Federal Reserve Bulletin, 1955-09

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

ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. CONTENTS PAGE The Agricultural Situation. 973-979 Credit Extended by Banks to Real Estate Mortgage Lenders. 980 Annual Indexes of Production. . 981-982 Changes in Subscription Rates for Federal Reserve Bulletin. . 982 Law Department 983-984 Current Events and Announcements. 984 National Summary of Business Conditions. 985-986 Financial, Industrial, Commercial Statistics, U. S. (See p. 987 for list of tables). 987-1047 International Financial Statistics (See p. 1049 for list of tables) . 1049-1067 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1068 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1069 Federal Reserve Board Publications. 1070-1071 Map of Federal Reserve Districts. 1072 Index to Statistical Tables.. 1073-1074 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL LLETIN VOLUME 41 September 1955 NUMBER 9 THE AGRICULTURAL SITUATION Farm prices and incomes have declined PRODUCTION AiD PRICES this year, continuing the downward move- Per cent, 1947-49=100 160 ment from the advanced levels reached early PRODUCTION! in the Korean war period. Total supplies of INDUSTRIAL 140 agricultural commodities—including carryovers—have expanded further. A 3 per cent larger harvest is indicated despite Federal 120 restrictions and lower price supports on important crops. Production of livestock and AGRICULTURAL 100 products has. increased further. Rising demands, despite record levels of consumer 30 incomes in this country, have not matched 140 the increases in farm output this year. Exports, while larger than last year, have been INDUSTRIAL 120 below the unusually high levels prevailing during most of the postwar period. 100 Declining prices of farm products during the past year of marked industrial expansion AGRICULTURAL L 80 may be viewed in the light of the special factors affecting agriculture during the 1949' 1951 1953 1955 past decade and a half. Farm production NOTE.—Production—agricultural, Department of Agriculture annual estimate of farm output; industrial, Federal Reserve expanded rapidly during World War II and seasonally adjusted index. Prices—industrial, Bureau of Labor Statistics index of wholesale prices of commodities other the early postwar period in response to urgent than farm products and foods; agricultural, Department of Agriculture index of prices received by farmers. Agricultural world-wide demands, and prices of farm production for 1955 is an estimate based on data through September 1. Latest figures for other series are for August.. products rose sharply above their prewar low levels. Subsequently, foreign demand recent years in the total farm population. declined. Although domestic consumption At the same time, rapid advance in farm has continued to grow, the expansion has productivity has continued, enabling a debeen insufficient to absorb all of the supplies clining number of farmers to produce a made available, and Federal price support larger output. Average production per perholdings have risen substantially. The rise- son engaged in agriculture is about one-third during the past year was less rapid, however, larger than in 1947-49 period. Reflecting than in earlier years. the decline in farm population, per capita Marked reductions have taken place in farm income has been maintained at rela- SEPTEMBER 1955 973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE AGRICULTURAL SITUATION tively higher levels than total farm income, CROP PRODUCTION as can be seen in the chart on page 978. Per cent, 1947-49=100 140 The general financial position of farmers remains relatively strong. Bidding for farm 120 land, particularly to enlarge existing units, TOTAL ^ FEEDS y. has been active over the past year. Land 100 prices have risen to about their mid-1952 peak. Farm debts to finance production and 80 FOOD GRAINS land acquisitions have risen further, but are still fairly low in relation to current levels ..1 1 1 1 1 1 1 1 L. . .1 1 1 1 1 1 1 1 1. .60 of farm income, the large volume of liquid 140 assets held by farmers, and the value of farm / / / real estate. OIL SEEDS / COTTON -- 120 A / EXPANSION IN SUPPLIES - 100 Output of crops and livestock, on the basis yJ OTHER CROPS of reports through early September, is ex- / • - 80 pected to be 3 per cent larger this year than in 1954. A new record in crop yields per J. I I i 1 ! 1 1 k- M i i i i i u 60 acre is forecast, reflecting generally favorable 1946 1950 1955 1946 1950 1955 NOTE.—Department of Agriculture data. Estimates for 195S weather and intensified technical progress in are based on the September 1 crop report. Feeds include feed grains, hay, and forage; food grains include wheat, rice, and farming. Output of livestock products is rye. Oil seeds do not include cotton seed. continuing the upward trend of recent years. is up less than feed production. Conse- This trend has reflected in part large and quently, carryovers are likely to rise further rising feed supplies. A further increase in this season. livestock production and smaller additions Additional curtailments in acreages of to total crop carryovers are likely this season wheat and cotton this year reflect applicaif price relationships continue favorable for tion of Federal legislation providing for the conversion of feeds into livestock and downward adjustment over a two-year pelivestock products. riod to the legal minimum. Indicated yields Crops. Federal acreage control programs are considerably higher, however, and the —mainly for cash crops, where large stocks estimated declines in output are only about have accumulated—are resulting in major half those in acreage. Prior to this year's changes in the use of the nation's cropland. harvest, cotton and wheat stocks amounted During the past two years about one-twelfth to about one year's usage. These large stocks of the harvested acreage has been shifted had been accumulated for the most part over from wheat and cotton largely into other the preceding three years when total usage crops, mainly into feed grains other than was considerably below output, owing corn and into hay and soybeans. Feed har- mainly to the reduction in exports. Acreage vests, despite dry weather during August, allotments and marketing quotas—with nonwere forecast as of September 1 to be 6 per compliance penalties—have also been incent larger thaii last year. Feed use has been voked this year for rice, peanuts, and tobacco. rising as livestock output has increased, but Total carryover stocks of these five products 974 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE AGRICULTURAL SITUATION are not likely to change much further this outlays came to about 1.9 billion dollars, year unless exports change markedly. down nearly 1.1 billion from those of the pre- Livestock and products. Large feed sup- ceding year. This sharp reduction stemmed plies have been an important factor over the mainly from curtailment in acreage and past season in the further expansion in live- harvest of cotton—and, to lesser extent, of stock numbers and in output of livestock wheat—under the Federal control program. products. Hog marketings, seasonally ad- Support outlays for corn were also less, as justed, in the first half of 1955 were at a rate the crop was smaller and fewer producers about 5 per cent above the second half of were eligible for Federal aid. A decline in 1954 and 15 per cent above the first half. expenditures for dairy products reflected in Marketings recently have been about the part a reduction of one-sixth in support levels. same as in the spring, after seasonal allow- On the other hand, support outlays for some ance, and are expected to show about the of the "unrestricted" crops, such as grain usual seasonal increase this autumn. Hog- sorghums and barley, increased somewhat. feed price relationships in the next several Despite the over-all decline in price supmonths will be an important factor in the port outlays in the 1955 fiscal year, Federal size of next spring's pig crop. expenditures for these programs rose sharply Cattle slaughter, which had shown little to a total of about 2.9 billion dollars, as change for more than a year, has increased shown in the third column of the table. about one-tenth recently. Total production of fresh meat, including poultry, in the first FINANCIAL OPERATIONS OF THE COMMODITY CREDIT half of 1955 was at a seasonally adjusted rate CORPORATION about 3 per cent above the last half of last [Outlays, or receipts (--). In millions of dollars] year; in August and early September, out- For price support2 For other put rose further to a level about one- operations Year By commer- (CCC third above the 1947-49 average. Per capita ending TotaP Total i By cial banks, only) 3 June 30 CCC under CCC consumption of meat is currently larger than guarantee a year ago and about 15 per cent above the 1955 2,385 1,851 2,876 -1,025 534 1947-49 level. Milk cow numbers have de- 1954... 3,245 2,939 1 220 1 719 306 1953 2,173 2,092 1,862 230 81 clined slightly in the last year, but total milk 1 19 9 5 5 2 1 . . — -9 1 7 2 0 5 -1 — ,3 2 7 7 5 0 - — 9 2 8 7 6 3 -389 3 4 1 0 4 5 5 1950 1,588 1,437 1,523 -86 151 production has been maintained. Egg pro- 1949 2,160 2,313 1,806 507 -153 1948 -226 -60 -38 -22 -166 duction was curtailed in the spring because of earlier unfavorable prices to producers *Net of financial transactions between CCC and commercial banks. The net effect of all CCC operations on Federal Budget but has declined less than seasonally in re- expenditures, not shown in the table, equals the sum of columns three and five. Breakdown of CCC outlays for 1955 is partly estimated. cent months. 2The sum of loans granted (including guaranteed loans made by banks), CCC commodity purchases, storage costs, and other outlays, less receipts from loans repaid by producers, receipts from sales of commodities, and other receipts. Loans of commercial FEDERAL PRICE SUPPORT OPERATIONS banks include certificates of interest; at or before maturity the unredeemed portions of these certificates or loans are purchased Total outlays by the Commodity Credit by 3I C n C cl C u . des mainly certain foreign-aid-program advances, payments for the International Wheat Agreement program, and admin- Corporation and private lending agencies for istrative expenditures. Some part of these outlays may later be deducted from CCC outlays or be taken account of by cancellation price support primarily on crops harvested in of notes representing CCC borrowings from the Treasury. In fiscal years 1954, 1953, and 1952 note cancellations resulting from the fiscal year ending June 30, 1955, were these operations amounted to 310 million dollars, 193 million, and 33 million, respectively. Net expenditures for CCC operations, after taking account of these cancellations, would be lowered smaller than in the previous year, as shown correspondingly. in the second column of the table. These Source.—Budgets of the Commodity Credit Corporation of the U. S. Department of Agriculture. SEPTEMBER 1955 975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE AGRICULTURAL SITUATION About 1 billion dollars of this amount rep- support prices—both directly and as they resented price support activities in the preced- may influence exports, livestock feeding, and ing fiscal year and consisted of net sales of final domestic takings; and the course of crop loans by commercial banks to the CCC general economic activity here and abroad. and of net resales of certificates of interest. AGRICULTURAL EXPORTS These certificates had been sold to banks by the Corporation in 1953-54 in order to limit Agricultural exports during the 12 months temporarily Federal debt expansion. ending June 30 were valued at 3.1 billion In addition to these Federal expenditures dollars, 7 per cent more than in the previous for price support, expenditures for other season and 11 per cent above the postwar CCC operations rose considerably last year low of 1952-53 but still considerably below to nearly 550 million dollars. A substantial the very high earlier postwar level. Last season's rise in total value reflected mainly inpart of this amount was to finance sales creases in fats and oils> some feeds, and of farm products abroad under legislation food donations for overseas relief. Wheat passed earlier, partly to aid in disposing of exports increased 60 million bushels to a surpluses. total of 275 million, while exports of cotton Receipts of the CCC from sales in the fiscal and tobacco changed little. Since January, exyear 1955 totaled 1.4 billion dollars, 200 milports of cotton have slackened considerably. lion dollars more than in 1954. Losses on Government programs to stimulate disthese sales and on commodity donations posal of surplus stocks, in some cases through amounted to 800 million. About half of the increased offerings at competitive world loss was incurred in disposing of dairy prodprices, were an important factor in the export ucts, stocks of which have been reduced rise during the past fiscal year. Improved greatly. Sales of some inventories—largely economic conditions abroad, particularly in those under the disposal legislation—were Western Europe, also appear to have been made without book loss to the Corporation. a factor. At the same time, however, ex- The current level of CCC inventories and panding food and fiber production abroad direct and guaranteed commodity loans is has been providing greater competition for very large despite a reduction in acquisitions most farm products. and an increase in dispositions in the 1955 Preliminary data indicate that about 30 fiscal year. Holdings on June 30 were per cent of the total value of farm products valued at 7 billion dollars, 1 billion more exported in 1954-55 was facilitated by some than a year earlier. type of Federal financing—including loans, The high level of current and prospective grants, and disposal of surplus stocks through holdings made it necessary to increase the sales for foreign currencies, barter arrange- Corporation's authority to borrow from ments, and donations for overseas use. In the Treasury. An expansion of 2 billion the 1953-54 season such programs accounted dollars to a total of 12 billion was provided for 24 per cent of the total value of agriby Congress at the last session. Actual cultural exports, and in the preceding year, outlays during the 1955-56 fiscal year will 19 per cent. Shipments in exchange for forbe affected by the composition as well as eign currencies, the most important of these size of the harvest; the effects of lower programs, were increasing in the latter part of 976 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE AGRICULTURAL SITUATION the 1954-55 fiscal year and for the year as A6R1CUUUML f RICES a whole probably totaled about 350 million Per cent, 1947-49=100 CROPS dollars. With additional funds provided by recently enacted legislation, about 1.5 billion dollars will be available for such sales this season and next. 100 Sales by the CCC at world prices included grains, oils, dairy products, and some other commodities. Wheat sales by the CCC in fulfillment of quotas under the International LIViSTOCK AND PRODUCTS Wheat Agreement—and also outside the 120 agreement—were made at prices about onefourth below United States market prices. The relatively sharp decline in cotton ex- 100 ports in recent months reflected some uncertainty regarding price and disposal policies. In early August it was announced that there would be no change in cotton export 1949 1951 1953 1955 pricing policy until January 1, 1956, and NOTE.—Prices are Department of Agriculture data of prices received by farmers. Marketings index is a seasonally adjusted that after that date up to 1 million bales of Federal Reserve compilation based on Department of Agriculture data for commercial slaughter of meat animals and poultry low quality stocks might be offered for com- and farm output of milk and eggs. Latest figures shown are for August. petitive bidding. Prices of fruits and vegetables have declined substantially from the advanced level AGRICULTURAL PRICES this spring when unfavorable weather tem- Prices of farm commodities declined again porarily restricted supplies. Price declines this summer, following some seasonal for most other crops have been in considerstrengthening in the spring. Prices received able part in response to the changes in Fedby farmers recently have averaged about 5 per eral support activities. Wheat supports, at cent below a year earlier. The current level $2.08 per bushel at the farm, are 7 per cent is about the same as the previous postwar low below last year and in early September marreached following the 1949 recession and oneket prices were 10 per cent below a year fourth below the peak reached in early 1951 earlier. The minimum support level for after the outbreak of the Korean war. next season has been set at $1.81; the reduc- Prices of crops have declined considerably tion reflects both the use of revised methods since May, as shown in the chart, and in of calculating parity prices and the determid-August averaged 8 per cent below a mination of supports at 76 per cent of parity^ year ago. The declines have reflected the rather than at the 825 per cent used this year. large actual and prospective supplies and Corn prices declined sharply this summer, the reduction in Federal price support levels prior to the harvesting of this season's larger for this season's grain harvests. While re- crop. Price supports continue close to 90 duced from the levels of recent years, sup- per cent of parity. As was the case last port levels remain much higher in relation season, however, a large portion of the crop to parity than prior to World War II. will not be eligible for support loans because SEPTEMBER 1955 977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE AGRICULTURAL SITUATION plantings by many farmers exceeded acreage mid-1952, as the chart on page 977 shows. allotments. In view of an anticipated fur- Consumer incomes have increased at about ther increase in corn carryovers, the 1956-57 the same rate as supplies. Consumer deprice support level is expected to be lowered. mands for these products have increased less Output of other feed grains and of oil seed rapidly, however, and prices received by crops is considerably larger than in 1954, and farmers have declined substantially. prices in early September averaged about 15 Retail prices of foods have averaged someper cent below a year earlier. Support levels what lower thus far in 1955 than a year are down substantially from last year, aver- earlier. While retail prices of some procaging 19 per cent lower for these feed grains essed foods have continued to rise, prices and 9 per cent lower for oil seeds. of meats in the first half of 1955 averaged Cotton prices since 1952 have been close 10 per cent lower than in the year-earlier to support levels, which have been un- period. The decrease in retail prices of foods changed at 90 per cent of parity. High sup- from a year ago has been an important facports and mounting domestic supplies have tor in the stability in average consumer prices led to active consideration of means of stimu- over the year. lating exports. Support levels for next season will depend both on supply develop- FINANCIAL POSITION OF FARMERS ments and administrative decisions. Net income of the farm population this Average prices of livestock and livestock year, on the basis of present indications, will products in early September were somewhat be somewhat smaller than last year and perbelow the year-ago level. Hog prices de- haps one-sixth below the peak reached in clined after mid-June and in early September, 1951, as shown on the chart. On a per capita at $16.50 per hundred, were $4.00 below a year earlier. Cattle prices by mid-1955 had FARM POPULATION AND INCOME receded from the levels reached in January. Per cent, 1947-49=100 POPULATION Since midyear, prices have shown little change despite a considerably larger volume - 100 of marketings. Prices of other livestock products have been stronger this year, fol- — — lowing substantial declines in 1954. Poul- 80 ~- 1 . 1 1 1 ! ! I ] try and egg prices have recovered about one-half of the 1954 decline. Prices of dairy NET INCOME products have been slightly above the reduced - 120 >x PER CAPITA levels of a year ago. Lower retail prices sub- A sequent to the April 1954 reductions in Federal support levels, together with growth -- 100 in population and consumer incomes, have TOTAL ^ ^^ contributed to increased consumption of fluid milk and dairy products, and CCC pur- 1 ! I 1 80 chases have been smaller. 1947 1949 1951 1953 1955 Market supplies of livestock and livestock NOTE.—Department of Agriculture data. Population estimates are as of April 1. Net income includes income of the farm products have increased considerably since population from all sources; figures for 1955 are preliminary estimates of the Federal Reserve. 978 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE AGRICULTURAL SITUATION basis, farmers' incomes have declined less DEBTS AHD MAJOR ASSETS OF AGRICULTURE than that amount since 1951 as the number Billions of dollars of people on farms has declined further. Output per farm worker has increased con- LIQUID ASSETS 20 siderably during this period, partly as a result of greater use of power machinery 10 and equipment. Growth in holdings of farm machinery was retarded in 1954, but 100 farm purchases of new equipment have increased this year. Farm real estate values have been strong, 90 despite the steady decline in farm commodity 'REAL ESTATE prices and incomes in recent years. Average value per acre has been increasing since early 80 1954, and the value of farm land and buildings in mid-1955, as the chart shows, was about at the peak reached in 1952. Real 70 estate holdings are farmers' most important assets, and the increase in the market value 1947 1949 1951 1953 1955 NOTE.—Department of Agriculture data. The assets shown of farm real estate has acted to raise the have represented about two-thirds of farmers' total assets in recent years. Farm real estate values are as of March 1 exbook value of farmers' assets generally. The cept the latest figure, which is for July 1, 1955. Liquid assets and debts are as of January 1. Debts exclude price support recent rise in land values apparently has re- loans of the Commodity Credit Corporation. flected to an important degree demand for land to enlarge existing farms. associations rose about the same relative amounts, in contrast to some decline in the The amount of farm debt outstanding has risen appreciably since last fall. At the end previous 12 months. Mortgage debt increased of June short-term and mortgage debt were somewhat more than in the previous period. both 10 per cent higher than a year earlier. Farmers' liquid asset holdings—deposits, Short-term agricultural loans of commercial currency, and Government bonds—showed banks, the major source of farmers' credit of little change in 1954 and currently continue this type, and loans of production credit larger than farmers' total debts. 979 SEPTEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT EXTENDED'BY BANKS TO REAL ESTATE MORTGAGE LENDERS1 A survey of credit extended to real estate CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, mortgage lenders by weekly reporting mem- AUGUST 10, 1955 AND AUGUST 11, 1954 ber banks shows that, as of August 10, 1955, [In millions of dollars] these banks held 1,385 million dollars of such Outstanding on loans, as; compared with 606 million a year Item Increase Aug. 10, Aug. 11, ago, and had commitments to extend an 1955 19541 additional 1,262 million. Real estate mortgage loans pur- The survey includes data on various types chased from real estate mortgage lenders under resale agreement, of "warehousing loans" which are not set total. ... . . . .. 336 52 284 forth separately in the statement of condition Insurance companies 227 4 223 Mortgage companies 97 44 53 of weekly reporting member banks in lead- Others2 12 4 8 Loans to real estate mortgage lending cities. Warehousing of mortgage loans ers secured by pledge of real estate mortgage loans owned by borrowhas long existed but figures on the growth ers, total 944 498 446 and volume of this type of credit have been Insurance companies 29 12 17 Mortgage companies 860 460 400 lacking. The survey was undertaken for the Others2 55 26 29 purpose of ascertaining the amount of all Loans to real estate mortgage lenders, not secured, or secured other types of credit extended by commercial than by pledge of real estate mortgage loans owned by borrowers, banks to real estate mortgage lenders. total 105 56 49 Insurance companies 6 4 2 Real estate mortgage loans purchased from Mortgage companies 23 13 10 Others2 76 39 37 mortgage lenders under resale agreements Unused portions of firm commitaccounted for 336 million dollars of the 1,385 ments to purchase real estate mortgage loans from real estate mortgage million total of holdings on August 10, and lenders with or without resale agreement, or to make secured or for 284 million of the increase during the unsecured loans to real estate mortgage lenders, total 1,262 (3) (3) year. Practically all of the increase under Insurance companies 184 Mortgage companies 857 resale agreements was with insurance com- Others2 221 panies. 1 Reporting banks were asked to estimate year-ago figures. 2Savings and loan associations, mutual savings banks, builders Loans to real estate mortgage lenders se- and other organizations (other than banks) that make or hold substantial amounts of real estate loans. cured by the pledge of real estate mortgage 3Year-ago comparisons were not requested. loans accounted for 944 million dollars of the ers with or without resale agreement or to holdings and 446 million of the increase. make secured or unsecured loans to these The loans were largely to real estate mort- lenders amounted to 184 million dollars for gage companies. Other loans to these lend- insurance companies, 857 million for morters, not secured or secured by other than real gage companies, and 221 million fof others. estate mortgage loans, amounted to 105 mil- Year-ago comparisons were not requested. lion dollars on August 10, an increase of 49 The bulk of loans and commitments to million during the year. real estate lenders is financed at the approxi- Unused portions of firm commitments mately 400 large banks included in the series made by the reporting banks to purchase real of weekly reporting member banks in leadestate mortgage loans from real estate lending cities. Banks in this series hold about two-thirds of total loans of all member 1Some figures in this article are revisions of those shown banks. in the press statement dated Sept. 8, 1955. 980 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL INDEXES OF PRODUCTION Annual production indexes have been of the corresponding monthly indexes are compiled in the course of continuing review negligible for the totals and most major of levels of the Federal Reserve monthly groupings, as shown in the accompanying indexes of industrial production and con- table. Both measures show industrial prosumer durable goods output. Annual in- duction in 1953 at 134 per cent of the 1947-49 dexes for the period 1947 to 1954 are now average and consumer durable goods output being made available on request. Indexes at 127 per cent. for 1947 through 1953 have been derived largely from more comprehensive and de- ANNUAL AVERAGES OF MONTHLY INDEXES COMPARED WITH INTERIM ANNUAL INDEXES tailed data than are used to compile the [1947-49=100] monthly indexes. Such comprehensive data are not yet available for 1954 and the annual 1953 1952 ? indexes for that year are based on percent- Industry or product grouping Aver- In- Aver- Inage changes from 1953 to 1954 in the monthly ages terim ages terim of an- of anmo. nual mo. nual indexes. Descriptions of the development and use INDUSTRIAL PRODUCTION of annual production indexes—as well as in- Total index 134 124 124 formation on sources and types of data used Manufactures—total. 136 135 125 125 in their compilation—appeared in the Fed- Durable manufactures 153 152 136 135 Primary metals 132 129 116 114 eral Reserve BULLETIN for December 1953 Me F t a a b l r f i a c b a r t i e c d a t m in e g tal products.... 1 1 6 3 7 6 1 13 6 6 7 1 1 4 2 6 1 1 12 4 1 6 Machinery 160 156 147 143 and May 1954 in articles accompanying the Transportation equipment. . . . 189 195 154 155 Clay, glass, and lumber products. 125 121 118 119 most recent general revisions of the monthly Furniture and misc. manufactures 131 123 118 115 indexes. Reprints of these articles are avail- Nondurable manufactures 118 119 114 114 Textiles and apparel 107 110 105 108 able on request. Rubber and leather products... . 113 113 107 109- Paper and printing 125 124 118 117 In the course of those general revisions, Chemical and petroleum products 142 142 133 131 Foods, beverages, and tobacco. . 107 108 106 106 annual indexes based on more complete and Minerals—total 116 117 114 114 Mineral fuels 115 115 113 113 reliable data than available monthly were Metals, stone, and earth minerals. 119 124 115 119 developed for industries and products ac- CONSUMER DURABLE GOODS OUTPUT counting for about two-thirds of the industrial production index and one-half of the Total index 127 127 105 105 Major durables... 138 138 109 110 consumer durable goods index. The monthly Other consumer durables. , 102 101 95 96 series for those industries and products were adjusted to levels of the corresponding an- The agreement of the indexes at aggregate nual indexes for 1947-51 and on a prelimi- levels reflects in part offsetting differences for nary basis for 1952. The annual indexes now a number of individual series. In view of being made available reflect revisions mainly the small differences found for broad aggrefor 1952,, new calculations for 1953, and pre- gates, however, adjustments of the monthly liminary estimates for 1954. series to the annual indexes are not being The differences between the annual in- made at this time. Also more comprehendexes for 1952 and 1953 and the averages sive benchmark data will become available 981 SEPTEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL INDEXES OF PRODUCTION within the next year from the censuses of production indexes for the entire period since 1947 and will also permit analysis of the manufactures and minerals. Benchmark ineffects of using more current weights in the dexes for 1954 relative to 1947 are being comindexes. piled in a joint project of the Bureau of the The interim detailed annual indexes may Census and the Federal Reserve Board in be obtained from the Division of Adminisconsultation with other interested Federal trative Services, Board of Governors of the agencies. Those indexes will provide a basis Federal Reserve System, Washington 25, for detailed review of monthly and annual D. C. CHANGES IN SUBSCRIPTION RATES FOR FEDERAL RESERVE BULLETIN During recent years the costs of publishing Quantities: and distributing the Federal Reserve BULLE- Annual subscriptions for TIN have increased substantially. In view of 10 or more copies sent to this, both the annual subscription charges a single address. $5.00 and the per-copy charges have been revised. Effective immediately, the following rates 10 or more copies of one will apply: issue sent to a single ad- Annual subscriptions: dress $ .50 Domestic .$6.00 In the case of annual subscriptions which Foreign .$7.00 have already been renewed, there will be no Single copies: additional charge at this time. At the ex- Domestic $ .60 piration of these subscriptions, the new rates Foreign $ .70 will apply. 982 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Defense Production Act of 1950 Be it enacted by the Senate and House of Repre- Amendments of 1955 sentatives of the United States of America in Congress assembled, That the first paragraph of section The Defense Production Act of 1950, section 301 24 of the Federal Reserve Act, as amended (U. S. C, of which is the basis for guarantees of loans for 1952 edition, title 12, sec. 371), is amended to read defense production, would have expired June 30, as follows: 1955, but was extended one month by Joint Resolution of June 30, 1955 (Public Law 119—84th "SEC. 24. Any national banking association may Congress), and was amended and continued in make real estate loans secured by first liens upon force until the close of June 30, 1956, by Act of improved real estate, including improved farmland August 9, 1955 (Public Law 295—84th Congress). and improved business and residential properties. A loan secured by real estate within the meaning National Bank Real Estate Loans of this section shall be in the form of an obligation Amendments to Section 24 or obligations secured by a mortgage, trust deed, By Act of Congress approved August 11, 1955, or other instrument upon real estate, which shall section 24 of the Federal Reserve Act was amended constitute a first lien on real estate in fee simple or, to permit national banks to make "conventional" under such rules and regulations as may be prereal estate loans (loans not insured or guaranteed scribed by the Comptroller of the Currency, on a by the Federal Government) for periods up to a leasehold (1) under a lease for not less than ninetymaximum of 20 years. Theretofore, national banks nine years which is renewable or (2) under a lease were not authorized to make such loans with mahaving a period of not less than fifty years to run turities of more than 10 years. The new law refrom the date the loan is made or acquired by the quires real estate loans with maturities in excess of national banking association, and any national 10 years to be amortized at a rate sufficient to banking association may purchase any obligation pay off the entire loan within 20 years—in other so secured when the entire amount of such obligawords, average amortization of 5% per annum tion is sold to the association. The amount of any over the life of the loan. As amended, section 24 such loan hereafter made shall not exceed 50 per also permits loans to be made in amounts up to centum of the appraised value of the real estate 66ys% of the value of the real estate; previously, offered as security and no such loan shall be made the maximum was 60%. for a longer term than five years; except that (1) The new law also affects the permissible maany such loan may be made in an amount not to turity of loans by national banks to finance the con- exceed 662/z per centum of the appraised value of struction of residential and farm buildings. Herethe real estate offered as security and for a term tofore such loans with a maturity not exceeding six not longer than ten years if the loan is secured by months were not subject to the limitations apan amortized mortgage, deed of trust, or other plicable to real estate loans. The maximum persuch instrument under the terms of which the inmissible maturity of such "construction loans" is stallment payments are sufficient to amortize 40 now nine months. per centum or more of the principal of the loan The text of the Act is as follows: within a period of not more than ten years, (2) any PUBLIC LAW 343—84TH CONGRESS, CHAPTER 781— such loan may be made in an amount not to exceed 1ST SESSION S. 1189 662/z per centum of the appraised value of the real estate offered as security and for a term not longer AN ACT than twenty years if the loan is secured by an To permit national banks to make twenty-year real estate amortized mortgage, deed of trust, or other such loans, and nine-month residential construction loans. 983 SEPTEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT instrument under the terms of which the install- association paid in and unimpaired plus the amount ment payments are sufficient to amortize the entire of its unimpaired surplus fund, or in excess of principal of the loan within a period or not more 60 per centum of the amount of its time and savings than twenty years, and (3) the foregoing limita- deposits, whichever is the greater. Any such assotions and restrictions shall not prevent the renewal ciation may continue hereafter as heretofore to or extension of loans heretofore made and shall receive time and savings deposits and to pay interest not apply to real estate loans which are insured on the same, but the rate of interest which such under the provisions of title II, title VI, title VIII, association may pay upon such time deposits or section 8 of title I, or title IX of the National Hous- upon savings or other deposits shall not exceed ing Act or which are insured by the Secretary of the maximum rate authorized by law to be paid Agriculture pursuant to title I of the Bankhead- upon such deposits by State banks or trust com- Jones Farm Tenant Act, or the Act entitled 'An panies organized under the laws of the State in Act to promote conservation in the arid and serni- which such association is located." arid areas of the United States by aiding in the SEC. 2. The first sentence of the third paradevelopment of facilities for water storage and graph of section 24 of the Federal Reserve Act, as utilization, and for other purposes,' approved Au- amended (U. S. C, 1952 edition, title 12, sec. 371), gust 28, 1937, as amended. No such association is amended by striking "six" and inserting in lieu shall make such loans in an aggregate sum in thereof "nine." excess of the amount of the capital stock of such Approved August 11, 1955. CURRENT EVENTS AND ANNOUNCEMENTS Appointments of Branch Directors Federal Reserve Meetings On August 12, 1955, the Federal Reserve Bank Meetings of the Federal Open Market Committee of Atlanta appointed Mr. D. U. Maddox, President, were held in Washington on August 23 and Sep- The Commercial National Bank and Trust Com- tember 14, 1955. pany of Laurel, Laurel, Mississippi, as a director of the New Orleans Branch of the Federal Reserve Historical Supplement to Monthly Chart Book on Bank of Atlanta for the term ending December 31, Bank Credit, Money Rates, and Business 1957. Mr. Maddox succeeded Mr. Philip C. Wil- The 1955 edition of the historical supplement to liams, President, Bank of Yazoo City, Yazoo City, the monthly Federal Reserve Chart Book on Bank Mississippi, who died on July 15, 1955. Credit, Money Rates, and Business will be available On September 9, 1955, the Board of Governors for distribution about the end of September, on the announced the appointment of Mr. Shannon Cran- terms indicated on page 1070. All charts will indail, Jr., President, California Hardware Company, clude the latest data available on September 9, 1955. Los Angeles, California, as a director of the Los Angeles Branch of the Federal Reserve Bank of Tables Published Annually and Semiannually, with San Francisco for the term ending December 31, Latest BULLETIN Reference 1955. Mr. Crandall succeeded Mr, Paul H. Helms, President, Helms Bakeries, Los Angeles, California, Semiannually Issue Page Banking offices: who resigned. Analysis of changes in number of... Aug. 1955 944 On September 12, 1955, the Board of Governors On, and not on, Federal Reserve Par List, number of Aug. 1955 945 announced the appointment of Mr. Warren W. Stock Exchange firms, detailed debit and credit balances Sept 1955 1046-1047 Braley, Partner, Braley and Graham Buick, Portland, Oregon, as a director of the Portland Branch Anmtally Earnings and expenses: of the Federal Reserve Bank of San Francisco for Federal Reserve Banks Feb. 1955 206-207 the term ending December 31, 1955. Mr. Braley Member banks: Calendar year May 1955 564-572 succeeded Mr. Philip I. Welk, President, Preston- First half of year Oct. 1954 1118 Insured commercial banks May 1955 573 Shafrer Milling Company, Walla Walla, Washing- Banks and branches, number of. ton, who was appointed a Class C director of the by class and State Apr. 1955 430-431 Operating ratios, member banks June 1955 712-714 Federal Reserve Bank of San Francisco. Banking and monetary statistics, 195^||^ J|55 574I577 984 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication September 15] Industrial production, employment, and retail put of primary metals in August recovered most of sales were maintained at advanced levels in August. the July decline, reflecting in part settlement of Construction activity changed little at levels slightly wage disputes in the copper industry. Steel probelow the spring high. Prices of industrial com- duction rose to 90 per cent of capacity from 85 per modities continued to rise, and prices of farm prod- cent in July, when output was reduced partly by the ucts steadied after mid-August, following earlier brief work stoppage on July 1. In mid-September, declines. Despite deterioration in growing condi- steel mill operations were scheduled at 95 per cent tions during August, this year's crop harvest is of capacity. expected to be 3 per cent above last year. Short- Output of apparel and leather products in July term interest rates rose further and discount rates and August was somewhat below earlier highs, were increased to 2J4 Per cent at all Federal Reserve while activity in the textile, paper, chemical, and Banks. petroleum industries was maintained or advanced slightly further. INDUSTRIAL PRODUCTION CONSTRUCTION After allowance for the usual large seasonal changes in the summer, the Board's index of indus- Spending for new construction in August, seatrial production in August was 140 per cent of the sonally adjusted, was little changed from July and 1947-49 average, as compared with 139 in July slightly lower than in the spring. Value of contract (revised) and June. Activity in durable goods in- awards declined as usual in August and was almost dustries expanded further in August, while output one-fifth below the spring peak but more than oneof nondurable manufactures and minerals changed fifth larger than a year ago. The number of houslittle at levels slightly below the June highs. ing starts, following a decline in July, rose contra- Output of most producers' equipment continued seasonally to a seasonally adjusted annual rate of to increase in August, and production of consumer 1.3 million. durable goods was maintained at advanced levels EMPLOYMENT after allowances for seasonal changes. Reduction in auto assemblies in August and early September Employment in nonagricultural establishments in reflected mainly changeovers to 1956 models. Out- August, seasonally adjusted, continued at the advanced July level. The average workweek at factories rose seasonally to 40.8 hours—about one hour INDUSTRIAL PRODUCTION longer than a year earlier. Average hourly earnings were unchanged at $1.89; average weekly earnings, - TOTAL 140 reflecting the longer workweek, reached a new peak DURABLE of $77.11, about 9 per cent above a year earlier. Un- 120 MANUFACTURES employment in mid-August at 2.2 million was one million below the level of a year ago. ^ ,i i i 100 140 DISTRIBUTION Total retail sales in August continued at the very MINERALS 120 " ** NONDURABLE high July rate—9 per cent above a year ago after MANUFACTURES trading-day and seasonal allowances. Sales at dew partment stores, which had risen sharply in July, 100 ,1,,, ,|,,,,,,, M.I »& ^.MMM.nlM.mmMllMUMMMllMMMMi. declined in August, but were above the average of the first half of this year. Dealers' sales of new and Federal Reserve indexes. Monthly figures, latest shown used autos rose above their July levels and, with are for August. SEPTEMBER 1955 985 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS model changeovers in eflect for a number of makes, ment securities more than offset continued loan dealers' stocks of new autos declined appreciably. expansion and some increase in bank holdings of municipal and corporate securities. Business loans COMMODITY PRICES increased considerably more than seasonally and real Prices of industrial commodities have risen fur- estate and consumer loans rose further. Agriculther since mid-August. Metals and building mate- tural and security loans declined. rials continued to advance under pressure of strong Member bank borrowings from the Federal Redemands; coal prices were increased following an serve averaged around 775 million dollars during advance in wage rates; and a number of chemicals August and early September, the highest since the and some cotton textiles were raised. Increases spring of 1953. Excess reserves remained around among finished goods became more widespread, 600 million dollars. Between early August and with advances effected for tractors and other ma- early September, reserve positions tightened. Curchinery, electrical products, and rubber, paper, and rency drains, especially around Labor Day, Federal chemical products. Reserve sales and run-offs of Treasury bill holdings, Prices of farm products, which had declined and reductions in Reserve Bank float absorbed more funds than were supplied through Treasury earlier under the influence of large actual and prooperations and declines in required reserves. spective supplies and reduced support levels for some crops, have changed little since mid-August. SECURITY MARKETS AND INTEREST RATES With the indicated corn crop reduced by 10 per cent from the August 1 estimate, corn prices have By early September, all Federal Reserve Banks, recovered slightly. Prices of eggs and dairy prod- with the approval of the Board of Governors, had ucts have been increasing, in part seasonally. Meat increased their discount rates to 2% per cent. supplies have been expanding and average livestock Yields on short- and intermediate-term U. S. prices have remained at the reduced midsummer Government securities made further net advances level. from mid-August to mid-September. The average yield on three-month Treasury bills was near 2.10 BANK CREDIT AND RESERVES per cent in mid-September, about 20 basis points Loans and investments at * city banks declined above mid-August. Yields on the two long-term somewhat during August and early September as Treasury maturities fluctuated narrowly around substantial reductions in holdings of U. S. Govern- mid-August levels and yields on municipal bonds were relatively stable, while yields on corporate bonds increased somewhat. Common stock prices PRiCES AND TRADE Per cent, 1947-49 = 100 rose and in mid-September were at new highs. WHOLESALE PRICES CONSUMER LOANS AND INVESTMENTS PRICES MEMBER BANKS IN LEADING CITIES Billions of dollars FARM PRODUCTS DEPARTMENT STORE TRADE DISPOSABLE PERSONAL INCOME A/ v TOTAL OTHER LOANS and INVESTMENTS r RETAIL SALES 1953 1954 Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices exclude processed foods, included in total but not shown separately. Monthly figures, latest shown: July for income, consumer prices, and department store stocks; August for other Federal Reserve data. Weekly figures, latest shown are for , series. September 1. 986 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items . 989-990 Federal Reserve Bank rates; margin requirements; reserve requirements 990-991 Reserves and deposits of member banks. . 992 Federal Reserve Bank statistics . 993-995 Regulation V: guaranteed loans, fees, and rates. . 995-996 Bank debits and deposit turnover; Postal Savings System. . 996 Money in circulation 997 Consolidated statement of the monetary system; deposits and currency 998 All banks in the United States, by classes 999-1001 All commercial banks in the United States, by classes. . 1002-1003 Weekly reporting member banks , 1004-1005 Commercial paper and bankers' acceptances 1006 Life insurance companies; savings and loan associations. . 1007 Government corporations and credit agencies.. 1008-1009 Security prices and brokers' balances ' 1010 Money market rates; bank rates on business loans; bond and stock yields 1011 Treasury finance.. .... 1012-1017 New security issues. 1018 Business finance . . 1019-1020 Real estate credit statistics ..... 1021-1023 Statistics on short- and intermediate-term consumer credit. . . 1024-1026 Business indexes 1027-1036 Merchandise exports and imports. . 1036 Department store statistics. . . . 1037-1041 Consumer and wholesale prices ... . 1042-1043 Gross national product, national income, and personal income . . 1044-1045 Detailed debit and credit balances and related items of member firms of the New York stock exchange carrying margin accounts, June and December 1941-1955 1046-1047 Index to statistical tables . 1073-1074 List of tables published in BULLETIN annually or semiannually, with references for latest data. . 984 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. SEPTEMBER 1955 987 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDST, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages of daily figures, 1951- Billions of dollars 25 MEMBER BANK RESERVE BALANCES 15 EXCESS RESERVES MONEY IN CIRCULATION TREASURY CASH AND DEPOSITS 1 L NONMEMBER 30 FEDIRAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: HELD UNDER REPURCHASE AGREEMENTS DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1949 1950 1951 1952 1953 1954 1955 Latest averages shown are for week ending Aug. 31. See p. 989. 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 U To .S t . a l Go B v r o o i t g u u . h g t s - t h e t cu u r c a r H n e h i g e t p d r a i l u e e e s d r e s r e - - v c D a o a a i n u n d s c n d - - e t s s Float o A th ll - Total s G to o c ld k T s r o c e t u i r a u n n u e r n y g r c t a - - d y s - - M c t c u o i i i o n l n r a n - e - y T h c i u r n o a e r g l s y a d h s s - - T t w r h u r d e e r a e i a s n t - y h e s r - m v F e e . F e m d R b o i e b r g a . - - l e n a B r n a b c n O p e a d e k t o s n e r s h s , k - - - - c O s F o e R t e a e r u e h c r d a n - v - e - l t r e s To r t e a M s l e e r m v q e u b R i e e b r r - a e l b d a a 2 n n c k e E s xment posits posits its Averages of daily figures Week ending, 1954 July 7 25,082 !5,038 71 675 25,829 21,927 4,959 30,066 821 464 588 413 19,377 18,419 958 July 14 24,912 24,912 68 710 25,691 21,929 4,958 30,099 811 392 765 359 98619/166 18,404 762 July 21 24,765 24,765 73 833 25,673 21,931 4,958 29,932 807 499 651 428 98319,261 18,356 905 July 28 24,517 24,517 168 590 25,277 21,924 4,959 29,815 806 551 569 420 96319,036 18,347 689 Aug. 4. . .. 24,32524,325 1.75 653 25,154, 21,908 4,960 29,890 802 742 526 455 90818,698 17,666 1,032 Aug. 11 24,04024,023 1.7 287 598 24,925 21,901 4,959 29,932 803 584 544 430 90518,586 17,688 898 Aug. 18 23,980 23,876 104 229 723 24,933 21,858 4,960 29,919 805 558 579 452 91418,525 17,662 863 Aug. 25 23,813 23,747 66 178 698 24,690 21,858 4,961 29,850 807 566 557 450 92718,353 17,627 726 Sept. 1. . .. 23,938 23,845 93 185 576 24,699 21,837 4,962 29,887 808 551 465 516 92618,346 17,603 743 Sept. 8 24,013 23,977 36 147 598 24,759 21,809 4,965 30,046 802 479 518 428 92318,336 17,556 78© Sept. 15 24,035 24,035 189 714 24,939 21,809 4,967 30,073 795 558 559 432 92518,37.3 17,594 779 Sept. 22 23,789 23,789 141 977 24,908 21,810 4,967 29,969 793 446 514 435 93418,596 17,691 905 Sept. 29.. .. 23,868 23,868 191 627 24,687 21,810 4,968 29,888 795 652 511 437 93318,250 17,663 587 Oct. 6. . . . 24,492 24,492 179 667 25,338 21,810 4,971 30,010 793 676 484 452 94818,756 17,894 862 Oct. 13 24,606 24,581 259 599 25,465 21,810 4,972 30,143 790 594 466 472 95018,832 18,201 631 Oct. 20 24,48724,456 284 927 25,699 21,788 4,973 30,125 796 570 443 440 95019,136 18,269 867 Oct. 27 24,381 24,381 257 721 25,360 21,759 4,973 30,028 801 567 442 411 94918,895 18,224 671 Nov. 3 24,46424,448 355 617 25,436 21,759 4,976 30,088 806 669 432 472 89518,810 18,233 577 Nov. 10 24,754 24,745 277 669 25,70.1 21,752 4/977 30,206 796 362 423 394 88619,364 18,244 1,120 Nov. 17 24,685 24,685 271 751 25,708 21,709 4,978 30,262 799 397 425 324 S&319/306 18,423 883 Nov. 24 24,553 24,553 300 1,046 25,900 21,709 4,980 30,318 800 576 409 399 88219,205 18,524 681 Dec. 1 24,722 24,715 498 698 25,918 21,710 4,982 30,466 806 605 396 405 88119,052 18,464 588 Dec. 8 24,891 24,889 465 724 26,080 21,710 4,982 30.623 806 535 361 408 87719,162 18,444 718 Dec. 15... 24,919 24,888 442 810 26,172 21/711 4,982 30/755 812 363 405 398 89119,241 18,555 686 Dec. 22 24,928 24,888 311 1,373 26,612 21,712 4,982 30,885 800 345 443 346 97519,512 18,690 822 Dec. 29 24,918 24,888 377 1,13-8 26,433 21,712 4,982 30/828 801 453 523 295 97619,250 !8,630 620 1955 Jan. 5 24,918 24,874 44 372 885 26,176 21,712 •4,984 30,501 804 449 527 413 91619,263 18,580 683 Jan. 12 24,53: 24,511 21 504 756 25,792 21,713 4,984 30,361 814 378 493 409 90519/130 18,43f 694 Jan. 19 24,155 24,128 27 445 881 25,482 21,714 4,985 30,079 818 275 516 413 90219,176 18,383 793 Jan. 26... 23,683 23,671 1 453 806 24,942 21,714 4,985 29,866 827 272 422 280 90119,074 18,429 645 Feb. 2... 23,85 23,844 8 524 666 25,042 21,714 4,988 29,767 834 431 441 419 89918,952 18,361 591 Feb. 9... 24,016 23,902 114 555 640 25,212 21,715 4,988 29,794 827 472 447 480 89519,000 18,272 728 Feb. 16. .. 23,908 23,827 81 387 668 24,964 21,715 4,989 29,782 824 399 486 458 91318,806 18,236 570 Feb. 23... 23,73: 23,732 395 804 24,932 21,716 4,990 29,771 825 490 390 486 95918,716 18,108 608 Mar. 2... 23,604 23,604 490 797 24,892 21,716 ,995 29,796 827 575 324 481 95718,642 18,089 553 Mar. 9... 23,604 23,604 479 789 24,873 21,717 ,995 29,819 828 548 364 476 95518,596 18,018 578 Mar. 16. .. 23,606 23,604 483 719 24,809 21,717 ,995 29,833 817 356 422 358 95718,779 18,149 630 Mar. 23... 23,664 23,604 630 1,032 25,327 21,718 4,995 29,793 818 887 339 435 96418,804 18,123 681 Mar. 30... 23,604 23,604 677 25,028 21,719 4,997 29,716 826 1,000 338 490 96418,408 17,918 490 Apr. 6. . . 23,643 23,604 613 656 24,918 21,719 4,997 29,831 821 559 344 492 97618,611 18,055 556 Apr. 13... 23,682 23,604 66: 801 25,159 21,669 4,996 29,940 812 325 349 553 97918,868 18,214 654 Apr. 20. . . 23,604 23,604 521 1,031 25,175 21,670 4,997 29,793 820 483 419 454 97818/895 18,253 642 Apr. 27. .. 23,604 23,604 544 861 25,035 21,671 4,998 29,686 813 541 367 438 97818,877 18,260 617 May 4. . . 23,666 23,613 53 544 74. 24,971 21,671 4,999 29/767 815 675 360 443 92318,659 18,201 458 May 11... 23,839 23,70: 13 374 696 24,924 21,671 4,999 29,859 811 280 363 442 92018,920 18,176 744 May 18. .. 23,687 23,664 23 31 888 24,908 21,672 4,999 29,877 821 310 417 377 92418,853 18,207 646 May'25. 23,513 23,513 42 880 24,834 21,673 4,999 29,826 818 437 394 421 93718,673 18,192 481 June 1... 23,603 23,600 612 77 25,001 21,674 5,001 29,961 823 582 400 478 93618,496 18,063 433 June 8... 23,683 23,683 533 812 25,044 21,675 5 ,002 30,059 835 440 387 416 93518,648 18,036 612 June 15... 23,588 23,588 558 793 24,956 21,676 5,001 30.058 832 304 434 387 94018,678 18,099 579 June 22... 23,554 23,554 348 1,137 25,055 21,676 5,001 30,035 818 213 408 278 98118,998 18,301 697 June 29. .. 23,554 23,554 456 789 24,815 21,677 5,001 30,021 814 323 425 275 98118,653 18,164 489 July 6... 23,703 23,692 11 688 858 25,265 21,678 5,003 30,299 814 420 367 468 97018,609 18,085 524 July 13... 23,957 23,943i 14 685 913 25,571 21,679 5,003 30,416 803 440 425 419 97118,779 18,047 732 July 20... 23,943 23,943 357 1,118 25,432 21,680 5,003 30,287 793 416 460 415 97018,774 18,209 565 July 27... 24,14024,035 'i05 915 25,506 21,681 5,002 30,157 798 480 439 403 96718,945 18,386 559 Aug. 3... 24,044 23,982 62 781 80: 25,638 21,682 5,003 30,237 80. 638 422 412 90018,910 18,320 590 Aug. 10... 24,055 23,983 72 888 62 25,584 21,682 5,003 30.28J 800 o46 434 396 88518,824 18,163 661 Aug. 1.7... . 23,891 23,891 796 794 25,495 21,68: 5,003 30,336 797 507 474 400 91018,757 Aug. 24.. . 23,796 23,796 724 891 25,425 21,082 5,005 30,288 803 594 415 393 18,673 >i8 ] 087 Aug. 31... 23/761 23,761 770 671 25,217 21,681 5,005 30,268 803 479 399 394 18,614 '18,117 P497 Monthly: 1954-Aug.. 23,98923,930 210 654 24,855 21/871 4,960 29,896 806 591 536 464 91618,478 17,638 840 Sept.. 23,941 23,928 170 725 24,838 21,809 4,967 29,991 796 541 522 431 92918,403 17,628 775 Oct.. 24,48524,472 254 720 25,459 21,787 4,973 30,078 797 610 455 444 94418,893 18,173 720 Nov.. 24,661 24,654 345 769 25,776 21,724 4,979 30,287 800 492 416 393 88319/207 18,393 814 Dec. 24,91724,888 40 99: 26,317 21/711 4,982 30,749 805 443 439 365 92919,279 18,576 703 1955-Jan.. 24,20024,182 444 805 25,449 21,714 4,985 .30,11-0. 819 341 477 383 90319,114 18,432 682 Feb.. 23,83823,787 473 710 25,021 21,715 4,990 29,784 826 477 420 473 92718,819 18/195 624 Mar.. 23,61923,604 566 804 24,989 .21,718 4,996 29,790 823 690 363 442 960 18,635 18,050 585 Apr.. 23,63223,604 585 838 25,070 21,680 4,997 29 ,S07 816 501 370 481 97318,800 18,210 590 May. 23,66623,617 445 798 24,924 21,673 4,999 29,861 818 421 389 432 92818,746 18,166 580 June. 23,59823,596 465 878 24,958 21,676 5,001 30,050 825; 329 412 345 95918,715 18,146 569 July.. 23,96723,925 576 940 25,497 21,680 5,003 30,284 461 423 423 96218,824 18,205 619 Aug.. 23,88623,870 803 746 25,450 21,682 5,004 30,289 801 569 431 398 91818,728 *> Preliminary. ••Revised. For footnotes see following page. SEPTEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS- -Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money Treas- w re 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 Date cur- in ury eral pe o ri r od Total B r o o ig u u h g t- t ht u r c a H e n h g p e a d r l u e s e d e e r r - - v c D o a a a n u n i d s c d n - - e ts s Float o A t l h l - Total s G t o o l c d k s r o e t i a n n u n g c t- d y - c t c u i i o l r a n - - h c i o n a l g s d h s - T p u o d re r s e y - a it s s - p F e o d i o g s e r - i n - ts O p d i e o t t e r h s s - - - c s R o e a u e r c v - n - e ts Total qu R ir e e - d2 Exment Midyear or year-end: 1929—June. 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec. 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 2,361 22,737 3,247 11,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—Dec. 24,262 24,262 249 578 25,09120,065 4,339 2288,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 23,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1949—Dec. 18,885 18,885 78 534 19J499 24,427 4,598 27^,600 1,312 821 767 750 706 16,568 15,550 1,018 1950—Dec. 20,778 20,725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1951—Dec. 23,801 23,605 196 19 1,184 25,009 22,695 4,709 29,206 1,270 247 526 363 74620,056 19,667 389 1952—Dec. 24,697 24,034 663 156 967 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 22,463 4,85430,125 1,259 132 527 176 951 19,561 19,459 102 Dec. 25,916 25,318 598 28 935 261880 22,030 4,89430,781 761 346 423 493 83920,160 19,397 763 End of month: 1954 Aug 24,023 23,894 200 473 24,696 21,809 4,96629,929 811 511 477 501 92518,316 17,572 744 Sept 24,27024,270 132 779 25,18321,810 4,97229,985 786 704 461 422 931 18,676 17,724 952 Oct 24,38124,381 297 721 25,40121,759 4,97730,074 806 729 426 496 88418,722 18,251 471 Nov 24,88824,888 398 657 25,94421,710 4,98230,500 800 694 397 381 88018,985 18,467 518 Dec 24,93224,888 143 808 25,88521,713 4,98530,509 796 563 490 441 907 18,876 18,618 258 1955 Jan 23,88523,882 475 600 24,960:21,714 4,98929,789 837 360 441 419 89918,918 18,337 581 Feb 23,60523,605 485 678 24,769 21,,716 4,99629,817 828 564 320 433 95718,562 18,091 471 Mar...;. .. 23,61223,604 391 659 24,66721,719 4,99829,800 819 724 351 448 95918,283 17,871 412 Apr 23,61223,604 560 799 24,988 21,671 4,99929,769 809 812 360 490 92318,495 18,161 334 May 23,66223,662 460 643 24,780 21,674 5,00230,009 828 649 402 413 93618,221 18,029 192 June 23,60723,554 53 128 850 21,678 5,00230,229 812 380 374 448 97218,066 18,139 -73 July 24.09023,982 108 754 864 25,719 21 ,682 5.00330,244 798 623 410 419 91018,999 18,311 688 Aug 23,761 23,761 470 665 15 24,911*»21,682 j>30,319 393 387 383 94518,368 •18,138 P23O Wednesday 1955 June 1. . 13,694 23,694 567 763 25,040 21,674 5,00230,042 841 543 398 414 18,544 18,040 504 June 8. . 23,615 23,615 391 689 24,711 21,675 5,00130,044 842 290 402 393 93518,483 18,027 456 June 15. . 23,554 23,55.4 837 872 25,279 21,676 5,00230,033 833 358 401 263 981 19,087 18,149 938 June 22. . 23,554 23,544 393 936 24', 8—9 921,677 5,00129,983 820 98 418 246 981 19,029 18,271 758 June 29. . 23,554 23,554 722 709 25,00221,677 5,000 3' 0,128 818 344 407 408 98018,595 18,168 427 July 6.. 23,84823,844 599 843 25,30521,678 5,00330,421 818 468 382 451 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 13 25,51221,681 5,003 30,197 802 564 439 415 96918,810 18,319 491 July 27.. 24,14624,038 108 549 710 21,681 5,003 30,120 803 458 443 391 96718,919 18,377 542 Aug. 3. . 23,98323,983 947 703 25,64521,682 5,00330,238 805 684 429 400 18,888 18,279 609 Aug. 10.. 23,98323,983 565 575 25,13521,683 5,00330,289 803 499 459 390 18,496 18,133 363 Aug. 17.. 23,85523,855 632 883 25,38721,682 5,00330,310 806 542 458 396 94718,614 18,121 2>493 Aug. 24. . 23,79623,796 433 643 24,88721,682 5,00530,232 809 585 410 377 94618,215 ?>18,067 P148 Aug. 31.. 23,761 23,761 470 665 24,91121,682 5,005 30319 802 393 387 383 94518,368 18,138 P230 ^Preliminary. '"Revised. 1 Includes industrial loans and acceptances, which are shown separately in subsequent tables. 2These figures are estimated. 3Less than $500,000. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS' [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: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 60 70 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C, the market value (100%) and the maximum loan value. Changes on effective Feb. 1, 1936, are the same as those in effect for member banks. Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and Annual Report for 1948, p. 77, and 1953, p. 76. 990 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member bank Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advance ( s S s e e e c s u . r 1 e 3 d a b n y d e 1 li 3 g a ib )1 le paper [Sec. 10(b)] obl ( i l g a a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning— rate Aug. 31 beginning—• rate Aug. 31 beginning—• rate Boston 2 Aug. 4, 1955 Aug. 4, 1955 3 Apr. 15,1955 New York.... 2 Aug. 5, 1955 Aug. 5, 1955 3 Jan. 16, 1953 P C h le il v a e d la e n lp d hia. . 2 2M A A u ug g . . 5 4 t , 1 1 9 9 5 5 5 5 A A u u g g . . 4 5 , , 1 1 9 9 5 5 5 5 2M 3 3 A A p ug r. . 2 1 2 7 , , 1 1 9 9 5 5 5 3 Richmond Aug. 12,1955 Aug. 12, 1955 2M 3 Jan. 23, 1953 Atlanta 2 Aug. 26, 1955 Aug. 26,1955 32^ 3M Feb. 9, 1954 S K S C M D t a h a a . i n i l n n c L l n s a a F o a s e g r u s a o a i p n s C o c i l i t i s y s c . . o . . 2 2 2 2 2 M M A A A A A A u u u u u u g g g g g g . . . . . . 3 4 0 6 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 5 5 A A A A A A u u u u u u g g g g g g . . . . . . 3 4 6 5 5 5 0 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 5 5 r2 2 2 2 V M M M 3 3 3 J A J A A M a a u u p n n a g g r y . . . . . 2 2 2 1 6 2 0 5 5 8 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 3 3 3 2 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Effective Aug. 4, 1955; previous rate was 1% per cent. 3Effective Aug. 4, 1955; previous rate was 2]/i per cent. 4 Effective Aug. 8, 1955; previous rate was 1% per cent. 5Effective Aug. 8, 1955; previous rate was 234 Per cent. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS MEMBER BANK RESERVE REQUIREMENTS AND COMMITMENT'S UNDER SECTION 13b OF THE FEDERAL RESERVE ACT [Per cent of deposits] Maturities not exceeding five years Net demand deposits1 [In effect August 31. Per cent per annum] Time Effective date deposits To c b o i u n m s d i m u n s e e t s r r s c i e a ia s l l or To financing institutions of change C r b e e c s a n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r On discounts or 1917—June 21 10 R Fe e d se e r r v a e l purchases 1936—Aug. 16 19H 15 Bank On com O m n it- Portion co O m n mit- 1937—M M a a r y . 1 1 . . 2 2 2 6 H 2 1 0 734 14 loans1 ments for which Re- ments 1938—Apr. 16 22M 1734 12 institu- maining 1941—Nov. 1 26 20 14 tion is portion 1942—Aug. 20 24 obligated Sept. 14 22 Oct. 3 Boston 1948—Feb. 27 22 New York June 11 24 Philadelphia Sept. 16 16 27V Cleveland Sept. 24 26 373, Richmond 1949—May 1 15 27 A S C M t h t . i l i n a L c n n a o g t e u a o a is polis.... IH 2H - (2 2 ) 5 H J J A M u u u a l n g y y e . 3 5 1 0 1 '24* 2 2 1 0 1 1 4 3 3 3 2 7 6 6 K D Sa a a n l n l s a F a s r s a C nc i i t s y c . o .. . . . . A A A u u ug g g . . . 1 1 1 8 6 1 23 19 3 2 5 5 Aug. 25 22^ 18 1 Including loans made in paticipation with financing institutions. Sept. 1 22 18 2Rate charged borrower less commitment rate. 1951—Jan. 11 36 3 Rate charged borrower. Jan. 16 13 26 4Rate charged borrower but not to exceed 1 per cent above the dis- Jan. 25 24 20 count rate. Feb. 1 14 of 6 6 l C C oa h h n a a . r r g g e e o o f f M M p p e e r r c c e e n n t t p p e e r r a a n n n n u u m m i i s s m m a a d d e e o o n n u u n n d d i i s s b b u u r r s s e e d d p p o o r r t t i i o o n n 1953— J J J J lu uul l l j y 13 of loan. 1954—June 16 25 Back figures.—See Banking and Monetary Statistics, Table 118, pp. June 24 21 35 446-447. July 29 20 18 Aug. 1 12 In effect Sept. 1,19554. . 20 18 12 Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. 4Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. 991 SEPTEMBER 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 s1 1954—May.. 19,533 4,738 1,255 7,785 5,754 1954—May 716 35 —2 124 560 June 19,670 4,812 1,251 7,839 5,767 June 858 63 11 153 630 July 19,164 4,508 1,198 7,780 5,678 July 836 40 11 166 619 1955—May 18,746 4,407 1,139 7,734 5,465 1955—May 580 23 1 85 470 June 18,715 4,388 1,135 7,680 5,512 June 569 15 2 61 496 July 18,825 4,371 1 ,148 7,759 .,546 July 619 9 87 516 July 20 18,774 4,336 1,144 7,738 5,556 July 20 566 54 515 July 27 18,945 4,462 1,151 7,806 5,526 July 27 560 20 62 476 Aug. 3 18,910 4,424 1,162 7,778 .,547 Aug. 3 589 14 70 503 Aug. 10 18,824 4,292 1,147 7,741 5,644 Aug. 10 660 69 589 Aug. 17 18,757 4,287 1,141 7,751 5,577 Aug. 17 ' '20' 54 Aug. 24 18,673 4,242 1,127 7,742 5,563 Aug. 24 2 65 Aug. 31 18,614 4,282 1,144 7,735 5,453 Aug. 31 17 56 Borrowings at Federal Required reserves:1 2 Reserve Banks: 1954—May 18,817 4,704 1,257 7,661 5,194 1954—May 155 65 75 June 18,813 4,749 1,240 7,686 5,138 June 146 61 67 July 18,329 4,468 1,187 7,614 5,058 July... 64 \ 24 39 1955—May 18,166 4,384 1,138 7,649 4,995 1955—May 368 4 26 213 125 June 18,146 4,373 1,138 7,619 5,016 June.. 401 40 229 119 July 18,205 4,362 1,140 7 ,673 5 ,030 July 527 78 33 306 110 July 20 18,209 4,341 1,143 7,684 5,041 July 20 302 15 197 82 July 27..; 18,386 4,443 1,149 744 5,050 July 27 395 33 9 235 118 Aug. 3 18,320 4,409 1,160 707 5,044 Aug. 3 741 156 30 412 143 Aug. 10 18,103 4,291 1,145 672 5,055 Aug. 10 848 228 36 414 170 Aug. 17 '18,151 4,267 1,140 697 *>5,047 Aug. 17 751 131 88 360 172 Aug. 24 ^18,087 4,239 1,126 677 ^5,045 Aug. 24 689 79 72 389 149 Aug. 31 7 4,265 1,142 7,678 ,032 Aug. 31 740 92 60 414 174 ^Preliminary. 1 Weekly figures of required and excess reserves of all member banks and of country banks are estimates. 2See table on preceding page for changes in reserve requirements. Back figures.—See Banking and Monetary Statistics, pp. 396-399, and BULLETIN for February 1955, pp. 210-211. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago July 1955 July 1954 Gross demand deposits: Total 113,858 23,535 6,067 44,700 39,557 108,551 22,881 6,006 42,194 37,471 Interbank 12,777 4,098 1,180 6,236 1,263 12,889 4,079 1,277 6,310 1,222 Other 101,081 19,437 4,887 38,464 38,293 95,662 18,802 4,729 35,884 36,249 Net demand deposits2 98,370 20,968 5,376 38,120 33,907 93,925 20,514 5,368 36,254 3J.789 Time deposits 40,125 3,362 1,306 16,223 19,233 38,551 3,563 1,279 15,191 18,518 Demand balances due from domestic banks... 6,434 64 111 2,015 4,243 6,691 46 125 2,060 4,460 Reserves with Federal Reserve Banks: Total 18,825 4,371 1,148 7,759 5,546 19,164 4.508 1,198 7.780 5,678 Required3 18,205 4,362 1,140 7,673 5,030 18,329 4,468 1,187 7,614 5,058 Excess 619 9 8 87 516 836 40 11 166 619 Borrowings at Federal Reserve Banks 527 78 33 306 110 64 1 24 39 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3See table on preceding page for changes in reserve requirements. 992 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 Aug. 31 Aug. 24 Aug. 17 Aug. 10 Aug. 3 Aug. July Aug. Assets Gold certificates 20,145,35220,135,^ ,136,35120,146,35120,161,104 20,145,35220,161,10220,277,105 Redemption fund for F. R. notes.. 847,549 851,255 850,406 843,569 833,137 847,549 833,137 840,241 Total gold certificate reserves. 20,992,90120,986,608 20,986,75720,989,920 20,994,24120,992,901 20,994,239 21,117,346 F. R. notes of other Banks 214,237 236,080 215,466 2C8,586 221,716 214,237 225,922 121,210 Other cash 362,191 366,510 357,010 357,517 395,072 362,191 367,246 362,063 Discounts and advances: For member banks 443,338 401,806 587,285 525,279 906,925 443,338 713,756 109,769 For nonmember banks, etc 26,667 31,667 45,000 40,000 40,000 26,667 40,000 90,000 Industrial loans. 585 527 532 470 471 585 489 616 Acceptances: Bought outright. 14,418 14,444 14,443 12,259 11,296 14,418 10,384 Held under repurchase agreement. 2,509 U. S. Government securities: Bought outright: Bills... 1,039,046 1,074,346 1,133,446 1,261,146 1,261,146 1,039,046 1,261,146 1,173,150 Certificates: Special... Other 2,520,076 2,520,076 2,520,076 2,520,076 2,520,076 2,520,076 8,273,775 6,599,791 Notes 17,399,53617,399,53617,399,53617,399,53617,399,53617,399,53611,645,83713,029,021 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 3,092,550 Total bought outright 23 ,760,408 23 ,795,708 23,854,808 23 ,982 ,50823 ,982 ,508 23,760,408 23 ,982 ,50823,894,512 Held under repurchase agreement. 108,000 128,600 Total U. S. Government securities. 23,760,40823,795,708 23,854,80823 ,982 ,508 23,982,508 23,760,40824,090,50824,023,112 Total loans and securities 24,245,416 24,244,15224,504,57724,560,516 24,941,200 24,245,416 24,855,13724,223,497 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 3,838,819 3,824,467 4,723,485 3,750,762 3,851,016 3,838,819 3,814,742 3,157,669 Bank premises 58,016 58,088 57,985 57,833 57,711 58,016 57,638 53,724 Other assets 168,094 160,518 153,676 209,663 199,612 168,094 172,696 138,750 Total assets. 49,879,696 49,876,44550,998,978 50,134,819 50,660,590 49,879,69650,487,642 49,174,281 Liabilities Federal Reserve notes 26,003,69725,943,67725,990,66925,962,855 25,969,40826,003,69725,945,40525,566,361 Deposits: Member bank—reserve accounts.. 18,367,67518,214,68818,613,82118,496,40218,887,64318,367,67518,998,67318316,012 U. S. Treasurer—general account. 393,495 585,162 542,416 499,250 683,826 393,495 622,789 511,349 Foreign 387,189 409,934 457,596 458,945; 428,573 387,189 409,988 476,765 Other 383,257 376,698 395,518 390,175 400,120 383,257 419,479 501,001 Total deposits. 19,531,61619,586,48220,009,35119,844,77220,400,16219,531,61620,450,92919,805,127 Deferred availability cash items. 3,173,643 3,181,938 3,840,732 3,176,129 3,147,687 3,173,643 ,950,895 ,684,978 Other liabilities and accrued: dividends.. 14,850 14,589 14,667 14,214 14,064 14,850 13,906 15,080 Total liabilities. 48,723,806 48,726,68649,855,41948,997,970 49,531,32148,723,806 49,361,135 48,071,546 Capital Accounts Capital paid in. . 296,872 296,652 296,467 296,602 296,394 296,872 296,358 274,838 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 27,54.3 27,543 Other capital accounts 170,574 164,663 158,648 151,803 144,431 170,574 141,705 175,341 Total liabilities and capital accounts. 49,879,696 49,876,44550,998,97850,134,819.50,660,590 49,879,696 50,487,64249,174,281 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.1 46.1 45.6 45.8 45.3 46.1 45.3 Contingent liability on acceptances purchased for foreign correspondents 27,186 27,140 25,214 25,187 25,105 27,186 22,755 5,264 Industrial loan commitments 3,417 3,359 3,297 3,260 3,259 3,417 3,265 2,795 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total.... 470,005 433,473 632,285 565,279 946,925 470,005 753,756 199,769 Within 15 days 436,800 401,286 600,869 530,594 897,566 436,800 702,155 103,880 16 days to 90 days 33,141 32,116 31,346 34,615 49,292 33,141 51,532 95,664 91 days to 1 year.............. 64 71 70 70 67 64 69 225 Industrial loans—total 585 527 532 470 471 585 489 616 Within 15 days 15 16 15 15 15 15 16 5 16 days to 90 days 93 90 95 91 90 93 93 364 91 days to 1 year. 357 302 302 243 245 357 249 208 Over 1 year to 5 years. 120 119 120 121 121 120 131 39 Acceptances—total 14,418 14,444 16,952 12,259 11,296 14,418 10,384 Within 15 days 5,227 7,105 9,962 4,983 4,652 5,227 4,531 16 days to 90 days 9,191 7,339 6,990 7,276 6,644 9,191 5,853 91 days to 1 year U. S. Government securities—total. 23760,408 23,795,708 23,854,5 23,982,508 23,982,50823,760,40824,090,50824023,112 Within 15 days 223,400 160,600 174,700 159,100 230,300 223,400 6,032,899 485,600 16 days to 90 days 815,646 913,746 958,746 1,102,046 1,030,846 815,646 1,089,946 816,150 91 days to 1 year 205,76418,205,76418,205,76410,765,69910,765,69918,205,76410,765,699 972,141 Over 1 year to 5 years 087,127 2,087,127 2,087,127 9,527,192 9,527,192 2,087,127 3,773,493 299,060 Over 5 years to 10 years 013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 035,304 Over 10 years 414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 414,857 1 Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. SEPTEMBER 1955 993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 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. 20,145,352 982,382 5,319,0181,144,949 1,779,7741,221,458 808,447 3,801,567 804,820 355,561 835,101 702,8612,389,414 Redemption fund forF.R. notes. 847,549 51,510 178,074 59,149 74,079 72,052 50,344 148,032 45,363 24,007 40,407 27,514 77,018 Total gold certificate reserves.. 20,992,901 1,033,892 5,497,0921,204,0981,853,8531,293,510 858,7913,949,599 850,183 379,568 875,508 730,375 2,466,432 F. R. notes of other Banks... 214,237 16,349 35,232 12,960 8,093 15,117 45,187 17,759 7,900 14,012 9,232 10,055 22,341 Other cash 362,191 27,167 68,053 19,232 41,601 20,750 30,299 59,046 19,959 8,317 11,725 13,034 43,008 Discounts and advances: Secured by U. S. Govt. securities. . . 441,714 12,205 39,585 64,692 21,690 40,465 41,450 71,740 21,365 31,896 31,310 16,991 48,325 Other 28,291 2,600 7,787 1,947 2,427 1,333 1 ,147 3,855 1,013 847 1,013 1,381 2,941 Industrial loans.. 585 519 66 Acceptances: Bought outright.... 14,418 14,418 Held under repurchase agreement. . U. S. Government securities: Bought outright. . . .23,760,408 1,312,145 6,038,5891,446,106 2,042,0411,399,8201,226,465 4,144,457 986,009 575,7861,033,340 952,745 2,602,905 Held under repurchase agreement. . Total loans and securities 24,245.4161,326,950 6,100,3791,513,264 2,066,1581,441,6181,269,062 4,220,0521,008,387 608,5951,065,663 971,1172,654,171 Due from foreign banks 22 1 16 2 1 1 1 1 1 1 2 Uncollected cash items 3,838,819 289,800 774,425 228,558 383,192 297,480 263,377 619,471 155,111 108,478 196,293 196,469 326,165 O Ba th n e k r p a r s e s m et i s ses. ... 1 5 6 8 8 , , 0 0 1 9 6 4 5 9, , 0 7 1 3 0 5 40 7 , , 7 4 5 6 3 2 9 5 , ,1 9 3 5 9 6 1 5 4 , ,5 3 7 6 3 3 4 9 , ,7 6 3 6 1 0 4 9 , , 2 21 6 0 6 30 6 , ,1 6 2 7 9 2 2 7 , , 7 23 90 9 3 1 , ,4 9 0 8 3 5 3 7 , , 2 2 9 5 5 8 7 1 , ,7 8 8 1 2 0 1 9 7 , , 9 8 9 9 2 7 Total assets 49,879,696 2,708,904 12,523,4022,993,209 4,372,8353,082,8672,480,1938,902,7312,051,5701,124,359 2,168,9751,930,643 5,540,008 Liabilities F. R. notes 26,003,697 1,576,609 5,861,6661,774,9522,416,2811,918,925 ,312,529 5,060,7241,175,534 544,7971,037,689 716,0922,607,899 Deposits: Member bk.— j reserve accts.18,367,675 747,341 5,299,283 870,6281,468,078 784,621 840,008 3,063,122 650,900 415,789 870,747 942,054 2,415,104 U. S. Treas.— gen. acct.. .. 393,495 26,457 35,936 35,722 34,203 35,982 31,152 46,408 26,794 22,767 35,412 30,539 32,123 Foreign 387,189 22,620 2120,248 27,521 34,307 18,850 16,211 52,780 14,326 9,425 14,326 17,719 38,856 Other 383,257 1,528 314,430 9,717 4,517 2,082 1,245 1,937 7,032 739 1,032 1,131 37,867 Total deposits... 19,531,616 797,946 5,769,897 943,5881,541,105 841,535 888,616 3,164,247 699,052 448,720 921,517 991,4432,523,950 Deferred availability cash items 3,173,643 263,439 563,867 190,129 309,122 260,606 225,447 511,770 130,437 100,027 163,375 167,918 287,506 Other liabilities and accrued dividends 14,850 965 4,130 846 1,686 633 652 2,529 534 412 624 512 1,327 Total liabilities. . 48,723,806 2,638,95912,199,560 2,909,5154,268,194 3,021,699 2,427,244 8,739,270 2,005,5571,093,9562,123,205 1,875,9655,420,682 Capital Accounts Capital paid in. . 296,872 15,790 88,899 19,569 28,303 13,407 13,262 39,502 10,394 6,740 11,652 15,681 33,673 Surplus (Sec. 7).. 660,901 40,309 188,070 47,773 60,222 33,480 29,480 96,566 26,619 16,918 24,755 29,985 66,724 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 170,574 10,835 39,554 11,863 15,110 10,932 9,445 25,964 8,479 5,672 8,226 7,705 16,789 Total liabilities and capital accounts 49,879,696 2,708,90412,523,4022,993,209 4,372,835 3,082,8672,480,193 8,902,7312,051,570 1,124,359 2,168,9751,930,643 5,540,008 Reserve ratio.... 46.1% 43.5% 47.3% 44.3% 46.8% 46.9% 39.0% 48.0% 45.4% 38.2% 44.7% 42.8% 48.1% Contingent liability on acceptances purchased for foreign correspondents 27,186 1,632 7,929 1,986 2,475 1,360 1,170 3,808 1,033 680 1,033 1,278 2,802 Industrial loan commitments.. 3,417 255 787 11 85 12 2,267 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $266,916,000 participations of other Federal Reserve Banks. 3 After deducting $19,257,000 participations of other Federal Reserve Banks. 994 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1955 1955 1954 Aug. 31 Aug. 24 Aug. 17 Aug. 10 Aug. 3 Aug. July Aug. F. R. notes outstanding (issued to Bank) 26,899,65526,889,665 26,854,55726,829,84326,850,08726,899,65526,844,48126,533,486 Collateral held against notes outstanding: Gold certificates 11,153,00011,133,000 11,133,00011,133,000 11,208,00011,153,000 11,093,000 Eligible paper 203,113 202,646 240,901 209,215 239,955 203,113 49,565 U. S. Government securities 17,055,00017,055,00017,055,000 17,055,00017,055,000 17,055,000 16,865,000 Total collateral 28,411,113 28,390,646 28,428,90128,397,215 28,502,95528,411,11328,626,335 28,007,565 EACH FEDERAL RESERVE BANK ON AUGUST 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 o t u .# 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) 26,899,6551,630,853 6,047,2311,847,6212,509,546 1,970,4131,367,383 5,148,8441,224,433585,6571,063,985756,288 2,747,401 Collateral held: Gold certificates11,153,000 640,000 2,670,000 725,0001,050,000 695,000 500,000 2,400,000 355,000175,000 280,000 283,0001,380,000 Eligible paper. . 203,113 13,205 64,692 40,465 21,365 32,076 31,310 U. S. Govt. securities 17,055,000 1,200,000 3,600,0001,200,000 1,500,000 1,300,0001,000,000 2,900,000 910,000 500,000 800,000 525,0001,620,000 Total collateral... 28,411,1131,853,2056,270,0001,989,6922,550,000 2,035,4651,500,000 5,300,0001,286,365707,076 1,111,310 808,000 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 Applications Partici- [Amounts in thousands of dollars] Ap- 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 - o n d i t t) s ( t a a L m o n o u o d a t u 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 f n a u m g o n f t i u o i d i n o n t u i a - n n s n n s t g t c i ) 3 - - y E m e n o a d r n t o o h f r Gua a r u a t t o n h t o e d r e a i d z te e l d oans o G u u t a s lo t r a a a n n n d t s e in ed g u a A b v n a o d a d m r i d e l r r i a o o t b i w u g o l n e e u n t r a a t s r l o - 1945 3,511 544,961 320 1,995 1,644 1,086 N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a o n u t t e m s e t e a n n ag t d s r i e n e g - 1946 3,542 565,913 4,577 554 8,309 2,670 1 1 1 1 9 9 9 9 4 4 4 5 7 8 9 0 3 3 3 3 , , , , 6 5 6 6 0 7 9 4 7 4 8 9 5 6 6 6 8 2 1 5 6 9 5 1 , , , , 7 3 6 3 2 2 5 8 6 6 3 9 4,8 3 9 5 1 3 4 3 9 5 5 9 2 2 1 , , , 3 1 6 9 8 7 3 9 7 8 2 5 2 3 7 1 , , , , 6 7 2 4 4 5 8 3 3 4 8 4 4 3 2 1 , , , , 8 7 9 9 9 6 4 4 0 9 5 7 1 1 19 9 9 5 5 5 2 0 1 ,1 8 5 5 6 9 4 2 2 1 , , 1 3 2 9 3 4 5 1 , , , 1 4 3 2 2 4 3 6 4 9 6 7 7 8 9 5 , , , 0 4 4 1 2 5 7 8 9 5 80 4 6 3 6 , , , 1 5 2 3 9 6 2 7 5 4 5 7 8 2 8 6 , , , 8 3 2 2 0 9 7 3 9 1951 3,736 710,931 3,513 4,687 6,036 11,985 1953 L.294 2,358,387 804,686 666,205 363,667 1952 3,753 766,492 1,638 3,921 3,210 3,289 1953 3,765 803,429 1,951 1,900 3,569 3,469 1954 1954 July 1,342 2,443,021 604,750 502,902 311,191 August.... L,350 2,457,689 559,859 466,089 300,676 J A O S u e c u l p t y g o te u b m e s r t b . e .. r . . 3 3 3 3 , , , , 7 7 7 7 6 6 6 6 9 8 9 8 8 8 8 8 1 1 1 1 3 6 4 5 , , , , 5 4 7 4 8 6 6 4 2 5 5 9 3 3 9 9 4 4 5 5 5 5 1,1 8 6 9 3 1 3 9 0 2 0 1 2 2 1 1 , , , , 8 9 3 7 9 4 5 9 6 3 4 4 1 1 1 1 , , , , 3 8 7 5 1 4 7 5 2 3 3 9 N D S O e o e c p c v to t e e e b m m m e b b r b . e e e r . r r . . . . 1 1 1 1, , , , 3 3 3 3 6 5 5 6 7 7 5 1 2 2 2 2 , , , , 4 4 4 4 7 8 9 7 7 1 9 8 , , , , 9 6 6 9 3 6 3 3 9 9 4 9 4 5 5 5 7 4 0 2 1 6 4 7 , , , , 9 9 0 7 4 3 7 0 7 0 4 8 3 4 3 4 9 1 6 5 5 6 7 5 . , , , 3 6 7 6 8 9 1 1 8 4 3 8 2 2 2 2 9 7 8 6 5 2 3 6 , , , , 8 9 5 7 0 1 0 9 5 0 3 8 N De o c 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 , , 1 8 4 9 8 8 1 1 , , 0 20 2 2 7 1955 1955 January... L,37O 2,501,179 454,209 347,008 264,549 February.. 1,375 2,504,169 437,185 333,717 263,248 J M F A M a e p a n a b r y r u i r c l u a h r a y r . y . . . . 3 3 3 3 3 , , , , , 7 7 7 7 7 7 7 7 7 7 5 2 2 5 5 8 8 8 8 8 2 2 2 2 2 3 3 1 3 2 , , , , , 1 4 7 3 0 9 0 5 5 6 5 7 4 9 3 3 2 1 1 1 1 7 7 7 7 5 0 0 0 0 6 5 5 6 7 4 2 7 2 0 2 9 5 1 7 3 3 3 3 3 , , , , , 5 1 4 3 2 5 1 1 8 2 2 9 0 9 7 1 1 1 1 1 , , , , , 5 5 5 5 4 6 7 8 0 9 4 6 6 4 8 J A J M M u u p l a n a y r y e i r l ch.... : L L 1 L L , , . . , 3 3 3 3 3 8 9 8 9 8 8 2 4 0 0 2 2 2 2 2 , , , , , 5 5 5 5 5 1 4 3 2 4 1 0 4 2 2 , , , , , 8 2 8 3 8 2 5 6 4 1 9 9 4 4 9 4 4 3 3 2 4 9 2 9 9 2 8 5 4 5 , , , , , 8 2 3 7 3 6 6 9 1 4 7 8 4 1 3 3 3 2 2 2 2 3 9 2 9 0 3 3 4 8 , , , , , 5 2 5 6 3 5 6 0 5 5 7 9 7 9 4 2 2 2 2 2 5 1 5 7 3 4 1 5 2 4 , , , , , 8 2 4 2 6 4 9 8 4 3 0 6 4 8 4 June 3,775 824,441 170 460 3,571 1,577 July 3,775 824,847 170 489 3,265 1,305 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 o ep w a e i r d s , u g n u d a e ra r nt g e u e a s r a a n u t t e h e o r a iz g e r d e em bu en t t n s o o t u c t o s m ta p n l d e i t n e g d , r a e n pr d e s a e u n t t h s or a i m za o t u io n n ts s ser 2 v I e n c B lu a d n e k s s i a n n d d u s u t n ri d a e l r lo c a o n n s s i p d a e s r t a t d io u n e b 3 y m a o p n p t l h i s c a o n r t . more, which are not expired or withdrawn. included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for-loans and commitments withdrawn or expired. SEPTEMBER 1955 995 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 August 31] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month itors' Cash U.S. Cash Percentage of G (p u e a rc ra e n n t ta ee g e f e o e f an P y e r c c o e m nt m ag it e m o e f nt an b c al e - s1 Total d b e t a o p i n n r o k y s s i- G s m e o t c i v e e u e n s r r t i n - - r f e e u s t n e c d r . v 2 s, e 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—April 2,290 2,434 31 2,278 125 Maximum Rates Financing Institution May Charge Borrower May 2,271 2,416 31 2,256 130 June 2,251 2,399 31 2,240 128 [Per cent per annum] July 2,230 2,379 31 2,220 129 August 2,208 2,360 31 2,196 133 September. . . 2,189 2,339 31 2,176 133 Interest rate October 2,171 2,304 31 2,156 118 Commitment rate. November 2,154 2,287 31 2,134 123 December 2,136 2,292 31 2,134 127 1955—January 2,115 2,253 31 2,101 122 February. . . . 2,095 2,231 31 2,074 127 March 2,074 2,237 31 2,074 132 April P2,051 2»2,029 June........ P2.OO7 July PI,983 *> Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounl-S 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 1952 1,642,853 597,81,5 349,904 695,133 34.4 24 1 18 4 1953 1,759,069 632,801 385,831 740,436 36 7 25 6 18 9 1954 1,887,366 738,925 390 066 758 375 42 3 25 8 19 2 1954—June 163,501 64,965 33,785 64,751 44.2 26.S 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 . n63,393 62,642 33,531 '67,220 42.0 25.4 19.6 41.8 25.9 19.4 February.. '•149,744 57,091 31,595 '61,058 41.9 26.4 19.6 43.0 27.1 19.7 March '•178,924 67,242 39,908 •"71,774 41,7 30.2 20.0 40.7 27.6 20.1 April '•158,296 : 57,634 34,494 '66,168 37.3 27.1 19.2 37.9 26.3 19.8 May '•167,717 62,211 36,570 '•68,936 42.7 28.4 20.6 43.8 28.8 21.0 June '•177,917 67,634 37,569 '72,714 44.7 28 3 20 8 41 4 27 7 20 8 July '•161,748 58,904 34,123 '68,721 '40.7 26.6 20.4 '41.7 27.1 20.7 August 167,358 58,980 35,863 72,515 38.2 *25.8 P19.9 44.2 P28.2 P21.2 'Revised. p 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 Ba,nking 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. 355-357 996 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks, In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin »» $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1*800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943.. 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944. 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 2 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 2 1954—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 1 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 1 September... 29,985 21,054 1,811 1,200 70 2,034 6,378 9,561 8,932 2,648 5,486 320 466 4 8 2 October 30,074 21,118 1,819 1,212. 70 2,049 6,400 9,568 8,958 2,650 5,514 318 464 3 8 2 November... 30,500 21,473 1,836 1,236 71 2,091 6,524 9,716 9,028 2,677 5,555 320 465 3 8 2 December. .. 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 IS 2 1955—January. 29,789 20,777 1,808 1,191 71 2,017 b,267 9 ,,425 9,014 2,673 5,550 317 460 4 9 2 February 29,817 20,845 1,810 1,190 71 2,020 6,316 9,438 8,974 2,660 5,527 316 457 3 9 2 March 29,800 20,854 1,822 1,196 70 2,021 •6,324 9,421 8,946 2,647 5,512 317 457 4 9 1 April 29,769 20,856 1,831 1,202 71 2,020 6,309 9,425 8,914 2,641 5,492 314 454 4 9 1 May.. . 30,009 21,098 1,843 1,219 71 2,051 6,394 9,520 8,912 2,647 5,489 313 451 3 9 1 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 July. . 30,244 21,351 1,865 1,228 72 2,052 6,466 9,668 8,894 2,652 5,475 310 445 3 9 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 ly 9 5 3 5 1, g a o s g l i d a lv i a n e n r st d Tr c e a a s s h ury B R F an e e d k se s e r r v a a e n l d B R a a n e g k s e e s n r t a v s n e d Ju 1 ly 9 5 3 5 1, Ju 1 n 9 e 55 30, Ju 1 ly 9 5 3 4 1, certificates agents Gold 21 682 21 029 2653 Gold certificates 21,029 18,179 2,816 34 34 35 Federal Reserve notes 26,844 75 1,125 25,644 25,618 25,377 Treasury currency—total 5,003 32,419 70 367 4,566 4,577 • 4,479 Standard silver dollars 490 229 32 4 224 223 213 Silver bullion 2,189 2,189 Silver certificates and Treasury notes of 1890 32 419 263 2,156 2,171 2,123 Subsidiary silver coin 1 296 29 62 1 206 1 202 1 161 ]VHnor coin 450 6 9 435 433 419 United States notes 347 2 27 317 319 316 Federal Reserve Bank notes 163 (5) 161 163 179 National bank notes 67 (5) (5) * 67 67 70 Total—'July 31, 1955 (4) 23,447 798 18,179 4,308 30,244 June 30, 1955 (4) 23,439 812 18,178 4,089 30,229 July 31, 1954 . . .. (4) 23,666 798 18,404 4,341 29,892 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. 989. includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8To 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 ail 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. SEPTEMBER 1955 997 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 1 [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 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Dec. 31... 22,695 4,709 181,323 67,597 97,808 71,343 23,801 2,664 15,918 208,727 193,410 15,317 1952—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 25,03-7 2,265 19,591 227,514 209,354 18,161 July 28 21,900 5,000 200,600 80,800 100,000 73,300 24,500 2,200 19,800 227,500 209,100 18,400 Aug. 25 21,900 5,000 202,500 80,200 102,300 76,200 23,900 2,200 19,900 229,300 210,500 18,800 Sept. 29 21,800 5,000 204,000 81,400 102,400 76,200 24,000 2,200 20,200 230,800 211,800 19,000 Oct. 27 21,800 5,000 207,700 81,900 105,600 79,000 24,400 2,200 20,300 234,400 215,400 19,100 Nov. 24. 21,700 5,000 209,700 83,900 105,600 78,900 24,600 2,200 20,300 236,400 217,200 19,200 Dec. 31 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Jan. 26* 21,700 5,000 209,600 85,200 103,600 77,800 23,700 2,100 20,900 236,300 217,500 18,S0G Feb. 23*. 21,700 5,000 208,200 85,800 101,400 75,600 23,700 2,100 21,000 234,900 216,000 18,900 Mar. 30? 21,700 5,000 207,000 87,100 98,700 73,000 23,600 2,100 21,200 233,700 214,500 19,100 Apr. 27* 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 29P 21,700 5,000 209,400 91,200 97,300 71,700 23,600 2,000 20,900 236,000 217,100 18,900 July 27* 21,700 5,000 211,300 92,100 98,300 72,200 24,100 2,000 20,900 238,000 218,900 19,100 Details of Deposits and Currency U. S.Govt. balances Deposits adjusted and currency Seasonally adjusted series* For- Date eign 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 savingsSavings posits* 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—Tnne30 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 24,608 977 150, 793 48,452 30,135 15,385 2,932 75, 851 26,490 1947—Dec. 31.'.'... 1,682 1,336 1,452 870 170, 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 2,989 668 176, 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 3,615 247 185, 999 61, 450 37,859 20,887 2,704 98,234 26,315 120, 100 94,400 25,700 1952—Dec. 31 2,501 1,270 5,259 389 194, 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 3,942 132 192, 560 68,293 42,245 23,589 2,459 96,898 27,369 126^ 100 98,800 27 300 Dec. 31 2,694 761 4,457 346 200, 917 70,375 43,659 24,358 2,359 102, 451 28,091 126, 700 99,500 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 2,200 100, 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 2,200 101 200 26,900 129 200 102, 400 26,800 Oct. 27 3,200 800 6,100 600 204, 700 74,800 46,700 25,900 2,200 103, 100 26,900 128 700 101, 900 26,800 Nov.24..... 3,200 800 6,900 500 205, 800 74,300 46,300 25,900 2,200 104, 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 2,136 106, 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, 200 27,000 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, 300 26,900 Mar.30* 3,200 800 4,400 900 205, 300 76,200 47,200 26,900 2,100 102, 400 26,700 131 500 104, 600 26,900 Apr. 27*.... 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 25* 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 June29* 3,300 800 5,200 300 207, 400 77,000 47,700 27,300 2,000103, 400 27 100 132 100 105 100 27,000 July 27* 3,400 800 6,100 500 208, 200 77,000 47,600 27,400 2,000104, 100 27 100 132 900 105 700 27,200 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 3Prior to June 30, 1947, includes a relatively small amount of demand deposits. 4Demand deposits other than interbank and U..S. Government, less cash items reported as in process of collection. Seasonally adjusted series begin in 1947 and are available only for last Wednesday of the month. For seasonal adjustment factors used in deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 998 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits lotal assets— Other Total Total Num- Class of bank U.S. Cash , .,. 7 capital ber and date Govern- Other assets1 biiities Demand ac- of Total Loans o m bl e ig n a t - s ri e t c ie u s - ca a p c i - tal Total1 b In a t n e k r 1 - Time counts banks tions counts2 T U T . o Q . Other Gmoveenrtn- 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. 31» 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809101,936 56,513 13,837 14,650 1952—Dec. 31 165,626 75,512 72,740 17,374 45,584 213,837 195,552 15,321 4,944111,690 63,598 15,367 14,575 1953—Dec. 31...... 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149112,639 68,354 16,118 14,509 1954—June 30 173,343 81,227 72,525 19,591 42,556 218,900 199,508 15,500 5,594107,043 71,371 16.664 14.465 July 28 174,380 81,340 73,270 19,770 40,230 217,640 197,310 14,940 3,580107,010 71,780 16,690 14,457 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—Feb. 23 P 183,100 86,500 75,580 21,020 41,460 227,930 205,900 14,550 4,260113,170 73,920 17,440 14,351 Mar. 30P 182,050 87,860 72,980 21,210 40,230 225,660 203,400 14,670 4,070110,200 74,460 17,410 14,330 Apr. 27P 184,180 88,660 74,340 21,180 40,900 228,570 206,500 14,570 4,610112,790 74,530 17,490 14,314 May 25P 184,360 89,840 73,630 20,890 39,760 227,470 205,170 14,020 5,130 111,200 74,820 17,620 14,312 Tune 29P 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 July 27P 186,060 93,020 72,160 20,880 40,950 230,350 208,070 14,480 5,740112,450 75,400 17,720 14,30 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31. 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 313 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806101,917 36,503 11,590 14,121 1952—Dec. 31 141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 4,941111,659 41,012 12,888 14,046 1953—Dec. 31.. 145,687 67,593 63,426 14,668 44,828 193,010 176,702 15,955 4,146112,604 43,997 13,559 13,981 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 July 28 147,280 67,290 64,340 15,650 39,260 189,190 171,770 14,940 3,577106,963 46,290 14,060 13,929 Dec. 31 155,916 70,619 68,981 16,316 43,559 202,378 184,757 16,809 4,172 116,567 47,209 14,576 13,840 1955—Feb. 23 P 154,820 71,180 66,800 16,840 40,470 198,250 179,240 14,550 4,260113,120 47,310 14,730 13,824 Mar. 30P 153,490 72,310 64,180 17,000 39,250 195,700 176,460 14,670 4,070110,150 47,570 14,680 13,803 Apr. 27P 155,510 72,940 65,580 16,990 39,970 198,560 179,520 14,570 4,610 112,740 47,600 14,770 13,786 May 25P 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 29P. 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 July 2lv 156,850 76,670 63,430 16,750 40,030 199,810 180,630 14,480 5,740112,400 48,010 14,960 13,776 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947—Dec. 31. , 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9.695 6.873 1952—Dec. 31 .. 119,547 55,034 52,763 11,751 39,255 160,826 147,527 14,617 4,567 95,453 32,890 10,761 6,798 1953—Dec. 31 .. 122,422 57,762 52,603 12,057 39,381 163,983 150,164 15,170 3,756 96,024 35,213 11,316 6,743 1954—June 30 . 123.185 57,197 53,111 12,876 36,722 162,203 148,252 14,733 5,165 91,455 36.900 11,709 6,721 July 28. : . 123,915 57,114 53,832 12,969 34,514 160,748 145,975 14,204 3,181 91,435 37,155 11,724 6,716 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—Feb. 23P.. 130,468 60,690 55,785 13,993 35,404 168,495 152,201 13,815 3,812 96,548 38,026 12,331 6,643 Mar. 30P. . 129.298 61,766 53,410 14,122 34,344 166,256 149,750 13,941 3,608 93,967 38,234 12,263 6,625 Apr. 27P. . 131,191 62,329 54,767 14,095 34,979 168,891 152,638 13,853 4,170 96,343 38,272 12,348 6,613 May 25P. . 131,035 63.111 54,083 13,841 34,074 167,702 151,282 13,320 4,624 94,928 38,410 12,446 6,619 June 29P.. 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 July 27*.. 132,331 65,647 52,838 13,846 35,152 170,058 153,657 13,764 5,216 96,044 38,633 12,517 6,603 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 <5 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 313. 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 3 19 20,009 2,247 529 1952—Dec. 31. 24,003 11,349 9,422 3,231 918 25,233 22,621 2 3 30 22,586 2,479 529 1953—Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 3 35 24,358 2,559 528 1954—Tune 30 26,959 13,890 9.017 4.052 987 28,315 25.440 3 3 47 25,388 2,626 528 July 28 27,100 14,050 8,930 4,120 970 28,450 25,540 50 25,490 2,630 528 1955— D M Fe e a b c r . . . 3 3 2 0 1 3 P * 2 2 2 8 8 7 , , , 2 5 8 8 6 6 0 0 8 1 1 1 5 5 4 , , , 3 5 9 2 5 9 0 0 8 8 8 8, , , 8 7 7 0 8 4 0 0 8 4 4 4 , , , 1 2 1 8 1 2 0 0 3 1,0 9 9 2 8 9 6 0 0 2 2 2 9 9 9 , , , 6 9 2 8 6 7 0 0 6 2 2 2 6 6 6 , , , 3 6 9 5 6 4 9 0 0 ( ( 4 4 ) ) 3 ( 14 ) 4 5 5 5 0 0 0 2 2 2 6 6 6 , , , 3 6 8 0 1 9 2 0 0 2 2 2 , , , 7 6 7 1 9 3 0 4 0 5 5 52 2 2 7 7 7 Apr. 27P 28,670 15,720 8,760 4,190 930 30,010 26,980 (4) 50 26,930 2,720 528 May 25P 28,840 15,940 8,740 4,160 950 30,200 27,110 50 27,060 2,740 528 June 29P 28.990 16,160 8,690 4,140 980 30,390 27,350 f4) (4) 50 27,300 2,740 528 July 27? 29,210 16,350 8,730 4,130 920 30,540 27,440 (4) (4) 50 27,390 2,760 527 pPreliminary. *"Ali banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska that became a member bank on Apr. 15, 1954, and a noninsured State member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. -Comparability of figures for classes of banks is affected somewJiat 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. SEPTEMBER 1955 999 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES. BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars! Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G o U m o b v l . e i S e g n r . a t n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 c b T a i a l l o p i n i a t i t d i t - a e a l s l Total* b In an te k r ^ - Dema O nd ther c c T o a a o p c u - t i n a ta t l s l b N a b u o n e m f k r s tions co a u c n - ts2 G U ov .S e . rn- Other Time ment Central reserve city member banks: New York City: 1939—Dec. 30... 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 1 . . . . . . 2 1 6 2 , , 1 8 4 9 3 6 4 7 , , 0 3 7 3 2 4 1 7 7 , , 2 5 6 7 5 4 1 1 , , 5 2 5 3 9 5 6 6, , 4 6 3 3 9 7 3 1 2 9 , , 8 8 8 6 7 2 3 I 0 7 , r9 12 3 1 2 4 4 , , 2 6 0 5 7 7 6, 8 9 6 4 6 0 1 1 2 7 , , 0 2 5 8 1 7 1,2 8 3 0 6 7 2 1 , , 1 6 2 4 0 8 3 3 6 7 1947—Dec. 31... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30... 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1 1 9 9 5 5 2 3 — — D D e e c c . . 3 3 1 1 .. . .. .. 2 2 2 2 , , 1 0 3 5 0 8 1 1 2 2, , 2 3 8 7 9 6 7 7 , , 7 6 6 7 5 8 2 2, , 0 0 0 7 4 6 8 8 , r4 0 1 7 9 4 3 3 0 1, , 0 6 5 8 3 4 2 2 7 7 , , 3 0 0 3 9 7 4 5 , , 9 2 6 1 5 4 1, 7 1 7 4 8 3 1 1 9 8 , , 3 8 6 9 1 4 2 1 , , 1 84 50 0 2 2 , , 5 5 0 7 5 2 2 2 2 2 1954—June 30... 22,681 11,619 8,695 2,367 7,524 30,771 27,225 5,517 1,378 18414 2,216 2,630 22 July 28... 22,727 11,574 8,789 2,364 6,611 29,949 26,117 5,379 528 17,851 2,359 2,642 22. Dec. 31.... 23,880 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,392 2,803 21 1955—Feb. 23*.. 23,246 12,121 8,554 2,571 7,040 31,065 26,714 5,180 687 18,513 2,334 2,819 21 Mar. 30P.. 23,238 12,733 7,918 2,587 7,030 31,013 26,678 5,103 657 18,555 2,363 2,687 20 A M p a r y . 2 2 5 1 * 9 . . . . 2 2 3 3 , , 7 2 1 5 7 7 1 12 2 , , 9 9 4 7 6 7 8 8 , , 2 0 8 1 1 0 2 2 , , 3 45 01 9 6 6, r6 6 7 6 3 8 3 3 0 1 , , 6 1 4 7 6 9 2 2 6 7 , , 4 1 6 0 4 3 4 5 , , 9 1 8 3 2 6 1 1 , , 1 1 7 6 8 0 1 1 8 8 , , 4 0 9 2 6 7 2 2, , 2 3 7 1 7 1 2 2 , , 7 6 1 9 7 7 1 1 8 8 June 29*. . 23,311 13,369 7,641 2,301 7,207 31,217 26,975 5,307 949 18,446 2,273 2,707 18 July 27P.. 23,445 13,618 7,557 2,270 6,979 31,099 26,927 5,158 1,471 18,131 2,167 2,716 18 Chicago: 1939—Dec.30.. 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec.31.. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec.31.. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec.31.. 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec.30.. 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 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 July 28 5,980 2,521 2,896 563 1,936 7,971 7,270 1,281 206 4,527 1,256 583 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—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.309... 6,056 2,647 2,734 675 1,656 7,761 6,773 1,328 230 3 ,949 1,266 601 13 Apr. 219... 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 July 27*... 6,276 2,862 2,712 702 1,844 8,171 7,408 1,163 382 4,577 1,286 613 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31.... 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32 ,366 11,647 3,322 336 1952—Dec. 31 45,583 21,697 19,624 4,262 15,544 61,941 57,357 7,001 1,814 35,281 13,261 3,745 319 1953—Dec. 31 46,755 22,763 19,559 4,434 15,925 63,547 58,663 7,254 1,504 35,773 14,132 3,984 319 1954—June 30.... 47,056 22,453 19,813 4,791 14,656 62,624 57,665 6,636 2,015 34,058 14,957 4,125 310 July 28.... 47,400 22,405 20,136 4,859 13,818 62,129 56,838 6,366 1,180 34,30." 14,989 4,127 309 Dec. 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955—Feb. 23*. 50,362 24,264 20,870 5,228 14,260 65,642 59,685 6,217 1,604 36,298 15,566 4,348 297 Mar. 30*. 49,971 24,637 20,062 5,272 13,909 64,909 58,943 6,292 1,446 35,493 15,712 4,387 296 Apr. 21.9. 50,807 24,758 20,730 5,319 14,458 66,317 60,233 6,346 1,520 36,635 15,732 4,434 297 J M u a n y e 2 2 9 5P *. . 5 5 0 0 , , 7 7 0 2 5 4 2 2 5 5 , , 1 78 1 2 4 2 1 0 9 , , 3 7 5 2 4 2 5 5 , , 2 2 3 2 7 0 1 1 4 4 , , 1 4 5 4 2 6 6 6 5 6 , , 8 1 8 8 3 8 5 6 9 0, , 1 7 5 4 1 4 6 6 , , 0 2 5 2 9 4 1 1, 97 72 3 3 O 3 3 6 6 , , 1 2 4 5 0 4 1 1 5 5 , , 8 9 1 5 5 0 4 4 , , 4 5 7 0 3 3 2 2 9 9 6 7 July 27*. 51,338 26,193 19,954 5,191 14,484 66,845 60,723 6,231 1,891 36,659 15,942 4,510 297 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 10,63: 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 31,97- 14,86. 3,532 6,501 1952—Dec. 31.. 45,594 18,213 22,549 ,832 13,281 59,535 55,175 1,301 1,267 36,02 16,585 3,970 6,444 1953—Dec. 31.. 47,404 19,934 22,423 ,047 13,268 61,385 56,740 1,315 1,216 36,520 17,690 4,194 6,389 1954—J J u ul n y e 2 3 8 0 . . . . 4 47 7 , , 8 4 0 7 8 4 2 2 0 0 , , 5 6 3 1 7 4 2 2 1 2, , 0 7 1 7 1 9 5 5, , 1 1 8 5 3 8 1 12 2 , , 1 5 4 0 9 6 6 60 0 , , 6 7 9 4 9 5 5 5 5 5 , , 9 7 4 5 3 0 l 1, t2 1 4 7 1 8 1 1 , , 3 2 6 6 2 7 3 3 4 4 , , 8 7 7 5 9 4 1 1 8 8 , , 5 4 5 6 1 0 4 4 , , 3 3 7 7 2 2 6 6, , 3 3 7 7 2 6 Dec. 31. . 50,466 21,44: 23,629 5,395 13,117 64,364 59,360 1,508 1,271 37,794 18,78' 4,506 6.326 1955—Feb. 23P. 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. 3QP . 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 25P. 50,903 22,353 22,912 5,638 11,418 63,118 57,753 1,153 1,420 36,153 19,02^ 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 July 27*. 51,272 22,974 22,615 5,683 11,845 63,943 58,599 1,212 1,472 36,677 19,238 4,678 6,275 »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. 1000 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Cla a s n s d o d f a b te ank Total Loans G o m U o b . v l e i e g n S r t a . n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 c b a i a l a a p i n i c a i t d - - t ie a s l Total 1 b In an te k r * - u. D s e . m ; and Time c c T a o a o p u c t i n - t a a t l s l b N « b i u o n e m f k r - s tions counts2 Govern- Other ment AH insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41 298 15,699 ,844 13,426 1945—Dec. 31 121,809 9S 88,912 7,131 34,292 157,544 147,775 13 883 93,740 80 976 9Q,876 ,671 13 297 1947—Dec. 31 . 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 1952—Dec. 31 139,770 63,632 62,308 13,831 44,222 186,255 170,971 14,990 4,912 110,459 40,610 12,563 13,422 1953—Dec. 31.. 143,796 67,08? 62,381 14,333 44,398 190,638 174,697 ,S48 4,116 111 493 43,610 13,239 13,412 1954—June 30 . 144,451 66,805 62,461 15,185 41,164 188,191 172,048 15,044 5,562 105,847 45,596 13,714 13,380 Dec. 31 154,115 70 68,012 15,976 43,161 200,127 182,886 16, 376 4,154 489 46,874 14,252 13 303 National member banks: 1941—Dec. 31 27,571 11 12,039 3,806 14,977 43,433 39 458 6 786 1 088 93 969 8,399 3,640 5 117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947—Dec. 31 . .. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1952—Dec. 31 .... 80,180 36,004 35,835 8,341 26,333 107,830 98,974 Q 918 935 63,497 99,694 7,042 4 909 1953—Dec. 31. 81,913 ,831 35,482 8,600 26,479 109,804 100,654 10,1S9 2,525 63 819: 94 160 7,391 4 -856 1954— D ju e n c e . 3 3 0 1 8 8 2 8 , , 4 5 8 0 2 9 37,f 7 i7 19 9 3 39 5 , , 3 7 9 5 2 9 9 9 , , 0 4 5 0 1 5 2 25 4 , , 6 6 3 6 6 2 1 1 1 08 5 , , 6 8 1 3 1 5 1 9 0 9 5 ,8 3 5 6 1 2 10 O ,7 7 1 50 4 3 ,5 32 0 5 8 6 6 0 6 4 8 9 97 6 9 96 S, 4 9 * 0 ? 9 0 f 7 i,0 6 8 86 5 L 4 I . R 7 . 8 3. 9 S State member banks: 1941—Dec. 31 15,950 6 7,500 2,155 8,145 24,688 22,259 3 739 621 13 874 4 09 5 246 i. 502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4 411 8,166 94 168 7 986 7,945 1,867 1947—Dec. 31 . 32,566 11,900 19,240 2,125 10 822 43,879 40 505 993 381 97 068 9 069 ,055 L 918 1952—Dec. 31 39,367 19, 030 16,928 3,409 12,922 52,996 48,553 699 1,632 39 10 196 ,719 L 889 1953—Dec. 31 40,509 19 9.31 17,121 3,457 12,903 54,179 49,510 5,019 1,232 3? 906 11 0S4 ,925 L,887 1954— D ju e n c e . 3 3 0 1 4 4 0 3 , , 7 0 0 9 4 3 9 1 0 9 ,s ,S ? 3 s 8 1 18 7 , , 4 3 1 5 7 3 3 4, , 1 8 3 2 8 6 1 1 2 2 , , 0 4 8 1 6 4 5 5 3 6, , 4 5 0 9 7 3 4 5 8 1 , , 8 4 9 0 0 1 , 9 2 8 6 3 9 1,2 8 0 40 7 3 3 0 3 6 1 9 7 7 7 1 1 1 1 4 7 4 4 1 8 A 4 , , 0 1 2 2 3 5 L .8 8 7 8 1 6 Insured nonmember commercial banks: 1941—Dec. 31 .. 5,776 3 1,509 1,025 2,668 8,708 7,702 129 53 4 16? .3.360 959 6,810 1945—Dec. 31 14,639 992 10,584 1,063 4,448- 19,256 18,119 244 1,560 10 63 S s 680 1,083 6 416 1947—Dec. 31 16,444 4,9.S8 10,039 1,448 4,083 20,691 19,340 266 149 1? 366 6 5SR 1,271 6,478 1952—Dec. 31 20,242 8 605 9,556 2,081 4,970 25,451 23,464 373 345 15 006 7 740 1 804 6,627 1953—Dec. 31 21,396 9,3?8 9,790 2,278 5,020 26,679 24,555 378 360 398 8 41Q 1,925 6,672 1954—June 30 21,288 9,615 9,362 2,310 4,444 26,012 23,819 312 396 14 392 8 718 2,007 6,662 Dec. 31 22,536 Q,886 10,215 2,436 5,088 27,911 25,657 393 439 879 8 947 ,044 6 647 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1 90S 36S 279 714 1947—Dec. 31« 2,009 474 1,280 25:5 576 2,643 2,251 363 18 1 39? 478 783 1952—Dec. 31 . 1,854 S31 1,010 312 444 2,348 1 960 329 29 1 901- 409 326 624 1953—Dec. 31 1,891 511 1,045 335 430 2,372 2,005 407 30 1 18? 386 320 569 1954—june 30 . 1,932 1,047 354 405 2,394 2 020 453 30 1 ISO 388 325 557 Dec. 31 .... 1,800 49? 969 339 397 2,250 1,871 433 18 1 08 S 33^ 324 536 All nonmember commercial banks: 1941—Dec. 31 7,233 .3,696 2,270 1,266 3,431 10,992 9 573 457 5, S04 3 613 1,288 7,662 1945—Dec 31 16,849 3,310 12,277 1,262 4 962 22,024 20 571 425 14,101 6 04S 1,362 7,130 1947—Dec. 31 ^ 18,454 5 4,3? 11,318 1,703 4,659 23,334 21,591 629 167 1.37S8 7 036 1.596 7,261 1952—Dec. 31 22,096 Q,136 10,567 2,393 5,414 27,799 25 424 702 374 16 906 8 14? 2,129 7,251 1953—Dec 31 23,287 9,838 10,835 2,613 5,450 29,051 26,560 784 390 16 580 8 806 2,245 7,241 1954—june 30 23,220 10 147 10,409 2,664 4,849 28,406 25,838 764 426 1S S49 9 106 2,332 7,219 Dec. 31 24,337 10, 378 11,184 2 ,775 5 485 30,161 27,528 825 457 16 064 9 ?89 2.368 7,183 Insured mutual savings banks: 1941—Dec. 31 . 1,693 64? 629 421 151 1,958 1 789 1 789 164 52 1945—Dec. 31 10,846 .3,081 7,160 606 429 11,424 10,363 12 10 351 1,034 192 1947—Dec. 31 . 12,683 3,S60 8,165 958 675 13,499 12 207 1 2 19 \1 199 ,252 194 1952—Dec. 31 17,621 8 691 6,593 2,337 732 18,612 16,785 2 2 16 75.3 11,730 206 1953—Dec. 31 ... . 19,252 10,016 6,476 2,760 799 20,334 18,383 2 2 3.3 18 34S 1,819 219 1954— june 30 20,121 10 804 6,309 3,008 807 21,237 19,195 3 2 45 19 145 868 219 Dec. 31 20,830 11,6S1 6,117 3,062 832 21,981 19,885 3 3 48 19 831 L ,920 218 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4 3,075 1,353 642 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 7 5 0?0 558 350 1947—Dec 31^ 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1952—Dec. 31 6,382 9 2,829 895 187 6,622 5 836 1 2 S 833 749 323 1 1 9 95 5 4 3 — — J D u e n c e . 3 30 1 . 6 6 , , 5 8 5 3 8 8 3, , 0 9 8 1 6 0 2 2 , , 7 7 0 0 7 8 1,0 9 4 4 4 1 1 1 8 8 4 0 6 7 , , 7 0 9 7 6 8 6 6 , 0 24 1 6 5 1 1 2 1 6 6,2 01 4 . 3 3 7 7 4 5 0 8 3 3 0 0 9 9 Dec. 31 7,038 3,346 2 ,630 1,061 194 7,295 6,474 1 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. SEPTEMBER 1955 1001 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 Com- p L u o r a c n h s a s f in o g r U. S. Government obligations Obli- Class of bank T lo o a t n a s l m ci e a r l, - o s r e c c a u r r r it y i i e n s g Other Direct t g io a n - s cal a l n d d ate i m n a v e n e n d s t t s - Total i e o m k i l i p n u n a e e g d - t r n - - A t c u a u g r l l r - - i- b e T ro r o s k- o T t o h- l R o t e a e a s t a n - e l s v u i d t i a n o d i l - - s - O lo th an e s r Total Total Bills C o c e f a r t t i e i n f s i - - Notes Bonds G t a e u n e a - d r- S p s a i t o u c o a n a l b t f d i e l - t 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 5,723 1,063 78,226 69,221 2,193 7,789 6,03453,191 14 5,2763,729 1953—Dec. 31... 145,687 67,593 27,2044,965 2,361 1,202 16,694 14,461 1,666 78,094 63,426 5,00410,23712,43935,713 34 10,8213,847 1954—June 30... 146,383 67,337 26,1205,143 2,462 1,256 17,227 14,462 1,657 79,047 63,508 4,704 5,57212,37640.818 38 11,9303,608 Dec. 31... 155,916 70,619 26,8675,2002,929 1,525 18,418 14,7502,000 85,297 68,981 5,065 5,361 14,67243,861 22 12,5883,729 1955—Apr. 11*.. 155,170 72,260 27,3704,720 2,830 1,500 19,000 15,2802,640 82,910 65,820 3,970 4,23015,59042,020 10 13,0604,030 AH insured commercial banks: 1941—Dec. 31 49,290 21,259 9,214 1,450 614 662 4,773 45 28,031 21,046 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31'. . '.121,809 25,765 9,461 1,314 3,1643,606 4,677 2,361 1,181 96,043 88,912 2,45519,07116,04551,321 22 3,8733,258 1947—Dec. 31... 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1953—Dec. 31... 143,796 67,082 27,0824,867 2,344 1,181 16,566 14,373 1,629 76,714 62,381 4,89510,07612,28335,093 33 10,5873,746 1954—June 30.. . 144,451 66,805 25,9765,0572,439 1,228 17,101 14,370 1,623 77,646 62,461 4,575 5,50512,22340,121 38 11,6823,502 Dec. 31. .. 154,115 70,127 26,7315,108 2,907 1,501 18,302 14,676 1,973 83,988 68,012 4,901 5,27914,52343,287 21 12,3523,624 Member banks, total: 1941—DeC> 3i 43,521 18,021 8,671 972 594 598 3,494 3,e92 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 1,900 1,104 84,408 78,338 2,27516,98514,27144,792 163^2542,815 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 4,81545,286 104,1993,105 1953—Dec. 31... 122,422 57,762 25,5193,2632,321 1,060 13,020 11,911 1,518 64,660 52,603 4,095 8,28710,30029,890 31 8,871 3,185 1954—June 30. .. 123,185 57,197 24,3623,4022,411 1,106 13,440 11,840 1,513 65,988 53,111 3,915 4,417 10,37434,369 36 9,8902,987 Dec. 31... 131,602 60,250 25,0073,5292,881 1,363 14,433 12,127 1,858 71,352 57,809 4.075 4,30712,46436,944 20 10,4493,094 1955—Apr. 11... 130,903 61,737 25,4913,0252,780 1,342 14,949 12,6212,502 69,166 54,968 2,999 3,20413,45035,303 12 10,8343,363 New York City:* 1941—Dec. 31 12,896 4,072 2,807 8 412 169 123 i54 8,823 7,265 311 1,623 3,652 1,679 '729 830 1945—Dec. 3l!!! 26,143 7,334 3,044 2,453 1,172 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 i 1,365 639 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 2,041 432 467 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:3 1941—Dec> 3i 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1953—Dec. 31... 6,204 2,776 1,912 158 286 75 70 234 96 3,428 2,856 123 450 684 1,598 400 172 1954—June 30... 5,975 2,589 1,835 134 242 74 81 206 74 3,386 2,825 113 261 721 1,731 387 174 Dec. 31... 6,518 2,784 1,847 140 345 89 91 223 105 3,734 3,120 70 241 855 1,953 415 199 1955—Apr. 11... 6,254 2,650 1,816 142 185 80 111 237 138 3,605 2,918 137 172 789 1,820 450 238 Reserve city banks: 1 1 9 9 4 4 5 1 — — D D e e c c . . 3 3 1 1 '.'.'. ' 4 1 0 5 , , 1 34 0 7 8 8 7 , , 5 1 1 0 4 5 3 3 , , 4 66 5 1 6 3 2 0 0 0 5 4 1 2 1 7 4 1,5 1 0 9 3 4 1 1 , , 5 4 2 5 7 9 8 I 5 f* 5 12 404 3 8 1 , , 2 5 4 94 3 2 6 9 , ,5 4 5 6 2 7 1,0 2 3 9 4 5 6,982 5,6 7 5 5 3 1 1 4 5 , , 2 8 4 7 8 8 1 17 5 3 1,1 9 2 5 6 6 8 9 2 1 0 6 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 10,010 953 326 468 5,639 4,797 629 24,603 19,813 1,241 1,590 4,183 12,773 263,585 1,206 Dec. 31... 50,738 23,986 10,624 956 407 622 6,134 4,912 72026,752 21,718 1,326 1,695 4,954 13,736 73,782 1,252 1955—Apr. 11... 50,758 24,530 10,752 789 379 602 6,339 5,130 937 26,228 20,899 894 1,303 5,55813,142 33,9831,346 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 1,130 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 '5J02 4,544 16,713 9 1,342 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 4,822 2,204 59 210 7,114 5,441 336 27,470 22,423 1,819 3,374 4,285 12,940 53,911 1,136 1954—June 30... 47,474 20,537 5,071 2,170 66 200 7,331 5,618 345 26,937 21,779 1,548 1,855 4,017 14,355 44,067 1,090 Dec. 31... 50,466 21,442 5,3062,229 89 220 7,742 5,760 388 29,024 23,629 1,893 1,774 4,731 15,228 34,275 1,120 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 1953—Dec. 31... 23,287 9,838 1,685 1,702 40 142 3,681 2,551 148 13,449 10,835 909 1,951 2,139 5,834 21,951 662 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 1 2,139 636 ePartly estimated. Figures have been rounded to nearest 10 million. *These figures exclude data for banks in possessions of the United States except for one bank in Alaska that became a member bank on Apr. 15, 1954. During 1941 three mutual sayings banks became members of the Federal Reserve System; these banks are included in ''member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 1002 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Bal- Deserves ances mand Interbank U. S. Class of bank with Cash with de- deposits Certi- Indi- Gov- States Indi- Capiand Federal in do- posits U. S. States fied viduals, ern- and viduals, Bor- tal call date Re- vault mestic ad- Gov- and and partner- ment polit- partner- row- acserve banks4 justed « ern- political offi- ships, Inter- and ical ships, ings counts Banks Do- For- ment subdi- cers' and cor- bank Postal subdi-and cormestic4 eign visions checks, pora- Sav- visions poraetc. tions ings tions All commercial banks:2 1947—Dec. 31.. 17,796 2,216 10,216 87,12311,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1953—Dec. 31.. 19,995 2,512 12,103102,45213,444 1,344 4,146 9,546 2,996100,062 1,167 338 1,944 41,714 62 13,559 1954—June 30.. 18,924 2,660 11,033 98,11712,470 1,328 5,591 9,925 2,789 94,282 1,699 331 2,319 43,334 55 14,038 Dec. 31. . 18,734 2,469 12,202106,54013,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—Apr. 11«. 18,580 2,790 10,960103,87012,020 1,540 5,150 9,420 2,700100,310 1,700 360 2,450 44,8801,140 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 74,72212,566 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 85,75111,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1953—Dec. 31.. 19,995 2,482 11,724101,28913,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 1954—June 30. . 18,924 2,627 10,688 96,98312,252 1,287 5,562 9,776 2,765 93,306 1,506 331 2,264 43,001 50 13,714 Dec. 31. . 18,734 2,444 11,854105,47113,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 21 14,252 Member banks, total: 1941—Dec. 31. . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,18412,333 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 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1953—Dec. 31.. 19,997 1,870 7,554 86,12712,858 1,291 3,756 7,530 2,783 85,711 1,021 308 1,595 33,311 43 11,316 1954—June 30. . 18,925 2,001 7,062 82,78311,956 1,280 5,165 7,839 2,581 81,034 1,497 300 1,912 34,687 38 11,709 Dec. 31. . 18,735 1,843 7,613 89,83613,015 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 87,56711,533 1,486 4,714 7,345 2,474 86,073 1,414 330 2,008 36,0021,038 12,297 New York City:3 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;3 1941—Dec. 3i # _ 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.. 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.. 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1953—Dec. 31.. 1,287 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 1954—June 30. . 1,290 30 154 3,844 1,287 34 410 297 74 4,032 18 4 10 1,253 583 Dec. 31. . 1,177 29 162 4,400 1,264 40 251 274 80 4,622 18 6 10 1,280 600 1955—Apr. 11. . 1,093 32 107 3,983 1,124 37 296 227 62 4,236 20 6 10 1,275 117 602 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 6,257 274 1,780 2,687 741 32,850 282 111 1,018 14,600 398 4,400 Country banks: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1953—Dec. 31.. 5,780 1,140 4,855 35,029 1,288 12 1,216 4,063 820 31,636 15 153 615 16,921 20 4,194 1954—June 30. . 5,468 1,230 4,496 33,569 1,211 11 1,362 4,261 720 29,898 19 148 759 17,553 26 4,372 Dec. 31. . 5,377 1,129 5,057 36,242 1,469 17 1,271 4,263 795 32,736 22 163 799 17,826 11 4,506 1955—Apr. 11.. 5,429 1,245 4,502 35,716 1,282 13 1,085 4,191 785 32,177 21 158 813 17,977 201 4,601 All nonmember banks:2 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1953—Dec. 31 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 1954—June 30 658 3,972 15,334 514 48 426 2,085 209 13,248 202 30 407 8,669 17 2,332 Dec. 31 627 4,590 16,704 496 46 457 2,121 235 14,608 284 31 436 8,814 16 2,369 a Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. * 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. ^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. SEPTEMBER 1955 1003 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 Total Loans Com- Month or date in l m o a v a n e e n d n s s t t s - i j m n u a a v s e n d e t n d e - s t d t s - 1 j L u a o s d t a e - n d s 1 i t n 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 r s i e t t h c ie e u s r - b L a o t n o a k n s s t a c u g u r r l a i - - l G U t l i o i o o g . b S n v a - - s . t. O c t s u t i e h e r - s e i- r G l U t i o i o g o b . v a n - S - t s . .O c t s u t i e h e r - s e i- r n e e d s - s Total- Leading Cities 1954—August. .. 83,163 82,586 37,973 20,783 2,343 901 6,781 7,82036,321 3,536 3,456 6,68922,6408,292 577 1955—June 85,415 84,421 43,082 23,110 2,719 1,178 7,794 9,00332,616 ,100 952 9,15421,4108,723 994 July 85,629 84,547 43,798 23,436 2,746 1,203 7,933 9,21232,046 ,074 912 8,84321,2178,703 1,082 August... 85,401 84,403 44,335 23,893 2,524 1,191 8,062 9,40131,358 ,036 746 8,54521,0318,710 998 1955—June 1. . 85,278 84,164 42,440 22,636 2,742 1,155 7,719 8,91033,026 1,081 1,149 9,30621,490 8,698 1,114 June 8. . 85,006 84,012 42,464 22,623 2,702 1,171 7,756 8,93632,831 1,060 1,091 9,25421,4268,717 994 June 15.. 85,859 85,009 43,425 23,355 2,826 1,182 7,797 8,98832,842 1,255 1,017 9,13921,4318,742 850 June 22.. 85,555 84,449 43,409 23,433 2,648 1,192 7,828 9,02932,303 1,084 760 9,07021,3898,737 1,106 June 29.. 85,379 84,472 43,674 23,501 2,678 1,190 7,873 9,15332,076 1,019 743 9,00121,3138,722 907 July 6.. 85,125 84,095 43,518 23,326 2,673 1,203 7,893 9,15231,797 914 729 8,90321,2518,780 1,030 July 13. . 85,098 84,013 43,687 23,465 2,647 1,199 7,923 9,18531,663 869 709 8,87021,2158,663 1,085 July 20.. 86,195 85,169 43,925 23,429 2,856 1,204 7,937 9,23232,565 1,318 1,126 8,86021,2618,679 1,026 July 27.. 86,100 84,914 44,064 23,526 2,808 1,206 7,978 9,28032,161 1,196 1,086 8,739 21,1408,689 1,186 Aug. 3. . 85,765 84,878 44,113 23,550 2,775 ,190 7,993 9,34031,975 1,160 932 8,806 21,0778,790 887 Aug. 10. . 85,438 84,416 44,164 23,754 2,558 ,197 8,028 9,36431,634 1,123 813 8,64521,0538,618 1,022 Aug. 17. . 85,132 84,210 44,262 23,940 2,409 196 8,069 9,38431,261 997 706 8,49521,0638,687 922 Aug. 24. . 85,192 84,098 44,443 24,050 2,413 189 8,100 9,42830,972 916 651 8,408 20,9978,683 1,094 Aug. 31.. 85,478 84,412 44,696 24,171 2,467 1,184 8,120 9,492 30,948 985 625 8,37320,9658,768 1,066 New York City 1954—August. .. 23,073 22,750 11,208 7,297 7051,050 345 406 1,583 9,201 1,172 883 1,437 5,7092,341 323 1955—June 23,257 22,694 12,696 7,890 1971,875 458 629 1,853 7,703 442 158 1,860 5,2432,295 563 July 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 August. .. 22,871 22,309 12,998 8,257 1871,698 446 676 1,942 7,025 324 129 1,632 4,940 2,286 562 1955—June 1. . 23,231 22,553 12,433 7,624 2371,8 451 618 1,824 7,827 423 219 1,950 5,235 2,293 678 June 8. . 22,998 22,425 12,396 7,617 180 1,897 455 621 1,830 7,729 392 171 1,906 5,2602,300 573 June 15. . 23,369 23,038 12,922 8,048 242 ,894 465 631 1,848 7,814 540 169 1,853 5,2522,302 331 June 22.. 23,460 22,728 12,830 8,074 149 ,871 457 633 1,853 7,607 425 113 1,799 5,2702,291 732 June 29. . 23,231 22,727 12,898 8,085 178 ,825 461 643 1,912 7,540 432 118 1,790 5,2002,289 504 July 6.. 23,030 22,511 12,806 7,959 177 ,862 461 649 1,904 7,388 342 114 1,752 5,1802,317 519 July 13. . 22,914 22,335 12,803 7,969 168 ,832 461 657 1,922 7,277 324 108 1,710 5,135 2,255 579 July 20. . 23,362 22,816 12,931 7,939 294 ,862 461 652 1,930 7,647 609 191 1,704 5,1432,238 546 July 27.. 23,354 22,698 12,997 7,999 361 ,784 457 655 1,949 7,445 485 225 1,673 5,062 2,256 656 Aug. 3. . 23,151 22,636 13,039 8,083 327 ,770 453 658 1,957 7,304 387 200 1,679 5,038 2,293 515 Aug. 10. . 22,925 22,343 12,948 8,163 215 ,726 446 665 1,940 7,15. 377 148 1,658 4,9702,242 582 Aug. 17. . 22,664 22,177 12,940 8,286 1241,685 443 682 1,926 6,961 289 103 1,622 4,9472,276 487 Aug. 24. . 22,780 22,158 13,025 8,355 1111,694 444 689 1,939 6,863 267 95 1,612 4,8892,270 622 Aug. 31. . 22,833 22,231 13,041 8,399 1571,616 442 688 1,948 6,844 300 99 1,591 4,8542,346 602 Outside New York City 1954—August. .. 60,090 59,836 26,765 13,486 588 6,375 6,23727,120 2,364 2,573 5,25216,9315,951 254 1955—June 62,158 61,727 30,386 15,220 647 708 7,165 7,150 24,913 658 794 7,29416,167 6,428 431 July.... 62,464 61,957 30,914 15,469 661 731 7,280 7,286 24,607 634 753 7,13316,0876,436 507 August.. 62,530 62,094 31,337 15,636 639 733 7,386 7,459 24,33, 712 617 6,913 16,0916,424 436 1955—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 7,28616,179 6,440 519 June 22. 62,095 61,721 30,579 15,359 628 724 7,195 7,176 24,696 659 647 7,27116,119 6,446 374 June 29. 62,148 61,745 30,776 15,416 675 717 7,230 7,24124,536 587 625 7,211 16,113 6,433 403 July 6. 62,095 61,584 30,712 15,367 634 729 7,244 7,24824,409 572 615 7,151 16,0716,463 511 July 13. 62,184 61,678 30,884 15,496 647 725 7,266 7,263 24,386 545 601 7,160 16,0806,408 506 July 20. 62,833 62,353 30,994 15,490 700 731 7,285 7,302 24,918 709 935 7,156 16,1186,441 480 July 27. 62,746 62,216 31,067 15,527 663 738 7,323 7,33124,716 711 861 7,06616,0786,433 530 Aug. 3. 62,614 62,242 31,074 15,467 678 726 7,33 7,38324,671 773 732 7,12 16,0396,497 372 Aug. 10. 62,513 62,073 31,216 15,591 617 738 7,363 7,42!"4 24,481 746 665 6,98 16,0836,376 440 Aug. 17. 62,468 62,033 31,322 15,654 600 739 7,387 7,45824,300 708 603 6,87316,1166,411 435 Aug. 24. 62,412 61,940 31,418 15,695 608 732 7,411 7,48924,109 649 556 6,79616,1086,413 472 Aug. 31. 62,645 62,181 31,655 15,772 694 731 7,432 7,544 24,104 685 526 6,78216,1116,42 464 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2 Includes guaranteed obligations. For other footnotes see opposite page. 1004 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] D ex e c m e a p n t d i n d te ep 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 it n s 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 b m a w a n d e o n i c s t - e k h ti s s c i m u a d s a e d t n - e - d d 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 - , - , p S s d s a i i o u t c i o n a b v l a n i d t - i l t e s - - s c C h c o a f e e e e i t f n e c f c r r i d d . t s k - i ' s - , U m G er . o e n n v S - t - . s p p u v n c h a o a a o i e n i r d r l p r r d s a t - - - s - , - , p S d s a i o u t c i n a b v l a i d t - i l t e - - s P U m G S e a o r a . n o e s n v n d v S t - - a t - . l m D t e i D o s c - - eman F ei d o g r n - Time F B s F e R e r a e r r o e n a v d - m l k e - s F ot r h o e m rs c C o i a a t u c a p - n - l ts tions tions Total- Leading Cities 1954—August. . . 13,622 918 2,62054,07754,775 3,932 1,902 3,570 18,411 1,267 196 11,170 1,323 1,543 688 7,852 1955—June 13,683 948 2,52256,67858,305 4,201 2,110 2,695 19,094 ,096 215 10,267 1,477 1,411 401 729 8,260 July 13,639 970 2,52755,93258,014 3,887 1,901 3,32219,102 ,045 211 10,570 1,500 1,420 405 795 8,287 August. . . 13,362 942 2,40455,69457,148 3,909 1,726 3,199 19,123 ,014 209 10,371 1,431 1,419 458 635 8,327 1955—June 1. . 13,567 916 2,46856,01157,624 4,361 2,130 3,148 19,037 ,113 213 10,094 1,505 ,375 388 783 8,267 June 8.. 13,374 940 2,40856,37457,242 4,162 1,702 2,209 19,070 ,122 213 10,354 1,428 ,405 216 737 8,262 June 15.. 13,998 925 2,63157,72660,835 4,062 2,530 2,211 19,082 1,099 215 10,637 1,448 ,416 632 523 8,248 June 22.. 13,896 949 2,52157,12758,451 4,162 2,233 2,681 19,108 1,085 216 10,141 1,485 ,433 253 909 8,249 June 29.. 13,582 1,009 2,58256,15657,376 4,258 1,956 3,22419,173 1,059 217 10,108 1,522 ,428 514 693 8,272 July 6. . 13,406 926 2,58255,33657,157 4,083 1,1 2,832 19,125 1,059 211 10,862 1,500 ,425 483 767 8,293 July 13. . 13,605 1,020 2,599 56,113 58,928 3,851 1,810 2,374 19,093 1,053 211 10,934 1,475 ,419 334 839 8,288 July 20. . 13,732 951 2,54355,86658,050 3,729 2,101 4,145 19,108 1,045 211 10,529 1,501 ,404 433 741 8,277 July 27.. 13,812 981 2,386 56,416 57,921 3,886 1,810 3,93719,082 1,021 210 9,955 1,524 ,433 371 832 8,290 Aug. 3. . 13,647 912 2,37255,86556,984 3,963 1,757 3,37419,104 1,018 211 10,441 1,471 ,427 802 498 8,311 Aug. 10. .13,277 951 2,39755,64556,993 3,900 1,658 ,03519,142 991 210 10,579 1,435 ,434 395 698 8,312 Aug. 17. .13,444 938 2,50455,360 57,454 3,853 1,730 ,16819,110 1,021 209 10,638 1,414 ,433 494 606 8,319 Aug. 24. . 13,131 960 2,35855,66956,786 3,838 1,587 3,162 19,111 1,010 211 10,031 1,416 ,407 275 726 8,326 Aug. 31. . 13,308 947 2,390 55,931 57,523 3,990 1,901 3,25619,146 1,032 207 10,163 1,418 ,396 322 647 8,366 New York City 1954—August. . . 4,508 139 15,53016,297 310 1,064 1,262 1,976 278 3,005 1,056 1,270 426 2,611 1955—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 15,74916,906 298 910 1,150 1,997 112 2,977 1,159 1,119 72 391 2,685 August. . . 4,220 135 15,58216,646 253 774 1,060 1,981 104 2,838 1,096 1,111 70 346 2,701 1955—June 1. . 4,479 139 15,92617,209 307 1,143 1,167 2,049 142 2,930 1,168 1,073 3 386 2,687 June 8. . 4,350 144 16,06816,953 299 794 741 2,055 146 2,866 1,108 1,102 10 365 2,679 June 15.. 4,583 132 16,57618,144 317 1,354 601 2,064 150 3,037 1,137 1,111 94 335 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 15,61016,697 319 879 870 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 15,89316,922 292 1,477 1,975 101 2,813 1,183 1,124 60 340 2,682 Aug. 3. . 4,467 133 15,71516,627 272 815 1,251 1,972 108 2,812 1,135 1,123 329 276 2,700 Aug. 10. . 4,083 141 15,47816,465 246 710 1,085 1,980 108 2,843 1,094 1,126 6 402 2,700 Aug. 17. . 4,241 133 15,46916,651 241 722 999 1,972 106 2,896 1,076 1,123 5 359 2,699 Aug. 24. . 4,066 136 15,55416,514 223 684 96J 1,971 102 2,794 1,086 1,097 4 341 2,692 Aug. 31. . 4,241 133 15,69416,975 283 938 999 2,009 100 2,844 1,091 1,085 5 350 2,713 Outside New York City 1954—August. . . 9,114 779 2,583 38,54738,478 3,622 838 2,30816,435 989 143 8,165 267 273 262 5,241 1955—June 9,213 807 475 40,490 40,926 3,880 1,017 1,857 17,035 956 159 7,324 325 304 370 324 5,582 July 9,202 824 469 40,183 41,108 3,589 991 2,172 17,105 933 154 7,593 341 301 333 404 5,602 August. . . 9,142 807 353 40,112 40,502 3,656 952 2,139 17,142 910 152 7,533 335 308 388 289 5,626 1955—June 1. . 9,088 777 2,42140,085 40,415 4,054 987 1,981 16,988 971 158 7,164 337 302 385 397 5,580 June 8. . 9,024 796 2,370 40,306 40,289 3,863 908 1,468 17,015 976 158 7,488 320 303 206 372 5,583 June 15.. 9,415 793 2,589 41,150 42,691 3,745 1,176 1,610 17,018 949 159 7,600 311 305 538 188 5,570 June 22.. 9,411 812 2,472 40,722 40,933 3,851 1,054 1,949 17,040 946 159 7,210 337 309 253 382 5,577 June 29.. 9,132 855 2,52440,192 40,303 3,888 "962 2,273 17,116 936 159 7,159 325 304 464 279 5,599 July 6. . 9,085 781 2,519 39,726 40,460 3,764 1,006 1,962 17,106 941 154 7,806 348 302 413 306 5,607 July 13. . 9,184 866 2,546 303 41,845 3,544 1,024 1,676 17,089 938 154 7,877 332 296 284 382 5,601 July 20. . 9,233 814 2,476 40,184 41,130 3,457 1,012 2,59117,117 931 154 7,546 345 297 325 434 5,591 July 27.. 9,307 835 2,336 523 40,999 3,594 922 2,460 17,107 920 153 7,142 341 309 311 492 5,608 Aug. 3. . 9,180 779 2,319 40,150 40,357 3,691 942 2,12317,132 910 154 336 304 473 222 5,611 Aug. 10. . 9,194 810 2,345 40,167 40,528 3,654 948 1,950 17,162 883 153 341 308 389 296 5,612 Aug. 17. . 9,203 805 2,454 39,89140,803 3,612 1,008 2,16917,138 915 153 338 310 489 247 5,620 Aug. 24. . 9,065 824 2,31640,11540,272 3,615 903 2,197 17,140 908 154 330 310 271 385 5,634 Aug. 31. . 9,067 814 2,333 40,23740,548 3,707 963 2,25717,137 932 150 7,319 327 311 317 297 5,653 * 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. SEPTEMBER 1955 1005 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 Metals Public ind'l Period* l F iq a o n u o d o d r , , a T p e a p x n a t d i r l e e l s , , p m r m ( a o a i c n e n d h t c d u a i l c n l . t - s ch P l e c e e m o u t a m r i l o c , , a - l, Other ( r T w e s a r t h a n a a l o d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e c e s - e s u p t t t ( r o i i i a o n l r i n n c t t i a l s ) e . - - s s C t t i r o o u n n c - - bu t o y s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch a t a a o g n n t r g a d 'l e l — tobacco leather ery and and trans, rubber equip.) 1953—Jan.-June... -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 —49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June... -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June... -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 Monthly: 1955—June -29 40 70 36 44 43 -61 239 243 64 52 739 860 July -65 28 -46 18 29 30 66 -37 2 36 65 125 25 August 60 78 33 20 17 31 29 274 41 2 120 705 645 Week ending: June 1.... -10 7 -30 -5 3 -1 -17 39 25 13 -12 12 -5 June 8 -19 4 8 -21 8 -14 -3 10 13 -12 -13 June 15. ... 16 20 98 49 45 44 -12 183 173 23 6 645 732 June 22 -14 5 9 -9 -2 -14 17 36 17 11 54 78 June 29.... -3 9 -11 3 6 -5 -5 2 9 1 34 40 68 July 6 -21 8 -44 14 -2 4 -36 -31 —7 15 -101 -175 July 13.... -20 8 10 9 20 9 21 6 20 18 30 131 139 July 20.... —6 1 -8 —7 7 13 27 -24 -15 16 -5 -36 July 27.... -17 11 —4 1 4 8 14 17 28 8 25 95 97 Aug. 3 4 33 11 8 7 5 -4 90 5 -11 21 170 24 Aug. 10 9 14 -17 6 8 16 8 69 20 39 171 204 Aug. 17 2 20 29 -17 7 11 7 47 28 13 18 164 186 Aug. 24 26 10 -3 10 9 7 11 12 -1 22 101 110 Aug. 31 19 1 12 15 -6 -10 12 58 -23 1 20 99 121 1 Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2Figures for other than weekly periods are based on weekly changes during period. NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955, except for Dec. 29 revision shown on p. 524 of the BULLETIN for April 1955. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commercial and finance paper outstanding Held by Based on End of month Total Accepting banks F. R. Goods stored in or Placed out- Banks Im- Ex- shipped between Placed direct- stand- ports ports Dollar points in Total through ly ing into from exdealers1 ( p fi a n p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht a O c w ct n . c F e o i o g r r n r - . U St n a i t t e e s d U St n a i t t e e s d change U St n a i t t e e s d c F o o u r n e t i r g ie n s 1949—December.. 837 270 567 272 128 58 70 11 133 184 49 30 9 1950—December. 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951—December 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952—December 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953—December 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954—juiy 2,208 747 1,461 589 205 164 41 9 376 225 136 92 91 46 August 2,228 794 1,434 563 198 155 43 5 360 205 134 75 101 47 September 2,192 803 1,389 609 259 178 81 6 344 207 139 85 130 48 October 2,048 762 1,286 687 271 217 55 14 402 207 148 72 205 55 November 2,032 769 1,263 768 313 241 71 19 437 248 164 42 247 66 December 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955—January 2,064 713 1.351 869 282 206 77 23 564 273 187 17 303 90 February 2,187 703 L,484 831 242 182 61 28 561 235 178 41 283 93 March 2,191 681 1L,510 807 236 187 49 '"4* 29 538 227 182 56 248 93 2,171 623 11,548 767 206 164 42 17 28 517 229 189 68 190 92 May 2,335 572 L.763 686 192 143 49 14 26 453 207 188 53 150 88 2,303 572 1,731 655 182 138 44 16 26 431 216 189 40 125 85 July. 2,411 593 1,818 650 184 144 40 10 23 433 223 186 41 108 92 *As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. 2As reported by finance companies that place their paper directly with investors. Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427. 1006 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Date Total Mort- Real Policy Other assets Total U S n ta i t t e e s d St l a o t c e a a li nd Foreign2 Total Bonds Stocks gages estate loans assets End of year:* 1940 ,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 ,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 ,840 1942 ,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 ,693 1943 ,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 ,830 1944 ,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 ,704 1945 ,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 ,738 1946 ,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 ,808 1947 ,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 ; ,512 19,085 16,746 1,190 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 ,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 ,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 ,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952. ,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 1953 ,533 12,405 9,829 1,990 586 34,570 31,997 2,573 23,322 2,020 2,914 3,302 1954 ,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:5 1952—December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—December 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—June 80,981 12,294 9,343 2,363 588 35,683 33,150 2,533 24,384 2,129 3,023 3,468 July 81,510 12,222 9,189 2,456 577 35,943 33,369 2,574 24,572 2,147 3,045 3,581 August 81,965 12,197 9,171 2,471 555 36,094 33,494 2,600 24,795 2,177 3,066 3,636 September 82,362 12,094 9,086 2,485 523 36,326 33,717 2,609 25,035 2,205 3,049 3,653 October 82,850 12,013 9,024 2,509 480 36,579 33,979 2,600 25,260 2,241 3,061 3,696 November 83,338 11,992 8,936 2,575 481 36,663 34,040 2,623 25,574 2,260 3,075 3,774 December 84,052 12,037 9,021 2,533 483 36,843 34,147 2,696 25,927 2,275 3,087 3,883 1955—January 84,912 12,348 9,233 2,643 472 37,061 34,305 2,756 26,223 2,310 3,127 3,843 February 85,324 12,323 9,242 2,664 417 37,130 34,367 2,763 26,474 2,344 3,144 3,909 March 85,627 12,153 9,091 2,649 413 37,384 34,611 2,773 26,727 2,367 3,159 3,837 April 86,061 12,167 9,105 2,643 419 37,524 34,733 2,791 26,949 2,381 3,177 3,863 May 86,515 12,099 9,058 2,632 409 37,693 34,906 2,787 27,217 2,407 3,190 3,909 June 86,967 12,086 9,046 2,629 411 37,830 35,001 2,829 27,483 2,420 3,207 3,941 1 Includes United States and foreign. 2 Central government only. 3 Includes International Bank for Reconstruction and Development. 4These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 5These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—-Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of- month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U. S. Savings End of U. S. Savings year Govern- capital quarter Govern- capital Total i Mort- ment Cash Other3 Total i Mort- ment Cash Other3 gages2 obli- gages2 obligations gations 1940 5,733 4,125 71 307 940 4,322 1952—3 21,295 17,696 1,765 1,044 708 18,198 1941 6,049 4,578 107 344 775 4,682 4... . 22,585 18,336 1,791 1,306 1,072 19,143 1942 6,150 4,583 318 410 612 4,941 1943 6,604 4,584 853 465 493 5,494 1953—1 23,442 19,051 1,926 1,259 1,128 20,072 1944 7,458 4,800 1,671 413 391 6,305 2 24,724 20,099 1,997 1,333 1,218 21,140 1945 8,747 5,376 2,420 450 356 7,365 3. ... 25,582 21,116 1,982 1,196 1,212 21,735 1946 10,202 7,141 2,009 536 381 8,548 4 26,638 21,882 1,923 1,500 1,258 22,778 1947 11,687 8,856 1,740 560 416 9,753 1948 13,028 10,305 1,455 663 501 10,964 1954—1P. . . 27,667 22,722 1,928 1,613 1,330 23,901 1949 14,622 11,616 1,462 880 566 12,471 2P... 29,105 23,847 1,961 1,782 1,442 25,163 1950 16,846 13,622 1,489 951 692 13,978 3P. . . 30,168 25,053 1,972 1,671 1,400 25,895 1951 19,164 15,520 1,606 1,082 866 16,073 4P... 31,680 26,142 2,026 1,958 1,481 27,259 1952 22,585 18,336 1,791 1,306 1,072 19,143 1953. 26,638 21,882 1,923 1,500 1,258 22,778 1955—1P.. . 33 ,006 27,313 2,207 1,911 1,514 28,398 1954P 31,680 26,142 2,026 1,958 1,481 27,259 2P... 34,946 28,988 2,287 1,948 1,652 29,839 p Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. SEPTEMBER 1955 1007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year 2nd of quarter Asset or liability, and agency 1954 1955 1946 1947 1948 1949 1950 1951 1952 1953 2 3 1 • Loans, by purpose and agency: To aid agriculture, total 2,884 ?00 1 61? 4 16? 1884 4, 161 5 070 6,811 6 389 6 527 6 929 7 466 Banks for cooperatives 232 976 305 309 345 475 474 377 309 343 367 340 Federal intermediate credit banks 273 336 496 437 510 633 673 590 774 754 638 725 986 Federal Farm Mortgage Corporation 149 100 80 60 45 34 75 18 16 15 13 12 Farmers Home Administration3 590 558 525 523 535 ,5,30 506 648 754 754 701 774 Rural Electrification Administration 528 734 999 1 301 1 543 1 ,747 1 070 2 096 2 164 2 200 2 226 2 253 Commodity Credit Corporation. 120 980 1 903 1 729 808 787 1 476 3 076 2 368 2 457 2 981 3 357 Other agencies 6 7 5 9 7 6 6 5 4 4 4 4 To aid home owners, total 659 556 768 1251 1 5?8 P.,14?, 2 603 2 930 2 814 2 818 2 907 3 013 Federal National Mortgage Assn. 6 4 199 828 1 1 ,850 2 74? 2 462 2 301 2 392 2 461 2 538 636 486 369 231 10 V O R e e th t c e e o r r n a s a n t g s r e u A n c c t d i i o e m s n ^ i n F i i s n tr a a n t c io e n C .. orp . o . ration 4 5 10 6 6 61 5 17 2 7 2 1 2 6 4 8 13 3 7 5 1 1 2 6 3 9 2 1 4 1 6 5 3 1 0 6 0 0 0 8 3 1 4 0 6 8 4 2 36 5 7 9 38 6 3 3 40 6 8 7 To railroads, total 147 101 8? 70 12 12 12 11 Reconstruction Finance Corporation 5 117513 145 114308 111142 110180 99 80 11 10 Other agencies 18 3 3 3 2 2 2 2 2 12 12 11 To other industry, total 192 110 462 458 488 516 509 415 413 420 426 151 241 272 423 400 415 457 294 191 Department of the Treasury . . 174 179 349 353 353 Other agencies 41 31 38 38 58 74 58 40 45 64 67 73 To financing institutions, total 314 447 5?5 445 8?4 814 864 952 678 691 870 704 14 7 6 g g g 7) 7) (7) Federal home loan banks 293 436 515 433 816 806 864 952 675 689 868 702 Other agencies 7 4 4 4 3 2 2 2 Foreign, total 2,284 5 671 6 10? 6 000 6 078 6 110 7 736 8 043 7 965 7 968 8 001 7 968 Export-Import Bank. . . . ; 1,249 1 078 9 145 9 187 9 996 7 706 ? 406 2 833 2 762 2 788 2 806 2 768 U. S. Treasury Department8 . 2 8 3 0 5 0 3 2 4 4 5 6 0 3 2 7 0 5 6 0 3 •1 75 5 0 4 3 1 7 0 5 1 0 3 7 6 5 4 0 3 66 5 7 8 3 62 5 0 2 3 61 4 8 2 3 618 3 570 3 570 Foreign Operations Administration 91 515 1 537 1 544 1 563 1 624 1 630 All other purposes, total 623 714 584 484 511 770 1005 763 471 451 438 451 239 334O 190 88 59 61 50 57 39 Public Housing Administration * °. . 278 978 ?Q4 297 ,366 600 010 535 245 144 113 119 Other agencies 113 96 100 99 105 109 126 171 195 307 325 332 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 69212 73313 22814,42217 82619 88318 48918 603 19 348 19782 Investments: U. S. Government securities, total 1,873 f 685 854 9 047 075 2 602 2 911 2 988 2 967 3 187 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 50 58 61 60 Production credit corporations 70 79 66 39 49 43 43 45 42 42 42 42 Federal land banks2 136 Federal home loan banks 145 139 274 275 199 940 311 387 672 687 641 771 Federal Savings and Loan Insurance Corp 172 184 199 214 103 700 708 217 228 222 228 234 17 12 12 g Federal Housing Administration 122 132 144 188 944 785 316 319 257 324 327 344 Reconstruction Finance Corporation ^ 48 1 Federal Deposit Insurance Corporation 1,045 1 020 1,064 1 205 1 307 1 353 1,437 1,526 1,609 1,610 1,624 1,692 Other agencies 28 29 9 1 1 1 1 1 1 1 1 2 Investment in international institutions 318 3 385 3,385 3 385 3 385 3 385 3,385 3 385 3 385 3 385 3 385 3,385 Other securities, total 230 154 133 107 88 78 44 40 54 48 47 44 159 108 98 83 71 66 36 35 50 O P D r t e o h p d e a r u r c t a m t g i e o e n n n c t c ie r o s e f d t i h t e c o T r r p e o a r s a u t r i y ons . . . ... 4 2 6 4 3 1 5 1 29 6 22 2 16 1 11 1 8 I. 1 c 4 1 43 4 42 3 2 38 3 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 6,38 1 174 078 7,086 2,80? 3,059 3,302 2,983 Reconstruction Finance Cornoration ^ 667 235 157 142 108 129 172 156 91 Department of the Treasury 95 80 65 Other agencies 134 138 32 30 28 159 131 {• 272 476 556 470 564 Land, structures, and equipment, total 16,924 12,600 3,060 2,962 2,945 3,358 3,213 8,062 8,077 8,061 8,046 7,982 Public Housing Administration10 227 204 1,448 1 352 1 948 1 1 17,3 1 018 873 128 96 80 2 861 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 U. S JVIaritime Commission2 3 301 3 305 7 764 6 507 Federal Maritime Board and Maritime Adm.2 4 834 4 870 4,78? 4,798 4,749 Other agencies. * ° 2,044 1,703 180 168 906 465 590 561 634 121,466 1,412 1,372 Bonds, notes, and debentures payable (not guaranteed), total 1,252 689 77? 1.190 1 1.330 1,18? 971 1,072 1,068 1,561 Banks for cooperatives . . . '33 69 70 78 110 J170 181 150 170 '131 156 139 Federal intermediate credit banks 293 358 480 400 570 674 704 619 736 76? 640 713 Federal land banks2 756 Federal home loan banks 169 969 415 704 560 5?5 44,5 414 115 179 272 139 570 For footnotes see following page. 1008 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Co»** PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items1 Liabilities, other than interagency items Date, and corporation or agency Total Cash L c a o r e b e a i l - v n e - s m m C p s r t a i i l u o o a n i a e p e m t d l s 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 s O 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 - s er a t G B u n a b o u r t n e y e n a d e s r d d - s p d , e a n O b y o e a t t h n b e e - l s r e , 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 t S r - - t - . o v in P w a e t r t s n e i e t - r e l - y d U.S. All agencies: 1948—Dec. 31 21,718 630 11,692 627 1,854 3,518 3,060 337 38 965 1,663 18,886 166 1949—Dec. 31 23,733 441 12 733 1,549 2,047 3,492 2 962 509 28 772 1,720 21,030 183 1950—Dec. 31 . .. 24,635 642 13,228 1,774 2,075 3,473 2,945 499 23 1,190 1,193 21,995 234 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,161 23,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3 213 832 53 1 330 1,728 26,456 378 1953—Dec. 312 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 1,182 3,818 33,429 434 1954—June 30 39,602 1,232 18,489 3,369 2,911 3,439 8,077 2,085 81 971 4,033 34,030 486 Sfept 30 40,443 1,324 18,603 3,709 2,988 3,433 8,061 2,325 28 1,072 2,357 36,488 498 Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8 046 2,387 33 1,068 4,183 35,610 508 1955—Mar. 31 41,996 1,375 19,782 3,612 3,187 3,429 7 982 2,629 31 1,561 4,013 35,848 543 Classification by agency, Mar. 31, 1955 Farm Credit Administration: Banks for cooperatives 411 27 336 43 (7) 5 139 1 242 28 Federal intermediate credit banks 819 26 725 60 7 713 8 98 Production credit corporations 46 42 3 (7) (7) 45 Federal Farm Mortgage Corp " 15 12 (7) (7) (7) 14 Department of Agriculture: Rural Electrification Administration 2,393 35 2,250 1 108 1 2,392 Commodity Credit Corporation .. 6,992 23 3,265 2,983 151 571 2,294 4,698 Farmers Home Administration 770 75 667 1 (7) 27 13 757 Federal Crop Insurance Corp. 20 18 1 4 15 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,513 33 702 771 2 (7) 6 139 862 -3 515 Federal Savings and Loan Insurance Corp.. 242 1 (7) 234 8 10 232 Public Housing Administration10 332 22 118 (7) 80 112 24 308 Federal Housing Administration 565 33 50 344 1 137 31 175 360 Federal National Mortgage Association . 2,650 92 2,540 (7) 18 570 27 2,052 Office of the Administrator 921 88 198 596 39 8 914 Small Business Administration 31 1 29 (7) (7) (7) 31 (7) Export-Import Bank 2,809 2 2,789 (7) 1 (7) 17 112 2,697 Federal Deposit Insurance Corp 1,709 3 (7) (7) Y,692 (7) 15 142 1,567 Tennessee Valley Authority 1,996 176 28 1,781 11 47 1,949 Federal Maritime Board and Maritime Adm. 5,380 255 45 (7) 4,749 331 184 5,197 Panama Canal Company 469 31 13 421 4 12 457 Veterans Administration 576 134 409 3 3 28 7 569 Department of the Treasury 8,794 175 3,935 65 3,423 137 1,059 28 8,766 Foreign Operations Administration. 1,647 7 1,630 10 6 1,641 All other 899 117 127 475 63 117 48 851 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 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. 7Less than $500,000. 8Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury compilation. ^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. I ° 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. II 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 10. 12See footnote 10. 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. SEPTEMBER 1955 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS i Bond prices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securitieis and Exchange Commission series ume (index, 1935-39—100) (index, 1939—100) of Yea o r r , w m e o ek nth, r O i s e e l s d - 2 . N r s ie e e w s - 3 g n ( r M i h a c i d i u g p e - h a ) - 4 l g ( r C r h p a a o o i d t g r - e e h - ) - 4 fe P rr r e e- d5 T ta o l - d t I a u r n i l s - - - R ro a a i d l- u P i l t t u i i y c l b - - T ta o l - T t M a o l - anu D f r b 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 t i h a r a n ( o a n o i r g n f d e d u 8 - s s - ) Number of issues.. 3-7 1 15 17 14 480 420 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 93.90 101.46 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 240 1,419 1954 average 99.51 109.60 125.8 117.2 174.5 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1954—Aug 100.28 111.50 128.4 117.8 174.7 236 261 187 142 237 280 257 301 237 141 243 263 2,588 Sept 99 92110.68 127 2 117.6 175.8 239 264 182 141 240 286 260 309 236 140 247 268 1,963 Oct 99.69 110.59 126.9 117.5 178.1 244 271 187 139 244 291 267 313 240 138 249 269 2,103 Nov.. 99 27109 88 127 4 117 4 178.9 252 282 197 141 254 305 284 324 259 141 260 278 3,196 Dec 98.97 109.91 126.6 117.0 178.3 265 297 218 144 268 323 298 345 285 144 268 310 3,475 1955—jan 97.88 108.43 125.4 116.7 175.7 269 302 222 145 271 326 307 344 288 145 270 314 3,555 Feb. 96.97 103.51 125.0 115.7 175.0 278 312 232 150 281 340 320 358 300 150 276 315 3,201 Mar 97 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 53103 66 125 1 114 7 175 6 285 320 251 152 289 350 324 372 326 154 280 303 2,163 June 96.37 103.75 123.9 114.5 175.8 301 341 259 153 303 370 344 393 337 154 294 314 '2,643 July 94.96 102.73 121.4 114.3 176.7 315 360 256 156 319 395 366 421 334 157 304 317 2,423 Aug 94.51 101.57 120.5 113.2 174.3 311 354 250 156 315 390 368 410 324 156 302 311 1,818 Week ending: Aug. 6.... 94.10 101.40 120.7 113.8 176.3 314 357 253 158 316 390 369 409 324 158 301 312 2,109 Aug. 13 94.69 101.68 120.7 113.3 175.4 306 348 244 156 314 389 364 411 321 156 302 311 1,735 Aug. 20... . 94.77 101.66 120.7 113.2 174.6 307 350 248 156 312 385 363 405 322 156 301 308 1,455 Aug. 27 94.57 101.56 120.2 113.0 173.2 312 356 254 155 319 396 375 415 327 155 306 314 1,959 Sept. 3 94.46 101.61 120.2 113.0 171.9 316 360 253 155 323 402 380 422 327 156 309 314 1,812 "Corrected. 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 2)4 per cent bonds first callable after 12 years. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The $yi per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1955. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 6Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit Excluding U. S. Government securities Bank loans End of month or Net debit to others Money Money last Wednesday Net debit Bank loans to balances for borrowed borrowed Customers* of month balances others for pur- secured purchasing except on on net free excluding chasing or carry- by U. S. or carrying U.S. U. S. credit Total balances ing securities Government U.S. Government Government balances1 secured by U. S. except U. S. obligations1 Government obligations1 obligations1 Government Government obligations2 obligations1 obligations2 1951—December 1,826 1,253 573 40 118 659 36 822 1952—December 1,980 1,332 648 33 149 877 30 727 1953—December 2,445 L.665 780 31 88 1,074 88 713 1954—July 2,734 1,893 841 33 34 1,099 70 877 August 2,830 L.967 863 31 34 1,125 69 910 September 2,953 2,048 905 34 36 1,225 66 924 October 3,050 2,095 955 36 38 1,295 69 924 November 3,203 2,202 1,001 40 31 1,353 63 972 December 3,436 2,388 1,048 41 65 1,529 69 1,019 1955—January 3,537 2,517 1,020 42 35 1,620 77 1,069 February 3,643 2,590 1,053 63 39 1,666 113 1,063 March 3,732 2,652 1,080 49 33 1,861 78 1,022 April 3,785 2,704 1,081 48 27 1,988 74 973 May 3,787 2,684 1,103 47 28 2,047 72 928 June '3,871 2,711 1,160 46 31 2,020 73 K>17 July 3,911 1,734 1,177 45 29 2,003 77 918 '•Revised. iLedger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers' debit and free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges and balances of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. 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. 2Data, 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. 1010 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY MARKET RATES BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES Fi- U. S. Government [Per cent per annum] mo Y w n e e t a h e r k , , or m 4 m P p c - o a r o e i n t p m m r o t c e h i r e - 6 a s , - 1 l m 3 d p n p c p - o i l a a o a a r l t n n y p e m o c n t c c , e e y h - e 6 t r d s - - 1 a P a b d c n e a r a 9 c i r c n y m s e 0 e k ' s p s e - 1 , t- M 3 y - a ie m r l k d o e n t s t e h o c i R u n s b s r i a n u i l t t l e e i e s e w s s 9 ( i m t - s a t s o x o u n a e 1 b t s h 2 l 2 e - ) 3 is - y s t e u o a e r s 5 3 - A A re n a n u an al d a p v e e r r io ag d es: lo A a l n l s S 1 1 i - 0 ze of 1 1 lo 0 0 a 0 - n (t 1 h 2 0 o 0 0 u 0 - s. o a f n d d 2 o 0 o l 0 . v ) er 19 cities: 1948 2.5 4.4 3.5 2.8 2.2 1952 average. . . . 2.33 2.16 1.75 1.72 1.766 1.81 2.13 1949 2.7 4.6 3.7 3.0 2.4 1953 average. . . . 2.52 2.33 1.87 1.90 1.931 2.07 2.56 1950 . . .. 2.7 4.5 3.6 3.0 2.4 1954 average.... 1.58 1.41 1.35 .94 .953 .92 1.82 1951 3.1 4.7 4.0 3.4 2.9 1952 3.5 4.9 4.2 3.7 3.3 1954—Aug 1.33 1.25 1.25 .92 .892 .64 1.74 1953 3.7 5.0 4.4 3.9 3.5 Sept 1.31 1.25 1.25 1.01 1.007 .89 1.80 1954 3.6 5.0 4.3 3.9 3.4 Oct 1.31 1.25 1.25 .98 .987 1.03 1.85 Nov 1.31 1.25 1.25 .93 .948 .94 1.90 Quarterly: Dec 1.31 1.25 1.25 1.14 1.174 1.10 1.94 19 cities: 1954—Sept 3.56 4.99 4.32 3.82 3.32 1955—Jan 1.47 1.37 1.33 1.23 1.257 1.36 2.11 Dec 3.55 4.92 4.29 3.84 3.31 Feb 1.68 1.50 1.38 1.17 1.177 1.41 2.18 1955—Mar 3.54 4.93 4.29 3.83 3.30 Mar 1.69 1.50 1.38 1.28 1.335 1.49 2.30 June 3.56 4.92 4.29 3.83 3.33 Apr 1.90 1.73 1.43 1.59 1.620 1.71 2.39 New York City: May 2.00 1.88 1.50 1.45 1.491 1.72 2.40 1954—Sept 3.29 4.81 4.21 3.54 3.13 June 2.00 1.82 1.50 1.41 1.432 1.71 2.42 Dec 3.30 4.66 4.15 3.64 3.15 July 2.11 1.87 1.50 1.60 1.622 1.88 2.54 1955—Mar 3.29 4.68 4.14 3.65 3.14 Aug 2.33 2.02 1.67 1.90 1,876 2.12 2.73 June 3.30 4.73 4.18 3.62 3.15 7 Northern and East- Week ending: ern cities: Aug. 6... 2.29 1.98 1.53 1.88 1,850 2.12 2.75 1954—Sept 3.57 5.07 4.34 3.94 3.36 Aug. 13... 2.31 2.00 1.63 1.87 1,889 2.12 2.70 Dec 3.55 4.99 4.31 3.89 3.33 Aug. 20... 2.31 2.00 1.68 1.84 1,888 2.07 2.69 1955—Mar 3.55 5.02 4.32 3.84 3.35 Aug. 27... 2.35 2.00 1.75 1.90 1,875 2.11 2.72 June 3.55 4.97 4.29 3.78 3.37 Sept. 3... 2.48 2.20 1.85 2.08 2,088 2.22 2.80 11 Southern and Western cities: 3 2 x S S D e e a r r t i i a e e s s a i i r n n e c c l a l u u v d d e e e r s a s g c s e e e s r l t e i o f c i f t c e a d d t a e i n s ly o o te f p r i a e n n v d d a e i b l b i t n o ed g n n d r e a i s s t s e s u s a . e n s d . selected note and bond issues. 1 1 9 95 5 4 5 — — J D S M u e e n a p c r e t 3 3 3 3 . . . . 9 8 9 9 5 7 0 5 4 5 5 5 . . . . 0 0 9 0 0 1 8 3 4 4 4 4 . . . . 3 3 3 3 4 5 6 9 4 3 3 3 . . . . 9 0 9 9 2 1 3 1 3 3 3 3 . . . . 6 5 6 6 7 4 8 0 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, October 1947, pp. 1251- 1253, and February 1955, p. 215. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS 1 [Per cent per annum] Bonds Industrial stocks State and local government Corporate 6 U. S. Govt. Earn- Ye o ar r , w m e o ek nth, (long-term) General obligations4 By r a s t e in le g c s ted gr B ou y ps D pr i i v c i e d e ra n t d io s/ i p r n a r g t ic i s o e / Rev- Old New Total A B a y r a a s t e in le g c B s t a e a d b e o n n u d e s5 Total Aoo •p „ In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c fe P rr r e e d - 7 m Co o m ns - m Co o m n9 - Number of issues.. 3-7 1 20 5 5 10 120 30 30 40 40 40 14 125 125 1952 average...... 2.68 2.22 1.80 2.70 2.45 3.19 2.96 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 "3". 16* 2.82 2.31 3.41 3.02 3.43 3.20 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1954 average 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 1954—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 4.43 November.. 2.55 2.68 2.34 1.95 2.96 2.76 3.13 2.89 3.45 3.06 3.22 3.10 3 92 4.29 December. . 2.57 2.68 2.40 2.01 2.99 2.76 3.13 2.90 3.45 3.07 3.23 3.10 3.93 4.09 8.15 1955—January.... 2.65 2.76 2.48 2.09 3.04 2.77 3.15 2.93 3.45 3.08 3.25 3.12 3 98 4 10 February... 2.72 2.92 2.49 2.10 3.05 2.79 3.18 2.99 3.47 3.12 3.28 3.15 4.00 4.14 March 2.71 2.92 2.49 2.09 3.07 2.80 3.20 3.02 3.48 3.14 3.31 3.17 4.01 4.18 8.25 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 3.17 2.86 3.24 3.06 3.52 3.18 3 32 3 22 3 96 3 63 August. . . . 2.91 3.02 2.69 2.33 3.22 2.92 3.29 3.11 3.56 3.25 3.36 3.26 4.01 3.76 Week ending: Aug. 6 2 94 3 03 2 67 2.29 3.21 2.90 3.27 3 09 3.55 3.22 3 34 3 23 3 96 3 81 Aug. 13.... 2.89 3.02 2.69 2.34 3.21 2.90 ,3.28 3.10 3.56 3.23 3.36 3.24 3.99 3.81 Aug. 20.... 2.89 3.01 2.70 2.34 3.22 2.93 3.29 3.12 3.57 3.26 3.36 3.26 4.01 3.89 Aug. 27.... 2.91 3.02 2.71 2.34 3.23 2.95 3.30 3.12 3.58 3.26 3.37 3.28 4.01 3.78 Sept. 3 2.91 3.02 2.71 2.34 3.23 2.95 3.31 3.13 3.58 3.27 3.38 3.29 4.07 3.74 1 Monthly and weekly yields are averages of daily figures for U. S. Government and corporate bonds. Yields of State and local government general obligations are based on Thursday figures; of revenue bonds, on Friday figures; and of preferred stocks, on Wednesday figures. Figures for common stocks are as of the end of the period, except for annual averages. 2Fully taxable, marketable 2% per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3M per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995. *Moody's Investors Service. The total includes bonds rated Aa and A, data for which are not shown separately. 5Dow-Jones and Co. GMoody's Investors Service. Because of a limited number of suitable issues, the number of bonds in some of groups has varied somewhat. The total includes bonds rated Aa and A, data for which are not shown separately. 7Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 2 public utility. 8Moody's Investors Service. 9Computed by Federal Reserve from data published by Moody's Investors Service. SEPTEMBER 1955 1011 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of monthly statements of United States Treasury] Summary Budget receipts and Excess of receipts Increase or Account of Treasurer of the United expenditures or expenditures QcCxCctbc \ ^^j States (end of period) during period Deposits in Period 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 S n o b d a a f l e l g i m e g m e G s a n a p t a o c r i t n o v k y io n d 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 s o f c- S d it p e a e p r c i o e i s a s - l () s n a t e h e s t - t s 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 1488 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 L,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 L ,127 Semiannual totals: 1952—July-Dec. 26,893 36,186 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 L.132 1953—Jan.-June. 37,703 37,801 -98 341 -71 -248 -1,320 -1, 394 4,670 132 210 3,071 1,256 July-Dec1 25,757 34,484 -8,728 -317 99 -246 9,097 -94 4,577 346 131 3,358 742 1954—Jan.-June. 38,899 33,288 5,611 648 -103 -57 -3,909 2, 190 6,766 875 274 4,836 781 July-Dec. 22,272 31,566 -9,294 164 30 23 7,490 — 1,587 5,180 563 111 3,461 1,045 1955—Jan.-June. 38,031 32,928 5,102 -775 851 234 -4,376 1,036 6,216 380 343 4,365 •1,127 Monthly: 1954—-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# m ## 4,655 4,942 —287 —179 511 -186 —311 -451 4, 728 360 320 2,907 ,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 1,91 SO 6,401 814 362 4,023 ,201 Mi ay 4,438 5,356 -919 -79 36 -384 824 —522 5,880 649 153 4,054 ,023 June .... 10,038 6,677 3,361 -269 238 104 -3,098 336 6,216 380 343 4,365 L ,127 July 2 ,765 5,382 —2,617 -261 27 237 3,210 595 6,811 624 179 4,972 L ,036 Aug n.a. n.a. n.a. n.a. n.a. n.a. 725 -1, 058 5,753 393 143 4,188 L,028 Budget expenditures National security Period Total Total2 D f m e D e n i p e l s i - t e - ., M m t p a u r i r t o l y u i - - al e A n t e o r m gy ic n a I n a f n a f a f n 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 a t i - n s - 4 - g c S p u r o s a r r c e o m i i - t - a y s l A t c u g u r r l e - i- n h H a a i o f n o n n i m - g d u c e e s- P w u o b r l k i s c o P d i f c e o f f i i s c t - t e c T t o f r r a e t u a u c o r n n s - s t t s s - C)ther tary gram Cal. yr.—1951 56,337 33,044 29,432 1,594 1,278 3,524 5,983 5,088 1 463 1,010 694 1,438 684 507 2,901 1 1 9 9 5 5 2 3 7 7 0 2 , , 6 9 8 9 2 7 4 49 7 , , 3 9 6 3 3 6 4 42 2 , , 9 0 5 7 3 8 3 3 , ,0 7 5 8 2 4 1 1 , ,8 8 8 1 9 3 2 2, , 0 5 8 7 2 4 6 6, , 3 0 5 6 7 5 4 4, , 1 4 5 3 6 3 1 1 6 5 3 0 0 8 3 If ,. 5 23 6 8 4 -1 6 5 4 9 6 1 1 , , 6 5 8 7 5 3 5 7 2 7 5 5 5 1 1 5 0 4 3 3, , 9 0 6 9 6 8 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 I,-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, L34 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 HO, 989 35,73*051, 895 1,856 61,175 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, L78 -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—'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 L44 -5 158 1 309 Oct. 4,857 3,300 2,908 187 170 73 346 341 171 70 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 7 272 Feb 4,831 3,048 2,705 163 151 148 396 364 119 269 36 89 72 3 288 Mar. 5,894 53,759 3,261 63 153 6109 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 i. •' 6,677 3,939 3,345 271 147 97 1,495 397 145 345 —33 84 32 1 175 JJuulnye. 5,382 2,863 2,547 92 138 48 592 357 159 346 28 151 85 341 412 n.a. Not available. 1 Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2. 2Includes stockpiling and, beginning with March 1955 and fiscal year 1955, direct forces support (formerly included with "International affairs and finance"), not shown separately. 3 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. 4Excludes 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. 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 State* Treasury, unless otherwise noted. In millions of dollars] Budget receipts Income and profits taxes Deduct Unem- Period W he i I t l n h d d - ivid O u t a h 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 t 1 e E ta x x ci e s s e 1 i p m t a n a l n s x o e u c n e y e r s t - - re O ce th ip er ts2 r b e T u c o d e t i g a p e l t t s A O t f p l r u d p u n - r a s d o g t p e ria R t r i m a o e i t n e l i r s r n o e t t a - o d : r R e e c f o e u f ip n t d s 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 9,566 266 2,639 71,788 3,814 683 2,451 64 840 1953 22,605 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 9,136 285 2,932 70.217 5,121 604 3,322 61,171 Fiscal yr.—1952 18,S?1 11,359 21,467 833 8,893 ?59 2,364 67,999 3,569 738 2,302 61 391 19533 21 351 11,417 21,595 891 9,934 ?77 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, ?4? 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 S^S 2 826 7,821 390 5,048 4? 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.-Tune.. 10,558 8,154 16,148 540 4,609 ?4S 1,627 44,978 2,815 282 2 982 38 899 July-Dec. 10,?30 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—July 1 ,035 252 532 77 713 4 299 3,148 217 20 85 2 827 2, 578 93 300 64 766 16 166 4,801 743 76 70 3 911 September. 1,422 1,429 1,104 72 767 1 164 5,280 274 47 8 4,951 October. .. 1,077 199 361 65 785 4 187 2,887 188 21 39 2 639 November. ?, 759 78 290 61 781 16 272 4,905 554 94 56 4 201 December 1 359 272 1,181 82 715 f4) 216 4,217 329 64 82 3 742 1955—January... 884 2,239 355 62 649 31 483 4,833 113 17 48 4 655 ? 916 881 274 67 709 167 321 5,954 255 64 208 5,427 March 1,7?1 745 6,812 151 841 ?0 191 11,089 562 46 741 9 741 April 967 2,190 478 77 717 4 171 4,941 316 19 874 3 732 ? QQ1 602 377 94 843 15 333 6,119 785 80 817 4,438 June . 1,534 1,428 6,201 64 907 ? 301 11,193 703 53 399 10 038 July 884 277 547 79 796 2 290 3,089 198 15 110 2 ,765 Trust and other accounts Internal revenue collections (on basis of Internal Revenue Service reports) Social security, Other accounts® retirement, and Period Excise and miscellaneous taxes insurance accounts Totals Total Liquor Tobacco M a a n n d u e f x r a e c c t i a s tu e il r e e r r s s ' ' Other ce R i e p - ts I m nv e e n s ts t- Ex t p u e re n s di- I m n e v n e t s s t 7 - Others Cal. yr.—1951 8,682 ?,460 1.446 2,790 1 987 759 7 906 3 155 4,507 271 786 1952 9 558 2,727 ,662 3,054 ?, 115 49 8 315 3 504 4,942 329 508 1953 9,714 ?,819 ,614 3,262 ? 0?0 82 8 123 ? 387 <i,811 153 310 1954 9,248 ? 707 ,543 3,131 1 867 3812 9 191 1 177 7,717 405 919 Fiscal yr.—1952 8,971 2,549 ,565 2,824 2,032 219 8 210 3 361 4,885 275 530 1953 9,946 2,781 ,655 3,355 2,151 3460 8 529 3 059 5,257 242 489 1954 9,517 2,783 ,580 3,127 2,027 332 8 708 1 687 6,846 367 524 1955 9,201 2,726 1,571 3,165 1,735 -612 9 096 1 222 ,100 312 -74 Setniannual totals. 1952—July-Dec... 5,027 482 845 1,573 1,127 121 4 073 1 495 2,456 106 105 1953—Jan.-June.. 4,919 299 810 l-,78<i 1,025 341 4 458 1 564 2.802 136 385 July-Dec... 4,795 521 804 1,476 995 3-317 3 655 823 3,003 37 -109 1954—Jan.-June.. 4,722 262 777 1,651 rl 031 648 5 052 864 3,843 331 633 July-Dec... 4,527 445 766 1.48C 835 164 4 143 i i 3,874 74 282 Mo 1 n 9 t 5 h 5 l — y: Jan.-June.. 4,674 281 804 1,688 900 -775 4 953 909 4,226 238 -356 1954—juiy 7 76 1 5 3 2 2 2 07 6 1 1 2 41 3 69 3 2 8 — 3 2 ? 7 8 6 — 3 1 8 3 7 5 f 2 3 0 8 0 9 — 28 9 1 8 6 6 0 4 6 8 30 7 1 3 04 2 Sept... 766 250 137 3 377 —283 414 -82 682 34 —63 Oct 786 273 134 42 337 —288 334 -148 640 6 -124 Nov.. . 778 280 124 69<: -322 358 956 111 641 56 210 Dec.. . 719 209 108 10 391 126 850 249 657 —58 124 1955—jan 654 155 131 2/ 340 — 179 227 -334 704 200 164 Feb.. . 707 181 119 67C -269 26 569 -126 697 47 75 Mar 844 246 139 99 360 -80 729 39 733 58 21 Apr. 718 209 122 378 -193 489 -358 700 -55 —395 May 844 224 143 754 -277 -79 1 298 644 705 -62 —91 J une 908 267 150 123 368 —269 1 641 1 044 686 50 — 130 July n.a. n.a. n.a. n.a. n.a. -26 I 692 252 671 -133 -164 n.a. Not available. r Revised. 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. * Less 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. SEPTEMBER 1955 1013 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 ' s t s t s : . t . t I G r L n a e o t n s r v s s a : t . - . 1 m O P ju a e t l d u h s n t - s e t - : s r 2 E p C q o d u a 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 o P 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 - * F E S l u t i x i t z n o a c a d n b h - 4 i . - c C o i a l n 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 s h n t - e t - s r 2 E d w C q r a i a u a l t w s s a h h l - - s: d p w ( r o a - o i a s l t ) r w s i h t - s - Cal. yr.—1951 52,979 8,582 2,221 n.a. 59,338 56,337 4,397 2,221 567 -26 106 n.a. 58,034 1,304 1952 64,840 8,707 2,150 n.a. 71,396 70,682 4,825 2,150 734 38 319 n.a. 72,980 -1,583 1953 63,841 8,596 1,989 n.a. 70,440 72,997 5,974 1,989 575 -82 209 n.a. 76,529 -6,090 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 *>2,009 P-61 67,769 64,494 8,616 P2.009 488 -156 -257 p —-300 69,899 -2,130 Semiannual totals: 1952—July-Dec... 26,893 4,248 1,039 n.a. 30,104 36,186 2,527 1,039 396 16 64 n.a. 37,357 -7,254 1953—Jan.-June. . 37,703 4,683 1,144 n.a. 41,241 37,801 2,642 1,144 298 -44 248 n.a. 39,203 2,038 July-Dec. 6. 25,757 3,953 849 376 29,199 34,484 3,405 849 277 -38 246 -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 Pl,170 P-241 41,790 32,928 4,798 Pl.170 157 -39 -234 V--395 35,732 6,057 Monthly: 1954—Aug 3,911 1,224 49 289 5,375 6,731 526 49 38 16 111 -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 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 P874 J>205 11,045 6,677 852 P874 51 11 -104 P\67 6,677 4,368 July 2,765 745 n.a. 2,994 5,382 887 n.a. 68 -46 -237 n.a. 5,352 -2,358 Aug n.a. n.a. na. 6,333 na. n.a. 31 n.a n.a. 7,256 -923 n.a. Not available. *> Preliminary. x 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. 4 Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3). 6 To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below. 8 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 Period ( c p c o d g - r d r u r i e r ) e e r b o a , e a d b s l s s c i e i t e s e c n t - , a C F G n e a u s t d s e e a h e e c r r d - u a is r l i s t u a ie a g a s n g N e n o c n u t o e c f e a n i e r o e - - d f s A T t a m d o r s c r f a i j u o e e c d u n t r n a t e - s s . t 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 t b 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 d a a d o . s l s n s . to p P f F u a o i o e b y r n f m d l t i . s c . 2 b b ( r i e o n o - c N p i r ) r g a n r r , a , e s o o g y h t o w o w t r f . - - m i D c s k a s o i t u n r a n e d e b v c s l . t 4 e. b p ( S i i o r n s i a n s c g v u d e s - e s ) n S i o n a t g v e s - s s P i p S s S o e s a y s u c v t s e i a . . a s l l Others 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 «4,829 e-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 «5,294 «-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 P238 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 «—2,028 «18 -1,335 —68 -20 July-Dec7.. 9,097 24 76 -71 860 283 30 7,952 6,837 -362 1,583 -94 -12 1954—Jan.-June... -3,909 6 — 109 -183 1,194 241 64 -5,694 -4,307 -19 -955 -145 —268 July-Dec. .. 7,490 -47 78 -83 387 336 112 6,600 7,378 -156 -514 -50 -58 1955—Jan.-June... -4,376 10 841 P-154 1,147 161 35 -5,021 -3,090 147 -2,654 -72 648 Monthly: 1954—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 -5C May 824 5 31 -30 582 39 (8) 209 1,778 -32 -1,476 -25 -36 -3,098 1 237 P38 1,094 51 -11 -4,031 -3,270 -48 -891 -26 20S July 3,210 -3 29 n.a. 119 69 45 2,953 3,306 -39 -259 -20 r-35 Aug 725 2 n.a. n.a. n.a. 31 •< -135 2*234 8 -453 -25 P102 n.a. Not available. ^Preliminary. ^Revised. 1 Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases. 2 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 3 Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 4Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. includes 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. 1014 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS * [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash deposits Cash withdrawals Period Total 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 p o s e o n c o t - s n E m t a a x n x i c s d i e 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 fu i d p r n u e t d c s - s t: Total g N p r s a a e ro c m t - . 'l s . 5 f I a a n i f r t - s 'l 6 e I d s n t e t e b o r t n - g e V p r r a r a e o m n t - - s s' 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 093 30,713 21,467 8,893 6,521 2,801 2,302 67,786 42,935 2,848 4,059 5,826 5,206 6,912 19539 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 815 33,363 21,817 9,679 7,197 3,178 3,419 71,974 46,422 'Wl,444 4,838 4,943 7,645 »-6,682 1955 769 32,563 18,201 9,109 7,919 3,422 3,444 69,899 1,019 4,947 4,766 9,057 '9,786 Semiannual totals: 1952—July-Dec 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. ... ,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... 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 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 W3,121 July-Dec 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 ,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—Aug ,375 2,985 302 760 1,177 220 69 7,788 3,644 110 '297 381 714 '2,641 Sept ,280 2,936 1,108 722 371 204 60 5,364 3,251 40 461 375 716 521 Oct ,617 1,040 352 768 260 237 39 5,096 3,149 67 286 374 758 462 Nov ,122 2,881 271 783 939 296 47 4,374 3,314 80 328 419 720 -488 Dec ,626 1,938 1,153 744 439 432 80 6,401 3,552 217 826 443 730 635 1955—Jan ,299 2,806 353 644 197 350 52 5,009 3,191 171 183 430 834 200 Feb....... ,306 4,096 330 703 1,019 346 189 5,481 3,100 140 424 409 768 641 Mar ,943 2,984 6,844 864 715 241 705 6,932 i°3,808 1073 470 439 792 1,351 Apr....... ,651 2,688 444 694 464 235 874 5,355 3,084 72 314 434 794 657 May ,547 3,743 394 802 1,215 221 829 6,278 3,253 184 481 432 783 1,144 June ,045 3,346 6,102 922 819 275 420 6,677 3,927 108 707 436 775 723 July ,994 1,097 616 812 280 313 125 5,352 2,758 3 157 379 769 1,287 Aug ,333 3,341 343 899 1,405 466 121 7,256 n.a. n.a. 448 456 n.a. n.a. n.a. Not available. rRevised. 1 Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals ot the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. 2 Includes estate and gift taxes. 3 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. Represents mostly nontax receipts. 5Includes net redemptions of armed forces leave bonds. 6Includes special International Bank and Monetary Fund notes. 7Includes payments from veterans life insurance funds. 8Includes benefit payments for old-age and unemployment insurance and Government employees and railroad retirement funds. 9 Beginning new reporting basis, described in Treasury Bulletin for April 1954, p. A2. 10 Monthly figures do not add to fiscal year because figures for unclassified items are not available for August-June. UNITED STATES SAVINGS BONDS—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] All series Series A-E and H Series F, G, J and K Calendar year Redemptions1 Out- Redemptionsl 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 ma B t e u f r o i 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 C2,804 38,233 1,284 2.428 "851 19.439 1954—Aug . 546 513 235 58,078 415 339 255 37,714 131 174 -20 20,364 Sept. 464 508 352 58,088 367 323 257 37,808 97 185 95 20,280 Oct 456 468 308 58,126 369 293 224 37,930 87 175 84 20,196 Nov 466 454 226 58,186 384 294 196 38,069 82, 160 30 20,118 Dec 557 566 306 57,672 445 348 232 38,233 112 218 74 19,439 1955—Jan 742 691 368 57,967 573 337 190 38,515 169 354 178 19,451 Feb 602 433 -134 58,225 465 257 63 38,721 137 176 -197 19,504 Mar 614 520 161 58,366 518 336 176 38,914 95 184 -15 19,452 Apr 535 623 332 58,326 448 330 229 39,063 87 293 103 19,263 May 488 520 255 58,346 419 343 236 39,181 69 177 19 19,166 June 496 544 263 58,365 428 373 230 39,285 68 171 33 19,080 July 494 532 324 58,407 439 353 242 39,432 55 180 82 18,975 Aug 487 480 256 58,450 439 344 223 39,553 48 136 33 18,897 ^Preliminary. cCorrected. iA 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. 3Changes from figures published in BULLETIN for July (p. 791) reflect 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. SEPTEMBER 1955 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues' Marketable Nonmarketable E m n o d n t o h f d T g e r o b o t t s a * s l d d T g i e r o r o b e t s a t c s a l t Total Tota 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 ig e n 4 i B k - on s d t B s r r a i e c n - t k ed b v C i o e b o n r l n e d t- - s Total* b S i o n a n g v d s - s n s i T a o n a n a t g 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—Aug 274,982 274,955 230,214 154,020 19,508 18,277 31,967 75,596 8,671 11,853 64,341 58,078 4,929 42,479 Sept 274,838 274,810 230,033 153,963 19,510 18,184 32,001 75,597 8,671 11,820 64,250 58,088 4,829 42,407 Oct 278,786 278,752 234,161 158,148 19,509 18,184 36,188 75,597 8,669 11,787 64,226 58,126 4,766 42,238 Nov....... 278,888 278,853 234,160 158,152 19,507 18,184 36,196 75,596 8,668 11,780 64,228 58,186 4,704 42,351 Dec 278,784 278,750 233,165 157,832 19,506 28,458 28,033 76,129 5,706 11,767 63,565 57,672 4,548 42,566 1955—Jan 278,463 278,439 233,427 157,834 19,507 28,462 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 Aug 278,352 278,309 231,472 158,860 20,311 9,047 47,608 81,894 11,637 60,975 58,450 1,202 44,238 includes some debt not subject to statutory debt limitation (such debt amounted to 481 million dollars on Aug. 31, 1955) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,300 million dollars on July 31, 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 U. S. Government End of month (i gd n re c ob l s u ts d- a tr g u e s n t c i f e u s n a d n s d 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public Banks banks* banks com- rations govern- Savings Other invesse ti c e u s r ) i- issues issues panies ments bonds securities tors3 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,600 8,900 1949—Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,800 8,100 49,300 17,000 9,400 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,400 8,700 49,900 17,600 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 19,700 8,800 49,600 16,700 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 20,000 9,400 49,100 16,400 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,500 20,700 9,600 49,100 15,500 10,600 1952—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 18,900 10,400 49,000 15,600 11,600 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,100 19,900 11,100 49,200 16,000 11,700 1953—June 266,123 40,538 7,022 218,563 24,746 58,800 9,500 16,000 18,400 12,000 49,300 17,100 12,800 Dec 275,244 41,197 7,116 226,931 25,916 63,700 9,200 15,800 21,000 12,900 49,400 15,800 13,200 1954—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 Feb 278,209 42,047 »7,202 228,960 23,605 66,900 8,800 15,200 21,200 15,300 50,100 13,900 13,900 Mar 274,080 42,097 7,257 r224,726 23,613 64,200 8,800 15,000 19,000 15,500 50,200 14,300 14,200 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 June..... 274,418 43,250 7,290 223,878 23,607 63,400 8,700 14,800 18,500 16,000 50,200 14,300 14,400 ^Revised. 1 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. 1016 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 August 31, 1955 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury Bills1 Certificates Treasury Treasury bonds—Cont. Dec. 15, 1955 IH 5,359 Mar. 15, 1,449 Dec. 15, 1963-68. ..2) 2,826 Sept. 1, 1955 1,501 Mar. 22, 19562 1% 2,202 Sept. 15, 982 June 15, 1964-69.. 3,753 Sept. 8, 1955 1,500 June 22, 19562 2 1,486 Sept. 15, 3,821 Dec. 15, 1964-69. 3,829 Sept. 15, 1955 1,503 Mar. 15, 927 Mar. 15, 1965-70. 4,717 Sept. 22, 1955 1,503 Treasury notes June 15, 4,245 Mar. 15, 1966-71. 2,960 Sept. 29, 1955 1,500 Dec. 15, 1955 \%A 6,854 June 15, 919 June 15, 1967-72. 1,881 Mar. 15, 1956 \% 8,472 Dec. 15, 2,368 Sept. 15, 1967-72. 2,716 Oct. 6,1955 1,600 Apr. 1, 1956 IMJ 1,007 June 15, 5,276 Dec. 15, 1967-72. 3,809 Oct. 13, 1955 1,600 Aug. 15, 1956 2 12,547 Dec. 15, 3,464 June IS 1978-83.. 1,606 Oct. 20, 1955 1,600 Oct. 1,1956 13^ 550 Nov. 15, 3,806 Feb. 15, 1995 .3 2,717 Oct. 27, 1955 1,601 Mar. 15, 1957 2% 2,997 Dec. 15, 1,485 Apr. 1,1957 1}4 531 Sept. 15, 2,239 Panama Canal Loan. .3 50 Nov. 3, 1955 1,601 May 15, 1957 1% 4,155 Nov. 15, 11,177 Nov. 10, 1955 1,601 Aug. 15, 1957 2 3,792 Aug. 15, 6,755 Nov. 17, 1955 1,601 Oct. 1,19571H 824 June 15, 2,116 Convertible bonds Nov. 25, 1955 1,600 Apr. 1,1958 383 Investment Series B Oct. 1 , 1 9 5 8% 121 Apr. 1, 1975-80... 2% 11,637 Feb. 15, 1959 1% 5,102 Apr. 1, 1 9 5 9*4 1J9 Oct. 1,1959 99 Apr. 1, 1960 55 iSold on discount basis. See table on Money Market Rates, p. 1011. 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 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 u v 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 r c 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 v d - k l e - s b C m a c o i n e a m r k l - s - b t i s a n u a n g a v k s i - s c In om su p ra an 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 24,697 55,8288,740 9,514 4,711 50,979 Series B): 1953—June— . 159,675 6,899 24,746 51,3658,816 9,347 4,808 53,694 1952—Dec 12,500 3,438 185 1,352 3,179 360 3,987 Dec 6,989 25,916 55,9338,524 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 25,037 56, 1"9"9 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 24,932 61,082 8,113 8,371 4,958 55,226 1954—June 11,861 3,439 165 1,265 2,876 317 3,800 1955—May 170,091 7,095 23,662 56,857 8,118 8,409 4,843 61,107 Dec 11,767 3,439 163 1,239 2,865 305 3,756 Treasury J b u i n ll e s: 1.66, 7,162 23,607 55,667 8,069 8,339 4,779 59,260 1955— J M un a e y 1 1 1 1 ,6 /" 87 3 3, , 4 4 3 3 9 9 1 1 6 6 4 3 1 1, , 2 2 2 2 2 3 2 2 , , 8 8 5 5 4 8 2 2 9 9 1 1 3 3 , , 7 7 1 0 3 6 1952—Dec 21,713 86 1,341 7,047 137 464 119 12,518Marketable secur- 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 rities, maturing: Dec 19,511 102 2,993 4,368 126 410 109 11,402Within 1 year: 1954—June 19,515 46 2,316 4,187 98 520 101 12,248 1952—Dec 56,953 133 14,749 16,996 263 532 733 23,547 Dec...... 19,507 51 2,204 4,399 71 537 125 12,115 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 1955- J M u a n y e . . . . . . : .. 1 1 9 9 , , 5 5 1 1 1 4 3 4 2 0 9 8 4 8 1 6 2 2 , , 6 7 8 2 2 1 8 9 4 4 5 5 3 6 7 0 1 9 1 3 3 1 15 5 , , 1 0 5 8 3 9 1954— D D Ju e e n c c e 6 7 6 2 0 3 , , , 1 8 2 2 3 2 3 5 7 1 1 7 0 7 0 7 5 1 1 6 9 , , 9 2 4 7 8 1 2 0 7 1 1 2 5 7 5 , , , 7 6 0 3 8 6 8 4 2 4 2 1 7 9 5 5 4 9 4 5 5 6 4 3 8 6 7 1, 5 0 6 6 9 5 8 1 2 2 2 2 6 4 9 , , , 3 0 5 0 2 6 1 3 8 Ce 1 rt 9 i 5 fi 2 c — at • e D J s u e : n c e 1 1 5 6 , , 8 7 5 1 4 2 2 3 7 0 4 5 , , 9 0 9 6 6 1 4 4 , , 3 7 5 9 1 1 3 8 7 7 2 5 7 6 3 3 1 1 0 7 6 6, , 0 4 5 2 2 4 1955-M Ju a n y e 5 4 2 9, , 7 9 0 1 3 0 7 6 4 4 1 1 7 7 , ,460 7 7, , 1 9 8 9 7 3 1 1 6 7 4 0 6 55 1 4 6 2 3 5 0 6 5 2 2 4 6 , , 0 3 6 0 2 1 26,386 63 5,967 9,215 184 37 445 10,4751-5 years: 18,405 41 6,600 4,942 101 7 202 6,511 1952—Dec 37,713 31 7,146 22,381 259 48 910 6,938 une 28,458 4 13,882 4,835 57 4 179 9,496 1953—June 32,330 152 6,452 18,344 464 109 914 5,895 1955— J D M u e n a c e y 1 13 7 , , 8 0 3 4 6 6 8 8 8 8 , , 2 2 7 7 4 4 2 1 , ,4 1 5 1 5 1 4 5 9 3 4 4 4 9 7 7 0 3 6 , , 9 4 7 6 3 4 1954— D D Ju e e n c c e 2 2 2 9 7 9 , , , 9 6 3 6 0 6 5 6 7 2 1 1 0 9 3 5 2 7 3 6 6 , , , 1 0 3 5 8 0 5 7 7 1 1 1 6 8 4 , , , 0 8 6 5 4 2 6 6 4 4 4 5 3 7 0 1 6 2 1 1 1 2 5 5 3 5 8 1, 9 8 0 8 2 9 0 0 2 5 5 5 , , , 4 8 3 3 5 0 0 5 8 Tre 1 a 9 s 5 u 2 r — y D n e o c tes: 3 3 0 0 , , 2 4 6 2 6 5 2 1 3 6 1 1 3 3 , , 7 7 7 7 4 4 1 1 0 0 , , 9 3 5 5 5 5 4 6 9 2 8 5 4 5 8 2 6 9 4 5 , , 9 6 7 7 8 8 1955— J M un ay e 3 3 8 8 , ,1 1 8 7 8 7 1 19 8 9 8 3, , 7 7 7 7 3 3 2 22 2 11 , 7, 0 17 7 21 1 2 5 53 3 3 7 1 15 4 2 2 1 1 , ,1 1 8 8 9 7 1 10 0 , , 6 2 3 7 3 7 1953—June 31,406 8 13,28911,510 130 52 605 5,814 5-10 years: 1 1 9 9 5 5 5 4 — — J D D M J u u e e n a n c c e y e 3 2 4 4 1 8 0 0 , , , , 0 7 9 7 3 2 1 6 3 9 8 0 1 1 4 6 1 1 6 4 9 4 1 1 1 6 3 1 1 , , , , 0 0 6 6 2 4 4 4 9 6 6 4 1 1 1 1 3 5 5 1 , , , , 6 8 3 4 4 2 8 2 9 5 5 3 2 2 2 2 8 2 4 9 9 1 2 1 9 5 6 7 9 8 7 1 5 6 7 7 9 7 2 1 2 5 6 8 1 1 7 6 2 2 , , , , 3 5 5 0 1 0 3 5 0 2 1 8 1 1 1 9 9 9 5 5 5 2 3 4 — — -J D D D J u u e e e n n c c c e e 2 2 3 3 1 2 0 0 3 8 , , , , , 8 2 5 6 6 9 3 4 7 7 2 4 2 7 7 4 5 4 4 4 2 4 1 9 7 2 6 8 4 7 1, , , , , 0 0 3 3 0 3 3 1 8 7 1 7 5 4 7 4 4 4 12 1 1 8 81 1 0 , , ,, , , 7 7 1 0 0 4 7 0 5 5 1 2 1 8 1 , , , , , 7 3 5 3 3 7 9 8 4 1 5 5 9 4 5 8 7 7 5 43 8 4 2 1 9 5 5 5 6 1 1 1 1 1 , , , , , 1 3 1 6 6 0 4 9 6 5 4 8 8 4 5 4 5 5 6 7 , , , , , 8 2 8 7 4 1 6 1 3 3 1 5 1 9 5 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 44, , 5 5 52 2 22 2 2 3 33 2 22 , 0, 8 06 4 66 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— J M un ay e 3 3 3 3 , , 6 6 8 8 7 7 4 5 9 0 2 8 , ,0 0 1 1 4 4 2 2 2 1 1 1 , , 1 1 1 1 0 1 1 0 , , 4 4 1 0 3 5 3 3 8 9 8 3 , , 6 6 5 3 0 9 7 7 , , 6 6 2 2 3 6 Dec 77,327 3,377 3,66730,671 6,820 5,686 3,418 23,688After 10 years: 1954—June 80,474 3,395 3,093 35,4816,669 5,164 3,641 23,032 1952—Dec 31,081 2,464 1,415 5,207 5,091 4,870 ,361 10,673 Dec 81,835 3,378 2,80238,037 6,499 4,898 3,673 22,548 1953—June 31,739 2,723 1,415 4,488 5,167 4,969 ,356 11,621 1955— J M un ay e. 8 8 1 1 , , 1 1 2 3 8 0 3 3 , , 5 5 5 0 6 2 2 2 , , 8 8 0 0 2 2 3 3 6 5 , , 0 9 7 4 7 26 6 , , 4 4 2 61 2 4 4 , , 8 8 7 8 3 8 3 3 , , 6 6 1 0 6 6 2 2 3 3 , , 9 7 2 8 7 4 1954— D D Ju e e n c c e 3 3 3 1 1 1 , , , 7 7 7 1 3 2 9 6 5 2 2 2 , , , 7 7 7 9 4 6 6 0 5 1 1 1 , , , 4 4 4 1 1 1 5 5 5 4 4 5 , , , 5 2 9 9 3 8 5 5 4 4 5 4 , , , 6 9 0 6 3 3 8 0 9 4 4 4, , , 3 5 8 6 8 6 4 2 8 , , , 3 3 3 3 3 6 9 9 9 1 1 1 1 1 1 , , , 7 7 8 1 3 7 6 4 4 1955—May 33,630 2,913 1,415 5,529 4,775 4,398 ,408 13,193 June 33,628 2,944 1,415 5,494 4,746 4,390 13,233 •Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve banks. Figures in column headed "other" are residuals. 1 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. SEPTEMBER 1955 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES] [Estimates,in millions of dollars Gross proceeds, all issuers Propo a s ll e d c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total State Bonds Mis- t R ir e e - - m tir e e n - t G m U o e v . n e S r t . n 3 - ag F e e e r n a d c l - y4 n m a p i n c a u d l i - - Others Total Total o P f l f i u c er l b y e - d p v P l a a r t c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N o e n w ey7 p l p a c o o u e n u s l r e e s - - - s m d b e e t a o e c b n f n . t k s t , s ri e o t c i f e u s - 1939 . 5,687 ? 33? 13 1,128 50 2,164 1,979 1,276 703 98 87 4?0 325 26 69 1 695 1940 6,564 2 517 109 1,238 24 2,677 2,386 1,628 758 183 108 76? 569 19 174 1,854 1941 15,157 11 ,466 38 956 30 2,667 2,389 1,578 811 167 110 1,f>40 868 28 144 1,583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 f>47 474 35 138 396 1943.. 44,518 4?, 815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 5?,4?4 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945 54,712 47 353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1946 18,685 10 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 R80 3,279 231 379 2,868 1947 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 s,m 4,591 168 356 1,352 1943 20,250 10 327 2,690 156 7,078 5,973 2,963 3,010 492 614 f>51 s929 234 488 307 1949 21,110 11 804 216 2,907 132 6,052 4,890 2,434 2,455 424 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4, t)90 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 .36.3 486 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 13 957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8 495 7,960 535 260 1954 29,765 1?, 53? 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,400 6,780 709 1,875 1954—Juiy 2,167 508 123 280 3 1,253 1,085 714 371 76 92 828 81 329 AUK 1,279 546 300 8 424 352 166 186 45 27 335 304 31 82 Sept, 2,125 464 652 2 1,008 886 581 305 60 62 747 705 42 247 Oct.... 6,544 4,611 184 615 3 1,130 813 470 343 52 265 1,D03 856 146 109 Nov 1,350 466 459 4 422 321 116 205 37 64 244 46 123 Dec... 2,552 557 906 71 1,019 854 288 566 62 103 f>04 515 89 400 1955—Jan.... 2,706 74? 716 541 35 672 484 252 232 53 135 546 465 81 114 Feb. 1,431 60? 328 1 501 364 156 208 25 113 436 362 74 56 Mar 2.583 614 540 9 1,420 871 524 346 37 512 1,261 1,190 71 135 Apr 1,654 535 429 15 675 475 297 178 54 146 104 444 50 165 May 4,399 3,020 30 350 2 998 694 465 229 95 209 903 791 112 74 June rl 915 496 r651 4 796 533 190 344 57 206 607 635 62 81 July.... 2,410 1,265 456 4 685 540 136 405 52 92 531 466 64 142 Proposed uses of net proceeds, by major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month T c p n e o r e e o t d t a - s l N c it a a e p l w * - R m e e t n ir ts e 1 - 0 T c p n e o r e e t o d t a - s l N c it a a e p l w * - R m e e t n ir ts e 1 - 0 T c p n e o r e e o t d t a - s l N c it a a e p l w * - R m e e t n ir ts e 1 - 0 T c p e n o r e e o t d t a - s l 1 ( * ; t a a e p l w * - R m e e t n ir ts e 1 - 0 T c p n e o r e e o t d t a - s l N ita e l w * R m e e t n ir ts e 1 - 0 T c p n e o r e e t o d t a - s l N c it a a e p l w * - R m e e t n ir ts e 1 - * 1949 1,391 1347 44 338 310 28 795 784 11 ?,276 2,043 ?33 567 517 49 593 558 35 1950 1,175 1026 149 538 474 63 806 609 196 <>,608 1,927 682 395 314 81 739 639 100 1951 3,066 ?,846 221 518 462 56 490 437 53 ,412 ?,,326 85 605 600 5 515 449 66 1952 ... 3,973 3,712 261 536 512 24 983 758 225 2,626 2,539 88 753 747 6 508 448 60 2,218 2 128 90 542 502 40 589 553 36 ,972 2,905 67 874 871 3 1,561 1,536 24 1954 . . 2,234 2,044 190 923 831 93 771 501 270 3,665 2,675 990 711 651 60 1,061 788 273 1954—July 525 520 5 100 68 32 91 60 31 321 188 132 2 2 199 71 128 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 74 329 326 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— A F M J e a p a n b r r i u r c l a u h r a y ry... 6 1 1 3 8 6 8 2 4 7 6 5 1 1 4 4 6 6 7 1 8 3 2 2 8 1 6 3 5 6 1 3 5 9 0 8 6 0 0 3 4 9 8 7 4 5 8 1 5 3 1 2 1 3 8 0 6 8 0 7 3 3 1 8 7 6 8 4 8 3 9 2 2 2 1 1 3 2 0 4 9 4 8 1 1 1 1 7 9 0 9 8 8 1 6 4 2 3 1 7 6 8 4 2 1 7 4 7 8 2 2 1 6 1 6 2 1 6 2 6 8 3 1 1 9 8 1 4 7 1 4 8 3 1 1 6 9 0 4 8 7 8 5 1 2 6 3 " May 424 376 48 46 42 4 55 55 247 *>30 17 24 24 181 177 5 June 174 164 10 121 110 11 57 52 5 275 ?,m 15 70 31 39 80 78 2 July 349 212 137 57 54 3 17 16 1 82 82 43 43 124 123 'Revised. 1 Estimates of new issues sold for cash in the United States. 2Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. 4Issues not guaranteed. ^Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. •Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 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. 9Includes all issues other than those for retirement of securities. "Retirement of securities only. Source.—Securities and Exchange Commission. 1018 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 4 1 2 3 4 1 2 Manufacturing Total (200 corps.):1 Sales . . . .38,17645,59852,69354,26663,100 57,898 15,014 14,342 14,887 13,494 15,175 16,545 17,852 Profits before taxes 5,250 8,133 8,806 7,271 8,338 7,198 1,420 1,780 1,947 1,570 1,899 2,444 2,753 3,244 4,200 3,530 3,191 3 632 3,815 915 908 992 803 1,109 1,210 1,385 Dividends ... 1,737 2,327 2,064 2,062 2,066 2,368 643 529 530 525 782 574 576 Nondurable goods industries (94 corps.):1 2 Sales 14,281 16,238 18,903 19,25520,70420,621 5,196 5,066 5,079 5,046 5,429 5,508 5,744 Profits before taxes 2,054 2,932 3,420 2,833 3,018 2,756 607 695 699 657 705 797 845 1,353 1,653 1,522 1,384 1,517 1,592 394 381 391 370 448 441 469 Dividends ... 785 974 920 942 964 1,053 287 233 236 237 345 255 259- Durable goods industries (106 corps.):1 3 Sales . 23,89529,36033,790 35,01142,39637,277 9,818 9,276 9,808 8,448 9,746 11,037 12,108 Profits before taxes ... 3,196 5,201 5,386 4,438 5,320 4,442 814 1,085 1,248 913 1,194 1,646 1,908 Profits after taxes 1,890 2,547 2,008 1,807 2,115 2,223 521 527 601 433 661 770 916 Dividends . .... . 951 1,354 1,143 1,120 1,102 1,315 356 296 294 288 437 319 317 Selected industries: Foods and kindred products (28 corps.): Sales 4,223 4,402 4,909 5,042 5,411 5,464 1,394 1,337 1,351 1,339 1,437 rl,355 1,465 D Pr i o v f i i d ts e n b d e s f ore taxes . . 4 2 1 3 6 4 4 8 9 5 2 1 3 8 6 2 9 1 4 2 1 2 7 5 7 3 9 4 2 1 4 0 5 6 4 4 4 2 1 6 1 5 5 1 4 4 2 1 6 2 5 1 4 6 1 4 5 0 5 4 7 4 3 9 6 6 9 1 3 6 3 6 3 2 1 3 5 2 9 9 2 1 4 5 0 5 6 8 r ^ g 3 4 g 6 6 1 6 3 3 4 6 2 Chemicals and allied products (26 corps.):1 Sales 3,904 4,817 5,882 5,965 6,373 6,182 1,528 1,502 1,540 1,518 1,622 1,721 1,811 Profits before taxes 734 1,178 1,490 1,257 1,308 1,175 232 282 282 277 334 367 381 441 597 521 485 520 612 128 138 142 137 194 183 193 Dividends 338 467 381 396 413 495 135 100 102 99 194 114 115 Petroleum refining (14 corps.):1 Sales 4,003 4,369 5,092 5,418 5,891 6,015 1,530 1,511 1,473 1,471 1,560 1,567 1,612 Profits before taxes 582 709 907 722 834 746 188 223 195 174 154 207 198 454 490 557 520 599 564 166 154 142 134 134 148 145 Dividends .. 204 235 261 282 287 292 77 71 71 72 76 76 76 Primary metals and products (39 corps.):1 Sales .... 8,184 10,448 12,507 11,56413,750 11,522 3,193 2,912 3,021 2,715 2,874 3,301 3,847 996 1,706 2,099 1 166 1 825 1,375 295 302 360 306 407 487 630 Profits after taxes 580 857 778 578 793 717 196 151 180 151 235 241 312 Dividends 286 378 382 368 378 409 113 100 92 92 125 115 110 Machinery (27 corps.):1 Sales 4,366 5,075 6,189 7,089 8,015 7,753 2,039 1,919 1,939 1,866 2,030 1,955 2,046 Profits before taxes 520 851 1,005 975 1,010 899 193 252 237 199 209 232 251 321 426 370 381 402 470 115 117 107 102 143 110 121 Dividends 138 209 192 200 163 263 91 58 64 65 76 67 67 Automobiles and equipment (15 corps.): Sales 9,577 11,805 12,496 12,825 16,377 13,940 3,495 3,485 3,731 2,922 3,802 4,729 5,031 1,473 2,305 1,913 1,945 2,048 1,741 235 434 532 299 476 '819 885 Profits after taxes 861 1,087 705 698 747 827 168 214 257 127 229 '367 415 Dividends 451 671 479 462 463 529 117 114 113 106 196 108 113 Public Utility Railroad: Operating revenue 8,580 9,473 10,391 10,581 10,664 9,371 2,582 2,275 2,335 2,366 2,395 2,302 2,521 Profits before taxes 700 1,385 1,260 1,451 1,404 900 272 156 199 226 319 259 358 438 784 693 832 871 674 219 88 136 172 277 175 242 Dividends 252 312 328 338 412 379 162 96 73 74 136 101 90 Electric power: 5,069 5,528 6,058 6,549 7,136 7,610 1,826 1,984 1,819 1,831 1,976 2,171 1,993 Profits before taxes 1,129 1,313 1,482 1,740 1,895 2,049 460 570 487 478 513 636 523 Profits after taxes 757 822 814 947 1,030 1,140 260 321 266 264 288 341 296 Dividends 560 619 651 725 780 857 212 212 210 211 224 225 229 Telephone: Operating revenue 2,967 3,342 3,729 4,136 4,525 4,902 1,178 1,174 1,210 1,233 1,285 1,298 1,340 Profits before taxes 333 580 691 787 925 1,050 248 242 262 262 284 306 315 Profits after taxes 207 331 341 384 452 525 122 116 125 141 143 152 156 Dividends 213 276 318 355 412 448 108 109 111 112 116 118 122 'Revised. 1 Revised to adjust for substitutions and mergers of companies in the chemicals, petroleum, textile, primary metals and machinery groups. ^Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 3Includes 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). SEPTEMBER 1955 1019 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P be ro 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 1939 6.4 1.4 5.0 3.8 1.2 1947 6,882 2,523 4,359 5,015 2,011 3,004 1,867 512 1,355 1945 19.0 10.7 8.3 4.7 3.6 1948 7,570 1,683 5,887 5,938 1,283 4,655 1,632 400 1,232 1949 6,731 1,875 4,856 4,867 1,583 3,284 1,864 292 1,572 1 1 9 9 4 4 7 8 3 2 2 9 . . 8 5 1 12 1 . . 5 3 2 1 0 8 . . 3 2 6 7 . . 5 2 1 1 3 1 . . 0 7 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1 1 9 9 4 5 9 0 2 4 6 0 . . 2 0 1 1 0 7 . . 4 8 2 1 2 5 . . 1 8 9 7 . . 2 5 1 8 2 . . 3 9 1 19 9 5 5 2 1 1 9 0 , , 0 6 4 7 8 9 2 2 , , 7 7 7 5 2 1 6 7 , , 2 9 7 2 7 7 5 7 , , 6 3 8 4 2 4 2 2 , , 1 4 0 0 5 3 3 4, , 9 5 4 7 0 7 3 3, , 3 3 3 6 5 6 6 3 6 4 6 8 2 2, , 9 7 8 0 7 0 1951 41.2 22.5 18.7 9.1 9.6 1 1 9 9 5 5 4 3 1 9 1 , , 5 7 5 15 0 2 5 , , 4 3 2 5 8 3 6 7 , , 3 1 6 2 1 1 6 7 , , 6 8 5 7 1 2 3 1 , ,8 8 9 9 6 7 4 3 , , 7 9 5 7 5 5 3 2 , , 8 89 4 8 3 1,4 5 5 3 6 3 2 2 , ,3 3 8 6 6 6 1952 35.9 19.8 16.1 9.0 7.2 1 1 9 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— 3 2 . . .. .. 3 2 , , 0 85 2 8 7 1 1, , 3 1 1 3 4 9 1 1 , , 7 7 1 1 4 9 2 1 , , 3 86 1 3 4 8 9 4 3 7 8 1 1 , , 0 3 1 7 6 7 9 7 9 1 5 3 3 2 7 9 6 2 3 7 3 0 7 3 4... 3,128 1,923 1,205 2,075 1,354 721 1,053 569 484 1954—1 32.7 16.4 16.3 9.7 6.6 2 33.7 16.9 16.8 9.8 7.0 1955—1. .. 3,065 1,347 1,719 1,681 702 979 1,384 645 740 3 4 3 3 3 6 . . 5 0 1 1 6 8 . . 8 1 1 1 6 7 . . 7 9 1 10 0 . . 6 0 6 7 . . 7 3 2. . . 3,084 1,677 1,407 1,802 767 1,034 1,282 910 373 1955—1 40.9 20.5 20.4 10.2 10.2 1 Reflects cash transactions only. As compared with data shown on p. 1018, new 21. .. 42.5 21.3 21.2 10.7 10.5 issues exclude foreign and include investment company offerings, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new »"Revise_d. stock issues and cash proceeds connected with conversions of bonds into stocks. Re- 1 Preliminary estimates by Council of Economic Ad- tirements include the same types of issues, and also securities retired with internal visers. funds or with proceeds of issues for that purpose shown on p. 1018. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *• [Estimates, in billions of dollars] Current assets Current liabilities Net Notes and accts. Notes and accts. End of year working U. S. receivable payable Federal or quarter capital Total Cash er G n o m v e - nt I to n r v i e e n s - Other Total inc ta o x me Other securities G U o . v S t. . 2 Other G U o . v S t. . 2 Other liabilities 1939... 24 5 54.5 10 8 2 2 0 22.1 18.0 1.4 30.0 .0 21.9 1.2 6.9 1945 51.6 97.4 21.7 21.1 2.7 23.2 26.3 2.4 45.8 .9 24.8 10.4 9.7 1948 68.6 133.0 25.3 14.8 42.4 48.9 1.6 64.4 35.3 11.5 13.5 1949 72 4 133.1 26.5 16 8 43 0 45.3 1.4 60.7 37.5 9.3 14.0 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951.. . 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90 1 186.2 30 8 19 9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 92.6 189.6 30.9 21.0 2.6 64.8 67.9 2.4 97.0 2.2 56.3 19.2 19.3 1954—2 94.4 179.6 29.1 16.4 2.4 63.2 65.9 2.6 85.2 2.4 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—l 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 c in n t i u n g d - r- p i r t o n a io r c i t l n l a - . - P u u t t i b i e l l s i i - c ot A he ll rs rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1953—3 7,084 3,116 708 1,221 2,039 1945 8,692 3,983 383 548 574 505 321 2,378 4 7,625 3,565 743 1,247 2,070 1948 22,059 9,134 882 J.319 1,285 2,543 1.742 5,154 1954—i 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 L, 111 1,212 3,309 1,104 5,671 3 6,640 2,896 553 1,060 2,133 1951 25,644 10,852 929 1,474 1,490 3,664 1,319 5,916 4 6,988 3,209 559 1,109 2,110 1952 26 493 11 632 985 L 396 1 500 3 887 L 537 5 557 1955—1 5 847 2 435 538 845 2 030 1953 28,322 11,908 986 .311 1,565 4,552 .1,690 6,310 2r 7,009 3,030 637 1,052 2,290 1 1 9 9 5 5 4 54r 2 2 7 6 , , 8 8 9 2 6 7 1 1 1 1 , , 1 0 9 3 3 8 9 89 7 5 5 8 9 5 1 4 0 1 1 , , 5 5 6 1 3 2 4 4 , , 4 2 4 1 5 9 1.71 8 7 ,891 6.513 4 34 4 *\ . . 7 7 , , 3 7 1 2 6 4 3 3 , , 3 3 1 0 5 8 6 63 6 2 6 1 1 , , 2 3 3 1 5 3 2 2 , , 1 4 4 3 1 0 r Revised. 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 2 Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 1020 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ]Nonfarm Farm h O 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 l o y p a e n r d ties1 E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s a o a t l i 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 i s o a a ti l n n - - s O h e o th r l s d e - r Total t F u i i n c t n i i s a o a t l i n n - - s O h e o th r 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 1 4 4 5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 1 3 4 1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1.3 3 7 1945 35.5 21.0 .9 13.7 30.8 18.5 12.2 6.4 12.2 7.5 4.8 1 3 3 4 1946 41.8 26.0 .6 15.1 36.9 23.1 16.0 7.0 13.8 8.4 5.4 4.9 1.5 3 4 1947 48 9 31 8 .5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 1 7 3 3 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1.9 3 4 1949 •.... 62.7 42.9 1.1 18.7 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.6 2.1 3 5 1950 72 8 51.6 1.4 19.8 66.7 45.1 35.3 9.8 21.6 14.0 7.6 6.1 2.3 3 7 19S1 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 8 4 3 1953 101 0 75.0 2.8 23.2 93.3 66.3 53.8 12.5 27.1 18.2 8.9 7.7 3.0 4 6 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 4 7 June 106.2 /9.5 2.7 24.0 98.2 70.0 57.4 12.6 28.1 18.9 9.2 8.0 3 2 4 8 September.... 109.7 82.4 2.7 24.6 101.6 72.8 59.9 12.9 28.8 19.3 9.5 8.1 3.2 4.9 December.. . . 113.5 85.6 2.8 25.0 105.3 75.9 62.7 13.2 29.4 19.6 9.7 8.2 3.3 4.9 1955—March P 117 3 88 8 2.9 25.6 108.9 78.9 65.4 13.5 30.0 20.0 9.9 8 4 3 4 5 1 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. iDerived 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 Residential8 Farm Total Farm Total Other Total Other FHA- VA- Con- FHA- VA- Con- Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 4,340 3,292 1,048 566 4,812 4,784 3 884 900 28 1942 4,746 4,256 3,332 924 491 4,627 4,601 3 77S 876 26 1943 4 521 4,058 3,256 802 46^ 4,420 4,395 ,5S8 837 25 1944 4,430 3,967 3,218 749 463 4,305 4,281 3 476 805 24 1945 4,772 4,251 3,395 856 S?1 4,208 4,184 3,S87 797 24 1946 7,234 6,533 5,146 1,387 70? 4,441 4,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 8? 3 4,856 4,828 3 9^7 891 28 1948 10 89710,023 8,066 1,957 874 5,806 5,773 4,758 L ,015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5 S6Q L,099 37 1950 13 66412,695 10,431 2,264 968 8,261 8,218 7,054 L ,164 44 1951 14,732 13,728 11,270 3,421 2 921 4 929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4 303 ,274 47 1952 15,867 14,809 12,188 3,675 3 012 5 501 2,621 1,05811,379 11,327 9,883 3,168 2,237 4 477 1,444 53 1953 16,850 15,768 12,925 3,912 3 061 5 951 2,843 1,087 12,943 12,890 11,334 3,489 3,053 4 79? 1,556 53 1954 18,555 17,397 14,137 4,104 3 348 6 685 3,260 1,158 15,007 14,951 13,211 3,800 4,262 149 11,740 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 ftl 1954—Marrh 16,970 15,870 12,965 3,920 3 075 5 970 2,905 1,10013,345 13,292 11,700 3,560 3,295 4 845 59? 53 TntiP . . . 17,366 16,227 13,220 3,960 3 116 6 144 3,007 1,13913,881 13,826 1?,,181 3,659 3,579 4 94? 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 1,15815,007 14,951 13,211 3,800 4,262 5 149 L,740 56 1955—MnrrhP -. . . 19,175 17,960 14,600 4,175 3 465 6 960 3,360 1,215 15,560 15,504 13,675 3,850 4,610 5 ?1S 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 pPreliminary. 1 Includes all banks in the United States and possessions. 2Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. 3 Data not available for all classifications prior to December 1951. 4Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies, Comptroller of the Currency, and Federal Reserve. SEPTEMBER 1955 1021 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 VA- Farm Total VA- Farm Total FHA- guar- Other Total FHA- guar- Other insured anteed insured anteed 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 i,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—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 2,046 521 479 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 2,069 563 493 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 July 488 454 72 118 264 34 27,748 25,551 6,225 5,373 13,953 2,197 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)5 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 e o u n w n c - - H c p h o u a m r s - e e p O p o t u s h e r e s - r i Total 3 F su H in r A e - 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 a c 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 l o ( a d r r o e 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 8,313 1949 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 9,8121950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2,955 1,557 18,336 904 3,385 14,0471952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5,950 1953.. 7,767 2,475 3,488 1,804 21,882 1,044 3,961 16,8771953 3,164 19,747 7,365 1,480 3,680 1,327 5,895 6,241 1954 8,969 3,076 3,846 2,047 26,142 1,171 4,714 20,2571954 3,458 22,974 8,312 1,768 4,239 1,501 7,154 6,644 1954-June... 810 283 341 185 23,847 1,102 4,277 18,4681954-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 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 2i,i35 328 2,357 900 165 456 136 700 7,182 Apr.... 1,016 380 430 205 May.'.'.' 344 2,483 950 482 153 734 7,215 May... 1,069 395 470 205 June... 360 2,636 1,024 174 516 171 750 7,312 June... 1,157 418 536 203 28,988 1,283 5,318 22,387 July... 335 2,4 63 953 161 472 168 708 7,348 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. 1022 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 Government- Home Home underwritten m Y o o e n r a t r h Total Total e p N r r m t o e i w o e p s r - tga i e p s g E r r t e t o i x i s n e p - g s - g m P t e a y r o c g o p t r e j - e t - s - 1 p l P m o e r i r m r o a e o t n v n y p - s e t - 2 - Total e p N r r m t o e i w o e p s r - tga i e p s g E r r t e t o i x i n s p e - g s - r A e a a p t l i n t a o e d i n r r2 q y E u e n a a d r r t o o e f r r Total Total F su H in r A e - d - a g V n u t A a e r e - - d t C v io e o n n n a - - l 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 5 5 5 5 4 4 4 5 4 2 1 5 4 0 3 2 3 0 1 6 7 8 4 9 3 5 5 6 6 5 5 1 1 7 7 , , , , , , , , , , , 1 1 0 4 0 2 2 8 9 8 3 9 9 8 8 5 2 1 5 7 5 2 3 4 3 2 5 9 7 3 2 1 6 8 4 0 2 4 6 0 3 7 1 7 4 4 3 3 3 3 3 3 1 1 , , , , , , , , , , 1 7 3 1 8 3 2 8 0 1 9 9 6 8 7 2 8 1 4 4 2 8 2 6 5 6 3 9 7 5 1 8 3 1 2 3 2 5 6 0 6 4 1 7 6 1 1 1 1 1 1 , , , , , , 4 4 5 5 7 2 9 7 3 6 2 2 0 1 4 7 5 8 6 8 5 6 2 1 3 1 5 3 2 3 7 3 4 6 8 7 9 8 0 9 7 6 9 5 4 1, 3 4 8 8 9 2 2 2 2 6 7 9 1 0 1 0 1 5 9 7 1 1 0 1 0 2 8 7 8 3 2 8 6 2 4 3 7 7 0 8 4 4 5 3 0 1 1 , , 3 3 2 0 6 5 2 1 2 2 6 5 8 0 2 8 5 2 3 5 1 1 1 2 0 9 2 9 1 5 6 0 1 2 3 4 3 7 1, 3 5 6 2 2 6 5 8 7 8 3 1 1 1 2 1 2 3 9 4 9 8 1 9 7 0 2 1 3 1 6 8 4 4 8 1 6 4 4 1 8 6 4 4 3 3 3 2 3 2 4 1 1 , , , , , , , , , 0 2 7 3 0 8 6 2 1 4 7 2 8 8 0 9 6 1 2 5 2 3 1 6 1 2 4 4 4 7 2 2 2 1 1 , , , , , 0 8 6 7 8 6 6 4 9 2 6 8 3 5 5 4 7 6 1 1 1 , , , 2 0 5 9 8 6 0 1 6 4 9 2 2 4 6 2 0 9 3 5 6 6 6 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 4 5 4 4 5 4 4 4 4 4 4 5 4 5 5 8 7 1 1 3 5 2 6 9 2 0 0 4 4 4 . . . . .. 3 3 4 5 2 5 2 6 1 1 1 1 1 1 7 7 3 8 5 1 3 8 6 7 8 7 8 8 7 5 . . . . . . . . . . . . . . . 5 3 2 7 1 9 1 2 8 9 5 3 4 3 9 2 2 3 2 1 1 1 4 3 4 4 9 2 3 6 2 5 2 8 2 8 5 . . . . . . . . . . . . . . . 2 0 1 3 1 3 7 3 9 4 5 1 9 0 1 1 1 1 3 4 3 4 4 3 2 3 6 8 9 5 0 2 2 . . . . . . . . . . . . . . . 0 2 7 7 6 1 7 9 1 8 3 3 8 0 8 1 1 1 1 1 2 8 5 4 7 6 9 3 0 . . . . . . . . . . 6 1 3 1 5 4 2 2 2 3 3 2 2 2 3 4 2 1 1 1 1 1 1 1 1 0 9 2 6 4 3 3 5 7 4 8 5 3 8 3 . . . . . . . . . . . . . . . 0 5 2 8 2 7 7 0 0 5 9 4 3 2 8 .1954— A S J e u u p l g y t . . . . . . . . . 5 6 6 7 3 8 9 1 0 2 2 2 6 6 3 9 2 8 7 7 7 7 5 2 5 7 7 9 9 9 4 3 1 0 3 4 10 7 7 1 0 1 4 2 4 9 1 1 3 0 8 2 2 1 5 5 7 1 2 8 1 1 1 1 5 6 5 7 7 . . . 5 2 3 1952—S D e e p c t . . . , . 5 5 8 7 . . 7 0 2 2 4 5 . . 7 4 1 1 0 0 . . 4 8 1 14 4 . . 6 3 3 3 2 3 . . 3 3 N O D o c e t v c . . . . . . . . . . 8 7 7 4 7 6 3 0 0 2 2 2 5 8 6 2 7 6 8 9 9 0 2 1 1 9 0 7 2 9 4 2 9 7 3 8 6 7 9 3 6 5 4 5 1 5 9 8 6 4 3 3 3 0 3 0 7 7 4 2 2 1 1 1 8 1 9 9 . . . 4 4 5 1953—M J Se u a p n r t e . . . , , 6 6 6 0 2 4 . . . 4 5 6 2 2 2 6 7 6 . . . 7 5 1 1 1 1 1 1 1 . . . 7 4 1 1 1 1 5 5 5 . . . 8 0 3 3 3 3 7 5 4 . . . 1 8 3 i 955—Jan.... 931 309 107 145 5 52 622 390 231 1.2 Dec, 66.3 28.1 12.0 16.1 38.2 J F A M M u e p a a n b r r y e . . . . . . . . . . . . . 8 8 8 8 8 8 3 4 5 0 8 2 0 6 9 3 3 2 2 2 2 8 7 3 9 4 4 4 6 4 1 1 8 9 9 0 0 9 3 3 7 9 1 1 1 1 1 5 6 6 3 3 1 3 0 6 8 1 3 9 5 5 2 3 4 5 4 6 6 6 1 5 2 5 5 5 5 5 3 1 6 5 4 2 5 7 2 8 3 3 3 3 3 4 4 4 5 1 1 5 8 7 9 2 2 2 1 1 0 0 0 8 9 7 9 4 6 5 ". . . . . 6 6 5 6 7 1954—M J S D e e u a p c n r t . e . . . . . . . 6 7 7 7 7 5 2 0 . . . . 8 9 8 0 3 3 2 2 0 2 8 9 . . . . 5 1 8 7 1 1 1 1 2 2 2 2 . . . . 2 6 4 8 1 1 1 1 6 7 9 7 . . . . 6 9 3 3 3 4 4 4 9 2 3 0 . . . . 0 3 8 3 July... 803 283 92 138 3 50 520 332 187 .5 1955—Mar? 78.9 33.5 13.2 20.3 45.4 June? 82.8 35.5 13.5 22.0 47.3 cCorrected. 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2FHA-insured property improvement loans are not ordinarily secured by mortgages; VA- p Preliminary. guaranteed alteration and repair loans of $1,000 or less need not 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 Houssanteed loans, gross amount of loans closed. 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 1 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- ed Total su in r - ed a g n u te a e r- d ( p d e u ri r o in d g ) ( p d e u ri r o in d g ) Total S te h r o m rt 1 - L te o r n m g 2 - 11948. 528 227 199 188 11 198 1945. 278 213 195 176 19 4949. 848 824 828 403 425 672 20 1946. 329 231 293 184 109 11950. 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. 423 434 806 508 298 1952. 586 528 864 565 299 1954—July 540 737 2,371 724 1,647 120 37 1953. 728 640 952 634 317 August 594 700 2,355 733 1,622 33 39 1954. 734 818 867 612 255 O S N D e c e o p t c v o t e e e b m m m e b r b b . e e e r r . r . . . . 6 6 C 0 7 3 ) 8 1 1) 4 6 5 6 7 4 0 5 6 7 3 4 2 2 2 2 , , , , 3 4 3 3 6 3 9 6 2 4 6 8 8 7 7 7 0 7 5 4 2 2 5 3 1 1 1 1, , , , 6 6 6 6 3 1 2 1 2 6 3 8 3 3 5 6 8 9 0 4 2 1 1 1 3 9 1 5 1954— S O N A e c o u p t g v o t u e e b m s m e t r b b e e r r . . , 5 6 6 7 9 9 3 4 3 3 3 4 8 $ 1 5 6 6 7 7 8 5 4 0 9 9 3 8 4 4 4 4 9 7 5 2 5 1 2 2 2 2 2 2 3 3 4 3 6 7 8 6 }1955—January... 0) 418 2,462 817 1,645 48 10 December. 171 47 867 612 255 February.. 0) 359 2,488 832 1,656 48 8 March.... 0) 287 2,512 839 1,673 54 18 1955—January..., 38 188 717 491 226 April 0) 215 2,545 855 1,690 58 11 February.. 34 63 688 466 223 May 0) 163 2,562 860 1,702 39 7 March 71 58 702 464 238 June C1) 127 2,567 867 1,700 21 3 April 85 33 754 497 257 July 0) 116 2,567 868 1,699 15 1 May 104 37 821 542 279 June 237 42 1,017 715 302 July 152 107 1,061 748 313 *No authorization figures shown after October since under its new charter, August. . . . 156 30 1,187 822 365 .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. Secured or unsecured loans maturing in one year or less. Source.—Federal National Mortgage Association. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. ^SEPTEMBER 1955 1023 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar Total Total Au p to ap m e o r b i ile co p O g n a o s t p o h u e d m e r s r 1 er e a r n R l n d o i e a z p m n a a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 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—July 28,725 21,849 10,298 5,328 1,637 4,586 6,876 2,303 2,773 1,800 August .... 28,736 21,901 10,349 5,294 1,642 4,616 6,835 2,312 2,734 1,789 September 28,856 21,935 10,365 5,287 1,642 4,641 6,921 2,335 2,807 1,779 October 28,975 21,952 10,340 5,324 1,637 4,651 7,023 2,377 2,892 1,754 November 29,209 22,014 10,296 5,398 1,631 4,689 7,195 2,407 3,042 1,746 December 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 1,720 1955—January 29,760 22,436 10,459 5,609 1,574 4,794 7,324 2,371 3,225 1,728 February . ... 29,518 22,508 10,641 5,484 1,550 4,833 7,010 2,427 2,831 1,752 Miarch 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 July 32,896 25,476 13,038 5,676 1,570 5,192 7,420 2,595 2,991 1,834 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n c m k i s a - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D st m e o p e r a e n r s t t 1 - F s t t u o u r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - d m A ea o u l b t e o i r l - s e 2 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 . . . . .. 4,172 3 235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 22,187 18,758 8,998 6,147 1,124 2,489 3,429 1,040 903 291 380 815 1954 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 1954—Tulv 21,849 18,671 8,763 6,189 1,228 2,491 3,178 1,032 818 277 386 665 August 21,901 18,731 8,731 6,256 1,250 2,494 3,170 1,032 821 276 389 652 September 21,935 18,753 8,688 6,294 1,267 2,504 3,182 1,041 822 278 390 651 October 21,952 18,726 8,637 6,315 1,270 2,504 3,226 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 1955—January 22,436 18,977 8,651 6,462 1,282 2,582 3,459 1,158 862 291 397 751 February 22,508 19,153 8,688 6,570 1,298 2,597 3,355 1,108 848 286 404 709 March 22,974 19,613 8,844 6,808 1,330 2,631 3,361 1,123 838 280 420 700 April 23,513 20,127 9,020 7,077 1,360 2,670 3,386 1,138 834 278 437 699 May 24,149 20 718 9,228 7,390 1,395 2,705 3,431 1,150 842 277 457 705 June 24,914 21,432 9,495 7,747 1,434 2,756 3,482 1,160 851 279 481 711 July 25,476 21,980 9,656 8,087 1,458 2,779 3,496 1,155 856 281 501 703 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 1024 FEDERAL RESERVE BULLETIN" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT— Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets Automobile Repair E o n r d m of o n y t e h ar i c T m n n r s o o e e t t d n a n 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 n a a i l t l t - ch P a u s r e - p d ape D r irect s O g c u o t o m o h n d e e - s r r e l m r t o a n i a n o o i n z d d n a s - - l s P o o a e n n r a - s l m ci e a r l - Other m pa e r n t- t Other banks stores1 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1940 .... 2,824 636 164 251 1,220 553 1945. 745 66 143 114 110 312 1941 .... 3,087 693 152 275 1,370 597 1946... . 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 1,014 1949 . 4,439 849 946 1,016 715 913 1947 4,875 1,203 153 532 1,821 1,166 1950 5,798 1,177 1,294 1,456 834 1,037 1948 5,443 1,261 184 575 2,138 1,285 1951 5,771 1,135 1,311 1,315 888 1,122 1949 5,588 1,334 198 584 2,096 1,376 1952 7,524 1,633 1,629 1,751 1,137 1,374 1950 6,323 1,576 245 641 2,365 1,496 1953 8,998 2,215 1,867 2,078 1,317 1,521 1951 6,631 1,684 250 685 2,411 1,601 1954 8,633 2,198 1,645 1,839 1,275 1,676 1952 7,143 1,844 250 730 2,612 1,707 1953 7,350 1,899 320 748 2,663 1,720 1954—July 8,763 2.24G 1,720 1,880 1,297 1,626 1954 7,658 2,085 335 764 2,754 1,720 August 8,731 2,230 1,707 1,857 1,299 1,638 September. 8,688 2,224 1,686 1,835 1,299 1,644 1954—July 6,876 1,989 314 448 2,325 1,800 October. .. 8,637 2,207 1,663 1,822 1,296 1,649 August.... 6,835 1,985 327 446 2,288 1,789 November. 8,586 2,188 1,636 1,822 1,287 1,653 September. 6,921 1,997 338 488 2,319 1,779 December. 8,633 2,198 1,645 1,839 1,275 1,676 October. . . 7,023 2,067 310 517 2,375 1,754 November. 7,195 2,049 358 574 2,468 1,746 1955—January... 8,651 2,208 1,656 1,859 1,241 1,687 December. 7,658 2,085 335 764 2,754 1,720 February.. 8,688 2,241 1,680 1,845 1,219 1,703 March.... 8,844 2,309 1,751 1,846 1,201 1,737 1955—January... 7,324 2,048 323 . 623 2,602 1,728 April 9,020 2,371 1,818 1,842 1,205 1,784 February.. 7,010 2,085 342 535 2,296 1,752 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 1,844 April 7,142 2,165 331 526 2,333 1,787 July 9,656 2,656 1,995 1,921 1,231 1,853 May 7,419 2,199 390 532 2,479 1,819 June 7,557 2,303 383 518 2,522 1,831 July 7,420 2,268 327 474 2,517 1,824 1 Includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITLN TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE [Estimated amounts outstanding, in millions of dollars] COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Other Repair Total Auto- con- and Per- End of year instal- mobile sumer modern- sonal 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 - m A pa o u p b t e o il r - e s O g p u c o a t o m o p h n d e e e - r s r r m i R l o z e a o a d p n a t e a d i n r i o s n r n - s l P o o e n a r a n - l s 1939 or month c m r 7 e e 8 d n 9 i t t pap 8 e 1 r p go ap o 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 1 1 1 9 9 9 4 3 4 0 9 1 1 1 1 , , , 5 1 7 7 9 9 5 7 7 1 1, , 8 3 1 6 7 8 8 3 7 1 1 1 6 3 1 7 6 5 2 1 1 0 9 4 1 0 8 5 6 6 6 2 6 1 1 1 9 9 9 4 4 4 7 5 6 1,2 9 7 7 9 3 5 1 1 1 5 3 7 4 0 7 2 3 6 0 4 9 3 2 1 9 2 4 1,0 6 8 3 4 5 7 3 8 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 5 5 5 7 6 8 9 0 1 3 3 2 1 1 , , , , , 7 7 9 3 9 3 6 8 6 9 5 0 7 5 5 9 0 7 0 5 0 3 3 2 1 , , , , 1 2 4 3 8 3 1 8 5 0 2 7 7 6 2 3 7 7 4 5 8 2 3 3 2 1 1 0 3 4 8 2 6 3 3 2 1 5 4 7 2 2 1 4 1 5 4 5 8 7 2 6 7 1 8 3 0 2 1 1 1 1 7 5 9 3 5 2 6 5 4 2 9 8 6 4 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 4 4 2 4 3 1 0 8 9 . . . 3 3 3 2 2 1 1 , , , , , , , 8 6 5 2 5 8 0 7 8 5 1 3 3 5 3 1 8 3 7 7 3 5 3 3 4 2 5 1 9 5 3 5 7 4 8 6 7 0 8 3 0 9 2 3 3 2 1 1 0 4 3 9 7 8 3 9 0 7 9 9 2 7 2 2 1 1 1 4 6 5 8 3 8 1 9 0 9 9 2 7 5 2 2 2 1 1 1 1 , , , , , , , 3 2 8 4 6 6 1 9 2 3 1 5 8 3 2 6 8 0 4 5 0 1 1 1 9 9 9 5 5 5 4 2 3 4 6 6, , , 4 1 8 2 4 3 1 7 3 4 5 5 , , , 3 5 0 0 6 7 6 3 2 3 3 35 3 6 1 2 7 8 8 8 2 3 1 3 4 3 9 2 4 1 6 7 1954— A S Ju e u l p g y t u e s m t ber. . . 3 3 3 , , , 7 7 7 1 7 4 9 1 4 5 5 5 8 8 9 1 7 1 3 3 3 2 2 2 1 1 4 2 2 2 5 6 6 8 2 1 2 2 2 , , , 5 5 5 5 9 7 9 4 5 1954— A S Ju e u l p y g t u e s m t ber. . . 6 6 6 , , , 1 2 2 8 5 9 9 6 4 5 5 5 , , , 3 4 4 7 3 7 1 6 4 3 3 3 3 3 3 5 5 6 8 8 8 2 2 1 4 4 4 0 0 0 1 3 3 O N D c o e t v c o e e b m m er b b e e r r . . . . . . . 3 3 3 , , , 8 8 7 8 0 7 1 8 4 5 5 5 9 8 9 1 9 6 3 3 3 3 2 4 1 9 0 2 2 2 6 6 6 3 0 0 2 2 2 , , , 5 6 6 9 2 8 6 3 5 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 April 7,077 6,207 348 76 446 July 4,237 706 388 261 2,882 May 7,390 6,512 353 77 448 June 7,747 6,857 361 78 451 July 8,087 7,180 372 78 457 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. SEPTEMBER 1955 1025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t i a o n n d loans Pe lo rs a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060* 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2 150 2,010' 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539* 1947 . 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 . 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,68$ 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,62& 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—juiy 2,549 2,417 1,163 1,033 622 661 107 105 657 618 August 2,477 2,425 1,114 1,063 607 641 112 107 644 614 September 2,441 2,407 1,062 1,046 629 636 115 115 635 610 October 2,454 2,437 1,031 1,056 687 650 106 111 630 620' 2,554 2,492 1,040 1,084 716 642 108 114 690 652' December . ... 3,046 2,593 1,184 1,084 936 666 95 110 831 733* 1955—January . 2,389 2,420 1,060 997 616 675 67 109 646 639 February 2,416 2,344 1,167 985 529 654 72 96 648 609* March 3,159 2,693 1,569 1,157 708 713 99 119 783 704 April . . .. 3,089 2,550 1,512 1,083 703 690 106 102 768 675 May 3,206 2,570 1,616 1,113 741 678 121 109 728 670* June 3,443 2,678 L.766 1,190 766 68'2 125 109 786 697 July 3,131 2,569 1,594 1,117 711 674 111 103 715 675^ SEASONALLY ADJUSTED* 1954—juiy w 2,455 2,364 1.060 1,006 666 667 98 100 631 591 August 2,409 2,480 1,035 1,067 613 678 100 105 661 630» September 2,474 2,404 1,077 1,014 609 634 106 118 682 638» October 2,461 2,424 11,068 1,039 633 652 92 106 668 627 November . .. . 2,612 2,500 1,109 1,098 677 631 101 113 725 658 December 2,762 2,488 1,298 1,083 679 643 99 108 686 654 2,823 2,496 1,233 1,020 788 684 87 104 715 688 2,898 2,521 1,382 1,071 660 680 97 97 759 673 March ... . 3.035 2,562 1,472 1,096 741 683 109 116 713 667 April 3,017 2,552 1,404 1,093 736 672 109 109 768 678 May 3,091 2,634 1,517 1,139 736 687 115 122 723 686 Tune .. 3,165 2,612 1,580 1,165 754 678 109 109 722 660* July 3,122 2,602 L ,510 1,132 791 697 107 102 714 671 * Includes adjustment for differences in trading days. NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting; records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both* credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en t p ag re e c e c d h i a n n g ge m f P ro o e m n rc t h e c n o o ta r f r g e e p s p r c e o h c n a e d n d i g i n n e g g Instalment accounts a C cc h o a u rg n e ts* month year Item J 1 u 95 ly 5 J 1 u 9 n 5 e 5 M 19 a 5 y 5 J 1 u 95 ly 5 J 1 u 9 n 5 e 5 M 19 a 5 y 5 Month D s m e to p e r a n e r t s t- F s t t u o u 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—July 14 12 10 45 Total -3 -1 +10 +9 +9 +10 August. .. 13 12 10 45 Cash sales. -4 -1 +13 +2 +5 +6 September 13 12 10 46 Credit sales: October. . 14 12 10 47 Instalment -1 -1 +12 +8 +13 November 13 12 10 4& Charge account -3 +3 +12 +14 +12 December. 14 12 9 46 Accounts receivable, end 1955—January.. 14 12 9 444 of month: February. 14 11 9 43< Total 0 +2 ii +7 +8 +5 March.... 15 13 9 48 Instalment +1 +1 +5 +4 +3 April 15 12 9 44* Charge accounts -2 +4 +15 +19 +14 May 15 12 9 45' June 15 12 9 46 Inventories, end of +3 July 14 12 9 43' month, at retail value. -3 -3 +3 +2 0 -2 1 Collections during month as percentage of accounts outstanding at beginning of month. 1026 FEDERAL RESERVE BULLETINS 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)l 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 l - e N ra d o b u n l - e - M era in ls - Total R d ti e e a n s l i - - o A th l e l r p m t c e u l u m o e r l a n y - - l t - Em m p e l n o t y- P ro a l y ls - = 10Q 1 v 9 = a 4 l 1 7 u 0 - e 4 0 ) 9 3 = 100 19 = 4 1 7 0 -4 0 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed Justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.4 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 62.0 69.0 37.1 98 32 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 7l 6 1923 47 45 47 44 62 45 49 42 64.4 66 9 32.6 107 34 729 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 4* 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 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 P134 "118 192 178 201 113.6 111.8 151.4 96 112 114 4 110 1 1954 P127 v\ 37 P116 Pill 216 232 204 110 4 101 8 137 7 86 111 114 8 110 3 1954 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 j une 124 124 125 135 116 114 207 227 193 110.1 101.4 100.5 135.8 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 May 138 138 140 153 127 121 245 280 221 112.5 105.8 104.1 150.1 96 117 114 2 109 9 June 139 139 141 155 127 122 253 290 228 113 2 106.7 105.8 152.1 94 114 114 4 110 3 July 139 131 141 155 126 12C 257 296 231 113.5 106.4 105.0 151.5 95 114.7 110.5 August.... P140 P142 P158 P120 P106.1 156.0 96 118 110.8 '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. 3 For 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. SEPTEMBER 1955 1027 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? July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED Industrial Production—Total 100.00 134 125 123 123 124 126 128 130 132 133 135 136 138 139 139 Manufactures—Total 90.02 136 127 124 125 126 128 130 131 133 134 136 138 140 141 141 Durable Manufactures—Total. 43.17 153 137 134 135 137 139 142 143 145 147 148 151 153 155 155 Primary metals 6.70 132 108 103 105 105 111 118 121 127 131 136 138 140 143 134 Metal fabricating , 28.52 167 150 147 148 149 150 152 154 155 157 157 160 162 163 167 Fabricated metal products 5.73 136 123 121 123 122 124 125 125 125 126 129 130 134 135 135 Machinery 13.68 160 142 141 144 147 147 148 145 145 146 146 149 151 155 158 Nonelectrical machinery , 9.04 143 125 125 125 125 123 122 120 124 125 126 131 134 136 138 Electrical machinery 4.64 194 177 173 181 189 194 198 193 187 187 184 185 183 193. 198 Transportation equipment 7.54 189 175 170 166 167 169 175 187 191 193 195 197 199 194 202 Instruments and related products. ., 1.29 155 140 136 135 137 137 138 140 140 142 143 143 142 149 151 Clay, glass, and lumber products 5.91 125 123 113 114 124 130 130 133 132 132 135 136 138 '143 137 Stone, clay, and glass products 2.82 133 131 131 132 134 132 136 135 136 138 143 146 149 153 151 Lumber and products , 3.09 118 115 96 97 116 128 124 131 129 127 127 127 128 133 125 Furniture and misc. manufactures 4.04 131 121 120 123 123 123 123 122 122 123 125 126 131 134 134 Furniture and fixtures , 1.64 117 106 106 108 109 110 108 108 109 109 112 113 117 121 122 Miscellaneous manufactures , 2.40 140 131 130 133 132 132 132 131 132 133 135 135 140 143 143 Nondurable Manufactures—Total 44.83 118 116 114 114 113 117 118 119 121 121 124 125 127 128 126 Textiles and apparel 11.87 107 100 98 99 98 102 103 104 106 105 109 112 110 110 Textile mill products 6.32 104 95 95 94 95 101 101 101 103 103 104 109 109 106 107 Apparel and allied products , 5.55 110 105 102 103 101 103 105 107 108 106 115 114 115 115 113 Rubber and leather products 3.20 113 104 99 97 103 108 108 115 123 120 122 123 124 127 121 Rubber products 1.47 128 115 97 98 117 125 122 133 143 138 140 144 147 149 137 Leather and products 1.73 99 95 100 96 91 94 96 100 105 104 105 105 105 107 107 Paper and printing 8.93 125 125 126 126 127 127 127 127 129 130 133 134 137 138 138 Paper and allied products , 3.46 132 134 133 135 137 138 137 136 140 143 147 151 156 156 156 Printing and publishing 5.47 121 120 121 121 121 121 120 121 122 122 124 123 125 127 127 Chemical and petroleum products 9.34 142 142 141 141 144 143 145 148 148 151 153 155 158 160 160 Chemicals and allied products , 6.84 147 148 148 149 150 150 152 155 154 157 160 162 168 169 170 Petroleum and coal products 2.50 130 125 122 121 125 124 127 129 131 134 134 136 134 136 135 Foods, beverages, and tobacco 11.51 107 106 105 105 105 105 106 106 107 106 108 110 110 108 Food and beverage manufactures. . . 10.73 107 106 105 105 105 105 106 106 107 106 109 110 110 110 108 Tobacco manufactures , .78 108 103 101 99 102 102 100 101 107 106 107 103 109 109 Minerals—Total 9.98 116 111 112 109 108 109 113 116 120 123 121 120 121 122 120 Mineral fuels , 8.35 115 113 112 110 109 110 115 117 123 121 121 121 '122 122 Coal 2.68 78 67 70 68 67 70 69 73 74 79 72 72 81 86 87 Anthracite , .36 57 52 56 50 49 43 51 66 55 61 45 41 42 43 53 Bituminous coal , 2.32 81 70 72 71 70 74 72 74 77 82 76 77 87 92 92 Crude oil and natural gas , 5.67 133 134 133 130 129 130 136 138 142 144 144 143 140 139 P138 Metal, stone, and earth minerals , 1.63 119 106 108 102 102 101 105 115 118 119 123 114 120 123 113 Metal mining .82 113 90 91 83 82 81 86 103 110 114 113 100 111 117 96 Stone and earth minerals .81 124 123 125 121 121 121 125 127 126 124 132 129 129 129 130 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL. 100.00 134 125 116 123 126 130 130 128 131 135 137 138 138 139 131 MANUFACTURES—TOTAL 90.02 136 127 116 125 127 132 132 129 133 136 140 140 139 141 132 Durable Manufactures—Total.. 45.17 153 137 125 132 135 140 143 143 147 151 154 155 155 155 146 Primary metals 6.70 132 108 94 100 103 112 118 117 129 136 142 144 143 144 122 Ferrous metals 5.03 133 105 91 95 98 107 114 115 124 132 138 143 143 141 125 Pig iron and steel 3.51 138 108 95 96 101 111 121 121 128 136 144 147 149 146 132 Pig iron .37 130 101 94 93 93 101 110 113 117 122 131 134 138 137 129 Steel 3.05 139 109 96 97 102 112 122 121 130 138 146 148 151 147 133 Carbon steel 2.62 135 108 96 96 101 111 119 118 125 134 143 145 148 144 130 Alloy steel .43 165 115 93 104 111 120 138 145 155 165 165 171 169 169 147 Ferrous castings and forgings.. 1.52 121 97 80 90 90 97 98 101 113 121 124 133 128 129 108 Iron and steel castings 1.29 115 95 79 90 89 95 96 99 111 119 123 132 127 127 108 Steel forgings .23 154 106 87 91 98 106 107 110 127 133 140 132 139 108 ^Preliminary. ••Revised. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 1028 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953P 1954P July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued 1.67 129 120 103 117 118 127 129 124 146 149 155 148 144 154 111 Primary nonferrous metals .38 144 147 142 139 137 142 158 160 159 167 169 166 166 167 128 .09 112 101 93 76 88 98 124 121 118 140 134 133 132 130 49 Copper refining .06 116 109 105 102 89 91 118 131 122 134 133 124 133 133 50 Lead .04 101 105 79 98 109 114 107 103 99 99 112 115 101 110 53 Zinc .10 113 101 97 98 84 90 112 116 118 119 122 118 118 119 P119 Aluminum .09 209 244 248 246 244 246 246 250 252 253 256 257 258 259 961 Secondary nonferrous metals .13 114 105 86 105 105 108 107 107 114 125 133 124 123 121 Nonferrous shapes and castings.... 1.16 126 113 91 111 114 124 123 114 145 146 153 144 139 154 '106' Copper mill shapes .63 112 100 76 100 103 115 111 90 135 125 133 114 110 128 75 Aluminum mill shapes .20 168 154 145 163 159 160 162 168 182 196 202 204 209 228 188 .33 130 114 88 103 107 121 122 128 144 155 163 168 155 158 Metal Fabricating 28.52 167 150 138 144 145 150 154 156 159 162 165 166 165 rl63 158 Fabricated metal products 5.73 136 123 116 124 124 126 125 124 124 126 130 131 134 135 130 2.68 137 126 123 125 125 127 129 130 127 129 131 132 136 136 132 Stampings and misc. metal products.. 2.12 138 117 106 109 111 115 122 124 124 125 129 129 131 128 125 Tin cans .30 129 131 153 196 172 142 103 102 110 107 111 126 143 149 168 Furnaces, gas ranges, and heaters.... .63 93 90 75 104 109 121 99 78 87 99 108 107 105 117 87 Machinery 13.68 160 142 128 138 145 15© 150 146 148 152 154 152 151 153 143 Nonelectrical machinery 9.04 143 125 119 118 122 121 121 123 126 129 132 134 135 137 131 8.13 139 121 117 116 116 116 116 119 119 121 124 126 129 131 129 Farm machinery 1.02 96 79 79 74 75 73 75 80 85 90 94 95 95 95 92 Industrial and commercial ma- 7.11 145 127 122 122 122 122 122 125 124 125 128 131 134 136 134 Machine tools and presses .... .68 188 160 152 150 150 147 146 149 148 149 152 154 157 161 161 Laundry and refrigeration appliances. .69 128 114 88 91 125 123 124 122 146 155 164 161 155 157 116 Electrical machinery 4.64 194 177 145. 176 189 207 206 191 191 196 195 189 181 184 166 3.23 179 160 151 152 154 158 162 165 165 167 169 171 175 176 170 Radio and television sets .74 230 214 116 234 280 341 325 258 261 272 261 228 190 192 143 Transportation equipment 7.54 189 175 165 165 155 159 179 191 200 205 209 213 209 200 202 Autos, trucks, and parts 4.80 126 109 96 48 81 90 120 136 150 157 163 171 165 151 155 1.50 146 131 125 123 81 70 144 174 195 210 215 223 205 i84 19s? .66 118 92 78 79 74 78 93 94 98 87 104 137 132 134 126 Light trucks .22 112 95 86 81 76 74 99 103 102 77 109 148 139 124 119 .19 58 59 57 54 43 46 58 59 64 48 67 89 88 81 81 Heavy trucks .14 183 133 99 113 110 121 134 130 143 144 141 193 192 220 203 .07 229 130 102 109 119 132 135 131 138 160 170 185 176 205 174 Auto and truck parts 2.58 117 101 85 88 84 105 113 125 137 145 148 150 150 137 Aircraft and parts 1.30 465 474 469 465 470 464 471 478 479 477 479 472 469 466 471 , -81 135 112 111 107 104 106 106 110 110 113 115 117 115 118 113 Railroad equipment .53 72 39 26 32 33 28 24 31 32 36 35 38 47 41 38 Railroad cars .35 64 29 17 22 25 18 12 20 20 25 26 28 39 29 22 [nstruments and related products. . 1.29 155 140 132 132 137 138 140 142 140 142 145 144 142 149 147 Clay, Glass, and Lumber Products.. 5.91 125 123 109 118 129 136 130 125 124 129 133 137 139 rl46 133 Stone, clay, and glass products 2.82 133 131 128 134 136 139 137 134 132 134 140 146 149 155 148 Glass and pottery products 1.09 123 118 107 116 118 125 124 120 126 129 131 132 131 136 121 Flat glass and vitreous products... .60 136 131 119 126 134 141 144 148 148 147 149 150 152 154 136 .47 139 133 119 127 136 144 148 151 151 150 152 152 152 154 132 .26 120 117 118 125 112 119 105 93 114 124 124 125 123 138 130 Home glassware and pottery .23 91 85 63 80 84 92 93 80 82 89 92 94 88 86 75 .32 132 135 150 151 155 152 145 131 119 115 132 151 159 163 .35 110 111 111 116 118 115 117 113 107 111 119 121 125 134 128 Brick . . .12 106 113 116 126 128 121 124 112 101 106 121 127 132 146 134 .20 115 111 109 112 112 113 114 115 114 115 120 120 122 128 127 Concrete and plaster products .48 163 161 170 172 169 168 166 162 155 155 165 174 184 190 190 Misc. stone and earth manufactures.. .58 143 140 134 140 144 146 146 149 147 151 155 160 164 170 166 Lumber and products 3.09 118 115 91 102 123 134 123 116 117 125 126 128 129 137 118 2.05 112 106 91 98 110 119 107 100 101 108 109 115 116 122 108 Millwork and plywood .60 149 161 93 128 187 207 191 186 193 206 210 201 195 207 160 .39 118 123 90 116 157 164 139 137 143 151 155 148 139 151 121 .12 199 222 95 145 232 274 275 264 274 294 298 288 285 299 224 .29 99 88 85 83 87 91 88 88 88 88 91 89 91 86 '94 Furniture and Misc. Manufactures. 4.04 131 121 112 121 125 129 128 125 121 125 127 124 126 125 130 Furniture and fixtures 1.64 117 106 99 107 111 113 112 112 109 113 114 111 113 113 Household furniture ;. 1.10 118 106 98 108 112 116 115 115 110 115 116 113 114 r111168 115 .54 116 107 100 106 108 107 107 108 106 109 109 107 111 114 111 Miscellaneous manufactures 2.40 140 131 121 130 136 140 139 134 129 134 136 133 136 139 133 ^Preliminary. rRevised. For other footnotes see preceding page. SEPTEMBER 1955 1029 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average =1001 1947-49 Annual 1954 1955 pro- Industry portion 1953* 1954* July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total.. 44.85 118 116 107 117 119 123 120 115 119 122 125 124 124 126 118- Textiles and Apparel. 11.87 107 100 86 103 99 105 104 95 108 112 115 113 110 rlO7 93 Textile mill products. 6.32 104 95 82 97 97 103 102 98 104 108 109 109 108 •-106 92 Cotton and synthetic fabrics. 3.72 107 100 85 101 100 109 110 104 114 116 118 118 -•116 110 96 Cotton consumption 2.30 104 97 80 99 96 104 104 95 105 106 105 103 104 100 84 Synthetic fabrics .97 115 108 105 104 112 121 126 127 132 138 147 154 146 '135 133 Fabric finishing .45 101 93 65 98 86 101 102 90 107 109 106 107 -•103 '7J' Wo W o o l o te l x a t p il p e a s rel yarns. . .1 9 6 7 9 7 1 8 6 7 6 6 6 7 8 8 8 7 6 4 6 7 7 3 6 7 9 7 6 7 9 2 6 7 8 0 7 7 9 0 8 7 5 2 8 7 2 4 8 7 9 9 9 8 1 3 84 81 Kn W it o g o o l o f d a s brics. . . 1. .7 1 5 5 11 7 6 5 10 6 6 4 6 8 6 9 10 7 9 1 11 6 3 6 11 6 3 7 11 6 0 9 10 7 3 1 10 6 5 7 11 6 2 9 11 7 0 2 10 7 8 7 10 8 8 2 11 8 3 6 9 7 s 2 r Hosiery .65 113 108 78 106 113 115 109 102 110 119 111 109 103 108 85" Full-fashioned hosiery. .. .45 118 113 79 108 116 118 112 105 114 124 118 116 108 111 86 Seamless hosiery .20 102 97 77 100 107 107 102 93 100 106 96 93 92 102 82 Knit garments .50 119 103 103 113 112 112 111 104 98 104 108 106 113 '119 115 Floor coverings1..- .48 Woven carpets .31 86 71 36 70 79 82 62 71 84 83 86 85 71 45 Apparel and allied products. , 5.55 110 105 91 110 101 106 107 99 113 116 123 116 113 '109 95 Men's outerwear 1.78 113 103 80 110 95 108 108 96 115 113 113 118 119 107 84 Men's suits and coats .73 96 83 56 98 76 82 88 87 98 97 88 92 105 92 59 Men's suits .50 92 82 52 92 73 80 88 90 102 100 91 90 100 86 55'- Men's outercoats .13 89 67 57 98 72 72 66 52 60 59 55 76 101 92 61 Shirts and work clothing... .99 124 116 94 118 106 124 121 99 126 124 130 135 127 117 98' Women's outerwear 1.85 103 109 96 114 100 102 102 93 120 125 143 129 116 114 98- Women's suits and coats... .76 117 129 127 146 130 127 130 115 152 160 165 109 96 123 1291 Misc. apparel and allied mfrs. 1.92 112 103 97 105 107 110 110 106 103 109 112 103 103 '106 102 Rubber and Leather Products. 3.20 113 104 86 98 105 114 108 110 123 127 128 124 121 126 106- Rubber products 1.47 128 115 85 94 118 132 124 128 145 144 146 147 145 121 Tires and tubes .70 117 105 84 75 104 116 110 116 130 134 133 128 135 146 127 Auto tires .40 117 110 94 81 107 117 111 119 136 141 145 140 150 161 138 Truck and bus tires .30 118 99 71 69 99 114 110 113 121 125 117 113 116 126 111 Miscellaneous rubber products. .77 133 124 86 111 132 147 137 139 158 153 158 164 155 '155 116 Leather and products 1.73 99 95 87 101 94 98 94 94 105 112 113 105 100 105 93 Leather .44 91 87 71 87 83 88 88 88 94 98 94 95 "•93 95 Sh S C o k e a s i t n t a l e n le h d a i d t s h e l e i p l r e s p a e t r h s e 2 rs . . . 2 1 9 9 5 0 9 8 2 9 9 7 2 5 6 7 5 5 9 7 1 8 8 7 9 0 9 7 6 2 9 7 4 5 9 7 5 3 10 8 1 0 10 8 4 6 10 8 1 0 10 8 2 2 r ' Q 8 Q 0 1 8 0 3 1 Miscellaneous leather products. .39 100 90 87 94 95 97 98 94 91 100 103 92 ••89 96 Paper and Printing. 8.93 125 125 116 124 128 133 131 125 127 131 136 137 137 137 128 Paper and allied products.... 3.46 132 134 120 137 137 146 140 129 140 148 152 154 153 156 141 Pulp and paper 1.76 130 132 116 134 133 140 139 127 140 147 150 148 151 -•154 137 Wood pulp .51 142 148 133 150 148 158 160 142 158 166 170 169 171 175 156 Paper and board 1.25 125 125 109 128 126 133 131 120 132 139 142 140 143 145 130 Printing paper .22 119 118 99 121 120 122 121 112 123 127 133 127 128 rl30 112 Fine paper .14 116 120 96 122 120 130 127 124 132 138 134 131 148 138 107 Coarse paper .20 118 119 102 121 118 124 124 112 124 132 134 130 129 '130 116 M P i a s p c e e r l b l o a a n r e d ous paper . .4 1 1 8 1 1 2 3 9 4 1 1 3 3 7 0 1 1 2 1 6 2 1 13 3 3 7 1 1 3 2 6 9 1 1 4 3 5 8 1 1 4 3 2 7 1 1 3 2 5 2 1 13 5 6 0 1 14 5 5 4 1 1 5 4 3 9 1 1 4 6 7 0 1 15 5 1 8 rl59 1 13 7 3 8 Building paper and board. .10 118 124 123 131 137 135 129 115 122 126 141 139 142 '158 133 Converted paper products 1.70 134 136 124 139 141 152 140 131 141 149 153 159 154 ••142 144 Shipping containers .51 133 133 119 136 141 151 140 131 135 146 153 156 154 158 14t Sanitary paper products.... .11 138 145 139 146 141 153 141 128 156 156 152 166 152 159 153 154 Printing and publishing 5.47 121 120 113 116 122 125 125 123 118 121 126 126 126 126 119 Newsprint consumption 1.85 118 119 102 107 120 129 130 123 114 121 132 134 135 131 112 Job printing and periodicals 3.62 121 119 120 123 122 122 124 120 121 123 122 122 123 123 Chemical and Petroleum Products. 9.34 142 142 133 139 143 147 149 149 150 154 157 155 155 157 152 Chemicals and allied products 6.84 147 148 138 144 149 155 156 156 157 162 165 164 164 164 158 Industrial chemicals 2.54 154 153 145 150 153 160 165 166 169 176 184 182 182 -•185 177 Basic inorganic chemicals .57 149 157 148 151 155 161 171 170 175 181 184 180 185 179 159 Industrial organic chemicals 1.97 155 152 144 150 152 159 164 165 167 175 184 182 -•182 186 183 Plastics materials .24 183 184 149 170 195 197 200 196 206 231 243 247 -•244 246 Synthetic rubber .11 186 136 121 126 137 143 147 151 180 193 202 202 211 208 Synthetic fibers .59 156 152 148 152 148 165 174 173 172 181 196 189 178 184 177 Miscellaneous Organic chemicals. 1.03 144 146 143 146 147 148 151 154 155 157 160 161 166 171 175 Vegetable and animal oils. .64 116 118 91 96 109 138 140 130 127 128 117 108 109 105 99 Vegetable oils. . .48 112 113 80 84 101 139 140 126 125 123 111 99 98 93 87 Grease and tallow .16 131 133 126 129 131 134 137 139 135 145 136 134 142 143 133 Soap and allied products .71 113 108 69 104 116 117 105 105 103 108 102 102 99 97 75 Paints .66 118 116 117 117 115 115 117 118 116 116 119 122 125 131 130 Fertilizers .23 124 122 95 99 109 113 108 112 116 124 177 176 154 109 89 ^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. 1030 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 1953P1954? July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July • WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 130 125 122 124 127 126 129 129 132 134 133 132 131 136 PUS PePtreotrloeluemum a rnedfi ncionagl products 1.97 135 133 130 131 133 132 136 140 142 144 139 136 135 140 P141 Gasoline. 1.04 144 141 141 142 142 140 143 146 146 147 143 144 146 152 P154 Automotive gasoline .98 139 136 136 137 138 135 139 141 142 143 140 140 141 146 Aviation gasoline .06 227 221 229 233 215 214 214 232 216 209 205 212 226 246 Fuel oil .56 130 128 122 123 127 128 135 140 146 152 142 129 128 133 P130 Distillate fuel oil .30 155 158 150 154 161 164 172 177 184 196 181 163 161 173 Residual fuel oil .26 101 93* 89 87 89 87 92 97 101 101 97 91 91 88 Kerosene .10 117 110 97 99 98 101 116 125 134 123 117 102 97 88 Lubricating oil .17 106 108 104 109 111 106 110 108 109 105 110 124 113 118 Coke .26 111 84 77 75 77 84 90 93 96 98 102 104 105 103 101 Asphalt roofing and siding .15 99 103 110 127 147 133 106 62 70 75 110 131 124 143 Foods, Beverages, and Tobacco 11. SI 107 106 108 114 119 116 109 99 99 97 100 101 105 112 112 Food and beverage manufactures... 10.73 107 106 109 115 120 117 110 101 98 97 100 101 104 112 112 Fo M od e B a m e t e a f p n r u o f d a u c c t t u s r es ... 8 1 . . . 4 4 4 8 6 9 1 1 1 2 0 1 9 8 5 1 1 13 0 1 5 7 7 1 1 1 3 0 0 5 2 7 1 1 13 1 0 8 7 8 1 1 14 2 2 1 4 0 1 114 1 22 8 7 1 1 1 3 1 3 5 3 6 1 1 13 3 0 2 6 4 1 1 14 0 3 0 2 8 1 1 9 2 2 9 9 4 1 1 1 3 2 0 4 8 0 1 1 1 3 1 0 3 8 0 1 1 1 0 3 1 8 2 4 1 1 14 1 0 7 4 8 1 1 1 0 0 37 4 8 Pork .83 104 103 81 88 104 115 131 134 133 117 121 106 98 93 83 Dairy products .69 105 106 128 115 97 85 78 79 85 91 104 117 140 145 132 Butter .14 108 110 115 99 84 81 79 85 99 101 104 119 143 139 116 Natural cheese . .07 112 116 129 114 98 87 87 91 95 102 113 133 164 165 130 Concentrated milk .19 93 94 109 94 76 66 65 70 76 86 100 116 143 138 107 Ice cream ... .28 106 104 143 133 113 95 81 74 78 84 100 107 122 139 153 Canned and frozen foods 1.13 121 112 138 194 212 141 99 87 77 72 74 81 87 110 142 Grain-mill products 1.16 106 107 112 110 114 110 103 101 103 102 101 102 104 110 110 Wheat flour .46 81 81 78 82 86 90 84 80 87 85 83 79 76 80 80 Cereals and feeds .70 122 124 134 129 132 123 117 115 114 113 113 116 122 129 130 Bakery products 1.64 100 97 99 98 98 99 98 98 94 95 95 94 97 100 100 Sugar .27 113 117 72 94 109 258 273 176 93 61 67 64 64 71 Cane sugar .11 113 106 112 115 M15 105 90 87 100 106 110 101 102 108 Beet sugar .13 108 121 32 71 99 385 427 248 81 17 24 27 28 35 .71 102 99 66 91 131 123 125 87 106 112 96 93 78 86 65 Miscellaneous food preparations. . . 1.41 104 105 109 108 106 108 105 101 100 101 101 103 106 110 113 Beverages 2.24 105 103 118 108 107 110 97 88 84 89 101 107 113 127 Bottled soft drinks . .54 Alcoholic beverages 1.70 100 98 103 96 98 107 99 84 80 86 100 106 107 117 Beer and ale 1.02 103 99 122 112 93 84 79 83 85 84 101 113 120 126 Liquor distilling ... .17 60 68 42 39 69 121 92 67 61 67 66 68 58 58 Liquor bottling .37 107 102 85 85 115 142 139 90 76 93 109 104 96 120 Tobacco manufactures .78 108 103 92 111 109 111 103 83 105 104 105 99 109 116 Cigarettes . . .. .46 111 106 98 115 111 111 102 86 111 106 108 102 115 121 Cigars .17 107 105 83 112 113 121 113 82 99 107 106 99 105 111 MINERALS—TOTAL 9.98 116 111 110 111 111 112 114 114 117 119 118 120 122 121 119 Mineral Fuels 8.35 115 113 108 110 110 113 117 117 121 123 121 121 120 118 118. Coal 2.68 78 67 57 68 70 77 75 75 77 79 71 72 77 74 77 Anthracite .36 57 52 44 48 51 52 57 61 55 61 41 39 43 46 42 Bituminous coal 2.32 81 70 59 71 72 81 78 77 81 82 76 77 83 78 82 Crude oil and natural gas. 5.67 133 134 133 13d 129 130 136 138 142 144 144 143 140 139 P13S Oil and gas extraction 4.82 129 128 124 123 124 124 130 132 139 140 139 138 133 132 P132 Crude oil . .. . 4.12 124 122 120 118 118 118 122 123 130 131 132 132 128 127 P127 Natural cas 34 167 172 154 157 159 167 184 199 202 207 194 Natural gas liquids . . ... .36 157 160 151 151 159 163 170 172 175 176 169 iai 157 157 .85 154 167 180 166 159 160 171 171 163 168 175 174 175 177 Metal, Stone, and Earth Minerals... 1.63 119 106 119 115 113 110 102 99 97 99 104 114 132 138 125 .82 113 90 108 100 98 92 79 76 79 85 86 101 131 142 114 Iron ore .33 128 84 139 132 117 87 43 37 36 39 41 79 152 179 .49 104 94 87 78 85 95 103 102 108 117 117 115 117 117 P78 Copper mining .24 114 103 95 77 92 106 118 116 124 134 133 132 135 135 Lead mining .09 86 80 74 83 76 78 82 83 83 89 91 87 88 '87 81 Zinc mining .06 87 75 72 75 67 71 74 73 80 83 85 83 86 84 84 Stone and earth minerals .81 124 123 130 130 129 129 126 122 115 113 122 128 133 134 135 ^Preliminary. 'Revised. For other footnotes see preceding page. SEPTEMBER 1955 1031 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 July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED * CONSUMER DURABLES—TOTAL. 100.00 127 116 116 115 114 112 119 125 131 135 139 144 145 147 153 Major Durables 69.72 138 125 126 125 121 117 128 137 145 151 156 163 164 164 174 Autos 32.10 146 131 127 121 110 104 127 149 160 172 179 190 189 180 195 Major household goods 36.13 132 122 127 131 132 131 130 129 133 135 138 142 143 153 157 Furniture and floor coverings. 15.32 113 101 102 106 107 106 103 105 107 107 109 110 113 117 118 Household furniture 11.31 118 106 104 109 111 111 111 110 110 113 114 115 118 122 122 Floor coverings1 4.01 Appliances and heaters 15.60 118 111 114 109 112 110 114 115 128 131 137 145 146 150 151 Major appliances 11.88 123 115 118 113 117 114 120 119 132 135 139 152 153 156 161 Ranges 2.60 90 79 83 74 80 79 77 82 79 96 97 101 105 122 119 Refrigeration appliances.. 4.98 137 124 132 125 117 110 122 117 137 140 152 166 169 178 173 Laundry appliances 2.51 141 148 136 146 169 170 174 181 190 181 172 199 188 163 198 Heating apparatus. 3.72 100 97 101 98 96 97 95 100 115 120 131 121 125 '132 Radio and television sets 5.21 230 214 241 270 267 270 259 242 225 226 222 226 222 269 290 Radio sets 3.42 67 52 47 56 46 62 70 70 73 68 71 65 68 66 76 Television sets 1.79 541 522 611 678 687 667 620 571 515 527 512 532 516 658 698 Other Consumer Durables 30.28 102 95 93 91 98 98 97 96 98 99 100 100 103 106 106 Auto parts and tires 14.00 01 01 89 85 95 96 93 94 100 97 96 98 101 '104 103 Misc. home and personal goods.., 16.28 111 99 96 79 101 100 101 97 97 100 102 102 104 108 109 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL..100.00 127 116 102 113 108 109 129 132 142 151 155 156 147 144 137 Major Durables 69.72 138 125 107 121 111 111 142 149 163 174 179 180 167 160 152 Autos 32.10 146 131 125 123 81 70 144 174 195 210 215 223 205 184 195 Major household goods 36.13 132 122 92 121 139 149 142 130 137 146 151 145 136 '141 115 Furniture and floor coverings. 15.32 113 101 89 102 108 111 108 109 108 111 114 111 109 113 105 H Fl o o u o s r e h co o v ld e r f i u n r g n s i 1 ture 1 4 1 . . 0 3 1 1 118 106 98 108 112 116 115 115 110 115 116 113 114 118 115 Appliances and heaters 15.60 118 111 101 122 116 108 124 138 151 150 145 152 115 Major appliances 11.88 123 115 96 121 121 118 116 134 149 163 162 156 160 120 Ranges .60 90 79 53 68 87 87 83 77 81 104 110 106 100 117 76 Refrigeration appliances.. .98 137 124 109 99 116 104 106 112 147 152 180 187 183 191 144 Laundry appliances 2.51 141 148 90 128 181 199 192 177 177 207 201 193 181 168 131 Heating apparatus 3.72 100 97 86 116 124 133 107 84 93 102 114 113 113 128 Radio and television sets 5.21 230 214 116 234 279 338 324 258 260 272 260 228 189 192 143' Radio sets 3.42 67 52 29 51 48 64 71 67 73 74 80 74 75 65 49 Television sets 1.79 541 522 281 583 722 860 806 623 618 648 604 521 408 434 321 Other Consumer Durables 30.28 102 95 90 94 101 104 100 94 95 97 99 99 102 106 103 Auto parts and tires 14.00 01 91 91 90 100 101 93 89 95 93 93 96 101 107 104 Misc. home and personal goods 16.28 111 99 89 97 102 106 105 98 95 101 105 102 102 105 101 i 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. SEASONALLY ADJUSTED Total 12,297 12,346 12,445 12,572 12,580 12,586 12,673 12,798 12,934 13,081 '13 200 13, 157 13, 1?8 6,928 6,957 7,054 7,159 7,177 7,191 7,269 7,350 7,443 '7,549 r7 634 7,633 7, 596 Ordnance and accessories •. 101 10? 100 98 97 96 94 94 91 rO0 '89 80 SS Lumber and wood products 569 649 678 675 674 668 669 654 658 '680 '709 711 705 294 297 295 294 291 289 290 295 ?98 '306 '30Q 310 316 Stone, clay, and glass products.. 432 435 436 436 435 434 438 442 448 '456 '464 467 464 Primary metal industries 972 965 969 988 997 1,008 1,027 1 ,05? 1,076 1,102 1 11S 1,113 1,118 Fabricated metal products...... 828 821 825 840 835 826 836 851 864 881 '893 892 890 Machinery except electrical 1,123 1,125 1,115 1,103 1,095 1,093 1,108 1,127 1,147 1,162 1 170 1,176 1,185 782 785 79?, 799 793 792 795 795 804 817 '8^4 836 811 Transportation eouipment • 1,238 1,183 1,249 1,334 1,375 1,400 1,426 1,447 1,462 1,456 1 447 1,425 1,376 Instruments and related products 216 218 917 917 ?16 216 ?1S 918 917 212 r9?1 999 99^ Misc. manufacturing industries.. 373 377 378 375 369 369 371 375 378 '387 '393 392 390 Nondurable goods 5,369 5,389 5,391 5,413 5,403 5,395 5,404 5,448 5,491 '5,532 '5 566 5,524 5,532 Food and kindred products 1,089 1,086 1,082 1,097 1,094 1,085 1,078 1,091 1,113 '1,116 1 119 1,095 1,102 Tobacco manufactures 93 9? 94 96 93 90 93 9? 90 91 94 91 98 Textile-mill products 989 988 979 973 968 967 970 975 983 '970 979 981 993 Apparel and other finished textiles 1,033 1, 033 1 041 1 060 1,057 1,058 1,064 1 07? 1,073 1,096 '1 108 1,07? 1 i061 441 447 444 440 435 435 435 437 441 '446 453 458 458 Printing, publishing and allied 514 518 515 513 511 512 515 516 519 '519 '5?1 5?4 S?4 Chemicals and allied products... 528 526 529 528 531 534 532 540 546 '556 553 554 555 Products of petroleum and coal. 175 174 175 173 173 171 172 174 175 176 175 177 175 177 196 ?,00 199 204 207 208 212 ?,1? '217 ??0 ??4 ??1 Leather and leather products... 330 329 332 334 337 336 337 339 339 '345 '344 348 345 For footnote see following page. 1032 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT Total 12,418 12,577 12,612 12,657 12,645 12,523 12,649 12,778 12,816 12,882 '13 086 12,988 13,249 Durable goods 6,890 6,965 7,081 7,198 7,218 7,182 7,282 7,375 7,457 7,530 630 7,523 7,556 Ordnance and accessories 101 10? 100 98 97 96 94 94 91 90 rflQ 89 88 Lumber and wood products 592 672 692 685 661 631 639 634 651 683 '727 725 733 Furniture and fixtures ?90 ?98 301 301 297 293 296 298 297 ?98 ^00 998 311 Stone, clay, and glass products.. 434 437 438 438 437 430 434 442 450 456 >-466 460 466 Primary metal products 967 96S 969 988 1,002 1,013 1,032 1,057 1,076 1,096 r\ 11 S 1, 102 1,119 Fabricated metal products. . . 8?0 8?1 8?9 844 843 834 844 860 868 877 r884 86S 881 Machinery except electrical 1,095 1,097 1,093 1,092 1,106 1,109 1,125 1,144 1,164 1,174 T\ 182 1,164 1,155 Electrical machinery 766 78S 800 811 809 800 803 803 804 809 r816 807 894 Transportation equipment . .. 1,?38 1,183 1 ?49 1 334 1,375 1,400 1,426 1,447 1,462 1,4S6 M 447 1j4?5 1j376 Instruments and related products 914 ?18 ?18 ?18 218 217 216 219 218 911 r??0 918 991 Misc. manufacturing industries. 373 386 393 390 373 360 371 377 376 379 r385 372 390 Nondurable goods 5,528 5,612 5,531 5,459 5,427 5,341 5,367 5,403 5,359 5,352 '5 456 5,465 5,693 Food and kindred products 1,238 1,268 1,180 1,111 1,062 1,007 985 991 1,011 1,035 n 089 1,156 1,253 Tobacco manufactures 10? 110 11? 103 100 91 89 83 80 80 8? 79 108 Textile-mill products 974 978 979 983 983 977 985 985 983 96 5 974 9S6 978 Apparel and other finished textiles 1 0S4 1,0S9 1,0S7 1,060 1,073 1,069 1,101 1,110 1,057 1,041 ri 0S8 1,024 1,08? Paper and allied products 439 445 444 444 442 437 437 439 441 444 451 449 456 Printing, publishing and allied products 509 518 *>?0 518 519 512 512 516 516 S16 rS?1 519 519 Chemical and allied products. . . 520 529 534 533 534 534 535 548 551 550 545 543 547 Products of petroleum and coal. 179 177 175 173 172 169 170 172 173 175 »-176 179 179 Rubber products m 196 ?09 ?0? 207 209 209 212 211 916 ?19 917 919 Leather and leather products. . . 338 331 330 332 335 336 345 347 337 331 >"342 343 354 ••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 August 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 Aug. June July Aug. Aug. June July Aug. Aug. June July Aug. Total 71.06 76.11 76.36 77.11 39.7 40.7 40.4 40.8 1.79 1.87 1.89 1.89 Durable goods 76.59 ^81.99 82.21 83.83 40.1 '41.2 40.9 41.5 1.91 1.99 2.01 2.02 Ordnance and accessories 80.20 '83.44 82.01 81.59 40.1 '40.9 40.2 39.8 2.00 2.04 2.04 2.05 Lumber and wood products 65.57 71.90 70.00 71.34 41.5 41.8 40.7 41.0 1.58 1.72 1.72 1.74 Furniture and fixtures 63.74 66.98 65.53 68.62 40.6 41.6 40.7 42.1 1.57 1.61 1.61 1.63 Stone, clay, and glass products 72.04 '77.52 76.86 76.78 40.7 '41.9 41.1 41.5 1.77 '1.85 1.87 1.85 Primary metal industries 80.64 '91.30 91.94 94.81 38.4 '41.5 40.5 41.4 2.10 '2.20 2.27 2.29 Fabricated metal products 76.95 '80.95 81.99 82.78 40.5 41.3 41.2 41.6 1.90 1.99 1.99 Machinery except electrical 80.80 87.57 86.53 87.57 40.2 42.1 41.6 41.9 2.01 2.08 2.08 2.09 Electrical machinery 72.04 '75.92 73.87 76.30 39.8 '40.6 39.5 40.8 1.81 n.87 1.87 1.87 Transportation equipment 85.63 '88.26 93.63 95.82 40.2 '40.3 41.8 42.4 2.13 2.24 2.26 Instruments and related products 72.29 77.93 76.76 78.31 39.5 40.8 40.4 41.0 1.83 1.91 1.90 1.91 Miscellaneous manufacturing industries 63.44 66.42 66.40 66.66 39.9 40.5 40.0 40.4 1.59 1.64 1.66 1.65 Nondurable goods 64.68 67.83 67.89 67.83 39.2 39.9 39.7 39.9 1.65 1.70 1.71 1.70 Food and kindred products 67.57 71.38 71.90 70.69 41.2 41.5 41.8 41.1 1.64 1.72 Tobacco manufactures 49.67 55.55 54.29 51.09 38.5 39.4 38.5 39.0 1.31 Textile-mill products 52.36 '54.92 54.25 55.35 38.5 39.8 39.6 40.4 1.37 Apparel and other finished products.... 48.87 48.68 47.88 49.31 36.2 36.6 36.0 36.8 1.34 Paper and allied products 74.98 78.69 79.30 79.67 42.6 43.0 43.1 43.3 1.84 Printing, publishing and allied products 87.40 90.95 90.95 90.95 38.5 38.7 38.7 38.7 2.27 2.35 2.35 Chemicals and allied products 78.94 82.80 83.64 83.84 40.9 41.4 41.2 41.3 1.93 2.03 2.03 Products of petroleum and coal 93.07 »-97.23 99.29 99.12 41.0 '41.2 41.2 41.3 2.27 2.41 2.40 Rubber products 75.85 r88.83 86.52 87.15 39.1 '42.3 41.2 41.5 1.94 2.10 2.10 Leather and leather products. 51.24 '•53.44 52.03 52.82 37.4 37.7 38.0 1.37 '1.41 1.38 1.39 rRevised. NOTE.—-Data are for production and related workers. Figures for August 1955 are preliminary. Back data are available from the Bureau of Labor Statistics. SEPTEMBER 1955 1033 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRIGULTURAL 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 l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1948 44 448 15,321 982 2,169 4,141 9,519 1,741 4,925 5,650 1949 , 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 ... 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,285 15,989 770 2,527 4,008 10,498 2,114 5,629 6,751 SEASONALLY ADJUSTED 1954—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—-Tanuary 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 48,881 16,380 743 2,499 3,946 10,600 2,161 5,674 6,878 IVIay .. 49,214 16,545 749 2,526 4,000 10,655 2,171 5,676 6,892 June '49,505 •16,688 756 2,514 r4,064 ••10,711 ••2,184 ••5,690 6,898 July 49,654 16,651 755 2,548 4,070 10,775 2,203 5,733 6,919 August 49,678 16,637 746 2,527 4,091 10,800 2,200 5,735 6,942 WITHOUT SEASONAL ADJUSTMENT 1954—August 48,123 15,822 763 2,735 4,018 10,321 2,151 5,750 6,563 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 J 955—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 •"49,508 16,577 760 2,615 ••4,081 ••10,643 ••2,206 ••5,775 6,851 July... 49,433 16,491 747 2,701 4,101 10,642 2,236 5,819 6,696 August 49,789 16,772 753 2,729 4,122 10,641 2,233 5,821 6,718 ••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 August 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 i o o n n n a - l T l f a o o b r t c o a e r l Total Employed1 Unem- l N ab o o t r i n f o t r h c e e Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 19542 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1954—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 C49,952 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 '67,465 "64,994 57,291 7,704 2,471 46,975 August 117,517 70,695 67,726 65,488 57,952 7,536 2,237 46,823 Corrected. 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. 1034 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 es ti i a - l Total In tr d i u al s- m C e o r m ci - al u P t u i b li l t i y c n d r t e o e i s a n n i l - - - Total M ta i r l y i- H w ig ay h- C v o at n i s o e n r- o A th l e l r 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 . . 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8 267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 31 182 21,764 10 973 7,217 2,117 1,371 3,729 3 574 9,418 887 2 518 853 5,160 1952 33,008 22,107 11,100 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 854 5,839 1953 35,271 23,877 11,930 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 830 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—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 59 515 Tune** 3,506 2,486 1,358 817 197 244 376 311 1,020 115 325 54 526 julyp 3,491 2,514 1,372 829 202 251 376 313 977 113 319 50 495 August^ 3,462 2,501 1,344 848 201 271 376 309 961 108 309 48 496 ^Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1953 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1954—August . . . . 1,573 509 1,064 693 93 141 181 136 330 September 1,816 589 1,227 777 160 130 182 175 392 October 1,965 633 1,332 852 145 186 155 186 443 November 1,499 475 1,024 709 82 129 140 141 299 December 1,829 617 1,212 762 104 194 204 200 366 1955—January 1,504 480 1,024 690 85 166 131 184 249 February 1,581 472 1,109 744 113 133 135 153 303 March 2,135 677 1,458 990 176 194 201 189 386 April 2,322 676 1,646 1,070 142 174 195 195 546 May , 2,185 675 1,510 1,011 171 183 201 171 448 June 2,255 757 1,498 951 163 228 181 270 461 July- 2,272 761 1,511 959 146 288 231 227 420 August 1,895 549 1,346 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—May 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 July 1,837 95 270 143 207 163 167 394 110 86 90 112 1955—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 July 2,272 116 398 145 262 210 223 398 115 94 133 178 SEPTEMBER 1955 1035 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—August 114 n.a. n.a. 113 103 3 7 1 60 27 33 September 116 n.a. n.a. 113 104 3 6 2 60 26 34 October 111 n.a. n.a. 111 100 3 8 59 25 34 November 104 n.a. n.a. 103 93 3 8 62 26 36 December 91 n.a. n.a. 90 80 3 7 1 51 22 29 1955—January 88 n.a. n.a. 87 78 2 7 0) 46 20 26 February 90 n.a. n.a. 88 79 3 6 45 17 28 March 114 n.a. n.a. 113 100 4 9 1 54 24 30 April 132 n.a. n.a. 131 120 3 8 2 61 26 35 May 138 n.a. n.a. 135 122 3 10 3 66 28 38 June P129 n.a. n.a. ?127 n.a. n.a. n.a. 72 32 40 July n.a. n.a. n.a. n.a. n.a. 63 26 37 August P123 n.a. n.a. P122 n.a. n.a. n.a. Pi 68 27 41 PPreliminary. n.a. Not available. 1Less than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adjusted ]Monthly—without seasonal adjustment Annual Class 1954 1955 1954 1955 1953 1954 July Feb. Mar. Apr. May June July July Feb. Mar. Apr. May June July Total 127 114 109 122 123 123 128 125 125 114 113 115 120 130 130 131 Coal.. 103 92 80 105 91 95 105 99 104 80 105 91 95 105 99 104 Coke 171 105 94 124 133 144 149 151 156 91 131 134 142 147 148 151 Grain 135 141 151 127 130 140 155 152 164 181 124 120 123 133 155 197 Livestock 63 62 54 56 62 65 57 50 50 47 45 49 58 52 41 41 Forest products 143 132 119 144 135 133 139 147 145 120 138 135 133 145 153 146 Ore 215 144 159 198 20l4 177 177 191 190 255 49 59 136 271 296 305 Miscellaneous 143 129 125 136 144 142 144 140 139 126 128 137 140 146 144 140 43 40 38 40 40 39 40 42 43 38 39 40 39 40 42 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 1,081 922 833 870 February. . .. 1,200 1,183 1,238 927 998 1,143 856 809 850 March 1,390 1,126 1,343 1,052 923 1,250 1,004 864 1,019 April I 394 1,426 1,260 1,054 1,258 1,166 1 013 957 871 May . . . .... 1,453 1,401 1,312 1,085 1,137 1,181 902 829 966 June 1,385 1,474 1,317 1,013 1,115 1,189 933 947 940 July 1,363 1,291 ^1,267 965 1,024 *1,139 908 822 P885 August . . . 1,187 1,156 911 955 840 825 September 1,256 1,114 1,052 961 926 780 October 1,253 1,265 1,019 1,161 813 763 November 1,247 1,249 1,031 1,164 849 840 December 353 1,318 1,138 1,221 907 942 January-July 9,478 8,993 P8,903 7,112 7,378 8,149 6.538 6,061 2>6,401 ^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. 3 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 1036 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 ew rk - 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 - la A n t t - a 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 - SALES1 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—July 112 107 103 105 106 119 133 109 116 104 122 133 114 August 111 104 105 105 103 122 128 108 110 104 114 126 114 September 111 108 105 108 105 119 126 108 109 105 116 122 114 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 114 107 104 113 108 123 136 114 108 103 118 132 118 July P124 114 108 120 124 P136 P152 122 P132 111 136 145 122 WITHOUT SEASONAL ADJUSTMENT 1954—July 77 74 '78 82 107 86 89 84 100 113 100 August 98 83 81 85 94 102 116 97 100 99 107 117 111 September 113 115 107 111 105 122 123 113 111 111 116 122 112 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 89 81 89 103 93 March 100 90 93 101 93 111 129 98 101 88 104 120 97 April 114 108 99 109 112 125 141 114 118 108 123 136 112 May 116 111 101 113 110 129 134 116 120 108 119 133 116 June 109 107 100 106 104 118 121 112 106 95 113 120 113 July P98 82 77 89 96 P107 96 P102 89 111 123 106 STOCKS1 1948 107 105 105 107 107 105 108 108 107 110 108 110 107 1949 99 100 97 99 100 101 102 97 100 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 122 117 114 116 114 139 141 120 116 115 126 132 125 SEASONALLY ADJUSTED 1954—July 122 117 116 115 115 138 137 118 119 113 123 132 127 August 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 123 120 111 118 113 139 148 122 121 117 132 137 126 June 127 124 115 123 116 143 151 124 126 123 136 143 130 July 121 116 123 118 148 121 126 119 135 P144 131 WITHOUT SEASONAL ADJUSTMENT 1954—July 105 105 103 105 135 128 111 110 109 119 125 125 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 121 115 108 116 110 139 142 116 116 116 131 133 131 July 109 105 111 109 139 114 116 115 129 130 ^Preliminary. rRevised. 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. 1037 SEPTEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales3 Year or month m S ( a t o f o l o n e t r t a s1 h l ) S m t o ( o e n of c n t d k h) s1 o ( s e r O t d i n a d u n e g n t- r d- s o 1 f m c ( e o t R f i o o p n e- t t r t a s h 2 l ) o m ( r N o t d f o o e n e t r w t r a h s l 2 ) Stocks s o O t r i a d n u n e g t d r - s - S st t o p i a o u l ng n u c t- s d k - s ce R i e p - ts month) orders 1946 average ..... 345 767 964 373 354 2.3 30 5.3 1.1 1947 average 365 887 588 366 364 2.5 7 4.3 1.0 1948 average 381 979 494 386 363 2.7 t.4 4.1 1.0 1949 average .. . . 361 925 373 358 358 2.7 L.I 3.8 1.0 1950 average 376 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 average 391 L.202 460 390 379 3.2 L3 4.4 1.0 1952 average... . . . . 397 1,097 435 397 401 2.9 i 2 4.1 1.0 1953 average 406 1,163 421 408 401 3.0 L 1 4.1 1.0 1954 average 407 1,136 387 407 409 3.0 LO 4.0 1.0 1954—July '307 L,045 »-362 3.4 1.5 4.9 0.9 August.... . . . . 350 1,095 465 »-393 3.1 .3 4.5 '1.1 September.... ... .. 400 t ,184 486 489 510 3.0 1.2 4.2 1.2 October 437 268 477 521 512 2.9 1.1 4.0 1.2 November. . . . .. . . 509 1,318 406 559 488 2.6 0.8 3.4 1.1 December 766 1,056 301 504 399 1.4 0.4 1.8 0.7 I955—January 336 1,042 385 322 406 3.1 1.1 4.2 1.0 February.. 307 1,105 414 370 399 3.6 1.3 4.9 1.2 March ... 392 1,190 367 477 430 3.0 0.9 4.0 1.2 413 1,216 308 439 380 2.9 0.7 3.7 1.1 May 403 1.188 306 375 373 2.9 0.8 3.7 0.9 June . .. 390 1.121 449 323 466 2.9 1.2 4.0 0.8 Julyp 324 1,089 553 292 396 3.4 1.7 5.1 0.9 pPreliminary. ^Revised. 1 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated total department store sales. 2 Receipts of goods are derived from the reported figures on sales and stocks. N ew orders are derived from receipts and reported figures on outstanding orders. 3The first three ratios are of stocks and/or orders at the end of the month to sales during the month. T he 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. W E E K LY I N D EX OF SALES [Weeks ending on dates shown. 1947-49 = 100] Without seasonal adjustment 1951 1952 1953 1954 1952 1953 1954 1955 Oct. 6 110 Oct. 4 116 Oct. 3. . . . 112 Oct. 2. . . . 110 Apr. 5 109 Apr. 4 118 Apr. 3. . . . 103 Apr. 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. 3 121 Nov. 1 115 Nov. 7 121 Nov. 6. . . ..127 May 3 111 May 2. ... 114 May 1 112 May 7... . .134 10 127 8 118 14 133 13... ..130 10 117 9. . . . 128 8. . . . 123 14 . .108 17 130 15 130 21 131 20. .. ..134 17 99 16 105 15. . . . 97 21. .. .115 24 123 22 134 28 133 27. .. ..133 24 105 23 112 22 106 28. .. ..114 29 138 31 97 30 97 29 104 Dec. 1 161 Dec. 6.... 195 Dec. 5.. .. 190 Dec. 4. . . ..192 June 7. ... 111 June 6 118 June 5. . . . 97 June 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 78 Jan. 3 81 Jan. 2 81 Jan. 1. .. .. 80 July 5 79 July 4 79 July 3 93 July 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 3i!..! 87 30 98 Feb. 2. . . 84 Feb. 7 88 Feb. 6. . . 86 Feb. 5. . . . . 86 Aug. 2. ... 87 Aug. 1 86 Aug. 7. . . . 92 Aug. 6 97 9 87 14 92 13 91 12. . . . . 92 9 90 8 92 14 97 13... ..100 16 89 21 85 20 86 19. . . . . 90 16 95 15 95 21 100 20... ..106 23 83 28 93 27 90 26. .. . . 93 23 100 22 100 28 102 27... ..111 30 110 29 101 Mar. 1. ... 85 Mar. 7 96 Mar. 6.. . . 85 Mar. 5 98 Sept. 6 100 Sept. 5. ... 101 Sept. 4 113 Sept. 3 . .125 8 88 14 100 13 92 12... ..102 13 114 12 102 11. . . . 97 10. . . 15 90 21 109 20 95 19. .. . .108 20... . 113 19 120 18 12C 17.... 22 94 28 112 27 100 26. .. ..103 27 112 26.... 114 25 11£ 24 29.... 101 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 1038 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES (Percentage change from corresponding period of preceding year) Fe a d r e e d r a a i , s l o tr R r i c e c t s i , e ty rve J 1 u 9 l 5 y 5 J 1 u 9 n 55 e m 19 o 7 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 l 5 y 5 J 1 u 9 n 55 e 19 7 55 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 1 J 9 u 5 l 5 y J 1 u 95 n 5 e m 19 o 7 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 1 J 9 u 5 l 5 y J 1 u 95 n 5 e 1955 United States P+7 +3 +6 Gleve.-cont. Chicago-cow/. Kan. City-cow*. Met. Areas-cont. Met. Areas1-cont, Met. Areas-cont. Wheeling- Joliet2 +16 +7 + 19 Wichita +14 +15 +21 Boston +2 +1 +4 Steubenville2.. +6 0 +5 Gary +8 +4 + 10 St. Joseph +9 -6 Decatur2 +12 -8 +2 Omaha. . . +4 c +4 Met. Areas1 City Peoria2 +10 -2 +9 Albuquerque. . . +10 +16 +1 P B o o r s t t l o a n nd + + 1 2 +4 -i + + 3 5 Portsmouth2. . . +2 -2 +3 T R r o i c - k C f i o ti r e d s2 + + 46 7 + - 2 1 3 + + 2 3 9 O Tu k l l s a a homa City. +1 -5 1 + -8 4 + + 1 1 3 2 Downtown Richmond P+10 +4 +8 (Moline, Boston2 -2 -3 0 Rock Island; Cities Suburban Met. Areas1 Davenport) Greeley +12 -9 +8 Boston +6 +4 +8 Washington2. .. +11 +2 +6 Fort Wayne2... +9 +3 +7 Hutchinson. . +6 +4 +6 Cambridge.. j -1 +4 Downtown Indianapolis2.., +8 +2 +5 Joplin +7 -3 0 Quincy +5 -2 +5 Wash +3 0 +2 Muncie +17 +5 +9 Kansas City. . +3 -3 +4 Lowell- Baltimore2 P+6 +2 +4 South Bend2. . . +10 +5 +8 Enid -22 -27 -14 Lawrence +7 +8 + 10 Asheville2 +5 +3 +8 Terre Haute2... + 13 -5 +5 New Bedford... -5 -3 -1 Raleigh2 +9 +7 +9 Cedar Rapids... -6 +2 +3 Worcester2 +6 +1 +5 Winston-Salem 2 -7 +7 +6 Des Moines -1 _2 +4 Dallas +5 +5 +10 Charleston, Dubuque +3 + 1 +3 Cities S. C.2 +39 +25 +34 Sioux City -5 -1 + 1 Springfield -1 +2 +2 Columbia2 +3 -3 +6 Waterloo +6 +4 +7 Met. Areas Providence2.... +1 +1 +5 Greenville2 +9 +8 + 12 Detroit2 + 13 +10 +10 Shreveport. . . +6 0 +6 Norfolk- Flint2 +18 +6 +11 Corpus Christi +6 -4 +12 New York 0 +1 +2 Portsmouth2 . . +13 +3 +7 Grand Rapids2. +4 -3 +2 Dallas2 +5 +6 +10 Richmond2 +9 +3 +9 Jackson2 +11 +3 +6 El Paso +9 +9 +10 Met. Areas1 Roanoke2 +8 -8 +4 Kalamazoo +4 0 +4 Fort Worth. . , +5 -1 +8 Albany-Sche- Charleston, Lansing2 +27 +15 +17 Houston2.... +4 +6 +8 nectady-Troy W. Va.2. . +15 +1 +7 Saginaw +7 -2 +6 San Antonio.. +2 +8 +8 Albany -3 +1 0 Green Bay +8 +4 +8 Waco.. +9 +7 +11 Schenectady... 0 +4 +4Cities Madison -5 -5 -3 Binghamton -9 -3 -5 Cumberland- Milwaukee2 +2 -3 -1 Buffalo +2 +5 +3 Hagerstown. . . +10 -2 +8 San Francisco. P+2 +7 +7 Buffalo2 -5 +1 +1 Spartanburg.... +4 -5 0 Cities Niagara Falls.. -6 +1 +1 Lynchburg2.... +4 _4 +2 Danville +26 + 11+ 14 New York-N.E. +1 +2 +2 Newport News.. +11 +8 +6 Battle Creek. . . +34 +12 +29 Met. Areas1 New Jersey.. +2 +1 +2 Fairmont- Muskegon + 11 +3 +11 Phoenix2 +4 +16 Newark2...... 0 -2 -1 Morgantown. . +9 +10 +7 Port Huron. . . . +5 +4 +6 Fresno2 -1 +13 N. Y. City2... -1 0 0 Huntington2. . . +10 -2 +7 Appleton +1 -6 -2 Los Angeles2 . .. P+2 +3 +6 Rochester2 2 +3 +1 Parkersburg +21 +5 +15 Sheboygan -1 +2 +6 Downtown Syracuse2 +6 +3 +3 L. A.2 P-3 -7 Utica-Rome.... +4 9 +2 \tlanta P+9 +6 +10 St. Louis p+10 -3 +6 WestsideL.A.2 P+3 +4 +7 Utica +7 -1 +5 Long Beach2. . +6 ' + 10 +9 Met. Areas* Met. Areas Pasadena +1 +4 +3 Cities Birmingham2... +9 +3 +10 Fort Smith + 10 +4 +10 Santa Monica.. +9 +11 +14 Bridgeport2 -1 +5 +3 Mobile +14 +6 +9 Little Rock2.... +2 7 -1 Riverside and Poughkeepsie.,. +3 +6 +9 Montgomery. . . -1 -3 +7 Evansville2 +16 -6 +4 San Ber- Jacksonville2... +1 +2 +4 Louisville2 +10 -7 +5 nardino ...... +10 +13 +14 Philadelphia... +10 +2 +5 Orlando +3 +5 +9 Springfield +33 +25 +37 Sacramento2. . . -9 +12 +5 St. Petersburg- St. Louis2 +9 +6 San Diego2 p-2 0 +2 M W e i t l . m A i r n e g a t s on +14 +4 +6 S T t. a P m e p te a rsburg. + -1 5 + + 4 8 + + 4 8 Memphis2...... P+6 ~5 +4 Sa O n a F k r l a a n n c d is 2 co- P+4 +8 +8 Trenton2 +12'+11 +15 Tampa2 +1 +1 Cities Oakland- Lancaster2 +11 +2 +3 Atlanta2 ... +12 +7 + 13 Quincy +5 -8 +2 Berkeley2 +1 +6 +6 P R h e i a l d a i d n e g l 2 phia2... + + 16 9 + -3 9 + + 4 9 A C u ol g u u m st b a us +13 1 - + 13 5 + + 19 3 Paducah , -5 -20 -8 D O o a w k n l t a o n w d n 2. . j +1 tl Scranton +2 +1 +1 Macon2 +5 +2 +7 Minneapolis. . . +2 -2 +3 San Francisco2. +1 +4 Wilkes-Barre— Savannah +9 +9 +10 Vallejo -6 -1 +1 Hazleton2 ' +14+10 + 10 Baton Rouge2.. +4 y +3 Met. Areas1 San Jose2 +1 +12 +10 City J N a e c w ks O on r 2 leans2. . +5 j + -1 3 + + 6 2 M M p i l n s. n -S ea t. p P o a li u s l 2 2 . + + 3 2 +1 4 + + 2 4 S P t o o r c tl k a t n o d n 2 2 +5 0 + + 7 5 +4 York2 +14 +5 +3 Chattanooga2. . +4 -6 __ 4 St. Paul2 +1 -14 -1 Salt Lake City2. + 11 +15 +5 Cleveland...... +13 +3 +9 K N n as o h x v v i i l l l l e e 2 2 + + 2 1 6 4 + -1 4 + + 1 8 2 Sioux Falls +6 r_l +2 S S p ea o t k t a le n 2 e2 + + 5 4 + + 10 7 + + 10 6 Cities Tacoma2 +9 +18 +7 M L e e t x . i A ng re to a n s +5 7 -1 C R i o ti m es e +9 +9 +6 D M u a l n u k th a - to + 1 -7 0 Cities +13 Akron2 +9 +1 +4 Meridian +8 + 15 +9 Superior2.... 2 +2 0 Tucson +7 +16 + 12 Canton2 +5 -5 +1 Bristol P+5 -4 -5 Great Falls +1 +4 +9 Bakersfield2 +7 +12 +10 C C l i e n v c e in la n n a d ti 2 2 + + 1 1 1 2 + - 1 1 + + 5 5 Chicago p+g +4 +6 L G a r C an ro d s s F e orks. . . -2 0 +3 0 +4 0 B N oi a s m e p an a d +4 +9 Columbus2 +13 +4 +6 Idaho Falls +10 +6 Springfield2 +21 +2 +11 Met. Areas1 Kansas City... +7 +2 +8 Twin Falls — 1 +8 +5 Toledo2 +15 0 +8 Chicago2 P+4 +3 +5 Bellingham 0 2 Youngstown2... +19 +1 +9 Aurora + 10 +1 +7 Met. Areas Walla Walla2... -3 +5 t Erie2 +6 +2 0 Elgin +9 +1 +7 Denver + 19 +13 +15 Yakima2., 3 -3 Pittsburgh2 +16 +14 +19 Topeka +6 -11 +3 ^Preliminary. 'Revised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. SEPTEMBER 1955 1039 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change from a year ago Sales during Department period June 1955 +2 +2 -6 -6 +6 -7 +6 +7 +4 +8 +4 c +1 +3 +6 +9 + 1 + 16 +4 +8 +11 +6 -2 -1 +4 -3 -2 +8 +1 +2 -5 0 -6 +1 +4 1 1 1 JO JO ot Stocks (end of month) Six June months 1955 1955 4-4 +4 \^ +4 +4 +1 +1 -4 +3 -6 +2 -10 -1 +8 +4 0 +4 +1 0 -4 +8 +4 +4 +4 -3 +2 +5 +5 +4 +3 +8 +6 +14 +9 +5 +8 + 12 +6 -2 -1 +4 +3 +5 +1 +4 +4 +2 +6 +2 +5 0 +9 -6 -6 +3 -1 +3 +7 +1 +7 +4 +4 +5 +1 +2 +5 +6 +8 +3 +4 +2 +5 +3 +3 +2 +8 + 13 +9 + 19 -1 +22 +2 -8 -6 2 +2 + 11 -3 + 1 +9 0 +3 +12 +3 -7 +2 +1 +5 +4 -8 +3 +40 +17 -3 +4 -5 +3 -3 +4 +1 +5 +5 +i+ 00 O 00 Ratio of Federal Reserve index number stocks to without seasonal adjustment, sales1 1947-49 average =1002 Sales during Stocks at end June period of month 1955 1954 1955 1954 1955 1954 June May June June May June GRAND TOTAL—entire store3 3.0 3.0 MAIN STORE — total 3.3 3.2 96 99 94 114 121 110 Piece goods and household textiles. 4.0 4.1 76 86 75 101 106 99 Piece goods.... 4.0 3.7 56 69 60 80 87 78 Silks, velvets, and synthetics. 4.9 3.1 40 55 43 73 75 71 Woolen yard goods 17.8 18.1 15 15 14 74 76 77 Cotton yard goods 2.6 2.2 110 129 118 106 115 98 Household textiles 4.0 4.3 90 97 85 112 115 111 Linens and towels 4.3 4.7 87 86 82 103 106 102 Domestics—muslins, sheetings.... 3.7 4.2 87 103 84 130 133 135 Blankets, comforters, and spreads. 3.7 4.0 98 105 91 110 115 106 Small wares. 3.6 3.7 99 98 95 115 120 111 Laces, trimmings, embroideries, and ribbons 3.7 3.6 92 102 96 112 123 109 Notions 3.1 3.0 118 126 116 131 138 125 Toilet articles, drug sundries 3.3 3.3 109 107 105 108 112 105 Silverware and jewelry 4.1 4.1 101 99 96 119 127 113 Silverware and clocks 5.0 5.1 104 88 95 138 141 127 Costume jewelry 2.6 2.5 97 109 97 103 117 96 Fine jewelry and watches. 6.7 7.3 108 113 93 123 152 116 Art needlework 5.8 6.2 64 62 61 102 107 104 Books and stationery. . . 3.7 4.0 88 81 82 116 120 113 Books and magazines. 3.4 3.7 82 76 74 103 106 102 Stationery 3.9 4.0 92 82 87 122 124 118 Women's and misses' apparel and accessories. 2.7 2.6 89 101 91 113 122 106 Women's and misses' ready-to-wear accessories.. 3.2 3.1 90 99 91 117 127 112 Neckwear and scarfs 2.2 2.1 108 117 104 125 139 115 Handkerchiefs 3.8 3.8 49 52 51 64 69 66 Millinery 1.3 1.3 52 67 53 63 76 68 Women's and children's gloves 5.7 6.3 49 65 45 80 84 81 Corsets and brassieres 2.7 2.6 145 139 144 150 153 140 Women's and children's hosiery 2.8 2.7 72 84 71 117 127 110 Underwear, slips, and negligees 2.7 2.5 92 103 96 110 118 106 Knit underwear 3.0 2.9 107 122 107 143 148 138 Silk and muslin underwear, and slips. . 2.6 2.4 89 97 95 102 107 97 Negligees, robes, and lounging apparel. 2.2 2.1 80 100 85 89 99 88 Infants' wear 3.4 3.3 84 88 84 116 123 110 Handbags, and small leather goods. 2.3 2.2 97 109 93 111 125 102 Women's and children's shoes. 4.8 4.6 102 114 105 132 147 128 Children's shoes 5.2 5.1 89 87 91 135 147 128 Women's shoes 4.7 4.5 107 118 110 135 146 130 Women's and misses' ready-to-wear apparel 2.1 2.0 89 104 91 106 116 98 Women's and misses' coats and suits 3.8 4.0 31 46 27 72 77 65 Coats 4.1 4.0 26 41 22 71 69 58 Suits 3.2 3.7 38 57 37 67 87 71 Juniors' and girls' wear 2.2 2.0 88 99 89 111 122 100 Juniors' coats, suits, and dresses. 1.7 1.5 86 101 88 98 111 90 Girls' wear 2.8 2.6 90 96 90 121 131 108 Women's and misses' dresses. 1.4 1.3 108 134 113 105 125 98 Inexpensive dresses , 1.1 1.0 119 139 129 111 126 101 Better dresses 1.8 1.7 97 121 96 100 120 92 Blouses, skirts, and sportswear +8 2.0 1.9 132 131 136 140 157 129 Aprons, housedresses, and uniforms. +11 1.7 1.5 136 158 148 126 127 114 Furs +1 15.2 21.2 21 29 15 89 81 88 Men's and boys' wear. +2 3.4 3.3 115 93 119 121 133 118 Men's clothing -2 3.9 3.8 115 107 121 127 142 130 Men's furnishings and hats +3 2.7 2.6 125 85 129 119 133 115 Boys' wear +10 4.4 4.2 82 88 81 109 115 99 Men's and boys' shoes and slippers. +1 4.5 4.5 131 105 132 129 137 128 For footnotes see following page. 1040 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage change Ratio of Federal Reserve index numbers from a year ago st s o a c l k e s s 1 to wit 1 h 9 o 4 u 7 t - s 4 e 9 a s a o v n e a r l a g a e dj = u 1 s 0 tm 0 e 2 nt, Sales Stocks Sales during Stocks at end Department d p u er r i i o n d g m (en o d n t o h f ) June period of month Six 1955 1954 1955 1954 J 1 u 9 n 5 e 5 months J 1 u 9 n 5 e 5 1955 1954 1955 June May June June May June Homefurnishings +8 +10 +2 3.9 4.2 101 104 94 115 118 113 Furniture and bedding ' +11 +11 +1 3.8 4.3 116 121 104 118 119 116 Mattresses, springs, and studio beds +13 +10 +6 1.9 2.1 136 132 121 137 137 130 Upholstered and other furniture +10 +11 +1 4.5 5.1 108 111 98 118 113 117 Domestic floor coverings +17 +13 2 4.9 6.0 73 85 62 97 105 99 Rugs and carpets +20 +13 -1 4.9 6.1 79 84 65 104 109 105 Linoleum +5 +6 0 4.0 4.3 55 62 53 61 56 61 Draperies, curtains, and upholstery +3 +4 +2 4.2 4.3 101 114 98 115 120 113 Lamps and shades +14 +7 +1 4.4 5.1 77 81 68 110 118 109 China and glassware +7 +4 +1 7.2 7.8 99 93 92 130 131 129 Major household appliances +6 +26 +15 2.2 2.1 93 87 88 104 102 90 Housewares (including small appliances) +1 +9 +4 3.5 3.4 119 125 118 130 133 125 Gift shop +6 +3 +5 5.3 5.5 102 94 96 140 137 133 Radios, phonographs, television, records, etc +20 +6 +2 3.1 3.8 88 78 73 98 103 96 Radios, phonographs, television +19 +5 +3 2.8 3.3 77 87 65 89 112 86 Records, sheet music, and instruments +21 +5 +3 4.4 5.3 88 83 73 96 106 93 Miscellaneous merchandise departments +7 +6 +6 2.8 2.8 99 87 93 110 114 103 Toys, games, sporting goods, cameras +6 +9 +6 4.0 4.0 98 78 93 123 127 115 Toys and games -2 +5 + 10 4.9 4.6 73 56 75 140 126 127 Sporting goods and cameras +13 +15 +2 3.2 3.6 142 112 126 109 124 106 Luggage +8 +11 + 10 2.6 2.6 145 110 134 120 128 110 Candy +13 +5 +6 1.2 1.4 77 79 68 88 94 83 +2 2.1 2.0 104 104 115 BASEMENT STORE—total +5 102 107 102 +2 +1 3.0 2.9 98 93 118 Domestics and blankets +3 95 114 111 Women's and misses' ready-to-wear. . . . -4 0 +6 1.7 1.6 95 101 99 101 108 96 0 +1 +6 2.0 114 110 123 Intimate apparel +2 +8 2.2 2.1 110 116 109 Hosiery +5 0 +5 2.1 1.9 Underwear, corsets and brassieres 0 -7 +9 3.0 2.8 28 45 28 63 64 58 Coats and suits -9 -2 +10 0.9 0.8 121 132 133 104 109 95 Dresses -4 +3 +8 1.4 1.3 134 128 140 116 109 107 Blouses, skirts, and sportswear 0 +6 +9 1.9 1.7 100 105 100 112 125 103 Girls' wear +1 +5 +4 2.6 2.5 92 97 92 112 119 107 Infants' wear -15 -5 1.5 1.4 Aprons, housedresses, uniforms Men's and boys' wear -1 +6 +7 2.0 1.9 136 114 137 119 132 111 Men's wear -1 +5 +5 1.9 1.8 147 117 149 119 134 114 Men's clothing +3 +6 +4 2.0 2.0 151 134 147 127 133 122 Men's furnishings -4 +4 +7 1.6 148 107 154 118 137 110 1.7 Boys' wear +4 +9 +14 2.6 97 103 93 116 124 2.9 Homefurnishings +5 +8 0 3.3 89 108 84 109 116 109 3.1 Shoes -3 +1 +1 3.0 109 108 113 110 122 108 3.2 NONMERGHANDISE—total 0 + 1 107 99 107 Barber and beauty shop 0 142 140 145 iThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 1037. 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. SEPTEMBER 1955 1041 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 1933. 55 3 41.6 83 6 45 q 1941. 62 9 52.2 88 4 55 6 1942 69 7 61 3 90 4 64 q 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 1946. 83 4 79.0 91 4 83 7 1947. 95.5 95.9 95.0 94.4 97.6 88. 97.2 97.2 97 1 qo 6 q4 q 97 6 95.5 96. 1 1948. 102 8 104.1 101.7 100 7 100 0 104 4 103 9 102.6 103 5 100 q 100 q 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 s 100 101 2 98 1 in 106 o 101 1 103.4 105.9 1951. 111.0 112.6 112.4 113 1 103 1 116 4 111 9 109.0 106 q 118 4 111 1 110 5 106.5 109.7 1952 113 5 114 6 114 6 117 9 104 5 118 7 108 s 111 8 105 8 196 9 117 111 8 107.0 115.4 1953. 114 4 112.8 117.7 124.1 106 6 123 q 107 q 115.3 104 8 7 191 3 112 8 108.0 118.9 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. 1954-—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 1060 117.4 1043 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 0 17S q 113.4 106.9 120.1 November 114.6 111.1 119.5 129.2 108.7 124.9 105 4 117.8 104 6 177 6 176 1 113 8 106.8 120.0 December 114.3 110.4 119.7 129.4 109.1 125.5 1054 117.7 1043 127.3 126.3 1136 106.6 119.q 1955—Tnnimrv 114 3 110.6 119 6 129 5 109 4 126 1 104 6 117.7 103 197 6 196 s 1137 106.9 119.q February 114.3 110.8 119.6 129.7 109.9 126 2 104 8 117.7 1034 127.4 126.8 113.5 106.4 119.8 Miarch 114 3 110.8 119 6 130 0 110 3 126 104 6 117.9 103 9 197 1970 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 3 197 3 113 7 106.6 119.8 May. . 114.2 111.1 119.4 130.3 110.9 122 5 103 7 119.0 103.3 175 5 5 113 9 106.5 119.q June . 114 4 111.3 119.7 130 4 110 7 122 7 103 8 119.2 103 ? 8 177 6 114 7 106.2 119.q July. 114.7 112.1 119.9 130.4 110.8 123 2 103.6 119.4 103.2 125.4 127.9 115 5 106.3 120.3 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 n i c t o d n h t d d e s s e s - , r ,p t l F e i o a m g i u r n n w i h e a a g d t e l - l - , r s ,C a p i u a l c h r l n c o a i e e t d l m d s s d - • - p R u a b r u n c o e b t d d r s - - L w p u a b r u o 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 e e t d d p s d r - , , M m p u a r e e c n o t t t d a d a s l - l s p c M m t a e h r i n o r v i o a y n d d e - - - - F h o d h t a o u t u u o n h u r r r l n d e s a e d e r i - - -e s N t r t m t m a u a r o l l i r u e l s n a n i - c — c - l - - b e b m o b r a T a a t e n f c o t g r v l d c - s e e - o . d s n c M e e o l i l s u a - - s ucts bles 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102 9 103 q 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 5 104 106 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 1103 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 n 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 July 110.4 96.2 106.5 114.3 95.1 94.9 106.2 106.7 126.8 119.1 116 2 128o 124 3 115 3 120 4 121 4 103 9 August . . 110.5 95.8 106.4 114.4 95.3 94.0 106.9 106.8 126.4 119.1 116.3 128 6 124.3 115.3 120.5 121.5 102.3 110.0 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 q 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 Tanuarv 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 6 131 126 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 q 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 92.9 107.0 106 8 138.0 123.5 117 7 132 s 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 July 110.6 89.5 103.1 116.5 95.3 93.5 106.9 106.0 143.3 124.0 119.0 136 7 127.2 115.4 125.4 121.6 91.0 Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1042 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 July May June July July May June July Farm Products: Pulp, Paper and Allied Products- Continued Fresh and dried produce 110.9 118.7 104.7 98.7 Grains 88.1 92.4 '90.3 86.7 Paperboard 124.2 126.0 126.0 126.1 Livestock and poultry „ 83.2 78.4 83.1 79.4 Converted paper and paperboard.. 111.9 111.7 112.3 112.3 Plant and animal fibers 107.2 103.4 103.4 103.8 Building paper and board 127.9 129.7 129.7 129.7 Fluid milk 87.7 87.4 ^•87.0 89.0 Eggs 84.4 71.5 74.4 78.7 Metals and Metal Products: Hay and seeds 94.8 88.7 r88 1 85.6 Other farm products 184.0 138.3 143^2 137.6 Iron and steel 133.6 135.6 135.8 143.1 Nonferrous metals 124.2 137.8 137.8 139.5 Processed Foods: Metal containers 130.3 131.4 131.4 131.4 Hardware 138.2 144.4 144.5 144.9 Cereal and bakery products 114.0 118.3 117.6 117.6 Plumbing equipment 118.5 123.3 123.2 123.2 Meats, poultry, and fish 94.1 85.7 91.4 88.5 Heating equipment 114.0 113.5 113.5 113.5 Dairy products and ice cream. . 105.1 104.0 104.6 106.0 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 115.9 118.8 118.7 123.7 bles 104.7 104.1 104.5 104.6 Fabricated nonstructural metal Sugar and confectionery 113.7 110.3 110.4 110.7 products 125.3 125.8 126.0 127.0 Packaged beverage materials 231.3 179.8 171.9 171.9 Other processed foods 101.4 101.2 101.4 100.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122.3 121.5 121.5 121.5 Cotton products 88.9 90.3 90.6 90.9 Construction machinery and equip- Wool products 109.8 106.1 105.5 105.0 ment 131.5 134.3 134.7 134.7 Synthetic textiles 85.7 86.9 86.6 86.8 Metal working machinery 132.6 139.5 142.7 143.5 Silk products 124.2 123.2 124.0 126.8 General purpose machinery and Apparel , 98.4 98.0 r98.6 98.6 equipment 127.8 131.2 131.8 132.4 Other textile products 79.1 76.4 74.4 74.3 Miscellaneous machinery 125.5 127.1 "127.0 127.2 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 125.8 126.5 126.5 126.6 Motor vehicles 118.9 122.0 122.0 122.0 Hides and skins 58.2 53.3 55.7 58.2 Leather 86.5 85.0 83.8 85.1 Furniture and Other Household Dura- Footwear 111.8 111.4 111.4 111 A bles: Other leather products 97.0 95.0 95.0 95.0 Household furniture 112.8 113.1 112.9 112.8 Fuel, Power, and Lighting Materials: Commercial furniture 126.2 128.6 129.8 129.8 Floor covering 122.7 125.1 126.2 126.6 Coal 104.9 100.4 100.6 101.5 Household appliances 109.7 106.5 106.4 106.5 Coke 132.4 133.4 133.4 133.4 Radio 95.6 94.7 94.7 94.4 Gas 105.4 111.0 110 4 110.4 Television 70.3 69.0 '68.8 68.9 Electricity 101.8 97.8 >"97.2 97.2 Other household durable goods.... 130.4 131.9 132.4 133.1 Petroleum and products , 108.2 111.5 111.5 111.6 Nonmetallic Minerals-—Structural: Chemicals and Allied Products: Flat glass » 124.7 124.9 126.0 131.1 Industrial chemicals 117.1 117.6 117.8 118.2 Concrete ingredients 122.1 124.7 124.9 125.0 Prepared paint 112.8 114.8 114.8 114.8 Concrete products 117.7 118.2 118.3 118.3 Paint materials 97.6 97.0 96.9 97.0 Structural clay products 132.0 137.0 137.3 142.3 Drugs, Pharmaceuticals, cosmetics 94.0 93.2 93.0 92.8 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible , 52.0 53.2 r53 8 55.9 Prepared asphalt roofing 98.5 105.8 106.7 110.8 Mixed fertilizers 109.7 108.8 108^8 108.8 Other nonmetallic minerals 120.2 121.0 122.4 122.4 Fertilizer materials , 112.1 113.1 111.0 111.7 Other chemicals and products 107.9 107.6 107.6 103.9 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 126.5 142.4 149.6 159.0 Cigars 103.7 103.7 103.7 103.7 Tires and tubes 129.3 142.3 142.3 142.3 Other tobacco products 121.4 121 A 121 A 121 A Other rubber products 123.7 130.4 132.3 134.7 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 , 118.6 124.2 124.7 125.1 Millwork 130.7 129.3 128.3 128.3 Toys, sporting goods, small arms.. 113.5 113.2 113.2 113.1 Plywood 103.0 105.6 105.6 105.7 Manufactured animal feeds 98.3 75.0 70.8 74.2 Notions and accessories 101.6 92.9 92.9 91.0 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment, 102.7 103.0 103.0 103.7 Other miscellaneous 121.2 120.8 121.1 121.2 Woodpulp 109.6 113.8 113.8 113.8 Wastepaper 79.2 92.7 104.7 125.9 Paper 126.5 128.9 129.2 130.7 'Revised Source.—Bureau of Labor Statistics, Department of Labor Back figures.—See BULLETIN for March 1952, pp. 311-313. SEPTEMBER 1955 1043 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] R E L A T I ON OF G R O SS N A T I O N AL P R O D U C T, N A T I O N AL I N C O M E, P E R S O N AL I N C O M E, A ND S A V I NG 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 20,5» 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 s e ti ss c t al r d a i n s s c f r e e r p p a a n y cy ments . . 6 3 . . 7 9 . .4 5 . . 1 8 . . 8 2 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 S o u v bs e i r di n es m l e e n ss t e cu n r t r e en r t p s r u i r s pl e us s. of , - .1 .0 .1 - .2 .2 .2 __ i — .4 -.1 -2.3 -1.5 .3 .4 Equals: National income 87.8 40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 .3 .0 303.2 311.4 n.a. Less: Corporate profits and inventory 298.9 298.7 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 16 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 10.7 Business transfer payments .6 .7 .5 .8 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 Equals: Personal income 85.8 47.2 96.3 206.8 227.1 255.3 271.1 286.2 287.6 286.6 287.3 290.8 293.6 300.5 Less: Personal tax and related payments. . 2.6 1.5 3.3 18.7 20.9 29.3 34.4 35.8 32.8 32.7 32.8 33.1 32.6 33.4 Federal 1 1 . . 3 4 1. . 0 5 2 1 . . 0 3 1 2 6 . . 5 2 1 2 8 . . 7 2 26.3 31 3 . . 2 2 3 3 2 . . 4 4 29.1 29.1 2 3 9. . 1 7 2 3 9 . . 8 3 28.8 29.5 State and local 3.0 3.7 3.6 3.8 3.9 83.1 45.7 93.0 188.2 206.1 236.7 250.4 254.5 257.8 Equals: Disposable personal income. 226.1 254.8 253.9 261.0 267.1 79.0 46.4 81.9 180.6 194.0 218.3 230.6 237.9 241.0 Less: Personal consumption expenditures 208.3 236.5 235.1 245.8 250.5 4.2 - .6 11.1 7.6 12.1 18.4 19.8 16.6 16.8 Equals: Personal saving 17.7 18.3 18.8 15.3 16.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 1954 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 salaries1 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 A 162.0 162.1 163.8 166.5 171.7 Military .3 .3 1.9 4.2 5.0 8.7 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 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 Business and, professional 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 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 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. Corporate profits after tax....... 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 -2.5 1.9 - 4 .9 - 1 .3 1.0 -1.1 -.2 .2 - .5 - .5 - 1 .3 Net interest 6 4 5.0 4.5 5.2 5.9 6.8 7.4 8.8 9.5 9.5 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. 1044 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 1933 1941 1949 1950 1951 1952 1953 1954 3 4 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 81.9 180.6 194© 208.3 218.3 230.6 236.5 235.1 237.9 241.0 245.8 250.5 Durable goods 9.2 3.5 9.7 23.6 28.6 27.1 26.6 29. 29.3 29.0 29.4 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 1 75.7 81.8 86.4 85.7 87.0 88.1 89.0 90.2 Gross private domestic investment 16 2 18.1 32.5 51.2 56.9 49.6 51.4 47.2 46.9 45.9 50.7 54.1 New construction* . . . 8.7 6.6 17.5 22.7 23.3 23.7 25.8 27.8 27.3 28.5 29.4 31.2 Residential, nonfarm 3.6 3.5 8.3 12.6 11.0 11.1 11.9 13.5 13.0 14.2 15.0 16.0 Other. 5.1 3.1 9.2 10.1 12.4 12.6 13.8 14.3 14.3 14.3 14.4 15.1 Producers' durable equipment 5.9 6.9 17.8 21 1 23.2 23.1 24.4 22.3 22.4 22.2 21.9 21.5 Change in business inventories.... 1.7 4.5 -2.7 7.4 10.4 2.8 1.2 -2.9 -2.7 -4.9 -.6 1.5 4.3 Nonfarm only. 1.8 4.0 6.4 9.0 2.1 1.9 -3.2 -3.2 -5.4 -1.0 1.5 4.2 Net foreign investment .8 .2 1.1 .5 -2.2 .2 -.2 -2.0 -.3 -.3 -.7 .9 -.7 Government purchases of goods and services 8.5 8 0 24.8 41.6 42.0 62 8 77.5 84.5 77.0 75.9 75.8 74.5 75.8 74.9 Federal. 1.3 2.0 16.9 Z5.4 22.1 41.0 54.3 59.5 49.2 48.6 47.7 45.7 46.4 45.2 O N t a h ti e o r nal security 1.3 2.0 J 1 1 3 3 . . 8 2 1 6 9 . . 6 3 1 3 8 . . 9 5 3 4 7 . , 2 3 4 5 8 . . 8 8 5 8 1 . . 5 4 4 6 3 . . 3 2 4 5 3 . . 4 6 4 6 2. .1 1 4 5 0. .5 5 41 5 . . 2 5 4 5 0 . . 2 4 Less: Government sales2 .0 .0 .C A .3 .4 A A .4 A A .3 .3 .3 State and local 7.2 6 0 7. 18 2 19.9 21.8 23.2 25.0 27.8 27.3 28.1 28.7 29.4 29.7 I PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage and salary disbursements Less Dh i- personal Year or month in s P c o e o n r m a - l e Total p d m i C r n u o o g s o d d t m r u i i i n t c - e y - - s D i u n i t s r t d i t i u e r v i s s e b - - S in e tr d r i v u e i s s c - e m G er o e n v n - - t in O l c a t o b h m o e r r e8 p n r r c e P a i o e n n r m t o t d o a - e r l 4 s' i i n n d s p a t c o e e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s * - b c i a s u o n o n f t s n c o i c u o t i r e r a r n i 6 - l - s i a n g N t c u r o o i r c m n a u l - e l- 7 1929. 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933. 47.-2 29.0 9 8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941. 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1948. 208.7 135.1 60.2 38.8 17.4 18.7 2.7 45.6 16.2 11.3 2.2 188.5 1949. 206.8 134.4 56.9 39.0 18.0 20.5 3.0 42.0 17.2 12.4 2.2 190.8 1950. 227.1 146.5 63.5 41.3 19.5 22 2 3.8 44.6 19.8 15.1 2.9 210.5 1951. 255 3 170.8 74.9 45 8 21.3 28.8 4.8 49 9 20.7 1? 6 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—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 1955—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. 200.3 86.3 53.0 26.7 34.3 6.8 48.8 25.3 17.0 5.0 277.7 March... 295 202.6 87.8 53.6 27.0 34.2 6.8 48.5 25.5 17.4 5.1 280.9 April.... 298 204.6 88.9 53.6 27.2 34.9 6.9 49.0 25.9 17.6 5.1 283.7 May 301 207.3 90.6 54.5 27.4 34.8 6.9 48.8 26.1 17.5 5.2 286.6 June 301 208.0 90.9 54.9 27.4 34.8 6.9 48.5 26.3 17.1 5.2 287.2 July?.... 304 211.6 91.6 55.2 27.6 37.2 7.0 48.0 26.5 16.9 5.3 291.1 P Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 4Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 5Includes 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. SEPTEMBER 1955 1045 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE AND DECEMBER, 1941-1955 [End of month figures. Amounts in millions of dollars] Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June 1941 1942 1943 1943 1944 1944 1945 1945 1946 1946 1947 1947 DEBIT BALANCES Cash on hand and in banks 211 180 160 167 181 196 209 220 313 370 456 395 393 332 Securities borrowed 10 13 12 20 17 24 25 34 32 23 18 26 28 27 Securities sold, delivery pending (failed to deliver) 62 18 53 51 40 65 81 108 143 106 56 61 75 73 Net debit balances due from member firms of national securities exchanges: Member firms of New York Stock Exchange.. 33 50 48 60 68 64 43 31 36 Member firms of other exchanges 9 13 12 8 Net debit balances due from all other customers 7 7 7 7 5 exclusive of firms' own partners 543 8871,041 1,138 809 540 578 619 Net debit balances in partners' individual in- 496 761 789 1,223 552 vestment and trading accounts 7 5 7 12 7 5 7 7 Debit balances in firm investment and trading 9 9 11 11 6 accounts 86 154 253 260 413 399 312 315 326 Commodity margins on deposit with banks, and 86 190 188 333 333 commodity guaranty funds on deposit 11 12 15 15 25 33 All other debit balances 13 51 10 48 63 81 92 32 65 48 49 78 Total 1,101 1,029 1,317 1,340 1,560 1,751 2,081 2,2241,885 1,532 1,519 1,563 1,525 CREDIT BALANCES Money borrowed: From banks and trust companies in New York City 305 253 317 472 483 539 641 749 688 424 182 189 205 247 From banks and trust companies elsewhere in the United States 58 52 56 55 72 77 81 100 101 69 33 30 32 29 From other lenders (not including members of national securities exchanges) 7 Securities loaned 44 ecurities bought, delivery pending (failed to receive) 16 49 35 61 77 111 153 113 57 Net credit balances due to member firms of national securities exchanges: Member firms of New York Stock Exchange. . 36 Member firms of other exchanges 7 Credit balances of other customers exclusive of firms' own partners: Free credit balances 289 240 270 334 354 424 472 549 654 651 694 650 612 576 Other net credit balances 63 56 66 65 95 96 121 112 120 120 162 176 145 Net credit balances in partners' individual in- 54 vestment and trading accounts 17 16 15 14 15 14 29 24 30 24 23 20 Credit balances in firm investment and trading 15 accounts 5 4 7 5 11 13 13 17 10 9 15 11 All other credit balances (except those included 4 in next item) 24 16 23 29 27 30 34 50 46 42 33 50 34 Net balance in capital and profit and loss ac- 20 counts and partners' drawing accounts. . . . 213 189 212 198 216 227 264 299 314 290 271 273 291 182 Total 1,101 904 1,029 1,317 1,340 1,560 1,751 2,081 2,2241,885 1,532 1,519 1,563 1,525 Memorandum: Valuation of short security positions carried—• Against reported debit balances: For member firms of national securities exchanges other than New York Stock Exchange (*) C1) C1) C1) C1) C1) For other customers (exclusive of firms' own partners and member firms of New York Stock Exchange) 7 In partners' individual investment and trading accounts i1) 0) C1) C1) In firm investment and trading accounts 1 Against reported credit balances: For member firms of national securities exchanges other than New York Stock Exchange C1) 1 For other customers (exclusive of firms' own partners and member firms of New York Stock Exchange) 14 17 19 28 41 43 38 33 In partners' individual investment and trading accounts C1) C1) C1) 0) 0) 0) C1) In firm investment and trading accounts Number of firms 286 270 267 267 271 273 273 280 280 286 298 293 For footnotes see following page. 1046 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE AND DECEMBER, 1941-1955—Continued [End of month figures. Amounts in millions of dollars] Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June 1949 1949 1950 1950 1951 1951 1952 1952 1953 1953 1954 1955 DEBIT BALANCES Cash on hand and in banks 349 280 306 314 397 364 378 365 343 282 297 309 348 337 Securities borrowed 20 31 39 38 44 50 51 43 38 37 62 64 91 85 Securities sold, delivery pending (failed to deliver) 55 80 151 94 97 79 100 67 99 121 207 214 Net debit balances due from member firms of national securities exchanges: Member firms of New York Stock Exchange. . 33 49 79 74 72 75 81 82 100 88 77 114 144 Member firms of other exchanges 6 14 14 14 13 12 15 11 10 10 16 Net debit balances due from all other customers 8 15 exclusive of firms' own partners 550 681 1,2561,3561,2751,2921,3271,3621,6841,6941,857 2,768 Net debit balances in partners' individual in- 881 2,443 vestment and trading accounts 10 5 12 9 10 12 9 7 10 14 Debit balances in firm investment and trading 5 11 accounts 312 419 386 399 375 392 427 406 347 492 673 Commodity margins on deposit with banks, and 400 626 commodity guaranty funds on deposit 34 26 31 41 43 52 42 49 37 37 41 44 35 All other debit balances 69 82 81 106 93 96 110 105 93 105 98 116 144 Total 1,4351,6111,876 2,3242,5912,390 2,458 2,493 2,506 2,6652,8043,080 4,014 4,430 CREDIT BALANCES Money borrowed: From banks and trust companies in New York City 220 440 471 744 663 615 622 825 8071,066 982 9761,3431,744 From banks and trust companies elsewhere in the United States 33 47 46 70 75 55 65 77 91 130 173 183 260 331 From other lenders (not including members of national securities exchanges) 20 15 14 14 40 Securities loaned 68 110 116 162 156 Securities bought, delivery pending (failed to receive) 54 48 113 142 94 98 85 67 97 123 201 218 Net credit balances due to member firms of national securities exchanges: Member firms of New York Stock Exchange. . 126 Member firms of other exchanges 11 Credit balances of other customers exclusive of firms' own partners: Free credit balances 586 528 633 673 890 834 816 708 724 653 709 8381,023 918 Other net credit balances 112 129 159 166 230 259 219 200 163 208 248 241 Net credit balances in partners' individual in- 225 287 vestment and trading accounts 28 20 26 25 36 42 23 35 23 28 23 31 Credit balances in firm investment and trading 26 53 accounts 5 9 15 11 12 11 16 9 16 31 45 62 All other credit balances (except those included 13 65 in next item) 41 28 41 46 78 67 55 59 45 54 64 85 Net balance in capital and profit and loss ac- 51 95 counts and partners' drawing accounts.... 278 260 271 312 317 314 324 315 319 313 372 467 319 401 Total 1,4351,6111,876 2,324 2,5912,390 2,458 2,493 2,506 2,665 2,8043,080 4,014 4,430 Memorandum: Valuation of short security positions carried— Against reported debit balances: For member firms of national securities exchanges other than New York Stock Exchange C1) C1) C1) 0 0 For other customers (exclusive of firms' own partners and member firms of New York Stock Exchange) 12 16 In partners' individual investment and trading accounts C1) C1) C1) C1) C1) C1) 0 In firm investment and trading accounts ' 3 Against reported credit balances: For member firms of national securities exchanges other than New York Stock Exchange For other customers (exclusive of firms' own partners and member firms of New York Stock Exchange) 27 60 56 66 60 5.1 52 100 114 100 In partners' individual investment and trading accounts C1) 0 C1) 0) C1) 0 0 0 In firm investment and trading accounts 40 40 Number of firms 288 290 288 289 288 289 288 292 291 287 281 278 296 299 iLess than $500,000. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. Thjs article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the item "net balance in capital and profit and loss accounts and in partners' drawing accounts" is not to be taken as representing the actual net capital of the reporting firms. The items "net debit balances due from all other customers exclusive of firms' own partners," "money borrowed," and "credit balances of other customers exclusive of firms' own partners—free credit balances" are conceptually identical to these items (including debit balances secured by and money borrowed on U. S. Government obligations), as shown in the table on Stock Market Credit, p. 1010, but the data differ somewhat because of minor differences in coverage and statistical discrepancies in reporting. SEPTEMBER 1955 1047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTIC PAGE International capital transactions of the United States.. 1050-1054 Gold production 1054 Estimated foreign gold reserves and dollar holdings. . 1055 Reported gold reserves of central banks and governments. . 1056 Net gold purchases and gold stock of the United States. . 1057 International Bank and Monetary Fund. . 1058 Central banks . 1058-1062 Money rates in foreign countries. . 1063 Commercial banks . 1064 Foreign exchange rates.. 1065 Price movements in principal countries: Wholesale prices... ' 1066 Consumers' price indexes. . 1067 Security prices 1067 Index to statistical tables. . 1073-1074 Tables on the following pages include the principal available statistics o£ 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. SEPTEMBER 1955 1049 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 outsbanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e d n p " y . . , Italy S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e ti r n ica Asia o A th l e l r tutions2 and Official 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—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 1,857.7284.3 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 1,829.2 11,066.5 6,632.9 670.71,404.5 629.3 657.6 676.7 1,659.5 5,698.4 1,318.9 1,899.1 1,852 .3297.9 May 31* 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 A June 30* 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 July 31 P 1,860.8 11,276.9 6,656.7 834.71,418.3 675.7 702.2 621.5 1,560.8 5,813.1 1,296.5 1,897.9 1,968.0301.4 Table la.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - l P an o- d t P u o g r a - lm R a u n - ia Spain S d w e e n - 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. 31 846.6 57.1 134.7 45.3 27.0 45.8 148.8 99.7 2.8 40.7 6.1 17.1 71.7 14.1 2.5 7.1 125.9 1952—Dec. 31 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 L,557.5 190 9 130.3 95.7 37.9 100.9 242.9 118.5 2.2 72.4 5.8 36.0116.7 14.2 2.0 6.9 384.1 1954—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 37.5157.0 6.4 2.8 6.8 367.1 Aug. 31 1,676.7 275 6 99.3 79.5 41.0 104.5 252.9- 129.1 1.7 83.8 7.9 46.0 173.6 6.2 3.0 6.4 366.1 Sept. 30 L 673 3281 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 1,690 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 L.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 ... 1,642 1 273 2 99 8 71 1 41 3 112 5 249.3 103.4 2.1 91.3 7.8 71.3141.0 8.2 1.8 8.6 359.5 1955—jan. 3i 1,675 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 I 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 92.6121.0 9.9 1.5 8.0 358.0 Apr. 30 1,659 5 272.3 105.5 69.7 37.2 134.5 218.2 76.8 2.3 94.6 8.3 99.2 118.2 11.1 1.8 8.9 400.9 May 31 P .. 1,578 4 271 7 104 5 64 3 40 4 131 0 194 6 67.8 1.9 94.1 11.4100.6113.9 10.3 2.0 6.2 364.0 June 30P 1,588.6 268.6 107.8 54.2 38.5 126.6 202.3 71.2 3.5 94.4 8.0108.9118.9 11.8 3.1 10.8 360.1 July 31P L560.8 273.4 99.5 56.5 40.1 124.7 202.1 67.6 2.2 100.6 8.0112.9130.4 9.0 1.1 8.4 324.4 Table lb.—Latin America Neth- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba 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—July 31. 2,037.4 181.8 28.0167.4 73.9 236.2 328.8 61.1 44.9 210.0 50.9 92.3 66.6 36.3 112.8 207.7 138.7 Aug. 31. 1,918.7 191.1 27.3102.6 78.9 215.0 309.6 60.9 40.4 236.8 50.1 86.7 69.2 30.5 104.1 179.1 136.6 Sept. 30. 1,889.6 204.8 30.2 91.3 74.7 168.2 291.2 60.7 37.1 254.7 50.1 76.9 76.4 25.0 101.6 210.5 136.1 Oct. 31. 1,839.5 190.7 31.9139.1 72.8 147.7 269.0 59.9 34.1 265.4 46.3 77.4 79.2 23.0 98.5 183.0 121.7 Nov. 30. 1,848.1 175.3 32.3160.3 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. L.905.9 160.4 29.2119.6 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. L.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. ,811.6 144.2 27.2104.8 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. ,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. ,899.1 155.9 26.5110.7 75.8 88.0 251.7 67.8 48.2 376.0 43.6 77.7 81.8 46.3 74.1 243.2 131.6 May 31 P ,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 ,920.5 156.6 27.6119.6 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 July 31 P 1,897.9 165.3 25.7117.7 88.8 103.0 241.3 70.6 51.1 326.8 44.3 81.1 88.9 45.1 61.3 253.1 133.7 ^Preliminary. For footnotes see following page. 1050 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 Date Asm C M m a h n o a i d s n in a a - H K o o n n g g Indian In es d i o a - Iran IsraelJapan p r R l e u i e a c b - , - ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a C g B o i e n a l n g - o A E t a g n i n a g y d n l p o - - A S U f o r o n i u f c i t o a h n Other 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 96.7 142.2 297.4 38.5 54.5 110.7 7.0 86.8 1952 Dec, 31. 1,836.5 76.4 70.9 64.6 61.0 19.2 18.8808.0 54.4 315.1 181.0 167.1 335.6 47.2 118.6 59.7 23.6 86.5 1953-Dec. 31. 1,895.5 73 .'6 68.0 99.0 39.3 43.6 18.0827.9 91.5 295.5 167.9 171.2 326.1 59.2 89.6 43.3 38.2 95.7 1954—July 31. L.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. L825.4 69.9 60.8 86.9 100.3 31.4 41.0724.9 95.6 257.4 123.1 234.1 265.1 47.7 43.6 47.1 32.7 94.0 1955—Jan. 31. I,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 40.7 700.1 96.8 263.2 133.1 232.6 284.3 58.6 42.7 52.0 36.2 94.8 Mar. 31. [,859.9 70.0 61.2 87.5 97.7 40.1 45.3714.2 96.5 253.6 132.0 261.9 289.8 56.8 44.3 53.6 33.4 101.8 Apr. 30. L,852.3 69.1 59.0 83.5 96.0 47.0 44.7 709.1 98.4 249.3 130.2 265.9 297.9 60.4 44.4 53.9 35.9 103.4 May 31 P 1,886.4 70.4 61.0 93.4 99.9 51.6 42.9 720.1107.7 249.3 128.8 261.1 305.4 70 2 42 9 48.3 33 8 110.2 June 30P L.983.7 69.1 60.3 97.0 115.4 51.6 41.0 758.4109.7 252.0 129.9 299.1 301.0 64.2 42.6 50.3 30.1 113.8 July 31 P [,968.0 72.3 61,7 78.0 107.9 47.7 43.1 773.8106.2 258.5 121.2 297.7 301.4 70.0 42.2 45.0 32.8 111.4 Table Id.—Supplementary Areas and Countries5 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 Afghanistan 10.6 4.0 2.7 n.a. Azores .3 n.a. British dependencies. 21.0 25.5 19.8 21.1 British dependencies.. .6 .6 Burma 9.5 16.9 23.0 29.7 Bulgaria .6 .6 Ceylon 19.2 13.9 17.1 n.a. Czechoslovakia 1.3 Iraq 12.9 14.1 13.8 10.0 Eastern Germany. . . . n.a. n.a. 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 pPreliminary. n.a. Not available. 1 "Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in not more than one year 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. ^These 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. SEPTEMBER 1955 1051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES1 [Amounts outstanding, in millions of dollars) Ger- Date Total France R m e F p a e n . d y . o , f Italy S l w a e n r i - t d z- U K d n i o i n t m 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 ot A h l e l r 1951—Dec. 31 968.4 10.1 28 3 10 3 11.2 35.0 88.5 183.4 92.0 489.3 161 8 41.9 1952—Dec, 31 1,048.7 31.9 26 8 17 8 7.1 30.3 98.2 212.2 62.3 662.0 89.8 22.4 1953—Dec. 31 904.5 10.6 30.5 18.8 17.9 70.5 87.5 235.9 56.4 472.7 114.8 24.9 1954—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 1,364.8 7.5 72.7 22.6 »-19.3 119.1 140.0 '•SSI.2 91.0 686.2 169.8 36.5 Apr. 30 1,366.9 8.5 78.8 22.9 20.2 96.3 127.4 354.1 103.8 694.3 176.3 38.5 May 31 P 1,413.8 11 2 82 2 27.6 20.1 90.0 135.3 366.4 107.6 684.4 214.1 41 1 June 3QP 1,428.7 9.9 83.7 27.7 20.5 90.8 142.7 375.3 122.3 648.0 239.1 43.9 Table 2a.—Other Europe Date E O ur th 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 - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av go ia - o A th l i l f 1951—-Dec. 31 88.5 (2) 39.6 4.8 3.1 .2 5.0 2.5 .8 18,8 5.4 .6 3.9 4.0 1952—Dec 31 98.2 .8 16.2 2.1 5.6 .2 4.4 1.9 .5 11.2 2.5 38.8 8.6 5.4 1953—-Dec. 3i 87.5 .8 13.0 6.2 1.9 1.3 8.6 1.0 .6 24.3 2.7 15.7 6.8 1954—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 3.4 14.6 1.7 .6 5.5 3.0 52.4 1.0 5.3 Dec. 31 108.6 .4 19.6 9.7 2.5 3.3 15.9 2.1 .5 4.0 4.1 40.7 1.3 4.6 1955—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. 30 127.4 .4 17.7 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 June 30? 142.7 .4 15.2 6.8 2.9 3.2 13.3 2.2 .9 5.3 5.1 80.1 2.6 4.5 Table 2b.—Latin Americt1 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 c b 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 n b a o - - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a t m c h t a i e e n r r nam 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 3.0 11.8 9.5 10.5 41.7 14.5 1952—Dec. 31.. 662.0 8.2 5.8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 1.3 6,5 14.8 9.1 14.3 36.7 13.7 1953—Dec. 31.. 472.7 7.1 10.8 125.1 22.6 56.9 51.2 1.9 4.1 92.9 2.6 4.6 20.2 8.2 3.7 41.6 19.3 1954—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. . 694.3 5.5 3.1 221.1 13.0 96.6 69.0 4.4 4.4 124.6 1.4 17.9 16.1 6.4 6.6 79.1 25.0 May 31 P. 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 June 30P. 648.0 8.1 2.8 153.5 15.4 132.3 54.5 3.9 3.7 108.6 2.5 17.9 16.4 4.9 7.4 84.5 31.7 p Preliminary. 'Revised. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions (excluded from these statistics) amounted to 461 million dollars on June 30, 1955. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 2Less than $50,000. 1052 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 COUNTRIES1—Continued [Amounts outstanding, in millions of dollars] Table 2c—Asia and All Other For- Egypt Date Asia M m C a h o n a i d s i n a n a - H K o o n n g g India I n n e d si o a - Iran IsraelJapan K l p i o R c u r e b O e - - a f , 2 ip P p h i i n l e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s ia - C g T o * i n a 1 g n o A E t a n i g n a g y d n l p o - - A S U f o r o n u i f i c t o a h n Other land Sudan 1951—Dec. 31. .161.8 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952-~Dec. 31. . 89.8 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 24.6 22.4 10,1 6.0 .5 2.0 3.8 1953—Dec. 31.. 114.8 8.1 3.1 3.7 .8 13.8 22.9 25.6 5.8 6.1 24.7 24.9 8.0 6.3 .5 2.4 7.8 1954—-June 30.. 113.3 8.1 3.1 3.5 .6 16.0 8.0 38.6 .2 8.7 6.2 20.1 35.3 10.2 7.8 .3 5.9 11.1 July 31.. 117.5 8.1 3.6 4.2 .6 17.5 8.4 33.3 .2 9.7 5.6 26.3 36.2 12.1 7.9 .2 5.3 10.7 Aug. 31.. 125.7 8.2 2.8 3.9 .4 20.3 9.3 30.9 .5 12.0 6.2 31.3 32.8 10.1 7.5 .4 5.2 9.5 Sept. 30.. 125.6 8.1 2.4 4.5 .6 16.9 9.3 30.0 .2 12.3 6.7 34.5 35.2 10.5 6.9 .5 5.3 12.1 Oct. 31.. 128.1 8.1 2.6 4.8 .6 17.7 8.2 33.3 .4 10.8 6.9 34.8 33.9 10.9 6.8 .5 5.2 10.4 Nov. 30.. 125.9 8.1 3.3 4.4 .8 16.7 9.4 29.9 .3 10.7 7.1 35.3 32.5 10.4 6.6 .4 5.8 9.4 Dec. 31.. 143.3 8.1 3.4 4.9 .7 15.8 10.7 50.0 .2 7.3 6.3 36.0 37.0 14.1 6.3 1.0 5.9 9.6 1955—Jan. 31.. 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.. '169.8 8.0 4.0 4.9 .5 16.4 7.5 '60.3 .5 9.8 11.9 46.0 36.5 10.9 5.6 1.0 6.8 12.3 Apr. 30. . 176.3 8.1 4.7 4.7 .4 18.8 7.4 56.3 .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 June 3QP. 239.1 7.8 3.5 3.8 .4 19.9 7.7 92.5 .8 14.8 19.6 68.3 43.9 10.3 6.3 3.3 6.9 17.2 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 8 [In millions of dollars] U. S. Government bonds U. S. corporate bonds and notes and stocks Foreign bonds Foreign 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—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 48.4 44.8 3.6 135.4 130.1 5.3 49.2 45 7 3 5 47 8 57 7 —9 9 246 2 151 4 94 8 147 3 132 6 14.7 41 6 24 5 17 1 54 4 55 8 — 1 4 JuneP 14.1 23.6 -9.5 176.1 157.5 18.6 72.0 34.1 37.8 67.9 91.2 -23.3 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u e t i n a g s - l n France F R m l e G e ic a d p e n e u o r y r - b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1951 — 15.9 —568.4 6.0 (4) 1.9 45.9 21.4 -66.0 9.2 —595.5 13.9 4.8 — .7 1952 14.7 300.2 5.5 .2 .5 50.7 70.4 -15.9 111.4 191.6 4.7 —9.5 1.9 1953 22.7 —34.3 —41.7 .2 — .5 57.1 71.3 -24.0 62.4 —120.6 24.9 (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— June... .5 28.1 1.5 (4) .2 -.2 3.5 -.4 4.6 -8.7 31.2 .4 .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 1.2 .7 5.3 7.3 -4.5 11.2 .5 .1 Oct.... 25.6 2.2 .9 (")' -1.2 4.5 5.9 -1.7 8.6 -5.2 .1 .1 -1.4 Nov.... -.6 52.6 3.0 .1 .3 13.0 8.0 -6.4 17.9 -2.3 36.3 .1 .6 Dec.... -11.2 -132.0 -27.9 (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 -5.0 15.1 22.0 20.3 53.2 76.3 3.3 .2 (4) Mar.... .3 32.5 1.3 !i .3 19.9 -1.7 -4.0 15.8 -5.2 6.0 14.6 1.3 Apr.. . . .4 8.6 2.1 (4) -2.4 2.5 4.0 1.4 7.6 -5.0 4.4 1.2 .4 May*. . -44.2 153.6 -1.2 1.9 -9.0 -.8 41.1 38.3 70.3 76.6 6.0 (4) .7 JuneP. . .7 8.4 .7 .9 -6.5 9.0 14.8 -1.3 17.5 -8.6 -1.9 1.2 .1 p Preliminary. ^Revised. !See footnote 1 on preceding page. 2Not reported separately until Mar. 31, 1954. 3Includes transactions of international institutions. 4Less than $50,000. SEPTEMBER 1955 1053 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 CORRESPONDENTS1 [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r th or na in ti s o t n i- al f c o o re u i n g - n E T u o ro ta p l e C a a da n- A La m ti e n r- Asia o A th ll er Date Deposits tutions tries U. S. Govt. Miscelsecurities2 laneous3 1951 -152.7 -224.3 28.5 —258.6 33.8 —36.0 7.9 1952 —118.1 —99.8 19.9 — 141.0 25.3 — 10.0 6.0 1953—Dec. 31 423 2,586 106 1953 —61 2 — 11.0 96.3 —137.8 34 6 —29^9 25.8 1954 -163.9 — 136.5 —9.1 — 133.2 32.8 —34.2 7.2 1954—Aug. 31 477 2,989 82 Sept. 30 461 3,013 101 1954—June. . -.7 -40.3 -9.9 -29.3 2.4 -3.9 .3 Oct. 31 426 3,050 99 July... -1.1 4.7 .2 -2.3 1.4 -2.6 8.0 Nov. 30 397 3,002 104 Aug... -6.0 -24.7 -.7 -28.2 1.8 -1.4 4.0 Dec. 31 490 2,908 105 Sept... -54.6 91.4 25.9 52.7 8.6 1.9 2.3 Oct.... -2.9 39.2 -4.1 38.6 7.7 -2.8 -.2 1955—Jan. 31 441 3,000 117 Nov.. . -1.9 -20.8 -11.7 -.8 -.3 -6.4 -1.6 Feb. 28 320 2,966 128 Dec... -2.6 -13.4 -3.4 4.7 -1.4 -3.3 -9.8 Mar. 31 351 3,062 131 Apr. 30 360 3,137 137 1955—Jan.... -2.6 —29.9 -22.7 -14.6 3.6 -5.3 9.2 May 31 402 3,264 141 Feb.... 10.9 22.8 -8.4 34.6 2.0 -3.7 -1.8 June 30 374 3,295 139 Mar.. . .3 .3 -3.7 6.3 -1.9 -.9 .6 July 31 410 3,288 135 Apr. . . -2.4 -4.0 -8.1 6.2 .4 -2.4 C1) Aug. 31 387 3,373 Mayp. -2.8 18.5 -3.1 14.2 .8 -2.3 8.8 June P. .1 14.4 -23.2 31.4 6.9 -2.3 1.7 1955—Aug. 3 429 3,290 137 Aug. 10 459 3,307 139 Aug. 17 458 3,326 142 ^Preliminary. Aug. 24 410 3,384 143 !Less than $50,000. 1 Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1057, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reportedmonthly 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 li s a tra- India* $1= 15Hi grain? of goldHo fine: i e., an oimce offiiyie 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 826 2 462 4 18 8 27 5 12 8 65.1 152 8 13 5 13 2 4 4 8 2 39 1 8 4 1954—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 6 2 3 1 0 6.1 13 3 1 0 1 0 4 8 3 4 7 August... 71.4 39.8 6 2.4 1.4 5.8 12.9 1.4 1.2 .3 .7 3 2 .7 September. 70 2 39 9 S 2 4 1 1 5.1 13 1 9 1 1 4 7 3 4 6 October . 71.3 40.5 L.7 2.3 .9 5.6 13.3 1.4 1.1 .3 .6 3.1 .6 November. 72.0 40.7 .6 2.3 .9 5.6 13.5 1.2 1.2 .4 .6 3.3 .6 December 71 3 40.8 2.3 .9 5.8 13.5 .8 .8 4 7 3 4 .6 1955—January 70 4 40.7 1.4 2.2 1.5 5.0 12.8 9 1.6 5 6 2 8 5 February.. 67.9 38.8 1.6 2.2 1.2 4.8 12.3 1.8 1.1 3 6 2 7 .5 IVtarch 42.3 1.5 2.2 1.2 5.4 13.0 1 2 .6 3.3 .6 April 41 7 1.5 2 2 1.3 5 0 12 9 1 l 7 5 May . 42 8 1.6 2.1 1.1 5.3 13.4 .9 8 .6 June...... 42.7 2 2 5 6 .8 .6 Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and,1938, 180 million. 1 Estimates of United States Bureau of Mines. 2Reported by American Bureau of Metal Statistics. 3 Yearly 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. 1054 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 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30? Continental Western Europe: Austria 107 143 166 208 238 267 289 335 333 335 329 Belgium-Luxembourg (and Belgian Congo) 898 1 035 1,044 1,081 1,098 1,124 1,055 1,024 1,039 ,087 1,109 Denmark 76 101 102 113 127 133 124 107 102 100 85 Finland 53 55 60 57 64 71 73 69 72 69 69 France (and dependencies) *. .. 896 967 926 1,003 1 049 1,060 1,092 1,124 1,358 1,417 1,452 Germany (Federal Republic of)... 434 691 893 1,053 1,225 1,381 1,503 1,822 1,999 2,125 2,155 Greece 49 57 82 89 112 123 125 105 124 141 138 Italy 633 655 660 714 812 841 802 874 925 957 995 Netherlands (and Netherlands West Indies and Surinam) 524 815 953 1,022 1,055 1,064 1,125 1,118 1,118 1,109 1,107 Norway 150 160 164 169 171 169 178 177 148 109 116 Portugal (and dependencies) 331 374 412 437 469 499 516 537 560 570 571 Spain (and dependencies) 128 130 134 138 150 136 142 174 188 209 225 Sweden 224 275 280 309 335 337 342 399 406 386 3S3 Switzerland 973 2,053 2,091 2,120 2,133 2,134 2,105 2,172 2,185 2,149 2,170 Turkey 165 151 152 157 157 153 151 150 152 154 156 Other2 . . .. 477 712 795 839 887 972 1,004 928 943 1,012 1,235 Total 7 118 8 374 8,914 9,509 10 082 10,464 10,626 11,115 11,652 11,929 ,295 Sterling Area: United Kingdom. 843 2,318 2,886 3,051 3,009 ,198 ,536 ,388 490 ,137 ,139 United Kingdom dependencies.... 99 113 109 111 108 105 105 104 103 103 102 India . ... 309 312 334 340 346 329 338 320 334 334 344 Union of South Africa 197 194 212 214 214 221 225 234 232 236 242 Other 326 347 369 354 373 371 373 371 381 395 402 Total 3,774 3,284 3,910 4,070 4,050 4,224 4,577 4,417 4,240 4,205 4,229 Canada 0 157 2,492 2,238 2,292 2,417 ,487 ,463 ,543 ,616 ,493 ,538 Latin America: Argentina . 518 427 519 518 501 541 548 576 531 523 528 Bolivia 51 45 47 41 40 35 36 35 32 26 28 Brazil 417 390 451 481 423 431 417 413 442 417 442 Chile 99 121 129 134 121 102 103 117 112 118 136 Cuba 575 515 579 587 531 548 532 477 423 420 431 Dominican Republic 58 56 59 57 51 61 68 73 72 75 88 Guatemala 54 61 72 63 65 80 75 64 62 72 78 Mexico 366 375 339 325 341 329 258 315 391 427 3406 Panama Republic of 68 81 97 102 90 93 88 76 74 79 84 Peru 93 107 109 106 104 109 103 110 118 114 118 El Salvador 54 55 74 63 56 80 74 58 59 72 79 Uruguay . .. 306 301 311 311 337 329 335 329 317 308 291 Venezuela 445 519 530 571 595 562 621 614 597 591 659 Other 256 326 356 347 366 410 463 401 441 322 340 Total ,360 3,379 3,672 3,706 3,621 ,710 ,721 ,658 3,671 ,564 ,708 Asia: Indonesia. . 421 296 246 198 184 166 140 168 181 194 211 Iran 163 157 155 168 181 185 172 164 169 178 190 Japan 729 929 1,015 1,055 951 800 740 794 851 841 885 Philippines 337 324 316 318 304 319 308 318 266 264 263 Thailand 210 294 311 304 281 268 243 238 236 245 243 Other 325 360 363 374 401 451 444 465 520 551 601 Total . . .. 2,185 2,360 2,406 2,417 2,302 2,189 2,047 2,147 2,223 2,273 2,393 Eastern Europe4 309 307 306 314 306 308 309 308 309 310 311 All other: Egypt 285 234 229 218 217 224 226 219 221 228 224 Other 42 49 61 63 67 74 67 70 69 71 84 Total 327 283 290 281 284 298 293 289 290 299 308 Total foreign countries 19,230 20,479 21,736 22,589 23,062 23,680 24,036 24,477 25,001 25,073 25,782 International ^ 3,171 3,287 3,272 3,212 3,331 3,401 3,364 3,536 3,560 3,565 3,675 Grand total 22,401 23,766 25,008 25,801 26,393 27,081 27,400 28,013 28,561 28,638 29,457 P Preliminary. 1 Includes gold reserves of Bank of France and French dependencies only. 2Includes holdings of other Continental OEEC countries, Yugoslavia, Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. 3 Includes latest available figure for Mexican gold reserves (April 30). 4 Excludes gold reserves of the U. S. S. R. 5 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. SEPTEMBER 1955 1055 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- U.S.S.R.)i Treasury Tota^ 1949—Dec 35,400 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,830 22,706 22,820 216 537 23 317 590 40 74 271 31 19 1951—Dec 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec 36,290 23,187 23,252 706 21 317 896 42 214 31 23 1953—Dec.. . . 36,710 22,030 22,091 37i' 776 21 321 996 42 36 186 31 23 1954—juiy 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 Nov. 21,710 21,791 371 767 3 322 1,071 42 186 31 23 Dec 37,350 21,713 21,793 371 778 3 322 1,080 42 186 31 23 I955:—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... P37.72O 21,678 21,730 371 839 322 1,112 42 186 31 23 July.... 21,682 21,734 371 845 322 42 186 31 23 Ger- E m n o d n t o h f Egypt France4 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d si o a - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - Pa ta k n is- Peru of 1949—Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 174 576 326 27 247 145 137 346 158 737 52 38 36 1954—July.... 174 576 478 27 247 138 346 58 794 45 38 34 Aug 174 576 544 27 247 138 346 59 796 45 38 34 Sept.. . . 174 576 574 27 247 138 346 60 796 45 38 34 Oct 174 576 599 27 247 138 346 61 796 45 38 34 Nov 174 576 612 27 247 138 346 62 796 45 38 34 Dec... . 174 576 626 27 247 138 346 62 796 45 38 35 1955—Jan 174 576 650 27 247 138 346 63 796 45 38 35 Feb 174 576 700 27 247 138 346 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 65 800 45 38 35 May.... 174 576 740 27 247 138 804 45 38 35 June 174 576 758 247 138 804 45 38 35 July.... 174 576 247 138 804 45 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l z a w e n r i d - t- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1949—Dec 178 17 128 85 70 1,504 118 154 $1,688 178 373 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 51 152 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 L.692 196 1953—Dec 361 29 176 54 218 1,459 113 143 62,518 227 373 1,702 193 1954—July.... 403 29 188 56 219 1,485 113 144 63,013 227 403 1,733 186 Aug 410 29 193 56 219 1,490 113 144 52,918 227 403 L.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 ,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 L,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 L.744 204 Apr 438 29 208 56 258 1,493 113 144 52,686 227 403 1,744 204 Ivlay 29 207 56 263 1,473 113 144 52,686 227 403 1,745 207 June 29 212 56 264 1,485 113 144 52,680 227 403 1,745 230 July.... 29 215 56 264 1,495 112 144 52,544 227 403 1,747 227 pPreliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 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." 3Less 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 Bask of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 1056 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES (Negative figures indicate net sales by the United States) [In millions of dollars at $35 per fine troy ounce] Y qu e a a r r t o er r Total K U in n g i d te o d m 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 th o e p r e1 Canada A t r i g n e a n- Cuba Mexico Rep. of 1945 —452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 -.2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948... . . 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 -49.9 -10.0 -16.1 1950..... -1,725.2 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -49.9 -20.0 -60.2 1952..... 393.7 440.0 -3.8 -10.0 -100.0 -5.0 22.5 -17.3 7.2 -20.0 87.7 1953..... -1,164.3 -480.0 -84.9 -130.0 -65.0 -59.9 -20.6 -65.0 -111.8 -84.8 -28.1 1954 -326.6 -50.0 -225.6 -54.9 -15.0 -15.5 -17.4 80.3 1953 Jan.-Mar. -599,1 -320.0 -36.5 -30.0 -25.0 -150 -10.0 -20.0 -54.9 -28.1 Apr.-June. -128.2 -40.0 -3.4 -10.0 -15.0 -25.0 -8.8 -20.0 July-Sept. -306.6 -120.0 -12.4 -40.0 -40 ! -15.0 -io]6 -15.0 -42.8 -10.0 Oct.-Dec. -130.3 -32.6 -50.0 -15.0 -5.0 -15.3 1954 Jan.-Mar.. -63.0 -40.0 -20.0 -2.4 Apr.-June. -19.6 -50.0 -15.6 -5.0 -1.1 80.3 July-Sept. -171.8 —140.0 -20.0 -8.0 -2.5 Oct.-Dec., -72.3 -30.0 -10.0 -15.0 -7.5 -11.3 1955 Jan.-Mar., -36.9 -22.5 -5.Q Apr.-June, -41.7 -45.0 3.5 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES (Negative figures indicate net sales by the United States) [In millions of dollars] [In millions of dollars at $35 per fine troy ounce] Gold stock at Ear- Y qu e a a r r t o er r g U u r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th a n o A th l e l r Period T e u r n e r d a y s o - f p T e o ri t o a d l i I i n n s g c to r o t e o c ld a t k a se l g p e o o x N ld r p t e o i t o m rt r -g m o c c o l r r a d r e e r : a a k i n s s d e e e - d e- p D ti r c o t o i m o d g u n o e l c s d - - (-) 1945 -37.9 -73.1 -27.8 3-188.3 3.7 1946 -4.9 -9.2 25.0 13.7 22.9 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1947 . . 25.1 -3.7 79.1 1.0 256 !o 11.9 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1948 10.7 -108.0 13.4 -4.1 498.6 6.9 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1949 -14.4 —50.0 -7.5 -52.1 195.7 -1.6 1946 20,529 20,706 623.1 311.5 465.4 51.2 1950 -64.8 -17.2 -35.4 13.1 4-47.2 1947 22,754 22,868 22,162.11,866.3 210.0 75.8 1951 22.2 -.9 -17.2 52.1 4-84.0 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 '•-3o!6 17.2 -10.4 . -A 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—Aug... 21,809 21,897 -63.6 1.7 -65.4 5.8 1 1 4 Sept... 21,810 21,863 -33.6 1.1 -34.6 5.1 Oct -Dec.. — .1 —2.4 -9.9 Oct.... 21,759 21,827 -36.7 1.6 -34.6 5.6 Nov... 21,710 21,791 -35.9 1.5 -36.7 5.6 1954 Dec.. . 21,713 21,793 2.6 .7 1.8 5.8 Jan.-Mar -5.0 13.2 -8.9 1955—Jan. . 21,714 21,786 -7.3 2.2 -9.7 5.0 ' -30'. 6 2.0 Feb... 21,716 21,788 1.6 3.2 -.8 4.8 —1 2 Mar... 21,719 21,763 -24.7 2.7 -27.7 5.4 Oct -Dec. 1.9 — .1 -.4 Apr... 21,671 21,724 -39.4 2.5 -41.8 5.0 May. . 21,674 21,727 2.9 4.5 -1.0 5.3 1955 June. . 21,678 21,730 3.1 3.8 -.9 5.6 July.. 21,682 21,734 4.4 1.6 -.1 4.1 3.4 — .1 -2.7 Aug.. .*21,682P21,732 P-2.3 (3) 4-2.9 (3) i P Preliminary. 1 Includes Bank for International Settlements. !See footnote 2 on opposite page. 2Includes sale of 114.3 million dollars of gold to Italy. 2Change includes transfer of 687.5 million dollars gold subscrip- * Includes sales of 185.3 million dollars of gold to China. tion to International Monetary Fund. •Includes sales of gold to Egypt as follows: 1950, 44.8 million 3 Not yet available. dollars; and 1951, 76.0 million. 4 Gold held under earmark at the Federal Reserve Banks for foreign 8Includes sales of 45.0 million dollars of gold to Indonesia. account, including gold held for the account of international institutions, amounted to 6,893.9 million dollars on Aug. 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. SEPTEMBER 1955 1057 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 International Bank Monetary Fund June Mar Dec. Sept. June Apr. Jan, Oct. July Apr. Dollar deposits and U. S. securities 464 485 466 478 415 Gold 1,744 1,744 1,734 1,733 1,719 Other currencies and securities1. 996 1,001 1,010 1,049 1,034 Currencies:1 Effective loans2 1,796 1,694 1,738 1,620 1,663 United States.. 1,609 1,567 1,574 1,472 1,408 Other assets3 52 35 37 33 31 Other 4,691 4,734 4,738 4,746 4,824 IBRD bonds outstanding ... 852 838 849 850 777 Unpaid member subscriptions... 798 798 798 892 889 Undisbursed loans 456 386 420 336 380 Member subscriptions 88,853 88,853 8,853 8,853 8,849 Other liabilities 10 11 11 9 10 Accumulated net income -11 -10 -9 -9 —8 Reserves 184 174 165 154 146 Capital 1,806 1,806 1,806 1,831 1,830 Cumulative net drawings Sub- on the Fund10 Loans as of July 31, 1955 scrip- Country 9 Quota tion paid 1955 1954 Country4 Outstanding in gold Prin- Dis- Undis- Re- June May Apr. June cipal bursed buried paid Sold Total to others5 Brazil 150 37.5 65.5 65.5 65.5 65.5 Colombia., 50 12.5 25.0 25.0 25.0 France 525 108.1 105.0! 105.0 105.0 125.0 Australia 258.5 204.1 54.4 204.1 21.6 Germany.... 330 33.0 -49.5 -49.5 -49.5 -46.1 Belgium 106.0 89.6 16.4 2.5 87.1 17.7 India. 400 27.5 27.6 27.6 27.6 63.8 Brazil 194,1 143.0 51.0 4.0 139.1 3.5 Indonesia 110 15.5 15.0 15.0 15.0 Chile. 37.3 19.1 18.2 4.3 14.8 .5 Japan 250 62.5 62.4 62.4 62.4 * 62^4 Colombia 94.7 48.7 46.0 6.3 42.4 3.0 Philippines 15 3.8 10.0 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 37.5 12.6 5.4 32.1 2.3 United States. . . . 2,750 687.5 -397.9 -418.3 -418.5 -584.2 France 257.5 252.8 4.7 8.3 244.5 21.6 India 126.0 59.6 66.4 15.1 44.5 5.7 Italy 90.0 20.0 70.0 20.0 1 Currencies include demand obligations held in lieu of deposits. Japan 40.2 30.5 9.7 30.5 6.1 2 Represents total principal of authorized loans, less loans not yet Mexico 141.3 89.8 51.5 4.6 85.2 2.6 effective, repayments, the net amount outstanding on loans sold or Netherlands 221.5 221.5 133.0 88.5 9.7 agreed to be sold to others, and exchange adjustment. Norway 50.0 40.0 10.0 40.0 2.0 3 Excludes uncalled portions of capital subscriptions. Pakistan 58.3 29.6 28.7 2 27.3 2.1 4Loans to dependencies are included with member. Peru 31.0 8.4 22.6 .6 7.8 2.1 5Includes also effective loans agreed to be sold but not yet disbursed. Thailand 25.4 24.1 1.3 .7 23.4 6 Includes 170 million dollars in loans not yet effective. Turkey 61.0 35.2 25.9 .3 34.9 7 Includes 114 million dollars not guaranteed by the Bank. Union of S Africa. 110.0 109.4 .6 1.9 107.5 13.0 8Includes 125 million dollar subscription of withdrawing member United Kingdom... 66.0 58.0 8.0 58.0 14.5 (Czechoslovakia). Uruguay. 33.0 31.3 1.7 30.4 .5 9Includes countries having cumulative net drawings of 10 million Yugoslavia 60.7 54.9 5.8 3.1 51.8 dollars (+ or —) on the latest date. Other 153.0 57.2 95.8 9.7 47.5 10 Represents for each country purchases of other currencies from Fund less purchases of own currency by it or other countries. Total 62,305.6 1,704.1 601.4 204.5 1,499.7 7132.1 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking <iepartment department department Bank of England Note circula- (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Goldi O as t s h e e t r s N c a o o n t i d n es a v c n o a D d n u i s c n a - e t d s s - Se t c ie u s ri- tion Bankers' Pub D li e c posit E s CA Other t c i l O i e a a s p t b h a i i t e l n a i r - d l 1948—Dec. 29 .2 1,325.0 36.1 16.7 401,1 1.293.1 314.5 11.7 17-.4 92.1 18.1 1949—Dec 28 . . 4 1,350.0 33.7 14.8 489.6 ,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 ,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 19"52—Dec. 31 ...... 4 1 575.0 51.3 11 2 371.2 ,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 ,619.9 290.2 14.9 7.2 70.4 18.2 1954—Aug 25 .4 J.700 0 48 7 7 0 310.1 ,654 0 267.2 14 6 1 7 63.8 18 4 Sept. 29.... ... .4 1,675.0 42.3 6 5 337.6 ,635 4 276.1 16 4 6 3 69.0 18 5 Oct. 27 ... .4 1,675.0 41.7 2,1 351.1 1,635.9 295 6 9 8 6 3 65.4 17 8 Nov. 24. .4 1,675.0 25.9 4,5 374 9 1,651.9 293.7 11.7 9.6 72.3 17.9 Dec. 29 .4 1,775.0 26.0 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18,1 1955—jan. 26 .4 21,725.0 62.8 16.4 298.0 1,664.9 251.9 16.3 4.7 85.9 18.3 Feb. 23 .4 1,725.0 68.8 52.4 248.1 ,658.9 271.1 11.3 4.7 63.7 18.4 Mar. 30 .4 1,725.0 31.5 16.1 328.8 1,696.3 275.7 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 2L.775.0 25.6 i 11.8 307.2 1,752.2 240.5 13.7 6.9 65.6 18.0 June 29 .4 21,825.0 45.1 5.7 301.6 L.782.7 246.6 14.2 .5 72.9 18 2 July 27 .4 2l,875.O 16.9 21.0 305.9 1,860.9 240.8 13.6 2.2 68.8 18.3 *On Sept. 19, 1949, the official buying price of the Bank of England for gold was increased from 172 shillings and threepenceto 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 and July 20. For details on previous changes, see BULLETIN for February 1955, p. 226. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. For details relating to individual items, see BULLETIN for April 1955, p. 442. 1058 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re ad s i i a n n m do il l l l i a o r n s s ) of Goldi 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 er o m rt- Other assets Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—-Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31. 54.9 ,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Aug. 31. 56.9 ,669.9 502.4 77.2 ,573.0 531.0 49.6 31.5 121.3 S Oc e t p . t . 3 3 0 0 . . 5 5 7 2 . . 9 3 s,4 6 3 6 8 0 . . 2 8 8 5 0 4 9 5. . 6 9 1 7 0 3 5 . . 3 5 , , 5 5 8 7 5 9 . . 3 8 5 59 2 5 1 . . 2 4 8 4 1 9 . . 8 8 3 2 1 5 . . 4 8 1 1 2 4 3 9 . . 2 5 Nov. 30. 57.7 ,444.3 837.5 85.1 ,587.1 528.8 141.1 36.0 131.5 Dec. 31. 54.2 ,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Jan. 31. 51.5 , 249.8 876.0 87.7 1,545.9 528.7 56.5 38.6 95.4 Feb. 28. 52.4 ,320.6 815.1 82.1 1,541.7 503.8 63.2 47.3 114.1 Mar. 31. 50.8 ,325.6 821.6 101.4 1,552.9 541.9 57.5 42.7 104.3 Apr. 30. 59.0 ,385.5 808.4 123.6 1,579.3 570.7 50.8 40.5 135.2 May 31. 52.3 1,357.6 817.5 87.1 1,597.7 516.9 50.6 35.6 113.7 June 30. 55.8 1,451.9 834.9 121.5 1,618.8 577.0 71.3 36.5 160.4 July 30. 59.6 1,233.4 1,032.4 134.9 1,651.8 532.9 52.9 45.2 177.5 Assets Liabilities Bank of France Advances to mill ( io F n ig s u o re f s f r i a n ncs) Fo e r x ei - gn Domestic bills Government Other ci N rc o u t l e a- Deposits O li i a t t i b h e i e s l r change m O a p rk en et Special Other Current Other assets tion Go m v e e n r t n- ECA Other ca a p n i d tal 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12 048 S7755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 '765 61468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826147,400 558,039 59,024 920,831 733 8?479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171783 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—Aug. 26. 201,282 41,059 265,330 5,129 980,146195,000 648,049 191,8742,333,133 100 83 128,178 66,377 Sept. 30. 201,282 45,117 262,922 15,058 1,030,309195,000 634,749 224,089 2,443,797 6 90 105,192 59,441 Oct. 28. 201,282 48,971 264,861 32,697 1,027,934195,000 626,249 218, ,428,122 93 98 119,406 67,563 Nov. 25. 201,282 51,939 224,487 44,593 1,013,121195,000 619,549 218,584 2,386,103 65 3,304 106,920 72,162 Dec. 30. 201,282 57,291 236,765 48,925 1,130,183195,000 617,649 277,2152,538,455 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 1,138,808190,000 597,449 353,285 ,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 ,544,115 51 11,302 128,552 54,410 May 26. 201,282 153,030 210,448 26,545 1,028,496190,000 584,949 334,389 2,523,444 20 11,120 129,730 64,823 Tune 30. 20t,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 July 28. 201,282 200,145 247,594 11,343 1,061,877190,000 579,849 3355,485 ,642,828 93 11,680 133,666 59,308 *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. 3 Includes advance to Stabilization Fund, amounting to 214.1 billion francs on July 28. NOTE.—For details relating to individual items, see BULLETIN for April 1955, p. 443. For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. SEPTEMBER 1955 1059 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL ^ANKS—Continued 1955 1954 1955 1954 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—-Cowi. Gold reported separately 1,623 1,623 1,623 1,623 Loans and discounts . . .602,216 634,109 595,271 365,792 Other gold and foreign exchange. 748 859 1,069 1,707 Government loans and securities. 463,064466,481473,269 257,266 Government securities.... 4,062 4,058 4,067 3,758 Other assets 98,194 108,485125,711 138,625 Rediscounts and loans to banks.. 75,968 75,055 74,490 63,109 Note circulation 638,303653,704 613,053 668,904 Other assets 342 389 374 305 Deposits 655,623674,598 657,950 501,550 Currency circulation 31,811 31,612 31,419 26,406 Other liabilities and capital 176,800 17^9 ,958190,705 115,416 Deposits—Nationalized 44,867 44,485 44,436 39,077Central Bank of Costa Rica Other sight obligations 744 644 664 529 (thousands of colones): Other liabilities and capital 5,321 5,243 5,105 4,490 Gold 11,503 503 11,503 11,503 Commonwealth Bank of Aus- Foreign exchange 135,166 640134,741 83,957 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,032 032 7,032 7,032 Gold and foreign exchange 354,827373,962 374,565 466,460 Loans and discounts 62,785 842 66,981 108,471 Checks and bills of other banks.. 5,246 12,201 6,687 5,445 Securities 3,828 828 4,828 1,963 Securities (incl. Government and Other assets 24,148 300 27,247 25,468 Treasury bills) 470,785 494:,498455,273 447,073 Note circulation 146,914 479153,662 137,908 Other assets 66,100 73,981 86,090 70,566 Demand deposits 65,753 289 65,598 71,358 Note circulation 363,003 362,827 362,577 345,077 Other liabilities and capital 31,795 377 33,072 29,US Deposits of Trading Banks: National Bank of Cuba Special 265,559 280,644 295,644 334,670 (thousands of pesos): Other 38,137 24,938 50,859 Gold 185,875185,875185,875 185,871 Other liabilities and capital 230,259 269,954 239,456 258,939 Foreign exchange (net) 105,756111,096113,912 25,780 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 198,909202,609208,720 303,851 Gold 557 556 556 328 Silver Foreign exchange (net) 8,351 7,941 7,955 9,423 Net claim on Int'l. Fund2 12,512 ,512 12,512 12,512 Loans and discounts 5,492 5,673 5,263 5,182 Loans and discounts 48,997 ,926 59,842 34,090 Claim against Government ...... 1,803 1,813 1,811 1,777 Credits to Government 60,901 ,345 56,476 33,672 Other assets 467 372 375 32 Other assets 79,570 ,243 84,510 77,871 Note circulation 12,843 12,575 12,226 11,302 Note circulation 416,740 418,947 430,188 415,095 Deposits—Banks 1,650 1,617 1,537 2,901 Deposits 256,645 ,280 270,665 240,882 Other 533 536 538 676 Other liabilities and capital..... 19,136 380 20,996 17,671 Blocked 1,643 1,628 1,660 1,863National Bank of Czechoslovakia3 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold 42,236 41,936 42,390 38,270 Gold 68 68 69 Foreign claims and balances (net). 10,607 10,855 11,666 10,857 Foreign exchange. 673 634 661 886 Loans and discounts 10,151 9,257 7,395 10,735 Loans and discounts 276 262 208 212 Consolidated Government debt.. 34,660 34,660 34,660 34,660 Securities 475 475 475 513 Government securities 7,838 8,639 6,657 7,806 Govt. compensation account. „. 3,125 3,125 3,144 3,218 Other assets 5,067 5,049 4,873 4,406 Other assets 674 747 831 150 Note circulation 105,806105,269103,096 100,951 Note circulation 1,956 2,010 1,973 1,954 Deposits—Demand 1,342 1,893 1,378 1,908 Deposits—Government........ 1,360 1,324 1,314 1,266 ECA 68 68 76 114 Other .. 1,724 1,730 1,856 1,593 Other liabilities and capital 3,343 3,167 3,092 3,762 Other liabilities and capital. , . , 251 247 243 235 Central Bank of Bolivia—Mone- Central Bank of the Dominican tary dept. (millions of bolivianos): (Feb.)* Republic (thousands of pesoi): Gold at home and abroad 477 1,515 Gold 12,076 12,076 12,076 12,076 Foreign exchange (net). 1,081 112,818 Foreign exchange (net) 10,893 13,338 12,762 26,778 Loans and discounts 26,065 8,768 Net claim on Int'l. Fund9 1,250 1,250 1,250 1,250 Government securities. 2,505 2,505 Loans and discounts 3,299 3,971 3,975 2,284 Other assets 974 1,037 Government securities 8,890 8,890 8,890 9,420 Note circulation 21,411 16,713 Other assets 14,591 14,684 14,597 7,078 Deposits 5,683 3,460 Note circulation „ „ 41,612 42,380 41,172 39,156 Other liabilities and capital 4,008 6,470 Demand deposits 6,802 9,162 9,803 17,565 Central Bank of Ceylon (thousands Other liabilities and capital.... 2,585 2,667 2,575 2,166 ©f rupees): Central Bank of Ecuador Foreign exchange 624,148 601,582 587,555 437,919 (thousands of sucres): Advances to Government 31,700 Gold 343,460343 343,334 342,633 Government securities 18,276 20, 23,050 41,293 Foreign exchange (net)......... -7,301 9 44,751 137,464 O C D u t e h r p e r o e r n s a c i s t y s s e — i t n s . G c . i # o rc v u e l r a n ti m on ent........ 3 9 9 4 1 7 , , , 3 5 9 1 0 3 1 2 7 377 7 ' , , 0 4 1 2 0 7 37 8 9 4 2 , , , 4 9 3 2 4 3 1 5 8 36 4 4 7 , , , 6 3 4 3 3 6 1 8 7 N Cr e e t d c i l t a s i — m O G o t o n h v e e I r n rn t' m l. e F n u t nd2 4 2 3 4 1 1 9 8 , , , 1 0 7 0 3 5 1 3 7 4 2 4 3 1 5 7 8 . . 3 2 9 1 1 5 9 8, , , 7 4 9 5 3 2 7 8 4 , 3 2 6 4 1 1 1 8 , , , 8 7 7 1 6 5 9 0 7 Banks 109,912 ,684101,834 95,759 Other assets 256,670245. 256,707 191,486 Other liabilities and capital..... 54,635 ,941 51,956 47,393 Note circulation 669,396648.526 647,984 691,330 Csetral Bank of Chile (millions Demand deposits—Private banks. 213,814 22.418218,847 208,081 of pesos): Other. 159,703170,934 159,575 169,028 Gold . 5,804 5,803 5,750 5,693 Other liabilities and capital..... 248,808 :57,970252,506 225,479 Foreign exchange (net) 402 994 1,708 1,048National Bank of Egypt (thou- Discounts for member banks. ... 4,709 4,617 3,716 1,772 sands of pounds) : Loans to Government 15,870 15,770 15,885 11,469 Gold 60,553 60,553 60,553 60,553 Other loans and discounts....... 14,685 13,718 13,462 10,081 Foreign assets4 170,074174,231 177,741 22,262 Other assets 5,520 5,724 5,007 3,309 Egyptian Govt. securities....... 75,616 73,117 71,555 243,753 Note circulation 35,789 34,126 33,365 20,843 Clearing and other accounts (net) -16,603-14,783-12,177 Deposits—Bank 4,828 6,208 5,520 4,529 Loans and discounts 23,621 21,449 18,215 21,108 Other 1,734 1,746 1,570 865 Advances to Government Other liabilities and capital 4,638 4,546 5,073 7,135 Other assets 3,252 2,796 2,210 2,510 Bank of the Republic of Colombia Note circulation 167,675164,765173,903 168,143 (thousands of pesos): Deposits—Government 36,304 52,992 46,387 47,737 Gold and foreign exchange 282,871274,805 243,077 499,811 Other 93,894 80,428 78,576 124,852 Net claim on Int'l. Fund2 24,380 24,380) 24,380 24,377 Other liabilities and capital 18,640 19,179 19,229 9,455 •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. 4 Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities. 1060 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1955 1954 1955 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July 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 71,331 71,382 71,431 72,157 Government—secured debt 7,187 7,187 7,187 6,128 Foreign exchange (net) 63,202 65,851 68,398 54,538 Government loans and discounts. 11,155 11,775 11,493 10,331 Net claim on Int'l. Fund1...... 1,569 1,569 cl,569 1,568 Other loans and discounts 4,410 4,385 4,257 3,708 Loans and discounts 40,803 36,606 35,443 27,890 Securities 411 411 411 698 Government debt and securities.. 7,303 11,915 13,205 7,774 Other assets 3,085 3,456 3,223 2,118 Other assets 7,312 7,432 7,179 7,652 Note circulation 10,021 10,150 10,227 10,006 Note circulation 89,871 91,304 93,927 93,779 Deposits—'Government 5,185 5,799 5,188 3,360 Deposits 92,176 94,055 94,111 67,338 Banks 1,177 1,158 1,296 927 Other liabilities and capital 9,472 9,396 9,187 10,462 Other 11,583 11,605 11,824 10,649 Bank of Finland (millions of mark- Other liabilities and capital 3,050 3,269 2,805 3,035 kaa): Central Bank of Ireland (thousands Gold. 6,882 6,882 6,882 6,973 of pounds): Foreign assets (net) 25,525 23,773 27,820 16,671 Gold 2,646 2,646 2,646 2,646 Clearings (net) 6,053 5,773 4,526 7,962 Sterling funds. . 68,734 67,595 69,032 65,288 Loans and discounts 47,929 44,382 41,117 36,321 Note circulation 71,380 70,241 71,678 67,934 Securities. .. . 2,050 2,091 2,102 2,212 Bank of Italy (billions of lire): Other assets 1,942 1,972 1,983 2,425 Gold 4 4 4 Note circulation 49,903 49,584 51,344 44,720 Foreign exchange 74 71 69 74 Deposits ,... o... 21,732 18,293 16,807 12,900 Advances to Treasury 567 567 567 567 Other liabilities and capital 18,745 16,996 16,279 14,943 Loans and discounts 363 384 367 333 Bank of German States2 Government securities 376 362 362 320 (millions of German marks): Other assets 864 788 805 791 Gold 3,258 3,182 3,106 2,006 Note circulation 1,508 1,428 1,420 1,392 Foreign exchange 9,082 8,865 8,723 8,177 Deposits—Government 32 53 50 29 Loans and discounts........ 2,348 2,153 1,736 1,828 Demand. . . 83 76 64 58 Loans to Government 4,126 4,179 4,110 4,794 Other 486 474 503 479 Other assets 934 964 956 809 Other liabilities and capital.... 139 146 135 131 Note circulation 13,028 12,832 12,686 1,732Bank of Japan (millions of yen): Deposits—Government 1,613 1,508 1,243 1,155 Bullion 448 448 448 448 Banks 3,088 3,046 2,784 2,632 Advances to Government 1,250 1,250 1,250 1,400 Other 204 209 224 263 Loans and discounts.... K)2,209 30,657 124,165 430,667 Other liabilities and capital 1,814 1,750 1,693 1,83 Government securities... ;84,445 >74,113408,378 199,245 Bank of Greece (millions of drach Other assets.. 60,490 31,242 104,270 87,952 mae): Note circulation 537,882 >32,674 >22,202 524,002 Gold and foreign exchange (net). 5,604 5,341 4,866 Deposits—Government.. 58,685 58,999 63,411 40,743 Loans and discounts 140 119 141 Other 69,310 65,619 69,837 78,043 Advances—Government..... 9,01 8,470 9,14 Other liabilities 82,966 80,419 83,062 76,923 Other 4,958 4,688 4,386Bank of Mexico (millions of pesos): Other assets 1,569 1,436 1,809 Monetary reserve5 1,535 1,532 1,513 1,218 Note circulation 3,886 3,866 3,376 "Authorized" holdings of secu- Deposits—Government 1,316 1,022 1,343 rities, etc 4,343 4,288 4,178 3,210 Reconstruction and Bills and discounts..,, 485 538 565 495 relief accts 7,507 7,296 6,749 Other assets. 480 465 502 734 Other 3,998 3,592 3,710 Note circulation 4,315 4,176 4,160 3,666 Other liabilities and capital.... 4,581 4,277 5,169 Demand liabilities 1,824 1,951 1,893 1,207 Bank of Guatemala (thousands of Other liabilities and capital.... 703 696 706 784 quetzales): Netherlands Bank (millions of Gold 27,227 27,228 guilders): Foreign exchange (net) 24,926 12,300 Gold 3,046 3,046 3,046 3,006 Gold contribution to Int'l. Fund 1,250 1,250 Silver (including subsidiary coin) 27 25 22 17 Rediscounts and advances 6,423 10,765 Foreign assets (net) 1,478 1,504 1,477 1,547 Other assets 34,805 37,025 Loans and discounts 26 31 65 30 Circulation—Notes 47,976 52,27 Govt. debt and securities 628 801 801 670 Coin 3,710 3,700 Other assets 360 427 432 439 Deposits—Government 10,071 4,388 Note circulation—Old 28 28 28 29 Banks 16,663 12,650 New 3,728 3,638 3,720 3,395 Other liabilities and capital.... 16,211 15,556 Deposits—Government .... 236 629 647 550 National Bank of Hungary 3 ECA 534 612 612 821 Reserve Bank of India (millions of Other 842 694 605 685 rupees): Other liabilities and capital.... 198 233 230 229 Issue department: Reserve Bank of New Zealand Gold at home and abroad.... 400 400 400 400 (thousands of pounds): Foreign securities. 6,370 6,520 6,620 6,232 Gold 6,161 6,161 6,161 6,171 Indian Govt. securities 5,436 5,436 5,33 4,212 Foreign exchange reserve 56,905 54,714 47,919 89,442 Rupee coin. 1,085 1,05 1,044 1,02 Loans and discounts 30,342 28,254 31,257 13,542 Note circulation 12,915 13,108 13,161 11,42 Advances to State or State un- Banking department: dertakings 11,487 13,018 16,548 28,154 Notes of issue department.... 377 303 240 44. Investments 33,257 33,257 33,265 23,957 Balances abroad 800 639 485 1,091 Other assets 1,514 1,868 1,439 1,615 Bills discounted. 78 108 112 1 Note circulation 68,318 68,581 69,944 66,979 Loans to Government 10 8 8 Demand deposits 63,172 60,538 56,757 87,974 Other assets 903 955 1,070 1,188 Other liabilities and capital 8,176 8,154 9,888 7,927 Deposits 1,699 1,45 1,400 2 ,370 Bank of Norway (millions of kroner) Other liabilities and capital. . . 469 559 514 367 Gold.. 203 203 203 203 Bank Indonesia (millions of rupiahs) Foreign assets (net). .. -266 -189 -181 185 Gold and foreign exchange (net). 1,135 1,255 1,365 444 Clearing accounts (net) -4: -33 -33 -78 Loans and discounts 390 33 298 639 Loans and discounts 9 9 10: 55 Advances to Government 9,760 9,797 9,689 7,514 Securities 109 111 83 30 Other assets 345 335 312 287 Occupation account (net) 5,546 5,546 5,546 5,546 Note circulation , 8,203 8,184 8,075 6,031 Other assets 73 73 73 76 Deposits— ECA 495 495 495 495 Note circulation 3,184 3,168 3,070 3,122 Other 2,023 2,169 2,27: 1,890 Deposits—Government 1,132 1,260 1,36 1,453 Other liabilities and capital . . . 909 87 822 468 Banks 493 438 449 699 Bank Melli Iran4 (millions of rials): FOA—MSA 582 608 551 205 Gold 4,242 4,242 4,242 4,242 Other liabilities and capital.... 329 335 354 539 Foreign exchange 24- 24 24 47i c Corrected. ^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. 5Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. SEPTEMBER 1955 1061 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1954 Central Bank 1955 1954 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July State Bank of Pakistan (millions of Bank of Sweden (millions of kroner): rupees): Gold 582 582 580 482 Issue department: Foreign assets (net) 1,002 916 849 1,331 Gold at home and abroad... 114 81 81 81 Net claim on Int'l. Fund2 129 129 129 129 Sterling securities 413 432 432 400 Swedish Govt. securities and ad- Pakistan Goyt. securities. . . 1,391 1,455 1,455 1,281 vances to National Debt Office3 3,006 2,859 2,783 2,530 Govt. of India securities.... 222 221 221 147 Other domestic bills and advances 42 442 327 56 India currency 300 300 300 300 Other assets 1,011 1,019 1,015 849 Rupee coin 46 47 45 58 Note circulation 4,735 4,924 4,792 4,463 Notes in circulation 2,400 2,417 2,441 2,167 Demand deposits—Government.. 93 183 105 100 Banking department: Other 240 147 102 121 Notes of issue department.. . 85 119 92 99 Other liabilities and capital 704 694 684 693 Bills discounted 1 2 5 Swiss National Bank (millions of Loans to Government 30 54 50 65 francs): Other assets 466 337 312 424 Gold 6,243 200 ,150 ,198 Deposits 492 404 347 496 Foreign exchange 683 747 604 509 Other liabilities and capital. . 89 108 108 98 Loans and discounts 158 164 113 108 Central Bank of Paraguay Other assets 102 107 86 90 (thousands of guaranies): Note circulation 5,123 ,128 ,073 ,956 Goldi : 3,984 3,984 2,846 Other sight liabilities 1,858 ,680 ,746 Foreign exchange (net) 30,853 10,109 41,094 Other liabilities and capital 205 203 199 203 Net claim on Int'l. Fund2 7,915 7,915 28 Central Bank of the Republic of Loans and discounts 1,101,775 1,041,616 95,8563 462,945 Turkey (millions of pounds): Government loans and securities. 496,375499, 501,285 564,392 Gold 402 402 402 402 Other assets 281,092248, 210,816 301,448 Foreign exchange and foreign Note and coin issue 845,299 818 784,489 626,770 clearings 198 177 179 225 Deposits—Government 194,739188, 195,026 149,647 Loans and discounts 3,237 2,992 2,918 2,310 Other 147,398170, 150,173 129,239 Securities 30 30 29 30 Other liabilities and capital 734,557637, 562,984 467,097 Other assets 118 111 96 88 Central Reserve Bank of Peru Note circulation. . 1,811 1,625 1,602 1,449 (millions of soles): Deposits—Gold 154 154 154 154 Gold and foreign exchange 660 600 325 Other 1,503 1,435 1,391 957 Net claim on Int'l. Fund2 67 67 67 Other liabilities and capital 516 497 478 495 Loans and discounts to banks.... 396 504 689 Bank of the Republic of Uruguay Loans to Government 1,182 ,093 1,216 (thousands of pesos): (Apr.)* Other assets 105 111 73 Gold 344,167 344,167 Note circulation 1,789 ,769 1,801 Silver 8,542 8,583 Deposits 437 420 356 Advances to State and Govern- Other liabilities and capital 184 185 212 ment bodies 130,122 135,017 Central Bank of the Philippines Other loans and discounts 443,775 374,919 (thousands of pesos): Other assets 751,227 556,234 Gold 23,598 935 21,860 18,813 Note circulation 478,428 465,970 Foreign exchange 331,071 621336,848 438,474 Deposits—Government 157,103 164,270 Net claim on Int'l. Fund2 9,504 504 29,504 29,504 Other 328,354 333,536 Loans \79,010 663 28,343 714 Other liabilities and capital 713,948 455,143 Domestic securities 297,288 ,217301,929 227,970Central Bank of Venezuela (mil- Other assets 163,027 374162,936 161,566 lions of bolivares): Circulation—Notes 575,641 ,362597,111 584,708 Gold 1,234 1,234 1,233 1,232 Coin 86,958 ,944 86,548 84,802 Foreign exchange (net) 380 435 478 277 Demand deposits 194,724 ,254151,702 154,484 Other assets 151 146 138 149 Other liabilities and capital 46,174 ,753 46,059 53,048 Note circulation......' 1,013 1,028 1,040 986 Bank of Portugal (millions of Deposits 281 263 271 258 escudos): Other liabilities and capital 469 525 538 414 Gold 5,435 5,495 5,526 5,381 National Bank of Federal People's Foreign exchange (net) 13,007 12,991 13,080 13,204 Republic of Yugoslavia (millions Loans and discounts 804 850 823 639 of dinars): Advances to Government 1,384 1,390 1,405 1,408 Gold 4,541 4,520 4,158 Other assets 1,059 1,081 1,063 979 Gold contribution to Int'l. Fund. 2,369 2,369 2,369 Note circulation 10,194 10,156 9,966 9,525 Foreign assets 49,243 48,476 48,526 Demand deposits—Government.. 1,531 1,518 1,679 1,761 Loans (short-term) 696,453693,545 674,128 ECA 99 95 95 6 Government debt (net) 19,484 13,142 8,763 Other 7,648 7,842 7,995 8,177 Other assets 51,527 32,852 49,456 Other liabilities and capital 2,217 2,196 2,162 2,143 Notes and coin in circulation. .. . 85,623 83,796 72,689 South African Reserve Bank Demand deposits 164,702177,402 160,681 (thousands of pounds): Foreign liabilities. . . 101,018 97,138 110,783 Gold 76,318 75,143 73,473 66,615 Long-term liabilities (net) 372,184 360,427 354,498 Foreign bills 39,010 38,785 41,542 41,174 Other liabilities and capital 100,090 76,141 88,749 Other bills and loans 22,320 28,937 25,257 14,137 Bank for International Settle- Other assets 52,733 52,773 53,906 44,262 ments (millions of Swiss gold Note circulation 106,100104,739103,236 100,218 francs): Deposits 66,502 74,442 73,197 47,686 Gold in bars 696 703 633 570 Other liabilities and capital 17,780 16,456 17,745 18,283 Cash on hand and with banks.... 79 49 91 101 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold ; 615 615 615 613 ances (at cost) 336 367 384 300 Silver 323 323 323 323 Time funds at interest 153 169 209 409 Government loans and securities. 16,239 15,771 14,735 16,247 Sundry bills and investments 380 365 382 508 Other loans and discounts 31,322 27,667 27,414 26,751 Funds invested in Germany 297 297 297 297 Other assets. 40,845 36,755 37,153 37,138 Other assets 1 1 1 7 Note circulation 44,047 42,204 42,093 39,446 Demand deposits (gold) 456 453 453 433 Deposits—Government 6,319 2,756 3,403 6,236 Short-term deposits: Other 4,212 4,279 3,610 3,438 Central banks—Own account.. 945 959 1,002 1,232 Other liabilities and capital 34,767 31,892 31,135 31,953 Other 28 23 26 19 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 285 288 288 281 * Latest month available. *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. 1062 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve C a a d n a - U K d n i o i n m t g ed - France m 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- ba C n e k n tr o a f l — R Ju 3 a 1 l t y e ef D fe a ct t i e ve ba C n e k n tr o a f— l R J 3 u a 1 l t y e ef D fec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Ireland 3 May 25, 1954 1949.. IX 2 3 4 3* ZX Austria May 20, 1955 Italy 4 Apr. 6, 1950 June 8 1950 2H Belgium.... Oct. 29, 1953 Japan 5.84 Oct. 1, 1951 Sept. 11 3% Bolivia 6 4 Sept. 30, 1950 Mexico June 4, 1942 Sept 26 ' 3 ' Oct. 17. 2 Oct 27 6 Dec. 1 . .. 3 Canada IX Feb. 15, 1955 Netherlands . 3" Apr. 7, 1953 Apr 17 1951 4 Ceylon June 11, 1954 New Zealand. July 1, 1955 July 5 Chile June 13, 1935 Norway V Feb. 14, 1955 Sept. 13 Colombia 4 2 July 18, 1933 Pakistan. . . . July 1, 1948 Oct. 11 3 Costa Rica 5 Apr. 1, 1954 Nov 8 2y a Nov. 9 4 Tan 22 1952 3% Mar 12 4 . „ . . Denmark June 23, 1954 Peru 6 Nov. 13, 1947 May 29 Ecuador . . . 10 May 13, 1948 Portugal. . . . I" Jan. 12, 1944 Aug 1 3 Egypt 3 Nov. 15, 1952 South Africa. Mar. 27, 1952 Aug. 21 . . 4V El Salvador. . . 3 Mar. 22, 1950 Spain July 1, 1954 Dec 18 3 Finland 5 Dec. 1, 1954 Sweden 3H Apr. 19, 1955 Jan. 8, 1953 4 3% Apr. 7 2\4 J S u e n p e t. 1 1 1 7 SX 3H France 3 Dec. 2, 1954 Switzerland.. \Y2 Nov. 26, 1936 Oct 29 "iH Germanyx 3 May 20, 1954 Turkey June 28, 1955 Nov. 20 ... . "2% Greece 9 Jan. 1, 1955 United King- Feb. 4, 1954.. 3H India Nov. 15, 1951 dom Feb. 24, 1955 May 13 3 Indonesia 3 2 Apr. 1, 1946 U.S.S.R 4 3 July 1, 1936 May 20. 3 Dec. 2 3 Jan. 27,1955.. 3^ 1 Rates established for the Land Central banks. Feb. 15 '"iX NOTE.—Changes since July 31: Belgium—'Aug. 4, from 2% to 3; Germany—• Feb 24 4H Aug. 4, from 3 to 33^; Canada—'Aug. 5. from 1^ to 2; Japan—-Aug. 10, from Apr 19 5.84 to 7.3 per cent. In effect July 31, 1955 IX 4K 3 3 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 n s l u s th ry s1 m D o a d y n ay - e t y o 2 - 3 B a m a a c n n c o c k e n e p e t s t r 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 ts s c ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m p o o a n n to t s hs d P is r r c i a v o t a e u t n e t 1945—'June .36 1.03 1.00 1.13 .50 .74 1.25 1946—June .39 .53 .50 .63 .50 1.32 1.42 1.00 1.25 1947—June .41 .53 .51 .63 .50 1.45 1.46 .86 1.25 1948—June .41 .56 .51 .63 .50 2.02 1.36 .84 1.50 1949—June .51 .63 .52 .63 .50 P2.46 1.32 .83 1.52 1950—June .51 .69 .51 .63 .50 2.52 1.44 .81 1.50 1951—June .75 .69 .51 .63 .50 2.52 1.39 1.00 1.50 1952—June 1.08 3.00 2.43 2.25 2.00 3.66 1.20 .75 1.50 1953—June 1.69 3.00 2.37 2.25 2.00 3.94 .57 .50 1.50 1954—June 1.57 1.43 1.66 1.61 1.44 1.25 3.57 .38 .50 1.50 1954—July 1.38 1.16 1.60 1.57 .44 1.25 3.79 .40 .50 August 1.32 1.06 1.61 1.60 .44 1.25 3.82 .75 .53 September. 1.21 .95 1.64 1.63 .44 1.25 3.77 .88 .51 October.. . . 1.18 .96 1.62 1.59 .44 1.25 3.65 .88 .63 November. 1.17 .78 1.62 1.60 .44 1.25 3.51 .87 .50 December.. 1.08 .76 1.78 1.78 .45 1.25 3.29 .77 .57 1955—January.. .99 .69 2.02 2.05 1.55 1.29 3.27 .79 .58 SH-5 1.50 F M e a b r r c u h a . r . y . . 1. . 1 9 3 0 . . 6 9 9 8 2 3. . 8 5 1 8 2. . 6 8 8 0 2 3. . 2 1 9 5 2 1 . .6 5 7 0 3 3 . . 2 2 5 8 1. . 1 7 6 9 . .7 5 1 3 3M5 1 1 . . 5 5 0 0 April.... 1.23 .97 3.83 3.81 3.17 2.50 3.23 1.04 .58 1.50 May 1.24 .77 3.94 3.92 3.33 2.50 3.27 1.49 .90 1.50 June 1.36 1.11 3.99 3.97 3.21 2.50 3.19 .91 .62 1.50 P Preliminary. rRevised. 1 Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates made nearest to the 15th of each month. 2 Represents an average of closing rates. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. SEPTEMBER 1955 1063 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (1 b m a 1 i n ll L k io s o s n . n t e s d r F o l o i n i n f g g u p c ) r l o e e u a s n r i i d n n s g re C se a r s v h es M c n a o s l o n h l t e o i a y c r n t e a d t B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Securities Loans to 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 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. 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—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 July 535 458 1,015 2,098 2,149 807 6,406 4,068 2,339 655 Assets Liabilities Canada3 Security Deposits payable in Canada E (1 n 0 d c o h f a r m te o r n e t d h b f a ig n u k r s e . s Entirely in Canada a l b o r a o n a s d excluding interbank deposits Other Ca i n n a d m ia il n li o d n o s l l o a f rs) re C se a r s v h es Se lo c a u n ri s ty l d o i a O s n c t o s h u e a n r n t d s d a f u b o n e a r d e n f i r n k g o e s n m t Securities O as t s h e e ts r Notes4 Total Demand Time li c a a b a p i n l i i d t t a ie l s 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—July 780 211 3,924 352 4,096 1,266 8,946 3,474 5,473 1,683 August 809 174 3,917 312 4,220 1,280 9,022 3,487 5,535 1,690 September 802 175 3,890 322 4,337 1,396 9,226 3,641 5,585 695 October 833 293 3,892 330 4,442 1,454 9,469 3,781 5,687 777 November 810 297 3,984 334 4,473 1,428 9,462 3,930 5,532 1,864 December 810 211 3,952 325 4,429 1,706 9,579 3,964 5,615 1,854 1955—January 806 176 3,876 288 4,625 ,488 9,402 3,656 5,746 1,857 February 760 214 3,857 285 4,707 ,663 9,608 3,728 5,880 1,879 March 791 197 3,873 252 4,795 ,619 9,650 3,678 5,972 1,877 April 802 230 3,954 255 4,812 ,618 9,788 3,667 6,120 1,883 May 805 250 3,955 275 4,874 ,730 9,946 3 ,825 6,122 1,942 June 793 244 4,044 255 4,869 ,921 10,202 4,018 6,184 1,924 Assets Liabilities France (4 o m f l i a l m r li g o o e n n s b th a o n f f i k g s f u r . r a e n s c E s i n n ) d re C se a r s v h es Du b e a n f k ro s m B co ill 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—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 ,158,280 1,113,206 45,074 32,205 36,344 February 44,424 79,631 815,141 241,070 45,850 ,155,013 1,111,675 43,338 33,543 37,559 March 44,381 78,810 833,482 234,246 48,261 ,164,788 1,122,034 42,754 32,406 41,986 April 49,515 83,746 931,684 220,980 51,883 ,256,477 1,211,953 44,524 33,910 47,420 May 49,995 79,657 854,865 240,985 54,806 1,196,037 1,152,548 43,489 33,528 50,743 iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent. 3In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures shown may not be strictly comparable with those for earlier dates. Beginning February 1955, when two banks merged, figures are for 10 banks. 4In 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. 1064 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 A ra us l - ia Austria Belgium Brazil M Br a i l t a is y h - (dollar) (pound) (schilling) (franc) (cruzeiro) sia Basic P e r n e t f i e a r l - Free (dollar) Official Free 1949 29.774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 ' i3]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 4420 32 595 101.650 1954 20.000 13.333 7.198 223.80 3.8580 1.9976 14.2808 13.5261 32.641 102.724 1954—September 20.000 13.333 7 198 223.18 3.8580 2.0007 32 558 103.112 October. . . 20.000 13.333 7.198 222.89 3.8580 1.9977 32.634 103.094 November...... 20 000 13.333 7 198 222 67 3 8580 1 9982 32 625 103 160 December 20.000 13.333 7.198 222.10 3.8580 1.9954 32.544 103.292 1955—January 20.000 13.333 7.198 221.92 3.8580 1.9959 32.538 103.498 February 20.000 13.333 7 198 221 80 3 8580 1.9938 32 535 102 384 March 20.000 13.333 7.198 222.42 3.8580 1.9856 32.608 101.587 April 20 000 13.333 7.198 222 S3 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 7 175 221 91 3 8580 1 9864 32 544 101 555 August 20.000 13.333 7.173 222.04 3.8580 1.9874 32.577 101.502 France Year or month C (r e u y pe lo e n ) ( m D kr e a o n r n - k e) ( F m in ar l k a k n a d ) (franc) G (d e m e r u a m t r s k a c ) n b 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 n 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 4:671 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—September 20.968 .4354 . 2856 23.838 20.970 280.08 8.005 26.364 October 20.935 4354 .2856 23.838 20.938 279.72 8.005 26.267 November 20.920 .4354 .2856 23.838 20.922 279.45 8.005 26.290 December 20.863 .4354 .2856 23.838 20.863 278.74 8.006 26.346 1955—January 20.843 .4354 .2856 23.838 20.843 278.52 8.006 26.349 February 20.834 .4354 .2856 23.838 20.834 278.36 8.006 26.290 March 20.892 .4354 .2856 23.838 20.892 279.14 8.006 26.297 April 20.930 .4354 .2856 23.834 20.930 279.65 8.006 26.307 May. , . 20.927 .4354 .2856 23.744 20.927 279.59 8.006 26.302 June 20 877 4354 2856 23 733 20 877 278 98 8 006 26 228 July 20.847 .4354 2856 23.732 20.847 278 50 =8.006 26.166 August 20.861 .4354 .2856 23.729 20.861 278.67 8.006 26.127 Year or month Z (p e N o a e u l w a n n d d ) N (k o r r o w ne a ) y R P e ( p h p p i i e u n l s i e o b p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) (k S d w r e o e e n ~ a) e S (f r w r l a a i n n t c z d ) - ( U K p d o n o i u i n m t n g e d - d ) Ur ( u p g es u o a ) y4 1949 365.07 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 277.28 14 015 49 621 3.4704 278 38 19.332 23 136 280.07 65 833 56.180 42 553 1951 277.19 14 015 49 639 3.4739 278 33 19.327 23.060 279.96 65 833 56.180 42 553 1952 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65,833 56.180 42.553 1953 278.48 14,015 49.676 3.4887 280.21 19.323 23.316 281.27 65.833 56.180 42.553 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1954—September 277.31 14.008 49.677 3.4900 279.04 19.333 23.325 280.08 October 276.95 14.008 49.677 3.4900 278.68 19.333 23.320 279.72 November 276 68 14 008 49 677 3 4900 278 40 19 333 23 328 279.45 December 275.98 14.008 49.677 3.4900 277.69 19.333 23.335 278.74 1955—January 275.76 14 008 49 677 3 4900 277 48 19 333 23.326 278.52 February ... 275.60 14.008 49.677 3.4900 277.32 19.333 23.319 278.36 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 August 275.91 14.008 49.677 3.4900 277.62 19.333 23.331 278.66 1 Based on quotations through Aug. 13, 1954. 2Based on quotations beginning Apr. 1, 1954. 8The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. 4For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this period was 34.217. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333. 1065 SEPTEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U S 1 - n t 9 1 i a 4 0 t t 7 0 - e e ) 4 s d 9 ( C 1 ^ a 9 1 n 3 0 a 5 0 - d ) 3 a 9 M ( e 1 1 9 x 0 3 i 0 9 c ) - o K U ( i 1 n n 1 9 i 0 g 3 t 0 d 0 e ) o d - m F (1 r 1 9 a 0 4 n 0 9 c ) ~ e ( I 1 1 t 9 0 a 3 0 l 8 ) y - ( a J 1 v 9 a e 3 p r 4 a a - g n 3 e 6 N ( e l 1 1 t a 9 0 h n 4 0 e d 8 ) r s = - S ( w 1 1 9 e 0 3 d 0 5 e ) = n ( S A w - u l i g 1 a t . 0 n z 0 d 1 e ) 9 r 3 - 9 1945 69 132 199 169 20 4 194 205 1 1 9 9 4 4 7 6 9 79 6 1 1 3 6 9 3 2 2 2 4 9 2 1 1 9 75 2 3 5 4 2 5,159 4 16 8 1 19 86 9 2 2 0 0 0 8 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—juiy 110 217 437 333 134 5,251 341 134 297 214 111 216 441 329 136 5,261 342 134 296 214 September .... 110 215 439 329 135 5,267 344 134 295 215 October........ 110 214 450 329 134 5,276 343 136 296 215 November •.. 110 215 454 331 135 5,320 346 136 298 216 110 215 460 336 135 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 '5,325 344 136 305 215 May 110 218 482 333 137 5,328 342 136 307 214 June 110 219 485 P336 133 5,323 339 136 308 215 July 111 218 P343 P133 215 ^Preliminary. r Revised. NOTE.—For sourc \ and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49 -100) (1935-39 -100) (1930 = 100) (1948-100) Year or month pr F o a d r uc m ts Pr f o o c o e d s s sedco O i m t t m h ie e o s r d- pr F o a d r u m cts R f m a p a g c a a w o t r n o u t a d u r l s n - e y d d F f u c m a l g h c l a o i t y n o e u f d u r a l s - e n y d d Foods pr I o t n r d d i u u a s c l - ts Foods t p r r I i o n a d d l u u c s r t - a s w p f r I i o t n n r d i d i s u u a h c s l e t - d s 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 too 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 *364 122 171 143 1952 107 109 113 250 219 231 284 J>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—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 19 5 *? Tanu arv 93 104 115 207 205 222 315 123 158 139 Februarv 93 103 116 207 208 223 311 120 158 139 M^arch 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 92 104 116 212 210 224 305 117 160 138 July 90 103 117 210 210 224 *313 n.a. Not available. pPreliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 1066 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U = S 19 n t 1 a 4 i 0 7 t t e 0 e - s d 4 )i 9 = C ( a 1 a 1 d 9 0 n a 4 0 - 9 ) 1 K 5 d ( , J i o 1 n a m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 c 0 9 e ) N = l ( e a 1 t n 9 1 h 5 d 0 e 0 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 - ) s d 4 9 i = C ( a 1 a 1 d 9 0 n a 4 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 = ( a e 1 n t 9 h 1 d 5 0 e s 1 0 r ) - 2 1 ( a 9 A l n 3 e u d 9 r 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—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 114 116 113 145 107 172 111 111 125 136 P112 189 July 115 116 113 143 107 172 112 112 126 133 P112 189 ^Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100. 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 - d 0 3 ) a 9 ( 1 K D 9 U 2 i e 1 n n c g e i = m t d e o b d 1 m e 00 r ) F = ( r 1 a 9 1 n 4 0 c 9 0 e ) N la e n th d e s2 r- ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e - 0 3 s d ) 9 ( C 1 = a 9 n 3 10 5 a 0 - d 3 ) a 9 ( K 19 U i 2 n n 6 g i = t d e o d m 100) (19 F 4 r 9 a n = c 1 e 00) N = l ( e a 1 1 t n 9 h 0 5 d 0 e 3 s ) r 3 - Number of issues. . . 17 87 60 14 480 99 278 295 26 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 113 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 102 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—Julv 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 114.5 104.5 111.2 127.4 107.6 300.7 237.1 113.2 288 154 July , 114.3 103.5 111.3 127.9 107.3 315.3 246.5 114.4 297 166 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. 3For 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. SEPTEMBER 1955 1067 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 LEGAL DIVISION DIVISION OF EXAMINATIONS GEORGE B. VEST, General Counsel GEORGE S. SLOAN, Director 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 WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT C. CANBY BALDERSTON A. L. MILLS, JR. WILLIAM R. K. MITCHELL, PHILADELPHIA DISTRICT C. E. EARHART J. L. ROBERTSON W. D. FULTON CHAS. N. SHEPARDSON FRANK R. DENTON, CLEVELAND DISTRICT W. H. IRONS M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT HUGH LEACH JAMES K. VARDAMAN, JR. Vice President WINFIELD W. RIEFLER, Secretary WALLACE M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist W. W. CAMPBELL, ST. LOUIS DISTRICT J. DEWEY DAANE, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT L. MERLE HOSTETLER, Associate Economist MORGAN H. RICE, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist GEO. G. MATKIN, DALLAS DISTRICT O. P. WHEELER, Associate Economist RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 1068 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 1 President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Preside l n o t w s e i r n s c e h ct a i r o g n e o o f f t h b i r s 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 New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse Forrest F. Hill William F. Treiber John Exter T. G. Tiebout H. H. Kimball V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia... William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poor man Henderson Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland. John C. Virden W. D. Fulton Dwight L. Allen Martin Morrison Sidney A. Swensrud Donald S. Thompson Roger R. Clouse H. E. J. Smith G. H. Emde2 Paul C. Stetzelberger A. H. Laning Richmond. John B. Woodward, Jr. Hugh Leach N. L. Armistead James M. Slay Alonzo G. Decker, Jr. Edw. A. Wayne Aubrey N. Heflin C. B. Strathy Upton S. Martin Chas. W. Williams J. M. Nowlan 2 Atlanta. Rufus C. Harris Malcolm Bryan V. K. Bowman L. B. Raisty Harllee Branch Jr. Lewis M. Clark J. E. Denmark Earle L. Rauber ? John L. Liles, Jr.3 S. P. Schuessler Harold T. Patterson Chicago. John S. Coleman C. S. Young Neil B. Dawes 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 0. S. Powell C. W. Groth Otis R. Preston 0. B. Jesness A. W. Mills E. B. Larson3 M. H. Strothman, Jr. H. a McConnell Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy John T. Boysen 3 E. D. Vanderhoof Henry O. Koppang Clarence W. Tow D. W. Woolley Dallas. Robert J. Smith Watrous H. Irons E. B. Austin L. G. Pondrom Hal Bogle W. D. Gentry W. H. Holloway3 Morgan H. Rice T. W. Plant Harry A. Shuford San Francisco. A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan 3 Y. Frank Freeman H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Branch Vice Presidents Federal Reserve Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis Helena K. K. Fossum Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City Denver Cecil Puckett 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 C. M. Rowland Jacksonville T. A. Lanford Houston J. L. Cook Nashville J. E. McCorvey4 San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville V. M. Longstreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Acting Manager. SEPTEMBER 1955 1069 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 one issue of Supplement. In the United States the Division of Administrative Services, Board of and countries listed under Federal Reserve Bul- Governors of the Federal Reserve System, Wash- letin on this page, single copies 60 cents each ington 25, D. C. Where a charge is indicated, or in quantities of 10 or more for single shipment remittance should be made payable to the order 50 cents each; elsewhere 70 cents per copy. of the Board of Governors of the Federal Reserve System. BANKING AND MONETARY STATISTICS. Statistics of banking, monetary, and other financial develop- THE FEDERAL RESERVE SYSTEM—PURPOSES AND ments. November 1943. 979 pages. $1.50 per FUNCTIONS. Revised edition. July 1954. 224 copy. No charge for individual sections (unpages. bound). 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. Sub- in quantities of 10 or more copies for single scription price in the United States and its pos- shipment, 15 cents each. sessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Guatemala, Haiti, Republic of Honduras, Mexico, INGS AND THEIR USE IN ECONOMIC ANALYSIS. Nicaragua, Panama, Paraguay, Peru, El Salvador, January 1952. 175 pages. 25 cents per copy; in Uruguay, and Venezuela is $6.00 per annum or quantities of 10 or more copies for single ship- 60 cents per copy; elsewhere $7.00 per annum or ment, 15 cents each. 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 THE FEDERAL RESERVE ACT, as amended to Novemfor 12 months. ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the 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 HISTORICAL SUPPLEMENT TO FEDERAL RESERVE System (with Amendments). September 1946. CHARTS ON BANK CREDIT, MONEY RATES, AND 31 pages. BUSINESS. Issued annually in September. Annual subscription to monthly chart book includes REGULATIONS OF THE BOARD OF GOVERNORS OF THE *A 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. 1070 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS USE OF MONETARY INSTRUMENTS SINCE MID-1952. (From Federal Reserve Bulletin unless preceded by an asterisk) December 1954. 8 pages. THE MONETARY SYSTEM OF THE UNITED STATES. DIRECTLY PLACED FINANCE COMPANY PAPER. De- February 1953. 16 pages. cember 1954. 8 pages. CREDIT AND MONETARY EXPANSION IN 1954. Feb- INFLUENCE OF CREDIT AND MONETARY MEASURES ruary 1955. 8 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. THE FEDERAL BUDGET FOR 1956. February 1955. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- 11 pages. BILITY. May 1953. 7 pages. BANKING AND MONETARY STATISTICS, 1954. (Selected series of banking and monetary statistics REVISION OF CONSUMER CREDIT STATISTICS. April for 1954 only) February and May 1955. 12 1953. 19 pages. pages. ^DETAILED DESCRIPTION OF SOURCES AND METHODS DOLLAR FLOWS AND INTERNATIONAL FINANCING. USED IN REVISION OF SHORT- AND INTERMEDIATE- March 1955. 8 pages. TERM CONSUMER CREDIT STATISTICS (supplementary details for item listed above), April 1953. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DE- 25 pages. POSITS ADJUSTED AND CURRENCY OUTSIDE.BANKS, March 1955. 4 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. UNITED STATES BANKS AND FOREIGN TRADE FINANC ING. April 1955. 11 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN BANKERS' ACCEPTANCE FINANCING IN THE UNITED AMERICA. May 1953. 6 pages. STATES. May 1955. 13 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE 1955 SURVEY OF CONSUMER FINANCES—PRELIMINARY CORPORATIONS. July 1953. 12 pages. FINDINGS OF THE 1955 SURVEY OF CONSUMER FI- NANCES. March 1955. 3 pages. Purchases of DEPARTMENT STORE SALES AND STOCKS, BY MAJOR Durable Goods in 1954. May 1955. 17 pages. DEPARTMENTS (Revised Indexes) November The Financial Position of Consumers. June 1953. 65 pages. 1955. 14 pages. HOUSING ARRANGEMENTS OF CONSUMERS. August 1955. 13 pages. Similar Surveys are available for most earlier years from FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December 1953. 96 1947,1949,1951,1952,1953, and 1954 BULLETINS. pages. ESTIMATES OF CONSUMER INSTALMENT CREDIT EX- TENDED AND REPAID, 1929-1939. June 1955. 8 EXTENSIONS AND REPAYMENTS OF CONSUMER INpages. STALMENT CREDIT. January 1954. 14 pages. 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. SEPTEMBER 1955 1071 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 i( BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM g © FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES w a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES Acceptances, bankers', 1006, 1011 Department stores: Agricultural loans of commercial banks, 1002 Merchandising data, 1038 Agriculture, Govt. agency loans, 1008, 1009 Sales, 1027, 1037, 1038, 1039, 1040 Assets and liabilities (See also Foreign liabilities and Stocks, 1037, 1040 claims reported by banks): Deposits (See also specific types of deposits): Banks and the monetary system, consolidated, 998 Adjusted, and currency, 998 Corporate, current, 1020 Banks, by classes, 999, 1003, 1005 Domestic banks, by classes, 999, 1002, 1004 Federal Reserve Banks, 993, 994, 1054 Federal Reserve Banks, 993, 994, 995 Postal savings, 990, 996, 998 Foreign banks, 1058, 1064 Turnover of, 996 Govt. corporations and credit agencies, by type and Deposits, reserves, and borrowings, by class of member agency, 1008, 1009 bank, 992 Automobiles: Discount rates, 991, 1063 Consumer instalment credit, 1024, 1025, 1026 Discounts and advances by Federal Reserve Banks, 989, 993 Production index, 1029, 1032 Dividends, corporate, 10.19, 1020 Bankers' balances, 1003, 1005 Dollar assets, foreign, 1054, 1055 (See also Foreign liabilities and claims reported by banks) Dwelling units started, 1036 Banks and the monetary system, consolidated statement, 998 Earnings and hours, manufacturing industries, 1027, 1033 Bonds (See also U. S. Govt. securities): New issues, 1018, 1020 Employment, 1027, 1032, 1034 Prices and yields, 1010, 1011, 1067 Export-Import Bank, loans, etc., 1008, 1009 Brokers and dealers in securities, bank loans to, 1002, 1004 Farm mortgage loans, 1008, 1021, 1022 Business expenditures on new plant and equipment, 1020 Federal Deposit Insurance Corporation, assets, etc., 1008, Business indexes, 1027 1009 Business loans (See Commercial and industrial loans) Federal home loan banks, loans, etc., 1008, 1009, 1023 Capital accounts: Federal Housing Administration, Banks, by classes, 999, 1003, 1005 loans, etc., 1008, 1009, 1021, 1022, 1023 Federal Reserve Banks, 993, 994 Federal National Mortgage Association, Carloadings, 1027, 1036 loans, etc. 1008, 1009, 1023 Central banks, foreign, 1056, 1058, 1063 Federal Reserve Banks: Coins, circulation of, 997 Condition statement, 993, 994 Commercial banks: U. S. Govt. securities held by, 989, 993, 994, 1016, 1017 Assets and liabilities, 999, 1002, 1064 Federal Reserve credit, 989, 993, 994 Consumer loans held, by type, 1025 Number, by classes, 999 Federal Reserve notes, 993, 994, 995, 997 Real estate mortgages held, by type, 1021 Finance company paper, 1006, 1011 Commercial and industrial loans: Foreign central banks, 1056, 1058, 1063 Commercial banks, 1002 Foreign commercial banks, 1064 Weekly reporting member banks, 1004, 1006 Foreign deposits in U. S. Commercial paper, 1006, 1011 banks, 989, 993, 994, 998 1003, 1005 Commodity Credit Corporation, loans, etc., 1008, 1009 Foreign exchange rates, 1065 Condition statements (See Assets and liabilities) Foreign liabilities and claims reported by banks, 1050, 1052, Construction, 1027, 1035, 1036 1054 Consumer credit: Foreign trade, 1036 Instalment credit, 1024, 1025, 1026 General fund balance, 1012 Major parts, 1024 Gold: Noninstalment credit, by holder, 1025 Earmarked, 1057 Ratio of collections to accounts receivable, 1026 Net purchases by U. S., 1057 Consumer durable goods output indexes, 1032 Production, 1054, 1057 Consumer price indexes, 1027, 1042, 1067 Reserves of central banks and governments, 1056 Consumption expenditures, 1044, 1045 Reserves of foreign countries and international institutions, 1055 Corporate sales, profits, taxes, and dividends, 1019, 1020 Stock, 989, 998, 1057 Corporate security issues, 1018, 1020 Gold certificates, 993, 994, 995, 997 Corporate security prices and yields, 1010, 1011, 1067 Govt. agencies, assets and liabilities, by type Cost of living (See Consumer price indexes) and agency, 1008, 1009 Customer credit, stock market, 1010, 1046 Govt. debt (See U. S. Govt. securities) Debits to deposit accounts, 996 Gross national product, 1044, 1045 Demand deposits: Home owners, Govt. agency loans, 1008, 1009 Adjusted, banks and the monetary system, 998 Hours and earnings, manufacturing industries, 1027, 1033 Adjusted, commercial banks, by classes, 1003 Industrial advances by Federal Reserve Banks, by classes, 999, 1005 Banks, 991, 993, 994, 995 Type of holder, at commercial banks, 1003 Industrial production indexes, 1027, 1028, 1032 Instalment loans, 1024, 1025, 1026 SEPTEMBER 1955 1073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES— Continued Insurance companies, 1007, 1016, 1017, 1022 Real estate loans: Commercial banks, 1002, 1004, 1021 Insured commercial banks, 1001, 1002 Type of mortgage holder, 1021, 1022, 1023 Interbank deposits, 999, 1003, 1005 Types of property mortgaged, 1021, 1022, 1023 Interest rates: Regulation V, loan guarantees, 995, 996 Bond yields, 1011 Reserve requirements, member banks, 991 Business loans by banks, 1011 Reserves: Federal Reserve rates, 991 Commercial banks, 1003 Foreign countries, 1063 Federal Reserve Banks, 993, 994 Open market, 1011, 1063 Foreign central banks and governments, 1056 Regulation V loans, 996 Foreign countries and international institutions, 1055 Stock yields, 1011 Member banks, 989, 992, 993, 994, 1003, 1005 Time deposits, maximum rates, 990 Residential mortgage loans, 1021, 1022, 1023 Internal revenue collections, 1013 Sales finance companies, consumer loans of, 1024, 1025 International capital transactions of the U. S., 1050 Savings, 1044 International financial institutions, 1055, 1056, 1058 Savings bonds, sales and redemptions, 1015 Inventories, 1045 Savings deposits (See Time deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 1007 Banks, by classes, 999, 1002, 1004 Savings and loan associations, 1007, 1022 Federal Reserve Banks, 993, 994 Securities, international transactions, 1053, 1054 Govt. agencies, etc., 1008, 1009 Security issues, 1018, 1020 Life insurance companies, 1007 Savings and loan associations, 1007 Silver coin and silver certificates, 997 State member banks, 1001 Labor force, 1034 State and municipal securities: Loans (See also specific types of loans): New issues, 1018 Banks, by classes, 999, 1002, 1004 Prices and yields, 1010, 1011 Federal Reserve Banks, 989, 991, 992, 993, 994, 995 Govt. agencies, etc., 1008, 1009 States and political subdivisions: Insurance companies, 1007, 1022 Deposits of, 1003, 1005 Holdings of U. S. Govt. securities, 1016 Savings and loan associations, 1007, 1022 Ownership of obligations of, 1002, 1007 Loans insured or guaranteed, 995, 1021, 1022, 1023 Stock market credit, 1010, 1046 Manufacturers, production indexes, 1027, 1028, 1032 Stocks: Margin requirements, 990 New issues, 1018 Member banks: Prices and yields, 1010, 1011, 1067 Assets and liabilities, by classes, 999, 1002 Tax receipts, Federal, 1013 Borrowings at Federal Reserve Banks, 989, 992 Deposits and reserves, by classes, 992 Time deposits, 990, 992, 998, 999, 1003, 1005, 1064 Number, by classes, 999 Treasury cash, 989, 998 Reserve requirements, by classes, 991 Treasury currency, 989, 997, 998 , Reserves and related items, 989 Treasury deposits, 989, 993, 994, 1012 Weekly reporting series, 1004 Treasury finance: Minerals, production indexes, 1027, 1028 Cash income, outgo, and borrowing, 1014 Money in circulation, 989, 997 General fund balance, 1012 Money rates (See Interest rates) Receipts and expenditures, 1012 Mortgages (See Real estate loans) Unemployment, 1034 Mutual savings banks, 998, 999, 1001, 1016, 1017, 1021 U. S. Govt. balances: Consolidated monetary statement, 998 National banks, 1001 Commercial bank holdings, by classes, 1003, 1005 National income, 1044 Treasury deposits at Federal Reserve Banks, 989, 993, National security expenditures, 1012, 1045 994, 1012 Nonmember banks, 993, 1001, 1002 U. S. Govt. securities: Bank holdings, 998, 999, 1002, 1004, 1016, 1017 Payrolls, manufacturing, index, 1027 Federal Reserve Bank holdings, 989, 993, 995, 1016, Personal income, 1045 1017 Postal Savings System, 990, 996, 998 International transactions, 1053 New issues, gross proceeds, 1018 Prices: Ownership of, 1016, 1017 Consumer, 1027, 1042 Prices and yields, 1010, 1011 Foreign, 1066, 1067 Volume and kind outstanding, 1015, 1016, 1017 Security, 1010 United States notes, outstanding and in circulation, 997 Wholesale commodity, 1027, 1042 Veterans Administration, loans, etc., 1008, 1009, 1021, 1022, Production, 1027, 1028, 1032 1023 Profits, corporate, 1019, 1020 Yields (See Interest rates) 1074 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis