 128 Tin cans .30 129 131 143 153 196 172 142 103 102 110 107 111 126 143 150 Furnaces, gas ranges, and heaters. . . . .63 93 90 93 75 104 109 121 99 78 87 99 108 107 105 122 IVIactiinerv 13.68 16® 142 137 128 138 145 15© 150 146 148 152 154 152 151 153 Nonelectrical machinery 9.04 143 125 125 119 118 122 121 121 123 126 129 132 134 135 137 Fa F rm ar m an d m a in c d hi u n s e tr r i y al machinery.. . . 8 1 . .0 1 2 3 1 9 3 6 9 12 7 1 9 1 8 2 4 1 1 7 1 9 7 1 7 1 4 6 11 7 6 5 1 7 1 3 6 1 7 1 5 6 1 8 1 0 9 1 8 1 5 9 1 9 2 0 1 1 9 2 4 4 1 9 2 5 6 1 9 2 5 9 1 9 3 5 1 Industrial and commercial machinery 7.11 145 127 127 122 122 122 122 122 125 124 125 128 131 134 136 Machine tools and presses .68 188 160 157 152 150 150 147 146 149 148 149 152 154 157 162 Laundry and refrigeration appliances. .69 128 114 111 88 91 125 123 124 122 146 155 164 161 155 157 Electrical machinery 4.64 194 177 162 145 176 189 207 206 191 191 196 195 189 181 184 Electrical apparatus and parts 3.23 179 160 156 151 152 154 158 162 165 165 167 169 171 175 176 Radio and television sets .74 230 214 166 116 234 280 341 325 258 261 272 261 228 190 192 Transportation equipment 7.54 189 175 175 165 165 155 159 179 191 200 205 209 213 "209 200 Autos trucks and parts 4.80 126 109 111 96 98 81 90 120 136 150 157 163 171 165 151 Autos . . 1.50 146 131 143 125 123 81 70 144 174 195 210 215 223 205 184 Trucks .66 118 92 96 78 79 74 78 93 94 98 87 104 137 132 134 Light trucks . . . .22 112 95 99 86 81 76 74 99 103 102 77 109 148 139 124 Medium trucks .19 58 59 64 57 54 43 46 58 59 64 48 67 89 88 81 Heavy trucks .14 183 133 132 99 113 110 121 134 130 143 144 141 193 192 220 Truck trailers . .07 229 130 146 102 109 119 132 135 131 138 160 170 185 176 205 Auto and truck parts 2.58 117 101 96 85 88 84 105 113 125 137 145 148 150 150 137 Aircraft and parts . . 1.30 465 474 472 469 465 470 464 471 478 479 477 479 472 r469 466 Shipbuilding and repair .81 135 112 115 111 107 104 106 106 110 110 113 115 117 116 118 Railroad equipment .53 72 39 39 26 32 33 28 24 31 32 36 35 38 47 41 Railroad cars . . .35 64 29 25 17 22 25 18 12 20 20 25 26 28 39 29 Instruments and related products. . 1.29 155 140 135 132 132 137 138 140 142 140 142 145 144 142 149 Clay, Glass, and Lumber Products.. 5.91 125 123 122 109 118 129 136 130 125 124 129 133 137 139 145 Stone, clay, and glass products 2.82 133 131 131 128 134 136 139 137 134 132 134 140 146 •149 155 Glass and pottery products 1.09 123 118 115 107 116 118 125 124 120 126 129 131 132 "131 136 Flat glass and vitreous products. . . .60 136 131 123 119 126 134 141 144 148 148 147 149 150 "152 154 Flat and other glass .47 139 133 125 119 127 136 144 148 151 151 150 152 152 152 154 Glass containers • • • .26 120 117 127 118 125 112 119 105 93 114 124 124 125 123 138 Home glassware and pottery .23 91 85 81 63 80 84 92 93 80 82 89 92 94 "88 86 Cement .32 132 135 138 150 151 155 152 145 131 119 115 132 151 159 Structural clav oroducts .35 110 111 115 111 116 118 115 117 113 107 111 119 121 125 135 Brick .12 106 113 124 116 126 128 121 124 112 101 106 121 127 132 146 Clay firebrick pipe and tile .20 115 111 111 109 112 112 113 114 115 114 115 120 120 122 129 Concrete and plaster products .48 163 161 164 170 172 169 168 166 162 155 155 165 174 184 188 Misc. stone and earth manufactures. . .58 143 140 136 134 140 144 146 146 149 147 151 155 160 164 170 Lumber and products 3.09 118 115 115 91 102 123 134 123 116 117 125 126 128 129 137 Lumber 2.05 112 106 106 91 98 110 119 107 100 101 108 109 115 116 122 JVIillwork and plywood .60 149 161 155 93 128 187 207 191 186 193 206 210 201 195 207 Millwork .39 118 123 128 90 116 157 164 139 137 143 151 155 148 139 151 Softwood plywood .12 199 222 195 95 145 232 274 275 264 274 294 298 288 285 299 Wood containers .29 99 88 92 85 83 87 91 88 88 88 88 91 89 91 93 Furniture and Misc. Manufactures. 4.04 131 121 116 112 121 125 129 128 125 121 125 127 124 126 130 Furniture and fixtures 1.64 117 106 100 99 107 111 113 112 112 109 113 114 111 113 111 1.10 118 106 98 98 108 112 116 115 115 110 115 116 113 114 118 Fixtures and office furniture .54 116 107 105 100 106 108 107 107 108 106 109 109 107 "111 116 Miscellaneous manufactures 2 40 140 131 127 121 130 136 14® 139 134 129 134 136 133 136 139 p Preliminary. "Revised. For other footnotes see preceding page. AUGUST 1955 927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average =100] 1947-49 Annual 1954 1955 pro- Industry portion 1953* 1954? June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 118 116 115 107 117 119 123 120 115 119 122 125 124 124 126 Nondurable Manufactures—Total.. 11.87 107 100 96 86 103 99 205 104 98 108 112 115 113 110 108 Textiles and Apparel Textile mill products 6.32 104 95 93 82 97 97 103 102 98 104 108 109 109 108 108 Cotton and synthetic fabrics. 3.72 107 100 96 85 101 100 109 110 104 114 116 118 118 117 110 Cotton consumption 2.30 104 97 92 80 99 96 104 104 95 105 106 105 103 104 100 Synthetic fabrics .97 115 108 110 105 104 112 121 126 127 132 138 147 154 146 134 Fabric finishing .45 101 93 82 65 98 86 101 102 90 107 109 106 107 108 92 Wo W W o o o l o o te l l x f a t a p i b l p e r a i s c re s l yarns . . . 1 7 9 6 5 7 9 7 7 1 5 8 6 6 7 6 4 6 8 6 7 1 8 0 6 6 7 6 8 8 8 7 7 6 4 1 6 6 7 7 6 3 6 6 7 9 7 7 6 6 7 9 9 2 6 7 7 8 0 1 6 7 7 7 0 9 6 8 7 9 5 2 8 7 7 2 4 2 8 7 7 9 7 9 »" 9 8 8 1 2 3 8 8 6 4 Knit goods 1.15 116 106 106 89 109 113 113 110 103 105 112 110 108 108 Hosiery .65 113 108 106 78 106 113 115 109 102 110 119 111 109 103 108 Full-fashioned hosiery. . . .45 118 113 110 79 108 116 118 112 105 114 124 118 116 108 111 Seamless hosiery .20 102 97 98 77 100 107 107 102 93 100 106 96 93 92 102 Knit garments .50 119 103 106 103 113 112 112 111 104 98 104 108 106 113 118 Floor coverings1 .48 Woven carpets 86 71 66 36 70 79 82 62 71 84 83 86 85 71 79 Apparel and allied products. , 5.55 110 105 99 91 110 101 106 107 99 113 116 123 116 113 108 Men's outerwear 1.78 113 103 95 80 110 95 108 108 96 115 113 113 118 119 107 Men's suits and coats .73 96 83 81 56 98 76 82 88 87 98 97 88 92 105 92 Men's suits .50 92 82 75 52 92 73 80 88 90 102 100 91 90 100 86 Men's outercoats .13 89 67 87 57 98 72 72 66 52 60 59 55 76 101 92 Shirts and work clothing... .99 124 116 101 94 118 106 124 121 99 126 124 130 135 127 117 Women's outerwear 1.85 103 109 104 96 114 100 102 102 93 120 125 143 129 116 114 Women's suits and coats... .76 117 129 114 127 146 130 127 130 115 152 160 165 109 '96 123 Misc. apparel and allied mfrs.. 1.92 112 103 98 97 105 107 110 110 106 103 109 112 103 103 107 Rubber and Leather Products. 3.20 113 104 106 86 98 105 114 108 110 123 127 128 124 121 126 Rubber products 1.47 128 115 121 85 94 118 132 124 128 145 144 146 145 150 Tires and tubes .70 117 105 119 84 75 104 116 110 116 130 134 133 128 135 146 Auto tires .40 117 110 133 94 81 107 117 111 119 136 141 145 140 150 161 Truck and bus tires .30 118 99 100 71 69 99 114 110 113 121 125 117 113 116 126 Miscellaneous rubber products. .77 133 124 124 86 111 132 147 137 139 158 153 158 164 155 154 Leather and products 1.73 99 95 94 87 101 94 98 94 94 105 112 113 105 100 105 Leather .44 91 87 89 71 87 83 88 88 88 94 98 94 95 92 Cattlehide leathers .29 92 92 93 75 91 89 96 94 95 101 104 101 102 98 Skin leathers .15 89 75 81 65 78 70 72 75 73 80 86 80 82 81 Shoes and slippers2 .90 Miscellaneous leather products. .39 100 90 84 87 94 95 97 98 94 91 100 103 92 90 96 Paper and Printing 8.93 125 125 126 116 124 128 133 131 125 127 131 136 137 137 137 Paper and allied products. 3.46 132 134 136 120 137 137 146 140 129 140 148 152 154 153 156 Pulp and paper 1.76 130 132 136 116 134 133 140 139 127 140 147 150 148 151 153 Wood pulp... .51 142 148 153 133 150 148 158 160 142 158 166 170 169 171 175 Paper and board. 1.25 125 125 129 109 128 126 133 131 120 132 139 142 140 143 145 Printing paper .22 119 118 120 99 121 120 122 121 112 123 127 133 127 128 129 Fine paper .14 116 120 123 96 122 120 130 127 124 132 134 131 148 138 Coarse paper .20 118 119 119 102 121 118 124 124 112 124 134 130 129 131 Co S S n h a v M P B n i e p a i u r p i t p t s i a e i l c e n r d d e y r g i b l n l p o p a g c a a n a o p r p p e n d e o e a t r a r u p i s e p n p r r e p r o r a a o d s n p d u d e c u r t b c s o ts a . r . d .. . 1. . . . . . 7 5 1 4 1 1 1 1 1 8 0 0 1 1 1 1 1 1 3 2 1 3 3 3 3 9 8 8 4 4 1 1 1 1 1 1 3 4 3 3 3 2 3 5 7 6 0 4 1 1 1 1 1 1 3 3 3 3 4 3 7 5 2 6 4 6 1 1 1 1 1 1 2 3 1 2 1 2 3 9 2 4 9 6 1 1 1 1 1 1 3 3 3 4 3 3 1 3 6 6 9 7 1 1 1 1 1 1 4 4 4 2 3 3 1 1 1 9 6 7 1 1 1 1 1 1 5 3 5 4 3 5 1 5 2 5 8 3 1 1 1 1 1 1 4 2 4 4 4 3 1 9 0 0 2 7 1 1 1 1 1 1 3 3 1 3 2 2 1 1 5 5 2 8 1 1 1 1 1 1 4 2 3 3 5 5 1 2 5 6 0 6 1 1 1 1 1 1 4 5 4 2 4 5 5 6 9 6 6 4 1 1 1 1 1 1 4 5 5 5 5 4 1 3 3 3 2 9 1 1 1 1 1 1 6 3 5 4 5 6 6 9 9 7 6 0 1 1 1 1 1 1 5 4 5 5 5 5 1 2 2 4 8 4 1 1 1 1 1 1 4 5 5 5 5 5 1 8 7 9 4 7 Printing and publishing 5.47 121 120 119 113 116 122 125 125 123 118 121 126 126 126 126 Newsprint consumption 1.85 118 119 119 102 107 120 129 130 123 114 121 132 134 135 131 Job printing and periodicals 3.62 122 121 120 119 120 123 122 122 124 120 121 123 122 122 123 Chemical and Petroleum Products. 9.34 142 142 139 133 139 143 147 149 149 150 154 157 155 155 157 Chemicals and allied products 6.84 147 148 144 138 144 149 155 156 156 157 162 165 164 164 164 Ind I B n u a d P s s t u i l r c a s i s t a i r t l n i i c a o c s l r h g e o m a m r n a g i i t a c c e n a r i c l i c s a h l e c s m he ic m a i l c s a ls , 2 1 . . . . 5 9 2 5 4 7 4 7 1 1 1 18 4 5 5 3 9 5 4 1 1 1 1 5 5 5 8 3 2 7 4 1 1 1 1 5 5 8 5 1 5 3 2 1 1 1 1 4 4 4 4 5 9 8 4 1 1 1 1 5 5 5 7 1 0 0 0 1 1 1 1 5 9 5 5 3 5 5 2 1 1 1 16 5 9 6 1 9 7 0 2 1 1 1 0 7 6 6 0 1 5 4 1 1 1 1 6 6 7 9 6 5 0 6 2 1 1 1 0 7 6 6 6 5 7 9 2 1 1 1 3 8 7 7 1 1 5 6 2 1 1 1 4 8 8 8 3 4 4 4 • • 1 1 1 2 8 8 8 4 2 0 2 7 2 1 1 1 4 8 8 8 3 2 1 5 1 1 18 7 8 6 9 4 Synthetic rubber .11 186 136 122 121 126 137 143 147 151 180 193 202 •202 211 208* Synthetic fibers .59 156 152 157 148 152 148 165 174 173 •172 181 196 189 178 184 Miscellaneous organic chemicals. 1.03 144 146 143 143 146 147 148 151 154 155 157 160 161 166 171 Vegetable and animal oils .64 116 118 96 91 96 109 138 140 130 127 128 117 108 109 105 Vegetable oils .48 112 113 85 80 84 101 139 140 126 125 123 111 99 98 93 Grease and tallow .16 131 133 127 126 129 131 134 137 139 135 145 136 134 142 143 S F P o e a a r i t n p i t l s i a z n e d rs allied products . . . 7 2 6 1 3 6 1 1 1 1 2 1 3 4 8 1 1 12 1 0 2 6 8 1 1 9 1 0 9 7 7 1 6 9 1 9 5 7 1 1 9 1 0 9 7 4 1 1 1 1 1 0 6 5 9 1 1 1 1 1 1 3 5 7 1 1 1 0 1 0 5 7 8 1 1 1 1 0 1 2 5 8 1 1 1 0 1 1 3 6 6 1 1 1 1 0 2 6 8 4 1 1 1 0 1 7 2 9 7 1 1 1 7 0 2 6 2 2 1 12 5 9 5 4 9 1 1 3 9 0 1 7 9 ^Preliminary. 'Revised. 1 Publication suspended pending revision of data for the period 1952 to date. Publication suspended pending adjustment to revised Census production figures for the period 1950 to date. NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 928 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953P1954P June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 130 125 124 122 124 127 126 129 129 132 134 133 132 131 P136 PePtertorloeluemu ma rnedf incionagl products .. . 1.97 135 133 131 130 131 133 132 136 140 142 144 139 136 135 PU2 Gasoline 1.04 144 141 141 141 142 142 140 143 146 146 147 143 144 146 P153 Automotive gasoline .98 139 136 136 136 137 138 135 139 141 142 143 140 140 141 Aviation gasoline . . .06 227 221 235 229 233 215 214 214 232 216 209 205 212 226 Fuel oil .56 130 128 122 122 123 127 128 135 140 146 152 142 129 128 P137 Distillate fuel oil .30 155 158 148 150 154 161 164 172 177 184 196 181 163 161 Residual fuel oil .26 101 93 92 89 87 89 87 92 97 101 101 97 91 91 Kerosene .10 117 110 100 97 99 98 101 116 125 134 123 117 102 97 Lubricating oil .17 106 108 111 104 109 111 106 110 108 109 105 110 124 113 Coke .26 111 84 79 77 75 77 84 90 93 96 98 102 104 105 103 Asphalt roofing and siding .15 99 103 135 110 127 147 133 106 62 70 75 110 131 124 Foods, Beverages, and Tobacco 11.51 107 106 110 108 114 119 116 109 99 99 97 100 101 '105 112 Food and beverage manufactures... 10.73 107 106 109 109 115 120 117 110 101 98 97 100 101 104 112 Food manufactures 8.49 108 107 106 107 117 124 118 113 104 102 99 100 100 102 108 Meat products ... 1.48 115 117 108 102 108 120 127 135 136 138 124 128 118 114 114 Beef .46 129 135 137 135 138 141 142 136 132 140 129 134 133 138 147 Pork .83 104 103 89 81 88 104 115 131 134 133 117 121 106 98 93 Dairy products .69 105 106 145 128 115 97 85 78 79 85 91 104 117 140 145 Butter .14 108 110 145 115 99 84 81 79 85 99 101 104 119 143 139 Natural cheese .07 112 116 161 129 114 98 87 87 91 95 102 113 133 164 165 Concentrated milk .19 93 94 139 109 94 76 66 65 70 76 86 100 116 143 138 Ice cream .28 106 104 139 143 133 113 95 81 74 78 84 100 107 122 139 Canned and frozen foods 1.13 121 112 99 138 194 212 141 99 87 77 72 74 81 »-87 108 Grain-mill products 1.16 106 107 114 112 110 114 110 103 101 103 102 101 102 104 108 Wheat flour .46 81 81 78 78 82 86 90 84 80 87 85 83 79 76 80 Cereals and feeds .70 122 124 137 134 129 132 123 117 115 114 113 113 116 122 126 Bakery products 1.64 100 97 98 99 98 98 99 98 98 94 95 95 94 rQ7 99 Sugar .27 113 117 82 72 94 109 258 273 176 93 61 67 64 64 Cane sugar . . .11 113 106 121 112 115 115 105 90 87 100 106 110 101 102 Beet sugar . .13 108 121 43 32 71 99 385 427 248 81 17 24 27 28 Confectionery .71 102 99 80 66 91 131 123 125 87 106 112 96 93 78 86 Miscellaneous food preparations. . . 1.41 104 105 108 109 108 106 108 105 101 100 101 101 103 no6 110 Beverages 2.24 105 103 124 118 108 107 110 97 88 84 89 101 107 113 54 Alcoholic beverages 1.70 100 98 114 103 96 98 107 99 84 80 86 ioo 106 107 Beer and ale 1.02 103 99 128 122 112 93 84 79 83 85 84 101 113 120 Liquor distilling .17 60 68 62 42 39 69 121 92 67 61 67 66 68 58 Liquor bottling .37 107 102 104 85 85 115 142 139 90 76 93 109 104 96 Tobacco manufactures .78 108 103 114 92 111 109 111 103 83 105 104 105 99 109 Cigarettes .46 111 106 119 98 115 111 111 102 86 111 106 108 102 115 Cigars . . .17 107 105 111 83 112 113 121 113 82 99 107 106 99 105 MINERALS—TOTAL 9.98 116 111 115 110 111 111 112 114 114 117 119 118 120 122 122 Mineral Fuels 8.35 115 113 113 108 no 110 113 117 117 121 123 121 121 120 119 Coal 2.68 78 67 63 57 68 70 77 75 75 77 79 71 72 77 74 Anthracite .36 57 52 50 44 48 51 52 57 61 55 61 41 39 43 46 Bituminous coal 2.32 81 70 65 59 71 72 81 78 77 81 82 76 77 83 78 Crude oil and natural gas 5.67 133 134 136 133 130 129 130 136 138 142 144 144 -143 140 *>140 Oil and gas extraction 4.82 129 128 129 124 123 124 124 130 132 139 140 139 138 133 P133 Crude oil 4.12 124 122 125 120 118 118 118 122 123 130 131 132 132 128 2>127 Natural gas .34 167 172 161 154 157 159 167 184 199 202 207 194 Natural gas liquids .36 157 160 156 151 151 159 163 170 172 175 176 169 161 157 Oil and gas well drilling .85 154 167 176 180 166 159 160 171 171 163 168 175 175 174 Metal, Stone, and Earth Minerals...1.63 119 106 123 119 115 113 110 102 99 97 99 104 rl32 138 114 ]V£etal mining .82 113 90 120 108 100 98 92 79 76 79 85 86 131 141 Iron, ore . .33 128 84 152 139 132 117 87 43 37 36 39 41 101 152 179 Nonferrous metal mining .49 104 94 98 87 78 85 95 103 102 108 117 117 11759 117 116 Copper mining .24 114 103 108 95 77 92 106 118 116 124 134 133 132 135 135 Lead mining .09 86 80 80 74 83 76 78 82 83 83 89 91 87 83 Zinc mining .06 87 75 79 72 75 67 71 74 73 80 83 85 83 -86 84 Stone and earth minerals .81 124 123 127 130 130 129 129 126 122 115 113 122 128 133 134 p Preliminary. rRevised. For other footnotes see preceding page. AUGUST 1955 929 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 June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL..100.00 127 116 118 116 115 114 112 119 125 131 135 139 144 145 147 Major Durables 69.72 138 125 128 126 125 121 117 128 137 145 151 156 163 164 165 Autos 32.10 146 131 136 127 121 110 104 127 149 160 172 179 190 189 180 Major household goods 36.13 132 122 123 127 131 132 131 130 129 133 135 138 142 143 154 Furniture and floor coverings. 15.32 113 101 96 102 106 107 106 103 105 107 107 109 110 113 117 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 31 1 118 106 102 104 109 111 111 111 110 110 113 114 115 118 122 Appliances and heaters 15.60 118 111 110 114 109 112 110 115 128 131 137 145 146 152 Major appliances 1.1.88 123 115 111 118 113 117 114 120 119 132 135 139 152 153 156 Ranges 2.60 90 79 79 83 74 80 79 77 82 79 96 97 101 105 122 Refrigeration appliances.. 4.98 137 124 131 132 125 117 110 122 117 137 140 152 166 169 178 Laundry appliances 2.51 141 148 113 136 146 169 170 174 181 190 181 172 199 188 163 Heating apparatus 3.72 100 97 107 101 98 96 97 95 100 115 120 131 121 125 139 Radio and television sets 5.21 230 214 243 241 270 267 270 259 242 225 226 222 226 222 269 Radio sets. 3.42 67 52 45 47 56 46 62 70 70 73 68 71 65 68 66 Television sets. 1.79 541 522 621 611 678 687 667 620 571 515 527 512 532 516 658 Other Consumer Durables 30.28 102 95 96 93 91 98 98 97 96 98 99 100 100 103 106 Auto parts and tires 14.00 01 01 96 89 85 95 96 93 94 100 97 96 98 101 105 Misc. home and personal goods 16.28 111 99 96 96 79 101 100 101 97 97 100 102 102 104 108 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL..100.00 127 116 116 102 113 108 109 129 132 142 151 155 156 147 144 Major Durables 69.72 138 125 125 107 121 111 111 142 149 163 174 179 180 167 160 Autos 32.10 146 131 143 125 123 81 70 144 174 195 210 215 223 205 184 Major household goods 36.13 132 122 112 92 121 139 149 142 130 137 146 151 145 136 142 Furniture and floor coverings. 15.32 113 101 93 89 102 108 111 108 109 108 111 114 111 109 113 Household furniture 11.31 118 106 98 98 108 112 116 115 115 110 115 116 113 114 118 Floor coverings1 4.01 Appliances and heaters 15.60 118 111 112 88 101 122 124 116 108 124 138 151 150 145 154 Major appliances 11.88 123 115 114 88 96 121 121 118 116 134 149 163 162 156 160 Ranges 2.60 90 79 76 53 68 87 87 83 77 81 104 110 106 100 1.17 Refrigeration appliances.. 4.98 137 124 141 109 99 116 104 106 112 147 152 180 187 183 191 Laundry appliances 2.51 141 148 117 90 128 181 199 192 177 177 207 201 193 1.81 168 Heating apparatus 3.72 100 97 104 86 116 124 133 107 84 93 102 114 113 113 135 Radio and television sets 5.21 230 214 165 116 234 279 338 324 258 260 272 260 228 189 192 Radio sets 3.42 67 52 44 29 51 48 64 71 67 73 74 80 74 75 65 Television sets 1.79 541 522 397 281 583 722 860 806 623 618 648 604 521 408 434 Other Consumer Durables 30.28 102 95 94 90 94 101 104 100 94 95 97 99 99 102 106 Auto parts and tires 14.00 01 91 96 91 90 100 101 93 89 95 93 93 96 101 108 Misc. home and personal goods 16.28 111 99 93 89 97 102 106 105 98 95 101 105 102 102 104 ••Revised. 1 Publication suspended pending revision of data for the period 1952 to date. NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics. In thousands of persons] 1954 1955 Industry group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED Total ,337 12,297 12,346 12,445 12,572 12,580 12,586 12,673 12,798 12 934 '13,081 13, 197 13 211 Durable goods 6,979 6,928 6,957 7,054 7,159 7,177 7,191 7,269 7,350 7,443 '7,549 7,635 7,667 Ordnance and accessories 104 101 10? 100 98 97 96 94 94 91 '90 90 90 Lumber and wood products 572 569 649 678 675 674 668 669 654 658 '680 702 702 Furniture and fixtures ..... ?94 ?97 ?95 ?94 289 290 ''OR '306 310 310 Stone, clay, and glass products.. 430 432 435 436 436 435 434 438 442 448 '456 463 465 979 97? 965 969 988 997 1,008 1,027 1,05? 1 076 '1,102 1, 1 123 Fabricated metal products 834 828 821 825 840 835 826 836 851 864 881 891 901 Machinery except electrical 1,122 1,123 1,125 1,115 1,103 1,095 1,093 1,108 1,127 1 147 1,162 1,173 1,180 Electrical machinery 778 78? 785 792 799 793 792 795 795 804 817 8?? 841 Transportation equipment ... 1,279 1,238 1,183 1,249 1,334 1,375 1,400 1,426 1,447 1462 1,456 1,45.0 1,438 Instruments and related prod- 218 216 218 216 215 218 217 212 224 Misc. manufacturing industries.. 377 373 377 378 375 369 369 371 375 378 '387 392 393 Nondurable goods 5,358 5,369 5,389 5,391 5,413 5,403 5,395 5,404 5,448 5 491 '5,532 5,562 5,544 Food and kindred products 1,092 1,089 1,086 1,082 1,097 1,094 1,085 1,078 1,091 1 113 1,116 1,110 1,098 95 93 9? 94 96 93 90 93 9? Q0 91 94 91 Textile-mill products 970 989 988 979 973 968 967 970 975 983 '970 979 987 Apparel and other finished textiles 1,030 1 033 1 033 1,041 1,060 1,057 1,058 1,064 107? 1071 1,096 1,11? 1,089 Paper and allied products .... 442 441 447 444 440 435 435 435 437 441 '446 453 456 Printing, publishing and allied industries 514 518 515 513 511 512 515 S16 S19 '519 s?n 524 Chemicals and allied products... 528 528 526 529 528 531 534 532 540 546 '556 553 551 Products of petroleum and coal. 179 175 174 175 173 173 171 172 174 175 176 176 177 176 177 196 ?00 199 ?04 207 208, '217 223 Leather and leather products... 333 330 329 332 334 337 336 33? 339 339 '345 345 348 For footnote see following page. 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Compiled by Bureau of Labor Statistics. In thousands of persons] 1954 1955 Industry group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT Total 1?,179 1?,418 12,577 1?,61? 12,657 12,645 12,523 12,649 1?,778 12,816 '12,882 13,084 13,046 Durable goods .. 6,876 6,890 6,965 7,081 7,198 7,218 7,182 7,282 7,375 7,457 '7,530 7,631 7,559 104 101 102 100 98 97 96 94 94 91 '90 90 90 Lumber and wood products 583 592 672 692 685 661 631 639 634 651 '683 720 716 Furniture and fixtures 275 290 298 301 301 297 293 296 298 297 '298 301 298 Stone, clay, and glass products.. 424 434 437 438 438 437 430 434 442 450 '456 465 458 Primary metal products 969 967 965 969 988 1,002 1,013 1,032 1,057 1,076 '1,096 ' 1, 1,11? Fabricated metal products...... 809 820 821 829 844 843 834 844 860 868 877 882 874 Machinery except electrical 1,111 1,095 1,097 1,093 1,092 1,106 1,109 1,125 1,144 1,164 '1,174 1,185 1,168 Electrical machinery . ... 751 766 785 800 811 809 800 803 803 804 809 814 81? Transportation equipment. ... 1,''79 1 1,183 1,?49 1,334 1,375 1,400 1,426 1,447 1,462 '1,456 1,450 1 Instruments and related products ?14 218 218 218 217 216 218 211 ??0 Misc. manufacturing industries. 358 373 386 393 390 373 360 371 377 376 '379 384 373 Nondurable goods 5,303 5,528 5,612 5,531 5,459 5,427 5,341 5,367 5,403 5,359 '5,352 5,453 5,487 Food and kindred products;.... 1,152 1,238 1,268 1,180 1,111 1,062 1,007 985 991 1,011 '1,035 1,081 1,161 Tobacco manufactures. 102 110 11? 103 100 91 89 80 80 8? 79 Textile-mill products 946 974 978 979 983 983 977 985 985 983 '965 974 962 Apparel and other finished textiles 984 1,054 1,059 1,057 1,060 1,073 1,069 1,101 1,110 1,057 1,041 1,062 1,040 Paper and allied products 433 439 445 444 444 442 437 437 439 441 '444 451 447 Printing, publishing and allied products 508 509 518 518 519 512 512 516 516 '516 5?0 51Q Chemical and allied products. . . 517 520 529 534 533 534 534 535 548 551 '550 545 540 Products of petroleum and coal. 181 179 177 175 173 172 169 170 172 173 175 177 179 Rubber products 171 175 196 202 207 209 209 211 '216 Leather and leather products. . . 328 338 331 330 332 335 336 345 347 337 '331 343 343 '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 July 1955 are preliminary. 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 July May June July July May June July July May June July Total. .' 70.92 76.30 76.11 75.76 39.4 40.8 40.7 40.3 1.80 1.87 1.87 1.88 Durable goods 75.83 82.78 82.19 81.40 39.7 41.6 41.3 40.7 1.91 1.99 1.99 2.00 Ordnance and accessories 79.80 82.82 83.64 82.62 40.1 40.8 41.0 40.3 1.99 2.03 2.04 2.05 Lumber and wood products 62.83 '68.47 71.90 70.52 40.8 '41.0 41.8 41.0 1.54 '1.67 1.72 1.72 Furniture and fixtures 61.86 64.71 66.98 65.37 39.4 40.7 41.6 40.6 1.57 1.59 1.61 1.61 Stone, clay, and glass products 71.33 76.91 78.12 78.40 40.3 41.8 42.0 41.7 1.77 1.84 1.86 1.88 Primary metal industries. 80.81 '90.69 92.16 90.50 38.3 '41.6 41.7 40.4 2.11 2.18 2.21 2.24 Fabricated metal products 75.60 81.54 80.54 80.36 40.0 41.6 41.3 41.0 1.89 1.96 1.95 1.96 Machinery except electrical 80.60 87.15 87.57 86.32 40.1 42.1 42.1 41.5 2.01 2.07 2.08 2.08 Electrical machinery 71.53 76.30 75.33 75.20 39.3 40.8 40.5 40.0 1.82 1.87 1.86 1.88 Transportation equipment 84.38 94.79 88.07 88.88 39.8 42.7 40.4 40.4 2.12 2.22 2.18 2.20 Instruments and related products 72.68 75.92 77.93 76.78 39.5 40.6 40.8 40.2 1.84 1.87 1.91 1.91 Miscellaneous manufacturing industries. 62.40 66.83 66.42 66.33 39.0 40.5 40.5 40.2 1.60 1.65 1.64 1.65 Nondurable goods 64.74 67.32 67.83 67.89 39.0 39.6 39.9 39.7 1.66 1.70 1.70 1.71 Food and kindred products 69.31 71.51 71.38 71.97 41.5 41.1 41.5 41.6 1.67 1.74 1.72 1.73 Tobacco manufactures 51.54 54.71 55.55 53.34 37.9 38.8 39.4 38.1 1.36 1.41 1.41 1.40 Textile-mill products 51.41 '54.51 54.53 54.25 37.8 '39.5 39.8 39.6 1.36 1.38 1.37 1.37 Apparel and other finished products.... 47.17 '47.92 48.68 48.37 35.2 -•36.3 36.6 36.1 1.34 1.32 1.33 1.34 Paper and allied products 74.62 '77.65 78.69 79.12 42.4 '42.9 43.0 43.0 1.76 1.81 1.83 1.84 Printing, publishing and allied products 86.94 '90.95 90.95 91.33 38.3 '38.7 38.7 38.7 2.27 '2.35 2.35 2.36 Chemicals and allied products 79.35 '81.77 82.80 83.22 40.9 41.3 41.4 41.2 1.94 '1.98 2.00 2.02 Products of petroleum and coal 94.53 '97.70 97.41 96.87 41.1 41.4 41.1 40.7 2.30 '2.36 2.37 2.38 Rubber products 76.44 '87.36 89.89 87.36 39.4 '42.0 42.6 41.6 1.94 2.08 2.11 2.10 Leather and leather products 51.38 51.75 52.92 51.71 37.5 36.7 37.8 37.2 1.37 1.41 1.40 1.39 'Revised. NOTE.—Data are for production and related workers. Figures for July 1955 are preliminary. Back data are available from the Bureau of Labor Statistics. AUGUST 1955 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1948 44,448 15,321 982 2,169 4,141 9,519 1,741 4,925 5,650 1949 . 43,315 14,178 918 2 165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609' 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954. 48,285 15,989 770 2,527 4,008 10,498 2,114 5,629 6,751 SEASONALLY ADJUSTED 1954—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 3,946 10,600 2,161 5,674 6,878 May 49,214 16,545 '•2,526 4,000 10,655 2,171 '5,676 6,892 June 49,483 16,673 r774596 2,514 4,068 10,701 2,185 5,688 6,898 July.. . 49,684 16,715 756 2,542 4,056 10,756 1,204 5,726 6,929 WITHOUT SEASONAL ADJUSTMENT 1954—juiy 47,866 15,584 760 2,686 4,029 10,351 2,150 5,755 6,551 August i 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 48,643 16,255 739 2,399 3,939 10,549 2,161 5,674 6,927 May >48,918 16,334 '742 '2,526 3,997 10,534 2,171 '5,733 6,881 June 49,487 16,563 760 2,615 4,085 10,633 2,207 5,773 6,851 July. 49,465 16,557 748 2,694 4,087 10,624 2,237 5,812 6,706 '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 July 1955 are preliminary. 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 Year or month in T p s o o t p t i a t u u l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Total In E m no p n l a o g y r e ic d u 1 l- In U pl n o e y m ed - l N ab o o t r i n fo t r h c e e Total tural industries agriculture 1948 . . 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 19542 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1954—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 July 117,404 70,429 67,464 64,995 57,291 7,704 2,471 46,975 1 Includes self-employed, unpaid family, and domestic service workers. 2 Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,, not strictly comparable with earlier data. NOTE."—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month through June 1955. Beginning. July 1955, data relate to the calendar week that contains the fifteenth day of the month. Back data may be obtained from the Bureau of the Census. 932 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 Indus- Com- Public n d re e o s n n i- - Total M ta i r l y i- H w ig ay h- C v o at n i s o e n r- o A th l e l r Total trial mercial utility tial 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946. 12,000 9,638 4,015 4,195 1,689 ,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 ,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 ,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 ,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 31,182 21,764 10,973 7,217 2,117 ,371 3,729 3,574 9,418 887 2,518 853 5,160 1952 33,008 22,107 11,100 7,460 2,320 ,137 4,003 3,547 10,901 1,388 2,820 854 5,839 1953 35,271 23,877 11,930 8,436 2,229 791 4,416 3,511 11,394 1,307 160 830 6,097 1954 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—July 3,133 2,180 1,150 713 163 189 361 317 953 82 309 60 502 August. . . 3,199 2,226 1,192 724 161 201 362 310 973 82 318 55 518 September 3,199 2,247 1,215 724 159 202 363 308 952 81 314 53 504 October... 3,136 2,238 1,210 722 165 193 364 306 898 87 266 51 494 November 3,254 2,269 1,229 724 173 186 365 316 985 90 320 53 522 December. 3,429 2,350 1,307 730 180 184 366 313 1,079 97 393 55 534 1955—January.. 3,428 2,396 1,336 747 181 198 368 313 1,032 98 344 55 535 February. 3,451 2,435 1,345 776 183 222 371 314 1,016 103 341 51 521 March.... 3,442 2,446 1,330 798 188 235 375 318 996 94 321 54 527 April 3,493 2,498 1,366 810 188 246 376 322 995 105 319 57 514 May '•3,531 2,502 1,366 814 191 247 376 322 1,029 115 340 59 ••SIS June 2,486 2,486 1,358 817 197 244 376 311 1,015 110 325 56 524 July? 3,501 2,525 1,381 830 203 251 376 314 976 106 326 54 490 ^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] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p ti u l b it l i i e c s 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 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—July 1,837 681 1.156 745 108 145 201 187 450 August.... 1,573 509 L,064 693 93 141 181 136 330 September . . 1,816 589 L.227 777 160 130 182 175 392 October.. 1,965 633 1,332 852 145 186 155 186 443 November . . . 1,499 475 L.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 L.646 1,070 142 174 195 195 546 M!ay ... . 2,185 675 .510 1,011 171 183 201 171 448 June 2,255 757 1,498 951 163 228 181 270 461 July.. 2,272 959 146 288 231 227 420 CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas 1954—April 1,692 149 282 99 185 143 154 305 95 55 98 126 M!ay. . 1,925 117 398 119 210 171 168 324 119 85 91 122 June. 1,733 93 267 117 177 165 208 343 105 57 91 111 1955—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 June 2,255 116 337 140 249 221 253 467 121 88 129 133 AUGUST 1955 933 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—juiy 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. l.a. 111 100 3 8 0) 59 25 34 N D o ec v e e m m b b e e r r. 1 9 0 1 4 n n . . a a . . l i. . a a . . 1 9 0 0 3 8 9 0 3 3 3 8 7 0 1 ) 6 51 2 2 22 6 3 29 6 195 5—j anuary 88 n.a. i.a. 87 78 2 7 0) 46 20 26 February. ... 90 n.a. l.a. 88 79 3 6 2 45 17 28 March 114 n.a. i.a. 113 100 4 10 1 54 24 30 April 132 n.a. i.a. 131 n.a. n.a. n.a. 2 61 26 35 May P130 n.a. n.a. *>130 n.a. n.a. n.a. Pi 66 28 38 *>129 n.a. n.a. 127 n.a. n.a. n.a. 3 72 32 40 July *115 n.a. n.a. 3»114 n.a. n.a. n.a. xLess than 500 units. NOTE. -Government underwritten units figures after June 1950 based on loans closed i reported starts of publ FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average—100J Monthly—seasonally adjusted Monthly—without seasonal adjustment Annual Class 1954 1955 1954 1955 1953 1954 June Jan. Feb. Mar. Apr, May June June Jan. Feb. Mar. Apr. May June Total 127 114 111 121 122 123 123 128 125 116 110 113 115 120 130 130 Coal 103 92 85 103 105 91 95 105 99 85 103 105 91 95 105 99 Coke o 171 105 95 121 124 133 144 149 151 93 127 131 134 142 147 148 Grain . . 135 141 155 132 127 130 140 155 152 158 132 124 120 123 133 155 Livestock 63 62 54 64 56 62 65 57 50 41 61 45 49 58 52 41 143 132 127 148 144 135 133 139 147 132 133 138 135 133 145 153 Ore . .... 215 144 164 210 198 204 177 177 191 255 53 49 59 136 271 296 Miscellaneous.......... 143 129 125 134 136 144 142 144 140 129 123 128 137 140 146 144 Merchandise, 1. c. 1 43 40 38 39 40 40 39 40 42 38 37 39 40 39 40 42 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 it n a d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Month 1953 1954 1955 1953 1954 1955 1953 1954 1955 January 1,293 1,092 1,166 1,016 923 1,080 922 833 870 February. . . . . 1,200 1,183 1,233 927 998 1,139 856 809 850 Inarch 1,390 1,126 1,342 1,052 923 1,250 1,004 '864 1,019 April 1,394 1,426 1,264 1,054 1,258 '1,170 1,013 957 871 May 1,453 1,401 1,308 1,085 1,137 1,177 902 829 ^966 June . . 1,385 1,474 *1,315 1,013 1,115 *>1,187 933 r947 P940 July 1,363 1,291 965 1,023 908 822 August 1,187 1,156 911 955 840 r825 September.. . . . 1,256 1,114 1,052 r961 926 *780 October 1,253 1,265 1,019 1,161 813 763 November . . ... 1,247 1,249 1,031 1,164 849 r840 December . ... . 1,353 1,318 1,138 1,221 907 942 January-June 8,115 7,702 J»7,628 6,147 6,354 *7,OO3 5,630 5,238 P5,515 r Revised. # Preliminary. 1 Exports of domestic and foreign merchandise. 2Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 3General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 934 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - At- Chi- L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S r is a a c 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 '98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 110 113 115 108 107 104 111 117 109 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 111 107 104 108 105 121 129 109 112 105 115 127 113 SEASONALLY ADJUSTED 1954—June 111 106 103 110 104 118 129 110 112 105 116 125 111 July 112 107 103 105 106 118 132 109 116 104 121 133 114 August 111 104 105 105 103 122 128 108 110 104 114 '126 114 September rill 108 105 108 105 119 126 108 109 105 116 '122 114 October 112 109 102 108 106 122 135 108 112 106 118 131 116 November 113 110 106 111 107 124 133 109 114 104 116 '131 115 December 116 110 106 113 110 128 135 112 117 111 120 136 118 1955—January 119 114 108 113 111 133 137 116 123 112 124 140 125 February 112 109 101 108 108 122 134 109 114 '103 114 129 118 March 115 107 105 111 107 129 133 114 116 108 120 134 118 April 119 108 102 115 116 126 142 119 122 107 126 142 120 May 117 111 103 114 113 128 137 117 120 107 120 134 118 June 107 104 112 108 P123 P136 114 108 H03 P118 132 118 WITHOUT SEASONAL ADJUSTMENT 1954—June 106 106 100 104 100 114 114 107 110 '97 111 114 105 J A S u e u l p y g t u e s m t ber 1 8 9 1 8 8 3 1 8 7 1 3 7 5 1 r ' 0 8 7 7 4 1 1 r 8 1 7 5 1 7 1 8 9 0 2 4 5 1 1 9 2 0 3 2 2 1 1 1 1 2 0 6 3 6 1 r 8 9 1 7 6 3 1 1 8 0 1 9 0 1 1 8 9 1 4 9 1 1 1 9 0 1 9 7 6 1 1 12 1 1 2 3 7 1 1 1 1 0 1 2 0 1 October 118 110 109 113 111 130 141 114 123 122 124 138 116 November 137 133 134 146 133 153 154 133 137 120 133 149 134 December '201 200 186 197 191 231 234 188 194 180 205 '228 209 1955—January 91 90 '85 85 87 91 106 '92 80 94 110 97 February 88 82 '82 83 '83 91 107 84 rgg 81 89 103 93 March 100 90 '93 101 '93 111 129 98 101 88 104 120 97 April 114 108 rgg 109 112 125 141 114 118 108 123 136 112 May 116 111 101 113 110 129 134 116 120 108 119 133 116 June P109 107 100 105 104 P121 112 106 120 113 STOCKS1 1948 107 105 105 107 107 105 108 108 107 110 108 110 107 1949 rgg 100 97 99 100 101 102 r97 100 '99 100 101 100 1950 109 109 105 108 106 113 120 108 106 104 111 112 110 1951 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 118 111 113 113 111 130 136 112 114 107 121 126 126 1953 126 116 116 119 118 143 146 122 124 115 '133 '138 134 1954 122 117 114 116 139 141 120 116 115 126 132 125 SEASONALLY ADJUSTED 1954—June 121 119 115 115 114 137 137 121 119 113 124 131 122 July 121 117 116 114 115 138 137 118 119 113 123 131 127 Augusts 122 118 115 114 115 136 140 119 113 '117 124 133 127 September 122 118 115 115 '•114 141 142 118 114 118 126 134 128 October 122 116 115 115 114 143 142 117 113 '118 '126 134 126 November 123 118 114 117 114 141 143 119 114 119 128 133 128 December 124 119 114 121 117 144 144 120 118 '119 130 139 128 1955—January 123 118 113 118 114 140 146 118 121 116 129 134 131 February 123 118 113 117 114 142 147 118 120 116 129 136 127 March 124 119 113 118 113 144 150 119 117 116 131 139 129 April 124 121 113 116 113 144 149 120 120 113 131 137 128 May 123 119 111 118 113 139 148 122 121 117 '132 137 126 June P127 125 115 122 116 P150 124 P125 P123 P136 143 130 WITHOUT SEASONAL ADJUSTMENT 1954—June 116 110 108 109 108 133 129 113 110 107 119 122 123 July 114 105 105 103 105 135 128 111 110 109 118 125 125 August 119 114 112 109 111 139 137 116 113 114 123 132 122 September 128 121 121 121 120 146 148 123 123 124 131 142 133 October 137 131 129 132 128 158 155 133 127 128 137 148 144 November 138 138 131 134 129 152 162 138 129 133 '142 147 141 December 110 111 104 107 104 120 127 108 106 107 117 126 108 1955—-January 110 107 101 103 101 125 134 106 105 107 116 119 116 February. 117 111 106 112 109 132 145 112 114 111 125 132 118 March 127 122 116 122 117 149 156 121 124 119 '135 144 129 April 129 125 119 124 119 153 155 123 126 118 136 144 133 May 127 123 115 123 117 146 150 123 121 118 135 139 136 June P121 116 108 115 110 PU1 116 133 131 ^Preliminary. 'Revisions reflect change in series announced on p. 882. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. AUGUST 1955 935 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 millionsof dollars) Ratios to saless Year or month m S ( o a t f n l o o e t t r s a h * l ) S m t o ( o n e o c n t f k d h s ) i o m ( s r e O o t i d n u n a n e d t n t g r - d h o s - ) f 1 m c ( e o R t f i n o e o p t t - r t a h s l ) 2 o m r ( o N t f d n e o o e w t t r r a h s l ) 2 Stocks s o O t r i u a d n n t e g d r - - s S s o t t p o r i u o a l d n t n c u e g - d r k s - s s ce R i e p - ts 345 767 964 373 354 2.3 30 5.3 1.1 1947 average 365 887 588 366 364 2.5 .7 4.3 10 1948 average 381 979 494 386 363 2.7 .4 4.1 0 361 925 373 358 358 2.7 .1 3.8 10 1950 average 376 1,012 495 391 401 2.8 .4 4.2 L.I 391 1,202 460 390 379 3.2 .3 4.4 0 1952 average ... .... 397 1,097 435 397 401 2.9 .2 4.1 L.O 1953 average 406 1,163 421 408 401 3.0 L.I 4.1 0 407 1,136 387 407 409 3.0 .0 4.0 L.O 1954—June '1.070 »-392 »-286 »-428 2.8 .0 '3.8 r() 8 July 306 1,042 471 »-278 »-357 3.4 .5 4.9 ) 9 350 1L.095 465 403 397 3.1 L.3 4.5 2 September 400 1,184 486 489 510 3.0 L.2 4.2 12 October 437 L.268 477 521 512 2.9 L.I 4.0 November 509 1,318 406 559 488 2.6 3.4 1 December.... . 766 L.056 301 504 399 1.4 1.8 336 1,042 385 322 406 3.1 1L.I 4.2 0 February . ... 307 1,105 414 370 399 3.6 3 4.9 .2 392 L.190 367 477 430 3.0 0 9 4 0 April 413 1,216 308 439 380 2.9 0.7 3.7 1 May 403 L ,188 306 375 373 2.9 0 8 3.7 0.9 390 L.119 442 321 457 2.9 1.1 4.0 0.8 P Preliminary. rRevised. 1 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated total department store sales. 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. 3 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1947-49 = 100] Without seasonal adjustment 1951 1952 1953 1954 1952 1953 1954 1955 Sept. 1 105Sept. 6. .. 100Sept. 5 101Sept. 4. . .. 113Mar. 1 85Mar. 7 96Mar. 6 85Mar. 5 98 8 100 13. .. 114 12 102 11. ... 97 8 88 14 100 13 92 12 102 15 114 20. .. 113 19 120 18. . .. 120 15 90 21 109 20 95 19 108 22 111 27. . . 112 26 114 25. ... 118 22.... 94 28 112 27 100 26.....103 29 114 29 101 Oct. 6 110Oct. 4.. . 116Oct. 3 112Oct. 2. . .. 110Apr. 5 109Apr. 4 118Apr. 3 103Apr. 2. . ...114 13 117 11.. . 126 10 120 9. ... 118 12 111 11 97 10.... 113 9. . ...122 20 116 18.. . 124 17 118 16. . .. 119 19 97 18 105 17.. . 118 16.....103 27 113 25.. . 122 24 113 23.... 123 26 105 25 104 24 101 23. ... .112 31 113 30.... 117 30.....120 Nov. 3 121Nov. 1.... 115Nov. 7 121Nov. 6. ....127May 3 111May 2 114May 1 112May 7. . ...134 10 127 8.... 118 14 133 13. ....130 10 117 9 128 8 123 14. ....108 17 130 15.... 130 21 131 20. . ...134 17 99 16 105 15 97 21. ... .115 24 123 22.. . 134 28 133 27. ....133 24 105 23 112 22 106 28. ....114 29.... 138 31 97 30 97 29 104 Dec. 1 161Dec. 6.... 195Dec. 5 190Dec. 4.....192June 7 111June 6 118June 5 97June 4 ..102 8 191 13.... 223 12 216 11.....224 14 116 13 112 12 111 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 78Jan. 3.. . 81Jan. 2 81Jan. 1. .... 80July 5 79July 4 79July 3. ... 93July 2. . .. .'98 12 92 10.. . 89 9 94 8.... .106 12 83 11 92 10 77 9 87 19 90 17.. . 92 16 85 15. .... 99 19 82 18 84 17 88 16. . .. ..97 26 83 24.. . 86 23 86 22.... . 95 26 79 25 83 24 84 23 94 31.... 87 30 85 29..... 87 31 87 30 98 Feb. 2 84Feb. 7.. . 88Feb. 6 86Feb. 5. .... 86Aug. 2 87Aug. 1 86Aug. 7 92Aug. 6. .....97 9 87 14.... 92 13 91 12. . ... 92 9 90 8 92 14 97 13 16 89 21.. . 85 20 86 19. . .. . 90 16 95 15 95 21 100 20 23 83 28.... 93 27... 90 26..... 93 23 100 22 100 28 102 27. 30 110 29 101 NOTE.—F 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES (Percentage change from corresponding period of preceding year) Fe a d r e e d r a a i , s l t o r R r i c e c t s i , e ty rve J 1 u 9 n 5 e 5 M 19 a 5 y 5 m 1 o 9 6 5 s. 5 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 J 1 u 9 n 5 e 5 M 19 a 5 y 5 m 19 6 o 5 s . 5 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 J 1 u 9 n 5 e 5 M 19 a 5 y 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 J 1 u 9 n 5 e 5 M 19 a 5 y 5 1955 United States.. '+3 +8 +6Cleve. -cont. !hicagocon£. Kan. Clty-cont. Met. Areas-cont. Met. Areas1-cont. Met. Areas-cont. Wheeling- Joliet2 +7 +21 + 19 Wichita +15 +16 +22 Boston.. +1 +8 +4 Steubenville2.. +3 +5 D G e a c r a y t ur2 , + -8 4 + + 1 1 8 + 11 O St m . J a o h s a eph -6 c + 10 + + 3 1 M P B e D o o t r . s o t t w l o A a n n n r t e d o a w s1 n +4 + + 1 7 0 + + 6 3 R Z P i i o t c y r h t m sm o o n u d th2. . . -2 + + 1 7 0 + + 7 3 T P R ( e r o M i o c - k r C o i f l a i i t 2 o n ie r e s , d 2 ....... + - - 2 1 2 3 + + + 3 7 5 7 + + + + 2 3 1 8 6 O A Tu k lb l l s a u a h q o u m er a q u C e i . t y . + + 1 4 6 + + 1 5 0 + + + 1 1 1 3 3 Boston2 -3 +6 Rock Island; Cities Suburban Met. Areas1 Davenport) Greeley -9 +14 +7 Boston +4 +11 +9 Washington2. .. +2 +10 +5 Fort Wayne2... + +15 +6 Hutchinson. . . +4 +7 +6 Cambridge. -1 +9 +5 Downtown Indianapolis2... +2 +14 +5 Joplin -3 -9 Quincy -2 +8 +5 Wash +8 +2 Muncie +5 +13 +8 Kansas City... "3 +2 +4 L N L o e w a w w e l r B l e - n e c d e ford.. +8 + + 1 2 1 +11 A R B a s a h l l e t e i i v m g i h l o l 2 e r 2 e2. + + +2 3 7 + + + 1 6 9 1 + + + 4 9 9 S T C o e e u r d r t a e h r H B R e a a n u p d i t 2 d e 2 s . . . . . , . . . + +2 5 e + + + 1 8 4 1 + + + 5 3 8 Enid -27! -23 -13 Worcester2 +1 +7 +4 Winston-Salem 2 +7 +8 +8 Des Moines —2 +4 +5 Dallas +5 +10 Charleston, Dubuque +1 +9 +4 Cities S. C2 +25 +36 +33 Sioux City +4 +2 S P p r r o i v ng id fi e e n ld ce2... + + 2 1 + + 6 5 + + 3 5 C G N o o re l r u e fo n m l v k b i - l i l a e 2 2 + -3 8 + + 1 6 3 + + 1 6 2 W F D l e i a n t t r e t o 2 r i lo t2 o + + + 1 4 6 0 + + + 1 6 7 1 + + + 1 1 0 7 0 M S C e h o t r r . e p v A u e s r p e C a o s r h t r . is . t . i -4 0 + + 1 9 2 + + 1 6 3 New York +1 +2 R P i o c r h t m sm o o n u d t 2 h .. 2 . . . . . + + 3 3 + + 1 9 3 + + 7 9 J G a r c a k n s d o n R 2 apids2. + -3 3 + + 3 5 + + 1 6 D El a l P l a a s s o 2 , + + 9 6 + + 1 6 1 + +1 1 0 1 M A e l t b . an A y r - e S a c s h 1 e- R Ch o a a r n le o s k to e n 2. , .. +5 +3 L K a a n la s m in a g z 2 o o , +15 0 + + 1 5 3 + + 1 5 5 F H o o r u t s W to o n r 2 t . h . . . . . + -1 6 + + 1 8 2 + + 9 8 A n lb ec a t n a y dy-Troy +1 +2 +1 W. Va.2 . . . +1 +8 +6 S G a r g ee in n a w B ay , + -2 4 + + 2 3 0 + + 6 7 W Sa a n c o Antonio.. + + 8 7 + + 1 1 4 3 + + 1 9 1 Schenectady.., +4 Cities Madison -5 +4 -2 Binghamton Cumberland- Milwaukee2..., -3 0 -2 Buffalo +5 +1 +3 Hagerstown. . +12 +7 San Francisco. P+7 +5 +8 N Bu ia ff g a a l r o a 2 Falls.. + + 1 1 -1 + + 2 1 S L p y a n r c t h a b n u b r u g r 2 g . . . . . . + + 1 1 0 5 + -1 2 C D i a ti n e v s ille +11 +11 + 12 N N ew e N w e a Y w r o k J 2 r e k r - s N ey .E . , + 0 + + 2 2 F N M a e i w r o m p rg o o a r n t n t- t N o e w w n s . . +10 + + 7 9 4 + +4 7 M P B o a u r t s t t k le H e g u C o r r n o e n e . k . . . . , + + + 1 3 4 2 + + + 2 8 9 8 + + + 2 1 8 7 0 M F P e r h t e o . s e n A n o i r 2 x e 2 as1 +16 + + 1 8 1 4+ + 5 8 N. Y. City2.. +2 0 Huntington2. . +10 +6 Appleton —6 -i -2 Los Angeles2. . p+3 +7 +7 Rochester2 +3 +2 Parkersburg... +5 +14 +14 Sheboygan.... +2 +11 +7 Downtown S U U y t r i t a c ic c a a u -R se o 2 me... +3 + + 5 3 + + + 1 3 Atlanta +11 +10 St. Louis +12 +6 L W o L n e . g s A t B s . i 2 e d a e c L h .A 2. . . 2 + + -7 4 9 + + + 4 7 8 + + + 8 1 9 Met. Areas1 Met. Areas Pasadena..... +4 +2 +3 Cities Birmingham2.. +15 +10 Fort Smith +4 +14 +10 Santa Monica.. +11 +14 +15 Bridgeport2. .. +5 +4 +4 Mobile +6 +14 +9 Little Rock2... -2 -2 Riverside and Poughkeepsie.. +6 +10 +10 Montgomery. . +11 +9 Evansville2 . . . -6 +15 +1 San Ber- Jacksonville2.. +5 Louisville2.... P-7 +9 +4 nardino + 13 +5 +15 P M h e i t. l a A d r e e l a p s hia.. +2 +4 O S M t r . i l a a P m n e d i t 2 o ersburg- + + 3 5 0 + + 2 8 + +1 2 0 6 S S M t p . e r L i m n o g p u f h i i s i e 2 s l 2 d . . . . . . . . P p + - - 3 2 6 5 + + + 3 1 7 5 5 + + + 3 6 4 8 S S S a a a n n c r D F am r i a e e n g n c o i t 2 s o c 2 o . - . . +12 +2 + + 7 3 Wilmington. . . +4 +10 +5 Tampa +4 +6 Oakland2 . . . PQ +4 +9 L Tr a e n n c t a o s n t 2 er2.... + 1 + + 1 6 + + 5 1 S T t a . m P p e a t 2 ersburg +8 + + 8 5 + + 9 2 C Q it u ie i s ncy. . -8 -2 +2 O B ak er la k n e d le - y2 +8 +6 +7 S W P R c h e i r i a l a l k d a n e i d t s n o e - g n B l 2 p a h rr i e a — 2.. + + + 1 9 2 + + 8 1 A A M C u t o a l g l a c u u o n s m n t t a 2 a b 2 us..... + + 7 5 + + + + 1 1 1 2 0 5 0 1 + + + + 1 2 4 7 4 1 M Pa in d n u e c a ah p . olis. . -2 -2 0 - + 14 3 + -9 4 S V a a n D ll O e o F j a w o r k a n n l t a c o n i w s d c n 2 o . 2 . + + + 6 1 4 + + -2 1 1 + + + 4 2 1 C C Y i l H t e o y v r a k z e 2 l l e a t n o d n2 + + 1 3 0 + +1 1 2 + + 1 2 0 S J N N K C B a a a a e h n c v w t s a k o o h a t s x n t v O o n a v i n n n l R r i l 2 l l o a e o e l 2 o h e u a g 2 . n g . . a . s e . 2 . 2 . 2 . . . . . , + + — 4 3 6 + + + + + 1 1 5 5 2 2 + + + + + + - 1 1 1 3 6 3 7 0 0 M C S M i e S M i t o i t p t e . u . i l s s n x P A . n - a F r S e e u a a t a . l l p 2 l s s P o 1 l a i u s2 l . 2 - + 1 -6 4 1 A + + -4 2 5 0 + + + -1 2 4 1 S S S S S T P a a t p e o a o n l a o c r t c t t o k J l t L k m a a l o t e a n n o s 2 a k e d e n 2 e 2 2 2 2 City2 + + + + + + - 1 1 1 1 5 7 7 2 5 0 + + + + + + 1 1 7 5 5 0 1 0 1 + + + + + + + 1 1 1 6 7 5 5 2 0 4 Met. Areas Mankato -7 -1 +18 Lexington..... +15 Cities Duluth- Cities Akron2. +1 +8 +4 Rome +7 Superior2.... +2 0 Tucson. . ..... +16 +15 +13 C C a in n c to in n2 nati2... + + 3 5 + + 1 4 M Br e is r t i o d l ian +_15 + + -6 ' G Gr r a e n at d F F a o ll r s ks. . + + 4 3 + -1 6 + + 1 1 0 B Bo a i k s e e rs a f n i d eld2... +12 +12 +11 C C l o e l v u e m la b n u d s 2 2 +4 + + 1 6 2 +5 Chicago +' LaCrosse +4 +4 Id N a a h m o p F a alls.... + + 9 6 +6 + + 1 3 1 Springfield2. . . +2 + 1 +9 Kansas City... +2 +6 Twin Falls +8 — 1 +6 Toledo2 +11 Met. Areas1 +8 Beliingham -2 9 +1 Y E Pi r o t i u t e s 2 n b g u s r t g o h w 2. n 2 . . . . + + 1 1 + + 1 3 ~ C + + 2 8 0 0 C A E h l u i g c r i a o n g ra o2 + + 5 1 + +9 M D T e o e t p . n e v A k e r a r eas + -1 1 1 3 + + 1 6 6 + + 1 2 5 W E Y v a a k e ll i r a m e a W t 2 t2 a .. l . l . a . 2 . .. + + 5 5 + -4 + + - 1 1 9 1 —9 ^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. 3 Data not available. 4 Five months 1955. AUGUST 1955 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures} SALES AND STOCKS BY MAJOR DEPARTMENTS Ratio of Federal Reserve index numbers Percentage change stocks to without seasonal adjustment, from a year ago sales1 1947-49 average =100 2 Department d p S u e a r r l i i e o n s d g m ( S e t o n o n d c t k h o s ) f May Sal p e e s r i d o u d ring Sto o c f k m s o a n t t h end 1955 1954 1955 1954 M 19 a 5 y 5 mo F 19 i n 5 v t 5 e hs M 19 a 5 y 5 1955 1954 May Apr. May May Apr. May GRAND TOTAL—entire store3 4 i - * 7 i \ & e 4 T - 1 1 3.1 3.4 MAIN STORE — total +7 +5 +1 3.3 3.6 99 100 93 121 122 119 Piece goods and household textiles +2 +1 + 1 3.7 3.8 S6 75 84 106 109 104 Piece goods -3 -4 + 1 3.5 3.4 69 72 71 87 91 86 W Sil o k o s l , e v n e y lv a e r t d s , g a o n o d d s synthetics y - - 1 6 1 + 3 1 1 3 4 . . 8 8 1 3 3 . . 5 8 5 1 5 5 6 2 1 1 5 1 9 7 7 7 5 6 8 7 2 4 7 7 4 8 Cotton yard goods -11 0 +4 2.3 2.3 129 119 127 115 120 111 +2 Household textiles +5 +3 +1 3.8 4.0 97 77 92 115 119 114 L D i o n m en e s s t a ic n s d — to m w u e s l li s ns, sheetings + + 4 3 +4 + - 2 4 4 3 . . 5 2 4 3. . 5 7 1 8 0 6 3 7 7 3 4 1 8 0 3 0 1 13 0 3 6 1 1 0 3 9 6 1 1 3 0 8 4 Blankets, comforters, and spreads +7 +8 +5 3.6 3.8 105 88 98 115 119 110 Small wares +3 +5 4-4 3.9 3.9 98 93 95 120 122 116 Laces, trimmings, embroideries, and ribbons -4 -2 +2 3.6 3.5 102 104 106 123 130 120 Notions , +9 +6 +4 3.1 3.3 126 114 115 138 137 133 Toilet articles, drug sundries +4 +5 +3 3.5 3.5 107 103 104 112 111 109 Silverware and jewelry +5 +9 +7 4.4 4.4 99 88 94 127 132 119 Silverware and clocks +11 +16 +10 6.1 6.3 88 74 80 141 143 128 Costume jewelry +2 +6 +9 2.6 2.5 109 102 107 117 127 108 Fine jewelry and watches +4 +10 +7 7.8 7.5 113 98 109 152 155 142 Art needlework -4 -3 0 6.3 6.1 62 64 64 107 110 107 Books and stationery +1 +4 +2 4.2 4.2 81 85 80 120 122 117 Books and magazines +6 +4 +1 3.8 3.9 76 90 72 106 110 105 Stationery 0 +4 +3 4.4 4.3 82 84 83 124 129 120 Women's and misses' apparel and accessories +5 +3 +2 2.6 2.7 101 110 97 122 128 120 Women's and misses' ready-to-wear accessories.. +4 +2 +2 3.1 3.3 99 110 95 127 133 124 Neckwear and scarfs +7 +4 2.2 2.3 117 120 110 139 144 134 Handkerchiefs -7 4.0 3.9 52 52 54 69 70 70 Millinery -4 -4 -9 1.2 1.2 67 130 69 76 89 84 Women's and children's gloves 0 +3 -3 4.5 4.7 65 107 65 84 90 86 Corsets and brassieres +6 +4 +3 2.9 3.0 139 138 131 153 154 148 Women's and children's hosiery 0 +6 2.7 2.5 84 88 87 127 131 120 q Underwear, slips, and negligees +2 +1 +2 2.6 2.6 103 86 101 118 125 116 Knit underwear +2 +3 +3 2.9 2.9 122 101 120 148 158 144 Silk and muslin underwear, and slips +2 0 +2 2.5 2.5 97 80 95 107 115 104 Negligees, robes, and lounging apparel +2 +1 0 2.0 2.1 100 82 97 99 108 100 Infants' wear , +9 +3 +4 3.5 3.8 88 110 81 123 128 119 Handbags, and small leather goods +6 +6 + 7 2.3 2.3 109 121 103 125 135 117 Women's and children's shoes +7 +4 0 4.7 5.1 114 134 106 147 153 147 Children's shoes +7 +3 +2 5.5 6.1 87 135 82 147 150 144 Women's shoes. +7 +4 0 4.5 4.9 118 137 110 146 157 147 Women's and misses' ready-to-wear apparel.... +6 +3 +2 2.0 2.1 104 111 98 116 121 114 Women's and misses' coats and suits -19 -5 +7 2.7 2.1 46 88 57 77 90 72 Coats -19 -2 +17 2.6 1.8 41 86 51 69 83 59 Suits -16 -9 -4 2.7 2.4 57 105 68 87 110 90 Juniors' and girls' wear +6 +3 +5 2.2 2.2 99 120 93 122 125 117 Juniors' coats, suits, and dresses +5 +1 +2 1.6 1.6 101 116 97 111 111 109 Girls' wear +8 +4 +6 2.9 3.0 96 125 89 131 136 123 Women's and misses' dresses +9 +5 +1 1.4 1.5 134 124 123 125 126 123 Inexpensive dresses +10 +5 +2 1.1 1.2 139 127 126 126 125 123 Better dresses +9 +6 +3 1.8 1.9 121 123 111 120 127 117 Blouses, skirts, and sportswear +12 +6 +1 2.3 2.6 131 118 117 157 158 157 Aprons, housedresses, and uniforms +12 +6 -1 1.4 1.7 158 127 141 127 135 129 Furs +16 +2 10.3 9.4 29 59 32 81 84 79 Men's and boys* wear +13 +6 -1 4.6 5.3 93 95 82 133 130 134 Men's clothing +13 +5 -5 4.6 5.6 107 98 95 142 141 149 •Men's furnishings and hats +12 +7 +1 4.5 5.0 85 81 75 133 125 132 Boys' wear +16 +6 +6 4.4 4.9 88 122 76 115 117 108 Men's and boys' shoes and slippers +10 +6 5.8 6.4 105 114 96 137 140 138 For footnotes see following page. 938 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 from a year ago Sales Stocks Department during (end of period month) M 19 a 5 y 5 m F 1 o i 9 n v 5 t e 5 hs M 19 a 5 y 5 +10 +11 0 +11 +11 -3 +8 +9 0 +11 +12 -4 +6 +12 -2 +4 +12 -1 +6 +6 -6 +3 +4 +1 +5 +6 +2 +1 +4 +1 +34 +33 +3 +13 +12 +1 -1 , +2 +4 +7 +3 +2 +6 +3 +4 +9 +2 +2 +4 +6 +5 +11 +11 +5 +6 +7 +7 +17 +16 +2 +6 +13 +11 +2 +4 +8 +8 +2 +1 +2 +1 +4 +6 +1 0 +5 +1 +3 +2 +1 +6 +5 0 +1 - + 2 4 0 -8 0 +2 +15 +6 -1 +19 +7 +6 + 15 +5 +1 +2 —4 — 10 +20 +8 +2 +19 +7 +20 +7 +18 +8 +26 +10 +10 +9 +8 +2 +2 +2 +2 0 ooo Ratio of Federal Reserve index number3 stocks to without seasonal adjustment, sales1 1947-49 average =1002 May Sales during Stocks at end period of month 1955 1954 1955 1954 1955 1954 May Apr. May May Apr. May Homefurnishings 3.9 4.4 104 97 95 118 119 118 Furniture and bedding 3.6 4.3 121 106 108 119 120 123 Mattresses, springs, and studio beds 1.9 2.2 132 116 121 137 149 137 Upholstered and other furniture 4.2 5.0 111 102 100 113 117 117 Domestic floor coverings 4.6 5.1 85 77 80 105 99 108 Rugs and carpets . 4.8 5.2 84 80 81 109 106 110 Linoleum 3.3 3.7 62 64 58 56 64 60 Draperies, curtains, and upholstery 3.8 4.0 114 107 110 120 123 118 Lamps and shades 4.5 4.7 81 80 78 118 120 116 China and glassware 7.7 7.7 93 89 92 131 130 130 Major household appliances 2.3 3.1 87 82 65 102 106 100 Housewares (including small appliances) 3.4 3.8 125 117 111 133 135 131 Gift shop 5.8 5.7 94 88 95 137 142 131 Radios, phonographs, television, records, etc, 3.7 3.9 78 81 73 103 105 101 Radios, phonographs, television , 3.3 3.5 87 77 82 112 103 107 Records, sheet music, and instruments 5.1 5.4 83 84 76 106 102 104 Miscellaneous merchandise departments. 3.3 3.2 87 89 83 114 110 108 Toys, games, sporting goods, cameras 5.1 5.5 78 74 70 127 121 121 Toys and games 5.7 5.7 56 58 52 126 116 118 Sporting goods and cameras 4.5 5.1 112 102 96 124 126 122 Luggage 3.6 3.4 110 78 104 128 123 116 1.3 1.2 79 138 77 94 92 86 Candy 2.2 2.4 104 107 96 115 116 114 BASEMENT STORE—total 2.9 2.9 98 117 96 118 167 114 Domestics and blankets 1.7 1.8 101 109 96 108 111 108 Women's and misses* ready-to-wear 2.1 2.2 114 110 108 123 127 120 Intimate apparel 2.1 2.0 Hosiery 2.1 2.2 Underwear, corsets and brassieres 2.0 1.5 45 95 57 64 79 62 Coats and suits 0.9 1.0 132 111 127 109 105 118 Dresses 1.7 2.0 128 111 111 109 130 110 Blouses, skirts, and sportswear 2.0 2.3 105 138 88 125 121 118 Girls' wear. 2.6 3.0 97 123 85 119 119 118 A In p f r a o n n ts s ' , w ho e u a s r edresses, uniforms 1.5 1.7 (4) (4) (4) (4) (4) I ) Men's and boys* wear 2.7 3.1 114 114 95 132 125 129 Men's wear 2.6 3.1 117 107 98 134 127 134 Men's clothing 2.5 2.9 134 128 111 133 131 133 Men's furnishings 2.7 3.2 107 95 91 137 125 136 Boys' wear +11 2.8 3.2 103 143 82 124 118 112 Homefurnishings 0 2.7 3.0 108 100 98 116 121 117 Shoes -2 3.5 3.8 108 124 100 122 126 125 NONMERGHANDISE—total (4) (4) (4) 99 110 97 (4) (4) (4) Barber and beauty shop (4) (4) (4) 140 155 137 (4) (4) (4) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 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. 3 For movements of total department store sales and stocks, see the indexes for the United States on p. 935. 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. AUGUST 1955 939 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 6 94 4 97 6 gg g 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—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 A 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 June 114.4 111.3 119.7 130.4 110.7 122.7 103.8 119.2 103.2 125.8 127.6 114.7 106.2 119.9 NOTE.—Revised indexes, reflecting, beginning January 1953, the inclusion of new series (i. e. home purchases and used automobiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49=100] Other commodities Y m e o a n r t o h r m c t A o 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 e c n o p l r x t e d d - e s - l - l H s e p u k a a r i c n i t o d n h t d d e s s e s - , r , p l F t i o a e m i g u n w r n h e i a g d a e t l - - , l r s , C a p i u a l c h r l c n o a e ie t d l d m s s d - - p R u a b r u c n o e b t d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p a p P a u a l r u l p c n o i l t e 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 u M t m a e r h i c n o r v i o a y t n d d e s - - - - F h d o h t b o a u u t u o l n h u r r e r l n d e s a e d s e r i - - -e s N t t r m t m a u a r o l l r i u e l s n a n - i c — c - l - - b b e m o b a T r a t e a n f c t o r d v g l c - s e - e o . d s n c M e e o l i l s u a - s - 1948 104.4 107,3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 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 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 A 103.9 August 110.5 95.8 106.4 114.4 95.3 94.0 106.9 106.8 126.4 119.1 116.3 128.6 124.3 115.3 120.5 121.5 102.3 September. 110.0 93.6 105.5 114.4 95.3 93.0 106.9 106.8 126.9 119.3 116.3 129.1 124.4 115.3 121.7 121.5 99.1 October. .. 109.7 93.1 103.7 114.5 95.4 92.4 106.9 106.9 128.5 119.8 116.3 129.7 124.3 115.6 121.9 121.5 96.7 November. 110.0 93.2 103.8 114.8 95.2 92.8 107.4 107.0 131.4 119.9 116.0 129.9 125.3 115.6 121.8 121.4 97.0 December. 109.5 89.9 103.5 114.9 95.2 91.8 107.5 107.0 132.0 120.0 115.9 129.8 125.7 115.7 121.8 121.4 98.0 1955 January... 110.1 92.5 103.8 115.2 95.2 91.9 108.5 107.1 136.8 120.3 116.3 130.1 125.8 115.5 122.0 121.4 97.0 February.. 110.4 93.1 103.2 115.7 95.2 92.3 108.7 107.1 140.6 121.2 116.6 131.5 126.1 115.4 121.8 121.6 97.1 March.... 110.0 92.1 101.6 115.6 95.3 92.2 108.5 106.8 138.0 121.4 116.8 131.9 126.1 115.1 121.9 121.6 95.6 April 110.5 94.2 102.5 115.7 95.0 93.2 107.4 107.1 138.3 122.4 117.4 132.9 126.3 115.1 122.3 121.6 94.0 May 109.9 '91.2 102.1 115.5 95.0 »-92.9 r107.0 106.8 138.0 '123.5 117.7 132.5 126.7 115.1 123.2 121.6 91.3 June 110.3 91.8 103.9 115.6 95.2 92.9 106.8 106.8 140.3 123.7 118.3 132.6 127.1 115.2 123.7 121.6 89.1 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 940 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 June Apr. May June June Apr. May June Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 96.6 120.9 118.7 104.7 Grains 86 5 91.0 92.4 90 2 Paperboard 124 2 126 0 126 0 126 0 87.7 84.0 78.4 83.1 Converted paper and paperboard.. 111 5 111.5 111.7 112.3 Plant and animal fibers 106.9 102.7 103.4 103.4 Building paper and board 127.9 129.7 129.7 129.1 Fluid milk 83.7 90.3 87.1 Eggs 70.8 77.9 71.5 74.4 Metals and Metal Products: Hay and seeds 96 0 89.9 88 7 88 7 Other farm products 181 7 142 3 138 3 143 2 Iron and steel 131 8 136 4 135 6 135 7 123 7 138 3 137.8 137.6 Processed Foods: Metal containers 130.0 131.6 131.4 131.4 Hardware 137 9 144 4 144 4 144 5 Cereal and bakery products 113.5 116.8 118.3 117.6 Plumbing equipment 118 5 123 3 123.3 123 2 Meats, poultry, and fish 92.3 86.0 85.7 91.4 Heating equipment 113.8 113.6 113.5 113.5 Dairy products and ice cream 102.4 106.9 104.0 104.6 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 115.9 118.5 118.8 118.7 bles . 104.7 104.7 104.1 104 5 Fabricated nonstructural metal Sugar and confectionery 113.3 110.8 110.3 110.4 products 125.3 125.8 125.8 126.0 Packaged beverage materials 231.3 180.2 179.8 171.9 Other processed foods 96.8 100.9 101.2 101.4 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122 3 121 5 121 5 121 5 Cotton products 88.4 90.4 90.3 90.6 Construction machinery and equip- Wool products 110 1 106.0 106 1 105 5 ment 131 5 134 1 134 3 134 5 Synthetic textiles 85.6 87.2 86.9 86 6 Metal working machinery 132 6 137 1 139.5 142 3 Silk products 123.9 122.8 123.2 124.0 General purpose machinery and Apparel .. . 98 1 98.0 98 0 98 2 equipment 128 2 131 0 131.2 131 8 Other textile products 79.0 76.3 76.4 74 4 Miscellaneous machinery 125.5 126.8 127.1 127.1 Electrical machinery and equip- Hides, Skins, and Leather Products' ment 125.9 126.4 126.5 126.5 Motor vehicles 118.9 121.9 122.0 122.0 Hides and skins 60.6 56.9 r53 3 55.7 Leather 87.4 83.6 85.0 83.8 Furniture and Other Household Dura- Footwear 111.9 111.5 111.4 110.7 bles: Other leather products 97.5 95.9 '95.0 95.0 113.1 112.8 113.1 113.1 Fuel, Power, and Lighting Materials: Commercial furniture.. . 126.2 128.6 128.6 129.7 Floor covering 122.6 125.0 125.1 126.1 Coal 104.7 102.3 100.4 100 6 Household appliances 109 8 107.3 106.5 106.4 Coke 132.4 133.4 133.4 133 4 Radio 95.6 94.7 94.7 94.7 Gas 107.8 113.1 111.0 111.0 Television 70.6 68.8 69.0 68.7 Electricity 101.8 97.8 97.8 97.8 Other household durable goods.... 130.4 131.9 131.9 132.0 Petroleum and products.. 110.9 111.5 111.5 111 5 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 124 7 124.9 124.9 124.9 Industrial chemicals 117.0 118.0 117.6 117 8 Concrete ingredients 120.1 124.8 124.7 124.9 Prepared paint 112.8 114.8 114.8 114 8 Concrete products . . . 117 5 118 2 118.2 118.3 Paint materials ... 96.8 96.2 97.0 96 9 Structural clay products 132.0 136.8 137.0 137.3 Drugs, Pharmaceuticals, cosmetics. 94.0 93.2 93.2 93.0 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 55.7 55.2 53.2 53 6 Prepared asphalt roofing 94.2 98.5 105.8 106.7 Mixed fertilizers 109.9 108.8 108.8 108.8 120.2 119.2 121.0 121.5 Fertilizer materials 111.6 113.5 113.1 111.0 Other chemicals and products 107.7 107.6 107.6 107.6 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124 0 124 0 124.0 124.0 Crude rubber 122.8 143.8 142 4 149 6 Cigars 103 5 103.7 103.7 103.7 Tires and tubes 129.3 142.3 142.3 142.3 Other tobacco products 120.7 121.4 121.4 121 A Other rubber products . . 123.7 130.3 130.4 132.2 Alcoholic beverages.. 114.2 114.7 114.7 114.7 Nonalcoholic beverages 148.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber. 115 5 122 9 124 2 124 6 Millwork 130.8 129.3 129.3 128 3 Toys, sporting go®ds, small arms.. 113.6 113.2 113.2 113.2 Plywood . . .. 99.7 104.8 105.6 105.6 Manufactured animal feeds 100.6 80.1 75.0 70.8 Notions and accessories 101.6 92.3 92.9 92.9 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 102.7 103.0 103.0 103.0 Other miscellaneous 121.3 121.0 120.8 120.8 Woodpulp 109.7 113.8 113.8 113.8 70.1 89.4 92.7 104.7 Paper 126.5 128.0 128.9 129.2 'Revised. Source.—Bureau of Labor Statistics, Department of Labor, Back figures.—See BULLETIN for March 1952, pp. 311-31?. AUGUST 1955 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 1954 Gross national product 104.4 56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 357.6 358.8 367.1 375.3 384.8 Less: Capital consumption allowances.. 8.6 7.2 9.0 18.4 20.5j 23.5 25.5 27.8 30.0 29.6 30.4 30.9 31.2 31.9 Indirect business tax and related liabilities 7.0 7.1 11.3 21.6 23.7 25.6 28.1 30.2 30.3 30.4 30.0 30.7 31.1 31.7 S B t u a s t i i n st e i s c s a l t r d an is s c f r e e r p a p n a c y y ments . . 3 6 . . 7 9 .5 . . 1 8 . . 2 8 1 1 . . 0 3 1. . 2 7 1 1 . . 2 3 1.2 1.2 1.2 1. . 2 7 1. . 2 7 n 1 . . a 2 . Plus: g o S v u e b r s n id m ie e s n t l e e s n s t e c r u p r r r i e s n es t surplus of _ i .0 .4 -.2 .2 .2 -.1 — .4 -.1 -2.3 -1.5 -.3 .3 .4 Equals: National income 87.8 40.2 .1 216.2 240.0 277.9 289.5 303.6 299.7 .3 .0 303.2 311.4 n.a. 104.7 298.9 298.7 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 34.0 33.1 35.5 39.6 n.a. Contributions for social insurance. . .2 .3 2.8 5.7 6.9 8.2 8.6 8.7 9.6 9.6 9.6 9.6 10.5 10.8 Excess of wage accruals over disbursements .0 ,0 .0 .0 .0 .1 .0 — .1 .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 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 5.2 5.2 5.2 5.1 5.0 Dividends 5.8 2.1 4.5 7.5 9.2 9.1 9.0 9.3 10.0 9.8 10.0 10.6 10.2 Business transfer payments .6 .5 .8 .8 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 .7 Equals: Personal income 85.8 47.2 96.3 206.8 227.1 255.3 271.1 286.2 287.6 286.6 287.3 290.8 293.6 300.5 Less: Personal tax and related payments. . 2.6 3.3 18.7 20.9 29.3 34.4 35.8 32.8 32.7 32.8 33.1 32.6 33.4 Federal 1.3 1.5 2.0 16.2 18.2 26.3 31.2 32.4 29.1 29.1 29.1 29.3 28.8 29.5 1.4 .5 1.3 2.5 2.7 3.2 3.4 3.7 3.7 3.8 State and local 3.0 3.6 3.8 3.9 83.1 1.0 93.0 188.2 206.1 236.7 250.4 254.8 254.5 257.8 Equals: Disposable personal income. 226.1 253.9 261.0 267.1 79.0 45.7 81.9 180.6 194.0 218.3 230.6 236.5 237.9 241.0 Less: Personal consumption expenditures 208.3 235.1 245.8 250.5 4.2 46.4 11.1 7.6 12.1 18.4 19.8 18.3 16.6 16.8 Equals: Personal saving 17.7 18.8 15.3 16.6 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 1954 2 3 4 1 2 National income 87.8 40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 298 9 298.7 303.2 311.4 n.a. Compensation of employees 51.1 29.5 64.8 140.9 154.3 180.4 195.3 209.2 207.9 207.2 207.8 209.8 213.1 219.5 Wages and salaries^- 50.4 29.0 62.1 134.3 146.5 170.9 185.1 198.5 196.2 195.6 196.1 198.1 200.8 207.0 Private 45.5 23.9 51.9 113.9 124.3 142.1 152.2 164.7 162.4 162.0 162.1 163.8 166.5 171.7 Military ,3 .3 1.9 4.2 5.0 8.7 10.5 10.3 9.5 9 5 9.4 9.3 9.1 9.3 Government civilian 4.6 4,9 8.3 16.2 17.2 20.1 22.5 23.5 24.4 24.1 24.5 25.0 25.3 25.9 Supplements to wages and salaries... .7 .5 2.7 6.5 7.8 9.5 10.2 10.8 11.7 11.6 11.7 11.8 12.2 12.5 Proprietors* and rental income2.... 20.2 7.6 20.9 42.0 44.6 49.9 49.9 48.4 48.4 48.2 48.3 48.2 48.8 48.7 8.8 3.2 10.9 21.4 22.9 24.8 25.7 25.9 25.9 25.9 26.0 26.3 26.6 27.1 Farm 6.0 2.4 6.5 12.7 13.3 16.0 14.3 12.3 12.0 11.9 11.7 11.2 11.5 11.0 Rental income of persons 5.4 2.0 3.5 7.9 8.5 9.1 9.9 10.3 10.5 10.5 10.6 10.7 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 34.0 33.1 35.5 39.6 n.a. Corporate profits before tax 9.6 .2 17.0 26.2 40.0 41.2 35.9 38.3 34.0 33.7 33.5 36.0 40.9 n.a. Corporate profits tax liability 1.4 ,5 7.6 10.4 17.8 22.5 19.8 21.3 17.1 16.9 16.8 18.1 20.5 n.a. 8.3 — .4 9.4 15.8 22.1 18.7 16.1 17.0 17.0 16.8 16.7 17.9 20.4 n.a. Inventory valuation adjustment .5 -2.1 -2.5 1.9 -4.9 -1.3 1.0 -1.1 -.2 .2 -.5 -.5 — 1.3 -.8 Net interest 6.4 5.8 4.5 5.2 5.9 6.8 7.4 8.8 9.5 9.5 9.5 9.7 9.9 10.3 n.a. Not available. 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. 942 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 1954 Gross national product 104.4 56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 357.6 358.8 367.1 375.3 384.8 Personal consumption expenditures 79.0 46.4 81.9 18®. 6 194.0 208.3 218.3 230.6 236.5 235.1 237.9 241.01 245.8 250.5 Durable goods 9.2 3.5 9.7 23.6 28.6 27.1 26.6 29. 29.3 29.0 29 A 30.4 34.4 35.1 Nondurable goods 37.7 22.3 43.2 96.9 100.4 111.1 116.0 118.9 120.9 120.4 121.5 122.5 122.4 125.3 Services 32.1 20.7 29.0 60.1 65,0 70. t 75.7 81. 86.4 85.7 87.0 88.lj 89.0 90.2 Gross private domestic investment. 16.2 S.4 32.5 51 2 5-6.9 49.6 51.4 47.2 46.9 45.9 5®.7 60, New construction1 8.7 1.4 6.6 17,5 22.7 23,3 23.7 25.8 27.8 27.3 28.5 29.4 32. Residential, nonfarm 3.6 .5 3.5 8.3 U 6 11.0 11 11.9 13.5 13.0 14.2 15.0 16.4 Other 5.1 1.0 3.1 9.2 SO 1 12.4 12 13. 14.3 14.3 14.3 14.4 15.7 Producers' durable equipment 5.9 1.6 6.9 17.8 21 1 23.2 23 24.4 22.3 22.4 22.2 21.9 23.7 Change in business inventories.... 1.7 -1.6 4.5 -2 7 1 4 10.4 2 1.2 -2.9 -2.7 -4.9 -.6 4.3 Nonfarm only. 1.8 -1.4 4.0 _t 9 6 4 9.0 2 1 1.9 -3.2 -3.2 -5.4 -1.0 Net foreign investment ,8 .2 1.1 -2.2 .2 -.2 -2.0 -.3 -.3 -.7 .9 -.4 -.7 Government purchases of goods and services 8,5 8.0 24.8 43.6 42.0 62.8 77.5 84.5 77.0 75.9 75.8 74.5 75.8 74.9 Feder O N a t a l h ti e o r nal security - 1 1 . . 3 3 2 2 . . 0 0 J 16.9 2 1 6 5 9 . . . 6 4 3 2 1 2 3 8 . . J 9 5 4 3 1 4 7 . . . 0 2 3 5 4 4 5 8 . . . 3 8 8 \ 5 5 9 8 1 . . . 5 5 4 4 4 9 6 3 . . . 2 2 3 4 4 8 5 3 . . . 6 4 6 4 4 7 6 2 . . . 7 1 1 4 4 5 5 0 . . . 7 5 5 4 4 6 5 1 . . . 4 5 2 4 4 5 5 0 . . . 2 2 4 Less: Government sales2 .0 .0 .4 .3 .4 .4 .4 .4 .4 .4 .3 .3 .3 State and local 7.2 6.0 7.8 18.2 19.9 21.8 23.2 25.0 27.8 27.3 28.1 28.7 29.4 29.7 ! 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 o e o s g o d t d 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 r s t d y i i t e u v r s i s e d b - i - sbu S i r n e s tr e d r i v m u e i s s c e - e nts m G er o e n v n - - t in O l c a t o b h m o e r r e8 i p n r r c e P a i o n e n ro m t t d o a - e l rs 4 ' i i n d n D s a p t c e o e i n e o n n v r r d m d a e i - s l s e t m T p r e f a a e n y n r t - s s - B b p c i a s e u L o n o n r f t n s e c o s i c u o t s o i 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 ! C77 7 1933 47.2 29.0 9 8 8.8 5.2 5.J .4 7.6 8.3 2.1 .2 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 1.7.4 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 S 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 20 7 3 4 235 7 1952 271.1 185 2 80 6 48.7 23.0 32.9 5.3 49.9 21 3 13 2 3 8 253 1 1953 286.2 198.6 88.2 51.8 24.8 33.8 6.0 48.4 23.1 14.0 3.9 270.2 1954 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—June 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 287.1 196.6 83.8 52.8 26.2 33.8 6.6 47.6 24.6 16.1 4.4 272.1 August 286.7 195.8 83.1 52.5 26.3 33.9 6.6 48.1 24.7 16.1 4.6 271.5 September 287.9 195.8 82.8 52.5 26.3 34.2 6.6 49.0 24.7 16.3 4.5 272 1 October 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 290.8 198.6 85.2 52.5 26.6 34.3 6.7 48.3 24.9 16.8 4.5 275.9 December 293.4 198.8 84.8 53.1 26.6 34.3 6.7 48.9 26.5 17.1 4 6 278.1 ^955—January 292.2 199.3 85.4 52.9 26.8 34.2 6.8 49.1 25.0 17.0 5.0 276.5 February 293.2 200.3 86.3 53.0 26.7 34.3 6.8 48.8 25.3 17.0 5 0 277.7 March. 295 7 202 6 87 8 53 6 27 0 34 2 6.8 48 5 25 5 17 4 5 1 280 9 April 298.9 204.6 88.9 53.6 27.2 34.9 6.9 49.0 25.9 17.6 5.1 283.7 ]VIay 301 4 207.3 90.6 54.5 27.4 34 8 6.9 48.8 26.1 17.5 5 2 286 6 June^ 301.2 207.7 90.6 54.9 27.4 34.8 6.9 48.3 26.3 17.2 5.2 286.8 p Preliminary. r Corrected. 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, am! other payments. 4 Includes business and professional income, farm income, and rental income of unincorporated enter prise: also a noncorporate inventory valuation adjustment. 6Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 6Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950 Personal contributions are not included in personal income. 7Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 943 AUGUST 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES ] Commercial and stock savings banks and nondeposit trust companies Mutual savings K or ba A n l k l s Member banks Nonmember banks Total Total1 tio N n a a - l1 me S m ta b te er2 Total su In re - d i _ n s N u o re n d - su I r n e - d2 in N su o r n e - d Banks (head offices) Dec. 31, 1934 . .. 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 «l,502 7,661 6,810 851 52 496 Dec 31 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec. 31, 19473 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1952 . . 14,575 14,046 6,798 4,909 1,889 7,251 6,627 624 206 323 Dec-31, 1953 14,509 13,981 6,743 4,856 1,887 7,241 6,672 569 219 309 Dec. 31 1954 14,367 13,840 6,660 4,789 1,871 7,183 6,647 536 218 309 June 30, 1955 14,309 13,781 6,611 4,744 1,867 7,173 6,660 513 218 310 Branches and additional offices Dec. 31, 1934 3,133 3,007 2,224 1,243 981 783 47S3 4i: 16 Dec 31 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31 1946 4,138 3,981 2,913 1,781 1,132 1,068 1,006 62 115 42 Dec. 31, 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1951 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31, 1952 5,711 5,465 4,106 2,556 1,550 1,359 1,318 41 177 69 Dec. 31, 1953 6,096 5,826 4,398 2,746 1,652 1,428 1,387 41 192 78 Dec. 31 1954 6,614 6,306 4,787 3,056 1,731 1,519 1,483 36 221 87 June 30, 1955 6,880 6,567 5,020 3,176 1,844 1,547 1,512 35 225 88 Changes, Jan. 1-June 30, 1955 Banks New banks 5 .... +58 +57 +17 +14 +3 +40 +33 +7 +1 Suspensions -3 —2 9 Consolidations and absorptions: Banks converted into branches -94 -94 -68 —53 — 15 -26 —26 Other -16 -16 - 9 -2 -7 -6 -1 Voluntary liquidations 6 -3 -3 -1 -1 -2 A -1 Other changes^ -1 Conversions: National into State —2 _2 +2 +2 +5 +6 -1 -4 -1 Federal Reserve membership:8 +12 +12 —12 — 11 _1 Withdrawals of State banks 2 2 +2 +2 Federal Deposit insurance:9 Admissions of State banks +26 -26 Net increase or decrease . .. -58 -59 -49 -45 -4 -10 +13 -23 +1 Number of banks June 30 1955 14,309 13,781 6,611 4,744 1,867 7,173 6,660 513 218 310 Branches and additional offices10 De novo branches +185 +180 +142 +101 +41 +38 4-38 +4 +1 Banks converted into branches +94 +94 +84 +53 +31 +10 Discontinued -20 -20 -13 -6 -7 -7 -6 -1 Other changes u +1 +1 +1 +1 . Interclass branch changes: National to State member —57 +57 State member to national . +19 — 19 State member to nonmember .,.. i _1 +1 +1 N N o o n n m m e e m m b b e e r r t t o o n S a ta ti t o e n m al ember + + 1 4 1 +4 +11 — -4 11 — — 1 4 1 Net increase or decrease +260 +255 +228 +115 +113 +27 +28 -1 +4 +1 Number of branches arid additional offices, June 30, 1955 6,676 6,363 4,838 3,015 1,823 1,525 1,490 35 225 88 Banking facilities 12 Established +8 +8 +6 +6 +2 +2 Discontinued -2 -2 -2 Interclass change +1 +1 -1 1 Net increase +6 +6 -f-5 +5 +1 +1 Number of banking facilities, June 30, 1955 204 204 182 161 21 22 22 "Corrected. I Excludes banks in United States territories and possessions except one national bank in Alaska, with no branches, that became a member of the Federal Reserve System on Apr. 15, 1954. 2State member bank and insured mutual savings bank figures both include since 1941, three member mutual savings banks not included in the total for "commercial banks." State member bank figures also include since 1954, one noninsured trust company without deposits. 3 As of June 30, 1947, the series was revised. The revision resulted in a net addition of 115 banks and 9 branches. 4Separate figures not available. ^Exclusive of new banks organized to succeed operating banks; see also "Other changes." 6Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7Newly organized State member bank formed by consolidation of 4 banks, located at the former head office of one of the discontinued national banks and operating other 3 discontinued banks as branches. 8Exclusive of conversions of national banks into State bank members, or vice versa. Shown separately under conversions. 9Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. 10 Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent. II One branch restored to series, previously eliminated. 12 Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government at military and other Government establishments. Figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST BY FEDERAL RESERVE DISTRICTS, STATES, ALASKA AND HAWAII1 Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices1 Total Member Nonmember district or State Branches Branches Branches Branches Branches Banks and offices Banks and offices Banks and offices Banks and offices Banks and offices Total, including Alaska and Hawaii:2 Dec. 31, 1954 13,770 6,356 11,968 6,035 6,654 4,787 5,314 1,248 1,802 321 June 30, 1955 13,709 6,618 11,919 6,298 6,605 5,020 5,314 1,278 1,790 320 Total, all States: Dec. 31, 1954 13,746 6,296 11,959 5,979 6,653 4,787 5,306 1,192 1,787 317 June 30, 1955 13,686 6,557 11,911 6,241 6,604 5,020 5,307 1,221 1,775 316 Districts, June 30, 1955 Boston 451 475 451 475 308 375 143 100 New York , 750 1,236 750 1,236 648 1,142 102 94 Philadelphia 763 341 763 341 579 267 184 74 Cleveland , 1,015 527 1,015 527 623 462 392 65 Richmond -. 1,005 775 824 623 477 402 347 221 181 152 Atlanta 1,254 311 672 268 377 230 295 38 582 43 Chicago 2,483 765 2,483 765 1,019 407 1,464 358 St. Louis 1,457 208 1,146 142 492 85 654 57 311 66 Minneapolis , 1,284 116 683 74 474 29 209 45 601 42 Kansas City 1,756 29 1,749 29 749 19 1,000 10 7 Dallas 1,053 85 960 72 632 49 328 23 93 13 San Francisco2..... 438 1,750 423 1,746 227 1,553 196 193 15 4 States, Alaska, and Hawaii, June 30, 1955: Alabama. 235 42 140 41 96 41 44 95 1 Arizona 11 85 11 85 4 61 7 24 Arkansas 233 23 118 6 71 3 47 3 California 153 ,161 153 1,161 102 1,071 51 90 Colorado 154 5 154 5 94 4 60 1 Connecticut 95 93 95 93 55 74 40 19 Delaware 31 36 31 36 11 15 20 21 District of Columbia 17 54 17 54 13 44 4 10 Florida 224 11 177 10 90 9 87 1 47 Georgia 402 60 121 58 64 52 57 6 281 Idaho , 36 66 36 66 20 61 16 Illinois 908 3 906 3 515 3 391 Indiana 472 158 472 158 234 99 238 59 Iowa 664 160 664 160 165 4 499 156 Kansas 600 3 598 3 212 3 386 2 Kentucky 368 77 368 77 109 52 259 25 Louisiana , 176 105 69 78 51 66 18 12 107* 27 Maine 59 90 59 90 37 51 22 39 Maryland 152 161 152 161 70 93 82 68 Massachusetts 173 245 173 245 135 214 38 31 Michigan 424 352 424 352 232 287 192 65 Minnesota 680 6 272 6 206 6 66 408 Mississippi 196 92 45 32 33 16 12 16 151 60 Missouri 599 2 539 2 177 2 362 60 Montana 111 111 84 27 Nebraska 414 1 414 1 139 1 275 Nevada, 8 26 8 26 7 23 1 3 New Hampshire 75 2 75 2 52 1 23 1 New Jersey 300 243 300 243 259 215 41 28 New Mexico 52 26 52 26 34 9 18 17 New York 526 1,004 526 1,004 462 44 64 60 North Carolina 209 312 108 167 54 93 54 74 101 145 North Dakota 154 23 59 6 40 19 6 95 17 Ohio 630 344 630 344 406 305 224 39 Oklahoma 383 3 376 3 222 3 154 Oregon 48 142 48 142 20 134 28 Pennsylvania. 832 426 832 426 630 363 202 63 Rhode Island 10 65 10 65 6 50 4 15 South Carolina...... 153 79 75 72 35 58 40 14 78 7 South Dakota 171 52 73 27 62 23 11 4 98 25 Tennessee 296 133 213 119 85 89 128 30 83 14 Texas 924 17 881 17 577 17 304 43 Utah 54 39 54 39 29 35 25 4 Vermont 63 14 63 14 37 5 26 9 Virginia 317 169 316 169 206 114 110 55 Washington 107 196 107 196 45 184 62 12 West Virginia 182 181 111 70 Wisconsin 552 150 552 150 166 "22" 386 128 Wyoming 53 1 53 1 40 1 13 Alaska2 18 13 3 9 1 2 9 15 Hawaii2 5 48 5 48 5 48 1 Excludes mutual savings banks, on a few of which some checks are drawn, and includes 204 banking facilities (see footnote 12 on preceding page). The difference between the number of member banks on June 30, 1955, shown in this and the preceding table is due to the fact that this table excludes 3 member nondeposit trust companies and 3 member mutual savings banks on which no checks are drawn; the difference for nonmember commercial banks is due to the fact that this table excludes 91 banks and trust companies on which no checks are drawn. Excludes banks and branches in United States territories and possessions except those in Alaska and Hawaii. 2Alaska and Hawaii were designated as being in the San Francisco District for the purposes of Regulation J, "Check Clearing and Collection" effective July 15, 1954. Back figures.—See Banking and Monetary Statistics, Table 15, pp. 44-55, and Annual Reports. AUGUST 1955 945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTIC PAGE International capital transactions of the United States. . 948-952 Gold production - 952 Estimated foreign gold reserves and dollar holdings. . 953 Reported gold reserves of central banks and governments. . 954 Net gold purchases and gold stock of the United States. . 955 International Bank and Monetary Fund. . 956 Central banks . 956-960 Money rates in foreign countries. . 961 Commercial banks . . 962 Foreign exchange rates 963 Price movements in principal countries: Wholesale prices 964 Consumers' price indexes. .. 965 Security prices . 965 Index to statistical tables. . 971-972 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. AUGUST 1955 947 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 e - d 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—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 July 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 6,287.3 418.91,225.1 510.7 680.8 851.9 1,676.7 5,364.0 1,380.4 1,918.7 1,748.2275.2 Sept. 30. 1,801.9 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 11,152.6 6,774.0 715.41,372.5 578.6 672.4 639.5 1,642.1 5,620.5 1,535.7 1,905.9 1,825.4265.1 1955—Jan. 31. 1,752.2 11,100.7 6,749.5 706.51,368.9 591.5 624.2 '659.2 1,675.1 '5,625.4 1,529.1 1,836.6 1,842.1267.4 Feb. 28 1,793.5 10,924.9 '6,540.3 725.11,406.9 '612.2 634.5 598.9 1,626.7 '5,604.4 1,366.9 1,811.6 1,857.7 284.3 Mar. 31 1,821.3 10,915.2 6,508.1 749.61,411.1 611.2 649.9 637.1 1,591.1 5,650.1 1,320.7 1,794.7 1,859.9289.8 Apr. 30* 1,820.7 11,068.1 6,609.8 670.71,404.5 639.3 657.6 681.0 1,661.5 5,714.7 1,320.9 1,886.3 1,848.3297.8 May 31 P 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 June 302> 1,852.8 11,267.2 6,766.6 785.11,397.0 648.7 685.2 689.1 1,588.6 5,793.7 1,268.3 1,920.5 1,983.7301.0 Table la.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a en rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - l P an o- d t P u o g r a - lm R a u n - iaSpain S d w en e- T k u e r y - U.S.S.R. Y sla u v go ia - o A th l e l r 1951—Dec. 31 S4.fi fi 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 L.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—june 30 I 701 3 238 5 111 6 92 7 42 4 114 0 272.3 131.2 2.2 86.3 7.9 26.2123.1 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 L.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 . L,673 3 281 9 104 0 76.4 37.7 94.3 247.6 132.3 1.8 83.5 7.9 58.3180.5 6.4 2.1 6.9 351.7 Oct. 31 t,690.1 283.6 104.6 68.8 40.6 93.8 248.7 125.8 1.9 85.0 8.1 66.1179.4 8.2 2.0 6.8 366.7 Nov. 30 . 1,673 7 272 4 103 2 69.2 39.8 110.2 241.4 115.8 2.2 88.9 8.0 70.9159.0 8.1 5.2 9.0 370.3 Dec. 31 L,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. si.. [,675 1 272 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 84.7129.7 9.2 1.7 9.8 382.9 Mar. 31. 1,591 1 274 7 98 9 69 3 37.8 130.5 222.1 64.3 2.4 91.9 8.2 92.6 121.0 9.9 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 [,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 June 3QP [,588 6 268.6 107.8 54.2 38.5 126.6 202.3 71.2 3.5 94.4 8.0 108.9118.9 11 8 3.1 10.8 360.1 Table 1b.—Latin America Neth- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p 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—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 A 79.2 23.0 98.5 183.0 121.7 Nov. 30. 1,848.1 175.3 32.3160.3 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 73.4 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. 1,794.7 151.7 26.3 95.1 75.3 97.4 234.3 63.1 44.5 363.3 45.1 79.2 79.4 42.6 80.9 187.5 129.0 Apr. 30 P 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* 1,991.0 167.4 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 June 30P 1,920.5 156.6 27.6 119.6 94.2 101.5 244.6 75.7 50.5 341.3 42.1 84.3 83.1 49.7 63.9 256.3 129.5 p Preliminary. 'Revised. For footnotes see following page. 948 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 COUNTRIES1—Continued [Amounts outstanding, in millions of dollars] Table lc—Asia and All Other For- Ko- Egypt mosa rea, p 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 IsraelJapan 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 r u a s l - ia giaii A Eg ng y l p o - - So o u f th Other Main- lic i° tian Africa land Of* Sudan 1951—Dec. 31. 1,595.5 87.4 62.4 62.1 140.6 25.5 26.6596.0 26.2 329.7 96.7 1.42.2 297 .4 38 5 54 .5 110.7 7 0 86 8 1952—Dec. 31. 1,836.5 76.4 70 9 64.6 61.0 19.2 18.8808.0 54.4 315.1 181.0 167. 1 335 .6 47 2 118 .6 59.7 23 6 86 •5 1953—Dec. 31. 1,895.5 73.6 68.0 99.0 39.3 43.6 18.0827,9 91.5 295.5 167.9 171. 2 326 .1 59 2 89 .6 43.3 38 2 95 7 1954—June 30. 1,682.5 75.8 65.1 91.3 59.2 34.0 28.9615.4 105.9 298.9 130.1 177. 8 298 .5 48 0 63 .6 51.7 37 g 97 4 July 31. 1,693.2 75.1 64.6 79.2 60.5 28.6 25.1616.0101.2 308.2 127.1 207. 6 285 .6 42 8 51 .3 51.5 38 6 101 3 Aug. 31. 1,748.2 74.2 64.2 75.5 81.9 23.3 36.0643.4 98.2 314.2 126.2 211. 2 275 .2 41 3 45.5 47.7 37 9 102 8 Sept. 30. 1,764.1 69.6 64.3 73.4 87.3 26.1 33.1668.5 94.9 308.5 125.0 213. 3 262 .9 35 4 44.2 45.1 38 5 99 7 Oct. 31. 1,782.5 71.1 64.7 77.7 95.4 24.7 24.7695.8 93.8 289.7 117.8 227. 0 272 .1 41 6 47 .0 45.2 39 4 99 0 Nov. 30. 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. 1,842.1 69.2 60.8 95.0 109.3 44.5 38.9 707.3 98.9 264.9 131.6 221. 9 267 .4 44.4 45 .9 48.6 31 .4 97 .1 Feb. 28. ••1,857.7 70.3 60.1 101.5112 3 47.0 ••40.7700.1 r96.8 263.2 133.1 232. 6 284 3 58 6 42 7 52 0 36 94 8 Mar. 31. 1,859.9 70.0 61.2 87.5 97.7 40.1 45.3 714.2 96.5 253.6 132.0 261. 9 289 .8 56 8 44 .3 53.6 33 .4 101.8 Apr. 30P 1,848.3 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 31 P 1,886.4 70.4 61.0 93.4 99.9 51.6 42.9 720.1 107.7 249.3 128.8 261. 1 305 .4 70 2 42.9 48.3 33 .8 110 .2 June 30P 1,983.7 69.1 60.3 97.0 115.4 51.6 41.0 758.4 109.7 252.0 129.9 299. 1 301 .0 64 2 42 .6 50.3 30 .1 113 .8 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 61.5 Lithuania .6 .6 .4 .5 Syria 5.4 11.4 20.5 21.5 Luxembourg 11.8 5.0 4.0 4.5 Viet-Nam n.a. n.a. n.a. 8.1 Monaco 3.2 2.6 3.0 5.3 Trieste 5.6 4.1 2.5 2.2 All other: British dependencies 1.2 1.6 1.6 1.4 Other Latin America: Ethiopia and Eritrea 6.9 3.5 9.1 n.a. British dependencies 14.6 14.6 18.0 19.0 French dependencies 36.5 27.0 22.3 16.8 Costa Rica 8.7 12.1 13.4 15.3 Italian Somaliland .1 1.1 .3 n.a. Ecuador 11.4 23.7 17.7 21.2 Liberia 6.1 10.3 11.8 5.6 French West Indies and French Libya .5 2.3 3.0 n.a. Guiana 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. ^Revised. n.a. Not available. 1 "Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in not more than one year 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. AUGUST 1955 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1 [Amounts outstanding, in millions of dollars] Date Total France R m e G F p a e e . n d r y o - . , f Italy S l w a e n r i - t d z- U K d n i o i n m t g ed - E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1951—Dec. 31.. 968.4 •10.1 28.3 10.3 11.2 35.0 88.5 183.4 92.0 489.3 161.8 41.9 1952—Dec. 31.. 1,048.7 31.9 26.8 17.8 7.1 30.3 98.2 212.2 62.3 662.0 89.8 22.4 1953—Dec. 31.. 904.5 10.6 30.5 18.8 17.9 70.5 87.5 235.9 56.4 472.7 114.8 24.9 1954—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. 31.. 1,361.1 7.5 72.7 22.6 18.3 119.1 140.0 380.2 91.0 686.2 167.1 36.5 Apr. 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 May 31*. 1,413. 11.2 82.2 27.6 20.1 90.0 135.3 366.4 107.6 684.4 214.1 41.1 Table 2a.—Other Europe Other Aus- Bel- Den- Fin- Neth- Nor- Por- Swe- Tur- Yugo- All Date Europe tria gium mark land Greece er- way tugal opain den key slavia oth@r lands if51—Dec. 31. 88.5 (2) 39.§ 4.8 3.1 .2 5.0 2.5 .8 18.8 5.4 .6 3,9 4.0 1952—Dec. 31. 9S.2 .8 16.2 2.1 5.6 .2 4.4 1,9 .5 11.2 2.S 38.8 5.4 1953—Dec. 31. 87.5 .8 13.0 6.2 1.9 1,3 8.6 1.0 .6 24.3 2.7 15.7 4.8 6.S 1954—May 31. 101.1 .1 15.2 3.5 1.6 1.9 8.8 1.3 .6 5.7 1.9 49.2 5.1 6.1 June 30. 89.7 .2 14.8 4.1 1.9 1.8 11.9 1.3 .6 3.5 2.4 35.9 5.3 6.2 July 31. 85.2 .1 15.3 4.2 1.8 2.6 9.3 1.5 .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 1.4 .5 3.5 2.6 37.0 4.2 6.3 Sept. 30. 87.7 .2 16.0 4.8 2.0 3.6 10.9 1.7 .5 4.0 2.4 33.3 3.0 5.3 Oct. 31. 107.5 .2 14.2 6.0 2.3 3.6 11.2 1.4 .7 4.0 2.8 55.0 .6 5.6 Nov. 30.. 114.4 .3 17.0 7.5 2.1 3A 14.6 1.7 .6 5.5 3.0 52.4 1.0 5.3 Dec. 31. 108.6 .4 19.6 9.7 2.5 3.3 15.9 2.1 .5 4.0 4.1 40.7 1.3 4.6 1955—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. 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. 30*> 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 May 31 P 135.3 .6 17.9 7.2 2.4 4.5 14.6 2.5 1.0 4.3 4.1 67.5 4.3 4.4 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 i a o e b c n n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e i r d d - e s i s - s t l a P p i R m c u a e b n a o - - - , f Psra v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a m t c h t a i e e a r r nam !951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 3.0 11.8 9,5 10.5 41.7 14.5 1952—Dec. 31.. 662.0 8.2 5.8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 1.3 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—May 31.. 447.9 5.6 2.3 129.1 18.5 59.1 55.9 2.4 3.0 76.6 1.8 6.2 15.2 4.1 3.2 47.7 17.1 June 30.. 499.3 5.7 2.0 167.4 12.2 66.4 59.2 2.5 2.9 81.7 2.5 7.7 16.0 4.6 4.4 46.4 17.6 July 31.. 625.8 5.8 2.9 276.6 21.0 64.6 56.9 2.4 3.0 85.5 2.1 8.5 15.7 5.4 3.9 51.6 20.1 Aug. 31.. 613.9 5.8 1.7 269.6 14.9 64.0 59.7 2.4 3.2 91.7 2.0 5.4 14.2 5.1 3.3 50.4 20.4 Sept. 30.. 646.5 5.8 2.5 288.0 11.3 74.2 63.7 2.4 3.6 94.7 1.8 6.4 13.9 7.1 3.2 52.7 20.2 Oct. 31.. 740.3 6.1 2.2 360.5 6.8 78.9 64.9 2.2 3.3 99.2 1.3 7.7 14.2 9.5 3.7 57.3 22.3 Nov. 30.. 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. 31.. 686.2 5.5 3.0 220.5 18.5 87.6 64.5 4.4 4.0 127.7 1.4 17.7 15.1 5.8 8.4 78.7 23.6 Apr. 30*. 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 8Q.1 25.0 May 31 *. 684.4 5.7 3.5 190.2 11.4 119.8 60.8 5.8 4.6 122.2 1.6 20.4 15.8 4.8 6.7 84.1 27.1 ^Preliminary. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity ©f 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 444 million dollars on May 31, 1955. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 2Less than $50,000. 950 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES^—Continued [Amounts outstanding, in millions of dollars] Table 2c—Asia and All Other For- Egypt Date Asia M m C a h n o a i d s i n n a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan K l p i R o c u r e b e o - - a f , 2 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 g l n - o A E t a n i g n a g y d n l p o - - A S U f o r o n i u 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 1 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— May 31 .. 114.6 8.2 3.4 S.I 1.4 15.3 8.8 36.7 .1 10.5 5,7 19.5 28.6 7.7 7.1 .5 S.8 7.6 June 30,. 113.3 8.1 3.1 3.5 .6 16.0 8.0 38.6 .2 8.7 6.2 20.1 35.3 10.2 7.8 .3 5.9 11.1 July 31.. 117.5 8,1 3.6 4.2 .6 17.5 8.4 33.3 .2 9.7 5,6 26.3 36.2 12.1 7.9 .2 5.3 10.7 Aug. 31.. 125.7 8.2 2.8 3.9 .4 20.3 9.3 30.9 .5 12.0 6.2 31.3 32.8 10.1 7.5 .4 5.2 9.5 Sept. 30.. 125.6 8.1 2.4 4.5 .6 16.9 9.3 30.0 .2 12.3 6.7 34.5 35.2 10.5 6.9 .5 5.3 12.1 Oct. 31.. 128.1 8.1 2.6 4.8 .6 17.7 8.2 33.3 .4 10.8 6.9 34.8 33.9 10.9 6.8 .5 S.2 10.4 Nov. 30. . 125.9 8.1 3.3 4,4 .8 16.7 9.4 29.9 .3 10.7 7.1 35.3 32.5 10.4 6.6 .4 5.8 9.4 Dec. 31 143 3 8 1 3 4 4 9 7 15 8 10.7 50 0 2 7.3 6.3 36.0 37.0 14.1 6.3 1.0 5.9 9.6 1955—Jan. 31.. 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. . 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. 30P. 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 May 31 P. 214.1 8.0 4.5 3.9 .3 19.1 8.0 87.6 .6 17.8 17.2 47.0 41.1 11.3 5.1 1.8 7.9 15.1 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES s [In millions of dollars] U. S. Government bonds U. S. corporate Donda and notes and stocks Foreign bonds Foreign stocks Year or month Net Net Net Net pur- pur- pur- pur- Pur- Sales chases Pur- Sales chases Pur- Sales chases Pur- Sales chases chases or sales chases or sales chases or sales chases or sales (-) <-) (-) (-)• 1951 673.6 1,356.6 -683.0 859.8 761.0 98.7 500.4 801.0 —300.6 272.3 348.7 -76.4 1952 533.7 231.4 302.3 850.3 837.7 12.6 495 3 677.4 —182.1 293.9 329.6 -35 8 1953 ..... 646.0 728.0 -82.0 801.9 731.4 70.5 542.5 621.5 -79.0 310.1 303.4 6.8 1954 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—Mav 87.3 88.4 -1.2 110.8 96.4 14.4 37.3 34.3 3.0 29.5 56.1 -26.6 June 49.2 27.7 21.4 107.2 99.9 7.3 57.8 48.9 8.9 29.7 79.6 -49.9 July 33.4 24.3 9.1 133.2 100.5 32.7 57 3 49.0 8.3 34 8 39.6 —4 8 August 86.9 33.9 53.0 110.6 108.5 2.1 70.7 37.5 33.2 37.5 101.4 -63.9 September 38.6 39 2 — .6 103.8 86.6 17.2 126 0 78 7 47 3 30 5 41 0 —10 5 October 48.0 25 9 22.1 117.2 111.4 5.7 103.5 53.4 50.1 35.7 49.5 -13.8 November 115 1 101 8 13 3 168 9 130 2 38 7 48 2 46 3 1 9 38 0 62 5 —24 6 December 101.3 261.3 -160.0 197.4 180.5 16.9 75.9 69.3 6.6 38 6 61.2 -22.6 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 83.3 72.1 11.2 184.6 162.9 21.7 59.3 30.0 29.3 54.3 74.9 -20.6 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 Mayp 246.2 151.4 94.8 147.3 132.6 14.7 41.6 24.5 17.1 54.4 55.8 -1.4 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (-). In millions of dollars] Ger- Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i n r - - a s l fo c T t o r r o e i u e t i n g a s - l n France F R m l e e i d c a p n e u o r y b f a , - l Italy Sw la i n tz d er- U K d n i o n i 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- Aiia o A th l e l r 1951 —15.9 -568.4 6.0 (4) i.9 45.9 21.4 -66.0 9.2 —S95.S 13.9 4.8 — 7 1952 14 7 300 2 S.5 .2 .5 50.7 70.4 — 15 9 111.4 191.6 4.7 —9 5 1.9 1953 22.7 —34.3 —41.7 .2 — .5 57.1 71.3 -24.0 62.4 —120.6 24.9 (4) — .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—May... 21.8 -8.6 2.2 (4) — 4 5.4 3.4 .2 10.8 -34.3 14.8 -.2 A June... .5 28.1 1.5 (4) '.2 -.2 3.5 -.4 4.6 -8.7 31.2 A .7 July... -4.4 46.2 3.0 (4) (4) 24.8 5.7 -.6 32.8 -3.5 15.8 1.1 .1 Aug.... 41.2 13.8 .1 (4) .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 (4) -1.2 4.5 5.9 -1.7 8.6 -5.2 .1 .1 -1.4 Nov.... -.6 52.6 3.0 .3 13.0 8.0 -6.4 17.9 -2.3 36.3 .1 .6 Dec.... -11.2 -132.0 -27.9 (4)' .2 10.2 6.8 -8.3 -19.1 -108.0 -6.9 1.4 .6 1955—Jan 2.0 66.0 2.4 (4) .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 (4) Mar.... .3 32.5 1.3 .1 .3 19.9 -1.7 -4.0 15.8 -5.2 6.0 14.6 1.3 Apr.p. . .3 4.0 2.1 (4) -6.4 2.5 4.0 1.4 3.6 -5.5 4.4 1.2 .4 WL&yp. . -44.2 153.6 -1.2 1.9 -9.0 -.8 41.1 38.3 70.3 76.6 6.0 (4) .7 P Preliminary. iSee footnote 1 on preceding page. 2Not reported separately until Mar. 31, 1954. 3Includes transactions of international institutions. 4Less than $50,000. AUGUST 1955 951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN UNITED STATES, BY AREAS CORRESPONDENTS x [Net sales, (-). In millions of dollars] [In millions of dollars] Year or n I a n ti t o e n r- al fo T r o e t ig al n Total Can- Latin All Assets in custody month insti- coun- Europe ada Amer- Asia other 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 — 100 6lo 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—July 31 533 3,033 85 Aug. 31 477 2,989 82 1954—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 -29l3 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 5 7 -1 .8 June 30 374 3,295 139 Mar.. . .3 .3 -3 7 6.3 -1 .9 9 .6 July 31 410 3,288 135 Apr.P -2.4 12.3 7 6 6.8 .4 -2 4 0) May?. -2.8 18.5 -3 .1 14.2 .8 -2 3 8.8 1955—July 6 382 3,297 137 July 13 449 3,279 137 July 20 439 3,282 135 p Preliminary. July 27 443 3,247 134 iLess than $50,000. 1 Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 955, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month outside Total U.S.S.R.1 r m ep o o n r th te l d y A So fr u ic th a d R e h s o i - a A W fr e ic st a2 B C e o l n g g ia o n 2 U St n a i t t e 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 l s i t a ra- India2 $1- 15Hi grain.* of gold lco fine: i e., an 01tnce offiite 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 r27.5 12.8 '65.1 152.8 13.2 8.2 39.1 »-8.4 1954—Mav 68.9 38.3 1.6 2.3 1.0 5.0 13.4 1.3 1.0 .5 .7 3.3 .6 June 70.0 38.3 1.7 2.3 1.0 6.1 13.2 1.2 1.2 .3 .7 3.3 .7 July 71.1 39.4 1.6 2.3 1.0 6.1 13.3 1.0 1.0 .4 .8 3.4 .7 August 71.4 39.8 1.6 2.4 1.4 5.8 12.9 1.4 1.2 .3 .7 3.2 .7 September. 70.2 39.9 1.5 2.4 1.1 5.1 13.1 .9 1.1 .4 .7 3.4 .6 October 71.3 40.5 1.7 2.3 .9 5.6 13.3 1.4 1.1 .3 .6 3.1 .6 November 72.0 40.7 1.6 2.3 .9 5.6 13.5 1.2 1.2 .4 .6 3.3 .6 December. 40.8 1.5 2.3 .9 5.8 13.5 .8 .7 3A .6 1955—January... 40.7 1.4 2.2 1.5 5.0 12.8 1.6 .6 2.8 .5 38 8 1 6 2 2 1 2 4 8 12 3 1 1 6 2 7 5 Mi arch 42 3 1 5 2 2 1.2 5 4 13.0 1 2 6 .6 41.7 2.2 1.3 5 0 12.9 1 1 7 5 May 42.8 2.1 1.1 5.3 13.4 .8 .6 rRe vised. Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2Reported by American Bureau of Metal Statistics. 3Yearly figures reported by United States Mint. Monthly figures reported by 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. 952 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 Continental Western Europe: Austria 107 143 154 166 208 238 267 289 335 333 335 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)l 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 2,149 Turkey 165 151 153 152 157 157 153 151 150 152 154 Other2 '477 r712 ••774 '795 '839 '887 '972 '1,004 '928 '943 1,012 Total '7 118 '8,374 ••8,580 '8,914 '9,509 '10,082 '10,464 '10,626 '11,115 '11,652 11,929 Sterling Area: United Kingdom 2 843 2 318 2,627 2,886 3,051 3 009 3,198 3,536 3,388 3,190 3,137 United Kingdom dependencies.... 99 113 113 109 111 108 105 105 104 103 103 India 309 312 323 334 340 346 329 338 320 334 334 Union of South Africa 197 194 207 212 214 214 221 225 234 232 236 Other 326 347 356 369 354 373 371 373 371 381 395 Total 3 774 3 284 3,626 3,910 4,070 4,050 4,224 4,577 4,417 4,240 4,205 Canada .... . 2 157 2 492 2,435 2,238 2,292 2,417 2,487 2,463 2,543 '2,616 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 99 121 128 129 134 121 102 103 117 112 118 Cuba . .. 575 515 527 579 587 531 548 532 477 423 420 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 366 375 393 339 325 341 329 258 315 391 427 Panama Republic of 68 81 91 97 102 90 93 '88 76 74 79 Peru 93 107 113 109 106 104 109 103 110 118 114 El Salvador 54 55 84 74 63 56 80 74 58 59 72 Uruguay 306 301 309 311 311 337 329 335 329 317 308- Venezuela . 445 519 490 530 571 595 562 621 614 597 591 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 '3,721 3,658 3,671 3,564 Asia: Indonesia 421 296 275 246 198 184 166 140 168 181 194 Iran 163 157 156 155 168 181 185 172 164 169 17S Japan ..... 729 929 1,019 1,015 1,055 951 800 740 794 851 841 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 325 360 401 363 374 401 451 444 465 520 551 Total 2,185 2,360 2,491 2,406 2,417 2,302 2,189 2,047 2,147 2,223 2,273 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 '69 71 Total 327 283 284 290 281 284 298 293 289 '290 299 Total foreign countries 19,230 '20,479 '21,260 '21,736 r22,589 '23,062 '23,680 '24,036 '24,477 '25,001 25,073 International4 3,171 3,287 3,249 3,272 3,212 3,331 3,401 3,364 3,536 3,560 3,565 Grand total '22,401 '23,766 '24,509 '25,008 '25,801 '26,393 '27,081 '27,400 '28,013 '28,561 28,638 'Revised. 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. s Excludes gold reserves of the U. S. S. R. ^Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. 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. AUGUST 1955 953 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 U ot . a S ( l e . x S w c . l R o . r . l ) d 1 Treasury Total2 A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- 1949—Dec '35 ,400 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950— Dec >-35,830 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 1 1 9 9 5 5 2 3 — — D D e e c c.. . . » '• - 3 3 6 6 , , 7 2 1 9 0 0 2 2 2 3( , 1 0 8 3 7 0 2 2 3 2 , , 2 0 5 9 2 1 371* 7 7 0 7 6 6 2 2 1 1 3 3 1 2 7 1 8 9 9 9 6 6 4 4 2 2 86 2 1 1 8 4 6 3 3 1 1 2 2 3 3 1954—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 '37,210 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 N De o c v .. , . . '37,350 2 2 1 1 , , 7 7 1 1 3 0 2 2 1 1 S ,7 79 9 1 3 3 3 7 7 1 1 7 7 7 6 8 7 3 3 3 3 2 2 2 2 1 1 , , 0 0 8 7 0 1 4 4 2 2 1 1 8 8 6 6 3 3 1 1 2 2 3 3 1955—jan 21,714 21,786 371 781 (3) 322 1,083 43 186 31 23 Feb. 21,716 21,788 371 797 322 1,086 43 186 31 23 Mar.. .. 37,500 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 May 21,674 21,727 371 848 322 1,111 43 186 31 23 June... 2*37,720 21,678 21,730 839 1,112 42 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 '1943—Dec 53 523 27 247 178 140 256 52 195 51 27 28 19S0—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 19-52—Dec. 174 573 140 27 247 235 138 346 144 S44 50 38 46 1953—Dec 174 576 326 27 247 145 137 346 158 737 52 38 36 11954—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 11955—Jan 174 576 650 27 247 138 346 63 796 45 38 35 Feb 174 576 700 27 247 138 346 63 796 45 38 35 Mar 174 576 714 27 247 138 346 64 798 45 38 35 Apr. . .. 174 576 722 27 247 138 800 45 38 35 May 174 576 740 27 247 138 804 45 38 35 June 174 576 758 138 804 45 38 35 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l 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 1,451 68 1950- Dec 192 23 197 61 90 1,470 118 150 53,300 236 373 1,495 167 1951—Dec... 265 26 190 SI 152 1,452 113 151 52,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 51,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 52,518 227 373 1,702 193 1954—June... 393 29 187 56 219 1,469 113 144 53,017 227 403 1,727 182 July.... 403 29 138 56 219 1,485 113 144 53,013 227 403 1,733 186 Aug 410 29 193 56 219 1,490 113 144 52,918 227 403 1,734 193 Sept 416 29 195 56 219 1,503 113 144 52,901 227 403 1,734 195 Oct.... 422 29 199 56 224 1,513 113 144 52,936 227 403 1,734 193 Nov.. . 427 29 194 56 246 1,513 113 144 52,925 227 403 1,736 193 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 1,744 198 Feb.... 431 29 201 56 265 1,501 113 144 52,681 227 403 1,744 209 Mar.. . 438 29 203 56 265 1,499 113 144 52,667 227 403 1,744 204 Apr.... 438 29 208 56 258 1,493 113 144 52,686 227 403 1,744 204 M!ay 29 207 56 263 1,473 113 144 52,686 227 403 207 June 29 56 264 1,485 144 52,680 403 230 ^Preliminary. '•Revised. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Less than $500,000. 4Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 5Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank ofi 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. 954 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 o er r Total K U in n g i d te o d m g B iu e m l- France m F G a e e n d r y - . , N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o h p e e r 1 Canada A t r i g n e a n- Cuba Mexico Rep. of 1945 —452 Q 31.1 278.5 —479 —86 8 —7.4 36.8 —224.9 -•85 n —23 R 1946 721 — 2 14 2 — 10 0 80.2 —29,9 27.3 337.9 153.2 —30 O 36 o 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 o 45 4 1948 1 510 734 3 69 8 15.8 40.7 6S 0 3.0 —5 6 5.8 114.1 — 10 0 61 6 1949 193 ^ 446.3 —41.0 —23.5 14 0 —40 0 2—159.9 3.4 —49.9 —10 n — 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 ? 469.9 —10.3 —20.0 -4.5 -34.9 —32.0 -15 0 —60.1 —10.0 "-I49I9' —20 o —60 ? 1952 393 7 440 0 —3 8 —10 0— 100 0 -50 22 s —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 so.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 Apr.-June. -128.2 —40.0 -3.4 — 10.0 -15.0 -25.0 -8.8 —20.0 July-Sept.. -306.6 -120.0 -12.4 -40.0 "-46! 6 -15.0 —iolo —15.0 -42.8 ! 111111! -10.0 Oct.-Dec.. -130.3 -32.6 -50.0 -15.0 -5.0 -15.3 1954 —630 —40 0 -20 0 —2.4 Apr.-June. -19.6 -50.0 —15.6 -5 0 — 1.1 80.3 July-Sept.. -171.8 —140.0 -20 0 -8 0 -2.5 Oct -Dec —72 3 —30 0 -10 0 —15.6 -7 5 — 11.3 1955 Jan.-Mar. -36 0 -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 dolars] [In millions of dollars at $35 per fine troy Dunce] 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 i m a t c h t a e i e n r r - Oc A a e n s a i d n a ia A S U o f n o r u i i f o c th n a o A th l e l r Period T e r u n e r d a y s o - f p T e o ri t o a d l1 I i n n s g c to o r to e l c d a t k a s l e g p e o o x N ld r p e t o i t o m rt r -g m o c c o l r r a r d e e r : a a i k n s s d e - e e d e- p D ti r c o t o i m o d g n u o e l c s d - - (-) 1945 -37.9 -73.1 -27.8 s -188.3 3.7 1946 —4.9 —9.2 25.0 13.7 '"94I3 22.9 1943. 21,938 21,981 -757.9 68.9 -803.6 48.3 1 1 9 9 4 4 7 8 ... .. 2 1 5 0 . . 1 7 — — 10 3 8 . . 7 0 7 1 9 3 . . 1 4 — 1 4 . . 0 1 4 2 9 5 8 6 . . 6 0 1 6 1 . . 9 9 1 19 9 4 4 5 4... . .. . . . . . . 2 2 0 0 , , 6 06 1 5 9 2 20 0 , , 0 6 8 3 3 1 -1S - 3 5 4 4 9 7 . . 8 8 - - 1 8 0 45 6 . . 4 3 - - 3 4 5 5 6 9 . . 7 8 3 32 5 . . 0 8 1949 -14.4 —50.0 -7.5 -52.1 195.7 -1.6 1946 20,529 20,706 623.1 311.5 465.4 51.2 1950 -64.8 — 17.2 -35.4 13.14-47.2 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1951 22.2 — .9 -17.2 5-50.1 52.14-84.0 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 1952 14.9 -25.1 -7.0 11.5 —2.0 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1953 -15.0 -3.8 -6.1 -9.9 1950 22,706 22,820 -1,743.3 —371.3-1,352.4 80.1 1954 -5 0 —3016 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 —5 0 — 1.2 1954—July. . 21,908 21,960 -66.5 1,5 -72.7 6.1 — .1 —1.4 Aug... 21,809 21,897 -63.6 1.7 -65.4 5.8 — .1 —2.4 —9.9 Sept... 21,810 21,863 -33.6 1.1 -34.6 5.1 Oct.... 21,759 21,827 -36.7 1.6 -34.6 5.6 1954 Nov... 21,710 21,791 -35.9 1.5 -36.7 5.6 Dec.. . 21,713 21,793 2.6 .7 1.8 5.8 Jan.-Mar -5.0 13.2 -8.9 ' -3016 2.0 1955—Jan... 21,714 21,786 -7.3 2.2 -9.7 5.0 —1.2 Feb... 21,716 21,788 1.6 3.2 -.8 4.8 Oct -Dec 1.9 -.1 -.4 Mar... 21,719 21,763 -24.7 2.7 -27.7 5.4 Apr... 21,671 21,724 -39.4 2.5 -41.8 5.0 1955 May. . 21,674 21,727 2.9 4.5 — 1.0 5.3. 3.4 i -2.7 J J u u n ly e. . . . P 2 2 1 1 , , 6 68 7 2 8 * 2 2 1 1 , , 7 73 3 4 0 * 3 4 . . 1 1 (3 3 ) .8 4- - . . l 9 5 00 .6 1 Includes Bank for International Settlements. P Preliminary. 2Includes sale of 114.3 million dollars of gold to Italy. 1See footnote 2 on opposite page. s 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. 3Not yet available. fiIncludes 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 6,891.0 million dollars on July 31, 1955. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 955 AUGUST 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND INTERNATIONAL MONETARY FUND [End-of-month figures. In millions of dollars] 1955 1954 1955 1954 International Bank Monetary Fund June Mar. Dec. Sept. June Apr. Jan. Oct. July Apr. Dollar deposits and U. S. securities 464 481> 46*> 478 415 Gold 1,744 1,744 1,734 1,733 1,719 Other currencies and securities1. 996 1,001 l,01C) 1,049 1,034 Currencies:1 Effective loans2 1 796 1 694t 1 73\S 1 6201 663 United States 1,609 1,567 1,574 1,472 1,408 52 3C 3") 33 31 Other 4 691 4 734 4 738 4 74t 4 824 IBRD bonds outstanding ... 852 83?I 84<> 850 777 Unpaid member subscriptions... 798 798 798 892 889 Undisbursed loans 456 38(> 42() 336 380 38,853 88,853 8,853 8,853 8,849 Other liabilities ... 10 11 11 9 10 -11 -10 —9 -s> —8 184 17^t 16!> 154 146 Capital3 1,806 l,80(i 1,80C) 1,831 1,830 Cumulative net drawngs Sub- on the Fund1(> Loans as of Tune 30.1955 scrip- Country9 Quota p ti a o i n d 1955 1954 Country4 Outstanding g i o n ld Prin- Dis- Undis- Re- May Apr. Mar. May cipal bursed bursed paid Sold Total to others* 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 5 203 6 54 9 203 6 21 6 Germany 330 33.0 —49 5 —49.5 —49 5 -46 1 Belgium .... 106 0 89 2 16 8 2 5 86 7 17 7 400 27.5 27.6 27.6 27.6 63.8 Brazil 194 1 141 8 52 3 3 1 138 8 4 0 Indonesia 110 15 5 15 0 15 0 15 0 Chile . ... 37 3 18 8 18 5 3 9 14 9 5 250 62.5 62.4 62.4 62.4 62.4 Colombia 94 7 46 4 48 3 6 2 40 1 3 0 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 35 1 15 0 5 2 29 9 2 3 United States.... 2,750 687.5 -418.3 -418.5 -419.0 -589.7 France 257.5 252.8 4.7 8.3 244.5 21.6 India .. ...... 126 0 58 6 67 4 15 1 43 4 5 7 Italy 90.0 20 0 70.0 20 0 1 Currencies include demand obligations held in lieu of deposits. 40.2 27.5 12.7 27.5 6.1 2 Represents total principal of authorized loans, less loans not yet Mexico 141.3 87 8 53.6 3 8 83 9 2 6 effective, repayments, the net amount outstanding on loans sold or 221.5 221.5 133.0 88.5 9.7 agreed to be sold to others, and exchange adjustment. Norway 50.0 35.0 15.0 35.0 2.0 3 Excludes uncalled portions of capital subscriptions. Pakistan . 58.3 29.5 28.8 2.3 27.2 2.1 4Loans to dependencies are included with member. Peru 31.0 7.2 23.8 .4 6.8 2.1 includes also effective loans agreed to be sold but not yet disbursed. Thailand 25.4 24.0 1.4 .7 23.3 ^Includes 138 million dollars in loans not yet effective. Turkey 61 0 34 6 26 5 3 34 3 ^Includes 114 million dollars not guaranteed by the Bank. Union of S Africa. 110.0 108.5 1.5 1.9 106.6 13.0 8Includes 125 million dollar subscription of withdrawing member U U n ru it g e u d a y Kingdom 3 66 3 .0 0 3 5 1 6 2 2 9 1 .8 8 .8 5 3 6 0 2 4 14 .5 5 (Cz 9I e n c c h l o u s d l e o s v a c k o i u a n ). tries having cumulative net drawings of 10 million Yugoslavia 60.7 54.5 6.2 3.1 51.4 dollars (+ or —) on the latest date. Other 121 A 55.9 65.5 9.4 46.5 2.5 10 Represents for each country purchases of other currencies from Fund less purchases of own currencsr by it or other countries. Total 62,274.0 1,679.7 594.2 201.7 1,478.1 7132.9 CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note (Fi p gu o r u e n s d i s n s m te i r l l l i i n o g n ) s of Goldi O as t s h e e t r s N c a o o n t i d e n s a v c n o a D d n u i c n s a - e t d s s - Se t c ie u s ri- cir ti c o u n la- Bankers' Pub D li e c posit E s GA Other t c i l O e i a a s p t b h i a i t e l n a i r - l d 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27..., .4 1,375.0 19.2 29.2 384.0 L,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26.... .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 .4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—Dec. 30 .4 1,675.0 57.8 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—July 28 .4 1,750.0 36.8 8.2 338.7 1,715.8 269.1 14.8 10.2 71.3 18.3 Aug. 25 .4 1,700.0 48.7 7.0 310.1 I,654.0 267.2 14.6 1.7 63.8 18.4 Sept. 29 ,4 1,675.0 42.3 6.5 337.6 1,635.4 276.1 16.4 6.3 69.0 18.5 Oct. 27 .4 1,675.0 41.7 2.1 351.1 L.635.9 295.6 9.8 6.3 65.4 17.8 Nov. 24 .4 1,675.0 25.9 4.5 374.9 1,651.9 293.7 11.7 9.6 72.3 17.9 Dec. 29 .4 1,775.0 26.0 8.9 350.7 L,751.7 276.1 15.4 9.6 66.3 18.1 1955—Jan. 26 .4 21,725.0 62.8 16.4 298.0 L.664.9 251.9 16.3 4.7 85.9 18.3 Feb. 23 .4 1,725.0 68.8 52.4 248.1 ,658.9 271.1 11.3 4.7 63.7 18.4 Mar. 30 .4 1,725.0 31.5 16.1 328.8 ,696.3 275.7 11.7 4.1 66.4 18.5 Apr. 27.... .4 21,750.0 21.3 18.0 319.2 1,731.5 253.9 18.6 4.6 63.6 17.8 May 25 .4 21,775.0 25.6 11.8 307.2 ,752.2 240.5 13.7 6.9 65.6 18.0 June 29 .4 21,825.0 45.1 5.7 301.6 :,782.7 246.6 14.2 .5 72.9 18.2 2On Sept. 19, 1949, the official buying price of the Bank of Englandfor 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, increased by 25 million on Apr. 6 and May 4 and by 50 million on June 8. 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. 956 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 (Fi C g a u n re a s d i i a n n m d i o ll l i l o ar n s s ) of Gold* an S d S t e t U a rl t i n e n i s g ted securities Other circ N u o la t t e ion lia O b a t i n h li d e ti r es dollars S t h e o rm rt- Other Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other capital 1945—Dec. 31. 156.8 ,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 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98.1 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 1,049.3 135.2 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—July 31. 53.6 ,651.2 502.3 109.9 1,572.1 543,9 50.S 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 ,585.3 521.4 81.8 25.8 123.2 Oct. 30. 52.3 1,438.2 809.9 105.5 ,579.8 595.2 49.8 31.4 149.5 Nov. 30. 57.7 1,444.3 837.5 85.1 ,587.1 528.8 141.1 36.0 131.5 Dec. 31. 54.2 1,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Jan. 31. 51.5 1,249.8 876.0 87.7 ,545.9 528.7 56.5 38.6 95.4 Feb. 28. 52.4 1,320.6 815.1 82.1 ,541.7 503.8 63.2 47.3 114.1 Mar. 31. 50.8 1,325.6 821.6 101.4 ,552.9 541.9 57.5 42.7 104.3 Apr. 30. 59.0 1,385.5 808.4 123.6 ,579.3 570.7 50.8 40.5 135.2 May 31. 52.3 1,357.6 817.5 87.1 ,597.7 516.9 50.6 35.6 113.7 June 30. 55.8 1,451.9 834.9 -121.5 ,618.8 577.0 71.3 36.5 160.4 Liabilities Bank of France Advances to (Figures in Foreign Domestic bills Government Other Note Deposits l O ia t b h i e l r millions of francs) Gold2 ch e a x n - ge Open assets cir ti c o u n la- Govern- i a t n ie d s market Special Other Current Other ment EGA Other capital 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 « 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31.. 65,225 12 67,395 64 117,826147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267160,000 481,039 190,830 1,841,608 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—July 29., 201,282 37,884 264,197 12,206 1,018,726195,000 652,449 196,2822,386,357 70 348 132,203 59,047 Aug. 26. 201,282 41,059 265,330 5,129 980,146195,000 648,049 191,8"7"4' 2,333,133 100 S3 128,178 66,377 Sept. 30.. 201,282 45,117 262,922 15,058 1,030,309195,000 634,749 224,089 2,443,797 6 90 105,192 59,441 Oct. 28., 201,282 48,971 264,861 32,697 1,027,934195,000 626,249 218,288 2,428,122 93 98 119,406 67,563 Nov. 25., 201,282 51,939 224,487 44,593 1,013,121195,000 619,549 218,5842,386,103 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 1,138,808190,000 597,449 353,2852,583,654 24 7,351 115,374 54,064 Apr. 28. 201,282 121,962 200,233 28,526 1,113,385190,000 546,749 336,294 2,544,115 51 11,302 128,552 54,410 May 26. 201,282 153,030 210,448 26,545 1,028,496190,000 584,949 334, ,523,444 20 11,120 129,730 64,823 June 30. 201,282 183,869 245,543 16,393 1,054,765190,000 579,449 ^355,574 2,629,933 45 11,713 126,899 58,283 *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. 3Includes advance to Stabilization Fund, amounting to 175.9 billion francs on June 30. 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. 957 AUGUST 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1955 1954 1955 1954 Central Bank Central Bank (Figures as of last report (Figures aa of last report date of month) June May Apr, June date of month) June May Apr. June Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions ®f pesos): bia—Cora*. Gold reported separately 1,623 1,623 1,623 Loans and discounts 634,109 595,271596,232 363,019 Other gold and foreign exchange. 1,069 1,133 1,767 Government loans and securities 466,481473,269 456,051 258,912 Government securities 4,067 4,067 3,771 Other assets 108,485 125,711 135,185 137,594 Rediscounts and loans to banks.. 74,490 74,129 62,798 Note circulation 653,704 613,053 617,254 684,064 Other assets 374 381 254 Deposits 674,598 657,950 666,333 472,697 Currency circulation 31,419 31,302 26,213 Other liabilities and capital 179,958 190,705 176,320 119,765 Deposits—Nationalized 44,436 44,394 39,124 Central Bank of Costa Ricn Other sight obligations 664 635 464 (thousands of colones): Other liabilities and capital 5,105 5,004 4,412 Gold 11,503 11 503 11,503 11,503 Commonwealth Bank of Aus- Foreign exchange 142,640 134 741129,010 96,939 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,032 032 7,032 7,032 Gold and foreign exchange 373,962 374,565 378,687 505,414 Loans and discounts . 59,842 981 70,418 101,828 Checks and bills of other banks.. 12,201 6,687 8,684 13,552 Securities. 3,." 828 5,828 1,195 Securities (incl. Government and Other assets 26,300 247 25,778 24,813 Treasury bills) 494,498 455,273454,166 457,739 Note circulation 149,479 662157,943 138,440 Other assets 73,981 86,090 91,810 64,936 Demand deposits 70,289 598 59,148 76,303 Note circulation 362,827 362,577 367,327 343,827 Other liabilities and capital 31,377 072 32,478 28,567 Deposits of Trading Banks: National Bank of Cuba Special 280,644 295,644 295,670 351,920 (thousands of pesos): Other 41,217 26,716 54,405 Gold 185,875 185,875 185,871 Other liabilities and capital 269,954 239,456 243,634 291,490 Foreign exchange (net) 113,912 112,226 27,579 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 208,720 208,348 304,480 Gold 556 556 556 271 Silver Foreign exchange (net) 7,941 7,955 8,116 8,919 Net claim on Int'l. Fund2 ... 12,512 12,512 12,512 Loans and discounts 5,673 5,263 5,208 5,298 Loans and discounts 59,842 68,548 33,098 Claim against Government...... 1,813 1,811 1,762 1,777 Credits to Government......... 56,476 70,106 41,929 Other assets 372 375 377 33 Other assets 84,510 77,768 77,496 Note circulation 12,575 12,226 12,145 10,959 Note circulation 430,188 434,448 420,071 Deposits—Banks 1,617 1,537 1,690 2,817 Deposits 270,665 280,458 245,722 Other 536 538 501 730 Other liabilities and capital 20,996 20,478 17,176 Blocked 1,628 1,660 1,683 1,793National Bank of Czechoslovakia3 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold 41,936 42,390 41,938 38,265 Gold 68 68 68 69 Foreign claims and balances (net). 10,855 11,666 12,180 11,986 Foreign exchange 634 661 705 958 Loans and discounts 9,257 7,395 5,890 6,658 Loans and discounts 262 208 241 191 Consolidated Government debt.. 34,660 34,660 34,660 34,660 Securities 475 475 473 517 Government securities 8,639 6,657 8,823 8,238 Govt. compensation account.... 3,125 3,144 3,144 3,219 Other assets 5,049 4,873 5,004 4,453 Other assets 747 831 588 132 Note circulation 105,269 103,096 103,811 98,216 Note circulation 2,010 1,973 1,986 2,000 Deposits—Demand 1,893 1,378 1,600 1,652 Deposits—Government 1,324 1,314 1,300 1,303 ECA 68 76 96 119 Other ' 1,730 1,856 1,732 1,551 Other liabilities and capital 3,167 3,092 2,988 4,273 Other liabilities and capital 247 243 202 231 Central Bank of Bolivia—Mone- (Dec. Central Bank of the Dominican tary dept. (millions of bolivianos): 1954)* Republic (thousands of pesos) r Gold at home and abroad 1,134 1,515 Gold 12,076 12,076 12,076 12,076 Foreign exchange (net) 1,469 112,321 Foreign exchange (net) 13,338 12,762 11,815 25,024 Loans and discounts 26,076 8,489 Net claim on Int'l. Fund8 1,250 1,250 1,250 1,250 Government securities 2,505 2,505 Loans and discounts... 3,971 3,975 3,999 2,310 Other assets:. 802 1,052 Government securities 8,890 8,890 8,890 9,420 Note circulation 21,120 15,345 Other assets 14,684 14,597 14,574 7,015 Deposits 7,096 4,023 Note circulation 42,380 41,172 41,391 37,373 Other liabilities and capital 3,769 6,513 Demand deposits 9,162 9,803 8,706 17,602 Central Bank of Ceylon (thousands Other liabilities and capital 2,667 2,575 2,508 2,120 of rupees): Central Bank of Ecuador Foreign exchange 601,582 587,555 580,525 446,213 (thousands of sucres): Advances to Government Gold 343,407 343 43,321 342,539 Government securities 20,274 23,050 22,918 47,537 Foreign exchange (net) 9,512 44,751 94,393 106,442 Other assets 7,206 4,945 8,634 4,209 Net claim on Int'l." Fund2 18,757 18,757 18,757 18,757 Currency in circulation 377,010 379,421385,261 357,526 Credits—Government.......... 445,091 395,438 364,358 358,147 Deposits—Government 88,427 82,338 75,034 14,987 Other 237,538 ,924221,193 216,907 Banks 110,684 101,834 100,833 78,815 Other assets 245,543 256,707223,315 213,895 Other liabilities and capital 52,941 51,956 50,949 46,631 Note circulation 648,526 647 ,668 646,867 Central Bank of Chile (millions Demand deposits—Private banks. 222,418 218 219,845 222,168 ©f pesos): Other 170,934 159 168,358 154,903 Gold 5,803 5,750 5,747 5,710 Other liabilities and capital..... 257,970252 506 242,467 232,749 Foreign exchange (net) 994 1,708 504 758 National Bank of Egypt (thou- Discounts for member banks.... 4,617 3,716 4,238 2,870 sands of pounds): Loans to Government 15,770 15,885 15,885 11,469 Gold. 60,553 60,553 60,553 60,553 Other loans and discounts 13,718 13,462 13,444 9,437 Foreign assets4 174,231 177,741 180,795 20,627 Other assets.. 5,7241 5,007 3,784 3,459 Egyptian Govt. securities 73,117 71,555 74,499 247,429 Note circulation 34,126 33,365 32,239 21,372 Clearing and other accounts (net) -14,783 -12,177 -11,323 Deposits—Bank 6,208 5,520 4,272 4,691 Loans and discounts 21,449 18,215 20,661 12,998 Other 1,746 1,570 2,246 919 Advances to Government Other liabilities and capital 4,546 5,073 4,846 6,721 Other assets 2,796 2,210 2,389 2,009 Bank of the Republic of Colombia Note circulation 164,765 173,9031172,920 166,544 (thousands of pesos): Deposits—Government 52,992 46,387j 58,360 51,968 Gold and foreign exchange 274,805 243,077248,058 492,623 Other 80,428 78,576 78,521 114,551 Net claim on Int'l. Fund2 24,380 24,380 24,380 24,377 Other liabilities and capital 19,179 19,229 17,773 10,553 •Latest month available. 1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3For last available report (March 1950), see BULLETIN for September 1950, p. 1262. * Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities. 958 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) June May Apr. June date of month) June May Apr. June Central Reserve Bank of El Salva- Bank Melli Iran—Cont. dor (thousands of colones): Gold contribution to Int'l. Fund. 282 282 282 282 Gold 71,382 71,431 71,507 72,223 Government—'secured debt 7,187 7,187 7,187 6,128 Foreign exchange (net) 65,851 68,398 64,511 65,584 Government loans and discounts. 11,775 11,493 11,601 10,366 Net claim on Int'l. Fund1 1,569 1,567 1,569 1,568 Other loans and discounts 4,385 4,257 3,822 3,757 Loans and discounts 36,606 35,443 34,158 17,205 Securities 411 411 411 698 Government debt and securities.. 11,915 13,205 15,297 11,549 Other assets 3,456 3,223 3,416 2,155 Other assets 7,432 7,179 7,075 8,001 Note circulation 10,150 10,227 10,290 9,968 Note circulation 91,304 93,927 98,095 94,554 Deposits—Government 5,799 5,188 4,413 3,549 D Ot e h p e o r s l i i t a s b . i .. l ities and capi # tal 94 9 , ,3 0 9 5 6 5 94 9 , , 1 1 1 8 1 7 87 9 , , 0 0 0 1 3 9 7 1 1 0 , , 0 4 7 9 7 9 O Ba th n e k r s 11 1 , , 6 1 0 5 5 8 11 1 , , 8 2 2 9 4 6 11 1 , , 9 2 3 6 2 9 10,6 9 7 5 4 9 Bank of Finland (millions of mark- Other liabilities and capital 3,269 2,805 3,301 2,947 kaa): Central Bank of Ireland (thousands Gold 6,882 6,882 6,891 6,973 of pounds): Foreign assets (net) 23,773 27,820 29,771 14,865 Gold. 2,646 2,646 2,646 2,646 Clearings (net) 5,773 4,526 3,653 8,503 Sterling funds 67,595 69,032 69,952 64,003 Loans and discounts 44,382 41,117 39,100 41,924 Note circulation 70,241 71,678 72,598 66,649 Securities 2,091 2,102 2,096 2,217 Bank of Italy (billions of lire): Other assets. 1,972 1,983 1,984 2,142 Gold , 4 4 4 Note circulation 49,584 51,344 49,713 44,605 Foreign exchange 71 69 66 71 Deposits , 18,293 16,807 18,782 17,347 Advances to Treasury 567 567 567 567 Other liabilities and capital 16,996 16,279 15,000 14,671 Loans and discounts. 384 367 393 349 Bank of German States2 Government securities 362 362 350 290 (millions of German marks): Other assets 788 805 765 725 Gold 3,182 3,106 3,033 1,754 Note circulation 1,428 1,420 1,422 1,341 Foreign exchange 8,865 8,723 8,606 8,154 Deposits—Government 53 50 50 35 Loans and discounts 2,153 1,736 1,581 2,370 Demand 76 64 61 71 Loans to Government 4,179 4,110 4,524 4,45: Other 474 503 483 435 Other assets 964 956 89 936 Other liabilities and capital.... 146 135 129 126 Note circulation 12,832 12,686 12,64: 11,542 Bank of Japan (millions of yen): Deposits—Government 1,508 1,243 1,07: 1,16" Bullion 448 448 448 448 Banks 3,046 2,784 2,890 2,843 Advances to Government 1,250 1,250 1,250 1,400 Other 209 224 27' 248 Loans and discounts.... 30,657 2224,165 !24,919 444,595 Other liabilities and capital 1,750 1,693 1,760 1,870 Government securities... 74,113 440088,378 1:29,798 202,991 Bank of Greece (millions of drach- Other assets 31,242 104,270 •10,920 93,369 mae): Note circulation 32,674 22,202 550,534 534,215 Gold and foreign exchange (net). 5,341 5,363 4,886 Deposits—Government.. 58,999 63,411 46,018 63,217 Loans and discounts 119 130 148 Other 65,619 69,837 78,142 68,573 Advances—Government 8,470 8,745 8,690 Other liabilities 80,419 83,062 92,641 76,799 Other assets Other 4 1 , , 6 4 8 3 8 6 4 1 , , 5 36 6 3 8 4 1 , , 0 9 8 2 2 = Bank M o o f n e M ta e r x y i c r o e s ( e m rv i e ll 5 ions of pesos): 1,532 1,513 1,524 1,201 Note circulation 3,866 4,04 3,272 "Authorized" holdings of secu- Deposits—Government 1,022 1,107 1,246 rities, etc 4,288 4,178 4,129 3,277 Reconstruction and Bills and discounts 538 565 620 793 relief accts 7,296 7,296 6,749 Other assets 465 502 526 1,054 Other 3,592 3,580 3,217 Note circulation 4,176 4,160 4,167 3,537 Other liabilities and capital.... 4,27 4,140 5,246 Demand liabilities 1,951 1,893 1,928 1,268 Bank of Guatemala (thousands of } Other liabilities and capital.... 696 706 703 1,520 quetzales): ;Netherlands Bank (millions of Gold 27,22 27,227 27,228 guilders): Foreign exchange (net) 24,926 22,596 12,803 Gold . 3,046 3,046 3,030 2,930 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Silver (including subsidiary coin) 25 2 19 16 Rediscounts and advances 6,423 8,632 13,003 Foreign assets (net) 1,504 1,47 1,481 1,628 Other assets. 34,805 34,825 35,312 Loans and discounts 31 65 45 37 Circulation—Notes 47,976 49,212 54,131 Govt. debt and securities...... 801 801 800 713 Coin 3,710 3,739 3,695 Other assets. 42 43 43 421 Deposits—Government 10,071 9,838 2,506 Note circulation—Old 28 28 28 29 Banks 16,663 16,521 13,577 New 3,638 3,720 3,552 3,357 Other liabilities and capital 16,211 15,220 15,686 Deposits—Government 629 64 735 624 National Bank of Hungary3 EGA 612 61: 610 797 Reserve Bank of India (millions of Other.. 694 605 644 723 rupees): Other liabilities and capital.... 233 230 244 214 Issue department: Reserve Bank of New Zealand Gold at home and abroad 400 400 400 400 (thousands of pounds): Foreign securities 6,520 6,620 6,620 6,532 Gold 6,161 6,161 6,161 6,170 Indian Govt. securities 5,436 5,337 5,338 4,212 Foreign exchange reserve 54,71' 47,919 44,61 93,957 N Ru o p te e e c i c rc o u in la . t . i ; on , 13 1 , , 1 0 0 5 8 4 13 1 , , 1 0 6 4 1 4 1 1 3 , , 0 1 6 0 2 8 11,7 9 4 8 5 3 A Lo d a v n a s n c a e n s d t d o i s S c t o a u te n ts or State un- 28,254 31,257 32,355 10,556 Banking department: dertakings 13,018 16,548 45,53 36,300 Notes of issue department.... 303 240 312 382 Investments 33,257 33,265 33,262 23,950 Balances abroad 639 48. 532 904 Other assets 1,868 1,439 1,568 1,412 Bills discounted 108 112 120 67 Note circulation 68,581 69,944 70,693 67,479 Loans to Government 8 8 9 11 Demand deposits 60,538 56,757 83,12 96,969 Other assets 955 1,070 1,026 1,252 Other liabilities and capital. . .. 8,154 9,888 9,67 7,896 O D t e h p e o r s i l t i s a bilities and cap t ital. . . 1, 5 4 5 5 9 4 1, 5 4 1 0 4 0 1,5 4 7 2 5 - 2,2 3 3 7 7 8 Bank G o o f l d Norway (millions of kroner) 203 203 203 218 Bank Indonesia (millions of rupiahs) Foreign assets (net). .. -189 —181 -251 132 G®ld and foreign exchange (net). 1,255 1,365 1,399 366 Clearing accounts (net) -33 -33 -42 -68 Loans and discounts 334 298 337 569 Loans and discounts 97 102 68 62 Advances to Government 9,797 9,689 9,085 7,249 Securities 111 83 72 30 Other assets 335 312 308 247 Occupation account (net) 5,546 5,546 5,546 5,546 Note circulation , 8,184 8,075 7,614 5,938 Other assets.... 73 73 63 62 Deposits—EGA , 495 495 495 495 Note circulation 3,168 3,070 3,099 3,078 Other 2,169 2,272 2,21 1,532 Deposits—Government 1,260 1,36' 1,21 1,708 Other liabilities and capital 87 822 805 466 Banks 43 g 44" 454 532 Bank Melli Iran4 (millions of rials): FOA—MSA 60S 55 520 174 Gold 4,242 4,242 4,242 4,242 Other liabilities and capital 33* 354 37 491 Foreign exchange 24' 244 244 47 !This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2Combined figures for the Bank of German States and the nine Land Central Banks. 3For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4Items for issue and banking departments consolidated. includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 959 AUGUST 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1955 1954 Central Bank 1955 1954 (Figures as of last, report (Figures as of last report date of month) June May Apr June date of month) June May Apr. June State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 582 580 569 482 Issue department: Foreign assets (net) 916 849 860 1,356 Gold at home and abroad... 81 81 81 81 Net claim on Int'l. Fund2 129 129 129 129 Sterling securities 432 432 432 416 Swedish Govt. securities and ad- Pakistan Goyt. /Securities. . . 1,455 1,455 1,455 1,367 vances to National Debt Office3 2,859 2,783 2,939 2,405 Govt. of India securities 221 221 221 146 Other domestic bills and advances 442 327 252 433 India currency 300 300 300 300 Other assets 1,019 1,015 996 896 Rupee coin 47 45 48 5 Note circulation 4,924 4,792 4,857 4,593 Notes in circulation 2,417 2,441 2,426 2,240 Demand deposits—Government.. 183 105 100 376 Banking department: Other 147 102 105 40 Notes of issue department.. . 119 92 111 124 Other liabilities and capital 694 683 693 Bills discounted 2 1 Swiss National Bank (millions of Loans to Government 54 50 64 7 francs): Other assets 337 312 329 304 Gold 6,200 6,150 6,235 6,131 Deposits 404 347 403 387 Foreign exchange 747 604 564 537 Other liabilities and capital. . 108 108 102 115 Loans and discounts 164 113 110 117 Central Bank of Paraguay (Sept. Other assets 107 86 90 93 (thousands of guaranies): 1954)* Note circulation 5,128 5,073 5,084 4,967 Gold* 3,984 2,846 Other sight liabilities 1,888 1,680 1,719 1,706 Foreign exchange (net) 58,730 53,405 Other liabilities and capital 203 199 196 204 Net claim on Int'l. Fund2 40 28Central Bank of the Republic of Loans and discounts ,. . . 469,142 476,570 Turkey (millions of pounds): Government loans and securities. 489,182 536,196 Gold 402 402 402 402 Other assets 368,608 279,498 Foreign exchange and foreign Note and coin issue 604,602 659,729 clearings 177 179 184 237 Deposits—Government 152,644 155,514 Loans and discounts. 2,992 2,918 2,964 2,190 Other 159,663 134,567 Securities 30 29 30 30 Other liabilities and capital 472,778 398,732 Other assets 111 96 99 90 Central Reserve Bank of Peru Note circulation 1,625 1,602 1,608 1,432 (millions of soles): Deposits—Gold 154 154 154 154 Gold and foreign exchange 600 628 327 Other 1,435 1,391 1,373 875 Net claim on Int'l. Fund2 67 67 67 Other liabilities and capital 497 478 543 488 Loans and discounts to banks.. . . 504 485 575 Bank of the Republic of Uruguay Loans to Government 1,093 1,103 1,225 (thousands of pesos): (Feb.)* Other assets HI 77 100 Gold 344,167 344,167 Note circulation 1,769 1,744 1,703 Silver 8,479 8,718 Deposits 420 465 355 Advances to State and Govern- Other liabilities and capital 185 152 237 ment bodies 139,426 134,683 Central Bank of the Philippines Other loans and discounts 424,548 376,192 (thousands of pesos): Other assets 655,194 589,380 Gold 21,935 21,860 20,393 18,813 Note circulation 484,828 463,410 Foreign exchange 334,621336,848338,593 447,130 Deposits—Government 162,396 157,059 Net claim on Int'l. Fund2 9,504 29,504 29,504 29,504 Other. 325,630 343,805 Loans 80,663 28,343 21,789 1,584 Other liabilities and capital 598,958 488,867 Domestic securities 295,217301,929 29933,782 240,066Central Bank of Venezuela (mil- Other assets 168,374162,936155,130 156,923 lions of bolivares): Circulation—Notes 571,362597,111606,856 587,486 Gold 1,234 1,233 1,233 1,232 Coin 86,944 86,548 86,018 84,701 Foreign exchange (net) 435 478 331 374 Demand deposits 205,254151,702120,145 170,775 Other assets 146 138 131 123 Other liabilities and capital 46,753 46,059 46,173 51,058 Note circulation 1,028 1,040 1,051 999 Bank of Portugal (millions of Deposits 263 271 268 269 escudos): Other liabilities and capital 525 538 376 463 Gold 5,526 5,560 5,345National Bank of Federal People's Foreign exchange (net) 13,080 13,161 13,198 Republic of Yugoslavia (millions Loans and discounts 823 845 645 of dinars): Advances to Government 1,405 1,399 1,412 Gold 4,520 4,470 4,115 Other assets 1,063 1,073 978 Gold contribution to Int'l. Fund. 2,369 2,369 2,369 Note circulation 9,966 9,976 9,501 Foreign assets 48,476 43,071 44,257 Demand deposits—Government.. 1,679 1,704 1,734 Loans (short-term) 693,545697,239 651,216 EGA 95 81 6 Government debt (net) 13,142 3,920 2,135 Other 7,995 8,121 8,178 Other assets 32,852 38,840 48,263 Other liabilities and capital 2,162 2,156 2,161 Notes and coin in circulation. . . . 83,796 90,084 68,743 South African Reserve Bank Demand deposits 177,402174,945 139,683 (thousands of pounds): Foreign liabilities 97,138 97,285 110,382 Gold 73,473 73,699 66,120 Long-term liabilities (net) 360,427363,194 348,694 Foreign bills 41,542 51,299 47,589 Other liabilities and capital 76,141 64,401 84,853 Other bills and loans 25,257 27,045 7,041 Bank for International Settle- Other assets 53,906 51,051 47,517 ments (millions of Swiss gold Note circulation 103,236102,759 98,988 francs): Deposits 73,197 82,559 51,956 Gold in bars 703 6331 626 558 Other liabilities and capital 17,745 17,775 17,323 Cash on hand and with banks.... 49 64 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold. . . 615 615 615 613 ances (at cost) 367 384 503 175 Silver 323 323 323 323 Time funds at interest 169 209 188 374 Government loans and securities. 15,771 14,735 15,916 15,743 Sundry bills and investments 365 382 409 540 Other loans and discounts 27,667 27,414 27,652 26,642 Funds invested in Germany 297 297 297 297 Other assets 36,755 37,153 37,530 37,389 Other assets 1 1 1 9 Note circulation 42,204 42,093 42,297 37,728 Demand deposits (gold) 453 453 453 434 Deposits—'Government 2,756 3,403 3,947 7,104 Short-term deposits: Other 4,279 3,610 3,562 3,329 Central banks—Own account.. 959 1,002 1,081 1,032 Other liabilities and capital 31,892 31,135 32,230 32,548 Other 23 26 37 26 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 288 288 287 284 * Latest month available. rRevised. !On Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of fine gold per guarani. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3Includes small amount of non-Government bonds. 960 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 June Date Central June Date effective C ad an a - U K d n i o i n m t g ed - Francem G a e n r y - * g B i e u l m - N la e e n r t - d h s - S d w en e- bank of— 30 effective bank of— 30 effective In 1 e 9 ff 4 e 9 c . t Dec. 31, V4 2 3 4 3M 2K 2Y2 A A r u g s e tr n i t a ina 3 4 V ^ 2 M Ma a y r. 20 1 , , 1 1 9 9 5 3 5 6 I I r ta el ly and 4 3 A M p a r y . 2 6 5 , , 1 1 9 9 5 5 0 4 June 8, 1950 2H Belgium 2% Oct. 29,1953 Japan 5.84 Oct. 1, 1951 Sept. 11.. 3% Bolivia 6 Sept. 30, 1950 Mexico 4^ June 4, 1942 Sept. 26 3 Oct. 17 2 Oct. 27 6 A De p c r . . 17 1 , . . 1951 . 4 3 C Ce a y n l a o d n a 23J F Ju e n b. e 1 1 5 1 , , 1 1 9 9 5 5 4 5 N Ne e w th e Z rl e a a n la d n s d . . 4 2V2 A N p o r v . . 26 7 , , 1 1 9 9 5 5 4 3 July 5 Chile June 13, 1935 Norway 3H Feb. 14, 1955 Sept. 13 3M Colombia 4^ July 18, 1933 Pakistan July 1, 1948 Oct. 11 " 3" Costa Rica 4 Feb. 1, 1950 Nov. 8 Nov. 9 4 Jan. 22, 1952 3)4 A M M u a a g y r . . 2 1 1 2 9.. 4 5 3 D E K g c e y u n a p m d t a o r r k 1 5 3 0 V2 J N M u o n a v y e . 2 1 1 3 3 5 , , , 1 1 1 9 9 9 5 4 5 4 8 2 S P P o e o r u r u t t u h g A al f . r i . c . a . . 4 6 2V2 J N M a o n a v . r . . 2 1 1 7 3 2 , , , 1 1 1 9 9 9 5 4 4 2 7 4 Aug. 21 4M El Salvador. . . 3 Mar. 22, 1950 Spain 3% July 1, 1954 Dec. 18.. . 3 Finland. . . 5 Dec. 1, 1954 Sweden 3% Apr. 19, 1955 Jan 8, 1953 4 Apr. 7.. . 2*4 June 11 3}4 Sept. 17 314 3X France 3 Dec. 2, 1954 Switzerland.. Nov. 26, 1936 Oct. 29 "2% Germany1 3 May 20, 1954 Turkey 43J June 28, 1955 Nov. 20 . 2% Greece 9 Jan. 1, 1955 United King- F M e a b y . 1 4 3 , 1 . 954. 3 3M I In n d d o ia nesia 3y2 A N p o r v . . 15 1 , , 1 1 9 9 4 5 6 1 U. d S o .S m .R F Ju e l b y . 24 1 , , 1 1 9 9 5 3 5 6 May 20 3 Dec. 2 3 Jan. 27, 1955 3Y% 1 Rates established for the Land Central banks. Feb. 15... IX NOTE.—-Changes since June 30: Belgium—-Aug. 4, from 2M to 3; Germany—• Feb. 24 *H Aug. 4, from 3 to 3}4; New Zealand—-July 1, from 4 to 5 per cent. Apr. 19 3% In effect June 30, 1955 3 3 2M 2V 2 3% OPEN MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month 3 T m re b o a il s n l u s th ry s1 m D o a d y n ay - e t y o 2 - 3 B a a m a c n n c o c k e n e e p s t r t h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d l e l a o p n o w o k n s a e i n r t s c s ' 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 t n n © t s hs d P is r r c i a v o t a e u t n e t 1945—May .37 1.03 1.00 1.03 .50 1.38 1.25 1946—May .39 .53 .51 .63 .50 1.34 1.27 .93 1.25 1947—May . .41 .53 .51 .63 .50 1.46 1.45 1.08 1.25 1948—May .41 .56 .51 .63 .50 2.12 1.33 .94 1.50 1949—May .50 .63 .52 .63 .50 2.43 1.28 1.03 1.63 1950—May .51 .69 .51 .63 .50 2.68 1.45 1.03 .50 1951—May .76 .69 .51 .63 .50 2.61 1.50 1.07 .50 1952—May 1.02 3.00 2.37 2.25 2.00 3.77 1.25 .90 .50 1953—May 1.57 3.00 2.38 2.25 2.00 4.22 .64 .52 .50 1954—May 1.60 1.89 1.79 1.63 1.44 3.54 .38 .50 1.50 1954—June 1.57 1.43 1.66 1.61 1.44 .25 3.57 .38 .50 1.50 July 1.38 1.16 1.60 1.57 1.44 .25 3.79 .40 .50 1.50 August 1.32 1.06 1.61 1.60 1.44 ,25 3.82 .75 .53 1.50 September. 1.21 .95 1.64 1.63 1.44 .25 3.77 .51 1.50 October 1.18 .96 1.62 1.59 1.44 .25 3.65 .63 1.50 November. 1.17 .78 1.62 1.60 1.44 .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 .50 February. .90 .69 2.58 2.68 2.15 1.67 3.25 .79 .53 .50 March 1.13 .98 3.81 3.80 3.29 2.50 3.28 1.16 .71 ,50 April 1.23 .97 3.83 3.81 3.17 2.50 3.23 1.04 .58 .50 May 1.24 .77 3.94 3.92 3.33 2.50 3.27 1.49 .90 1.50 r Revised 1 Beginning January 1953, these figures have been revised to show^average rate at tenders. Figures prior to that date represent tender rates made nearest to the 15th of each month. 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. AUGUST 1955 961 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 London clearing b m a i n ll k io s s . n t s e r F l o i i f n g g u p ) r o e u s n i d n s re C se a r s v h es M ca o s l n h l e o a y r n t a d t B co il u ls n d te i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Deposits lia O b a t i n h li d e ti r es notice Total Demand Time capital 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 1,248 2,148 1,764 748 6,460 4,232 2,228 528 1953—December. 542 501 1,417 2,275 1,725 729 6,694 4,327 2.368 495 1954—July 534 428 1,185 2,351 1,836 643 6,466 4,121 2,345 510 August. . . 534 438 1,209 2,348 1,840 656 6,519 4,173 2,346 505 September 521 418 1,262 2,360 1,828 670 6,539 4,171 2,367 520 October. . . 532 437 1,296 2,364 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 June 526 440 996 2,099 2,207 879 6,510 4,155 2,356 637 Assets Liabilities Canada3 Security Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a d m r m i i t a l e n o l r i n o e t d d n h o s l b o f l i a a f g r n u s k ) re s. s re C se a r s v h E es ntire S l e y lo c i u a n n r i s t C y ana l d o d i a O s a n c t o s h u e a n r n t d s d a f a u b o n l b e o a r d r e a n o f i n n r k g a o s e s d n m t Securities a O s t s h e e ts r Notes4 e T x o cl t u al ding i D n e te m rb an a d n . k de T po im si e ts li c a O a b a p t i n h l i d i t e t a r i l es 1949—December 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—December 824 134 2,776 171 4,286 1,304 7,828 3,270 4,558 1,667 1951—December 907 107 3,028 227 3,876 1,464 7,896 3,284 4,612 1,714 1952—December 916 155 3,289 326 3,955 1,516 8,421 3,497 4,924 1,736 1953—December 906 154 3,897 424 3,831 1,510 8,881 3,847 5,034 1,841 1954—June 872 238 3,943 360 3,806 1,540 8,929 3,506 5,423 829 July 780 211 3,924 352 4,096 1,266 8,946 3,474 473 683 August 809 174 3,917 312 4,220 1,280 9,022 3,487 535 690 September. . . 802 175 3,890 322 4,337 1,396 9,226 3,641 585 695 October 833 293 3,892 330 4,442 1,454 9,469 3,781 687 777 November. . . 810 297 3,984 334 4,473 1,428 9,462 3,930 5,532 864 December 810 211 3,952 325 4,429 1,706 9,579 3,964 5,615 1,854 1955—January 806 176 3,876 288 4,625 1,488 9,402 3,656 ,746 1,857 February.... 760 214 ,857 285 4,707 1,663 9,608 3,728 ,880 1,879 March 791 197 ,873 252 4,795 1,619 9,650 3,678 ,972 1,877 April 802 230 3,954 255 4,812 1,618 9,788 3,667 120 1,883 May 805 250 3,955 275 4,874 1,730 9,946 3,825 6,122 1,942 Assets Liabilities France (4 o m f l i a l m r l g i o o e n n s b th a o n f f i k g s f u . r r a e n s E c 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 i d 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—May 49,186 79,438 719,284 213,557 46,594 1,030,758 989,474 41,284 29,721 47,580 June 45,701 85,313 721,240 214,988 48,348 1,034,079 993,533 40,546 28,422 53,090 July 51,277 90,693 787,897 208,091 49,709 1,103,289 1,061,250 42,039 26,945 57,432 August 47,292 84,294 719,014 227,750 49,845 1,043,036 999,131 43,905 24,248 60,910 September 46,676 87,028 730,466 223,746 52,147 1,052,196 1,007,956 44,241 23,179 64,688 October 51,991 83,631 820,800 214,681 56,909 133,087 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 53,346 84,873 849,368 225,030 41,311 183,308 1,163,648 46,085 31,372 39,250 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 April 49,515 83,746 931,684 220,980 51,883 1,256,477 1,211,953 44,524 33,910 47,420 iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of Y% per cent. 3 In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures shown may not be strictly comparable with those for earlier dates. 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. 962 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada Year or month (peso) ( t p A r o a u u l s n i - a d) ( A sc u h s il t l r in ia g) B (f e r l a g n i c u ) m (c B ru r z a e z i i r l o) M Br a s i i l t a a is y h - (dollar) Basic P e r n e t f i e a r l - Fre® (dollar) Official Free 1949 29.774 293.80 2.2009 5 4406 42 973 97.491 92 881 1950 .. . 26 571 13 333 S 289 223 15 1 9908 5 4406 32 788 90 909 91 474 1951 20.000 13.333 7.067 223.07 1.9859 5 4406 32 849 94 939 1952 20 000 13 333 7 163 222 63 1 9878 5 4406 32 601 102 149 1953 .... 20.000 13.333 7.198 224.12 3.8580 2.0009 5 44.7.0 32.595 101.650 1954 20.000 13.333 7.198 223.80 3.8580 1.9976 H.2808 13.5261 32.641 102.724 1954—August 20.000 13.333 7.198 224 13 3.8580 1.9994 !4.2808 13 5261 32 644 103 060 September 20 000 13 333 7 198 223 18 3 8580 2 0007 32 558 103 112 October 20 000 13 333 7 J98 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 May 20.000 13.333 7.168 222.78 3.8580 1.9896 32.686 101 405 Tune 20 000 13 333 7 175 222 29 3 8580 1,9871 32 614 101 568 July 20.000 13.333 7.1.75 221.91 3.8580 1.9864 32 544 101.555 France Year or month C (r e u y pe lo e n ) ( m D kr e a o n r n k - e) ( F m in ar l k a k n a d ) (franc) G (d e m e r u m a t r s k a c ) n h y e ( I r n u d pe ia e) I ( r p e o l u a n n d d ) M (p e e x s i o c ) o ( e . g N r u l e i a l t n d h e d - r s ) Official Free 1949 27.839 19.117 .4671 .3017 27.706 12.620 34 528 1950 20 850 14 494 2858 23 838 20 870 11 570 26 252 1951 20.849 14 491 . 4354 ,2856 23 838 20 869 280 33 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 89.052 26.381 1954—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 A prii 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 Tune 20.877 .4354 .2856 23.733 20.877 278.98 8.006 26.228 July 20.847 .4354 .2856 23.732 20.847 278,50 8.006 26.166 Year or month Z (p e N o a e u la w n n d d ) N (k o r r o w n a e y ) R P e ( p h p p i i e u n l s i e b o p ) l - ic ( P es o H c r u a t d o l o - ) ( A S po o fr u u i n c th d a ) (k S d r w o e e n n - a) e S (f r w r l a a i n t n c z d ) - ( U K p d o n i o u n i m t n g e d - d ) Ur ( u p g es u o a ) y4 1949 . . .. 365.07 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 277.19 14.015 49.639 3.4739 278,33 19.327 23.060 279 96 65 833 56.180 42 553 1952 • 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1953 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 65 833 56.180 42.553 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1^54—August... . .... 278.50 14.008 49 677 3.4900 280.24 19.333 23 322 281 29 September 277 31 14 008 49 677 3 4900 279 04 19 333 23 325 280 08 October 276.95 14.008 49 677 3.4900 278.68 19.333 23.320 279 72 November 276 68 14 008 49 677 3 4900 278 40 19 333 23 328 279 45 December ..... 275.98 14.008 49.677 3.4900 277.69 19.333 23.335 278.74 275.76 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 M^arch 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 Tune 276 22 14 008 49 677 3 4900 277 94 19 333 23 335 278 98 July 275.74 14.008 49.677 3.4900 277.45 19.333 23.332 278.49 1 Based on quotations through Aug. 13, 1954. 2 Based on quotations beginning Apr. 1, 1954. 3The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. 4For figures on free rate for the period Feb. 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. AUGUST 1955 963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U 1 S - 9 1 n 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 9 e 0 3 x 0 9 i ) c o - K U ( i 1 n 1 n 9 g 0 i 3 0 t d e 0 ) o d - m F (1 r 1 9 a 0 4 n 0 9 c ) « e (1 I 1 t 9 a 0 3 0 ly 8 ) * ( a 1 J v 9 a - e 3 p 1 r 4 a a ) - g n 3 e 6 N ( l 1 e a 1 9 t 0 n 4 h 0 d 8 e ) s r = - S (1 w 1 9 e 0 3 0 d 5 ) e = n ( S A w - l u 1 a i g 0 t n . z d 1 0 e 9 ) r 3 - 9 1945 69 132 199 169 20 4 194 205 1946 . 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1953 110 221 393 328 138 5,250 352 134 298 213 1954 110 217 429 330 136 5,293 349 136 297 214 1954—june 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 5,276 343 136 296 215 110 215 454 331 135 5,320 346 136 298 216 December .... 110 215 460 336 135 5,350 344 136 299 217 1955—-January 110 216 463 337 136 5,353 345 138 300 216 February 110 217 468 338 135 5,322 346 137 302 215 March 110 217 478 335 135 5,317 348 136 304 215 April 111 219 483 334 135 5,317 344 136 305 215 May 110 218 482 P333 P137 342 136 P3O7 214 J une. 110 219 485 P336 P133 ^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 llndexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49 -100) (1935-39 = 100) (1930 -100) (1948 = 100) Year or month Raw and Fully and pr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p g c a o a t r u o n t d r l u e y s - d fa c m g c h o a t ie u o n f d r u l e s y - d Foods p I r n o tr d d ia u u l s c - ts Foods t p r I r i n o a d d l u u ra s c - w ts p fi I r n n o t i r d d s i h u a u e l s c d - ts 1945 72 n.a. 71 166 136 130 158 175 1946 . . .... 83 n.a. 78 180 140 138 158 184 1947 100 98 95 192 164 162 165 207 1948 107 106 103 232 196 192 181 242 100 100 100 1949. 93 96 101 229 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 J»364 122 171 143 1952 107 109 113 250 219 231 284 *>352 129 166 135 1953 97 105 114 222 207 229 307 123 156 132 1954 96 105 115 210 205 224 308 124 155 134 1954_june mmtm 95 105 114 215 207 224 311 131 155 134 July. . 96 107 114 220 207 224 313 118 155 133 August 96 106 114 208 205 222 304 116 156 135. September . •. 94 106 114 205 203 223 302 116 156 135 October 93 104 115 202 201 222 301 122 156 135^ November » 93 104 115 204 202 222 305 124 156 135 December •. • • 90 104 115 205 204 222 315 123 156 136* 1955—January 93 104 115 207 205 222 315 123 158 139* February. 93 103 116 207 208 223 311 120 158 139 March 92 102 116 204 206 224 303 117 158 138". April 94 103 116 213 210 224 301 116 159 138 May . 91 102 116 213 210 223 298 116 159 138' June 92 104 116 212 210 224 P305 n.a. Not available. ^Preliminary. NOTE.—For sources and references concerning changes in the structurejrf price indexes for various countries, see BULLETIN for December 1952, p. 1356. 964 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 a 4 i 0 t t 7 e e 0 - d s 4 )i 9 = C ( a 1 a 1 d 9 n 0 a 4 0 - 9 ) 1 K 5 d ( , J i o a n 1 m n 9 g 5 . - 2 F = ( r 1 a 1 9 n 0 4 c 0 9 e ) N = l ( a e 1 1 n t 9 0 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 n t 1 a 4 i 0 7 t t 0 e e - ) 4 d s i 9 = C ( a 1 a d 9 1 n a 4 0 - 0 9 ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 , F = ( r 1 a 1 9 n 0 4 c 0 9 e ) N = l ( e a 1 1 t n 9 0 h d 5 0 e s 1 ) 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—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 . 114 116 111 145 106 172 111 111 120 136 ••109 189 May 114 116 111 146 106 172 111 112 120 137 109 189 June 114 116 107 2>172 111 111 P136 ^Preliminary. 'Revised. 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. 2In 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 d s )* ( 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 1 b d 0 m 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 1 i 5 t 0 t e e - 0 3 s d ) ' 9 ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( K 19 U i 2 n n 6 g i t d = e o d 1 m 00)(1 F 94 r 9 a n = c e 100) N = l ( e a 1 1 t n 9 h 0 d 5 0 e s 3 ) 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 ioo 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—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 114.7 104.0 111.2 127.1 107.6 285.0 222.1 109.5 301 152 June 114.5 104.5 111.2 107.6 300.7 237.1 113.2 154 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. AUGUST 1955 965 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 Special Assistant to the Board, CHARLES MOLONY OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS S. R. CARPENTER, Secretary ROBERT F. LEONARD, Director MERRITT SHERMAN, Assistant Secretary J. E. HORBETT, Associate Director KENNETH A. KEN YON, Assistant Secretary LOWELL MYRICK, Assistant Director CLARKE L. FAUVER, Assistant Secretary GERALD M. CONKLING, Assistant Director JOHN R. FARRELL, Assistant Director DIVISION OF EXAMINATIONS LEGAL DIVISION GEORGE S. SLOAN, Director GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel C. C. HOSTRUP, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel FRED A. NELSON, Assistant Director DAVID B. HEXTER, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve Examiner G. HOWLAND CHASE, Assistant General Counsel ROBERT C. MASTERS, Assistant Director GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director EDWIN J. JOHNSON, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN SPRECHER, JR., Assistant Director 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 OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator DIVISION OF INTERNATIONAL FINANCE OFFICE OF THE CONTROLLER ARTHUR W. MARGET, Director EDWIN J. JOHNSON, Controller LEWIS N. DEMBITZ, Assistant Director M. B. DANIELS, Assistant Controller FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT C. CANBY BALDERSTON A. L. MILLS, JR. C. E. EARHART J. L. ROBERTSON WILLIAM R.K.MITCHELL, PHILADELPHIA DISTRICT W. D. FULTON CHAS. N. SHEPARDSON FRANK R. DENTON, CLEVELAND DISTRICT W. H. IRONS M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT HUGH LEACH JAMES K. VARDAMAN, JR. Vice President WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist W. W. CAMPBELL, ST. LOUIS DISTRICT J. DEWEY DAANE, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT L. MERLE HOSTETLER, Associate Economist MORGAN H. RICE, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist GEO. G. MATKIN, DALLAS DISTRICT O. P. WHEELER, Associate Economist RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 966 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman * President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Preside l n o t w s e i r n s e c c h t a io r n g e o f o f t h b is r a p n a c g h e e ) s are listed in Boston.... Harold D. Hodgkinson J. A. Erickson Robert B. Harvey 3 Carl B. Pitman Robert C. Sprague Alfred C. Neal E. O. Latham 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 teach N. L. Arrnistead 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 Co S. Young Neil B. Dawes George W. Mitchell Bert R. Prall E. C. Harris W. R. Diercks A. L. Olson L. H. Jones 2 Alfred T. Sihler L. G. Meyer W. W. Turner St. Louis. M. Moss Alexander Delos C. Johns Wm. J. Abbott, Jr. H. H. Weigel Caffey Robertson Frederick L. Deming Dale M. Lewis J. C. Wotawa Wm. E. Peterson 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. Hoiloway3 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 Omaha P. A. Debus Charlotte R. L. Cherry Atlanta Birmingham H. C. Frazer Dallas El Paso CM. 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. 8 Also Cashier. 4 Acting Manager. 967 AUGUST 1955 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 BUSINESS. Issued annually in September. Anthe Division of Administrative Services, Board of nual subscription to monthly chart book includes Governors of the Federal Reserve System, Wash- one issue of Supplement. In the United States ington 25, D. C. Where a charge is indicated, and countries listed under Federal Reserve Bulremittance should be made payable to the order letin on this page, single copies 60 cents each of the Board of Governors of the Federal Reserve or in quantities of 10 or more for single shipment System. 50 cents each; elsewhere 70 cents per copy. THE FEDERAL RESERVE SYSTEM—PURPOSES AND BANKING AND MONETARY STATISTICS. Statistics of FUNCTIONS. Revised edition. July 1954. 224 banking, monetary, and other financial developpages. ments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (unbound). ANNUAL REPORT of the Board of Governors of the Federal Reserve System. Issued each year. A STATISTICAL STUDY OF REGULATION V LOANS. September 1950. 74 pages. 25 cents per copy; FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- in quantities of 10 or more copies for single sessions, Bolivia, Canada, Chile, Colombia, Costa shipment, 15 cents each. Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Nicaragua, Panama, Paraguay, Peru, El Salvador, INGS AND THEIR USE IN ECONOMIC ANALYSIS. Uruguay, and Venezuela is $2.00 per annum or January 1952. 175 pages. 25 cents per copy; in 20 cents per copy; elsewhere $2.60 per annum or quantities of 10 or more copies for single ship- 25 cents per copy. Group subscriptions in the ment, 15 cents each. United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 THE FEDERAL RESERVE ACT, as amended to Novemfor 12 months. ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the j> FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY Federal Reserve System. 372 pages. 50 cents RATES, AND BUSINESS. Issued monthly. Annual per paper-bound copy; $1.00 per cloth-bound copy. subscription includes one issue of Historical Supplement listed on this page. Subscription price COMPILATION OF FEDERAL AND STATE LAWS RELATin the United States and the countries listed above ING TO BRANCH BANKING WITHIN THE UNITED is $6.00 per annum, 60 cents per copy, or 50 STATES (July 1, 1951). December 1951. 33 pages. cents each in quantities of 10 or more of a particular issue for single shipment; elsewhere $7.00 RULES OF ORGANIZATION AND RULES OF PROCEDURE per annum or 70 cents per copy. —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 REGULATIONS OF THE BOARD OF GOVERNORS OF THE aA 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. 968 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. December 1954. 8 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. CREDIT AND MONETARY EXPANSION IN 1954. Feb- FEDERAL FINANCIAL MEASURES FOR ECONOMIC STAruary 1955. 8 pages. BILITY. May 1953. 7 pages. THE FEDERAL BUDGET FOR 1956. February 1955. REVISION OF CONSUMER CREDIT STATISTICS. April 11 pages. 1953. 19 pages. BANKING AND MONETARY STATISTICS, 1954. (Se- *DETAILED DESCRIPTION OF SOURCES AND METHODS lected series of banking and monetary statistics USED IN REVISION OF SHORT- AND INTERMEDIATE- for 1954 only) February and May 1955. 12 TERM CONSUMER CREDIT STATISTICS (supplemen- pages. tary details for item listed above), April 1953. 25 pages. DOLLAR FLOWS AND INTERNATIONAL FINANCING. March 1955. 8 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DE- POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA. May 1953. 6 pages. UNITED STATES BANKS AND FOREIGN TRADE FINANC- ING. April 1955. 11 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS. July 1953. 12 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes) November 1955 SURVEY OF CONSUMER FINANCES—PRELIMINARY 1953. 65 pages. FINDINGS OF THE 1955 SURVEY OF CONSUMER FI- NANCES. March 1955. 3 pages. Purchases of Durable Goods in 1954. May 1955. 17 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December 1953. 96 The Financial Position of Consumers. June pages. 1955. 14 pages. HOUSING ARRANGEMENTS OF CONSUMERS. August 1955. 13 pages. Similar Surveys are available for most earlier years from EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STALMENT CREDIT. January 1954. 14 pages. 1947, 1949, 1951, 1952, 1953, and 1954 BULLETINS. ESTIMATES OF CONSUMER INSTALMENT CREDIT EX- INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. TENDED AND REPAID, 1929-1939. June 1955. 8 March 1954. 9 pages. (Also, similar article from pages. March 1953 BULLETIN) FINANCING OF LARGE CORPORATIONS IN 1954. June NEW INDEXES OF OUTPUT OF CONSUMER DURABLE 1955. 8 pages. GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN) SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1955. 2 pages. (Also, similar article from July 1954 BULLETIN) THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. CREDIT AND MONEY IN 1955. July 1955. 8 pages. RECENT FINANCIAL CHANGES IN WESTERN GER- THE BALANCE SHEET OF AGRICULTURE, 1955. Au- MANY. October 1954. 10 pages. gust 1955. 10 pages. AUGUST 1955 969 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1C/3 FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES Acceptances, bankers', 904, 909 Department stores: Agricultural loans of commercial banks, 900 Merchandising data, 936 Agriculture, Govt. agency loans, 906, 907 Sales, 925, 935, 936, 937, 938 Assets and liabilities {See also Foreign liabilities and Stocks, 935, 938 claims reported by banks): Deposits {See also specific types of deposits): Banks and the monetary system, consolidated, 896 Adjusted, and currency, 896 Corporate, current, 918 Banks, by classes, 897, 901, 903 Domestic banks, by classes, 897, 900, 902 Federal Reserve Banks, 891, 892, 952 Federal Reserve Banks, 891, 892, 893 Postal savings, 888, 894, 896 Foreign banks, 956, 962 Turnover of, 894 Govt. corporations and credit agencies, by type and Deposits, reserves, and borrowings, by class of member agency, 906, 907 bank, 890 Automobiles: Discount rates, 889, 961 Consumer instalment credit, 922, 923, 924 Discounts and advances by Federal Reserve Banks, 887, 891 Production index, 927, 930 Dividends, corporate, 917, 918 Bankers' balances, 901, 903 Dollar assets, foreign, 952, 953 {See also Foreign liabilities and claims reported by banks) Banking offices: Dwelling units started, 934 Changes in number, 944 Earnings and hours, manufacturing industries, 925, 931 On, and not on, Par List, number, 945 Employment, 925, 930, 932 Banks, and the monetary system, consolidated statement, 896 Export-Import Bank, loans, etc., 906, 907 Bonds {See also U. S. Govt. securities): Farm mortgage loans, 906, 919, 920 New issues, 916, 918 Federal Deposit Insurance Corporation, assets, etc., 906, 907 Prices and yields, 908, 909, 965 Brokers and dealers in securities, bank loans to, 900, 902 Federal home loan banks, loans, etc., 906, 907, 921 Business expenditures on new plant and equipment, 918 Federal Housing Administration, Business indexes, 925 loans, etc., 906, 907, 919, 920, 921 Business loans {See Commercial and industrial loans) Federal National Mortgage Association, Capital accounts: loans, etc., 906, 907, 921 Banks, by classes, 897, 901, 903 Federal Reserve Banks: Federal Reserve Banks, 891, 892 Condition statement, 891, 892 Carloadings, 925, 934 U. S. Govt. securities held by, 887, 891, 892, 914, 915 Central banks, foreign, 954, 956, 961 Federal Reserve credit, 887, 891, 892 Coins, circulation of, 895 Federal Reserve notes, 891, 892, 893, 895 Commercial banks: Finance company paper, 904, 909 Assets and liabilities, 897, 900, 962 Foreign central banks, 954, 956, 961 Consumer loans held, by type, 923 Number, by classes, 897 Foreign commercial banks, 962 Real estate mortgages held, by type, 919 Foreign deposits in U. S. Commercial and industrial loans: banks, 887, 891, 892, 896, 901, 903 Commercial banks, 900 Foreign exchange rates, 963 Weekly reporting member banks, 902, 904 Foreign liabilities and claims reported by banks, 948, 950, Commercial paper, 904, 909 952 Commodity Credit Corporation, loans, etc., 906, 907 Foreign trade, 934 Condition statements {See Assets and liabilities) Construction, 925, 933, 934 General fund balance, 910 Consumer credit: Gold: Instalment credit, 922, 923, 924 Earmarked, 955 Major parts, 922 Net purchases by U. S., 955 Noninstalment credit, by holder, 923 Production, 952, 955 Ratio of collections to accounts receivable, 924 Reserves of central banks and governments, 954 Consumer durable goods output indexes, 930 Reserves of foreign countries and international institutions, 953 Consumer price indexes, 925, 940, 965 Stock, 887, 896, 955 Consumption expenditures, 942, 943 Gold certificates, 891, 892, 893, 895 Corporate sales, profits, taxes, and dividends, 917, 918 Govt. agencies, assets and liabilities, by type Corporate security issues, 916, 918 and agency 906, 907 Corporate security prices and yields, 908, 909, 965 Govt. debt {See U. S. Govt. securities) Cost of living {See Consumer price indexes) Gross national product, 942, 943 Customer credit, stock market, 908 Home owners, Govt. agency loans, 906, 907 Debits to deposit accounts, 894 Hours and earnings, manufacturing industries, 925, 931 Demand deposits: Industrial advances by Federal Reserve Adjusted, banks and the monetary system, 896 Banks, 889, 891, 892, 893 Adjusted, commercial banks, by classes, 901 Industrial production indexes, 925, 926, 930 Banks, by classes, 897, 903 Type of holder, at commercial banks, 901 Instalment loans, 922, 923, 924 AUGUST 1955 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES—Continued Insurance companies, 905, 914, 915, 920 Real estate loans: Insured commercial banks, 899, 900, 944 Commercial banks, 900, 902, 919 Type of mortgage holder, 919, 920, 921 Interbank deposits, 897, 901, 903 Type of property mortgaged, 919, 920, 921 Interest rates: Regulation V, loan guarantees, 893, 894 Bond yields, 909 Reserve requirements, member banks, 889 Business loans by banks, 909 Federal Reserve rates, 889 Reserves: Foreign countries, 961 Commercial banks, 901 Open market, 909, 961 Federal Reserve Banks, 891, 892 Regulation V loans, 894 Foreign central banks and governments, 954 Stock yields, 909 Foreign countries and international institutions, 953 Time deposits, maximum rates, 888 Member banks, 887, 890, 891, 892, 901, 903 Internal revenue collections, 911 Residential mortgage loans, 919, 920, 921 International capital transactions of the U. S., 948 Sales finance companies, consumer loans of, 922, 923 International financial institutions, 953, 954, 956 Savings, 942 .Inventories, 943 Savings bonds, sales and redemptions, 913 Investments (See also specific types of investments): Savings deposits (See Time deposits) Banks, by classes, S97, 900, 902 Savings institutions, principal assets, 905 Federal Reserve Banks, 891, 892 Govt. agencies, etc., 906, 907 Savings and loan associations, 905, 920 Life insurance companies, 905 Securities, international transactions, 951, 952 Savings and loan associations, 905 Security issues, 916, 918 Labor force, 932 Silver coin and silver certificates, 895 Loans (See also specific types of loans): State member banks, 899, 944 Banks, by classes, 897, 900, 902 State and municipal securities: Federal Reserve Banks, 887, 889, 890, 891, 892, 893 New issues, 916 Govt. agencies, etc., 906, 907 Insurance companies, 905, 920 Prices and yields, 908, 909 Savings and loan associations, 905, 920 States and political subdivisions: Deposits of, 901, 903 Loans insured or guaranteed, 893, 919, 920, 921 Holdings of U. S. Govt. securities, 914 Manufacturers, production indexes, 925, 926, 930 Ownership of obligations of, 900, 905 Margin requirements, 888 Stock market credit, 908 Member banks: Stocks: Assets and liabilities, by classes, 897, 900 New issues, 916 Banking offices, changes in number, 944 Prices and yields, 908, 909, 965 Borrowings at Federal Reserve Banks, 887, 890 Tax receipts, Federal, 911 Deposits and reserves, by classes, 890 Number, by classes, 897 Time deposits, 888, 890, 896, 897, 901, 903, 962 Reserve requirements, by classes, 889 Treasury cash, 887, 896 Reserves and related items, 887 Treasury currency, 887, 895, 896 Weekly reporting series, 902 Treasury deposits, 887, 891, 892, 910 Minerals, production indexes, 925, 926 Treasury finance: Money in circulation, 887, 895 Cash income, outgo, and borrowing, 912 Money rates (See Interest rates) General fund balance, 910 Receipts and expenditures, 910 Mortgages (See Real estate loans) Unemployment, 932 Mutual savings banks, 896, 897, 899, 914, 915, 919, 944 U. S, Govt. balances: National banks, 899, 944 Consolidated monetary statement, 896 National income, 942 Commercial bank holdings, by classes, 901, 903 National security expenditures, 910, 943 Treasury deposits at Federal Reserve Banks, 887, 891, Nonmember banks, 891, 899, 900, 944 892, 910 Par List, banking offices on, and not on, number, 945 U. S. Govt. securities: Payrolls, manufacturing, index, 925 Bank holdings, 896, 897, 900, 902, 914, 915 Federal Reserve Bank holdings, 887, 891, 893, 914, 915 Personal income, 943 International transactions, 951 Postal Savings System, 888, 894, 896 New issues, gross proceeds, 916 Prices: Ownership of, 914, 915 Consumer, 925, 940 Prices and yields, 908, 909 Foreign, 964, 965 Volume and kind outstanding, 913, 914, 915 Security, 908 United States notes, outstanding and in circulation, 895 Wholesale commodity, 925, .940 Veterans Administration, loans, etc., 906, 907, 919, 920, 921 Production, 925, 926, 930 Profits, corporate, 917, 918 Yields (See Interest rates) 972 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis