Federal Reserve Bulletin, 1955-10

F E D E R AL R E S E R VE BULLETIN OCTOBER 1955 1-1 <T- -^r? /»/»„_ ^* • BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOQPLIEF 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 Balance of International Payments in 1954-55. 1075-1082 Member Bank Earnings, First Half of 1955. . 1083-1084 A Flow-of-Funds System of National Accounts, Annual Estimates, 1939-54. 1085-1124 Law Department 1125 Current Events and Announcements. , 1126 National Summary of Business Conditions. 1127-1128 Financial, Industrial, Commercial Statistics, U. S. (See p. 1129 for list of tables) 1129-1188 International Financial Statistics (See p. 1189 for list of tables). . 1189-1207 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . 1208 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1209 Federal Reserve Board Publications 1210-1211 Map of Federal Reserve Districts. 1212 Index to Statistical Tables. 1213-1214 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

TIN VOLUME 41 October 195 5 NUMBER 10 BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55 The rapid upswing in world trade in the WORLD INDUSTRIAL PRODUCTION latter part of 1954 and early months of 1955 Points in total index, 1948 totaMOO 200 was followed by a leveling off. During the spring and summer several important countries reduced their external purchases, relieving strains that had developed in the 150 balance of payments. After midyear, however, there were signs of renewed expansion in world trade, but at a more moderate pace than before. 100 Underlying these developments was a rapid increase in world industrial production between mid-1954 and mid-1955. The conjunction of rising demand in this country and abroad put severe strain on supplies of some industrial materials. World prices of some basic commodities rose sharply, especially those of metals and rubber. On the 1951 1953 1955 other hand, prices of coffee, cocoa, and tea NOTE.—Seasonally adjusted, quarterly data, OEEC index underwent large downward readjustments for Western Europe, Federal Reserve index for U. S., and an index for other countries derived from United Nations indexes in the latter part of 1954 or early 1955, fol- and seasonally adjusted by Federal Reserve; U. N. weights used in combining. "Other countries" exclude U.S.S.R., Eastern Europe, and China Mainland. Latest figures shown are for lowing steep increases earlier. second quarter of 1955. General price levels had not risen much by mid-1955 in the majority of industrial of demand have been very strong in certain countries, despite the pressure of demand fields of activity, especially in those related upon supplies of materials and of labor. to the production of investment goods and Advances in wage rates were accompanied consumer durables. by gains in man-hour productivity. World Demand for imports, both in the indussupplies of agricultural products were gen- trialized countries and in countries that are erally ample, and on the average their prices large exporters of primary materials, was declined. Timely action of central banks strongly stimulated in 1954-55 by expanding and governments in many countries kept economic activity and by gains in real inexpansion of money within moderate bounds. come* In these circumstances, the positive Nevertheless, in recent months the pressures measures of credit restraint adopted in a OCTOBER 1955 1075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55 number of countries, including several Euro- the summer of 1954. World averages of pean nations, helped to maintain balance in metal and fuel prices started to rise at that the external transactions of the countries time, and after the beginning of 1955 prices concerned. Such measures helped to mod- of other raw materials and of manufactured erate the increase in demand not only for products in world trade also moved up someimports, but also for domestic resources what. For internationally traded foodstuffs, usable in exports. especially the beverage commodities, the More generally, credit restraint in all ma- price movement was downward through jor industrial nations, including the United most of the 1954-55 period. States, has helped to maintain general price The advance in exports continued into the stability and so to moderate the swings in first quarter of 1955, as is indicated in the the value of world trade. There are very chart by the less than seasonal decline from few signs of emergence of such serious the preceding quarter. From about Februbalance-of-payments difficulties as those that ary until May there was some easing in followed the worldwide inflation of 1950-51. sensitive commodity markets and some United States exports in 1954-55 rose slackening in the volume of world trade. closely in line with aggregate world trade. This slackening—shown in the export chart With some lag, due partly to foreign condi- as a less than seasonal rise in the second tions of supply and demand, United States quarter—was most marked in British buying. imports also rose. New price rises and a pickup in buying oc- The balance of payments of the United curred in the summer, followed again by States, including merchandise trade and all some easing in sensitive markets in Sepother transactions, involved transfers of tember. Thus, the trend of world trade 1.5 billion dollars of gold and liquid dollar through this summer can be described as risassets to other countries between mid-1954 ing gradually after the earlier sharp advance. and mid-1955. Within the period, there were important variations in nontrade trans- WORLD EXPORTS actions, including a diminution in the out- Billions of U. S. dollars, annual rates flow of capital at the beginning of 1955 and - 90 an increase in Government payments for military expenditures, grants, and loans. In VALUE AT .* June 1955, and also in July and August, addi- 1953 PRICES if 80 tions to foreign gold and dollar assets AA/ through United States transactions were at a considerably slower rate than in preced- S\J CURRENT 70 VALUE ing months. There was no corresponding change at that time in the balance of trade. 60 WORLD EXPORTS _, , , ! I , After rising at an annual rate of about 7 1952 1953 1954 1955 per cent in volume and 5 per cent in value NOTE.—Current value from International Monetary Fund International Financial Statistics, excluding U. S. military during 1953 and the first half of 1954, world shipments under aid programs. Value at 1953 prices derived using United Nations world-export unit-value index. For second quarter of 1955, figures include Federal Reserve estitrade increased at an accelerated pace after mates for about 12 per cent of world exports. 1076 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-5 5 In the first half of 1955 the value of world of imports went forward without difficulty exports was about 9 per cent greater than a because monetary reserves were large and year before, and the volume at constant continued to grow as exports also rose. prices about 10 per cent larger. Most indus- French and German reserves increased trial countries in Western Europe and North markedly in 1954-55. The 800 million dol- America had increases about equal to, or a lar gain in French official holdings of gold little above, the world average. Increases and foreign exchange (net of debt to the in the value of exports were most marked in European Payments Union) reflected large a few European countries, including Ger- United States grants and expenditures remany , France, and Belgium; in Japan and lated to military programs, a French sur- Mexico, where there had been brief reces- plus in EPU payments, and perhaps some sions in the first part of 1954; in countries private dishoarding of gold within France. such as Malaya and Chile, leading exporters In several European countries, including respectively of rubber and copper; and in Great Britain, the Netherlands, the Scandithe oil-producing countries of the Middle navian countries, and Austria, the pressure East. Significant decreases were few, but of internal demand upon the available resevere declines were experienced by Brazil sources of materials and labor led to exand Colombia, the major exporters of coffee, ceptionally rapid increases in imports toward and also by Egypt, an exporter of cotton. the end of 1954, continuing into the first few months of 1955 in Britain, Sweden, and IMPORTS AND THE BALANCE OF PAYMENTS Austria. Except in the Netherlands, where While international trade as a whole ex- earlier gains had restored the country's gold panded markedly in 1954-55, imports in- and dollars reserves to a satisfactory position, creased at varying rates in different coun- the sharp expansion of imports was regarded tries, depending in part on internal economic as a symptom of inflationary developments, forces and on national policies. In some and measures were accordingly taken by the countries, strains developed in the balance central banks to moderate the expansion of of payments. By mid-1955, however, these bank credit. In Denmark and Sweden cerstrains had been relieved in a number of tain taxes were increased, and in all the instances. Scandinavian countries other measures were Western Europe. Much of the impetus taken to hold down internal expenditures for expansion of world trade proceeded from for investment purposes, including constructhe steady advance in economic activity in tion of housing. Western Europe, where for two years in suc- In contrast to previous postwar occasions cession industrial production rose 9 per cent when balance-of-payments difficulties arose, from the second quarter of one year to the Great Britain and most of the other Eurosecond quarter of the next. pean countries affected took no new steps The average increase in imports of West- to restrict imports directly through foreign ern European countries was 15 per cent from exchange controls; on the contrary, the the first half of 1954 to the first half of general movement toward establishment of 1955. For Germany the increase was nearly conditions for convertibility of currencies one-third. In Germany, and also in France, continued to influence actions of the gov- Belgium^ and Switzerland, the enlargement ernments. OCTOBER 1955 1077 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55 Partly as a result of the tightening of the preceding period, transactions of some of credit and other measures affecting internal the independent sterling-area countries with demand, imports of these countries leveled the dollar area and Europe added to the off in the first half of 1955. By the summer— drain on British reserves. with the help of improvement in exports or, An adverse movement of short-term capin the case of Norway, of large earnings ital developed in the summer, necessitating from shipping—a fair degree of balance was additional dollar payments to EPU« After restored in the payments of each of the con- mid-September 1955 there were signs that tinental countries. the movement of funds out of sterling was In the United Kingdom main reliance for diminishing. moderating the rise in demand was put on Other areas. Outside Europe, expansion a restrictive monetary policy, in force since of exports and gains in national income in February. The drop in British imports in 1954-55 induced corresponding increases in the second quarter was accentuated by a imports in many countries, as, for example, dock strike in June. Imports were larger in Canada, Venezuela, and Malaya. A sharp again in July and August, and for the first rise in Japaiiese exports in the last half of eight months of the year they were 16 per 1954, which served to check the internal cent above those of the corresponding business recession that had developed in the period of 1954, while exports were up only first half of that year, led to a recovery of 5 per cent. In September imports were Japanese imports in the first half of 1955. significantly lower than in July-August, With export receipts at a postwar high and while the flow of exports was well main- United States military expenditures in Japan tained. continuing, Japan's reserve position im- From mid-1954 to mid-1955, the official proved despite this rise in imports. gold and dollar reserves of the United King- In India, where a 13 per cent advance in dom declined 340 million dollars, and there industrial production in the course of 1954 was a further drop of 330 million in the was followed by a slower rise in the first half third quarter of 1955. These losses, rela- of 1955, a strong upswing in imports stopped tively small compared to the drain of more in the spring. In South Africa, also, secondthan 2 billion dollars in 1951-52, followed quarter imports were below the first-quarter steady gains from mid-1952 to mid-1954. peak. At mid-1955 the gold and foreign Apart from repayments of about 230 mil- exchange reserves of both these countries lion on dollar debts previously incurred to were little changed from a year before. the International Monetary Fund and the In a few of the countries that had rising European Payments Union, important fac- exports and gains in reserves, imports nevertors in the reversal of earlier reserve gains theless did not rise in 1954-55. In Indonesia, were an increase in British imports of agri- for example, imports continued to decline cultural products, coal, and industrial mate- until the end of 1954 as the result of direct rials, especially from the United States and controls on imports, adopted to counter the Canada, and a worsening of the trade bal- effects on the balance of payments of inflaance with Europe. Although the dollar tionary financing of government deficits earnings of British dependencies were larger over several years. In Mexico, the change in the twelve months to mid-1955 than in of par value for the peso in April 1954 1078 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-5 5 served to hold imports in check during Summary. In their aggregate impact upon 1954-55. In Ceylon, direct controls on im- world exports, the declines in purchases that ports were backed up by anti-inflationary were reflected in lower imports by some tax and credit policies and by conservative countries—by Brazil after September 1954, spending practices of the tea companies. by the Netherlands and Denmark after the New Zealand lost reserves in 1954-55, in con- beginning of 1955, and by Sweden, Norway, sequence of inflationary pressures that de- and India after March — partially counterveloped the year before; its exports were rela- balanced the further growth of imports in tively stable, and measures of credit restraint some other countries, as illustrated in the were used to check the rise in imports. chart. The easing off in British purchases There were very few instances of balanceof-payments deficits being aggravated by a IMPORTS OF SELECTED COUNTRIES rise in imports continuing through the first Billions of U. S. dollars, annual rates 20 half of 1955. This was the situation, however, in Australia, where the expansion of CANADA, W. GERMANY, FRANCE, AND SWITZERLAND imports reflected internal inflationary pres- 15 sures. The recovery in wool export prices for several months after November 1954 helped UNITED STATES temporarily to alleviate the Australian difficulties, but imports continued to rise despite SCANDINAVIA, 10 NETHERLANDS, AND INDIA tightening of direct controls. At the end of UNITED KINGDOM September, when further cuts in licenses were announced, financial policies in Australia were also made more restrictive. IAPAN AUSTRALIA Somewhat similar problems faced the two BRAZIL leading producers of coffee, Brazil and Co- t I » i i I i i i I i i i lombia. Both had to cope with the effects 1953 1955 1953 1955 of inflated internal demand upon imports, NOTE.—International Monetary Fund quarterly data on c.i.f. basis (partly estimated for U. S., Canada, and Australia). and with reserve losses occasioned by large U. S. imports shown here differ from data used elsewhere because of inclusion of estimated freight and insurance for imports and by sharp declines in the value comparability with other countries. Latest figures plotted (except for Brazil) are for July-August 1955, converted to of coffee exports. There was little further dollars and adjusted to c.i.f. basis by Federal Reserve. Grouping of countries is designed to show divergent changes in 1955; trends before 1955 as shown by group totals are not necessarily expansion of bank credit to private borrowers characteristic of each country included. In reading the chart allowance should be made for seasonal variation. in Brazil between September 1954 and mid- 1955, but credit to the government increased in the spring, even though not extended into in both countries, and demand for imports the summer, contributed decisively to haltremained high. Colombia, using measures ing the earlier sharp upswing in the value of exchange rate management that made of world trade. imports more expensive in the domestic cur- Insofar as the halting of expansion in imrency, halted the rise in its imports but failed ports—and their reduction in some countries to bring them down. More drastic exchange —was accomplished or accompanied by control measures, also involving selective de- measures designed to restore equilibrium in preciation of exchange rates, brought about the internal as well as in the international a severe contraction of Brazilian imports. financial positions of the countries concerned, OCTOBER 1955 1079 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55 the longer-run effect will be to help main- to Canada, however, recovered rapidly in tain a sound structure of world production the spring. and trade, capable of steady growth. Gold and dollar movements. In the 12 months from mid-1954 to mid-1955, net sales UNITED STATES BALANCE OF PAYMENTS of gold by the United States to other coun- United States export sales responded to tries were 300 million dollars, and the rest the accelerated advance in world expendi- of the world added 1.2 billion dollars to its tures after the summer of 1954. With ex- holdings of short-term dollar assets and ports reaching a very high level by the spring United States 'Government securities. The of 1955, further additions to foreign reserves net transfer of 1.5 billion dollars in gold and of gold and dollars were nevertheless made dollars represented the excess of payments possible by increases in United States Gov- made from the United States on all current ernment payments for military expenditures, and capital transactions over payments made grants, and loans, and by expansion of to the United States. United States purchases of imports. With other additions to foreign official Exports. Exports rose markedly after Sep- gold reserves of 600 million dollars from new tember 1954, and the sharp advance con- production and other sources, total gold retinued, with seasonal fluctuations, into the serves and dollar holdings outside the United first quarter of 1955. In the second quarter States (excluding the U.S.S.R.) rose 2.1 bilexports rose less than usual. The seasonal lion dollars. Gains in holdings of Germany slackening in July and August, however, was and France were relatively large. Official somewhat less than normal. and private holdings of the United Kingdom Unusually tight European supply positions declined 400 million dollars. Aggregate for certain materials had a large influence holdings of all other countries and of interin the expansion of United States exports. national institutions increased by 6 per cent Well over a third of the 1.3 billion dollar of their total at June 30, 1954. increase in the annual rate of exports—from Apart from the increase in liquid dollar 12.7 billion dollars in the first half of 1954 assets referred to above, foreign investment to 14 billion in the first half of 1955—was in the United States through transactions in due to a 50 per cent increase in exports of private securities and direct investment was steel (including scrap), coal, paper, and pulp. about 300 million dollars. The rise in exports was heavily weighted Capital movements, grants, and military with large increases in exports to the United expenditures. To pay 18.6 billion dollars for Kingdom, to the continental European coun- United States goods and services (including tries, and to sterling-area countries outside payments of interest and dividends) and to Europe. In contrast, the rise in exports to add 1.5 billion to their gold and liquid dollar most Latin American countries was only assets and 300 million dollars to their investmoderate, and there was a sharp fall in ex- ments in the United States, other countries ports to Brazil. obtained payments from the United States In the second quarter of 1955, exports to aggregating 20.4 billion dollars. As in ear- Britain, Australia, and India, and to most of lier years, a part of these payments came the countries of continental Europe, were from United States Government grants and not so large as in the first quarter. Exports military expenditures abroad. 1080 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-5 5 Grants (exclusive of transfers of military lion in the preceding half year. This insupplies and services) amounted to 1.9 bil- crease in 1955 helped make it possible for lion dollars. A considerable part of the 1.0 foreign countries to continue adding to their billion of grants to Europe went to France, reserves while purchasing more heavily from where military expenditures were also siz- the United States. The increase in United able. Military expenditures totaled 2.7 bil- States imports discussed below had the same lion dollars, of which 1.6 billion was spent effect. Direct investment abroad of private in Europe. This included payments on off- American capital was a fairly steady source shore procurement contracts for military of finance, amounting to nearly 350 million goods to be transferred to foreign use as well dollars in each half year. as other military purchases and local ex- Fluctuations in the outflow of United penditures by troops from their pay. States private short-term and portfolio capi- A third source of funds to cover the value tal, on the other hand, were such as to proof United States exports was a net increase vide about 600 million dollars of additional of 200 million dollars in United States Gov- funds in the second half of 1954, when exernment claims on foreign countries. Much ports were rising rapidly, but only a negliof this was in the form of local currencies gible amount in the subsequent period. taken in special sales of agricultural products. This outflow in the first period included These three types of funds came to a total 350 million dollars to Latin American counof 27 billion dollars in the first half of 1955, tries, 80 million to continental European as the table shows, compared with 2.1 bil- countries, and 140 million to Great Britain UNITED STATES BALANCE OF PAYMENTS [In billions of dollars] 1953 1954 1955 Item Jan.-June July-Dec Jan.-June July-Dec. Jan.-June? Foreign purchases and acquisition of assets in United States: United States exports of goods and services1 8.44 8.53 8.64 9.12 9.51 Gold and liquid dollar assets 1.07 1.00 .68 .85 .63 F In o c r r e e i a g s n e g i o n l d fo p re u i r g c n h a li s q e u s id fr o d m o ll U ar . h S oldings2 ( ( . . 7 3 3 3 ) ) ( ( - .4 5 3 7 ) ) ( ( . . 6 0 2 6 ) ) ( ( . . 6 2 2 3 ) ) ( ( . . 0 5 6 6 ) ) Other foreign investments in U. S .08 .13 .08 .15 .14 .16 .11 .19 -.15 .16 Unidentified transactions 9.74 9.76 9.59 9.97 Total Payments from United States: 1.01 .82 .75 .83 1.08 Government grants1 1.17 1.34 1.31 1.29 1.40 Military expenditures abroad .02 .20 -.10 .01 .20 GovernmSenutb tlooatanls. and short-term assets (net) 2.20 2.36 1.96 2.13 2.68 Private U. S. direct investments .41 .32 .42 .34 .33 Private U. S. short-term and portfolio capital. . . -.27 -.08 .27 .59 .02 Remittances, pensions, etc. (net) .31 .30 .29 .29 .29 Nonmilitary imports of goods and services. 7.09 6.86 6.66 6.61 7.12 Total 9.74 9.76 9.59 9.97 10.44 p Preliminary. 1 Excluding military transfers under aid programs. 2Short-term assets and U. S. Government long-term securities. NOTE.—Based on Department of Commerce data. Details may not add to totals because of rounding. The balance on goods, services, and remittances, derived from the first, ninth, and last two lines of figures, was .93 billion dollars in July-Dec. 1954 and .71 billion in Jan.-June 1955. OCTOBER 1955 1081 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-5 5 and other sterling-area countries, besides out- A significant development of the last sevflows to certain other regions. In the first eral years has been a fairly steady advance half of 1955 there were outflows in some in imports of finished manufactures. While directions, but withdrawals of over 80 mil- the relationship of total imports to gross nalion dollars from sterling-area countries. In tional product remains considerably lower both periods redemptions of Canadian securi- than in the 1920's, the proportion of finished ties exceeded new issues in this country. manufactures within total imports, shown United States imports. The major source in the upper half of the chart, has risen of funds for foreign purchases from the United States consists of payments from this IMPORT RELATIONSHIPS - UNITED STATES country for nonmilitary purchases of mer- Per cent chandise imports and services, and for re- FINISHED MANUFACTURES AS PERCENTAGE OF mittances and pensions. Such payments TOTAL IMPORTS 20 totaled 6.9 billion dollars in each half of 1954 and 7.4 billion in the first half of 1955. There was a significant increase in tourist 10 expenditures, but most of the increase was I I I 1 I 11 1 1 1 I I 1 ((1 -Vv for imports of goods. Recovery in imports of goods after the TOTAL IMPORTS AS PERCENTAGE OF G N P 1953-54 recession began in the second quarter of 1954, but was interrupted in the summer. From October 1954 to March 1955 there was a sharp increase. Coffee fell in price and the physical vol- I , ume of coffee imports was abnormally low '22 1930 1940 1950 '55 from the summer of 1954 to the spring of NOTE.—Department of Commerce data for total imports and for imports of finished manufactures adjusted to exclude burlap and newsprint, and for gross national product 1929-55. Break 1955 while roasters were reducing their in- in 1929 in lower panel indicates change in basis of estimating gross national product. Latest figures plotted are for first half ventories. For most metals, the recovery of 1955. in imports after October was limited by the steadily since 1950. Recently this proporpressure of foreign demand on available tion has been about equal to that of 1926-27. supplies. Among the commodities the im- The value of these imports (according to ports of which increased to record or nearthe classification used in the chart) increased record levels were petroleum, newsprint, from 960 million dollars in 1950 to an anlumber, and iron ore. In the six months March-August 1955, im- nual rate of 1,800 million in the first half ports were valued at 5.7 billion dollars, 8 per of 1955. Of the 1954 total of 1,530 million, cent higher than in the corresponding period 870 million dollars represented purchases of 1954. After allowance for price changes, from Europe. The rise in foreign sales of the volume of imports was up about 10 per manufactures to this country has played an cent from the 1954 period, and within 1 per important role in the postwar restoration of cent of the quantity in March-August 1953. international balance. 1082 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 19551 Total earnings of all member banks in were 16.2 per cent of total capital accounts, the first half of the year were 189 million slightly higher than in the first half of 1954. dollars higher in 1955 than in 1954. Net Taxes on net income were lower, and diviprofits, however, were 75 million lower be- dends were higher. cause of larger expenses and a decline in Earnings. Gross current operating earnprofits on the sale of securities. On an an- ings continued their upward trend. The nual basis, the ratio of net profits to total increase of 189 million dollars was largely capital accounts was 1.8 percentage points in earnings on loans, but included increases below the ratio for the first half of 1954. in all other earnings categories. Although current expenses increased, net Earnings on loans amounted to 57 per current earnings before income taxes were cent of total earnings, compared with 56 7.6 per cent more than in the corresponding per cent in the first half of 1954. The inperiod of 1954.2 On an annual basis they crease resulted from larger volume of aver- 1 This article was prepared by Lee W. Langham of the age loan holdings; average yield on loans Board's Division of Bank Operations. remained unchanged at 4.68 per cent. 2 Net current earnings are gross current operating earnings less gross current operating expenses, before adjust- Earnings on United States Government ments for losses, profits on sales of securities, recoveries, and securities were 34 million dollars above the transfers to and from valuation reserves, and before taxes on net income. first half of 1954, reflecting an increase of MEMBER BANK EARNINGS [Amounts in millions of dollars] 1952 1955 Item First Second First Second First Second First Second First half half half half half half half half half Earnings 1,771 1,898 1,978 2,141 2,238 2,353 2,366 2,460 2,555 On U. S. Government securities 406 426 441 488 495 516 522 545 556 On other securities 102 108 113 121 122 129 133 140 144 On loans 960 1,043 1,105 1,201 1,281 1,351 1,336 1,375 1,447 Service charges on deposit accounts 93 94 98 100 107 112 123 129 134 Other earnings 209 227 221 231 233 244 252 271 274 Expenses 1,075 1,157 1,190 1,311 1,320 1,461 1,438 1,561 1,556 Salaries and wages 529 597 586 658 645 727 692 771 737 Interest on time deposits 146 160 176 188 201 224 241 253 263 Taxes other than on net income 58 57 59 59 61 64 68 72 73 Other expenses 342 344 370 405 414 446 437 465 482 Net current earnings before income taxes... 697 740 788 830 918 891 928 900 999* Recoveries and profits1 59 80 57 56 54 66 298 194 86 Losses and charge-offs2 86 116 71 155 115 216 119 136 126 Net increase in valuation reserves3 37 90 24 44 27 13 75 90 44 Profits before income taxes. 633 614 751 686 829 728 1,032 869 915 Taxes on net income 252 239 337 271 392 300 473 332 431 Net profits 381 375 414 416 438 428 559 537 484 Gash dividends declared4 170 200 185 205 193 226 211 245 232 Number of banks at end of period. . 6,859 6,840 6,815 6,798 6,765 6,743 6,721 6,660 6,611 1 Includes recoveries credited either to undivided profits or to valuation reserves. 2Includes losses charged either to undivided profits or to valuation reserves. 3This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited to valuation reserves. 4Includes interest on capital notes and debentures. OCTOBER 1955 1083 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 195 5 approximately 3 billion dollars in average were rising. Recoveries changed little, and holdings and a slight increase in average losses and charge-offs were 7 million dolyield on an annual basis. These earnings lars above the first half of 1954. The 44 continued to be 22 per cent of total earnings. million dollar increase in net valuation re- Expenses. Gross operating expenses, ex- serves, although only about half the including taxes on net income, were 1,556 creases reported in either half of 1954, was million dollars or 8.2 per cent above the larger than the additions provided in the corresponding period in 1954. Salaries and first half of any other recent year. wages accounted for 47 per cent of total ex- The nonoperating profit, recovery, and penses, amounting to 737 million dollars. loss items, including transfers to and from This was more than in the first half of 1954 valuation reserves, resulted in a net loss but less than in the second half. A decline of 84 million dollars in the current period, in salaries and wages from the second half about the same as that recorded for the first of a year to the first half of the following half of 1953, but it was in contrast to the year has been a seasonal pattern in recent gain of 104 million in the first half of 1954. years. Taxes and net profits. Profits before in- Interest paid on time deposits amounted come taxes and taxes on net income were to 263 million dollars, an increase of 22 both lower than in the first half of 1954. million over the first half of 1954. The Net profits after taxes were lower than in average volume of time deposits was about either half of 1954, but they exceeded the 2 billion dollars larger than during the net profits of any previous half-year period. comparable period last year, and the average Gash dividends. About 48 per cent of rate of interest paid was higher by .03 pernet profits was paid out in cash dividends. centage points. Increases in the average The 232 million dollars so distributed repinterest rate paid at reserve city and counresented an annual yield of 3.8 per cent of try banks were partly offset by a decrease average total capital accounts. In the first at central reserve city banks in New York half of last year, dividends amounted to 38 City. per cent of net profits, a yield of 3,7 per Profits, recoveries, losses, and transfers cent. to reserves. Profits on securities sold amounted to 30 million dollars, a sharp de- Details of earnings and expenses for the cline from the 246 million reported for the first half of 1955 and both halves of 1954 are first half of 1954 when prices of securities shown on page 1188 of this BULLETIN. 1084 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A .FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS ANNUAL ESTIMATES, 1939=54 This article describes a new accounting record designed to picture the flow of funds through the major sectors of the national economy. Summary tables setting forth sources and uses of funds statements for all sectors are included for the years 1939-54. The accounts provide for transactions in existing assets and financial instruments as well as transactions in currently produced goods and services. The text of the article is an advance printing of the opening chapter of a detailed statistical report on the Flow of Funds in the United States, 1939-53, to be published by the Board of Governors before the end of the year} The price will be $2.75. Insight into the functioning of an economy penditures on current production, and the can be greatly enhanced by casting avail- other for input-output interrelations among able information into a systematic and com- major industrial groups. Both systems of acprehensive structure of economic accounts. counts have contributed substantially to un- Application of accounting discipline to the derstanding of production and distribution organization of economic data aids in both processes. collection and interpretation of economic Analysis of a modern economy with a knowledge, for it highlights gaps in the complex financial structure calls for addibasic statistics and clarifies interrelations tional tools of different orientation. In a among the parts of the structure. highly interdependent economy such as ours, In recent years, the economist's tools for credit and monetary developments necesanalysis have been enlarged by the develop- sarily play a strategic role. Changes in liment of two systems of economic account- quidity, portfolio composition, credit availing, one for the nation's income and its ex- ability, and incentives to use credit are rexThe exploratory work in developing this new account- flow-of-funds record is a continuing one and the present ing record was carried through by Professor Morris A. Cope- form of the accounts is not necessarily final. It is expected land, now of Cornell University, under the sponsorship of that both,the form- of the accounts and the estimates conthe National Bureau of Economic Research and the Com- tained in them will change with the availability of improved mittee for Economic Development, with the cooperation of data and statistical techniques and with^tk% changes that are the Board of Governors. This exploration demonstrated the constantly taking place in the economy itself. feasibility of a flow-of-funds record that could be maintained Preparation of the Board's flow-of-funds accounts has been on an annual basis. Accordingly, the Board of Governors, under the immediate staff direction of Daniel H. Brill, who in view of the public interest in this type of record as well was responsible for their conceptual and statistical framework as of its own needs for information, requested its Division and form of presentation. Stanley J. Sigel had immediate of Research and Statistics to undertake the project. charge of integrating concepts and data for the several ac- Compilation of the flow-of-funds accounts would not have counts. Other staff members participating in the work inbeen possible without the wealth of statistical information clude Dorothy S. Projector, Stephen P. Taylor, Evelyn M. that has become available over the past decades. The Divi- Hurley, and Helmut Wendel. Conduct of the project has sion is greatly indebted to many Government and private been under the general guidance of Kenneth B. Williams, agencies and to many individuals for their generous coopera- Assistant Director of the Board's Division of Research and tion and advice in compiling the record. The need for a Statistics. OCTOBER 1955 1085 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS fleeted in markets for goods and services mortgages, securities, trade credit, and other and thereby in the changing total and com- financial instruments, as well as changes in position of spending and output. Likewise, cash balances, are measured in the system. changes in the level and pattern of income, In the flow-of-funds system, records of all prices, expenditures, and output influence these flows are organized into detailed statethe flow of funds through financial channels. ments of the sources and uses of funds for The nature and extent of interdependence each of 10 major groups or sectors into among these financial and nonfinancial proc- which the economy is divided, In general, esses can be seen most clearly when measure- each group is composed of economic units ments of both types of activity are organ- similar with respect to function and instiized into a single internally consistent eco- tutional structure. The flow-of-funds sectors nomic record. To be of maximum useful- are: ness for such purposes, the record must be Consumers extensive in scope and encompass all major Corporate business Nonfarm noncorporate business types of transactions in which financial fac- Farm business tors influence and are influenced by other Federal Government economic developments. The record needs State and local governments also to be detailed to permit identification of Banking system the economic groups participating in each Insurance major type of economic activity and to per- Other institutional investors Rest of the world mit varied combinations of these groups and activities for testing analytic hypotheses. The three major financial sectors are fur- Finally, to permit meaningful comparison ther subdivided into component groups for and aggregation of component parts, the which flow-of-funds accounts are also prorecord should be consistent in definition and vided. Thus, the sector account for the bankmeasurement. ing system is built up by consolidatihg ac- The flow-of-funds system of national ac- counts for four subsectors: (1) commercial counts is an important step toward meeting banks, (2) mutual savings banks and the these standards. The system encompasses Postal Savings System, (3) the Federal Reall transactions in the economy that are ef- serve System, and (4) Treasury monetary fected by a transfer of credit and/or money. funds. The insurance sector statement is the The boundaries of the system extend: beyond summation of three subsector accounts: (1) the measurements of national output alone. life insurance companies, (2) self-adminis- Since flows of fund£ arise in transfers of tered pension plans, and (3) other insurance existing assets as well as in purchases and companies. The account for other institusales of current production, the accounts, in- tional investors is developed by combining clude measures of transactions in land, ex- statements of sources and uses of funds for isting homes, and used automobiles in addi- three subsectors: (1) nonprofit organizations, tion to measures of puirehases and sales of (2) savings and loan associations, and (3) new homes amd new automobiles. Flows of other financial institutions. funds also arise out of shifts in composition The flow-of-funds sector accounts can be of portfolios. Therefore, transactions in visualized as a set of interlocking balance- 1086 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS of-payments statements, each of which, in Nonfinancial Financial major respects, is similar in format to bal- Payroll Currency and deposits ance-of-payments statements that have been Interest Gold and Treasury Rents and royalties currency developed to record the flow of international Dividends Bank loans other than payments. Each flow-of-funds sector account Net withdrawals by pro- mortgages records the sector's purchases and sales of prietors Federal obligations commodities and services, its credit and capi- Insurance premiums State and local oblital outflows and inflows, and the changes in Insurance benefits gations Grants and donations Corporate securities its monetary balances. Taxes Mortgages Each transaction recorded is reflected in at Tax refunds Trade credit least four entries in the accounts of partici- Real estate transfers Misc. financial assets pating sectors. For example, a transaction Other goods and serv- and liabilities consisting of a purchase of goods for cash is ices entered as a purchase of goods by the buyer, These classifications are carried through a sale of goods by the seller, a reduction in all sector accounts consistently, so that each cash for the buyer, and an increase in cash sector's contribution to particular phases of for the seller.2 Such a transaction has two economic activity can be traced. In addition nonfinancial entries—the purchase and sale to being recorded in the sector accounts, —and two financial entries—the reduction transactions in each of these categories are and the increase in cash. Some transactions summarized in transaction accounts. Sigare entirely financial in character, for exnificant components of these transaction cateample, purchases of securities for cash or regories are also recorded in the accounts, and payments of debt in cash; in these cases, all for most of the financial transaction cateentries reflect changes in financial claims.3 gories estimates have been developed of the It has been found convenient in describing stock of assets and liabilities outstanding as the accounts to refer to the nonfinancial enwell as of the net flows of these claims. The tries of the transactions recorded as "nontransaction classifications used in the flow-offinancial transactions" and to call the finanfunds accounts do not single out any parcial entries "financial transactions." ticular concepts of income, consumption, For many analytic purposes, it is useful saving, or investment. Rather, the transacto distinguish, in the nonfinancial transac- tion detail permits the user to make comtions, the types of goods and services ex- binations of data that will serve alternative changed, or the immediate purpose served formulations of these concepts. by the exchange; and, in the financial trans- This cross-classification of the data by secactions, the types of financial instruments tors and transactions provides a valuable staused in payment or exchanged against other tistical control over the estimates incorpofinancial claims. Accordingly the transacrated in the accounts. The transaction tions of the individual sectors in the flow-ofgroups are so defined that the sum of all funds accounts are classified into 12 nonpayments should equal the sum of all refinancial and 9 financial categories: ceipts in each category. Concomitantly, each 2 Some transactions, such as purchases involving part cash sector's sources of funds should equal its uses and part credit payment, involve more than four entries. of funds. The discrepancies that arise in 3 Transactions that are entirely nonfinancial (barter, for many sector and transaction accounts are imexample) are not recorded in the accounts. OCTOBER 1955 1087 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS portant guides to the improvement of esti- receipts from the sale of tangible capital mating procedures. assets—houses and other real estate, automobiles, and the like. Somewhat more than this STRUCTURE OF ACCOUNTS IN SUMMARY came from insurance benefits, pension receipts, gifts, and public and private aid. Tax A summary of the structure of the accounts refunds were the source of another 3 billion depicting the interrelations of all transactions dollars. in the economy for one year, 1953, is pre- Consumers financed the remaining 11 bilsented in the accompanying table. Similar summaries for each year covered by the ac- lion dollars of their total expenditures and counts are presented at the end of this article. acquisition of assets through borrowing. One-third of this borrowing was from banks. For each sector of the economy, the col- Consumer mortgage debt rose during the umns of the table record sources of funds year by 6 billion dollars and other indebted- (receipts) and uses of funds (payments) in terms of several groupings of nonfinancial ness increased in round numbers by 5 billion. and financial transactions.4 When read Thus we have a full accounting of consumer across, the table shows the participation of receipts, expenditures, and finances in a each sector in each group of transactions. single statement. The kind of information provided by the At the same time the table shows these summary table can be illustrated by answer- consumer transactions in their relation to ing the following question about the eco- transactions of all ©ther sectors. For exnomic activities of the consumer sector in ample, of the 196 billion dollars of payroll 1953: How did consumers as a group make received by consumers, corporate business purchases of goods and services amounting to paid three-fifths, governments one-sixth, non- 238 billion dollars (including 64 billion for corporate business a little less, and all other new and old houses and consumer durables), groups less than one-twelfth. provide for insurance, retirement and gifts to Examples of the interrelations can also be the extent of 23 billion, pay taxes to the drawn from the financial area. Thus the inamount of 41 billion, and add nearly 13 bil- crease in consumer mortgage debt was twolion to their cash and other financial assets thirds of the total increase of 10 billion dol- —a grand total of 314 billion dollars ? lars in mortgage debt for the economy. Of The funds available to consumers from the 10 billion increase in mortgages, the bankcash wages and salaries, it can be seen, ing system took 2.5 billion, and this was oneamounted to roughly three-fifths of this sum. third of the total increase in bank credit. Another fifth of the payments was made out The increase in bank assets was associated of investment income of various kinds. with an increase of 5 billion dollars in cur- There remains then about one-fifth to be ac- rency and demand and time deposits. All counted for, or a sum of around 60 billion sectors except the Federal Government indollars. creased their holdings of currency and de- From the table it can be seen that over posits and the consumer sector's increase exone-third of this balance was covered from ceeded 4 billion dollars, or one-third of that sector's total increase in financial assets. 4 The coverage of these transaction groupings is indicated The table is also relevant to other questions in the notes following the summary tables at the end of the article. concerning relations among sectors and 1088 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1953 S =Sources of Funds, U =Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Rest of Sectors Consumer the world Total Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance Other Transactions S U S. U S U S U S U S U S U S U S u • S U S U Nonfinancial A Payroll 195.5 2.7 118.7 30.0 2.6 19.0 13.5 1.9 2.6 4.4 * 195.5 195.5 B Receipts from and payments on investment 59.4 16.3 9.7 20.0 17.5 40.0 1.1 13.0 1.0 5.5 .8 1.0 6.2 2.1 3.5 .3 1.7 1.5 .5 1.9 101.4 101.4 D C T In a s x u e r s a n a c n e d a ta n x d r g ef r u a n n d ts s 2 2 3 . . 6 9 4 2 0 2 . . 9 7 1. . 3 5 3 1 6 2. . 2 0 1.0 3 6 .0 8 .4 1 .4 l 6 7 4 . 5 8 1 3 4 . 1 4 2 1 1 1 .9 4 11.7 * .3 8 29.0 16.7 7 5.7 1.4 2.2 * .3 8 89 2 . . 4 8 8 89 3 . . 6 0 E Capital acquisitions 22 0 63 8 2 26.7 1 5 6 0 4 5 0 * 4.2 1 7 8 1 2 2 1 F Net change in inventories . . . 1.6 .9 .3 H G O N t e h w er fixed capttal 22.0 2 3 4 9 . 4 4 .2 24 .2 9 1.5 5 # 1 .4 4 6 * 4 . 2 1 .1 7 .5 2 i * .2 2 1 i \ 820.9 819.5 I Purchases and sales of other goods and services 155 4538 3341.8 195 8130.2 29.8 10.8 5.0 38.8 5.8 6.4 .8 .7 .5 3.4 4.9 3.0 15.8 14.3 Total 303.4301.8550.0 555.3215.9 215.9 31.7 32.8 78.4 85.1 40.0 40.4 7.0 5.9 33.0 23.9 12.3 12.4 18.4 16.51,290.0 1,290.0 Financial i K Currency and deposits.. 4 4 .1 .4 * -1.6 1.0 5.0 .2 .2 * .3 5.0 5.0 L Federal obligations .3 1 l .6 5 2 1 8 .9 — 2 .6 5.2 5.1 M Mortgages . 6 2 6 1 3 1.8 .5 .4 .3 2.5 2.1 * 3.7 9.8 9.8 N Corporate securities and State and local obligations 3.2 6.7 .3 — .6 -.3 3.6 .3 .1 1.1 6.5 .4 .3 .1 .1 10.9 10.8 O Other 4.5 -.6 .1 1.6 2.3 .6 * .1 2 .2 1,4 "".3 .2 .9 .6 1.4 11.8 10.8 4.4 4.5 P Total 10.7 7.4 1.6 3.5 3.2 1.0 * 5.3 -1.4 3.6 3.0 5.2 5.8 .3 9.1 5.0 .6 2.3 42.6 41.5 12.9 5.0 Q Grand total 314.4 314.4 557.4557.4219.3219.3 32.8 32.8 83.7 83.7 43.6 43.6 12.2 12.2 33.3 33.3 17.3 17.3 19.0 19.01,332.7 1,332.7 Memoranda: S R G Ba N n P k i c d r e e n d t i i t f i i a n b l P e in J 3.5 215 1 .5 29.5 1 2 6.9 6 6.9 9 57.9 7 24.4 #' ' 6 1 . 9 4 * '_!' j 10.7 _L ? -1.9 "6.9 35 6 0 . . 9 9 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—'For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS among transactions. For instance, what the bases for many different investigations sources of funds financed the 38 billion dol- of the functioning of the economy. They lars of business capital investment? How make it possible, for example, to observe did the Federal Government finance payr changing patterns in utilization of credit ments of 85 billion dollars when its tax re- and capital markets as fluctuations in producceipts were 65 billion ? How did insurance tion and consumption occur. The accounts underwriters dispose of their 33 billion dol- indicate the financial channels and instrulars of insurance premiums and investment ments used by each sector in accumulating income receipts? The general function of financial assets and in financing expendithis summary table is to facilitate quick ac- tures. In particular, relationships of the counting answers to these and comparable banking system to the rest of the economy questions. through changes in bank credit and the Many readers will be interested in the money supply are presented in the full conamounts of gross national product, as pre- text of each sector's sources and uses of funds. sented in the national income accounts of The scope of the accounts and their structural the Department of Commerce, that are re- interdependence are designed to facilitate inflected in the nonfinancial transactions of the quiry into how financial factors influence, various flow-of-funds sectors. These are and are influenced by, other economic deshown in line R of the table. The amounts velopments. shown for each sector include the pertinent The flow-of-funds record has already elements of all components of GNP. The proved itself to be of value in these types of entry for the consumer sector, for example, inquiry. By supplementing the accounts reflects consumer purchases of new residen- with collateral data, it has been possible to tial housing for owner-occupancy, which are trace and evaluate changes in the structure part of the gross private domestic investment of private debt since the end of the war. The component of GNP, as well as the elements record has been particularly helpful in identiof personal consumption expenditures that fying the economic groups borrowing, the are in the nonfinancial transactions of that types of expenditures financed by debt, the financial channels through which funds were sector. obtained, and the relationship of the rise in It needs to be emphasized that the table debt to the commitment of income for servserves only to bring together in summary icing debt. form the many measurements compiled on flows of funds. It presents a highly simplified The structure has also contributed helpful picture of the flow of funds through the perspective on current and prospective ecoeconomy in a single year. More significant nomic developments by providing a frameinformation can be obtained by examining work for integrating measures of income, both the changing patterns of these flows consumption and capital expenditures, and over time and the substantially greater borrowing and lending. The period for detail recorded in the full sector and trans- which the accounts have been developed— action statements presented and described from 1939 to the present—is long enough for in the separate chapters of the report. the record to be used in drawing some tenta- Data cast in the sector and transaction tive inferences with respect to cyclical and groupings adopted for the accounts provide trend relationships among spending, saving, 1090 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS and financing. Since the accounts are now sets forth some of the more important deavailable only on an annual basis, their ap- cisions that underlie the flow-of-funds acplication to observation of seasonal and other counts. Areas of decision discussed relate short-term fluctuations is limited. As the to the scope of the accounts, the classificarecord goes forward and the frequency of re- tion of transactors, the classification of transcording increases, however, the usefulness of actions, and other technical features.. the accounts in evaluating trends will grow. SCOPE OF THE ACCOUNTS ORGANIZATION OF THE ACCOUNTS The flow-of-funds accounts include all The organization of the flow-of-funds transactions which (1) involve at least two structure of accounts derives from its main separate economic units and (2) are effected objective, namely, to provide a comprehen- through transfers of credit and money. This sive and systematic economic record that will perspective results in the exclusion, so far as facilitate study of the interrelations among possible, of transactions internal to the acfinancial and nonfinancial processes. Four counts of a single economic unit, such as a basic principles of organization are ap- corporation or a family, and of barter and plied in meeting this objective. First, trans- imputed transactions. actors are grouped into sectors according to Internal transactions are such bookkeeping dominant economic characteristic. Second, transfers as allocations of funds to various transactions are grouped to distinguish types reserve accounts, and interplant transfers of goods or services bought or sold and chan- among the establishments of a single enternels of financing used. Third, each sector prise. Such internal transactions are not reaccount is comprehensive with respect to the corded in the flow-of-funds system because sector's use of credit and money. Finally, they do not involve two separate economic all sectors' flows of funds are classified in a units and are not effected through the transbroadly comparable pattern. fer of money or credit.5 Some of these in- Basic principles, however, do not ade- ternal entries, however, have economic sigquately define any national accounting sys- nificance. For example, charges to depreciatem. Analytic orientation shapes not only tion reserves directly affect tax liabilities and the over-all framework of the system of ac- also have a bearing on investment, dividend, counts but also the treatment of each trans- and other business policies of the economic action recorded in the accounts. Frequently unit. Similarly, charges to reserves for bad alternative treatments seem equally valid in debts by financial institutions may exert an terms of objectives of the system; even more influence on credit availability. Business net frequently lack of data requires some com- income, although a significant influence on promising of general principles. It is only many business decisions, is not treated as a through a detailed study of the decisions flow-of-funds transaction, since it is an entry made in constructing a comprehensive na- on the books of a single transactor, transtional accounting system—the choices of con- ferring the net excess of credits over debits cept and statistical procedure—that the po- 5 While the accounts do not record internal transactions tential usefulness of the end product can be of a single economic unit, transactions among the comassessed. ponent units of each sector are recorded, except in the consolidated accounts for certain sectors-—banking, the Accordingly, the following description Federal Government, and the rest of the world. OCTOBER 1955 1091 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS in the operating account of the business to with the company in turn remitting to the some capital account of the same transactor.6 brokers the amounts due for brokers' charges. For many types of economic analysis, these The flow-of-funds transaction category internal transactions must be considered. "net withdrawals by proprietors" records Therefore, while they are excluded from the transactions between unincorporated busiregular structure of accounts, several of the nesses and their proprietors as consumers. most important of them are shown as memo- To the extent that proprietors make no separanda items or valuation adjustments in the ration or distinction between business and appropriate sector accounts or in accompany- consumer accounts, this transaction category ing tables. contains some imputations.7 Since the flow-of-funds accounts are CLASSIFICATION OF TRANSACTORS oriented toward transactions effected through the use of credit or money, barter or pay- The grouping of economic units or transments in kind and most imputed transactions actors in the flow-of-funds system takes into are excluded. Thus imputations such as account the nature and extent of their partithose related to the national income treat- cipation in financial flows as well as in transment of home ownership are not included actions for goods and services. In light of in the flow-of-funds accounts. the analytic objectives of the system, some The flow-of-funds accounts do, however, groupings of transactors are obvious: busirecord some transactions in a form different nesses should be distinguished from consumfrom that given by the actual pattern of ers, and governments from both of these. flows. Thus, although employers deduct Such distinctions are essential, but others withholding taxes from wages and transmit are also needed. Financial patterns of corthe taxes directly to the Government, the porate and unincorporated businesses are sufflow-of-funds accounts present the transac- ficiently different to require separate action as one in which gross wages are paid counts. Agriculture operates within an into employees and the employees in turn pay stitutional complex substantially different the tax to the Government. This treatment from that relating to other types of business; provides a more meaningful presentation of the differences call for a separate accounting the distribution of direct tax payments among for farm business activities. Essential differtaxpayers. ences between the Federal Government and Another transaction that is recorded in a the State and local governments suggest the form other than that in which it occurs is the value of keeping separate records of their payment of insurance premiums through transactions. The importance of financial brokers, who deduct commissions and ex- institutions in the problems to which the penses and remit the balance to the principal flow-of-funds accounts are addressed, and insurance company. In the flow-of-funds the differences in their portfolio manageaccounts the premium payments are recorded ment practices, require separate accounting as going directly to the insurance company, for each of the major types of financial institutions—the banking system, insurance eIt should be noted that while the flow-of-funds accompanies, other institutional investors—and counts do not record profits and net income as such, they do record on a gross basis the transactions with other transactors that, together with certain internal transactions, de- 7 This does not apply to all unincorporated business, as termine corporate profits and noncorporate net income. indicated in note 8 following. 1092 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-GF-FUNDS SYSTEM OF NATIONAL ACCOUNTS for the main components of each type. between bank credit and the money supply. In combining individual transactors into One penalty for sectoring along instituthese sectors and subsectors, an attempt has tional lines is some degree of impermanence been made to record all of the transactions- in the basic organization of the accounts. current and capital, financial and nonfinan- As new functional and institutional arrangecial—of each transactor in a single sector ac- ments arise, the classification of sectors will count. In some cases, however, this is not have to be revised. This need has already feasible. For example, business activities of been demonstrated; in the brief period since all unincorporated enterprises (other than exploratory studies were first undertaken, farms) are recorded in one sector account, several changes in sector structure have been and the consumer activities of proprietors made. Some of these have resulted from the of these enterprises are recorded with those changing availability of data; others—such of other consumers in the consumer account. as the separate subsector accounts provided This involves some division of the activities for private pension systems and savings of single transactors since the business and and loan associations—reflect recent growth personal accounts of some proprietors are so in the importance of these institutions in commingled as to prevent any distinction or channeling flows of funds. to make artificial any analytic separation.8 CLASSIFICATION OF TRANSACTIONS Data for more satisfactory solutions to this problem are not available. The focus of the flow-of-funds accounts There is one other significant departure on the interrelations among financial and from the principle of recording all transac- nonfinancial processes is a major determinant tions of a given transactor in the same sector of the way in which transactions are classiaccount, but this is the result of deliberate fied. As a primary distinction in each sector choice rather than lack of data. Certain account, financial transactions—transactions credit and monetary activities of the Federal in financial assets and liabilities—are re- Government—the Postal Savings System, the corded separately from transactions in goods Exchange Stabilization Fund, the gold ac- and services. Within each of these broad count> the silver account, and other elements groups^ further distinctions are made. Nonin Treasury currency accounting—are classi- financial transactions that have greatest bearfied as part of the banking sector in the flow- ing on credit developments are distinguished of-funds structure, rather than as part of the in the sector accounts from others whose re- Federal Government sector. Placing these lationship to financial developments is more accounts in the banking sector combines in remote. In the financial area, the classificaone sector account all of the economy's mone- tions distinguish different types of credit intary liabilities and reserves. This combina- struments, credit institutions, or borrower tion of activity and institutional sectoring has groups. proved of value in clarifying relationships The definition of each transaction category is carried through uniformly in all sec- 8 This difficulty relates primarily to sole proprietorships— * tor accounts. As noted earlier, some 21 types enterprises with single owners—and to some extent to of transactions are identified. They are decorporations entirely family owned. Presumably the accounts of partnerships, of corporations with dispersed owner- fined, in general, so that the total flow of ship, and of many sole proprietorships make the distinction funds balances for each transaction category; more clearly. OCTOBER 1955 1093 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS that is, the sum of all sector payments equals some groupings of transactions in the sector the sum of sector receipts for each type of accounts cut across the standard transaction nonfinancial transaction* and net borrowing classification system; this occurs mainly with equals net lending for each type of financial respect to capital outlays. transaction. In summary, the sector statements differ In addition, certain components of these one from another with respect to the amount major transaction groups are identified—in of detail shown. Some detail can be carried either sector or transaction accounts—where through all accounts but is included only such detail is of value in analysis. Thus, where it has significance; some detail shown supplementing the over-all record of flows of in certain accounts cannot be identified coninsurance premiums, there are separate sub- sistently throughout the structure. Because sidiary accounts for premium transactions of space limitations, some of the pertinent under government insurance programs and detail is shown in the transaction accounts private insurance contracts. Comparable de- rather than in the sector accounts. The table tail is given for insurance benefits. Tax pay- on page 1095 shows the extent to which dements and receipts are cross-classified by type tail within the 21 major transaction cateof tax, by level of government receiving the gories is recorded in two of the major sector tax, and by sector paying the tax. Bank accounts—those for consumers and for corcredit is identified by type of bank asset and porate business. Items marked with an asby borrowing sector. A complete account terisk are presented in even more detail in of receipts and payments is presented for the transaction accounts. each of the major transaction classifications No one system of transaction classification, and subclassifications, and much of this de- of course, can be pertinent for all possible tail is also given in individual sector ac- applications of the accounts. Transaction counts. groupings in the accounts are designed so In addition to detail within the transac- that they can be easily rearranged to meet tion classifications, the sector accounts in special needs. For example, the flow-ofsome cases show further transaction detail funds accounts impose no specific concepts for which it is not possible to develop com- of saving or of investment on the data; the plete subsidiary transaction accounts, that is, analyst is free to combine various transactransaction detail that cannot be identified tion categories or subcategories into any of in terms of both receipts and payments. This several saving or investment concepts in ordetail relates for the most part to business der to test particular hypotheses of behavior and consumer capital outlays. It is possible patterns. to indicate the sectors making such outlays, While transactions in financial claims, are but it is not possible, in the available statis- distinguished, in general, from transactions tics on business sales, to identify by sector all in goods and services, some difficulties are the receipts arising from these expenditures. encountered in trying to carry through this To make the accounts as useful as possible, distinction consistently. One major probthese business and consumer capital outlays 1 lem arises in classifying flows between proare recorded separately in the individual sec- prietors of unincorporated business and their tor accounts, even though receipts from these enterprises. It is impossible to determine transactions are not segregated. In addition, separately the amounts proprietors withdraw 1094 FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS TRANSACTION DETAIL SHOWN IN TWO SECTOR ACCOUNTS Detail shown in consumer sector account Detail shown in corporate sector account Major transaction classifications Sources Uses Sources Uses Nonfinancial: Payroll Payroll Payroll Payroll Interest Interest* Interest Interest Interest Rents and royalties Rents Rents and royalties Rents and royalties Dividends Dividends and Dividends and Dividends and branch profits. . . branch profits* branch profits* Net withdrawals by Net withdrawals by proprietors. proprietors* Insurance premiums: Insurance premiums: Insurance premiums . Private- Employment Life, etc. taxes* Other* Other* Government* Insurance benefits.. . Insurance benefits: Insurance benefits* Private— Life, etc.* Other* Government* Grants and donations... Grants and dona- Grants and dona- Grants and dona- Grants and donations: tions* tions tions* Fed. Govt. State and local Private* Taxes and renegotiations. Taxes:* Profits tax payments* Income* Other taxes* Property Renegotiations Other* Tax refunds Tax refunds Tax refunds Real estate transfers Home purchases: Real estate transfers Capital expenditures: Sales receipts: New* Plant and equip- Homes Existing ment Autos, etc. Durable goods Other Other goods and services. . . Nondurable goods Sales and receipts Change in inventory "Other" services from operations Operating uses n.e.c. Financial: Currency and deposits. . . Currency and Currency and deposits: deposits Time deposits Gold and Treasury currency Bank loans other than mortgages. Consumer credit Bank loans other from banks than mortgages: Security loans Commercial and from banks industrial Other* Federal obligations Federal obligations* Federal obligations* State and local obligations State and local obligations Corporate securities Corporate securities Corporate securities: Corporate securities* Banks Net bank pchses. Other Mortgages.... Mortgages: Mortgages Mortgages: Owed to banks Trade credit.. . Consumer credit Trade debt: Trade credit: from nonbank Federal Govern- Receivables from lenders ment advances Federal Governand prepayments ment Other trade debt Other trade credit Miscellaneous financial transactions. Other security loans Miscellaneous assets : Miscellaneous Policy loans Savings and loan liabilities shares Credit balances at brokers Other* *Indicates items for which more detail is given in transaction accounts or detailed taDles accompanying them. from their enterprises as reductions in capital company stock he owns; in turn, these can be and the amounts they withdraw as compen- distinguished from proceeds of any sales of sation for their managerial or labor func- this stock or any payments made to acquire tions. For an official of a corporate organiza- additional stock. For the proprietor of an tion, it is possible to distinguish the salary unincorporated business, all of these flows he receives from any dividends he gets on must be combined, for statistics are not avail- OCTOBER 1955 1095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS able to effect a separation. The flow-of- do not contribute to any sector account disfunds transaction category "net withdrawals crepancies. The discrepancies in the gold by proprietors" is equivalent, therefore, to a and Treasury currency transaction account mixture of several financial and nonfinancial arising from the difference in classification flows. are matched by part of the discrepancy in The treatment of proprietors' incomes de- the transaction account for other goods and scribed above, while representing a departure services. from general classification principles used in the accounts, does not give rise to any statis- CROSS-CLASSIFICATION OF TRANSACTORS AND tical discrepancy in either sector or transac- TRANSACTIONS tion accounts, for the transaction is classified The extent to which specific participants and treated in the same way for both the in intersector flows can be identified in the paying and receiving sectors. accounts falls short of a complete "to-whom- There are classification inconsistencies in from-whom" arrangement. Such an arthe accounts related to the treatment of gold rangement would be one in which each secand silver. Gold and silver are products to tor's disbursements and receipts are classithe companies that mine them and raw ma- fied not only in terms of the types of activity terials to industrial and artistic users. To the involved, blit also in terms of the sectors banking system, however, these metals are with which each type of transaction is efpart of the monetary base. This basic differ- fected. Statistical information currently ence in significance for different groups in the available does not permit such complete ideneconomy is reflected in classification incon- tification of credit and money transactions. sistencies in the flow-of-funds accounts. Where data permit, specific identification Thus changes in the United States gold stock is provided of the sectors to which particular are considered to be financial transactions for payments are made or from which particular the banking sector (and also for the rest of receipts have come. In the nonfinancial area, the world sector, if the gold is purchased this identification is made in the transaction from or sold to foreign countries) but sales categories for payroll, insurance premiums of gold by domestic mining companies and and benefits, grants and donations, taxes, domestic purchases of gold for industrial and tax refunds, and net withdrawals by proartistic use are classified as nonfinancial prietors of unincorporated businesses. It is transactions of the business sectors. Com- not possible, however, to provide all of this parable differences exist in the case of silver, detail for the other nonfinancial transacnot only with respect to domestic production tion categories: interest, rents, dividends, real and industrial use but also with respect to estate transfers, and purchases and sales of imports. International transactions in silver other goods and services. are classified as nonfinancial rather than Most financial flows of funds can be measfinancial flows in both the conventional bal- ured only in terms of net changes in stocks ance-of-payments statement and the flow-of- of assets and in liabilities, rather than in funds accounts. terms of gross flows of acquisitions and sales These inconsistent classifications give rise and extensions of credit and repayments. to minor statistical imbalances that are com- Since gross flows data are necessary in order pensating within transactions accounts and to identify the sectors participating, it is not 1096 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS possible to construct a "to-whom-from- —are an integral part of any picture of the whom" statement for financial transactions. total flow of funds through financial chan- However, a "who-owes-what-to-whom" ar- nels. rangement of data has been constructed for While both cash and accrual measures are many categories of financial transaction. used in the flow-of-funds accounts, the two This has been possible for transactions in are not combined in any given transaction. which one sector alone is either the debtor Thus insurance premium transactions are on or creditor, such as the transaction categories a cash basis in both paying and receiving secfor currency and deposits, bank loans, Fed- tor accounts, as of the time the premiums are eral obligations, and State and local obliga- received by the insurance sector. On the tions, and also for components of other finan- other hand, consumer purchases from busicial categories. ness and the corresponding sales by business are recorded as of the time ownership is TIMING OF THE ACCOUNTS transferred. Another aspect of the flow-of-funds sys- The use of both cash payment and accrual tem to be considered is the timing basis for bases of accounting does not give rise to disrecording transactions in the accounts. Some crepancies between receipts and payments for transactions are recorded on a payments or transaction accounts or for sector accounts cash accounting basis; that is, as of the time so long as there is consistent timing of the payment for the transaction is made. Others four entries for each transaction. When conare recorded on an accrual basis; that is, en- sumers purchase goods from business on tries are made as of the time payment is credit, the purchases enter the consumer secearned or an obligation is incurred. tor account as nonfinancial uses of funds at For each type of transaction, the choice the time consumers acquire title to the goods. of timing basis rests on particular analytic At the same time, a source of funds is reconsiderations. Taxes are recorded in the corded in the consumer account to reflect the accounts when received by the government increase in consumer liabilities for the because analysis of the impact of government amounts owed to the seller. A correspondfinancing on capital markets is facilitated by ing sale simultaneously enters one of the data recording fluctuations in government business sector nonfinancial accounts as a cash revenues. On the other hand, pur- source of funds and an increase in trade rechases and sales of goods are recorded on an ceivables is recorded as a business use of accrual basis, that is, as of the time the title funds. Conceptually, the four entries for to goods is transferred and an obligation to each transaction insure a balance in both the pay arises, because the total volume of sales sector sources and uses of funds accounts and is considered to be a more significant eco- in the transaction receipts and disbursements accounts. nomic fact than is the volume of cash receipts from sales. Also, the credit extensions in If both participants in each transaction such accrual transactions give rise to financial recorded all entries simultaneously, no timinstruments that may often be negotiable or ing discrepancies would arise in the accounts. capable of use as collateral for other borrow- This concurrence is infrequent, however, ing. Measurements of fluctuations in trade and imbalances in the accounts result. For credit—business, consumer, and government example, debtors usually reduce their records OCTOBER 1955 1097 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS of the amounts they owe when a check in serve as a basis for estimating the amount payment is mailed, but creditors may not of the transaction for another sector, usually write down their comparable asset until after no timing discrepancy enters the accounts. the check has been received. At any point in time, holder records of the amounts owned NETTING IN THE ACCOUNTS of a particular financial asset tend to differ Another aspect of the system worthy of from the sum of debtor records of the amounts owed. note is the extent of netting in the accounts, that is, the extent to which receipts or expen- This lack of simultaneity in recording debt ditures are recorded separately or have been repayments also introduces a discrepancy offset against each other. For most analytic into another transaction account, that for curpurposes, it is desirable to have available rency and deposits. The debtor's record of his measures of receipts and disbursements on a cash balance is immediately reduced by the gross basis. This is particularly true in dealamount of the check written; the creditor's ing with aggregates for unlike types of record of his cash balance is not increased until the check is received; bank records of transactors or transactions, for the net figure deposits are not changed at this stage of the often conceals significant deviations in betransaction. Thus, the total liability for de- havior. posits as recorded in bank records tends to be The effect of fiscal policy on the economy, larger than the sum of individual holder rec- for example, can be appraised more clearly ords of deposit balances by the amount of when Government revenues and expendichecks in the mail. tures are each considered separately than when only the net deficit or surplus is con- Other lags are also reflected in the flow-ofsidered. Similarly, net changes in public or funds system. For example, withholding private debt may be an inadequate measure taxes deducted from wages by employers are of the role of financial flows in the economy. recorded in the accounts as paid by consumers at the time they are withheld. However, Data on gross borrowing and debt repaysome time usually elapses before the amounts ments, as well as measures of the debt outwithheld actually enter Treasury records be- standing, are desirable in order to assess the cause of the schedule according to which the relation of the financial situation to developwithholdings are deposited by employers in ments in production and expenditures. Treasury accounts at depositary banks or are Unfortunately, available data on gross transmitted to Internal Revenue collectors flows are limited. This is particularly true and thence to the Treasury. This, and other in the financial area. In the nonfinancial timing lags, resulted in a substantial discre- area, it has been possible to construct gross pancy in the account for tax payments and measures for most types of transactions— receipts in 1943, when the withholding tax wages, interest, dividends, rents, insurance, was first introduced, and in small discrepan- taxes, grants and donations, and "other goods cies in subsequent years. and services." For the most part, timing discrepancies In the financial area, however, only net arise in cases of reliance on two sources of changes in each type of asset and liability data for the same transaction. When the can be carried through the accounts conbooks of one participant to a transaction sistently. Measures are available of gross 1098 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS borrowing and repayment on certain types of nesses are also included in the corporate and financial instruments, but there are few, if farm business sector accounts, respectively. any, measures of gross flows for each of the Inadequacies in basic statistics prevent essectors participating. For example, the Se- timation of all intrasector flows within the curities and Exchange Commission provides consumer and business sectors. Thus, there estimates of gross new issues and gross re- are no measures of interbusiness exchanges of tirements of corporate securities, but there existing plant and equipment in the accounts, exist only fragmentary data relating to the nor of the flows among consumers of gifts gross sales and purchases of these issues by or short-term loans. To the extent that data the sectors investing in these securities. permit, intrasector transactions are recorded Gross home mortgage borrowing and ap- in the following sector accounts: consumer, parent retirements of home mortgages can corporate business, noncorporate business, be estimated with some degree of confidence, farm business, State and local governments, but there are few statistical clues to provide insurance, and other investors. even a crude measure of the gross turnover There are three sector accounts—banking, of mortgages on nonresidential and multi- Federal Government, and rest of the world family properties in specific lender port- —that have been recorded on a consolifolios. dated basis rather than on a combined basis. For an interlocking system of accounts This has been done in order to highlight the measuring the flow of funds through the significance of the activities of these sectors financial as well as the nonfinancial sectors with respect to other sectors of the economy. of the economy, the only practical expedient The banking sector account is a consolidated in view of the limited availability of gross statement for all components of the banking financial flows is to use net changes in each and monetary system. Transactions among type of asset and debt to represent flows of these components, particularly between the financial funds. In application to problems Federal Reserve System and the private bankof analysis, however, the accounts can be suping system, are given in subsector accounts, plemented by the data on gross financial but the full sector account shows only transflows that are available. actions between the banking and monetary system and the other sectors. Similarly, the COMBINATION AND CONSOLIDATION IN THE Federal Government sector account is on a ACCOUNTS consolidated basis. Transactions among Most sector accounts record intrasector as various branches of the Government are not well as intersector flows of funds. In other shown, in order that transactions of the Fedwords, most sector accounts are on a com- eral Government with other sectors may be bined as distinct from a consolidated basis. more clearly indicated. Finally, the rest of For example, transactions among consumers the world sector account is a consolidated such as payment of wages to domestic ser- statement, recording transactions of foreign vants, or mortgage loans extended by one countries with the United States. Transacconsumer to another, are included in the con- tions among foreign countries, which do not sumer sector account. Transactions among enter directly into the United States balance corporate businesses or among farm busi- of payments, are not shown. OCTOBER 1955 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS CONTRAST WITH OTHER NATIONAL fication is based on a combination of activity ACCOUNTING SYSTEMS and economic unit consideration. The focus of the national income structure is on pro- The principles of sector organization and duction and on utilization ©f resources for transaction coverage and classification deboth current consumption and additions to scribed above broadly distinguish the flow-ofcapital goods. These are the main classificafunds accounts from other national accounttion bases of the structure. Transactions ing systems which have different aims. In representing utilization of resources for curpart, the differences reflect the different anarent consumption, such as consumer expenlytic orientations of the various systems. ditures for food or clothing, or business cur- Both the national income accounts and the rent outlays for wages and salaries, are reinterindustry accounts (also known as the corded in sector accounts broadly akin to the input-output accounts) focus on transactions groupings in the flow-of-funds accounts. in goods and services. The objective of the national income system of accounts is to Transactions in capital items—investment in measure the market value of current produc- plant and equipment by business and home tive activities and the distribution of this purchases by consumers, however, are convalue among the factors of production. The solidated into a single account in which are focus of the input-output accounts centers on recorded investment activities of all private interindustry technological relationships—in sectors of the economy. other words, the interdependence of the The focus of the flow-of-funds accounts on structure of production. Financial flows, such the interplay between financial and nonas transactions in cash balances, securities, financial factors in the economy results in or other financial instruments, are not re- a substantially different selection and organicorded in either system. zation of economic data from those found in these other widely used systems of national Neither of these accounting systems is oraccounts. The inclusion of transactions in ganized primarily in terms of groupings of existing assets and in financial claims, the whole decision-making units. No attempt is inclusion in each sector account of all transmade in these systems to record all the acactions in which the components of the sectivities of each economic unit in a single actor engage, and the grouping of economic count. In fact, the separation of activities units so as to distinguish participants in credit of given units is a central characteristic of as well as goods and service transactions rethe organization of these systems. flect the analytic orientation of the system, In the input-output structure, the main system of classification distinguishes indus- an orientation toward problems in which tries, products, or industrial processes. Thus, economic decisions are influenced by flows transactions of a multiproduct enterprise and stocks of financial claims as well as by may be allocated to several industrial classi- current production, income, and consumpfications, by product where feasible, by estion.9 tablishment where necessary. Processes and 9 A more complete discussion of the differences among products may be divorced from the enter- the national income accounts, the input-output accounts, and the flow-of-funds accounts is given in a paper by prise if greater stability of technological re- Stanley J. Sigel, "A Comparison of the Structures of Three lationships can thus be obtained. Social Accounting Systems," included in Studies in Income and Wealth, Vol. 18, National Bureau of Economic Re- In the national income accounts, classi- search, New York, 1955. 1100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS These general differences among the sys- tem, the Comptroller of the Currency, and tems as a whole are reflected in specific dif- the Federal Deposit Insurance Corporation, ferences between particular series in the flow- have provided a foundation for the financial of-funds accounts and related series in other components of the flow-of-funds accounts. systems. These specific differences are dis- Other sources have included various Census cussed in the next section. compilations, Spectator insurance reports, Department of Agriculture occasional and re- METHODS USED IN COMPILING THE ACCOUNTS current studies, and others too numerous to The flow-of-funds accounts as presently list here. constructed have been developed from avail- Construction of the accounts has been able statistical series; no special direct com- mainly a task of integrating this mass of pilations of new data have been made. Ex- data into the framework of the flow-oftensive adaptation of existing series has been funds system—assigning transactions to aprequired, however, to make use of them in propriate sectors, adjusting transactions to the accounts. It has also been necessary to appropriate timing bases, eliminating dupliestimate some figures from sample and cate transactions, and filling transaction gaps. benchmark data, and in some cases from The differences between flow-of-funds quite fragmentary evidence using crude series and comparable series in other statismethods of estimation. tical compilations can be classified into a number of types. These types of differences A great variety of sources of data has are described and illustrated below. This been utilized in compiling accounts. The classification of differences is applicable both most important single source of data on to the derivation of flow-of-funds series and nonfinancial transactions has been the stato the comparison of these series to published tistical material underlying the national indata not used in their derivation. In most come accounts. Through the generosity of cases the illustrations contrast usage of data officials of the National Income Division of in the consumer sector of the flow-of-funds the Office of Business Economics of the accounts with usage in the personal sector of United States Department of Commerce, the national income accounts. basic statistics used in compiling their national accounts have been made available for Transaction coverage adjustments. Since rearrangement into sector and transaction the scope of the flow-of-funds system is wider categories for the flow-of-funds system. than that of the accounts from which source Data compiled by many other Government data are obtained, it is often necessary to supagencies have also been used. United States plement these sources with other informa- Treasury data, both those pertaining to op- tion. In the national income accounts, for erations of the Federal Government and example, transactions in land and existing those obtained from tabulations of tax re- homes are not measured, for these are not a turns, have been a key source of informa- part of current productive activity that it is tion. Financial materials compiled by the the purpose of these accounts to describe. Securities and Exchange Commission and The significance of such transactions for the Housing and Home Finance Agency, financial analysis requires their inclusion in as well as the banking and other financial the flow-of-funds record. Estimates of condata compiled by the Federal Reserve Sys- sumer purchases of existing homes and of OCTOBER 1955 1101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS the cost of land for new homes, accordingly, the business sector rather than by the personal are utilized to supplement the measurements sector. In the flow-of-funds accounts, exof consumption expenditures and construc- penditures for home ownership and maintetion activity in the national income system nance paid by owner-occupants are classified in deriving the consumer sector account in as payments by the consumer sector. the fiow-of-funds system. Netting adjustments* To the extent pos- Transaction classification adjustments. sible, nonfinancial transactions are recorded There are a number of differences in the on a gross basis in the flow-of-funds accounts. classification and grouping of transactions In the data sources used in compiling the as between the flow-of-funds accounts and flow-of-funds accounts, receipts and expendthe national income accounts. In the latter itures are sometimes offset against each other* system, for example, some consumer pur- For example, in the personal sector of the chases of services from governmental units, national income system, tax refunds received such as payments for tuition to State uni- by persons are netted against their tax payversities, or fees paid to public hospitals, ments. Such tax payments and the refunds are classified in the category "personal taxes are treated on a gross basis in the consumer and nontaxes," rather than with the com- sector account of the flow-of-funds structure. parable purchases from private enterprises Consolidation adjustments. These adwhich are classified as consumption expendi- justments refer to the extent to which intertures. In the flow-of-funds consumer sector, unit flows within each sector are recorded in payments for services, whether to govern- the accounts. For example, as noted above, ments or businesses, are combined in a single the national income account for the personal transaction category. sector consolidates the activities of nonprofit Sector coverage adjustments. There are organizations with those of consumers. In also differences in the groupings of trans- this consolidation, flows between component actors between the flow-of-funds and other groups of the sector are eliminated. Thus, accounting systems. For example, the per- personal donations to, and grants from, philsonal sector account in the national income anthropic institutions are not recorded in structure includes expenditures by nonprofit the national income accounts, nor are coninstitutions and disbursements by pension sumer purchases of services from schools, hosplans as well as those by consumers. In the pitals, and other nonprofit institutions. In flow-of-funds system, separate sector accounts the flow-of-funds accounts, philanthropic, are provided for the receipts and disburse- religious, educational, and other nonprofit ments of nonprofit organizations, pension organizations are classified in the sector acplans, and consumers. count for other institutional investors, and Sector allocation adjustments. These ad- transactions of these groups with consumers justments result from differences in the allo- are specifically recorded. cation of transactions to sectors, even where Timing adjustments. Transactions are comparable groupings of transactors exist* sometimes entered in the flow-of-funds ac- In the national income accounts, operating counts on a different timing basis than that and maintenance expenditures on owner-oc- employed in other national accounting syscupied homes—including interest payments tems. For instance, armed forces leave on mortgages—are classified as payments by bonds issued to enlisted men in connection 1102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS with their World War II services are re- ILLUSTRATION OF ADAPTATION OF DATA corded in the personal sector account of the Tables are presented in the report in connational income system as transfer payments nection with the sector and transaction acreceived by persons as of the time these counts explaining relationships between flowbonds were redeemed. In the flow-of-funds of-funds series and corresponding series in accounts, they are recorded as consumer reother accounting systems and in other bodceipts as of the time the bonds were issued. ies of statistical compilations. The detailed Adjustments for valuation differences. differences between series are grouped in Some transactions are recorded in the flow-of- terms of the types of adjustments discussed funds accounts with valuations different above. from those in other accounting systems. An An illustration of the relationship tables example is the difference in recording and of the adaptation of existing data to changes in farm inventories as between the flow-of-funds accounting is given in the national income accounts and the flow-of- tables on page 1104. These tables show the funds accounts. In the national income ac- steps necessary to move from the national counts, changes in farm inventories are esti- income accounts measures of personal inmated as the market value of the change in come and personal consumption expenditures physical stocks. In the flow-of-funds ac- to the flow-of-funds measures of consumer counts, the change is valued on a cost basis, nonfinancial receipts and expenditures. The comparable to the basis used in recording figures, which pertain to 1950, indicate the nonfarm inventory changes in both the flow- order of magnitude of the different types of of-funds and the national income systems. adjustments made. Adjustments for differing estimates. Many of the other relationship tables pre- Some measurements incorporated in the sented throughout the report are also comflow-of-funds accounts differ statistically parisons between flow-of-funds concepts and from measurements of the same transactions series and national income system concepts in other accounting systems, even though no. and series. In addition, other comparisons difference in concept is evident. Such differ- between these two systems can be made by ences can be illustrated from the business appropriate identification of lines in the flowinvestment area. Flow-of-funds measures of-funds accounts rather than in relationship of business capital outlays are derived from tables. Relationships to the national income the Securities and Exchange Commission- system are not brought together in any single Department of Commerce survey of plant place but are shown in the appropriate chapand equipment expenditures. The measures ters of the report. of analogous expenditures in the national REVISION OF ESTIMATES income system are derived from a combination of sources that are independent of the In the preparation of this report for pub- SEC-Commerce data for most years. After lication, it was necessary to set a relatively allowance for conceptual differences between early cut-off date for the figures used. The the two series there remains a statistical dif- tables in the report incorporate data that ference that must be recognized in reconcil- were available at the end of 1954; they do ing the national income and flow-of-funds not reflect revisions and new data that have accounts. become available since that time. OCTOBER 1955 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RELATIONSHIP OF CONSUMER NONFINANCIAL SOURCES OF FUNDS IN FLOW-OF-FUNDS ACCOUNTS TO PERSONAL INCOME IN NATIONAL INCOME ACCOUNTS, 1950 fin billions of dollars] Personal income in national Income accounts. 227.0 Adjustments for differences in transaction coverage:1 B Minus: Imputed and in-kind income in wages and salaries and in interest 6.7 C Minus: Imputed and in-kind income in proprietors' and rental income 5.4 D Plus: Interest on tax refunds .1 E Plus: Receipts from sales of homes, cars, and other goods 16.1 F Plus: ^ Benefits from private life insurance annuity and retirement programs2 4.0 G Plus: * Benefits netted against nonlife insurance premiums in personal consumption expenditures3 1.7 Adjustment for differences in timing: H Plus: Net issues of armed forces leave bonds and adjusted service bonds. . Adjustments for differences in consolidation: Plus: Grants and donations received from nonprofit organizations Plus: Insurance benefits received from self-administered pension plans Adjustments for differences in transaction classification: K oMinus: Consumer bad debts in personal income L Plus: Personal contributions for social insurance deducted in calculation of personal income Adjustments for differences in sector coverage: M Minus: Interest, dividends, and transfer payments received by nonconsumers in personal sector of national income accounts4 "•': : N Minus: Employer contributions to self-administered pension plans Adjustments for differences in sector allocation: O Minus: Interest receipts of nonfinancial nonfarm noncorporate business. .1 P Minus: Employer contributions to insured pension plans and insurance programs 1.4 Q Minus: Net funds left in and invested in noncorporate businesses by consumer sector .1 R Plus: Benefits from real property insurance received by nonfarm home owner-occupants. . .2 Adjustments to put net items on gross basis: S Plus: Tax refunds 1.7 T Plus: Personal cash remittances from abroad netted in personal consumption expenditures. * U Equals: Consumer nonfinancial sources of funds in flow-of-funds accounts 238.6 NOTE.-—Details may not add to totals because of rounding. *Less than 50 million dollars. 1 Government benefit payments under deposit insurance programs are too small to be shown separately but are reflected in line U. 2 Excludes benefits received from self-administered pension plans, which are entered as line / below. ^Benefits from private insurance policies covering automobiles and other personal property and from accident and health and hospitalization policies. Benefits from life insurance, real property insurance, and private pension plans are included in other adjustments to personal income on lines F, J, and R. 4Consists of interest, dividend, and transfer receipts of nonprofit organizations; interest received by self-administered pension plans; profits of Military post exchanges, Navy exchanges and ships' stores. RELATIONSHIP OF CONSUMER NONFINANCIAL USES OF FUNDS IN FLOW-OF-FUNDS ACCOUNTS TO PERSONAL CONSUMPTION EXPENDITURES IN NATIONAL INCOME ACCOUNTS, 1950 [In billions of dollars] Personal consumption expenditures in national income accounts 194.0 Adjustments for differences in transaction coverage: B Minus Imputed expenditures for food, clothing, shelter and services1 19.6 C Minus Imputed expenditures *or cost element in life insurance premiums2 2.0 D Plus: Insurance premiums for private life insurance, annuity and retirement programs3 6.6 E Plus: Nonlife insurance benefits netted against premiums in personal consumption expenditures. 1.7 F Plus: Purchases of existing houses4 12.9 G Plus: Gross purchases of used goods from dealers less dealers' margins included in A 3.6 Adjustment to put net items on a gross basis: H Plus Personal cash remittances from abroad netted in personal consumption expenditures. . . Adjustments for difiempees^ in consolidation: Plus Purchases from nonprofit organizations 3.3 J PPlluuss Grants and donations to nonprofit organizations 4.2 EC Plus Insurance premiums to self-administered pension plans .3 Adjustment for differences in sector coverage: L Minus: Current expenditures of nonprofit organizations in personal consumption expenditures . . . Adjustments for differences in transaction classification: M Plus: Taxes paid by consumers in flow-of-funds accounts5. 23.9 N Plus: Payments to public institutions included with personal taxes and nontaxes in national income accounts 1.0 O Plus: Consumer contributions for social insurance in flow-of-funds accounts6. 2.9 Adjustments for differences in sector allocation: P Minus: Premiums for accident and health and group hospitalization insurance paid by business .5 Q Plus: Operating expenses of nonfarm owner-occupied homes7 5.3 R Plus: Purchases of new homes (including land costs) 10.7 S Equals: Consumer nonfinancial uses of funds in flow-of-funds accounts 241.6 NOTE.—Details may not add to totals because of rounding. *Less than 50 million dollars. 1 Includes imputed purchases of services of financial intermediaries other than life insurance companies. 2Equal to those operating expenses of life insurance companies and fraternal orders arising in handling of life insurance policies. 3 Excludes premiums paid to self-administered pension plans, which are entered on line K. 4Gross prices paid by buyers. Includes also sellers' payments of commissions to real estate brokers. 5The relationship between personal taxes and nontaxes in national income accounts and consumer taxes in flow-of-funds accounts is described in the report. 6 Equal to "personal contributions for social insurance" in the national income accounts. 7Maintenance and repair costs, mortgage interest, real property insurance premiums, and premiums for Federal Housing Administration insurance on home mortgages. Taxes on owner-occupied properties are included in line M. 1104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS The problem of statistical revision is a major sectors of the economy. These sectors continuing one. For recent years in par- divide the economy in terms of types of ticular, many data represent preliminary es- economic unit rather than types of activity. timates pending the availability of final In general, all transactions of an economic benchmark information. For example, unit are recorded in a single sector account. Statistics of Income, an important bench- There are two exceptions to this general rule. mark source of data, is published annually First, the business activities of proprietors by the Internal Revenue Service from tax- of noncorporate enterprises are separated return tabulations. These tabulations are from their activities as consumers. Second, usually published about two years after the certain Federal monetary funds are recorded close of the calendar year. When they be- in the banking sector account rather than come available final estimates dependent on in the Federal Government sector account. tax data are made for the year covered, and 3. Similar transactions are grouped tothe preliminary estimates for following years gether. The main system for classifying are adjusted to reflect the new tax-return transactions is a balancing one that measinformation. Revisions are necessary over ures receipts and payments for each kind of longer periods of years when new Censuses transaction consistently throughout all sector become available and when data are gath- accounts. There are 12 categories of nonered on previously unexplored parts of the financial transactions representing purchases economy. and sales of goods and services, returns on It is also reasonable to expect that in the investments, insurance, tax payments, and future there will be modification in the struc- transfers for charitable and similar purposes. ture of the accounts or alterations in the type There are 9 categories of financial flows, of detail shown as changes occur over time representing net changes in major types of in the relative importance of types of trans- financial claims. actor or transaction and as new sources of For many problems, it is desirable to have data and calculation techniques become a breakdown of these balancing categories available. into significant components. Therefore, balancing subcategories are provided for SUMMARY many of the transaction accounts. For oth- The key features of the flow-of-funds ac- ers, identical breakdowns cannot be carried counts may be summarized as follows: through for all sector accounts, but detail 1. The accounts include all transactions useful in analysis is presented in the sector that involve at least two separate economic accounts to the extent possible. units and that are effected through transfers 4. For certain kinds of transaction it is of credit or money. They exclude barter, possible to trace each sector's dealings with bookkeeping transfers among the internal other sectors. This type of "to-whom-fromaccounts of a single transactor, and imputed whom" arrangement of the data is presented transactions. Some of the internal transfers for several of the nonfinancial transaction excluded from the accounts proper are re- categories, and "who-owes-what-to-whom" corded as memoranda. arrangements are presented for a number of 2. Measures of the flow of funds are organ- the financial transaction groups. Because the ized into sources and uses statements for 10 necessary data are not available, it is not pos- OCTOBER 1955 1105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS sible to carry through this organization of are derived by adapting existing data to the the data completely. definitional criteria of the flow-of-funds ac- 5. The flow-of-funds accounts utilize both counting system. Where source data have payment and accrual accounting. Some been inadequate, it has been necessary to transactions are recorded on a payments basis prepare special estimates. In some areas, as (as of the time of cash settlement), while in the noncorporate business sector, estimatothers enter on an accrual basis (as of the ing procedures have had to be relatively time an obligation to pay is incurred). Ob- crude. The user of die accounts is cautioned jectives of the accounts determine the basis to become familiar with the flow-of-funds used to record each type of transaction. Once statistical and accounting procedures exthe appropriate timing basis is determined plained in detail in the report. for a transaction category, it is applied uni- A comprehensive system of national acformly, with minor exceptions, throughout counts serves to highlight important statistiall sector accounts. Financial transactions cal gaps and thereby to stimulate and direct reflect the timing bases on which the non- efforts to improve the quantitative informafinancial transactions are recorded. For ex- tion available. At the same time, even blank ample, purchases on credit are reflected at cells in a structure of accounts aid in preventfull value in the nonfinancial transaction ing omission from consideration of such entries, and a concomitant increase is re- qualitative information as may be brought corded in the financial asset and liability to bear on the unmeasured cells. entries for the debt arising in the transaction. 8. The structure of the flow-of-funds ac- The variety of time bases used does not in counts is intended to reflect those functional itself introduce discrepancies between the and institutional features of importance in sources and uses of funds for any sector acanalyzing the role of financial factors in ecocount, or between receipts and payments in nomic fluctuation and growth. As these any transaction account. features change, it has been, and will con- 6. Gross flows of funds are recorded for tinue to be, necessary to modify the structure most nonfinancial transactions, but only the of the accounts. Also as new data are colnet changes in each type of financial asset lected and improvements made in existing and liability are incorporated in the sector data, the estimates incorporated in the flowaccounts. Some measures of gross financial of-funds accounts will be revised. flows are available. These are not in suffi- 9. The organization of accounts is directed cient detail, however, to be carried through to the economy of this country; it is not apconsistently in both debtor and creditor sec- plicable without modification to other econtor accounts. omies in which institutional structures and 7. Measurements shown in the accounts available data differ markedly. 1106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1939 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Sectors Consumer Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance Other th R e e w st o o r f ld Total Transactions S U S U S U S U S U S U S U S U S U S U " S U Nonfinancial A Payroll 45 3 1.0 26 8 6 2 8 4 0 4 2 6 8 1 l 45.3 45.3 B Receipts from and payments on investment 18.3 6.0 4.7 9.8 7.0 11.9 .4 3.5 .4 1.2 .2 .9 2.0 .8 1.4 .1 .6 .5 .2 .5 35.3 35.3 C Insurance and grants 6.3 6.5 .3 2.3 .2 .7 7 .1 1.8 2.9 4.1 4 2 .1 6.4 4.0 1.3 4 2 21.2 21.2 D Taxes and tax refunds . . .. * 2.9 * 6.3 2.3 4 4 5 1 7 7 1 2 * * 12.3 12.3 E Capital acquisitions 2.7 11.3 5.4 " ^4 1.8 -.1 .8 .6 2.1 * * * .2 .3 F Net change in inventories 3 .1 — i G New fixed capital ... 8 0 5 0 1 7 9 5 2 1 * * .3 H Other capital acquisitions 2.7 3.4 .1 .4 * - .1 2 192.6 193.9 I Purchases and sales of other goods and services 45.5 124.5 80.2 49.8 33.8 8.0 2.8 .7 1.6 1.6 2.2 .3 .1 .2 .9 1.1 .8 3.1 3.7 Total 72.6 73.1 129.5130.8 57.4 56.7 8.9 8.4 7.5 10.3 13.7 13.6 2.3 1.7 8.0 6.0 3.2 3.0 3.6 4.3 306.7 308.0 Financial1 K Currency and deposits 2.7 1.0 .4 .2 -.7 — .1 5.2 .3 .2 .2 1.0 5.2 5.0 L Federal obligations 2 * 2 1 1 1 5 5 _ 2 * 2.1 2.2 ]V[ IVTortgages .6 1 .2 2 — .2 2 -.2 .3 .2 * ..2 .4 .4 N Corporate securities and State and local obligations . .... -.8 -.5 .1 * -.1 .1 ^ -.4 .9 * -.2 -.1 -.1 -.5 -.5 O Other .6 .3 1.1 .7 ' .1 .3 -A * .2 -!l 3.9 ' .i .3 .2 4_ 1.7 2.7 -.1 -2.8 P Total 1.2 2.5 .8 1 9 — 1 4 — 3 2 2 1 — 7 1 1 5 0 5 3 i .3 .2 -.3 9.0 9.9 1.8 -1.8 Q Grand total. 74.1 74.1130.3130.3 57.4 57.4 8.6 8.6 9.6 9.6 13.8 13.8 7.3 7.3 8.1 3.5 3.5 3.3 316.0 316.0 8.1 3.3 Memoranda: R GNP identifiable in J 61.5 5.8 2.0 1.9 5.1 8.0 .5 * 2.6 .7 88.1 S Bank credit in P ... 3 .2 ^ 1.5 .2 2.0 i I 2.0 2.0 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1940 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Sectors Consumer th R e e w st o o r f ld Total Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance Other Transactions S U S U S U S U S U S U S U S U S U S U S U Nonfinancial A Payroll 49 1 1.0 29.7 6 8 8 4 0 4.3 6 .8 1.1 * 49.1 49.1 B Receipts from and payments on investment 19.9 6.3 4.9 10.1 7.3 13.2 .4 3.8 .4 1.3 .2 .9 2.0 .8 1.4 .1 .6 .4 .2 .6 37.4 37.4 C D T In a s x u e r s a n a c n e d a t n a d x r g e r f a u n n t d s s * 6.7 3 6 . . 1 7 .3 1 2 7 .6 1 .3 2 .7 5 .6 .1 4 2 5 .1 3 3.0 1 4 8 .1 1 4.5 * .1 1 6.7 4.2 2 1.3 * .4 .3 * .1 2 1 2 3 . . 4 4 2 1 2 3 . . 5 4 K Capital acquisitions 3.7 13.9 8.0 4 2 4 — l 1 3 1 1 0 1.7 * * * * .2 .2 F Net change in inventories 1.6 .3 .3 H G O Ne th w e r f i c x a e p d i t c a a l p a i c ta q l uisitions 3.7 4 9 . 5 4 6 .1 3 .4 2 * 1 _ * 1 0 1 * 1.0 1 7 * * .2 .3 213.3 214.1 I Purchases and sales of other goods and services 48.1 139.7 88.5 53.6 35.8 8.1 2.9 .7 1.3 1.8 2.3 .3 .2 .2 1.0 1.2 .8 3.4 4.6 Total 79.4 79.1145.0146.1 61.5 61.3 9.1 9.3 8.6 10.6 14.3 13.7 2.3 1.8 8.4 6.3 3.3 3.1 3.9 5.3 335.8 336.6 Financial1 K. Currency and deposits ^. . 2 1 2.2 7 2 — 6 .4 6.9 .3 .1 * .7 6.9 6.1 5 _ 2 * 2 3 1 1 4 6 — .1 * 2.3 2.4 M Mortgages 1 l 1 .1 — i 1 A — l 3 3 .3 1.0 1.0 N Corporate securities and State and local obligations — 7 — 3 — l 1 .3 .2 -.1 .9 ? -.2 * * O Other .7 .4 1.8 1.9 .3 -.6 A * .1 .5 5.7 "".2 -.2 .2 .1 -.2 -3.2 3.9 5.0 P Total 1 8 2 4 1 6 3 8 2 3 4 .2 2 5 4 3 7 7.3 7.5 .2 1 9 .2 .2 -.2 -2.8 14.2 14.6 *TJ Q Grand total 81.5 81.5146.6146.6 61.8 61.8 9.4 9.4 11.0 11.0 14.6 14.6 9.6 9.6 8.6 8.6 3.5 3.5 3.7 3.7 350.3 350.3 2 Memoranda: 73 R GNP identifiable in J 65.9 8 5 2 6 2 4 5.9 7 7 .4 * 2.7 1.4 97.6 > S Bank credit in P. .7 .7 — .1 .2 1.4 .3 * 3.0 -.1 -.1 3.0 3.0 *Less than 50 million dollars. financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o w w SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1941 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Sectors Consumer Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance Other th R e e w st o o rl f d Total Transactions S U S u S U S U S U S U S u S U S U S U S u Nonfinancial A Payroll 61.0 1.0 38.0 8.5 1.0 5.3 4.5 .6 .8 1.2 * 61.0 61.0 B Receipts from and payments on investment 23.1 6.8 5.2 10.7 7 9 15 0 .5 5.2 .4 1 3 3 8 2.1 8 1 5 1 6 6 2 5 41.8 41.8 C Insurance and srants 6.6 7.6 .3 3.1 .3 .9 .5 .1 2.4 2.7 4.2 4.5 * .1 7.3 4.2 1.8 .5 .3 .1 23.7 23.7 D Taxes and tax refunds * 3.8 .1 9.4 2 7 4 8 1 1 8 5 1 2 * 16.7 16.7 E Capital acquisitions. . . . 4.5 17.5 11.8 .5 3.1 * 1.6 .1 3.7 1.4 .1 * .2 .2 .3 F Net change in inventories 3.3 .7 .2 G New fixed capital .. 11.7 8 4 2 3 1 4 3 6 1 4 * * 3 H Other capital acquisitions "4.5 .1 .5 * .1 .1 .1 ,2 2 271.2 272.7 I Purchases and sales of other goods and 5.7 services 181.7115.2 63.3 40.9 11.1 3.3 1.6 9.3 2.0 2.5 .4 .2 .2 1.0 1.3 .8 4.3 5.2 54.7 T Total 95.1 187.3188.1 72.1 71.1 12.1 11.7 12.5 22.3 14.9 13.6 2.6 1.9 9.1 6.5 3.9 3.5 4.7 5.9 414.3 415.8 91.3 Financial1 j£ Currency and deposits 3.5 9 5 5 1 7 4 7 6 — 1 * 4 -.4 7.6 7.0 L Federal obligations 2.5 2.0 .5 11.4 2 4 7 1 1 1 .2 11.4 11.3 M Mortgages 1.2 .1 -.1 2 .1 -.1 -.2 .3 5 * .4 1.1 1.1 N Corporate ^ securities and State and local obligations Q .1 9 .1 .1 -.3 * — .2 -.5 1 1 .3 * -.3 -.3 -.3 O Other .5 .6 3.8 4.0 1.0 .7 .2 .7 .7 * 3.5 .1 -.2 .4 * .3 -.8 7.0 8.5 P Total 1 7 5.8 3 8 6.7 1.1 1.9 1 5 12 2 2 3 _ 3 6 7 4 8 0 1 2 4 4 9 3 —1 3 26.9 27.7 Q Grand total 97.1 97.1 191.2191.2 73.2 73.2 12.2 12.2 24.6 24.6 14.7 14.7 10.0 10.0 9.3 9.3 4.3 4.3 5.0 5.0 441.5 441.5 Memoranda: R GNP identifiable in J 75.4 12.4 3.3 2.7 16.7 7.7 .4 * 2.9 1.1 122.7 S Bank credit in P .7 i!3 !3 .2 i'.7 — .2 '*' ' 7 1 1 * "Y.i 7.1 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1942 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Rest of Sectors Consumer the world Total Corporate Non- Farm Federal St. and loc. Banking Insurance Other corporate Transactions S u S U S U S U S U S U S U S U S U S U S U Nonfinancial A Payroll. 80.0 1.2 48.8 11.1 1.3 10.1 4.5 .7 .9 1.3 * 80.0 80.0 B Receipts from and payments on investment 26.5 6.9 4.3 9.6 8.7 17.3 .7 7.1 .5 1.7 .3 .8 2.1 .7 1.5 .1 .6 .6 .2 .5 45.3 45.3 C D T In a s x u e r s a n a c n e d a t n ax d g re r f a u n n ts ds * 6.6 8 6 . . 6 5 . . 6 1 1 3 4 . . 8 2 .4 2 1 . . 9 0 .6 . . 1 5 1 3 5 . . 3 8 3. . 2 1 4 8. . 6 5 4.7 * . . 2 2 7.7 4. . 4 2 2.4 * .6 .4 * .1 2 2 4 6. . 5 4 2 2 4 6 . . 5 5 E Capital acquisitions 3.9 13.8 6.8 "i'.b 1.2 * 2.0 .1 9.5 ' "lA A "".2 ' .1 .2 F Net change in inventories 5 2 6 G H O Ne th w e r f i c x a e p d i ta c l a p a it c a Q l uisitions 3.9 8.3 6 2 1 1 0 * 1 0 * 1 3 1 9 3 2 * 1 i .1 * 2 ,1 2 322.6 324.0 I Purchases and sales of other goods and 5.5 services 212.1 124.6 77 A 48.9 15 3 4 1 4 1 39 9 2 2 2 8 4 1 2 1.0 1.3 1.0 4.2 4.2 62.9 Total 117.0 217.1207.7 87.4 82.4 16.6 15.0 23.7 64.5 15.5 13.8 2.6 1.8 9.6 6.6 4.5 3.6 4.8 4.8 498.8 500.2 99.9 Financial 1 K Currency and deposits 6.3 3.7 1.9 1.0 7.3 .2 21.5 -.3 .1 .1 * 21.5 20.1 L Federal obligations . . 8.7 6 1 1 6 45 4 .3 24 4 3.2 .7 .4 45.4 45.3 M Mortages .4 — .2 .1 — 1 1 — .2 — .3 — 4 -.3 .3 * * -.9 N Corporate securities and State and local obligations -.5 — .2 — .2 — .1 -.1 -.8 * -.1 -.7 * .5 .1 * Q -1.0 O Other —3 7 4 — 6 — 7 ^ 5 2 3 9 1 7 i -2.0 .1 -.3 .3 -.2 -.2 -.8 P Total .. -3.2 14.7 -.7 8.8 -1.2 3.7 -.6 1.0 49.3 8.5 -.8 .5 21.2 21.4 .1 2.9 .3 1.2 .2 .2 -!3 62.8 •Tj Q Grand total 114.1114.1216.4216.4 86.2 86.2 16.0 16.0 73.0 73.0 14.7 14.7 23.8 23.8 9.8 9.8 4.8 4.8 5.0 5.0 64.7 563.8 2 Memoranda: h R GNP identifiable in J 80 4 7 3 1 4 3 1 55 5 7.5 5 3.0 * 563.8 158.8 *** S Bank credit in P — 1.0 —2 1 * — l 24 4 -.3 * 21.0 * -.1 21.0 21.0 e *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. w NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. 5 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1943 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Sectors Consumer Rest of Total Corporate co N rp o o n r - at- Farm Federal St. and loc. Banking Insurance Other the world Transactions S U S U S U S U S U S U S U S U S U S U S U Nonfinancial A Payroll 102.3 1.4 59.2 12 7 1.7 19.5 4.8 .7 .9 1.5 * 102.3 102.3 B Receipts from and payments on investment 31.1 6.8 4.3 9.8 9.0 18.9 .7 10.1 .6 2.5 .4 .7 2.3 .7 1.5 .1 .6 .5 .2 .5 50.6 50.6 C Insurance and grants 6.4 10.1 1.1 4.5 .3 1.0 .6 .1 4.5 3.4 4.5 4.6 .2 81 4.3 3.0 .7 .4 .1 28.9 28.9 D Taxes and tax refunds * 18.4 * 21.6 3 0 5 33 5 1 8.7 2 3 * * 42.3 43.9 F E Ca N p e it t a l c h a a c n q g u e i s in it io in n v s entovies 4.3 13.0 - 4 .6 5 .5 .8 * .4 — 1. 0 2 .1 5.7 .7 .2 .2 .1 * G New fixed capital 7.0 5.1 9 1 1 5 6 7 H Othev capital acquisitions 4.3 6.0 * 4 1 1 * .2 j I 374.3 375.6 I Purchases and sales of other goods and services 71.7 242.8 139.7 88.7 55.8 19.5 5.8 7.3 67.8 2.3 2.7 A .2 .3 1.1 1.5 1.2 5.8 3.9 T Total 144.2 121.3248.2239.3 98.4 92.2 21.3 19.2 46.0 98.9 15.9 13.5 2.8 2.0 10.2 6.6 5.2 3.9 6.3 4.5 598.5 601.4 Financial1 K Currency and deposits 10.5 4.3 3.0 1.4 1.9 .4 23.7 .2 .4 * .6 23.7 22.7 L Federal obligations 11 9 6.2 1 8 52 9 1 1 25 8 3 9 1 3 .6 52.9 52.6 M Mortgages .2 — .2 — .3 Q * -.4 -.7 — .4 * * -1.4 -1.4 N Corporate securities and State and local obligations -.4 -.8 -.1 — 1 -.1 -1.2 — .2 -.8 .3 .2 .1 * -1.9 -1.3 O Other -1.0 .9 .3 -.4 -.2 .4 3 1.8 .7 -.3 -.4 .2 -.3 .7 .1 .7 1.3 1.6 P Total -.8 22.7 -.8 10.1 -1.0 5.1 -.8 1.4 54.6 1.8 -1.2 1.3 23.3 .2 3.9 .7 1.9 1. 74.4 74.2 24.2 1.9 Q Grand total 143.6 143.6 247.4247.4 97.4 97.4 20.5 20.5 100.7 100.7 14.8 14.8 26.1 10 3 10 3 5.9 5.9 6 4 673.2 673.2 26.1 6 4 Memoranda: R GNP identifiable in J 87.8 5.3 1.1 2.3 85.1 7.2 .5 3.3 -1 8 190.8 S Bank credit in P — .2 — .1 — .3 — .2 25.8 — .4 * 24.5 * — l 24.5 24.5 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1944 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Rest of Sectors Consumer the world Total Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance Other Transactions S U S U S U S U S U S U S U S U S U S U S U Nonfinancial A Payroll 113.0 1.7 62.1 14.0 1.9 24.9 5.0 .8 .9 1.7 * 113.0 113.0 B Receipts from and payments on investment 34.1 6.8 4.6 10.1 8.8 21.0 .8 10.6 .6 3.2 .4 . 7 2.5 .8 1.6 .1 .6 .5 .2 .6 54.3 54.3 F C D E T C In a a s N x p u e e i r t s t a a n l a c h c n a e a d c n q a g t u n a e i x d s i i n r g t e i r o i f a n u n n v n s e t d s n s tories .... 5 7 . . . 2 4 3 1 1 14 1 9 . . . 2 3 8 1 .5 4 — 2 4 4 7 1 . . . 4 5 8 1 "". . 7 3 3 1 1. . . 7 3 5 1 "".5 .7 1. . . 3 1 5 2 4 4 2 . . 9 1 9 4 2. . . 6 4 9 4.5 " 4 " .6 .6 * ' '. 1 * . . 2 2 "" 9 .3 .1 4. . 6 3 3. . 4 1 * . . 1 9 .5 * .2 5 3 2 2. . 2 9 3 5 2 2 . . 2 5 G H O N t e h w e r f c ix a e p d i ta c l a p a it c a q l uisitions 5 2 7 7 2 0 5 .1 4 .7 * 1 2 .5 1 5 .1 2 . 5 1 * 6 .1 * .3 .1 .1 403.6 407.8 I Purchases and sales of other goods and services . . . 78.7 254.7 149.6 100.7 65.2 20.3 6.2 9.8 73.0 2.5 2.9 .4 .2 .3 1.1 1.6 1.3 6.4 4.7 Total 160 1132.5261 3258.4 110.5106 3 22.3 20.6 58.2109.0 16.5 13.9 3.1 2.2 11.3 7.1 5.7 4.5 7.1 5 5 656.0 659.8 Financial1 K Currency and deposits 13.9 .4 1.6 1.4 10.3 .2 28.0 -.2 .4 .1 .1 28.0 28.1 L Federal obligations 13.3 4.9 2.7 58^6 2.2 27!9 5.2 1.6 .6 58.0 58.5 ]V1 ]VXortgages .5 * * -.6 * -.4 — .6 -.2 * .2 — .6 -.6 N Corporate securities and State and local obligations — 9 — 6 * -.1 -1.1 -.5 * .1 .3 * .2 .1 * -1.5 -1.0 O Other .7 1.5 .8 — A 1.6 .8 .1 * 1.3 -1.2 * 1.2 "".6 -.3 1.0 -.1 .1 1.3 6.1 2.9 P Total 1.2 27.8 .2 5.0 .9 5.1 -.3 1.4 59.3 8.5 -1.1 1.9 28.0 29.1 .6 5.0 1.1 2.4 .3 2.0 90.1 88.0 *TJ Q Grand total 161 4161.4261 5261.5 111.5111.5 21.9 21.9 117.5 117.5 15.3 15.3 31.1 31.1 11.8 11.8 6.8 6.8 7.4 7.4 746.2 746.2 ^ Memoranda: Jd R GNP identifiable in J 95.3. 5.2 2.1 2.7 90.7 7.3 .5 3.8 —1.6 206.0 I3* S Bank credit in P 6 " ' "p "' '4 27 9 1 '*' 30.3 A * '*' "3o!3 30.3 1 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. td I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o Q o SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1945 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Sectors Consumer th R e e w st o o rl f d Total Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance Other Transactions S U S U S U S U S U S U S U S u S U S U S U Nonfinancial A Payroll 113.2 1.9 58.8 15.4 2.0 26.1 5.5 .8 1.0 1.8 * 113.2 113.2 B Receipts from and payments on investment 36.4 6.8 4.7 10.1 8.9 22.2 .8 11.4 .6 4.1 .5 .7 2 9 .9 1.7 * .7 .6 2 .6 57.4 57.4 C Insurance and grants 10.2 12.0 1.5 4.7 .4 1.2 .7 .2 4.7 7.2 4.6 5.0 * .2 9.9 5.0 3.4 .9 1.1 .2 36.6 36.6 D Taxes and tax refunds 1.3 22.7 .8 25.9 3.6 .7 43.7 2.1 9.5 .3 .3 * * 55.4 55.5 E Capital acquisitions. . 6.0 16.5 6.1 2.5 "".5 1.0 * 1.8 "".7 * "".2 2 F Net change in inventories —1 0 4 — 4 G H O N t e h w e r f c ix a e p d i ta c l a p a i c ta q l uisitions 6 0 8 7 . 5 9 7. . 0 1 ' "l'.O 2 * .1 "".5 1.5 1. . 7 1 .7 2 2 410.4 414.4 I Purchases and sales of other goods and services 88.1246.9150.3 111.5 73.0 21.8 7 0 9.9 54.5 2 8 3 0 .4 .3 .3 1.3 1 9 1 4 7 1 6.7 Total 167.2148.0253.8255.8 121.8117.9 23.8 22.1 59.0 95.8 17.4 14.9 3.4 2.5 12.1 7.7 6.0 4.9 8.5 7.5 672.9 677.0 Financial1 K Currency and deposits 14 2 _ 3 2 9 1 4 4 4 7 24 8 1 .6 .2 .6 24.8 24.3 L Federal obligations 9 5 6 1 9 41 6 2 2 21 7 4 7 8 .6 41.6 41.9 M Mortages .9 .3 .1 * .4 -.1 — .6 .2 -.1 * .6 .9 .9 N Corporate securities and State and local obligations -1.4 -.7 * — .1 -.6 -.3 .1 .9 .8 .1 .4 .2 2 -.9 .2 O Other . . . . 1 1 2 1 — 6 2 5 1 1 — 1 * — 1 5 — 4 .1 3.6 .2 -.2 1.5 .1 1.1 4.2 7.3 P Total . 2.0 24.7 -1.4 -.3 2.5 6.3 -.2 1.4 40.1 3.2 -.6 2.6 25.0 26.5 .2 5.4 1.7 2.5 1.6 2.5 70.8 74.8 Q Grand total . . . 169.3169.3252.5252.5 124.3124.3 23.5 23.5 99.0 99.0 16.8 16.8 28.4 28.4 12.3 12.3 7.7 7.7 10.0 10.0 743.9 743.9 Memoranda: R GNP identifiable in J 105.9 7.0 3.0 2.6 74.4 7 8 .6 4.1 — 1 0 204.4 S Bank credit in P . . 1 2 1 4 1 7 # 21 7 4 * 26.8 * 1 2 26.8 26.8 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1946 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Sectors Consumer th R e e w st o o r f ld Total Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance Other Transactions S U S U S U S U S U S U S U S U S U S U S U Nonfinancial A Payroll. . . 109.6 1.9 63.9 17.8 2.2 13.1 6.3 1.0 1.3 2.1 * 109.6 109.6 B Receipts from and payments on investment ... 44.5 7.2 5.5 11.6 9.9 27.5 .9 13.6 .4 4.8 .5 .7 3.3 .9 1.7 .1 .8 .7 .2 .8 67.8 67.8 D C T In a s x u e r s a n a c n e d a t n ax d r g e r f a u n n t d s s . . 1 1 6 . . 7 6 2 1 1 2 . . 0 5 1 1 . . 1 1 2 4 2 . . 9 4 .5 4 1 . . 1 4 .8 . . 2 6 3 4 8 . . 0 2 1 2 2 . . 7 6 1 5 0 . . 7 6 5.9 . . 4 2 11.4 5. . 6 3 3.6 * 1.0 1.0 .2 4 5 4 1 . . 6 6 4 5 4 1 . . 7 5 E Capital acquisitions 10.3 30.7 .1 19.6 i!i 5.1 ' A 2.0 * 1.0 1^5 .1 ' .2 .1 .6 F Net change in inventories 6.0 4 ~ 2 G H N Ot e h w er fi c x a e p d i ta c l a p a it c a q l uis . i tions . . .. 10.3 1 1 8 2 .3 3 .1 1 1 2 .3 4 I.I 3 .8 9 .4 2 3 * * 9 1 .1 4 1 2 * .1 6 470.3 473.6 I Purchases and sales of other goods and services 106.0279.5 179.6 129.5 85.3 24.8 7.9 11.9 15.4 3.1 3.5 .5 .3 .4 1.6 2.2 1.7 6.4 11.6 T Total 182.7179.4287.2302.1 140.9141.1 27.0 26.5 54.6 49.6 19.8 17.9 3.8 3.0 13.7 9.0 6.6 6.1 7.6 12.5 743.9 747.3 Financial1 K Currencj^ and deposits 7.8 1.0 .8 .6 -22.8 1.1 -9.1 .2 .3 -.3 .2 -9.1 -10.5 L Federal obligations 4 -6 7 o -22 5 — 2 -15 3 1 3 — 6 -.5 -22.5 -22.4 M Mortages 3.6 .7 1.2 1.3 .9 * — .4 2.7 .5 .1 1.8 6.2 6.2 N Corporate securities and State and local obligations -.8 2.2 * 4 -.1 -.4 -.5 * .6 2.1 .2 .4 -.1 -.2 1.9 2.0 O Other 1 2 9 6 0 4 8 7 5 2 —3 3 2 5 -.3 3.7 — .2 -.1 1.3 3.8 -1.3 9.6 11.3 .2 P Total . . .. 4.8 9.0 9.4 -.8 2.1 1.7 .2 .6-25.8 -20.8 -.4 .4 -9.5 -8.3 -.2 4.0 1.5 3.4 -1.7 -14.2 -13.7 2.1 Q Grand total... 187.7187.7296.6296.6 143.0 143.0 27.2 27.2 28.8 28.8 19.4 19.4 -5.7 -5.7 13.6 13.6 8.1 11.1 11.1 729.8 729.8 8.1 Memoranda: R GNP identifiable in J 134.0 19.7 4 9 3 8 19 4 9 7 .7 * 5.1 4.9 202.3 S Bank credit in P 2 0 3 0 1 1 2 -15 3 4 -9.0 -.4 — l 1 -9.0 -9.0 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1947 S = Sources of Funds, U = Uses of Funds (Annual flows, in, billions of dollars) Business Government Financial institutions Rest of Sectors Consumer Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance Other the world Total Transactions S U S U S U S U S U S U S U S U S U S U S U Nonfinancial A Payroll 121.0 2.1 75.1 19.5 2.4 9.3 7.5 1.1 1.4 2.5 * 121.0 121.0 B Receipts from and payments on investment 50.2 8.1 6.2 13.2 11.2 30.0 1.0 16.3 .4 4.6 .5 .7 3.5 1.1 1.8 .1 .9 .8 .2 1.1 76.0 76.0 C Insurance and grants 16.9 13 8 .7 6.1 .6 1 6 .4 3 4.7 11.7 6.7 6.9 * .3 13 3 6 5 4 1 1 0 1 0 4 48.5 48.6 D Taxes and tax refunds 1.7 24.0 .9 20.7 4.3 .7 38.2 2.6 12.1 c 3 52.8 53.1 E Capital acquisitions 10 0 37 7 2 19.4 17 5 6 ' .4 2 2 * 1.0 2 7 1 1 2 8 F G H N O N e e th t w e c r f h i c x a a e n p d g i t e c a i a l n p a i i t c n a q v l u e i n s t i o ti r o i n e s s 10.0 2 1 5 2 .6 0 .2 17 1 . . 2 6 5 1.7 5 A A 1 A -1 3 .2 5 * 10 25 .2 ' 1 .1 .2 i 8 564.4 567.8 I Purchases and sales of other goods and services ... 118.1357.0235.9 141.4 96.3 29.7 10.5 9.2 12.6 3.4 4.2 .6 .4 .5 1.9 2.7 1.9 7.7 16.3 Total 199.8203.7365.0370.5 154.9 157.4 31.5 32.3 52.5 41.7 22.7 22.0 4.0 3.5 15.7 10.4 7.7 7.0 8.9 17.8 862.8 866.4 Financial1 K Currency and deposits 2 7 2 1 _ 2 — 2 — 6 9 3 7 4 * .1 -.3 3.7 4.9 L Federal obligations 1 8 — 1.2 Q —6 3 9 —6 6 7 — 4 .6 -6.3 -6.3 M Mortgages . . 4.2 .5 1.2 1.6 .9 .1 -1.0 2.6 1.5 * 2 6 7.2 7.2 N Corporate securities and State and local obligations 2 4 2 * 2 1.6 .1 * 1.1 3.8 .2 .7 * -.2 5.9 5.9 O Other 3.2 1.6 6.9 7.6 2.1 1.0 .5 -1.1 5.0 1.0 7.6 "".2 * 2.1 .4 7.9 -2.0 2.1.0 22.8 P Total 7 5 6 8 12 3 8.5 3 7 1 0 .6 - 2 -7 4 3 4 1 6 1 9 4 7 4 7 2 5 1 2 3 3 4 8 0 — 1 9 32.8 33.3 Q Grand total... 207.5207.5377.3377.3 158.6 158.6 32.1 32.1 45.1 45.1 24.2 24.2 8.7 8.7 16.0 16.0 10.1 10.1 16.8 16.8 896.4 8%. 4 Memoranda: R GNP identifiable in J 153.8 20.3 6.0 4.3 15.2 12.5 .9 .1 6 0 8 9 228.1 S Bank credit in P . . 3 0 2 5 1 4 4 —6 6 9 2.5 .4 .4 2.5 2.5 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1948 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Rest of Sectors Consumer the world Total Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance Other Transactions S U S U S u S U S u S U S U S U S U S U S U Nonfinancial A Payroll 133 2 2 1 83 5 21 1 2 5 9 5 8 7 1 3 1.6 2.9 * 133.2 133.2 B Receipts from and payments on investment 54.7 9.4 7.1 15.0 12.3 34.8 1.0 15.2 .5 4.7 .6 . 7 3.9 1.2 2.0 .2 1.0 .8 .3 1.3 83.4 83.4 D C T In a s x u e r s a n a c n e d a t n ax d r g e r f a u n n t d s s 1 1 6 .6 8 2 1 3 5 .0 8 .7 5 2 6 3 . 7 7 .6 4 1 .8 8 .4 . . 3 8 4 4 0 . . 6 2 1 2 1 . . 2 5 1 7 3 . . 7 8 8.2 * .3 4 14.7 7. . 2 4 4.5 * 1.1 2.4 * .3 5 56 2 . . 2 3 5 56 2 . . 0 3 K Capital acquisitions . 10.7 42.5 .2 22.0 2.0 5.0 .4 5.4 * 1.2 3.9 .1 * .3 1.2 F Net change in inventories 2 1 1 0 1 l H I G Pu O N rc t e h h w e a r s f e i c x s a e p a d i n ta c d a l s p a a i l t c e a q s l u o is f i t o io th ns er goods and ' 10.7 2 1 8 3 . . 9 7 "".2 19 . . 2 7 "h'.'o 4 * .0 ""A 4.3 * 6 '* .0 ' 1.2 3.6 2 .1 . . 1 2 1.2 617.2 615.0 services 126.4398.6260.2152.5 103.4 29.1 9.0 12.2 3.8 4.7 .6 .4 .5 3.1 2.1 9.8 12.8 51.3 2.1 T Total 216.9219.3407.0411.0 167.4170.9 30.9 33.2 41.4 25.9 26.3 4.5 3.7 17.3 8.6 8.1 12.5 14.5 942.3 939.9 11.7 Financial1 — 4 3 1 0 1 1 8 8 * .3 -.1 .4 .8 1.3 L Federal obligations. 1.1 .7 -.7 -6.8 .6 -6.2 -2.5 -.4 .1 -6.8 -7.3 M Mortages 4 0 6 1 4 1 3 .6 2 * 2.1 2.2 * 1.5 7.0 7.0 N Corporate securities and State and local obligations 2.2 5.8 * — 4 * 2.3 .1 .5 5.5 .1 .5 .1 -.2 8.3 8.4 O Other 2.8 1.4 1.6 4.1 2.3 1.4 1.8 * -.5 1.4 4.8 .1 1.5 .3 1.9-1.5 11.7 12.0 P Total 6.8 4.9 8.9 5.2 3.6 -.1 2.0 -.3 -7.3 2.6 2.3 1.5 .9 1.1 .2 5.3 1.6 2.2 1.9 -1.2 20.9 21.3 W Q Grand total 224.0224.0415.9415.9171.0 171.0 32.9 32.9 44.1 44.1 28.3 28.3 5.4 5.4 17.5 17.5 10.2 10.2 14.4 14.4 963.5 963.5 § Memoranda: > R GNP identifiable in J 167.4 23.7 5.8 7.4 18.9 15.2 1.0 .1 7.1 2.0 248.6 t"1 S Bank credit in P 2.1 9 i o 12 —6!2 ' .4 * — .4 * .2 "—'. 4 -.4 8 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. I NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o e i SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1949 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Sectors Consumer Corporate Non- Farm Federal St. and loc. Banking Insurance Other th R e e w st o o r f ld Total corpo ma- Transactions S U S u s' u S U S u S U S U S U S U S U S U Nonfinancial A Payroll 132.6 2.1 80.7 21.1 2.4 10.3 9.6 1.3 1.8 3.2 * 132.6 132.6 B Receipts from and payments on investment 52 3 10.6 7.3 15.6 13.1 33.4 .9 13.5 .6 4.8 .6 .8 4 1 1.4 2.3 .2 1 l 9 3 1 4 82.6 82.6 C Insurance and grants . .. 18.4 15.4 .6 7.0 .6 1.9 .3 .3 4.7 14.6 9.4 9.6 * .3 15.6 7.6 4.5 1.1 4.1 .4 58.1 58.1 D Taxes and tax refunds 2 4 22 2 .4 24.9 5 0 .8 38.5 2.8 15.2 .4 4 * * 56.5 56.6 K Capital acquisitions 12.5 43.6 .2 15.9 1.6 3.9 .3 4.4 # 1.5 5.2 .1 * .2 1.6 F Net change in inventories —1 6 — 2 — .2 H G O N t e h w e v f i c x a e p d i ta ca l p a it c a q l uisitions . 12.5 2 1 8 4 .7 9 .2 17 .2 A 1.6 4 * .1 .3 4.5 * 1.5 4.9 3 .1 . . 1 2 1 6 597.1 596.2 I Purchases and sales of other goods and services 125.8380.3 245.4 152.0 102.6 27.4 9.3 5.2 14.4 4.2 5.2 .6 .4 .3 2.1 3.3 2.2 9.1 12.3 Total 218.1219.7388.8389.5 167.3 167.9 28.9 30.7 49.0 48.5 29.4 30.4 4.8 3.9 18.2 12.3 8.9 9.0 13.6 14.1 926.9 926.1 Financial1 K Currency and deposits —1.1 1.2 .3 -.6 .5 .4 1.2 .1 .1 .1 1.2 .7 L Federal obligations 1.3 2.0 — .3 2.0 .2 — .4 -.7 — .1 .1 2.0 2.1 M Mortages 3 6 6 i.3 1.2 .2 .3 .5 1.6 2 1 * 1 4 6.5 6.5 N Corporate securities and State and local obligations 1.8 4.6 * — .2 -.1 2.5 .5 * 1.3 4.5 .3 .2 * * 7.3 7.9 O Other 3.3 1.8 -2.2 .6 1.5 1.7 .9 * -.4 1.2 .3 * "".2 .2 1.6 .3 1.2 — .3 6.2 5.5 P Total 6.9 4.4 3.6 3.7 2.7 1.8 1.2 -.6 1.6 2.1 2.5 1.1 1.5 2.4 .2 6.2 1.9 1.8 1.2 -.1 23.3 22.7 Q Grand total 225.4225.4392.4392.4 170.0 170.0 30.1 30.1 50.5 50.5 31.9 31.9 6.2 6.2 18.4 18.4 10.8 10.8 14.8 14.8 950.5 950.5 Me'moranda: R GNP identifiable in J 168.1 17.6 4.4 6.2 24.2 17.8 .8 .1 7.9 .5 247.5 S Bank credit in P 19 —i 6 i!3 .2 A 9 2.2 1 _ 2 ""2.*4 2.2 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1950 S = Sources of Funds, U== Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Rest of Sectors Consumer the world Total Corporate Non- Farm Federal St. and loc. Banking Insurance Other , corporate Transactions S u S U S U S U S U S u S ' U S U S U S u S U Nonfinancial * A Payroll 144.6 2.3 88.7 22.8 2.3 11.3 10.3 1-4 1.9 3.4 144.6 144.6 B Receipts from and payments on investment. 54 3 12 0 8.2 17.8 14.3 33 9 1.0 13.5 .6 5.0 .6 .8 4.4 1.5 2.5 .3 1.2 1.1 .3 1.6 87.4 87.4 C Insurance and grants 21.9 17.2 .8 8.5 .7 2.2 .4 .3 5.8 16.5 10.1 10.7 * .3 20.1 11.5 4.9 1.1 3.5 .3 68.4 68.5 D Taxes and tax refunds 1 7 23 9 .4 23 7 5 4 .9 37.9 2.2 16 5 .5 .6 * * 56.5 57.1 F E Ca N p e it t a l c h a a c n q g u e i s in it io in n v s entories 16.1 55.4 .2 2 4 4 .0 9 1.5 1 7 .4 5 .4 4 * .8 * 1.7 5 7 1 * 2 1 9 G H O N t e h w er f c ix a e p d i ta ca l p a it c a q l uisitions 16.1 3 1 7 8 ,3 2 .2 18 .2 8 1.5 5 * 9 .4 4.8 * * 1.6 5.4 4 .1 * . . 1 2 1.9 680.4 678.8 I Purchases and sales of other goods and services 130.7443.0290.3164.4 111.2 29.2 10.0 4.7 12.7 4.8 6.0 .7 .4 .4 2.4 3.6 2.4 11.5 11.3 Total 238.6241.6452.6453.0180.9 183.0 31.0 31.7 49.1 49.4 31.9 33.5 5.1 4.2 23.1 16.8 9.7 10.0 15.4 13.21,037.31,036.4 Financial1 K Currency and deposits 1 2 1 7 8 c — 3 6 7 1 .2 * .2 .3 7.1 3.7 L Federal obligations 2 2.9 — .5 — .1 .7 -3.5 — 1.2 — .1 1.4 -.1 -.2 ]Vf M^ortages . 6 5 6 i 7 1 4 4 4 3 3 5 3.2 * 2 1 10.1 10.1 N Corporate securities and State and local obligations 6 3 4 2 3 1 3 3 .5 1 1 7 4.0 .3 .5 .3 * 7.3 8.0 O Other 4.7 2.3 11.1 13.8 2.9 1.0 -.2 * 1.2 .8 -.6 5.6 .2 .2 2.7 .3 .9 1.9 23.0 25.9 P Total 11 2 4 9 16.2 18 6 4.3 2.0 .2 -.5 1.2 .9 3 3 1.8 6.5 7.3 .2 6.3 3.0 2.7 1.4 3.6 47.7 47.7 W Q Grand total 250.2250.2468.9468.9185.2 185.2 31.2 31.2 50.3 50.3 35.2 35.2 11.6 11.6 23.2 23.2 12.7 12.7 16.8 16.81,085.3 1,085.3 2 ja Memoranda: t > "1 R S G Ba N n P k i c d r e e n d t i i t f i i a n b l P e in J 4 i 183.3 3 2 26.0 3 6 8.1 6.5 —3.6 23.1 i 6 19.4 ' '*' ' 9 1 . . 0 1 .1 .3 8.8 "'. i -2.2 27 9 4 . . 0 1 bd 8 *Less than 50 million dollars. i 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1951 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Sectors Consumer Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance Other th R e e w st o o r f ld Total Transactions S U S U S U S U S U S U S U S U S U S U S U Nonfinancial A Payroll . 168.0 2.5 102.0 26.1 2.5 16.3 11.3 1.6 2.1 3.7 * 168.0 168.0 B Receipts from and payments on investment ... 57.6 13.2 8.7 18.4 15.7 36.4 1.1 14.8 .7 5.2 .6 .8 4.9 1.6 2.8 .2 1.3 1.3 .4 1.9 93.8 93.8 C Insurance and grants 20 5 19.1 1.1 10.3 .9 2.6 .4 .3 7.1 13.8 10.7 10.6 * .3 23.1 13.6 5.3 1.2 2.9 .3 72.0 72.0 D Taxes and tax refunds 1.8 32.8 .3 31.2 5.9 1.0 53.0 2.1 18.2 .6 .6 * * 73.3 74.2 K Capital acquisitions 17.1 55.4 .2 30.8 "]L3 5.7 " .6 6.2 3.0 o\9 .1 .2 F Net change in inventories. 8.1 .9 .6 2 1 G New fixed capital ...... 36.1 22.5 4.8 5.6 3.0 6.4 .1 2 1 H Other capital acquisitions 17.1 19.3 .2 .2 1.3 * .6 * .1 * .4 * .2 763.6 765.0 I Purchases and sales of other goods and services • 142.6500.0325.4181.4122.4 33.0 11.2 5.4 25.0 5.2 6.0 .7 .5 .4 2.9 3 9 2 6 14 5 15.8 Total. . 265.0265.6510.4518.1199.2199.1 35.1 36.0 66.1 65.4 34.7 35.6 5.6 4.6 26.3 19.7 10.5 10 9 17 8 18 01,170.81,173.0 Financial1 K Currency and deposits 4 1 1 8 1 2 4 1 6 9 0 2 .6 -.1 -.2 9.0 8.9 L Federal obligations 1 4 1 0 2 6 8 2 3 3 * -.6 M Mortgages 5.8 .6 1.6 1.4 .2 .4 .6 2.7 3 2 4 2 0 9.4 9.4 N Corporate securities and State and local obligations . ... 2 8 5 7 2 j .2 2.5 .2 .2 1.2 5.4 .4 A .4 .1 9.1 9.7 O Other .8 2.4 7.1 4.7 1.8 2 0 .9 * 1.6 .7 4 5 0" "*2 2 3 6 15 1 0 7 17.6 17.4 P Total 6.6 8.5 14.5 7.8 3.2 3 2 1.3 .4 1.0 1.7 2 5 1 6 9 6 9 7 2 6 7 4 1 4 0 1 2 5 44.2 44.1 Q Grand total... 272.0272.0524.8524.8202.4202.4 36.4 36.4 67.1 67.1 37.2 37.2 15.3 15.3 26.6 26.6 14.6 14.6 19.0 19.01,215.3 1,215.3 Memoranda: R GNP identifiable in J 195.4 33.3 6.6 8.1 40.7 21.2 1.1 * 9.5 .2 316.3 S Bank credit in P 1.7 4.8 -.1 .5 .8 1 1 # 9 7 4 4 9.7 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

O SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1952 S = Sources of Funds, U = Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Sectors Consumer th R e e w st o o r f ld Total Corporate Non- Farm Federal St. and loc. Banking Insurance Other corporate Transactions S U S U S U S U S U S u S U S U S U S U S U Nonfinancial A Payroll 182.3 2.5 109.4 28.1 2.5 19.1 12.5 1.8 2.3 4.1 * 182.3 182.3 B Receipts from and payments on investment 61.0 14.6 9.1 19.1 16.6 41.2 1.2 13.8 .9 5.4 .7 .9 5.6 1.8 3.2 .2 1.5 1.4 .4 1.8 100.2 100.2 C Insurance and grants 22.0 21.0 1.2 11.3 .9 2.8 .4 .4 7.3 13.6 11.3 11.3 * .3 26.2 15.1 5.5 1.3 2.2 .2 77.2 77.3 F D E T C a a N x p e e it s t a c l a h n a a d c n q t g u a e i x s i i r t n i e o f i n u n n s v d e s ntories 2 2 1 . . 1 7 3 59 8 . . 7 5 . . 3 3 3 2 2 8 6 . . . 8 2 3 "\.2 6 4 . . 3 8 2 "".5 6 1 . . 0 1 7 6 * 5.1 4 2. . 5 3 20. . 0 1 ' '7^2 . . 8 1 ' •*' " . . 6 3 * 2.0 * 87.5 88.0 G H O N t e h w er f c ix a e p d i ta c l a p a i c ta q l uisitions "21.7 2 3 3 5 . . 9 8 .3 23. . 3 2 1.2 4 * .6 " .5 5.3 4. . 2 1 . 1 6. . 7 5 .1 ' '#' ' * .3 2.0 786.9 787.5 I Purchases and sales of other goods and services 150 0512.4328.7187 3124.5 31.8 11.2 5.5 34.3 5 5 6.0 .8 .6 .4 3.3 4.4 2.8 15.1 15.5 T Total 289.1286.2523.4532.9206 0207.8 33.9 34.9 78.8 79.1 37 5 37.9 6.3 5.4 29.8 21.9 11.4 11.6 17.7 17.61,234.11,235.3 Financial1 K Currency and deposits 7.4 .6 -.5 .2 1.9 .6 10.8 .2 .6 * .4 10.8 11.3 L Federal obligations * — 3 2 4 4 1 5 2 2 2 .3 1.0 4.4 4.3 M Mortgages 5.9 .7 1.1 1.5 .3 .5 .5 2.6 2.0 * 2.9 9.0 9.0 N Corporate securities and State and local obligations 3.1 7.3 .2 2 3 3 2 2 1 1 5 6.5 .5 -.1 .2 * 11.3 11.9 O Other 4.6 3.4 5.9 6.0 1.3 1.0 .8 .4 1.8 .7 5.9 .3 .1 4.0 1.3 -.2 19.1 18.7 .7 P Total 10.5 14.8 14.3 6.5 2.8 .8 1.2 .2 4.8 4.5 3.2 2.3 11.6 12.1 .3 8.6 4.6 1.6 1.2 54.8 55.4 4.4 hrj Q Grand total 299.9299.9537.7537.7208.9208.9 35.1 35.1 83.6 83.6 40.7 40.7 17.9 17.9 30.1 30.1 16.0 19.3 19.31,289.21,289.2 16.0 2 Memoranda: £3 R GNP identifiable in J 203.9 29 0 5.8 8.0 53.4 22.6 1.3 * 10.0 — .2 333.8 > S Bank credit in P ... 3 6 3 2 8 6 2 2 i 2 * 11 5 * 2 11.6 11.5 r1 *Less than 50 million dollars. i 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o 9 o I SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1953 S = Sources of Funds, U =Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Rest of Sectors Consumer the world Total Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance Other Transactions S U S U S U S U S U S U S U S U S U S U S U Nonfinancial A Payroll 195.5 2.7 118.7 30.0 2.6 19.0 13.5 1.9 2.6 4.4 * 195.5 195.5 B Receipts from and payments on investment 59.4 16.3 9.7 20.0 17.5 40.0 1.1 13.0 1.0 5.5 .8 1.0 6.2 2.1 3.5 .3 1.7 1.5 .5 1.9 101.4 101.4 C D T In a s x u e r s a n a c n e d a ta n x d r g e r fu an nd ts s 2 2 3 . . 6 9 4 2 0 2 . . 9 7 1. . 3 5 3 1 6 2 . . 0 2 1.0 3 6 . . 0 8 .4 1. . 1 4 6 7 4 . . 5 8 1 3 4 . . 1 4 2 1 1 1 . . 4 9 11.7 * . . 3 8 29.0 16. . 7 7 5.7 * 1.4 2.2 * .3 8 8 2 9 . . 8 4 8 8 9 3 . . 6 0 F K Ca N p e i t ta c l h a a ng c e q u in is iti i o nv n en s tories 22 0 63 8 2 2 1 6 6 7 15 6 0 g ' ' ' ' 4 5.0 3 * 4 2 .1 7.8 .1 .2 2.1 H G N O e t w he r fixed capital . . . .. 22.0 2 3 4 9 . 4 4 .2 24 .2 9 1.5 5 * 1 .4 4 6 * 4 .1 2 .1 7. . 2 5 .1 * * .2 2.1 820.9 819.5 I Purchases and sales of other goods and services 155.4538.3341.8 195.8 130.2 29.8 10.8 5.0 38.8 5.8 6.4 .8 .7 .5 3.4 4.9 3.0 15.8 14.3 T Total 303.4301.8550.0555.3215.9215.9 31.7 32.8 78.4 85.1 40.0 40.4 7.0 5.9 33.0 23.9 12.3 12.4 18.4 16.51,290.01,290.0 Financial1 K Currency and deposits 4.4 .1 .4 * — 1.6 1.0 5.0 .2 .2 * .3 5.0 5.0 L Federal obligations . . 3 1 l 6 5 2 1 8 .9 — 2 .6 5.2 5.1 1VI IVtortgages 6 2 6 1 3 1.8 .5 .4 3 2 5 2.1 * 3.7 9.8 9.8 N Corporate securities and State and local obligations 3.2 6.7 .3 — .6 -.3 3.6 .3 .1 1.1 6.5 .4 .3 .1 .1 10.9 10.8 O Other 4.5 4.4 -.6 .1 1.6 2.3 .6 * .1 .2 .2 1.4 .2 4.5 .9 .6 1.4 11.8 10.8 P Total 10 7 12 9 7 4 1 6 3 5 3 2 1 0 * 5 3 -1 4 3.6 3.0 5.2 5.8 .3 9.1 5.0 5 0 6 2 3 42.6 41.5 Q Grand total 314.4314.4557.4557.4219.3 219.3 32.8 32.8 83.7 83.7 43.6 43.6 12.2 12.2 33.3 33.3 17.3 17.3 19.0 19.01,332.7 1,332.7 Memoranda: R GNP identifiable in J 215 1 29.5 6 9 6.9 57.9 24.4 1.4 * 10.7 -1.9 350.9 S Bank credit in P 3.5 5 1 2 6 9 7 * 6.9 — 1 2 6.9 6.9 *Less than 50 million dollars. 1 Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1954 S=Sources of Funds, U=Uses of Funds (Annual flows, in billions of dollars) Business Government Financial institutions Rest of Sectors Consumer the world Total Non- Corporate corporate Farm Federal St. and loc. Banking Insurance Other Transactions S U S u S U S U S u S U S U S U S U S U S U Nonfinancial A Payroll 193 7 2 5 116 3 29 8 2 6 18 1 14 8 2 1 2 8 4 7 * 193.7 193.7 B Receipts from and payments on investment 64.9 17.2 9.6 21.8 17.8 40.9 1.1 15.1 1.1 5.7 .8 1.1 6.4 2.3 4.2 .3 1.9 1.7 .4 2.2 108.2 108.2 C Insurance and grants .... 27.0 24.2 1.4 12.8 1.1 3.1 .5 .5 8.4 16.6 13.2 13.0 * .3 30.5 18.1 5.9 1.4 2.3 .3 90.4 90.4 D Taxes and tax refunds 2.9 38.4 .4 36.2 7.1 1.1 61.7 3.3 22.8 1.0 .9 * 87.9 88.0 K Capital acquisitions- 24.5 66.3 .2 20.9 1.8 5.4 .4 4.5 * 3.5 .1 9.0 .2 * .3 2 6 F • Net change in inventories -3.0 -.5 .3 H G O Ne th w e r fi x c e a d p i c t a a p l i a ta c l quisitions 24 5 2 4 6 0 .2 0 " "k 23.7 2 18 5.9 4 4.2 3 * .4 . 1 8.4 2 .2 1 2 6 805.7 798.9 1 Purchases and sales of other goods and .7 services 155.5521.1 330.3193.5128.2 30.2 9.7 6.1 32.4 6.0 .8 .8 .6 3.9 5.2 3.7 15.2 15.2 6.5 Total 313.0304.1532.8538.4214.2214.5 32.2 33.3 77.3 79.7 42.9 7.3 6.8 35.3 26.3 13.0 14.1 18.0 17.71,285.9 1,279.3 44.5 Financial2 K. Currency and deposits 6 5 7 7 _ 3 4 .8 9.7 * .7 .2 .7 9.7 10.1 L Federal obligations -1.8 -1.7 — .1 2.2 1.7 3.9 -.5 5 .5 2.2 2.4 M Mortgages 8.5 .6 1.6 i.8 1.1 .4 — i 3 7 2.7 .1 4.4 12.5 12.5 N Corporate securities and State and local obligations 2.7 5.7 .1 1 _ 3 4 4 4 2 2 1 8.4 .5 -.9 .3 .1 11.1 12.7 O Other 2 1 5 5 —2 2 1 2 A — 3 4 * 2 _ 1 2 1 3 4 2 5 8 6 1 0 5 8.2 9.0 P Total 10.6 13.6 5.1 .3 2.2 1.6 .8 -.3 2.4 * 4.4 2.9 10.2 11.0 .4 10.7 6.3 5.4 1.5 1.8 43.8 46.8 Q Grand total 324.0324.0537.8537.8216.4216.4 33.0 33.0 79.7 79.7 47.3 47.3 17.5 17.5 35.6 35.6 19.3 19.3 19.5 19.51,330.2 1,330.2 Memoranda: R GNP identifiable in J 220.2 24.1 6.4 6.2 49.0 26.9 1.5 .1 11 7 _ 3 345.8 S Bank credit in P ... "3.6 "ill ' ^5 "i!9 2.6 ' '*'' 11.2 .2 8 11.3 11.2 *Less than 50 million dollars. iThis table is not fully comparable with the summary tables for previous years, since it reflects data available in 1955; all other tables reflect data available at end of 1954. 2Financial sources of funds represent net changes in liabilities; financial uses of funds represent net changes in financial assets. NOTE.—For contents of each line, see notes to summary tables, pp. 1123-24. w W Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS Notes to Summary Tables of-funds transaction category "other goods and services." These notes describe, line by line, the contents of Line G—expenditures for new durable equipthe transaction groupings used in the preceding ment and for construction. For consumer sector: summary tables. More detailed tables and more purchases of new consumer durable goods and purdetailed descriptions are given in the appropriate chases of new nonfarm homes (excluding cost of chapters of the report. land). For business sectors: expenditures for new Line A—payroll. Mainly cash wages and salaries plant and equipment; corporate and noncorporate before withholdings for income taxes and for embusiness expenditures for purchases of new nonployee contributions to social insurance. Excludes farm residential housing for tenant-occupancy and wages paid in kind and employer contributions to net change in work in process on all nonfarm resisocial insurance funds and to private pension and dential construction; farm business expenditures for welfare funds. outlays for new farm dwellings as well as for new Line B—receipts from and payments on investservice buildings. For government sectors: exment. Gross payments and receipts of monetary penditures for construction. For financial instituinterest, rents and royalties, dividends and branch tion sectors: expenditures for construction and profits, and net withdrawals of funds by proprietors equipment. All of line G is part of the flow-offrom unincorporated enterprises. Excludes imfunds transaction category "other goods and servputed interest and imputed rents. ices." Line C—insurance and grants. Insurance pre- Line H—other capital acquisitions. For conmiums and benefits and gross payments and resumer sector: purchases of existing houses, land, ceipts of grants and donations. The insurance used consumer durable goods, and brokerage fees transactions cover all types of private and governand settlement costs in connection with home purment insurance, including retirement and pension chases; sales of existing homes, land, and used conprograms. Employment taxes and benefits under sumer durable goods. For business sectors: corthe various social insurance programs are included. porate—purchases of used equipment from Federal Grants and donations include intergovernmental Government, purchases of land in connection with grants both foreign and domestic, donations to and residential construction, security flotation costs, by nonprofit organizations, and government and brokerage fees and settlement costs; sales of propbusiness grants to consumers, etc. Excludes gifts erties under lease-back agreements. Noncorporate in kind. —purchases of used equipment from Federal Gov- Line D—taxes and tax refunds. Includes all taxes ernment; net receipts from real estate transfers. other than employment taxes, which are recorded Farm—net receipts from transfers of farm land. under insurance premiums in line C. Also in- For Government sectors: purchases of land; sales cludes cash transactions arising from renegotiation of land. For financial institution sectors: purchases of government contracts. All taxes and refunds of properties in connection with lease-back agreeare recorded as of the time paid^nd received, not ments; net receipts from transfers of foreclosed as of the time accrued. properties. Line H consists of all transactions in Line E—capital acquisitions. Expenditures un- the flow-of-funds real estate transfers category and der capital acquisitions are shown in a three-way some transactions in the "other goods and services" breakdown. Sources of funds on this line consist transaction category. mainly of receipts from the sales of real estate. Re- Line I—purchases and sales of other goods and ceipts corresponding to capital purchases other than services. All expenditures for and receipts from of real estate are in general recorded in line I rather the sale of goods and services other than those listed than in line E. separately in the summary tables. Consists of all Line F—net changes in inventories. Include in- transactions in the flow-of-funds category "other ventory valuation adjustment. Shown only for goods and services" except for the capital transacbusiness sectors. Changes in farm inventories are tions covered in line E. at cost rather than market value and include Purchases and sales under capital acquisitions changes in inventories held under CCC direct and (line E) and purchases and sales of other goods and guaranteed loans. All of line F is part of the flow- services (line I) together make up the two flow- OCTOBER 1955 1123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS of-funds transaction categories—real estate trans- Line O—other financial transactions. Covers fers and "other goods and services." All purchases all other financial instruments: trade credit; bank and sales in the real estate transfer category are loans other than mortgages; gold and Treasury curincluded in line E and also included in line H. rency; and miscellaneous financial transactions such Purchases and sales of "other goods and services" as savings and loan and credit union shares, Federal are divided between lines E and I. Capital expend- Government loans to foreign and domestic borrowitures in the transaction category "other goods and ers, Government subscriptions to international orservices" are shown in line E but, in general, the ganizations, customers' credit and debit balances, corresponding sales are in line I. policy loans, capital stock and bonds of various agri- Line J—total nonfinancial transactions. The sum cultural credit institutions, private interest in partlyof lines A through E and line I. owned government corporations. Financial transactions. Lines K through P pre- Line P—total financial transactions. The sum of sent net changes in each sector's liabilities (with lines K through O. The totals under sources repappropriate sign) under sources of funds and net resent total net changes in liabilities; the totals unchanges in each sector's financial assets (with ap- der uses represent total net changes in financial propriate sign) under uses of funds. The financial assets. parts of the sources and uses columns for each sec- Line Q—grand total. Sum of line J, line P, and tor are thus in terms of changes in liabilities and valuation adjustments and statistical discrepancies in financial assets respectively rather than in terms not shown separately on the summary tables. The of gross financial sources and uses of funds. The size of the totals on line Q for each sector is derow totals for each financial transaction category pendent upon the method of presentation of the should be interpreted in the light of this treatment. financial transactions and hence these totals have Line K—currency and deposits. Changes in cur- no particular significance as the total sources of rency, demand deposits and time deposits. Changes funds and the total uses of funds of the sectors. in the banking sector's liability for currency and Differences between total sources of funds and deposits differ from changes in the sum of holder total uses of funds for each transaction category records principally because of fluctuations in mail (as shown in the "total" column) are attributable float. The currency and deposit totals shown in to valuation differences, timing differences, and the total column reflect the netting of rest of the other statistical inconsistencies. world liabilities for American-held foreign cur- Line R—GNP identifiable in flow-of-funds nonrency and deposits against foreign holdings of financial transactions. Line R records the amount of American currency and deposits; these are shown total gross national product, as presented in the nagross in the sector column for the rest of the world. tional income accounts of the Department of Com- Line L—Federal obligations. Changes in Federal merce, that can be said to be covered by the non- Government debt—direct, fully guaranteed, and financial transactions of each flow-of-funds sector. not guaranteed—other than changes in currency While the memorandum line is shown under uses items in the public debt and changes in debt held of funds in the summary tables, to some extent line by agencies or funds of the Federal Government R is net of receipts included in flow-of-funds nonsector. Includes changes in debt for accrued infinancial sources of funds because of the net basis terest and for securities not issued for cash. Exof several elements in GNP. The contents of the cludes government debt for accounts payable and line, its derivation, and the exact relationship to trust and deposit liabilities, which are included in GNP are described in an appendix to the report. "other" financial transactions on line O. Line M—mortgages. Changes in all debt and Line S—ban\ credit in line P. Net changes in holdings of debt secured by real estate. each sector's obligations held by the banking sys- Line N—corporate securities and State and local tem. Bank credit recorded for banking sector on obligations. Net issues, sales, and purchases of pri- line S differs from banking sector's total change vate corporate debt and equity securities, of foreign in all financial assets shown on line P in that the securities, and of debt of State and local govern- former excludes changes in holdings of gold, silver, ments. and other Treasury currency assets. 1124 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 Savings Deposits payment of such amount "will be made to the named depositor" plus interest at 2% per cent Agreement Without Passbook per annum from date of the deposit, upon sur- The Board has received an inquiry as to whether render of the receipt; that, upon request, interest the proposed use by a national bank of a par- will be paid and endorsed upon the receipt every ticular form of "Savings Deposit Receipt" com- six months; and that the bank shall have the opplies with the definition of "savings deposit" con- tion of redeeming the receipt at any time upon tained in section l(e) of Regulation Q, as amended six months' written notice to the depositor. The effective May 16, 1955. receipt then states that "The bank reserves the The purpose of the May 16, 1955, amendment right to require thirty days' prior notice in writwas to permit member banks, at their option, to ing before paying this savings deposit receipt." Finally, the receipt states that it is "non-negoticlassify deposits as "savings deposits," although able." It appears that the receipt constitutes the not evidenced by a passbook. However, any such deposit contract between the bank and the named deposit must be evidenced by a written receipt or depositor. agreement, and the deposit must be one in re- The inquiry explained that the national bank spect to which the depositor is required or may intended to use the savings deposit receipt "only at any time be required, by the bank to give noin connection with deposits of school districts and tice in writing of an intended withdrawal not less any other savings deposits that might qualify than 30 days before such withdrawal is made, under Regulation Q." The Board has indicated and withdrawals are permitted only through payin earlier interpretations that deposits of "school ment to the depositor himself but not to any districts" may be classified as "savings deposits." other person whether or not acting for the de- In the circumstances as outlined above, includpositor. Furthermore, the amendment made no ing the specific limitation in the savings deposit change in the classes of persons whose deposits receipt that "Payment will be made to the named may be classified as "savings deposits." depositor," the Board is of the view that a de- The "Savings Deposit Receipt" in question cer- posit represented by the receipt described may tifies that a certain sum has been deposited with be classified as a "savings deposit" under Reguthe bank by a named depositor. It recites that lation Q. OCTOBER 1955 1125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Michigan The Federal Advisory Council held a meeting Grayling. . Grayling State Savings Bank in Washington on September 18-20, 1955, and met with the Board of Governors of the Federal Re- Tables Published Annually and Semiannually, with serve System on September 20. Latest BULLETIN Reference A meeting of the Presidents of the Federal Reserve Banks was held in Washington on October Semiannually Issue Page Banking offices: 3 and 4, 1955, and on October 4 the Presidents Analysis of changes in number of. . . Aug. 1955 944 met with the Board of Governors of the Federal On, and not on, Federal Reserve Par List, number of Aug. 1955 945 Reserve System. Stock Exchange firms, detailed debit and credit balances Sept. 1955 1046-1047 On October 4 a meeting of the Federal Open Annually Market Committee was held. Earnings and expenses: Federal Reserve Banks Feb. 1955 206-207 Admission of State Bank to Membership in the Member banks: Federal Reserve System Calendar year May 1955 564-572 First half of year Oct. 1955 1188 Insured commercial banks May 1955 573 The following State bank was admitted to mem- Banks and branches, number of, by bership in the Federal Reserve System during the class and State Apr. 1955 430-431 Operating ratios, member banks June 1955 712-714 period August 16, 1955 to September 15, 1955: Banking and monetary statistics, 1954 {^ \9 9\\ 574I577 1126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication October 14] Economic activity expanded in September, with Production of paper, chemicals, and petroleum industrial production, retail sales, and nonagricul- products increased slightly, while most other nontural employment and incomes up further. Prices durable goods showed little change. Output of of industrial commodities continued to advance, metallic ores and stone and earth minerals inwhile prices of some farm products declined. Bank creased moderately. loans to business rose substantially further. CONSTRUCTION INDUSTRIAL PRODUCTION Expenditures for new construction, seasonally The Board's preliminary seasonally adjusted in- adjusted, rose slightly in September, reflecting index of industrial production was 141 per cent of creases in nonresidential types. Total value of conthe 1947-49 average in September as compared tract awards also increased, although awards for with 140 in August and 139 in June and July. residential building declined further and, for the Durable manufacturers' output reached a new high first time this year, were below their level of a level, and production of nondurable goods and year ago. The number of housing starts, followminerals showed little change. ing a contra-seasonal rise in August, declined in Output of primary metals showed a substantial September and were at a seasonally adjusted annual gain, as steel production increased to 96 per cent rate of 1.2 million. of rated capacity from 90 per cent in August, and copper output continued to recover rapidly from EMPLOYMENT lows reached during the work stoppages in July. Employment in nonfarm establishments ex- Steel mill operations rose slightly further in the panded somewhat further in September to a seafirst half of October. Production of both consonally adjusted level of close to 50 million persons. sumer electrical goods and industrial electrical Employment at factories showed little change, and equipment increased further in September. Activaverage hours of work rose slightly further, to ity in the transportation equipment group reached 41 hours. Average weekly earnings at factories a new high, after allowance for model changeover of about $78 were at a new high, 8 per cent above influences on output of autos, trucks, and parts; a year ago, reflecting a longer workweek and railroad equipment showed a strong rise. higher wage rates. Unemployment totaled 2.1 million, down seasonally from August as some INDUSTRIAL PRODUCTION young jobseekers returned to school. TOTAL -S -140 AGRICULTURE Crop prospects improved in September, par- DURABLE 120 MANUFACTURES _ ticularly for cotton, and the crop harvest forecast on October 1 was near the 1948 record and 5 per cent above last year. The cotton crop was fore- 100 cast at 13.9 million bales, 2 per cent above last year 140 despite a 14 per cent reduction in acreage. Live- _ ^ y\ / '- stock marketings have expanded further since July, MINERALS. 120 ^ NONDURABLE providing a meat supply about one-tenth larger MANUFACTURES than during the corresponding period last year. r 100 DISTRIBUTION Reflecting continued strength in most sectors, Federal Reserve indexes. Monthly figures, latest shown are total retail sales rose further in September, after for September. OCTOBER 1955 1127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS seasonal adjustment, and were 11 per cent above ther. On October 11 bank holdings of U. S. Gova year ago. Sales at department stores remained ernment securities increased as a result of acquisiat their high August rate in September and early tions of new Treasury tax-anticipation certificates. October. Auto sales have been maintained at Member bank borrowings from the Reserve unusually high levels during the model change- Banks averaged close to 850 million dollars during over period. Dealers' stocks of new cars declined September and the first half of October. Excess by almost one-third in September to near their reserves continued to average around 600 million. year-ago level. Over the period reserves supplied through System purchases of U. S. Government securities and an COMMODITY PRICES increase in float were absorbed largely through a Average prices of industrial commodities have currency outflow. continued to advance since mid-September. Cop- SECURITY MARKETS per scrap and crude rubber, which had risen sharply to very advanced levels, declined, but steel scrap, Spreads between yields on short- and long-term lead, paperboard, glass, cement, and lumber in- Government securities were sharply narrowed becreased, and prices of various finished goods were tween mid-September and mid-October. Yields on raised. Farm products and foods declined to about short-term Government securities advanced nearly the mid-August level, reflecting decreases in live- twenty-five basis points, reflecting continued tightstock, meat, eggs, and cotton under the influence ness in the money market and the addition to shortof a further expansion in supplies. term supply of nearly 3 billion dollars of 2%. per cent June tax certificates which were sold for cash BANK CREDIT AND RESERVES early in October. By mid-October the yield on Loans and investments at city banks increased three-month Treasury bills had reached the dissomewhat between early September and early count rate level. Yields on intermediate and long- October as further substantial loan expansion more term Treasury issues, on the other hand, moved than offset reductions in bank holdings of U. S. steadily lower. Municipal bond yields declined Government securities. Business loans showed an moderately, while corporate bond yields were relaincrease of about 600 million dollars, more than tively stable. Common stock prices declined double the increase in the corresponding period sharply near the end of September and by October last year. Real estate and consumer loans rose fur- 13, after considerable fluctuation, they were down moderately further. PRICES AND TRADE Per cent, 1947-49 = 100 MONEY RATES WHOLESALE PRICES OTHER CONSUMER "• \ ALL PRICES \ COMMODITIES FARM "\ PRODUCTS II.UIJX1.LK> STORE TRADE DISPOSABLE PERSONAL A/ ^ TOTAL RETAIL SALES - I 1 mn II 1 1 1 1 1 1 J.1N00 LMIIIIIIIIIIIIIIMIIMIIIM ill IUJJ 100 1952 1953 1954 1955 1952 1953 1954 1955 Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total Figures except for Federal Reserve discount rate are monthly retail sales, based on Department of Commerce data; depart- average market yields. Corporate Aaa bonds, Moody's Inment store trade, Federal Reserve. "Other" wholesale prices vestors Service; U. S. Government long-term (excludes 3J4 per exclude processed foods, included in total but not shown sep- cent bonds issued May 1, 1953), U. S. Treasury Department arately. Monthly figures, latest shown: August for income, and Federal Reserve; municipal high-grade bonds, Standard consumer prices, and department store stocks; September for and Poor's Corporation; Treasury bills, Federal Reserve. other series. Latest figures shown are for Oct. 8. 1128 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 1131-1132 Federal Reserve Bank rates; margin requirements; reserve requirements 1132-1133 Reserves and deposits of member banks. .. - 1134 Federal Reserve Bank statistics 1135-1137 Regulation V: guaranteed loans, fees, and rates 1137-1138 Bank debits and deposit turnover; Postal Savings System. . 1138 Money in circulation 1139 Consolidated statement of the monetary system; deposits and currency 1140 All banks in the United States, by classes 1141-1143 All commercial banks in the United States, by classes. . 1144-1145 Weekly reporting member banks 1146-1147 Commercial paper and bankers' acceptances 1148 Life insurance companies; savings and loan associations. .. 1149 Government corporations and credit agencies... 1150-1151 Security prices and brokers' balances 1152 Money market rates; bank rates on business loans; bond and stock yields 1153 Treasury finance ... 1154-1159 New security issues.. 1160 Business finance 1161-1162 Real estate credit statistics 1163-1165 Statistics on short- and intermediate-term consumer credit. .. 1166-1168 Business indexes 1169-1178 Merchandise exports and imports. . 1178 Department store statistics. . . . 1179-1183 Consumer and wholesale prices 1184-1185 Gross national product, national income, and personal income. . 1186-1187 Member bank earnings. 1188 Index to statistical tables .... 1213-1214 List of tables published in BULLETIN annually or semiannually, with references for latest data. . 1126 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. OCTOBER 1955 1129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages of daily figures, 1951- Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 15 EXCESS RESERVES MONEY IN CIRCULATION TREASURY CASH AND DEPOSITS 1 L NONMEMBER DEPOSITS J 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER 2 REPURCHASE AGREEMENTS L _ A 0 DISCOUNTS AND ADVANCES I FEDERAL RESERVE FLOAT 1949 1950 1951 1952 1953 1954 1955 Latest averages shown are for week ending Sept. 28. See p. 1131. 1130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other Period T U o .S t . a l Go B v o o t u u . t g s - h e t cu u r H r e n it p e d i l u e e d s r r - c D o a a n u d is - d n - ts Float o A e t r h l 1 l - Total s G to o c ld k T s r c o e t u r a u n u e r n r y c t a - - d y s - - M c t c u 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 h u r r e e a r i y s a n t e h s r - m v F e e . F e m R b i o g a b . r n l - e a B r n a b c O n e a e k s n t r h s , - k - O s F e R e a t e r r c h e a d v - - e l - e r To r t e a M s l e e r m v q e u b R i e b r e r e - a d l b a 2 a ii n c k c e E e s s x s - 2 right cnase vances ing de- de- de- counts , agree- posits posits posment its Averages of daily figures Week ending: 1954 Aug. 4 24,325 24,325 175 653 25,154 21,908 4,960 29,890 802 742 526 455 908 18,698 17,666 1,032 Aug. 11 24,040 24,023 17 287 598 24,925 21,901 4,959 29,932 803 584 544 430 905 18,586 17,688 898 Aug. 18 23,980 23,876 104 229 723 24,933 21,858 4,960 29,919 805 558 579 452 914 18,525 17,662 863 Aug. 25 23,813 23,747 66 178 698 24,690 21,858 4,961 29,850 807 566 557 450 927 18,353 17,627 726 Sept. 1 23,938 23,845 93 185 576 24,699 21,837 4,962 29,887 808 551 465 516 926 18,346 17,603 743 Sept. 8 24,013 23,977 36 147 598 24,759 21,809 4,965 30,046 802 479 518 428 923 18,336 17,556 786 Sept. 15.... 24,035 24,035 189 714 24,939 21,809 4,967 30,073 795 558 559 432 925 18,373 17,594 779 Sept. 22.... 23,789 23,789 141 977 24,908 21,810 4,967 29,969 793 446 514 435 934 18,596 17,691 905 Sept. 29.... 23,868 23,868 191 627 24,687 21,810 4,968 29,888 795 652 511 437 933 18,250 17,663 587 Oct. 6 24,492 24,492 179 667 25,338 21,810 4,971 30,010 793 676 484 452 948 18,756 17,894 862 Oct. 13 24,606 24,581 25 259 599 25,465 21,810 4,972 30,143 790 594 466 472 950 18,832 18,201 631 Oct. 20 24,487 24,456 31 284 927 25,699 21,788 4,973 30,125 796 570 443 440 950 19,136 18,269 867 Oct. 27.... 24,381 24,381 257 721 25,360 21,759 4,973 30,028 801 567 442 411 949 18,895 18,224 671 Nov. 3.... 24,464 24,448 16 355 617 25,436 21,759 4,976 30,088 806 669 432 472 895 18,810 18,233 577 Nov. 10 24,754 24,745 9 277 669 25,701 21,752 4,977 30,206 796 362 423 394 886 19,364 18,244 1,120 Nov. 17 24,685 24,685 271 751 25,708 21,709 4,978 30,262 799 397 425 324 883 19,306 18,423 883 Nov. 24 ... 24,553 24,553 300 1,046 25,900 21,709 4,980 30,318 800 576 409 399 882 19,205 18,524 681 Dec. 1 24,722 24,715 7 498 698 25,918 21,710 4,982 30,466 806 605 396 405 881 19,052 18,464 588 Dec. 8 24,891 24,889 2 465 724 26,080 21,710 4,982 30,623 806 535 361 408 877 19,162 18,444 718 Dec. 15 ... 24,919 24,888 31 442 810 26,172 21,711 4,982 30,755 812 363 405 398 891 19,241 18,555 686 Dec. 22 ... 24,928 24,888 40 311 1,373 1 26,612 21,712 4,982 30,885 800 345 443 346 975 19,512 18,690 822 Dec. 29 24,918 24,888 30 377 1,138 1 26,433 21,712 4,982 30,828 801 453 523 295 976 19,250 18,630 620 1955 JJaann.. 152.... 2 24 4 , , 5 9 3 1 2 8 2 2 4 4 , , 8 5 7 1 4 1 4 2 4 1 3 5 7 0 2 4 8 7 8 5 5 6 1 1 2 25 6 , , 7 1 9 7 2 6 2 2 1 1 , , 7 7 1 1 2 3 4 4 , , 9 9 8 8 4 4 3 3 0 0 , , 3 50 6 1 1 8 8 1 0 4 4 4 3 4 7 9 8 4 5 9 2 3 7 4 4 1 0 3 9 9 90 1 5 6 1 1 9 9 , , 1 2 3 6 0 3 1 18 8 , , 4 5 3 8 6 0 6 69 8 4 3 Jan. 19 24,155 24,128 27 445 881 1 25,482 21,714 4,985 30,079 818 275 516 413 902 19,176 18,383 793 Jan. 26.... 23,683 23,671 12 453 806 1 24,942 21,714 4,985 29,866 827 272 422 280 901 19,074 18,429 645 Feb. 2.... 23,852 23,844 8 524 666 1 25,042 21,714 4,988 29,767 834 431 441 419 899 18,952 18,361 591 Feb. 9 24,016 23,902 114 555 640 1 25,212 21,715 4,988 29,794 827 472 447 480 895 19,000 18,272 728 Feb. 16.. .. 23,908 23,827 81 387 668 1 24,964 21,715 4,989 29,782 824 399 486 458 913 18,806 18,236 570 Feb. 23 ... 23,732 23,732 395 804 (8) 24,932 21,716 4,990 29,771 825 490 390 486 959 18,716 18,108 608 Mar. 2 23,604 23,604 490 797 24,892 21,716 4,995 29,796 827 575 324 481 957 18,642 18,089 553 Mar. 9 23,604 23,604 479 789 24,873 21,717 4,995 29,819 828 548 364 476 955 18,596 18,018 578 Mar. 16 23,606 23,604 2 483 719 24,809 21,717 4,995 29,833 817 356 422 358 957 18,779 18,149 630 Mar. 23 23,664 23,604 60 630 1,032 25,327 21,718 4,995 29,793 818 887 339 435 964 18,804 18,123 681 Mar. 30 23,604 23,604 745 677 25,028 21,719 4,997 29,716 826 1,000 338 490 964 18,408 17,918 490 Apr. 6.... 23,643 23,604 39 613 656 7 24,918 21,719 4,997 29,831 821 559 344 492 976 18,611 18,055 556 Apr. 13 23,682 23,604 78 662 801 14 25,159 21,669 4,996 29,940 812 325 349 553 979 18,868 18,214 654 Apr. 20 23,604 23,604 521 1,031 19 25,175 21,670 4,997 29,793 820 483 419 454 978 18,895 18,253 642 Apr. 27.... 23,604 23,604 544 861 21 25,031 21,671 4,998 29,686 813 541 367 438 978 18,877 18,260 617 May 4 23,666 23,613 53 544 743 17 24,971 21,671 4,999 29,767 815 675 360 443 923 18,659 18,201 458 May 11 23,839 23,702 137 374 696 15 24,924 21,671 4,999 29,859 811 280 363 442 920 18,920 18,176 744 May 18 23,687 23,664 23 317 888 15 24,908 21,672 4,999 29,877 821 310 417 377 924 18,853 18,207 646 May 25 23,513 23,513 427 880 14 24,834 21,673 4,999 29,826 818 437 394 421 937 18,673 18,192 481 June 1.... 23,603 23,600 3 612 772 14 25,001 21,674 5,001 29,961 823 582 400 478 936 18,496 18,063 433 June 8.... 23,68323,683 533 812 17 25,044 21,675 5,002 30,059 835 440 387 416 935 18,648 18,036 612 June 15 23,588 23,588 558 793 17 24,956 21,676 5,001 30,058 832 304 434 387 940 18,678 18,099 579 June 22 23,554 23,554 348 1,137 16 25,055 21,676 5,001 30,035 818 213 408 278 981 18,998 18,301 697 June 29.... 23,554 23,554 456 789 16 24,815 21,677 5,001 30,021 814 323 425 275 981 18,653 18,164 489 July 6 23,76323,692 11 688 858 16 25,265 21,678 5,003 30,299 814 420 367 468 970 18,609 18,085 524 July 13 23,957 23,943 14 685 913 16 25,571 21,679 5,003 30,416 803 440 425 419 971 18,779 18,047 732 July 20 23,94323,943 357 1,118 14 25,432 21,680 5,003 30,287 793 416 460 415 970 18,774 18 209 565 July 27.... 24,14024,035 105 439 915 12 25,506 21,681 5,002 30,157 798 480 439 403 967 18,945 18,386 559 Aug. 3.... 24,044 23,982 62 781 802 11 25,638 21,682 5,003 30,237 803 638 422 412 900 18,910 18,320 590 Aug. 10.... 24,055 23,983 72 888 627 14 25,584 21,682 5,003 30,285 800 o46 434 396 885 18,824 18,163 661 Aug. 17 23,891 23,891 796 794 15 25,495 21,682 5,003 30,335 797 507 474 400 910 18,757 18,155 602 Aug. 24 23,796 23,796 724 891 15 25,425 21,682 5,005 30,288 803 594 415 393 9*6 18,673 18,100 573 Aug. 31. ... 23,761 23,761 770 671 15 25,217 '21,682 5,005 30,268 803 479 399 394 946 18,614 18,130 484 Sept. 7.... 23,826 23,761 65 865 687 24 25,401 21,682 5,005 30,436 806 447 379 393 943 18,685 18,111 574 Sept. 14 23,81323,744 69 918 826 21 25,577 21,682 5,006 30,520 803 431 419 400 942 18,750 18,142 608 Sept. 21 23,564 23,564 768 1,263 18 25,613 21,683 5,006 30,401 794 579 377 394 990 18,767 *18,163 P504 Sept. 28 23,598 23,587 a 901 960 19 25,478 21,683 5,006 30,323 787 693 370 386 990 18,618 P18,101 P517 Monthly: 1954-Sept... 23,941 23,928 13 170 725 1 24,838 21,809 4,967 29,991 796 541 522 431 929 18,403 17,628 775 Oct... 24,485 24,472 13 254 720 1 25,459 21,787 4,973 30,078 797 610 455 444 944 18,893 18,173 720 Nov.. .24,661 24,654 7 345 769 1 25,776 21,724 4,979 30,287 800 492 416 393 883 19,207 18,393 814 Dec... 24,917 24,888 29 407 992 1 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 18,576 703 1955-Jan... 24,20024,182 18 444 805 1 25,449 21,714 4,985 30,110 819 341 477 383 903 19,114 18,432 682 Feb... 23,838 23,787 51 473 710 1 25,021 21,715 4,990 29,784 826 477 420 473 927 18,819 18,195 624 Mar... 23,619 23,604 15 566 804 1 24,989 21,718 4,996 29,790 823 690 363 442 960 18,635 18,050 585 Apr. . .23,632 23,604 28 585 838 16 25,070 21,680 4,997 29,807 816 501 370 481 973 18,800 18,210 590 May.. 23,666 23,617 49 445 798 15 24,924 21,673 4,999 29,861 818 421 389 432 928 18,746 18,166 580 June.. 23,598 23,596 2 465 878 16 24,958 21,676 5,001 30,050 825 329 412 345 959 18,715 18,146 569 July... 23,967 23,925 42 576 940 14 25,497 21,680 5 ,003 30,284 801 461 423 423 962 18,824 18,205 619 Aug.. .23,886 23,870 16 803 746 14 25,450 21,682 5,004 30,289 801 569 431 398 918 18,728 18,152 576 Sept... 23,709 23,668 41 872 924 20 25,525 21,682 5,006 30,420 797 540 386 392 968 18,711 P Preliminary. 'Revised. For footnotes see following page. OCTOBER 1955 1131 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 . l a B n a c n e k s, s O F t e h d e - r reserve balances p D e o r a i r t o e d Total B r o o ig u u h g t- t ht u c r a H e n h g p e a d r l u e s e d e e r r - - 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 t o o l c d k s r o c e t i a u n n u n r c g t - - d y - c t c u i i o i n l r a n - - h c i u n o a r g l s y d h s - T p r o u d s e r e i a - y t s s - p F e o d o i s e r g i - - n ts O p d i e o t t e r s h s - - - c s R o e e a r u r e c a v n - - l e ts Total qu R ir e e - d2 c E es x s - 2 ment Midyear or year-end: 1929—June 216 148 68 1,037 52 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 2,59317,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 2,36122,737 3,24711,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec. 24,262 24,262 249 578 25,09120,065 4,,333399 2288,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 23,18122,754 4,56228,868 1,336 870 392 569 56317,899 16,400 1,499 1949—Dec. 18,885 18,885 78 534 19,499 24,427 4,598 2^7,600 1,312 821 767 750 70616,568 15,550 1,018 1950—Dec. 20,778 20,725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1951—Dec. 23,801 23,605 196 19 1,184 25,009 22,695 4,709 29!,206 1,270 247 526 363 746 20,056 19,667 389 1952—Dec. 24,697 24,034 663 156 967 25,825 23,187 4,812 30;,433 1,270 389 550 455 77719,950 20,520 -570 1953—June 24,746 24,718 28 64 601 25,414 22,463 4,854 30i,125 1,259 132 527 176 95119,561 19,459 102 Dec. 25,916 25,318 598 28 935 26,880 22,030 4,894 30,,781 761 346 423 493 839 20; 160 19,397 763 End of month: 1954 Sept.. 24,270 24,270 132 779 25,183 21,810 4,97229,985 786 704 461 422 93118,676 17,724 952 Oct.. 24,381 24,381 297 721 21,759 4,977 30,074 806 729 426 496 88418,722 18,251 471 Nov.. 24,888 24,888 398 657 944 21,710 4,982 30,500 800 694 397 381 88018,985 18,467 518 Dec. 24,932 24,888 143 808 25^85 21,713 4,985 30,!509 796 563 490 441 90718,876 18,618 258 1955 Jan 23,885 23,882 475 600 24,960 21,714 4,989 29,789 837 360 441 419 899 918 18,337 581 Feb 23,605 23,605 485 678 24,769 21,716 4,996 29,817 828 564 320 433 957 ,562 18,091 471 Mar 23,612 23,604 391 659 24,667 21,719 998 29,800 819 724 351 448 959 ,283 17,871 412 Apr 23,612 23,604 560 799 24,988 21,671 4,999 29, 769 809 812 360 490 923 ,495 18,161 334 May 23,662 23,662 460 643 24,780 21,674 5,00230,009 828 649 402 413 936 ,221 18,029 192 June 23,607 23,554 53 128 850 " "' 21,678 5,00230,229 812 380 374 448 972 ,066 18,139 -73 July 24,090 23,982 108 754 864 25,719 21,682 003 30,244 798 623 410 419 910 ,999 18,311 688 Aug 23,761 23,761 470 665 24,91121,682 5,005 30,317 804 393 387 383 945 ,368 18,151 217 Sept 23,834 23,729 105 603 792 25,2550P21,684P5.OO7 422 *>788 554 385 379 990 18,423 P18.200 P223 Wednesday 1955 July 6.. 23,848 23,844 599 843 25,305 21,678 5,003 30,421 818 468 382 451 970 18,475 18,034 441 July 13.. 23,943 23,943 503 892 25,355 21,679 5,003 30,327 801 338 449 395 970 18,757 18,091 666 July 20.. 23,943 23,943 570 985 25,512 21,681 5,003 30,197 802 564 439 415 969 18,810 18,319 491 July 27.. 24,146 24,038 549 710 25,417 21,681 5,003 30,120 803 458 443 391 967r 18,919 18,377 542 Aug. 3.. 23,983 23,983 947 703 25,645 21,682 5,00330,238 805 684 429 400 88618,888 18,279 609 Aug. 10.. 23,983 23,983 565 575 25,13521,683 5,0"0"3 30,289 803 499 459 390 88418,496 18,133 363 Aug. 17. . 23,855 23,855 632 883 25,38721,682 5,003 30,310 806 542 458 396 94718,614 18,134 480 Aug. 24.. 23 ,79623,796 433 643 24,88721,682 5,005 30,232 809 585 410 377 94618,215 18,080 135 Aug. 31.. 23,761 23,761 470 665 24,91121,682 5,005 317 393 387 383 94518,368 18,151 217 Sept. 7.. 23,761 23,761 598 659 25,034 21,682 5,005 30,536 810 475 377 374 94218,207 18,088 119 Sept. 14.. 23,673 23,673 536 956 21,682 5,00530,452 805 427 410 382 94118,452 18,181 271 Sept. 21.. 23,563 23,563 872 1,064 25,518 21,683 5,006 30,332 793 717 403 383 99018,589 P18.147 J>442 Sept. 28.. 23,702 23,680 22 662 788 25,172 21,683 5,00730,338 791 512 383 372 98918,475 P18.145 ^Preliminary. rRevised. 1 Includes industrial loans and acceptances, which are shown separately in subsequent tables. 2 These 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] J N a o n v . . 3 1 1 , , 1 1 9 9 3 3 3 5 - D F e e c b . . 3 1 1 , , 1 1 9 9 3 3 5 5 - Ja E n f . f e 1 c , ti 1 v 9 e 36 Prescribed in accordance with Fe 1 b 95 . 3 2 - 0, J 1 a 9 n 5 . 5 - 4, E t f i f v e e c-O Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1955 1955 1955 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months and dealers on listed securities 50 60 70 In less than 90 days For short sales 50 60 70 Regulation U: For loans by banks on stocks 50 60 70 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C., the market value (100%) and the maximum loan value. Changes on effective Feb. 1, 1936, are the same as those in effect for member banks. Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and Annual Report for 1948, p. 77, and 1953, p. 76. 1132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances secured by eligible paper [Sec. lO(b)] obligations of the U. S. (Sees. 13 and 13a)1 (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Sept. 30 beginning— rate Sept. 30 beginning- rate Sept. 30 beginning— rate Boston.. . Sept. 13,1955 Sept. 13, 1955 3M Sept. 13,1955 New York Sept. 9,1955 Sept. 9, 1955 S* Sept. 9,1955 Philadelphia Sept. 2,1955 Sept. 2, 1955 Apr. 22,1955 Cleveland Aug. 4,1955 Aug. 4, 1955 3 Aug. 17,1953 Richmond Sept. 9,1955 Sept. 9, 1955 3 Jan. 23,1953 Atlanta Aug. 26,1955 Aug. 26, 1955 3M Feb. 9, 1954 Chicago Sept. 9,1955 Sept. 9, 1955 Apr. 22,1955 St. Louis Aug. 30,1955 Aug. 30, 1955 3 May 18,1953 Minneapolis Sept. 12,1955 Sept. 12, 1955 3 Sept. 12,1955 K D a a n ll s a a s s City S S e e p p t t . . 9 9 , , 1 1 9 9 5 5 5 5 S S e e p p t t . . 9 9 , , 1 1 9 9 5 5 5 5 3% S A e u p g t . . 9 5 , , 1 1 9 9 5 5 5 5 San Francisco Sept. 9,1955 Sept. 9, 1955 Sept. 9,1955 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS MEMBER BANK RESERVE REQUIREMENTS AND COMMITMENT'S UNDER SECTION 13b OF THE FEDERAL RESERVE ACT [Per cent of deposits] Maturities not exceeding five years Net demand deposits1 [In effect September 30. Per cent per annum] Time Effective date deposits To c b o i u n m s d i m u n s e e t s r r s c i e a ia s l l or To financing institutions of change C r b e e c a s 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 ba e ( n m a k l b l s e ) r R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or 1 1 9 93 1 6 7 — — A Ju u n g e . 2 1 1 6 13 1 1 0 5 Bank On com O m n it- Portion co O m n mit- 1937— M M a a y r. 1 1 2 26 2% 2 1 0 7 14 loans1 ments for which Re- ments 1938—Apr. 16 22M 12 i t n io st n i tu is - m po a r in ti i o n n g 1 1 9 94 4 2 1 — — A N u o g v . . 20 1 2 2 6 4 14 obligated Sept. 14 22 Oct. 3 20 Boston 1948—Feb. 27 22 New York June 11 24 Philadelphia () Sept. 16 16 Cleveland (2) Sept. 24 26 22 A R S C M t i h t . c i l i n a h c L n a n m o g t e u a o o a i n s p d olis.... M ( 2 2) 1949— J J A M M u u u a l n a g y y y e . 3 5 0 1 1 1 24 2 2 1 0 1 1 1 5 4 3 3 2 3 26 7 7 6 K Da a l n l s a a s s City. .. . (2) A Au u g g . . 1 1 6 1 23 V2 12 3 25 5 San Francisco... Aug. 18 23 Aug. 25 223^ 3 1 Including loans made in paticipation with financing institutions. Sept. 1. 22 18 2Rate charged borrower less commitment rate. 1951—Jan. 11 23 19 36 3 Rate charged borrower. Jan. 16 13 26 4Rate charged borrower but not to exceed 1 per cent above the dis- Jan. 25 26 count rate. Feb. 1 14 of 6 l C oa h n a . rge of 3^ per cent per annum is made on undisbursed portion 1953—July 1 13 6Charge of 3€ per cent per annum is made on undisbursed portion July 9 22 19 of loan. 1954—June 16 25 Back figures.—See Banking and Monetary Statistics, Table 118, pp. June 24 21 35 446-447. July 29 20 18 Aug. 1 12 In effect Oct. 1, 19554. 20 18 12 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2Requirement became effective at country banks. 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. OCTOBER 1955 1133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago Total reserves held: Excess reserves:1 1954—June 19,670 4,812 1,251 7,839 5,767 1954—June 858 63 11 153 630 July 19,164 4,508 1,198 7,780 5,678 July 836 40 11 166 619 August 18,478 4,311 ,171 7,502 5,493 August 839 -9 112 736 1955—June 18,715 4,388 1,135 7,680 5,512 1955-June 569 15 -3 61 496 July 18,825 4,371 ,148 7,759 5,546 July 619 9 8 87 516 August 18,728 4,286 ,140 7,737 5,565 August 577 10 — 1 54 514 Aug. 17 18,757 4,287 ,141 7,751 5,577 Aug. 17 601 20 1 54 526 Aug. 24 18,673 4,242 ,127 7,742 5,563 Aug. 24 572 2 65 505 Aug. 31 18,614 4,282 1,144 7,735 5,453 Aug. 31 484 17 3' 56 408 Sept. 7 18,685 4,243 1,143 7,733 5,566 Sept. 7 574 3 2 78 491 Sept. 14 18,750 4,261 1,129 7,743 5,617 Sept. 14 609 14 -6 67 534 Sept. 21 18,767 4,262 1,126 7,732 5,648 Sept. 21 P604 -2 8 40 2>558 Sept. 28 18,618 4,250 1,122 7,723 5,523 Sept. 28 P516 17 2 51 P446 Borrowings at Federal Required reserves:1 2 Reserve Banks: 1954-June 18,813 4,749 1,240 7,686 5,138 1954—June 146 14 4 61 67 July 18,329 4,468 1,187 7,614 5,058 July 64 1 24 39 August 17,638 4,320 1,172 7,390 4,757 August 115 30 11 37 37 1955—June 18,146 4,373 1,138 7,619 5,016 1955—June 401 13 40 229 119 July 18,205 4,362 1,140 7,673 5,030 July 527 78 33 306 110 August 18,152 4,277 1,141 7,682 5,052 August 765 149 60 395 161 Aug. 17 18,155 4,267 1,140 7,697 5,051 Aug. 17 751 131 88 360 172 Aug. 24 18,100 4,239 1,126 7,677 5,058 Aug. 24 689 79 72 389 149 Aug. 31 18,130 4,265 1,142 7,678 5,045 Aug. 31 740 92 60 414 174 Sept. 7 18,111 4,240 1,141 7,655 5,075 Sept. 7 838 169 85 450 134 Sept. 14 18,142 4,247 1,136 7,676 5,083 Sept. 14 891 187 93 479 132 Sept. 21 *>18,163 4,264 1,118 7,692 P5,089 Sept. 21 741 51 153 434 103 Sept. 28 018,101 4,233 \,119 7,672 *>5,O77 Sept. 28 888 126 124 513 125 ^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 August 1955 August 1954 Gross demand deposits: Total 112,510 22,751 6,017 44,267 39,475 108,962 22,811 6,129 42,413 37,609 Interbank 12,462 3,892 1,200 6,137 1,233 13,082 3,999 1,341 6,481 1,262 Other 100,048 18,859 4,818 38,130 38,242 95,880 18,812 4,788 35,932 36,347 Net demand deposits2 98,139 20,551 5,379 38,169 34,040 94,891 20,685 5,538 36,806 31,861 Time deposits 40,206 3,329 1,301 16,240 19,336 38,906 3,660 1,282 15,297 18,667 Demand balances due from domestic banks... 6,227 56 105 1,907 4,159 6,789 41 121 2,028 4,600 Reserves with Federal Reserve Banks: Total.... 18,728 4,286 1,140 7,737 5,565 18,478 4,311 1,171 7,502 5,493 Required 18,152 4,277 1,141 7,682 5,052 17,638 4,320 1,172 7,390 4,757 Excess 577 10 -i 54 514 839 —9 112 736 Borrowings at Federal Reserve Banks 765 149 60 395 161 115 30 11 37 37 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. 1134 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 Sept. 28 Sept. 21 Sept. 14 Sept. 7 Aug. 31 Sept. Aug. Sept. Assets Gold certificates 20,153,35120,155,352 20,145,353 20,145,355 20.145,352 20,153,35320,145,352 20,287,101 Redemption fund for F. R. notes.. 840,654 842,064 845,051 847,549 847,549 840,652 847,549 842,262 Total gold certificate reserves. 20,994,005 20,997,41620,990,404 20,992,90420,992,90120,994,00520,992,90121,129,363 F. R. notes of other Banks. 268,780 282,960 259,416 204,879 214,237 257,594 214,237 132,036 Other cash. 363,933 369,973 351,031 330,538 362,191 370,533 362,191 351,911 Discounts and advances: For member banks 648,752 845,603 509,019 570,843 443.338 589,193 443,338 27,374 For nonmember banks, etc 13,333 26,667 26,667 26,667 26,667 13,333 26,667 105,000 Industrial loans 719 706 722 562 585 700 585 978 Acceptances: Bought outright. 17,228 17,217 17,292 16,408 17,216 14,418 Held under repurchase agreement. 2.234 4,156 U. S. Government securities: Bought outright: Bills 958,146 841,746 950,846 1,039,046 1,039,046 1,007,146 1,039,046 1,549,250 Certificates: Special Other 2,520076 2,520,076 2,520,076 2,520,076 2,520,076 2,520,076 ,520,076 6,599,791 Notes 17,399 53617,399,53617,399,53617,399,53617,399,53617,399,53617,399,53613,029,021 Bonds 2,801 750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 ,801,750 3,092,550 Total bought outright 23,679 508 23,563,108 23,672,20823,760,408 23,760,40823,728,508 23 760,40824,270,612 Held under repurchase agreement. 22,500 105,200 Total U. S. Government securities 23,702,008 23,563,108 23,672,208 23,760,408 23,760,408 23,833,708 23,760,408 24,270,612 Total loans and securities 24,384,27424,453,301 24,225,908 24,374,888 24,245,416 24,458,306 24,245,416 24,403,964 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 4,300 431 4,995,409 5,197,749 3,599,964 3,838,819 3,953,199 ,838,819 3,547,358 Bank premises 59 156 59,023 58,915 58,668 58,016 59,097 58,016 53,506 Other assets 149.220 141,225 184,378 176,220 168,094 150,593 168,094 159,404 Total assets. 50.519,821 51,299,329 51,267,823 49,738,08349,879,696 50,243,349 49,879,696 49,777,564 Liabilities Federal Reserve notes 26,066,334 26,086,236 26,170,23126,186,61526,003,69726,141,75726,003,69725,601,422 Deposits: Member bank—reserve accounts.. 18,475. 18,589,01718,452,17218206,568 ,367,67518,423,11218,367,67518,676,139 U. S. Treasurer—general account. 511 , 716,541 427,488 475,237 393,495 553,587 393,495 704,485 Foreign 383. 403,343 410,459 377,168 387,189 385,321 387,189 461,465 Other 372. 383,175 381,677 374,319 383,257 378,805 383,257 421,781 Total deposits. 19,742,841 20,092,076 19,671,796 19,433,292 19,531,616 19,740,825 19,531,616 20,263,870 Deferred availability cash items 3,512, 3,931,147 4,241,538 2,941,005 ,173,643 3,161,280 3,173,643 2,768,038 Other liabilities and accrued dividends. 17, 15,514 16,103 15,108 14,850 17,249 14,850 17,376 Total liabilities. 49,339,339 50,124,973 50,099,668 48,576,020 48,723,806 49,061,111 48,723,806 48,650,706 Capital Accounts Capital paid in 297,671 297., 479 297,211 296,996 296,872 297,682 296,872 275,870 Surplus (Section 7) 660,901 660,901 660,901 660,901 660,901 660,901 660,901 625,013 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 194,367 188,433 182,500 176,623 170,574 196,112 170,574 198,432 Total liabilities and capital accounts. 50,519,821 51,299,329 51,267,823 49,738,083 49,879,696 50,243,349 49,879,696 49,777,564 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.8 46.0 46.1 Contingent liability on acceptances purchased for foreign correspondents 27,149 27,268 27,221 27,222 27,186 27,126 27,186 6,453 Industrial loan commitments. 2,787 2,811 2,797 3,417 3,417 2,795 3,417 1,943 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total.... 662,085 872,270 535,686 597,510 470,005 602,526 470,005 132,374 Within 15 days 642,469 851,204 516,651 579,115 436,800 578,068 436,800 34,192 16 days to 90 days 19,609 21,057 19,026 18,395 33,141 24,454 33,141 98,178 91 days to 1 year 7 9 9 64 4 64 4 Industrial loans—total 719 706 722 562 585 700 585 978 Within 15 days 102 101 15 15 15 15 15 3 16 days to 90 days 4 4 90 87 93 80 93 730 91 days to 1 year 497 485 499 342 357 498 357 209 Over 1 year to 5 years 116 116 118 118 120 107 120 36 Acceptances—total 19,462 17,217 17,292 16,408 14,418 21,372 14,418 Within 15 days 6,202 4,326 4,669 4,756 5,227 7,727 5,227 16 days to 90 days 13,260 12,891 12,623 11,652 9,191 13,645 9,191 91 days to 1 year U. S. Government securities—total. ,702,008 23,563,108 23,672.208 23,760,408 23,760,40823,833 70823,760,4 >4,270,612 Within 15 days 440,350 452,950 444. 238,750 223,400 277 850 223,400 283,000 16 days to 90 days ,293,995 6,142,495 505, 800,296 815,646 6,588 195 815,646 8,548,800 91 days to 1 year ,452,06512,452,06518,205, 18,205,76418,205,76412,45206518,205,764 6,689,591 Over 1 year to 5 years ,087,127 2,087,127 2,087, 2,087,127 2,087,127 2,087 127 2,087,127 6,320,750 Over 5 years to 10 years ,013,614 1,013,614 1,013, 1,013,614 1,013,614 1,013 614 1,013,614 1,013,614 Over 10 years ,414,857 1,414,857 1,414, 1,414,857 1,414,857 1,414 857 1,414,857 1,414,857 1 Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. OCTOBER 1955 1135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1955 fin 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.20,153,353 1,013,240 5,212,6921,198,3091,774,7461,287,814 865,6883,562,153 849,434 299,718 806,923 761,3452,521,291 Redemption fund for F. R. notes. 840,652 51,025 176,133 58,252 75,300 69,527 49,883 147,250 45,130 23,932 40,229 27,358 76,633 Total gold certificate reserves. . 20,994,005 1,064,265 5,388,8251,256,5611,850,0461,357,341 915,5713,709,403 894,564 323,650 847,152 788,7032,597,924 other Banks... 257,594 16,471 42,381 25,399 13,284 20,228 44,137 21,043 9,362 11,661 9,484 13,893 30,251 Other cash 370,533 28,147 76,281 18,726 39,482 20,962 28,902 55,384 18,563 8,864 13,420 14,609 47,193 advances: Secured by U. S. Govt. securities. . . 588,937 4,905 19,100 22,025 16,300 26,712 77,150 207,300 7,950 101,150 77,145 16,000 13,200 Other 13,589 800 3,893 973 1,213 667 573 1,867 507 433 507 783 1,373 Industrial loans.. 700 635 65 Acceptances: Bought outright.... 17,216 17,216 Held under repurchase agreement. . 4,156 4,156 U. S. Government securities: Bought outright.... 23,728,508 1,310,383 6,030,4821,444,1642,039,2991.397,9411,224,8184,138,892 984,686 575,0131,031,953 951,4662,599,411 repurchase agreement. . 105,200 105,200 Total loans and securities 24,458,306 1,316,088 6,180,0471,467,7972,056,812 1,425,3201,302,5414,348,059 993,143 676,6611,109,605 968,2492,613,984 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash items 3,953,199 283,021 753,612 234,465 387,661 307,866 266,364 662,565 163,877 113,476 184,256 183,338 412,698 Bank premises... 59,097 5,703 7,500 5,117 5,403 4,783 4,289 6,110 3,416 1,471 3,389 1,843 10,073 Other assets 150,593 8,204 36,458 8,745 13,189 8,612 8,395 27,477 6,079 3,591 6,377 7,317 16,149 Total assets 50,243,349 2,721,90012,485,1103,016,8124,365,8793,145,1132,570,2008,830,0442,089,005 1,139,3752,173,6841,977,9535,728,274 Liabilities F. R. notes 26,141,757 1,563,210 5,903,5721,779,1422,419,8551,959,6051,329,9085,071,5681,189,546 538,8651,037,454 716,3372,632,695 Member bk.— reserve accts.18,423,112 764,490 5,188,300 870,8241,455,021 786,577 894,0272,934,004 677,223 439,323 882,927 989,5832,540,813 gen. acct.. •. 553,587 45,365 92,199 47.402 43,985 48,535 45,606 75,518 23,621 23,033 37,605 36,665 34,053 Foreign 385,321 22,200 2123,336 27,010 33,670 18,500 15,910 51,800 14,060 9,2.50 14,060 17,390 38,135 Other 378,805 2,779 306,363 11,094 4,504 2,344 1,518 750 6,528 1,585 1,539 970 38,831 Total deposits. . .19,740,825 834,834 5,710,198 956,3301,537,180 855,956 957,0613,062,072 721,432 473,191 936,1311,044,6082,651,832 ability cash items 3,161,280 251,824 535,500 195,197 300,074 266,177 228,119 525,244 130,379 95,742 152,445 160,754 319,825 Other liabilities and accrued dividends 17,249 844 4,964 924 1,984 746 863 2,796 700 505 678 612 1,633 Total liabilities. .49,061,111 2,650,712 12,154,2342,931,5934,259,0933,082,4842,515,9518,661,6802,042,057 1,108,3032,126,7081,922,3115,605,985 Capital Accounts Capital paid in. . 297,682 15,797 89,083 19,575 28,364 13,440 13,342 39,564 10,399 6,777 11,737 15,718 33,886 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 accounts 196,112 12,071 46,404 13,382 17,194 12,360 10,665 30,805 9,409 6,304 9,347 8,632 19,539 Total liabilities and capital accounts 50,243,349 2,721,90012,485,1103,016,8124,365,8793,145,1132,570,2008,830,0442,089,005 1,139,3752,173,684 1,977,9535,728,274 Reserve ratio 45.8% 44.4% 46.4% 45.9% 46.8% 48.2% 40.0% 45.6% 46.8% 32.0% 42.9% 44.8% 49.2% Contingent liability on acceptances purchased for foreign correspondents 27,126 1,626 37,940 1,978 2,466 1,355 1,165 3,794 1,030 677 1,030 1,274 2,791 Industrial loan commitments.. 2,795 129 327 11 83 2,245 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $261,960,000 participations of other Federal Reserve Banks. 3 After deducting $19,186,000 participations of other Federal Reserve Banks. 1136 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 Sept. 28 Sept. 21 Sept. 14 Sept. 7 Aug. 31 Sept. Aug. Sept. F. R. notes outstanding (issued to Bank) 97 038 97,063 ??o 27,099 49 527,013 363 26,899 6SS ?6,141 ,757 26,899,655 ?6,539,310 Collateral held against notes outstanding: Gold certificates 11 363,000 11,363 ,000 11,363 000 11,173 000 11,153,000 11,363,000 11,153,000 11,093,000 Eligible paper ??? 477 ?QS 034 176 366 208 S93 203 113 ?39 988 203,113 13,156 U. S. Government securities 16 935 ,000 16,935,000 16,935,000 17,055 000 17,055,000 16,935 ,000 17,055,000 16,865,000 Total collateral 28 520 ,477 28,593,034 28,474,366 28,436 523 28,411,113 28,537 ,988 28,411,11327,971,156 EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1955 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 26,141,757 1,563,210 5,903,5721,779,142 2,419,8551,959,6051,329,9085,071,568 1,189,546538,8651,037,454 716,3372,632,695 Collateral held: Gold certificates11,363,000 640,000 2,670,000 725,000 1,070,000 745,000 500,000 2,400,000 400,000 150,000 280,000283,0001,500,000 Eligible paper.. 239,988 4,905 22,025 26,713 7,950101,250 77,145 U. S. Govt. securities 16,935,000 1,200,000 3,600,0001,200,000 1,500,0001,300,0001,000,000 2,900,000 910,000 500,000 800,000 525,000 1,500,000 Total collateral... 28,537,988 1,844,905 6,270,0001,947,0252,570,000 2,071,7131,500,000 5,300,0001,317,950 751,2501,157,145 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE [Amounts in thousands of dollars] BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] Applications pations y E m e n o a d r n t o o h f r Num ap t - o p r d o a v t e e d ( b p a p m c l u r e o o t o t m v e n u e d - o n d 1 t t) s (a t L a 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 t t f n a u g o n f t i u i d i n o n t i a - n n s n s t g c i 3 - - y E e n a d r o o f r Gua a r u a t t o n h t o e d r e a i d t z e e l d oans o G u u t a s lo t r a a a n n n d t s e i e n d g a A b v a o d a m r i d r l i a o o t b w i u o l n e e n t r a s t l o ber Amount (amount) month under guar- Num- Total Portion antee agreeber Amount amount guaran- ments 1945 3,511 544,961 320 1,995 1,644 1,086 teed outstanding 1946 3,542 565,913 4,577 554 8,309 2,670 1 1 1 1 1 9 9 9 9 9 4 4 4 5 5 7 9 8 1 0 3 3 3 3 3 , , , , , 5 6 6 6 7 7 0 9 4 3 4 7 8 9 6 6 5 6 6 7 1 8 2 5 1 5 6 9 1 0 , , , , , 6 7 3 3 9 2 5 2 8 3 6 3 6 9 1 4 3 , , 8 5 9 3 5 1 1 4 3 3 3 9 5 5 9 2 4 2 1, , , , 3 6 1 6 9 8 3 7 8 9 7 2 8 7 5 2 3 7 6 1 , , , , , 6 2 4 7 0 4 3 8 5 3 3 4 8 4 6 1 4 3 2 1 1 , , , , , 8 9 9 7 9 9 6 4 4 8 0 9 7 5 5 1 1 1 1 9 9 9 9 5 5 5 5 2 1 3 0.... 1 1 , , 1 2 8 5 9 6 5 9 4 2 4 2 1 2 , , , 1 3 3 .3 2 5 9 1 4 8 5 , , , , 3 3 1 4 8 2 2 4 7 6 3 4 6 9 8 7 7 0 8 5 9 4 , , , , 0 4 6 4 1 5 8 2 7 9 6 8 8 5 6 0 4 6 6 3 6 6 , , , , 1 5 2 2 3 9 6 0 2 7 5 5 4 5 3 7 6 8 8 2 3 6 , , , , 8 6 3 2 2 6 0 9 7 7 3 9 1 1 9 9 5 5 2 3 3 3 , , 7 7 5 6 3 5 8 7 0 6 3 6 , , 4 49 2 2 9 1 1, , 9 6 5 3 1 8 3 1 , ,9 9 0 2 0 1 3 3 , , 2 5 1 6 0 9 3 3 , , 2 4 8 6 9 9 1954 August.. 1,350 2,457,689 559,859 466,089 300,676 1954 September. 1,355 2,477,939 546,930 455,618 295,805 A O Se c u p t g o te u b m s e t b r . , e . . . r . . . . 3 3 3 , , , 7 7 7 6 6 6 9 9 8 8 8 8 1 1 1 6 4 5 , , , 5 7 4 8 6 4 2 5 9 3 3 9 9 4 5 5 5 8 6 9 1 3 9 2 0 1 2 1 1 , , , 8 7 9 9 4 9 6 3 4 1 1 1 , , , 7 3 5 7 4 5 3 3 9 N D O o e c c v to e e m b m e b b r e . e i r. 1 1 1 , , , 3 3 3 6 5 6 7 7 1 2 2 2 , , , 4 4 4 7 8 9 8 1 9 , , , 9 6 6 3 6 3 9 9 4 4 5 5 7 2 0 1 7 4 , , , 9 0 7 4 7 0 7 4 8 4 3 3 1 6 9 6 7 5 , , , 7 6 3 9 1 8 4 3 8 2 2 2 7 8 6 2 3 6 , , , 9 5 7 0 1 9 3 0 8 N D o ec v e e m m b b e e r r . . . 3 3, , 7 7 7 7 1 0 8 8 1 1 7 8 , , 6 2 0 2 5 4 5 5 2 2 0 0 6 7 5 1 2 9 1 1 , , 1 89 4 8 8 1 1 , , 2 0 0 2 2 7 1955 January. 1,370 2,501,179 454,209 347,008 264,549 1955 February 1,375 2,504,169 437,185 333,717 263,248 J J F A M M u a e p a a n n b r y r e u i r c l u a h r a y r . y . .. . 3 3 3 3 3 3 , , , , , , 7 7 7 7 7 7 7 7 7 7 7 7 2 2 5 5 5 5 8 8 8 8 8 8 2 2 2 2 2 2 1 3 4 3 2 3 , , , , , , 4 1 7 3 4 0 0 9 5 5 4 6 7 5 4 9 1 3 3 2 1 1 1 1 1 7 7 7 7 7 5 0 0 0 0 0 6 5 5 6 4 7 4 2 7 2 6 0 2 9 5 1 0 7 3 3 3 3 3 3 , , , , , , 1 5 5 3 2 4 5 1 1 7 8 2 2 9 0 1 9 7 1 1 1 1 1 1 , , , , , , 5 4 5 5 5 5 6 0 9 7 8 7 4 4 8 6 6 7 A J J M M A u u p u a n a l r g r e y y i c u l . . . h s . . . t . . . . . . . . . 1 1 1 1 1 1 , , , , , , 3 3 3 3 3 3 9 9 8 8 8 9 2 6 8 0 4 0 2 2 2 2 2 2 , , , , , , 5 5 5 5 5 5 1 2 3 4 5 4 1 2 0 2 2 4 , , , , , , 8 2 8 8 5 3 2 5 6 1 4 4 9 9 4 9 9 4 4 4 3 3 2 2 4 9 2 9 9 9 2 8 5 1 4 5 , , , , , , 2 8 3 4 7 3 6 6 9 1 1 4 7 8 4 6 1 3 3 3 2 2 2 2 3 2 9 2 2 9 3 0 3 4 1 8 , , , , , , 2 5 5 6 3 4 6 5 0 5 5 4 9 7 7 4 9 4 2 2 2 2 2 2 5 0 1 5 7 3 4 7 1 5 2 4 , , , , , , 8 1 4 2 2 6 4 9 8 9 4 3 0 6 4 6 8 4 July 3,775 824,847 170 489 3,265 1,305 August.... 3,777 825,161 45 586 3,416 1,392 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to bor- 1 Includes applications approved conditionally by the Federal Re- r r e o p w a e i r d s , u g n u d ar e a r nt g e u e a s r a a n u t t e h e o r a iz g e r d e em bu e t n t n s ot o u c t o s m ta p n l d e i t n e g d , r a e n p d re s a e u n t t h s or a i m za o ti u o n n t s s ser 2 v I e n c B lu a d n e k s s i a n n d d u s u t n ri d a e l r lo c a o n n s s i p d a e s r t a t d io u n e 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. P 3Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. OCTOBER 1955 1137 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 September 30] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month itors' Cash U.S. Cash an ba c l e - s1 Total dep in osi- G m ov e e n r t n^ r f e u s n e d rv s, e Guarantee fee Percentage of tory securi- etc.2 Percentage of (percentage of any commitment banks ties loan guaranteed interest payable fee charged by borrower) borrower 1945—December.. 2,933 3,022 6 2,837 179 1946—December.. 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December.. 3,417 3,525 6 3,308 212 75 15 15 1948—December.. 3,330 3,449 7 3,244 198 80 20 20 1949—December.. 3,188 3,312 7 3,118 187 85 25 25 1950—December.. 2,924 3,045 11 2,868 166 90 30 30 1951—December.. 2,705 2,835 28 2,644 162 95 . .. . .. 35 35 1952—December.. 2,547 2,736 33 2,551 151 Over 95 40-50 40-50 1953—December.. 2,359 2,558 31 2,389 138 1954—May 2,271 2,416 31 2,256 130 Maximum Rates Financing Institution May Charge Borrower June 2,251 2,399 31 2,240 128 July 2,230 2,379 31 2,220 129 [Per cent per annum] August.... 2,208 2,360 31 2,196 133 September. 2,189 2,339 31 2,176 133 October 2,171 2,304 31 2,156 118 Interest rate November. 2,154 2,287 31 2,134 123 Commitment rate. 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 2,051 2,186 31 2,044 111 May *»2,029 June P2.OO7 July Pi,983 August Pl,960 ppreliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Withoutseasonal 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 centers* centers2 City centers* centers2 City centersl centers2 1944 848,561 327,490 194,751 326,320 22 3 18 3 14 6 1945 924,464 382,760 200,202 341,502 24 1 17 5 13 5 1946 1,017,084 406,790 218,477 391,817 25.1 18.3 14 1 1947 1,103,720 398,464 246,739 458,517 23 8 19 7 15 5 1948 1,227,476 443,216 270,912 513,348 26 9 21 6 16 6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15 9 1950 1,380,112 509,340 298,564 572,208 31 1 22 6 17 2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34 4 24 1 18 4 1953 1,759,069 632,801 385,831 740,436 36 7 25 6 18 9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19 2 1954—Tulv . . 154,848 61,155 31,556 62,137 41.6 24.9 18.8 42.7 25 A 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 N o vember 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—Tanuarv . . . .. 163,393 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 M^arch 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 '167,714 62,211 36,570 '68,933 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 Tulv 161,748 58,904 34,123 68,721 40.7 26.6 20 4 41 7 27 1 20 7 August 167,365 58,980 35,863 ••72,522 38.2 25.9 19.9 44.2 28.3 21.2 September 169,001 62,550 35,126 71,324 43.5 »2-7.5 ^21.1 42.4 P27.8 P20.8 rRe vised. ppreliminary. i 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. 8These data are compiled by the Federal Reserve Bank of New York. NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357. 1138 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 dollarsJ Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 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—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 15 2 1955—January 29,789 20,777 1,808 1,191 71 2,017 6,267 9,425 9,014 2,673 5,550 317 460 4 9 2 February.... 29,817 20,845 1,810 1,190 71 2,020 6,316 9,438 8,974 2,660 5,527 316 457 3 9 2 March 29,800 20,854 1,822 1,196 70 2,021 6,324 9,421 8,946 2,647 5,512 317 457 4 9 1 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 IVIay 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 (4) 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 August 30,317 21,406 1,878 1,234 72 2,055 6,476 9,692 8,911 2,657 5,489 309 444 3 9 (4) 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. sPaper currency only; $1 silver coins reported under coin. *Less than $500,000. Back figures.—Set 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 Au 1 g 9 . 5 3 5 1, g a o s g l i d a lv in e a s r n t d Tre ca a s s h ury B R F an e e d k se s e r r v a a n e l d B R a a n e g k s e e s n r t v a s n e d Au 1 g 9 . 5 5 31, Ju 1 l 9 y 5 3 5 1, Au 1 g 9 . 5 4 31, certificates agents Gold ^l 682 21,027 2655 Gold certificates . . . . . 21,027 18,177 2,816 34 34 35 Federal Reserve notes 26,900 73 1,110 25,717 25,644 25,390 Treasury currency—'total 5,005 32,408 77 362 4,566 4:, 566 4,504 Standard silver dollars 490 216 42 5 226 224 214 Silver bullion 2,192 2,192 Silver certificates and Treasury notes of 1890.. 32,408 264 2,144 2,156 2,138 Subsidiary silver coin 1,296 27 56 1,213 1,206 1,165 Miinor coin 451 5 8 439 435 421 United States notes 347 2 27 317 317 319 Federal Reserve Bank notes 162 2 160 161 177 National Bank notes 67 1 66 67 69 Total An°- 31 19SS (4) 23,435 804 18,177 4,288 30,317 July 31 1955 (i) 23,447 798 18,179 4,308 30,244 Aug. 31. 1954 (4) 23,551 811 18,302 4,266 29,929 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. 1131. 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. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6Less 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. OCTOBER 1955 1139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total ury U. S. Government obligations liabil- Capital Date cur- ities Total and Gold rency Other and deposits misc. out- Loans, Com- secu- capital, and acstand- Total net mercial Federal rities net currency counts, ing Total and Reserve Other net savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 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 25,037 2,265 19.591 227,514 209,354 18,161 1954—Aug. 25. 21,900 5,000 202,500 80,200 102,300 76,200 23,900 2,200 19,900 229,300 210,500 18,800 Sept. 29. 21,800 5,000 204,000 81,400 102,400 76,200 24,000 2,200 20,200 230,800 211,800 19,000 Oct. 27. 21,800 5,000 207,700 81,900 105,600 79,000 24,400 2,200 20,300 234,400 215,400 19,100 Nov. 24. 21,700 5,000 209,700 83,900 105,600 78,900 24,600 2,200 20,300 236,400 217,200 19,200 Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Jan. 26 21,700 5,000 209,600 85,200 103,600 77,800 23,700 2,100 20,900 236,300 217,500 18,800 Feb. 23 21,700 5,000 208,200 85,800 101,400 75,600 23,700 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 87,900 100,100 74,400 23,600 2,100 21,200 235,800 216,900 18,900 May 25. 21,700 5,000 209,100 89,000 99,300 73,700 23,500 2,000 20,900 235,800 216,600 19,200 June 30. 21,678 5,002 209,872 91,349 97,572. 71,947 23,607 2,018 20,951 236,552 217,595 18,956 July 27*> 21,700 5,000 211,400 92,000 98,600 72,400 24,100 2,000 20,900 238,100 218,800 19,300 Aug. 31 P 21,700 5,000 211,100 93,200 96,900 71,200 23,800 2,000 20,900 237,800 218,200 19,600 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 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 posits4 side and ad- sides ings banks banks banks3 System banks currency justed bank 1929—June 29. . 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30. . 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30. . 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31. . 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31. . 2,141 2,287 24,608 977150,793 48,452 30,135 2,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,452 870170,008 56,411 35,249 17^746 3,416 87,121 111,100 85,20025,900 1950—Dec. 30. . 2,518 1,293 2,989 668176,917 59,247 36,314 20,009 2,923 92,272 25,'398 114,300 89,70024,600 1951—Dec. 31. . 2,279 1,270 3,615 247185,999 61,450 37,859 20,887 2,704 98,234 26,315 120,100 94,40025,700 1952—Dec. 31.. 2,501 1,270 5,259 389194,801 65,799 40,666 22,586 2,547 101,508 27,494 124,700 97,80026,900 1953—June 30. . 2,467 1,259 3,942 132192,560 68,293 42,245 23,589 2,459 96,898 27,369 126,100 98,800 2277,300 Dec. 31. . 2,694 761 4,457 346200,917 70,375 43,659 24,358 2,359 102,451 28,091 126,700 99,50027,200 1954—June 30.. 3,256 811 5,895 875198,517 73,292 45,653 25,388 2,251 98,132 27,093 126,700 99,700 27,000 1954—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 900205,300 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 600207,400 76,200 47,200 26,900 2,100 104,500 26,700 132.600 105,60027,000 May 25. . 3,200 800 5,500 400206,700 76,500 47,400 27,100 2,000 103,300 26,800 131,700 104,800 26,900 June 30. . 3,247 812 5,418 380207,738 77,129 47,846 27,277 2,007 103,234 27,375 131,900 104.90027,000 July 27 P? 3,300 800 6,100 500208,100 77,100 47,700 27,400 2,000 103,900 27,100 132,700 105,500 27,200 Aug. 31P. 3,100 800 5,200 400208,600 77,400 48,000 27,500 2,000 103,900 27,300 132,700 105,50027,200 ^Preliminary. rRevised. 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. ^Demand 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. 1140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Num- Cla a s n s d o d f a b t a e nk Total Loans G U m ov . e e S n r . t n- O se t c h u e - r a C ss a e s t h s1 c b a i a l l p i i n a t i d i - t e a s l Total i b In a t n e k r ! - Demand c c o a a u p c n - i t ta s l ba b o n e f k r s o t b io li n ga s - rities cou ac n - ts2 U.S. Time Govern- Other ment All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 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 4,944 111,690 63,598 15,367 14,575 1953—Dec. 31 171.497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 68,354 16,118 14,509 1954—June 30 173,343 81,227 72,525 19,591 42,556 218,900 199,508 15,500 5,594107,043 71,371 16.664 14.465 Aug. 25 176,790 80,690 76,210 19,890 39,480 219,300 198,780 15,210 5,140 106,290 72,140 16,770 14,446 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—Mar. 30 182,050 87,860 72,980 21,210 40,230 225,660 203,400 14,670 4,070110,200 74,460 17.410 14,330 Apr. 27 184,210 88,640 74,390 21,180 40,850 228,550 206,480 14,570 4,610 112,760 74,540 17,490 14,314 May 25 184,410 89,790 73,740 20,880 39,650 227,410 205,100 14,020 5,130 111,110 74,840 17,630 14,312 June 30 184,253 91,355 71,947 20,951 42,014 229,631 208,850 15,245 5,081 113,034 75,491 17,663 14,309 July 27pr... 186,190 92,930 72,410 20,850 40,720 230,240 207,900 14,490 5,740112,240 75,430 17,750 14,303 Aug. 31 P. ... 186,070 93,940 71,190 20,940 40,610 230,060 207,750 14,570 4,860 112,490 75,830 17,890 14,290 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 2,806101,91" 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 43,99" 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 Aug. 25. 149,490 66,450 67,300 15,740 38,540 190,670 173,130 15,210 5,140106,240 46,540 14,120 13,919 1955— D M ec. ar. 3 3 1 0 ..s.. 1 1 5 5 5 3 , , 9 4 1 9 6 0 7 7 0 2 , , 6 3 1 1 9 0 6 6 8 4 , , 9 1 8 8 1 0 1 1 6 7 , , 3 0 1 0 6 0 3 4 9 3, , 5 2 5 5 9 0 2 1 0 9 2 5 , , 3 7 7 0 8 0 1 1 8 7 4 6 , , 7 46 5 0 7 1 1 6 4 , , 8 6 0 7 9 0 4 4 , , 1 0 7 7 2 0 1 1 1 1 6 0 , , 5 1 6 5 7 0 4 4 7 7 , , 2 5 0 7 9 0 1 1 4 4 , , 5 6 7 8 6 0 1 13 3 , , 8 8 0 4 3 0 Apr. 27 155,540 72,920 65,630 16,990 39,920 198,540 179,500 14,570 4,610112,710 47,610 14.770 13,786 May 25 155,570 73,850 65,000 16,720 38,700 197,210 177,990 14,020 5,130111,060 47,780 14,890 13,784 June 30 155,264 75,183 63,271 16,809 41,025 199,249 181,516 15,24: 5,078112,983 48,214 14,906 13,781 July 27Pr. .. 156,990 76,570 63,700 16,720 39,790 199,710 180,470 14,490 5,740112,190 48,050 14,980 13,776 Aug. 31*>. ... 156,680 77,340 62,490 16,850 39,680 199,340 180,200 14,570 4,860112,440 48,330 15,100 13,763 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 5,52: 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 7,30' 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 11,75 39,255 160,826 147,527 14,61" 4,567 95,453 32,890 10,761 6,798 1953—Dec. 31 122,422 57,762 52,603 12,05 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 Aug. 25 126,00 56,453 56,476 13,072 33,819 162,136 147,179 14,437 4,699 90,663 37,380 11,794 6,713 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—Mar. 30 129,298 61,766 53,410 14,122 34,34 166,256 149,750 13,941 3,608 93,967 38,234 12,263 6,625 Apr. 27 131,19 62,329 54,767 14,095 34,979 168,891 152,638 13,853 4,170 96,343 38,27: 12,348 6,613 May 25 131,03. 63 ,111 54,083 13,84: 34,07- 167,702 151,282 13,320 4,624 94,928 38,410 12,446 6,619 June 30 130,788 64,315 52,543 13,930 36,300 169,686 154,670 14,462 4,656 96,74: 38,810 12,461 6,611 July 27P>\ . . 132,33 65,647 52,838 13,846 35,152 170,058 153,657 13,74. 5,264 95,996 38,653 12,51 6,603 Aug. 31P 131,897 66,291 51,642 13,964 35,018 169,535 153,215 13,811 4,424 96,125 38,855 12,61 6,589 All mutual savings banks: 1939—Dec. 30. 10,216 4,92 3,101 2,188 818 11,852 10,52- 10,521 1,309 551 1941—Dec. 31. 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31. .16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,59: 542 1947—Dec. 313 18,641 4,944 11,978 1,718 886 19,71 17,763 17,745 1,889 533 1950—Dec. 30. 21,346 8,137 10,868 2,342 79 22,385 20,031 20,009 2,24" 529 1952—Dec. 31. 24,003 11,349 9,422 3,231 918 25,233 22,621 22,586 2,479 529 1953—Dec. 31. 25,810 12,925 9,184 3,701 983 27,130 24,398 24,358 2,559 528 1954—June 30. 26,959 13,890 9,017 4,05 98 28,315 25,440 25,388 2,626 528 Aug. 25. 27,300 14,240 8,910 4,150 940 28,630 25,650 25,600 2,650 527 Dec. 31. 27,868 14,998 8,748 4,123 ,026 29,276 26,359 26,302 2,694 527 1955—Mar. 30. 28,560 15,550 8,800 4,210 980 29,960 26,940 26,890 2,730 527 Apr. 27. 28,670 15,720 8,760 4,190 930 30,010 26,980 26,930 2,720 528 May 25. 28,840 15,940 8,740 4,160 950 30,200 27,110 27,060 2,740 528 June 30. 28,990 16,17 8,675 4,142 98' 30,38 27,33- 27,277 2,757 528 July 27 P 29,200 16,360 8,710 4,130 930 30,530 27,430 27,380 2,770 527 Aug. 31 P 29,390 16,600 8,700 4,090 930 30,720 27,550 27,500 2,790 527 ^Preliminary. '•Revised. *"A11 banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska that became a member bank on Apr. 15, 1954, and a noninsured State member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2Includes "other" assets and liabilities not shown separately. For other footnotes see following two pages. 114.1 OCTOBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments ]Deposits Total assets— Other Total Total Num- Class of bank U.S. Cash ij capital 1:>er and date Total Loans G o o m b t v l i e e i o n g n r t a s n - - O s r t i e t h c i e u e - r s assets1 c c b o i a a l u a p i n c i n t d t - t i a e s l s 2 Total 1 b In a t n e k r * - Go U v . e D r S e n . m - an O d ther Time co a u c n - ts ba o n f ks ment Central reserve city member banks: New York City: 1 19 9 4 3 1 9 — — D D eecc . 3 3 0 1 1 Q 7. 3 8 3 9 9 6 4 1, 0 ? 7 9 ? 6 4 7 , ,2 7 6 7 5 2 1 1, 2 5 7 5 2 9 6 66 70 3 3 7 1 10 6 , ,4 8 1 6 3 2 1 1 4 7 , , 5 93 0 2 7 4 4 , , 2 2 3 0 8 7 86 7 6 4 1 0 ?0 4 S S 1 0 8 7 0 1 7 6 1 1 , , 5 6 9 4 2 8 3 3 6 6 1945—Dec 31 96 143 7314 17,574 1 ,235 6430 1?,887 10,121 4,657 6,940 17?87 1,?16 ?,120 37 1947—Dec. 31 90,393 7179 11,972 1 ,242 7?61 ?7,982 216 4,464 267 10040 1,445 ?,259 37 1950—Dec. 30 . . 90 612 Q 799 8,993 1890 7,922 98,954 ?s646 4,638 451 18816 17?? 9,351 23 1952—Dec. 31 99 130 1?376 7678 9 076 8410 11 0,53 ?7309 4,965 1,143 10,161 1,840 ?,505 22 1953—Dec. 31 99 058 19 980 7765 9 004 8,074 10684 97037 «i,214 778 18804 ?,1S0 ?,572 22 I954—june 30 99 681 11619 8,695 9 367 7 S?4 10,771 ?7225 «i,517 1,378 18114 ?,?16 ?,630 22 Aug. 25 22966 11380 9,233 2 353 6 654 30,220 26,151 c,241 1,167 17391 2 352 2,646 22 Dec. 31 ?1880 1?0,39 0342 ? 499 7 S81 1? 193 ?8 252 ,709 736 10414 ? 10? ? 803 21 1955—Mar. 30 ?1238 1?73,3 7918 ? S87 7030 11013 ?6678 q,103 657 18555 ?,363 ?687 20 Apr. 27.' 23717 12977 8281 2 459 6,673 31,179 27 103 s,136 1,160 18496 2 311 2,697 18 J M u a n y e 2 3 5 0 . 2 9 3 3 0 2 9 5 9 7 1 19 30 0 1 4 6 6 87 0 7 1 8 0 2 2 ? 3 3 0 0 1 0 6 7, 6 7 6 4 8 8 3 1 1 0 ,5 6 5 4 9 6 2 9 7 6 , 4 79 6 1 4 4 c, , 4 9 5 8 4 2 1 1 , ,1 1 3 7 1 8 1 1 8 80 9 9 2 7 6 2 ? ,2 ?, 8 7 1 7 2 ? ,7 7 1 1 5 7 1 1 8 8 July 27*' 23 445 13618 7557 2 270 6,979 31,099 26,927 ,138 1,471 18 131 2 187 2 716 18 Aug. 31 P 22 915 13596 6959 2 360 6,993 30 595 26 471 ,037 995 18 210 2 229 2 746 18 Chicago: 1939—Dec. 30 9 105 S60 1203 333 1 446 1 595 3 330 888 80 1 867 40S 250 14 1941—Dec 31 2 760 954 1430 376 1,566 4 363 4 057 :,035 127 2 419 476 288 13 1 1 9 9 4 4 7 5 — —D D e e c c . . 3 3 1 1 5 S 0 93 8 1 8 1 18 3 0 3 1 3 42 2 8 1 9 3 0 3 3 8 9 5 7 1 1 , , 4 7 8 3 9 9 6 7 4 8 5 6 9 6 6 7 0 4 4 0 6 2 , , 3 2 1 1 2 7 155 7 2 2 4 1 4 20 6 1 ? 9 7 1 1 3 0 3 4 7 2 7 6 1 1 2 4 1 1 9 9 5 5 2 0 — — D D e e c c . . 3 3 1 0 6s 5 2 6 4 9 0 ? ? 0 7 8 4 3 8 9 ? 9 9 1 1 1 2 5 5 7 8 6 1 9 9, 0 0 3 1 4 0 8 7 2 64 9 9 7 7 76 1 8 09 6 , , 3 22 5 9 0 3 1 4 74 3 4 4 6 7 0 8 4 0 1 1? 1 0 01 5 4 5 9 4 0 1 1 1 3 3 1953—Dec. 31 . ...6 204 2 776 2 856 572 2,115 8,366 7 724 ,387 259 4 837 1242 566 13 1954—June 30 S975 ? S80 9825 561 9,016 8 064 7 419 ,339 410 4 401 1?67 583 13 Aug. 25 6 124 2 477 3 077 570 1,902 8 077 7 395 ,339 365 4 437 1254 587 13 Dec. 31 6 518 ? 784 3 120 614 1 0S4 8 520 7 845 ,321 251 4 077 1?os 600 13 1955—Mar 30 6056 2 647 2 734 675 ,656 7 761 6 773 ,328 230 3 949 1266 601 13 Apr. 27. .. 6 194 ? 64 S 9861 688 1,804 8 144 7374 ,155 256 4 670 1?0,l 602 13 May 25 6 170 2698 2807 665 1,836 8055 7321 ,126 296 4 608 1291 605 13 June 30 288 9846 9 742 699 1,763 102 7 431 1.180 343 4 606 1 101 612 13 July 27P 6 276 2 862 2 712 702 1,844 8 171 7 408 1,163 382 4 577 1286 613 13 Aug. 31P 6 235 2 887 2 637 711 1,875 8 166 7 414 1,222 296 4 616 1280 621 13 Reserve city member banks: 1939—Dec. 30 12272 5,329 5 194 1 749 6,785 19687 17 741 3,686 435 9 004 4 616 1 828 346 1941—Dec. 31 .. .15347 7,105 6 467 1 776 8,518 24 430 22 313 4,460 491 12 557 4 806 1967 351 1945—Dec. 31 40 108 8 S14 99 552 9042 11,286 S1898 40 085 6448 ,221 ?4 6SS 0760 ? 566 359 1947—Dec. 31 16040 13449 ?0196 ?396 11,066 40659 46467 >,649 405 ?8000 114?,3 ?,844 35.1 1950—Dec. 30 40685 17,906 10084 3695 11,008 ss369 S1437 (5,448 976 1?166 11647 1322 336 1952—Dec. 31 4S,583 ?1,6Q7 10624 4262 1S,544 61941 S7357 r.ooi 1814 IS281 11?61 3745 319 1953—Dec. 31 46,755 9?,763 19559 4434 1S925 61547 S8663 f,254 1,504 IS773 1411? 1984 319 1954—june 30 47,056 22,453 19813 4791 14,656 62 624 57 665 (3,636 2,015 34,058 14 957 i 125 310 Aug. 25 48,586 22,268 21 398 4920 13,354 62 858 57 523 <5,614 1,753 34 069 15 087 168 307 Dec. 31 SO,738 ?1,986 ?1,718 s 034 1 S424 67 165 61 796 r,444 1,457 17 418 1S 476 300 300 1955—Mar. 30 49,971 24,637 20 062 5 272 13,909 64 909 58 943 (5,292 1,446 35 493 15 712 4 387 296 M Ap a r y . 2 2 5 7 . ... 5 s 0 o , , 7 8 0 0 5 7 2 ? 5 4 , , 1 7 1 S 4 8 2 ? 0 0 , , 3 7 5 3 4 0 5s , , 2 3 3 1 7 9 1 1 4 4, , 1 4 5 S 2 8 6 6 6 5, 3 8 1 8 7 3 6 5 0 9, 2 7 3 4 3 4 ( ( 5 5 , , 3 0 4 5 6 9 1 1, , 7 5 3 2 0 0 3 1 6 6 , 6 1 1 4 S 0 I 1 S 5, 7 8 . 1 1 5 ? 4 4, 4 4 3 7 4 3 2 2 9 9 6 7 June 30 50,596 25,654 19,697 5,245 14,696 66 293 60 854 (5,545 1,843 36,459 16 007 4 492 297 July 27*"1 S1,338 96 101 10,954 s,191 14484 66 845 60 723 (5,234 1,891 16,659 15 010 4 510 297 Aug. 31P. . . .51,293 26,630 19,476 5.187 14,195 66 535 60 415 <5,332 1,754 36,345 15 984 4 543 296 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5 852 1 851 5,966 1941—Dec. 31 1?,518 S,890 4 377 ? 250 6 402 10466 17,415 822 225 10,109 6 ?S8 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 c5,465 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 91,377 4 193 11,S71 S9 689 48,897 1,133 922 11,077 14 86 S 1,532 6,501 1952—Dec. 31...... 4S,594 18,?13 ??,549 4,832 11,?81 SO,535 SS,175 1,301 ,267 !60?? 16585 3,970 6,444 1953—Dec. 31 47,404 19,034 99 423 s047 11268 61385 S6,740 1,315 ,216 16, s?o 17600 4,194 6,389 1954—June 30 47,474 20,537 21,779 5,158 12,506 60,745 55,943 1,241 ,362 34,879 18,460 4,372 6,376 Aug. 25 48,325 20,328 22,768 5,229 11,909 60,981 56,110 1,243 ,414 34,766 18 687 4,393 6,371 Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 ,271 37,794 18,787 4,506 6.326 1955—Mar. 30..... 50,033 21,749 22,696 5,588 11,749 62,573 57,356 1,218 ,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 :L.234 36,542 18,936 4,615 6,285 May 25 50,903 22,353 22,912 5,638 11,418 63,118 57,753 1,153 ,420 36,153 19,027 4,651 6,292 June 30 50,806 22,799 22,321 5,685 12,092 63,732 58,594 1,283 L,339 36,751 19,220 4,642 6,283 July 27P'... 51,272 22,974 22,615 5,683 11,845 63,943 58,599 1,209 1,520 36,629 19,241 4,678 6,275 Aug. 31P 51,454 23,178 22,570 5,706 11,955 64,239 58,915 1,220 1,379 36,954 19,362 4,707 6,262 3Beginning 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. 1142 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 lotai assets— Other Total Total Num- Class of bank U.S. Cash lia- capital ber and date Total Loans G o m t b o io l v e i n e g n r a s t n - - O s ri e t t c h ie u e s - r assets1 c c b o a i a a l u p n i c n t i - d i t t e a s s l 2 Total1 b Tinn a tt n #e» k rr 1 - U.S D . emand Time co a u c n - ts ba o n f ks 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 6,844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947—Dec. 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 1953—Dec. 31 143,796 67,082 62,381 14,333 44,398 190,638 174,697 15,548 4,116 111,423 43,610 13,239 13,412 1954—June 30 144,451 66,805 62,461 15,185 41,164 188,191 172,048 15,044 5,562 105,847 45,596 13,714 13,380 Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16,376 4,154 115,482 46,874 14,252 13,303 1955—June 30 153,488 74,692 62,342 16,454 40,685 197,077 179,728 14,794 5,064 111,993 47,876 14,579 13,267 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31.. .... 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947—Dec. 31 65,280 21.428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1953—Dec. 31 81,913 37,831 35,482 8,600 26,479 109,804 100,654 10,152 2,525 63,819 24,160 7,391 4,856 1954—June 30. 82,482 37,672 35,759 9,051 24,636 108,611 99,362 9,750 3,325 60,827 25,459 7,686 4,835 Dec. 31 88.509 39,712 39,392 9,405 25.662 115,835 105,851 10,714 2,508 66,426 26,202 8,085 4,789 1955—June 30 83,315 39,424 34,673 9,219 22,892 107,741 98,636 8,314 2,849 60,919 26,554 7,714 4,744 State member banks: 1941—Dec. 31...... 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9.062 3,055 1,918 1953—Dec. 31 40,509 19,931 17,121 3,457 12,903 54,179 49,510 5,019 1,232 32,206 11,054 3,925 1,887 1954—June 30 40,704 19,525 17,353 3,826 12,086 53,593 48,890 4,983 1,840 30,627 11,441 4,023 1,886 Dec. 31 43.093 20,538 18.417 4,138 12,414 56,407 51,401 5,269 1,207 33,177 11.748 4.125 1.871 1955—June 30 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 1,867 Insured nonmember commercial banks: 1941—Dec. 31...... 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1953—Dec. 31 21,396 9,328 9,790 2,278 5,020 26,679 24,555 378 360 15,398 8,419 1,925 6,672 1954—June 30 21,288 9,615 9,362 2,310 4,444 26,012 23,819 312 396 14,392 8,718 2,007 6,662 Dec. 31 22,536 9.886 10.215 2,436 5,088 27,911 25,657 393 439 15,879 8,947 2,044 6,647 1955—June 30 22,723 10,385 9,811 2,527 4,388 27,417 25,082 332 408 15,251 9,090 2,121 6,660 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 31 a 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1953—Dec. 31. 1,891 511 1,045 335 430 2,372 2,005 407 30 1,182 386 320 569 1954—June 30 1,932 532 1,047 354 405 2,394 2,020 453 30 1,150 388 325 557 Dec. 31 1,800 492 969 339 397 2,250 1.871 433 18 1,085 335 324 536 1955—June 30 1,776 491 930 355 340 2,172 1,788 448 13 990 337 327 513 All nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31» 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13.758 7,036 1,596 7,261 1953—Dec. 31 23,287 9,838 10,835 2,613 5,450 29,051 26,560 784 390 16,580 8,806 2,245 7,241 1954—June 30 23,220 10,147 10,409 2,664 4,849 28,406 25,838 764 426 15,542 9,106 2,332 7,219 Dec. 31 24,337 10.378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2.368 7,183 1955—June 30 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,173 Insured mutual savings 1941—Dec. 3i 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec 3i 10 846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 2 2 33 18,345 1,819 219 1954— D j eunce. 3 3 0 1 ... 2 2 0 0 , , 1 8 2 3 1 0 1 1 0 1 , , 8 6 0 5 4 1 6 6, , 1 3 1 0 7 9 3 3 . , 0 0 6 0 2 8 8 83 0 2 7 2 2 1 1 , . 2 9 3 8 7 1 1 1 9 9 , , 1 8 9 8 5 5 3 3 3 2 4 4 8 5 1 1 9 9 , , 1 8 4 3 5 1 1 1. , 9 8 2 6 0 8 2 2 1 18 9 1955—June 30 21,617 12,567 5,998 3,052 808 22,761 20,590 2 2 49 20,536 1,965 218 Noninsured mutual savings banks: 1941—D 3i 8,687 4,259 3,075 1,353 642 9,846 8,744 (s 8,738 1,077 496 1 19 9 4 4 7 5 — — D D e e e c c c # . 3 3 1 i » 5 5 , , 3 9 6 5 1 7 1 1, , 3 1 8 9 4 8 3 3 , , 5 8 2 13 2 6 7 4 6 1 0 2 1 1 8 1 0 5 6, , 2 5 1 9 5 6 5 5 , , 0 5 2 5 2 6 1 ' I 2 5 5 , , 0 5 2 5 0 3 6 5 3 5 7 8 3 3 5 3 0 9 1953—Dec. 31 6,558 2,910 2,707 941 184 6,796 6,015 1 2 6,013 740 309 1954— D j eunc e . 3 3 1 0 6 7 , , 8 0 3 3 8 8 3 3 , , 0 3 8 4 6 6 2 2 , , 7 6 0 3 8 0 1 1 , , 0 0 4 6 4 1 1 1 9 8 4 0 7 7 , , 2 0 9 7 5 8 6 6 , , 2 4 4 7 6 4 1 1 2 1 6 6, , 4 2 7 4 1 3 7 77 5 4 8 3 3 0 0 9 9 1955—June 30 7,373 3,605 2,677 1,090 180 7,621 6,743 1 2 6,741 792 310 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 publicationF,or revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. OCTOBER 1955 1143 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- Loans for S. Government obligations Oblipurchasing Cla c s a s l a l o n d f d a b te ank i m T n lo a v o e n a e n t d n a s t s t l s - Total * c o m m c k p i l i p i n u n a e e a a e g d - t r - r l n , - - - A c tu a u g r l l r - - i- o b d a s e T r r e n e r o o a c s d c k l a u - - r r r it y o e i T i e t r n h o s s g - l R o t e a a e s t n a - e l s O lo v u i d t t a i a n h o i d n l - - e s - s r O lo th an e s r Total Total Bills C o d c e f e a e r d t b t i e i - n D t f s - i - - ire N c o t tes Bonds G t a e u n e a - d r- S p d s t a i t g o i u i c o a n o v a b l a t f d i n - i e l - - t s s - O r s i e t t h i c e e u s r per ers ness sions All commercial banks:* 1947—Dec. 31... 116,284 38,057 18,167 [ 660 830 1,220 9,393 5,723 1 063 78,226 69,221 ,193 7 789 6,034 53,191 145,276 ,729 1953—Dec. 31... 145,687 67,593 27,204 4' 965 2,361 1,20216,694 14,461 1 666 78,094 63,426 5,004 10 237 12,439 35,713 34 10,821 i,847 1954—June 30. .. 146,383 67,337 26, 120 5 143 2,462 1,25617,227 14,462 1 657 79,047 63,508 4,704 5 572 12,376 40,818 38 11,930 i,608 Dec. 31... 155,916 70 619 26,867 5 200 2,929 1,52518,418 14,750 2 000 85 297 68,981 5,065 5 361 14,672 43,861 22 12,586 1,729 1955—June 30. .. 155 264 75 183 28 872 4 391 2,859 1,61319,779 16,365 2 428 80 081 63,271 ,220 1 710 16,640 41, 685 16 12,785 ,025 All insured commercial banks: 1941—Dec. 31. .. 49 290 21 259 9 214 1 450 614 662 4 773 4,545 28 031 21 046 988 3, 159 12,797 4 1023,651 >,333 1945—Dec. 31... 121 809 25 765 9 461 1 314 3,164 3,606 4 677 2 361 1 181 96 043 88 912 2,455 19 071 16 045 51 321 22 3,873 1,258 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 ;,621 1953—Dec. 31... 143 796 67 082 27 082 4 867 2,344 1,18116 566 14 373 1 629 76 714 62 381 4,895 10 076 12 283 35 093 33 10,587 [,746 1954—June 30. .. 144 451 66 805 25 976 5057 2,439 1,22817 101 14,370 1 623 77 646 62 461 4,575 5 505 12 223 40, 121 38 11,682 ;,502 Dec. 31... 154 115 70 127 26 731 5 108 2,907 1.50118 302 14 676 1 973 83 988 68 012 4,901 5 279 14 523 43,287 21 12,352 ;,624 1955—June 30... 153 488 74 692 28 729 4 319 2,834 1,58919 661 16 283 2 400 78 796 62 342 2,996 1 667 16 479 41 185 15 12,5493,906 Member banks, total: 1941—.Dec.31 43 521 18 021 8 671 972 594 598 3 494 3,t 92 25 500 19 539 971 3 007 11 729 3,8323,090 ,871 1945—Dec. 31... 107 183 22 775 8 949 8553,133 3,378 3 455 1 900 1 104 84 408 78 338 2,275 16 985 14 271 44 792 163,254 •,815 1947—Dec. 31... 97 846 32 628 16 962 1 046 811 1,065 7 130 4 662 952 65 218 57 914 ,987 5 816 4 815 45 286 104,199 [,105 1953—Dec. 31... 122 422 57 762'25 519 3 263 2,321 1,06013 020 11 911 1 518 64 660 52 603 4,095 8 287 10 300 29 890 31 8,871 3,185 1954—June 30.. . 123 185 57 197124 362 3 402 2,411 1,10613 440 11 840 1,51365 988 53 111 3,915 4 417 10 374 34 369 36 9,8902,987 Dec. 31. .. 131 602 60 250 25 007 3 529 2,881 1,36314 433 12 127 1,85871 352 57 809 4,075 4 307 12 464 36 944 20 10,449 I,094 1955—June 30. .. 130 788 64 315 26 894 2 799 2,808 1,44015 594 13 489 2,28566 473 52 543 2,377 1 281 13 969 34 903 13 10,5843,346 New York City:* 1941—Dec. 31... 12 896 4 O72! 2 807 8 412 169 123 54 8 823 7 265 311 1 623 3 652 1,679 729 830 1945—Dec. 31 26 143 7 334 3 044 2,453 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 ,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 ,014 711 1 454 5 510 61,851 516 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—June 30. .. 23 099 13 016 7 928 162,034 466 656 1 379 754 10 083 7 782 537 146 1 830 5 262 71,754 547 Chicago:3 1941—Dec. 31 2 760 954 732 6 48 52 22 96 1 806 1 430 256 153 903 119 182 193 1945—.Dec. 31. . . 5,931 1,333 760 211 233 36 51 40 4 598 4 213 133 1,467 749 1 864 181 204 1947—Dec. 31 5,088 1,801 1 418 73 87 46 149 26 3,287 2 890 132 235 248 2 274 213 185 1953—Dec. 31. . 6,204 2,776 ,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—June 30... 6,288 2,846 1 940 102 270 88 122 244 139 3 441 2 742 76 66 812 1 788 456 243 Reserve city banks: 1941—Dec. 31... 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6 467 295 751 4 248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 *6,982 5 653 15 878 5 1,126 916 1947—Dec. 31. .. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2',358 1 901 15 560 3 1,3421,053 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 26 3,585 1,206 Dec. 31. . . 50,738 23,986 10,624 956 407 622 6,134 4,912 720 26,752 21,718 1,326 1,695 4,954 13,736 3,782 1,252 1955—June 30. .. 50,596 25,654 11,210 700 444 651 6,603 5,500 954 24,942 19,697 503 481 5 773 12 937 3 3,916 1,330 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,2221,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 "5',102 4,544 16,713 9 1,3421,067 1947—Dec. 31... 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1953—Dec. 31. . . 47,404 19,934 4,8222,204 59 210 7,114 5,441 336 27,470 22,423 1,819 3,374 4,285 12,940 c3,911 1,136 1954—June 30... 47,474 20,537 5,0712,170 66 200 7,331 5,618 345 26,937 21,779 1,548 1,855 4,017 14,355 44,067 1 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 4,275 1',120 1955—June 30. . . 50,806 22,799 5,815 1,980 61 234 8,214 0,366 439 28,006 22,32 1,261 587 5,554 14,916 34,458 1,227 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 L 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 1,951 662 1954—June 30... 23,220 10,147 1,758 1,741 51 150 3,795 2,622 144 13,073 10,409 790 1,155 2,002 6,460 't 2,042 621 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 2,139 636 1955—June 30.. . 24,499 10,876 1,979 1,592 51 173 4,194 2,875 143 13,622 10,74 843 429 2,672 6,794 3 2,203 679 *These figures exclude data for banks in possessions of the United States except for one bank in Alaska that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 1144 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 fled viduals, ern- and viduals, Bor- tal call date Re- vault mestic ad- Gov- and and partner- ment polit- partner- row- acserve banks* justed8 ern- political offi- ships, Inter- and ical ships, ings counts Banks Do- For- ment subdi- cers' and cor- bank Postal subdi-and cormestic* eign visions checks, pora- Sav- visions poraetc. tions ings tions All commercial banks:2 1947—Dec. 31.. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1953—Dec. 31.. 19,995 2,512 12,103 102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 1954—June 30. . 18,924 2,660 11,033 98,117 12,470 1,328 5,591 9,925 2,789 94,282 1,699 331 2,319 43,334 55 14,038 Dec. 31. . 18,734 2,469 12,202 106,540 13,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—June 30. . 17,941 2,681 10,529 103,221 11,906 1,577 5,078 10,278 3,154 99,550 1,759 368 2,435 45,410 150 14,906 All insured commercial banks: 1941—Dec. 31 .. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 L.O77 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1953—Dec. 31.. 19,995 2,482 11,724 101,289 13,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 1954—June 30. . 18,924 2,627 10,688 96,983 12,252 1,287 5,562 9,776 2,765 93,306 1,506 331 2,264 43,001 50 13,714 Dec. 31. . 18.734 2,444 11,854 105.471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 21 14.252 1955—June 30. . 17,941 2,655 10,241 102,247 11,801 1,534 5,064 10,150 3,131 98,712 1,459 368 2,374 45,135 137 14,579 Member banks, total: 1941—Dec. 31.. 12,396 1,087 6,246 33 ,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1953—Dec. 31.. 19,997 1,870 7,554 86,127 12,858 1,291 3,756 7,530 2,783 85,711 1,021 308 1,595 33,311 43 11,316 1954—June 30. . 18.925 2,001 7,062 82,783 11,956 1,280 5,165 7,839 2,581 81,034 1,497 300 1,912 34,687 38 11,709 Dec. 31.. 18,735 1,843 7,613 89,836 13,015 1,493 3,715 7,781 2,964 88,859 1,475 334 1,966 35,650 15 12,210 1955—June 30. . 17,942 2,017 6,704 87,207 11,482 1,531 4,656 8,117 2,919 85,706 1,449 338 1,968 36,504 115 12,461 New York City:* 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 t ,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—June 30. . 4,399 138 87 15,859 3,129 1,187 1,131 374 1,252 17,300 .1,137 57 110 2,114 10 2,715 Chicago:3 1941—Dec. 31.. 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 \ . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1953—Dec. 31.. 1,287 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 1954—June 30. . 1,290 30 154 3,844 1,287 34 410 297 74 4,032 18 4 10 1,253 583 Dec. 31. . 1,177 29 162 4,400 1,264 40 251 274 80 4,622 18 6 10 1,280 600 1955—June 30. . 1,021 28 127 4,024 1,125 39 343 288 79 4,238 16 6 10 1,287 612 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—June 30.. 7,359 634 2,232 32,024 5,979 289 1,843 3,021 757 32,081 277 117 1,018 14,871 50 4,492 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. M . . 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. 3\ 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—June 30 . . 5,163 1,217 4,259 35,299 1,249 15 1,339 4,433 831 31,487 19 158 830 18,232 55 4,642 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. 3\ . . 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 1954— D juence . 3 31 0.. 6 62 5 7 8 4 3 , , 5 97 90 2 1 1 5 6 , , 3 7 3 0 4 4 4 5 9 1 6 4 4 4 8 6 4 4 2 5 6 7 2 2 , ,1 0 2 8 1 5 2 2 3 0 5 9 1 1 3 4 , ,6 2 0 4 8 8 2 2 0 8 2 4 3 3 0 1 4 43 0 6 7 8 8 , , 8 6 1 6 4 9 1 1 7 6 2 2 , . 3 3 3 6 2 9 1955—June 30 664 3,825 16,014 424 47 422 2,162 235 13,844 309 30 468 8,929 35 2,448 2 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3Central reserve city banks. ^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. 5Demand 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. OCTOBER 1955 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Loans Com- Month or date in T l m o a v o a n e e t n d n a s s t t l s - i j m n u a a v s e n d t e n d e - s t d t s - 1 j L u a o s d t a e - n d s 3 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 Bonds5 O s ri 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 n a v S - - s t . . O c t u t i h e n s e - rG l U t o i i o g o b . v a S n - - 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—September. 82,947 82,347 38,138 20,934 2,208 919 6,865 7,87135,7563,018 2,520 6,66223,5568,453 600 1955—July 85,629 84,547 43,798 23,436 2,746 1,203 7,933 9,212 _3_2,046 1,074 912 8,84321,2178,703 1,082 August 85,401 84,403 44,335 23,893 2,524 1,191 8,062 9,40131,358 1,036 746 8,54521,0318,710 998 September. 85,432 84,473 45,072 24,427 2,398 1,197 8,199 9,588 30,6561,011 564 8,21220,869 8,745 959 July 6. . . 85,125 84,095 43,518 23,326 2,673 1,203 7,893 9,152 31,797 914 729 8,90321,2518,780 1,030 July 13. . . 85,098 84,013 43,687 23,465 2,647 ,199 7,923 9,18531,663 869 709 8,870 21,2158,663 1,085 July 20. .. 86,195 85,169 43,925 23,429 2,856 ,204 7,937 9,232 ,565 1,318 1,126 8,860 21,2618,679 1,026 July 27. .. 86,100 84,914 44,064 23,526 2,808 ,206 7,978 9,280 32,161 1,196 1,086 8,739 21,140 8,689 1,186 Aug. 3 . . .85,765 84,878 44,113 23,550 2,775 ,190 7,993 9,340 31,975 1,160 932 8,806 21,0778,790 887 Aug. 10. . .85,438 84,416 44,164 23,754 2,558 ,197 8,028 9,364 31,6341,123 813 8,64521,053 8,618 1,022 Aug. 17. .. 85,132 84,210 44,262 23,940 2,409 ,196 8,069 9,384 311,261 997 706 8,49521,063 ,687 922 Aug. 24. . .85,192 84,098 44,443 24,050 2,413 ,189 8,100 9,428 303,972 916 651 8,40820,9978,683 1,094 Aug. 31. . .85,478 84,412 44,696 24,171 2,467 1,184 8,120 9,492 303,948 985 625 8,373 20,9658,768 1,066 Sept. 7...85,189 84,150 44,570 24,080 2,392 1,188 8,135 9,513 30,791 890 607 8,35220,9428,789 1,039 Sept. 14. ..85,824 84,735 45,029 24,400 2,404 1,200 8,188 9,57530,940 1,150 617 8,26720,906 8,766 1,089 Sept. 21. ..85,318 84,516 45,241 24,570 2,391 1,206 8,216 9,595 30,546 1,009 537 8,160 20,840 8,729 802 Sept. 28. . .85,399 84,493 45,449 24,660 2,406 1,194 8,257 9,669 30,347 994 496 8,07020,7878,697 906 New York City 1954—September. 22,750 22,380 11,067 7,266 1,090 338 418 1,577 8,874 903 570 1,429 5,9722,439 370 1955—July 23,165 22,590 12,884 7,967 2501,835 12 460 653 1,926 7,439 440 159 1,710 5,130 2.267 575 August. . . . 22,871 22,309 12,998 8,257 1871,698 12 446 676 1,942 7,025 324 129 1,632 4,940 2 286 562 September. 22,765 22,166 13,083 8,484 1491,538 13 441 699 1,978 6,731 294 74 1,523 4,840 2,352 599 1955—July 6... 23,030 22,511 12,806 7,959 1771,862 13 461 649 1,904 7,388 342 114 1,752 5,180 2,317 519 July 13 . . .22,914 22,335 12,803 7,969 1681,832 13 461 657 1,922 7,277 324 108 1,710 5,1352,255 579 July 20... 23,362 22,816 12,931 7,939 2941,862 12 461 652 1,930 7,647 609 191 1,704 5,1432,238 546 July 27 . . .23,354 22,698 12,997 7,999 3611,784 11 457 655 1,949 7,445 485 225 1,673 5,0622,256 656 Aug. 3... 23,151 22,636 13,039 8,083 3271,770 11 453 658 1,957 7,304 387 200 5,0382,293 515 Aug. 10. .. 22,925 22,343 12,948 8,163 2151,726 13 446 665 1,940 7,153 377 148 4,970 2,242 582 Aug. 17'. . .22,664 22,177 12,940 8,286 1241,685 14 443 682 1,926 6,961 289 103 4,947 2,276 487 Aug. 24... 22,780 22,158 13,025 8,355 1111,694 13 444 689 1,939 6,863 267 95 4,889 2,270 622 Aug. 31 . . .22,833 22,231 13,041 8,399 1,616 11 442 1,948 6,844 300 99 4,,854 2,346 602 Sept. 7...22,725 22,008 12,859 8,302 1371,556 13 442 688 1,940 6,778 233 98 1,596 4,8512,371 717 Sept. 14. ..23,004 22,292 13,096 8,490 1671,524 14 439 700 1,981 6,825 344 100 1,525 4,,856 2371 712 Sept. 21. ..22,576 22,128 13,140 8,547 1361,537 13 441 703 1,982 6,660 298 53 1,461 4, ,328 448 Sept. 28. ..22,756 22,239 13,237 8,600 1561,533 13 440 705 2,009 6,664 303 47 1,510 4,804 2 338 517 Outside New York City 1954—September. 60,197 59,967 27,071 13,668 560 567 6,447 6,29426,882 2,115 1,950 5,23317,584 6,014 1 955—July 62,464 61,957 30,914 15,469 661 731 7,280 7,286 24,607 634 753 7,133 16,0876,436 507 August.... 62,530 62,094 31,337 15,636 639 733 7,386 7,459 24,333 712 617 6,913 16,0016,424 436 September. 62,667 62,307 31,989 15,943 711 743 7,500 7,610 23,925 717 490 6,68916,029 6,393 360 1955—July 6. . . 62,095 61,584 30,712 15,367 634 729 7,244 7,248 24,409 572 615 7,151 16,0716,463 511 July 13. . . 62,184 61,678 30,884 15,496 647 725 7,266 7,26324,386 545 601 7,160 16,080 6,408 506 July 20. .. 62,833 62,353 30,994 15,490 700 731 7,285 7,30224,918 709 935 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 7,06616,078 6,433 530 Aug. 3. . .62,614 62,242 31,074 15,467 678 726 7,335 7,38324,671 773 732 7,127 16,039 6,497 372 Aug. 10. .. 62,513 62,073 31,216 15,591 617 738 7,363 7,,424 24,481 746 665 6,98716,083 6,376 440 Aug. 17. .. 62,468 62,033 31,322 15,654 600 739 7,387 7,458 24,300 708 603 6,87316,1166,411 435 Aug. 24. .. 62,412 61,940 31,418 15,695 608 732 7,411 7,,489 24,109 649 556 6,79616,108 6,413 472 Aug. 31. .. 62,645 62,181 31,655 15,772 694 731 7,432 7,,544 24,104 685 526 6,78216,1116,422 464 Sept. 7...62,464 62,142 31,711 15,778 699 733 7,447 7,57324,013 657 509 6,75616,0916,418 322 Sept. 14. ..62,820 62,443 31,933 15,910 713 747 7,488 7,59424,115 806 517 6,74216,050 6,395 377 Sept. 21. . .62,742 62,388 32,101 16,023 718 752 7,513 7,61323,886 711 484 6,69915,9926,401 354 Sept. 28...62,643 62,254 32,212 16,060 717 741 7,552 7,660 23,683 691 449 6,56015,9836,359 389 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. 1146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Reserves Bal- De- Indi- Indi- Month or date B s w F e R e a e r r i e a n t d v - h l k - e s v C a i a n u s l h t b m a w a n d e o n i c s t - e k h t s i s c j p u m o a s d a t e d s e n - i - d t d s 8 s p p u v n h c a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o u t c i o n a b v l a n d i t - i l t e - s - s c C h c o a e f e e e i t f n e c c f r r d i . t s d k - i ' s - , m G U er o . e n n v S - t - . s p p u n v c h a o a a o e i n i r d r l p r r d a s t - - - s - , - , S p s d s a i i o u t c i o n a v b l a n i d - t i l t e - s - s P U m G S e i a n o r a . o n e g s n v S d v n t s - - a - t . l m D t e i o D s c - - eman F ei d o g r n - Time B F s F e R e r a e r r o e n a d v - m l k - e s o F t r h o e m rs c C o i a a t u c a p - n - ] ts tions tions Total— Leading Cities 1954—September 13,431 941 2,641 54,43255,734 3,753 1,900 2,733 18,491 1,218 19811,298 1,269 1,561 545 7,886 1955—July 13,639 970 2,527 55,932 58,014 3.887 1,901 3,322 19,102 1,045 21110,570 1,500 1,420 405 795 8,287 August. . .13,362 942 2,404 55,69457,148 3,909 1,726 3,199 19,123 1,014 10,371 1 ,431 1,419 458 635 8.327 September 13,262 •1,000 2,480 56,05858,567 3,696 1,856 2,369 19,176 1,015 20310,695 1,441 1,416 537 575 8,348 1955—July 6.. 13,406 926 2,582 55,336 57,157 4,083 1,885 2.832 19,125 1,059 10,862 1,500 1,425 483 767 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 1,419 334 839 8,288 July 20. . 13,732 951 2,543 55,866 58,050 3,729 2,101 4,145 19,108 1,045 211 10,529 1,501 1,404 433 741 8,277 July 27. . 13,812 981 2,386 56,416 57,921 3,886 1,810 3,937 19,082 1,021 210 9,955 1,524 1,433 371 832 8,290 Aug. 3. . 13,647 912 2,37255,86556,984 3,963 1,757 3,374 19,104 1,018 21110,441 1,471 1,427 802 498 8,311 Aug. 10. . 13,277 951 2,39755,645 56,993 3,900 1,658 3,035 19,142 991 21010,579 1,435 1,434 395 698 8,312 Aug. 17.. 13,444 938 2,50455,360 57,454 3,853 1,730 3,168 19,110 1,021 20910,638 1,414 1,433 494 606 8,319 Aug. 24. . 13,131 960 2,35855,669 56,786 3,838 1,587 3,162 19,111 1,010 211 10,031 1,416 1,407 275 726 8,326 Aug. 31. .13,308 947 2,39055,931 5.7,523 3,990 1,901 3,256 19,146 1,032 20710,163 1,418 1,396 322 647 8,366 Sept. 7. .13,116 973 2,361 55,555 57,310 3,734 1,667 2,522 19,128 1,031 20710,665 1,423 1,402 467 608 8,356 Sept. 14. .13,198 1,031 2,657 56,11059,946 3,642 1,931 2,102 19,158 1,028 20211,401 1,442 1,417 404 802 8,342 Sept. 21. .13,364 967 2,474 56,263 58,699 3,636 1,903 2,219 19,209 1,007 20210,524 1,436 1,421 737 388 8,339 Sept. 28. .13,370 1,030 2,426 56,306 58,316 3,772 1,923 2,635 19,210 993 10,188 1,464 1,425 538 501 8,353 New York City 1954—September 4,428 146 15,665 16,584 306 1,021 841 1,993 248 3,061 1,017 1,287 246 2,613 1955—July 4,437 146 15,749 16,906 298 910 1,150 1,997 112 2,977 1,159 1.119 72 391 2,685 August. . . 4.220 135 15,582 16.646 253 774 1,060 1,981 104 2,838 1,096 1.111 70 346 2,701 September 4,08. 148 15,758 17,035 269 883 654 2,030 95 2,894 1,105 1,097 21 281 2,693 1955—July 6.. 4,321 145 15,610 16,697 319 879 870 2,019 118 3,056 1,152 1,123 70 461 2,686 July 13. . 4,421 154 15,810 17,083 307 786 698 2,004 115 3,057 1,143 1,123 50 457 2,687 July 20. . 4,499 137 15,682 16,920 272 1,089 1,554 1,991 114 2,983 1,156 1,107 108 307 2,686 July 27.. 4,505 146 15,893 16,922 292 888 1,477 1,975 101 2,813 1,183 1,124 60 340 2,682 Aug. 3. . 4,467 133 15,715 16,627 272 815 1,251 1,972 108 2,812 1,135 1,123 329 276 2,700 Aug. 10. . 4,083 141 15,478 16,465 246 710 1,085 1,980 108 2,843 1,094 1,126 6 402 2,700 Aug. 17. . 4.241 133 15,469 16,651 241 722 999 1,972 106 2,896 1,076 1,123 5 359 2,699 Aug. 24. . 4,066 136 15,55416,514 223 684 965 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 Sept. 7. . 3,961 145 15,647 16,668 242 733 769 1,990 99 2,833 1 ,081 1,090 24 233 2,699 Sept. 14. . 3,988 152 15,729 17,304 265 942 609 2,028 99 3,042 1,110 1,096 21 360 2,696 Sept. 21 .. 4,150 139 15,827 17,024 271 876 540 2,049 96 2,854 1,099 1,099 13 221 2,689 Sept. 28. . 4,239 154 15,829 17,143 297 984 698 2,054 85 2,845 1,132 1,104 25 310 2,688 Outside New York City 1954—September 9,003 2,602 38,76739,150 3,447 879 1,89216,498 970 145 8,237 252 274 299 5,273 1955—July... 9,202 824 2,469 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 September 9,177 852 424 40,300 41,532 3,427 973 1,715 17,146 920 147 7,801 336 319 516 294 5,655 1955 -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 40,303 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 2,591 17,117 931 154 7,546 345 297 325 434 5,591 July 27.. 9,307 835 2,336 40,523 40,999 3,594 922 2,460 17,107 920 7,142 341 309 311 492 5,608 Aug. 3. . 9,180 779 2,319 40,150 40,357 3,691 942 123 17,132 910 154 7,629 336 304 473 222 5,611 Aug. 10. . 9,194 810 2,345 40,167 40,528 3,654 948 950 17,162 883 153 7,736 341 308 389 296 5,612 Aug. 17. . 9,203 805 2,454 39,89140,803 3,612 1,008 17,138 915 153 7,742 338 310 489 247 5,620 Aug. 24. . 9,065 824 2,31640,115 40,272 3,615 903 17,140 908 154 7,237 330 310 271 385 5,634 Aug. 31. . 9,067 814 2,33340,237 40,548 3,707 963 2,25717,137 932 150 7,319 327 311 317 297 5,653 Sept. 7.. 9,155 828 2,318 39,908 40,642 3,492 934 1,753 17,138 932 151 7,832 342 312 443 375 657 Sept. 14. .9,210 879 2,594 40,38142,642 3,377 989 1,493 17,130 929 146 8,359 332 321 383 442 646 Sept. 21.. 9,214 828 2,415 40,43641,675 3,365 1,027 1,679 17,160 911 146 7,670 337 322 724 167 650 Sept. 28. .9,131 876 2,365 40,477 41,173 3,475 939 1,937 17,156 908 146 7,343 332 321 513 191 5,665 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Figures for total leading cities for full year 1954 are shown on pp. 212-213 of the BULLETIN for February 1955 except for the December 29 revisions in commercial, industrial and agricultural loans, other loans, and loans to banks. For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227- OCTOBER 1955 1147 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 ind'l Period2 t l o F i b q a o n a u o c d o d c r , o , a T l p e e a p a x n t a t h d i r l e e e r l s , , p m e M r t r m ( a r y o a i e a c n e d n t n h t a c d u a a s i l n l c n l . , s d t - s ch r P l u e c e a e m b o u n t a b r m d i l o c e , , a - r l, Other ( r T w e s a r t h a n a a o l 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 e c s - s e u P p t t t ( r i i o u i a l o n b r i n n c t t l i a s ) l i e . - c - s s C t t i r o o u n n c - - bu t o y s A t o i p h n l f l e e e s r ss c c h l N f a a i n e s e d t s g i e - s ch a t a a o g n n t r g d a 'l e l — equip.) 1953—Jan.-June... -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 —49 392 -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—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 September. . 128 75 5 17 20 62 113 -126 50 26 38 407 489 Week ending: 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 Sept. 7 29 4 -8 -11 11 15 -3 -171 8 2 4 -120 -91 Sept. 14. ... 35 80 5 16 10 27 34 25 14 14 28 288 320 Sept. 21 21 -7 17 1 -6 8 47 20 11 9 13 134 170 Sept. 28.... 43 -2 -10 10 5 12 35 18 1 -7 105 90 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 fin millions of dollars] Commercial and finance Dollar acceptances outstanding company paper outstanding Held by Based on End of month Total Accepting banks F. R. Goods stored in or Placed out- Banks Im- Ex- shipped between Placed direct- stand- Oth- ports ports Dollar points in Total through ly ing into from exdealers! ( p fi a n p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht a O c w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U St n a i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1949—December... . 837 270 567 272 128 58 70 11 133 184 49 30 9 1950—December 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951—December.. 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952—December 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953—December 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954—August 2,228 794 1,434 563 198 155 43 5 360 205 134 75 101 47 September 2,192 803 1,389 609 259 178 81 6 344 207 139 85 130 48 October 2,048 762 1,286 687 271 217 55 14 402 207 148 72 205 55 November 2,032 769 1,263 768 313 241 71 19 437 248 164 42 247 66 December 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955—January 2,064 713 1,351 869 282 206 77 23 564 273 187 17 303 90 February 2,187 703 1,484 831 242 182 61 28 561 235 178 41 283 93 March 2,191 681 1,510 807 236 187 49 ...4. 29 538 227 182 56 248 93 April 2,171 623 1,548 767 206 164 42 17 28 517 229 189 68 190 92 May • 2,335 572 1,763 686 192 143 49 14 26 453 207 188 53 150 88 June 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 August 2,359 580 1,779 655 186 142 44 14 27 427 220 182 41 111 101 *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. 1148 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 United State and gages estate loans assets Total States local i Foreign2 Total Bonds3 Stocks End of year:4 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,830 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,190 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952. 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,405 9,829 1,990 586 34,570 31,997 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,100 9,070 2,549 481 37,462 34,194 3,268 25,976 2,298 3,127 3,523 End of month: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—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 July 87,636 12,138 9,096 2,643 399 38.081 35,212 2,869 27,748 2,453 3,230 3,986 1 Includes United States and foreign. 2 Central government only. 3Includes 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 TotaU Mort- ment Cash Others 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—i 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 ^Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. OCTOBER 1955 1149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and agency 1954 1955 1946 1947 1948 1949 1950 1951 1952 1953 2 3 4 1 Loans, by purpose and agency: To aid agriculture total . . 2,884 2,299 3,632 4 362 3,884 4,161 5,070 6,811 6,389 6,527 6,929 7,466 Banks for cooperatives 232 276 305 302 345 425 424 377 309 343 367 340- F F e e d d e e r r a a l l l i a n n te d r m ba e n d k ia s2 te credit banks 9 2 8 7 6 3 336 426 437 510 633 673 590 774 754 638 725 Federal Farm Mortgage Corporation . . .. 149 109 80 60 45 34 25 18 16 15 13 12" Farmers Home Administration3 590 558 525 523 535 539 596 648 754 754 701 774 Rural Electrification Administration 528 734 999 1,301 1,543 1,742 1,920 2,096 2,164 2,200 2,226 2,253* Commodity Credit Corporation. 120 280 1,293 1,729 898 782 1,426 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 1 251 1,528 2,142 2,603 2,930 2,814 2,818 2,907 3,013- Federal National Mortgage Assn. . . . 6 4 199 828 1,347 1,850 2,242 2,462 2,301 2,392 2,461 2,538 Home Owners' Loan Corporation2 636 486 369 231 10 Reconstruction Finance Corporation 4 5 10 61 177 168 137 123 115 108 104 V O e th te e r r a a n g s e A nc d i m es i * n i . stration 6 65 22 24 35 169 246 / \ 30 6 0 0 34 6 8 2 36 5 7 9 38 6 3 3 40 6 8 7 - " To railroads, total 171 140 114 110 101 82 79 12 12 12 It Reconstruction Finance Corporation 5 153 114457 138 112 108 99 80 77 10 Other agencies 18 3 3 3 2 2 2 2 2 12 12 11 To other industry, total . .. . 192 272 310 462 458 488 516 509 415 413 420 42$ Reconstruction Finance Corporation5 151 241 272 423 400 415 457 294 191 O D t e h p e a r r t a m ge e n n c t i e o s f the Treasury 41 31 38 38 58 74 58\ / 1 4 7 0 4 1 4 7 5 9 34 6 9 4 35 6 3 7 35 7 3 3 " To financing institutions, total 314 447 525 445 824 814 864 952 678 691 870 704' Reconstruction Finance Corporation ^ 14 7 6 8 8 8 (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 5,673 6,102 6 090 6,078 6,110 7,736 8,043 7,965 7,968 8,001 7,968 Export-Import Bank 1,249 1,978 2,145 2 187 2,226 2,296 2 496 2,833 2,762 2,788 2,806 2 768 Reconstruction Finance Corporation ^ 235 246 206 154 101 64 58 52 42 U. S. Treasury Department8 800 3,450 3,750 3,750 3,750 3,750 3,667 3,620 3,618 3,618 3,570 3,570 Foreign Operations Administration2 »1,515 1,537 1,544 1,563 1,624 1,630* All other purposes, total 623 714 584 484 531 779 1,095 763 471 451 438 451 Reconstruction Finance Corporation5 232 6340 190 88 59 61 50 57 32 Public Housing Administration1 ° 278 278 294 297 366 609 919 535 245 144 113 119 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 11,69212,73313,228 14,42217,826 19,883 18,489 18,603 19,348 19,782 Investments: U. S. Government securities, total . . . . 1,873 1,685 1,854 2 047 2,075 2,226 2,421 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 72 66 39 42 43 43 45 42 42 42 Federal land banks2 . . 136 Federal home loan banks 145 139 274 275 199 249 311 387 672 687 641 771 Federal Savings and Loan Insurance Corp.... 172 184 199 214 193 200 208 217 228 222 228 234 Home Owners' Loan Corporation2 17 12 12 8 Federal Housing Administration 122 132 144 188 244 285 316 319 257 324 327 344 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 692a 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* Reconstruction Finance Corporation 5 159 108 98 83 71 66 36 35 50 Production credit corporations.. . 46 35 29 22 16 11 8 5 4 4 3 3 O D t e h p e a r r t a m ge e n n c t i e o s f t . h . e . Treasury 24 11 6 2 1 1 I 1 1 43 2 42 2 3 Commodities, supplies, and materials, total 1,265 822 627 1,549 1,774 1,461 1,280 2,514 3,369 3,709 3,852 3,612 Commodity Credit Corporation 463 448 437 1 376 1,638 1,174 978 2,086 2,802 3,059 3,302 2,983 Reconstruction Finance Corporation ^ 667 235 157 142 108 129 172 156 91 O D t e h p e a r r t a m ge e n n c t i e o s f the Treasury 134 138 32 30 28 159 131( 272 476 55 9 6 5 47 8 0 0 56 6 4 5 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 1,248 1,251 1,173 1,018 823 128 96 80* Reconstruction Finance Corporation * 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. Maritime Commission2.... . . .. 3,301 3,305 War Shipping Administration2 7,764 6,507 Federal Maritime Board and Maritime Adm.2 4,834 4,829 4,782 4,798 4 749 Other agencies. * ° 2,044 1,793 189 168 206 465 590 561 634121,466 1,412 1,372* Bonds, notes, and debentures payable (not guaranteed), total . . . .. 1,252 689 965 772 1,190 1,369 1,330 1,182 971 1,072 1,068 1,561 Banks for cooperatives 33 69 70 78 110 170 181 150 120 131 156 139* Federal intermediate credit banks 293 358 480 490 520 674 704 619 736 762 640 71$ Federal land banks2 756 Federal home loan banks 169 262 415 204 560 525 445 414 115 179 272 139s 57O For footnotes see following page. 1150 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items1 Liabilities, other than interagency items Date, and corporation or agency Total Cash L c a o r e b a e i l n - v e s - m m C p s r t a i i l u o o a n i e a p e m t d s l d e - s s , i - - , - G U s ri e o t . c i v I e u S m n s t - . . v e e n s O t r s 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 n d 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 y e e n a d e s d r d - s p d , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - i m U G n e e . r t o e s n e t v n S - r - t - . o i v n w P a e t r t s e n i e t - r e l - y d U.S. All agencies: 1948—Dec. 31 ?1 718 630 11,692 627 1 854 3 518 3 060 337 38 965 1,66318 886 166 1949—Dec. 31 ?3 ,733 441 12,733 1,549 ? 047 3 49? 7 067 509 28 772 1 720 21 030 183 1950—Dec. 31 ?4 63S 64? 13,228 1,774 7 075 3 47.3 ? Q4 5 499 23 1,190 1,19321,995 234 1951—Dec. 312 ?6 744 931 14,422 1,461 ? ??6 3 46 3 3 358 882 43 1 369 \,16123 842 329 1952—Dec. 312 79 Q4S 944 17,826 1,280 7 471 3 4?9 3 713 832 53 1,330 1,77826,456 378 1953—Dec. 312 38,937 1,19019,883 2,514 2 602 3 425 8 062 1,261 75 1,182 3,81833,429 434 1954—June 30 39,602 1,232 18,489 3,369 2 911 3 439 8 077 2,085 81 971 4,03334,030 486 Sfept. 30 40 443 1 3?418,603 3,709 ? Q88 3 433 8 061 2,325 28 1,072 7,35736,488 498 Dec 31 41,403 1,371 19,348 3,852 2 967 3 432 8 046 2,387 33 1,068 4,18335,610 508 1955—Mar. 31 41,996 1,375 19,782 3,612 3 187 3 429 7 982 2,629 31 1,561 4,01335,848 543 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 96 725 60 7 713 8 98 Production credit corporations 46 4? 3 8 45 Federal Farm Mortgage Corp. ... 15 2 12 (7) 14 Department of Agriculture: Rural Klectrification Administration 2,393 35 2,250 1 108 1 2,392 F C a o r m m m er o s d i H ty o m C e r e A di d t m C i o n r i p st o r r a a t t i i o o n n 6,9 7 9 7 ? 0 7 7S 3 3,2 6 6 6 5 7 2,983 1 ( 1 SI 57 27 1 7,79 1 4 3 4,6 7 9 5 8 7 Federal Crop Insurance Corp. 20 18 1 4 15 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 11S13 33 702 771 ? ( 6 139 86? —3 515 Federal Savings and Loan Insurance Corp.. 242 1 (7) 234 8 10 232 F P e u d b e li r c a l H H o o u u si s n in g g A A dm dm in i i n s i t s ra tr t a io ti n o 1 n 0 5 3 6 3 5 ? 3 ?? 3 1 5 18 0 344 ( 4 1 80 1 1 1 3 2 7 31 1 7 7 4 5 3 3 0 6 8 0 Federal National Mortgage Association 2,650 92 2,540 ( 18 "576 27 2,052 Office of the Administrator 921 88 198 596 39 8 914 Small Business Administration 31 1 29 31 Export-Import Bank .... ? 809 7 2,789 (7) 1 112 2,697 Federal Deposit Insurance Corp . 1,709 3 1,692 15 142 1,567 Tennessee Valley Authority 1 996 176 (\« 1 781 11 47 1 949 Federal Maritime Board and Maritime Adm.. . 5,380 255 45 (7) 4 749 331 184 5,197 Panama Canal Company ... 46Q 31 13 4?1 4 1? 457 Veterans Administration 576 134 409 3 3 28 7 569 Department of the Treasury 8 794 m 3,935 65 3 473 137 1,059 78 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. 9Represents 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. i2See footnote 10. NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually smalJ 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. 1151 OCTOBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSl Bondprices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series ume (index, 1935-39=100) (index, 1939=100) of Cor- trad- Ye o ar r , w m e o ek nth, r O i s e e l s d - 2 r N i s e e e s w - a g n ( r M i h a c d i i u g p e - h a ) - 4 l g ( r r h p a a d i o t g e e - h )4 - fe P rr r e e d - 8 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 - anuf D b r a a l c u e - t - urin N d r g a o u - - 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 - - n T s a a r e i n f a c n r i c d e - v d e e - , , M in i g n- s s t h i h a n a ( o n o i r g n f e d u * s s - ) ble 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 93.90 i6i.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—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 51101.57 120.5 113.2 174.3 311 354 250 156 315 390 368 410 324 156 302 311 1 818 Sept 94.87 101.95 121.3 113.1 172.7 323 371 257 155 327 407 387 425 331 155 320 317 2,862 Week ending: Sept. 3 94.46 101.61 120.2 113.0 171.9 316 "361 253 155 323 402 380 422 327 156 309 314 1,812 Sept. 10.... 94.84 101.77 120.3 113.0 172.9 320 367 258 154 325 405 382 425 335 155 313 320 2,426 Sept. 17.. 94.77 101.72 121.0 113.1 172.9 326 374 261 156 331 414 393 432 338 156 324 324 2,620 Sept. 24.... 94.82 102.04 121.7 112.9 173.1 328 377 261 156 334 417 398 434 338 157 335 321 2,408 Oct. 1.... 95.17 102.34 122.1 113.2 172.0 319 366 248 153 320 398 381 413 319 153 317 307 4,339 "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^ 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 3^ per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1955. 4Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. BStandard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. « Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479f 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 1,665 780 31 88 1,074 88 713 1954—August 2,830 1,967 863 31 34 1,125 69 910 September 2,953 2,048 905 34 36 1,225 66 924 October 3,050 2,095 955 36 38 1,295 69 924 November 3,203 2,202 L,001 40 31 1,353 63 972 December 3,436 2,388 L,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 L,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 73 917 July 3,911 2,734 1,177 45 29 2,003 77 918 August.. 3,865 2,710 L ,155 43 29 1,994 71 887 1 Ledger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers' debit and free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges and balances of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. 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. 1152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY MARKET RATES BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES Fi- U. S. Government [Per cent per annum] nance Prime securities (taxable) Prime com- bank- Size of loan (thous. of dol.) mo Y w n e e t a h e r k , , or m 4 m p c - o a e o t n p o r m t c e h i r - 6 a , s - l 1 m 3 d p p p - o i l a r a a l t n y e p o c n t , c e e y h 6 t r d - s - 1 a a d c n e a 9 c c r y e 0 s e s ' p s 1 , t- M 3 y a i - e m r l k d o e n t th o i R n s b s i a n u l t l e e e s w s 9 i m - s t s o o u n e 1 t s h 2 2 - 3 is - y s t e u o a e r 5 s3 - A A re n a n u an al d a p v e e r r i a o g d es: lo A a 1 n 1 s 1 1- 0 1 10 0- 0 1 2 0 0 0 0 - an 2 d 0 o 0 ver 19 cities: 1948 2 5 4.4 3 5 2 8 2 2 1952 average. ... 1.33 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 1.52 2.33 1.87 1.90 1.931 5.07 2.56 1950 2.7 4.5 3.6 3.0 2.4 1954 average. .. . :L .58 «1.42 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— O Se c p t t L 1. 3 .3 1 1 1 1 . . 2 2 5 5 1 1 . . 2 2 5 5 1. . 0 9 1 8 1. . 0 9 0 8 7 7 [. . 0 8 3 9 1 1 . . 8 8 0 5 1 1 9 9 5 5 4 3 . . . 3 3 . . 7 6 5 5 . . 0 0 4 4 . . 4 3 3 3 .9 9 3 3 .4 5 Nov L .31 1.25 1.25 .93 .948 .94 1.90 Dec 1.31 1.25 1.25 1.14 1.174 1.10 1.94 Quarterly: 19 cities: 1955—Jan L.47 1.37 1.33 1.23 1.257 L.36 2.11 1954—Dec 3.55 4.92 4.29 3.84 3 31 Feb L.68 1.50 1.38 1.17 1.177 :L .41 2.18 1955—Mar 3.54 4.93 4.29 3.83 3.30 Mar L.69 1.50 1.38 1.28 1.335 1.49 2.30 June.,. 3.56 4.92 4.29 3.83 3.33 A M p a r y L 2. . 0 9 0 0 1 1 . . 7 8 3 8 1 1. . 5 4 0 3 1 1 . . 4 5 5 9 1 L . . 6 4 2 9 0 1 L L . . 7 7 1 2 2 2 . . 3 4 9 0 New Yor S k e C pt i . t . y . : 3 76 4 98 4 43 3 99 3 54 June 2.00 1.82 1.50 1.41 L.432 L.71 2.42 1954—Dec 3 30 4.66 4.15 3 64 3 15 July 2.11 1.87 1.50 1.60 L.622 i. .88 2.54 1955—Mar 3.29 4.68 4.14 3.65 3.14 Aug 2.33 2.02 1.67 1.90 L .876 2.12 2.73 Tune 3.30 4.73 4.18 3.62 3.15 Sept 2.54 2.28 2.08 2.07 2.086 >.14 2.72 Sept.. . 3 54 4 83 4 39 3 87 3 39 7 Northern and East- Week ending: ern cities: Sept. 3... 2.48 2.20 1.85 2.08 2.088 2.22 2.80 1954—Dec 3 55 4.99 4.31 3 89 3 33 Sept. 10... 2.50 2.25 2.00 2.10 2.134 2.16 2.77 1955—Mar... 3.55 5.02 4.32 3.84 3.35 Sept. 17... 2.55 2.25 2.13 2.06 2.104 1.10 2.76 June... 3.55 4.97 4.29 3.78 3.37 Sept. 24... 2.56 2.30 2.13 1.99 1.981 1.13 2.70 Sept 3 76 5.06 4.43 3 99 3 58 Oct. 1... 2.58 2.31 2.13 2.11 2.122 2.15 2.61 11 Southern and Western cities: cCorrected. 1954—Dec# 3.90 5.01 4.36 3.93 3.60 *Data are averages of daily prevailing rates. 1955—Mar 3.87 5.00 4.35 3 92 3 54 2Series includes certificates of indebtedness and selected note and bond issues. Tune 3.95 4.98 4.34 4.01 3.67 3Series includes selected note and bond issues. Sept 4.07 5.01 4.47 4.07 3.82 / 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- NOTE.—For description of series see BULLETIN for March 1253, and February 1955, p. 215. 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] Bonds Industrial stocks State and local government Corporate6 U (lo . n S g . - G ter o m vt ) . Dividends / i E n a g r s n / - Year, month, General obligations4 By selected By price ratio price or week ratings groups ratio Revse O ri l e d s2 se N r e ie w s3 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 s 5 Total Aaa Baa In tr d i u a s l - R ro a a i d l- u P t u i b li l t i y c fe P rr re e - d7 m Co o m n8 - 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— O S c e t p o t b e e m r ber.. 2 2. . 5 5 2 1 2 2 . . 6 6 4 5 2 2. . 3 3 7 4 1 1. . 9 9 7 3 3 2 . . 0 9 0 8 2 2 . . 8 7 0 7 3 3 . . 1 1 3 3 2 2 . . 8 8 9 7 3 3 . . 4 4 7 6 3 3 . . 0 0 7 6 3 3 . . 2 2 2 3 3 3. . 1 1 1 3 3 3. . 9 9 3 8 4 4 . . 3 4 1 3 7.42 November.. 2.55 2.68 2.34 1.95 2.96 2.76 3.13 2.89 3.45 3.06 3.22 3.10 3.92 4.29 December. . 2,57 2.68 2.40 2.01 2.99 2.76 3.13 2.90 3.45 3.07 3.23 3.10 3.93 4.09 8.15 1955—January.... 2.65 2.76 2.48 2.09 3.04 2.77 3.15 2.93 3.45 3.08 3.25 3.12 3.98 4.10 February... 2.72 2.92 2.49 2.10 3.05 2.79 3.18 2.99 3.47 3.12 3.28 3.15 4.00 4.14 March 2.71 2.92 2.49 2.09 3.07 2.80 3.20 3.02 3.48 3.14 3.31 3.17 4.01 4.18 8.25 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 September.. 2.88 3.00 2.70 2.31 3.24 2.92 3.31 3.13 3.59 3.25 3.40 3.29 4.06 3.76 Week ending: 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 Sept. 10 2.88 3.01 2.72 2.34 3.25 2.93 3.32 3.14 3.59 3.27 3.40 3.29 4.05 3.71 Sept. 17... . 2.89 3.01 2.71 2.32 3.25 2.92 3.31 3.13 3.59 3.25 3.40 3.29 4.05 3.64 Sept. 24 2.89 3.00 2.68 2.27 3.25 2.90 3.31 3.13 3.58 3.25 3.40 3.29 4.05 3.59 Oct. 1.... 2.86 2.98 2.66 2.27 3.23 2.90 3.31 3.12 3.59 3.24 3.39 3.29 4.07 3.76 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 23^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3M per cent bonds of 1978-83 and, beginning Feb. 1. 1955, the 3 per cent bond of February 1995. 4Moody's Investors Service. The total includes bonds rated Aa and A, data for which are not shown separately. 5Dow-Jones and Co. *Moody's Investors Service. Because of a limited number of suitable issues, the number of bonds in some 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. OCTOBER 1955 1153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of monthly statements of United States Treasury] Summary Bud e g x e p t e r n e d c i e t i u p r t e s s and or E e x x ce p s e s n d o i f t u r r e e c s e ip (— ts ) d d e u In c r r c in e r a g e s a e s p e e r ( o i — o r d ) Accoun S t ta o t f e s T r ( e e a n s d u r o e f r p o e f r i t o h d e ) United Deposits in Period rec N e e i t pts p t e u E n r x e d - s i- S d u e ( r - o f p ) i r c lu it s c T o o a a t r u n h u c 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 o c a r i t o v k y i n o n t e d . n t s s C co i a l n e u c g a - n r t - p d G d u i r e r b o e b l s c i t 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 F a u v b n . a l d e i R s l- . B I c n e a o t s n i p s l o l k r e n s o o c f c - - S d it p e a e p r c i o e i s a s - l O s n a t e h s e t - t e s r Cal. yr.—1951 52,979 56,337 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 1,134 1952 64,840 70,682 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 1,132 1953 63,841 72,997 -9,157 82 19 -209 7,777 -1,488 4,577 346 131 3,358 742 19541m . . 61,171 64,854 -3,683 812 -73 -34 3,582 603 5,180 563 111 3,461 1,045 Fiscal yr.—1952... 61,391 65,408 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5,106 1,175 19531.. 64,825 74,274 -9,449 460 -25 -250 6,966 -2,299 4,670 132 210 3,071 1,256 1954... 64,655 67,772 -3,117 332 -4 -303 5,189 2,096 6,766 875 274 4,836 781 1955... 60,303 64,494 -4,192 -612 881 257 3,115 -551 6,216 380 343 4,365 1,127 Semiannual totals: 1952—July-Dec. 26,893 36,186 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—jan.-June. 37,703 37,801 -98 341 -71 -248 -1,320 -1,394 4,670 132 210 3,071 1,256 July-Dec.1 25,757 34,484 -8,728 -317 99 -246 9,097 -94 4,577 346 131 3,358 742 1954—Jan.-June. 38,899 33,288 5,611 648 -103 -57 -3,909 2,190 6,766 875 274 4,836 781 July-Dec. 22,272 31,566 -9,294 164 30 23 7,490 —1,587 5,180 563 111 3,461 1,045 1955—Jan.-June. 38,031 32,928 5,102 -775 851 234 -4,376 1,036 6,216 380 343 4,365 L ,127 Monthly: 1954—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—Tan. 4,655 4,942 -287 -179 511 -186 -311 -451 4,728 360 320 2,907 1,142 Feb 5,427 4,831 596 26 -37 354 -257 682 5,411 564 196 3,561 L ,089 Mar, 9,741 5,894 3,846 -80 73 36 -4,134 —260 5,151 724 149 3,203 1,074 Apr 3,732 5,228 -1,496 -193 29 309 2,601 1,250 6,401 814 362 4,023 1,201 May 4,438 5,356 -919 -79 36 -384 824 -522 5,880 649 153 4,054 1,023 June 10,038 6,677 3,361 -269 238 104 -3,098 336 6,216 380 343 4,365 1,127 July 2,765 5,382 -2,617 -261 27 237 3,210 595 6,811 624 179 4,972 1,036 Aug 4,734 6,225 -1,491 -338 120 -74 725 -1,058 5,753 393 143 4,188 1,028 Sept n.a. n.a. n.a. n.a. n.a. n.a. -833 -378 5,376 554 191 3,638 993 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 n f n t a i t e c - d i ' r r l e s . - 3 I d n e o e t s n e b t r t - A e i t d V s i r o m t a e r n n a t i - n s - * - c g S p u r o s a r r c e o m i i - t a - y s l A t c u g u r r l e - i- n h H a a i o f n o n n m i g - d u c e s e - P w u o b r l k i s c o P d i f c e o f i f i s c t - t e T c t o f r r a e t u a u c o r n n s - s t s ts - Other tary gram Cal. yr.—1951 . , 56,337 33,044 29,432 1,594 1,278 3,524 5,983 5,088 1,463 1,010 694 1,438 684 507 2,901 1952 70,682 47,936 42,078 3,052 L ,813 2,574 6,065 4,433 1,508 1,564 646 1,573 775 510 3,098 1953 72,997 49,363 42,953 3,784 1,889 2,082 6,357 4,156 1,630 3,238 -159 1,685 525 154 3,966 19541 64,854 42,820 36,807 3,249 L,937 1,265 6,567 4,206 1,653 3,437 -393 1,526 241 182 3,350 Fiscal yr.—1952 65,408 42,867 38,077 2,292 1,648 2,839 5,859 4,748 1,424 1,219 614 1,515 740 567 3,015 19531... 74,274 50,276 43,611 3,956 L ,791 2,184 6,504 4,249 1,532 3,134 385 1,660 659 462 3,229 1954.... 67,772 46,522 40,336 3,629 1,895 1,553 6,382 4,176 1,640 2,841 -615 1,519 312 164 3,277 1955.... 64,494 640,989 35,730 51,895 1,856 51,175 6,389 4,376 1,669 4,689 127 1,472 366 157 :3,086 Semiannual totals: 1952—July-Dec. 36,186 24,491 21,426 1,699 876 1,107 2,966 2,164 802 885 424 916 355 426 1,650 1953—Jan.-June.. 37,801 25,596 22,134 2,113 926 1,113 3,542 2,086 791 2,178 -42 740 305 31 1,462 July-Dec, i 34,484 23,750 20,819 1,671 945 968 2,816 2,070 806 1,237 -176 900 220 118 1,774 1954—Jan.-June.. 33,288 22,773 19,517 1,958 950 585 3,567 2,106 834 1,604 -439 619 92 46 1,502 July-Dec.. 31,566 20,047 17,290 1,292 987 680 3,000 2,100 819 1,833 46 907 149 137 1,847 1955—Jan.-June.. 32,928 20,650 18,440 605 869 787 3,389 2,277 850 2,856 81 565 216 20 1,239 Monthly: 1954—Aug 6,731 3,370 2,913 228 169 94 332 333 118 2,039 -39 137 4 344 Sept 5,019 3,261 2,843 210 160 152 541 320 137 144 -5 158 1 309 Oct 4,857 3,300 2,908 187 170 73 346 341 171 170 6 164 9 279 Nov 3,842 3,316 2,853 181 156 89 368 372 131 -1,034 96 142 'l48' 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 63,759 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 June 6,677 3,939 3,345 271 147 97 1,495 397 145 345 -33 84 32 1 175 July 5,382 2,863 2,547 92 138 48 592 357 159 346 28 151 85 341 412 Aug 6,225 3,420 3,111 88 138 89 522 370 165 933 -1 132 59 61 476 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. 8 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. 1154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of monthly statements of United States Treasury, unless otherwise noted. In millions of dollars Budget receipts Income and profits taxes Deduct Unem- Period W he i I t l n h d d - ivid O ua th l er1 r C a o ti r o p n o 1 - E ta a g s x n i t f e a d t s te 1 E ta x x ci e s s e 1 i m p t a n a l n s x o e u c n y e e r s t - - re O ce th ip e t r s2 r b e T u c o d e t i g a p e l t t s A O t p f l r u d p u n - r a s d o g t p e ria R t r i m a o e i t n l e i r s r n o e t t a - o d : r R e e c f o e u f ip nd ts s r b e u c N d e e g i t p e t t s account Cal. yr.—1951 16 037 10,311 16,565 801 8,591 2,337 58,941 3,355 509 2,098 52 979 1952 ?0 045 11,834 22,140 849 9,566 2,639 71,788 3,814 683 2,451 64 840 1953 9? 605 11,279 19,045 923 10,288 269 2,570 71,524 3,918 628 3,137 63 841 19543 90, 787 10,477 19,915 960 9,136 ?8S 2,932 70.217 5,121 604 3,322 61 171 Fiscal yr.—1952 521 11,359 21,467 833 8,893 ?E!9 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 2,882 73,173 4,537 603 3,377 64 655 1955 21'242 10,407 18,265 936 9,194 ?79 $.104 69,368 5,040 600 3,426 60 303 Semiannual totals: 1952—July-Dec... 9,825 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 4,931 234 L.137 42,910 2,195 311 2,700 37 703 July-Dec.3. 11,078 2.593 5,375 405 5,405 40 1,255 28,195 1,722 321 395 25,757 1954—Jan.-June.. 10 558 8,154 16,148 540 4,609 74s? 1,627 44,978 2,815 282 2,982 38 899 10 230 2,323 3,767 420 4,527 40 1,305 25,239 2,305 322 339 22 272 1955—Jan.-June.. 11 013 8,084 14,498 516 4,666 1,800 44,129 2,734 278 3,087 38,031 Monthly: 1954—August.... 2,578 93 300 64 766 16 166 4,801 743 76 70 3,911 September. 422 1,429 1,104 72 767 164 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 (*> 216 4,217 329 64 82 3,742 1955—January... 884 2,239 355 62 649 483 4,833 113 17 48 4,655 2 916 881 274 67 709 167 321 5,954 255 64 208 5,427 March . 1 721 745 6,812 151 841 90 191 11,089 562 46 741 9 741 967 2,190 478 77 717 4 171 4,941 316 19 874 3,732 May 2,991 602 377 94 843 15 333 6,119 785 80 817 4,438 June 1 ,534 1,428 6,201 64 907 2 301 11,193 703 53 399 10 038 July 884 277 547 79 796 290 3,089 198 15 110 2,765 August.... 3, 004 115 328 77 867 16 446 5,848 912 85 118 4,734 Trust and other accounts Internal revenue collections (on basis of Internal Revenue Service reports) Social security, Other accounts8 retirement, and Period Excise and miscellaneous taxes insurance accounts Totals [nvest- Total Liquor Tobacco M a a n n d u r f e a t c a t i u le re rs r ' 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- tnents7 Other* excise Cal. yr.—1951 8,682 2, 460 1,446 2,790 1,987 759 7 906 3 155 4,507 271 786 1952 9,558 2, 7?7 1,662 3,054 115 49 8 315 3 504 4,942 329 508 1953.. . 9,714 2, S19 1,614 3,262 2,0?0 82 8 123 387 ,811 153 310 1954 9,248 2,707 1,543 3,131 1,867 3812 9 191 1 177 7,717 405 919 Fiscal yr.—1952 8,971 2,549 1,565 2,824 2,032 219 8 210 3 361 4,885 275 530 1953 9,946 2,781 1,655 3,359 2,151 3460 8 529 3 059 5,257 242 4S9 1954 9,517 2,783 1,580 3,127 2,027 332 8 708 1 687 6,846 367 524 1955 9,201 2,726 1,571 3,169 1,735 -612 9 096 1 222 8,100 312 -74 Semiannual totals: 1952— July-Dec... 5,027 1,482 845 1,573 1,127 121 4 073 1 495 2,456 106 105 1953—Jan.-June.. 4,919 1,299 810 1,78* 1,025 341 4,458 564 2,802 136 385 July-Dec... 4,795 1,521 804 1,476 995 3-317 3 655 823 3,003 37 -109 1954—Jan.-June.. 4,722 1,262 777 1,651 1,031 648 5,052 864 3,843 331 633 July-Dec... 4,527 1,445 766 1.48C 835 164 4 143 313 3,874 74 282 1955—Jan.-June.. 4,674 1,281 804 1,688 900 -775 4 953 909 A,226 238 -356 Monthly: 1954—Aug. 765 207 141 692 -276 387 1 200 281 606 30 104 Sept.... 766 250 137 3 377 —283 4J4 -82 682 34 —63 Oct. 786 273 134 42 •m —288 334 — 148 640 6 — 124 Nov 778 280 124 696 —322 358 956 111 641 56 210 Dec 719 209 108 1C 391 126 850 249 657 -58 124 1955—Jan . 654 155 131 27 340 —179 227 —334 704 200 164 Feb 707 181 119 676 —269 26 569 -126 697 47 75 Mar. . 844 246 139 95 360 -80 729 39 733 58 21 Apr 718 209 122 5 378 — 193 489 -358 700 -55 —395 844 224 143 754 -277 —79 1 298 644 705 -62 —91 June.... 908 267 150 123 368 -269 1 641 1 044 686 50 -130 July...... n.a. n.a. n.a. n.a. n.a. —261 692 252 671 -133 -164 Aug n.a. n.a. ti.a. n.a. n.a. -338 1 465 982 673 -37 -185 n.a. Not available. 1 Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953. Excise taxes and nonwithheld individual taxes for that period are obtained by subtracting IRS data from appropriate Treasury daily statement totals. 2Excludes employment and carriers taxes, which are appropriated directly to trust accounts. 3Beginning new reporting basis. See footnote 1 on preceding page. 4Less than $500,000. ^Excess of receipts, or expenditures (—). • 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 oFother trust funds. 1155 OCTOBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash deposits, other than debt Cash withdrawals, other than debt Excess of de- Period B re N u c d e 't t g s e . t r T P a e l r c c u u c ' s t s t s : . t . t I G r L n a e o t n s r v s s a : t . - . 1 m O P ju a e l t u d h s n s - t e t - : s r 5 E p C q o d a u s e s a i - h t l s s: B p t e u u e n r x d e d - g s i e - t a T o P a c t l r n h u c u d t e s s s : r t . t I G r n a o t n r v s a t . L - . 1 ess A p a : u l c s b c l r t i u o c - * F E S l u t i x i t z n o a c a d b n h - 4 i . - c C o i a l n u c e g - a n P r t - lus T T a : o s c r r i u a c e d t n t a e - . s s 6 , . m O ju a e t d h s n t - e t - s r 2 E d w C q r a i a a u l t s w s a h h l - - s: p d w ( o r a o ) i a s l t r w s i h t - s - Cal. yr.—1951 52,979 8,582 2,221 n.a. 59,338 56,337 4,397 2,221 567 -26 106 n.a. 58,034 1,304 1952 64,840 8,707 2,150 n.a. 71,396 70,682 4,825 2,150 734 38 319 n.a. 72,980 -1,583 1953 63,841 8,596 1,989 n.a. 70,440 72,997 5,974 1,989 575 -82 209 n.a. 76,529 -6,090 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 -62 67,769 64,494 8,616 2,009 488 -156 -257 -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 1,170 -241 41,790 32,928 4,798 1,170 157 -39 -234 -395 35,732 6,057 Monthly: 1954—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 _o 209 —1 -33 4,374 748 Dec 3,742 890 427 421 4,626 6,288 573 427 71 25 -425 -11 449 6,401 -1,775 1955—Jan 4,655 268 42 -582 4,299 4,942 581 42 51 186 -24 -582 5,009 -710 Feb 5,427 600 53 332 6,306 4,831 653 53 -18 "-8 -354 -40 434 5,481 825 Mar 9,741 778 64 488 10,943 5,894 761 64 4 -36 -36 -63 479 6,932 4,010 Apr 3,732 528 78 -532 3,651 5,228 1,134 78 31 —6 -309 -584 5,355 -1,704 May 4,438 1,320 59 -152 5,547 5,356 817 59 39 384 — 182 6,278 -731 June 10,038 1,677 874 20^ 11,045 6,677 852 874 51 -104 167 6,677 4,368 July 2,765 745 394 -121 2,994 5,382 887 394 68 -46 -237 P171 5,352 -2,358 Aug 4,734 1,502 n.a. 6,333 6,225 895 n.a. 31 74 n.a. 7,256 -923 Sept n.a. n.a. n.a. 5,988 n.a. 40 n.a. n.a. 5,904 -84 n.a. Not available. ^Preliminary. 1 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. 2 Represents principally adjustment for differences in reporting bases as between the monthly and daily Treasury statements. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3). 5 To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below. ©Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not comparable to the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC Plus: Less: Noncash Details of net cash borrowing from or In- debt transactions Equals: repayment ( —) of borrowing to the public3 crease, Cash issuance of Adjust- Net Period ( p c o d g - d r u r i r ) e e r b o . d e a b l s e c s i i ^ t s n e c t - a F G n e u s t d e e a e e c r r d - u a r l i t a ie g a s g e N n n u o t o c e a f n i# e r e - - d s T a t m o r s c r f a i u o e e c d n a n t r t e - s . s t 1 , . N s i a n e G f a e n u c g t d o . n F e v i d e t n b n t s r d . . y v . . . Ac I T b n c s a o r r t a n e . n u v a d d a o . s l s n . s to p P f F u a o o i e b y r n f m d l t i . s c . 2 b b ( r i o e n o - c i g r p ) r a n r r , , a s o o g y h o o w w t r f . - - m i D s c k a s o i t u n r a n e e d b v c s . l t 4 e. b p ( S i i o r n s 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 s t e i . a . a s l l Other5 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 84,829 6-344 248 -162 -30 19547... 3.582 -42 -31 -266 1,582 577 176 906 3,071 —175—1,469 -195 -326 Fiscal yr.—1952... 3,883 16 -88 -170 3,636 779 -79 -695 1,639 -717 -1,209 -155 -252 19537.. 6,966 7 -32 -155 3,301 719 3 2,763 «5,294 «-94 -2,164 -100 -173 1954... 5.189 29 -33 r-256 2,054 524 94 2,255 2,530 -381 628 —239 —283 1955... 3,115 -37 918 P-238 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-Dec' 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. 7,49@ -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—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 '63 -79 -17 7 -143 -241 169 -59 -27 16 Mar -4,134 6 67 -72 97 5 35 -4,270 -4,291 94 -129 62 -5 Apr 2,601 5 24 -52 -413 31 5 2,955 3,144 -88 -42 -30 -30 May 824 5 31 -30 582 39 (8) 209 1,778 -32 -1,476 -25 -36 June -3,098 1 237 P-38 1,094 51 -11 -4,031 -3,270 -48 -891 -26 203 July 3,210 -3 29 -50 119 69 45 2,953 3,306 -39 -259 -20 -35 Aug 725 2 118 n.a. 944 31 -1 -135 229 8 -453 -25 106 Sept...... -833 4 n.a. n.a. n.a. 41 -1 -462 *>510 -197 -771 9-5 n.a. Not available. ' ^Preliminary. rRevised. Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases. 2Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 8 Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 4 Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. ^Excludes 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. 1156 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 ; D a u i v x n i a e i r d l d e s s i - c - 2 o t n t r a D c a x o t i e r i r o p s e o n c o t - s n E m t a a x n i x c s d e i c s s . e c S e i o r i n e c p s - i t . a s l 3 c O c o i t a m n h s - h e e r 4 R D c o e e e f f d i u p r u n e t c d s - t s : Total g N p r s a a e ro m t c ' - . 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 r u o s a r r e c m o i - i t - a y s l 5 Other Cal. yr.—1951.. 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 33,194 3,498 4,137 6,121 4,915 6,169 1952.. 71,396 32,728 22,140 9,566 6,589 2,823 2,451 72,980 47,971 2,612 4,230 5,209 5,617 7,341 1953.. 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 50,294 2,000 4,589 4,885 6,648 8,113 19549. 68,595 31,785 20,280 8,801 7,655 3,433 3,358 68,896 42,400 1,089 4,870 4,664 8,587 7,285 Fiscal yr.—1952., 68,093 30,713 21,467 8,893 6,521 2,801 2,302 67,786 42,935 2,848 4,059 5,826 5,206 6,912 19539 71,345 33,370 21,595 9,978 6,849 2,704 3,151 76,407 50,250 2,156 4,658 4,920 6,063 8,360 1954 71,815 33,363 21,817 9,679 7,197 3,178 3,419 71,974 46,422 4,838 4,943 7,645 6,682 1955 67,769 32,563 18,201 9,109 7,919 3,422 3,444 69,899 1040,325 101,444 4,947 4,766 9,057 9,786 Semiannual totals: 1,019 1952—July-Dec.. 30,104 13,041 7,821 5,048 3,202 ,443 451 37,357 24,505 1,123 2,246 2,500 2,876 4,107 1953—Jan.-June. 41,241 20,329 13,773 4,931 3,656 ,252 2,700 39,203 25,606 1,069 2,413 2,420 3,247 4,448 July-Dec.9 29,199 14,478 5,272 5,357 3,031 ,498 437 37,244 24,398 930 2,334 2,465 3,368 3,748 1954—Jan.-June. 42,615 18,885 16,545 4,322 4,165 ,680 2,982 34,730 22,024 526 W2,299 102,482 4,277 "•3,121 July-Dec.. 25,980 12,899 3,734 4,479 3,490 ,754 376 34,167 20,376 563 2,367 2,186 4,311 4,364 1955—Jan.-June. 41,790 19,663 14,466 4,630 4,430 ,669 3,068 35,732 20,363 748 2,580 2,579 4,747 4,717 Monthly: 1954—Sept 5,280 2,936 1,108 722 371 204 60 5,364 3,251 40 10^445 375 716 10^536 Oct 2,617 1,040 352 768 260 237 39 5,096 3,149 67 286 374 758 462 Nov 5,122 2,881 271 783 939 296 47 4,374 3,314 80 328 419 720 -488 Dec 4,626 1,938 1,153 744 439 432 80 6,401 3,552 217 826 443 730 635 1955—Jan 4,299 2,806 353 644 197 350 52 5,009 3,191 171 183 430 834 200 Feb 6,306 4,096 330 703 1,019 346 189 5,481 3,100 140 424 409 768 641 Mar 10,943 2,984 6,844 864 715 241 705 6,932 i°3,808 1073 470 439 792 1,351 Apr 3,651 2,688 444 694 464 235 874 5,355 3,084 72 314 434 794 657 May 5,547 3,743 394 802 1,215 221 829 6,278 3,253 184 481 432 783 1,144 June 11,04 3,346 6,102 922 819 275 420 6,677 3,927 108 707 436 775 723 July 2,994 1,097 616 812 280 313 125 5,352 2,758 3 157 379 769 1,287 Aug 6,333 3,341 343 899 1,405 466 121 7,256 3,668 89 448 456 786 1,809 Sept 5,988 3,413 1,090 820 548 220 103 5,904 n.a. n.a. 505 401 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 of the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. 2 Includes estate and gift taxes. 3 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 4Represents mostly nontax receipts. includes net redemptions of armed forces leave bonds. 6Includes special International Bank and Monetary Fund notes. 7Includes payments from veterans life insurance funds. 8 Includes 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. 18 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- Redemptions1 Out- Redemptions1 Outor month stand- stand- stand- Sales ing Sales ing Sales ing Total m B a e tu fo r r i e ty p (e e n ri d o d o ) f Total 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 t f u o r r i e ty p (e e n ri d o d o ) f 1946 7,427 6,243 5,951 49,776 4,466 5,632 5,340 33,410 2,962 611 611 16,366 1947 6,694 4,889 4,529 52,053 4 085 4,181 3 821 33,739 2,609 708 708 18,314 1948 . .. 7,295 4,840 4,408 55,051 4,224 4,011 3,579 34,438 3,071 829 829 20,613 1949 5,833 4,708 4,079 56,707 4,208 3,905 3,276 35,206 1,626 803 803 21,501 1950 6,074 5,323 4,583 58,019 3,668 4,435 3,695 34,930 2,406 888 888 23,089 1951 3,961 5,150 4,571 57,587 3,190 4,079 3,500 34,728 770 1,071 1,071 22,859 1952 4,161 4,565 3,806 57,940 3 575 3,657 2 896 35,324 586 908 908 22,616 1953 4,800 5,552 3,613 57,710 4,368 3,643 2,629 36,663 432 1,909 984 21,047 1954 6,173 6,348 3,655 57,672 4.889 3.920 2,804 38,233 1,284 2.428 851 19,439 1954—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 Sept 462 659 402 58,290 414 340 P228 39,656 48 319 J»174 18,635 ^Preliminary. iA change in procedure for processing redeemed savings bonds, beginning in June 1954, resulted in a high level of redemptions which were not 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. 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. 1157 OCTOBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues8 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s i l d d T g i e r o r o b e t s a c t s s l t Total Tota Bills c i C n a e t d e r e t s i b f o i t - - f Notes B el a ig n i k B - ond B s r a e n - k b v C i o b e o n r l n e d t- - s Total« b S i o n a n g v d s - s s i T a n a n a g v d x s - S is p s e u c e ia s l edness ble^ stricted notes 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941— Dec. . 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec 112,471 108,170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 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—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 Sept 277,524 277,476 230,988 159,475 20,810 9,047 47,707 81,861 11,538 59,975 58,290 399 43,891 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 479 million dollars on Sept. 30, 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 7,315 million dollars on Aug. 31, 1955. * Includes 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 valuein millions of dollai•si Total Held by Held by the public gdreobsts TuT . a Co5 g . e (\" nj^r * c "o*• i »ve T*es * »r •••na •» n m•*> d MeA*n» +t End of month (includ- trust funds1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public Banks banks2 banks com- rations govern- Savings Other invessecuri- issues issues panies ments bonds securities tors3 ties) 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— 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 7,11! 222,001 25,037 63,600 9,100 15,300 16,400 14,300 49,500 15,000 13,700 1954—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 7,257 224,726 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 July....; 277,626 43,340 7,300 226,986 24,091 63,600 8,800 14,900 19,600 16,300 50,300 14,400 15,000 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. 1158 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 bonds Treasury bonds— Cont. Dec. 15, 1955 IK 5,359 Mar. 15, 1956-58...2} 1,449 Dec. 15, 1963-68. . ,2H 2,825 Oct. 6,1955 1,600 Mar. 22, 19562 1% 2,202 Sept. 15, 1956-593..2] 982 June 15, 1964-69. . .2H 3,753 Oct. 13, 1955 1,600 June 22, 19562 2 1,486 Sept. 15,1956-59...2i 3,821 Dec. 15, 1964-69... 2 H 3,829 Oct. 20, 1955 1,600 Mar. 15, 1957-59...2 • 927 Mar. 15, 1965-70... 2 H 4,717 Oct. 27, 1955 1,601 Treasury notes June 15, 1958 21 4,245 Mar. 15, 1966-71... 2 H 2,960 Dec. 15, 1955 1% 6,854 June 15, 1958-633..2! 919 June 15. 1967-72. ..2H 1 ,881 Nov. 3, 1955 1,601 Mar. 15, 1956 \% 8,472 Dec. 15,1958......2] 2,368 Sept. 15, 1967-72. . .2H 2,716 Nov. 10, 1955 1,601 Apr. 1,1956 IK 1,007 June 15, 1959-62...2; 5,276 Dec. 15, 1967-72... 2*4 3,808 Nov. 17, 1955 1,601 Aug. 15, 1956 2 12,547 Dec. 15,1959-62...2)4 3,464 June 15, 1978-83... 3 M 1,606 Nov. 25, 1955 1,600 Oct. 1,1956 AH 550 Nov. 15,1960 2% 3,806 Feb. 15, 1995 3 2,735 Mar. 15, 1957 2% 2,997 Dec. 15,1960-653.. 2 1,485 Dec. 1, 1955 1,600 Apr. 1,1957 \H 531 Sept. 15, 1961 2 2,239 Panama Canal Loan. .3 50 Dec. 8, 1955 1,602 May 15, 1957 \% 4,155 Nov. 15,1961......2 11,177 Dec. 15, 1955 1,602 Aug. 15, 1957 2 3,792 Aug. 15,1963 23 6,755 Dec. 22, 1955 1 601 Oct. 1,1957.. \H 824 June 15, 1962-67...23 2,116 Convertible bonds Dec. 29, 1955 1,601 Apr. 1,1958 IH 383 Investment Series B Oct. 1, 1958.... .AH 121 Apr. 1, 1975-80...2 11,538 Feb. 15, 1959 \% 5,102 Apr. 1, 1959 1H 119 Oct. 1,1959 IH 99 Apr. 1,1960 \y% 154 JSold on discount basis. See table on Money Market Rates, p. 1153. 2Tax anticipation series. 3Partially tax-exempt. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable snd 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 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 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 u n a n g a u v k l s - - s c In om su p r a a n n i c e e s Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e R e a e r r n e a v d - k l e - s b C m c a o i n e a m r k l - s - b M t s i a n u a n g a v u k l s - - s c I o n m su p r a a n n i c e e s Other funds Life Other funds Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1952—Dec 161,081 6,613 24,697 55,828 8,740 9,514 4,711 50,979 Series B): 1953 June 159 675 6,899 24 746 51,365 8 816 9,347 4 80853,694 1952—Dec 12,500 3,438 185 1 3523,179 360 3,987 Dec 166,619 6,989 25,916 55,933 8,524 9,120 4,905 55,233 1953—June 12,340 3,439 182 1,314 3,133 353 3,919 162,216 6,985 25,037 56.199 8,353 8 667 4,854 52,121 Dec 11,989 3 439 168 1 2642,935 328 3,854 Dec...... 169,599 6,918 24,93261,082 8,113 8,371 4,958 55,226 1954—June 11,861 3,439 165 1,265 2,876 317 3,800 1955—June 166,882 7,162 23,60755,667 8,069 8,339 4,779 59,260 Dec 11,767 3,439 163 1,239 2,865 305 3,756 July 170,230 7,177 24,09155,842 8,100 8,429 4,789 61,804 1955—June 11,676 3,439 164 1,222 2,854 291 3,706 July 11,659 3,439 163 1,222 2,843 292 3,700 Treasury bills: 1952—Dec 21,713 86 1,341 7,047 137 464 119 12,518 Marketable 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 11,402 Within 1 year: 1954—June 19,515 46 2,316 4,187 98 520 101 12,248 1952—Dec 56,953 133 14,74916,996 263 532 733 23,547 Dec 19,507 51 2,204 4,399 75 537 125 12,115 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 1955-J J u u n ly e 1 1 9 9 , , 5 9 1 1 4 3 4 4 0 8 1,2 8 6 8 1 6 2 2, , 7 7 2 7 1 5 8 8 4 7 5 5 3 2 7 8 9 8 3 8 1 15 5 , , 1 1 2 5 6 3 1954— D D Ju e e n c c e 6 7 6 2 0 3 , , , 8 1 2 2 2 3 7 3 5 1 1 7 7 0 5 0 7 1 1 1 6 6 9 , , , 9 2 4 7 8 1 2 0 7 2 1 1 5 7 5 , , , 0 6 7 6 8 3 2 4 8 4 2 1 7 9 5 5 4 9 4 5 5 6 4 3 8 6 7 1,0 5 6 6 9 5 1 8 2 2 2 2 4 9 6 , , , 0 5 3 2 0 6 3 1 8 Ce 1 1 rt 9 9 i 5 f 5 i 2 c 3 — a — te D j s u e : n c e 1 15 6 , , 8 7 5 1 4 2 2 3 7 0 4 5 , , 9 06 9 1 6 4 4 , , 3 7 5 9 1 1 3 8 7 7 2 5 7 6 3 3 1 1 0 7 6 6 , , 4 0 2 5 4 2 1955— J J u u l n y e 4 5 9 2 , , 7 2 0 8 3 3 7 7 4 8 1 1 7 7 , ,8 4 8 0 9 5 7 7 , , 1 6 8 1 7 7 1 1 6 5 4 7 5 5 5 5 4 0 2 2 5 5 6 7 2 2 4 5 , , 0 7 6 3 2 6 Dec 26,386 63 5,967 9,215 184 37 445 10,475 1-5 years: 1954—June 18,405 41 6,600 4,942 101 7 202 6,511 1952—Dec 37,713 31 7,14622,381 259 48 910 6,938 Dec 28,458 4 13,882 4,835 57 4 179 9,496 1953—June 32,330 152 6,45218,344 464 109 914 5,895 1955— J J u u l n y e 1 1 3 6 , , 8 0 3 3 6 7 8 8 8 8 , , 2 3 7 8 4 2 1 1 , , 4 9 5 7 5 8 5 4 3 3 1 4 2 7 7 0 7 3 5 , , 9 5 7 3 3 7 1954— D D Ju e e n c c e 2 2 2 7 9 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 8 4 6 , , , 6 8 0 2 5 4 4 6 6 4 4 5 7 0 3 6 2 1 1 1 15 2 5 8 3 5 1,0 9 8 2 8 9 2 0 0 5 5 5 , , , 4 3 8 3 0 5 0 8 5 Tre 1 1 a 9 9 s 5 5 u 2 3 r — y — D n ju e o n c t e es: 3 3 0 0 , , 2 4 6 2 6 5 2 1 3 6 1 1 3 3 , , 7 7 7 7 4 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 67 78 8 1955— J J u u l n y e 3 3 8 8 , , 1 2 8 0 8 5 1 1 9 9 9 2 3 3 , , 7 7 7 7 3 3 2 2 1 1 , , 7 3 1 8 2 8 5 5 3 2 3 4 1 1 5 3 2 9 1 1 , , 1 2 8 0 7 6 1 1 0 0 , , 6 9 3 8 3 3 Dec 31,406 8 13,28911,510 130 52 605 5,814 5-10 years: 1954—june' 31,960 64 13,02911,423 221 99 592 6,531 1952—Dec 22,834 546 1,387 11,058 1,775 885 1,348 5,835 Dec 28,033 46 6,04413,649 242 67 675 7,310 1953—June 18,677 422 1,374 8,772 1,395 745 1,104 4,865 1955— J J u u l n y e 4 4 0 0 , , 7 7 2 4 9 6 1 1. 1 1 9 8 1 1 1 1 , , 6 6 4 4 6 6 1 1 5 5 , , 3 0 8 9 5 1 2 2 8 8 9 7 7 6 1 1 7 7 1 1 8 3 1 1 2 2 , , 5 8 0 3 2 0 1954— D D Ju e e n c c e 2 3 3 0 0 3 , , , 2 5 6 9 4 7 2 2 7 4 4 4 9 1 7 4 8 7 1 1 1 , , , 3 0 0 7 1 3 4 4 5 2 1 1 1 0 8 , , , 1 0 7 0 5 4 1 1 1 1 1 1 , , , 5 3 3 4 8 1 4 9 5 5 4 7 3 1 2 9 6 5 1 1 1 , , , 1 6 6 9 6 5 8 4 5 5 6 7 , , , 2 7 4 1 1 3 1 1 9 Ma 1 1 r 9 9 k 5 5 e 2 3 t — — ab D J le u e n b c e onds:* 8 7 1 9 , , 3 8 4 9 9 0 3 3 , , 0 3 4 0 6 0 4 4 , , 5 5 2 2 2 2 3 3 2 2 , , 8 0 4 6 9 6 7 7 , , 1 2 6 3 5 2 5 5 , , 8 8 0 5 7 5 3 3 , , 4 4 2 8 9 4 2 2 4 3 , , 8 07 9 2 0 1955— J J u u l n y e 3 3 3 3 , , 6 6 8 8 7 7 5 4 0 7 6 5 1 1 , , 0 0 1 1 4 4 2 2 1 1 , , 1 0 1 8 0 3 1 1 , , 4 36 0 7 5 3 3 8 8 8 8 1 1 , , 6 6 3 3 9 4 7 7 , , 6 7 2 2 6 6 Dec. 77,327 3,377 3,66730,671 6,820 5,686 3,418 23,688 After 10 years: 1954—June....! 80,474 3,395 3,09335,481 6,669 5,164 3,641 23,032 1952—Dec 31,081 2,464 1,415 5,207 5,091 4,870 1,361 10,673 Dec 81,835 3,378 2,80238,037 6,499 4,898 3,673 22,548 1953—June 31,739 2,723 1,415 4,488 5,167 4,969 1,356 11,621 1955-J J u u n ly e 8 8 1 1 , , 1 8 2 7 8 5 3 3 , , 5 5 6 5 4 6 2 2 , , 8 80 0 2 2 3 3 5 5 , , 9 8 4 3 2 4 6 6 , , 4 4 2 6 2 2 4 4 , , 8 9 7 8 3 4 3 3 , , 6 6 0 2 6 0 2 2 3 4 , , 9 6 2 1 7 1 1954-J D D u e e n c c e 3 3 31 1 1 , , , 7 7 7 1 3 2 9 6 5 2 2 2 , , , 7 7 7 4 9 6 0 6 5 1 1 1 , , , 4 4 4 1 1 1 5 5 5 4 4 5 , , ,2 5 9 3 9 8 4 5 5 5 4 4 , , , 0 9 6 3 3 6 9 0 8 4 4 4, , , 3 5 8 6 8 6 4 2 8 1 1 1 , , , 3 3 3 3 3 6 9 9 9 1 1 1 1 1 1 , , , 7 7 8 3 1 7 4 6 4 1955—June 33,628 2,944 1,415 5,494 4,746 4,390 1,406 13,233 July 34,397 2,992 1,415 5,590 4,830 4,509 1,401 13,660 •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. OCTOBER 1955 1159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates, in millions of dollars] Gross proceeds, all issuers5 Prop a o l s l e d co u rp se o s r a o t f e n i e s t s u p e r r o s c 8 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 S e t r . * n- ag F e e e r n d a c - l y4 n m a p i n c a u d i l - - Others Total Total o P f li f u c e b l r y e - d p v P l a a r t c i e - e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N o e n w ey7 p l p a o o u n u s r e s e - - s m d b e e t a o e c b n f n . t k * t , s ri e t o c i f e u s - 1939 5,687 ? 13 1,128 50 2,164 1,979 1,276 703 98 87 *?0 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 762 569 19 174 1,854 1941.. . 15,157 Hi 466 38 956 30 2,667 2,389 1,578 811 167 110 1,Di40 868 28 144 1,583 1942 35,438 846 1 524 5 1,062 917 506 411 112 34 547 474 35 138 396 1943.. 44,518 42, 815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 1 661 22 3,202 2,670 1,892 778 369 163 7SS 657 47 49 2,389 1945 54,712 47, 3 S3 506 795 47 6,011 4,855 3,851 1,004 758 397 1 U7 1,080 133 134 4,555 1946 18,685 10 717 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 3 *8Q 3 ?79 231 379 2,868 1947.. 19,941 10, S89 2,324 451 6,577 5,035 2,888 2,147 761 778 s,MS 4,591 168 356 1,352 1948 20,250 10 327 2,690 156 7 078 5,973 2 963 3,010 492 614 6 ">S1 s,929 234 488 307 1949 .. 21,110 11, 804 216 2,907 132 6,052 4,890 2,434 2,455 424 736 s,SS8 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, 590 4,006 364 620 1,271 1951 21,265 Q,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7, 6,531 226 363 486 1952... 27,209 1? S77 459 4,401 237 9,534 7,601 3,645 3,957 564 1,369 8, 716 8,180 537 664 1953 . . . 28,824 n,QS7 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,'19 S 7,960 535 260 1954 29,765 12, 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,190 6,780 709 1,875 1954—Aug 1,279 S46 300 8 424 352 166 186 45 27 ^S 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 1 103 856 146 109 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 62 103 504 515 89 400 1955—jan> 2,706 74? 716 541 35 672 484 252 232 53 135 S46 465 81 114 Feb 1 431 602 328 1 501 364 156 208 25 113 136 362 74 56 Mar 2,583 614 540 9 1,420 871 524 346 37 512 1 1 190 71 135 Apr. . .. 1,654 SIS 429 15 675 475 297 178 54 146 4-94 444 50 165 IMisLy 4,399 3, 020 30 350 2 998 694 465 229 95 209 903 791 112 74 June 1,915 4-96 651 4 796 533 190 344 57 206 507 635 62 81 July '2,424 1 , »-470 4 685 540 136 405 52 92 466 64 142 Aug 1,620 509 240 870 660 508 152 10 200 639 610 29 215 Proposed uses of net proceeds, by major groups of corporate issuers Manufacturing C m om is m ce e ll r a 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 Year or month T c p n e o r e e o t d t a - s l N ita ew l9 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 ita e 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 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 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 - 9 1949 1,391 1,347 44 310 28 795 784 11 ?,276 ? 043 ?33 567 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 2,608 1927 682 395 314 81 739 639 100 1951 . 3,066 2,846 221 518 462 56 490 437 53 2,412 2326 85 605 600 5 515 449 66 1952 3,973 3,712 261 536 512 24 983 758 225 2,626 2539 88 753 747 6 508 448 60 1953 2,218 2,128 90 542 502 40 589 553 36 2,972 905 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—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—January.... 186 163 23 50 45 5 80 37 43 239 198 41 7 6 2 97 97 February . 84 68 16 100 88 12 8 8 108 101 8 44 26 18 148 145 2 March 632 547 85 96 94 3 36 36 9,7 27 21 6 381 368 13 April 167 141 26 38 37 1 107 18 89 214 178 36 18 12 6 114 108 6 May 424 376 48 46 42 4 55 55 247 17 24 24 181 177 5 June 174 164 10 121 110 11 57 52 5 275 260 15 70 31 39 80 78 2 July.. . 349 212 137 57 54 3 17 16 1 82 82 43 43 124 123 August... . 169 119 50 36 34 2 187 29 158 75 75 90 90 295 291 4 ••Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3Includes issues guaranteed. 4 Issues not guaranteed. 8Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 8Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7Includes proceeds for plant and equipment and working capital. includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. includes all issues other than those for retirement of securities. ^Retirement of securities only. Source.—Securities and Exchange Commission. 1160 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 1 1 2 3 4 1 2 Manufacturing Total (200 corps.): Sales 38 17645 598 59 693 S4 ?66 63 100 57 898 5 014 4 349 14 887 3 494 s,175 16 545 17 859 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 Profits after taxes . 3 ?44 4 900 3, 530 3 191 3 63? 3 815 91 S 908 999 803 1 ,109 1 910 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 Sales 14 ?81 16 ?38 18 903 19,9SS 90 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 Profits after taxes 1 3 S3 1 6 S3 1 5?? 1 384 1 517 1 S9? 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.):2 Sales 23 895 29 360 33 790 35 011 42 39637 277 9 818 9,276 9,808 8 448 9,746 11 037 12 108 Profits before taxes 3 196 s 901 s 386 4 438 S 390 4 44? 814 1,085 1 948 913 1 ,194 1 646 1 908 1 890 9 547 9 008 1 807 9 115 9 ??3 5?1 S97 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 9?3 4 40? 4 909 5 04? 5 411 5 464 1 394 1,337 1 351 1 339 1 437 1 355 1 465 Profits before taxes 434 532 473 446 465 461 107 99 132 122 108 99 132 ?68 989 997 904 911 994 54 46 63 59 56 46 64 Dividends 149 161 159 154 154 156 45 36 36 39 45 36 36 Chemicals and allied products (26 corps.): Sales 3 904 4 817 s 88? 5 96 S 6 373 6 189 1 5?8 1,509 1 540 1 518 1 699 1 791 1 811 Profits before taxes .. . 734 1,178 1 490 1 257 1 308 1 175 232 282 282 277 334 367 381 Profits after taxes 441 597 521 485 520 612 128 138 142 137 194 183 193 338 467 381 396 413 49 1.35 100 109 99 194 114 115 Pe S tr a o l l e e s um refining (14 corps.): 4 003 4 369 s 099 s 418 s 891 6 01 1 530 1,511 1 473 1 471 1 560 1,567 1 619 Profits before taxes 582 709 907 722 834 746 188 223 195 174 154 207 198 Profits after taxes . 454 490 557 590 S99 564 166 154 149 134 134 148 145 Dividends 204 235 261 282 287 292 77 71 71 72 76 76 76 Primary metals and products (39 corpSi).' Sales 8 184 10 448 19 507 11 S64 13 750 11 S99 3,193 9 919 3 0?1 ? 715 9 874 3,301 3,847 Profits before taxes . • 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 71 196 151 180 151 935 941 319 Dividends . 286 378 382 368 378 409 113 100 92 92 125 115 110 Machinery (27 corps.): Sales 4 366 5 07 6 189 7 089 8 01 7 75 ?,039 1 919 1 939 1 866 ? 030 1 9SS 9,046 Profits before taxes 520 85 1,005 975 1,010 899 193 252 237 199 209 232 251 Profits after taxes 32 426 370 38 402 470 115 117 107 102 143 110 121 Dividends • 138 209 192 200 163 263 91 58 64 65 76 67 67 Automobiles and equipment (15 corps.): Sales 0 57 11 80 1? 496 1? 8? 16 37 13 94(1 3 495 3 485 3 731 9 9?? 3 80? 4 799 s 031 1,47 9 30 1 91 1,94 9,048 1,74 ?35 434 539 909 476 819 885 Profits after taxes ...... 86 1,08 705 698 747 82 168 214 257 127 229 367 415 Dividends 45 67 479 46 463 52 117 114 113 106 196 108 113 Public Utility Railroad: Operating revenue • •» 8,58 9,473 10,39 10,58 10,664 9,37 2,582 2,275 2,335 2,366 2 395 2,302 2,521 70(1 1,38 1,960 1,45 1,404 90 979 1 sr 199 996 319 9^9 358 Profits after taxes • • 43 78 693 83 87 67 219 88 136 172 277 175 242 Dividends 25 31 328 33 412 37 162 96 73 74 136 101 90 Electric power: Operating revenue 5,06 5,528 6,058 6,54 7,136 7,61 1,826 1,984 1,819 1,831 1 976 2,171 1,993 Profits before taxes . .. 1,12 1,313 1,482 1,74 1,895 2,04 460 570 487 478 513 636 523 Profits after taxes 75 89 814 94 1,030 1,14 960 321 966 964 988 341 296 56 61 65 72 780 85 212 212 210 211 224 225 229 Telephone: 9,96 3.34 3,799 4 13 4i59 4 90 1 178 1,174 1 910 1,933 1 9RS 1,998 1 340 33 580 69 78 925 1,05 248 242 262 262 284 306 315 90 33 34 38 45 59 199 116 19S 141 143 159 156 213 276 318 35 412 44 108 109 111 112 116 118 122 1 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);, and p. 908 of the BULLETIN for September 1944 (electric power). OCTOBER 1955 1161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 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 Year or Profits In- Profits Cash Undis- Year or quarter b t e a f x o e r s e c ta o x m e e s t a a f x te e r s d d e iv n i d - s tr p i r b o u fi t t e s d quarter i N ss e u w es R m e e ti n r t e s - ch N an et ge i N ss e u w es R m e e t n ir t e s - ch N an et ge i N ss e u w es R m e e ti n r t e s - ch N an et ge 1 1 9 9 3 4 9 5 1 6 9 . . 4 0 1 1 0 . . 4 7 5 8. . 3 0 3 4 . . 8 7 3 1. . 2 6 1 1 9 9 4 4 7 8 6 7 , , 8 5 8 7 2 0 2 L , . 5 6 2 8 3 3 4 5 , , 3 8 5 8 9 7 5 5 , , 0 9 1 3 5 8 2 1 , ,2 0 8 1 3 1 4 3 , , 6 0 5 0 5 4 1 1, , 6 8 3 6 2 7 4 51 0 2 0 1 1 , , 2 3 3 5 2 5 1 1 9 9 4 4 8 7 3 2 2 9 .5 8 1 12 1 .3 5 2 1 0 8 .2 3 6 7 .5 2 1 13 1 .7 0 1 1 9 9 5 4 0 9 6 7 , , 7 2 3 2 1 4 1 $ , , 8 5 7 0 5 1 4 3 , , 8 7 5 2 6 4 4 4 , , 8 8 6 0 7 6 2 1 , ,5 8 8 0 3 2 3 2, , 0 2 0 8 4 4 2 1 , ,8 4 6 1 4 8 6 2 9 9 8 2 1 1 , , 5 7 7 2 2 0 1 1 9 9 5 4 0 9.. 4 2 0 6. . 2 0 1 1 0 7 . . 4 8 2 1 2 5 . . 1 8 9 7 . . 2 5 1 8 2 . . 3 9 1 19 9 5 5 2 1 1 9 0 , , 0 6 4 7 8 9 2 2 , , 7 7 7 5 2 1 6 7 , , 2 9 7 2 7 7 5 7 , , 6 3 8 4 2 4 2 2 , , 1 4 0 0 5 3 3 4, , 9 5 4 7 0 7 3 3, , 3 3 3 6 5 6 3 6 4 6 8 6 2 2 , , 9 7 8 0 7 0 1 19 9 5 5 1 2. . 4 3 1 5 .9 2 2 1 2 9 .8 5 1 1 8 6 .1 7 9 9 .0 1 9 7 .2 6 1 19 9 5 5 4 3 1 9 1 , , 5 7 5 1 0 5 2 5 , , 4 3 2 5 8 3 7 6, , 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 2 3 , , 8 8 9 4 8 3 1,4 5 5 3 6 3 2 2 , , 3 3 6 8 6 6 1 19 9 5 5 4 3.... 3 34 8 . . 0 3 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 L , . 1 3 3 1 9 4 1 1 , , 7 7 1 1 4 9 2 1 , ,8 3 6 1 3 4 8 9 4 3 7 8 1 1, , 3 0 7 1 7 6 9 7 9 1 5 3 3 2 7 9 6 2 3 7 3 0 7 3 1954—1 32.7 16.4 16.3 9.7 6.6 4. . . 3,128 1,923 1,205 2,075 1,354 721 1,053 569 484 4 3 2 3 3 3 3 3 6 . . . 5 7 0 1 1 1 6 8 6 . . . 8 1 9 1 1 1 6 6 7 . . . 7 8 9 1 1 9 0 0 . . . 8 0 6 6 7 7 . . . 7 0 3 1955— 2 1 . . .. .. 3 3 , , 0 0 6 8 5 4 L L . . 3 6 4 7 7 7 1 1, , 4 7 0 1 7 9 1 1 , ,8 6 0 8 2 1 7 7 0 6 2 7 1,0 9 3 7 4 9 1 1 , , 2 3 8 8 2 4 6 9 4 1 5 0 3 7 7 4 3 0 1955—1 2 4 43 0 .9 0 2 2 1 0 . . 6 5 2 21 0 .4 A 1 1 0 0 . . 2 7 1 1 0 0 . . 2 7 issu 1 e R s e f e le x c c t l s u d c e a s f h o re tr ig a n n sa a c n t d io n in s c l o u n d l e y . i n A v s e s c tm om en p t a re c d om w p i a t n h y d o a f t f a e ri s n h g o s w , n s a o le n s p o . f 1 s 1 e 6 c 0 u , ri n t e ie w s held by affiliated companies or RFC, special offerings to employees, and also new Source.—Department of Commerce. stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 1160. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y te e r ar w ca o N p rk e it i t a n l g Total Cash er U G n . o m v S e - . nt Not r e e s c e a i n v d a b a le ccts. I to n r v i e e n s - Other Total Note p s a a y n a d b le accts. F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v S t. . 2 Other liabilities 1939 24.5 54.5 10.8 2.2 .0 22.1 18.0 1.4 30.0 .0 21.9 1.2 6.9 1945 51.6 97 4 21.7 21 1 2 7 23.2 26.3 2.4 45.8 .9 24.8 10.4 9.7 1948 68.6 133.0 25.3 14 8 42.4 48.9 1.6 64.4 39.3 11.5 13.5 1949., 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9.3 14.0 1950 81.6 161.5 28.1 19 7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 . 90 1 186 2 30 8 19 9 2 8 64 6 65 8 2.4 96 1 2 3 57.0 18.1 18.7 1953 . 92.6 189.6 30.9 21.0 2.6 64.8 67.9 2.4 97.0 2.2 56.3 19.2 19.3 1954—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 A i955—im 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 2 100.6 190.1 30.8 18.8 2.1 70.1 65.5 2.8 89.6 2.3 54.9 12.1 20.1 1 Excludes banks and insurance companies. 2 Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Estimates, in millions of dollars] *» Trans- Manu- Trans- Year Total f M a i c a n t n g u u r- - M in i g n- r R o a a i d l s - p o t t o h t i h o r a t e n n a r - P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n t i u n g d r - - p i r t o n i a o r c i t l n l a - . - P u u t t i b i e l l s i i - c oth A e l r l s rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1953—3 7,084 3,116 708 1,221 2,039 1945 8,692 3,983 383 548 574 505 321 2,378 4 7,625 3,565 743 1,247 2,070 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 1954—1 6,266 2,788 634 929 1,916 1949 19,285 7,149 792 L.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.lll 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 1,537 5,557 5,847 2,435 538 845 2,030 1953 28,322 11,908 986 1,311 1,565 4,552 1,690 6,310 2 7,009 3,030 637 1,052 2,290 1954. . .. 26,827 11,038 975 854 1,512 4,219 1,717 6.513 3* 7,724 3,315 666 1,313 2,430 1955* 27,896 11,193 895 910 1,563 4,445 8,891 7,316 3,308 632 1,235 2,141 1 Corporate and noncorporate business, excluding agriculture. 2Includes trade, service, finance, and construction. 3 Includes communications and other. * Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 1162 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 ly o p a e n rt d ies1 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 o a 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 t l i n n - - s O h e o th r ld s e - r Total t F u i i n c t n i i s o a a t l i n n - - s O h e o th r l s d e - r 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 '8.1 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 ,1 3.7 1945 35.5 21.0 .9 13.7 30.8 '18.6 12.2 6.4 12.2 '7.4 4.7 4.8 3.4 1946 41.8 26.0 .6 15.1 36.9 '23.0 16.0 7.0 13.8 '8.5 SA 4.9 S 5 3.4 1947 ... 48.9 31.8 .5 16.6 43.9 28.2 '20.6 7.6 15.7 '9.5 6.1 5.1 S.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 '37.6 '28.5 9.1 19.5 12.3 7.2 5.6 2.1 3.5 1950 72 8 51.6 1.4 19.8 66.7 '45.2 '35.4 9.8 21.6 13.9 7.6 6.1 2.3 3.7 1951 82.2 59.5 2.0 20.7 75.6 '51.7 '41.0 10.7 '23.9 15.9 8.0 6.6 2.6 4.0 1952 91.2 66.8 2.4 21.9 84.0 '58.4 '46.8 11.7 '25.6 17.2 8.3 7.2 2.8 4.3 1953 101 0 75.0 2.8 '23.3 '93.4 '66.0 '53.5 12.5 '27.4 18.5 8.9 7.7 3.0 4.6 1954 113.5 p85.7 2.8 25.0 105.4 '75.7 '62.4 13.2 '29.7 '20.0 9.7 8.2 3.3 4.9 1953—December 101.0 75 0 2.8 r23.3 '93.4 '66.0 '53.5 12.5 '27.4 18.5 8.9 7.7 3.0 4.6 1954—March 103.1 '76.9 2.7 23.6 ••95,3 '67.6 '55.0 12.5 '27.7 18.7 9.0 7.8 3.1 4.7 June ..... 106 2 '79.5 2.7 '24.1 98.2 '69.9 ••57.2 12.6 '28.3 19.1 o 2 8.0 3.2 4.8 September.... 109.7 '82.5 2.7 '24 5 101.6 ••72.7 '59.7 12.9 '29.0 19.5 '9.4 8.1 3.2 4.9 December.... 113.5 '85.7 2.8 25.0 105.4 '75.7 '62.4 13.2 '29.7 '20.0 9.7 8.2 3.3 4.9 1955—March. '117 2 '88.7 2.9 '25.5 108.7 '78.5 '65.0 13.5 '30.3 '20.4 9.9 8.4 3.4 5.1 June 121.9 '92.6 3.0 '26.3 113.1 '68.2 13.8 '31.0 '20.9 10.2 8.8 3.5 5.3 'Revised. The major part of the revision for recent quarters and the entire revision for earlier years is due to revised estimates of mortgage debt held by life insurance companies. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2 Derived figures, which include debt held by Federal land banks and Farmers Ho*ne 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 * fin millions of dollars] Commercial bank holdings2 Mutual savings bank holdings4 Nonfarm Nonfarm End of year or quarter Total Residential8 Residential* Farm Total Farm Total Other Total Other FHA- VA- Con- FHA- VA- Con- Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 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 3,725 876 26 1943 4,521 4,058 3,256 802 463 4,420 4,395 3,558 837 25 1944 4,430 3,967 3,218 749 463 4,305 4,281 3,476 805 24 1945 4,772 4,251 3,395 856 571 4,208 4,184 3,387 797 24 1946 7,234 6,533 5,146 1,387 70? 4,441 4,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5,569 1,099 37 1950 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 1 164 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 1,774 47 1952 15,867 14,809 12,188 3,675 3 01.2 5 501 2,621 1,058 11,379 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 1,082 12,943 12,890 11,334 3,489 3,053 A,79? 1,556 53 1954. 18,573 17,415 14,152 '4,106 '3 350 '6 695 '3,263 '1,159 15,007 14,951 13,211 3,800 4,262 149 1,740 56 1953—December 16,850 15,768 12,925 3,912 3 061 5 951 2,843 1,082 12,943 12,890 11,334 3,489 3,053 4,792 1,556 53 1954—"March 16,970 15.870 12,965 3,920 3 075 5 970 2,905 1,100 13,345 13,292 11,700 3,560 3,295 4 84 S 1,592 53 Tune 17,382 16,242 13,232 ^3,962 117 '6 '3,010 1 140 13,881 13,826 12,181 3,659 3,579 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 18,573 17,415 14,152 '4,106 '3 350 '6 695 '3,263 1 ,159 15,007 14,951 13,211 3,800 4,262 5 149 1,740 56 1955—March r. 19,125 17,920 14,535 4,205 3 450 6 880 3,385 1, 7,0515,560 15,503 13,745 3,895 4,600 s 1,758 57 Juner 19,940 18,677 15,128 4,361 3 601 7 166 3,549 1,263 16,173 16,114 14,339 4,000 4,976 5 362 1,775 59 'Revised. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. s Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks* Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies, Comptroller of the Currency, and Federal Reserve. 1163 OCTOBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 1940 5,972 5,073 668 4,405 899 1941 6,442 5,529 815 4 714 913 1942 898 6,726 5,830 1,096 4 734 896 1943 855 6,714 5,873 1,286 4 587 841 1944 935 6,686 5,886 1,408 4 478 800 1945 976 6,636 5,860 1,394 4 466 776 1946 1,661 1,483 178 7,155 6,360 1,228 '254 '4 878 795 1947 2,786 2,520 45i 600 1,469 266 8,675 7,780 1,398 '843 '5,539 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 '1,104 '6,358 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 '1,223 '7,091 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 '2,025 '8 177 1 327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 '3,130 '9,400 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 '3,346 '10,519 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 '25,976 '23,928 '6,116 '4,643 '13,169 '2,048 1954—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 '25,083 23,062 '6,092 '4,193 '12,777 '2,021 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 '25,976 '23,928 '6,116 '4,643 '13,169 '2,048 521 479 69 161 249 42 26,223 24,171 6,132 4,771 13,268 2,052 February 495 443 66 118 259 52 26,474 24,405 6,156 4,861 13 388 2 069 March 563 493 77 154 262 70 26,727 24,629 6,166 4,982 13,481 2,098 April 480 431 71 128 232 49 26,949 24,824 6,171 5,070 13 583 2 125 May 525 481 76 135 270 44 27,217 25,067 6,200 5,168 13,699 2,150 519 478 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 August 536 503 77 140 286 33 28,001 25,787 6,244 5,468 14,075 2,214 'Revised. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance: end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [In millions of dollars] [Number in thousands; amount (except averages) in millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m e o a n r t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t s u h e r e s - r 1 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 in S lo g a a s v n - & p I c a n a o n s n m c u i e e r - : s - b C m c a o i n e a m r k l - s - M b s i u a n a n t g v u k s - a s l Other a c m l o ( a d r r e o r d o - s u e l ) - d nt 1941 1,379 437 581 361 4,578 1941. 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942. 1,351 3,943 1,170 362 886 166 1,359 2,918 1 1 1 9 9 9 4 4 4 4 3 5 1 1 1 , , , 1 9 4 8 1 5 4 3 4 1 1 9 8 0 5 1 6 1 1, , 8 3 0 0 5 6 2 8 4 2 2 3 9 7 7 5 6 4 4 4 5 , , , 5 8 3 8 0 7 4 6 0 1 1 1 9 9 9 4 4 4 4 3 5 . . ., 1 1 1, , , 6 4 2 3 4 7 9 6 4 3 4 5 , , , 8 6 6 6 0 5 1 6 0 2 1 1 , , , 2 5 0 3 6 1 7 0 7 2 2 2 8 5 5 0 0 7 1, 7 8 0 5 7 9 3 8 7 2 1 1 1 5 6 7 2 5 2 1 1 , , , 0 4 7 6 3 4 9 9 6 3 3 3 , , , 1 0 4 8 3 4 6 1 8 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 ,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,3131949 2,488 11,828 3,646 ,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950. 3,032 16,179 5,060 ,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,530 1951 2,878 16,405 5,295 ,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 ,420 3,600 1,137 5,409 5,950 1953 7,767 2,475 3,488 1,804 21,882 1,044 3,961 16,877 11995533 3,164 19,747 7,365 ,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 ,768 4,239 1,501 7,154 6,644 1954-Aug... 841 289 372 180 1954-Aug. 312 2,086 770 166 369 138 642 6,684 Sept... 828 282 369 177 25,053 1,150 4,503 19,400 Sept. 313 2,122 766 164 383 141 668 6,789 Oct.... 824 283 364 177 Oct.. 314 2,156 765 178 393 140 679 6,874 Nov... 807 278 357 172 Nov. 307 2,148 757 177 399 147 667 7,004 Dec... 853 295 369 189 26,142 1,171 4,714 20,257 Dec. 318 2,267 784 191 420 158 714 7,131 1955-Jan.... 744 252 326 166 1955-Jan.. 284 2,024 688 165 379 128 665 7,120 Feb.... 775 265 340 171 Feb.. 277 1,958 702 151 365 116 624 7,077 Mar... 1,026 386 427 212 27,313 4,946 21,135 Mar. 343 2,455 928 174 458 134 761 7,153 Apr.... 1,016 380 430 205 Apr.. 328 2,357 900 165 456 136 700 7,182 May... 1,069 395 470 205 May. 344 2,483 950 163 482 153 734 7,215 June... 1,157 418 536 203 28,988 1,283 5,318 22,387 June. 360 2,636 1,024 174 516 171 750 7,312 July... 1,054 371 494 188 July.. 335 2,463 953 161 472 168 708 7,348 Aug.... 1,171 416 553 201 Aug.. 366 2,697 1,060 163 521 179 773 7,362 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. 2Prior to 1948, data are not available for classifications shown. 'Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 1164 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 p e N r r m t o e i w o e p s r - tga i e p g s E r r t e t o i x i s n e p - g s - g m P t e a y r o c g o p t r e j - e t - s - 1 p l P m e o 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 p e g s E r r t e t o i x i s n 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 re A - d - a g n V u t A e a e r - - d t C i v o e o n n n a - - l 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 5 4 4 5 5 4 5 4 4 5 2 5 6 3 1 7 0 8 9 4 3 5 5 5 6 5 6 7 7 , , , , , , , , , 2 0 4 0 2 8 8 9 3 8 1 2 5 7 3 5 3 4 2 5 6 2 8 4 4 0 0 6 3 7 4 3 3 3 3 3 3 1 , , , , , , , , 1 3 7 3 2 8 8 0 6 7 8 1 4 4 2 8 2 6 6 5 8 3 1 3 0 2 6 6 5 6 1 1 1 1 1 1 , , , , , , 3 2 6 4 2 0 4 2 9 1 1 1 3 3 5 3 7 6 5 2 9 6 7 4 9 5 7 9 7 0 1,0 3 4 2 6 8 8 9 9 7 3 0 9 5 1 1 8 7 0 1 0 2 2 6 8 7 4 4 7 3 1 1 , , 0 1 3 6 5 3 2 2 5 2 6 8 2 0 2 5 3 1 7 1 0 2 2 9 0 9 2 3 1,3 3 5 6 6 5 8 1 7 8 3 2 3 9 1 9 4 7 0 9 4 1 4 4 4 4 8 1 8 1 3 3 3 4 2 3 2 1 1 , , , , , , , , , 3 4 6 2 2 8 7 0 0 1 2 8 0 1 5 2 8 7 6 9 4 1 2 4 7 1 6 3 4 2 2 2 2 1 1 , , , , , 8 8 6 0 6 7 6 2 6 4 8 9 5 4 7 5 6 3 1 1 1 , , , 2 0 5 9 6 8 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 9 9 9 9 9 9 9 9 9 9 4 4 5 4 4 5 5 5 5 4 6 5 2 7 9 0 3 1 4 8 ' ' • ' 1 ' ' ' 5 5 2 3 7 6 3 • 2 4 8 1 3 7 8 5 6 3 8 5 . . . . . . . . . 6 . 7 0 6 4 7 0 2 3 2 2 2 3 2 1 1 1 4 6 9 2 5 2 2 8 5 8 . . . . . . . . . . 1 3 3 9 4 5 0 1 1 9 1 1 1 3 3 4 5 6 8 9 0 2 2 . . . . . . . . . . 7 8 9 3 6 7 1 0 8 8 1 1 1 1 1 8 2 5 7 3 0 4 6 9 . . . . . . . . . . 1 5 4 2 2 2 3 6 1 3 ' ' ' ' ' ' ' ' 2 1 2 2 3 1 4 3 2 1 8 6 6 2 3 4 3 7 0 8 . . . . . . . . . . 8 9 6 3 0 3 6 9 8 9 1954— S O A e c u p t g . t . . . . . . . . . 6 6 7 7 8 7 9 0 0 2 2 2 5 6 6 2 9 2 8 7 7 0 2 7 5 7 7 9 4 9 4 3 0 3 9 1 8 7 0 9 1 1 4 4 5 1 1 1 0 8 8 2 3 2 5 0 5 2 7 1 2 1 1 1 6 5 1 7 7 . . . 5 4 2 1952— D S e ep c t . . . . . . ' ' 5 5 6 8 . . 7 4 2 25 4 . . 4 7 1 1 0 0 . . 4 8 1 1 4 4 . . 6 3 ' ' 3 3 2 3 . . 0 0 N D o ec v . . . .. . 8 7 4 6 3 0 2 28 6 7 6 9 9 2 1 1 9 0 2 9 23 7 6 7 3 6 4 5 9 5 4 6 3 3B 04 7 2 1 1 8 9 9 . . 4 5 1953— J M un a e r . . . . . . ' ' 6 6 0 2 . . 1 3 2 26 6 . . 7 1 1 11 1 . . 4 1 1 1 5 5 . . 0 3 ' ' 3 3 4 5 . . 0 6 1955— F J e an b . . . . . . . 9 8 3 4 1 0 3 2 0 7 9 4 1 8 0 9 7 1 1 4 3 5 8 1 5 2 5 3 2 6 6 5 2 6 2 7 3 3 9 5 0 7 2 2 0 3 9 1 1. . 2 7 S D e e p c t . . . . . . ' '6 6 6 4 . . 0 4 2 2 7 8 . . 5 1 1 12 1 . . 0 7 1 16 5 . . 1 8 ' ' 3 3 6 7 . . 9 9 J J M A M u u p a a l n y r y r e . . . . . . . . . . . . . 8 8 8 8 8 3 0 5 8 0 2 3 6 8 9 3 2 3 2 2 3 8 8 2 9 6 3 4 4 4 1 1 9 9 9 0 0 3 3 2 7 9 1 1 1 1 1 3 6 6 5 3 6 3 0 1 8 3 5 9 5 3 4 4 5 6 5 6 5 1 2 0 5 5 5 5 5 5 2 3 4 1 2 0 2 8 5 3 3 3 3 33 4 1 4 4 2 8 9 5 1 2 2 1 1 1 0 0 8 8 9 7 4 7 6 5 . . . . . 6 5 6 6 5 1954— J S D M u e e n p a c e t r . . . . . . . . . . . . ' ' ' ' 7 7 6 6 2 5 7 9 . . . . 7 7 6 9 3 2 3 2 0 8 2 9 . . . . 5 8 7 1 1 1 1 1 2 2 2 2 . . . . 8 2 6 4 1 1 1 1 7 9 6 7 . . . . 9 3 6 3 ' ' ' ' 3 4 4 4 2 0 8 3 . . . . 2 2 8 6 Aug.. . 967 350 113 166 4 67 617 386 230 .8 1955—Mar. .. '78.5 33.5 13.2 20.3 '45.0 1 Monthly figures do not reflect mortgage amendments included in annual totals. June... '82.1 35.5 13.5 22.0 '46.5 2FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those ••Revised. The major part of the revision for for more than that amount must be. recent quarters and the entire revision for earlier 3 Prior to 1949, data are not available for classifications shown. years is due to revised estimates of mortgage debt NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- held by life insurance companies. anteed loans, gross amount of loans closed. Figures do not take account of principal repay- NOTE.—For total debt outstanding, figures for ments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by first three quarters are Federal Reserve estimates. type are derived from data on number and average amount of loans closed. For conventional, figures are derived. Sources.—Federal Housing Administration and Veterans Administration. Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and Federal Reserve. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY * FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Author- Com- Mortgage holdings Mort- Advances outstanding ized mit- gage Mort- (end of period) E o n r d m of o n y t e h ar fu u n n d - s m u e n n - ts FHA- VA- c p ha u s r e - s s g a a l g e e s Year or month va A n d c - es R m e e p n a t y s m co it m te - d bu d r i s s e - d Total su in re - d a g n u te a e r- d ( p d e u ri r o in d g ) ( p d e u ri r o in d g ) Total S te h r o m rt 1 - L te o r n m g 2 - 1948 528 227 199 188 11 198 1945 278 213 195 176 19 1949 848 824 828 403 425 672 20 1946 329 231 293 184 109 1950 918 485 1,347 169 1,178 1,044 469 1947 351 209 436 218 217 1951 661 239 1,850 204 1,646 677 111 1948 360 280 515 257 258 1952 1,085 323 2,242 320 1,922 538 56 1949 256 337 433 231 202 1953 550 638 2,462 621 1,841 542 221 1950 675 292 816 547 269 1954 C1) 476 2,434 802 1,632 614 525 1951 423 433 806 508 298 1952 586 528 864 565 299 1954—August.... 594 700 2,355 733 L,622 33 39 1953 728 640 952 634 317 September. 631 654 2,362 745 1,618 38 19 1954 734 818 867 612 255 October. .. 678 603 2,368 752 1,616 39 23 November. 8 547 2,396 773 L.623 50 11 1954—September. 69 38 689 452 237 December. 476 2,434 802 ]1,632 64 15 October... 63 45 708 471 236 November. 74 38 743 495 248 1955—January... 8 418 2,462 817 1L,645 48 10 December. 171 47 867 612 255 February.. 359 2,488 832 :L,656 48 8 March 0) 287 2,512 839 L.673 54 18 1955—January... 38 188 717 491 226 April 8 215 2,545 855 1,690 58 11 February.. 34 63 688 466 223 May 163 2,562 860 1,702 39 7 March.... 71 58 702 464 238 June 8 127 2,567 867 1,700 21 3 April 85 33 754 497 257 July 116 2,567 868 1,699 15 1 May 104 37 821 542 279 August 0) 104 2,573 877 ],696 19 1 June 237 42 1,017 715 302 July 152 107 1,061 748 313 August. . . 156 30 1,187 822 365 *No authorization figures shown after October since under its new charter, September. 115 27 1,275 885 390 effective Nov. 1,1954, FNMA maintains three separate programs, for which the type of fund authorization varies. Other figures represent the combined programs: secondary market, special assistance, and management and liquidation. 1 Secured or unsecured loans maturing in one year or less. Source.—Federal National Mortgage Association. 2 Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. OCTOBER 1955 1165 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 a m pe o r b 1 ile co p O g n a o s t p o h u e d e m r s r i 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—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 . 7S4 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 L.72O 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 L ,752 IViarch 29,948 22,974 11,053 5,479 1,530 4,912 6,974 2,481 2,735 t ,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 August 33,636 26,155 13,547 5,762 1,589 5,257 7,481 2,629 3,019 L 833 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n c m k i s a - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n r s t t 1 - F s t t u u o r r r n e e i s - H a a h p o n o p u c l l s d e i e - - d m A ea o u l b t e o i r l - s e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 ,117 866 244 308 739 1953 22,187 18,758 8,998 6,147 1,124 2,489 3,429 ,040 903 291 380 815 1954..... 22,467 18,935 8,633 6,421 1,293 2,588 3,532 ,201 890 293 394 754 1954—August... 21,901 18,731 8,731 6,256 1,250 2,494 3,170 ,032 821 276 389 652 September 21,935 18,753 8,688 6,294 1,267 2,504 3,182 ,041 822 278 390 651 October. . 21,952 18,726 8,637 6,315 1,270 2,504 3,226 ,063 830 282 390 661 November 22,014 18,719 8,586 6,325 1,282 2,526 3,295 ,098 846 283 390 678 December. 22,467 18,935 8,633 6,421 1,293 2,588 3,532 ,201 890 293 394 754 1955—January.. 22,436 18,977 8,651 6,462 1,282 2,582 3,459 ,158 862 291 397 751 February. 22,508 19,153 8,688 6,570 1,298 2,597 3,355 ,108 848 286 404 709 March... 22,974 19,613 8,844 6,808 1,330 2,631 3,361 ,123 838 280 420 700 April 23,513 20,127 9,020 7,077 1,360 2,670 3,386 ,138 834 278 437 699 May 24,149 20,718 9,228 7,390 1,395 2,705 3,431 ,150 842 277 457 705 June 24,914 21,432 9,495 7,747 1,434 2,756 3,482 ,160 851 279 481 711 July 25,476 21,980 9,656 8,087 1,458 2,779 3,496 ,155 856 281 501 703 August. .. 26,155 22,605 9,871 8,422 1,495 2,817 3,550 1,167 871 284 523 705 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 1166 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 c m ( o i s e a m e i r n l n - - g t le lo -p O a a n t y s h ) - er m p D a e a e r n c t ( - - c t c h o a u r n g O t e s t ) her S c e re rv d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - ch P a u s r e - p d ape D r irect s O g c u o t o m o h n d e e - s r r e l m r t o a n i a n o o i d n z d n s a - - l s P o o a e n n r a - s l 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 L ,166 1950 5,798 1,177 1,294 1,456 834 1,037 1948 . 5,443 1,261 184 575 2,138 L ,285 1951 5,771 1,135 1,311 1,315 888 1,122 1949 5,588 1,334 198 584 2,096 L,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 L.844 250 730 2 612 1,707 1953 7,350 L.899 320 748 2,663 1,720 1954—August 8,731 2,230 1,707 1,857 1,299 1,638 1954 7,658 2,085 335 764 2,754 1,720 September. 8,688 2,224 1,686 1,835 1,299 1,644 October. .. 8,637 2,207 1,663 1,822 1,296 1,649 1954—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 L ,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 L,746 1955—January... 8,651 2,208 L,656 1,859 1,241 1,687 December. 7,658 2,085 335 764 2,754 L.72O February.. 8,688 2,241 L.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 [,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 L ,787 July 9,656 2,656 1,995 1,921 1,231 1,853 May 7,419 2,199 390 532 2,479 L ,819 August... . 9,871 2,765 2,041 1,950 1,243 1,872 June 7,557 2,303 383 518 2,522 831 July 7,420 2,268 327 474 2,517 «1,834 August.... 7,481 2,277 352 475 2,544 1,833 cCorrected. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU. 1 Includes mail-order houses. TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT Other Repair [Estimated amounts outstanding, in millions of dollars] Total Auto- con- and Per- End of year instal- mobile sumer modern- sonal or month ment paper goods ization loans E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s O g p u c o a t o m o p h n d e e e - r r s r m i R z lo a o e a n a p d ti n d a e o s i r n r n- l s P o o a e n n r a - s l 1 1 9 9 3 4 9 0 cr 8 7 e 9 8 d 9 1 it 1 8 0 1 2 pap 2 3 e 4 0 r loa 1 1 n 5 6 s 6 7 6 4 9 3 1941 . 957 122 36 14 785 1939 1,197 878 115 148 56 1945 .... 731 54 20 14 643 1940 1,575 1,187 136 190 62 1946 991 77 34 22 858 1941 1,797 1,363 167 201 66 1947 1,275 130 69 39 1,037 1948 1,573 189 99 59 1,226 1945 300 164 24 58 54 1949 1,858 240 137 89 1 392 1946 677 377 67 141 92 1950 2,237 330 182 115 1,610 1947 1,355 802 185 242 126 1951 2,537 358 209 132 1 838 1948 1,990 1,378 232 216 164 1952 . . . 3,053 457 279 187 2,130 1949 2,950 2,425 303 83 139 1953 3,613 573 337 249 2 454 1950 3,785 3,257 313 57 158 1954 3,881 596 340 260 2,685 1951 3,769 3,183 241 70 275 1952 4,833 4,072 332 82 347 1954—August . . 3,744 587 321 261 2,575 1953 6,147 5,306 367 83 391 September. . . 3,771 591 324 262 2,594 1954 6,421 5,563 351 81 426 October... 3,774 589 329 260 2,596 November. . . 3,808 591 331 263 2,623 1954—August 6,256 5,436 335 82 403 December.... 3,881 596 340 260 2,685 September. . . 6,294 5,474 336 81 403 October 6,315 5,491 337 81 406 1955—January 3,864 595 338 254 2,677 November. . . 6,325 5,491 340 81 413 February.... 3,895 607 339 253 2,696 December.... 6,421 5,563 351 81 426 March 3,961 628 344 253 2 736 April 4,030 649 353 253 2,775 1955—January 6,462 5,603 350 79 430 May 4,100 670 363 258 2,809 February. . . . 6,570 5,709 349 78 434 June...... 4,190 692 380 261 2,857 March 6,808 5,945 348 76 439 July 4,237 706 388 261 2,882 April 7,077 6,207 348 76 446 August 4,312 722 401 266 2,923 May 7,390 6,512 353 77 448 June 7,747 6,857 361 78 451 July, 8,087 7,180 372 78 457 ^—Institutions included are consumer finance companies (oper- August 8,422 7,496 384 80 462 ating 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. OCTOBER 1955 1167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Automobile Other consumer Repair and Personal paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1949 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2 060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953 30,321 26,818 13,621 11,379 8,014 7,511 1,387 1,144 7,299 6,784 1954 29,304 29,024 12.532 12,477 7,700 7,863 1,245 1,278 7,827 7,406 WITHOUT SEASONAL ADJUSTMENT 1054—Aumist 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 L.040 1,084 716 642 108 114 690 652 December 3,046 2,593 1,184 1,084 936 666 95 110 831 733 io^5—Tanuarv 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 L.616 1,113 741 678 121 109 728 670 June • .. 3,443 2,678 1,766 1,190 766 682 125 109 786 697 July 3,131 2,569 1,594 1,117 711 674 111 103 715 675 August 3,436 2,757 1,745 1,236 793 707 130 111 768 703 SEASONALLY ADJUSTED* 1954—August 2,409 2,480 1,035 1,067 613 678 100 105 661 630 September 2,474 2,404 .L,O77 1,014 609 634 106 118 682 638 October 2,461 2,424 1,068 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 1955—January 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 Tvtarch . . 3,035 2,562 1,472 1,096 741 683 109 116 713 667 3,017 2,552 1,404 1,093 736 672 109 109 768 678 3,091 2,634 1,517 1,139 736 687 115 122 723 686 3,165 2,612 1,580 1,165 754 678 109 109 722 660 July 3,122 2,602 .510 1,132 791 697 107 102 714 671 August 3,200 2,714 1,559 1,195 770 720 113 105 758 694 * Includes adjustment for differences in trading days. NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en m ta p o g r n e e t c h e c d h i a n n g ge m f P ro o e m n rc t h e c n o o t y a r f r e g e a e p s r r p c e o h c n a e d n d i g i n n e g g Instalment accounts a C cc h o a u rg n e ts Item A 19 u 5 g 5 . J 1 u 95 ly 5 J 1 u 9 n 5 e 5 A 19 u 5 g 5 . J 1 u 95 ly 5 J 1 u 9 n 5 e 5 Month D s m e to p e r a n e r t s t- F s u t t r u o r r n e i e 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—August. .. 13 12 10 45 Total +8 -3 -i +14 +9 +9 September 13 12 10 46 Cash sales +9 -4 -1 +13 +2 +5 October. . 14 12 10 47 Credit sales: November 13 12 10 48 Instalment +7 -1 -1 +15 +12 +8 December. 14 12 9 46 Charge account +12 -3 +3 +17 +12 +14 1955—January. . 14 12 9 44 Accounts receivable, end February. 14 11 9 43 of month: March.... 15 13 9 48 Total +4 0 +2 +9 +7 +8 April 15 12 9 44 Instalment +2 +1 +1 +6 +5 +4 May 15 12 9 45 Charge accounts +9 2 +4 +15 +15 +19 June 15 12 9 46 July 14 12 9 43 Inventories, end of August. . . 14 13 9 46 month, at retail value. +1 -3 -3 +3 +3 +2 1 Collections during month as percentage of accounts outstanding at beginning of month. 1168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Industrial production contracts Employment and payrolls2 (physical volume)* awarded (value)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 r d a o b u n - l - e erals Total R d t e i e a n s l i - - ot A h 1 e 1 r p m t c e u l u m o e r l a y n - - l - t Em m p e l n o t y- P ro a l y ls - = 10Q 1 v 9 = a 4 lu 1 7 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 76 4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.4 66.9 32.6 107 34 72 9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67.6 65.5 33.0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 68.0 64.2 32.8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 51 9 1930 49 48 45 51 59 49 30 62 66.7 59.5 28.3 99 35 71 4 56 1 1931 40 39 31 48 51 34 22 41 60.4 50.2 21.5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53.5 42.6 14.8 59 24 58.4 42 1 1933 37 36 24 48 48 14 7 18 53.7 47.2 15.9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48 7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58 7 52 0 1936 56 55 49 61 63 30 22 35 65.9 63.9 27.2 81 33 59 3 52 5 1937 61 60 55 64 71 32 25 36 70.3 70.1 32.6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59 9 51 1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56 8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68 8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96 4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 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 »134 »136 »153 192 178 201 113.6 111.8 151.4 96 112 114 4 110 1 1954 J>125 »127 P137 2116 #111 216 232 204 110 4 101.8 137.7 86 111 114 8 110 3 1954 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 in 193 216 178 110.2 101.8 100.2 134.6 84 108 115.0 110 9 June 124 124 125 135 116 114 207 227 193 110.1 101.4 100.5 135.8 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.... 132 132 133 145 121 120 261 288 243 110.6 101.8 101.2 141.5 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 135 138 136 148 124 121 260 291 239 111.5 103.5 103.3 146.6 93 115 114.3 110.0 April 136 138 138 151 126 119 253 286 230 111.7 104.6 103.6 146.7 93 119 114.2 110.5 138 138 140 153 127 121 245 280 221 112.5 105.8 104.1 150.1 96 117 114.2 109.9 June 139 139 141 155 128 122 253 290 228 113.2 106.7 105.8 152.1 94 114 114.4 110.3 July 139 130 141 155 126 120 257 296 231 113.5 106*1 104.7 151.0 95 124 114.7 110.5 August.... 140 139 142 158 125 120 259 278 246 113.7 106.4 107.4 154.8 96 P119 114.5 110.9 September. P141 P141 P160 s>125 P121 *113.9 159.4 96 •119 111.6 eEstimated. ^Preliminary. 'Revised. *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. 1177. 2The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series, reflecting, beginning January 1953, the inclusion of some new series and revised weights; prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100. 3For indexes by Federal Reserve districts and for other department store data, see pp. 1179-1183. Back figures in BULLETIN.—Industrial production, December 1953 pp* 1324-1328; department store sales, December 1951, pp. 1490-1515. OCTOBER 1955 1169 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? 1954P Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug SEASONALLY ADJUSTED Industrial Production—Total too.@o 134 125 123 124 126 128 130 132 133 135 136 138 139 139 140 Manufactures—Total 90.02 136 127 125 126 128 130 131 133 134 136 138 140 141 141 142 Durable Manufactures—Total.... 45.17 153 137 135 137 139 142 143 145 147 148 151 153 155 155 158 Primary metals 6.70 132 108 105 105 111 118 121 127 131 136 138 140 143 134 139 Metal fabricating 28.52 167 150 148 149 150 152 154 155 157 157 160 162 163 167 170 Fabricated metal products 5.73 136 123 123 122 124 125 125 125 126 129 130 134 135 135 138 Machinery 13.68 160 142 144 147 147 148 145 145 146 146 149 151 155 158 161 Nonelectrical machinery 9 04 143 125 125 125 123 122 120 124 125 126 131 134 136 138 139 Electrical machinery 4.64 194 177 181 189 194 198 193 187 187 184 185 183 193 197 205 Transportation equipment 7.54 189 175 166 167 169 175 187 191 193 195 197 199 194 '203 205 Instruments and related products. . 1.29 155 140 135 137 137 138 140 140 142 143 143 142 149 151 152 Clay, glass, and lumber Products , 5 91 125 123 114 124 130 130 133 132 132 135 136 138 143 '138 140 Stone, clay, and glass products. . . . 2,82 133 131 132 134 132 136 135 136 138 143 146 149 153 152 153 Lumber and products 3.09 118 115 97 116 128 124 131 129 127 127 127 128 133 125 128 Furniture and misc. manufactures. 4 04 131 121 123 123 123 123 122 122 '124 '127 '132 '136 '134 136 Furniture and fixtures 1.64 117 106 108 109 110 108 108 109 109 112 113 117 121 122 125 Miscellaneous manufactures 2.40 140 131 133 132 132 132 131 132 133 -•136 136 142 145 143 144 Nondurable Manufactures—Total 44.85 118 116 114 115 117 118 119 121 121 124 126 127 128 126 125 Textiles and apparel , 11.87 107 100 99 98 102 103 104 106 r104 109 112 112 110 110 108 Textile mill products 6.32 104 95 94 95 101 101 101 103 103 104 109 109 106 106 105 Apparel and allied products 5.55 110 105 103 101 103 105 107 108 106 115 114 115 116 113 111 Rubber and leather products 3.20 113 104 97 103 108 108 115 123 120 122 123 "125 127 "120 119 Rubber products 1.47 128 115 98 117 125 122 133 143 138 140 144 147 149 137 138 Leather and products 1.73 99 95 96 91 94 96 100 105 104 105 105 105 107 106 102 Paper and printing 8.93 125 126 127 127 127 127 '130 '134 '135 "138 "139 "139 138 Paper and allied products 3.46 132 134 135 137 138 137 136 140 143 147 151 156 156 155 153 Printing and publishing 5.47 121 120 121 121 121 120 121 '123 '123 '125 '125 '126 128 128 128 Chemical and petroleum products , 9.34 142 142 141 144 143 145 148 148 151 '154 '156 "159 '161 160 159 Chemicals and allied products , 6.84 147 148 149 150 150 152 155 '155 "158 161 163 168 170 170 168 Petroleum and coal products 2.50 130 125 121 125 124 127 129 131 134 134 136 134 136 134 135 Foods, beverages, and tobacco 11.51 107 106 105 105 105 106 106 107 106 108 110 110 110 "107 106 Food and beverage manufactures. . . 10.73 107 106 105 105 105 106 106 107 106 109 110 110 110 107 107 Tobacco manufactures .78 108 103 102 102 100 101 107 106 107 103 109 109 101 Minerals—Total 9.98 116 111 109 108 109 113 116 120 123 121 119 121 122 120 120 Mineral fuels , 8.35 115 113 110 109 110 115 117 120 123 121 121 121 122 122 121 Coal 2.68 78 67 68 67 70 69 73 74 79 72 72 81 86 87 82 Anthracite .36 57 52 50 49 43 51 66 55 61 45 41 42 43 53 41 Bituminous coal. . 2.32 81 70 71 70 74 72 74 77 82 76 77 87 92 92 89 Crude oil and natural gas 5.67 133 134 129 130 136 138 142 144 '145 143 "139 139 139 P139 Metal, stone, and earth minerals 1.63 119 106 102 102 101 105 115 118 119 123 114 120 123 110 118 Metal mining .82 113 90 83 82 81 86 103 110 114 113 100 111 111 rQO 105 Stone and earth minerals .81 124 123 121 121 121 125 127 126 124 132 129 129 129 130 130 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 134 125 123 126 130 130 128 132 135 138 138 138 139 130 139 MANUFACTURES—TOTAL 90.02 136 127 125 127 132 132 129 133 136 140 140 140 141 132 141 Durable Manufactures—Total.... 45.17 153 137 132 135 140 143 143 147 151 154 155 155 155 146 154 Primary metals 6.70 132 108 160 103 112 118 117 129 136 142 144 143 144 122 132 Ferrous metals 5.03 133 105 95 98 107 114 115 124 132 138 143 143 141 125 132 Pig iron and steel 3.51 138 108 96 101 111 121 121 128 136 144 147 149 146 132 140 Pig iron .37 130 101 93 93 101 110 113 117 122 131 134 138 137 129 134 Steel 3.05 139 109 97 102 112 122 121 130 138 146 148 151 147 133 141 Carbon steel 2.62 135 108 96 101 111 119 118 125 134 143 145 148 144 130 136 Alloy steel .43 165 115 104 111 120 138 145 155 165 165 171 169 169 147 168 Ferrous castings andforgings.... 1.52 121 97 90 90 97 98 101 113 121 124 133 128 129 108 114 Iron and steel castings 1.29 115 95 90 89 95 96 99 111 119 123 132 127 127 108 114 Steel forgings .23 154 106 91 98 106 107 110 127 133 132 140 132 139 108 115 ^Preliminary. r Revised, NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 1170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION— [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953P 1954* Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 129 120 117 118 127 129 124 146 149 155 148 144 154 '112 132 Primary nonferrous metals .38 144 147 139 137 142 158 160 159 167 169 166 166 167 '127 149 .09 112 101 76 88 98 124 121 118 140 134 133 132 130 49 95 Copper refining .. .... .06 116 109 102 89 91 118 131 122 134 133 124 133 133 SO 97 Lead .04 101 105 98 109 114 107 103 99 99 112 115 101 110 53 82 Zinc .10 113 101 98 84 90 112 116 118 119 122 118 118 119 116 P116 Aluminum .09 209 244 246 244 246 246 250 252 253 256 257 258 259 261 263 Secondary nonferrous metals .13 114 105 105 105 108 107 107 114 125 133 124 123 121 101 Nonferrous shapes and castings.... 1.16 126 113 111 114 124 123 114 '146 146 153 144 139 154 '108 127 .63 112 100 100 103 115 111 90 135 125 133 114 110 128 75 91 Aluminum mill shapes .20 168 154 163 159 160 162 168 "183 196 202 204 209 228 188 215 Nonferrous castings .33 130 114 103 107 121 122 128 144 155 163 168 155 158 124 Metal Fabricating 28.52 167 150 144 145 150 154 156 159 162 165 166 165 163 '157 163 Fabricated metal products 5.73 136 123 124 124 126 125 124 124 126 130 131 134 135 130 139 Structural metal parts 2.68 137 126 125 125 127 129 130 127 129 131 132 136 136 132 137 Stampings and misc. metal products.. 2.12 138 117 109 111 115 122 124 124 125 129 129 131 128 125 127 Tin cans .30 129 131 196 172 142 103 102 110 107 111 126 143 149 168 203 Furnaces, gas ranges, and heaters.... .63 93 90 104 109 121 99 78 87 99 108 107 105 117 '89 132 IVtachinerv 13.68 160 142 138 145 150 150 146 148 152 154 152 151 153 '142 154 Nonelectrical machinery 9.04 143 125 118 122 121 121 123 126 129 132 134 135 137 131 131 Farm and industrial machinery. • 8.13 139 121 116 116 116 116 119 119 121 124 126 129 131 '128 128 Farm machinery 1.02 96 79 74 75 73 75 80 85 90 94 95 95 95 92 83 Industrial and commercial machinery. 7.11 145 127 122 122 122 122 125 124 125 128 131 134 136 '133 135 .68 188 160 150 150 147 146 149 148 149 152 154 157 161 '160 166 Laundry and refrigeration appliances. .69 128 114 91 125 123 124 122 146 155 164 161 155 157 116 113 Electrical machinery 4.64 194 177 176 189 207 206 191 191 196 195 189 181 184 '165 199 Electrical apparatus and parts 3.23 179 160 152 154 158 162 165 165 167 169 171 175 176 '169 176 Radio and television sets .74 230 214 234 280 341 325 258 261 272 261 228 190 192 143 250 Transportation equipment 7.54 189 175 165 155 159 179 191 200 205 209 213 209 200 '197 193 Autos, trucks, and parts 4.80 126 109 98 81 90 120 136 150 157 163 171 165 151 rl47 140 Autos •. 1.50 146 131 123 81 70 144 174 195 210 215 223 205 184 195 166 Trucks .66 118 92 79 74 78 93 94 98 87 104 137 132 134 126 106 Light trucks . . .. .22 112 95 81 76 74 99 103 102 77 109 148 139 124 119 93 Medium trucks .19 58 59 54 43 46 58 59 64 48 67 89 88 81 81 65 Heavy trucks .14 183 133 113 110 121 134 130 143 144 141 193 192 220 203 167 Truck trailers .07 229 130 109 119 132 135 131 138 160 170 185 176 205 174 192 Auto and truck parts 2.58 117 101 88 84 105 113 125 137 145 148 150 150 137 125 Aircraft and parts .. 1.30 465 474 465 470 464 471 478 479 477 479 472 469 466 '469 468 Shipbuilding and repair .81 135 112 107 104 106 106 110 113 115 117 115 118 '114 111 .53 72 39 32 33 28 24 31 32 36 35 38 47 41 '37 45 Railroad cars .35 64 29 22 25 18 12 20 20 25 26 28 39 29 22 32 Instruments and related products.. 1.29 155 140 132 137 138 140 142 140 142 145 144 142 149 147 149 Clay, Glass, and Lumber Products.. 5.91 123 123 118 129 136 130 125 124 129 133 137 139 146 133 145 Stone, clay, and glass products 2.82 133 131 134 136 139 137 134 132 134 140 146 149 155 '149 156 Gl F as l s a t a g n l d a s p s o a tt n e d r y v i p tr r e o o d u u s c t p s roducts... 1. . 0 6 9 0 1 1 3 2 6 3 111381 1 12 1 6 6 1 1 1 3 8 4 1 14 2 1 5 1 1 2 4 4 4 1 1 2 4 0 8 1 1 2 4 6 8 1 1 4 2 7 9 1 1 3 4 1 9 1 1 3 5 2 0 1 1 3 5 1 2 1 1 5 3 4 6 ' '1 1 3 2 9 3 1 1 3 4 4 6 Flat and other glass .47 139 133 127 136 144 148 151 151 150 152 152 152 154 '136 145 .26 120 117 125 112 119 105 93 114 124 124 125 123 138 130 143 Home glassware and pottery .23 91 85 80 84 92 93 80 82 89 92 94 88 86 75 92 S C t e r m uc e t n u t ral clav products . . 3 3 2 5 1 1 3 1 2 0 1 1 3 1 5 1 1 1 5 1 1 6 1 1 5 1 5 8 1 1 5 1 2 5 1 1 4 1 5 7 1 1 3 1 1 3 1 10 1 7 9 111151 1 1 3 1 2 9 1 1 5 2 1 1 1 1 5 2 9 5 1 1 6 3 3 4 1 1 2 6 8 1 1 13 6 6 3 Brick .12 106 113 126 128 121 124 112 101 106 121 127 132 146 134 146 Clay firebrick pipe and tile .20 115 111 112 112 113 114 115 114 115 120 120 122 128 '126 131 Concrete and plaster products .48 163 161 172 169 168 166 162 155 155 165 174 184 190 '191 194 Misc. stone and earth manufactures.. .58 143 140 140 144 146 146 149 147 151 155 160 164 170 '167 174 Lumber and products . . .. 3.09 118 115 102 123 134 123 116 117 125 126 '129 129 137 118 134 Lumber 2.05 112 106 98 110 119 107 100 101 108 109 115 116 122 108 119 M^illwork and plywood .60 149 161 128 187 207 191 186 193 206 210 201 195 207 160 206 Millwork .39 118 123 116 157 164 139 137 143 151 155 148 139 151 121 148 Softwood Dlvwood .12 199 222 145 232 274 275 264 274 294 298 288 285 299 224 299 Wood containers .29 99 88 83 87 91 88 88 88 88 91 89 91 94 '85 86 Furniture and Misc. Manufactures. 4.04 131 121 121 125 129 128 125 121 rl26 rl28 '125 '127 rl31 125 134 1.64 117 106 107 111 113 112 112 109 113 114 111 113 116 113 124 Household furniture 1.10 118 106 108 112 116 115 115 110 115 116 113 114 118 '114 124 Fixtures and office furniture .54 116 107 106 108 107 107 108 106 109 109 107 111 114 111 123 Miscellaneous manufactures 2.4© 140 131 130 136 144 139 134 129 134 '137 '135 '137 '141 133 141 pPreliminary. rRevised. For other footnotes see preceding page. 1171 OCTOBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average =100] 1947-49 Annual 1954 1955 pro- Industry portion 1953*1954P Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 118 116 117 119 123 120 115 120 122 125 124 124 127 118 128 Nondurable Manufactures—Total... 11.87 107 100 103 99 105 104 98 108 112 115 113 no rlO8 93 112 Textiles and Apparel Textile mill products 6.32 104 95 97 97 103 102 98 104 108 109 109 108 106 92 108 Cotton and synthetic fabrics . 3.72 107 100 101 100 109 110 104 114 116 118 118 116 110 96 115 2.30 104 97 99 96 104 104 95 105 106 105 103 104 100 84 106 Synthetic fabrics .. .97 115 108 104 112 121 126 127 132 138 147 154 146 135 133 134 Fabric finishing .45 101 93 98 86 101 102 90 107 109 106 107 103 »-92 67 105 Wool textiles .97 78 66 74 67 69 69 70 70 7? 74 79 83 85 73 79 Wool apparel yarns .16 91 76 86 73 77 72 68 79 85 82 89 91 84 81 90 Wool fabrics .75 75 64 71 66 67 69 71 67 69 72 77 82 86 72 77 1.15 116 106 109 113 113 110 103 105 112 110 108 108 113 98 113 Hosiery .65 113 108 106 113 115 109 102 110 119 111 109 103 108 85 104 Full-fashioned hosiery .. . . .45 118 113 108 116 118 112 105 114 124 118 116 108 111 86 107 .20 102 97 100 107 107 102 93 100 106 96 93 92 102 82 99 Knit garments ... ... .50 119 103 113 112 112 111 104 98 104 108 106 113 119 116 123 .48 .31 86 71 70 79 82 62 71 84 83 86 85 71 81 "•44 70 Apparel and allied products 5.55 110 105 110 101 106 107 99 113 116 123 117 113 110 95 117 Men's outerwear 1.78 113 103 110 95 108 108 96 115 113 113 118 119 107 84 122 .73 96 83 98 76 82 88 87 98 97 88 92 105 92 59 110 Men's suits .50 92 82 92 73 80 88 90 102 100 91 90 100 86 55 102 .13 89 67 98 72 72 66 52 60 59 55 76 101 92 '60 115 Shirts and work clothing .99 124 116 118 106 124 121 99 126 124 130 135 127 117 98 130 1.85 103 109 114 100 102 102 93 120 125 143 129 116 114 98 117 Women's suits and coats .76 117 129 146 130 127 130 115 152 160 165 109 96 123 129 145 Misc. apparel and allied mfrs 1.92 112 103 105 107 110 110 106 103 109 112 103 104 108 103 112 no Rubber and Leather Products a.20 113 104 98 105 114 108 123 127 128 124 121 126 r105 119 1.47 128 115 94 118 132 124 128 145 144 146 147 146 151 121 132 Tires and tubes ... . .70 117 105 75 104 116 110 116 130 134 133 128 135 146 127 116 .40 117 110 81 107 117 111 119 136 141 145 140 150 161 138 125 Truck and bus tires . .30 118 99 69 99 114 110 113 121 125 117 113 116 126 111 104 Miscellaneous rubber products . ... .77 133 124 111 132 147 137 139 158 153 158 164 155 155 115 147 Leather and products 1.73 99 95 101 94 98 94 94 105 112 113 105 100 105 r92 108 Leather .44 91 87 87 83 88 88 88 94 98 94 95 93 95 74 Cattlehide leathers .29 92 92 91 89 96 94 95 101 104 101 102 99 101 80 .15 89 75 78 70 17. 75 73 80 86 80 82 80 83 63 .90 Miscellaneous leather products .39 100 90 94 95 97 98 94 91 100 103 92 89 96 97 103 Paper and Printing 8.93 123 125 124 128 133 131 125 127 rl32 137 137 137 135 128 135 3.46 132 134 137 137 146 140 129 140 148 152 154 153 156 139 155 Pulp and paper 1.76 130 132 134 133 . 140 139 127 140 147 150 148 151 154 135 151 .51 142 148 150 148 158 160 142 158 166 170 169 171 175 156 173 Paper and. board. 1.25 175 125 128 126 133 131 120 132 139 142 140 143 145 126 141 Printing paper .22 119 118 121 120 122 121 112 123 127 133 127 128 130 112 127 Fine paper . .14 116 120 122 120 130 127 124 132 138 134 131 148 138 107 122 Coarse paper .20 118 119 121 118 124 124 112 124 132 134 130 129 130 117 126 M P i a s p c e e r l b l o a a n r e d o us p . a . per . .4 1 1 8 1 13 2 4 9 1 13 37 0 1 13 37 3 1 1 3 2 6 9 1 13 4 8 5 1 1 3 4 7 2 1 1 2 3 2 5 1 1 5 3 0 6 1 14 54 5 1 14 5 9 3 1 1 4 6 7 0 1 15 5 1 8 1 15 5 8 9 1 1 4 3 8 3 1 15 5 5 7 Building paper and board .10 118 124 131 137 135 129 115 122 126 141 139 142 142 133 151 Converted paper products 1.70 134 136 139 141 152 140 131 141 149 153 159 154 158 144 159 .51 133 133 136 141 151 140 131 135 146 153 156 154 1S9 141 160 Sanitary paper products .11 138 145 146 141 153 141 128 156 156 152 166 152 154 153 152 Printing and publishing 5.47 121 120 116 122 125 125 123 119 122 128 127 127 127 121 123 Job printing and periodicals 3 1 . . 6 8 2 5 1 1 1 2 8 2 1 1 1 2 9 1 1 1 0 2 7 0 1 1 2 2 0 3 1 1 2 2 9 2 1 12 3 2 0 1 1 2 2 3 4 •• 1 1 1 2 4 2 1 1 2 2 3 1 1 1 2 3 5 2 1 1 2 3 4 4 1 1 2 3 4 5 1 1 2 3 5 1 1 1 2 1 5 2 1 1 1 2 6 7 Chemical and Petroleum Products.. 9.34 142 142 139 143 147 149 149 nsi 155 157 '156 r156 157 152 156 Chemicals and allied products 6.84 147 148 144 149 155 156 156 158 162 166 165 165 165 158 163 Ind B u a s s t i r c i a i l n o c r h g e a m n i i c c a l c s hemicals 2..5547 1 14 5 9 4 1 1 5 5 3 7 1 15 5 1 0 1 1 5 5 3 5 1 16 6 1 0 1 17 6 1 5 1 1 7 6 0 6 1 1 7 6 5 9 1 1 7 8 7 1 1 1 8 8 4 4 1 1 8 8 0 2 1 18 8 5 2 1 1 8 7 5 9 1 1 7 5 6 9 1 1 8 6 2 6 Plastics materials 1. . 9 2 7 4 1 18 5 3 5 1 1 8 52 4 1 17 50 0 1 1 9 52 5 1 1 9 5 7 9 2 1 0 6 0 4 1 1 6 9 5 6 1 2 6 0 8 6 2 1 3 7 1 5 2 1 4 8 3 4 2 1 4 8 7 2 2 1 4 8 4 2 2 1 4 8 6 6 1 2 8 0 1 9 187 .11 186 136 126 137 143 147 151 180 193 202 202 211 208 211 . . . •. Synthetic fibers .59 156 152 152 148 165 174 173 172 181 196 189 178 184 177 185 Miscellaneous organic chemicals. 1.03 144 146 146 147 148 151 154 155 157 160 161 166 171 174 176 .64 116 118 96 109 138 140 130 127 128 117 108 109 105 99 103 Vegetable oils .48 112 113 84 10J 139 140 126 125 123 111 99 98 93 87 90 Grease and tallow .16 131 133 129 131 134 137 139 135 145 136 134 142 143 133 145 . . 7 6 1 6 1 1 1 1 3 8 1 11 0 6 8 1 11 0 7 4 1 11 1 5 6 1 11 1 5 7 1 1 0 1 5 7 1 1 0 1 5 8 1 1 0 1 9 6 1 1 1 1 5 6 1 1 0 1 8 9 1 1 0 2 8 2 c 1 1 2 0 5 5 * 1 1 3 0 1 3 1 C 3 7 0 9 1 1 3 0 0 4 Fertilizers .23 124 122 99 109 113 108 112 116 124 177 176 154 109 91 fPreliminary. 'Revised. "Corrected. 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. 1172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953*1954* Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 130 125 124 127 126 129 129 132 134 133 132 131 136 13433 PePtertorloeluemum a rnedfi ncionagl products 1.97 135 133 131 133 132 136 140 142 144 139 136 135 140 141 1.04 144 141 142 142 140 143 146 146 147 143 144 146 152 156 Automotive gasoline .98 139 136 137 138 135 139 141 142 143 140 140 141 146 151 Aviation gasoline .06 227 221 233 215 214 214 232 216 209 205 212 226 246 247 Fuel oil .56 130 128 123 127 128 135 140 146 152 142 129 128 133 131 *>131 Distillate fuel oil .30 155 158 154 161 164 172 177 184 196 181 163 161 173 167 Residual fuel oil .26 101 93 87 89 87 92 97 101 101 97 91 91 88 89 Kerosene .10 117 110 99 98 101 116 125 134 123 117 102 97 88 94 Lubricating oil .17 106 108 109 111 106 110 108 109 105 110 124 113 118 108 Coke .26 111 84 75 77 84 90 93 96 98 102 104 105 103 101 104 Asphalt roofing and siding .15 99 103 127 147 133 106 62 70 75 110 131 124 114 Foods, Beverages, and Tobacco 11.51 107 106 114 119 116 109 99 99 97 100 101 105 112 116 Food and beverage manufactures... 10.73 107 106 115 120 117 110 101 98 97 100 101 104 112 mi 116 Food manufactures 8.49 108 107 117 124 118 113 104 102 99 100 100 102 108 118 Meat products •. . 1.48 115 117 108 120 127 135 136 138 124 128 118 114 114 104 118 Beef .46 129 135 138 141 142 136 132 140 129 134 133 138 147 137 151 pork .83 104 103 88 104 115 131 134 133 117 121 106 98 93 83 96 .69 105 106 115 97 85 78 79 85 91 104 117 140 145 132 121 Butter .. . .14 108 110 99 84 81 79 85 99 101 104 119 143 139 116 90 Natural cheese.. .07 112 116 114 98 87 87 91 95 102 113 133 164 165 130 114 Concentrated milk . .19 93 94 94 76 66 65 70 76 86 100 116 143 138 107 94 Ice cream .28 106 104 133 113 95 81 74 78 84 100 107 122 139 153 152 1.13 121 112 194 212 141 99 87 77 72 74 81 87 110 142 201 Grain-mill products..... ... . 1.16 106 107 110 114 110 103 101 103 102 101 102 104 110 110 106 Wheat flour .46 81 81 82 86 90 84 80 87 85 83 79 76 80 80 77 Cereals and feeds. ... .70 122 124 129 132 123 117 115 114 113 113 116 122 129 130 125 Bakery products 1.64 100 97 98 98 99 98 98 94 95 95 94 97 100 100 98 Sugar .. .27 113 117 94 109 258 273 176 93 61 67 64 64 71 73 Cane sugar .11 113 106 115 115 105 90 87 100 106 110 101 102 108 121 Beet sugar . . . .13 108 121 71 99 385 427 248 81 17 24 27 28 35 26 Confectionery • • . .71 102 99 91 131 123 125 87 106 112 96 93 78 86 65 79 Miscellaneous food preparations. . . 1.41 104 105 108 106 108 105 101 100 101 101 103 106 110 113 112 Beverages ... 2.24 105 103 108 107 110 97 88 84 89 101 107 113 127 121 .54 Alcoholic beverages 1.70 100 98 96 98 107 99 84 80 86 100 106 107 117 106 Beer and ale 1.02 103 99 112 93 84 79 83 85 84 101 113 120 126 122 .17 60 68 39 69 121 92 67 61 67 66 68 58 58 40 Liquor bottling . .37 107 102 85 115 142 139 90 76 93 109 104 96 120 99 Tobacco manufactures ... ... .78 108 103 111 109 111 103 83 105 104 105 99 109 116 92 Cigarettes . .46 111 106 115 111 111 102 86 111 106 108 102 115 121 99 Cigars .17 107 105 112 113 121 113 82 99 107 106 99 105 111 82 MINERALS—TOTAL 9.98 116 111 111 111 112 114 114 117 119 118 122 121 119 123 Mineral Fuels 8.35 115 113 no 110 113 117 117 121 123 121 '120 120 118 121 Coal 2.68 78 67 68 7© 77 75 75 77 79 71 72 77 74 77 82 Anthracite .36 57 52 48 51 52 57 61 55 61 41 39 43 46 42 39 Bituminous coal 2.32 81 70 71 72 81 78 77 81 82 76 77 83 78 82 89 5.67 133 134 13d 129 130 136 138 142 144 143 '139 139 139 Oil and gas extraction 4.82 129 128 123 124 124 130 132 '138 140 139 138 133 132 132 P133 Crude oil 4.12 124 122 118 118 118 122 123 130 131 132 132 128 127 127 P128 Natural gas .34 167 172 157 159 167 184 199 202 207 194 183 170 173 Natural gas liquids .36 157 160 151 159 163 170 172 175 176 169 161 157 157 159 .85 154 167 166 159 160 171 171 163 168 175 174 175 177 178 Metal, Stone, and Earth Minerals...1.63 119 106 115 113 110 102 99 97 99 104 114 132 138 rl21 133 .82 113 90 100 98 92 79 76 79 85 86 101 131 '141 '107 127 Iron ore • .33 128 84 132 117 87 43 37 36 39 41 79 152 179 168 Nonferrous metal mininc .49 104 94 78 85 95 103 102 108 117 117 115 117 '116 66 ^93 .24 114 103 77 92 106 118 116 124 134 133 132 135 '133 50 Lead mining .09 86 80 83 76 78 82 83 83 89 91 87 88 87 81 .06 87 75 75 67 71 74 73 80 83 85 83 86 84 84 Stone and earth minerals .81 124 123 130 129 129 126 122 115 113 122 128 133 134 135 139 ^Preliminary. 'Revised. For other footnotes see preceding page. OCTOBER 1955 1173 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 pro portion 1953 1954 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL..100.00 127 116 115 114 112 119 125 131 135 139 144 145 147 153 153 Major Durables 69.72 138 125 125 121 117 128 137 145 151 156 163 164 164 173 173 Autos 32.10 146 131 121 110 104 127 149 160 172 179 190 189 180 195 194 Major household goods 36.13 132 122 131 132 131 130 129 133 135 138 142 143 153 156 157 Furniture and floor coverings. 15.32 113 101 106 107 106 103 105 107 107 109 110 113 117 '117 121 F H l 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. . 3 0 1 1 118 106 109 111 111 111 110 110 113 114 115 118 122 121 126 Appliances and heaters....... 15.60 118 111 109 112 110 114 115 128 131 137 145 146 150 r150 Major appliances 11.88 123 115 113 117 114 120 119 132 135 139 152 153 156 '159 Ranges 2.60 90 79 74 80 79 77 82 79 96 97 101 105 122 119 Refrigeration appliances.. 4.98 137 124 125 117 110 122 117 137 140 152 166 169 178 173 Laundry appliances 2.51 141 148 146 169 170 174 181 190 181 172 199 188 163 '193 206 Heating apparatus 3.72 100 97 98 96 97 95 100 115 120 131 121 125 132 121 Radio and television sets 5.21 230 214 270 267 270 259 242 225 226 222 226 222 269 290 289" Radio sets 3.42 67 52 56 46 62 70 70 73 68 71 65 68 66 76 63 Television sets 1.79 541 522 678 687 667 620 571 515 527 512 532 516 658 698 720 Other Consumer Durables 30.28 102 95 91 98 98 97 96 98 99 100 100 103 106 106 107 Auto parts and tires 14.00 01 01 85 95 96 93 94 100 97 96 98 101 104 103 103 Misc. home and personal goods 16.28 111 99 97 101 100 101 97 97 100 102 102 104 108 109 110 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL..100.00 127 116 113 108 109 129 132 142 151 155 156 147 144 137 140 Major Durables 69.72 138 125 121 111 111 142 149 163 174 179 180 167 160 152 153 Autos. . . 32.10 146 131 123 81 70 144 174 195 210 215 223 205 184 195 166 Major household goods 36.13 132 122 121 139 149 142 130 137 146 151 145 136 141 115 143 Furniture and floor coverings. 15.32 113 101 102 108 111 108 109 108 111 114 111 109 113 105 117 Household furniture 11.31 118 106 108 112 116 115 115 110 115 116 113 114 118 '114 Floor coverings * 4.01 Appliances and heaters 15.60 118 111 101 122 124 116 108 124 138 151 150 145 152 '116 Major appliances 11.88 123 115 96 121 121 118 116 134 149 163 162 156 160 120 Ranges 2.60 90 79 68 87 87 83 77 81 104 110 106 100 117 76 Refrigeration appliances.. 4.98 137 124 99 116 104 106 112 147 152 180 187 183 191 144 Laundry appliances 2.51 141 148 128 181 199 192 177 177 207 201 193 181 168 131 181 Heating apparatus 3.72 100 97 116 124 133 107 84 93 102 114 113 113 128 103 Radio and television sets 5.21 230 214 234 279 338 324 258 260 272 260 228 189 192 143 250* Radio sets 3.42 67 52 51 48 64 71 67 73 74 80 74 75 65 49 56 Television sets 1.79 541 522 583 722 860 806 623 618 648 604 521 408 434 321 619 Other Consumer Durables 30.28 102 95 94 101 104 100 94 95 97 99 99 102 106 103 110 A M u is to c. p h a o r m ts e a a n n d d ti p r e e r s sonal goods 1 1 4 6 . . 0 2 0 8 1 0 1 1 1 9 9 1 9 9 9 0 7 1 10 0 2 0 1 1 0 0 1 6 1 9 0 3 5 8 9 9 8 9 9 5 5 1 9 0 3 1 1 9 0 3 5 1 9 0 6 2 1 1 0 0 1 2 1 1 0 0 7 5 1 1 0 0 4 1 109 1 Publication suspended pending revision of data for the period 1952 to date. NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics. In thousands of persons] 1954 1955 Industry group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. SEASONALLY ADJUSTED Total 12,346 12,445 12,572 12,580 12,586 12,673 12,798 12,934 13,081 13,?00 13,119 13,158 13,170 Durable goods 6,957 7,054 7,159 7,177 7,191 7,269 7,350 7,443 7,549 7,634 '7,609 7,615 7,613 Ordnance and accessories 10? 100 98 97 96 94 94 91 90 8Q 89 88 87 Lumber and wood products 649 678 675 674 668 669 654 658 680 709 '706 702 703 Furniture and fixtures ?,97 795 294 291 289 290 295 298 306 soo 310 319 313 Stone, clay, and glass products.. 435 436 436 435 434 438 442 448 456 464 467 468 471 Primary metal industries . 965 969 988 997 1,008 1,027 1,052 1,076 1,102 1,11S 1 109 1 125 1 134 Fabricated metal products 871 875 840 835 826 836 851 864 881 8Q3 r890 888 894 Machinery except electrical 1,125 1,115 1,103 1,095 1,093 1,108 1,127 1,147 1,162 1,170 1,172 1,182 1,165 Electrical machinery 785 797 799 793 792 795 795 804 817 8?4 '•831 850 867 Transportation equipment 1,183 1,249 1,334 1,375 1,400 1,426 1,447 1,462 1,456 \) 447 1,420 1,383 1,365 Instruments and related products 218 217 217 ?16 216 215 718 217 212 ??1 '223 222 225 Misc. manufacturing industries.. 377 378 375 369 369 371 375 378 387 393 392 388 389 Nondurable goods 5,389 5,391 5,413 5,403 5,395 5,404 5,448 5,491 5,532 5,566 '5,510 5,543 5,557 Food and kindred products 1,086 1,082 1,097 1,094 1,085 1,078 1,091 1,113 1,116 1,119 1,090 1,098 1,090 9? 94 96 93 90 93 92 90 91 94 91 96 98 Textile-mill products 988 979 973 968 967 970 975 983 970 979 '978 997 996 Apparel and other finished textiles 1, 033 1 041 1 060 1 057 1,058 1,064 1,077 1,073 1,096 1,108 1,073 1,079 1,088 Paper and allied products 447 444 440 435 435 435 437 441 446 453 '457 460 466 Printing, publishing and allied 518 515 513 511 512 515 516 519 519 521 '523 524 529 Chemicals and allied products... 526 529 52& 531 534 532 540 546 556 553 '553 553 549 Products of petroleum and coal. 174 175 173 173 171 172 174 175 176 175 175 174 174 196 200 199 204 207 208 212 0 212 217 220 '223 220 221 Leather and leather products... 329 332 334 337 336 337 339 339 345 344 '347 342 346 For footnote see following page. 1174 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT Total t?,577 12,612 12,657 12,645 1? 1? 649 j778 12,816 1?,88? 13,086 '12,951 13,281 13,399 Durable goods 6,965 7,081 7,198 7,218 7,182 7,282 7,375 7,457 7,530 7,630 7,576 7,623 Ordnance and accessories 100 98 97 96 04 04 91 00 80 89 88 87 Lumber and wood products 672 692 685 661 631 639 634 651 683 727 '720 730 728 Furniture and fixtures . . 908 301 301 297 906 908 297 908 300 298 314 315 Stone, clay, and glass products.. 437 438 438 437 430 434 442 450 456 466 460 470 473 Primary metal products . . . 965 969 988 1,002 1,013 1032 1,057 1,076 1,096 1,115 1,098 1,119 1,134 Fabricated metal products 821 829 844 843 834 844 860 868 877 884 879 894 Machinery except electrical 1,097 1,093 1,092 1,106 1,109 1 125 1,144 1,164 1,174 1,182 1,160 1,152 1,136 Electrical machinery 785 800 811 809 800 803 803 804 809 816 '802 833 867 Transportation equipment 1,183 1,249 1,334 1,375 1,400 1 426 1,447 1,462 1,456 1,447 1,420 1,383 1,365 Instruments and related products 918 218 218 218 916 219 218 911 990 '219 220 225 Misc. manufacturing industries. 386 393 390 373 360 371 377 376 379 385 372 388 399 Nondurable goods 5,612 5,531 5,459 5,427 5,341 5 367 5,403 5,359 5,352 5,456 '5,452 5,705 5,776 Food and kindred products I,268 1,180 1,111 1,062 1,007 985 991 1,011 1,035 1,089 1,150 1,248 1,267 Tobacco manufactures 110 112 103 100 01 80 80 80 89 79 106 118 Textile-mill products 978 979 983 983 977 985 985 983 965 974 '954 982 986 Apparel and other finished textiles . . 1,0S9 1,057 1,060 1,073 1,060 1 101 1,110 1,057 1 041 1 0S8 1,025 1,101 1,115 Paper and allied products 445 444 444 442 437 437 439 441 444 451 458 464 Printing, publishing and allied products S18 520 518 519 517 51? 516 516 S16 591 '518 519 529 Chemical and allied products. . . 529 534 533 534 534 535 548 551 550 545 '542 545 552 Products of petroleum and coal. 177 175 173 172 169 170 172 173 175 176 177 177 177 Rubber products 196 202 202 207 900 ?09 212 211 916 219 '216 218 221 Leather and leather products. . . 331 330 332 335 336 345 347 337 331 342 '342 351 348 '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 September 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 1955 1955 Sept. July Aug. Sept. Sept. July Aug. Sept. Sept. July Aug. Sept. Total 71.86 76.36 76.33 77.90 39.7 40.4 40.6 41.0 1.81 1.89 1.88 1.90 Durable goods 77.39 '82.62 82.61 84.45 40.1 40.9 41.1 41.6 1.93 '2.02 2.01 2.03 Ordnance and accessories 80.60 r82.62 82.21 83.85 40.1 -•40.3 40.3 40.9 2.01 '2.05 2.04 2.05 Lumber and wood products 67.40 '69.66 73.15 73.33 40.6 '40.5 41.8 41.9 1.66 1.72 1.75 1.75 Furniture and fixtures 64.46 ^•64.96 68.62 69.11 40.8 '40.6 42.1 42.4 1.58 '1.60 1.63 1.63 Stone, clay, and glass products 72.85 '77.23 77.75 79.00 40.7 '41.3 41.8 41.8 1.79 1.87 1.86 1.89 Primary metal industries 82.39 '92.57 92.39 95.40 38.5 '40.6 40.7 41.3 2.14 '2.28 2.27 2.31 Fabricated metal products 77.74 81.99 83.20 84.02 41.2 41.6 41.8 1.99 2.00 2.01 Machinery except electrical 81.81 '86.11 86.32 88.20 40.3 '41.4 41.5 42.0 2.08 2.08 2.10 Electrical machinery 72.98 '74.82 76.33 78.44 40.1 ••39.8 40.6 41.5 1.88 1.88 1.89 Transportation equipment. . 86.40 '92.99 91.62 94.02 40.0 '41.7 40.9 41.6 '2.23 2.24 2.26 Instruments and related products 73.82 '76.38 77.16 78.14 39.9 '40.2 40.4 40.7 1.90 1.91 1.92 Miscellaneous manufacturing industries 64.40 '65.51 66.50 67.97 40.0 '39.7 40.3 40.7 1.61 1.65 1.65 1.67 Nondurable goods 65.24 67.89 67.83 68.57 39.3 39.7 39.9 40.1 1.66 1.71 1.70 1.71 Food and kindred products 68.48 '72.07 71.45 71.97 41.5 '41.9 41.3 41.6 1.65 1.72 1.73 1.73 Tobacco manufactures 48.86 '54.00 50.43 49.25 39.4 '38.3 39.4 40.7 1.24 1.41 1.28 1.21 Textile-mill products 52.50 54.25 55.07 56.56 38.6 39.6 40.2 40.4 1.36 1.37 1.37 1.40 Apparel and other finished products... . 48.82 47.88 49.82 49.91 35.9 36.0 36.9 36.7 1.36 1.33 1.35 1.36 Paper and allied products 75.40 79.30 79.92 80.72 42.6 43.1 43.2 43.4 1.77 1.84 1.85 1.86 Printing, publishing and allied products 88.39 90.95 91.18 92.43 38.6 38.7 38.8 39.0 2.29 2.35 2.35 2.37 Chemicals and allied products 79.52 '83.22 82.81 84.44 41.2 41.2 41.2 41.8 1.93 '2.02 2.01 2.02 Products of petroleum and coal 95.58 '99.53 98.06 99.95 41.2 '41.3 41.2 41.3 2.32 2.41 2.38 2.42 Rubber products 77.42 '86.32 86.73 87.36 39.3 '41.3 41.3 41.8 1.97 '2.09 2.10 2.09 Leather and leather products 49.96 '52.40 53.48 52.59 36.2 37.7 38.2 37.3 1.38 1.39 1.40 1.41 'Revised. NOTE.—Data are for production and related workers. Figures for September 1955 are preliminary. Back data are available from the Bureau of Labor Statistics. OCTOBER 1955 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government * 1948 .... 44,448 15,321 982 2,169 4,141 9,519 1,741 4,925 5,650 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 . . 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 . 48,285 15,989 770 2,527 4,008 10,498 2,114 5,629 6,751 SEASONALLY ADJUSTED 1954—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 48,380 15,992 743 2,476 3,986 10,575 2,147 5,644 6,817 1955—January 48,398 15,993 741 2,458 3,974 10,574 2,145 5,646 6,867 February . 48,440 16,091 741 2,410 3,984 10,541 2,154 5,649 6,870 March 48,766 16,229 739 2,478 3,986 10,633 2,161 5,656 6,884 48,881 16,380 743 2,499 3,946 10,600 2,161 5,674 6,878 May 49,214 1*6,545 749 2,526 4,000 10,655 2,171 5,676 6,892 June 49,505 16,688 756 2,514 4,064 10,711 2,184 5,690 6,898 July r49,640 16,635 ••757 2,548 •"4,082 10,765 •"2,204 '5,730 6,919 August 49,750 16,682 751 2,531 4,103 10,802 2,207 5,733 6,941 September 49,821 16,686 755 2,551 4,135 10,793 2,220 5,704 6,977 WITHOUT SEASONAL ADJUSTMENT 1954—September 48,490 15,972 744 2,698 4,023 10,447 2,141 5,719 6,746 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 49,463 16,050 747 2,426 3,996 11,354 2,136 5,588 7,166 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 48,212 16,201 739 2,255 3,966 10,408 2,150 5,571 6,922 April . . .. 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 ••49,420 16,475 ••749 2,701 •"4,113 10,633 ••2,237 ••5,816 6,696 August 49,864 16,819 759 2,733 4,134 10,643 2,240 5,819 6,717 September 50,300 16,925 759 2,730 4,152 10,793 2,220 5,790 6,931 ••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 September 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 s o t t i a tu l t n io o n n a - l T la o b t o a r l Employed1 Not in the population force Total Unem- labor force Total In nonagricul- In ployed tural industries agriculture 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46 181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46 710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 19542 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48 402 1954—August 116,329 68,856 65,522 62,277 55,349 6,928 3,245 47,473 116,432 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 48,750 116,763 66,811 63,526 60,688 55,363 5,325 2,838 49,952 116,855 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 50 352 117,051 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 46 975 117,517 70,695 67,726 65,488 57,952 7,536 2,237 46,823 September 117,634 69,853 66,882 64,733 56,858 7,875 2,149 47,781 1 Includes self-employed, unpaid family, and domestic service workers. 2Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month 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. 1176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Ind B us u - sine C ss om-^ Public O d n re t e o h s n n i e - - - r Total M ta i r l y i- H w ig ay h- C va o t n i s o e n r- o A th l e l r Total trial mercial utility tial 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 . ... 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943 . . 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 . . . . 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 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—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 3,531 2,502 1,366 814 191 247 376 322 1,029 115 340 59 515 June 3,506 2,486 1,358 817 197 244 376 311 1,020 115 325 54 526 July? 3,491 2,514 1,372 829 202 251 376 313 977 113 319 50 495 August? 3,466 2,499 1,337 855 205 274 376 307 967 108 315 48 496 September**. 3,497 2,516 1,334 875 206 293 376 307 981 107 319 46 509 ^Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p ti u l b it l i i e c s 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 t ,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 L.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—September 1.816 589 1,227 777 160 130 182 175 392 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 .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 1,346 835 170 215 153 144 378 September 2,035 733 201 197 163 148 593 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—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 August.. 1,573 109 199 106 193 133 175 306 85 76 90 102 1955—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 August 1,895 110 310 112 233 151 206 357 87 64 125 139 OCTOBER 1955 1177 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—September .... 116 n.a. n.a. 113 104 3 6 2 60 26 34 October 111 n.a. n.a 111 100 3 8 0) 59 25 34 November.. . . . . 104 n.a. n.a 103 93 3 8 0) 62 26 36 December 91 n.a. n.a 90 80 3 7 1 51 22 29 1955—January 88 n.a. n.a 87 78 2 7 0) 46 20 26 February 90 n.a. n.a 88 79 3 6 2 45 17 28 March . . . 114 n.a. n.a 113 100 4 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 135 n.a. n.a 131 121 3 8 3 72 32 40 July n.a. n.a P114 n.a. n.a. n.a. Pi 63 26 37 August P123 n.a. n.a P122 n.a. n.a. n.a. Pi 68 27 41 September P113 n.a. n.a n.a. n.a. n.a. Pi 58 25 33 NOTE.Government underwritten figures after June 1950 and all FHA figu bbads ed onl loans lcdlo seid ifnif ormatioOn. Other figures are estimated by Burea 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 Aug. Mar. Apr. May June July Aug. Aug. Mar. Apr. May June July Aug. Total 127 114 Ill 123 123 128 125 125 126 114 115 120 130 130 131 131 Coal 103 92 90 91 95 105 99 104 109 90 91 95 105 99 104 109 Coke 171 105 90 133 144 149 151 156 166 87 134 142 147 148 151 160 Grain 135 141 138 130 140 155 152 164 141 149 120 123 133 155 197 152 Livestock 63 62 59 62 65 57 50 50 51 56 49 58 52 41 41 49 Forest products 143 132 119 135 133 139 147 145 148 125 135 133 145 153 146 156 Ore 215 144 145 204 177 177 191 190 202 217 59 136 271 296 305 303 Miscellaneous 143 129 126 144 142 144 140 139 140 127 137 140 146 144 140 142 Merchandise, 1. c. 1 43 40 40 40 39 40 42 43 40 40 40 39 40 42 42 41 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Month 1953 1954 1955 1953 1954 1955 1953 1954 1955 January 1.293 1,092 1,167 1,016 923 1,082 922 833 870 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 1,394 1,426 1,260 1,054 1,258 1,166 1,013 957 871 May 1,453 1,401 1,320 1,085 1,137 1,189 902 829 966 June 1,385 1,474 1,318 1,013 1,115 1,190 933 947 940 July 1,363 1,291 1,268 965 1,024 1J40 908 822 P885 August 1,187 1,156 911 955 P\ 100 840 825 973 September I ,256 1 114 1 052 961 926 780 October . . . . L.253 1,265 1,019 1,161 813 763 1.247 1,249 1,031 1,164 849 840 December 1,353 1,318 1,138 1,221 907 942 January-August 10,665 10,149 P10.141 8,023 8,333 P9,260 7,378 6,886 7,374 ^Revised, P Preliminary. •'Estimated. 1 Exports of domestic and foreign merchandise. 2Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 3General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 1178 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=109] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C la le 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 i r s a a c n n o - SALES* 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—August 111 104 105 105 103 122 129 108 110 104 115 126 115 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 117 111 103 115 113 128 137 117 120 107 120 134 118 June 114 107 104 114 108 123 136 114 108 103 118 132 118 July 124 114 108 121 124 136 152 122 132 111 136 145 123 August P119 107 105 118 114 114 P120 107 124 139 122 WITHOUT SEASONAL ADJUSTMENT 1954—August 98 83 81 85 94 103 116 100 99 108 117 111 September 113 115 107 111 105 122 123 113 111 111 116 122 112 O N D c e o t c v o e e b m m e b r b e e r r 2 1 1 0 1 3 1 8 7 2 1 1 0 3 1 0 3 0 1 1 1 0 8 3 9 6 4 1 1 1 1 9 4 3 7 6 1 1 1 1 9 3 1 1 3 2 1 1 3 5 3 1 3 0 2 1 1 3 4 5 4 1 4 1 1 13 8 1 3 8 4 1 1 1 2 3 9 3 7 4 1 1 1 2 8 2 2 0 0 2 1 1 0 3 2 5 3 4 2 1 1 2 4 3 8 9 8 2 1 1 0 1 3 9 6 4 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 m11o6 111 101 114 110 129 134 116 120 108 119 133 116 June 107 100 107 104 118 121 112 106 95 113 120 113 A Ju u l g y ust , P1 9 0 8 5 8 8 6 2 8 7 1 7 r 9 90 6 1 9 0 6 4 P 1 1 0 1 7 2 122 1 9 0 6 3 102 1 8 0 9 2 1 11 1 1 7 1 1 2 2 9 3 1 1 0 1 7 8 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—August 122 118 115 114 115 137 140 119 113 117 126 133 127 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 123 120 111 119 113 139 148 122 121 117 132 137 126 June 127 124 115 124 116 143 151 124 126 123 136 143 130 July 127 121 116 125 118 145 148 121 126 119 134 143 131 August 122 117 122 118 154 123 P126 124 136 P145 138 WITHOUT SEASONAL ADJUSTMENT 1954—August 119 114 113 110 111 140 137 116 113 114 125 132 122 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 127 123 115 124 117 146 150 123 121 118 135 139 136 June 121 115 108 116 110 139 142 116 116 116 131 133 131 July 119 109 105 112 109 142 139 114 116 115 129 136 130 August P126 118 114 117 114 151 120 P126 120 134 0144 133 p Preliminary. ^-Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. OCTOBER 1955 1179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to saless Year or month m S ( o t a f o l o n e t r t s a h l i ) S m t ( o o e o n c n f k t d h s ) 1 m o ( s e r O t o n i d a n u n d n e g t t r d - h o s - 1 ) f m c ( e t R o f i o o p n e t r - t t a h s l 2 ) 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 s o t p o r t i a o d n l u n u c e g t d k s - rs - s ce R i e p - ts 345 767 964 373 354 2.3 3.0 5-3 1.1 1947 average . . .. . .. 365 887 588 366 364 2.5 1.7 t1.3 LO 1948 average 381 979 494 386 363 2.7 1.4 1.1 1 0 1949 average 361 925 373 358 358 2.7 1.1 5.8 0 1950 average 376 1,012 495 391 401 2.8 1.4 tt.2 L.I 1951 average 391 L.202 460 390 379 3.2 1.3 i1.4 0 1952 average 397 L,O97 435 397 401 2.9 1.2 il.l 1 0 1953 average. 406 1,163 421 408 401 3.0 1 l il.l 1 0 407 L.136 387 407 409 3.0 1.0 t1.0 L0 1954—August ••351 L.096 '466 ••402 "•396 3.1 1.3 4.5 1 September... . .. ... 400 •1,184 486 '488 '508 3.0 1.2 4.2 L.2 October 437 1,268 477 521 512 2.9 1.1 4.0 1L.2 November 509 1,318 406 559 488 2.6 0.8 3.4 1 December 766 1,056 301 504 399 1.4 0.4 1.8 0.7 1955—January 336 1,042 385 322 406 3.1 1.1 4.2 1.0 307 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« . '404 1,189 '307 ••377 '376 2.9 0 8 3 7 0.9 390 n.122 449 323 '465 2.9 1.2 4.0 0.8 July . . .. 324 1,090 554 292 397 3 4 1 7 5 1 0 9 August** 382 1,156 550 448 444 3.0 1.4 4.5 1.2 * Preliminary. 'Revised. 1 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated total department store sales. 2 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. 3The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1947-49 =100] Without seasonal adjustment 1951 1952 1953 1954 1952 1953 1954 1955 Nov. 3.... 1?1 Nov 1.. . 115Nov. 7 1?1 Nov. 6. . ...127 May 3 111 May 2. . . 114 !May 1. 112 May 7 134 10.... 177 8.. . 118 14 133 13. .. . .130 10 117 9 128 8 123 14 .108 17 130 15 . 130 21 131 20. .. ..134 17 QQ 16. . . 105 15. .. . 97 21 IIS 24 123 22.. . 134 28 133 27. .. ..133 24 105 23... 112 22.. . . 106 28 .114 29.. . 138 31 97 30. .. 97 29.. . . 104 Dec. 1 161Dec. 6.. . 195Dec. 5 190Dec. 4... ..192 fune 7 111June 6... 118June 5.. . . 97June 4 .102 8 191 13.. . 223 12 216 11... ..224 14 116 13... 112 12.. .. Ill 11 .114 15 213 20.. . 237 19 234 18... ..240 21 98 20... 111 19. ... 115 18 .117 22 228 27.. . 146 26 163 25... ..190 28 91 27. .. 94 26. .. . 97 25 .103 29 92 1952 1953 1954 1955 Jan. 5 78Jan. 3.. . 81Jan. 2 81Jan. 1... .. 80 July 5 79July 4... 79July 3.. .. 93 July 2 . 98 12.... 9? 10.. .. 89 9 94 8. .. . .106 12.... 8^ 11 92 10 77 9. . . . 87 19.... on 17.. . 92 16 8S 15. .. .. 99 19 8? 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 8S 29 . .. 87 31 87 30 98 Feb. 2 84Feb. 7.. . 88Feb. 6 86Feb. 5... .. 86 Aug. 2 87Aug. 1. .. . 86Aug. 7.. . . 92Aug. 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.... 85Mar. 7.. .. 96 Mar. 6 85Mar. 5. .. .. .98 Sept. 6 100Sept. 5... . 101Sept. 4.. .. 113Sept. 3 .125 8 88 14.. .. 100 13 92 12... ..102 13 114 12... . 102 11.. . . 97 10 .108 15.... 90 21.. .. 109 20 95 19... ..108 20 113 19... . 120 18.. . . 120 17 .125 22 94 28.. .. 112 27 100 26... ..103 27 112 26.. . . 114 25.. . . 118 24 .121 29 101 Apr. 5 109Apr. 4.. .. 118 Apr. 3 103Apr. 2. .. ..114 Oct. 4 116Oct. 3... . 112Oct. 2., .. 110Oct. 1 .126 12 111 11 . ... 97 10 113 9... ..122 11 1?6 10. .. . 120 9. ... 118 8 19 97 18.. .. 105 17 118 16... ..103 18 174 17... .118 16. ... 119 15 26 105 7.5 . . 104 24 101 23... ..112 25 1?? 24. .. . 113 23. .. 123 22 30... ..120 31... . 113 30.. .. 117 29 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 1180 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 A 19 u 5 g 5 . J 1 u 95 ly 5 m 19 8 o 5 s 5 . Fe a d r e e d r a a i , s l t o r R r i c e c t s , i e ty rve A 19 u 5 g 5 . 1 Ju 95 lv 5 19 8 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 A 9 .u 5 g 5 . 1 Ju 95 lv 5 19 8 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 A 19 u 5 g 5 . 1 T 9 u 5 lv 5 1955 United States.. P+11 +7 +7 Weve.-cont. Chicago-cow/. Kan. Gity-cont. Met. Areas-cont. Met. Areas1-cont, Met. Areas-cont. Wheeling- Joliet2 +8 +16 +17 Wichita.. +7 +14 +19 Boston +7 +2 +4 Steubenville2.. +10 +6 +6 Gary +18 +8 +11 St. Joseph +8 +9 +5 Decatur2 +b +12 +3 Omaha +9 +4 +2 M P e o t r . t l A a r n e d as* +11 +2 +6 C P i o ty rtsmouth2... +7 +2 +3 P R e o o c r k i f a o 2 rd + + 1 8 3 + + 10 7 + + 4 9 A Ok lb la u h q o u m er a q u C e i . t y . + + 1 1 2 9 + + 1 1 0 1+ +1 1 2 4 Boston +5 +1 +3 Tri-Cities2 (3) +46 4+29 Tulsa +13 -5 +2 Downtown Richmond p+13 +10 +8 (Moline, Boston2 +3 -2 0 Rock Island; Cities Suburban Met. Areas* Davenport) Greeley +9 +12 +8 B Q C o a u s m t i o n b n c r . y i . d . g . . e . . + + + 10 9 7 + + -1 6 5 + + + 9 4 6 W D W a o s w a h s n i h n to g w to n n2... P P + + 1 1 4 3 + + 1 3 1 + + 7 3 F I M n o u d rt n i a c W n ie a a p y o n l e is 2 2 . . . . . + + + 1 1 1 2 7 0 + + + 1 8 9 7 + + + 10 7 6 K J H o a u p n t l c s in a h s i n C so it n y .. . . . . + + + 1 8 1 7 + + + 6 7 3 + + + 1 5 6 Lowell- Baltimore2 P+S +6 +5 South Bend2. . , +10 +10 +9 Enid -7 -22 -13 Lawrence. .. +15 +7 + 11Asheville2 +10 +5 +8 Terre Haute2.. +7 +13 +5 W Ne o w r c B es e t d e f r o 2 r . d .. . + + 3 8 + -5 6 +5 W Ra i l n e s i t g o h n 2 -Salem 2 + + 1 1 2 3 +9 + + 10 7 C D e e d s a M r R o a in p e id s s .. . . . + + 3 7 — -6 1 + + 4 4 Dallas +15 +5 +11 Charleston, Dubuque +8 +3 +4 Cities S. C.2 +39 +39 +34 Sioux City +5 e +1 Springfield. .. + 1 i +2 Columbia2 p+7 +3 +6 Waterloo +7 +6 +7 Met. Areas Providence2 +8 +1 +5 Greenville2 +13 +9 +12 Detroit2 +17 +13 +11 Shreveport.. . +15 +6 +7 Norfolk- Flint2 +22 +18 +12 Corpus Christi 0 +6 +10 New York +4 0 +2 Portsmouth2 . .P + 13 + 13 +8 Grand Rapids2 +3 +4 +2 Dallas2 +18 +5 +12 Met. Areas* R Ro ic a h n m ok o e n 2 d2 + + 11 5 + +8 9 + + 9 4 J K a a c l k a s m o a n z 2 oo + + 18 3 + + 1 4 1 + + 8 4 F E o l r P t a W so orth. . + + 1 1 1 9 + + 9 5 + + 1 1 0 0 Albany-Sche- Charleston, Lansing2 +33 +27 +19 Houston2.... +9 +4 +8 nectady-Troy W. Va.2 +19 +15 +9 Saginaw +12 +7 +7 San Antonio.. +15 +2 +9 Albany +6 -3 +1 Green Bay.... +11 +8 +8 Waco +28 +9 +13 Schenectady... +7 0 +4 Cities Madison -5 —5 -3 Binghamton.... +5 -9 -4 Cumberland- Milwaukee2 +4 +2 -1 Buffalo +3 +2 +3 Hagerstown. .. +7 +10 +7 San Francisco. p+11 +3 +8 Buffalo2 +4 +1 Spartanburg.... + 10 +4 +1 Cities Niagara Falls.. +3 -6 +1 Lynchburg2 +15 +4 +4 Danville +15 +26 +14 New York-N.E. +5 +1 +2 Newport News.. +11 +11 +7 Battle Creek. . +28 +34 +29 Met. Areas* New Jersey.. +5 +2 +2 Fairmont- Muskegon +11 + 11+11 Phoenix2 +15 +4 +8 Newark2 C -i Morgantown. . +21 +9 +9 Port Huron... +12 +5 +7 Fresno2 +11 -1 +6 R N o . c h Y e . s t C er i 2 ty2... _ + j_ 2 2 —2 +1 0 H Pa u r n k t e i r n s g b t u o r n g 2 . . . . . . . + +2 1 4 3 + + 1 2 0 1 + + 16 8 A Sh p e p b le o to y n gan.... -1 -6 1 + — 1 1 + -3 4 Lo D s o A w n n g to e w le n s2... P+9 +2 +7 Syracuse2. +5 +6 +3 L. A.2 +3 -3 Utica-Rome +3 +4 +2 Atlanta P+15 +9 +11 St. Louis P+13 +10 +7 WestsideL.A.2 P+6 +2 Utica +5 +7 +5 Long Beach2. . +15 +6 MeL Areas* Met. Areas Pasadena +8 +1 ++3 Cities Birmingham2... +6 +9 +9 Fort Smith +27 +10 +12 Santa Monica.. +23 +9 +16 Bridgeport2... +9 -1 +4 Mobile +17 +14 +11 Little Rock2... +12 +2 +1 Riverside and Poughkeepsie.. +7 +3 +9 M Ja o c n k t s g o o n m v e il r l y e . 2 . . . . . + + 1 1 1 3 + -1 1 + + 8 5 L E o v u a i n sv s i v ll i e ll 2 e2... + + 12 6 + + 1 1 6 0 + +6 4 n S a a r n d i B n e o r- +23 +10 +16 Philadelphia.. +16 -+11 +7 Orlando +10 +3 +9 Springfield.... +52 +33 +39 Sacramento2. . . +6 -9 St. Petersburg- St. Louis2. +13 +9 +7 San Diego2 +8 -3 Met. Areas Tampa +5 -1 +4 Memphis2 P+9 +6 +5 San Francisco- Wilmington... +15 +14 +7 St. Petersburg. +9 +5 +8 Oakland2 +11 +4 +9 Trenton2.. +10 +12 +14 Tampa2 +3 + 1 Cities Oakland- Lancaster2 +7 +11 +3 Atlanta2 +11 +12 +13 Quincy -1 +5 +2 Berkeley2 +9 +1 +7 Philadelphia2.. +13 ' + 11 +5 Augusta +6 -1 +3 Paducah +2 -5 -7 Downtown Reading2 +18 +16 +10 Columbus...... +24 +13 +20 Oakland2. . +5 -1 +2 S W c i r l a k n e t s o -B n arre— -8 +2 0 S M a a v c a o n n n 2 ah p+ +1 1 4 6 + + 5 9 + + 11 8 Minneapolis. . P+7 +2 +4 V Sa a n ll e F j r o ancisco2. +7 0 + -6 1 +4 Hazleton2 +12 +14 +10 Baton Rouge2.. +10 +4 +4 Met. Areas* San Jose2 +18 +1 +1 C Y it o y rk2 +38 +14 +7 J N C a e h c w a k t s t O o a n n r 2 l o e o a g n a s 2 2 . . . . + $ 12 1 + + — 5 4 1 ++73 0 M S M p t. i l n s P . n - a S e u a t l . p 2 P o a li u s l 2 2 . (* + + ) 6 5 + + + 3 2 1 4 + +2 4 0 S S P a t o o l r t c t l L k a t a n o k d n e 2 2 City2. P + + +1 1 2 0 5 1 + + 11 5 0 + + 1 1 2 1 Knoxville2 +21 +26 +14 Sioux Falls +5 +6 +3 Seattle2 +v +5 +6 Cleveland +15 +13 +10 Nashville2 +16 +14 +9 Spokane2 +9 +4 +7 Cities Tacoma2 +17 +9 +14 Met. Areas Cities Mankato +5 +1 0 Lexington +5 +5 0 Rome +19 +9 tl Duluth- Cities Akron2 + 14 +9 +6 Meridian +12 +8 Superior2.... +6 -2 +1 Tucson +12 +7 +12 Canton2 +10 +5 +2 Bristol +4 +5 -4 Great Falls -2 +1 +7 Bakersfield2.... +8 +7 + 10 Cincinnati2. . . +9 +11 +5 Grand Forks. . +8 -2 +1 Boise and C C Sp l o e r l v i u n e m g la f b i n u e d l s d 2 2 2. .. + + + 2 1 1 2 0 0 + + + 2 1 1 1 3 2 + + + 1 6 3 7 C M h e i t. c a A g r o eas1 *+9 +8 +7 K L a a n C s r a o s s C se i . t . y . . .. . . . + + 1 4 2 +7 0 + + 4 8 T Id N w a a i h n m o F p F a a a l l l l s s + + 1 3 1 + + — 1 4 0 1 + + 1 3 0 Toledo2 +19 + 15 + 10 Chicago2 +4 +4 +5 Bellingham +4 0 Youngstown2.. +20 +19 +11 Aurora +5 +10 +7 Met. Areas Everett2 +19 +3 E P r i i t e ts 2 burgh2... + + 23 7 + + 1 6 6 + + 20 1 Elgin +4 +9 +7 T D o e p n e v k e a r + + 1 1 6 5 + + 19 6 + + 16 4 W Ya a k ll i a m W a2. a . lla2... P — 9 3 -3 2 ^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. 3 Data not available. 4Seven months 1955. OCTOBER 1955 1181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS Ratio of Federal Reserve index numbers P f e r r o c m en t a a g y e e a c r h a a g n o ge st s o a c l k e s s 1 to with 19 o 4 u 7 t - s 4 e 9 a s a o v n e a r l a g a e d j = u 1 s 0 tm 02 ent, Department d p S u e a r r l i i e o n s d g m ( S e t n o o d n c t k o h s f ) July Sal p es e r d io u d ring Sto o c f k m s o at n t e h nd Seven 1955 1954 1955 1954 J 1 u 95 ly 5 m 1 o 9 n 5 t 5 hs J 1 u 95 ly 5 1954 July June July July June July GRAND TOTAL—entire store* +4 +4 +3 3.6 3.7 MAIN STORE — total +5 +5 +3 3.9 4.0 78 96 75 110 114 106 Piece goods and household textiles. -2 0 +3 4.4 4.3 71 76 73 104 101 101 Piece goods -10 -5 +4 5.4 4.7 44 56 49 86 80 82 Silks, velvets, and synthetics. -9 -6 +3 6.6 5.9 32 40 35 75 73 73 Woolen yard goods -6 9.7 9.4 26 15 27 86 74 86 Cotton yard goods -10 +11 3.5 2.8 82 110 91 113 106 102 Household textiles +1 +3 +2 4.0 3.9 90 90 89 113 112 110 Linens and towels 0 +4 +2 4.5 4.4 83 87 83 104 103 102 Domestics—muslins, sheetings. . .. +2 0 +2 3.2 3.2 107 87 104 137 130 135 Blankets, comforters, and spreads. + +7 +3 4.4 4.3 84 98 83 114 110 111 Small wares. +4 +3 4.6 4.5 75 99 74 109 115 105 Laces, trimmings, embroideries, and ribbons. -3 +2 5.0 4.7 60 92 99 112 97 N To o i t l i e o t n s a rticles, drug sundri . e # s + + 2 4 + + 5 4 + + 4 2 4 3 . . 1 6 4 3 . . 1 6 9 8 2 4 1 10 1 9 8 91 1 1 0 2 2 2 1 1 3 0 1 8 1 10 1 1 7 Silverware and jewelry -1 +7 +5 5.9 5.7 64 101 65 111 119 106 Silverware and clocks +10 +14 +8 7.4 7.8 67 104 61 131 138 121 Costume jewelry -8 +4 +6 3.5 3.1 68 97 74 97 103 91 Fine jewelry and watches +6 + 11 +7 10.1 10.0 108 54 98 123 92 57 Art needlework. -9 -3 +1 6.6 6.1 64 60 101 101 55 Books and stationery. .. 0 +4 +4 4.8 4.7 66 112 116 108 Books and magazines. +4 +5 +2 3.7 3.9 6 W 6 82 67 100 103 98 Stationery -2 +3 +5 5.3 5.0 64 92 66 117 122 112 Women's and misses' apparel and accessories. +2 +5 3.4 3.3 71 89 70 113 113 107 Women's and misses' ready-to-wear accessories... 0 +1 +4 4.0 3.9 70 90 70 113 117 109 Neckwear and scarfs -1 0 +8 2.8 2.7 78 108 79 119 125 111 Handkerchiefs < -9 5.2 5.0 36 49 39 62 64 63 Millinery ) -7 -4 2 2.2 2 33 52 36 67 63 69 Women's and children's gloves -2 +3 -2 9.8 9 29 49 29 79 80 81 Corsets and brassieres +2 +3 +7 3.4 3.3 111 145 109 141 150 132 Women's and children's hosiery -6 0 +6 3.6 3.3 54 72 57 111 117 104 Underwear, slips, and negligees +1 0 +2 2.8 2.8 78 92 78 98 110 96 K Si n lk it a u n n d d e m rw us e l a in r underwear, and slips. . +3 0 +2 +4 3 2 . . 0 8 2 2 . . 9 8 9 7 5 3 1 8 0 9 7 9 7 2 3 1 8 2 9 6 1 1 4 0 3 2 1 8 2 8 2 Negligees, robes, and lounging apparel. +1 0 +1 2.2 2.3 72 80 71 78 89 78 Infants' wear < • • • -1 +2 0 4.1 4.0 73 84 74 120 116 113 Handbags, and small leather goods. +4 +6 + + 6 6 3.2 3.1 66 97 64 103 111 97 Women's and children's shoes. +2 +3 +3 6.4 6.4 16 102 74 132 132 128 Children's shoes +2 +2 +6 6.7 6.4 68 89 67 136 135 129 Women's shoes +2 +3 +3 6.4 6.3 77 107 75 130 135 126 Women's and misses' ready-to-wear apparel. +2 +2 +7 2.8 2.7 72 89 70 106 105 W C om oa e t n s 's and misses' coats and suits 0 y -1 A + + 1 8 4 5 5 . . 6 2 4 5 . . 6 0 3 2 1 9 3 2 1 6 3 2 3 9 1 9 0 8 3 7 7 2 1 9 9 1 1 Suits -20 +1 4.7 3.8 32 38 41 81 67 80 -9 Juniors' and girls' wear +4 +2 +8 3.1 3.0 72 88 70 128 111 118 Juniors' coats, suits, and dresses. +1 +1 +4 2.3 2.2 68 86 68 111 98 107 Girls' wear +6 +4 +11 3.9 3.8 77 90 73 142 121 128 Women's and misses' dn 0 +3 +6 1.7 1.6 74 108 74 85 105 80 Inexpensive dresses 0 +2 +7 1.3 1.2 79 119 79 83 111 77 Better dresses +1 +5 +7 2.3 2.2 71 97 70 87 100 81 Blouses, skirts, and sportswear +5 +4 +6 2.5 2.4 109 132 104 140 140 133 Aprons, housedresses, and uniforms. + 10 +4 +5 1.6 1.7 112 136 102 99 126 94 Furs -5 +15 +9 11.2 9.8 40 21 42 122 89 112 Men's and boys' wear. +6 +4 +1 4.9 5.2 74 115 70 111 121 110 Men's clothing +5 +3 5.1 5.7 79 115 75 115 127 119 Men's furnishings and hats +8 n+4 4.1 4.4 76 125 70 106 119 104 Boys' wear +5 6.5 6.3 59 82 56 114 109 103 Men's and boys' shoes and slippers. +2 6.2 6.4 86 131 84 119 129 119 For footnotes see following page. 1182 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 Pe f r r c o e m n t a a g ye e a c r h a a g n o ge s R t a s o a t c l i k e o s s o 1 t f o F w e i de t 1 r h 9 a o 4 l u 7 t R - s e 4 e s 9 a e s r a o v v n e e a r l i a n g a d e d e j = x u 1 s n 0 t u m 0 m e 2 b n e t r , s Department d p S u e a r r l i i e o n s d g ( m S e t o n o n d c t k h o s ) f July Sale pe s r d i u o r d ing Sto o c f k m s o a n t t h end 1955 1954 1955 1954 July months July 1955 1954 1955 1955 1955 July June July July June July Homefurnishings +13 +11 +2 3.8 4.3 97 101 86 109 115 107 Furniture and bedding +4 + 10 +3 3.6 3.7 115 116 110 113 118 109 Mattresses, springs, and studio beds +6 +9 + 12 1.7 1.6 142 136 134 134 137 119 Upholstered and other furniture +2 + 10 +2 4.4 4.4 104 108 102 111 118 109 Domestic floor coverings +4 + 12 -3 5.5 5.9 63 73 61 94 97 97 Rugs and carpets +4 + 12 5.4 6.0 65 79 63 100 104 103 Linoleum +5 +6 4.9 4.8 48 55 49 63 61 60 Draperies, curtains, and upholstery 0 +3 + 1 5.1 5.1 76 101 76 107 115 106 Lamps and shades +4 +7 + 1 5.1 5.4 62 77 59 102 no 101 China and glassware +3 0 9.6 9.5 69 99 71 125 126 Major household appliances +36 +28 +3 1.4 1.9 126 93 92 86 130 84 Housewares (including small appliances) +30 + 12 +2 3.1 4.0 121 119 93 120. 104 117 Gift shop 0 +2 +3 6.7 6.6 79 102 79 131 130 127 140 Radios, phonographs, television, records, etc. +7 +6 +4 3.3 3.5 78 88 73 94 98 91 Radios, phonographs, television +4 +5 +5 2.9 2.8 74 77 72 91 89 87 Records, sheet music, and instruments + 19 +6 +2 4.4 5.3 90 88 76 107 96 105 Miscellaneous merchandise departments.. +2 +5 +5 3.2 3.1 81 99 79 106 110 101 Toys, games, sporting goods, cameras +10 +9 +5 4.4 4.7 84 98 77 120 123 114 Toys and games +14 +6 +7 4.6 5.2 70 73 62 127 140 118 Sporting goods and cameras +5 +13 +3 4.0 4.3 107 142 102 112 109 109 Luggage +2 + 10 +8 3.4 3.3 104 145 102 113 120 105 Candy -6 +4 +5 1.5 1.4 58 77 62 82 88 78 +2 +2 +3 2.7 2.7 76 102 74 101 107 98 BASEMENT STORE—total 1 +1 +2 3.1 3.0 90 95 90 113 114 111 Domestics and blankets +1 0 +5 2.2 2.1 72 95 71 96 101 92 Women's and misses' ready-to-wear 0 + 1 +3 2.4 2.4 89 110 89 109 116 106 Intimate apparel -8 + 1 + 12 3.1 2.6 Hosiery + 1 0 2.3 2.3 Underwear, corsets and brassieres -12 -7 +9 5.0 4.0 22 28 25 '81 63 74 Coats and suits -1 -2 +3 1.0 1.0 83 121 83 78 104 76 Dresses +4 +3 +5 1.6 1.6 106 134 102 103 116 98 Blouses, skirts, and sportswear +6 +6 +9 2.8 2.7 73 100 69 119 112 109 Girls' wear -1 +4 +7 3.4 3.1 75 92 75 119 112 111 Infants' wear +5 -5 -8 1.6 1.8 Aprons, housedresses, uniforms Men's and boys' wear +8 +6 +4 2.8 3.0 88 136 81 108 119 104 Men's wear +8 +5 +1 2.6 2.8 93 147 85 104 119 104 Men's clothing +5 +6 + 1 2.9 3.0 97 151 92 112 127 111 Men's furnishings +10 +5 +1 2.4 2.6 91 148 83 100 118 99 Boys' wear +6 +8 +13 4.0 3.8 73 97 69 125 116 111 Homefurnishings +4 +8 +1 3.9 4.0 69 89 66 106 109 105 Shoes -4 +1 0 4.4 4.2 75 109 78 104 110 104 NONMERCHANDISE—total -1 +1 (4) (4) v.4) 96 107 97 CO (4) (4) Barber and beauty shop +2 0 C4) (4) (4) 147 142 145 (4) (4) (4) JThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1947-49 average of monthly sales and of end-qf-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 1179. 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. OCTOBER 1955 1183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Gas Solid House- House- parel porta- ical sonal and and Total Rent and fuels fur- hold tion care care recrea- servelec- and nish- opera- tion ices tricity fuel oil ings tion 1929 73 3 65 6 117 4 60.3 1933 55 3 41 6 83 6 45 9 1941 62 9 52 2 88 4 55 6 1942 69 7 61 3 90 4 64 9 1943 74.0 68.3 90.3 67.8 1944. . 75 2 67 4 90 6 72.6 1945 76 9 68 9 90 9 76 3 1946. . 83 4 79 0 91 4 83.7 1947 95 5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102 8 104 1 101 7 100 7 100 0 104 4 103 2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105 0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1. 103.4 1950 . 102 8 101 2 106 1 108 8 102 7 110 5 100 3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952. 113 5 114 6 114 6 117 9 104 5 118 7 108 5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114 4 112.8 117.7 124 1 106 6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106 1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1954—August 115.0 113.9 119.2 128.6 107.8 121.9 105.4 117.3 103.7 126.6 125.5 113.4 106.6 120.2 September 114 7 112.4 119.5 128 8 107 9 122.4 106.0 117.4 104.3 126.4 125.7 113.5 106.5 120.1 October 114 5 111 8 119 5 129 0 108 5 123 8 105 6 117 6 104.6 125.0 125.9 113.4 106.9 120.1 November . . 114.6 111.1 119.5 129.2 108 7 124.2 105.4 117.8 104.6 127.6 126.1 113.8 106.8 120.0 December 114.3 110.4 119.7 129.4 109.1 125.5 105.4 117.7 104.3 127.3 126.3 113.6 106.6 119.9 1955—January 114 3 110 6 119 6 129 5 109 4 126 1 104.6 117.7 103.3 127.6 126.5 113.7 106.9 119.9 February .... 114.3 110.8 119.6 129.7 109 9 126.2 104.8 117.7 103.4 127.4 126.8 113.5 106.4 119.8 IVfarch 114 3 110 8 119 6 130 0 110 3 126 2 104.6 117.9 103.2 127.3 127.0 113.5 106.6 119.8 April...... . 114.2 111.2 119.5 129 9 110 3 125.7 104.5 118.1 103.1 125.3 127.3 113.7 106.6 119.8 114.2 111.1 119.4 130.3 110.9 122.5 103.7 119.0 103.3 125.5 127.5 113.9 106.5 119.9 June 114 4 111.3 119 7 130 4 110 7 122.7 103.8 119.2 103.2 125.8 127.6 114.7 106.2 119.9 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 August 114.5 111.2 120.0 130.5 110.8 123.8 103.2 119.5 103.4 125.4 128.0 115.8 106.3 120.4 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 c e n o p l r x t e d d e - s - l - l H s e p u k a a r i c n i o t d n h t d d e s s e s - , r ,p t l F e i o a m g i u r n w n 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 d m s s d - - p R u a b r u n c o e b t d d r s - - L w p u a b r u o n c o e m o t d d r s d - - p a p P a u a l r u l p c n o i l e t e d d p s d r - , , M m p u a r e e c n o t t t d d a a s l - l s p c M u m t a e r h i c n o v r i o a t y n d d e s - - - - F h d o h t b a o u u t u o l n h u r r e r l n e d s a e d s e r i - - - e s N t t r m t m a u a r o l l r u i s e l n a n i c — - c - l - - b e b m o b r a T a a t e n f c t o g v r l d c - s e e - o . s d c M el i l s a - - 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1954 August 110.5 95.8 106.4 114.4 95.3 94.0 106.9 106.8 126.4 119.1 116.3 128.6 124.3 115.3 120.5 121.5 102.3 September, 110.0 93.6 105.5 114.4 95.3 93.0 106.9 106.8 126.9 119.3 116.3 129.1 124.4 115.3 121.7 121.5 99.1 October... 109.7 93.1 103.7 114.5 95.4 92.4 106.9 106.9 128.5 119.8 116.3 129.7 124.3 115.6 121.9 121.5 96.7 November. 110.0 93.2 103.8 114.8 95.2 92.8 107.4 107.0 131.4 119.9 116.0 129.9 125.3 115.6 121.8 121.4 97.0 December. 109.5 89.9 103.5 114.9 95.2 91.8 107.5 107.0 132.0 120.0 115.9 129.8 125.7 115.7 121.8 121.4 98.0 1955 January... 110.1 92.5 103.8 115.2 95.2 91.9 108.5 107.1 136.8 120.3 116.3 130.1 125.8 115.5 122.0 121.4 97.0 February.. 11-0.4 93.1 103.2 115.7 95.2 92.3 108.7 107.1 140.6 121.2 116.6 131.5 126.1 115.4 121.8 121.6 97.1 March.... 110.0 92.1 101.6 115.6 95.3 92.2 108.5 106.8 138.0 121.4 116.8 131.9 126.1 115.1 121.9 121.6 95.6 April...... 110.5 94.2 102.5 115.7 95.0 93.2 107.4 107.1 138.3 122.4 117.4 132.9 126.3 115.1 122.3 121.6 94.0 May. 109.9 91.2 102.1 115.5 95.0 92.9 107.0 106.8 138.0 123.5 117.7 132.5 126.7 115.1 123.2 121.6 91.3 June 110.3 91.8 103.9 115.6 95.2 92.9 106.8 106.8 140.3 123.7 118.3 132.6 127.1 115.2 123.7 121.6 89.1 July '110.5 89.5 103.1 116.5 95.3 '93.7 106.4 106.0 '143.4 124.1 119.0 136.7 127.5 115.5 125.3 121.6 '90.8 August.... 110.8 88.1 101.9 117.4 95.3 93.8 107.3 105.9 148.5 125.0 119.9 139.3 128.3 116.2 126.1 121.7 89.8 ••Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Co»rt» [Index numbers of the Bureau of Labor Statistics, 1947-49=100] 1954 1955 1954 1955 Subgroup Subgroup Aug. June July Aug. Aug. June July Aug. Farm Products: Pulp, Paper and Allied Products- Continued Fresh and dried produce 108.3 104.7 98.7 99.5 Grains 91 2 90 3 86 7 78 6 Paper board 124 2 126 0 126.1 128 0 Livestock and poultry 83 4 83 1 79 4 75.5 Converted paper and paperboard.. 112.0 112.3 112.3 113.5 Plant and animal fibers 106.7 103.4 103.8 102.9 Building paper and board 127.6 129.7 129.7 133.3 Fluid milk 89 7 87 0 89 0 91.9 Eggs 86.4 74.4 78.7 95.4 Metals and Metal Products: Hay and seeds . 94 2 88 1 85 6 81.6 Other farm products 168 8 143 2 137 6 138 6 133 8 135 8 143.1 144 4 Nonferrous metals 125.1 137.8 139.5 145.0 Processed Foods: Metal containers 131.2 131.4 131.4 132.5 Hardware 138.9 144.5 144.9 146.1 Cereal and bakery products 113.2 117.6 117.6 115.1 Plumbing equipment . . 118.5 123.2 123.2 128.1 Meats, poultry, and fish 92.0 91.4 88.5 86.3 Heating equipment 114.1 113.5 113.6 115.5 Dairy products and ice cream 105.9 104.6 106.0 107.8 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 117.7 118.7 123.8 126.6 bles . 104 8 104 5 104 6 105.0 Fabricated nonstructural metal Sugar and confectionery 114.5 110.4 110.7 110.5 products 126.0 126.0 127.0 129.4 Packaged beverage materials..... 226.5 171.9 171.9 173.7 Other processed foods 109.6 101.4 100.5 99.5 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122 1 121 5 121 5 122 5 Cotton products 89.1 90.6 '91.0 91.7 Construction machinery and equip- Wool products 110 3 105 5 105 0 104 0 ment 131 5 134.7 134.7 136.0 Synthetic textiles 85 7 86 6 86 8 86.7 Metal working machinery 132.7 142.7 145.5 146.5 Silk products 126 3 124.0 126.8 128.7 General purpose machinery and Apparel ... .. 98 6 98 6 98 6 98 6 equipment 127 9 131.8 132.7 134.1 Other textile products 79 8 74 4 74 3 72.9 Miscellaneous machinery 125.6 127.0 127.4 129.9 Electrical machinery and equip- Hides, Skins, and Leather Products: ment . 125.7 126.5 126.7 127.6 Motor vehicles 118 9 122 0 122.0 122.0 Hides and skins 55.8 55.7 58.2 58 9 Leather 84.4 83.8 85.1 85.0 Furniture and Other Household Dura- Footwear 111.8 111.4 111.4 111.4 bles: 96.7 95.0 '96.5 96.5 Household furniture 112.9 112.9 113.1 114.2 Fuel, Power, and Lighting Materials: Commercial furniture 126.2 129.8 130.0 134.3 Floor covering 123.5 126.2 126.7 127.6 Coal 105.2 100 6 101 5 102.4 Household appliances 109.7 106.4 106.5 106.7 Coke 132.4 133.4 133.4 136.6 Radio 95.4 94.7 94.0 Gas 105 4 110 4 108 9 108 9 Television 68.5 68.8 68.9 68.7 Electricity 102.4 97.2 '•96.1 96.1 Other household durable goods.... 130.4 132.4 133.1 134.1 Petroleum and products.... 109.3 111.5 111.6 113.0 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 124.7 126.0 131.1 131.1 Industrial chemicals .... 117.4 117.8 118.2 118.1 122.2 124.9 125.0 125.3 Prepared paint 112 8 114.8 114 8 114.8 Concrete products 117.9 118.3 118.3 118.6 Paint materials 97.8 96.9 '•97.1 97.6 Structural clay products 132.3 137.3 141.3 1^2.9 Drugs, Pharmaceuticals, cosmetics. 94.0 93.0 92.8 92.4 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 53.5 53.8 55.9 54.6 Prepared asphalt roofing 98.6 106.7 110.8 114.5 Mixed fertilizers 109.8 108.8 108.9 108.9 Other nonmetallic minerals 120.8 122,4 122.5 122.5 Fertilizer materials 112.1 111.0 111.7 112.1 Other chemicals and products 107.6 107.6 103.9 104.0 Tobacco Manufactures and Bottled L Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 123 5 149 6 159 2 170 3 Cigars 103.7 103.7 103.7 103.7 Tires and tubes 129.6 142.3 142.3 1*7.1 Other tobacco products 121.4 121.4 121.4 122.5 Other rubber products ... . 123.7 132.3 134.7 136.8 Alcoholic beverages 114.3 114.7 114.7 114.7 Nonalcoholic beverages . . 148.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber ... 118.7 124 7 125 1 126 4 Millwork 129.7 128.3 128.3 128.3 Toys, sporting goods, small arms.. 113.4 113.2 113.1 113.4 Plywood 105.4 105.6 105.7 105.7 95.2 70.8 r73.9 71.7 Notions and accessories 101.6 92.9 91.0 91.0 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 102.8 103.0 103.7 104.3 Other miscellaneous 121.2 121.1 121.2 121.5 109.6 113.8 113.8 113.8 Wastepaper 80.0 104.7 125.9 129.1 Paper 126.5 129.2 130.7 130.5 "Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back ftgures.—Set BULLETIN for March 1952, pp. 311-313. OCTOBER 1955 1185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by Quarters 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 1954 Gross national product 104.4 56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 357.6 358.8 367.1 375.3 384.8 Less: Capital consumption allowances.. 8.6 7.2 9.0 18.4 20.5. 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 st e i s c s a l t r d an is s c f r e e r p a p n a c y y ments . . 6 3 . . 9 7 . . 5 4 . . 8 1 . . 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 1.2 2 Plus: g o S v u e b r s n id m ie e s n t le e s n s t e c r u p r r r i e s n es t surplus of -.1 ,0 .1 -.2 .2 .2 -.1 4. -.1 -2.3 -1.5 -.3 .3 .4 .3 .0 Equals: National income 87.8 40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 303.2 311.4 320.7 298.9 298.7 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 28.1 35.1 39.9 36.9 37.2 33.8 34.0 33.1 35.5 39.6 42.2 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 ,4 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 16.2 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 .5 .8 .8 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 .7 Equals: Personal income 85.8 96.3 206.8 227.1 255.3 271.1 286.2 287.6 286.6 287.3 290.8 293.6 300.5 47.2 Less: Personal tax and related payments. 2.6 3.3 18.7 20.9 29.3 34.4 35.8 32.8 32.7 32.8 33.1 32.6 33.4 Federal 1.3 1.5 2.0 16.2 18.2 26.3 31.2 32.4 29.1 29.1 29.1 29.3 28.8 29.5 1.4 .5 1.3 2.5 2.7 3.2 3.4 3.7 3.6 3.7 3.8 3.8 3.9 State and local 3.0 83.1 1.0 93.0 188.2 206.1 236.7 250.4 254.8 253.9 254.5 257.8 261.0 267.1 Equals: Disposable personal income. 226.1 79.0 45.7 81.9 180.6 194.0 218.3 230.6 236.5 235.1 237.9 241.0 245.8 250.5 Less: Personal consumption expenditures 208.3 4.2 46.4 11.1 7.6 12.1 18.4 19.8 18.3 18.8 16.6 16.8 15.3 16.6 Equals: Personal saving 17.7 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 1954 National income 87.8 40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 298.9 298.7 303.2 311.4 320.7 Compensation of employees 51 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 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 10.5 10.3 9.5 9.5 9.4 9.3 9.1 9.3 Government civilian 4.6 4.9 8.3 16.2 17.2 20.1 22.5 23.5 24.4 24.1 24.5 25.0 25.3 25.9 Supplements to wages and salaries.. .7 .5 2.7 6.5 7.8 9.5 10.2 10.8 11.7 11.6 11.7 11.8 12.2 12.5 Proprietors' and rental income2... 20.2 7.6 20.9 42.0 44.6 49.9 49.9 48.4 48.4 48.2 48.3 48.2 48.8 48.7 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 -2.0 14 5 28.1 35.1 39.9 36.9 37.2 33.8 34.0 33.1 35.5 39.6 42.2 Corporate profits before tax 9.6 .2 17.0 26.2 40.0 41.2 35.9 38. 34.0 33.7 33.5 36.0 40.9 43.0 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 21.6 Corporate profits after tax. 8.3 9.4 15.8 22.1 18.7 16.1 17.0 17.0 16.8 16.7 17.9 20.4 21.4 Inventory valuation adjustment .5 -2.5 1.9 -4.9 -1.3 1.0 -1.1 -.2 .2 -.5 -1.3 Net Interest 6.4 5.0 5.2 5.9 6.8 7.4 8.8 9.5 9.5 9.7 9.9 10.3 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. 1186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 1954 2 3 4 1 2 Gross national product 104.4 56.0 125 8 757 3 285 1 328 2 345.2 364. 5 360 5 357 6 8 367.1 375 3 384 8 Personal consumption expenditures 79.0 46.4 81. 9 180.6 194. 0 208 % 218 3 230. 6 236. 5 235 1 1V1 9 241.0 ?45 8 ?-50 5 Durable goods 9.2 3.5 9.7 23. 6 28. 27 1 26.6 29.8 29. 3 29.0 ?Q 4 30.4 34 4 35 1 Nondurable goods . 37.7 22.3 43. 2 96.9 100. 4 111 116.0 118. 9 120.9 120 4 121.5 122.5 122.4 125 3 Services 32.1 20.7 29. 0 60.1 65, (1 70 i 75.7 81. 8 86.4 85 7 87 0 88.1 89.0 90 ?, Gross private domestic investment 16/2 1.4 18. 1 32 5 51. 2 56 9 49.6 51. 4 47 2 46.9 45.9 50.7 54.1 60.1 New construction1 .. 8.7 1.4 6.6 17 f 23 ? 23 7 25 27 27 3 28 T 29 4 11z ?2 1 Residential, nonfarm 3.6 .5 3. 8.3 12 6 11 0 11.1 11. 0 13 S 13 0 14 ? 15.0 16 0 16 4 Other 5.1 1.0 3. 1 9 ? 10.1 12 4 12 6 13 8 14 14 14 14 4 15 1 1S 7 Producers' durable equipment 5.9 1.6 6.9 17 8 21 1 23.2 23.1 24.4 22 3 22 4 22.2 21.9 21.5 23.7 Change in business inventories.... 1.7 -1.6 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 -1.4 4. 0 —19 6.4 9,0 2 1 1.0 —39 •? 9 —5 4 — 1.0 1 5 4 ? Net foreign investment . .. .8 .2 1.1 5 -2 2 2 -.2 -2. 0 3 3 .7 .9 .4 7 Government purchases of goods and services 8.5 8.0 24.8 43.6 42 ft 62 ft 77.5 84.5 77 0 75 9 75 8 74.5 75 8 74 9 F e d e r a l. . .. 1.3 2.0 16. 0 £5 22 41 0 54 J 59 ? 49 ? 4<? 47 7 45 7 46 4 45 ;? State O N L a e t a h n s t s i e d o : r n l G o a c o l a v s l e e r c n u m ri e ty nt sales2 i" 7 . .2 6 2 . . . 0 0 0 \ 3 7. .2 8 1 1 6 9 8 . . 6 4 2 ^ 1 1 8. 9 3. 9 9 3 21 4 7.3 2 4 8 4 2 5 8 3 . . . 8 2 8 4 5 2 1 5 8 4 4 5 0 4 2 3 7 6 3 ? 4 8 4 2 3 7 5 .3 6 4 4 4 2 ? 8 6. .1 1 4 1 4 2 5 0 8 . . . . 5 5 7 3 4 2 1 9 5. . . 5 4 3 ? 4 2 0 5 9 . . 2 7 4 3 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage and salary disbursements Divi- Less Pro- dends persona! Year or month in s P o c e o n r m a - l e Total d p m i C n u ro o g s o d d t m r u i i i n t e c - y - s - D i u n i t s r t d t i i r u v e i s e s b - - S in e tr r d i v u e i s s c - e m G ern- o en v- t i m n O l c a t o b h m o e r r e8 i p n r r c e a i o n e n m t t d o a e r l 4 s' i i n n s p a t o c e e n n o r r d m a e - l s e t m T p r e f a a e n y r n t - s s - 5 b c i s a u o n o n f t n s c o i c u t i o r a r e r n i 8 l - - s i a n g N t c o u r n o - i r c m a u i 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 ? 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 2? 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 n 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—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 293.2 200.3 86.3 53.0 26.7 34.3 6.8 48.8 25.3 17.0 5.0 277.7 March 295.7 202.6 87.8 53.6 27.0 34.2 6.8 48.5 25.5 17.4 5.1 280.9 April 298.9 204.6 88.9 53.6 27.2 34.9 6.9 49.0 25.9 17.6 5.1 283.7 May 301.4 207.3 90.6 54.5 27.4 34.8 6.9 48.8 26.1 17.5 5.2 286.6 June 301.6 208.0 90.9 54.9 27.4 34.8 6.9 48.5 26.3 17.1 5.2 287.2 July 305.3 212 A 91.7 55.7 27.8 37.2 7.0 47.9 26.4 16.9 5.3 291.7 August^ 305.0 211.6 92.0 56.0 27.9 35.7 7.0 48.3 26.6 16.8 5.3 290.9 p Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 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. OCTOBER 1955 1187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS ALL MEMBER BANKS, BY CLASSES, FIRST HALF OF 1955 [Amounts in thousands of dollars] All member banks cit C y e m nt e ra m l b r e e r s e b r a v n e ks Re c s i e ty rve C m o e u m n b tr e y r member banks banks New York Chicago First half Second hal First half of 1954 of 1954 of 1955 First half of 1955 Earnings 2,365,720 2,460,393 2,554,615 414,472 100,011 1,000,833 1,039,299 I I n n t t e e r r e e s s t t o an n d U d . i v S i . d e G n o d v s e r o n n m o e t n h t e r s e s c e u c r u it r i i e ti s es 5 1 2 3 1 2 , , 8 5 7 2 6 0 5 1 4 4 4 0 , , 5 2 0 8 3 8 5 1 5 4 5 3 , , 5 6 8 8 9 3 2 8 5 2 , , 5 4 8 3 7 5 29 7 , , 4 3 3 8 4 0 2 5 1 3 0 , , 5 8 4 2 3 5 2 5 3 7 2 , ,8 1 9 7 5 3 Interest and discount on loans 1,312,836 1,349,332 1,417,332 217,214 47 133 560,058 592,927 Service charges and fees on loans 23,260 25,819 29,480 3,829 691 17,010 7,950 Service charges on deposit accounts 123,093 129,173 134,360 10,224 1,089 55,213 67,834 Other charges, commissions, fees, etc 49,467 53,017 53,588 10,551 1,145 19,323 22,569 Trust department 109,455 126,200 124,630 43,233 10,307 46,964 24,126 Other current earnings 93,213 92,061 95,953 21,399 2,832 37,897 33,825 Expenses 1,437,979 1,560,556 1,555,972 225,315 54,764 613,704 662,189 Salaries—officers 224,619 254,258 240,972 29,021 7,629 81,851 122,471 Salaries and wages—others 467,351 516,469 496,488 87,936 19,883 207,405 181,264 Directors' and committee members' fees . . 11,750 13,791 12,508 894 144 2,363 9,107 Interest on time deposits 240,969 252,680 263,162 19,676 8,237 112,231 123,018 Interest on borrowed money 4,298 3,687 7,614 2,238 860 3,231 1,285 Taxes other than on net income 68,053 72,109 73,196 7,091 2,765 32,948 30,392 Recurring depreciation 33,658 41,968 38,436 3,067 543 14,516 20,310 Other current expenses 387,281 405,593 423,596 75,392 14,703 159,159 174,342 Net current earnings before income taxes. 927,741 899,837 998,643 189,157 45,247 387,129 377,110 Recoveries, profits, etc. 306,603 245,368 150,645 78,268 4,541 32,789 35,047 On securities: Recoveries 6,530 5,179 5,968 556 304 1,737 3,371 Transfers from valuation reserves 15,406 27,736 17,405 8,509 213 5,950 2,733 Profits on securities sold or redeemed 246,145 128,465 30,367 5,113 3,433 12,604 9,217 On loans: Recoveries 11,388 15,965 13,777 5,279 235 2,296 5,967 Transfers from valuation reserves 13,600 40,958 66,189 55,284 140 4,540 6,225 All other 13,534 27,065 16,939 3,527 216 5,662 7,534 Losses, charge-offs, etc. 202,671 276,592 234,583 93,698 6,400 64,884 69,601 On securities: Losses and charge-offs 32,156 26,393 37,503 6,270 915 14,970 15,348 Transfers to valuation reserves 71,158 47,699 26,485 8,844 2,166 11,264 4,211 On loans: Losses and charge-offs 6,601 11,170 8,360 3,203 81 314 4,762 Transfers to valuation reserves 55,752 140,388 131,361 69,941 2,784 26,575 32,061 All other 37,004 50,942 30,874 5,440 454 11,761 13,219 Profits before income taxes 1,031,673 868,613 914,705 173,727 43,388 355,034 342,556 Taxes on net income 472,503 331,685 430,618 80,441 18,775 156,711 174,691 Federal 450,778 311,908 411,405 72,960 18,775 149,799 169,871 State 21,725 19,777 19,213 7,481 6,912 4,820 Net profits 559,170 536,929 484,087 93,286 24,613 198,323 167,865 Gash dividends declared 210,816 245,329 231,789 58,187 12,688 94,062 66,852 On preferred stock1 980 1,050 876 30 34 120 692 On common stock "209,836 244,280 230,913 58,157 12,654 93,942 66,160 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 1,227 1 709 1 775 1 220 282 273 On loans 18,995 15,687 17,111 2,091 840 6,861 7,319 Losses charged to reserves (not included in losses above): On securities 10,122 5,125 13,368 2,030 609 8,435 2,294 On loans 32,853 41,893 36,210 11 509 959 10,784 12,958 Number of officers at end of period 55,851 56,541 57,998 4,008 1,000 16,150 36,840 Number of employees at end of period 324,243 323,945 338,625 49,298 11,044 135,137 143,146 Number of banks at end of period 6,721 6,660 6,611 18 13 297 6,283 Ratios: Percentage of total capital accounts:2 Net current earnings before income taxes 16.1 15.1 16.2 13.8 15.0 17.6 16.4 Net profits 9.7 9.0 7.9 6.8 8.2 9.0 7.3 Cash dividends declared1 3 7 4 1 3 8 4 2 4.2 4.3 2.9 Percentage of total assets:2 Total earnings 2.96 2.97 3.02 2.64 2.44 3.03 3.28 Net current earnings before income taxes 1.16 1.09 1.18 1.20 1.10 1.17 1.19 Pe N rc e e t n t p a r g o e fi t o s f earnings to related assets:2 .70 .65 .57 .59 .60 .60 .53 4.68 4.75 4.68 3.52 3.55 4.69 5.48 Interest on U. S. Government securities 2.00 1.93 2.01 1.95 2.01 2.03 2.02 Interest and dividends on other securities 2.13 2 12 2 07 2 07 2.21 2.05 2.06 Total capital accounts to: Total assets 7 2 7 2 7 3 8 8 7.3 6.7 7.2 Total assets less Govt. securities and cash assets 16.0 16.3 15.7 17.4 17.6 14.2 16.2 Total deposits 7.9 7.9 8.1 10.1 8.1 7.3 7.9 Time deposits to total deposits 25.5 25.9 25.9 12.8 17.6 26.5 32.5 Interest on time deposits to time deposits2 1.30 1.30 1.33 1.13 1.26 1.41 1.30 1 Includes interest on capital notes and debentures. 2Annual basis. NOTE.—Includes figures for all banks that were member of the Federal Reserve System at the end of the report period (including those whose returns may cover operations for only part of the period), and includes appropriate adjustments for member banks in operation during part of the period but not at the end. The figures of assets, deposits, and capital accounts used in computing ratios are averages of the amounts reported for the call dates at the beginning and end of each period plus the last-Wednesday-of-the-month figures for the intervening months. Data may not add to totals because of rounding. 1188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States.. 1190-1194 Gold production 1194 Estimated foreign gold reserves and dollar holdings. . 1195 Reported gold reserves of central banks and governments. . 1196 Net gold purchases and gold stock of the United States. . 1197 International Bank and Monetary Fund.. 1198 Central banks . 1198-1202 Money rates in foreign countries. . 1203 Commercial banks . . 1204 Foreign exchange rates.. 1205 Price movements in principal countries: Wholesale prices. ., 1206 Consumers' price indexes. . 1207 Security prices . 1207 Index to statistical tables. . 1213-1214 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. OCTOBER 1955 1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a a i- l - Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n o i i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m at e i r n ica Asia o A th l e l r tutions2 and Officials of private 1951—Dec. 31. 1,641.1 7,661.1 3,547.6 289.4 405.6 300.5 521.3 642.6 846.6 3,005.9 1,307.1 1,455.2 1,595.5297.4 1952—Dec. 31. 1,584.9 8,961.2 4,654.2 342.6 551.1 308.9 641.8 817.9 1,093.3 3,755.5 1,420.7 1,612.9 1,836.5335.6 1953—Dec. 31. 1,629.4 10,019.0 5,666.9 428.5 898.8 465.7 674.2 708.9 L,557.5 4,733.6 1,295.5 1,768.4 1,895.5326.1 1954—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 L.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 L,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 L,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 1,784.9 10,924.9 6,540.3 725.11,406.9 612.2 634.5 598.9 ,626.7 5,604.4 1,366.9 1,811.6 1,857.7284.3 Mar. 31 1,812.8 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 \,859.9289.8 Apr. 30 1,820.7 11,066.5 6,632.9 670.71,404.5 629.3 657.6 676.7 ,659.5 5,698.4 1,318.9 1,899.1 1,852.3297.9 May 31 1,875.0 11,177.8 6,711.3 766.11,407.6 637.7 672.4 663.6 1.574.2 5,721.5 1,274.7 1,991.4 1,884.7305.4 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 11,983 7301.0 July 31* 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 L,968.0301.4 Aug. 31 P 1,858.6 11,182.2 6,552.0 914.61,420.1 711.7 675.6 561.1 L,570.2 5,853.2 1,168.8 1,853.1 1L,990.7316.5 Table la.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m D a en rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - l P an o- d t P u o g r a - lm R a u n - ia Spain S d w en e- T k u ey r- U.S.S.R.Y sla u v g i o a - o A th l e l r 1951—Dec. 31 846.6 57.1 134.7 45.3 27.0 45.8 148.8 99.7 2.8 40.7 6.1 17.1 71.7 14.1 2.5 7.1 125.9 1952—Dec. 31 ... 1,093 3 91 1 123 9 70 4 28 5 47.3 203.1 110.3 3.4 57.4 6.1 19.2 91.0 8.4 1.7 12.0 219.3 1953—Dec. 31 1,557.5 190.9 130.3 95.7 37.9 100.9 242.9 118.5 2.2 72.4 5.8 36.0116.7 14.2 2.0 6.9 384.1 1954—Aug. 31 1,676 7 275 6 99.3 79.5 41.0 104.5 252.9 129.1 1.7 83.8 7 9 46.0 173.6 6.2 3.0 6.4 366.1 Sept. 30 1,673.3 281.9 104.0 76.4 37.7 94.3 247.6 132.3 1.8 83.5 7.9 58.3180.5 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 1,673.7 272.4 103 2 69.2 39.8 110.2 241.4 115.8 2.2 88.9 8.0 70.9159.0 8.1 5.2 9.0 370.3 Dec. 31 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 78.4 130.5 9.5 1.8 9.4 381.9 Feb. 28 1 626 7 276 6 92 7 70 3 41 6 134 2 219 2 66.2 1.7 98.1 8.0 84.7129.7 9.2 1.7 9.8 382.9 Mar. 31 1,591 1 274 7 98 9 69.3 37.8 130.5 222.1 64.3 2.4 91.9 8.2 92.6 121.0 9.9 1.5 8.0 358.0 Apr. 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 . . 1,574 2 271 7 103 5 64 3 40 4 131.0 194.6 67.8 1.9 94.1 8.1 100.6113.9 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 8.0 108.9118.9 11.8 3.1 10.8 360.1 Tuly 31P 1 560 8 273 4 99 5 56 5 40 1 124 7 202.1 67.6 2.2 100.6 8.0 112.9130.4 9.0 1.1 8.4 324.4 Aug. 31 P 1,570.2 282.7 104.0 60.3 41.9 126.2 190.0 65.8 1.8 106.4 7.9 119.3143.7 9.6 .9 9.5 300.2 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 I W S a a n e u n n d r e r d d - i s i e s - t s l a p P i R 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—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 31.9 139.1 72.8 147.7 269.0 59 9 34.1 265.4 46.3 77 4 79.2 23.0 98.5 183.0 121 7 Nov.30. 1,848.1 175.3 32.3160.3 73.2 168.6 243.7 59 6 31.5 265.5 46.9 75 6 79.6 20.4 91.7 202.2 121 9 Dec. 31. 1,905.9 160.4 29.2 119.6 69.6 222.2 236.7 60.4 34.5 328.9 48.7 73 8 83.4 30.4 90.3 193.6 124 1 1955—Jan. 31. 1,836.6 143.3 30.8100.4 73.3 189.5 234.2 68 2 37.5 335.8 42.7 73 4 81.0 39.6 86.8 177.7 122 4 Feb. 28. 1,811.6 144.2 27.2 104.8 67.3 138.7 228.1 65 4 42.6 357.7 44.7 75 1 79.0 46.6 83.3 176.8 130.1 Mar. 31. 1,794.7 151.7 26.3 95.1 75.3 97.4 234.3 63 1 44.5 363.3 45.1 79 2 79.4 42.6 80.9 187.5 129 0 Apr. 30. 1,899.1 155.9 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. 1,991.4 167.4 28.3129.3 94.8 90.8 254.0 67 3 51.1 371.7 45.2 73.7 81.8 48.4 67.5 287.1 133 2 June 30 P 1,920.5 156.6 27.6 119.6 94.2 101.5 244.6 75 7 50.5 341.3 42.1 84 3 83.1 49.7 63.9 256.3 129 5 July 31P 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 Aug. 31P 1,853.1 173.7 25.0 125.5 75.3 105.5 230.5 71 0 46.7 321.2 42.9 84 7 85.9 38.8 59.6 234.5 132 2 ^Preliminary. rRevised. For footnotes see following page. 1190 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—<?<mf»m^ [Amounts outstanding, in millions of dollars] Table lc—Asia and All Other For- Ko- Egypt mosa rea, and Union Date Asia C M a h n a i d n in a - H K o o n n g g Indian In es d i o a - Iran IsraelJapan p R l u i e 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 o i n an go A E t g n ia g y n l p o - - A S f o r o u i f c t a h Other land of* Sudan 1951—Dec. 31. 1,595.5 87.4 62.4 62.1140.6 25.5 26.6596.0 26.2 329.7 96.7 142.2 297.4 38.5 54.5 110.7 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—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 82.1100.6 28.2 26.0712.6 88.7 276.8 124.2 236.6 264.9 37.3 44.4 47.6 38.1 97.5 Dec. 31. L,825.4 69.9 60.8 86.9100.3 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. 1,842.1 69.2 60.8 95.0109.3 44.5 38.9707.3 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 60.1101.5112.3 47.0 40.7700.1 96.8 263.2 133.1 232.6 284.3 58.6 42.7 52.0 36.2 94.8 Mar. 31. 1,859.9 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 44.7709.1 98.4 249.3 130.2 265.9 297.9 60.4 44.4 53.9 35.9 103.4 May 31 1,884.7 70.4 61.0 93.4 99.9 51.6 43.1720.1105.8 249.3 128.8 261.1 305.4 70 2 42 9 48 3 33.8 110.2 June 30P L,983.7 69.1 60.3 97.0115.4 51.6 41.0758.4109.7 252.0 129.9 299.1 301.0 64.2 42.6 50.3 30.1 113.8 July 31 P L,968.0 72.3 61.7 78.0107.9 47.7 43.1773.8106.2 258.5 121.2 297.7 301.4 70.0 42.2 45.0 32.8 111.4 Aug. 31 P :L990.7 71.7 60.2 73.1109.8 42.4 54.9803.6101.6 260.5 122.0 291.0 316.5 74.9 45.9 46.9 36.8 111.9 Table Id.—Supplementary Areas and Countries B End of year End of year Area or country Area or country 1951 1952 1953 1954 1951 1952 1953 1954 Other Europe: Other Asia: Albania .1 .2 .2 .2 Afghanistan 10.6 4.0 2.7 n.a. Azores .3 .3 .4 n.a. British dependencies 21.0 25.5 19.8 21.1 British dependencies .6 .4 .4 .6 Burma 9.5 16.9 23.0 29.7 Bulgaria .6 .6 .6 .6 Ceylon 19.2 13.9 17.1 n.a. Czechoslovakia 1.3 .6 .6 .7 Iraq 12.9 14.1 13.8 10.0 Eastern Germany n.a. n.a. n.a. 1.2 Jordan. .5 .6 .9 .8 Estonia 2.7 1.9 1.9 n.a. Lebanon 15.3 19.3 23.9 16.5 Hungary 1.0 1.0 1.0 1.0 Pakistan 13.1 14.4 9.7 3.8 Iceland 3.5 3.7 7.5 8.9 Palestine .1 .1 .1 Ireland, Republic of 15.9 12.6 14.1 n.a. Portuguese dependencies 2.7 2.8 5.3 1.8 Latvia 1.3 1.3 1.3 1.0 Saudi Arabia 13.2 15.9 18.5 61.5 Lithuania .6 .6 .4 .5 Syria 5.4 11.4 20.5 21.5 Luxembourg 11.8 5.0 4.0 4.5 Viet-Nam n.a. n.a. 8.1 Monaco 3.2 2.6 3.0 5.3 Trieste 5.6 4.1 2.5 2.2 All other: British dependencies 1.2 1.6 1.6 1.4 Other Latin America: Ethiopia and Eritrea. 6.9 3.5 9.1 n.a. British dependencies 14.6 14.6 18.0 19.0 French dependencies 36.5 27.0 22.3 16.8 Costa Rica 8.7 12.1 13.4 15.3 Italian Somaliland .1 1.1 .3 n.a. Ecuador 11.4 23.7 17.7 21.2 Liberia 6.1 10.3 11.8 5.6 French West Indies and French Libya .5 2.3 3.0 n.a. Guiana .8 2.2 .6 .4 New Zealand 5.2 3.5 2.1 2.3 Haiti 10.3 11.6 9.3 12.7 Portuguese dependencies 4.3 6.3 5.0 n.a. Honduras 17.2 15.4 18.7 n.a. Spanish dependencies .2 .2 .2 .5 Nicaragua 8.3 13.4 16.0 10.3 Tangier 21.5 26.7 36.1 35.7 Paraguay 5.4 5.0 6.0 3.6 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.). ^Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 6These 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. OCTOBER 1955 1191 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, inmillions of dollars] Date Total France R m e G F a p e e n . d r y - . o , f Italy S l w a e n r it - d z- U K d n i o i n m t g 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 i m a c t a e in r- Asia o A th l e l r 1951—Dec:. 31.. 968.4 10.1 28.3 10,3 11.2 35.0 88.5 183.4 92.0 489.3 161.8 41.9 1952—Dec. 31 1,048.7 31.9 26 8 17 8 7.1 30.3 98.2 212.2 62.3 662.0 89.8 22.4 1953—Dee. 3jo 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—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 3i 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 .... .366 ?. 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 19.3 119.1 140.0 381.2 91.0 686.2 169.8 36.5 Apr. 30 ••1,380.2 8.5 78.8 22.9 20.2 96.3 127.4 354.1 103.8 694.3 189.6 38.5 May 31. 1,414 7 10 3 77 2 26 3 22.0 98.5 135.0 369.3 107.6 683.7 213 1 41.1 June 3QP 1,444.7 9.9 83.7 27.7 20.5 90.8 142.7 375.3 122.3 664.0 239.1 43.9 July 31». . 1,417.5 11.7 79.9 26.3 20.9 70.3 153.9 363.0 118.2 653.0 241.0 42.2 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 e r n k - l F a i n n d - Greece N e e r t - h- N w o ay r- t P u o g r a - l opam S d w en e- T k u e r y « Y sla u v g i o a - o A th l m l lands 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 i§52—Dec. 31........ 98.2 .8 16.2 2.1 5.6 .2 4.4 19 .5 11.2 2.5 38.8 8.6 5.4 1953—Dec. 31 87.5 .8 13.0 6.2 1.9 1.3 8.6 10 .6 24.3 2.7 IS.7 4 8 6.8 1954—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 31 135.0 .6 17.8 7.2 2.4 4.5 14.6 2.4 1.0 4.3 4.1 67.5 4.3 4.4 June 30P 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 July 31* 153.9 .4 13.9 6.7 2.9 3.0 11.5 1.9 .9 8.0 5.1 89.4 2.0 8.1 Table 2b.--Latin America Neth- Dat® 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 ia - Brazil Chile l C o b m i o a - - Cuba p m i D R c u i a o e b n n - - - - G m u a a l t a e- M ic e o x- I l n W a a d e n n r e i d d - e s s s t a p P R m u a e b n a - - - , Pern v S a E a d l l o - r g U u r a a y - V zu e e n l e a - O A L i a m t c h t a i e e n r r lic Suri- lic of 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—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—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. . 683 7 5 7 3.5 188.8 10.8 116.5 70.6 4.0 4.6 121.8 1.6 20.4 15.7 4.8 6.7 81.2 27 1 June 30P. 664 0 8 1 2.8 153.5 15.4 132.3 54.5 3.9 3.7 124.6 2.5 17.9 16.4 4.9 7.4 84.5 31 7 July 31». 653 0 6 3 2.8 136.8 17.1 124.7 59.6 3.9 3.8 133.1 4.0 15.2 18.1 5.9 5.1 84.8 31.9 ^Preliminary. rRevised. ^'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 473 million dollars on July 31, 1955. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 2Less than $50,000. 1192 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 mosa Korea, and Union Date Asia C a h n i d na H K o o n n g g India I n n e d si o a - Iran IsraelJapan p R u e b - - ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a g .B ia e n l- A E n g g y l p o - - So o u f th Other Main- lic of2 Congo tian Africa land Sudan 1951—Dec. 31. . 161.8 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 51.6 41.9 22.8 5.7 .2 6 7 6.5 1952—Dec. 31.. 89 8 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 24.6 22.4 10,1 6.0 .5 2.0 3.8 1953—Dec. 31.. 114.8 8.1 3.1 3.7 .8 13.8 22.9 25.6 5.8 6.1 24.7 24.9 8.0 6.3 .5 2,4 7.8 1954—July 31. 117.5 8.1 3.6 4.2 ,6 17.5 8.4 33.3 .2 9.7 5.6 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 i.O 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.. '189.6 8.1 4.7 4.7 .4 18.8 7.4 r69 6 .3 12.6 15.3 47.7 38.5 10.5 5.5 1.3 6.4 14.9 May 31 213 1 8 0 4 5 3 9 3 19 1 7.4 87 1 .6 17 8 17 2 47.0 41 1 11 3 5 1 1 8 7.9 15.1 Tune 30*>.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 July 31». 241.0 7.8 4.1 3.5 .5 2-1.3 7.9 105.8 .4 16.7 1? 9 60.3 42.2 10.2 5.1 1.5 6.7 18.7 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES » [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—juiy 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 . '360.8 216.0 '•144.8 159.5 161.2 -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 M^ay 249 0 142 4 106 6 147 5 132 6 14.9 45 1 27 4 17 7 54 4 55 8 — 1 4 Juried 14.1 23.6 -9.5 176.1 157.5 18.6 72.0 34.1 37.8 67 9 91 2 —23 3 JulyP 44.2 23.9 20.3 166.9 135.7 31.2 58.6 30.5 28.0 55.0 68.6 -13.6 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Ger- Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i n r - - a s l fo c T t o r r o e i u e t i n g a s - l n France F R m l e e i d c a p n e u o r y f b a , - l Italy Sw la i n tz d er- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- Asia o A th l e l r 1951 ., —15.9 -568.4 6.0 (4) i.9 45.9 21.4 —66.0 9.2 -595.5 13.9 4.B — 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—July. . . -4.4 46.2 3.0 (4) (4) 24.8 5.7 -.6 32.8 -3.5 15.8 1.1 .1 Aug 41.2 13.8 .1 (4) .6 .5 6.5 —2.4 5.2 -1.7 10.5 -.3 .1 Sept... . 2.0 14.6 .2 -.1 .1 1.2 .7 5.3 7.3 -4.5 11.2 .5 .1 Oct... . 25.6 2.2 .9 (4) -1.2 4.5 5.9 -1.7 8.6 -5.2 .1 .1 -1.4 Nov.... -.6 52.6 3.0 .3 13.0 8.0 -6.4 17.9 -2.3 36.3 .1 .6 Dec -11.2 -132.0 -27.9 .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.... no.2 133.0 .7 .1 -5.0 15.1 22.0 20.3 53.2 76.3 3.3 ,2 (4) Mar.... .3 32.5 1.3 .1 .3 19.9 -1.7 -4.0 15.8 -5.2 6.0 14.6 1.3 Apr.. .. .4 8.6 2.1 (4) -2.4 2.5 4.0 1.4 7.6 -5.0 4.4 1.2 .4 May... -44.2 165.6 -1.2 1.9 (4) Q 41.1 39.3 80.4 78.4 6.2 (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 July?. . 3.0 48.6 .3 .1 -i 26.9 13.5 9.3 49.9 -4.6 .6 1.4 1.3 pPreliminary. ^Revised. !See footnote 1 on preceding page. 2Not reported separately until Mar. 31, 1954. ^Includes transactions of international institutions. 4Less than $50,000. OCTOBER 1955 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN UNITED STATES, BY AREAS CORRESPONDENTS * [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 fo co re u i n g - n E T u o ro ta p l e C ad a a n- A La m ti e n r- Asia o A th ll er Date Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous8 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—Sept. 30 461 3,013 101 Oct. 31 426 3,050 99 1954—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 -\.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 0) Aug. 31 387 3,373 141 May.. -4.1 20.5 -3.1 16.2 .8 -2.3 8.8 Sept. 30 385 3,463 142 June P. .1 14.4 -23.2 31.4 6.9 -2.3 1.7 July P.. -9.7 24.1 -8.1 32.7 1.6 -3.3 1.2 Sept. 7 377 3,376 142 Sept. 14 410 3,356 141 Sept. 21 403 3,401 142 v Preliminary. Sept. 28 383 3,459 142 iLess than $50,000. 1 Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1197, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month U o .S ut .S si . d R e .1 r m e T p o o o n t r t a h te l l d y A So fr u ic th a d R e h s o i - a A W fr e ic st a2 B C e o l n g g ia o n 2 U St n a i t t e e s d 3 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 4 Au li s a tra- India2 $1=* 15Hi graim* of gold]An fine: i e., an oimce of fit4e 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—juiy 71.1 39.4 1.6 2.3 1.0 6.1 13.3 1.0 1.0 .4 .8 3.4 .7 August. . 71.4 39.8 1.6 2.4 1.4 5.8 12.9 1.4 1.2 .3 .7 3.2 .7 September. 70.2 39.9 1.5 2.4 1.1 5.1 13.1 .9 1.1 .4 .7 3.4 .6 October .. 71.3 40.5 1.7 2.3 .9 5.6 13.3 1.4 1.1 .3 .6 3.1 .6 November 72.0 40.7 1.6 2.3 .9 5.6 13.5 1.2 1.2 .4 .6 3.3 .6 December 71.3 40.8 1.5 2.3 .9 5.8 13.5 .8 .8 .4 .7 3.4 .6 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 March 42 3 1 5 2 2 1 2 5 4 13 0 1 2 5 6 3 3 April 41.7 1.5 2.2 1.3 5.0 12.9 1 1 .7 2.8 .5 May 42.8 1.6 2.1 1.1 5.3 13.4 .9 .8 6 June 42.7 2.2 2.2 5.6 13.0 1.2 .8 .6 July 43 7 4.1 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. 2 1 R E e s p ti o m rt a e t d e s b o y f A U m ni e t r e i d c a S n ta B te u s r e B au u r o e f a u M o e f t a M l i S n t e a s t . i > stics. 3Yearly figures reported by United States Mint. Monthly figures reported by American Bureau of Metal Statistics. *Gold 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. 1194 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 30P Continental Western Europe: Austria 107 143 166 208 238 267 289 335 333 335 329 Belgium-Luxembourg (and Belgian 898 1,035 1,044 1,081 t,098 1,124 I,055 {,024 1,039 1087 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 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 ,055 t,064 1,125 1,118 1,118 1109 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 .... 224 275 280 309 335 337 342 399 406 386 383 Switzerland 1973 ?,053 ?,091 ?,120 ?,133 ?,134 ?,105 9,172 ?,185 7 149 9,170 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 12,295 Sterling Area: United Kingdom 843 ,318 ,886 3,051 ,009 ,198 3,536 ,388 ,190 137 ,139 United Kingdom dependencies.... 99 113 109 111 108 105 105 104 103 103 102 India .. 309 312 334 340 346 329 338 320 334 334 344 197 194 212 214 214 221 225 234 232 236 242 Other 326 347 369 354 373 371 373 371 381 395 402 Total ,774 3,284 3,910 4,070 4,050 4,224 4,577 4,417 4,240 4,205 4,229 Canada .. . . 2,157 2,492 2,238 2,292 2,417 2,487 2,463 2,543 2,616 2,493 2,538 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 3418 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 256 326 356 347 366 410 463 401 441 322 328 Total ,360 ,379 3,672 3,706 621 3,710 3,721 ,658 ,671 ,564 ,708 Asia: Indonesia . 421 296 246 198 184 166 140 168 181 194 211 163 157 155 168 181 185 172 164 169 178 190 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 9,185 ?,360 ?,406 ?,417 7 302 ?,189 ?,047 ?,147 ?,223 ?,273 9,393 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 pPreliminary. 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. 3Includes latest available figure for Mexican gold reserves (May 31). * Excludes gold reserves of the U. S. S. R. 6 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. OCTOBER 1955 1195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- U.S.S.R.)1 Treasury Total* 1949—Dec.. . . 35,400 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec.. . . 35,830 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec., . . 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec., . . 36,290 23.187 23,252 706 21 317 896 42 214 31 23 1953—Dec 36,710 22,030 22,091 37l' 776 21 321 996 42 86 186 31 23 1954^— S A ep ug t .. m 37,210 2 2 1 1 , , 8 8 0 1 9 0 2 2 1 1 , , 8 8 9 6 7 3 3 3 7 7 1 1 7 7 6 5 0 6 5 5 3 3 2 2 2 2 l 1 s , 0 0 5 5 2 9 4 4 2 2 1 18 8 6 6 3 3 1 1 2 2 3 3 Ot 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 1955—jan 21,714 21,786 371 781 (3) 322 1,083 43 186 31 23 Feb. . 21,716 21,788 371 797 (3) 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 Tune... P37,720 21,678 21,730 371 839 322 1,112 42 186 31 23 Julv 21,682 21,734 371 845 322 1,122 42 186 31 23 Au^ 21 682 ?1 732 850 1,134 42 31 23 Ger- E m n o d n t o h f Egypt France4 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - Pa ta k n is- Peru of 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—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 27 247 138 346 65 800 45 38 35 May.... 174 576 740 27 247 138 346 77 804 45 38 35 June 174 576 758 27 247 138 804 45 38 35 July.... 174 576 776 27 247 138 804 45 Aug 174 576 802 138 804 45 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 L,S04 118 154 51,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 53,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 52,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 L ,411 113 143 51,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 L.459 113 143 52,518 227 373 1,702 193 1954— S A e u p g t. . . . . . . . . 4 41 1 6 0 2 2 9 9 1 1 9 9 5 3 5 5 6 6 2 2 1 1 9 9 l 1P, 4 5 9 0 0 3 1 1 1 1 3 3 1 1 4 4 4 4 5 5 2 2 , , 9 9 1 0 8 1 2 2 2 2 7 7 4 4 0 0 3 3 1 1 , , 7 7 3 3 4 4 1 1 9 9 5 3 Oct 422 29 199 56 224 1,513 113 144 52,936 227 403 1,734 193 Nov 427 29 194 56 246 1,513 113 144 52,925 227 403 1,736 193 Dec... 429 29 199 56 265 1,513 113 144 52,762 227 403 1,740 196 1955—Jan 431 29 195 56 265 1,512 113 144 52,763 227 403 1,744 198 Feb 431 29 201 56 265 L ,501 113 144 52,681 227 403 1,744 209 Mar 438 29 203 56 265 1,499 113 144 52,667 227 403 1,744 204 Apr 438 29 208 56 258 1,493 113 144 52,686 227 403 1,744 204 May 438 29 207 56 263 1,473 113 144 52,686 227 403 1,745 207 Tune.... 436 29 212 56 264 1.485 113 144 52,680 227 403 1,745 230 July.... 422 29 215 56 264 1,495 112 144 52,544 227 403 1,747 227 Aug 29 212 56 264 144 52,457 403 226 p Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Less than $500,000. 4Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 5Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 1196 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 gium France R m F G e a p e e n d , r y - . o , f N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o he p r e1 Canada A t r i g n e a n- Cuba Mexico 1945..,.. —452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946..... 721.3 — .2 14.2 -10.0 *8(h2 -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 1 1 9 9 4 4 8 9 . . . . . , . , . ., lP5 1 1 9 0 3 . . 0 3 4 7 4 3 6 4 . . 3 3 -4 6 1 9 . . 0 8 15.8 — 4 2 0 3 . 7 5 6 14 3 .0 0 3.0 -4 — 0 5 .0 .6 2-159 5 . . 9 8 - 1 4 1 9 4 . . 9 1 - - 1 1 0 0 . . 0 0 -1 6 6 1 . . 1 6 1950...,, -1S725.2 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.0 -loo !o 28.2 -118.2 1951..,,.. 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -49.9 -20.0 -60.2 1952 . , 393 7 440.0 -3 8 — 10 0— 100 0 —5.0 22.5 —17.3 7.2 -20 0 87.7 1953...... —1,164,3 —480.0 -84.9 — 130 0 —65.0 —59.9 -20,0 -65.0 —111.8 -84.8 —28.1 1954 -326.6 -50.0 -225.6 -54.9 -IS.O -15.S -17.4 80.3 1953 Jan.-Mar.. -599.1 -S20.0 -36.5 ...... -30.0 -25.0 -10.0 -20,0 -45.0 -54.9 -28.1 Apr.-June. -»40.G -3.4 -40.0 -15.0 —25.0 -8.8 —20.0 July-Sept.. -306! 6 -120.0 -12.4 —40.0 " -40'.6 -io'.o' -42.8 -10.0 Oct.-Dec.. -130.3 -32.6 -50.0 -is!o -s!o -15.3 1954 Jan -IML&x —63 0 -40.0 —20 0 —2 4 Apr.-June — 19.6 —50.6 -15.6 -5 0 — 1.1 SO.3 July-Sept.. -171.8 —140.0 -20.0 -8.0 -2.5 Oct.-Dec.. -72.3 -30.0 -10.0 -7.5 -11.3 1955 Jan.-Mar.. -36.9 -22.5 -10.0 -5.0 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 m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d y a s o - f p T e o ri t o a d l* I i n n s g c to o r t e o l c d a t k a se l g p e o o x N ld r p t e o i t o m rt r -g m o c c o l r r a 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 —27.83—188.3 3.7 1946 .......... -4.9 -9.2 25.0 13.7 94.3 22.9 1943.... 21,938 21,981 -757.9 68.9 -803.6 48.3 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1948 .......... 10.7 -108.0 13.4 -4.1 498.6 6.9 1945 .... 20,065 20,083 -547.8 -106.3 -356.7 32.0 1949 -14.4 -50.0 -7.5 -52.1 195.7 -1.6 1946........ 20,529 20,706 623.1 311.5 465.4 51.2 1950 ........ —64.8 -17.2 -35.4 13.1 4-47.2 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1951 22.2 -.9 -17.2 s-50.1 52.1 4-84.0 1948. ... 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 1952 . ...... 14.9 -25.1 -7.0 11.5 -2.0 1949... . 24,427 24,563 164.6 686.5 -495.7 67.3 1953 -15.0 -3.8 -6.1 -9.9 1950. 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 1954 -5.0 ' '-30! 6 17.2 -10.4 . —.4 1951... 22,695 22,873 52.7 -549.0 617.6 66.3 1952 23,187 23,252 379.8 684.3 -304.8 67.4 1953 1953........ 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 1954 21,713 21,793 -297.2 16.6 -325.2 65.4 Jan -Mar........ — 10.0 —3.6 —1 1 Apr.-June........ —5.0 — 1.2 1954—Sept... 21,810 21,863 -33.6 1.1 -34.6 5.1 July-Sept........ — .1 — 1.4 Oct.... 21,759 21,827 -36.7 1.6 -34.6 5.6 Oct -Dec,.. .... — .1 -2.4 Nov... 21,710 21,791 -35.9 1.5 -36.7 5.6 Dec... 21,713 21,793 2.6 .7 1.8 5.8 1954 1955—Jan. . 21,714 21,786 -7.3 2.2 -9.7 5.0 Jan -!Mar —5.0 13.2 —8 9 Feb... 21,716 21,788 1.6 3.2 -.8 4.8 -30.0 2.0 -.1 Mar... 21,719 21,763 -24.7 2.7 -27.7 5.4 July-Sept. . .. —1 2 Apr. . . 21,671 21,724 -39.4 2.5 -41.8 5.0 Oct.-Dec. 1.9 — .1 -.4 May. . 21,674 21,727 2.9 4.5 — 1.0 5.3 June. . 21,678 21,730 3.1 3.8 -.9 5.6 1955 July.. 21,682 21,734 4.4 1.6 -.1 4.1 Aug.. . 21,682 21,732 -2.2 3.6 -2.9 5.9 3.4 — .1 -2.7 Sept... P21,684 P21,744 P12.5 (3) 410.6 (3) Apr -June — 1 pPreliminary. 1 Includes Bank for International Settlements. xSee footnote 2 on opposite page. 3 Includes sale of 114.3 million dollars of gold to Italy. 2 Change includes transfer of 687.5 million dollars gold subscrip- 8Includes 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 includes sales of 45.0 million dollars of gold to Indonesia. account, including gold held for the account of international institutions, amounted to 6,883.3 million dollars on Sept. 30, 1955. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. OCTOBER 1955 1197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND INTERNATIONAL MONETARY FUND [End-of-month figures. In millions of dollars] 1955 1954 1955 1954 International Bank Monetary Fund June Mar. Dec. Sept. June July Apr. Jan. Oct. July Dollar deposits and U. S. securities 464 48=> 46C> 478 415 Gold 1,747 1,744 1,744 1,734 1,733 Other currencies and securities1. 996 1,001 1.01C) 1,049 1,034 Currencies:1 Effective loans2 1,796 1,694I 1,73?I 1,620 1,663 United States 1,643 1,609 1,567 1,574 1,472 Other assets8 52 315 31r 33 31 Other 4,656 4,691 4,734 4,738 4,746 852 83?I 84?> 850 777 Unpaid member subscriptions... 805 798 798 798 892 Undisbursed loans. 456 38(> 42C) 336 380 Member subscriptions 88,863 88,85388,853 8,853 8,853 Other liabilities.... 10 11 11 9 10 Accumulated net income -11 -11 -10 —9 -9 184 174t 16!> 154 146 Capital* 1,806 l,80() l,80<> 1,831 1,830 Cumulative net drawings Sub- on the Fund10 Loans as of August 31 1955 scrip- Country9 Quota p ti a o i n d 1955 1954 Country* Outstanding in gold Prin- Dis- Undis- Re- July June May July cipal bursed bursed paid Sold Total to others5 Brazil 150 37.5 65,5 65.5 65.5 65.5 Colombia 50 12.5 25.0 25.0 25.0 France 525 108.1 105.0 105.0 105.0 105.0 Australia 258.5 207.3 51.2 207.3 21.6 Germany 330 33.0 -49.5 -49.5 -49.5 -46.1 Belgium ....... 106.0 90.8 15.2 2.5 88.3 17.7 India 400 27.5 12.6 27.6 27.6 53,3 Brazil 194.1 143 5 50 6 4.5 139.0 3 5 Indonesia 110 15.5 15.0 15.0 15.0 Chile . . .. 37.3 19.2 18.1 4.3 14.9 .5 Japan 250 62.5 62.4 62.4 62.4 62.4 Colombia 94 7 49 4 45 3 6.3 43.1 3 0 Philippines 15 3.8 10.0 10.0 40.0 40 0 1.9 38.1 1.0 Turkey 43 10.8 20.0 20.0 20.0 27.0 Finland 50.1 38.2 11.9 8.1 30.1 2.3 United States 2,750 687.5 -382.9 -397.9 -418.3 -558.7 267 5 252 8 14.7 8.3 244.5 21.6 India 126.0 60.7 65.3 16.2 44.5 5.7 Italy 90 0 20 0 70 0 20.0 6.0 1 Currencies include demand obligations held in lieu of deposits. Japan 40 2 31 2 9 0 31 2 6 1 2 Represents total principal of authorized loans, less loans not yet Lebanon 27.0 27.0 effective, repayments, the net amount outstanding on loans sold or Mexico 141.3 91 8 49.6 4.8 86.9 2.4 agreed to be sold to others, and exchange adjustment. Netherlands .... 221.5 221.5 133.0 88.5 9.7 3 Excludes uncalled portions of capital subscriptions. Norway 50 0 45 0 50 45 0 2 0 4Loans to dependencies are included with member. Pakistan 77.3 30.0 47.2 3.4 26.6 1.8 5Includes also effective loans agreed to be sold but not yet disbursed Peru 36 0 8 9 27.1 .6 8.3 2.1 ^Includes 200 million dollars in loans not yet effective. Thailand 37 4 24 1 13 3 7 23 4 TIncludes 119 million dollars not guaranteed by the Bank. Turkey 61 0 36 4 24 6 .3 36.1 8Includes 125 million dollar subscription of withdrawing member U U n n i i o te n d o K f i S n . g d A o f m ric . a .. . 1 6 1 6 0 . . 0 0 1 5 1 8 0 . . 9 0 "Y.\ 1.9 1 5 0 8 8 . . 9 1 1 1 3 4. . 5 0 (C i z n e c ch lu o d sl e o s v a c k o i u a n ). tries having cumulative net drawings of 10 million U Yu ru g g o u sl a a y v ia . ...... . .. 3 6 8 0 .7 5 5 3 5 1 .3 2 5 7 .2 5 3 1 . . 1 7 2 52 9 .6 1 .2 dol 1 l 0 a R rs e p (+ re s o e r n — ts ) fo o r n e t a h c e h l a c t o e u st n t d r a y t e p . urchases of other currencies from Other 154.5 58.6 95.9 9.7 48.9 2.2 Fund less purchases of own currency by it or other countries. Total 62,385.6 1,724.7 660.8 211.2 1,513.5 7137.0 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* O as t s h e e t r s N c a o o n t i d e n s a v c n o a D d n u i c s n a - e t d s s - Se t c ie u s ri- cir ti c o u n la- Bankers* Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - 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 1,321.9 299.2 11.6 97.9 111.2 18.1 1950 -Dec. 27. .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951 -Dec. 26. .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 6 89.8 18.1 1952 -Dec. 31 .4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—Dec. 30 .4 1,675.0 57.8 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—Sept. 29 .4 1.675.0 42.3 6.5 337.6 1,635.4 276.1 16.4 6 3 69.0 18.5 Oct. 27 , , . . .4 1,675.0 41.7 2.1 351.1 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 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 21,775.0 25.6 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 1.782.7 246.6 14.2 .5 72.9 18.2 July 27 .4 21,875.0 16.9 21.0 305.9 1,860.9 240.8 13.6 2.2 68.8 18.3 Aug. 31 .4 21,825.0 45.5 20.0 280.2 1,782.3 243.6 10.9 2.7 70.0 18.5 JOn Sept. 19, 1949, the official buying price of the Bank of England for gold was increased from 172 shillings and threepence to 248 shillings per fine ounce. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2Fiduciary issue decreased by 50 million pounds on Jan. 20; increased by 25 million on Apr. 6 and May 4, and by 50 million on June 8 and July 20; and decreased by 50 million on Aug. 17. 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. 1198 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 (Figures in millions of Sterling securities Other Canadian dollars) Gold* and S t U at n es ited O as t s h e e t r s circ N u o la te tion liab a i n li d ties dollars S t h e o rm rt- Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other capital 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,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—Sept. 30. 57.9 ,660.8 545.6 73.3 ,585.3 521.4 81.8 25.8 123.2 Oct. 30. 52.3 ,438.2 809.9 105.5 ,579.8 595.2 49.8 31.4 149.5 Nov. 30. 57.7 ,444.3 837.5 85.1 ,587.1 528.8 141.1 36.0 131.5 Dec. 31. 54.2 1,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Jan. 31. 51.5 1,249.8 876.0 87.7 ,545.9 528.7 56.5 38.6 95.4 Feb. 28. 52.4 1,320.6 815.1 82.1 ,541.7 503.8 63.2 47.3 114.1 Mar. 31. 50.8 1,325.6 821 101 .4 ,552.9 541.9 57.5 42.7 104.3 Apr. 30. 59.0 1,385.5 808.4 123.6 ,579.3 570.7 50.8 40.5 135.2 May 31. 52.3 1,357.6 817.5 87.1 ,597.7 516.9 50.6 35.6 113.7 June 30. 55.8 1,451.9 834.9 121.5 ,618.8 577.0 71.3 36.5 160.4 July 30. 59.6 1,233.4 1,032.4 134.9 ,651.8 532.9 52.9 45.2 177.5 Aug. 31. 57.7 1,185.2 1,149.3 73.2 1,653.9 538.7 59.5 38.1 175.2 Assets Liabilities Bank of France Domestic bills Advances to Deposits Other mill ( io F n ig s u o re f s fr i a n ncs) Gold2 Fo e re x i - gn Government Other ci N rc o u t l e a- li i a ti b e i s lchange m O a p rk en et Special Other Current Other assets tion G m ov 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 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec, 29. 62,274 61,943 137,689 28,548 335,727157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042 937,459172,000 479,982 159,727 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—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, 215 2,538,455 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 2,583,654 24 7,351 115,374 54,064 Apr, 28. 201,282 121,962 200,233 28,526 1,113,385190,000 546,749 336 294 2,544,115 51 11,302 128,552 54,410 May 26. 201,282 153,030 210,448 26,545 1,028,496190,000 584,949 334 389 2,523,444 20 11,120 129,730 64,823 June 30. 201,282 183,869 245,543 16,393 1,054,765190,000 579?449 355 574 ,629,933 45 11,713 126,899 58,283 July 28. 201,282 200,145 247,594 11,343 1,061,877190,000 579,849 355,485 ,642,828 93 11,680 133,666 59,308 Aug. 25. 201,282 200,186 190,030 7,462 1,042,874190,000 579,349 3371,580 ,588,468 83 8,841 116,452 68,919 *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 252.3 billion francs on Aug. 25. 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. OCTOBER 1955 1199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1955 1954 1955 1954 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia— Cont. Gold reported separately 1,623 1,623 1,623 Loans and discounts 610,014602,216634,109 '•364,162 Other gold and foreign exchange. 748 859 1,679 Government loans and securities 461,2"5"6 463,064466,481 '•321,321 Government securities 4,062 4,058 3,717 Other assets 99,905 98,194108,485 120,762 Rediscounts and loans to banks. 75,968 75,05. 63,889 Note circulation 628,089638,303653,704 647,218 Other assets 342 389 273 Deposits 664,210655,623674,598 516,874 Currency circulation 31,811 31,612 26,984 Other liabilities and capital 171,595176,800179,958 121,941 Deposits—Nationalized 44,86' 44,485 39,054Central Bank of Costa Rica Other sight obligations 744 644 545 (thousands of colones): Other liabilities and capital 5,321 5,243 4,598 Gold 11,503 11,503 11,503 11,503 Commonwealth Bank of Aus- Foreign exchange 124,649135,166142,640 72,251 tralia (thousands of pounds): Net claim on Int'l. Fund2 7,032 7,03: 7,032 Gold and foreign exchange 333,104354,827373,962 449,507 Loans and discounts 68,363 59,84: 109,112 Checks and bills of other banks.. 5,632 5,246 12,201 7,054 Securities 2,858 3,828 3,762 Securities (incl. Government and Other assets 24,344 26,300 24,847 Treasury bills) 499,780470,785494,498 438,64 Note circulation 146,332 149,479 136,752 Other assets.. 58,557 66,100 73,981 67,87: Demand deposits 60,125 70,289 62,046 Note circulation 367,753363,003362,827 347,57' Other liabilities and capital 32,29: 31,377 29,709 Deposits of Trading Banks: National Bank of Cuba Special 265,444265,559280,644 331,370 (thousands of pesos): Other 34,441 38,137 41,217 31,826 Gold 185,87. 185,875 185,871 Other liabilities and capital 229,435230,259269,954 252,307 Foreign exchange (net) 105,756111,096 27,767 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) •. 198,909202,609 287,542 Gold 557 557 556 41 Net claim on Int'l. Fund2 12,512 12,512 12,512 Foreign exchange (net) 8,038 8,351 7,941 9,758 Loans and discounts 48,997 41,926 32,012 Loans and discounts 5,437 5,492 5,673 5,199 Credits to Government 60,901 55,345 36,052 Claim against Government 1,857 1,803 1,813 1,777 Other assets 79,570 79,243 76,949 Other assets 498 467 372 29 Note circulation 416,740 418,947 411,871 Note circulation 12,660 12,843 12,575 11,265 Deposits 256,645251,280 228,715 Deposits—Banks 1,535 1,650 1,617 3,257 Other liabilities and capital 19,136 18,380 18,120 Other 567 533 536 771 National Bank of Czechoslovakia3 Blocked 1,626 1,643 1,628 1,* National Bank of Denmark National Bank of Belgium (millions of kroner): (millions of francs): Gold 68 68 68 69 Gold , 42,518 42,236 41,936 37,777 Foreign exchange 658 673 634 810 Foreign claims and balances (net). 10,769 10,607 10,855 11,147 Loans and discounts 179 276 262 181 Loans and discounts 8,055 10,151 9,257 8,463 Securities 477 475 475 514 Consolidated Government debt. . 34,660 34,660 34,660 34,660 Govt. compensation account.... 3,125 3,125 3,125 3,216 Government securities 8,238 7,838 8,639 8,880 Other assets 919 674 747 337 Other assets 5,179 5,067 5,049 4,490 Note circulation 1,926 1,956 2,010 1,896 Note circulation 104,629 05,806 05,269 100,140 Deposits—Government 1,429 1,360 1,324 1,271 Deposits—Demand 1,175 1,342 1,893 1,498 Other 1,816 1,724 1,730 1,722 ECA 55 68 68 125 Other liabilities and capital 256 251 247 238 Other liabilities and capital 3,560 3,343 3,167 3,654 Central Bank of the Dominican: Central Bank of Bolivia—Mone- Republic (thousands of pesos): tary dept. (millions of bolivianos): Mar.)* 12,076 12,076 12,076 12,076 Gold at home and abroad 495 1,515 Foreign exchange (net). 12,134 10,893 13,338 27,333 Foreign exchange (net) 778 113,338 Net claim on Int'l. Fund2 1,250 1,250 1,250 1,250 Loans and discounts 26,370 10,932 Loans and discounts 3,274 3,299 3,971 2,371 Government securities 2,505 2,505 Government securities 8,890 8,890 8,890 9,420 Other assets 965 1,047 Other assets 14,783 14,591 14,684 7,131 Note circulation 21,882 17,198 Note circulation 41,582 41,612 42,380 38,010 Deposits 5,045 5,590 Demand deposits 8,179 6,802 9,162 19,356 Other liabilities and capital 4,186 6,548 Other liabilities and capital..... 2,646 2,585 2,667 2,214 Central Bank of Ceylon (thousands Central Bank of Ecuador ©f rupees): (thousands of sucres): Foreign exchange 538,115 601,582 450,108 Gold 143,477 143,460 43,407 342,656 Advances to Government 25,000 Foreign exchange (net) 30,393 -7,301 9,512 126,640 Government securities 19,150 18 20,274 25,212 Net claim on Int'l. Fund2 18,757 18,757 18,757 18,757 Other assets 8,037 7 7,206 9,120 Credits—Government =11 ,145:31,101 45,091 383,947 Currency in circulation 394,367391! 377,010 368,700 Other 152,234 :49,033 37,538 266,308 Deposits—Government 03,031 94 88.427 3,108 Other assets 165,052 :56,670 45,543 209,616 Banks 10,627 09 10,684 88,323 Note circulation »79,907 >69,396 ;48,526 713,130 Other liabilities and capital..... 57,277 54, 52,941 49,309 Demand deposits—Private banks. 103,468 13,814 22,418 223,968 Central Bank of Chile (millions Other 63,231 59,703 70,934 172,176 of pesos): Other liabilities and capital..... 174,453 48,808 57,970 238,650 Gold 5,811 5,804 5,803 5,699 National Bank of Egypt (thou- Foreign exchange (net) 295 402 994 1,097 sands of pounds): Discounts for member banks.... 5,493 4,709 4,617 2,480 Gold 60,553 60,553 60,553 60,553 Loans to Government 16,270 15,870 15,770 11,469 Foreign assets4 70,780 70,074 74,231 20,000 Other loans and discounts 14,711 14,685 13,718 9,765 Egyptian Govt. securities 74,205 75,616 73,117 243,079 O N t o h t e e r c a ir s c s u e l t a s t . i ; on 3 5 6 , ,1 6 7 0 7 8 3 5 5 , , 5 78 2 9 0 3 5 4 , , 7 1 2 2 4 6 1 2 3 0 , , 1 6 7 6 0 8 L C o le a a n r s i n a g n d a n d d i s o c t o h u e n r t a s ccounts (net) • 1 1 5 8 , , 6 5 9 4 9 5-1 2 6 3 , ,6 6 2 0 1 3 - 2 1 1 4 , , 4 7 4 8 9 3 '22',575 Deposits—Bank 4,196 4,828 6,208 5,002 Advances to Government 11 Other 2,113 1,734 1,746 449 Other assets 2,509 3,252 2,796 3,228 Other liabilities and capital 5,703 4,638 4,546 7,561 Note circulation 57,117 67,675 .64,765 163,102 Bank of the Republic of Colombia Deposits—Government 29,040 36,304 52,992 47,573 (thousands of pesos): Other 96,805 93,894 80,428 129,110 Gold and foreign exchange 268,339 282,871274,805 455,409 Other liabilities and capital 22,239 18,640 19,179 9,661 Net claim on Int'l. Fund2 24,380 24,380 24,380j 24,377 ^Revised. •Latest month available. 1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3For last available report (March 1950), see BULLETIN for September 1950, p. 1262. ^Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities. 1200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1955 1954 1955 1954 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. Central Reserve Bank of £1 Salva- Bank Melli Iran—Cont. dor (thousands of colones): Gold contribution to Int'l. Fund. 282 282 282 282 Gold 71,280 71,331 71,382 72,089 Government—secured debt 7,187 7,187 7,187 6,354 Foreign exchange (net) 47,013 63,202 65,851 45,287 Government loans and discounts. 11,073 11,155 11,775 9,874 Net claim on Int'l. Fund1 1,569 1,569 1,569 1,568 Other loans and discounts 4,476 4,410 4,385 3,715 Loans and discounts 49,876 40,803 36,606 33,182 Securities 411 411 411 848 Government debt and securities.. 7,366 7,303 11,915 7,103 Other assets 2,905 3,085 3,456 1,826 Other assets 7,373 7,312 7,432 7,246 Note circulation 9,912 10,021 10,150 9,818 Note circulation 87,953 89,871 91,304 90,849 Deposits—Government 5,114 5,185 5,799 3,339 Deposits 86,803 92,176 94,055 65,053 Banks 1,262 1,177 1,158 936 Other liabilities and capital 9,719 9,472 9,396 10,573 Other 11,317 11,583 11,605 10,210 Bank of Finland (millions of mark- Other liabilities and capital 3,215 3,050 3,269 3,084 kaa): Central Bank of Ireland (thousands Gold 6,882 6,882 6,973 of pounds): Foreign assets (net) 25,525 23,773 37,397 Gold 2,646 2,646 2,646 2,646 Clearings (net) 6,053 5,773 7,722 Sterling funds 67,274 68,734 67,595 64,135 Loans and discounts 47,929 44,382 33,059 Note circulation 69,920 71,380 70,241 66,781 Securities 2,050 2,091 2,244 Bank of Italy (billions of lire): Other assets 1,942 1,972 1,985 Gold 4 4 4 4 Note circulation 49,903 49,584 45,850 Foreign exchange 76 74 71 77 Deposits , 21,732 18,293 7,996 Advances to Treasury 567 567 567 567 Other liabilities and capital 18,745 16,996 15,534 Loans and discounts 381 363 384 364 Bank of German States2 Government securities 366 376 362 311 (millions of German marks): Other assets 859 864 788 774 Gold 3,370 3,258 3,182 2,286 Note circulation 1,481 1,508 1,428 1,395 Foreign exchange 8,952 9,082 8,865 8,148 Deposits—Government 35 32 53 30 Loans and discounts 1,961 2,348 2,153 1,586 Demand 83 83 76 69 Loans to Government 4,246 4,126 4,179 4,941 Other 510 486 474 475 Other assets 1,020 '933 964 916 Other liabilities and capital 143 139 146 129 Note circulation 12,920 13,028 12,832 11,686Bank of Japan (millions of yen): Deposits—Government 1,727 1,613 1,508 1,096 Bullion 448 448 448 448 Banks 2,985 3,088 3,046 2,966 Advances to Government 1,250 ,250 1,250 1,400 Other 218 204 209 306 Loans and discounts 181,554 ,209230,657 435,759 Other liabilities and capital 1,700 1,814 1,750 1,825 Government securities 413,334 ,445374,113 193,934 Bank of Greece (millions of drach- Other assets 164,881 ,490131,242 82,562 mae): Note circulation 540,849 ,882532,674 521,725 Gold and foreign exchange (net). 5,709 5,604 4,852 Deposits—Government 69,412 ,685 58,999 42,423 Loans and discounts 158 140 174 Other 67,573 ,310 65,619 75,366 Advances—Government 8,924 9,017 9,116 Other liabilities 83,633 ,966 80,419 74,590 Other 5,012 4,958 4,436Bank of Mexico (millions of pesos): Other assets 1,710 1,569 2,228 Monetary reserve5 1,582 1,535 1,532 1,271 Note circulation 3,967 3,1 3,468 "Authorized" holdings of secu- Deposits—Government 1,246 1,316 1,681 rities, etc 4,457 4,343 4,288 3,393 Reconstruction and Bills and discounts 474 485 538 475 relief accts 7,507 7,507 6,961 Other assets 504 480 465 729 Other 4,020 3,998 3,092 Note circulation 4,374 4,315 4,176 3,745 Other liabilities and capital 4,772 4,581 5,605 Demand liabilities 1,953 1,824 1,951 1,340 Bank of Guatemala (thousands of Other liabilities and capital 690 703 696 783 quetzales): Netherlands Bank (millions of Gold 27,227 27,227 27,228 guilders): Foreign exchange (net) 25,054 25,189 10,156 Gold 3,046 3,046 3,046 3,015 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Silver (including subsidiary coin). 30 27 25 18 Rediscounts and advances 5,193 4,386 11,364 Foreign assets (net) 1,423 1,478 1,504 1,335 Other assets 36,931 35,081 44,669 Loans and discounts 30 26 31 28 Circulation—Notes 47,548 48,671 51,940 Govt. debt and securities 623 628 801 695 Coin 3,689 3,701 3,701 Other assets 400 360 427 436 Deposits—Government 10,619 7,609 8,870 Note circulation—Old 28 28 28 29 Banks 16,856 16,968 13,321 New 3,770 3,728 3,638 3,418 Other liabilities and capital 16,942 16,184 16,835 Deposits—Government 345 236 629 406 National Bank of Hungary3 ECA 514 534 612 801 Reserve Bank of India (millions of Other 693 842 694 640 rupees): Other liabilities and capital 203 198 233 232 Issue department: Reserve Bank of New Zealand Gold at home and abroad 400 400 400 (thousands of pounds): Foreign securities 6,370 6,520 6,132 Gold 6,161 6,161 6,172 Indian Govt. securities 5,436 5,436 4,212 Foreign exchange reserve 56,905 54,714 85,822 Rupee coin 1,085 1,054 1,049 Loans and discounts 30,342 28,254 13,369 Note circulation 12,915 13,108 11,373 Advances to State or State un- Banking department: dertakings 11,487 13,018 30,847 Notes of issue department.... 377 303 419 Investments 33,257 33,257 23,964 Balances abroad 800 639 ,154 Other assets 1.514 1,868 1,475 Bills discounted 78 108 35 Note circulation 68,318 68,581 67,930 Loans to Government 10 8 15 Demand deposits 63,172 60,538 85,469 Other assets 903 955 ,135 Other liabilities and capital 8,176 8,154 8,249 D O e th p e o r s i l t i s a bilities and captital. . . 1, 4 69 6 9 9 1,4 5 5 5 4 9 , 2 5 2 3 1 7Bank G o o f ld Norway (millions of kroner): 203 203 203 203 Bank Indonesia (millions of rupiahs); Foreign assets (net). -96 -266 -189 176 Gold and foreign exchange (net).. 1,266 1,135 1,255 582 Clearing accounts (net) -50 -42 -33 -75 Loans and discounts 423 390 334 717 Loans and discounts 77 97 97 52 Advances to Government 9,581 9,760 9,797 7,707 Securities 76 109 111 26 Other assets 379 345 335 299 Occupation account (net) 5,546 5,546 5,546 5,546 Note circulation 8,210 8,203 8,184 6,212 Other assets 56 73 73 57 Deposits—ECA 495 495 495 495 Note circulation 3,168 3,184 3,168 3,119 Other 2,077 2,023 2,169 2,116 Deposits—Government 1,278 1,132 1,260 1,341 Other liabilities and capital 909 874 482 Banks 491 493 438 741 Bank Melli Iran4 (millions of rials) : FOA—MSA 529 582 608 207 Gold 4,242 4,242 4,242 4,242 Other liabilities and capital 344 329 335 578 Foreign exchange 244 244 244 244 iThis 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. 4 Items for issue and banking departments consolidated. fiIncludes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 1201 OCTOBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1955 1954 Central Bank 1955 1954 (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 582 582 582 482 Issue department: Foreign assets (net) ,047 1,002 916 1,359 Gold at home and abroad.,. 114 114 81 81 Net claim on Int'l. Fund2 129 129 129 129 Sterling securities 594 413 432 381 Swedish Govt. securities and ad- Pakistan Goyt. securities. . . 1,024 1,391 1,455 1,300 vances to National Debt Office3 ,866 3,006 2,859 2,572 Govt. of India securities.... 275 222 221 147 Other domestic bills and advances 68 42 442 46 India currency 431 300 300 300 Other assets ,015 1,011 1,019 860 Rupee coin 46 46 47 57 Note circulation ,775 4,735 4,924 4,523 Notes in circulation 2,380 2,400 2,417 2,164 Demand deposits—Government.. 106 93 183 150 Banking department: Other 131 240 147 78 Notes of issue department... 104 85 119 102 Other liabilities and capital 695 704 694 697 Bills discounted 1 2 6 Swiss National Bank (millions of Loans to Government 30 30 54 73 francs) : Other assets 601 466 337 420 Gold ,268 6,243 6,200 6,221 Deposits 643 492 404 508 Foreign exchange 561 683 747 530 Other liabilities and capital.. 92 89 108 93 Loans and discounts 149 158 164 102 Central Bank of Paraguay Other assets 101 102 107 92 (thousands of guaranies): Note circulation ,131 5,123 5,128 4,957 Gold* 3,984 3,984 3,984 Other sight liabilities ,743 1,858 1,888 1,785 Foreign exchange (net) 30,853 12,878 46,206 Other liabilities and capital 204 205 203 203 Net claim on Int'l. Fund2... 7,915 7,915 40 Central Bank of the Republic of Loans and discounts •.-.••• 1,101,775 1,041,616 472,145 Turkey (millions of pounds): Government loans and securities. 496,375 499,451 559,804 'rold. . 402 402 402 402 O O D N t t e o h h p t e e e o r r s a l i a n i t s a s d s — b e c i t l O o s G it i t i n o h e v s e i e s r a s r u n n e d m e c n a t p . ital 2 8 7 1 1 8 4 3 9 4 1 5 4 4 7 , , , , , 0 2 5 7 3 9 9 5 3 9 2 9 7 9 8 2 6 8 1 1 4 3 1 8 7 8 7 8 8 0 , , , , , 8 2 9 2 2 6 9 0 5 4 1 9 7 9 2 3 6 5 1 1 5 2 1 5 4 5 5 5 0 6 , , , , , 7 1 2 4 0 3 1 1 7 6 7 7 6 1 9 F L S O o e o t c c h r a l e u e n e i r r s a g i r t n a a i i s e n n s s g d e e s x t d s c i h s a c n o g u e n ts and foreign ,2 1 1 3 3 3 8 5 0 1 8 3,2 1 1 3 3 1 9 7 0 8 8 2,9 1 1 9 3 7 1 2 0 7 1 2,3 2 8 3 1 9 5 0 6 2 Central Reserve Bank of Peru Note circulation ,759 1,811 1,625 1,469 (millions of soles): Deposits—Gold 154 154 154 154 N Go et l d c l a a n i d m f o o n re i I g n n t 'l e . x F c u ha n n d g 2 e 63 6 6 7 6 6 6 7 0 33 6 3 7 Other liabil O it t ie h s e r and capital ,5 5 5 2 1 1 1,5 5 0 1 3 6 1,4 4 3 9 5 7 9 5 8 1 3 9 Loans and discounts to banks.... 562 396 696 Bank of the Republic of Uruguay Loans to Government 1,156 1,182 ,189 (thousands of pesos): Other assets 146 105 88 Gold 344,167 344,167 Note circulation 1,895 1,789 ,759 Silver 10,726 8,646 Deposits 446 437 387 Advances to State and Govern- Other liabilities and capital 227 184 229 ment bodies 145,642 138,652 Central Bank of the Philippines Other loans and discounts 462,302 372,356 (thousands of pesos): Other assets 794,265 548,202 Gold 25,099 23598 21,935 18,813 Note circulation 476,124 462,011 Foreign exchange 345,656 331 071334,621 455,454 Deposits—Government 144,427 160,354 Net claim on Int'l. Fund2 9,504 504 9,504 29,504 Other 342,451 332,454 Loans 76,254 010 80,663 5,217 Other liabilities and capital 794,100 457,202 Domestic securities 303,933 297,288 295,217 226,445 Central Bank of Venezuela (mil- Other assets 166,078163. 168,374 161,113 lions of bolivares): Circulation—Notes 582,991575 571,362 599,715 Gold ,234 1,234 1,234 1,232 Coin... 86,767 86,944 84,928 Foreign exchange (net) 321 380 435 212 Demand deposits 208,102 205,254 157,339 Other assets 164 151 146 142 Other liabilities and capital 48,663 46,753 54,564 Note circulation ,022 1,013 1,028 992 Bank of Portugal (millions of Deposits 297 281 263 223 escudos): Other liabilities and capital 399 469 525 371 Gold. 5,496 5,435 5,495 5,369 National Bank of Federal People's Foreign exchange (net) 13,175 13,007 12,991 13,084 Republic of Yugoslavia (millions Loans and discounts 912 804 850 737 of dinars): Advances to Government 1,383 1,384 1,390 1,404 Gold 4 4,541 4,190 Other assets 1,353 1,059 1,081 1,021 Gold contribution to Int'l. Fund. 2 2,369 2,369 Note circulation 10,484 10,194 10,156 9,834 Foreign assets 57 49,243 53,012 Demand deposits—Government.. 1,732 1,531 1,518 2,153 Loans (short-term) 715 891704 696,453 701,881 EGA 101 99 95 6 Government debt (net) 27 102 34 19,484 -8,590 Other 7,424 7,648 7,842 7,407 Other assets 51 275 50 51,527 46,589 Other liabilities and capital 2,579 2,217 2,196 2,215 Notes and coin in circulation.... 86 891 87 85,623 74,419 South African Reserve Bank Demand deposits 194 062187 164,702 167,742 (thousands of pounds): Foreign liabilities. 102 130 101,018 109,646 Gold 75,063 76,318 75,143 68,267 Long-term liabilities (net) 368290 373,465 372,184 364,831 Foreign bills 38,980 39,010 38,785 41,291 Other liabilities and capital 107 100,090 82,813 Other bills and loans 21,796 22,320 28,937 16,737 Bank for International Settle- Other assets. 53,983 52,733 52,773 45,922 ments (millions of Swiss gold Note circulation 107,154106,100 104,739 100,225 francs): Deposits 65,461 66,502 74,442 52,887 Gold in bars 692 696 703 591 Other liabilities and capital 17,206 17,780 16,456 19,105 Cash on hand and with banks.... 67 79 49 90 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 615 615 615 613 ances (at cost) 287 336 367 293 Silver 323 323 323 323 Time funds at interest 151 153 169 386 Government loans and securities. 15,940 16,239 15,771 16,202 Sundry bills and investments.... 398 380 365 442 Other loans and discounts 31,233 31,322 27,667 26,143 Funds invested in Germany 297 297 297 297 Other assets 39,235 40,845 36,755 36,242 Other assets 1 1 1 7 Note circulation 43,948 44,047 42,204 39,738 Demand deposits (gold) 456 456 453 436 Deposits—-Government 4,992 6,319 2,756 5,375 Short-term deposits: Other 4,490 4,212 4,279 3,324 Central banks—Own account.. 893 945 959 ,134 Other liabilities and capital 33,916 34,767 31,892 31,087 Other 29 28 23 27 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 286 285 288 281 JOn Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of fine gold per guarani. 2 This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3 Includes small amount of non-Government bonds. 1202 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— ef D fec a t t i e ve C a a d n a - U K d n i o i n m t g e - d Francem G a e n r y - 1 g B i e u l m - N la e e n r t - d h s - S d w e e n - ba C n e k n tr o a f— l R A 3 a u 1 t g e . ef D fe a ct t i e ve ba C n e k n tr o a f— l R A 3 a u 1 t g e . ef D fe a ct t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Ireland 3 May 25, 1954 1949 2 3 4 3M Austria 4 \4 May 20, 1955 Italy 4 Apr. 6, 1950 June 8, 1950 Belgium 3 Aug. 4, 1955 Japan 7.3 Aug. 10, 1955 Sept. 11 3% 6 Sept. 30, 1950 Mexico June 4, 1942 Sept. 26 3 Oct. 17 2 Oct. 27 6 Dec. 1.. 3 Canada 2 Aug. 5, 1955 Netherlands . Apr. 7, 1953 Apr. 17, 1951.. 4 Ceylon June 11, 1954 New Zealand. July 1, 1955 July 5 3y% Chile June 13, 1935 Norway Feb. 14, 1955 Sept. 13 4 July 18, 1933 Pakistan 3 2 July 1, 1948 Oct. 11.. 3 Costa Rica 5 Apr. 1, 1954 Nov. 8 2*4 Nov. 9 4 Jan. 22, 1952.. M Ma a y r. 1 2 2 9...... 4 5 D Ec e u n a m d a o r r k 1 s 0 y 2 J M u a n y e 2 1 3 3 , , 1 1 9 9 5 4 4 8 P P e o r r u tugal. . . . 6 J N a o n v . . 1 1 2 3 , , 1 1 9 9 4 4 7 4 Aug 1 3 Egypt 3 Nov. 15, 1952 South Africa. 4 2 Mar. 27, 1952 Aug. 21 4^ El Salvador. .. 3 Mar. 22, 1950 Spain 3% July 1, 1954 Dec. 18 3 Finland 5 Dec. 1, 1954 Sweden Apr. 19, 1955 Jan. 8, 1953. 4 Apr 7 June 11... . 3K Sept 17 3X France 3 Dec. 2, 1954 Switzerland.. Nov. 26, 1936 Oct. 29.. 2% Germany1 33^ Aug. 4, 1955 Turkey 43J June 28, 1955 Nov. 20. ..... 2M Greece 9 Jan. 1, 1955 United King- Feb. 4, 1954 India Nov. 15, 1951 dom t" Feb. 24, 1955 May 13 3 Indonesia 3 2 Apr. 1, 1946 U.S.S.R July 1, 1936 May 20. ...... 3* Dec. 2 3 Jan. 27,1955.. 1 Rates established for the Land Central banks. F F e e b b . . 2 1 4 5. ••"1M 4X Af N ric O a T — E S .— ep C t. h a 2 n 9 g , e f s r o s m in c 4 e t A o u 4 g 3 . ^ 3 p 1 e : r N c e e w n t. Zealand—Sept. 5. from 5 to 6; South Apr. 19 . 3M A A u u g g . . 4 5 . . 2 sy 2 3 In effect Aug. 31, 1955 2 *y 2 3 sy 2 3 2% OPEN MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month 3 T m re b o a il s n l u s th ry s1 m D o a d y n ay - e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d l e l a o p n o w o k n s a e i n r t s s c ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m p o o a n n to t s hs d P is r r i c a v o t a e u t n e t 1945—July .36 1.03 1.00 1.13 .50 1.25 234-5 1.25 1946—July .40 .53 .51 .63 .50 1.30 1.52 1.31 2^-43^ 1.25 1947—July .41 .53 .51 .63 .50 1.51 1.52 1.09 2X-±X 1.25 1948—July .41 .56 .51 .63 .50 2.04 1.56 1.35 1.63 1949—July .51 .63 .52 .63 .50 P2.34 1.43 .83 1.50 1950—Tuly .51 .69 .51 .63 .50 2.59 1.57 1.10 1951—July .77 .93 .51 .63 .50 2.57 1.39 .91 ^50 1952—July 1.11 3.00 2.46 2.25 2.00 3.84 1.05 .75 .50 1953—July 1.75 3.00 2.35 2.25 2.00 4.13 .50 .50 .50 1954—July 1.38 1.16 1.60 1.57 1.44 1.25 3.79 .40 .50 .50 1954—August 1.32 1.06 1.61 1.60 1.44 1.25 3.82 .75 .53 .50 September. 1.21 .95 1.64 1.63 1.44 1.25 3.77 .88 .51 .50 October 1.18 .96 1.62 1.59 1.44 .25 3.65 .88 .63 .50 November. 1.17 .78 1.62 1.60 1.44 .25 3.51 .87 .50 .50 December.. 1.08 .76 1.78 1.78 1.45 .25 3.29 .77 .57 .50 1955—January.. .99 .69 2.02 2.05 1.55 .29 3.27 .79 .58 .50 February. .90 .69 2.58 2.68 2.15 .67 3.25 .79 .53 3K~5^ .50 March..., 1.13 .98 3.81 3.80 3.29 2.50 3.28 1.16 .71 .50 April 1.23 .97 3.83 3.81 3.17 2.50 3.23 1.04 .58 .50 May 1.24 .77 3.94 3.92 3.33 2.50 3.27 1.49 .90 4^-6^ .50 June , 1.36 1.11 3.99 3.97 3.21 2.50 3.19 .91 .62 .50 July 1.43 1.11 4.00 3.97 3.14 2.50 3.30 .75 .50 1.50 ^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. OCTOBER 1955 1203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom * Assets Liabilities (1 b m 1 a 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 ri i d n n s g re C se a r s v h es M ca n o s l o n h l t e o i 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 c L u o s a to n m s e to rs O as 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 e t 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—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 August. . . 515 424 1,113 2,082 2,116 801 6,406 4,101 2,305 645 Liabilities Canada3 Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits End of month figures abroad Other Ca i n n a d m ia il n li o d n o s l o la f rs) re C se a r s v h es Se lo c a u n ri s ty l d o i 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 a O s t s h e e ts r Notes4 Total Demand Time li c a a b a p i n l i d i t t a i l es 1949—December 765 133 2,271 146 4,345 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—August 809 174 3,917 312 4,220 1,280 9,022 3,487 5,535 1,690 September. . . 802 175 3,890 322 4,337 1,396 9,226 3,641 5,585 1.695 October 833 293 3,892 330 4,442 1,454 9,469 3,781 5,687 1,777 November. . . 810 297 3,984 334 4,473 1,428 9,462 ,930 5,532 1,864 December 810 211 3,952 325 4,429 1,706 9,579 3,964 5,615 1,854 1955—January 806 176 3,876 288 4,625 1,488 9,402 3,656 5,746 1,857 February.... 760 214 3,857 285 4,707 1,663 9,608 3,728 5,880 1,879 March 791 197 3,873 252 4,795 1,619 9,650 3,678 5,972 1,877 April 802 230 3,954 255 4,812 1,618 9,788 3,667 6,120 1,883 May 805 250 3,955 275 4,874 1,730 9,946 3,825 6,122 1,942 June 793 244 4,044 255 4,869 1,921 10,202 4,018 6,184 1,924 July 790 269 4,122 254 4,953 1,721 10,200 3,961 6,238 1,909 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 c i o ll u s n t d e i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t i n h l i i d t e t a i r e l s 1949—December 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—December 51,155 68,243 636,624 170,298 29,734 902,547 870,504 32,043 24,957 28,551 1953—December. 50,746 86,273 744,076 184,930 35,673 1,037,169 994,620 42,549 30,308 34,222 1954—July 51,277 90,693 787,897 208,091 49,709 1,103,289 1,061,250 42,039 26,945 57,432 August 47,292 84,294 719,014 227,750 49,845 1,043,036 999,131 43,905 24,248 60,910 September 46,676 87,028 730,466 223,746 52,147 1,052,196 1,007,956 44,241 23,179 64,688 October 51,991 83,631 820,800 214,681 56,909 1,133,087 1,087,933 45,154 25,355 69,570 November 47,696 82,270 797,574 229,729 63,785 1,119,354 1,071,500 47,854 28,515 73,185 December 53,346 84,873 849,368 225,030 41,311 1,183,308 1,163,648 46,085 31,372 39,250 1955—January 46,988 84,521 823,669 231,670 39,982 1,158,280 1,113,206 45,074 32,205 36,344 February 44,424 79,631 815,141 241,070 45,850 1,155,013 1,111,675 43,338 33,543 37,559 March 44,381 78,810 833,482 234,246 48,261 1,164,788 1,122,034 42,754 32,406 41,986 April 49,515 83,746 931,684 220,980 51,883 1,256,477 1,211,953 44,524 33,910 47,420 May 49,995 79,657 854,865 240,985 54,806 1,196,037 1,152,548 43,489 33,528 50,743 June 47,724 82,363 849,846 249,129 57,989 1,186,981 1,142,713 44,268 31,766 68,304 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 fHs per cent. sin accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures shown may not be strictly comparable with those for earlier dates. Beginning February 1955, when two banks merged, figures are for 10 banks. 4 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 1204 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 inNew York for cable transfers. [n cents per unit of foreign currency] Argentina Canada Year or month Basic P ( e p r n e e t f s i e a o r l ) - Free ( t p A r o a u u l s n i - a d) ( A sc u h s il t l r in ia g) B (f e r l a g n i c u ) m (c B ru r z a e z i i r l o) M B (d r a o s i i l l t a l a i a s y r h - ) Officia (d l ollar) Free 1949 29.774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 "i3*.333* "'8*. 289* 223.15 1,9908 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 5.4406 32.849 94.939 1952 .. 20.000 13.333 7.163 222.63 1.9878 5.4406 32.601 102.149 1953. 20.000 13.333 7.198 224.12 3.8S80 2.0009 5 44.7.0 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—October 20.000 13,333 7.198 222.89 3.8580 1.9977 32 634 103.094 November....... 20.000 13.333 7.198 222.67 3.8580 1.9982 32.625 103.160 December....... 20.000 13.333 7.198 222.10 3.8580 1.9954 32.544 103.292 1955—January 20.000 13.333 7.198 221.92 3.8580 1.9959 32.538 103.498 February 20.000 13.333 7.198 221.80 3.8580 1.9938 32.535 102.384 March 20.000 13.333 7.198 222.42 3.8580 1.9856 32.608 101.587 April........... 20.000 13.333 7.198 222.83 3.8580 1.9890 32.675 101.404 20.000 13.333 7.168 222.78 3.8580 1.9896 32 686 101.405 June 20.000 13.333 7.175 222.29 3.8580 1,9871 32.614 101.568 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 September. 20.000 13.333 7.175 221.98 3.8580 1.9874 32.568 101.228 Franc© Year or month C (ru ey pe lo e n ) ( m D kr e a o n r n k - e) ( F m in ar l k a k n a d ) (franc) G (d e m e r u a m t r s k a c ) n h y e ( I r n u d pe ia e) I ( r p e o l u a n n d d ) M (p e e x s i o c ) o ( e g N r u l e a il t n d h e d - r s ) Official Free 1949 . 27.839 19.117 .4671 .3017 27.706 12.620 34.528 1950 20.850 14.494 .2858 '"2-L838" 20.870 11.570 26.252 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 1952 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 26.315 1953 21.046 .4354 .2856 21.049 281.27 11.607 26.340 1954 21.017 .4354 .2856 223.838 21.020 280.87 »9.052 26,381 1954—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 September 20.852 4354 .2856 23.726 20.852 278.58 8.006 26.148 Year or month Z (p e N o a e u la w n n d d ) N (k o r r o w n a e y ) R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) (k S d r w o en e n - a) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur ( u p g es u o a ) y4 1949 365.07 18.481 49.723 3.8800 366.62 25.480 23.314 . 368.72 65.830 56.180 42.553 1950 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1952 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1953 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 65.833 56.180 42.553 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1954—October 276.95 14.008 49.677 3.4900 278.68 19.333 23.320 279.72 November....... 276.68 14.008 49.677 3.4900 278.40 19.333 23.328 279.45 December 275.98 14.008 49.677 3.4900 277.69 19.333 23.335 278.74 1955—January 275.76 14.008 49.677 3.4900 277.48 19.333 23.326 278.52 February 275.60 14.008 49.677 3.4900 277.32 19.333 23.319 278.36 March 276.38 14.008 49.677 3.4900 278.10 19.333 23.329 279.14 April 276.88 14.008 49.677 3.4900 278.61 19.333 23.330 279.65 May..... ...... 276.82 14.008 49.677 3.4900 278.54 19.333 23.333 279.59 June 276.22 14.008 49.677 3.4900 277.94 19.333 23.335 278.98 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 September 275.82 14.008 49.677 3.4900 277.54 19.333 23.334 278.58 1 Based on quotations through Aug. 13, 1954. 2 Based on quotations beginning Apr. 1, 1954. SThe 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. OCTOBER 1955 1205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U 1 S - 9 1 n t 4 a 0 i 7 t t 0 e e - ) 4 s d 9 ( C 1 - a 9 1 n 3 0 5 a 0 - d ) 3 a 9 M (1 1 e 9 0 x 3 0 i 9 ) c - o K U ( i 1 n 1 9 n g 0 3 i 0 t d 0 e ) o d - m F (1 r 1 9 a 0 4 n 0 9 c ) » e (1 I 1 t 9 0 a 3 0 ly 8 ) - ( a 1 J v 9 a e 3 p r 4 a a - g n 3 e 6 N ( l 1 e a 1 9 t 0 n h 4 0 d e 8 ) s r - - S (1 w 1 9 e 0 3 0 d 5 ) e = n ( S A w - l u 1 a g i 0 n t . z 0 d e 1 ) 9 r- 39 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5 159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 . 112 226 400 328 145 5,270 349 140 317 220 1953 110 221 393 328 138 5,250 352 134 298 213 1954 110 217 429 330 136 5,293 349 136 297 214 1954—August ill 216 441 329 136 5,261 342 134 296 214 110 215 439 329 135 5,267 344 134 295 215 October 110 214 450 329 134 5,276 343 136 296 215 110 215 454 331 135 5,320 346 136 298 216 December .. 110 215 460 336 135 5,350 344 136 299 217 19 55—-~ 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 110 219 485 336 133 '•5,321 339 136 308 215 July 111 218 P342 P133 5,292 341 136 P313 215 August 111 220 P343 *>135 215 ^Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES llndexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49 «ioo) (1935-39-100) (1930 = 100) (1948 -100) Year or month pr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p g a c a o w t a r u o n t r d a l u e y n s - d d F f u a c m g l c h l o a t y i u e o n f r d a u l e s y n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d d l r u u a s c - w ts p f I r i n n o tr d i d i s u a u h l s c 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 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 122 171 143 1952 107 109 113 250 219 231 284 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—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 io 55——Tanuarv 93 104 115 207 205 222 315 123 158 139 February 93 103 116 207 208 223 311 120 158 139 Miarch 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 90 103 117 210 210 224 313 116 161 137 August 88 102 118 205 211 225 P306 n.a. Not available. ^Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 1206 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 e 0 -4 s d )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 1 t n 9 h 0 5 d 0 e 1 s ) r 2 - 1 ( l 9 A a e 3 n r u 9 - d g = . ( U = 1 S 9 1 n t 4 a 0 i 7 t t 0 e e - ) 4 d s i 9 = 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 1 n t 9 h 0 d 5 0 e s 1 ) r 2 - 1 ( l 9 A a e 3 n r u 9 - d g = . = 100) 100) = 100) 100) 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 . . 102 100 84 100 162 100 100 76 100 174 1950 103 103 86 111 159 101 103 82 111 176 1951 111 114 95 130 100 167 113 117 91 128 100 181 1952 114 116 103 145 101 171 115 117 105 141 103 184 1953 . . 114 115 106 144 101 170 113 113 112 137 104 184 1954 115 116 108 143 105 171 113 112 114 135 108 188 1954—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 114 116 113 145 107 172 111 111 125 136 112 189 July 115 116 113 143 107 172 112 112 126 133 112 189 August 115 116 113 P143 106 173 111 112 122 133 190 ^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 i a ig t t d e e h e d s )l ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U 2 i e n 1 n c g e i = m t d e 1 o b d 0 m e 0 r ) F = ( r 1 1 a 9 0 n 4 0 c 9 ) e N la e n th d e s2 r- ( U 1 S = 9 n t 3 a 1 i 5 t t 0 e e - 0 3 s d ) 9 ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( K 19 U i 2 n n 6 g i = t d e o d 1 m 00) (19 F 4 r 9 a n = c 1 e 00) N = l ( e a 1 1 t n 9 h 0 d 5 0 e s 3 ) r 3 - Number of issues. . . 17 87 60 14 480 99 278 295 26 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 113 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 102 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—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 August 113.2 98.5 108.6 105.0 311.0 245.3 112.2 172 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. OCTOBER 1955 1207 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. KENYON, Assistant Secretary LOWELL MYRICK, Assistant Director CLARKE L. FAUVER, Assistant Secretary GERALD M. CONKLING, Assistant Director JOHN R. FARRELL, Assistant Director DIVISION OF EXAMINATIONS LEGAL DIVISION GEORGE 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 ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT C. CANBY BALDERSTON A. L. MILLS, JR. WILLIAM R. K. MITCHELL, PHILADELPHIA DISTRICT C. E. EARHART J. L. ROBERTSON W. D. FULTON CHAS. N. SHEPARDSON FRANK R. DENTON, CLEVELAND DISTRICT W. H. IRONS M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT HUGH LEACH JAMES K. VARDAMAN, JR. Vice President WINFIELD W. RIEFLER, Secretary WALLACE M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist W. W. CAMPBELL, ST. LOUIS DISTRICT J. DEWEY DAANE, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT L. MERLE HOSTETLER, Associate Economist MORGAN H. RICE, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist O. P. WHEELER, Associate Economist GEO. G. MATKIN, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 1208 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 x President Vice Presidents Bank of Deputy Chairman First Vice President (Vies 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 O. S. Powell C. W. Groth Otis R. Preston O. B. Jesness A. W. Mills E. B. Larson3 M. H. Strothman, Jr. H. G, 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 Kyle 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 R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco.... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville V. M. Longstreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 8 Also Cashier. OCTOBER 1955 1209 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 HISTORICAL SUPPLEMENT TO FEDERAL RESERVE the Division of Administrative Services, Board of CHARTS ON BANK CREDIT, MONEY RATES, AND Governors of the Federal Reserve System, Wash- BUSINESS. Issued annually in September. Anington 25, D. C. Where a charge is indicated, nual subscription to monthly chart book includes remittance should be made payable to the order one issue of Supplement. In the United States of the Board of Governors of the Federal Reserve and countries listed under Federal Reserve Bul- System. letin on this page, single copies 60 cents each or in quantities of 10 or more for single shipment 50 cents each; elsewhere 70 cents per copy. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. Revised edition. July 1954. 224 pages. BANKING AND MONETARY STATISTICS. Statistics of banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per ANNUAL REPORT of the Board of Governors of the copy. No charge for individual sections (un- Federal Reserve System. Issued each year. bound). FEDERAL RESERVE BULLETIN. Issued monthly. Sub- A STATISTICAL STUDY OF REGULATION V LOANS. scription price in the United States and its pos- September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single sessions, Bolivia, Canada, Chile, Colombia, Costa shipment, 15 cents each. Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Uruguay, and Venezuela is $6.00 per annum or INGS AND THEIR USE IN ECONOMIC ANALYSIS. 60 cents per copy; elsewhere $7.00 per annum or January 1952. 175 pages. 25 cents per copy; in 70 cents per copy. Group subscriptions in the quantities of 10 or more copies for single ship- United States for 10 or more copies to one ad- ment, 15 cents each. dress, 50 cents per copy per month, or $5.00 for 12 months. THE FEDERAL RESERVE ACT, as amended to November 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. $1.00 per RATES, AND BUSINESS. Issued monthly. Annual cloth-bound copy. subscription includes one issue of Historical Supplement listed on this page. Subscription price RULES OF ORGANIZATION AND RULES OF PROCEDURE in the United States and the countries listed above —Board of Governors of the Federal Reserve is $6.00 per annum, 60 cents per copy, or 50 System (with Amendments). September 1946. cents each in quantities of 10 or more of a par- 31 pages. ticular issue for single shipment; elsewhere $7.00 per annum or 70 cents per copy. 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. 1210 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. DIRECTLY PLACED FINANCE COMPANY PAPER. De- THE MONETARY SYSTEM OF THE UNITED STATES. cember 1954. 8 pages. February 1953. 16 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. 11 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- 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. n pages. DOLLAR FLOWS AND INTERNATIONAL FINANCING. ^DETAILED DESCRIPTION OF SOURCES AND METHODS March 1955. 8 pages. USED IN REVISION OF SHORT- AND INTERMEDIATE- TERM CONSUMER CREDIT STATISTICS (supplemen- SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEtary details for item listed above), April 1953. POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS, 25 pages. March 1955. 4 pages. UNITED STATES BANKS AND FOREIGN TRADE FIN AN C FEDERAL RESERVE BANK RESPONSIBILITIES. May ING. April 1955. 11 pages. 1953. 5 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED UNITED STATES POSTWAR INVESTMENT IN LATIN STATES. May 1955. 13 pages. AMERICA. May 1953. 6 pages. 1955 SURVEY OF CONSUMER FINANCES—From March, May, June, and August issues of BULLETIN. 52 WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE pages. (Also, similar Surveys are available for CORPORATIONS. July 1953. 12 pages. most earlier years from 1947, 1948, 1949, 1950, 1951, 1952, 1953, and 1954 BULLETINS.) DEPARTMENT STORE SALES AND STOCKS, BY MAJOR ESTIMATES OF CONSUMER INSTALMENT CREDIT EX- DEPARTMENTS (Revised Indexes) November TENDED AND REPAID, 1929-1939. June 1955. 8 1953. 65 pages. pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL FINANCING OF LARGE CORPORATIONS IN 1954. June PRODUCTION, 1953 Revision. December 1953. 96 1955. 8 pages. pages. SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1955. 2 pages. (Also, EXTENSIONS AND REPAYMENTS OF CONSUMER INsimilar article from July 1954 BULLETIN) STALMENT CREDIT. January 1954. 14 pages. CREDIT AND MONEY IN 1955. July 1955. 8 pages. NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages, (Also, similar re- THE BALANCE SHEET OF AGRICULTURE, 1955. August 1955. 10 pages. print from October 1951 BULLETIN) A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- ANNUAL ESTIMATES, 1939-54. October 1955. 40 tember 1954. 10 pages. pages. RECENT FINANCIAL CHANGES IN WESTERN GER- BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55. MANY. October 1954. 10 pages. October 1955. 8 pages. OCTOBER 1955 1211 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 -fa BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES w • FEDERAL RESERVE BRANCH CITIES DECEMBER I, 1954 W BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES Acceptances, bankers', 1148, 1153 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 1144 Adjusted, and currency, 1140 Agriculture, Govt. agency loans, 1150, 1151 Banks, by classes, 1141, 1145, 1147 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 1135, 1136, 1194 claims reported by banks): Postal savings, 1132, 1138, 1140 Banks and the monetary system, consolidated, 1140 Turnover of, 1138 Corporate, current, 1162 Deposits, reserves, and borrowings, by class of member Domestic banks, by classes, 1141, 1144, 1146 Federal Reserve Banks, 1135, 1136, 1137 bank, 1134 Foreign banks, 1198, 1204 Discount rates, 1133, 1203 Govt. corporations and credit agencies, by type and Discounts and advances by Federal Reserve Banks, 1131, 1135 agency, 1150, 1151 Dividends, corporate, 1161, 1162 Automobiles: Dollar assets, foreign, 1194, 1195 Consumer instalment credit, 1166, 1167, 1168 Dwelling units started, 1178 Production index, 1171, 1174 Earnings and expenses, member banks, 1188 Bankers' balances, 1145, 1147 Earnings and hours, manufacturing industries, 1169, 1175 (See also Foreign liabilities and claims reported by banks) Employment, 1169, 1174, 1176 Banks and the monetary system, consolidated statement, 1140 Export-Import Bank, loans, etc., 1150, 1151 Bonds (See also U. S. Govt. securities): Farm mortgage loans, 1150, 1163, 1164 New issues, 1160, 1162 Federal Deposit Insurance Corporation, assets, etc., 1150, Prices and yields, 1152, 1153, 1207 1151 Brokers and dealers in securities, bank loans to, 1144, 1146 Federal home loan banks, loans, etc., 1150, 1151, 1165 Business expenditures on new plant and equipment, 1162 Federal Housing Administration, Business indexes, 1169 loans, etc., 1150, 1151, 1163, 1164, 1165 Business loans (See Commercial and industrial loans) Federal National Mortgage Association, Capital accounts: loans, etc., 1150, 1151, 1165 Banks, by classes, 1141, 1145, 1147 Federal Reserve Banks: Federal Reserve Banks, 1135, 1136 Condition statement, 1135, 1136 Carloadings, 1169, 1178 U. S. Govt. securities held by, 1131, 1135, 1136, 1158, Central banks, foreign, 1196, 1198, 1203 1159 Coins, circulation of, 1139 Federal Reserve credit, 1131, 1135, 1136 Commercial banks: Federal Reserve notes, 1135, 1136, 1137, 1139 Assets and liabilities, 1141, 1144, 1204 Finance company paper, 1148, 1153 Consumer loans held, by type, 1167 Foreign central banks, 1196, 1198, 1203 Number, by classes, 1141 Foreign commercial banks, 1204 Real estate mortgages held, by type, 1163 Foreign deposits in U. S. Commercial and industrial loans: banks, 1131, 1135, 1136, 1140, 1145, 1147 Commercial banks, 1144 Foreign exchange rates, 1205 Weekly reporting member banks, 1146, 1148 Foreign liabilities and claims reported by banks, 1190, 1192, Commercial paper, 1148, 1153 1194 Commodity Credit Corporation, loans, etc., 1150, 1151 Foreign trade, 1178 Conditions statements (See Assets and liabilities) General fund balance, 1154 Construction, 1169, 1177, 1178 Gold: Consumer credit: Earmarked, 1197 Instalment credit, 1166, 1167, 1168 Net purchases by U. S., 1197 Major parts, 1166 Production, 1194, 1197 Noninstalment credit, by holder, 1167 Reserves of central banks and governments, 1196 Ratio of collections to accounts receivable, 1168 Reserves of foreign countries and international Consumer durable goods output indexes, 1174 institutions, 1195 Consumer price indexes, 1169, 1184, 1207 Stock, 1131, 1140, 1197 Consumption expenditures, 1186, 1187 Gold certificates, 1135, 1136, 1137, 1139 Corporate sales, profits, taxes, and dividends, 1161, 1162 Govt. agencies, assets and liabilities, by type Corporate security issues, 1160, 1162 and agency, 1150, 1151 Corporate security prices and yields, 1152, 1153, 1207 Govt. debt (See U. S. Govt. securities) Cost of living (See Consumer price indexes) Gross national product, 1186, 1187 Customer credit, stock market, 1152 Home owners, Govt. agency loans, 1150, 1151 Debits to deposit accounts, 1138 Hours and earnings, manufacturing industries, 1169, 1175 Demand deposits: Adjusted, banks and the monetary system, 1140 Industrial advances by Federal Reserve Adjusted, commercial banks, by classes, 1145 Banks, 1133, 1135, 1136, 1137 Banks, by classes, 1141, 1147 Industrial production indexes, 1169, 1170, 1174 Type of holder, at commercial banks, 1145 Instalment loans, 1166, 1167, 1168 Department stores: Insurance companies, 1149, 1158, 1159, 1164 Merchandising data, 1180 Insured commercial banks, 1143, 1144 Sales, 1169, 1179, 1180, 1181, 1182 Interbank, deposits, 1141, 1145, 1147 Stocks, 1179, 1182 OCTOBER 1955 1213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES—Continued Interest rates: Regulation V, loan guarantees, 1137, 1138 Bond yields, 1153 Reserve requirements, member banks, 1133 Business loans by banks, 1153 Reserves: Federal Reserve rates, 1133 Commercial banks, 1145 Foreign countries, 1203 Open market, 1153, 1203 Federal Reserve Banks, 1135, 1136 Regulation V loans, 1138 Foreign central banks and governments, 1196 Stock yields, 1153 Foreign countries and international institutions, 1195 Time deposits, maximum rates, 1132 Member banks, 1131, 1134, 1135, 1136, 1145, 1147 Internal revenue collections, 1155 Residential mortgage loans, 1163, 1164, 1165 International capital transactions of the U. S., 1190 Sales finance companies, consumer loans of, 1166, 1167 International financial institutions, 1195, 1196, 1198 Savings, 1186 Inventories, 1187 Savings bonds, sales and redemptions, 1157 Investments (See also specific types of investments): Savings deposits (See Time deposits) Banks, by classess, 1141, 1144, 1146 Federal Reserve Banks, 1135, 1136 Savings institutions, principal assets, 1149 Govt. agencies, etc., 1150, 1151 Savings and loan associations, 1149, 1164 Life insurance companies, 1149 Securities, international transactions, 1193, 1194 Savings and loan associations, 1149 Security issues, 1160, 1162 Labor force, 1176 Silver coin and silver certificates, 1139 Loans (See also specific types of loans): State member banks, 1143 Banks, by classes, 1141, 1144, 1146 State and municipal securities: Federal Reserve Banks, 1131, 1133, 1134, 1135, 1136, New issues, 1160 1137 Prices and yields, 1152, 1153 Govt. agencies, etc., 1150, 1151 Insurance companies, 1149, 1164 States and political subdivisions: Savings and loan associations, 1149, 1164 Deposits of, 1145, 1147 Holdings of U. S. Govt. securities, 1158 Loans insured or guaranteed, 1137, 1163, 1164, 1165 Ownership of obligations of, 1144, 1149 Manufacturers, production indexes, 1169, 1170, 1174 Stock market credit, 1152 Margin requirements, 1132 Stocks: Member banks: New issues, 1160 Assets and liabilities, by classes, 1141, 1144 Prices and yields, 1152, 1153, 1207 Borrowings at Federal Reserve Banks, 1131, 1134 Deposits and reserves, by classes, 1134 Tax receipts, Federal, 1155 Earnings and expenses, 1188 Time deposits, 1132, 1134, 1140, 1141, 1145, 1147, 1204 Number, by classes, 1141 Treasury cash, 1131, 1140 Reserve requirements, by classes, 1133 Treasury currency, 1131, 1139, 1140 Reserves and related items, 1131 Treasury deposits, 1131, 1135, 1136, 1154 Weekly reporting series, 1146 Treasury finance: Minerals, production indexes, 1169, 1170 Cash income, outgo, and borrowing, 1156 Money in circulation, 1131, 1139 General fund balance, 1154 Money rates (See Interest rates) Receipts and expenditures, 1154 Mortgages (See Real estate loans) Mutual savings banks, 1140, 1141, 1143, 1158, 1159, 1163 Unemployment, 1176 National banks, 1143 U. S. Govt. balances: National income, 1186 Consolidated monetary statement, 1140 National security expenditures, 1154, 1187 Commercial bank holdings, by classes, 1145, 1147 Nonmember banks, 1135, 1143, 1144 Treasury deposits at Federal Reserve Banks, 1131, 1135, 1136, 1154 Payrolls, manufacturing, index, 1169 U. S. Govt. securities: Personal income, 1187 Bank holdings, 1140, 1141, 1144, 1146, 1158, 1159 Postal Savings System, 1132, 1138, 1140 Federal Reserve Bank holdings, 1131, 1135, 1137, 1158, Prices: 1159 Consumer, 1169, 1184 International transactions, 1193 Foreign, 1206, 1207 New issues, gross proceeds, 1160 Security, 1152 Ownership of, 1158, 1159 Wholesale commodity, 1169, 1184 Prices and yields, 1152, 1153 Production, 1169, 1170, 1174 Volume and kind outstanding, 1157, 1158, 1159 Profits, corporate, 1161, 1162 United States notes, outstanding and in circulation, 1139 Real estate loans: Veterans Administration, loans, etc., 1150, 1151, 1163, 1164, Commercial banks, 1144, 1146, 1163 1165 Type of mortgage holder, 1163, 1164, 1165 Types of property mortgaged, 1163, 1164, 1165 Yields (See Interest rates) 1214 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis