Federal Reserve Bulletin, 1955-11

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

ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. CONTENTS PAGE Economic Expansion in 1954-55. . 1215-1221 Current Events and Announcements. 1222 National Summary of Business Conditions. 1223-1224 Financial, Industrial, Commercial Statistics, U. S. (See p. 1225 for list of tables) . 1225-1283 International Financial Statistics (See p. 1285 for list of tables) . 1285-1303 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council .. 1304 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 1305 Federal Reserve Board Publications. 1306-1307 Map of Federal Reserve Districts. . 1308 Index to Statistical Tables.. 1309-1310 •—mm »!•• inmrnnmimmmmmmmmmmmmm Subscription Price of Bulletin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 41 November 1955 NUMBER 11 ECONOMIC EXPANSION IN 1954-55 Broad expansion in demands of consumers GftOSS NATIONAL PftOPUC? Billions of dollars, annual rates and businesses has resulted in a marked rise 280 in total outlays for goods and services from 400 the moderately reduced level of the summer of 1954. In the July-September quarter CONSUMPTION 240 of 1955, gross national product was at a rec- - 360 ord annual rate of 392 billion dollars, 9 per cent higher than a year earlier. A further 200 sizable advance is occurring in the current - 320 quarter. For the year 1955, total product is now estimated at about 387 billion dol- JGOVJL lars, 7 per cent above 1954. Most of the PURCHASES ^^ - 280 80 v^rise represents growth in physical volume. Since the middle of this year, however, price advances have been a more important factor - 240 PRIVATE 40 INVESTMENT, than earlier. All major types of private expenditures have contributed to the growth in gross 200 I I 1 I 1 1951 1953 1955 1951 1953 1955 national product; in contrast, total Govern- NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. Private investment includes ment purchases of goods and services have gross private domestic investment and net foreign investment. Government purchases include Federal and State and local changed little over the past year, as may purchases of goods and services. be seen on the chart. Consumer spending has risen more rapidly this year than in tial construction activity continued to in- 1954, with the upsurge in purchases of auto- crease sharply until last spring, but in the mobiles a dramatic feature of the advance. past few months has slackened somewhat. Private investment has also risen sharply The growing volume of private spendfrom the moderately reduced level of 1954. ing has been financed from rising incomes A shift from liquidation of business inven- and from increased use of credit. Consumer tories in the summer of 1954 to accumula- spending for goods and services has extion last spring has provided an important panded more rapidly since early 1954 than expansive impulse, but in recent months the personal income after taxes; in the third build-up of stocks has been at a slower rate. quarter of 1955, personal saving was smaller Business outlays for durable equipment have in relation to disposable income than at any advanced rapidly since early 1955. Residen- time since early 1951. NOVEMBER 1955 1215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC EXPANSION IN 1954-5 5 Easing credit terms—lower downpay- as may be seen on the chart. Industrial proments and longer maturities—have been im- duction in October was 142 per cent of the portant in stimulating expenditures for auto- 1947-49 average, a new high and 15 per cent mobiles and new homes, and outstanding above the 1954 low. Since June advances in consumer instalment credit and mortgage industrial output and employment have been credit have increased by record amounts. at a slower pace. A number of key in- Terms available on new mortgage lending dustries—particularly in durable goods lines have tightened slightly since last spring, but where demands have expanded most—have this has not yet reduced mortgage lending been operating at or close to capacity, and activity. Bank loans to business have also important materials have been in tight supexpanded rapidly this year and corporate ply. Output of durable goods has continued security issues have continued in large vol- to rise while production of nondurable goods ume. With over-all private demands for has regained the advanced spring levels, following some decline in the summer. credit sharply increased in relation to the available supply of savings and of bank Employment at nonfarm establishments credit, interest rates on most types of bor- has about reattained its mid-1953 peak, alrowing have risen. though manufacturing employment is still Increased expenditures have resulted in below its earlier high. The average worksharp advances in output and employment, week in manufacturing in October was more than an hour longer than a year earlier and was close to the postwar record for SELECTED BUSINESS INDEXES 1947-49= 100, monthly the month. Unemployment in October PRICES amounted to 2.1 million persons, or 3 per 140 Wholesale cent of the labor force, and was considerably lower than a year earlier. Substantial wage increases have been negotiated since spring 130 in many important industries. In October average hourly earnings in manufacturing were more than 5 per cent higher than a 120 year earlier, with durable goods activities showing a much larger increase than nondurable goods lines. Wholesale prices of industrial commodi- NONAGRICULTURAL EMPLOYMENT Consumer 120 120 ties have advanced considerably since midyear and in mid-November averaged 4 per MANUFACTURE cent higher than a year earlier. The rise no 110 in prices, which at first was confined largely to materials, has extended to finished goods MANUFACTURING in recent months. Prices of farm products, 100 1953 1955 1953 1955 however, have declined further under the NOTE.—Seasonally adjusted series, except for prices. Bureau continued pressure of large supplies. Meanof Labor Statistics data for employment and prices, and Federal Reserve data for production. Industrial prices include those while, average consumer prices have changed other than farm products and foods. Latest figures shown are for October, with consumer price indexes estimated by Federal Reserve. relatively little, although prices of commodi- 1216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC EXPANSION IN 1954-5 GROSS NATIONAL PRODUCT1 Durable goods.—The upsurge in consumer [In billions of dollars] demands for durable goods, particularly au- Increase, or decrease ( —) tomobiles, has been a major factor in the expansion in consumer spending, as may Type of expenditure 3 1 rd 9 5 Q 5 . 3 1 rd 9 5 Q 4 . 2 1 n 9 d 5 Q 3 . 2 T n o d ta Q l, . be seen on the chart. In the third quarter to to 1953 3rd Q. 3rdQ. to consumer expenditures for autos and parts 1955 1954 3rd Q. 1955 were at an annual rate of 18 billion dollars, Gross national product 391.5 32.7 -10.5 22.2 nearly 50 per cent higher than a year earlier. Personal consumption ex- Domestic sales of new cars in 1955 may expenditures 256.0 18.1 6.5 24.6 Durable goods 37.2 7.8 -1.2 6.6 ceed 7.5 million units, as compared with Nondurable goods 127.0 5.5 1.8 7.3 . Services 91.8 4.8 5.9 10.7 5.5 million in 1954 and the previous record Gross private domestic investment 60.3 14.4 -9.1 5.3 of about 6.5 million in 1950. New construction 32.8 4.3 2.3 6.6 Residential, nonfarm 2.5 2.0 4.5 Several factors in addition to increases in Other 1.8 .3 2.1 Producers' durable equipment 2.9 -2.2 .7 income and employment have contributed Change in business inventories. 2.4 7.3 -9.4 -2.1 to the unusually sharp advance in auto buy- Nonfarm 2.0 7.4 -10.8 -3.4 Farm — .1 1.4 1.3 ing over the past year. These include the Net foreign investment -.5 .2 1.8 2.0 widespread public appeal of the extensively Government purchases of goods and services 75.8 0 -9.6 -9.6 changed models for 1955, active competition Federal 45.5 -2.2 -13.3 -15.5 National security 40.6 -1.5 -11.1 -12.6 among manufacturers and dealers leading Other , 5.2 -.9 -2.2 -3.1 Less: Government sales. ... .3 -.1 0 -.1 to substantial price discounts at retail, and State and local 30.2 2.1 3.8 5.9 a marked easing of instalment financing 1 Third quarter 1955 figures and changes from earlier quarters are for seasonally adjusted totals at annual rates. terms on new car purchases. Maturities on NOTE.—Based on Department of Commerce estimates. Details may not add. to totals because of rounding. ties other than foods recently have been PERSONAL CONSUMPTION EXPENDITURES Billions of dollars, annual rates edging up and services have continued to 100 rise. — OTHER 30 NONDURABLES CONSUMER EXPENDITURES 25 Consumer expenditures for goods and 90 CLOTHING services, which have increased with but AND SHOES 20 minor interruptions throughout the postwar period, were 8 per cent larger in the third quarter of 1955 than a year earlier, and 11 30 25 per cent above those of the summer of 1953. A further rise is apparently taking place in the current quarter. Nearly all of the in- HOUSEHOLD AND OTHER DURABLES crease in dollar outlays over the past year ALCOHOLIC BEVERAGES 70 represents a gain in real consumption, as average consumer prices have changed rela- AUTOMOBILES 10 AND PARTS tively little. The growth in per capita real takings of goods and services during the past 60 year was one of the largest of the postwar 1953 1955 1953 1955 period. NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. NOVEMBER 1955 1217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC EXPANSION IN 1954-55 automobile paper have lengthened consid- since last spring. Increases in these prices erably, and downpayments have declined. and in wage rates apparently have been re- Consumer expenditures for furniture and flected in some instances in higher prices of household equipment also have risen sub- new houses. stantially since late 1954 and in the third The rapid expansion in home building quarter of 1955 were at a level exceeded from early 1954 to the spring of this year only in 1950. This increase follows rela- was stimulated in part by relaxation in morttive stability in such expenditures during gage terms, in turn reflecting pressures from the preceding three years. The largest increased availability of funds. The relaxagains have occurred in outlays for major tion was particularly evident in terms on appliances. Federally underwritten mortgages, with a Nondurable goods and services.—Con- sharp rise in 30-year and no-downpayment sumer purchases of nondurable goods have VA mortgages. The increase from 1953 to accelerated in 1955, rising by 4 per cent from last spring in the number of houses started the first to the third quarter. Spending for under arrangements for VA-guaranteed fifood has increased most rapidly, but all nancing was as large as the increase in total major types of nondurable goods have par- private starts. ticipated in the rise. Per capita meat con- A large proportion of mortgage loans cursumption, after little change last year, is rently being closed is based upon lending showing a marked increase this year. commitments made earlier. Mortgage terms Consumer expenditures for services have have become somewhat tighter since last continued to rise at an annual rate of about spring, particularly on new commitments for 5 per cent, reflecting steady expansion in out- loans to be made in the future. Credit marlays for housing, household operations, med- kets generally have tightened further, and ical care, and other services. Price increases permissible terms for Federally underwrithave continued to account for much of the ten loans have been made less easy. Also, growth in such outlays. some limitation has been placed on borrowing of savings and loan associations from RESIDENTIAL CONSTRUCTION Federal home loan banks. Purchases of houses, both new and old, Following a rise of more than 40 per cent have been financed by a rapid growth in exfrom early 1954, the value of residential contensions of mortgage credit. Outstanding struction activity, seasonally adjusted, has dedebt on 1- to 4-family nonfarm houses rose clined somewhat from the record volume at a record annual rate, estimated at about reached last spring. For the year 1955 the 13 billion dollars during the first three quarnumber of private nonfarm dwelling units ters of this year, as compared with 9.5 billion started is expected to exceed 13 million, as in the calendar year 1954 and 7.5 billion in compared with 1.2 million last year and 1.1 1953. million in 1952 and 1953. The record volume of residential and other BUSINESS INVESTMENT construction activity has exerted strong pres- Business investment outlays have advanced sure on supplies of important materials. rapidly from a year ago to a level exceeded Prices of building materials, which began to only in 1951. Changes in business inventorise in mid-1954, have increased more rapidly ries have accounted for most of the recent 1218 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC EXPANSION IN 1954-55 BUSINESS INVESTMENT before tax; elimination of the excess profits Billions of dollars, annual rates tax moderated the decline in retained earnings, and depreciation allowances continued 50 to grow. Since the autumn of 1954 corporate profits after tax have risen sharply to the 40 highest level for any period except the latter part of 1950, and retained earnings have increased more than one-half, despite contin- 30 ued growth in dividend payments. Depreci- PRODUCERS' DURABLE EQUIPMENT ation allowances have risen further, and total corporate internal funds in the third 20 quarter of this year are estimated at a level about a third above the 1953 average. 10 Fixed investment.—Growth in business construction outlays this year has reflected + resumption of increases in industrial con- 0 struction and acceleration of growth in commercial building. The dollar value of com- J_ _L J_ 10 mercial construction in the third quarter was 1951 1953 1955 in record amount, nearly twice the 1953 NOTE.—Based on Department of Commerce quarterly estimates, adjusted for seasonal variation. Business construction quarterly average. Public utility construcexcludes residential and private institutional building. Total business investment includes components shown. tion has shown little change, while farm construction this year has continued the defluctuations in business investment expendicline which began in 1952. tures, as may be seen on the chart. The shift from rapid liquidation of stocks in the third Business expenditures for new durable quarter of last year to moderate accumula- equipment showed a delayed reaction both tion in the second quarter of this year repre- to the 1953-54 decline in economic activity sented an increase in business spending at an and to the more recent increase. Such outannual rate of 9 billion dollars. Subse- lays reached a low point in the first quarter quently, in the third quarter, the rate of ac- of 1955, when they were 14 per cent below cumulation of inventories declined. Out- the peak in the autumn of 1953. In the lays for business construction have risen third quarter of this year, however, spending appreciably since late 1954, after a year and for producers' equipment surpassed its eara half of relative stability, and expenditures lier record level. for producers' durable equipment have in- Recent surveys of business plans for outcreased sharply since early this year after a lays on new plant and equipment point period of moderate contraction. towards continued expansion. The survey Businesses have been in a strong financial taken by the McGraw-Hill Publishing Composition to increase their outlays for inven- pany in October indicates plans for busitories and fixed capital. Total internal funds ness fixed investment outlays in 1956 13 per of corporations from retained earnings and cent higher than estimated spending in 1955, depreciation allowances increased slightly in the largest increase reported since 1951. A 1954, despite declines in sales and in profits rise in spending of this magnitude for the NOVEMBER 1955 1219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC EXPANSION IN 1954-5 5 year 1956 implies further increases from the The build-up of business stocks has been record level apparently being attained in the moderate even though new orders received current quarter. Most industry groups plan by manufacturers have risen sharply since increases in plant and equipment spending mid-1954. In August and September new next year, with investment plans for manu- orders were close to record levels, and subfacturing up 30 per cent. stantially in excess of current sales. Inventories.—The increase in book value The increase in book value of inventories of business inventories from last year's low, held by manufacturers and distributors from according to available data, has not been their low at the end of 1954 to the end of large in relation to the expansion in sales, September 1955 amounted to 3 billion dolas is indicated on the chart. Among the lars. Part of the increase, particularly in refactors contributing to the moderate nature cent months, reflected price advances rather of inventory accumulation has been the lim- than expansion in the physical volume of ited availability of supplies in areas where stocks. Manufacturers' stocks increased nearly demands have been particularly strong. 1.5 billion dollars, mainly in durable goods In durable goods lines, stocks appear to lines. Nearly all of the increase was in be below their 1953 peak levels while sales purchased materials and goods in process, with little rise in finished goods. Among are at record levels; the stock-sales ratio apdistributors, stocks of automotive dealers, of parently is the lowest in four years. Nonall other retailers combined, and of wholedurable goods inventories have been remarksalers each rose by approximately 500 million ably stable in recent years, and the increase dollars. in sales since last year has brought the stocksales ratio to the lowest level since 1950. GOVERNMENT EXPENDITURES In contrast with private expenditures, total BUSINESS SALES AND INVENTORIES Government purchases of goods and services Indexes, 1947-49=100 have been relatively stable over the past . DURABLE year. A further rise in State and local gov- 180 ernment spending has about offset a small decline in Federal spending. : M ( Federal purchases for national security +/\ / SALES - 140 programs since late 1954 have been near an annual rate of 41 billion dollars, following a sharp decline from the peak rate of ~ 100 53 billion in mid-1953. The proportion of total output taken by national security pro- -NONDURABLE INVENTORIES - 140 grams is currently 10.5 per cent, as compared with 14.5 per cent in mid-1953 and the SALES 1947-49 average of 6.5 per cent. Federal 100 purchases of goods and services for programs other than national security also have I ! 1 f .^ changed little over the past year. Federal 1949 1951 1953 1955 NOTE.—Department of Commerce monthly data, seasonally purchases under the farm price support proadjusted, for manufacturers, wholesalers, and retailers. Latest sales figures shown are for September; latest inventories, for the end of September. gram declined substantially in 1954 from the 1220 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC EXPANSION IN 1954-5 5 record 1953 level and are likely to show PIRSONAL INCOME, CONSUMPTION, AND SAVING Billions of dollars, annual rates some further reduction this year. State and local government purchases of 300 goods and services have continued their DISPOSABLE INCOME steady postwar growth, with increases both AFTER TAXES in construction and in compensation of em- 250 ployees. The rise in construction activity of State and local governments this year will probably be smaller than last year, CONSUMPTION however, and their security issues, including EXPENDITURES 200 those for highway construction, will not reach the high 1954 level. 150 Per cent PERSONAL INCOME AND SAVING 10 Expansion in consumer spending has been RATIO OF SAVING supported by an increased flow of personal in- TO DISPOSABLE INCOME come, particularly since the autumn of last year. In September personal income was 1951 1953 1955 NOTE.—Department of Commerce quarterly estimates, adat a seasonally adjusted annual rate of 308 justed for seasonal variation. billion dollars. This was 20 billion, or 7 pensation benefits have offset continued per cent, above both the level of a year growth in payments under Old Age and earlier and the previous peak reached in Survivors' Insurance and other programs. mid-1953. A further increase apparently Dividends, interest, and income of nonfarm occurred in October. proprietors have all continued to rise steadily. Wages and salaries, which had declined Gains in consumer spending have outmore sharply than total income in the reces- paced growth in disposable income, as may sion of 1953-54, have risen more than 8 per be seen on the chart, and net personal saving cent in the past year to a new high. The larg- fell from an annual rate of 21 billion dollars est gains have occurred in commodity-pro- in late 1953 and early 1954 to 16 billion in ducing industries, where most of the earlier the third quarter of 1955. The ratio of such decline had occurred. Wages and salaries in saving to disposable income has been runthe distributive and service industries have ning at about 6 per cent this year, the lowest continued to increase appreciably. The rise in since early 1951. An important factor in wage income has reflected the sharp growth consumers' ability to increase their spending in employment, a lengthening of the work- relative to current income has been the week in manufacturing and other activities, increase in their use of credit; growth in and continued advances in wage rates. their outstanding debt has been in record Income of farm proprietors has declined volume. In the aggregate, however, individfurther in 1955, and in the third quarter was uals have continued to add substantially to at about the lowest level since late 1949. their holdings of financial assets in the form Transfer payments have changed little since of currency, demand and time deposits, savlate 1954 as declines in unemployment com- ings and loan shares, and securities. NOVEMBER 1955 1221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Increase in Federal /Reserve Discount Rates 1956. Mr. Detoy succeeded Mr. Bryant Essick, The Board o£ Governors of the Federal Reserve President, Essick Manufacturing Company, Los System on November 17, 1955 approved actions by Angeles, who resigned. the directors of six Federal Reserve Banks increas- Appointment of Deputy Chairman ing the discount rates of those Banks to 2l/ per 2 cent: On October 28 the Board of Governors appointed Mr. Joe W. Seacrest, Lincoln, Nebraska, Deputy Federal Reserve Bank of New York Chairman of the Federal Reserve Bank of Kansas Federal Reserve Bank of Philadelphia City for the remainder of a term ending December Federal Reserve Bank of Cleveland 31, 1955. Mr. Seacrest has been a director of the Federal Reserve Bank of Atlanta Kansas City Federal Reserve Bank since January Federal Reserve Bank of Chicago of this year. He is President of the State Journal Federal Reserve Bank of San Francisco Company, newspaper publishers, in Lincoln. Mr. The new rate is effective on Friday, November Seacrest succeeded Mr. Cecil Puckett as Deputy 18, 1955. The rate previously in effect at these Chairman. Banks was 254 per cent. Publication of Flow-of-Funds Study Federal Reserve Meetings A new book, Flow of Funds in the United States, Meetings of the Federal Open Market Committee 1939-1953, of which the first chapter was pubwere held in Washington on October 25 and No- lished in the October Federal Reserve BULLETIN, is vember 16, 1955. now available for distribution by the Board of Gov- The Federal Advisory Council held a meeting in ernors of the Federal Reserve System. It contains Washington on November 13-15, 1955, and met both the statistical and descriptive details of a new with the Board of Governors of the Federal Reserve accounting record designed to show the flow of System on November 15. funds through major sectors of the national economy. The accounts trace transactions in financial Appointment of Class C Director instruments and existing assets as well as trans- On September 30 the Board of Governors ap- actions related to the output and distribution of curpointed Dr. Oliver S. Willham, President of Okla- rently produced goods and services. homa A & M College, Stillwater, Oklahoma, as a The price of this book of 390 pages of text and Class C director of the Federal Reserve Bank of tables is $2.75. Orders should be addressed to the Kansas City for the term ending December 31, Division of Administrative Services, Board of Gov- 1956. Dr., Willham succeeded Mr. Cecil Puckett, ernors of the Federal Reserve System, Washington who resigned to become Vice President in charge 25, D. C. of the Denver Branch of the Federal Reserve Bank of Kansas City. Admission of State Bank to Membership in the Federal Reserve System Appointment of Branch Director The following State bank was admitted to mem- On October 7 the Board of Governors appointed bership in the Federal Reserve System during the Mr. Charles Detoy, Partner, Cold well, Banker and period September 16, 1955 to October 15, 1955: Company, realtors, Los Angeles, as a director of the Illinois Los Angeles Branch of the Federal Reserve Bank of San Francisco for the term ending December 31, Park Ridge. . Citizens State Bank of Park Ridge 1222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication November 16] Production, employment, incomes, and retail sales shortages of parts and materials reportedly hindered were at exceptionally high levels in October and operations in some lines. early November. Prices of industrial commodities Recovery in nondurables goods output in Septemadvanced further, while average prices of farm prod- ber and October reflected strengthening in textile, ucts and foods declined. Bank loans to business apparel, rubber, and leather products lines and exand other types of credit continued to expand. pansion of chemicals and paper output to new record levels. In early November paperboard produc- INDUSTRIAL PRODUCTION tion increased further. The Board's preliminary seasonally adjusted index of industrial production in October remained CONSTRUCTION at the record September level of 142 per cent of the Value of new construction activity in October was 1947-49 average. Output of nondurable goods was at a seasonally adjusted annual rate of 41.8 billion back to the June high of 128 per cent of the 1947-49 dollars—slightly below the record spring and sumaverage, following some decline last summer. Ac- mer levels. Construction for business purposes contivity in durable goods industries increased slightly tinued to rise. The number of private housing further to a new record of 161. Minerals' produc- starts was at a seasonally adjusted annual rate of tion was maintained at advanced levels. 1.2 million, about the same as in September. Value Output of steel and nonferrous metals reached of contract awards declined, reflecting a sharp denew high levels in October. In early November crease from the unusually large volume of awards steel mill activity increased somewhat further to 99 in September for public works and utilities. per cent of capacity. Following completion of model changeovers, auto and truck assemblies in- EMPLOYMENT creased rapidly after early October and by mid- Employment in nonagricultural establishments, November had recovered to about earlier highs. seasonally adjusted, continued to rise in October, Output of machinery and other producers' equipreflecting mainly a moderate gain in factory emment showed further gains in October. Production ployment. The average factory workweek was of household goods was somewhat below the adlengthened further to 41.2 hours, close to the postvanced September level as work stoppages and war high for the month. Average factory weekly earnings were at a new peak of $78.69, which was INDUSTRIAL PRODUCTION 9 per cent above a year ago. Unemployment at 2.1 million was unchanged from September, although some decline is usual in this period. DISTRIBUTION Seasonally adjusted sales at department stores in October and early November continued at about the advanced September level. Total retail sales in October also continued near their earlier high, at a rate about 12 per cent above a year ago. Owing mainly to model changeover influences, dealers' sales of new autos declined but remained one-third above a year ago. New car stocks, already considerably reduced from earlier in the year, showed 1952 1953 1954 1955 1952 1953 1954 1955 little change in October, while used car stocks de- Federal Reserve indexes. Monthly figures, latest shown are clined appreciably. for October. 1223 NOVEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS rowers was partly offset by net repayments of loans COMMODITY PRICES by sales finance and textile concerns. Real estate, Average prices o£ industrial commodities have consumer, and security loans all showed consideradvanced somewhat further since mid-October. able increases. Prices of metals and building materials, which Member bank reserve positions tightened someearlier had risen most sharply, have changed little, what after mid-October as the decline in float from but cotton textiles, leather products, crude oil, news. its midmonth peak was offset only in part by a print, and tin cans have been raised. Prices of varireduction in required reserves following the Octoous consumer goods have also been increased. ber 11 Treasury financing. Federal Reserve hold- Prices of farm products and foods have declined ings of Treasury bills showed little change on balfurther since mid-October, reflecting sharp decreases ance over this period. In the two weeks ending for livestock and meats as market supplies have ex- November 9 member bank borrowings from the panded further to a level about 12 per cent above a Federal Reserve averaged about 1,050 million dolyear ago. Meat prices have declined in both wholelars and excess reserves about 550 million. sale and retail markets. SECURITY MARKETS BANK CREDIT AND RESERVES Yields on short-term Treasury securities declined Loans and investments at city banks increased sharply from mid-October through the first week considerably in the week ending October 12 when of November and then rose moderately in the secbanks acquired a large volume of new Treasury ond week. The new issue rate on Treasury bills tax-anticipation securities. In the following three moved from a two-year peak of 2.33 per cent in weeks aggregate loans and investments declined as the third week of October to 2.03 per cent in early an increase in loans was more than offset by sub- November, and then rose in the following week to stantial sales of United States Government securities 2.25 per cent. In the second week of November and some liquidation of other securities. Business yields on intermediate and long-term Government loans increased about 300 million dollars in the 4securities rose moderately. Corporate and municiweek period as expansion of loans to seasonal borpal bond yields declined somewhat during late October and early November. Common stock PRICES AND TRADE prices rose sharply in the first half of November to Per cent, 1947-49 = 100 WHOLESALE PRICES a level around the late September high. CONSUMER LOANS AND INVESTMENTS PRICES Billions of dollars FARM_ "V"' PRODUCTS DEPARTMENT STORE TRADE TOTAL. RETAIL SALES Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices exclude processed foods, included in total but not shown separately. Monthly figures, latest shown: September for income, consumer prices, and department store stocks; October for other Federal Reserve data. Weekly figures, latest shown are for series. Nov. 2. 1224 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. .. . 1227-1228 Federal Reserve Bank rates; margin requirements; reserve requirements 1228-1229 Reserves and deposits of member banks. . 1230 Federal Reserve Bank statistics 1231-1233 Regulation V: guaranteed loans, fees, and rates. . . 1233-1234 Bank debits and deposit turnover; Postal Savings System. . 1234 Money in circulation 1235 Consolidated statement of the monetary system; deposits and currency 1236 All banks in the United States, by classes 1237-1239 All commercial banks in the United States, by classes. 1240-1241 Weekly reporting member banks... J. 242—1243 Commercial paper and bankers' acceptances 1244 Life insurance companies; savings and loan associations. . 1245 Government corporations and credit agencies. . 1246-1247 Security prices and brokers' balances 1248 Money market rates; bank rates on business loans; bond and stock yields 1249 Treasury finance.... ... 1250-1255 New security issues. . 1256 Business finance 1257-1258 Real estate credit statistics 1259-1261 Statistics on short- and intermediate-term consumer credit. 1262-1264 Business indexes 1265-1274 Merchandise exports and imports. 1274 Department store statistics. . 1275-1279 Consumer and wholesale prices.... 1280-1281 Gross national product, national income, and personal income. 1282-1283 Index to statistical tables. . 1309-1310 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. 1225 NOVEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BAH EC CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages of daily figures, 1951- Billions of dollars MEMBER BANK RESERVE BALANCES 20 15 EXCESS RESERVES MONEY SN CIRCULATION ~AK TREASURY CASH AND DEPOSITS ±1 1 L NONMEMBER DEPOSITS J FEDI8IAL RESERVE CREDST US. GOVERNMENT SECURITIES: 25 HELD UNDER REPURCHASE AGREEMENTS 0 DISCOUNTS AND ADVANCES I FEDERAL RESERVE FLOAT 1949 1950 1951 1952 1953 1954 1955 Latest averages shown are for week ending Oct. 26. See p. 1227. 1226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other Period U To .S t . a l Go B v o o t u u . g t s - h e t cu u H r n it e d i l e e d s r c D o a a n u d is d n - - ts Float o e A r th l * l - Total s G to o c ld k T s r o c e t u r a u n u e r n r y c t a - - d y s - - M c t c u o i i i o n l n r a n - e - y T h c i u r o n a e r l g s y a d h s s - - T u t r w r h e r e y a i a s t s e n h - r v m F e . F e e i o b R m g a r n . b - l a e B n r a c O n b e e k a t s r n s , h k - O s F e R e t a e h r r c 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 e r r - e a d l b a 2 a r n ic k c e E e s x s - s2 right a m g e re n e t -vances ing po de si - ts po de si - ts dp i eo ts -s " counts Averages of daily figures Week ending: 1954 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 7S8 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 90S 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 3! 284 927 25,699 21,788 4,973 30,125 796 570 443 440 950 19,136 18,269 86? 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 18,524 631 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 S8S 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 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 26,433 21,712 4,982 30,828 801 453 523 295 976 19,250 18,630 620 1955 JJaann.. 152.... 2 2 4 4 , ,5 9 3 1 2 8 2 2 4 4 , , 8 5 7 1 4 1 4 2 4 1 3 5 7 0 2 4 8 7 8 5 5 6 1 1 2 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 5 6 0 1 1 8 8 0 1 4 4 4 3 4 7 9 8 4 5 9 2 3 7 4 40 1 9 3 9 90 1 5 6 1 1 9 9 , , 2 1 6 3 3 0 1 1 8 8 , , 5 4 8 3 0 6 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 1 24,892 21,716 4,995 29,796 827 575 324 481 957 18,642 18,089 553 Mar. 9.... 23,604 23,604 479 789 1 24,873 21,717 4,995 29,819 828 548 364 476 955 18,596 18^018 578 Mar. 16! 11!23,606 23,604 1 483 719 1 24,809 21,717 4,995 29,833 817 356 422 358 957 18,779 18,149 630 Mar. 23. ... 23,664 23,604 • 60 630 1,032 1 25,327 21,718 4,995 29,793 818 887 339 435 964 18,804 18,123 681 M J.YX.C a L r i. • 3 \J^ 0 ~f • a • • 23,604 23,604 745 677 1 25,028 21,719 4,997 29,716 826 1,000 338 490 964 18,408 17,918 490 Apr. 6.... 23,643 23,604 39 613 656 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. . . . 23,683 23,683 533 812 17 25,044 21,675 5,002 30,059 835 440 387 416 935 18,648 18,036 612 June 15.... 23,588 23,588 558 793 17 24,956 21,676 5,001 30,058 832 304 434 387 940 18,678 18,099 579 June 22.... 23,554 23,554 348 1,137 16 25,055 21,676 5,001 30,035 818 213 408 278 981 18,998 18,301 697 June 291.1. 23,554 23,554 456 789 16 24,815 21,677 5,001 30,021 814 323 425 275 981 18,653 18!164 489 July 6 23,703 23,692 11 688 858 16 25,265 21,678 5,003 30,299 814 420 367 468 970 18,609 18,085 524 July 13 23,957 23,943 14 685 913 16 25,571 21,679 5,003 30,416 803 440 425 419 971 18,779 18,047 732 July 20 23,94323,943 357 1,118 \i 25,432 21,680 5,003 30,287 793 416 460 415 970 18,774 18,209 565 July 27 24,140 24,035 105 439 915 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 30,285 800 646 434 396 885 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 30,288 803 594 415 393 946 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.... 23,813 23,744 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 18,191 576 Sept. 28 23,598 23,587 ii 901 960 19 25,478 21,683 5,006 30,323 787 693 370 386 990 18,618 18,134 484 Oct. 5.... 23,84423,727 117 843 816 21 25,525 21,684 5,007 30,428 791 525 381 390 999 18,700 18,189 511 Oct. 12 23,91123,792 119 909 874 20 25,714 21,684 5,007 30,552 788 514 383 429 1,011 18,728 18,175 553 Oct. 19. . . .24,021 23,916 105 1,041 1,088 19 26,169 21,685 5,007 30,621 777 534 391 409 1,010 19,119 ^18,486 P633 Oct. 26.... 23,973 23,973 771 985 19 25,747 21,685 5,009 30,498 778 496 381 387 1,010 18,891 P472 Monthly: 1954-Oct. . . 24,485 24,472 1c 254 720 \ 25,459 21,787 4,9/3 30,078 797 610 455 444 944 18,893 18,173 720 Nov... 24,661 24,654 345 769 ] 25,776 21,724 4,979 30,287 800 492 416 393 883 19,207 18,393 814 Dec... 24,917 24,888 29 407 992 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 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 18,148 563 Oct. .. 23,951 23,881 70 895 926 19 25,792 21,685 5,008 30,532 781 509 390 403 1,000 18,870 pPreliminary. For footnotes see following page. NOVEMBER 1955 1227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money Treas- w re it s h e rv F e . R ba . la B n a c n e k s s , O F t e h d e - r reserve balances p D e o r a i r t o e d Total B r o o ig u ug h t- h t t u r c a H e n h g p e a d r u l e s e d e r e r - - v c D o a a a n n u d is c d n - - e ts s Float Total s G to o c ld k s r o c e t i a u n n u n r g c t - - d y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - T p u o d re r s e y a i - t s s - F e d i o g e r - n - O p d i e o t t e r h s 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 Exment Midyear or year-end: 1929—June. 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 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 2,409 634 397 256 251 11,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 2,36122,737 3,24711,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—Dec. 24,262 24,262 249 578 25,09120,065 4,33928,515 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 1,336 870 392 569 563 17,899 16,400 1,499 1950—Dec.. 20,778 20,725 53 67 1,368 22,216 22,706 4,636 2277,741 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 4,70929,206 1,270 247 526 363 746 20,056 19,667 389 1952—Dec. 24,697 24,034 663 156 967 23,187 4,812 3"0,433 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 30,125 1,259 132 527 176 951 19,561 19,459 102 Dec 25,916 25,318 598 28 935 26,880 22,030 4,8<H30,781 761 346 423 493 83920,160 19,397 763 1954—June.25,037 25,037 37 567 25,642 21,927 4,959 29,922 811 875 545 377 98819,011 18,412 599 End of month: 1954 Oct 24,381 24,381 297 721 25,401 21,759 4,97730,074 806 729 426 496 88418,722 18,251 471 Nov 24,88824,888 398 657 25,944 21,710 4,982 3300,500 800 694 397 381 880 18,985 18,467 518 Dec 24,932 24,888 143 808 25,885 21,713 4,985 30i,509 796 563 490 441 907 18,876 18,618 258 1955 Jan 23,885 23,882 475 600 24960 21,714 4,989 29,789 837 360 441 419 899 18,918 18,337 581 Feb 23,605 23,605 485 678 769 21,716 4, ,817 828 564 320 433 95718,562 18,091 471 Mar 23,612 23,604 391 659 24,66721,719 4.998 29,800 819 724 351 448 95918,283 17,871 412 Apr 23,612 23,604 560 799 988 21,671 4.999 29,769 809 812 360 490 92318,495 18,161 334 May. 23,662 23,662 460 643 780 21,674 5,002 30,009 828 649 402 413 93618,221 18,029 192 June 23,60723,554 53 128 850 24,60121,678 5.002 30,229 812 380 374 448 97218,066 18,139 -73 July 24,090 23,982 108 754 864 25,719 21,682 5.003 30,244 798 623 410 419 910 18,999 18,311 688 Aug 23,761 23,761 470 665 24,91121,682 5,005 30,317 804 393 387 383 94518,368 18,151 217 Sept 23,834 23,729 105 603 792 25,250 21,684 5,00630,422 787 554 385 379 990 18,423 18,212 211 Oct.. 24,024 24,024 706 683 25,430v 21,685 30,558 P778 484 396 18,565 P18,379 P186 Wednesday 1955 Aug. 3.... 23,98323,983 947 703 25,64521,682 5 003 30,238 805 684 429 400 886 18,888 18,279 609 Aug. 10.... 23,983 23,983 565 575 25,13521,683 5; 003 30,289 803 499 459 390 88418,496 18,133 363 A A A u u u g g g . . . 3 2 1 1 4 7 2 2 2 3 3 3, , , 7 8 7 6 5 9 1 5 6 2 2 2 3 3 3 , , , 7 7 8 6 5 9 1 5 6 4 4 6 3 7 3 3 0 2 8 6 6 8 4 6 3 3 5 2 2 2 4 5 4 , , , 9 3 8 1 8 8 1 7 7 2 2 2 1 1 1 , , , 6 6 6 8 8 8 2 2 2 5 5 5 , , 0 0 0 0 0 0 3 5 5 3 3 30 0 0, , , 3 3 2 1 1 3 7 0 2 8 8 8 0 0 0 6 4 9 3 5 5 9 8 4 3 5 2 3 4 8 58 7 3 3 3 7 8 9 7 3 6 9 9 9 4 4 4 5 7 63 1 1 8 8 8 , , , 6 3 2 1 6 1 4 8 5 1 1 1 8 8 8 , , , 1 1 0 5 3 8 1 4 0 4 2 1 8 1 3 0 7 5 Sept. 7...J23,761 23,761 598 659 25,03421,682 5,005 30,536 810 475 374 942 18,207 18,088 119 Sept. 14.... 23,673 23,673 536 956 25,18221,682 5,005 30,452 805 427 410 382 94118,452 18,181 271 Sept. 21 23,563 23,563 872 1,064 25,51821,683 5,006 30,332 793 717 403 383 99018,589 18,180 409 Sept. 28.... 23,702 23,680 662 788 25,17221,683 5,00730,338 791 512 383 372 98918,475 18,178 297 Oct. 5.... 23,832 23,729 103 650 817 25,320 21,684 5,00630,437 798 481 388 1,010 18,507 18,213 294 Oct. 12.... 23,99323,873 120 882 1,020 25,914 21,685 5,00730,623 776 502 385 662 1,011 18,646 18,412 234 Oct. 19 23,973 23,973 803 1,144 25,939 21,685 5,008 30,542 783 575 379 380 1,009 18,963 *>18,492 ?>471 Oct. 26 23,97323,9731 1,026 731 1825,748 21,685 5,00930,441 777 494 407 379 1,009 18,935 P18.417 v Preliminary. 1 Includes industrial loans and acceptances, which are shown separately in subsequent tables. 2These figures are estimated. 3Less than $500,000. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS3 [Per cent per annum] [Per cent of market value] Nov. 1, 1933- Feb. 1, 1935- Effective Feb. 20, Jan. 4, Effec- Jan. 31, 1935Dec. 31, 1935 Jan. 1, 1936 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1955 1955 1955 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months.... and dealers on listed securities 50 60 70 In less than 90 days For short sales 50 60 70 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 60 70 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C., the market value (100%) and the maximum loan value. Changes on effective Feb. 1, 1936, are the same as those in effect for member banks. Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and Annual Report for 1948, p. 77, and 1953, p. 76. 1228 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 (S s e e e c s u . r 1 e 3 d a b n y d e 1 li 3 g a ib )1 le paper [Sec. 10(b)] obl ( i l g a a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Oct. 31 beginning— rate Oct. 31 beginning— rate Oct. 31 beginning- rate Boston Sept. 13, 1955 2 Sept. 13, 1955 Sept. 13,1955 New York Sept. 9, 1955 2 Sept. 9, 1955 Sept. 9,1955 Philadelphia Sept. 2, 1955 2 Sept. 2,1955 Apr. 22,1955 Cleveland Aug. 4, 1955 Aug. 4, 1955 Aug. 17,1953 Richmond. Sept. 9, 1955 2 Sept.. 9,1955 Jan. 23,1953 Atlanta Aug. 26, 1955 2 Aug. 26, 1955 Feb. 9,1954 Chicago Sept. 9, 1955 2 Sept. 9, 1955 Apr. 22,1955 St. Louis Aug. 30, 1955 2 Aug. 30, 1955 May 18,1953 Minneapolis Sept. 12, 1955 2 Sept. 12, 1955 Sept. 12,1955 Kansas City Sept. 9, 1955 2 Sept. 9, 1955 Sept. 9,1955 Dallas Sept. 9, 1955 2 Sept. 9, 1955 Aug. 5,1955 San Francisco Sept. 9, 1955 2 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 [Per cent of deposits] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Net demand deposits1 [In effect October 31. Per cent per annum] Time Effective date deposits of change Central Reserve {all To c b o i u n m s d i m u n s e e t s r r s c i e i a a s l l or To financing institutions r b e c a s i e n t r y k v s e b c a i n ty ks C b o a u n n k t s ry m ba e n m k b s e ) r 1917—June 21. 13 10 Federal On p d u i r s c c h o a u s n e t s s or 1936—Aug. 16. 19H 15 R B e a s n e k rve On On 1937— M M a a y r. 1 1 . . 2 26 2M 2 1 0 7 1 12 4 3K lo O an n s1 co m m e m nt i s t- fo P r o w rti h o i n ch Re- c m om en m ts it- 1938—Apr. 16. 22 M 17 12 institu- maining 1941—Nov. 1. 26 20 14 tion is portion 1942—Aug. 20. 24 obligated Sept. 14. 22 Oct. 3. 20 1948—Feb. 27. 22 Boston June 11. 24 New York Sept. 16. 16 Philadelphia Sept. 24. 26 22 Cleveland Richmond 1949—May 1. 15 27 A S C M t h t . i l i n a c L n n a o g t e u a o a is p . olis.... 1 2 H- ^ 2 5 H T ( ( ) 3 ) J J A M u u u a l n y g y e . 3 5 0 1 1 . . . . 24 2 2 1 0 1 1 4 3 3 3 2 7 6 6 Kansas City. . . . (2) Aug. 11. 35 Dallas......... Aug. 16. 12 25 San Francisco... Aug. 18. Aug. 25. Sept. 1. 22 18 3 4 2 1 R R R In a a a c t t t e e l e u c c d c h h i h n a a a g r r r g g g l e e e o d d d a n b b b s o o o r r m r r r r o o o a w w w de e e e r r r i . n b l e u p s t s a t n c i o c o t i m p t a m o t i i e o t x m n c e e w n e t d i t h r 1 a f t p i e n e . r a n c c e in n g t a i b n o s v ti e t u t t h i e o n d s i . s- 1951— J J F J a a a e n n n b . . . . 1 2 1 1 5 6 1 . . . . 23 2 1 0 9 1 1 3 4 3 2 6 6 count rate. 6Charge of }4 per cent per annum is made on undisbursed portion 1953—July 1 13 of loan. July 9 22 19 ^Charge of M Per cent per annum is made on undisbursed portion 1954—June 16 25 of loan. June 24 21 35 Back figures.—See Banking and Monetary Statistics, Table 118, pp. July 29 20 18 446-447. Aug. 1 12 In effect Nov. 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). 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. 4Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. NOVEMBER 1955 1229 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—July 19,164 4,508 1,198 ,780 5,678 1954—July 836 40 11 166 619 August 18,478 4,311 1,171 ,502 5,493 August , 839 -9 112 736 September. 18,403 4,288 1,154 ,506 5,455 September 775 21 "•4 105 645 1955—July 18,825 4,371 1 ,148 ,759 5,546 1955—July 619 9 8 87 516 August 18,728 4,286 1,140 737 5,565 August 577 10 -1 54 514 September 18,711 4,262 1,129 7,738 5,583 September 564 14 63 487 Sept. 21 18,767 4,262 1,126 7,732 5,648 Sept. 21 577 —2 40 531 Sept. 28 18,618 4,250 1,122 7,723 5,523 Sept. 28 483 17 51 413 Oct. 5 18,700 4,290 1,121 7,739 5\55O Oct. 5 511 6 65 445 Oct. 12 18,728 4,227 1,120 7,783 5,598 Oct. 12 554 -14 87 480 Oct. 19 19,119 4,388 1,135 7,904 5,692 Oct. 19 P632 38 54 *>534 Oct. 26 18,891 4,336 1,131 7,837 5,587 Oct. 26 J>473 -17 49 P439 Borrowings at Federal Required reserve®:1 2 Reserve Banks: 1954—July 18,329 4,468 7,614 5,058 1954—July 64 1 24 39 August 17,638 4,320 7,390 4,757 August 115 30 11 37 37 September. .. . 17,628 4,266 1,151 7,401 4,810 September 67 2 9 28 28 1955—July 18,205 4,362 1,140 7,673 5,030 1955—July 527 78 33 306 110 August. 18,152 4,277 1,141 7,682 5,052 August 765 149 60 395 161 September 18,148 4,248 1,128 7,675 5,096 September 849 141 114 472 122 Sept. 21 18,191 4,264 1,118 692 5,117 Sept. 21 \ . . 741 51 153 434 103 Sept. 28 18,134 4,233 1,119 672 5,110 Sept. 28 888 126 124 513 125 Oct. 5 18,189 4,284 1,126 674 5,105 Oct. 5 829 157 130 454 88 Oct. 12 18,175 4,241 1,119 697 5,118 Oct. 12 893 164 181 436 112 Oct. 19 4,349 1,129 850 ?5,158 Oct. 19 1,028 302 172 454 100 Oct. 26 Pl8i419 4,354 1,129 7,788 ,148 Oct. 26 761 47 110 484 120 ^Preliminary. 1Weekly 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 1955a 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 September 1955 September 1954 Gross demand deposits: Total 113,528 22,838 6,002 44,630 40,057 109,517 22,567 6,049 42,712 38,189 Interbank 12,737 3 937 1 221 6 327 1 ,252 13,276 4,011 1,303 6,665 1,296 Other. 100,791 18,901 4,782 38,303 38,805 96,241 18,556 4,745 36,047 36,893 Net demand deposits2 98,223 20,404 5,317 38,120 34,382 94,970 20,416 5,436 36,843 32,276 Time deposits . . 40,325 3,352 1,300 16,260 19,412 39,058 3,659 1,275 15,393 18,731 Demand balances due from domestic banks... 6,384 63 105 1,937 4,279 6,894 42 114 2,052 4,687 Reserves with Federal Reserve Eanks: Total 18,711 4,262 1,129 7,738 5,583 18,403 4.288 1,154 7,506 5,455 Required 18,148 4,248 1,128 7,675 5,096 17,628 4,266 1,151 7,401 4,810 Kxcess 564 14 63 487 775 21 4 105 645 Borrowings at Federal Reserve Banks 849 141 114 472 122 67 2 9 28 28 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. 8Demand 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. 1230 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 1954 Oct. 26 Oct. 19 Oct. 12 Oct. 5 Sept. 28 Oct. Sept. Oct. j Assets Gold certificates 20,173,353 20.163,35020,163,35120,153,35220,153,351 20,153,353 20,235,103 Redemption fund for F. R. notes 833,340 836,802 836,801 840,550 840,654 840,652! 843,938 Total gold certificate reserves. 21,006,693 21,000,152 21,000,152 20,993,90220,994,005 21,006,69220,994,00521,079,041 F. R. notes of other Banks 277,842 248,309 223,018 239,053 268,780 239,667 257,594 147,649 Other cash 352,461 344,274 332,250 352,919 363,933 358,602 370,533 335,656 Discounts and advances: For member banks 1,026,400 789,914 863,755 636,776 648,752 705,631 589,193 112,360 For nonmember banks, etc 13,333 18,333 13,333 13,333 13,333 185,000 Industrial loans 661 615 672 699 719 693 700 800 Acceptances: Bought outright 17,157 18,031 18,207 17,808 17,228 16,219 17,216 Held under repurchase agreement. 411 2,080 2,234 4,156 U. S. Government securities: Bought outright: Bills 1,251,746 1,251,746 1,151,646 1,007,146 958,146 1,302,546 1,007,146 1,660,000 Certificates: Special Other 2,520,076 2,520,076 ,520,076 2,520,076 2,520,076 2,520,076 520,076 599,791 Notes 17,399,53617,399,536 ,399,53617,399,53617,399,53617,399,536 399,536 029,021 Bonds ". 2,801,750 2,801,750 ,801,750 2,801,750 2,801,750 2,801,750 801,750 092,550 Total bought outright 23,973,108 23,973,108 23,873,00823,728,508 23,679,508 24,023,908 ,728,508 24 381,362 Held under repurchase agreement. 119,900 103,900 22,500 105,200 Total U. S. Government securities 23,973,108 23,973,108 23 ,992 ,908 23,832,408 23 ,702 ,008 24,023,90823,833,708 24,381,362 Total loans and securities 25,017,326 24,795,001 24,894,286 24,503,104 24,384,274 24,746,451 24,458,306 :24,679,522 Due from foreign banks. 22 22 22 22 22 22 22 Uncollected cash items.. 4,273,585 5,185,299 4,454,774 4,184,091 4,300,431 3,953,199 ,567,683: Bank premises 59,618 59,670 59,361 59,132 59,156 59,097 54,157 Other assets 158,078 150,541 141,988 135,116 149,220 150,593 170,797 Total assets. 51,145,625 51,783,268 51,105,851 50,467,339 50,519,82150,221,002 50,243,349 50,034,527 Liabilities Federal Reserve notes 26,161,180 26,225,44726,262,50226,131,140 26,066,334 26,246,368 26,141,75725,705,621 Deposits: Member bank—reserve accounts.. 18,934 95218,963,34518,646,07418,507,21418,475,38318,565,33718,423,11218,722,082 U. S. Treasurer—general account. 493 696 575,218 502,443 480, 511,862 484,412 553 587 728,965 Foreign 407 051 378,664 385,284 388. 383,130 402,222 385,321 426,227 Other 378 783 380,247 662,433 388. 372,466 395,843 378,805 496,128- Total deposits. 20,214,48220,297,474 20,196,23419,764,680 19,742,841 19,847,814 19,740,825 20,373,400 Deferred availability cash items 3,543 070 4,040,942 ,434,910 3,366. ,512,912 2,963,187 3,161 ,846,363- Other liabilities and accrued dividends. 20 239 19,269 19,644 17, 17,252 19,417 17 18,441 Total liabilities. 49,938,971 50,583,132 49,913,290 49,280,62149,339,339 49,076,786 49,061,111 48,943,825 Capital Accounts Capital paid in 298,960 298,622 298,367 297,785 297,671 299,252 297,682 281,900 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 219,250 213,070 205,756 200,489 194,367 156,520 196,112 156,246 Total liabilities and capital accounts....... 51,145,625 51,783,268 51,105,851 50,467,339 50,519,821 50,221,002 50,243,349 50,034,527 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.3 45.1 45.2 45.7 45.8 Contingent liability on acceptances purchased for foreign correspondents 27,935 28,110 28,254 27,166 27,149 26,128 27,126 14,118; Industrial loan commitments. 2,818 2,869 2,813 2,786 2,787 2,751 2,795 1,895 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total.... 026,400 803,247! 882,088 650,109 662,085 705,631 602,526 297,360 Within 15 days 018,656 798,146 878,456 632,362 642,469 697,535 578,068 131,667 16 days to 90 days 7,739| 5,095 3,626 17,745 19,609 8,091 24,454 45,649- 91 days to 1 year 51 6 6 2 7 5 4 120,044 Industrial loans—total 661 615 672 699 719 693 700 80O Within 15 days 12 84 13 13 102 13 15 3 16 days to 90 days 34 34 107 107 4 33 80 165 91 days to 1 year 510 392 446 473 497 542 498 600> Over 1 year to 5 years.., 105 105 106 106 116 105 107 32 Acceptances—total 17,157 18,031 18,618 19,888 19,462 16,219 21,372 Within 15 days 6,021 5,597 5,822 6,879 6,202 5,691 7.727 16 days to 90 days 11,136 12,434 12,796 13,009 13,260 10,528 13,645 91 days to 1 year U. S. Government securities—total. 973,108 23.973,108 23,992,908 23,832,40823,702,008 24,023,908 833,70824,381,362 Within 15 days 278,646 351,846 288,850 344,950 440,350 142,600 277,850 146,700 16 days to 90 days 726,799 653,599 6,736,395 6,519,795 6,293,995 6,913,645 588,195 8,795,850 91 days to 1 year 952,065 952,065 12,952,065 12,952,065 12,452,065 12,952,065 452,065 6,689,591 Over 1 year to 5 years 587,127 587,127 1,587,127 1,587,127 2,087,127 1,587,127 087,127 6,320,750 Over 5 years to 10 years 013,614 013,614 1,013,614 1,013,614 1,013,614 1,013,614 013,614 1,013,614- Over 10 years 414,857 414,857 1,414,857 1,414,857 1,414,857 1,414,857 414,857 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. NOVEMBER 1955 1231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1955 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap 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. 20,173,353 1,025,647 5,418,9461,153,3891,753,1331,284,419 873,0043,543,262 852,129 357,099 769,579 718,7892,423,957 Redemption fund for F. R. notes. 833,339 50,566 174,545 57,557 74,664 67,465 49,528 146,615 44,938 23,872 40,076 27,229 76,284 Total gold certificate reserves. . 21,006,692 1,076,213 5,593,4911,210,9461,827,7971,351,884 922,5323,689,877 897,067 380,971 809,655 746,0182,500,241 F. R. notes of other Banks... 239,667 27,259 46,862 25,673 12,660 13,284 35,758 18,485 6,586 8,762 7,412 13,815 23,111 Other cash 358,602 29,058 76,240 19,373 36,857 19,875 28,577 50,833 17,014 8,664 12,333 12,896 46,882 Discounts and advances: Secured by U. S. Govt. securities. . . 700,976 12,260 75,815 58,790 93,730 43,100 62,000 149,230 25,940 45,250 62,811 35,650 36,400 Other 4 655 4,655 Industrial loans.. 693 631 62 Acceptances: Bought 16 219 16,219 Held under repurchase U. S. Government securities: Bought outright.... 24,023,908 1,326,696 6,105,5561,462,1432,064,6871,415,3451,240,0664,190,418 996,944 582,1711,044,800 963,3112,631,771 Held under repurchase Total loans and securities..... 24,746,451 1,338,956 6,197,5901,521,5642,158,417 1,458,4451,302,0664,339,6481,022,884 627,4831,107,6111,003,6162,668,171 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash items 3,646,664 322,368 653,286 244,437 350,228 257,773 261,392 605,934 152,515 103,169 174,488 162,913 358,161 Bank premises... 59,591 5,671 7,580 5,094 5,508 4,902 4,275 6,108 3,411 1,576 3,401 1,942 10,123 Other assets 163,313 8,877 40,218 9,697 13,960 9,619 8,945 29,693 6,520 3,877 6,846 7,757 17,304 Total asset3 50,221,002 2,808,40312,615,2733,036,7864,405,4293,115,7832,563,5468,740,5812,105,9981,134,5032,121,747 1,948,9585,623,995 Liabilities F. R. notes 26,246,368 1,575,529 5,907,2181,778,5882,424,7371,989,7841,353,4165,078,7601.210,199 534,5401,038.432 717,0382,638,127 Deposits: Member bk.— reserve accts.18,565,337 790,885 5,386,212 868,3631,430,941 794,418 913,3902,996,732 671,089 445,341 848,9771,001,8712,417,118 U. S. Treas — gen. acct.... 484,412 40,259 72,941 31,106 37,830 31,446 43,585 57,160 30,099 33,286 45,369 26,280 35,051 Foreign 402,222 23,640 2123,245 28,762 35,854 19,700 16,942 55,160 14,972 9,850 14,972 18,518 40,607 Other 395,843 2,801 305,152 10,028 5,186 2,355 1,962 710 19,999 2,137 1,356 1,292 42,865 Total deposits... 19,847,814 857,585 5,887,550 938,2591,509,811 847,919 975,8793,109,762 736,159 490,614 910,674 1,047,9612,535,641 Deferred availability cash items 2,963,187 305,094 495,339 236,077 365,246 216,573 180,872 387,950 113,489 78,650 126,539 126,981 330,377 Other liabilities and accrued * dividends 19,417 994 5,071 1,090 2,234 924 1,026 3,233 775 527 800 741 2,002 Total liabilities. . 49,076,786 2,739,202 12,295,1782,954,0144,302,0283,055,2002,511,1938,579,7052,060,622 1,104,3312,076,445 1,892,7215,506,147 Capital Accounts Capital paid in. . 299,252 15,821 89,198 19,656 28,421 13,681 13.447 39,601 10,408 6,837 11,780 16,470 33,932 Surplus (Sec. 7).. 660,901 40,309 188,070 47,773 60,222 33,480 29,480 96,566 26,619 16,918 24,755 29,985 66,724 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 156,520 10,060 35,508 10,854 ' 13,752 10,073 8,664 23,280 7,828 5,344 7,630 8,475 15,052 Total liabilities and capital accounts 50,221,002 2,808,40312,615,2733,036,7864,405,4293,115,7832,563,5468,740,5812,105,9981,134,5032,121,7471,948,9585,623,995 Reserve ratio.... 45.6% 44.2% 47.4% 44.6% 46.5% 47.6% 39.6% 45.1% 46.1% 37.2% 41.5% 42.3% 48.3% Contingent liability on acceptances purchased for foreign correspondents 26,128 1,668 36,446 2,029 2,530 1,391 1,195 3,892 1,056 695 1,056 1,307 2,863 Industrial loan 2 751 98 324 11 81 2,237 1 After deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting $278,952,000 participations of other Federal Reserve Banks. * After deducting $19,682,000 participations of other Federal Reserve Banks. 1232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month 1955 1955 1954 Oct. 26 Oct. 19 Oct. 12 Oct. 5 Sept. 28 Oct. Sept. Oct. F. R. notes outstanding (issued to Bank) 27,120,96727,154,610 27,118,71227,039,673 27,038,380 27,139,85227,051,952 26,597,961 Collateral held against notes outstanding: Gold certificates 11,413,000 11,413,000 11,363,00011,363,000 11,363,000 11,413,000 11363 000 11,093,000 Eligible paper 285,737 260,631 196,651 140,980 222,477 248,151 239,988 47,027 U. S. Government securities 16,935,000 16,935,000 16,935,00016,935,000 16,935,000 16,935,000 16,935,000 16,865,000 Total collateral 28,633,73728,608,63128,494,65128,438,98028,520,47728,596,15128,537,988 28,005,027 EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1955 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap 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) 27.139,852 1,637,374 6,084,4921,840,854 2,532,476 2,041,4371,412,525 5,157,1161,268,742578,1201,067,275755,6222,763,819 Collateral held: Gold certificates 11,413,000 640,000 2,670,000 725,0001,070,000 795,000 500,000 2,400,000 400,000150,000 2!8 08,00,0000 0283,0001,500,000 Eligible paper. . 248,151 12,260 58,790 43,100 25,940 45,250 62,811 U. S. Govt. securities 16,935,000 1,200,000 3,600,0001,200,0001,500,000 1,300,0001,000,000 2,900,000 910,000 500,000 800,000 525,0001,500,000 Total collateral...28,596,151 1,852,260 6,270,0001,983,790 2,570,000 2,138,1001,500,000 5,300,0001,335,940 695,2501,142,811808,000 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 Ap- pations y E m e n a o d r n t o o h f r N b u e m r ap - to p r d o A a v t e m e d ount (a b p p m c l u r e o o t o t m v e n u e d - o n d 1 t t) s ( t a a L m o n o u o d a u t i n - n n s g t) 2 ( C s a m t m o a o m n e u o n d t u m - t i n s n i t t g ) - s o ( i a t t n f a u m g o n f t i u i o d i n o n u t i a - n n s n n s t g t c i ) 3 - - y E m e n o a d r n t o o h f r Gua a r u a t t o n h t o e d r e a i d t z e e l d oans o G u u t . a s l t r o a a a n n n d t s e in ed g u a A b v n a o d a d m r i d e r l r i a o o t b i w u g o l n e e u n t r a a s t r l o - 1945 3,511 544,961 320 1,995 1,644 1,086 N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a o n u t t e m s e t e a n a n g t d s r i e n e g - 1946 3,542 565,913 4,577 554 8,309 2,670 1 1 1 1 1 9 9 9 9 9 4 4 4 5 5 8 9 7 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 , , , , , 7 3 6 3 9 2 2 5 8 3 6 6 3 9 1 4 3 , , 8 5 3 9 5 1 1 3 4 3 3 9 5 5 9 2 4 2 1 , , , ,3 6 6 1 9 8 3 8 7 9 7 2 7 8 5 2 3 6 7 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 5 6 9 4 4 2 2 2 1 , , , 1 3 3 5 2 9 3 8 4 5 1 , , , , 3 1 4 3 8 2 4 2 7 3 6 4 6 9 8 7 7 0 8 5 9 4 , , , , 0 4 6 4 1 5 8 2 7 9 6 8 8 6 5 0 6 4 6 3 6 6 , , , , 1 2 2 5 3 0 9 6 2 5 7 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 76 5 5 3 8 7 0 6 3 6, , 4 4 9 2 2 9 1 1 , , 6 9 3 5 8 1 3 1 , , 9 90 2 0 1 3 3 , , 2 5 1 6 0 9 3 3 , , 2 4 8 6 9 9 1954 1954 S O e c p t t o e b m e b r e .. r . . 1 1 , , 3 3 5 5 5 7 2 2 , , 4 4 7 7 7 8 , , 9 9 3 3 9 9 5 52 4 7 6 , , 0 9 7 3 4 0 4 4 1 5 6 5 , , 7 6 1 1 3 8 2 2 9 8 5 3 , , 8 5 0 1 5 0 O Se c p to te b m er ber. 3 3 , , 7 7 6 6 9 9 8 81 1 6 5 , , 5 4 8 4 2 9 3 3 9 9 5 5 8 9 1 9 2 1 1 1 , , 8 9 9 4 6 3 1 1 , , 3 5 4 5 3 9 D N e o c v e e m m b b e e r r . . 1 1 , , 3 3 6 6 7 1 2 2 , , 4 4 9 8 9 1 , , 6 6 3 6 4 9 4 5 7 0 1 4 , , 9 7 4 0 7 8 3 3 6 9 7 5 , , 6 3 9 8 4 8 2 2 7 6 2 6 , , 9 7 0 9 3 8 N De o c v e e m m b b e e r r . . . 3 3, , 7 7 7 7 1 0 8 8 1 1 7 8 , , 6 2 0 2 5 4 5 5 2 2 0 0 6 7 5 1 2 9 1 1 , , 1 8 4 9 8 8 1 1 , , 2 0 0 2 2 7 1955 January... 1,370 2,501,179 454,209 347,008 264,549 1955 February.. 1,375 2,504,169 437,185 333,717 263,248 J F a e n b u ru a a r r y y . . . . . 3 3 , , 7 7 7 7 2 2 8 8 2 2 1 2 , , 4 0 0 6 7 3 1 1 7 7 0 0 6 5 2 4 9 2 3 3 , , 1 2 5 2 2 7 1 1 , , 5 4 0 9 4 8 A M M p a a ri r y l c . h .. . . . . . . . 1 1 1 , , , 3 3 3 8 8 8 0 8 4 2 2 2 , , , 5 5 5 1 2 3 1 2 0 , , , 8 8 2 2 6 5 9 4 9 4 4 39 4 2 8 2 5 , , , 8 2 3 6 6 9 7 8 4 3 3 2 3 2 Q 3 0 8 , , , 5 2 3 5 6 5 7 9 4 2 2 2 5 5 7 4 5 2 , , , 8 4 2 4 8 4 0 4 8 March 3,775 823,195 315 521 3,519 1,564 June 1,390 2,542,819 394,343 293,507 234,634 April 3,775 823,359 270 675 3,389 1,576 July 1,392 2,544,344 295,711 224,659 211,296 May 3,775 823,754 170 707 3,410 1,586 August.... 1,396 2,552,549 291,416 221,444 207,196 June 3,775 824,441 170 460 3,571 1,577 September. 1,400 2,557,069 280,550 217,419 204,416 July 3,775 824,847 170 489 3,265 1,305 August.... 3,777 825,161 45 586 3,416 1 ,392 September. 3,777 825,282 45 700 2,795 1,230 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 ra t t d io u n e b 3 y m a o p n p th li s c a o n r t . more, which are not expired or withdrawn. included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of, the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. NOVEMBER 1955 1233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PEES 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 October 31] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month itors' Cash U. S. Cash an b c al e - s 1 Total dep in osi- G m ov e e n r t n- r f e u s n e d r s v , 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 13S 1954—June 2,251 2,399 31 2,240 128 Maximum Rates Financing Institution May Charge Borrower July 2,230 2,379 31 2,220 129- August 2,208 2,360 31 2,196 133 [Per cent per annum] September. . . 2,189 2,339 31 2,176 133 October 2,171 2,304 31 2,156 118- November.... 2,154 2,287 31 2,134 123 Interest rate December.... 2,136 2,292 31 2,134 12T Commitment rate. 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 2,163 31 2,019 113 P2 007 July P1,983 August ^1,960 September. . . Pi,942 p Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to de'mand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centersJ centers2 City centers1 centers2 1944 . . .. 848,561 327,490 194,751 326,320 22 3 18 3 14 6 1945 924.464 382,760 200,202 341,502 24.1 17.5 13.5 1946 1,017,084 406,790 218,477 391,817 25 1 18 3 14 1 1947 L,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 . . . .. L,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 L,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 . .887.366 738,925 390,066 758,375 42.3 25.8 19.2 1954—August 151,504 58,316 31,526 61,662 40 0 24 8 18 5 46 2 27 1 19 7 September 149,898 56,744 30,922 62,232 40.4 25.3 19.4 39.4 25.6 19.1 October 152,322 58,792 30,706 62,823 39.3 23.6 18.6 40.5 24.3 18.6 November 156,843 58,787 32,230 65,826 42 2 26 3 20 7 42 6 25 9 19 6 December 186,317 73,817 38,217 74,282 48.1 28.1 21.0 42.6 26.9 19.9* 1955—January 163,393 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 7 178,924 67,242 39,908 71,774 41 7 30 2 20 0 40 7 27 6 20 1 April 158,296 57,634 34,494 66,168 37.3 27.1 19.2 37.9 26.3 19.8 May 167,714 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 & July- 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 27.4 21.1 42.4 27.7 20.8 October 175,807 67,568 35,803 72,437 44.7 *>26.6 P20.4 46.1 P27.4 P20A P Preliminary. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 2 338 centers prior to April 1955, 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 BULLETINS for August 1943, p. 717; and for description of revision in 1953 covering the peiiod beginning 1943, see BULLETIN for April 1953, pp. 355-357* 1234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin andsmall denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin »$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 6t565 9,819 9,146 2,732 5,581 333 486 4 11 2 1954—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 2s098 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 29,769 20,856 1,831 1,202 71 2,020 6,309 9,425 8,914 2,641 5,492 314 454 4 9 1 May 30,009 21,098 1,843 1,219 71 2,051 6,394 9,520 8,912 2,647 5,489 313 451 3 9 1 June 30,229 21,312 1,858 1,226 72 2,061 6,471 9,625 8,917 2,658 5,487 312 448 3 9 (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 w 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 September... 30,422 21,489 1,887 1,252 72 2,072 6,495 9,711 8,933 2,653 5,518 308 442 4 9 (4) 2 1 I T n o c t l a u l d o es f u a n m a o s u so n r ts te d o f c c u o rr in e n a c n y d h p e a ld p e in r c T u r r e r a e s n u c r y y s a h n o d w F n e d b e y r a d l e n R o e m se i r n v a e t i B on a s n k le s s a s n u d n c a u ss r o re r n te c d y c o u f r u re n n k c n y o w in n T d r e e n a o s m ur i y n a a ti n o d n s F r e e d p e o ra rt l e d R e b s y e r t v h e e B T a re n a k s 1s u . ry as destroyed. 8Paper currency only; $1 silver coins reported under coin. *Less than $500,000. Back figures.-—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by. standing, As security For Federal Se 1 p 9 t 5 . 3 5 0, g a o s g l i d a lv in e a s r n t d Tr c e a a s s h ury B R F an e e d k se e s r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d Se 1 p 9 t. 5 5 30, Au 1 g 9 . 5 3 5 1, Se 1 p 9 t. 5 4 30, certificates agents Gold 21,684 21,028 2656 Gold certificates 21,028 18,178 2,8i<5 34 34 35 Federal Reserve notes 27 052 78 1 168 25 806 25 717 25 413 Treasury currency—total 5,006 ^2,425 53 371 4,582 4,566 4,536 Standard silver dollars 489 233 24 6 227 226 215 Silver bullion 2,192 2,192 Silver certificates and Treasury notes of 1890. . 32,425 269 2,155 2,144 2,161 Subsidiary silver coin 1,298 24 56 1,219 1,213 1,172 Minor coin 453 2 9 441 439 423 United States notes 347 u2 29 316 317 319 Federal Reserve Bank notes 160 (5) 1 158 160 175 National bank notes 67 1 66 66 69 Total—Sept. 30 1955 1 23,453 787 18,178 4,354 30,422 Aug. 31, 1955 23,435 804 18,177 4,288 30,317 Sept. 30 1954 23,578 786 18,314 4,237 29,985 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. 1227. includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. sTo avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 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 ks 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. NOVEMBER 1955 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit 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 ,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,463 4,854 190,277 77,071 95,350 68,108 24,746 2,496 17,856 217,594 200,360 17,234 Dec. 31 030 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 ,927 4,959 200,628 81,210 99,827 72.525 25,037 2,265 19,591 227,514 209,354 18,161 1954—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 M Ap a r r . . 3 2 0 7 2 2 1 1 , , 7 7 0 0 0 0 5 5 , , 0 0 0 0 0 0 2 2 0 0 7 9 , , 0 1 0 0 0 0 8 8 7 7 , , 1 9 0 0 0 0 1 9 0 8 0 , , 7 10 0 0 0 7 7 3 4 , , 0 4 0 0 0 0 2 23 3 , , 6 6 0 0 0 0 2 2 , , 1 1 0 0 0 0 2 2 1 1 , , 2 2 0 0 0 0 2 23 3 5 3 , i7 8 0 0 0 0 2 2 1 1 6 4 , , 9 5 0 0 0 0 1 1 9 8 , , 1 9 0 0 0 0 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 Sept. 28P 21,700 5,000 211,900 94,600 96,400 70,700 23,700 2,000 20,900 238,600 218,800 19,800 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- side ings banks banks banks3 System banks currency jusLed banks 1920—Tune 29 365 204 381 36 54, 790 28,611 19,557 8,905 149 22,540 3,639 1 11 99 yi 33 <7 93 —— j D Jue U n .1 c 1 e. C 3 30 0 1,21 5 7 0 2,4 2 0 64 9 8 8 5 4 2 6 63 3 4 5 4 63 0 , ,8 2 2 5 8 3 2 21 7 , ,0 6 5 5 9 6 1 15 0 , ,8 2 4 5 9 8 10 9, , 6 5 2 2 1 3 1 1 , , 1 2 8 7 6 8 2 1 9 4 , ,4 7 1 9 1 3 4 6, , 4 7 0 6 1 1 1941—Dec. 31! . .'. . 1,498 2,215 1,895 867 76,336 27,729 15 884 10,532 1,313 992 9,615 1945—Dec 31 2, 141 2,287 24,608 977 150, 793 452 30, 135 15,385 2,932 75^ 851 26,490 1947—Dec. 31.'.'... 1,682 1,336 1,452 870 170, 008 56^411 35 249 17,746 3,416 87, 121 26,476 111,100 85,20025, 900 1950—Dec. 30 2,518 1,293 2,989 668 176, 917 59,247 36 314 20,009 2,923 92,272 25,398 114,300 89,70024 600 1951—Dec. 31 2,279 1,270 3, 615 247 185, 999 61, 450 37 859 20,887 2,704 98,234 26,315 120,100 94,40025, 700 1952—Dec. 31 2,501 1,270 5,259 389 194, 801 65, 799 40 666 22,586 2,547 101, 508 27,494 124,700 97,80026,900 1953—June 30 2,467 1,259 3, 942 132 192, 560 68,293 42 245 23,589 2,459 96,898 27,369 126,100 98,800 27,300 Dec. 31 2,694 761 4,457 346 200, 917 70,375 43 659 24,358 2,359 102, 451 28,091 126,700 99,50027,200 1954—June 30 3,256 811 5,895 875 198, 517 73, 292 45 653 25,388 2,251 98, 132 27,093 126,700 99,70027,000 1954—Sept.29 3,300 800 4,400 800 202, 500 74,400 46 400 25,800 2,200 101, 200 26,900 129,200 102,40026,800 Oct. 27 3,200 800 6, 100 600 204, 700 74,800 46 700 25,900 2,200 103, 100 26,900 128,700 101,90026,800 Nov.24 3,200 800 6,900 500 205, 800 74,300 46 300 25,900 2,200 104, 000 27,500 129,500 102,60026,900 Dec. 31 3,329 796 4,510 563 209, 684 75, 282 46 844 26,302 2,136 106, 550 27,852 129,700 102,80026,900 1955—Jan. 26 3,200 800 3,800 400 209, 200 75, 400 46 800 26,500 2,100 107, 000 26,800 131,200 104,20027,000 Feb. 23 3,100 800 4,600 600 206, 900 75, 700 47 000 26,600 2,100 104, 500 26,800 131,200 104,300 26,900 Mar. 30 3,200 800 4,400 900 205, 300 76,200 47 200 26,900 2,100 102, 400 26,700 131,500 104,600 26,900 Apr. 27 3,100 800 5,000 600 207 400 76 200 47,200 26,900 2,100104, 500 26,700 132,600 105,60027,000 May 25 3,200 800 5 500 400 206 700 76 5C0 47,400 27,100 2,000103, 300 26,800 131,700 104,80026,900 June 30 3,247 812 5,418 380 207, 738 77 129 47,846 27,277 2,007 103, 234 27,375 131,900 104,90027,000 July 27* 3,300 800 6 100 500 208 100 77 100 47,700 27,400 2,000103, 900 27,100 132,700 105,50027,200 Aug. 31P 3,100 800 5 200 ifOC 208 600 77400 48,000 27,500 2,000103, 900 27,300 132,700 105,50027,200 Sept. 3,200 800 4 500 500 209 700 77 700 48,000 27,700 1,900104 900 27,200 133,300 106,20027, 100 ^Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 3 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 4Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. ^Seasonally adjusted series begin in 1947 and are available only for last Wednesday of the month. For seasonal adjustment factors used in deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1236 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 te ank Total Loans G o U m t o b io v l . e i S e n g n . r a s t n - - O s ri e t t c h ie u e s - r a C ss a e s ts h ^ c c b o a i a a l u p i n c n t i - i d t t e a s s l 2 Total1 b In an te k r - i U.S D . emand Time c c o a a u p c n i - t t a s l ba b o n e f k r s 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 4,944111,690 63,598 15,367 14.575 1953—Dec. 31 171.497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149112,639 68,354 16,118 14,509 1954—Tune 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 Sept. 29.... 178,040 81,680 76,200 20,160 40,620 221,710 201,150 15,470 4,120 109,020 72,540 16,860 14,436 Dec. 31 183,784 85,617 77,728 20,439 44,585 231,654 211,115 16,811 4.176116,617 73,510 17,270 14,367 1955—Apr. 27 184,210 88,640 74,390 21,180 40,850 228,550 206,480 14,570 4,610112,760 74,540 17,490 14,314 May 25 184,410 89,790 73,740 20,880 39,650 227,410 205,100 14,020 5,130111,110 74,840 17,630 14,312 June 30.... 184,253 91,355 71,947 20,951 42,014 229,631 208,850 15,245 5,081113,034 75,491 17,663 14,309 July 27P.... 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. 3\P... 186,070 93,940 71.100 20,940 40,610 230,060 207,750 14,570 4,860112,490 75,830 17,800 14,290 Sept. 28P... 186,810 95,240 70,680 20,890 41,110 231,230 208,710 14,700 4,220 113,690 76,100 17,930 14,286 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 3">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 2,806 101,917 36,503 11,590 14,121 1952—Dec. 31 141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 4,941111,659 41,012 12,888 14,046 1953—Dec. 31 145,687 67,593 63,426 14,668 44,828 193,010 176,702 15,955 4,146112,604 43,997 13,559 13,981 1954—June 30 146,383 67,337 63,508 15,538 41,569 190,585 174,068 15,497 5,591106,996 45,983 14,038 13,937 Sept. 29.... 150,580 67,250 67,330 16,000 39,670 192,900 175,300 15,470 4,120108,970 46,740 14,200 13,909 Dec. 31 155,916 70,619 68,981 16,316 43,559 202,378 184,757 16,809 4.172116,567 47,209 14,576 13,840 1955—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 5,130 111,060 47,780 14,890 13,784 Tune 30.... 155,264 75,183 63,271 16,809 41,025 199,240 181,516 15,242 5,078112,983 48,214 14,906 13,781 July 27P... 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 P. .. 156,680 77,340 62,490 16,850 39,680 199,340 180.200 14,570 4,860 112,440 48,330 15,100 13,763 Sept. 28P... 157,260 78,390 62,020 16,850 40,190 200,350 180,990 14,700 4,220113,640 48,430 15,110 13,759 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31.... 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947—Dec. 31.... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9.695 6.873 1952—Dec. 31 ... 119,547 55,034 52,763 11,751 39,255 160,826 147,527 14,617 4,567 95,453 32,890 10,761 6,798 1953—Dec. 31 ... 122,422 57,762 52,603 12,057 39,381 163,983 150,164 15,170 3,756 96,024 35,213 11,316 6,743 1954—June 30 123,185 57,197 53,111 12,876 36,722 162,203 148,252 14,733 5,165 91,455 36,900 11,709 6,721 Sept. 29 126,851 57,164 56,373 13,314 34,796 163,964 148,964 14,692 3,714 93,016 37,542 11,868 6,707 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—Apr. 27 131,191 62,329 54,767 14,095 34,979 168,891 152,638 13,853 4,170 96,343 38,272 12,348 6,613 May 25 131,035 63 ,111 54,083 13,841 34,074 167,702 151,282 13,320 4,624 94,928 38,410 12,446 6,619 June 30 130,788 64,315 52,543 13,930 36,300 169,686 154,670 14,462 4,656 96,742 38,810 12,461 6,611 July 27P. . . 132,331 65,647 52,838 13,846 35,152 170,058 153,657 13,744 5,264 95,996 38,653 12,517 6,603 Aug. 31 P. . . 131,897 66,291 51,642 13,964 35,018 169,535 153,215 13,811 4,424 06,125 38,855 12,617 6,589 Sept. 28*>. . . 132,277 67,193 51,144 13,940 35,400 170,231 153,725 13,930 3,797 97,048 38,950 12,624 6,584 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 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 1,592 542 1947—Dec. 313... 18,641 4,944 11,978 1,718 886 19,714 17,763 17!745 1,889 533 1950—Dec. 30, . 21,346 8,137 10,868 2,342 797 22,385 20,031 20.009 2,247 529 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 ?4.358 2,559 528 1954—June 30 26,959 13,890 9,017 4,052 987 28,315 25,440 25,388 2,626 528 Sept. 29.... 27,460 14,430 8,870 4,160 950 28,810 25,850 25,800 2,660 527 Dec. ,31. . . 27,868 14,998 8,748 4,123 1,026 29,276 26,359 26,302 2,694 527 1955—Apr. 27 28,670 15,720 8,760 4,190 930 30,010 26,980 («) (4) 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 16,172 8,675 4,142 989 30,382 27,334 27,277 2,757 528 July 2.7* . . . 29,200 16,360 8,710 4,130 930 30,530 27,430 27,380 2,770 527 Aug. 31 P.. . 20,300 16,600 8,700 4.000 930 30,720 27,550 f4) 27,500 2,790 527 Sept. 28P. . . 29,550 16,850 8,660 4,040 920 30,880 27,720 27,670 2,820 527 ^Preliminary. *"A11 banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska that became a member bank on Apr. 15, 1954, and a noninsured State member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2Includes "other" assets and liabilities not shown separately. For other footnotes see following two pages. NOVEMBER 1955 1237 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—Co«tf»««<* [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 o U m b ov l . e i e S g n r a . t n - - O s r e i t t c h i u e e s - r a C ss a e s t h s1 c b a i a l p i n t i d i t e a s l Totali b In a t n e k r 1 - Demand c c o a a p u c i n - t t a s l ba b o n e f r ks tions cou ac n - ts2 U.S. Time Govern- Other ment Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12 896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11 972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1952—Dec. 31 22,130 12,376 7,678 2,076 8,419 31,053 27,309 4,965 1,143 19,361 1,840 2,505 22 1953—Dec 31 22,058 12,289 7,765 2,004 8,074 30,684 27,037 5,214 778 18,894 2,150 2,572 22 1954—June 30 ... . 22,681 11,619 8,695 2,367 7,524 30,771 27,225 5,517 1,378 18,114 2,216 2,630 22 Sept. 29 . ... 22,949 11,504 8,976 2,469 7,296 30,830 26,938 5,338 724 18,545 2,331 2,644 22 Dec. 31. 23,880 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,392 2,803 21 1955—Apr. 27.* 23,717 12,977 8,281 2,459 6,673 31,179 27,103 5,136 1,160 18,496 2,311 2,697 IS May 25 23,257 12,946 8,010 2,301 6,668 30,646 26,464 4,982 1,178 18,027 2,277 2,717 18 June 30 23,099 13,016 7,782 2,300 7,748 31,559 27,791 5,454 1,131 18,926 2,281 2,715 18 July 27*> 23,445 13,618 7,557 2,270 6,979 31,099 26,927 5,138 1,471 18,131 2,187 2,716 18 Aug. 31 P 22,915 13,596 6,959 2,360 6,993 30,595 26,471 5,037 995 18,210 2,229 2,746 18 Sept. 28P 22,852 13,716 6,782 2,354 7,104 30,631 26,495 5,097 696 18,446 2,256 2,722 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3 330 RR8 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 L 035 127 2,419 476 288 13 1945—Dec. 31 .... 5,931 1,333 4,213 385 1,489 7,459 7 046 I 312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 L 217 72 4,201 913 426 14 1950—Dec. 30 .... 5,569 2,083 2,911 576 2,034 7,649 7 109 L 229 174 4,604 1,103 490 13 1952—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 I 350 343 4,789 1,205 541 13 1953—Dec. 31 . . 6,204 2,776 2,856 572 2,115 8,366 7,724 1,387, 259 4,837 1,242 566 13 1954—June 30 5,975 2,589 2,825 561 2-036 8,064 7,419 I 339 410 4,403 1,267 583 13 Sept. 29 6,189 2,497 3,110 582 1,835 8,070 7,343 ,310 266 4,509 1,258 590 13 Dec. 31 . 6,518 2,784 3,120 614 L.954 8,520 7,845 321 251 4,977 1,295 600 13 1955—Apr. 27 6,194 2,645 2,861 688 1,894 8,144 7,374 . 1 SS 256 4,670 1,293 602 13 May 25 6,170 2,698 2,807 665 1,836 8,055 7,321 1,126 296 4,608 1,291 605 13 June 30. . 6,288 2,846 2,742 699 L ,763 8,102 7,431 1 180 343 4,606 1,303 612 13 July 27P 6,276 2,862 2,712 702 1,844 8,171 7,408 1,163 382 4,577 1,286 613 13 Aug. 31? 6,235 2,887 2,637 711 1,875 8,166 7,414 1,222 296 4,616 1,280 621 13 Sept. 28P 6,202 2,950 2,543 709 1,889 8,140 7,345 1,218 241 4,590 1,296 616 13 Reserve city member banks: 1939_Dec. 30 12,272 5,329 5,194 1,749 tS. 785 19,687 17,741 3 686 435 9,004 4,616 1,828 346 1941__Dec. 31 .. . 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 .. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6 448 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5 649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6 448 976 32,366 11,647 3,322 336 1952—Dec. 31 45,583 21,697 19,624 4,262 15,544 61,941 57,357 7,001 1,814 35,281 13,261 3,745 319 1953 Dec. 31 46,755 22,763 19 559 4 434 15,925 63,547 58,663 7 254 1,504 35,773 14,132 3,984 319 1954—June 30 47,056 22,453 19,813 4,791 14,656 62,624 57,665 6,636 2,015 34,058 14,957 4,125 310 Sept. 29 48,779 22,605 21,187 4,987 13,566 63,276 57,835 6 772 1.418 34,467 15,178 4,205 306 Dec. 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955_Apr. 27 50,807 24,758 20,730 5,319 14,458 66,317 60,233 6,346 1,520 36,635 15,732 4,434 297 May 25 50,705 25,114 20,354 5,237 14,152 65,883 59,744 6,059 L,73O 36,140 15,815 4,473 296 June 30 50,596 25,654 19,697 5,245 14,696 66,293 60,854 6,545 1,843 36,459 16,007 4,492 297 July 27P 51,338 26,193 \9,954 5,191 14,484 66,845 60,723 6,234 L, 891 36,659 15,939 4,510 297 Aug. 31 P 51,293 26,630 19,476 5,187 14,195 66,535 60,415 6,332 1,754 36,345 15,984 4,543 296 Sept. 28? 51,306 27,041 19,137 5,128 14,430 66,765 60,582 6,383 L.522 36,698 15,979 4,571 296 Country member banks: 1939—Dec. 30 10 224 4,768 3,159 2 297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941—Dec. 31 .. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1 073 432 28,378 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1952—Dec. 31 45,594 18,213 22 549 4 832 13,281 59 535 55,175 J 301 1,267 36,022 16,585 3,970 6,444 1953—Dec. 31...... 47,404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 1,216 36,520 17,690 4,194 6,389 1954—june 30...... 47,474 20,537 21 779 5 158 12,506 60 745 55,943 L 241 1,362 34,879 18,460 4,372 6 376 Sept. 29 48,934 20,558 23,100 5,276 12,099 61,788 56,848 1,272 1,306 35,495 18,775 4,429 6,366 Dee. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 L,508 1,271 37,794 18,787 4,506 6.326 1955—Apr. 27 50,473 21,949 22,895 5,629 11,954 63,251 57,928 91* 1,234 36,542 18,936 4,615 6,285 May 25 50,903 22,353 22,912 5,638 11,418 63,118 57,753 1 153 1,420 36,153 19,027 4,651 6,292 June 30. . . . 50,806 22,799 22,321 5,685 12,092 63,732 58,594 1,283 1,339 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. 31 P 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 Sept. 28*> 51,917 23,486 22,682 5,749 11,977 64,695 59,303 1,232 1,338 37,314 19,419 4,715 6,257 3 Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. 4Less than 5 million dollars. For other footnotes see preceding and opposite pages. 1238 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 -pit as T s o et t s a — l Other Total Nura- Class of bank U.S. Cash capital her and date Total Loans G m ov e e n r t n- O se t c h u e - r assets1 c K a il p if i t i a oo l Total i b T ank1 Demand co a u c n - ts ba o n f ks o t b i l o i n ga s - rities cou ac n - ts2 U.S. Time Govern- Other ment Allinsured 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 1;J,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 1.5,412 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 1,1,380 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 1.5,303 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 L5,267 ^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 i1,856 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 •, 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 i1,789 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 i1,744 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 ,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 ,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 3,055 918 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 ,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 4,023 886 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 .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 L,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 (5,810 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 (5,416 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 (5,478 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 (5,672 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 (5,662 Dec. 31 22,536 9.886 10,215 2.436 5,088 27,911 25,657 393 439 15,879 8.947 2.044 (5.647 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 <5,660 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. 313 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. 313 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13.758 7,036 1,596 7,261 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 ?41 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 banks* 1941—Dec 31 1 693 642 629 421 151 1 958 1 789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 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—June 30 20,121 10,804 6,309 3,008 807 21,237 19,195 3 2 45 19,145 1,868 219 Dec. 31 20,830 11,651 6,117 3,062 832 21,981 19,885 3 3 48 19,831 1,920 218 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: 1 1 1 9 9 9 4 4 4 7 1 5 — — — D D j)e e e c c c # # 3 3 3 i i i3 . 8 5 5 3 9 6 5 8 6 7 7 1 4 1 1 , , 3 2 1 8 5 9 4 9 8 3 3 3 , , 8 0 5 1 2 7 3 5 2 1,3 6 7 5 4 6 3 1 0 6 2 1 4 1 8 2 1 0 9 5 6, , 2 8 5 1 4 9 5 6 6 8 5 5 ,7 5 0 4 5 2 4 6 2 ( » 2 5 5 8 , , , 0 5 7 2 3 5 0 3 8 1,0 5 6 7 3 5 7 7 8 3 3 4 3 5 9 9 0 6 1953—Dec. 31 6,558 2,910 2,707 941 184 6,796 6,015 2 6,013 740 309 1954—june 30 6,838 3,086 2,708 1,044 180 7,078 6,246 1 6,243 758 30S Dec. 31. 7,038 3,346 2,630 1,061 194 7,295 6,474 2 6,471 774 309 1955—June 30 7,373 3,605 2,677 1,090 180 7,621 6,743 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 publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. NOVEMBER 1955 1239 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 Total C m c o i e a m r l, - - o p L r u o r c a c a n h r s a r y s f i i o n n r g g Other U. S. Government obligations O t g i b o a li n - - s Cla c s a s l a l o n d f d at b e ank i m n lo a v e n a e n n d s t s t s - Total c o m k i p p l i p n u n a e a e e g d - t r - r n - - A t c u a u g l r l r - - i- b d a s e T e r n e e o r r o a d s s c k l u - - rit o i T t e h o s - l R t o e a a e s t n a - e l s l v u o i d t i a a n o i d n l - - s - s O lo th an er sTotal Total Bills C o d c n e e f a e r e d t t b i s i e - n f D t s s - i - - ire N c o t tes Bonds G t a e u n e a - d r- S p d s s a i t o u i i c o a n o v a l b 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 - All commercial banks:2 1947—Dec. 31... 116,28438,057 18,1671,660 830 1,220 9,393 5,7231,06378,22669,221 2,193 7,789 6,03453,191 5,2763,729 1953—Dec. 31... 145,68767,59327,204 4,9652,3611,202 16,69414,4611,66678,09463,4265,00410,237 12,43935,713 34 10,8213,847 1954—June 30... 146,38367,33726,1205,1432,4621,25617,22714,4621,65779,04763,508 4,704 5,572 12,376 40,818 38 11,9303,608 Dec. 31.., 155,91670,61926,8675, 2~00 2,9291,52518,41814,750 2,00085,29768,981 5,065 5,361 14,672 43,861 2212,586 3,729 1955—June 30... 155,26475,18328,,872 4,3912,859 1,61319,77916,3652,42880,08163,271 3,220 1,71016,640 41,685 1612,785 4,025 All insured commercial banks: 1941—Dec. 31... 49,29021,259 9,2141,450 614 662 4,773 4,545 28,03121,046 988 3,159 12,797 4, 3,6513,333 1945—Dec. 31... 121,80925,765 9,4611,3143,164 3,606 4,677 2,3611,18196,04388,912 2,45519,07116,04551,321 3,8733,258 1947—Dec. 31... 114,27437,583 18,0121,610 823 ,190 9,266 5,6541,0"2"8 76,691 67,941 2,124 7,552 5,918 52,334 5;i293,621 1953—Dec. 31... 143,79667,08227,082 4,8672,344 ,18116,56614,3731,629 76,71462,381 4,89510,076 12,,283 35,093 10,587 3,746 1954—June 30.., 144,451 66,80525,9765,057 2,439 ,22817,10114,3701,62377,64662,461 4,575 5,50512,223 40,121 38 11,682 3,502 Dec. 31.. 154,115 70,12726,7315,1082,907 .50118,30214,6761,97383,98868,012 4,901 5,27914. ,287 "' 12,352 3,624 1955—June 30... 153,48874,69228,729 4,3192,834 ,58919,66116,283 2;400 78,79662,342 2,996 1,667 16,479 41,185 12,549 3,906 Member banks, total: 1941—Dec. 31... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,7293,8323,090 2,871 1945—Dec. 31.., 107,18322,775 8,949 8553,1333,378 3,455 1,900 1,104 84,40878,3382,275 16,98514,27144,792 163,2542,815 1947—Dec. 31... 97,84632,628 16,9621,046 8111,065 7,130 4,662 95265,21857,9141,987 5,816 4,,815 45,286 10 4,199 3,105 1953—Dec. 31.. 122,42257,76225,5193,263 2,3211,06013,020 11,9111,518 64,66052,6034,095 8,287 10,300 29,890 3,185 1954—June 30.. 123,18557,19724,3623,4022,4111,10613,440 11,840 1,513 65,98853,1113,915 4,417 10,37434,369 2,987 Dec. 31.. 131,60260,25025,0073,,"5'2"9 2,8811,36314,43312,1271,858 71,35257,8094,075 4,307 12,464 36,944 20 10,449 3,094 1955—June 30. . 130,78864,31526,8942, ,8081,44015,59413,489 2128566,47352,543 2,377 1,28113,96934,903 1310,5843,346 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 80 287 29818,809 17,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 111 564 33013,21411,972 1,002 640 558 9,771 638 604 1953—Dec. 31.., 22,058 12,289 8,218 1261,667 320 383 ,294 475 9,769 7,765 924 1,104 1,130 4,605 1,365 639 1954—June 30.. 22,681 11,619 7,447 1441,778 364 390 ,220 46611,062 8,695 1,014 711 1,454 5,510 6 1,851 516 Dec. 31.. 23,88012,039 7,231 204 2,041 432 467 ,232 64411,841 9,34: 785 597 1,924 6,026 10 1,977 523 1955—June 30. . 23,099 13,016 7,928 2,034 466 656 1,379 754 10,083 7,78: 537 146 1,830 5,262 1,754 547 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 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 3 73 8 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1953—Dec. 31. . 6,204 2,776 1,912 158 286 75 70 234 96 3,428 2,856 123 450 684 1,598 400 172 1954—June 30.. 5,975 2,589 1,835 134 242 74 81 206 74 3,386 2,825 113 261 721 1,731 387 174 Dec. 31. . 6,518 2,784 1,847 140 345 89 91 223 105 3,734 3,120 70 241 855 1,953 415 199 1955—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.. 15,34 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,2481,173 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 42: 1,503 1,459 855 404 31,59429,552 1,034 6,982 5,65315,878 51,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 3,14f 1,969 36622,59120,196 373 2,358 1,90115,560 31,342 1,053 1953—Dec. 31.. 46,755 22,763 10,568 774 308 456 5,453 4,942 61123,993 19,559 1,230 3,357 4,20110,746 25 3,1961,238 1954—June 30.. 47,05622,453 10,010 953 326 468 5,639 4,797 629 24, 60319,813 1,241 1,590 4,18312,773 26 3,5851,206 Dec. 31. . 50,738 23,98610,624 956 40: 622 6,134 4,912 72026,75221,718 1,326 1,695 4,95413,736 73,7821,252 1955—June 30.. 50,59625,654 11,210 700 444 651 6,603.5,500 954 24,94219,697 503 481 5,77312,937 33 ,9161,330 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 471 1,881 707 36329,40726,999 630 5,102 4,544 16,713 9 1,3421,067 1947—Dec. 31.. 36,32410,199 3,096 818 22 3,827 1,979 229 26,12 22,857 480 2,583 2,108 17,681 62,0061,262 1953—Dec. 31.. 47,40419,934 4,822 2,204 210 7,114 5,441 33627,47022,423 1,819 3,374 4,285 12,940 53,9111,136 1954—June 30.. 47,47420,537 5,0712,170 200 7,331 5,618 34. 26,93721,779 1,548 1,855 4,017 14,355 44 ,0671,090 Dec. 31.. 50,46621,44: 5,3062,229 220 7,742 5,760 388 29,02423,629 1,893 1,774 4,731 15,228 34 ,2751,120 1955—June 30.. 50,80622,799 5,8151,980 234 8,214 0,366 439 28,00622,32 1,261 587 5,554 14,916 34 ,4581,227 All nonmember banks:2 1947—Dec. 31.. 18,454 5,432 1,205 614 156 2,266 1,061 11113,021 11,318 206 1,973 1,219 7,916 1,078 625 1953—Dec. 31.. 23,28" 9,838 1,685 1,702 142 3,681 2,551 14813,44910,835 909 1,951 2,139 5,834 1,951 662 1954—June 30.. 23,220 10,14 1,758 1,741 150 3,795 2,622 144 13,073 10,409 790 1,155 2,002 6,460 2,042 621 Dec. 31.. 24,33 10,378 1,8591,671 161 3,993 2,623 14313,95911,184 991 1,054 2,209 6,928 2,139 636 1955—June 30... 24,499 10,876 1,979 1,59: 173 4,194 2,875 14313,622 10,741 843 429 2,672 6,794 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 sayings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 1240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Bal- Deserves ances mand Interbank U. S. Class of bank with Cash with de- deposits Certi- Indi- Gov- States Indi- Capiand Federal in do- posits U.S. States fied viduals, ern- and viduals, Bor- tal call date Re- vault mestic ad- Gov- and and partner- ment polit- partner- row- acserve binks4 justed6 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 12,103102,452 13,444 1,344 4,146 9,546 2,996100,062 1,167 338 1,944 41,714 62 13,559 1954—June 30. . 18,924 2,660 11,033 98,117 12,470 1,328 5,591 9,925 2,789 94,282 1,699 331 2,319 43,334 55 14.038 Dec. 31. . 18,734 2,469 12,202106,54013,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—June 30.. 17,941 2,681 10,529103,22111,906 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 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1953—Dec. 31.. 19,995 2,482 11,724101,28913,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 1954—June 30. . 18,924 2,627 10,688 96,98312,252 1,287 5,562 9,776 2,765 93,306 1,506 331 2,264 43,001 50 13,714 Dec. 31 . . 18,734 2,444 11.854105,471 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 10,241102,24711,801 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 64,18412,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 .. 17,797 1,672 6,270 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1953—Dec. 31 .. 19,997 1,870 7,554 86,12712,858 1,291 3,756 7,530 2,783 85,711 1,021 308 1,595 33,311 43 11,316 1954—June 30. . 18,925 2,001 7,062 82,78311,956 1,280 5,165 7,839 2,581 81,034 1,497 300 1,912 34,687 38 11,709 Dec. 31 . . 18,735 1,843 7,613 89,83613,015 1,493 3,715 7,781 2,964 88,859 1,475 334 1,966 35,650 15 12,210 1955—June 30. . 17,942 2,017 6,704 87,20711,482 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 io 20 1,206 195 2,120 1947—Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1953—Dec. 31 .. 4,846 129 70 15,901 3,363 1,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 1954—June 30. . 4,614 131 60 15,430 3,237 1,033 1,378 404 1,109 16,601 1,246 51 151 2,014 1 2,630 Dec. 31. . 4,398 126 67 16,500 3,336 1,177 736 368 1,223 17,823 1,196 54 192 2,146 1 2,803 1955—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:* 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—i)ec> 3i' ' 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 "ii 4,124 Dec. 31 . . 7,783 558 2,327 32,694 6,946 259 1 ,457 2,876 866 33,677 239 111 965 14,399 3 4,300 1955—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. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1953—Dec. 31.. 5,780 1,140 4,855 35,029 1,288 12 1,216 4,063 820 31,636 15 153 615 16,921 20 4,194 1954—June 30. . 5,468 1,230 4,496 33,569 1,211 11 1,362 4,261 720 29,898 19 148 759 17,553 26 4,372 Dec. 31. . 5,377 1,129 5,057 36,242 1,469 17 1,271 4,263 795 32,736 22 163 799 17,826 11 4,506 1955—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 1 1 9 9 5 5 3 4 — — i j ) u e n c e 3 3 1 0 6 6 4 5 2 8 4 3, , 9 5 7 5 2 0 1 1 6 5 , , 3 3 2 3 5 4 5 5 8 1 6 4 4 5 8 2 3 42 9 6 0 2 2 , , 0 0 1 8 6 5 2 2 1 0 3 9 1 1 4 3 , , 3 2 5 4 1 8 2 1 0 4 2 6 3 3 0 0 3 40 5 7 0 8 8 , , 4 6 2 6 6 9 1 1 9 7 2 2, , 3 2 3 4 2 5 Dec. 31 627 4,590 16,704 496 46 457 2,121 235 14.608 284 31 436 8.814 16 2,369 1955—June 30 664 3,825 16,014 424 47 422 2,162 235 13,844 309 30 468 8,929 35 2,448 8Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. 4Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commerical banks. 5Demand deposits other than interbank and 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. 1241 NOVEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date i T n l m o a v o n a e e t n d n a s s t t l s - i j L m n u a a o v s e n d t a e n e d - n s t d t s s - 1 j L u a o s d t a e - n d s 3 i C t n m c a r d o i i n a e a m 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 l s e O lo t a h n e s r Total Bills o d c C t f a e i f e t b i i e r - n t - s - - Notes Bonds2 O r s i e t t 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 S a v - - s . t. O c t s u t i e h e r - i s e - r G l U t o i i o g o b . v S a - n - . t s .O c t u t i h e r s e i- r n e e d s - s Total- Leading Cities 1954—October... 85,455 84,747 38,679 21,116 2,410 969 6,941 7,90537,4782,659 2,426 8,653 23,7408,590 708 1955—August 85,401 84,403 44,335 23,893 2,524 1,191 8,062 9,40131,358 1,036 746 8,,545 21,0318,710 998 September. 85,432 84,473 45,072 24,427 2,398 1,197 8,199 9,58830,656 1,011 564 8,21220,8698,745 959 October^. . 86,324 85,458 45,930 25,082 2,624 1,195 8,015 9,750 30,891 1,058 1,148 8,023 20,6628,637 866 1955—Aug. 3... 85,765 84,878 44,113 23,550 2,775 1,190 7,993 9,340 3.1,975 ,160 932 8,806 21,0778,790 887 Aug. 10. .. 85,438 84,416 44,164 23,754 2,558 1,197 8,028 9,36431,634 1,123 813 8,64521,0538,618 1,022 Aug. 17. .. 85,132 84,210 44,262 23,940 2,409 1,196 8,069 9,38431,261 997 706 8,495 21,0638,687 922 Aug. 24...85,192 84,098 44,443 24,050 2,413 1,189 8,100 9,42830,972 916 651 8,40820,9978,683 1,094 Aug. 31... 85,478 84,412 44,696 24,171 2,467 1,184 8,120 9,49230,948 985 625 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 9,575 30,940 1,150 617 8,26720,906 8,766 1,089 Sept. 21...85,318 84,516 45,241 24,570 2,391 ,206 8,216 9,595 30,546 1,009 537 8,16020,8408; 729 802 Sept. 28.. .85,399 84,493 45,449 24,660 2,406 194 8,257 9,669 30,347 994 496 070 20,7878,697 906 Oct. 53. .85,502 84,616 ' [4 4 5 5 , , 6 6 4 4 1 4 2 2 4 5 , , 6 0 9 1 2 0 2 2, , 5 5 6 6 7 0 1 1, , 1 1 7 8 7 6 8 7 , , 2 9 6 7 6 2 9 9 , , 6 6 7 5 5 0 30,282 989 480 8,10320,710 • 886 Oct. 12...86,935 86,102 46,035 25,114 2,705 1,198 8,001 9,75431,419 1,141 1,544 8,08220,6528,648 833 Oct. 19. ..86,509 85,542 45,974 25,082 2,636 1,180 8,040 9,77130,941 1,035 1,300 7,959 20,6478,627 967 Oct. 26...86,350 85,571 46,071 25,124 2,587 1,224 8,049 9,824 30,922 1,067 1,266 7,94820,6418,578 779 New York City 1954—October. . . 23,833 23,379 11,402 7,355 6601,181 355 427 1,600 9,513 796 550 2,182 5,9852,464 454 1955—August. .. . 22,871 22,309 12,998 8,257 1871,698 446 676 1,942 7,025 324 129 1,632 4,940 2,286 562 September. 22,765 22,166 13,083 8,484 1491,538 441 699 1,978 6,731 294 74 1,523 4,840 2,352 599 Octobers. . 23,102 22,574 13,443 8,692 2171,622 448 618 2,049 6,837 393 203 1,505 4,736 2,294 528 1955—Aug. 3... 23,151 22,636 13,039 8,083 3271,770 453 658 1,957 7,304 387 200 1,679 5,038 293 515 Aug. 10. .. 22,925 22,343 12,948 8,163 2151,726 446 665 1,940 7,153 377 148 1,658 4,970 242 582 Aug. 17...22,664 22,177 12,940 8,286 1241,685 443 682 1,926 6,961 289 103 1,622 4,947 276 487 Aug. 24...22,780 22,158 13,025 8,355 1111,694 444 689 1,939 6,863 267 95 1,612 4,889 2 270 622 Aug. 31... 22,833 22,231 13,041 8,399 1571,616 442 688 1,948 6,844 300 99 1,591 4,854 2,346 602 Sept. 7...22,725 22,008 12,859 8,302 1371,556 442 1,940 6,778 233 98 1,596 4,8512,371 717 Sept. 14. ..23,004 22,292 13,096 8,490 1,524 439 700 1,981 6,825 344 100 1,525 4,8562,371 712 Sept. 21...22,576 22,128 13,140 8,547 1,537 441 703 1,982 6,660 298 53 1,461 4,8482,328 448 Sept. 28,..22,756 22,239 13,237 8,600 1561,533 440 705 2,009 6,664 303 47 1,510 4,8042,338 517 Oct. 53. .22,921 22,388 13,381 / 1 8 8 , , 6 7 6 4 9 9 1801,597 440 / \ 7 6 O 2 7 7 ^1,991 6,672 325 40 1,526 4,7812,335 533 Oct. 12 . .2 .3,298 22,821 13,488 8,701 3371,528 441 621 2,063 7,016 426 336 1,529 4,725 2,317 477 Oct. 19. ..23,145 22,504 13,455 8,654 1,745 440 621 2,058 6,768 364 199 1,488 4,717 2,281 641 Oct. 26...23,045 22,585 13,449 8,665 2121,616 471 604 2,084 6,893 457 237 1,477 4,722 2,243 460 Outside New York City 1954—October. . . 61,622 61,368 21,217 13,761 569 59 6 6,514 6,305 27,965 1,863 1,876 6,471 17,7556,126 254 1 955—August....62,530 62,094 31,337 15,636 639 733 7,386 7,45924,333 712 617 6,91316,0016,424 436 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 Octobers. . 63,222 62,884 32,487 16,390 785 733 7,397 7,70124,054 665 945 6,51815,926 6,343 338 1955—Aug. 3... 62,614 62,242 31,074 15,467 678 726 7,335 7,383 24,671 773 732 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 6,987 16,083 6,376 440 Aug. 17. .. 62,468 62,033 31,322 15,654 600 739 7,387 7,458 24,300 708 603 6,873 16,116 6,411 435 Aug. 24. .. 62,412 61,940 31,418 15,695 608 732 7,411 7,48924,109 649 556 6,796 16,108 6,413 472 Aug. 31. .. 62,645 62,181 31,655 15,772 694 731 7,432 7,,544 24,104 685 526 6,782 16,1116,422 464 Sept. 7...62,464 62,142 31,711 15,778 699 733 7,447 7,57324,013 657 509 6,756 16,0916,418 322 Sept. 14. ..62,820 62,443 31,933 15,910 713 747 7,488 7,594 24,115 806 517 6,742 16, ,395 377 Sept. 21. ..62,742 62,388 32,101 16,023 718 752 7,513 7,61323, 711 484 6,699 15,992 6,401 354 Sept. 28. ..62,643 62,254 32,212 16,060 717 741 7,552 7,660 23,683 691 449 6,560 15,983 6,359 389 Oct. 53..62,581 62,228 ' 3 3 2 2 , , 2 2 6 6 0 3 1 1 6 6 , , 2 0 6 2 1 3 7 7 9 8 0 3 7 7 2 3 3 2 7 7 , , 3 56 4 1 5 7 7, , 6 6 5 8 9 4 23,610 664 440 6,577 15,929 / \6 6 , , 3 3 5 5 8 5 353 Oct. 12...63,637 63,281 '32,547 16,413 840 743 7,380 7,69124,403 715 1,208 6,553 15,9276,331 356 Oct. 19. ..63,364 63,038 32,519 16,428 751 726 7,419 7,713 24,173 671 1,101 6,471 15,930 6,346 326 Oct. 26...63,305 62,986 32,622 16,459 759 739 7,445 7,740 24,029 610 1,029 6,471 15,919 6,335 319 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2Includes guaranteed obligations. 3Certain figures for Oct. 5 are shown on two bases; the figures on the first line are before and those on the second line are after reclassification. The reclassification was the result of reporting errors disclosed incident to a survey of credit extended to real estate mortgage lenders. The monthly averages are computed on new basis. For other footnotes see opposite page- * 1242 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 F w e R e a e r r i e n a d v t - h l k - e s v C a i a n u s l h t b m a w a n d e n o i c s t - k e h ti s s c j p u m o a d s a e t d s e n - i - t d d s 4 s p p u n v h c a o a a o n e i i r d p r l r r d a s t - - - s - , - , S p s d s a i i o u t c i o n a b v l a n i d - t i t l e s - - s c C h c o a e f e e e i t f n c f e c r r i d . s t k d - i ' s - , m u G e . r o e n n v s - t - . s p p u n h c v a o a a o e n i i r p d r l r r d a s t - - s - - , - , p S d s a i o u t c i n a b v l a i d - t i l t e - - s P m U G S e i a n o r a n . o e g s n v d n v S t s - - a t - . l m D t e i o D s c - - ema F n ei d o g r n - Time F B s F e R e r a e r r o e n d a v - m k l - e * F ot r h o e m rs c C o i a a t u c a p - n l - ts tions tions Total- Leading Cities 1954—October... 13,786 972 2,753 55,11756,931 3,563 1,827 4,43718,642 1,215 20511,545 1,336 1,482 633 7,926 1955—August. . . 13,362 942 2,404 55,694 57,148 3,909 1,726 3,199 19,123 1,014 20910,371 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 October.. . 13,533 998 2,50256,209 58,773 3,708 1,965 3,144 19,296 968 20010,645 1,462 1,423 732 488 8,404 1955—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 2,39755,64556,993 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,,504 55,36057,454 3,853 1,730 3,16819,110 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 21110,031 1,416 1,407 275 726 8,326 Aug. 31. .13,308 947 2,390 55,93157,523 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 2,36155,55557,310 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 2,65756,110 59,946 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 56,26358,699 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 20210,188 1,464 1,425 538 501 8,353 Oct. 5. .1.3,307 968 2,509 55,860 57,857 3,790 2,049 2,36419,249 979 20210,863 1,490 1,440 548 532 8,392 Oct. 12.. i3,338 1,022 2,60355,618 58,996 3,641 2,041 3,995 19,318 973 20010,883 1,452 1,416 773 488 8,401 Oct. 19..13,713 990 2,453 56,29359,145 3,606 1,996 3,284 19,292 966 19910,614 1,474 1,415 710 623 8,393 13,772 1,012 2,441 5-7,066 59,094 3,793 1,777 2,932 19,324 954 20010,218 1,433 1,419 897 308 8,433 Oct. 26. . New York City 4,447 156 46 15,74616,767 328 949 1,683 2,027 241 3,151 1,081 1,208 275 2,622 1954—October... 1955—August. . . 4,220 135 15,58216,646 253 774 1,060 1,981 104 2,838 1,096 ,111 70 346 2,701 September 4,085 148 15,758 17,035 269 883 654 2,030 95 2,894 1,105 ,097 21 281 2,693 October.. , 4,278 150 15,684 16,957 301 1,025 1,104 2,074 83 2,898 1,129 ,100 121 269 2,703 1955—Aug. 3.. 4,467 133 15,71516,627 272 815 1,251 1,972 108 2,812 1,135 ,123 329 276 2,700 Aug. 10. . 4,083 141 15,47816,465 246 710 1,085 1,980 108 2,843 1,094 ,126 6 402 2,700 Aug. 17. . 4,241 133 15,46916,651 241 722 999 1,972 106 2,896 1,076 ,123 5 359 2,699 Aug. 24. . 4,066 136 15,55416,514 223 684 965 1,971 102 2,794 1,086 ,097 4 341 2,692 Aug. 31. . 4,241 133 15,69416,975 283 938 999 2,009 100 2,844 1,091 ,085 5 350 2,713 Sept. 7.. 3,961 145 15,64716,668 242 733 769 1,990 99 2,833 1,081 ,090 24 233 2,699 Sept. 14. . 3,988 152 15,72917,304 265 942 609 2,028 99 3,042 1,110 ,096 21 360 2,696 Sept. 21 .. 4,150 139 15,82717,024 271 876 540 2,049 96 2,854 1,099 ,099 13 221 2,689 Sept. 28. .4,239 154 15,82917,143 297 984 698 2,054 85 2,845 1,132 ,104 25 310 2,688 Oct. 5. .4,254 146 15,719 16,887 306 1,070 675 2,076 85 2,908 1,162 ,105 200 334 2,705 Oct. 12. .4,162 158 15,37116,798 304 1,090 1,464 2,095 86 2,920 1,124 ,097 133 269 2,703 Oct. 19. .4,299 146 15,66117,019 259 1,049 1,219 2,051 84 2,924 1,139 ,097 63 276 2,703 Oct. 26. .4,395 151 15,98417,123 337 890 1,059 2,075 78 2,838 1,092 ,102 87 197 2,700 Outside New York City 1954—October.. . 9,339 2,70739,37140,164 3,235 878 2,75416,615 974 8,394 358 5,304 1955—August . . 9,142 807 2,353 40,11240,502 3,656 952 2,139 17,142 910 152 7,533 335 308 388 289 5,626 September 9,177 852 2,424 40,300 41,532 3,427 973 1,715 17,146 920 147 7,801 336 319 516 294 5,655 October... 9,255 848 2,43440,525 41,816 3,407 940 2,040 17,222 885 144 7,747 333 323 611 219 5,701 1955- -Aug. 3. 9,180 779 2,319 40 150 40,357 3,691 942 2,123 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 1,950 17,162 883 153 7,736 341 308 389 296 5,612 Aug. 17. 9,203 805 2,454 40,803 3,612 1,008 2,169 17,138 915 153 7,742 338 310 489 247 5,620 Aug. 24. . 9,065 824 2,316 40,115 40,272 3,615 903 2,197 17,140 908 154 7,237 330 310 271 385 5,634 Aug. 31. , 9,067 814 2,333 40 40,548 3,707 963 2,257 17,137 932 7,319 327 311 317 297 5,653 Sept. 7. .9,155 828 2,31839,908 40,642 934 1,753 17,138 932 151 7,832 342 312 443 375 5,657 Sept. 14. . 9,210 879 2,594 40,38142,642 989 1,493 17,130 929 146 8,359 332 321 383 442 5,646 Sept. 21. . 9,214 828 2,415 40,436 41,675 3,365 1,027 1,679 17,160 911 146 7,670 337 322 724 167 5,650 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 5,665 Oct. 5. .9,053 822 2,434 40,14140,970 3,484 979 1,689 17,173 894 146 7,955 328 335 348 198 5,687 Oct. 12.. 9,176 864 2,53340,247 42,198 3,337 951 2,531 17,223 887 144 7,963 328 319 640 219 5,698 Oct. 19..9,414 844 2,39140,63242,126 3,347 947 2,065 17,241 882 143 7,690 335 318 647 347 5,690 Oct. 26. .9,377 861 2,377 41,082 41,971 3,456 887 1,873 17,249 876 144 7,380 341 317 810 111 5,733 4 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 NOVEMBER 1955 1243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY1 [Net declines, ( —). In millions of dollars) Business of borrower Manufacturing and mining ind'l, Period2 t l o F iq a b o n u a o d c o d c r , , o a T l p e e a p a x n t a t h d i r l e e e r l s , , p m e M r m r ( a o y a i e c n e d n t h t a c d u a a i l n l c l . n s d t - s ch r P l u e c e a e m o b u n t a b m r d i l o c e , , a - r l, Other ( r T w e s a r t h a n a a l o d d i e l l e e ) - 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 e e l e s r ss c c h l N f a a i n e s e g d s t i e - s ch a a t a o g n n t r g d a ' e l l . — trans. equip.) 1953—Jan.-June... -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec... 537 -107 -326 138 -49 ^7 392 -137 91 -23 101 610 795 1954—Jan.-June... -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June... -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 Monthly: 1955—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 October 161 -55 22 -13 163 159 -204 — 109 17 40 180 3464 Week ending: 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 < 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 Oct. 5 39 2 -6 23 -3 10 41 6 -83 3 23 53 3350 Oct. 12 39 -2 22 -11 5 69 34 -122 -5 9 35 73 104 Oct. 19. . . . 49 -26 -2 1 -8 46 31 -60 -20 -3 -11 -4 -32 Oct. 26 34 -29 -14 10 -6 38 53 -28 7 -7 58 42 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. 3 Figures include increase of 318 million dollars resulting from error disclosed incident to the recent survey of credit extended to real estate mortgage lenders. 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 Total d t P h e r l a a o l c u e e r g d s h 1 ( p P d f a i i l n r a p l a e y c e n c e r t c ) d - e 2 st o i a n u n g t d - - T ta o l - O bi w ll n s bo B u il g ls ht Ow B n ank F e s j o g r n - O e t r h s - U S p i I n t o n a m i t r t t o t - e e s s d U S p fr E t n o o a i x r m t t t - e e s s d c D h e o a x l n l - a g r e U sh n i i p te p p d o ed in t b s F e o i t n w re e ig en n States countries 1949—December., 837 270 567 272 128 58 70 133 184 49 30 9 1950—December. 920 345 575 394 192 114 78 180 245 87 2 28 32 1951—December. 1,331 449 882 490 197 119 79 272 235 133 23 55 44 1952—December. 1,745 552 ,193 492 183 126 57 289 232 125 39 64 32 1953—December. 1,966 564 ,402 574 172 117 55 378 274 154 29 75 43 1954—September 2,192 803 ,389 609 259 178 81 344 207 139 85 130 48 October 2,048 762 ,286 687 271 217 55 402 207 148 72 205 55 November 2,032 769 ,263 768 313 241 71 437 248 164 42 247 66 December 1,924 733 ,191 873 289 203 86 565 285 182 17 300 89 1955—January 2,064 713 ,351 869 282 206 77 564 273 187 17 303 90 February 2,187 703 ,484 831 242 182 61 561 235 178 41 283 93 March 2,191 681 ,510 807 236 187 49 538 227 182 56 248 93 April 2,171 623 ,548 767 206 164 42 517 229 189 68 190 92 May 2,335 572 1,763 686 192 143 49 453 207 188 53 150 88 June 2,303 572 1,731 655 182 138 44 431 216 189 40 125 85 July 2,411 593 1,818 650 184 144 40 433 223 186 41 108 92 August 2,359 580 1,779 655 186 142 44 427 220 182 41 111 101 September 2,245 564 1,681 671 190 147 43 433 253 189 33 108 87 *As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. 2 As reported by finance companies that place their paper directly with investors. Back figures.—-For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427. 1244 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 local1 Foreign2 Total Bonds3 Stocks End of year:* 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 2,919 840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 830 1944. 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 738 1946. 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 808 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—August. .. '81,921 12,197 9,171 2,471 555 36,094 33,494 2,600 24,795 '2,176 '3,036 '3,623 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 August... 88,087 12,218 9,179 2,638 401 38,071 35,196 2,875 28,001 2,471 3,245 4,081 'Revised. 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. 6These 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, 1955; 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 Others Total i 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—1 23,442 19,051 1,926 1,259 1,128 20,072 1944 7,458 4,800 1,671 413 391 6,305 2. ... 24,724 20,099 1,997 1,333 J .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 il,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 L,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 L,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 v Preliminary. iIncludes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. 1245 NOVEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and agency 1954 1955 1946 1947 1948 1949 1950 1951 1952 1953 Loans, by purpose and agency: To aid agriculture, total 2,884 2,299 3,632 4,362 3,884 4,161 ,070 6,811 6,527 6,929 7,466 6,362 Banks for cooperatives 232 276 305 302 345 425 424 377 343 367 340 322 Federal intermediate credit banks 273 336 426 437 510 633 673 590 754 638 725 847 Federal Farm Mortgage Corporation. 149 109 80 60 45 34 25 18 15 13 12 Farmers Home Administration 590 558 2525 523 535 539 596 648 754 701 774 770 Rural Electrification Administration. 528 734 999 1,301 1,543 1,742 ,920 2,096 2,200 2,226 2,253 2,286 Commodity Credit Corporation 120 280 1,293 1,729 898 782 ,426 3,076 2,457 2,981 3,357 2,137 Other agencies 6 7 5 9 7 6 6 5 4 4 4 1 To aid home owners, total 659 556 768 1,251 1,528 2,142 2,603 2,930 2,818 2,907 3,013 3,095 F H e o d m er e a l O N w a n t e i r o s n ' a L l o M an o r C tg o a r g p e o r A at s i s o n n3 .... 636 6 48 4 6 3 1 6 9 9 9 8 2 2 3 8 1 1,34 1 7 0 1,850 2,242 2,462 2,392 2,461 2,538 2,593 Reconstruction Finance Corporation4 10 61 177 168 137 123 115 108 O V t e h te e r r a a n g s e A nc d i m es inistration 65 22 24 35 169 246 30 6 0 0 36 5 7 9 38 6 3 3 40 6 8 7 43 7 0 2 To railroads, total. 171 147 140 114 110 101 82 79 12 12 13 Reconstruction Finance Corporation4. 153 145 138 112 108 99 80 77 Other agencies 18 3 3 3 2 2 2 2 12 12 13 To other industry, total 192 272 310 462 458 488 516 509 413 420 426 426 Reconstruction Finance Corporation4 . 151 241 272 423 400 415 457 294 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 34 6 9 4 3 6 5 7 3 35 7 3 3 34 7 8 8 To financing institutions, total. 314 447 525 445 824 814 864 952 691 870 704 1,019 Federal home loan banks. . . 293 436 515 433 816 806 864 952 689 868 702 1,017 Other agencies •, 7 4 4 2 2 Foreign, total 2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,043 7,968 8,001 7,968 8,032 R Ex ec p o o n rt s - t I r m uc p t o io r n t B Fi a n n a k nce Corporation4 , 1,2 2 4 3 9 5 1,9 2 7 4 8 6 2,1 2 4 0 5 6 2,1 1 8 5 7 4 2,2 1 2 0 6 1 2,29 6 6 4 2,49 5 6 8 2,83 5 3 2 2,788 2,806 2,768 2,774 U. S. Treasury Department5 800 3,450 3,750 3,750 3,750 3,750 3,667 3,620 3,618 3,570 3,570 3,567 Foreign Operations Administration3... 51,515 1,537 1,563 1,624 1,630 1,692 All other purposes, total 623 714 584 484 531 779 1,095 763 451 438 451 474 Reconstruction Finance Corporation4 , 232 6340 190 59 61 50 57 Public Housing Administration 278 278 294 297 366 609 919 535 144 113 119 100 Other agencies 113 96 100 99 105 109 126 171 307 325 332 374 Less: Reserve for losses 478 395 368 476 185 173 140 203 276 228 259 494 Total loans receivable (net). 6,649 9,714 11,692 12,73313,228 14,422 17,826 19,883 18,603 19,348 19,782 18,927 Investments: U. S. Government securities, total 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,602 2,988 2,967 3,187 3,108 Banks for cooperatives 43 48 43 43 43 43 43 43 43 43 43 43 Federal intermediate credit banks 47 48 44 74 46 51 60 63 58 61 60 60 Production credit corporations 70 72 66 39 42 43 43 45 42 42 42 42 Federal home loan banks. . 145 139 274 275 199 249 311 387 687 641 771 661 Federal Savings and Loan Insurance Corp.. 172 184 199 214 193 200 208 217 222 228 234 241 Home Owners' Loan Corporation3 17 12 12 8 Federal Housing Administration 122 132 144 188 244 285 316 319 324 327 344 354 O Fe th d e e r r a a l g D en e c p i o es sit Insurance Corporation.... 1,04 2 5 8 1,02 2 0 9 1,064 9 1,205 1 1,307 1 1,353 1 1,437 1 1,526 1 1,610 1 1,624 1 1,692 1,706 2 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 48 47 45 Reconstruction Finance Corporation4. 159 108 98 83 71 66 36 35 44 Production credit corporations 46 35 29 22 16 11 5 4 3 3 3 O D t e h p e a r r t a m ge e n n c t ie o s f the Treasury 11 C) 43 2 42 2 3 3 8 40 2 Commodities, supplies, and materials, total.... 1,265 822 627 1,549 1,774 1,461 1,280 2,514 3,709 3,852 3,612 3,476 R C e o c m o m ns o tr d u it c y t io C n r e F d i i n t a C nc o e rp C or o a r t p io o n ration4 4 6 6 6 3 7 4 2 4 3 8 5 4 1 3 5 7 7 1,3 1 7 4 6 2 1,6 1 3 0 8 8 1,1 1 7 2 4 9 9 1 7 7 8 2 2,0 1 8 5 6 6 3,059 3,302 2,983 2,910 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 t'*272 55 9 6 5 47 8 0 0 5 6 6 5 4 54 1 7 9 Land, structures, and equipment, total 16,92412,600 3,060 2,962 2,945 3,358 3,213 8,062 8,061 8,046 7,982 7,821 R Pu e b c l o i n c s H tru o c u t s i i o n n g F A i d n m an i c n e i s C tra o t r i p o o n ration4 2,8 2 6 2 1 7 2 3 0 5 4 1,4 6 4 3 8 0 1,3 6 5 1 2 1 1,2 6 4 0 8 5 1,2 5 5 9 1 4 1,1 1 7 9 3 9 1,0 1 1 7 8 5 8128 96 80 64 Tennessee Valley Authority 727 754 793 830 886 1,048 1,251 1,475 1,685 1,739 1,781 1,812 Federal Maritime Board and Maritime Adm3., 4,834 4,782 4,798 4,749 4,807 Other agencies9 2,044 1,793 189 168 206 465 590 561 '1,466 1,412 1,372 1,137 Bonds, notes, and debentures payable (not guaranteed), total 689 965 772 1,190 1,369 1,330 1,182 1,072 1,068 1,561 1,840 Banks for cooperatives 69 70 78 110 170 181 150 131 156 139 123 Federal intermediate credit banks 293 358 480 490 520 674 704 619 762 640 713 811 Federal home loan banks 169 262 415 204 560 525 445 414 179 272 139 336 Federal National Mortgage Assn 570 570 For footnotes see following page. 1246 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 e i a l v - n 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 s U ri e o t . c i S v I e u m n . t s - . v e e n O s s r t t s i e - t t c h ie u e s - r s L e t m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - s er a G t B u n a b u o t r n e y e n a d e s r d d - s p d , e a O n 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 G U n e o t . s e v S t r t - . . o i v n w P a e t r t s e n e i t - r e l - y d U.S. All agencies 1948—Dec. 31 21,718 630 11,692 627 1,854 3,518 3,060 337 965 ,663 18,886 166 1949—Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 772 ,720 21,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 1,190 ,193 21,995 234 1951—Dec. 313 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 ,161 23,842 329 29,945 94417,826 1,280 2,421 3,429 3,213 832 1,330 ,728 26,456 378 1952—Dec. 313... 38,937 1.19019,883 2,514 2,602 3,425 8,062 1,261 1,182 3,818 33,429 434 1953—Dec. 313 1954—Sept. 30 40,443 1,32418,603 3,709 2,988 3,433 8,061 2,325 1,072 2,357 36,488 498 Dec. 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,18335,610 508 1955—Mar. 31 41,996 1,37519,782 3,612 3,187 3,429 7,982 2,629 1,561 4,01335,848 543 June 30 40,639 1,24418,927 3,476 3,108 3,430 7,821 2,634 1,840 3,019 35,171 568 Classification by agency June 30, 1955 Farm Credit Administration: Banks for cooperatives 388 318 123 236 28 Federal intermediate credit banks 925 811 107 Production credit corporations 46 847 45 Federal Farm Mortgage Corp "".. 14 13 Department of Agriculture: ' ' 12 Rural Electrification Administration 2,399 1 110 1 2,399 Commodity Credit Corporation 5,525 2,282 2,910 146 593 1,336 4,189 Farmers Home Administration 713 1,845 30 711 Federal Crop Insurance Corp 26 662 7 17 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,735 51 1,017 662 5 336 862 -3 540 Federal Savings and Loan Insurance Corp.. 248 1 241 6 10 238 Public Housing Administration 323 25 ' 99 135 25 298 Federal Housing Administration 587 45 55 354 132 171 376 Federal National Mortgage Association 2,696 85 2,594 () 17 570 37 2,088 Office of the Administrator 774 38 226 472 37 7 767 Small Business Administration 34 1 33 () () 34 Fxport-Import Bank , 2,827 4 2,796 26 103 2,724 Federal Deposit Insurance Corp 1,717 3 1,706 () 8 126 1,591 Tennessee Valley Authority 2,010 160 1,812 9 51 1,960 Federal Maritime Board and Maritime Adm.. . 5,435 268 4,807 315 179 .5,256 Panama Canal Company 476 38 422 5 14 462 Veterans Administration.., 613 147 431 3 30 8 605 Department of the Treasury. . . 8,545 112 3,913 3,425 27 1,049 12 8,533 Foreign Operations Administration 1,695 2 1,692 1 1,695 Allother 888 152 105 459 66 106 "59 829 *Totals shown for these years include figures for certain important agencies not shown. Figures for those agencies appear on p. 1150 of the BULLETIN for October 1955. For details concerning coverage of agency figures in these years, see footnotes on p. 1151 of" that issue. 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i.e., after reserve for losses. 2 Includes figures for the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the FHA -dissolution of the RACC in 1949. 3Changes in coverage over the period for which data are shown are as follows: exclusion of the Home Owners' Loan Corporation after June 1951, when U. S. Govt. interest was repaid; 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. 4 The 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. 5Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury compilation. 6Figure not published in Treasury compilation, but derived by Federal Reserve. See also footnote 3. 7Less than $500,000. 8Effective 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 shown under "Other Agencies." 9Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included ii earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 8. NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 3). For back figures see Banking and Monetary Statistics, Table 152, p. 517. 1247 NOVEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSl Bond prices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series ume (index, 1935-39=100) (index, 1939—100) of Cor- trad- Ye o ar r , w m e o ek nth, r O i s e e l s d - 2 r N i s e e e s w - 8 g n ( r M i h a c i d i u g p e - h a ) - 4 l g ( r r h p a a d i o t g e e - h )* -fe P rr r e e- d5 T ta o l - d t I u a r n i l s - - - R ro a a i d l- u P i l t t i u i y c l b - - T ta o l - T t M a o l - anuf D r b a a l u c e - - turi N n d b r g a u o le - - n- T p t r o i a o r n n ta s - - u P i l t t i u i y c l b - - 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 g r n f d u e • s s - ) Number of issues.. 3-7 1 15 17 14 480 420 20 40 265 170 98 72 21 29 31 14 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 276 1,404 1953 average.. . 93.90 ioi!46 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 240 1,419 1954 averaee 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—Oct. 99.69 110.59 126.9 117.5 178.1 244 271 187 139 244 291 267 313 240 138 249 269 2,103 Nov 99.27 109.88 127.4 117.4 178.9 252 282 197 141 254 305 284 324 259 141 260 278 3,196 Dee -'•'- 98 97109 91 126 6 117 0 178 3 265 297 218 144 268 323 298 345 285 144 268 310 3 475 1955—jan# 97.88 108.43 125.4 116.7 175.7 269 302 222 145 271 326 307 344 288 145 270 314 3,555 Feb. 96.97 103.51 125.0 115.7 175.0 278 312 232 150 281 340 320 358 300 150 276 315 3,201 Mar 97.08 103.63 124.4 115.4 174.6 278 311 238 150 280 337 318 354 305 151 275 315 2,907 96.31 103.43 124.9 115.3 176.0 286 322 252 152 287 347 327 365 320 152 277 311 2,689 Mav 96.53 103.66 125.1 114.7 175.6 285 320 251 152 289 350 324 372 326 154 280 303 2,163 June 96.37 103.75 123.9 114.5 175.8 301 341 259 153 303 370 344 393 337 154 294 314 2,643 July 94.96 102.73 121.4 114.3 176.7 315 360 256 156 319 395 366 421 334 157 304 317 2,423 Aug. . 94.51 101.57 120.5 113.2 174.3 311 354 250 156 315 390 368 410 324 156 302 311 1,818 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 Oct.. 95.83 102.75 122.5 113.6 173.5 306 350 241 151 310 385 365 403 309 151 307 294 2,008 Week ending: 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 Oct. 8 95.60 102.48 122.3 113.5 172.2 311 356 244 152 311 386 368 402 311 152 310 297 2,103 Oct. 15 95.93 102.71 122.4 113.6 172.4 301 344 236 150 305 378 358 395 305 150 302 285 2,443 Oct. 22 95.84 102.72 122.4 113.5 174.8 306 349 241 150 313 390 369 408 312 151 308 294 1,733 Oct. 29 95.92 102.98 122.8 113.6 174.7 307 351 242 151 312 387 366 406 309 152 308 301 1,798 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). 2Series is composed of fully taxable, marketable 2)4 per cent bonds as follows: prior to Apr. 1, 1952, due or first callable after 15 years; Apr. 1, 1952-Sept. 30, 1955, first callable after 12 years; beginning Oct. 1, 1955, due or callable in 10-20 years. 3The 3% per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995. * Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. ^Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit Excluding U. S. Government securities Bank loans End of month or Net debit to others Money Money last Wednesday Net debit Bank loans to balances for borrowed borrowed Customers' of month balances others for pur- secured purchasing except on on net free excluding chasing or carry- by U. S. or carrying U.S. U.S. credit Total balances ing securities Government U.S. Government Government balances1 secured by U. S. except U. S. obligations1 Government obligationsx obligations1 Government Government obligations2 obligationsJ 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 L.074 88 713 1954—September 2,953 2,048 905 34 36 L,225 66 924 October 3,050 2,095 955 36 38 1,295 69 924 November 3,203 2,202 1,001 40 31 L.353 63 972 December 3,436 2,388 1,048 41 65 1,529 69 1,019 1955—January 3,537 2,517 1,020 42 35 1,620 77 1,069 February 3,643 2,590 1,053 63 39 L.666 113 1,063 March 3,732 2,652 1,080 49 33 L,861 78 1,022 April 3,785 2,704 1,081 48 27 1,988 74 973 May 3,787 2,684 1,103 47 28 2,047 72 928 June '3,870 2,711 1,159 46 31 2,020 73 917 July 3,911 2,734 1,177 45 29 2,003 77 918 August 3,865 2,710 1,155 43 29 1,994 71 887 September 3,966 2,805 1,161 43 33 2,056 68 977 ^Revised. 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. 1248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY MARKET RATES BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES Fi- U. S. Government [Per cent per annum] mo Y w n e e t a h e r k , , or m 4 P m p - c o a r o e t i n p m o m r t e c - h 6 r i e a , s - 1 l m 3 d p n p c - p o i l a o a r l a a t n m y n p e o c n , t c - c e e y h e t r 6 d s - - 1 a P a b d c n e a r a 9 c r i c n y s 0 m e e ' k s p s e 1 - , t- M 3 y a i - e m r l k d o e n t s t e h o c i n R u s b s r i a u i l n t t l e e i s e s e w s 9 ( i m t - s a t s o x o u n a e b t 1 s h 2 l 2 e - ) 3 is - y s t e u o a e r s 5 3 - A A re n a n a u n al d a p v e e r r io ag d es: lo A a l n l s S 1 1 i - 0 ze of 1 1 lo 0 0 a - 0 n (th 1 2 0 o 0 0 u 0 - s.o a f n d 2 d o 0 o l 0 . v ) er 19 cities: 1948 2 5 4 4 3.5 2.8 2 2 1952 average 1.33 2.16 1.75 1.72 L.766 1.81 2.13 1949 2.7 4.6 3.7 3.0 2.4 1953 average. . . . 1.52 2.33 1.87 1L.90 L.931 2.07 2.56 1950 2.7 4.5 3.6 3.0 2.4 1954 average. . . . ].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—Oct L .31 1.25 1.25 .98 .987 1.03 1.85 1953 3 7 5 0 4 4 3 9 3 5 Nov...... :1.31 1.25 1.25 .93 .948 .94 1.90 1954 3.6 5.0 4.3 3.9 3.4 Dec L .31 1.25 1.25 ]L .14 1.174 1.10 1.94 Quarterly: 1955—Jan L.47 1.37 1.33 1L .23 L.257 1.36 2.11 19 cities: F M e a b r L L . . 6 6 8 9 1 1 . . 5 5 0 0 1 1 . . 3 3 8 8 L L . . 2 1 8 7 1 1 . . 1 3 7 3 7 5 1 1 . . 4 4 1 9 2 2 . . 1 3 8 0 1 19 9 5 5 5 4 — — M jje a c> r 3 3 . . 5 5 5 4 4 4 . . 9 9 2 3 4 4 . . 2 2 9 9 3 3 . . 8 8 4 3 3 3 . . 3 3 1 0 Apr L.90 1.73 1.43 :1.59 1.620 1.71 2.39 June... 3.56 4.92 4.29 3.83 3.33 May 2.00 1.88 1.50 L .45 L.491 1.72 2.40 Sept '3 77 4 98 4 43 3 99 r3 56 June..... 2.00 1.82 1.50 L .41 L.432 1.71 2.42 New York City: July 2.11 1.87 1.50 L.60 L.622 1.88 2.54 1954—Dec 3.30 4.66 4.15 3 64 3 15 Aug 2.33 2.02 1.67 L.90 L.876 2.12 2.73 1955—Mar. . . 3.29 4.68 4.14 3.65 3.14 Sept 2.54 2.28 2.08 2.07 2.086 2.14 2.72 June 3 30 4.73 4.18 3.62 3.15 Oct 2.70 2.46 2.23 2.23 2.259 2.19 2.58 Sept 3 54 4 83 4 39 3 87 3 39 7 Northern and East- Week ending: ern cities: Oct. 1... 2.58 2.31 2.13 2.11 2.122 2.15 2.61 1954—Dec... . 3 55 4.99 4.31 3.89 3.33 Oct. 8... 2.63 2.38 2.20 2.21 2.214 2.20 2.57 1955—Mar 3 55 5.02 4 32 3 84 3 35 Oct. 15... 2.66 2.45 2.25 2.26 2.257 2.21 2.56 June 3.55 4 97 4.29 3.78 3.37 Oct. 22... 2.74 2.50 2.25 2.25 2.333 2.20 2.60 Sept. 3.76 5.06 4.43 3.99 3.58 Oct. 29... 2.75 2.50 2.25 2.21 2.231 2.17 2.60 11 Southern and Western cities: *Data are averages of daily prevailing rates. 3.90 5.01 4.36 3.93 3.60 2 Series includes certificates of indebtedness and selected note and bond issues. 1955—Mar. 3.87 5.00 4.35 3.92 3.54 3Series includes selected note and bond issues. Tune .. 3 95 4 98 4 34 4 01 3 67 Sept 5.01 4.47 4.07 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, October 1947, pp. 1251- 1253, and February 1955, p. 215. ^Revised. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] Bonds Industrial stocks State and local government Corporate6 Earn- U. S. Govt. Dividends/ ings/ Ye o ar r , w m e o ek nth, (long-term) General obligations4 By r a s t e in le g c s ted gr B ou y ps price ratio p ra r t ic io e se 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 te aa d b R e o n n e u d v e s - 5 Total Aaa Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c fe P rr r e e d - 7 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—October 2.52 2.65 2.37 1.97 3.00 2.77 3.13 2.87 3.46 3.06 3.23 3.11 3.93 4.43 November.. 2.55 2.68 2.34 1.95 2.96 2.76 3.13 2.89 3.45 3.06 3.22 3.10 3.92 4.29 December. . 2.57 2.68 2.40 2.01 2.99 2.76 3.13 2.90 3.45 3.07 3.23 3.10 3.93 4.09 8.15 1955—January 2.65 2.76 2.48 2.09 3.04 2.77 3.15 2.93 3.45 3.08 3.25 3.12 3.98 4.10 February-. • 2.72 2.92 2.49 2.10 3.05 2.79 3.18 2.99 3.47 3.12 3.28 3.15 4.00 4.14 March 2.71 2.92 2.49 2.09 3.07 2.80 3.20 3.02 3.48 3.14 3.31 3.17 4.01 4.18 8.25 April ... 2.77 2.92 2.50 2.08 3.08 2.79 3.21 3.01 3.49 3.14 3.30 3.17 3.98 4.03 May... 2.75 2.91 2.48 2.06 3.07 2.77 3.23 3.04 3.50 3.17 3.32 3.19 3.99 4.05 June 2.76 2.91 2.49 2.09 3.08 2.80 3.23 3.05 3.51 3.18 3.31 3.21 3.98 3.71 8.17 July 2.87 2.96 2.62 2.23 3.17 2.86 3.24 3.06 3.52 3.18 3.32 3.22 3.96 3.63 August.... 2.91 3.02 2.69 2.33 3.22 2.92 3.29 3.11 3.56 3.25 3.36 3.26 4.01 3.76 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 "Y. 42* October.... 2.82 2.96 2.64 2.25 3.22 2.89 3.30 3.10 3.59 3.23 3.38 3.27 4.04 3.96 Week ending: 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 Oct. 8.... 2.83 2.98 2.66 2.27 3.23 2.90 3.30 3.12 3.59 3.24 3.38 3.27 4.07 3.88 Oct. 15. .. . 2.81 2.96 2.64 2.25 3.22 2.89 3.30 3.11 3.59 3.24 3.38 3.27 4.06 3.97 Oct. 22 2.82 2.96 2.62 2.24 3.20 2.89 3.30 3.10 3.59 3.23 3.39 3.28 4.03 3.85 Oct. 29 2.81 2.95 2.63 2.24 3.23 2.87 3.30 3.10 3.58 3.23 3.39 3.28 4.01 3.95 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. 2Series is composed of fully taxable, marketable 2J<2 per cent bonds as follows: prior to Apr. 1, 1952, due or first callable after 15 years; Apr. 1, 1952—Sept. 30, 1955, first callable after 12 years; beginning Oct. 1, 1955, due or callable in 10-20 years. 3The 3M per cent bonds of 1978-83 and, beginning Feb. 1. 1955, the 3 per cent bond of February 1995. 4Moody's Investors Service. The total includes bonds rated Aa and A, data for which are not shown separately. 5Dow-Jones and Co. 6Moody's Investors Service. Because of a limited number of suitable issues, the number of bonds in some 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. NOVEMBER 1955 1249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of monthly statements of United States Treasury] Summary Budget receipts and Excess of receipts Increase or Account of Treasurer of the United expenditures or expenditures uecrease v —> States (end of period) during period Deposits in Period re N ce e i t pts p t e u E n r x e d - s i- S d u e r o f p i r c l i u t s c T o o a a t r u n h c u n d - e s t r t s r o 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 a r c i t v k y o n io t e d n . 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 t i s c t G ba f e u l n a n e n d r c a e l a B n a c l e - A F v . ai R l- . B In e a s n p s k r s o o c f - 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 s er able collecfunds tion Cal. yr.—1951 52,979 56,337 -3,358 759 56 -106 2,711 62 4 295 321 146 2,693 1,134 1952 64,840 70,682 -5,842 49 -90 -319 7,973 1,770 - 6064 389 176 4,368 1,132 1953 63,841 72,997 -9,157 82 19 -209 7,777 -1, 488 4 577 346 131 3,358 742 19541. . . 61,171 64,854 -3,683 812 -73 -34 3,582 603 5 180 563 111 3,461 1,045 Fiscal yr.—1952... 61,391 65,408 -4,017 219 -72 -401 3,883 -388 6 969 333 355 5,106 1,175 19531.. 64,825 74,274 —9,449 460 —25 -250 6,966 -2, 299 4,670 132 210 3,071 1,256 1954... 64,655 67,772 -3,117 332 -4 -303 5,189 2,096 6,766 875 274 4,836 781 1955... 60,303 64,494 -4,192 -612 881 257 3,115 -551 6,216 380 343 4,365 1,127 Semiannual totals: 1952—July-Dec. 26,893 36,186 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—Jan.-June. 37,703 37,801 -98 341 -71 -248 -1,320 -1, 394 4,670 132 210 3,071 1,256 July-Dec.1 25,757 34,484 -8,728 -317 99 -246 9,097 -94 4,577 346 131 3,358 742 1954—Jan.-June. 38,899 33,288 5,611 648 -103 -57 -3,909 2, 190 6,766 875 274 4,836 781 July-Dec. 22,272 31,566 -9,294 164 30 23 7,490 -1, 587 5, 180 563 111 3,461 1,045 1955—Jan .-June. 38,031 32,928 5,102 -775 851 234 -4,376 1,036 6,216 380 343 4,365 1,127 Monthly: 1954—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,\7A 5, 180 563 111 3,461 1,045 1955—jan_ 4,655 4,942 —287 — 179 511 — 186 —311 —451 4, 728 360 320 2,907 1,142 Feb 5,427 4,831 596 26 -37 354 -257 682 5,411 564 196 3,561 1,089 Mar... 9,741 5,894 3,846 —80 73 36 —4,134 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 —S92 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 J A T.uu u yl g v .. . 4 2 , 7 ,7 3 6 4 5 6 5 , , 2 38 2 2 5 — — 2 1 , , 6 4 1 9 7 1 — —3 2 3 6 8 1 12 2 0 7 — 23 7 7 4 3,2 7 1 2 0 5 j 595 5 6 , ,8 7 1 5 1 3 3 6 9 2 3 4 1 1 4 7 3 9 4 4 , , 1 97 8 2 8 1 1 , , 0 0 3 2 6 8 Sept 5,498 5,340 158 277 59 -40 —833 —378 5,376 554 191 3,638 993 Oct n.a. n.a. n.a. n.a. n.a. n.a. 2,341 -62 5,314 484 177 3,672 981 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 o t l y u i - - al e A n t e o r m gy ic n a I n a f n a 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 t r- A e i t d V s i r o m t a e r n n t a i - n 4 s - - c g S p u r o s a r r e c o i m - 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 u d - c e s e - P w u o b r l k i s c o P d i f c e o f f i 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 s t ts - Other tary gram Cal. yr.—4951 56,337 33,044 29,432 1,594 1,278 3,524 5,983 5,088 1,463 1,0m 694 J ±1R 684 507 2,901 1952 70,682 47,936 42,078 3,052 1,813 2,574 6^065 4,433 1,508 1,564 646 [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 ; 685 525 154 3,966 19541... . 64,854 42,820 36,807 3, 249 1,937 1,265 6,567 4,206 1,653 3 ,^137 -393 1,526 241 182 3,350 Fiscal yr.—1952.... 65,408 42,867 38,077 2,292 1,648 2,839 5,859 4,748 1,424 1, 219 614 1,515 740 567 3,015 19531... 74,274 50,276 43,611 3,956 1,791 2,184 6,504 4,249 1,532 3, L34 385 1,660 659 462 3,229 1954 67,772 46,522 40,336 3,629 1»895 1,553 6,382 4,176 1,640 2, B41 -615 1,519 312 164 3,277 1955.... 64,494 540,989 35,730 1,895 1 f856 51,175 6,389 4,376 1,669 4, 589 127 L.472 366 157 3,086 Semiannual totals: 1952—July-Dec. . 36,186 24,491 21,426 1,699 876 1,107 2,966 2,164 802 385 424 916 355 426 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 2,106 834 504 -439 619 92 46 1,502 July-Dec.. 31,566 20,047 17,290 1,292 987 680 3,000 2,100 819 1, 333 46 907 149 137 1,847 1955—Jan.-June.. 32,928 20,650 18,440 605 869 787 3,389 2,277 850 2, 356 81 565 216 20 1,239 Monthly: 1954—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 .70 164 9 279 Nov .. 3,842 3,316 2,853 181 156 89 368 372 131 — 1 f334 96 142 148 1 212 Dec. 6,288 3,739 3,280 158 192 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 3,759 3,261 63 153 109 478 386 119 590 — 17 85 16 1 269 5,228 3,382 3,020 122 134 78 355 379 153 781 26 99 31 5 —60 Mlay 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 r56 592 357 159 346 28 151 85 341 '404 Aug 6,225 3,420 3,111 88 138 r95 522 370 165 333 132 59 61 r470 Sept 5,340 3,611 3,372 35 121 60 529 351 115 317 -18 139 36 3 198 n.a. Nott availaab le. rReviseedd.. 11 BeBgiinning new reporting basis, described in Treasury Bulletin, April 1954, p. A2. 2Includes stockpiling and, beginning with March 1955 and fiscal year 1955, direct forces support (formerly included with "International affairs and finance"), not shown separately. 3 Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other nonmilitary foreign aid programs, and State Department. 4Excludes transfers to trust accounts, which are shown separately. 6Monthly figures do not add to total because figures for reclassified items are not available for July-February. 1250 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 Individual Estate ploy- Appropriations to: W he it ld h- Other* r C a o ti r o p n o 1 - ta a g x n if e d t s1 E ta x x ci e s s e 1 i m t a n a n s e x u c n 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 O t f l r u d u n -a s d g t e R r m a e i t e l i r r n o e t a - 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 8,591 715 J,337 58,941 3,355 509 2,098 52 979 19521 .... ?0 045 11,834 22,140 849 9,566 266 J.639 71,788 3,814 683 2,451 64 840 1953 ?? 60S 11,279 19,045 923 10,288 769 S.57O 71,524 3,918 628 3,137 63,841 19543 . 20,787 10,477 19,915 960 9,136 285 *,932 70.217 5,121 604 3,322 61,171 Fiscal yr.—1952 ... 18 521 11,359 21,467 833 8,893 259 >,364 67,999 3,569 738 2,302 61 391 19533... ?1 ,351 11,417 21,595 891 9,934 777 >,478 72,649 4,086 620 3,118 64 825 1954 91 6^5 10,747 21,523 945 10,014 78,5 >,882 73,173 4,537 603 3,377 64,655 1955... *>1242 10,407 18,265 936 9,194 279 $,104 69,368 5,040 600 3,426 60 303 Semiannual totals: 1952—July-Dec... Q,8?5 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 4,931 734 t ,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 4,609 745 1,627 44,978 2,815 282 2,982 38,899 July-Dec. 10 230 2,323 3,767 420 4,527 40 L,305 25,239 2,305 322 339 22 272 1955—Jan.-June.. 11 013 8,084 14,498 516 4,666 719 1,800 44,179 2,734 278 3,087 38 031 Monthly: 1954—September. 1 4?? 1,429 1,104 72 767 1 164 5,280 274 47 8 4,951 October. 1 077 199 361 65 785 4 187 2,887 188 21 39 2,639 November 1 x759 78 290 61 781 16 272 4,905 554 94 56 4 201 December 1.359 272 1,181 82 715 (4) 216 4,217 329 64 82 3,742 1955—January. 884 2,239 355 62 649 31 483 4,833 113 17 48 4,655 February ? Q16 881 274 67 709 167 321 5,954 255 64 208 5,427 March \ 721 745 6,812 151 841 20 191 11,089 562 46 741 9 741 April 967 2,190 478 77 717 4 171 4,941 316 19 874 3,732 A^Lay. 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 11,1cn 703 53 399 10 038 Tuly 884 277 547 79 796 ? 290 3,089 198 15 110 2,765 August 004 115 328 77 867 16 446 5,848 912 85 118 4 734 September. 1 604 1,685 .1,100 66 881 1 264 6,180 519 60 103 5,498 Trust and other accounts Internal revenue collections (on basis of Internal Revenue Service reports) Social security, Other accounts6 retirement, and Period Excise and miscellaneous taxes insurance accounts [nvest- Total Liquor Tobacco M an an d u e r x f e a c t c i a s t i e u le re rs rs ' ' Other ce R i e p - ts I m nv e e n s ts t- Ex t p u e re n s di- inentsT Othei* Cal. yr.—1951.... 8,682 2,460 1,446 2,79C 1,987 759 7 906 3,155 4,507 271 786 1952.... 9,558 2,727 1,662 3,054 2,115 49 8 315 3,504 4,942 329 508 1953.... 9,714 2,819 1,614 3,262 2,020 82 8 123 2,387 5,811 153 310 1954.... 9,248 2,707 1,543 3,131 1,867 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 3,355 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 3,165 1,735 -612 9 096 1,222 8,100 312 -74 Semiannual totals: 1952—July-Dec. 5,027 482 845 1,573 1,127 121 4 073 1,495 2,456 106 105 1953—Jan.-June 4,919 299 810 1,78(5 1,025 341 4 458 1,564 2.802 136 385 July-Dec. 4,795 521 804 1,47(5 995 3-317 655 823 3,003 37 -109 1954—Jan.-June 4,722 262 777 1,651 1.031 648 5 052 864 3,843 331 633 July-Dec. 4,527 445 766 1,48C 835 164 4 143 313 3.874 74 282 1955—Jan.-June 4,674 1*.281 804 1.68S 900 -775 4 953 909 4,226 238 -356 Monthly: 1954—Sept. . 766 250 137 3 377 -283 414 -82 682 34 -63 Oct 786 273 134 42 .1*7 —288 334 — 148 640 6 — 124 Nov.. 778 280 124 69£ —322 358 956 111 641 56 210 Dec 719 209 108 1C\ 391 126 850 249 657 —58 124 1955— F jaenb. 6 7 5 0 4 7 1 18 5 1 5 1 1 3 1 1 9 61 2 i 1 -2 3 6 4 9 0 —1 2 7 6 9 2 56 2 9 7 -3 -1 3 2 4 6 6 7 9 0 7 4 20 4 0 7 16 7 4 5 Mar 844 246 139 95) 360 -80 729 39 733 58 21 Apr. 718 209 122 5 378 — 193 489 —358 700 —55 —395 May 844 224 143 754 _?77 —79 1 298 644 705 -62 -91 908 267 150 123 368 -269 1 641 1 044 686 50 — 130 July n.a. n.a. n.a. n.a. n.a. -26 692 252 671 -133 — 164 Aug. n.a. n.a. n.a. n.a. n.a. -338 1 465 982 673 -37 -185 Sept....... n.a. n.a. n.a. n.a. r.a. 27'7 689 -334 661 -26 -110 n.a. Not available. 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. 6Excess of receipts, or expenditures (—). 8 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of Government sponsored corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 7, but their operating transactions are included in Budget expenditures. 7Consists of net investments in public debt securities of Government owned and of Government sponsored corporations and agencies and of other trust funds. NOVEMBER 1955 1251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars^] Cash deposits, other than debt Cash withdrawals, other than debt Excess of de- Period B re N u c d e 't g t s e . t r T P a e c r l c u u c 't s s t s : . t . t I G r L n a e o t n s r v s s a : t . - . 1 m O P ju a e l t d u h s n t - s e t - s : r 2 E p C q o d a u s e s i a - h t l s s, B p t e u u e n r x d e d - g s i e - t a T o P a c t r l n h c u u d e t 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 r l t i u o c - 3 F E S l u t i x i t n z o a c a d n b h - * i . - c C o i a l n u c e g - n a P r t - lus T a T : 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 a i a u l t w s s h a h - l - s: d p w ( o r a ) o i a s l t r w s i h t - s - Cal. yr.—1951 52,979 8,582 2,221 n.a. 59,338 56,337 4,397 2,221 567 -26 106 n.a. 58,034 1,304 1952.. 64,840 8,707 2,150 n.a. 71,396 70,682 4,825 2,150 734 38 319 n.a. 72,980 -1,583 1953 63,841 8,596 1,989 n.a. 70,440 72,997 5,974 1,989 575 -82 209 n.a. 76,529 —6,090 1954« 61,171 9,571 2,086 -65 68,595 64,854 7,182 2,086 565 -188 34 -274 -35 68,896 -301 Fiscal yr.—1952 61,391 8,807 2,104 68,093 65,408 4,952 2,104 710 9 401 -170 67,786 307 1953«... 64,825 8,929 2,194 -215 71,345 74,274 5,169 2,194 694 -28 250 -155 -215 76,407 -5,062 1954 64,655 9,155 2,097 101 71,815 67,772 6,769 2,097 509 -109 303 -274 118 71,974 -159 1955 60,303 9,538 2,009 -62 67,769 64,494 8,616 2,009 488 -156 -257 r-290 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. •. 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 r —385 35,732 6,057 Monthly: 1954—Oct 2,639 370 74 -318 2,617 4,857 800 74 50 -6 -104 -7 -320 5,096 -2,478 Nov 4,201 994 58 -14 5,122 3,842 469 58 45 -9 209 -1 -33 4,374 748 Dec 3,742 890 427 421 4,626 6,288 573 427 71 25 -425 -11 449 6,401 -1,775 1955—Jan 4,655 268 42 -582 4,299 4,942 581 42 51 186 -24 -582 5,009 -710 Feb 5,427 600 53 332 6,306 4,831 653 53 -18 -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 1,677 874 205 11,045 6,677 852 874 51 11 -104 ••177 6,677 4,368 A Ju u l g y 2 4 , , 7 7 6 3 5 4 1,5 7 0 4 2 5 3 1 9 5 4 6 -1 2 2 5 1 4 6 2, , 9 3 9 3 4 3 5 6, , 2 3 2 8 5 2 8 89 8 5 7 . ' 3 1 9 5 4 6 3 6 1 8 -46 -23 7 7 4 2 1 4 7 9 1 5 7 , ,2 3 5 5 6 2 -2 - , 9 3 2 5 3 8 Sept 5,498 721 n.a. 5,988 5,340 804 n.a. 40 40 n.a. 5,904 84 Oct. n.a. n.a. n.a. 2,869 n.a. n.a. 25 11 n.a. 5,659 -2,789 n.a. Not available. rRevised.. * Represents principally (1) interest payments between Treasury and Government agencies and trust funds, (2) transfers shown as Budget expenditures, and (3) payroll deductions for Federal employees retirement funds. 2Represents principally adjustment for differences in reporting bases as between the monthly and daily Treasury statements. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4 Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3). 5To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below. 6Beginning new reporting basis. Set 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 o c d g - d r u r i r ) e r e o b , e a d b s l c s i e 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 N e n n u o t o c e a f n i e r e - - d s T t a m r o s c r f a i u o e e c d n a t n r t e - s . s t 1 , . N s i a e n G f a e n u c g t d o n . F e v i d e n b t n t s d r . . y v . . . A I c 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 i o e b y r n m d f l t i . s c . 2 b b ( r i e o n o - c p i r r g a n ) r r a , , s o o g y h w w o o 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 I 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 Others bills sec. Cal. yr.—1951 2,711 18 37 n.a. 3,418 718 -125 -1,242 1,999 —1,191 -1,099 -997 46 1952 7,973 12 -102 n.a. 3,833 770 -74 3,353 5,778 -406 -1,784 -113 -122 1953 7,777 22 -3 n.a. 2,540 591 66 4,601 «4,829 «-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 -256 2,054 524 94 2,255 2,530 -381 628 -239 -283 1955P 3,115 -37 '908 '-228 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.7.. 9,097 24 76 -71 860 283 30 7,952 6,837 -362 1,583 -94 -12 1954—Jan.-June... -3,909 6 -109 -183 1,194 241 64 -5,694 -4,307 —19 -955 -145 -268 July-Dec. .. 7,490 -47 78 -83 387 336 112 6,600 7,378 -156 -514 -50 -58 1955—Jan.-June^.. -4,376 10 '830 '-143 1,147 161 35 -5,021 -3,090 147 -2,654 -72 648 Monthly: 1954—Oct... 3,942 5 -28 -9 -142 51 5 3,996 4,129 -12 -64 -20 -37 Nov 101 i 32 -20 167 45 9 -107 -50 12 -62 -22 15 Dec. -103 -25 17 191 72 -26 -349 -198 -9 -136 -6 1955—Jan -311 521 -24 -134 51 -1 259 -211 51 -56 "-26 501 J A A J F S M M u u e e u p n a l a p b g y r e y r t *" — -4 3 2 - - 3 , , , 8 1 2 , 2 6 0 8 7 3 3 5 1 0 9 2 2 3 4 0 7 1 8 5 4 -3 2 3 6 5 5 1 ' - 2 1 4 5 2 3 2 6 2 1 0 5 7 1 9 7 4 8 ' n - - - - - . 2 5 7 3 5 - a 6 5 8 2 2 0 0 . 3 1 - - , 4 3 - 0 9 5 1 7 1 6 9 4 8 9 1 9 3 0 4 4 2 7 9 -1 3 4 3 3 5 6 7 1 1 5 1 9 1 9 - ( 1 8 - - 3 4 ) 1 1 1 5 7 5 5 - - 4 4 2 2 - - - , , , , 0 2 1 1 4 9 9 2 3 7 4 6 3 5 5 0 1 0 3 2 5 5 3 9 - - 4 3 3 3 1 - , , , , , 2 2 2 1 3 7 2 5 7 4 9 7 4 0 2 0 0 1 1 8 4 6 9 9 -1 - - - - 1 8 4 3 3 9 9 6 8 8 2 9 7 4 8 9 -1 - - - - - , 1 4 4 8 2 - 7 — 5 2 7 5 9 5 7 4 9 9 6 3 1 9 1 2 ; — - - - - - 2 2 2 2 2 6 3 6 5 5 0 7 2 0 - - - 2 1 3 - 3 3 - 0 5 0 1 4 0 6 5 3 6 6 Oct 2,341 (8) 4 n.a. n.a. n.a. 26 -11 2,728 P2,816 -54 -324 26 P264 n.a. Not available. ^Preliminary. 'Revised. 1 Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases. 2Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 'Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 4Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues amd thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 6Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6Excludes exchanges of savings bonds into marketable bonds in the amount of 409 million dollars. 7Beginning new reporting basis. See footnote 6 above. 8Less than $500,000. 1252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS 1 [Classifications derived by Federal Reserve from Treasury data. In millions of dollarsl Cash deposits Cash withdrawals Period Total ta D i x v n i e i r d d s e i - c - o t nt r a D c a x o t i e r i r p o s e o c n o t - s n E m t a a x n x i c s d e i c s s . e c S e i o r i n e c p s - i . t a s l 3 c O c o i t a m n h s - e h e r 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 c m f . - l. s 6 f I a n a i f t r - s 'l . « 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 t n - - s s7 c S p u o s r r e c o i - i - t a y l Other uals2 grams8 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 0-89 4,870 4,664 8,587 7,285 Fiscal yr.—1952 68,093 30, 713 21,467 8 893 6,521 2,801 2 302 67,786 42,935 2 848 4,059 5,826 5,206 6,912 19539 71,345 33,370 21,595 9 978 6,849 2,704 3 151 76,407 50,250 2 156 4,658 4,920 6,063 8,360 1954 71,815 33,363 21.817 9 679 7,197 3,178 3 419 71,974 46.422 1 444 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 ••41,031 1 019 4,947 4,766 9,057 '9., 080 Semiannual totals: 1952—July-Dec... 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 24,505 1 123 2,246 2,500 2,876 4,107 1953—Jan.-June. . . 41,241 20.329 13,773 4,931 3,656 1,252 2 700 39,203 25,606 1 069 2,413 2,420 3,247 4,448 July-Dec.9. . 29,199 14,478 5,272 5 357 3,031 1,498 437 37,244 24,398 930 2,334 2,465 3,368 3,748 1954— J J u a l n y . - - D Ju e n c e. .. 4 2 2 5 , , 6 9 1 8 5 0 1 1 8 2 , , 8 8 8 9 5 9 16 3 , , 5 7 4 3 5 4 4 4,4 32 7 2 9 4 3 , , 1 4 6 9 5 0 1 1, , 7 6 5 8 4 0 2 9 3 8 7 2 6 3 34 4 , , 1 7 6 3 7 0 2 2 2 0 , , 0 37 2 6 4 10 5 5 6 2 3 6 10 2 2 , , 3 2 6 9 7 9 10 2 2 , , 1 4 8 8 6 2 4 4, , 3 2 1 7 1 7 10 4 3 , 3 s 1 6 2 4 1 1955—Jan.-June. .. 41,790 19,663 14,466 4,630 4,430 1,669 3 068 35,732 20,363 748 2,580 2,579 4,747 4,717 Monthly: 1954—Oct 2,617 1,040 352 768 260 237 39 5,096 3,149 67 r 102 71 374 758 rlO477 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 6,932 103,808 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 11.04S 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 n 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 3,292 53 505 401 725 928 Oct 2,869 1,009 360 866 427 294 87 5,659 n.a. n.a. 320 398 n,a. n.a. Not available. rRevised. 1 Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals ot the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. 2 Includes estate and gift taxes. 3 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. ^Represents mostly nontax receipts. includes net redemptions of armed forces leave bonds. includes special International Bank and Monetary Fund notes. Includes payments from veterans life insurance funds. 8Includes benefit payments for old-age and unemployment insurance and Government employees and railroad retirement funds. 9Beginning new reporting basis, described in Treasury Bulletin for April 1954, p. A2. 10 Monthly figures do not add to fiscal year because figures for unclassified items are not available for November-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 tu fo 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—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 58.290 414 340 228 39,656 48 319 174 18.635 Oct 451 505 182 58,261 404 305 193 39,780 47 200 -12 18,481 1A 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. 2 Redemptions 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. 1253 NOVEMBER 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 issues* Marketable Nonmarketable E m n o d n t o h f T d g e r o o b t s a t s 1 l d T d g i e r o r o b e t s a t c * s l t Total Total Bills c e i C n a d e t d n e r e e t s i b s f o s i t - - f Notes B e b l a l i e g n * i B k - on s d t B s r r i a e c n - t k ed b v C i o b e o n r l n e d t- - s Total* b S i o n a n g v d s - s n s T i a o n a n a t g v d e x s - s S i p ss e u c e ia s l 1940—Dec....... 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec....... 112,471 108,170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec ... 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec 259,487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec....... 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—Dec.. „ 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—Dec 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—Dec 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—Dec. . 259,461 259,419 221,168 142,685 18,102 29,078 18,409 41,049 36,048' 12',060 66,423 57,587 7,534 35,902 1952—June. 259,151 259,105 219,124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6,612 37,739 Dec 267,445 267,391 226,143 148,581 21,713 16,712 30,266 58,874 21,016 12,500 65,062 57,940 5,770 39,150 1953—June .. 266,123 266,071 223,408 147,335 19,707 15,854 30,425 64,104 17,245 12,340 63,733 57,886 4,453 40,538 Dec 275,244 275.168 231.684 154,631 19.511 26.386 31.406 63,927 13.400 11.989 65,065 57,710 6.026 41,197 1954—June 271,341 271,260 226,681 150,354 19,515 18,405 31,960 71,802 8,672 11,861 64,465 58,061 5,079 42,229 1954—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 ^81,910 11,538 59,975 58,290 399 43,891 Oct 279,866 279,818 233,619 162,544 20,812 12,017 47,797 81,918 11,448 59,628 58,261 81 43,657 Corrected. 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 478 million dollars on Oct. 31, 1955) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,312 million dollars on Sept. 30, 1955. 4Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 5Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public U. S. Government End of month (i gd n re c ob l s u ts d- a tr g u e s n t c i f e u s n a d n s d 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals l M an is e c o e u l s ing guar- Total Reserve mercial savings ance corpo- local anteed Special Public Banks banks2 banks com- rations govern- Savings Other invesse ti c e u s r ) i- issues issues panies ments bonds securities tors3 1940—Dec 50,942 5.370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec. 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 '22,200 6,500 42,900 '21,200 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 '20,100 9,400 49,100 16,300 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 18,800 10,400 49,000 15,700 11,600 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,100 19,900 11,100 49,200 16,000 11,700 1953—June 266,123 40,538 7,022 218,563 24,746 58,800 9,500 16,000 18,400 12,000 49,300 17,100 12,800 Dec 275,244 41,197 7,116 226,931 25,916 63,700 9,200 15,800 21,000 12,900 49,400 15,800 13,200 1954—June.. .. 271,341 42,229 7,111 222,001 25,037 63,600 9,100 15,300 16,400 14,300 49,500 15,000 13,700 1954—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 '7,287 '223,881 23,607 63,400 8,700 14,800 18,800 16,000 50,200 14,000 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 Aug 278,352 44 , 238 7,315 226,799 23,760 62,500 8,800 15,000 21,000 16,400 50,300 14,200 14,900 'Revised. 1 Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1955. 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. 1254 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 October 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 Issue and coupon rate Amount Treasury Bills1 Certificates Treasury notes—Cont. Treasury bonds—Cont. N N N N o o o o v v v v . . . . 2 1 1 3 5 0 7 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 5 5 5 5 1 1 1 1 , , , , 6 6 6 6 0 0 0 0 1 1 1 0 J M D T u u e a n n c r e . e . 2 2 1 2 2 2 5 2 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 6 5 6 6 2 2 2 2 IM M 2 ^ 2 2 5 1 , , , . 2 9 4 3 0 8 7 5 2 0 6 9 T O O A re r c o a t t . r . s . u ry 1 1 t , , , b 1 1 o 1 9 9 0 n 6 5 6 d 0 9 0 s . \ \ \ J D D M M u e e a a n c c r r e . . . . I 1 1 1 I S S 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 5 6 4 4 3 - - 7 - 7 - - 6 6 0 1 6 9 9 . . 8 . . ...2} 3 3 2 4 2 , , , , , 9 7 8 7 8 6 1 5 2 2 0 7 5 3 9 D D D D D e e e e e c c c c c . . . . . 2 2 1 8 2 9 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 1 1 1 1 1 , , , , . 6 6 6 6 6 0 0 0 0 0 2 2 1 0 1 T A A D M re u e p a a g c r r s . . . . u r 1 1 1 y 5 5 5 1 , , , , n 1 1 1 o 1 9 9 9 9 t 5 5 e 5 5 6 s 6 6 5 , 1 1 1 * % % 2 4 1 6 8 1 2 , , , , 4 8 0 5 7 0 5 4 2 7 4 7 J S S M M u e e a a n p p r r e t t . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 8 6 6 6 7 - - - - 5 5 5 5 9 9 8 9 . 3 . . . . . . . . . 2 2 2 . 2 2 J F S D T u e e u e n b p n c e . . t e . 1 1 1 1 1 5 5 5 5 5 , , , , . 1 1 1 1 1 9 9 9 9 9 9 7 6 6 6 5 8 7 7 7 - - - - 8 7 7 7 3 2 2 2 . . . . ....3 2 3 2 1 1 , , , , , 7 8 7 8 6 4 0 8 1 0 5 7 6 0 6 Jan. 5, 1956 1,600 O M c a t r . . 15 1 , , 1 1 9 9 5 5 7 6 . 2 l} % 4 2,9 5 9 5 7 0 J D u e n c e . 1 15 5 , , 1 19 9 5 5 8 8 -633. .2 2 Panama Canal Loan... 3 50 J J J a a a n n n . . . 2 1 1 2 6 9 , , , 1 1 1 9 9 9 5 5 5 6 6 6 1 1 1, , , 6 6 6 0 0 0 2 1 1 A A M u p a g r y . . 1 1 5 1 5 , , , 1 1 1 9 9 9 5 5 5 7 7 7 . . 1% iy 2 2 3 4. , 1 7 5 5 9 3 5 2 1 J N D u o e n c v e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 6 9 9 0 - - . 6 6 .. 2 2 . . . . . . 2 . . 2 2 Convertible bonds Oct. 1, 1957 IH 824 Dec. 15, 1960-653. .2 Investment Series B Apr. 1,1958....... 13^ 383 Sept. 15, 1961 2 Apr. 1, 1975-80. . .2% 11,448 Oct. 1,1958 1M 121 Nov. 15, 1961 2 Feb. 15, 1959 1 % 102 Aug. 15, 1963 2 Apr. 1, 1959 1H 139 June 15, 1962-67...2 iSold on discount basis. See table on Money Market Rates, p. 1249. 2Tax anticipation series. 3Partially tax-exempt. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES < Marketable and Convertible Direct Public Securities [Par value in millions of dollars] U.S. U.S. End of month s T t o a o u n t t a d - l - G a a c g o n i e e v d n s t - . s F e R e e r r e a d v - l - e C m c o i e a m r l - - M t s in u a g a u v l s - - c I o n m su p r a a n n i c e e s Other End of month s T t o a o u n t t a d - l - G a a c g o n i e e v d n s t - . s F e R e e r r e a d v - l - e C m c o i e a m r l - - M t s in u a g a v u s l - - c I o n m su p r a a n n i c e e s Other ing trust Banks DanKS banks ing trust Banks banks banks funds Life Other funds Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1953—June 159,675 6,898 24,746 51,365 8,816 9,347 4,808 53,694 Series B): 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 IQKI Time 162,216 6,985 25 037 56.199 8 353 8 667 4,854 52,121 Dec 11,989 3 439 168 1,264 2,935 328 3,854 X I/O™ D W e U. c I1O , • • « * 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—j1ine 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 X U\J*J V L J tlJ. u V> l • y • . • 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 Aug 170,497 7,192 23,76054,765 8,096 8,521 4,806 63,358 July 11,659 3,439 163 1,222 2,843 292 3,700 Aug 11,637 3,439 160 1,220 2,830 291 3,697 Treasury bills: 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 Marketable secur- Dec 19,511 102 2,993 4,368 126 410 109 11,402 rities, maturing: 1954—June 19,515 46 2,316 4,187 98 520 101 12,248 Within 1 year: 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—June 19,514 40 886 2,721 84 537 93 15,153 Dec 73,235 175 16,97225,062 475 468 1,061 29,023 J A u u ly g 2 1 0 9 , , 3 9 1 1 1 3 4 3 8 0 1 1 , ,0 2 3 6 9 1 2 2, , 7 7 1 7 2 5 12 8 0 7 5 67 2 2 8 10 8 4 8 1 15 5 , , 6 1 3 2 4 6 1 1 9 9 5 5 4 5 — -J D J u u e n n c e e 4 6 6 9 0 2 , , , 7 1 8 0 2 2 3 3 7 1 7 7 0 4 0 7 1 1 1 6 9 7 , , , 2 4 4 8 1 0 0 7 5 1 1 7 7 5 , , , 1 6 7 8 8 3 7 4 8 2 1 1 9 6 5 4 4 9 5 5 5 5 4 3 4 6 7 2 5 6 5 9 5 6 8 2 2 2 2 4 4 6 , , , 0 5 3 6 6 0 2 8 1 Ce 1 rt 9 if 5 i 3 c — ate D J s u e : n c e 2 1 6 5 , ,8 3 5 8 4 6 3 6 0 3 4 5 , , 9 9 9 6 6 7 4 9 , , 3 2 5 1 1 5 1 8 8 7 4 2 3 7 7 3 4 1 4 0 5 1 6 0 , , 0 4 5 75 2 J A u u l g y 5 5 8 2 , , 2 2 3 8 8 3 7 7 6 8 1 1 7 9 , , 8 2 8 4 9 5 • 7 8 , , 6 1 1 3 7 2 2 1 0 5 0 7 5 6 5 9 0 8 2 2 5 9 7 5 2 2 9 5 , , 5 7 9 3 2 6 1954—June 18,405 41 6,600 4,942 101 7 202 6,511 1-5 years: Dec 28,458 4 13,882 4,835 57 4 179 0,496 1953—June 32,330 152 6,45218,344 464 109 914 5,895 1955—June 13,836 8 8,274 1,455 53 4 70 3,973 Dec 29,367 192 6,155 16,056 431 123 980 5,430 J A u u l g y..... 1 9 6 , , 0 0 4 3 7 7 4 8 2 8 , , 5 3 2 8 0 2 1 1 , , 2 9 7 7 4 8 4 2 3 1 1 7 2 6 7 0 7 5 5, , 1 5 6 3 2 7 1 1 9 9 5 5 4 5 — — D J J u u e n n c e e 2 3 2 8 7 9 , , , 1 6 9 8 0 6 8 6 5 2 1 1 0 9 3 5 9 7 3 3 6 , , , 7 0 3 7 8 0 3 7 7 2 1 1 1 4 8 , , , 7 6 8 1 2 4 2 4 6 4 5 5 3 7 0 3 6 2 1 1 1 5 5 5 2 8 5 1 1 , , 1 0 8 8 2 9 7 2 0 1 5 5 0 , , , 3 8 63 0 5 3 8 5 Tre 1 a 9 s 5 u 3 r — y D J n u e o n c t e es: 3 3 1 0 , , 4 4 0 2 6 5 2 8 3 1 1 3 3 , ,7 2 7 8 4 91 1 1 0 , , 5 3 1 5 0 5 1 6 3 2 0 5 5 2 5 6 2 0 9 5 5 5 , , 8 6 1 7 4 8 J A u u ly g 3 32 8 , , 5 2 2 0 0 5 1 1 6 9 2 2 3 2, , 0 7 8 7 7 32 1 1 9 , ,7 3 9 8 7 8 5 4 2 9 4 3 1 1 3 3 9 9 1 1 , , 1 20 8 6 1 1 8 0 , , 6 9 6 8 1 3 1954—June 31,960 64 13,02911,423 221 99 592 6,531 5-10 years: 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—June 40,729 119 11,64615,385 289 71 718 12,502 Dec 20,292 418 1,374 10,051 1,315 725 1,198 5,211 J A u u l g y 4 4 7 0 , , 6 7 0 4 8 6 1 1 1 1 2 8 1 1 7 1 , , 4 6 0 4 0 6 1 1 4 5 , , 9 0 1 9 1 1 2 28 8 9 7 6 6 9 1 7 7 3 1 2 3 1 1 4 2 , , 0 8 9 3 6 0 1 1 9 9 5 5 5 4 — — D J J u u e n n c e e 3 3 3 3 0 3 , , , 6 5 6 8 4 7 7 2 7 4 5 4 9 0 7 4 6 7 1 1 1 , , , 0 0 0 1 3 1 4 5 4 2 2 1 1 1 8 , , , 1 1 7 1 4 0 0 1 1 1 1 1 , , , 3 4 5 8 4 0 9 4 5 3 4 5 8 3 1 8 9 6 1 1 1 , , , 6 6 6 3 6 5 9 4 5 7 6 7 , , , 6 7 4 2 1 3 1 6 9 Ma 1 r 9 k 5 e 3 t — ab D J le u e n c b e . o nd . s . : . i 8 77 1 * ,3 3 4 2 9 7 3 3 , , 3 3 7 0 7 0 3 4 , ,5 6 2 6 2 73 3 0 2 , , 6 0 7 6 1 6 7 6 , , 2 8 3 2 2 0 5 5 , , 6 8 8 5 6 5 3 3 , , 4 4 1 8 8 4 2 2 3 4 . , 6 8 8 9 S 0 J A u u l g y 3 3 3 3 , , 6 6 8 8 7 7 5 4 0 7 5 5 1 1 , , 0 0 1 1 4 4 2 2 1 1 , , 0 0 9 8 4 3 1 1 , , 3 3 5 6 9 7 3 3 8 6 8 9 1 1 , ,6 6 3 3 4 1 7 7, , 7 7 1 2 5 6 1954—June 80,474 3,395 3,09335,481 6,669 5,164 3,641 23,032 After 10 years: 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—June 81,128 3,556 2,80235,942 6,422 4,873 3,606 23,927 Dec ; 31,736 2,765 1,415 4,595 5,039 4,868 1,339 11,716 J A u u ly g 8 8 1 1 , , 8 8 9 7 4 5 3 3 , , 6 5 0 6 7 4 2 2 , , 8 8 0 0 2 23 3 5 5 , , 8 7 3 0 4 8 6 6, , 4 4 4 6 6 2 4 4, , 9 9 4 8 2 4 3 3, , 6 6 1 2 9 0 2 2 1 4 , , 6 7 1 6 1 9 1 1 9 9 5 5 5 4 — -J D J u u e n n c e e 3 3 3 3 1 1 , , , 6 7 7 1 2 2 9 8 5 2 2 2 , , , 9 7 7 4 4 9 4 0 6 1 1 1 , , , 4 4 4 1 1 1 5 5 5 5 4 5 , , , 4 2 9 9 3 8 4 5 4 4 4 4, , , 7 9 6 4 3 6 6 0 8 4 4 4 , , , 3 3 5 6 9 8 4 0 2 1 1 1 , , , 3 4 3 6 0 3 9 6 9 1 1 1 3 1 1 , , , 2 7 8 3 7 3 4 4 3 July 34,397 2,992 1,415 5,590 4,830 4,509 1,401 13,660 Aug 34,415 3,010 1,415 5,582 4,823 4,485 1,407 13,694 *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. includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. NOVEMBER 1955 1255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates, in millions of dollars] Gross proceeds, all issuers2 Propo al s l e d c o u r s p e o s r o a f t e n i e s t su p e ro rs c 8 eeds, Noncorporate Corporate ]\ew capital Year or Remonth Tota1 State Bonds Mis- t R ir e e - - m tir e e n - t G m U o e v . n S er t . n 8 - ag F e e e r n a d c l - y4 n m a p i n a c u d l i - - Others Total Total o P f l f i u c e b r l e y - d p v P l a a r t c e i- e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N o e n w ey7 p l p a o o u n u s r e s e - - s d m b e a o e b n f n t k , t s ri e t o c i f e u s etc. 8 1939 5,687 ? 33? 13 1,128 50 2,164 1,979 1,276 703 98 87 4?0 325 26 69 1,695 1940 . ... 6,564 2, S17 109 1,238 24 2,677 2,386 1,628 758 183 108 76? 569 19 174 1,854 1941 .. 15,157 11.466 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942 35,438 33 846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42, 815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 .. 56,310 •5? 1 661 22 3,202 2,670 1,892 778 369 163 7S3 657 47 49 2,389 1945., 54,712 47 353 506 795 47 6,011 4,855 3,851 1,004 758 397 1 347 1,080 133 134 4,555 1946 18,685 10,217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 3,889 3,279 231 379 2,868 1947 . 19,941 10, S8Q 2,324 451 6,577 5,035 2,888 2,147 761 778 s, 4,591 168 356 1,352 1948 ..... 20.250 10 3?7 2,690 156 7,078 5,973 2,963 3,010 492 614 6 f>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 5,558 4,606 315 637 401 1950 . 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9, 778 110 3,189 446 7,741 5,691 2,364 3.326 838 1,212 7,120 6,531 226 363 486 1952 27,209 12,577 459 4,401 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954. 29,765 1? S3? 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7 490 6,780 70> 1 ,875 1954—Sept, 2,125 464 652 2 1,008 886 581 305 60 62 747 705 42 247 Oct 6,544 4, 611 184 615 3 1,130 813 470 343 52 265 1, 003 856 146 109 Nov 1 350 466 459 4 422 321 116 205 37 64 244 46 123 Dec. 2,552 SS7 906 71 1,019 854 288 566 62 103 604 515 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 25 113 436 362 74 56 Mar. 2,583 614 540 9 1,420 871 524 346 37 512 1 , 1,190 71 135 Apr 1 654 535 429 15 675 475 297 178 54 146 1<M 444 50 165 May 4,399 3 30 350 2 998 694 465 229 95 209 903 791 112 74 June 1,915 496 651 4 796 533 190 344 57 206 fSQ7 635 62 81 July-..,. 2,487 1,265 470 15 737 583 136 447 53 101 583 514 69 140 Aug.r 1,656 509 259 887 672 508 164 16 200 654 623 32 216 Sept. 1,623 481 390 "'•3" 749 574 304 270 82 93 680 562 US 55 Proposed uses of net proceeds, by major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communicition a R nd e a f l i n e a s n ta c t i e al Year or T c p e n o r e e t o d a t - s l N c it a e a p w l - ' R m e e t n ir ts e 1 - 0 T c p e n o r e e t o d a t - s l N c it a e a p w l - ' R m e e t n ir t e s1 - 0 T c p e n o r e e o t d t a - s l N c it a e a p w l - ' R m e e t n ir t e s1 - 0 T c p e n o r e e o t d a t - s l N ita e l w » R m e e t n ir t e s1 - 0 T c p e n o r e e t o d a t - s l N c it a e a p w l - ' R m e e t n ir t e s - 10 T c p e n o r e e t o d a t - s l N c it a e a p w l - ' R m e e t n ir ts e 1 - 1' 1949 1,391 1 847 44 338 310 28 795 784 11 ? 276 2,043 333 567 517 49 593 558 35 I960 1,175 10?fi 149 538 474 63 806 609 196 ?,608 1,927 682 395 314 81 739 639 100 1951 3,066 2,846 221 518 462 56 490 437 53 ,412 2,326 85 605 600 5 515 449 66 1952.. 3,973 3,712 261 536 512 24 983 758 225 2,626 2,539 88 753 747 6 508 448 60 1953.... 2 218 ? 1?8 90 542 502 40 589 553 36 ,972 2,905 67 874 871 3 1,561 1,536 24 1954 2,234 2,044 190 923 831 93 771 501 270 3,665 2,675 990 711 651 60 1,061 788 273 1954—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 36 224 196 27 27 21 6 381 368 13 April 167 141 26 38 37 1 107 18 89 214 178 36 18 12 6 114 108 6 May 424 376 48 46 42 4 55 55 247 230 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 354 215 138 66 66 1 28 27 1 103 103 45 45 128 127 Augustr. . . 169 119 50 41 36 5 203 45 158 91 90 "i" 90 90 276 274 2 September.. 186 167 18 82 76 6 55 50 5 221 208 13 29 19 ""io 163 ; 160 3 ••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. 3 Includes issues guaranteed. 4 Issues not guaranteed. 5Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. ^Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7Includes proceeds for plant and equipment and working capital. ?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. 9Includes all issues other than those for retirement of securities. wRetirement of securities only. Source.—Securities and Exchange Commission. 1256 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1953 1954 1955 1949 1950 1951 1952 1953 1954 Manufacturing Total (200 corps.): Sales 38,176 45,598 ,693 266 63 57,89815,01414,34214,88713,49415,17516,54517,852 Profits before taxes 250 8,133 ,806 271 1,420 1,780 1,947 1,570 1,899 2,444 2,753 Profits after taxes 244 ,200 ,530 3,191 915 908 992 803 1,109 1,210 1,385 Dividends 737 ,32 ,064 2,062 643 529 530 525 782 574 576 Nondurable goods industries (94 corps.):1 Sales. ,28116,238 18,903 19.25J 20,70420,621 5,196 5,066 5,079 5,046 5,429 5,508 5,744 Profits before taxes ,054 ,93 ,420 ,833 3,018 ,756 60 695 699 657 705 797 845 Profits after taxes ,353 ,653 ,52 ,384 1,517 ,592 394 381 391 370 448 441 469 Dividends 785 974 920 942 964 ,053 287 233 236 237 345 255 259 Durable goods industries (106 corps.):2 Sales 29,36033,790 35,01142,39637,277 9,818 9,276 9,808 8,448 9,74611,03712,108 Profits before taxes ,196 5,201 ,386 4,438 5,320 ,442 814 1,085 1,248 913 1,194 1,646 1,908 Profits after taxes ,890 2,547 ,008 1 80 2,115 ,223 521 527 601 433 661 770 916 Dividends 951 1,354 ,143 1 120 1,102 ,315 356 296 294 288 437 319 317 Selected industries: Foods and kindred products (28 corps.): Sales 4,223 4,402 4,909 5,04: 5,411 5,464 1,394 1,33 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 Profits after taxes 268 28< 227 204 211 22. 54 46 63 59 56 46 64 Dividends 149 161 159 154 15 156 4. 36 36 39 45 36 36 Chemicals and allied products (26 corps.): Sales 3,904 4,817 5, 5,965 6,373 6,18: 1,528 1,50: 1,540 1,518 1,622 1,721 1,811 Profits before taxes.. 734 1,178 1,490 1,257 1,308 1,17; 232 282 282 277 334 367 381 Profits after taxes 441 597 521 485 520 61: 128 138 142 137 194 183 193 Dividends 338 467 381 396 41 49; 135 100 102 99 194 114 115 Petroleum refining (14 corps.): Sales 4,003 4,369 5,092 5,418 5,891 6,015 1,530 1,511 1,473 1,471 1,560 1,567 1,612 Profits before taxes 582 709 907 722 83- 746 188 223 195 174 154 207 198 Profits after taxes 454 490 557 520 59« 564 166 154 142 134 134 148 145 Dividends 204 235 261 282 287 292 77 71 71 72 76 76 76 Primary metals and products (39 corps.): Sales 8,18410,448 12,50711,56413,75011,52: 3,193 2,91: 3,021 2,715 2,874 3,301 3,847 Profits before taxes 996 1,706 2,09( 1,166 1,825 1,37. 295 30: 360 306 407 487 630 Profits after taxes 580 85- 778 578 793 71 196 151 180 151 235 241 312 Dividends 286 37; 382 368 378 40" 113 100 92 92 125 115 110 Machinery (27 corps.): Sales , 4,366 5,075 6,189 7,08< 8,015 7,753 2,039 1,919 1,939 1,866 2,030 1,955 2,046 Profits before taxes 520 85 1,005 975 1,010 899 193 25: 23' 199 209 232 251 Profits after taxes 321 42< 370 381 402 47C 115 11 10' 102 143 110 121 Dividends. 13; 209 192 200 163 263 91 58 64 65 76 67 67 Automobiles and equipment (15 corps.): Sales 9,57 11,80: 12,49612,82516,37 13.94C 3,495 3,485 3,731 2,922 3,802 4,729 5,031 Profits before taxes 1,47. 2,30= 1,91 1,945 2,048 1,74 235 434 532 299 476 819 885 Profits after taxes 861 1,08 705 698 747 82 168 214 25 127 229 367 415 Dividends 451 67 479 462 463 52S 11 114 113 106 196 108 115 Public Utility Railroad: Operating revenue 8,580 9,473 10,39 10,58110,664 9,37 2,582 2,275 2,335 2,366 2,395 2,302 2,521 Profits before taxes 700 1,38. 1,26C 1,451 1,404 900 272 156 199 226 319 259 358 Profits after taxes 438 784 69; 832 87 674 219 88 136 172 277 175 242 Dividends 252 312 328 338 412 37! 162 96 73 74 136 101 90 Electric power: Operating revenue 5,06' 5.52S 6,058 6,549 7,136 7,61( 1,826 1,984 1,819 1,831 1,976 2,171 1,993 Profits before taxes 1,129 1,31. 1,482 1,740 1,895 2,04" 460 570 48; 478 513 636 523 Profits after taxes 757 822 81 947 1,030 1.14C 260 321 266 264 288 341 296 Dividends 560 61 651 725 78C 85' 212 212 210 211 224 225 229 Telephone: Operating revenue 2,96 3,342 3,729 4,136 4,525 4,90: 1,178 1,174 1,210 1,233 1,285 1,298 1,340 Profits before taxes 333 580 691 787 925 1,051 248 242 26: 262 284 306 315 Profits after taxes 207 33 341 384 452 52^ 122 116 125 141 143 152 156 Dividends 21 276 318 355 412 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). NOVEMBER 1955 1257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES1 UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Y qu e a a r r te o r r P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d d C e i a v n s d i h - s tr U p i r b n o u f d t it e i s s d - Y qu e a ar r te o r r i N ss e u w es R m e e t n ir t e s - ch N an et ge i N ss e u w es R m e e t n ir t e s - ch N an et ge i N ss e u w es R m e e t n ir 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 . . 0 3 3 4 . . 8 7 3 1 . . 6 2 1 1 9 9 4 4 7 8 6 7 , , 8 5 8 7 2 0 : > 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 3 4 , , 0 65 0 5 4 1 1 , , 6 86 3 7 2 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 . . 8 5 1 12 1 . . 5 3 2 1 0 8 . . 3 2 6 7 . . 5 2 1 1 1 3 . . 7 0 1 1 9 9 5 4 0 9 6 7 , , 7 2 3 2 1 4 l $ , , 8 50 7 1 5 3 4 , ,8 7 5 2 6 4 4 4 , , 8 8 6 0 7 6 2 1 , , 8 58 0 3 2 3 2, , 0 2 0 8 4 4 2 1 , ,8 4 6 1 4 8 6 2 9 9 8 2 1 1 , , 5 7 7 2 2 0 1 19 9 5 4 0 9 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 1 9 9 5 5 2 1 1 9 0 , , 0 6 4 7 8 9 J 5 . , 7 7 7 5 2 1 6 7 , , 2 9 7 2 7 7 5 7 , , 6 3 8 4 2 4 2 2 , , 1 4 0 0 5 3 4 3 , , 9 5 4 7 0 7 3 3 , , 3 3 6 3 6 5 3 6 4 6 8 6 2 2 , , 9 7 8 0 7 0 1 1 9 9 5 5 2 1 4 3 1 5 . . 2 9 2 1 2 9 . . 5 8 1 1 6 8. . 7 1 9 9. . 0 1 9 7 . . 6 2 1 19 9 5 5 4 3 1 9 1 , , 5 7 5 1 0 5 > >, , 3 4 5 2 3 8 6 7 , , 3 1 6 2 1 1 6 7 , , 6 8 5 7 1 2 3 1 , ,8 8 9 9 6 7 4 3 , , 7 9 5 7 5 5 3 2 , ,8 8 9 4 8 3 1,4 5 5 3 6 3 2 2, , 3 3 8 6 6 6 1 1 9 9 5 5 3 4 3 3 8 4 . . 3 0 2 1 1 7 . . 3 1 1 1 7 7 . . 0 0 1 9 0 . . 3 0 6 7 . . 9 7 1954— 3 2. . . . . . 3 2 , , 0 85 2 8 7 1 1, , 3 1 1 3 4 9 1 1 , , 7 7 1 1 4 9 2 1 , ,8 3 6 1 3 4 9 84 3 7 8 1 1 , , 0 3 1 7 6 7 9 7 9 1 5 3 3 2 7 9 6 2 3 7 3 0 7 3 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 3 4 2 . . . . . . 3 3 3 3 6 3 . . . 5 0 7 1 1 1 6 8 6 . . . 8 9 1 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 06 8 5 4 1 L , 3 ,6 47 77 1 1 , , 7 4 1 0 9 7 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— 2 3 1 . 1 . . . , 4 4 4 4 3 0 . . . 0 0 9 2 2 2 2 0 1 . . . 1 5 6 2 2 2 1 0 1 . . 4 9 .4 . 1 1 1 0 0 1 . . . 2 7 0 1 1 1 0 0 0 . . . 2 7 9 i h s e s l u 1 d e R s e b f y e le x c c a t l f s u f i d l c i e a a t s e f h o d r e tr c ig a o n n m s p a a c a n t n d i i o e n i s n s c o l o r u n d R l e y F . i C n A v , s e s s p c t o m ec m e ia n p l t a r o c e f d o f e m r w i p n i a g t n h s y d to o a f t f a e e m ri s n p h g l o o s w y , e n s e a s o l , e n s a p n o . d f 1 a 2 s l 5 e s c 6 o u , r n n it e e i w w es stock issues and cash proceeds connected with conversions of bonds into stocks. Re- Preliminary estimates by Council of Economic Ad- tirements include the same types of issues, and also securities retired with internal visers. funds or with proceeds of issues for that purpose shown on p. 1256. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y te e r ar w c o a N p rk e it i t a n l g Total Cash er U G n . o m v S e - . nt Not r e e s c e a i n v d a b a le ccts. I to n r v i e e n s - Other Total Note p s a a y n a d b le accts. F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v S t. . 2 Other liabilities 1939 24.5 54.5 10.8 2.2 .0 22.1 18.0 1.4 30.0 .0 21.9 1.2 6.9 1945... . .. ... 51.6 97 4 21 7 21.1 2.7 23.2 26.3 2.4 45.8 .9 24.8 10.4 9.7 1948 68 6 133 0 25.3 14.8 42.4 48.9 1.6 64.4 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 4 1955_1 98.1 187.9 30.3 19.0 2.2 67.8 65.8 2.8 89.8 2.5 54.2 13.4 19.7 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 r o a t e n n a r - P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a c in n t i u n g d - r- p i r t o n a i r o c i t l n l a - . - P u u t t i b i e l l s i i - c oth A e ll rs rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1953—3 7,084 3,116 708 1,221 2,039 1945 8,692 3,983 383 548 574 505 321 2,378 4 7,625 3,565 743 1,247 2,070 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 1954—1 6,266 2,788 634 929 1,916 1949 19,285 7,149 792 1,352 887 3,125 1,320 4,660 2 6,932 3,120 620 1,121 2,071 1950. ....... 20,605 7,491 707 1,111 L.212 3,309 1,104 5,671 3 6,640 2,896 553 1,060 2,133 1951 25,644 10,852 929 1,474 1,490 3,664 1,319 5,916 4 6,988 3,209 559 1,109 2,110 1952 26,493 11,632 985 1,396 L.500 3,887 1,537 5,557 1955—1 5,847 2,435 538 845 2,030 1953. 28,322 11,908 986 1,311 1,565 4,552 1,690 6,310 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 19554... 27,896 11,193 895 910 1,563 4,445 8,891 4*. 7,316 3,308 632 1,235 2,141 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 8 Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 1258 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 o t l h d e e r rs 1- to 4-family houses com M m u e l r t c i- i f a a l m i p ly ro 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 s i o a a ti l n n - - s S F e e a l c g d e i e e e c n r s t a e - l d v o i I d t a n h u n d e a d i r l - s s h A e o r l l s d l - Total t F u i i n c t n i s i o a a ti l n n - - s O h e o th r l s d e - r Total t F u i i n c t n i s i o a a ti l 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 n l 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 4 1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4,9 3 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 I 3 3 4 1946. 41.8 26.0 .6 15,1 36,9 23.0 16.0 7.0 13.8 8.5 5.4 4 9 a e 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 7 3 3 1948 .. ...... 56 2 37 8 .6 17.8 50.9 33.3 25 0 8.3 17.6 10 9 6.7 5 3 0 3 4 1949 62.7 42.9 1.1 18.7 57.1 37.6 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 85.7 2.8 25.0 105.4 75.7 62 A 13.2 29.7 20.0 9.7 8.2 3.3 4 9 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 9.2 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 Tune. 121 9 92 6 3 0 26 3 113.1 82.1 68.2 13 8 31.0 20.9 10.2 8 8 3 5 5 3 September?... 126.3 96.3 3.0 27.0 117 A 85.6 71.4 14.2 31.8 21.4 10.4 9.0 3.6 5.4 pPreliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associatiens. 2Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS i fin millions of dollars] Commercial bank holdings2 Mutual savings bank holdings4 :Nonfarm Nonfarm End of year or quarter Total Residential* Residential® Farm Total Far IB 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 ?9? 1,048 566 4 81? 4, 784 3,884 900 1942 4,746 4,256 3 .33? 924 491 4,627 4 601 3,725 876 26 1943 4,521 4,058 3,256 80? 463 4,420 4, 305 3,558 837 25 1944 4 430 ,3067 ,3 740 463 4 .305 4 3,476 805 24 1945 4,779 4,951 3 305 856 521 4,?08 4, 184 3,387 797 24 1946 7 ?34 6 5,3,3 ,5146 1,387 702 4 441 4 415 3,588 827 26 1947 9,446 8 6?3 6 033 1,600 823 4 856 4 898 3,937 891 28 1948 10 807 10 073 8,066 1,057 874 5,806 5 77,3 4,758 1,015 34 1949. 11,644 10,736 8,676 2,060 900 6,705 6,668 5,569 1,099 37 1950 ,664 1?,695 10 431 ?,?64 968 8 8 918 7,054 164 44 1951. 14 7,3? 1,3 7?8 11 ?70 .3471 7 071 4 070 9,4.58 L,004 0 016 0 860 8,595 9 567 1,726 1 303 1 274 47 1952 867 14 800 1? 188 ,3675 3 01? 5 501 ? 1,058 11 370 11 39? 9,883 3,168 2,237 1 477 1 444 53 1953 16 850 1.5,768 1?,07.5 3 01? .3061 ,5,0.51 9,84.3 1,082 1?,04,3 1? 800 11,334 3 3,053 7Q? 1 556 53 1954 18,573 17,415 14,152 4,106 3,350 6 695 3,263 ,159 15,007 14,951 13,211 3,800 4,262 5 149 1,740 56 1954—March 16070 15 870 1? 06,5 .3 3 075 5 070 00.5 ,100 1.3,34.5 13 70? 11,700 ,3560 3,295 845 1,592 53 Tnn*» 17,382 16,242 13,9^9 3 069 3 117 6 153 3,010 ,14013,881 13 8?6 12,181 3 650 3,579 4 049 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 10 17 090 14 5,3 S 4 90S ,34 SO 6 880 ,3,385 1,205 15,560 15 50,3 13,745 .380S 4,600 5 9 SO 1,758 57 Tune 10,940 18 677 15 4 361 3 601 7 166 3, 540 1,263 16 173 16,114 14,339 4 000 4,076 s 369 1 775 59 September5*.. . 20,625 19,335 15,600 4 485 3 685 7 430 3,735 1,290 16,855 16,795 15,000 4,125 5,385 5 490 1,795 60 pPreliminary. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. 3 Data not available for all classifications prior to December 1951. 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. 5Commercial bank holdings at the end of September reflect classification corrections based on a survey of credit extended to real estate mortgage lenders and a business loan survey. These corrections reduced holdings about 300 million dollars; current figures are not strictly comparable with earlier ones. 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. NOVEMBER 1955 1259 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 2,520 451 600 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 '•5,344 '4,931 '672 1,378 ••2,881 413 25,976 23,928 6,116 4,643 13 169 2,048 1954—September . . .. '486 >-461 53 157 f-251 25 25,083 23,062 6,092 4,193 '12,734 2,021 October '469 r444 '55 148 '241 25 '25,308 '23,279 '6,097 '4,308 12,874 '2,029 November '573 '540 80 184 '276 33 '•25,622 '23,585 '6,127 '4,457 13,001 '2,037 December . . . >-630 588 62 '207 '319 '42 25,976 23,928 6,116 4,643 13,169 2,048 1955—January 521 479 69 161 249 42 26,223 24,171 6,132 4,771 13,268 2,052 February 495 443 66 118 259 52 26,474 24,405 6,156 4 861 13 388 2 069 March . 563 493 77 154 262 70 26,727 24,629 6,166 4,982 13 481 2 098 April 480 431 71 128 232 49 26,949 24,824 6,171 5,070 13,583 2,125 May 525 481 76 135 270 44 27,217 25,067 6,200 5,168 13,699 2,150 June 519 478 71 151 256 41 27,483 25,310 6,202 5,297 13,811 2,173 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 September 513 485 80 127 278 28 28,250 26,025 6,260 5,573 14,192 2,225 '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 u s h e r e - s r 1 TotaH F su H in r A e - d - an g V t u e A a e r d - - tio C v n e o a n n l - - 3 m Y o o e n r a t r h N b u e m r - Total i a n S l s o g a s a s n v n s - & . p I c a n a o n s n m c u 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 r o e d o s - u e l ) - d nt 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,3451948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2,955 1,557 18,336 904 3,385 14,0471952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5,950 1953 7,767 2,475 3,488 1,804 21,882 1,044 3,961 16,8771953 3,164 19,747 7,365 1,480 3,680 1,327 5,895 6,241 1954 8,969 3,076 3,846 2,047 26,142 1,171 4,714 20,2571954 3,458 22,974 8,312 1,768 4,239 1,501 7,154 6,644 1954-Sept... 828 282 369 177 25,053 1,150 4,503 19,4001954-Sept... 313 2,122 766 164 383 141 668 6,789 Oct....i 824 283 364 177 Oct.... 314 2,156 765 178 393 140 679 6,874 Nov..J 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 1,232 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 Sept P. . 1,012 342 503 167 30^6i6 U50" 5,649 23,617 Sept... 342 2,522 946 155 505 168 747 7,377 p Preliminary. Source.—Home Loan Bank Board* 1 Includes loans for repair, additions and alterations, refinancing, etc. 2 Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 1260 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 loans 3 Government- Home Home underwritten Y o e r ar Total mortgages P e r c o t- j- P e r r o ty p- mortgages Alter y E e n a d r o of r Total C ve o n n - month Total e p N r r t e o i w e p s - i e p s E r r t t o i x i n e p - g s - g m t a y o g p r e e t s - 1 p l m o r im o a e n v n - s e t 2 - Total e p N r r t o e i w e p s - i p e s E r r t t o i x i n p e - g s - re a a p t n i a o d i n r2 quarter Total F su H in r A e - d - a g n V u t A e a e r - - d tional 1945 857 665 257 217 20 171 192 1946 3,058 756 120 302 13 321 2,302 1945 18.6 4.3 4.1 .2 14.3 1947 5,074 1,788 477 418 360 534 3,286 1946 23.0 6.1 3.7 2.4 16.9 1948 5,222 3,341 1,434 684 609 614 1,881 1947 28.2 9.3 3.8 5.5 18.9 1 1 1 1 1 1 9 9 9 9 9 9 5 4 5 5 5 5 3 9 0 1 4 2. 5 6 5 6 7 7 , , , , , , 2 8 8 9 4 3 1 5 3 3 4 2 6 0 0 4 6 3 3 4 3 3 3 3 , , , , , , 1 3 8 8 2 0 1 4 8 2 2 6 3 3 2 6 0 6 1 1 1 1 1 , , , , , 3 2 2 6 0 9 1 1 3 5 3 6 9 6 7 9 5 9 1,0 8 9 9 8 7 3 9 7 0 5 1 0 2 4 7 6 3 1 1 , , 0 1 3 5 2 2 2 5 2 8 5 3 1 7 2 2 9 2 1,3 5 6 8 8 7 3 9 9 4 9 0 4 4 4 8 1 8 4 3 3 3 2 1 , , , , , , 2 4 6 7 0 0 2 5 1 2 6 7 4 7 4 1 4 3 2 2 2 1 1 , , , , , 8 8 6 6 0 7 6 2 6 8 4 9 5 4 7 6 5 3 1 1 1 , , , 2 0 5 9 8 6 0 1 6 4 9 2 2 4 6 2 0 9 3 5 6 6 6 5 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 4 5 5 5 5 4 2 9 3 4 0 1 8 3 3 4 5 5 6 75 7 3 5 1 8 6 . . . . . . . . 2 6 3 7 4 0 7 2 2 2 3 1 1 1 2 5 8 2 2 5 8 . . . . . . . 9 4 1 5 1 0 9 1 1 1 6 5 9 8 2 0 2 . . . . . . . 9 3 6 7 0 8 8 1 1 1 1 1 8 7 3 6 4 0 9 . . . . . . . 1 2 2 6 1 3 3 3 2 3 4 2 2 2 3 2 3 7 0 8 6 . . . . . . . 0 6 6 9 8 8 3 1954—Sept... 679 269 77 59 33 101 410 252 157 .5 Oct.... 770 252 80 74 9 89 518 307 211 .4 1952—Dec... 58.4 25.4 10.8 14.6 33.0 Nov... 760 266 91 92 7 76 494 304 189 .5 Dec... 843 287 92 109 23 63 556 337 219 .4 1953—Mar... 60.1 26.1 11.1 15.0 34.0 June... 62.3 26.7 11.4 15.3 35.6 1955—Jan.... 931 309 107 145 5 52 622 390 231 1.2 Sept... 64.4 27.5 11.7 15.8 36.9 Feb... 840 274 89 138 12 36 567 357 209 .7 Dec... 66.0 28.1 12.0 16.1 37.9 Mar... 856 324 109 160 9 46 532 345 186 .6 Apr... 809 294 93 151 5 45 515 319 195 .6 1954—Mar... 67.6 28.8 12.2 16.6 38.8 J J M u u a l n y y e . . . . . . . 8 8 8 3 8 0 2 8 3 3 2 2 3 8 8 6 4 3 1 9 9 0 3 2 7 1 1 1 3 6 3 6 3 8 3 5 3 5 6 5 1 2 0 5 5 5 5 2 4 2 0 8 3 3 33 4 4 2 1 8 2 2 1 0 0 8 7 4 7 . . . 6 5 5 J S D u e e n p c e t . . . . . . . . . 6 7 7 9 2 5 . . . 9 7 7 3 3 2 0 2 9 . . . 5 7 1 1 1 1 2 2 2 . . . 4 6 8 1 1 1 9 7 7 . . . 9 3 3 4 4 4 2 0 3 . . . 2 2 6 A Se u p g t . . . .. . 9 9 3 6 7 7 3 34 5 7 0 1 1 1 1 3 3 1 1 6 6 6 2 4 9 6 6 7 4 6 5 1 9 7 0 3 3 8 7 6 8 2 2 3 1 0 1 . . 8 5 1955— J M un ar e . . . .. . 8 7 2 8 . . 1 5 3 3 5 3 . . 5 5 1 1 3 3 . . 5 2 2 2 2 0 . . 0 3 4 4 5 6 . . 0 5 1 Monthly figures do hot reflect mortgage amendments included in annual totals. Sept.? . 85.6 36.9 13.8 ,23.1 48.7 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 ^Preliminary. for more than that amount must be. NOTE.—-For total debt outstanding, figures for 3 Prior to 1949, data are not available for classifications shown. first three quarters are Federal Reserve estimates. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- For conventional, figures are derived. anteed loans, gross amount of loans closed. Figures do not take account of principal repay- Sources.—Home Loan Bank Board, Federal Housments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by ing Administration, Veterans Administration, and type are derived from data on number and average amount of loans closed. Federal Reserve. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ! FEDERAL HOME LOAN BANK ILENDING [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 c i o t 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 L.646 677 111 1948 360 280 515 257 258 1952 1,085 323 2,242 320 1,922 538 56 1949 256 337 433 231 202 1953 550 638 2,462 621 1,841 542 221 1950 .. 675 292 816 547 269 1954 0) 476 2,434 802 1,632 614 525 1951. 423 433 806 508 298 1952 586 528 864 565 299 1954—September.. 631 654 2,362 745 1,618 38 19 1953 728 640 952 634 317 October 678 603 2,368 752 1,616 39 23 1954 734 818 867 612 255 November.. 547 2,396 773 1,623 50 11 December. . 476 2,434 802 11,632 64 15 1954—October 63 45 708 471 236 November.. 74 38 743 495 248 1955—January.... 418 2,462 817 1,645 48 10 December.. 171 47 867 612 255 February... 359 2,488 832 1,656 48 8 March C1) 287 2,512 839 L,673 54 18 1955—January.... 38 188 717 491 226 April 0) 215 2,545 855 L,690 58 11 February... 34 63 688 466 223 May 0) 163 2,562 860 L,7O2 39 7 March 71 58 702 464 238 June 0) 127 2,567 867 L,700 21 3 April 85 33 754 497 257 July C1) 116 2,567 868 L.699 15 1 May 104 37 821 542 279 August C1) 104 2,573 C876 ,696 19 1 June 237 42 1,017 715 302 September.. 0) 105 2,564 871 :,693 11 1 July 152 107 1,061 748 313 August.... 156 30 1,187 822 365 September.. 115 27 1,275 885 390 cCorrected. October 90 21 1,344 932 412 *No authorization figures shown after October since under its new charter, effective Nov. 1,1954, FNMA maintains three separate programs, for which the type of fund authorization varies. Other figures represent the combined pro- 1 Secured or unsecured loans maturing in one year or less. grams: secondary market, special assistance, and management and liquidation. 2Secured loans, amortized quarterly, having maturities of Source.—Federal National Mortgage Association. more than one year but not more than ten years. Source.—Home Loan Bank Board. NOVEMBER 1955 1261 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 o o f 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 u h e d m e r s r i er e a r n R l n o d i e a z p n a m a t s i o i 2 o r d n - Pe lo rs a o n n s al Total p S a l y i o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 •298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 1,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 1,707 1953 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 1,720 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 1,720 1954—September 28,856 21,935 10,365 5,287 1,642 4,641 6,921 2,335 2,807 1,779 October 28,975 21,952 10,340 5,324 1,637 4,651 7,023 2,377 2,892 1,754 November 29,209 22,014 10,296 5,398 1,631 4,689 7,195 2,407 3,042 1,746 December.... 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 1,720 1955—January . ... 29,760 22,436 10,459 5,609 1,574 4,794 7,324 2,371 3,225 1,728 February 29,518 22,508 10,641 5,484 1,550 4,833 7,010 2,427 2,831 1,752 March 29,948 22,974 11,053 5,479 1,530 4,912 6,974 2,481 2,735 1,758 April 30,655 23,513 11,482 5,492 1,534 5,005 7,142 2,496 2,859 1,787 May 31,568 24,149 11,985 5,555 1,546 5,063 7,419 2,589 3,011 1,819 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 1,833 September 34,293 26,699 13,929 5,848 1,611 5,311 7,594 2,657 3,108 1,829 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 m c k i - s al f p i S c n a o a a n m l n i e e c - s s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n r s t t 1 - F s t t u u o r r r n e e i s - H a a h p o n o p u c l l s d e i e - - d m A ea o u l b t e o i r l - s e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941. . 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 .. 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 ... .... 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1.117 866 244 308 739 1953 . . 22,187 18,758 8,998 6,147 1,124 2,489 3,429 1,040 903 291 380 815 1954, 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 1954—September 21,935 18,753 8,688 6,294 1,267 2,504 3,182 1,041 822 278 390 651 October 21,952 18,726 8,637 6,315 1,270 2,504 3,226 1,063 830 282 390 661 November 22,014 18,719 8,586 6,325 1,282 2,526 3,295 1,098 846 283 390 678 December 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 1955—-January 22,436 18,977 8,651 6,462 1,282 2,582 3,459 L ,158 862 291 397 751 February 22,508 19,153 8,688 6,570 1,298 2,597 3,355 1,108 848 286 404 709 March 22,974 19,613 8,844 6,808 1,330 2,631 3,361 L ,123 838 280 420 700 April. • 23,513 20,127 9,020 7,077 1,360 2,670 3,386 1,138 834 278 437 699 IVtay. . 24,149 20,718 9,228 7,390 1,395 2,705 3,431 1,150 842 277 457 705 June 24,914 21,432 9,495 7,747 1,434 2,756 3,482 L,160 851 279 481 711 lulv 25,476 21,980 9,656 8,087 1,458 2,779 3,496 1,155 856 281 501 703 August 26,155 22,605 9,871 8,422 1,495 2,817 3,550 .167 871 284 523 70S September 26,699 23,101 10,060 8,667 1,528 2,846 3,598 1,191 878 283 538 708 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 1262 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS. BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars' [Estimated amounts outstanding, in millions of dollars Financial Retail institutions outlets Automobile Repair E o n r d m o o f n y t e h ar i c T m n n r o s o e e t t n d a n a - i l t l t - C m ( o s m e in n - g t le lo -p a a n y s - ) D a e c ( - c c h o a u r n g t e s) S c e re rv d i i c t e E o n r d m o o f n y t e h ar i c T m n r s o e e t t d n a a i l t l t - ch P a u s r e - p d ape D r irect s O g c u o t o m o h n d e e - r s r e l m r t o a n i n a o o iz n d d n a s - - l s P o o a e n n r a - s l m ci e a r l - Other m pa e r n t- t Other banks stores1 1939 . . 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 .... 2,719 625 162 236 1,178 518 1940. .... 2,824 636 164 251 1,220 553 1945 745 66 143 114 110 312 1941 3,087 693 152 275 1,370 597 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 L ,008 114 452 1,624 1,014 1949 4,439 849 046 1,016 715 913 1947 4,875 L,203 153 532 1,821 1,166 1950 . 5,798 1,177 1,294 1,456 834 1,037 1948 5,443 1,261 184 575 2,138 1,285 1951 5,771 1,135 L ,311 1,315 888 1,122 1949 5,588 1,334 198 584 2,096 1,376 1952 7,524 1,633 L.629 1,751 1,137 1,374 1950 6,323 1,576 245 641 2,365 1,496 1953 . . 8,998 2,215 L ,867 2,078 1,317 1,521 1951 6,631 1,684 250 685 2,411 1,601 1954 8,633 2,198 L.645 1,839 1,275 1 .676 1952 7,143 1,844 250 730 2,612 1,707 1953 7,350 L.899 320 748 2,663 1,720 1954—September. 8,688 2,224 L.686 1,835 1,299 L,644 1954 7,658 2,085 335 764 2,754 1,720 October. .. 8,637 2,207 :1,663 1,822 1,296 L,649 November. 8,586 2,188 L.636 1,822 1,287 L.653 1954—September. 6,921 1,997 338 488 2,319 1,779 December. 8,633 2,198 1,645 1,839 1,275 1,676 October. .. 7,023 2,067 310 517 2,375 1,754 November. 7,195 2,049 358 574 2,468 1,746 1955—January... 8,651 2,208 1,656 1,859 1,241 1,687 December. 7,658 2,085 335 764 2,754 1,720 February.. 8,688 2,241 1,680 1,845 1,219 L.7O3 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 L.818 1,842 1,205 1,784 February.. 7,010 2,085 342 535 2,296 1,752 May 9,228 2,466 L,880 1,865 1,211 L.806 March. ... 6,974 2,114 367 507 2,228 1,758 June 9,495 2,591 1,940 1,897 1,223 L.844 April 7,142 2,165 331 526 2,333 1,787 July 9,656 2.656 1,995 1,921 1,231 1,853. May 7,419 2,199 390 532 2,479 1,819 Aueust.. . . 9,871 2,765 2.041 1,950 1 ,243 1,872 June 7,557 2,303 383 518 2,522 1 831 September. 10,060 2,842 2,088 1,986 1,259 1,885 July 7,420 2,268 327 474 2,517 1,834 August 7,481 2,277 352 475 2,544 1,833 September" 7,594 2,273 384 519 2,589 1,829 includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- 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 o o f n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s O p g c u o a t o m p o h n d e e e - r s r r m i R l o z e a o a d p n a t e a d i n r i o s n r n - s l P o o e n a r a n - l s 1 1 9 9 3 4 9 0 , cr 8 7 e 9 8 d 1 9 it 1 8 0 1 2 pap 3 2 e 0 4 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 1 19 9 4 4 1 0 1 1 , , 5 79 7 7 5 1 1 , , 3 1 6 8 3 7 1 1 6 3 7 6 2 1 0 9 1 0 6 6 6 2 1 1 1 9 9 9 4 4 4 7 6 8 1 1 , , 2 5 9 7 7 91 5 3 1 18 3 7 9 0 7 3 9 6 4 9 9 2 3 5 2 9 9 1 1 , , 8 2 0 5 2 3 8 6 7 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 1 1 9 9 5 5 1 2 3 4, , 8 7 3 6 3 9 3 4 , ,0 1 7 8 2 3 2 3 4 3 1 2 8 7 2 0 2 3 7 4 5 7 1954—September. . . 3,771 591 324 262 2,594 1953 6,147 5,306 367 83 391 October 3,774 589 329 260 2,596 1954 6,421 5,563 351 81 426 November. . . 3,808 591 331 263 2,623 December 3,881 596 340 260 2,685 1954—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 September. . . 4,374 732 410 271 2,961 June 7,747 6,857 361 78 451 July 8,087 7,180 372 78 457 August 8,422 7.496 384 80 462 NOTE.—Institutions included are consumer finance companies (oper- September. . . 8,667 7,729 392 81 465 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. NOVEMBER 1955 1263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Automobile Other consumer Repair and Personal paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953 30,321 26,818 13,621 11,379 8,014 7,511 1,387 1,144 7,299 6,784 1954 29,304 29,024 12.532 12.477 7,700 7,863 1,245 1,278 7,827 7,406 WITHOUT SEASONAL ADJUSTMENT 1Q54—Seotember 2,441 2,407 1,062 1,046 629 636 115 115 635 610 October . . 2,454 2,437 1,031 1,056 687 650 106 111 630 620 November 2,554 2,492 1,040 1,084 716 642 108 114 690 652 December . . . .. 3,046 2,593 1,184 1,084 936 666 95 110 831 733 1955—January 2,389 2,420 11,060 997 616 675 67 109 646 639 February 2,416 2,344 1,167 985 529 654 72 96 648 609 M!arch . . 3,159 2,693 L,569 11,157 708 713 99 119 783 704 April 3,089 2,550 1,512 1,083 703 690 106 102 768 675 3,206 2,570 1,616 1,113 741 678 121 109 728 670 June 3,443 2,678 ]1,766 :1,190 766 682 125 109 786 697 July 3,131 2,569 1L,594 L ,117 711 674 111 103 715 675 Ausfust 3,436 2,757 1,745 1,236 793 707 130 111 768 703 September .. . . .. 3,241 2,697 1,592 1,210 783 697 128 106 738 684 SEASONALLY ADJUSTED* 1954—September 2,474 2,404 1,077 ,014 609 634 106 118 682 638 October 2,461 2,424 1,068 L.U39 633 652 92 106 668 627 November 2,612 2,500 ]1,109 ;1,098 677 631 101 113 725 658 2,762 2,488 11,298 1,083 679 643 99 108 686 654 2,823 2,496 1,233 1,020 788 684 87 104 715 688 February 2,898 2,521 1,382 1,071 660 680 97 97 759 673 March 3,035 2,562 1,472 11,096 741 683 109 116 713 667 April 3,017 2,552 1,404 1,093 736 672 109 109 768 678 May 3,091 2,634 1,517 1,139 736 687 115 122 723 686 3,165 2,612 1,580 1,165 754 678 109 109 722 660 July 3,122 2,602 :1,510 .132 791 697 107 102 714 671 August 3,200 2,714 1,559 1,195 770 720 113 105 758 694 September 3,279 2,691 1,613 1,173 756 696 119 108 791 714 * Includes adjustment for differences in trading days NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en m t p a o g r n e e t c h e c d h i a n n g ge m f P ro o e m n rc t h e c n o t o y a r f r e g e a e p s r r p c e o h c n a e d n d i g i n n e g g Instalment accounts a C cc h o ar u g n e ts Item S 1 e 9 p 55 t. A 19 u 5 g 5 . J 1 u 95 ly 5 S 1 e 9 p 5 t 5 . A 19 u 5 g 5 . J 1 u 95 ly 5 Month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t o l i o d a u r n 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—September 13 12 10 46 Total -3 +8 -3 +14 +14 +9 October. . 14 12 10 47 -3 +9 -4 +11 +13 +2 November 13 12 10 48 Credit sales: December. 14 12 9 46 Instalment -4 +7 i +15 +15 +12 Charge account -4 +12 -3 +12 +17 +12 1955—January. . 14 12 9 44 February. 14 11 9 43 Accounts receivable, end March.... 15 13 9 48 of month: x\ April. 15 12 9 44 Total +1 0 +9 +9 +7 May 15 12 9 45 I C n h s a ta rg lm e e a n c t counts + + 1 2 +1 + + 1 7 4 + + 1 6 5 + + 1 5 5 J J u u n l e y...... 1 1 5 4 1 1 2 2 9 9 4 4 6 3 August. . . 14 13 9 46 Inventories, end of +9 September 15 12 9 45 month, at retail value. +5 -3 +2 +3 4-3 +1 1 Collections during month as percentage of accounts outstanding at beginning of month. 1264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction In ( d p u h 1 s y 9 t s r 4 i i c 7 a a - l l 4 p 9 v r o = o l d u 1 u 0 m c 0 e ti ) o * n aw 1 a 9 rd 4 c e 7 o d - n 4 t 9 r ( a = v c a t 1 s l 0 u 0 e) i Employ 1 m 94 en 7 t - 4 a 9 n = d 1 0 p 0 ayrolls2 Depart- Whole- Freight ment Con- sale carload- store sumer com- Non- Manufacturing ings* sales* prices 2 modity Year Manufactures agri- production workers 1947-49 (retail 1947-49 prices2 or month Resi- cul- value)3 = 100 1947-49 Total Total Du- N d o u n - - erals Total d ti e a n l - other p t e u l m o ra y - l - Employ- P ro a l y ls - 19 = 4 7 1 - 0 4 0 9 = 100 rable rable ment ment Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.4 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62.0 69.0 37.1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 7o 4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 7i 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 ft1} fl 1928 53 52 53 51 63 73 76 70 68 0 64.2 32 8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66.7 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.4 50.2 21.5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53.5 42.6 14.8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53 7 47 2 15 9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58 7 52 0 1936 56 55 49 61 63 30 22 35 65.9 63.9 27.2 81 33 59 3 52 5 1937 61 60 55 64 71 32 25 36 70 3 70.1 32 6 84 35 61 4 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 »136 192 178 201 113 6 111 8 151.4 96 112 114 4 110 1 1954 *>125 *127 P137 ^116 Pill 216 232 204 110 4 101.8 137.7 86 111 114 8 110 3 1954 May 125 124 126 136 117 111 193 216 178 110.2 101.8 100.2 134.6 84 108 115 0 110 9 June 124 124 125 135 116 114 207 227 193 110.1 101.4 100.5 135.8 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 A*f av.... 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.... 140 139 142 158 125 259 278 246 113.7 106.2 107.2 154.6 96 118 114.5 110.9 September. 142 142 144 160 127 122 250 256 246 114.0 106.4 108.2 158.8 96 3>121 114.9 111 7 October P142 P146 P161 P128 P122 P106.8P108.2 160.8 97 122 111.5 'Estimated. pPreliminary. ""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. 1273 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. 1275-1279. Back figures in BULLETIN.—Industrial production. December 1953 pp, 1324-1328; department store sales, December 1951, pp. 1490-1515. NOVEMBER 1955 1265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average=100] 1947-4' Annual 1954 pro- Industry portion 1953? 19541= Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept, SEASONALLY ADJUSTED Industrial Production—Total.. 100,0® 134 125 124 126 128 130 132 133 135 136 138 139 139 140 142 Manufactures—Total 90.02 136 127 126 128 130 131 133 134 136 138 140 141 141 142 144 Durable Manufactures—Total. 43.17 153 137 137 139 142 143 145 147 148 151 153 155 155 158 160 Primary metals 6.70 132 108 105 111 118 121 127 131 136 138 140 143 134 139 145 Metal fabricating 28.52 167 150 149 150 752 154 155 157 157 160 162 163 167 rl69 171 Fabricated metal products 5.73 136 123 122 124 125 125 125 126 129 130 134 135 135 137 141 Machinery 13.68 160 142 147 147 148 145 145 146 146 149 151 155 158 neo 163 Nonelectrical machinery 9.04 143 125 125 123 122 120 124 125 126 131 134 136 138 140 141 Electrical machinery 4.64 194 177 189 194 198 193 187 187 184 185 183 193 197 '200 205 Transportation equipment 7.54 189 175 167 169 175 187 191 193 195 197 199 194 203 '206 206 Instruments and related products. . . i.29 155 140 137 137 138 140 140 142 143 143 142 149 151 153 154 Clay, glass; and lumber products. . . 5.91 125 123 124 130 130 133 132 132 135 136 138 143 138 140 141 Stone, clay, and glass products. 2.82 133 131 134 132 136 135 136 138 143 146 149 153 152 155 156 Lumber and pr©ducts 3.09 118 115 116 128 124 131 129 127 127 127 128 133 125 127 127 Furniture and misc. manufactures 4.04 131 121 123 123 123 122 122 124 126 127 132 136 134 nsi 137 Furniture and fixtures 1.64 117 106 109 110 108 108 109 109 112 113 117 121 122 124 125 Miscellaneous manufactures 2.40 140 131 132 132 132 131 132 133 136 136 142 145 143 145 145 Nondurable Manufactures—Total. 44.85 118 116 115 117 118 119 121 121 124 126 127 128 126 125 127 Textiles and apparel 11.87 107 100 98 102 103 104 106 104 109 112 110 110 '107 110 Textile mill products 6.32 104 95 95 101 101 101 103 103 104 109 109 106 106 105 110 Apparel and allied products. 5.55 110 105 101 103 105 107 108 106 115 114 115 116 113 111 111 Rubber and leather products. 3.20 113 104 103 108 108 115 123 120 122 123 125 127 120 119 121 Rubber products 1.47 128 115 117 125 122 133 143 138 140 144 147 149 137 138 143 Leather and products 1.73 99 95 91 94 96 100 105 104 105 105 105 107 106 102 103 Paper and printing 8.93 125 125 127 127 127 127 130 131 134 135 138 139 139 138 140 Paper and allied products. 3.46 132 134 137 138 137 136 140 143 147 151 156 156 155 153 157 Printing and publishing... 5.47 121 120 121 121 120 121 123 123 125 125 126 128 128 128 130 Chemical and petroleum products.. 9.34 142 142 144 143 145 148 148 151 154 156 159 161 160 159 162 Chemicals and allied products. 6.84 147 148 150 150 152 155 155 158 161 163 168 170 170 168 171 Petroleum and coal products. . 2.50 130 125 125 124 127 129 131 134 134 136 134 136 134 135 136 Foods, beverages, and tobacco 11.51 107 106 105 105 106 106 107 106 108 110 110 110 107 •107 107 Food and beverage manufactures. 10.73 107 106 105 105 106 106 107 106 109 110 110 110 107 107 107 Tobacco manufactures .78 108 103 102 102 100 101 107 106 107 103 109 109 101 100 Minerals—Total. 9.98 116 111 108 109 113 116 120 123 121 119 121 122 12© 121 122 Mineral fuels 8.35 115 113 109 110 115 117 120 123 121 121 121 122 122 122 121 Coal 2.68 78 67 67 70 69 73 74 79 72 72 81 86 87 82 80 Anthracite .36 57 52 49 43 51 66 55 61 45 41 42 43 53 41 50 Bituminous coal 2.32 81 70 70 74 72 74 77 82 76 77 87 92 92 89 84 Crude oil and natural gas. . 5.67 133 134 129 130 136 138 142 144 145 143 139 139 139 141 141 Metal, stone, and earth minerals 1.63 119 106 102 101 105 115 118 119 123 114 120 123 109 117 124 Metal mining .82 113 90 82 81 86 103 110 114 113 100 111 117 104 114 Stone and earth minerals .81 124 123 121 121 125 127 126 124 132 129 129 129 130 130 134 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 134 125 126 130 130 128 132 135 138 138 138 139 130 139 142 MANUFACTURES—TOTAL 90.02 136 127 127 132 132 129 133 136 140 140 140 141 131 144 Durable Manufactures—Total 45.17 153 137 135 140 143 143 147 151 154 155 155 155 145 153 157 Primary metals 6.7© 132 108 103 112 118 117 129 136 142 144 143 144 122 132 143 Ferrous metals 5.03 133 105 98 107 114 115 124 132 138 143 143 141 125 132 142 Pig iron and steel 3.51 138 108 101 111 121 121 128 136 144 147 149 146 132 140 149 Pig iron .37 130 101 93 101 110 113 117 122 131 134 138 137 129 134 140 Steel 3.05 139 109 102 112 122 121 130 138 146 148 151 147 133 141 150 Carbon steel 2.62 135 108 101 111 119 118 125 134 143 145 148 144 130 136 144 Ferro A u l s l o c y a s s t t i e n e g l s and forgi t ngs 1. . 5 4 2 3 1 12 6 1 5 1 9 1 7 5 1 9 1 0 1 1 9 2 7 0 1 9 3 8 8 1 10 4 1 5 1 1 5 1 5 3 1 12 6 1 5 1 1 6 2 5 4 1 17 3 1 3 1 1 2 6 8 9 1 1 6 2 9 9 1 10 4 8 7 1 1 1 6 4 8 1 12 8 5 6 Iron and steel castings 1.29 115 95 89 95 96 99 111 119 123 132 127 127 108 114 123 Steel forgings. .23 154 106 98 106 107 110 127 133 132 140 132 139 108 115 133 9 Preliminary. 'Revised. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 1266 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—C on tinned [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953P 1954? Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —-Continued Primary metals—Continued No P n r f i e m rr a o r u y s n m on e f t e a r l r s o . us metals 1. . 6 3 7 8 1 1 2 44 9 1 14 2 7 0 1 1 3 1 7 8 1 m 42 1 1 5 2 8 9 1 1 6 2 0 4 1 1 4 5 6 9 1 16 4 7 9 1 1 6 5 9 5 1 1 6 4 6 8 1 1 4 6 4 6 1 15 6 4 7 1 1 1 2 2 7 1 1 3 5 1 0 1 1 7 4 3 5 Copper smelting .09 112 101 88 98 124 121 118 140 134 133 132 130 49 95 137 Copper refining. .06 116 109 89 91 118 131 122 134 133 124 133 133 50 97 142 Lead. .'04 101 105 109 114 107 103 99 99 112 115 101 110 53 82 116 Zinc. .10 113 101 84 90 112 116 118 119 122 118 118 119 116 116 118 Aluminum .09 209 244 244 246 246 250 252 253 256 257 258 259 261 263 265 S N e o c n o f n e d rr a o r u y s n s o h n a f p e e rr s o a u n s d m c e a ta s l t s ings.... 1. . 1 1 6 3 1 1 1 26 4 1 1 0 1 5 3 1 11 0 4 5 1 12 0 4 8 1 12 0 3 7 1 1 1 0 4 7 1 11 4 4 6 1 1 2 4 5 6 1 1 5 3 3 3 1 1 2 4 4 4 1 1 2 3 3 9 1 1 2 5 1 4 1 1 0 0 0 8 1 11 2 9 7 138 Copper mill shapes.. .63 112 100 103 115 111 90 135 125 133 114 110 128 75 91 no Aluminum mill shapes .20 168 154 159 160 162 168 183 196 202 204 209 228 188 215 218 Nonferrous castings .33 130 114 107 121 122 128 144 155 163 168 155 158 124 143 Metal Fabricating 28.82 167 150 145 130 134 156 159 162 165 166 165 163 157 rl62 165 Fabricated metal products 5.73 136 123 124 126 125 124 124 126 130 131 134 135 130 138 142 Structural metal parts 2.68 137 126 125 127 129 130 127 129 131 132 136 136 132 137 140 Stampings and misc. metal products.. 2.12 138 117 111 115 122 124 124 125 129 129 131 128 125 ••126 129 Tin cans ... .30 129 131 172 142 103 102 110 107 111 126 143 149 168 203 192 Furnaces, gas ranges, and heaters.... .63 93 90 109 121 99 78 87 99 108 107 105 117 89 ••128 143 ]Vf achinery 13.68 160 142 145 15© 15© 146 14S 152 154 152 151 153 142 -153 161 Nonelectrical machinery 9.04 143 125 122 121 121 123 126 129 132 134 135 137 131 131 137 Farm and industrial machinery 8.13 139 121 116 116 116 119 119 121 124 126 129 131 128 »129 131 Farm machinerv . . 1.02 96 79 75 73 75 80 85 90 94 95 95 95 92 '•87 67 Industrial and commercial machinerv 7.11 145 127 122 122 122 125 124 125 128 131 134 136 133 135 140 Machine tools and presses .68 188 160 150 147 146 149 148 149 152 154 157 161 160 ••165 168 Laundry and refrigeration appliances. .69 128 114 125 123 124 122 146 155 164 161 155 157 116 113 152 Electrical machinerv 4.64 194 177 189 207 206 191 191 196 195 189 181 184 165 194 207 Flectrical apparatus and parts 3.23 179 160 154 158 162 165 165 167 169 171 175 176 169 170 175 Radio and television sets .74 230 214 280 341 325 258 261 272 261 228 190 192 143 r254 289 Transportation equipment 7.54 189 175 155 tm 179 191 200 205 209 213 209 2*>0 197 •191 185 Autos trucks and parts 4.80 126 109 81 90 120 136 150 157 163 171 165 151 147 137 123 Autos 1.50 146 131 81 70 144 174 195 210 215 223 205 184 195 166 130 Trucks .66 118 92 74 78 93 94 98 87 104 137 132 134 126 106 102 Light trucks . .22 112 95 76 74 99 103 102 77 109 148 139 124 119 93 106 Medium trucks. .19 58 59 43 46 58 59 64 48 67 89 88 81 81 65 53 Heavy trucks .14 183 133 110 121 134 130 143 144 141 193 192 220 203 167 138 Truck trailers .07 229 130 119 132 135 131 138 160 170 185 176 205 174 192 199 2.58 117 101 84 105 113 125 137 145 148 150 150 137 125 129 Aircraft and parts 1.30 465 474 470 464 471 478 479 477 479 472 469 466 469 ••469 489 Shipbuilding and repair... .... .81 135 112 104 106 106 110 111 113 115 117 115 118 114 111 110 .53 72 39 33 28 24 31 32 36 35 38 47 41 37 45 45 Railroad cars .35 64 29 25 18 12 20 20 25 26 28 39 29 22 32 30 Instruments and related products.. 1.29 155 140 137 138 140 142 140 142 145 144 142 149 147 15© 154 Clay, Glass, and Lumber Products.. 5.91 123 123 129 136 130 125 124 129 133 137 139 146 133 145 147 Stone, clay, and glass products ... 2.82 133 131 136 139 137 134 132 134 140 146 149 155 149 158 159 Glass and pottery products 1.09 123 118 118 125 124 120 126 129 131 132 131 136 123 138 137 Flat glass and vitreous products... .60 136 131 134 141 144 148 148 147 149 150 152 154 139 152 163 .47 139 133 136 144 148 151 151 150 152 152 152 154 136 153 165 Glass containers .26 120 117 112 119 105 93 114 124 124 125 123 138 130 143 127 Home glassware and pottery. .23 91 85 84 92 93 80 82 89 92 94 88 86 75 *-93 82 Cement . . .32 132 135 155 152 145 131 119 115 132 151 159 163 161 164 Structural clay products .35 110 111 118 115 117 113 107 111 119 121 125 134 1?8 138 139 Brick .12 106 113 128 121 124 112 101 106 121 127 132 146 134 146 151 Clav firebrick, pipe, and tile .20 115 111 112 113 114 115 114 115 120 120 122 128 126 134 134 Concrete and plaster products .48 163 161 169 168 166 162 155 155 165 174 184 190 191 195 198 Misc. stone and earth manufactures.. .58 143 140 144 146 146 149 147 151 155 160 164 170 167 174 176 Lumber and products 3.@9 118 115 123 134 123 116 117 125 126 129 129 137 118 133 136 Lumber . . . 2.05 112 106 110 119 107 100 101 108 109 115 116 122 108 119 121 Millwork and plywood .60 149 161 187 207 191 186 193 206 210 201 195 207 160 198 209 IVIillwork ... .39 118 123 157 164 139 137 143 151 155 148 139 151 121 148 155 Softwood plywood ,12 199 222 232 274 275 264 274 294 298 288 285 299 224 »-279 295 Wood containers .29 99 88 87 91 88 88 88 88 91 89 91 94 85 86 90 Furniture and Misc. Manufactures. 4.04 131 121 125 129 128 125 121 126 128 125 127 131 125 134 140 Furniture and fixtures 1.64 117 106 111 113 112 112 109 113 114 111 113 116 113 123 126 Household furniture . . 1.10 118 106 112 116 115 115 110 115 116 113 114 118 114 124 128 Fixtures and office furniture .54 116 107 108 107 107 108 106 109 109 107 111 114 111 121 122 Miscellaneous manufactures 2.4® 14© 131 136 14® 139 134 129 134 137 135 137 141 133 142 149 pPreliminary. 'Revised. For other footnotes see preceding page. NOVEMBER 1955 1267 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* Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 118 116 119 123 120 115 120 122 125 124 124 127 '117 128 131 Nondurable Manufactures—Total... 11.87 107 100 99 105 104 98 108 112 115 113 no 108 93 112 /// Textiles and Apparel Textile mill products 6.32 104 95 97 103 102 98 104 108 109 109 108 106 91 108 112 Cotton and synthetic fabrics 3.72 107 100 100 109 110 104 114 116 118 118 116 110 96 115 120 Cotton consumption 2.30 104 97 96 104 104 95 105 106 105 103 104 100 84 106 117 Synthetic fabrics .97 115 108 112 121 126 127 132 138 147 154 146 135 133 134 134 Fabric finishing ... .. . . .45 101 93 86 101 102 90 107 109 106 107 103 92 67 '104 88 Wool textiles .97 78 66 67 69 69 70 70 72 74 79 83 85 73 79 78 VVool apparel yarns .16 91 76 73 77 72 68 79 85 82 89 91 84 80 90 80 Wool fabrics .75 75 64 66 67 69 71 67 69 72 77 82 86 72 77 79 1.15 116 106 113 113 110 103 105 112 110 108 108 113 98 113 114 Hosiery .65 113 108 113 115 109 102 110 119 111 109 103 108 85 104 105 Full-fashioned hosiery .45 118 113 116 118 112 105 114 124 118 116 108 111 86 107 107 .20 102 97 107 107 102 93 100 106 96 93 92 102 82 99 101 Knit garments .50 119 103 112 112 111 104 98 104 108 106 113 119 116 123 125 .48 .31 86 71 79 82 62 71 84 83 86 85 71 81 44 '72 85 Apparel and allied products .... 5.55 110 105 101 106 107 99 113 116 123 117 113 110 95 '116 111 Men's outerwear 1.78 113 103 95 108 108 96 115 113 113 118 119 107 84 '120 109 .73 96 83 76 82 88 87 98 97 88 92 105 92 59 110 91 IVten's suits .50 92 82 73 80 88 90 102 100 91 90 100 86 55 102 84 .13 89 67 72 72 66 52 60 59 55 76 101 92 60 115 99 .99 124 116 106 124 121 99 126 124 130 135 127 117 98 '126 119 Women's outerwear 1.85 103 109 100 102 102 93 120 125 143 129 116 114 98 117 108 .76 117 129 130 127 130 115 152 160 165 109 96 123 129 145 129 Misc. apparel and allied mfrs 1.92 112 103 107 110 110 106 103 109 112 103 104 108 103 112 117 Rubber and Leather Products ... 3.20 113 104 105 114 108 110 123 127 128 124 121 126 105 119 124 Rubber products 1.47 128 115 118 132 124 128 145 144 146 147 146 151 121 '133 145 Tires and tubes .70 117 105 104 116 110 116 130 134 133 128 135 146 127 116 128 Auto tires .40 117 110 107 117 111 119 136 141 145 140 150 161 138 125 135 Truck and bus tires. .. .30 118 99 99 114 110 113 121 125 117 113 116 126 111 104 119 Miscellaneous rubber products .77 133 124 132 147 137 139 158 153 158 164 155 155 115 '148 160 1.73 99 95 94 98 94 94 105 112 113 105 100 105 92 108 106 Leather .44 91 87 83 88 88 88 94 98 94 95 93 95 74 90 86 Cattlehide leathers .29 92 92 89 96 94 95 101 104 101 102 99 101 r79 96 94 Skin leathers .15 89 75 70 72 75 73 80 86 80 82 80 83 63 77 71 .90 Miscellaneous leather products .39 100 90 95 97 98 94 91 100 103 92 89 96 97 '104 103 Paper and Printing, 8.93 125 125 128 133 131 125 127 132 137 137 137 138 128 135 141 3.46 132 134 137 146 140 129 140 148 152 154 153 156 139 155 157 Pulp and paper . . 1.76 130 132 133 140 139 127 140 147 150 148 151 154 135 151 150 Wood pulp .51 142 148 148 158 160 142 158 166 170 169 171 175 156 173 169 Paper and board .. 1.25 125 125 126 133 131 120 132 139 142 140 143 145 126 141 143 Printing paper .22 119 118 120 122 121 112 123 127 133 127 128 130 112 127 130 .14 116 120 120 130 127 124 132 138 134 131 148 138 107 122 134 Coarse paper .20 118 119 118 124 124 112 124 132 134 130 129 130 117 126 129 .18 129 137 136 145 142 135 150 154 153 160 158 159 148 '156 156 .41 134 130 129 138 137 122 136 145 149 147 151 158 133 155 153 Building paper and board . .10 118 124 137 135 129 115 122 126 141 139 142 142 133 151 145 1.70 134 136 141 152 140 131 141 149 153 159 154 158 144 159 165 . Shipping containers .51 133 133 141 151 140 131 135 146 153 156 154 1^9 141 160 167 Sanitary paper products .. .11 138 145 141 153 141 128 156 156 152 166 152 154 153 152 156 Printing and publishing 5.47 121 120 122 125 125 123 119 122 128 127 127 127 121 123 131 Newsprint consumption . .. 1.85 118 119 120 129 130 123 114 121 132 134 135 131 112 116 132 Job printing and periodicals 3.62 122 121 123 122 122 124 122 123 125 124 123 125 125 127 131 Chemical and Petroleum Products.. 9.34 142 142 143 147 149 149 151 155 157 156 156 157 152 156 161 Chemicals and allied products .... 6.84 147 148 149 155 156 156 158 162 166 165 165 165 158 163 169 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. . 5 5 4 7 1 14 5 9 4 1 1 5 5 3 7 1 1 5 5 3 5 1 1 6 6 0 1 1 17 6 1 5 1 1 6 7 6 0 1 17 6 5 9 1 1 8 7 1 7 1 1 8 8 4 4 1 1 8 8 2 0 1 1 8 8 5 2 1 1 7 8 9 5 1 1 5 7 9 6 1 1 6 82 6 1 1 7 8 9 8 Industrial organic chemicals 1.97 155 152 152 159 164 165 168 175 184 182 182 186 181 '186 191 .24 183 184 195 197 200 196 206 231 243 247 244 246 '207 234 Synthetic rubber .11 186 136 137 143 147 151 180 193 202 202 211 208 211 217 222 Synthetic fibers .59 156 152 148 165 174 173 172 181 196 189 178 184 177 '181 187 Miscellaneous organic chemicals. 1.03 144 146 147 148 151 154 155 157 160 161 166 171 174 '175 177 Vegetable and animal oils .64 116 118 109 138 140 130 127 128 117 108 109 105 99 103 122 Vegetable oils .48 112 113 101 139 140 126 125 123 111 99 98 93 87 90 114 .16 131 133 131 134 137 139 135 145 136 134 142 143 133 145 144 Soap and allied products .71 113 108 116 117 105 105 109 115 108 108 105 103 79 104 113 Paints .66 118 116 115 115 117 118 116 116 119 122 125 131 130 130 126 Fertilizers .23 124 122 109 113 108 112 116 124 177 176 154 109 91 '90 115 pPreliminary. 'Revised. 1 Publication suspended pending revision of data for the period 1952 to date. 2Publication suspended pending adjustment to revised Census production figures for the period 1950 to date. NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 1268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued Federal Reserve; indexes, 1947-49 i<verage = 100] 947-49 Annual 1954 1955 pro- Industry portion 953> 954P Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 130 125 127 126 129 129 132 134 133 132 131 136 134 138 P138 PePtertorloeluemu ma rnedfi cnoinagl products 1.97 135 133 133 132 136 140 142 144 139 136 135 140 141 143 »141 1.04 144 141 142 140 143 146 146 147 143 144 146 152 156 157 ?153 Automotive gasoline .98 139 136 138 135 139 141 142 143 140 140 141 146 151 151 .06 227 221 215 214 214 232 216 209 205 212 226 246 247 252 Fuel oil .56 130 128 127 128 135 140 146 152 142 129 128 133 131 133 2>134 Distillate fuel oil .30 155 158 161 164 172 177 184 196 181 163 161 173 167 j79 Residual fuel oil .26 101 93 89 87 92 97 101 101 97 91 91 88 89 89 .10 117 110 98 101 116 125 134 123 117 102 97 88 94 95 .17 106 108 111 106 110 108 109 105 110 124 113 118 108 116 Coke .26 111 84 77 84 90 93 96 98 102 104 105 103 101 104 107 .15 99 103 147 133 106 62 70 75 110 131 124 144 114 142 Foods, Beverages, and Tobacco 11.31 107 106 119 116 109 99 99 97 100 101 105 112 110 rll7 122 jFood and beverage manufactures... 10.73 107 106 120 117 110 101 98 97 100 101 104 112 111 '117 123 8 1 . . 4 4 9 8 1 11 08 5 1 11 07 7 1 1 2 2 4 0 1 1 1 2 8 7 1 1 1 3 3 5 1 13 04 6 1 1 0 3 2 8 1 9 2 9 4 1 1 0 2 0 8 1 1 0 1 0 8 1 1 0 1 2 4 1 1 0 1 8 4 1 1 0 0 9 4 1 1 1 1 8 8 1 1 2 2 5 9 Beef .46 129 135 141 142 136 132 140 129 134 133 138 147 137 151 155 Pork .83 104 103 104 115 131 134 133 117 121 106 98 93 83 96 111 .69 105 106 97 85 78 79 85 91 104 117 140 145 132 r120 101 Butter . .14 108 110 84 81 79 85 99 101 104 119 143 139 116 90 84 Natural cheese .07 112 116 98 87 87 91 95 102 113 133 164 165 130 •"113 102 .19 93 94 76 66 65 70 76 86 100 116 143 138 107 94 82 Ice cream .28 106 104 113 95 81 74 78 84 100 107 122 139 153 rl51 118 Canned and frozen foods 1.13 121 112 212 141 99 87 77 72 74 81 87 110 142 rl98 205 1.16 106 107 114 110 103 101 103 102 101 102 104 110 110 106 108 Wheat flour .46 81 81 86 90 84 80 87 85 83 79 76 80 80 77 83 Cereals and feeds .. ... .70 122 124 132 123 117 115 114 113 113 116 122 129 130 125 125 Bakery products 1.64 100 97 98 99 98 98 94 95 95 94 97 100 100 98 99 .27 113 117 109 258 273 176 93 61 67 64 64 71 73 81 Cane sugar .11 113 106 115 105 90 87 100 106 110 101 102 108 121 128 .13 108 121 99 385 427 248 81 17 24 27 28 35 26 36 .71 102 99 131 123 125 87 106 112 96 93 78 86 65 79 140 Miscellaneous food preparations. . . 1.41 104 105 106 108 105 101 100 101 101 103 106 110 113 111 109 2.24 105 103 107 110 97 88 84 89 101 107 113 127 121 114 Bottled soft drinka .54 1.70 100 98 98 107 99 84 80 86 100 106 107 117 106 104 1.02 103 99 93 84 79 83 85 84 101 113 120 126 122 118 Liquor distilling .17 60 68 69 121 92 67 61 67 66 68 58 58 40 46 .37 107 102 115 142 139 90 76 93 109 104 96 120 99 95 Tobacco manufactures .78 108 103 109 111 103 83 105 104 105 99 109 116 92 112 Cigarettes ' .46 111 106 111 111 102 86 111 106 108 102 115 121 99 117 .17 107 105 113 121 113 82 99 107 106 99 105 111 82 110 MINERALS—TOTAL 9.98 116 111 111 112 114 114 117 119 118 119 122 121 119 rl24 125 no Mineral Fuels 8.35 113 113 113 117 117 121 123 121 120 120 118 119 r!22 122 Coal 2.68 78 67 70 77 75 75 77 79 71 72 77 74 77 82 83 .36 57 52 51 52 57 61 55 61 41 39 43 46 42 39 53 2.32 81 70 72 81 78 77 81 82 76 77 83 78 82 89 88 Crude oil and natural gas 5.67 133 134 129 130 136 138 142 144 145 143 139 139 139 141 *>141 4.82 129 128 124 124 130 132 138 140 139 138 133 132 132 133 P133 4.12 124 122 118 118 122 123 130 131 132 132 128 127 127 128 P128 .34 167 172 159 167 184 199 202 207 194 183 170 173 .36 157 160 159 163 170 172 175 176 169 161 157 157 1*59 163 .85 154 167 159 160 171 171 163 168 175 174 175 177 178 187 Metal, Stone, and Earth Minerals.. 1.63 119 106 113 110 102 99 97 99 104 114 132 138 rl20 rl32 139 Metal mining .82 113 90 98 92 79 76 79 85 86 101 131 141 >-104 '•125 136 .33 128 84 117 87 43 37 36 39 41 79 152 179 168 179 .49 104 94 85 95 103 102 108 117 117 115 117 116 r62 89 109 .24 114 103 92 106 118 116 124 134 133 132 135 133 50 95 .09 86 80 76 78 82 83 83 89 91 87 88 87 r-79 78 .06 87 75 67 71 74 73 80 83 85 83 86 84 r81 79 .81 124 123 129 129 126 122 115 113 122 128 133 134 135 139 142 p Preliminary. r Revised. For other footnotes see preceding page. 1269 NOVEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average=100] 1947-49 Annual 1954 1955 Product proportion 1953 1954 Sept. Oct. Nov. Dec. Jan. Feb, Mar. Apr. May- June July Aug. Sept. SEASONALLY ADJUSTED GONSUMER DURABLES—TOTAL..100.00 127 116 114 112 119 125 131 135 139 144 145 147 153 152 154 Major Durables 69.72 138 125 121 117 128 137 145 151 156 163 164 164 173 172 173 Autos 32.10 146 131 110 104 127 149 160 172 179 190 189 180 195 194 194 Major household goods 36.13 132 122 132 131 130 129 133 135 138 142 143 153 156 155 158 Furniture and floor coverings 15.32 113 101 107 106 103 105 107 107 109 110 113 117 117 121 123 Household furniture 11.31 118 106 111 111 110 110 113 114 115 118 122 121 125 127 Floor coverings* 4.01 Appliances and heaters 15.60 118 111 112 110 114 115 128 131 137 145 146 150 150 143 Major appliances 11.88 123 115 117 114 120 119 132 135 139 152 153 156 159 150 Ranges 2.60 90 79 80 79 77 82 79 96 97 101 105 122 119 98 98 Refrigeration appliances 4.98 137 124 117 110 122 117 137 140 152 166 169 178 173 160 Laundry appliances 2.51 141 148 169 170 174 181 190 181 172 199 188 163 193 206 Heating apparatus 3.72 100 97 96 97 95 100 115 120 131 121 125 132 121 119 Radio and television sets 5.21 230 214 267 270 259 242 225 226 222 226 222 269 290 '294 279 Radio sets 3.42 67 52 46 62 70 70 73 68 71 65 68 66 76 •70 72 Television sets 1.79 541 522 687 667 620 571 515 527 512 532 516 658 698 720 676 Other Consumer Durables 30.28 102 95 98 98 97 96 98 99 100 100 103 106 106 107 111 Auto parts and tires 14.00 01 01 95 96 93 94 100 97 96 98 101 104 103 103 111 Misc. home and personal goods. 16.28 111 99 101 100 101 97 97 100 102 102 104 108 109 110 112 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL..100.00 127 116 108 109 129 132 142 151 155 156 147 144 137 139 136 Major Durables 69.72 138 125 111 111 142 149 163 174 179 180 167 160 152 152 145 Autos 32.10 146 131 81 70 144 174 195 210 215 223 205 184 195 166 130 Major household goods 36.13 132 122 139 149 142 130 137 146 151 145 136 141 115 141 160 Furniture and floor coverings. 15.32 113 101 108 111 108 109 108 111 114 111 109 113 105 117 123 Household furniture 11.31 118 106 112 116 115 115 110 115 116 113 114 118 114 124 128 Floor coverings1 4.01 Appliances and heaters 15.60 118 111 122 124 116 108 124 138 151 150 145 152 116 127 Major appliances 11.88 123 115 121 121 118 116 134 149 163 162 156 160 120 122 R R e a f n ri g g e e s ra .. t . i mon appliances.. 2 4 . . 6 9 0 8 1 9 3 0 7 1 7 2 9 4 1 8 1 7 6 1 8 0 7 4 1 8 0 3 6 11 7 2 7 1 8 4 1 7 1 15 0 2 4 1 1 1 8 0 0 1 1 0 8 6 7 1 18 0 3 0 1 1 1 9 7 1 14 7 4 6 1 9 1 1 6 107 Laundry appliances 2.51 141 148 181 199 192 177 177 207 201 193 181 168 131 181 Heating apparatus. 3.72 100 97 124 133 107 84 93 102 114 113 113 128 103 142 Radio and television sets 5.21 230 214 279 338 324 258 260 272 260 228 189 192 143 '254 289 T R e a l d e i v o i si s o e n ts sets 3 1 . . 4 7 2 9 54 6 1 7 5 5 2 2 2 7 4 2 8 2 8 6 6 4 0 80 7 6 1 6 6 2 7 3 61 7 8 3 64 7 8 4 6 8 0 0 4 52 7 1 4 40 7 8 5 43 6 4 5 49 6 "• 1 6 9 2 7 6 1 8 0 321 Other Consumer Durables 30.28 102 95 101 104 100 94 95 97 99 99 102 106 103 110 115 Auto parts and tires 14.00 01 91 100 101 93 89 95 93 93 96 101 107 104 109 116 Misc. home and personal goods 16.28 111 99 102 106 105 98 95 101 105 102 102 105 ior 110 113 11 PPuubblliiccaattiioonn ssuussppeennddeedd ppeennddiinngg rreevviissiioonn oofr adaattaa ifoorr ttuhee ppeenriooud i1v9o5^2 LtoU udaattec.. NOTE.—Individual indexes without seasonall addjustjmt enft for woven carptets, appliances, heating apparatus, radio sets, and televivsiiscion sets may be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-444477. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics. In thousands of persons] 1954 1955 Industry group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED Total 12,445 12,572 12,580 12,586 12,673 12,798 12,934 13,081 13,200 13,119 13,132 13, 163 ?-11 Durable goods 7,054 7,159 7,177 7,191 7,269 7,350 7,443 7,549 7,634 7,609 '7,592 7,613 7,667 100 98 97 96 94 94 91 90 89 89 88 86 8^ Lumber and wood products 678 675 674 668 669 654 658 680 709 706 '703 699 706 Furniture and fixtures 295 294 291 289 290 295 298 306 309 310 '318 S17 S1S Stone, clay, and glass products.. 436 436 435 434 438 442 448 456 464 467 '470 478 478 Primary metal industries ...... 969 988 997 1,008 1,027 1,052 1,076 1,102 1j 11S 1,109 1,118 1 136 1 ns Fabricated metal products 825 840 835 826 836 851 864 881 893 890 ••886 804 806 Machinery except electrical 1,115 1,103 1,095 1,093 1,108 1,127 1,147 1,162 1, 170 1,172 1,185 1,176 1,200 Electrical machinery 79? 799 793 792 795 795 804 817 8^4 831 r835 8S8 874 Transportation equipment 1,249 1,334 1,375 1,400 1,426 1,447 1,462 1,456 1,447 1,420 1,379 1 3S7 1,^6S Instruments and related products ?17 ?17 ?16 ?16 215 ?18 ?17 212 ??1 223 222 99? 99^ Misc. manufacturing industries.. 378 375 369 369 371 375 378 387 393 392 388 390 389 Nondurable goods .... 5,391 5,413 5,403 5,395 5,404 5,448 5,491 5,532 5,566 5,510 '5,540 5,550 5, 544 Pood and kindred products 1,082 1,097 1,094 1,085 1,078 1,091 1,113 1,116 1,119 1,090 1,094 1,081 1,070 94 96 93 90 93 92 90 91 94 91 '95 95 95 Textile-mill products . . 979 973 968 967 970 975 983 970 979 978 1,001 1 ,000 994 Apparel and other finished textiles 1041 1 060 1,057 1,058 1,064 1,072 1,073 1,096 1,108 1,073 1,079 1 ,0*90 1 100 Paper and allied products 444 440 435 435 435 437 441 446 453 457 '461 464 463 Printing, publishing and allied industries 515 513 511 512 515 516 519 519 521 523 '525 531 529 Chemicals and allied products... 529 528 531 534 532 540 546 556 553 553 '551 551 550 Products of petroleum and coal. 175 173 173 171 172 174 175 176 175 175 173 171 173 200 199 204 207 208 212 212 217 220 223 '219 223 223 Leather and leather products. .. 332 334 337 336 337 339 339 345 344 347 342 344 347 For footnote i ; following page. 1270 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. * Oct. WITHOUT SEASONAL ADJUSTMENT Total 12,612 12,657 12,645 1? 1?,649 12,778 1?, 816 12,882 13,086 12,951 '13,262 13, 378 13,381 Durable goods 7,081 7,198 7,218 7,182 7,282 7,375 7,457 7,53© 7,630 7,499 '7,553 7,623 7,694 Ordnance and accessories 100 98 97 96 94 94 91 90 89 89 88 86 83 Lumber and wood products 692 685 661 631 639 634 651 683 727 720 '731 723 720 Furniture and fixtures 301 301 297 993 ?96 298 ?Q7 298 300 298 '313 319 321 Stone, clay, and glass products.. 438 438 437 430 434 442 450 456 466 460 '472 480 480 Primary metal products 969 988 1,002 1,013 1,032 1,057 1,076 1,096 1,115 1,098 '1,112 1,136 1,138 Fabricated metal products 829 844 843 834 844 860 868 877 884 863 '877 894 900 Machinery except electrical 1,093 1,092 1,106 1,109 1,125 1,144 1,164 1,174 1,182 1,160 '1,155 1,147 1,176 Electrical machinery 800 811 809 800 803 803 804 809 816 802 '818 8S8 883 Transportation equipment . . 1,249 1,334 1,375 1 400 1 4?6 1,447 1,46? 1,456 1j 447 1,420 '1,379 1 ,3S7 1,365 Instruments and related products 218 218 218 ?17 ?16 219 ?18 211 ?90 219 220 97? 224 Misc. manufacturing industries. 393 390 373 360 371 377 376 379 385 372 388 400 405 Nondurable goods 5,531 5,459 5,427 5,341 5,367 5,403 5,359 5,352 5,456 5,452 -5,709 5,755 5,687 Food and kindred products 1,180 1,111 1,062 1,007 985 991 1,011 1,035 1»089 1,150 '1,250 1,246 1,167 Tobacco manufactures 112 103 100 91 89 83 80 80 8? 79 nos 114 113 Textile-mill products . . . 979 983 983 977 985 985 983 965 974 954 >"986 990 994 Apparel and other finished textiles 1 057 1,060 1,073 1,069 1,101 1,110 1,0S7 1,041 1,0S8 1,025 1,101 1,117 1,117 Paper and allied products 444 444 442 437 437 439 441 444 451 448 '459 469 463 Printing, publishing and allied products 520 518 519 51? 517 516 516 516 S?1 518 '520 S31 534 Chemical and allied products. . . 534 533 534 534 535 548 551 550 545 542 '543 554 556 Products of petroleum and coal. 175 173 172 169 170 172 173 175 176 177 176 174 173 Rubber products . . .. 202 202 207 ?09 ?09 212 ?11 216 910 216 '217 99^ 225 Leather and leather products. .. 330 332 335 336 345 347 337 331 342 342 351 346 345 '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 October 1955 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1954 1955 1954 1955 1954 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Total 72.22 76.33 77.71 78.69 39.9 40.6 40.9 41.2 1.81 1.88 1.90 1.91 Durable goods 77.97 82.61 84^25 84.86 40.4 41.1 41.5 41.6 1.93 2.01 2.03 2.04 Ordnance and accessories 81.41 '82.42 85.70 85.68 40.5 '40.4 41.2 40.8 2.01 2.04 2.08 2.10 Lumber and wood products 69.72 '72.21 71.86 72.56 41.5 '41.5 41.3 41.7 1.68 '1.74 1.74 1.74 Furniture and fixtures 65.10 '68.46 68.95 69.37 41.2 42.0 42.3 42.3 1.58 1.63 1.63 1.64 Stone, clay, and glass products 73.34 '77.93 78.77 79.19 41.2 '41.9 41.9 41.9 1.78 1.86 1.88 1.89 Primary metal industries 82.86 '91.94 97.63 96.60 38.9 '40.5 41.9 42.0 2.13 2.27 2.33 2.30 Fabricated metal products 78.53 '82.78 83.40 85.04 40.9 41.6 41.7 42.1 1.92 '1.99 2.00 2.02 Machinery except electrical 81.61 '86.94 88.62 89.04 40.2 '41.6 42.0 42.0 2.03 '2.09 2.11 2.12 Electrical machinery 74.34 '75.92 76.17 77.71 40.4 40.6 40.3 40.9 1.84 1.89 1.90 Transportation equipment 87.26 '92.06 93.56 93.94 40.4 '41.1 41.4 41.2 2.16 2.26 2.28 Instruments and related products 74.19 '77.55 79.52 80.51 40.1 '40.6 41.2 41.5 1.85 1.93 1.94 Miscellaneous manufacturing industries 65.21 66.50 68.30 69.22 40.5 40.3 40.9 41.2 1.61 1.67 1.68 Nondurable goods 65.07 67.83 69.14 69.66 39.2 39.9 40.2 40.5 1.66 1.70 1.72 1.72 Food and kindred products 68.30 73.33 74.52 40.9 '41.1 41.9 42.1 1.67 1.73 1.75 1.77 Tobacco manufactures 49.72 --50.57 50.63 51.38 40.1 '39.2 40.5 41.1 1.24 '1.29 1.25 1.25 Textile-mill products 53.70 '55.48 56.70 57.53 39.2 40.2 40.5 40.8 1.37 '1.38 1.40 1.41 Apparel and other finished products 47.84 49.82 49.68 50.22 35.7 36.9 36.8 37.2 1.34 1.35 1.35 1.35 Paper and allied products 76.01 79.92 81.10 80.91 42.7 43.2 43.6 43.5 1.78 1.85 1.86 1.86 Printing, publishing and allied products 87.94 '91.42 93.62 93.38 38.4 '38.9 39.5 39.4 2.29 2.35 2.37 2.37 Chemicals and allied products 78.69 82.81 84.25 83.63 41.2 41.2 41.5 41.4 1.91 2.01 2.03 2.02 Products of petroleum and coal 92.57 '97.58 100.19 99.05 40.6 '41.0 41.4 41.1 2.28 2.38 2.42 2.41 Rubber products 81.20 '86.32 87.57 87.36 40.4 41.3 41.7 41.6 2.01 '2.09 2.10 2.10 Leather and leather products 49.62 '53.24 52.45 53.48 35.7 '38.3 37.2 37.4 1.39 1.39 1.41 1.43 'Revised. NOTE.—Data are for production and related workers. Figures for October 1955 are preliminary. Back data are available from the Bureau of Labor Statistics. NOVEMBER 1955 1271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN N ONAGRI CULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b 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—October 48,129 15,835 743 2,502 3,995 10,443 2,147 5,660 618Q4t November. 48,386 15,972 745 2,522 3,976 10,496 2,145 5,650 6,880^ December 48,380 15,992 743 2,476 3,986 10,575 2,147 5,644 6,817 1955—January 48,398 15,993 741 2,458 3,974 10,574 2,145 5,646 6,867 February. 48,440 16,091 741 2,410 3,984 10,541 2,154 5,649 6,870 March 48,766 16 229 739 2,478 3,986 10,633 2,161 5,656 6,884 April 48,881 16,380 743 2,499 3,946 10,600 2,161 5,674 6,878. May .... 49,214 16,545 749 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 49,640 16,635 757 2,548 4,082 10,765 2,204 5,730 6,919 August r49,742 r16,668 r747 r2,543 r4,106 10,797 ?2,208 r5,732 6,941 September 49,847 16,695 754 2,565 4,134 10,813 2,224 5,705 6,957 October 49,907 16,755 754 2,539 4,107 10,811 2,226 5,725 6,990' WITHOUT SEASONAL ADJUSTMENT 1954—October 48,580 16,007 743 2,652 4,005 10,548 2,136 5,660 6,829 November 48,808 16,057 749 2,598 3,986 10,745 2,134 5,622 6,917 December 49,463 16,050 747 2,426 3,996 11,354 2,136 5,588 7,166 1955—January 47,741 15,925 741 2,237 3,927 10,419 2,124 5,533 6,835 February 47,753 16,060 737 2,169 3,937 10,309 2,132 5,536 6,873- March 48,212 16,201 739 2,255 3,966 10,408 2,150 5,571 6,922 48,643 16,255 739 2,399 3,939 10,549 2,161 5,674 6,927 May 48,918 16,334 742 2,526 3,997 10,534 2,171 5,733 6,881 June 49,508 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 . . r49,858 16,807 '•754 r2,746 »"4,137 10,638 '2,241 r5,818 6,717 September 50,309 16,916 758 2,745 4,151 10,813 2,224 5,791 6,911 October ... 50,393 16,929 754 2,691 4,118 10,919 2,215 5,725 7,042 >r, the pay period ending nearest the 15th of the ibers of the armed forces are excluded. Figures; 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 p T s o o t p t i a t u u l l t a n i t o i o o n n n a - l T l f a o o b r t c o a e r l Total Employed1 Unem- l N ab o o t r i n fo t r h c e e Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 1948. 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949. 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950. 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951. 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952. 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 19542 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1954--September 116,432 68,566 65,244 62,145 54,618 7,527 3,100 47,865 October 116,547 68,190 64,882 62,141 54,902 7,239 2,741 48,357 November .. 116,659 67,909 64,624 61,732 55,577 6,154 2,893 48,750> December 116,763 66,811 63,526 60,688 55,363 5,325 2,838 49,952 1955—Tanuarv 116,855 66,700 63,497 60,150 54,853 5,297 3,347 50,156 February 116,901 66,550 63,321 59,938 54,854 5,084 3,383 50,352 March 117,051 66,840 63,654 60,477 54,785 5,692 3,176 50 212 April 117,130 67,784 64,647 61,685 55,470 6,215 2,962 49,346 May 117,236 68,256 65,192 62,703 55,740 6,963 2,489 48,979 June 117,318 69,692 66,696 64,016 56,335 7,681 2,679 47,626 July 117,404 70,429 67,465 64,994 57,291 7,704 2,471 46,975 August 117,517 70,695 67,726 65,488 57,952 7,536 2 237 46 823 September 117,634 69,853 66,882 64,733 56,858 7,875 2 149 47,781 October 117,749 70,250 67,292 65,161 57,256 7,905 2,131 47,499 1 Includes self-employed, unpaid family, and domestic service workers. 2 Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month through June 1955. Beginning: July 1955, data relate to the calendar week that contains the fifteenth day of the month. Back data may be obtained from the Bureau of the Census. 1272 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 es ti i a - l Ind B us u - sine C ss om- Public O n d 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- ot Al he l r Total trial mercial utility tial 1940. 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941. 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942. 14,075 3.415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943. 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944. 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945. 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946. 12,000 9.638 4,015 4,195 1,689 132 1,374 1,428 2,362 188 895 240 1,039 1947. 16,689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948. 21,678 16,853 8,580 5,693 1,397 253 3,043 2,580 4,825 158 774 629 2,264 1949. 22,789 16,384 8,267 5 ,322 972 027 3,323 2,795 6,405 137 2,131 793 3,344 1950. 28,454 21,454 12,600 5,680 1,062 288 3,330 3,174 7,000 177 2,272 881 3,670 1951. 31,182 21,764 10,973 7,217 2,117 371 3,729 3,574 9,418 887 2,518 853 5,160 1952. 33,008 22,107 11,100 7,460 2,320 137 4,003 3,547 10,901 1,388 2,820 854 5,839 1953. 35,271 23,877 11,930 8,436 2,229 791 4,416 3,511 11,394 1,307 160 830 6,097 1954. 37,577 25,768 13,496 8,583 2,030 2,212 4,341 3,689 11,809 1,030 3,750 704 6,325 1954—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 r. . . 3,418 2,398 1,337 748 181 199 368 313 1,020 93 340 55 532 February r 3,451 2,437 1,346 777 183 223 371 314 1,014 101 338 51 524 Marchr.. 3,462 2,464 1,348 798 188 236 374 318 998 93 335 54 516 April'... 3,521 2,523 1,390 811 188 247 376 322 998 104 334 54 506 May. 3,576 2,553 1,418 813 191 248 374 322 1,023 110 350 55 508 Juner. 3,564 2,546 1,419 816 197 245 374 311 1,018 117 338 53 510 July 3,541 2,556 1,416 827 202 252 373 313 985 112 336 50 487 August? 3,524 2,551 1,390 854 205 276 373 307 973 109 332 48 484 September** 3,536 2,563 1,381 874 207 295 372 308 973 110 326 46 491 October? 3,480 2,513 1,324 882 214 297 371 307 967 117 324 45 481 P Preliminary. ^Revised. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a r c ie - s m C e o rc m ia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1948 9,430 3,107 6,323 3 608 840 975 725 J .127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 L,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16 775 6 711 10 064 6 668 2 562 979 1 472 1,686 3,408 1953.,.. 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 L958 4,142 1954—October. 1,965 633 1,332 852 145 186 155 186 443 November. 1,499 475 1,024 709 82 129 140 141 299 December 1,829 617 1,212 762 104 194 204 200 366 1955—January 1,504 480 1,024 690 85 166 131 184 249 February 1,581 472 1,109 744 113 133 135 J 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 .. . . 2,035 621 1,414 733 201 197 163 148 593 October 1,863 551 1,312 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 Moaath (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 Jjjjjy 1,837 95 270 143 207 163 167 394 110 86 90 1 112 August 1,573 109 199 106 193 133 175 306 85 76 90 102 Septenfter....... 1,816 107 263 122 220 151 173 311 124 66 111 166 1955—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 September 2,035 123 259 147 224 194 220 386 164 77 92 149 NOVEMBER 1955 1273 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—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 51 22 29 1955—January 88 n.a. n.a. 87 78 2 7 (i) 46 20 26 February 90 n.a. n.a. 88 79 3 6 45 17 28 March . . .. 114 n.a. n.a. 113 100 4 9 1 54 24 30 April 132 n.a. n.a. 131 120 3 8 2 61 26 35 May... 138 n.a. n.a. 135 122 3 10 3 66 28 38 June 135 n.a. n.a. 131 121 3 8 3 72 32 40 July 123 n.a. n.a. 122 113 3 6 1 63 26 37 August P123 n.a. n.a. P122 n.a. n.a. n.a. 68 27 41 September P113 n.a. n.a. P112 n.a. n.a. n.a. PI C59 25 October.. P107 n.a. n.a. P107 n.a. n.a. n.a. C1) P54 P19 P35 ^Preliminary. "Corrected. n.a. Not available. iLess than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adjusted ]Vionthly—without seasonal adjustment Annual Class 1954 1955 1954 1955 1953 1954 Sept. Apr. May June July Aug. Sept, Sept. Apr. May June July Aug. Sept. Total 127 114 Ill 123 128 125 125 126 127 120 120 130 130 131 131 138 Coal 103 92 98 95 105 99 104 109 115 98 95 105 99 104 109 115 Coke 171 105 98 144 149 151 156 166 169 97 142 147 148 151 160 167 Grain 135 141 131 140 155 152 164 141 138 147 123 133 155 197 152 154 Livestock 63 62 67 65 57 50 50 51 60 89 58 52 41 41 49 80 Forest products........ 143 132 129 133 139 147 145 148 143 140 133 145 153 146 156 155 Ore 215 144 137 177 177 191 190 202 213 205 136 271 296 305 303 320 Miscellaneous 143 129 123 142 144 140 139 140 139 133 140 146 144 140 142 151 Merchandise, 1. c. 1 43 40 39 39 40 42 43 40 39 41 39 40 42 42 41 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 e id x p s o h r i t p s m e e x n cl t u s2 ding Merchandise imports3 Month 1953 1954 1955 1953 1954 1955 1953 1954 1955 January 1,293 1,092 1,168 1,016 923 1,083 922 833 '871 February. 1,200 1,183 1,238 927 998 1,143 856 809 850 March 1,390 1,126 1,343 1,052 923 1,251 1 004 864 1 019 April 1,394 1,426 1,261 1,054 1,258 1,167 1,013 957 871 May 1,453 1,401 1,321 1,085 1,137 1,189 902 829 June 1,385 1,474 1,318 1,013 1,115 1,190 933 947 r939 July 1,363 1.290 1,268 965 1,023 1,140 908 822 885 August . . .. 1 187 1,156 1,232 911 955 1,104 840 825 September 1,256 1,115 Pl,248 1,052 '962 P1,149 926 780 «953 October . 1,253 1,265 1,019 1,162 813 763 November 1,247 Pl.250 1,031 1.165 849 840 December 1 353 1 318 1 138 1 221 907 942 January-September 11,921 11,263 Pll.397 9,075 9,294 P1O,416 8,304 7,666 «8,306 rRevised. PPreliminary. "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. 1274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average=100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - 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 i 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 110 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 104 108 105 121 129 109 112 105 115 127 113 SEASONALLY ADJUSTED 1954—September 111 108 105 109 105 120 126 108 109 105 117 122 115 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 118 107 106 114 114 134 143 115 120 107 124 139 122 September 114 108 120 117 P135 P140 118 119 112 127 131 126 WITHOUT SEASONAL ADJUSTMENT 1954—September 113 115 108 112 105 123 122 113 111 111 117 122 112 October 118 110 109 113 111 130 141 114 123 122 124 138 116 November 137 133 134 146 133 153 154 133 137 120 133 149 134 December 201 200 186 197 191 231 234 188 194 180 205 228 209 1955—January 91 90 85 85 87 91 106 92 80 94 110 97 February 88 82 82 83 83 91 107 84 89 81 89 103 93 March 100 90 93 101 93 111 129 98 101 88 104 120 97 April 114 108 99 109 112 125 141 114 118 108 123 136 112 May 116 111 101 114 110 129 134 116 120 108 119 133 116 June 110 107 100 107 104 118 121 112 106 95 113 120 113 July 98 82 77 90 96 107 122 96 102 89 111 123 107 August 105 86 '82 '92 104 112 129 103 109 102 117 129 118 September P123 122 111 124 117 P13S P136 123 122 119 127 131 123 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—September 123 118 116 116 114 142 142 118 114 118 127 134 128 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 129 122 117 122 118 145 154 123 126 123 136 145 138 September, P129 124 116 126 118 P150 157 121 123 122 135 P146 137 WITHOUT SEASONAL ADJUSTMENT 1954—September 128 121 '122 121 120 146 148 123 123 124 132 142 133 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 126 118 114 117 114 148 150 120 126 120 134 144 133 September, P135 127 123 132 123 P155 163 127 133 128 140 P155 142 p Preliminary. r 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. 1275 NOVEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales3 Year or month m S (t a o f o o l n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i o m ( s e r O t o n i d a n u d n n e g t t r d - h o s - 1 ) f m c ( e o t R f i o o n p e t r - t t a h s l 2 ) o m ( r N o t d f o o 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 t r i a o d u n l n u c g e t- d s k r - s 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 4.3 1.0 1948 average 381 979 494 386 363 2.7 1.4 4.1 L.O 361 925 373 358 358 2.7 L.I 3.8 0 1950 average .. 376 L.012 495 391 401 2.8 L.4 4.2 l.l 391 L.202 460 390 379 3.2 L.3 4.4 1.0 1952 average . . 397 1,097 435 397 401 2.9 1.2 4.1 L.O 1953 average .. 406 1,163 421 408 401 3 0 1,1 4 1 1.0 1954 average 407 1,136 387 407 409 3.0 L.O 4.0 L.O 1954—September '402 1,190 »-488 '496 ••518 3 0 12 4.2 ?, October 437 1,268 477 r515 »*504 2 9 1 1 4.0 L.2 November 509 1,318 406 559 488 2.6 0 8 3.4 L.I December 766 1,056 301 504 399 1.4 0.4 1.8 (7 7 1955—January . . . .. 336 1,042 385 322 406 3 1 1.1 4 2 L.O February 307 L ,105 414 370 399 3.6 1.3 4.9 L.2 392 1,190 367 477 430 3.0 0.9 4.0 1.2 April . 413 1,216 308 439 380 2 9 0.7 3.7 1.1 May 404 1,189 307 377 376 2.9 0.8 3.7 0.9 390 I .122 449 323 465 2.9 1.2 4.6 0.8 July 324 1,090 554 292 397 3 4 1.7 5.1 0.9 August 382 1,157 550 449 445 3.0 1 .4 4.5 1 .2 September? 427 1,248 578 518 546 2.9 1.4 4.3 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 Dec. 1 161 Dec. 6 195 Dec. 5 190 Dec. 4. . . . .192 Tune 7.... 111June 6 118 June 5 97June 4 .102 8.... 191 13 223 12 216 11 . .. .224 14.... 116 13 112 12 111 11 114 15 ... 213 20.... 237 19 234 18. . .. .240 21 98 20 111 19 115 18 117 22.... 228 27.... 146 26 163 25... . .190 28 91 27.... 94 26 97 25 .103 29 92 1952 1953 1954 1955 Jan. 5 78 Jan. 3 81 Jan. 2 81 Jan. 1... .. 80 July 5 79July 4 79 July 3 93 July 2. . . .. 98 12.... 92 10 89 9 94 8. .. ..106 12. ... 83 11 92 10 77 9 87 19 90 17 92 16 85 15. .. .. 99 19 82 18 84 17 88 16 97 26..., 83 24 86 23.... 86 22... .. 95 26 79 25 83 24 84 23. . . ...94 31 87 30 85 29 . ... 87 31 87 30 98 Feb. 2 84 Feb. 7.... 88 Feb. 6 86 Feb. 5. . . .. 86 Aug. 2. ... 87 Aug. 1 ... 86 Aug. 7 92 Aug. 6 . .97 9 . 87 14 92 13 91 12. . ... 92 9 90 8 92 14.... 9/ 13 .100 16 89 21 85 20 86 19. . .. . 90 16 95 15 95 21 10< 20 .106 23 83 28.... 93 27 90 26. .. .. 93 23. . . 100 22 100 28 102 27 .111 30. .. 110 29.... 101 Mar. 1 85 Mar. 7.... 96 Mar. 6 85 Mar. 5 98 Sept. 6 100 Sept. 5 101 Sept. 4. . . . 113 Sept. 3 .125 8 88 14.... 100 13 92 12... . .102 13 ... 114 12 102 11 97 10 .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. 5 109 Apr. 4 118 Apr. 3 103 Apr. 2. .. ..114 Oct. 4 116 Oct. 3 ... 112 Oct. 2 110 Oct. 1 .126 12.... 111 11 97 10 113 9... ..122 11 ... 126 10 ... 120 9 118 8.:.. .125 19 97 18 105 17 118 16... ..103 18 ... 124 17.... 118 16 119 15 .128 26 105 25 104 24 101 23... ..112 25 122 24 113 23 123 22 .133 30... ..120 31 113 30 117 29 ,126 May 3.... 111 May 2 114 May 1 112 May 7 . .. .134Nov I 115 Nov. 7 121 Nov. 6 .127 Wov. 5 .128 10.. . . 117 9 128 8 123 14. . . .108 118 14 ... 133 13 . . ..130 12 17 99 16 105 15 97 21. .. . .115 15 ... 130 21 131 20 .134 19 24 105 23 112 22 106 28. .. . .114 22 ... 134 28 133 27. . . ..133 26 31. . . . 97 30 97 29 104 29 138 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 1276 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 S 1 e 9 p 5 t 5 .Aug. m 19 o 9 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 Sept. Aug. m 19 9 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 S 1 e 9 p 5 t 5 . A 19 u 5 g 5 . 1 m 9 9 o 55 s. 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 S 1 e 95 p 5 t. A 19 u 5 g 5 . m 19 9 o 5 s 5 . United States. P+9 +11 +7 Cleve.-cow/. Chicago-cow/. Kan. City-cow/. Met. Areas-cont. Met. Areas1-cont, Met. Areas-cont. Wheeling- Joliet2 +11 +8 + 16 Wichita... +5 +7 +17 B M P B o D e o o t s r . s o t t t w o l o A a n n n n r t e d o a w s1 n , + +3 5 + + + 1 5 1 7 + + + 5 2 4 R Z P i i S o t c y t r h e t u m sm b o e o n n u d v t i h l 2 l . e 2 . . . . P + + + 1 1 3 3 3 + + + 1 1 7 0 3 + + + 9 7 3 T D P R G ( e r o e M i o c a c - k r C r a o i y f t l a i o i u t 2 n r i r d e e 2 s , 2 , + + ( + + ) 1 1 5 5 0 5 + + ( + + ) 1 1 5 8 3 8 + + + + + 1 2 9 5 3 2 9 A S O O T t u l k m . b l l J s a a u a o h h q s a o u e m e p r h a q u C e i . t y . + + + + + 2 1 3 7 2 9 1 ! | ! + + + + + 1 1 1 8 9 2 3 9 + + + + + 1 1 7 2 2 3 2 Boston2 -5 Rock Island; Cities Suburban +3 Met. Areas1 Davenport) Greeley +10] +9 +8 Boston +9 Vs Washington2. .. +14 +14 +8 Fort Wayne2... +8 +12 +7 Hutchinson. .. +6 Cambridge.. +7 +9 Downtown Indianapolis2.. +7 + 10 +6 Joplin + +8 +2 L L ow a Q w e u l r l e i - n n c c y e + + 1 1 2 3 + + 1 7 0 + + 1 7 1 A B s a W h lt e i a v m s i h l o l r e e 2 2 p P + + + 7 9 l + + + 1 1 8 0 3 + + + 4 5 8 S T M o e u u r n r t e h c ie H B a en u d te 2. 2 .. . , + + + 1 5 5 6 + + + 1 1 7 7 0 + + + 1 8 5 1 K En a i n d sas City. + 1 4 2 + + - 1 7 7 1 - + 13 5 W Ne o w rc e B s e te d r f 2 ord... + + + 1 3 8 5 +5 0 W R C a h i l n a e r s i l t g e o h s n t 2 - o S n a , lem 2 + + 1 1 4 3 + + 1 1 2 3 + + 1 7 0 C D D e e u d s b a u M r q R o u i e a n p e i s ds.., + + 1 3 2 0 + + + 7 3 8 + + + 4 4 5 Dallas +15 +10 Cities S. C.2 +43 +39 +35 Sioux City Springfield..... +9 +1 +3 Columbia2 +39 +6 +10 Waterloo +8 + +7 Met. Areas Providence2.... +14 +8 +6 Greenville2 +12 +13 +12 Detroit2 + 16 +17 +12 Shreveport +15 +6 Norfolk- Flint2 +17 +22 +13 Corpus Christi -2j 0 +9 New York +3 +4 +2 Portsmouth3. . +13 + 9 Grand Rapids2, +6 +3 +2 Dallas2 +9 + 18 + 11 Richmond2 +11 +9 Jackson2 +7 + 18 +8 El Paso + 11 +10 Met. Areas* Roanoke2 +8 +5 +5 Kalamazoo +5 +3 +4 Fort Worth.. +9 + 19 +10 Al n b e a c n t y a - d S y c - h T e r - oy C W ha . r V le a st .2 on, + 19 +9 L Sa a g n i s n i a n w g2 + + 3 1 1 1 + +1 3 2 3 + + 2 7 1 S H a o n u A sto n n to 2 nio + +2 7 '}' + + 1 9 5 + + 8 8 Albany , +5 +6 +1 Green Bay +15 + 11 +9 Waco +18J +28 + 14 Schenectady.. +8 +7 +5 Cities Madison +5 Binghamton.... +1 +5 -3 Cumberland- Milwaukee2... +5 +4 0 Buffalo +7 +3 +3 Hagerstown. .. +9 +7 +8 San Francisco. +11 +8 Buffalo2 +4 +4 +2 Spartanburg.... +11 + 10 +2 Cities Niagara Falls.. +5 +3 +1 Lynchburg2 P+7 + 15 +4 Danville + 15 +15 +14 New York-N.E. -1 +5 +2 Newport News.. +11 +11 +7 Battle Creek. . . +38 +28 +30 Met. Areas1 New Jersey.. +4 +5 +3 Fairmont- Muskegon +10 +11 + 11 Phoenix2 + 15 +8 N N. e w Y a . r C k2 ity2... *-l +3 0 H M un o t r i g n a g n t t o o n w 2. n . . . . + +1 1 0 5 + + 2 1 1 3 + + 1 8 0 A Po p r p t le H to u n ron. . . + + 1 1 1 1 + -1 1 1 2 +8 F L r o e s s n A o n 2 geles2... + 11 + + 5 7 Rochester2 +5 +2 +1 Parkersburg +18 +24 +16 Sheboygan. +7 -6 -1 Downtown +9 Syracuse2 + 11 +5 +4 +4 L. A.2 % +3 0 U U ti t c i a ca -Rome +2 + + 3 5 + + 2 4 Atlanta +15 +11 St. Louis +13 +7 L W on e g s t B si e d a e c L h . 2 A . . . 2 + + 1 3 5 + + 1 6 5 + + 1 6 0 +3 Met. Areas1 Met. Areas 'Pasadena +f +8 +4 Cities Birmingham2.. +8 •+12 +9 Fort Smith + 13 +27 Santa Monica.. +235+16 Bridgeport2.... +13 +9 +5 Mobile + 16 +17 +11 Little Rock2... 0 + 12 Riverside and Poughkeepsie... +7 +7 +9 M Ja o c n k t s g o o n m vi e l r l y e . 2 .. . P + + 1 9 4 + + 1 1 1 3 + + 8 6 L E o v u a i n s s v v i i l l le le 2 2 + + 1 5 1 + + 1 6 2 n S a a r n d i B n e o r- +23 +16 Philadelphia... +11 •+12 +7 Orlando +10 +10 +9 Springfield +36 +52 +39 Sacramento2. . . +6 +5 St. Petersburg- St. Louis2 P+13 +13 +8 San Diego2 +8 +3 Met. Areas Tampa +7 +5 +5 Memphis2.... P+3 +9 +4 San Francisco- Wilmington +11 +15 +7 St. Petersburg +11 +9 +9 Oakland2 .... + 11 +9 L T a r n e c n a t s o t n er 2. 2 ...... +3 + i 1 s 0 + + 1 4 2 A T tl a a m nt p a a 2 2 +15 + + 1 3 1 + + 1 1 3 C Q it u ie i s ncy. . +5 +2 O B ak er la k n e d le - y2 +4 +9 +6 Philadelphia2... +6 Augusta +1 +6 +3 Paducah. +2 Downtown Reading2...... + +18 +11 Columbus +13 +24 + 19 Oakland2. . +5 +2 Scranton Hi -8 +2 Macon2 +8 +14 +8 Minneapolis. +7 +7 +4 San Francisco2.1 +1 +7 +4 C C W Y i l H t e o y i v l a r k k z e e 2 l l s a e - t n B o d n a 2 rre— + + 4 1 1 1 + + + 1 1 3 2 5 8 + + + 1 1 1 0 1 1 S J N N K B C a a a a e h n c v w t s o a k o a h t x s n n t v O v o a n i i n n R l r a l l 2 l l o h e o e e o 2 2 a u g n g a s e 2 2 2 . . , P + + + + + - 1 2 8 4 5 3 4 0 + + + + + + + 1 1 1 1 2 2 6 0 6 1 6 4 + + + + + + 1 1 5 7 2 8 4 0 0 M C S S M M i e i t t o . i t i a e . n u P n s x n A a k e r u F a a e l p t a a 2 o o ll . l s . i . s . . 2 . . . . + + + + 1 4 2 9 5 + + + + 6 5 5 5 + + + + 4 2 1 4 S S S T S S P V a a p t e o a o n l a o c r a t c t t o l k J l t L l k m a e a l o t e a j n n o s o 2 a k e d e n 2 e 2 2 2 2 City2. + + + 1 3 5 6 S + + + + + + + 2 1 1 1 1 7 9 1 0 7 5 8 0 5 + + + + + + + + 1 1 1 8 5 6 2 6 1 1 3 Met. Areas Cities Duluth- +r Lexington +4 +5 +1 Rome +15 + 19 +8 Superior2. . . +3 +6 +1 Cities A C C a i k n n r c o t i o n n n 2 n 2 ati2 ... + + + 4 7 7 + + + 1 1 9 0 4 + + + 5 3 6 M Br e i r s i t d o i l a .. n ? . . + + 1 3 1 + + 1 4 2 + -3 9 L G G a r r C a e n a r t d o s F s F e a o l r l k s. s . . . X +7 I + + -2 8 4 + +6 1 T B B u o a c i k s s e e o r n a s n fi d eld2.... '+ + 17 4 ; + + 1 8 2 + + 1 9 3 C C l o e l v u e m la b nd u 2 s2..... + + 1 9 1 + + 1 1 0 0 +1Chicago P+9 +9 +7 Kansas City. +9 +12 +8 Id N a a h m o p F a alls i + - 6 11 + + 1 3 0 Springfield2.... +7 +22 Met. Areas1 Twin Falls +3 +6 T E Y Pi o r o t l i t u e e s n d 2 b . g o u . 2 s . r . t g o h w 2 n2... + + + + 1 1 2 8 5 8 2 + + + 1 2 2 9 0 3 + + + + + 1 1 2 1 3 2 0 0 2 C A E h l u i g c r i o a n g ra o . 2 . . . . . + + 4 9 + +4 1 + + + 5 5 7 M T D e o e t p . n e v A k e r a r eas + + 1 9 3 + + 1 1 5 6 + + 1 5 5 E W Y B v e a a l e k l l r l i i a n e m g t W t a h 2 2 a a m lla2... + + - 3 1 4 9 , 5 + + + - 2 1 6 1 1 P 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. 8 Data not available. 4Seven months 1955. *ife months 1955. NOVEMBER 1955 1277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change Ratio of Federal Reserve index numbers from a year ago st s o a c l k e s s 1 to wit 1 h 9 o 4 u 7 t - s 4 e 9 a s a o v n e a r l a g a e d j = u 1 s 0 t 0 m 2 ent, 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 August Sal p e e s r i d o u d ring Eight 1955 Aug. months Aug. 1955 1954 1955 1955 1955 Aug. GRAND TOTAL—entire stored +8 +4 +5 3.3 3.4 MAIN STORE — total +8 +5 +5 3.5 3.6 93 Piece goods and household textiles. +8 +1 +4 2.9 3.1 104 Piece goods. -3 -4 +4 4.4 4.1 58 Silks, velvets, and synthetics. -7 -7 +3 5.3 4.8 44 Woolen yard goods -9 -9 0 4.2 3.8 73 Cotton yard goods +4 -1 + 11 3.6 3.4 76 Household textiles + 12 +5 +3 2.4 2.7 137 Linens and towels + 10 +5 +4 3.0 3.3 116 Domestics—muslins, sheetings. . . . + 17 +3 + 1 1.7 2.0 175 Blankets, comforters, and spreads. +6 +6 +4 3.0 3.1 122 Small wares. +6 +4 +5 4.1 4.2 86 Laces, trimmings, embroideries, and ribbons. +3 -3 +3 4.9 4.9 65 Notions.. + 11 +6 +5 4.1 4.4 85 Toilet articles, drug sundries + 10 +5 +3 3.4 3.7 99 Silverware and jewelry +2 +6 +7 5.3 5.0 77 Silverware and clocks +8 + 13 + 11 5.9 5.8 85 Costume jewelry. -6 +2 +8 3.7 3.2 73 Fine jewelry and watches + 17 + 12 8.1 8.7 83 +7 Art needlework. -7 -3 +3 5.3 4.8 71 Books and stationery. . . +7 +4 +5 3.7 3.8 Books and magazines. +6 +5 +4 2.9 3.0 Stationery +8 +4 +5 4.0 4.2 Women's and misses' apparel and accessories. +4 +2 +6 3.1 3.0 Women's and misses' ready-to-wear accessories.. +4 +2 +5 3.9 3.9 Neckwear and scarfs -3 0 +8 3.1 2.8 Handkerchiefs -2 -6 -3 4.4 4.5 Millinery -7 -4 -2 1.7 1.6 Women's and children's gloves. +2 +3 +2 9.5 9.6 Corsets and brassieres +9 +4 +7 3.4 3.5 Women's and children's hosiery , -3 0 +7 3.5 3.2 Underwear, slips, and negligees +8 + 1 +3 3.2 3.3 Knit underwear + 11 +3 +7 3.1 3.2 Silk and muslin underwear, and slips. . +7 — 1 +2 3.3 3.5 Negligees, robes, and lounging apparel. +5 0 +4 2.8 2.8 Infants' wear +4 +2 +7 3.2 3.1 +5 +6 +9 3.2 3.1 Handbags, and small leather goods. Women's and children's shoes. +8 +3 +5 5.9 6.1 Children's shoes +7 +3 +7 4.1 4.1 Women's shoes +8 +4 +4 6.5 6.7 Women's and misses' ready-to-wear apparel. +4 +3 +8 2.4 2.3 W C om oa e t n s 's and misses' coats and suits -4 - - 4 1 + + 6 8 3 2 . . 2 9 2 2 . . 9 6 Suits 9 -9 +2 3.8 3.4 Juniors' and girls" wear +9 +3 +8 1.9 2.0 Juniors' coats, suits, and dresses. +5 +1 +6 1.8 1.8 Girls' wear +11 +5 +9 2.0 2.1 Women's and misses' dresses. +4 +3 +7 1.9 1.9 Inexpensive dresses +4 +2 +8 1.5 1.4 Better dresses +6 +5 +8 2.4 2.3 Blouses, skirts, and sportswear +5 +4 +9 2.5 2.4 Aprons, housedresses, and uniforms. +21 +5 +3 1.8 2.1 Furs -5 + 10 + 10 4.0 3.4 Men's and boys* wear. +9 +5 +4 5.2 5.5 Men's clothing +8 +4 0 6.8 7.3 Men's furnishings and hats +10 +5 +4 4.9 5.3 Boys' wear +8 +6 + 11 3.8 3.7 Men's and boys' shoes and slippers. +11 +5 +4 6.7 7.1 00 00 00 Stocks at end of month 1954 1955 1954 July Aug. Aug. July Aug. 78 86 117 110 Ill 71 97 102 104 98 44 60 92 86 88 32 47 84 75 82 26 81 107 86 108 82 73 106 113 95 90 123 106 113 103 83 105 97 104 93 107 150 118 137 117 84 115 113 114 108 75 81 111 109 106 60 63 103 99 101 84 76 124 122 118 92 90 102 102 99 64 76 116 111 108 67 78 133 131 120 68 78 111 97 102 57 71 108 98 101 55 76 105 101 102 66 83 117 112 112 70 82 98 100 95 64 82 124 117 118 91 71 87 128 113 120 82 70 79 128 113 122 85 78 87 142 119 132 43 36 44 64 62 66 63 33 69 101 67 104 36 29 36 98 79 96 112 111 103 143 141 133 61 54 63 121 111 112 74 78 68 104 98 101 97 95 87 135 126 126 64 73 60 94 89 92 69 72 66 92 78 89 109 73 105 138 120 129 77 66 73 122 103 112 98 76 91 154 132 147 131 68 122 163 136 153 90 77 83 153 130 147 99 72 95 128 113 119 67 31 70 129 98 121 76 29 78 138 103 127 57 32 62 115 81 113 133 72 122 142 128 132 104 68 99 127 111 119 167 77 151 155 142 143 80 74 77 102 85 95 79 79 76 97 83 91 87 71 82 109 87 101 125 109 119 156 140 144 93 112 77 90 99 87 109 40 115 116 122 105 77 74 71 125 ill 120 70 79 65 134 115 134 66 76 60 114 106 110 118 59 110 131 114 118 91 86 82 132 119 126 For footnotes see following page. 1278 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 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 s R t s o a a c t l i k e o s s i o to f F w ed it e h 1 r 9 o a 4 l u 7 t R - s 4 e e 9 s a e s a r o v v n e e a r l i a n g d a e d e x j = u 1 n s 0 t u m 0 m 2 e b n e t, rs 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 d n c t k o h s f ) August Sale p s e r d io u d ring Sto o c f k m s o a n t t e h nd Eight 1954 1955 1954 A 19 u 5 g 5 . m 1 o 9 n 5 th 5 s A 19 u 5 g 5 . 1955 Aug. July Aug. Aug. July Aug. Homef urnishing s. +13 +11 +4 3.4 3.8 107 97 94 107 103 Furniture and bedding +9 +10 +5 2.8 142 115 131 109 113 103 Mattresses, springs, and studio beds. +8 +9 + 10 1.2 178 142 166 123 134 113 Upholstered and other furniture +9 +10 +4 3.4 3.6 129 104 119 107 111 102 Domestic floor coverings. +6 +11 0 4.4 4.8 81 63 77 97 94 97 Rugs and carpets +8 +11 + 1 4.3 4.8 88 65 81 101 100 100 Linoleum + 12 +5 +7 4.6 4.9 56 48 50 64 63 60 Draperies, curtains, and upholstery...... +4 +3 +3 4.7 4.8 85 76 82 110 107 107 L C a h m in p a s a a n n d d g s l h a a ss d w es are + + 5 9 + + 7 4 +5 4 7 . . 1 3 4 7 . . 4 8 9 7 4 8 6 6 2 9 9 7 0 1 1 1 0 2 5 5 1 12 0 5 2 1 1 2 0 5 0 Major household appliances +44 +30 0 1.5 2.3 105 126 73 80 86 79 Housewares (including small appliances). +22 + 13 +2 3.5 4.1 109 121 89 119 120 112 Gift shop +7 +3 +6 5.5 5.7 96 79 90 133 131 128 +4 Radios, phonographs, television, records, etc.. + 11 +7 +7 2.6 2.8 99 78 92 94 87 Radios, phonographs, television + 10 +6 +10 2.2 106 74 96 93 91 85 Records, sheet music, and instruments +9 +7 +2 4.8 S3 90 101 107 100 77 Miscellaneous merchandise departments... +6 +5 +4 3.4 3.5 79 81 110 106 105 75 Toys, games, sporting goods, cameras. + 11 + 10 +4 5.5 77 84 126 120 121 Toys and games +9 +7 +5 5.4 5.7 63 70 70 133 127 127 Sporting goods and cameras + 13 +13 +3 4.5 5.1 99 107 58 113 112 109 87 Luggage. + 10 + 10 +6 3.2 3.4 104 104 94 109 113 103 Candy... +4 +6 1.2 1.1 65 66 58 75 82 71 BASEMENT STORE—total +7 +2 +3 2.4 2.5 93 87 76 108 101 104 Domestics and blankets + 10 +2 0 2.1 2.3 128 116 90 108 113 108 Women's and misses' ready-to-wear. +6 + 1 +3 2.0 2.0 88 84 72 105 96 102 Intimate apparel +2 +3 2.4 2.6 90 83 Hosiery 0 + 14 2.9 2.5 89 108 109 106 A D I C G B n o l r p i f o U r e a r a l u s o s t n n s s s ' n d t e e w s s a s e s ' , n , r e w w h d a s o k r e e s u i a a u r s r r t i e , s t d s , c r a o e n r s s d s e e t s s s , p a o u n r n t d i s f w o b r e r m a a s r s sieres. + + . + + + + 1 1 8 8 5 7 4 0 + + + + - - 7 1 4 4 6 1 - + + + + 13 5 5 7 7 2 2 2 1 1 1 1 . . . . . . . 9 3 6 7 1 4 3 2 2 2 2 1 1 1 . . . . . . . 3 3 5 6 2 5 7 1 1 1 () 1 5 1 7 5 8 6 9 5 6 1 () 2 8 0 7 7 2 3 6 3 5 1 1 1 () 1 5 1 4 7 1 9 4 4 0 ( 1 1 1 ( 4 4 3 1 0 7 ) ) 1 8 4 5 ( 1 ( 1 1 4 4 0 8 1 1 7 ) ) 3 1 9 9 8 1 1 ( 1 9 1 2 2 7 ) 9 0 5 2 7 130 Men's and boys' wear.. +11 +7 +7 2.8 2.9 100 91 (4) 112 120 Men's wear + 12 +6 +5 3.0 3.2 87 93 78 115 104 109 M M e e n n ' ' s s f c u lo rn th is i h n i g n . gs +9 + + 6 6 + + 6 6 3 2 . . 4 8 3 3 . . 5 0 9 8 2 6 9 9 7 1 8 7 5 6 1 11 2 1 7 1 1 1 0 2 0 1 10 2 5 0 "\/f"*-*-C1 'ft (*•% •»•** 4 flit 1*t I + 14 Boys' wear +9 + 12 154 73 140 135 120 + 10 Homef urnishings +7 +2 3.0 3.1 87 69 83 103 106 100 +4 Shoes +1 + 1 3.8 4.0 97 75 91 104 116 +6 NONMERGHANDISE—total. +2 106 96 99 (4) +7 Barber and beauty shop + 1 119 147 111 +7 2The 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. 2 The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 1275. 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 ail of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. 1279 NOVEMBER 1955 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 A 104.3 128.0 125.2 113.4 107.1 120.2 1954—September 114 7 112.4 119.5 128 8 107 9 122 4 106.0 117 A 104.3 126.4 125.7 113.5 106.5 120.1 October 114 5 111 8 119 5 129 0 108 5 123 8 105 6 117 6 104 6 125.0 125.9 113.4 106.9 120.1 November 114 6 111.1 119.5 129 2 108 7 124 2 105.4 117.8 104.6 127.6 126.1 113.8 106.8 120.0 December 114.3 110.4 119.7 129 A 109.1 125.5 105.4 117.7 104.3 127.3 126.3 113.6 106.6 119.9 114.3 110.6 119.6 129.5 109.4 126.1 104.6 117.7 103.3 127.6 126.5 113.7 106.9 119.9 February 114 3 110.8 119.6 129 7 109 9 126 2 104 8 117.7 103.4 127.4 126.8 113.5 106.4 119.8 March......... 114.3 110.8 119.6 130.0 110.3 126.2 104.6 117.9 103.2 127.3 127.0 113.5 106.6 119.8 April 114 2 111.2 119.5 129 9 110 3 125 7 104 5 118.1 103.1 125.3 127.3 113.7 106.6 119.8 May 114.2 111.1 119.4 130.3 110.9 122.5 103.7 119.0 103.3 125.5 127.5 113.9 106.5 119.9 114.4 111.3 119.7 130.4 110.7 122.7 103.8 119.2 103.2 125.8 127.6 114.7 106.2 119.9 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 September 114.9 111.6 120.4 130.5 111.2 125.2 103.6 119.8 104.6 125.3 128.2 116.6 106.7 120.6 NOTE.:—Revised indexes, reflecting, beginning January 1953, the inclusion of new series (i. e. home purchases and used automobiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49=100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d - d e s - l - l H s e p u k a a r i c n i 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 e t 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 c n o e m o t d d r s d - - p a p P a u a l r u l p c n o i l e t e d d p s d r - , , M m p u a r e e c n o t t t d a d a s l - l s p c u M m t a e r h i c n o r v 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 d e s a e d s e i r - - - e s N t t r m t m a u a r o l l r u i e l s n a n i - c — c - l - - b e b m o b r a T a a t e n f c o t g v r l d c - s e e - o . d s 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 . 11.1.6 107.0 108.8 113.2 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 September 110.0 93.6 105.5 114.4 95.3 93.0 106.9 106.8 126.9 119.3 116.3 129.1 124.4 115.3 121.7 121.5 99.1 October. ....... 109.7 93.1 103.7 114.5 95.4 92.4 106.9 106.9 128.5 119.8 116.3 129.7 124.3 115.6 121.9 121.5 96.7 November. 110.0 93.2 103.8 114.8 95.2 92.8 107.4 107.0 131.4 119.9 116.0 129.9 125.3 115.6 121.8 121.4 97.0 December 109.5 89.9 103.5 114.9 95.2 91.8 107.5 107.0 132.0 120.0 115.9 129.8 125.7 115.7 121.8 121.4 98.0 1955 January/........ 110.1 92.5 103.8 115.2 95.2 91.9 108.5 107.1 136.8 120.3 116.3 130.1 125.8 115.5 122.0 121.4 97.0 February 110.4 93.1 103.2 115.7 95.2 92.3 108.7 107.1 140.6 121.2 116.6 131.5 126.1 115.4 121.8 121.6 97.1 March 110.0 92.1 101.6 115.6 95.3 92.2 108.5 106.8 138.0 121.4 116.8 131.9 126.1 115.1 121.9 121.6 95.6 April..... 110.5 94.2 102.5 115.7 95.0 93.2 107.4 107.1 138.3 122.4 117.4 132.9 126.3 115.1 122.3 121.6 94.0 May 109.9 91.2 102.1 115.5 95.0 92.9 107.0 106.8 138.0 123.5 117.7 132.5 126.7 115.1 123.2 121.6 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.. . 110.9 88.1 101 .9'117.5 95.3 93.8 '107.2 105.9 '•148.7 125.1 119.7 '139.5 128.5 116.0 126.1 121 .7 89.8 Septembefr.... 111.6 89.3 101.4 118.4 95.5 94.0 108.3 105.9 151.6 125.6 120.3 141.8 129.7 116.4 126.3 121.7/ 90.3 "Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49=100] 1954 1955 1954 1955 Subgroup Subgroup Sept. July Aug. Sept. Sept. July Aug. Sept. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 99.8 98.7 99.5 102.1 Grains 93 6 86 7 78 6 81 4 Paperboard 124 2 126 1 128 0 129 3 Livestock and poultry 80 7 79 4 75 5 75 5 Converted paper and paperboard.. 112.0 112 3 113 2 114 0 Plant and animal fibers 107.4 103.8 102.9 100.8 Building paper and board 127.6 129.7 132.7 132.7 Fluid milk 91 7 89 0 r91 8 93 5 Eggs 77 3 78 7 95 4 103 0 Metals and Metal Products: Hay and seeds 87.5 85.6 81.6 75.1 Other farm products 164 6 137 6 138 6 146 2 Iron and steel 134.1 143.1 144.9 144.9 Nonferrous metals 126 2 139 5 145 0 154 1 Processed Foods: 131 2 131 4 132 8 132 8 Hardware 140 9 144 9 146 1 147 6 Cereal and bakery products 113.8 117.6 115.1 114.4 Plumbing equipment 118.5 123.2 128.1 128.1 Meats poultry, and fish 92 0 88 5 86 3 87 5 Heating equipment 114 1 113 6 116 0 117 2 Dairy products and ice cream 106.6 106.0 107.8 104.3 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 118 0 123 8 126 5 127 0 bles 105 0 104 6 105 0 106 9 Fabricated nonstructural metal Sugar and confectionery 113.0 110.7 110.1 109.6 products ; 126.0 127.0 129.3 130.6 Packaged beverage materials 206.0 171.9 173.7 176.6 Other processed foods 103.5 100.5 99.5 98.1 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 121 9 121 5 122 4 126.1 Cotton products 89.2 91.0 91.7 92.4 Construction machinery and equip- Wool products 109 6 105 0 103 9 103 2 ment 131 6 134 7 138 2 140 0 Synthetic textiles 85.8 86.8 86.7 86.7 Metal working machinery....... 133.3 145.5 146.7 146.9 Silk products 128.4 126.8 128.7 126.8 General purpose machinery and 98 6 98 6 98 6 98 7 equipment 128 1 132 7 134 8 136 6 Other textile products 80.3 74.3 72.9 72.1 Miscellaneous machinery 125.9 127.4 130.2 131.6 Electrical machinery and equip- Hides, Skins, and Leather Products: 125.6 126.7 127.7 129.8 Motor vehicles 118.9 122.0 122.0 122.0 Hides and skins 51.5 58.2 58 9 60.9 Leather 82.9 85.1 85.0 85.1 Furniture and Other Household Dura- 111.8 111 4 111 4 111 4 bles: Other leather products 96.5 96.5 '96 3 96.0 Household furniture 112.8 113.1 114.3 115.0 Fuel, Power, and Lighting Materials: Commercial furniture.. 126.2 130.0 134.3 136.0 Floor covering 124.4 126.7 126.8 128.0 Coal 105.5 101.5 102 2 108.3 Household appliances 109.4 106.5 106.6 106.2 Coke 132 4 133 4 137 4 137 4 Radio 95.4 94.0 »-89.2 89.4 Gas i 106 0 108 9 106 8 106 8 Television 68 7 68 9 r68 9 69 3 Electricity. 101.2 '96! 6 96 1 96.6 Other household durable goods.... 130.5 133.1 134.1 134.1 Petroleum and products... 109 4 111 6 113 0 114 0 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 123.9 131.1 131.1 131.1 Industrial chemicals 117.4 118.2 118.1 118.1 Concrete ingredients 122.1 125.0 125.3 125.3 Prepared paint 112 8 114 8 114 8 114 8 117.8 118.3 118.6 119.3 Paint materials 97 0 97 1 97 6 97 6 Structural clay products 135 4 141 3 142 9 143.6 Drugs, Pharmaceuticals, cosmetics. 94.0 92.8 92.4 92.4 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 54.0 55 9 54 6 55 4 Prepared asphalt roofing 104.1 110.8 114.5 114.6 Mixed fertilizers 109.3 108.9 108 9 108.5 Other nonmetallic minerals 120.8 122.5 122.5 122.8 Fertilizer materials .... 112 3 111 7 112 1 112 0 Other chemicals and products 107.6 103.9 104.0 104.0 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 125.6 159.2 170 3 176.4 Cigars 103.7 103.7 103.9 103.9 Tires and tubes 129 6 142 3 147 2 147 2 Other tobacco products 121 4 121.4 122.5 122.5 Other rubber products 124.0 134.7 137.1 141.2 Alcoholic beverages 114.3 114.7 114.7 114.7 148.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 119 0 125 1 126 4 127 1 Millwork 130.2 128.3 128 3 128 2 Toys, sporting goods, small arms.. 112.7 113.1 113.4 113.6 Plywood 103.2 105.7 105.7 106.1 Manufactured animal feeds 89.0 73.9 71.7 72.5 Notions and accessories 101.2 91.0 91.0 91.0 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 103.2 103.7 104.3 104.3 Other miscellaneous 121.2 121.2 121.5 121.5 109.6 113.8 113 8 113.8 Wastepaper.... i 80.0 125.9 129.1 129.1 Paper 126.5 130.7 130.5 131.0 'Revised. Sowrc*.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. NOVEMBER 1955 1281 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 56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.8 367.1 375.3 384.8 391.5 Less: Capital consumption allowances.. 8.6 7.2 9.0 18.4 20.5 23.5 25.5 27.8 30.0 30.4 30.9 31.2 31.9 32.7 Indirect business tax and related liabilities 7.0 7.1 11.3 21.6 23.7 25.6 28.1 30.2 30.3 30.0 30.7 31.1 31.7 32.2 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 . . 1 8 . . 8 2 1 1 . . 0 3 1. . 2 7 1 1 . . 2 3 - 1 .8 .2 1.2 1. . 2 7 1. . 2 7 — 1 . . 2 2 n 1 . . a 2 . Plus: Subsidies less current surplus of -1.5 government enterprises -.1 .0 .1 -.2 .2 .2 -.1 -.4 -.1 -.3 .3 .4 .6 .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 n.a. 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 33.1 35.5 39.6 42.2 n.a. Contributions for social insurance. . .2 .3 2.8 5.7 6.9 8.2 8.6 8.7 9.6 9.6 9.6 10.5 10.8 11.2 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .1 .0 -.1 .0 .0 .0 .1 .4 -.6 Plus: Government transfer payments... .9 1.5 2.6 11.6 14.3 11.6 12.0 12.8 15.0 15.0 15.7 15.9 16.2 15.7 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 5.1 5.0 5.0 Dividends 5.8 2.1 4.5 7.5 9.2 9.1 9.0 9.3 10.0 10.0 10.6 10.2 10.7 11.0 Business transfer payments....... .6 .7 .5 .8 .8 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 Equals: Personal income 85.8 47.2 96.3 206.8 227.1 255.3 271.1 286.2 287.6 287.3 290.8 293.6 300.5 306.1 Less: Personal tax and related payments. . 2.6 1.5 3.3 18.7 20.9 29.3 34.4 35.8 32.8 32.8 33.1 32.6 33.4 34.4 Federal 1.3 .5 2.0 16.2 18.2 26.3 31.2 32.4 29.1 29.1 29.3 28.8 29.5 30.4 1.4 1.0 1.3 2.5 2.7 3.2 3.7 3.7 3.8 State and local 3.0 3.4 3.8 3.9 4.0 83.1 45.7 93.0 188.2 206.1 236.7 254.8 254.5 257.8 Equals: Disposable personal income. 226.1 250.4 261.0 267.1 271.7 79,0 46.4 81.9 180.6 194.0 218.3 236.5 237.9 241.0 Less: Personal consumption expenditures 208.3 230.6 245.8 250.5 256.0 4.2 -.6 11.1 7.6 12.1 18.4 18.3 16.6 16.8 Equals: Personal saving 17.7 19.8 15.3 16.6 15.7 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 1954 3 4 1 2 3 National income 87.8 40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 298.7 303.2 311.4 320.7 n.a. Compensation of employees 51.1 29.5 64.8 140.9 154.3 180.4 195.3 209.2 207.9 207.8 209.8 213.1 219.5 224.3 Wages and salaries* 50.4 29.0 62.1 134.3 146.5 170 9 185.1 198.5 196.2 196.1 198.1 200.8 207.0 211.3 Private 45.5 23.9 51.9 113.9 124.3 142.1 152.2 164.7 162.4 162.1 163.8 166.5 171.7 175.6 Military .3 .3 1.9 4.2 5.0 8.7 10.5 10.3 9.5 9.4 9.3 9.1 9.3 9.1 4.6 4.9 8.3 16.2 17.2 20.1 22.5 23.5 24.4 24.5 25.0 25.3 25.9 26.6 Supplements to wages and salaries... .7 .5 2.7 6.5 7.8 9.5 10.2 10.8 11.7 11.7 11.8 12.2 12.5 13.0 Proprietors1 and rental income2.... 20.2 7.6 20.9 42.0 44.6 49.9 49.9 48.4 48.4 48.3 48.2 48.8 48.7 48.8 Business and professional 8.8 3.2 10.9 21.4 22.9 24.8 25.7 25.9 25.9 26.0 26.3 26.6 27.1 27.6 Farm 6.0 2.4 6.5 12.7 13.3 16.0 14.3 12.3 12.0 11.7 11.2 11.5 11.0 10.6 Rental income of persons 5.4 2.0 3.5 7.9 8.5 9.1 9.9 10.3 10.5 10.6 10.7 10.7 10.7 10.7 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 28.1 35.1 39.9 36.9 37.2 33.8 33.1 35.5 39.6 42.2 n.a. Corporate profits before tax . . . 9.6 .2 17.0 26.2 40.0 41.2 35.9 38.3 34.0 33.5 36.0 -40.9 43.0 n.a. Corporate profits tax liability..... 1.4 .5 7.6 10.4 17.8 22.5 19.8 21.3 17.1 16.8 18.1 20.5 21.6 n.a. 8.3 — .4 9.4 15.8 22.1 18.7 16.1 17.0 17.0 16.7 17.9 20.4 21.4 n.a. Inventory valuation adjustment .5 -2.1 -2.5 1.9 -4.9 . -1.3 1.0 -1.1 -.2 -.5 -.5 -1.3 -.8 -2.6 Net Interest 6 4 5.0 4.5 5.2 5.9 6.8 7.4 8.8 9.5 9.5 9.7 9.9 10.3 10.7 n.a. Not available. 1 Includes employee contributions to social insurance funds. 2Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1282 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 3 4 1 2 3 Gross national product 104.4 56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.8 367.1 375.3 384.8 391.5 Personal consumption expenditures 79.0 46.4 81.9 180.6 194.0 208.3 218.3 230.6 236.5 237.9 241.0 245.8 250.5 256.0 Durable goods 9.2 3.5 9.7 23.6 28.6 27.1 26.6 29.8 29.3 29 4 30 4 34.4 35.1 37.2 Nondurable goods 37.7 22.3 43.2 96.9 100.4 111.1 116.0 118.9 120.9 121.5 122.5 122.4 125.3 127.0 Services. . 32.1 20.7 29.0 60.1 65.0 70.1 75.7 81.8 86.4 87.0 88.1 89.0 90.2 91.8 Gross private domestic investment 16.2 1.4 18.1 32.5 51.2 55.9 49.6 51.4 47.2 45.9 50.7 54.1 60.1 60.3 New construction1 8.7 1.4 6.6 17 5 22.7 23.3 23.7 25.8 27.8 28.5 29.4 31.2 *32.6 32.8 Residential nonfarm .... 3.6 .5 3.5 8.3 12 6 11 0 11.1 11.9 13.5 14.2 15.0 '16.1 16.9 16.7 Prod O uc t e h r e s r ' durable equipment 5 5. . 9 1 1 1 . . 0 6 3 6 . . 1 9 1 9 7 2 8 2 1 1 0 1 1 2 1 3 2 . . 2 4 2 1 3 2 . . 1 6 2 1 4 3 . . 4 8 2 1 2 4 . . 3 3 2 1 2 4 . . 2 3 2 1 1 4 . . 9 4 2 1 1 5 . . 5 1 r2 1 3 5 . . 2 7 2 1 5 6 . . 1 1 Change in business inventories.... 1.7 -1.6 4.5 «-=2 7 7.4 10.4 2.8 1.2 -2.9 -4.9 -.6 1.5 4.3 2.4 Nonfarm only 1.8 -1.4 4.0 -1 9 6.4 9.0 2.1 1.9 -3.2 -5.4 -1.0 1.5 4.2 2.0 Net foreign investment .8 .2 1.1 5 -2.2 .2 -.2 -2.0 -.3 -.7 .9 -.4 -.7 -.5 Government purchases of goods and services 8.5 8.0 24.8 43.6 42.0 62.8 77.5 84.5 77.0 75.8 74.5 75.8 74.9 75.8 Federal 1.3 2.0 16.9 25.4 22.1 41.0 54 3 59 5 49 2 47 7 45.7 46.4 45.2 45.5 National security /13.8 19.3 18.5 373 48.8 51.4 43.2 42.1 40.5 41.2 40.4 40.6 O Le th ss e : r Government sales2 .0 2. . 0 0 i 1 3.2 o 6. . 6 4 3. . 9 3 4. . 2 4 5. . 8 4 8. . 5 4 6. . 3 4 6. . 1 4 5. . 5 3 5. . 5 3 5. . 2 3 5. . 2 3 State and local 7.2 6.0 7.8 18.2 19.9 21.8 23.2 25.0 27.8 28 1 28.7 29.4 29.7 30.2 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Year or month in s P c o e o n r m a - l e Total Wa d p m i g u C n ro e o g s o d d t m a r i u i i n n t e c - y - d s - sa D l i a u n t i r r s t d y i i t e u v r s i e s d b - i - sbu S i r n e s tr r e d i v m u e i s s c e - e nts m G er o e n n v - t - in O l c a t o b h m o e r r e8 i p n r r c e P a i o n e r n o m t t d o - a e l r 4 s' i i n n d s D p a t c e o e i e n o n n v r r d m d a e - i l - s s e t m T p r e f a a e n y n r t - s s - 8 b p c i s a e u n o L o n f r t s n c o e s i c u o t i s o r e a r r s n n i 8 l - - s al i a n g N t c u r o o i r c m n a u l - e l- 7 1929 85 8 50 4 21 5 15 6 8 4 4 9 6 20 2 13.2 1 5 .1 77.7 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 ,V0 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 ?0 7 1? f> 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—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 4.6 278.1 195 5—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 4 91 7 55 7 27 8 37 2 7 0 47.9 26.4 16.9 5.3 291.7 August 305.3 211.2 91.5 56.1 27.9 35.7 7.0 48.8 26.7 16.9 5.3 290.8 Septembers.... 307.5 212.0 92.1 56.0 28.1 35.8 7.0 49.7 27.1 17.0 5.3 292.6 ^Preliminary. rRevised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 4Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. includes 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. NOVEMBER 1955 1283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States... 1286-1290 Gold production 1290 Estimated foreign gold reserves and dollar holdings... 1291 Reported gold reserves of central banks and governments. . 1292 Net gold purchases and gold stock of the United States. .. 1293 International Bank and Monetary Fund.. 1294 Central banks .. . 1294-1298 Money rates in foreign countries.. 1299 Commercial banks . . 1300 Foreign exchange rates.. 1301 Price movements in principal countries: Wholesale prices... 1302 Consumers' price indexes. .. 1303 Security prices 1303 Index to statistical tables... 1309-1310 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. NOVEMBER 1955 1285 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 1 [Amounts outstanding, in millions of dollars] Total foreign Tn- 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 i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica Asia o A th ll er tutions2 and Official of private 1951—Dec. 31. 1,641.1 7,661.1 3,547.6 289.4 405.6 300.5 521.3 642.6 846.6 3,005.9 1,307.1 1,455.2 1,595.5 297 1952—Dec. 31. 1,584.9 8,961.2 4,654.2 342.6 551.1 308.9 641.8 817.9 ,093.3 3,755.5 1,420.7 1,612.9 1,836.5 335 1953—Dec. 31. 1,629.4 10,019.0 5,666.9 428.5 898.8 465.7 674.2 708.9 ,557.5 4,733.6 1,295.5 1,768.4 1,895.5 326 1954—Sept. 30.1,801.9 10,730.6 6,319.2 474.2 1,247.6 528.4 668.5 837.9 ,673.3 5,430.0 ,384.1 1,889.6 1,764.1262.9 Oct. 31. 1,773.9 10,752.2 6,404.2 495.8 1,257.2 553.9 645.5 842.8 ,690.1 5,485.3 ,372.8 1,839.5 1,782.5272.1 Nov. 30. 1,792.8 10,781.8 6,379.3 502.1 1,287.2 563.0 623.7 829.7 ,673.7 5,479.2 ,377.8 1,848.1 1,811.8264.9 Dec. 31.1,769.9 11,152.6 6,774.0 715.4 1,372.5 578.6 672.4 639.5 ,642.1 5,620.5 ,535.7 1,905.9 1,825.4 265.1 1955—Jan. 31. 1,752.2 11,100.7 6,749.5 706.51,368.9 591.5 624.2 659.2 ,675.1 5,625.4 ,529.1 1,836, 1,842.1267.4 Feb. 28 1,784.9 10,924.9 6,540.3 725.1 1,406.9 612.2 634.5 598.9 ,626.7 5,604.4 ,366.9 1,811, 1,857.7284.3 Mar. 31 1,812.8 10,915.2 6,508.1 749.6 1,411.1 611.2 649.9 637.1 ,591.1 5,650.1 ,320.7 1,794, 1,859.9289.8 Apr. 30 1,820.7 11,066.5 6,632.9 670.7 1,404.5 629.3 657.6 676.7 659.5 5,698.4 318.9 1,899, 1,852.3 9 May 31 1,875.0 11,177.8 6,711.3 766.1 ,407.6 637.7 672.4 663.6 ,576.6 '5,723.9 ,274.7 1,989 1,884.7305.4 June 30 1,854.4 11,263.1 6,775.7 785.1 ,397.0 645.7 685.2 689.1 ,587.6 5,789.7 ,269.3 1,920 1,982.6 3010 July 31 v 1,860.8 11,276.9 6,656.7 834.7 ,418.3 675.7 702.2 621.5 ,560.8 5,813.1 1,296.5 1,897 1,968.0 4 Aug. 31 P 1,858.6 11,182.2 6,552.0 914.6 ,420.1 711.7 675.6 561.1 1,570.2 5,853.2 1,168.8 1,853 1,990.7316.5 Sept. 30P 1,844.2 11,507.3 6,803.0 980.4 ,421.8 769.0 682.8 575.2 1,564.0 5,993.2 1,184.4 1,915 2,085.5 328.9 Taljle la.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - m D a en rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - l P an o- d t P u o g r a - lm R a u n - iaSpain 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 11,093.3 91.1 123.9 70.4 28.5 47.3 203.1 110.3 3.4 57.4 6.1 19.2 91.0 8.4 1.7 12.0 219.3 1953—Dec. 31 1,557.5 190.9 130.3 95.7 37.9 100.9 242.9 118.5 2.2 72.4 5.8 36.0 116.7 14.2 2.0 6.9 384.1 1954—Sept. 30 11,673.3 281.9 104.0 76.4 37.7 94.3 247.6 132.3 1.8 83.5 7.9 58.3 180.5 6.4 2.1 6.9 351.7 Oct. 31 1,690 1 283 6 104 6 68 8 40.6 93.8 248.7 125.8 1.9 85.0 8.1 66.1 179.4 8.2 2.0 6.8 366.7 Nov. 30 1,673.7 272.4 103.2 69.2 39.8 110.2 241.4 115.8 2.2 88.9 8.0 70.9 159.0 8.1 5.2 9.0 370.3 Dec. 31 1,642.1 273.2 99.8 71.1 41.3 112.5 249.3 103.4 2.1 91.3 7.8 71.3141.0 8.2 1.8 8.6 359.5 1955—jan. 31 L,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 84.7 129.7 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 .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 1,576.6 271.7 103.5 64.3 40.4 131.0 194.6 67.8 1.9 94.1 8.1 100.6 113.9 10.3 2.0 '8.6 364.0 June 30 1,587 6 268 6 106 8 54.2 38.5 126.6 202.3 71.2 3.5 94.4 8.0 108.9 118.9 11.8 3.1 10.8 360.1 July 31 P 1,560.8 273.4 99.5 56.5 40.1 124.7 202.1 67.6 2.2 100.6 8.0 112.9 130.4 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 7.9 119.3 143.7 9.6 .9 9.5 300.2 Sept. 30P 1,564.0 279.9 104.4 63.7 41.1 134.0 199.3 67.7 2.0 111.6 8.2 120.1 147.9 9.3 1.4 9.2 264.2 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 p m i D R c l u i i a e o 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 o a - - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r nam 1951—Dec. 31. 1.455.2 249.7 27.8 100.3 54.0 106 4 263.6 45.8 27.3 158.2 34.9 67 7 47.2 27.8 84.7 71.9 87.8 1952—Dec. 31. 1,612.9 138.8 24.5 72.5 79.3 118 2 301.2 44.2 34.3 231.2 44.3 80 8 60.9 25.6 94.1 145.5 117.4 1953—Dec. 31.. 1,768.4 130.0 19.1 101.7 78.8 150 2 340.8 39.3 37.9 183.2 51.5 89 9 68.0 26.8 109.6 222.4 119.2 1954—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 32.3 160.3 73.2 168 6 243.7 59.6 31.5 265.5 46.9 75 6 79.6 20.4 91.7 202.2 121.9 Dec. 31. 1,905.9 160.4 29.2 119.6 69.6 222 2 236.7 60.4 34.5 328.9 48.7 73 8 83.4 30.4 90.3 193.6 124.1 1955—Jan. 31. 1,836.6 143.3 30.8 100.4 73.3 189 5 234.2 68.2 37.5 335.8 42.7 73 4 81.0 39.6 86.8 177.7 122.4 Feb. 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 26.5 110.7 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. rL,989.0 167.4 28.3 129.3 94.8 90 8 254.0 67.3 51.1 371.7 45.2 73 7 81.8 48.4 67.5 ••284.7 133.2 June 30. 1,920.5 156.6 27.6 119.6 94.2 101 5 244.6 70.7 50.5 341.3 42.1 84 3 83.1 49.7 63.9 261.3 129.5 July 31P 1,897.9 165.3 25.7 117.7 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. 3\P 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 Sept. 30P 1,915.3 164.8 25.6 147.0 87.1 98.2 235.7 69.6 42.6 340.1 46.5 84 8 88.7 32.5 61.4 258.8 131.9 ^Preliminary. rRevised. For footnotes see following page. 1286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued [Amounts outstanding, in millions of dollars] Table lc—Asia and All Other For- Ko- Egypt mosa rea, and Union Date Asia C a h n i d na H K o o n n g g India n In es d i o a - Iran IsraelJapan p R u e b - - ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a g B i e a l n - A E n g g y l p o - - So o u f th Other Main- lic Congo tian Africa 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 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. 1,825.4 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. :1,852.3 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 30. 1,982.6 70.6 60 3 97.0115.4 51.6 41.2757 4107.9 252.0 129 9 299 1 301.0 64 2 42 6 50.3 30.1 113.8 July 31 P I,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 L.990.7 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 Sept. 30P 2^085;5 71.9 58.1 92.0120.0 35.5 46.5864.6 99.6 253.1 122.9 321.3 328.9 72.3 44.3 59.6 36.9 115.8 Table Id.—Supplementary Areas and Countries 5 End of year End of year Area or country Area or country 1951 1952 1953 1954 1951 1952 1953 1954 Other Europe: Other Asia: Albania .1 .2 .2 .2 Afghanistan 10.6 4.0 2.7 n.a. Azores .3 .3 .4 n.a. British dependencies 21.0 25.5 19.8 21.1 British dependencies .6 .4 .4 .6 Burma 9.5 16.9 23.0 29.7 Bulgaria .6 .6 .6 .6 Ceylon 19.2 13.9 17.1 n.a. Czechoslovakia 1.3 .6 .6 .7 Iraq 12.9 14.1 13.8 10.0 Eastern Germany n.a. n.a. n.a. 1.2 Jordan .5 .6 .9 .8 Estonia 2.7 1.9 1.9 n.a. Lebanon 15.3 19.3 23.9 16.5 Hungary 1.0 1.0 1.0 1.0 Pakistan 13.1 14.4 9.7 3.8 Iceland 3.5 3.7 7.5 8.9 Palestine .1 .1 .1 Ireland, Republic of 15.9 12.6 14.1 n.a. Portuguese dependencies 2.7 2.8 5.3 1.8 Latvia 1.3 1.3 1.3 1.0 Saudi Arabia. 13.2 15.9 18.5 61.5 Lithuania .6 .6 .4 .5 Syria 5.4 11.4 20.5 21.5 Luxembourg 11.8 5.0 4.0 4.5 Viet-Nam n.a. n.a. 8.1 Monaco 3.2 2.6 3.0 5.3 Trieste 5.6 4.1 2.5 2.2 All other: British dependencies 1.2 1.6 1.6 1.4 Other Latin America: Ethiopia and Eritrea. 6.9 3.5 9.1 n.a. British dependencies 14.6 14.6 18.0 19.0 French dependencies 36.5 27.0 22.3 16.8 Costa Rica 8.7 12.1 13.4 15.3 Italian Somaliland .1 1.1 .3 n.a. Ecuador 11.4 23.7 17.7 21.2 Liberia 6.1 10.3 11.8 5.6 French West Indies and French Libya .5 2.3 3.0 n.a. Guiana 2.2 .6 .4 New Zealand 5.2 3.5 2.1 2.3 Haiti 10.3 11.6 9.3 12.7 Portuguese dependencies 4.3 6.3 5.0 n.a. Honduras 17.2 15.4 18.7 n.a. Spanish dependencies. .2 .2 .2 .5 Nicaragua 8.3 13.4 16.0 10.3 Tangier 21.5 26.7 36.1 35.7 Paraguay 5.4 5.0 6.0 3.6 P Preliminary. n.a. Not available. ^'Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial paper and of liabilities payable in foreign currencies are also included. 2 Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes Bank for International Settlements, reported under "Other Europe." 3 Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 4Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 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. NOVEMBER 1955 1287 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 p a e e n . d r y o - . , f Italy S l w a e n r i - t d z- U K d n o i i n t m g ed - E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e i r n - Asia ot A h l e l r 1951—Dec. 31 i 968.4 10.1 28 3 10 3 11.2 35.0 88.5 183.4 92.0 489.3 161 8 41.9 1952—Dec. 31... . 1.048.7 31.9 26 8 17 8 7.1 30.3 98.2 212.2 62.3 662.0 89.8 22.4 1953—Dec< 31... ... 904.5 10.6 30.5 18.8 17.9 70.5 87.5 235.9 56.4 472.7 114.8 24.9 1954-r— 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 '•1,386.5 14.2 r70 2 19.7 16.2 173.5 108.6 r402.5 75.6 728.1 143.3 37.0 1955—Jan 31 1,380.2 12.5 '72.7 20.2 18.5 145.9 137.5 '407.3 103.6 677.2 152.3 39.8 Feb. 28 .... 1,367.8 12.0 '80.1 21.9 21.9 115.9 142.6 ••394.4 105.3 670.6 160.0 37.6 Mar. 31 1,365 7 7 5 r73 6 22 6 19 3 119.1 140 0 '"382.1 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 30 . . . . .. 1,450 4 9 9 83 7 27 7 20.5 90.8 142.7 375 3 122.3 670.8 239.1 42.9 July 31 P 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 Aug. 31 P 1,413.9 9.8 73.8 30.3 21.5 74.4 150.8 360.6 112.2 665.5 236.3 39.4 Table 2a.—Other Europii Date E O ur th o e p r e A tr u i s a - g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u av g i o a - o A th l t l r 1951—Dec. 31 88.5 (2) 39.6 48 3 1 2 5 0 2.5 .8 IS. 8 5.4 .6 3.9 4.0 1952—Dec. 31 .... 98.2 .8 16 2 2 1 5 6 2 4.4 1 9 1! 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 1 0 .6 24.3 2.7 IS.7 4.8 6.S 1954—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 30 142.7 .4 15.2 6.8 2.9 3.2 13.3 2.2 .9 5.3 5.1 80.1 2.6 4.5 July 31 P 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 Aug. 31 P 150.8 .5 12.5 8.7 3.0 3.5 11.7 3.2 .7 5.7 5.7 88.5 .5 6.7 Table 2b.—Latin A\mencfi Neth- Data 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 u R c u a o i e b n - n - - - G m u a a l t a e- M ic e o x- I l W n a a e d n n r e i d d - e st s s l a P p i R m c u a e b n o a - - - f , Peru v S a £ a d 1 l o - r g U u r a u y - V zu e e n l e a - O A L i m a t c h t a e i e n r r lic Surinam 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 14.3 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 9.1 143 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—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 70 2 62.7 2.4 3.6 94.7 1.8 6.4 13.9 7.1 3 2 52.7 20.2 Oct. 31.. 740.3 6.1 2.2 360.5 6.8 78 9 64.9 2.2 3.3 99.2 1.3 7.7 14.2 9.5 3.7 57.3 22.3 Nov.30.. 750.2 5.8 2.2 321.6 11.8 91 8 63.1 2.5 4.9 114.7 1.3 12.0 14.6 12.7 5.8 61.4 23.8 Dec. 31.. 728.1 5.6 2.5 273.5 14.1 107 0 70.7 2.6 3.9 115.7 1.4 8.8 16.2 10.0 6.9 62.7 26.5 1955—Jan. 31. . 677.2 5.8 2.1 252.0 15.2 97 0 52.7 3.6 3.8 111.4 1.9 12.8 15.2 8.6 6 7 62.9 25.5 Feb. 28.. 670.6 5.8 2.2 249.3 11.9 89 5 47.6 3.8 3.8 111.0 1.9 14.6 14.7 7.2 6.5 76.3 24.5 Mar.31.. 686.2 5.5 3.0 220.5 18.5 87.6 64.5 4.4 4.0 127.7 1.4 17.7 15.1 5.8 8.4 78.7 23.6 Apr. 30. . 694.3 5.5 3.1 221.1 13.0 96 6 69.0 4.4 4.4 124.6 1.4 17.9 16.1 6.4 6.6 79.1 25.0 May 31. . 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 30. . 670.8 8.1 2.8 153.5 15.4 132 3 64.5 3.9 3.7 124.6 2.5 17.9 16.4 4.9 5.7 82.9 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 Aug.31P. 665.5 5.9 2.8 132.7 14.8 131 9 55.9 3.8 3.7 141.3 1.2 14.9 20.4 5.6 9.6 89.0 31.9 pPreliminary. 'Revised. i "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 498 million dollars on Aug. 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, 1288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES!—Continued [Amounts outstanding, in millions of dollars] Table 2c—Asia and All Other For- Egypt Date Asia M m C a h n o a i d s i n n a a - H K o o n n g g India I n n e d si o a - Iran IsraelJapan K l p i R o c u r e b e - o - a f , 2 ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s ia - C g B o i n e a l g n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u i f i c t o a h n Other land Sudan 1951—Dec. 31. . 161.8 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—Dec. 31.. 89.8 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 24.6 22.4 10.1 6.0 .5 2.0 3.8 1953—Dec. 31. . 114.8 8.1 3.1 3.7 .8 13.8 22.9 25.6 5.8 6.1 24.7 24.9 8.0 6.3 .5 2.4 7.8 1954—Aug. 31.. 125.7 8.2 2.8 3.9 .4 20.3 9.3 30.9 .5 12.0 6.2 31.3 32.8 10.1 7.5 .4 5.2 9.5 Sept. 30.. 125.6 8.1 2.4 4.5 .6 16.9 9.3 30.0 .2 12.3 6.7 34.5 35.2 10.5 6.9 .5 5.3 12.1 Oct. 31.. 128.1 8.1 2.6 4.8 .6 17.7 8.2 33.3 .4 10.8 6.9 34.8 33.9 10.9 6.8 .5 5.2 10.4 Nov. 30.. 125.9 8.1 3.3 4.4 .8 16.7 9.4 29.9 .3 10.7 7.1 35.3 32.5 10.4 6.6 .4 5.8 9.4 Dec. 31 . 143 3 8 1 3.4 4.9 .7 15.8 10.7 50.0 .2 7.3 6.3 36.0 37.0 14.1 6.3 1.0 5.9 9.6 1955—Jan. 31.. 152.3 8.1 3.4 3.6 .9 18.2 10.8 48.1 .4 9.6 13.5 35.9 39.8 13.4 6.2 1.1 7.5 11.7 Feb. 28. . 160.0 8.1 3.3 4.4 1.4 18.7 8.3 60.3 .5 8.7 11.2 35.2 37.6 11.7 6.0 .9 8.3 10.8 Mar. 31 . 169 8 8 0 4 0 4 9 .5 16.4 7.5 60.3 .5 9.8 11.9 46.0 36.5 10.9 5.6 1.0 6.8 12.3 Apr. 30.. 189.6 8.1 4.7 4.7 .4 18.8 7.4 69.6 .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 June 30.. 239.1 7 8 3 5 3 8 .4 19 9 7.7 92.5 .8 14.8 19.6 68.3 42.9 10.3 5.3 3.3 6.9 17.2 July 31P. . 241.0 7.8 4.1 3.5 .5 21.3 7.9 105.8 .4 16.7 12.9 60.3 42.2 10.2 5.1 1.5 6.7 18.7 Aug. 31 P. .236.3 7.9 3.9 3.6 .7 22.4 9.9 108.4 .5 15.2 11.2 52.4 39.4 9.3 4.7 1.6 7.1 16.7 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—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 6 101.3 261.3 -160.0 197.4 180.5 16.9 75.9 69.3 6.6 38.6 61.2 —22 6 120.8 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 M!arch 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 May 249.0 142.4 106.6 147.5 132.6 14.9 45.1 27.4 17.7 54.4 55 8 —1 4 June 14 1 17 1 —3 0 176 1 157 5 18.6 70 4 34 1 36 2 68 9 91 8 —22 9 July? 44.2 23.9 20.3 166.9 135.7 31.2 58.6 30.5 28.0 55 0 68 6 — 13 6 August P 180.6 24.3 156.3 134.8 115.8 19.1 40.5 20.0 20.5 53.7 73.7 -19.9 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 r n - - a s l f c o 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 a c d p n e u o r y b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1951 —15.9 —568.4 6.0 (4) 1.9 45.9 21.4 -66.0 9.2 -595.5 13.9 4.8 — .7 1952 14.7 300.2 5.5 .2 .5 50.7 70.4 -15.9 111.4 191.6 4.7 —9.5 1 9 1953 22.7 -34.3 -41.7 .2 -.5 57.1 71.3 -24.0 62.4 -120.6 24.9 (4) — .9 1954 77.7 71.6 17.0 — .1 — .6 73.4 69.8 -20.5 138.9 -187.2 113.2 3.5 3.2 1954—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.... 10.2 133.0 .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) -.8 41.1 39.3 80.4 1 78.4 6.2 (4) .7 June... .7 14.9 .7 .9 (4) 9.0 14.8 -1.3 24.0 -8.6 -1.9 1.2 .1 July?. . 3.0 48.6 .3 .1 26.9 13.5 9.3 49.9 -4.6 .6 1.4 1.3 Aug.?.. 2.8 172.6 1.7 .6 __ i 27.5 -1.0 4.3 32.9 132.0 6.7 .3 .6 p Preliminary. !See footnote 1 on preceding page. 2Not reported separately until Mar. 31, 1954. 3 Includes transactions of international institutions. 4Less than $50,000. NOVEMBER 1955 1289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN UNITED STATES, BY AREAS CORRESPONDENTS1 [Net sales, (-). In millions of dollars] [In millions of dollars! Inter- Total Assets in custody Year or national foreign Total Can- A La m ti e n r- Asia All month tu in ti s o ti n - s c t o ri u e n s - Europe ada ica other Date Deposits U. S. Govt. Miscelsecurities2 laneous* 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—Oct. 31 426 3,050 99 Nov. 30 397 3,002 104 1954—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 -l!6 Feb. 28 320 2,966 128 Dec... -2.6 -13.4 -3.4 4.7 -1.4 -3.3 -9.8 Mar. 31 351 3,062 131 Apr. 30 .. 360 3,137 137 1955—Jan.... -2.6 -29.9 -22.7 -14.6 3.6 -5.3 9.2 May 31 402 3,264 141 Feb.... 10.9 22.8 -8.4 34.6 2.0 -3.7 -1.8 June 30 374 3,295 139 Mar.. . .3 .3 -3.7 6.3 -1.9 -.9 .6 July 31.. 410 3,288 135 Apr. . . -2.4 -4.0 -8.1 6.2 .4 -2.4 C1) Aug. 31 387 3,373 141 May.. -4.1 20.5 '.7 16.2 .8 -2.3 r5.1 Sept. 30 385 3,463 142 June.. .1 13.3 -21.2 30.2 4.8 -2.3 1.7 Oct. 31 402 3,506 138 July*.. -9.7 24.1 -8.1 32.7 1.6 -3.3 1.2 Aug. P.. .8 -.2 -1.3 2 2.7 -4.4 3.1 1955—Oct. 5 388 3,462 142 Oct. 12 385 3,471 143 Oct. 19 379 3,479 142 ^Preliminary. rRevised. Oct. 26 407 3,482 139 iLess than $50,000. 1 Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1293, 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 inciU(ies bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN .or 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 .i 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 ed s3 C a a d n a - M ic e o x- Co bi l a om- Chile r N ag ic u a a - 4 Au li s a tra- India2 $1= 15Hi grain.f of goldHo fine: i e., an oimce of fitte gold =$35. 195i 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—August 71.4 39.8 1.6 2.4 1.4 5.8 12.9 1.4 1.2 .3 .7 3.2 7 SeDtember 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 1955—January... 70.4 40.7 1.4 2.2 1.5 5.0 12.8 .9 1.6 .5 .6 2.8 5 February 67.9 38.8 1.6 2.2 1.2 4.8 12.3 1.8 1.1 .3 .6 2.7 .5 42.3 1.5 2.2 1.2 5.4 13.0 1.2 .5 6 3 3 6 April 41.7 1.6 2.2 1.3 5.0 12.9 1.1 .4 7 2.8 5 IVIay 42 8 1.6 2.1 1.1 5.3 13 4 9 5 8 3 0 6 June 42.7 1.5 2.2 5.6 13.0 1.2 8 .6 July 43.7 2.2 4.1 13.5 .8 .6 August 44.4 2.2 5.9 7 .6 '•Revised. Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2Reported by American Bureau of Metal Statistics. 3 Yearly figures reported by United States Mint. Monthly figures reported by American Bureau of Metal Statistics. 4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. 1290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [Amounts outstanding, in millions of dollars] 1951 1952 1953 1954 1955 Area and country Dec. 31 Dec. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Continental Western Europe: Austria . . .. 107 143 166 208 238 267 289 335 333 335 329 Belgium-Luxembourg (and Belgian Congo) 898 1,035 1,044 1,081 1,098 1,124 1,055 1,024 1,039 1,087 1,108 Denmark 76 101 102 113 127 133 124 107 102 100 85 Finland 53 55 60 57 64 71 73 69 72 69 69 France (and dependencies)1 896 967 926 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 633 655 660 714 812 841 802 874 925 957 992 Netherlands (and Netherlands West Indies and Surinam) 524 815 953 1,022 1,055 1,064 1,125 1,118 1,118 1,109 1,107 Norway 150 160 164 169 171 169 178 177 148 109 116 Portugal (and dependencies) 331 374 412 437 469 499 516 537 560 570 571 Spain (and dependencies) 128 130 134 138 150 136 142 174 188 209 225 224 275 280 309 335 337 342 399 406 386 383 Switzerland 1 973 2,053 2,091 2,120 2,133 2,134 2,105 2,172 2,185 2 149 2,170 Turkey 165 151 152 157 157 153 151 150 152 154 156 Others 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 12,291 Sterling Area: United Kingdom 2 843 2,318 2,886 3,051 3 009 3,198 3,536 3,388 3,190 3 137 3 139 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 326 347 369 354 373 371 373 371 381 395 405 Total 3,774 3,284 3,910 4,070 4,050 4,224 4,577 4,417 4,240 4,205 4,232 2,157 2,492 2,238 2,292 2,417 2,487 2,463 2,543 2,616 2 493 2,539 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 83 54 61 72 63 65 80 75 64 62 72 78 Mexico 366 375 339 325 341 329 258 315 391 427 419 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 79 306 301 311 311 337 329 335 329 317 308 291 Venezuela 445 519 530 571 595 562 621 614 597 591 664 Other 256 326 356 347 366 410 463 401 441 322 327 Total 3,360 3,379 3,672 3,706 3,621 3,710 3,721 3,658 3,671 3,564 3,708 Asia: Indonesia 421 296 246 198 184 166 140 168 181 194 211 Iran 163 157 155 168 181 185 172 164 169 178 190 729 929 1,015 1,055 951 800 740 794 851 841 884 Philippines 337 324 316 318 304 319 308 318 266 264 263 Thailand 210 294 311 304 281 268 243 238 236 245 243 Other 325 360 363 374 401 451 444 465 520 551 601 Total 2,185 2,360 2,406 2,417 2,302 2,189 2,047 2,147 2,223 2,273 2,392 Eastern Europe3 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 25,781 I iternational4 3,171 3,287 3,272 3,212 3,331 3,401 3,364 3,536 3,560 3,565 3,677 Grand total 22,401 23,766 25,008 25,801 26,393 27,081 27,400 28,013 28,561 28,638 29,458 1 Includes gold reserves of Bank of France and French dependencies only. 2Includes holdings of other Continental OEEC countries, Yugoslavia, Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. 3 Excludes gold reserves of the U. S. S. R. 4 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. NOVEMBER 1955 1291 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 De a n 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 23 487 23,252 706 21 317 896 42 214 31 23 1953—Dec 36,710 22,030 22,091 371 776 21 321 996 42 86 186 31 23 1954— Sept.... 37,210 21,810 21,863 371 760 5 322 1,059 42 186 31 23 Oct... 21,759 21,827 371 760 5 322 1,065 42 186 31 23 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 186V 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 M Ap ar r . . . . . . . . 37,500 2 2 1 1 , , 7 6 1 7 9 1 2 2 1 1 , , 7 7 6 2 3 4 3 3 7 7 1 1 8 8 2 3 4 9 (3) 3 3 2 2 2 2 1 1 , , 0 1 9 0 7 3 4 4 3 3 1 1 8 8 6 6 3 3 1 1 2 2 3 3 May. . . 21,674 21,727 371 848 322 1,111 43 186 31 23 June... 37,730 21,678 21,730 371 839 322 1,112 42 186 31 23 July... 21,682 21,734 371 845 322 1,122 42 186 31 23 Aug.. . . 21,682 21,732 371 850 1,134 42 31 23 Sept,... *>37,87O 21,684 '21,745 877 1,141 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 . a e n th 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 '""is 27 247 280 138 333 208 316 50 27 46 1952—Dec... 174 S73 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—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 27 247 138 346 78 804 45 38 35 July.... 174 576 776 27 247 138 804 45 48 35 Aug 174 576 802 247 138 804 45 48 35 Sept 174 576 825 804 45 48 35 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l z a w e n r i d - t- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1949—Dec 178 17 128 85 70 1,504 118 154 61,688 178 373 ,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 63,300 236 373 ,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 52,335 221 373 ,530 115 1952—Dec 286 29 170 51 184 L,411 113 143 51,846 207 373 ,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 62,518 227 373 ,702 193 1954—Sept 416 29 195 56 219 1,503 113 144 62,901 227 403 ,734 195 Oct 422 29 199 56 224 1,513 113 144 62,936 227 403 ,734 193 Nov.. . . 427 29 194 56 246 1,513 113 144 52,925 227 403 ,736 193 Dec 429 29 199 56 265 L ,513 113 144 52,762 227 403 1,740 196 1955—Jan. . , 431 29 195 56 265 L,512 113 144 62,763 227 403 L,744 198 Feb 431 29 201 56 265 ,501 113 144 52,681 227 403 ,744 209 Mar.. . . 438 29 203 56 265 L,499 113 144 52,667 227 403 1,744 204 Apr 438 29 208 56 258 1,493 113 144 62,686 227 403 L,744 204 May.... 438 29 207 56 263 L,473 113 144 62,686 227 403 1,745 207 June 436 29 212 56 264 1,485 113 144 62,680 227 403 1,745 230 July.... 422 29 215 56 264 1,495 112 144 52,544 227 403 L.747 227 Aug 425 29 212 56 264 L,501 112 144 52,457 227 403 1,751. 226 Sept 28 214 56 264 L ,513 52,345 216 403 215 ^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." sLess than $500,000. 4Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 6Exchange 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. « 1292 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 e o r r Total K U in n g i d te o d m g B i e um l- France R m ep. F G a 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 th o e 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 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 , , , 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 —5.6 5.8 114.1 — 10.0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 —40.0 a-159.9 3.4 -49.9 -10.0 -16.1 1950... .-. -1,725.2 —1,020.0 —55.0 -84.8 —79.8 —15.0 -22! 9 —38.0 —68.0 —100.0 28.2 —118 2 1951 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -49.9 z-20.0 -60.2 1952 .. 393 7 440.0 —3.8 —10 0 — 100.0 —5.0 22.5 —17.3 7.2 —20.0 87 7 1953 -1,164.3 -480.0 -84.9 -130.0 -65.0 -59.9 -20.6 -65.0 -111.8 -84.8 -28.1 1954 -326.6 -50.0 -225.6 -54.9 -15.0 -15.5 -17.4 80.3 1953 Jan.-Mar.. -599.1 -320.0 -36.5 ....... -30.0 -25.0 -15.0 -10.0 -20.0 -45.0 -54.9 -28.1 Apr.-June. -128.2 -40.0 -3.4 —10.0 -15.0 -25.0 -8.8 -20.0 July-Sept.. -306.6 -120.0 -12.4 -40.0 ' -40'.6 -15.0 -i6!p* -15.0 -42.8 -10.0 Oct.-Dec.. —130.3 -32.6 —50.0 -15.0 -5.0 -15.3 1954 —63.0 —40.0 —20.0 —2.4 Apr.-June. -19.6 -50.0 — 15.6 —5.0 — 1.1 80.3 July-Sept.. -171.8 -140.0 -20.0 -8.6 -2.5 Oct.-Dec.. —72.3 —30.0 -10.0 -15"6* -7.5 -11.3 1955 Jan -M!ar. —36 9 —22 5 —10 0 -5 Q Apr.-June. -41.7 —45 0 3.5 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES (Negative figures indicate net sales by the United States) [In millions of dollars] [In millions of dollars at $35 per fine troy ounce] Gold stock at Ear- Y qu e a a r r t e o r r g U u ru ay - V zu e e n l e a - A O L i m a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d a y s o - f p T e o ri t o a d l1 I i n n s g c to r o to e c ld a t k a s l e g p e o o x N ld p rt e o i t o r m t r -g m o c c o l r r a r d e e r : a a k i n s s d e e e - d e- p D ti r c o t o i m d o g n u o e c l s d - - (-) 1945 -37.9 —73.1 —27.8 s-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.S —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 * -47.2 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1951 22 2 — .9 —17.2 5—50.1 52.1 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 -30.0 17.2 — 10.4 _ 4 1951........ 22,695 22,873 52.7 —549.0 617.6 66.3 1952 23,187 23,252 379.8 684.3 -304.8 67.4 1953 1953 22,030 22,091 —1,161.9 2.2 -1,170.8 69.0 1954 21,713 21,793 -297.2 16.6 -325.2 65.4 Ja.n -Mar. . —10 0 —3 6 —1 1 —5.0 — 1.2 1954—Oct.... 21,759 21,827 —36.7 1.6 -34.6 5.6 — .1 —1.4 Nov... 21,710 21,791 -35.9 1.5 -36.7 5.6 Oct -Dec — .1 —2 4 -9.9 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 Feb... 21,716 21,788 1.6 3.2 -.8 4.8 Jan.-Mar -5.0 13.2 -8.9 Mar... 21,719 21,763 -24.7 2.7 -27.7 5.4 Apr.-June....... ' -30.6 2.0 Apr-... 21,671 21,724 -39.4 2.5 -41.8 5.0 July-Sept —1.2 May. . 21,674 21,727 2.9 4.5 —1.0 5.3 Oct.-Dec 1.9 — .1 - .4 June. . 21,678 21,730 3.1 3.8 -.9 5.6 July.. 21 J682 21,734 4.4 1.6 4.1 1955 Aug.. . 21,682 21,732 -2.2 3.6 -2^9 5.9 Sept.., 21,684 21,745 12.7 4.4 10.6 7.0 Jan -IMar. — 3 4 .1 — 1 -2.7 Oct.... 2>21,685 J»21,746 Pl.6 (3) 4-7.1 (3) P Preliminary. ' 1 Includes Bank for International Settlements.1 xSee footnote-2 on opposite page. 2 Includes sale of 114.3 million dollars of gold to Italy. 2Change includes transfer of 687.5 million dollars gold subscrip- • Includes sales of 185.3 million dollars of gold to China. tion to International Monetary Fund. ^Includes sales of gold to Egypt as follows: 1950, 44.8 million 3Not 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 6,890.4 million dollars on Oct. 31, 1955. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. NOVEMBER 1955 1293 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 Sept. June Mar Dec. Sept, July Apr. Jan. Oct. July Dollar deposits and U. S. securities 440 464 485 466 478 Gold 1,747 1,744 1,744 1,734 1,733 Other currencies and securities1. 977 996 1,001 1,010 1,049 Currencies:1 Effective loans2 ,837 1,796 1,694 1,738 1,620 United States 1,643 1,609 1,567 1,574 1,472 Other assets8 36 52 35 37 33 Other 4,656 4,691 4,734 4,738 4,746 IBRD bonds outstanding 849 852 838 849 850 Unpaid member subscriptions... 805 798 798 798 892 Undisbursed loans 429 456 386 420 336 Member subscriptions 88,863 88,853 «8,853 8,853 8,853 Other liabilities 9 10 11 11 9 Accumulated net income -11 -11 -10 -9 -9 Reserves 193 184 174 165 154 Capital* ,810 1,806 1,806 1,806 1,831 Cumulative net drawings Sub- on the Fund10 Loans as of September 30, 1955 scrip- Country9 Quota p ti a o i n d 1955 1954 Country* Outstanding in gold Prin- Dis- Undis- Re- Aug. July June Aug. 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 258.5 216.2 42.3 1.6 214.7 20.1 Germany 330 33.0 -49.5 -49.5 -49.5 -46.1 Belgium 106.0 91.9 14.1 2.5 89.4 17.7 India... 400 27.5 12.6 12.6 27.6 53.3 Brazil 194.1 145.2 48.8 4.7 140.5 3.5 Indonesia 110 15.5 15.0 15.0 15.0 15.0 Chile 37.3 19.4 17.9 4.3 15.1 .6 Japan 250 62.5 62 4 62.4 62.4 62.4 Colombia 94.7 50.6 44.2 6.3 44.2 3.0 Philippines 15 3.8 10.0 10.0 10.0 Denmark 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 38.6 'HA 8.1 30.6 2.3 United States 2,750 687.5 -382.9 -382.9 -397.9 -461.8 France 267.5 253.7 13.8 8.3 245.4 21.6 India 126.0 61.2 64.8 16.2 45.1 5.7 Italy 90.0 32.8 57.2 32.8 6.0 1 Currencies include demand obligations held in lieu of deposits. Japan 40 2 31.8 8.4 31.8 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 94.9 46.4 4.9 90.0 2.4 agreed to be sold to others, and exchange adjustment. Netherlands 221.5 221.5 134.6 86.8 8.0 s Excludes uncalled portions of capital subscriptions. Norway 50.0 50.0 50.0 2.0 *Loans to dependencies are included with member. Pakistan. 77.3 31.0 46.2 3.4 27.6 1.8 •Includes also effective loans agreed to be sold but not yet disbursed Peru 36.0 9.8 26.2 .6 9.2 2.8 includes 189 million dollars in loans not yet effective. Thailand 37.4 24.2 13.2 .7 23.4 T Includes 118 million dollars not guaranteed by the Bank. Turkey 61.0 38.1 22.9 .3 37.8 8Includes 125 million dollar subscription of withdrawing member Union of S. Africa 110.0 110.0 3.4 106.6 13.1 (Czechoslovakia). United Kingdom.. 66.0 60.5 5.5 60.5 14.5 includes countries having cumulative net drawings of 10 million Uruguay 38.5 31.4 7.1 1.7 29.7 .2 dollars (+ or —) on the latest date. Yugoslavia 60.7 55.4 5.3 3.4 52.0 10 Represents for each country purchases of other currencies from Other 154.5 59.6 94.9 10.3 49.4 3.9 Fund less purchases of own currency by it or other countries. Total 62,385.6 1,767.9 617.7 1,550.97136.4 CENTRAL BANKS A d s e se p t a s r t o m f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities of banking department Bank of England Note (Fi p gu o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold1 a O s 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 D a d n u i s c 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 GA Other t c l i O i e a a s p t b h i i a t e l a n i r - l d 1948—Dec. 29 .2 L,325.0 36.1 16.7 401.1 1L,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 :L,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 L,450.0 14,1 18.2 389.2 L,437.9 299.8 13.4 ,6 89.8 18.1 1952-Dec. 31 .4 I,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—Oct. 27 .4 I,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 1L,751.7 276.1 15.4 9.6 66.3 18.1 1955—Tan. 26 .4 2 ,725.0 62.8 16.4 298.0 :1,664.9 251.9 16.3 4.7 85.9 18.3 Feb. 23 .4 ,725.0 68.8 52.4 248.1 1,658.9 271.1 11.3 4.7 63.7 18.4 Mar. 30 .4 ,725.0 31.5 16.1 328.8 1,696.3 275.7 11.7 4.1 66.4 18.5 Apr. 27. .4 2 ,750.0 21.3 18.0 319.2 1,731.5 253.9 18.6 4.6 63.6 17.8 May 25 .4 ,775.0 25.6 11.8 307.2 1,752.2 240.5 13.7 6.9 65.6 18.0 J J u u n ly e 2 2 9 7... . . 4 4 2 2 2 1 , ,8 8 7 2 5 5 . . 0 0 4 1 5 6 . . 1 9 2 5 1 . . 7 0 3 30 0 5 1 . . 9 6 L 1, . 8 7 6 8 0 2. . 7 9 2 2 4 4 0 6 . . 8 6 1 1 3 4 . . 6 2 2. . 2 5 6 7 8 2 . . 8 9 1 1 8 8 . . 2 3 Aug. 31 .4 2 ,825.0 45.5 20.0 280.2 1,782.3 243.6 10.9 2.7 70.0 18.5 Sept. 28 .4 2 ,800.0 36.4 11.1 295.8 L,766.4 239.3 14.5 2.6 68.2 18.6 xOn Sept. 19, 1949, the official buying price of the Bank of England for gold was increased from 172 shillings and threepence to 248 shillings per fine ounce. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2Fiduciary issue decreased by 50 million pounds on Jan. 20 and Aug. 17, and by 25 million on Sept. 7; increased by 25 million on Apr. 6 and May 4, and by 50 million on June 8 and July 20. For details on previous changes, see BULLETIN for February 1955, p. 226. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. For details relating to individual items, see BULLETIN for April 1955, p. 442. 1294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Do c m ia in l io g n ov a e n rn d m p e r n ov t in- Deposits (F C ig a u n re a s d i i a n n m d i o l l l l io ar n s s ) of Goldi an S d S t e t U a rl t i n e n i s g ted securities a O s t s h e e ts r circ N u o la te tion lia O b a t i n h li d e ti r es dollars S t h e o rm rt- Other Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other capital 1945—Dec. 31. 156.8 ,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 s022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.S 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712. S 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 1S561.2 626.6 16.2 44.5 132.9 1953—Dec. 31. 54.9 ,376.6 893.7 112.0 1,599.1 623.9 51.5 29.5 133.1 1954—Oct. 30. 52.3 ,438.2 809.9 105.5 1,579.8 595.2 49.8 31.4 149.5 Nov. 30. 57.7 ,444.3 837.5 85.1 1,587.1 528.8 141.1 36.0 131.5 Dec. 31. 54.2 ,361.5 871.1 114.1 1,623.5 529.6 56.3 30.5 161.0 1955—Jan. 31. 51.5 ,249.8 876.0 87.7 1,545.9 528.7 56.5 38.6 95.4 Feb. 28. 52.4 ,320.6 815.1 82.1 1,541.7 503.8 63.2 47.3 114.1 Mar. 31. 50.8 ,325.6 821.6 101.4 1,552.9 541.9 57.5 42.7 104.3 Apr. 30. 59.0 ,385.5 808.4 123.6 1,579.3 570.7 50.8 40.5 135.2 May 31. 52.3 ,357.6 817.5 87.1 1,597.7 516.9 50.6 35.6 113.7 June 30. 55.8 ,451.9 834.9 121.5 1,618.8 577.0 71.3 36.5 160.4 July 30. 59.6 ,233.4 1,032.4 134.9 1,651.8 532.9 52.9 45.2 177.5 Aug. 31. 57.7 ,185.2 1,149.3 73.2 1,653.9 538.7 59.5 38.1 175.2 Sept. 30. 60.6 1,103.2 1,196.5 156.6 1,665.8 565.7 63.4 29.1 192.8 Assets Liabilities B m a il n l ( i k o F n ig o s u f o re F f s r f a r i a n n n c c e s) Gold* F c o h e r a e x n i - g g e n m O a p rk en et Dom S e p s e t c i i c a l bills Other Cu G A rr o d e v v n e a t r n n c m e O s e n t t h o t er O as t s h e e t r s ci N r ti c o o u t n l e a- G m ov e e n r t n- De E p C os A its Other c l O a i i a p a t t n i b i h e t d i e a s l r l - 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31.. 65,225 12 67,395 64 117,826147,400 558,039 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 195I—Dec. 27. 191,447 28,320 234,923 31,956 741,267160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042 937,459172,000 479,982 159^727 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 ,310,452 21 2,061 142,823 56,292 1954—Oct. 28. 201,282 48,971 264,861 32,697 1,027,934195,000 626,249 218,288 2,428,122 93 98 119,406 67,563 Nov. 25. 201,282 51,939 224,487 44,593 1,013,121195,000 619,549 218,5842,386,103 65 3,304 106,920 72,162 Dec. 30. 201,282 57,291 236,765 48,925 1,130,183195,000 617,649 277,2152,538,455 76 3,744 154,100 67,935 1955—Jan. 27. 201,282 60,482 226,244 46,054 1,063,937190,000 592,249 286,200 2,472,650 97 3,733 125,962 64,006 Feb. 24., 201,282 66,689 172,750 40,224 1,062,552190,000 617,649 306 480 ,482,667 61 137 121,699 53,062 Mar. 31.. 201,282 86,467 160,613 32,564 1,138,808190,000 597,449 353 285 ,583,654 24 7,351 115,374 54,064 Apr. 28. 201,282 121,962 200,233 28,526 1413,385190,000 546,749 336,294 2,544,115 51 11,302 128,552 54,410 May 26. 201,282 153,030 210,448 26,545 ,028,496190,000 584,949 334 389 2,523,444 20 11,120 129,730 64,823 Tune 30. 201,282 183,869 245,543 16,393 ,054,765190,000 579,449 355 574 ,629,933 45 11,713 126,899 58,283 July 28. 201,282 200,145 247,564 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 ,042,874190,000 579,349 371 580 2,588,468 83 8,841 116,452 68,919 Sept. 29. 201,282 200,195 235,818 14,853 ,076,626190,000 557,949 3409 794 2,692,538 95 4,223 133,979 55,683 xOn May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 2For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936^pp. 878-880. 3Includes advance to Stabilization Fund, amounting to 277.3 billion francs on Sept. 29. 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 i n same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. NOVEMBER 1955 1295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1955 1954 1954 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. 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 Deposits , 664,210 655,623 501,777 Other gold and foreign exchange. 678 748 1,685 Other liabilities and capital . 171,595176,800 124,504 Government securities 4,056 4,062 3,712Central Bank of Costa Rica Rediscounts and loans to banks.. 77,008 75,968 64,909 (thousands of colones): Other assets 362 342 274 Gold.. 11,503 11 503 11,503 11,503 Currency circulation 32,042 31,811 27,412 Foreign exchange 117,950124 649135,166 60,461 Deposits—Nationalized 45,385 44,867 39,514 Net claim on Int'l. Fund2 7,032 7 032 7,032 7,032 Other sight obligations 812 744 562 Loans and discounts 74,472 68 363 62,785 116,687 Other liabilities and capital 5,489 5,321 4,714 Securities 4,158 2.858 3,828 3,828 Commonwealth Bank of Aus- Other assets 28,129 24 344 24,148 24,480 tralia (thousands of pounds): Note circulation 147,068146 332146,914 138,705 Gold and foreign exchange 313,286 333 ,104 354,827 425,470 Demand deposits 63,242 60 125 65,753 54,989 Checks and bills of other banks.. 4,304 5,632 5,246 5,673 Other liabilities and capital 32,934 32 292 31,795 30,297 Securities (incl. Government and National Bank of Cuba Treasury bills) 508,739 499,780 470,785 485,057 (thousands of pesos): Other assets 65,582 66,100 59,620 Gold. 185,875 185,876 Note circulation 370,253 367,753 363,003 351,077 Foreign exchange (net) 105,756 32,536 Deposits of Trading Banks: Foreign exchange (Stabilization Special 265, 444 265,444 265,559 311,870 Fund) 198,909 266,566 Other 35,950 34,441 38,137 35,157 Net claim on Int'l. Fund2 12,512 12,512 Other liabilities and capital 220,263 229,435230,259 277,717 Loans and discounts 48,997 33,660 Austrian National Bank (millions Credits to Government. 60,901 52,006 of schillings): Other assets 79,570 77,264 Gold..... 1,742 557 557 442 Note circulation 416,740 408,034 Foreign exchange (net) 7,881 8,038 8,351 9,898 Deposits 256,645 233,837 Loans and discounts 5,426 5,437 5,492 5,111 Other liabilities and capital 19,136 18,549 Claim against Government 1,557 1,857 1,803 1,777 National Bank of Czechoslovakia3 Other assets 822 498 467 23National Bank of Denmark Note circulation 12,508 12,660 12,843 11,355 (millions of kroner): Deposits—Banks 1,465 1,535 1,650 3,105 Gold 68 68 68 69 Other 739 567 533 883 Foreign exchange 688 658 673 781 Blocked..... 1,424 1,626 1,643 1,907 Loans and discounts 176 179 276 280 Other liabilities and capital 1,292 Securities .# 480 477 475 510 National Bank of Belgium Govt. compensation account... . 3,124 3,125 3,125 3,216 (millions of francs): Other assets 837 919 674 295 Gold 43,831 42,518 42,236 37,993 Note circulation 1,959 1,926 1,956 1,919 Foreign claims and balances (net) 10,555 10,769 10,607 11,684 Deposits—Government 1,458 1,429 1,360 1,269 Loans and discounts. 6,956 8,055 10,151 8,444 Other 1,698 1,816 1,724 1,723 Consolidated Government debt. 34,660 34,660 34,660 34,660 Other liabilities and capital 259 256 251 241 Government securities 9,352 8,238 7,838 8,694Central Bank of the Dominican Other assets 5,185 5,179 5,067 4,599 Republic (thousands of pesos): Note circulation 105,047104,629105,806 101,162 Gold 12,076 12,076 12,076 12,076 Deposits—D EC em A and 1,85 5 3 6 1,17 5 5 5 1,34 68 2 1,55 99 3 F N o e r t e i c g la n i m ex c o h n a n In g t e ' l. ( n F e u t) n d2 s 1 1 3 , , 2 3 5 3 0 9 1 1 2 , , 2 1 5 3 0 4 10 1, , 2 8 5 93 0 25 1 , , 5 25 69 0 Other liabilities and capital 3,583 3,560 3,343 3,260 Loans and discounts 3,030 3,274 3,299 2,459 Central Bank of Bolivia—Mone- Government securities 8,890 8,890 8,890 9,420 tary dept. (millions of bolivianos): (Mar.)* Other assets 14,917 14,783 14,591 7,309 Gold at home and abroad 495 1,515 Note circulation 41,879 41,582 41,612 38,076 Foreign exchange (net) 778 112,509 Demand deposits 8,917 8,179 6,802 17,764 Loans and discounts 26,370 10,778 Other liabilities and capital,.. . 2,706 2,646 2,585 2,242 Government securities 2,505 2,505Central Bank of Ecuador Other assets 965 3,508 (thousands of sucres): Note circulation 21,882 18,049 Gold 343, 526 343,477343,460 342,663 Deposits 5,045 6,090 Foreign exchange (net) 48,590 ,393-7,301 149,688 Other liabilities and capital..... 4,186 6,676 Net claim on Int'l. Fund2 18,757 ,757 18,757 18,757 Central Bank of Ceylon (thousands Credits—Government 398,052 145 431,101 382,112 of rupees): Other 244,807 234249,033 256,359 Foreign exchange 640,579638,115 624,148 467,456 Other assets 275,076 052256,670 203,265 Advances to Government 65,800 Note circulation 683,145 907669,396 720,045 Government securities 19,050 19,150 18,276 18,543 Demand depositsi—Private banks.188,923 468213,814 219,134 Other assets 10,085 8,037 7,937 6,017 Other 170,962 231159,703 175,570 Currency in circulation 409, 372 394,367391,502 377,987 Other liabilities and capital 285,778 453248,808 238,095 Deposits—Government 47,951103,031 94,311 13,697National Bank of Egypt (thou- Banks 153, 530 110,627109,912 115,930 sands of pounds): Other liabilities and capital 58,861 57,277 54,635 50,202 Gold 60,553 60 553 60,553 60,553 Central Bank of Chile (millions Foreign assets4 164,131170 780170,074 18,830 of pesos): Egyptian Govt. securities 74,290 74 205 75,616 243,176 Gold 5,811 5,811 5,804 5,704 Clearing and other accounts (net) -18,578-18 545-16,603 Foreign exchange (net). 1,052 295 402 1,420 Loans and discounts 17,488 15699 23,621 25,751 Discounts for member banks. . . 5,147 5,493 4,709 3,307 Other assets 2,680 2 509 3,252 2,368 Loans to Government 16,270 16,270 15,870 11,469 Note circulation 160,791157 117167,675 165,620 Other loans and discounts 15,034 14,711 14,685 9,488 Deposits—Government.......... 24,814 29 040 36,304 52,431 Other assets 6,195 5,608 5,520 3,332 Other 93,310 96 805 93,894 120,904 Note circulation 36,802 36,177 35,789 22,052 Other liabilities and capita! ... 21,649 22 239 18,640 11,722 Deposits—Bank 4,943 4,196 4,828 3,964 Central Reserve Bank of El Salva- Other 1,440 2,113 1,734 986 dor (thousands of colones): Other liabilities and capital 6,325 5,703 4,638 7,717 Gold 71,229 71,280 71,331 72,027 Bank of the Republic of Colombia Foreign exchange (net) 39,995 47,013 63,202 35,635 (thousands of pesos): Net claim on Int'l. Fund2 1,569 1,569 1,569 1,568 Gold and foreign exchange 268,339 282,871 383,270 Loans and discounts 50,076 49,876 40,803 37,929 Net claim on Int'l. Fund2 24,380 24,380 24,377 Government debt and securities.. 9,071 7,366 7,303 5,789 Loans and discounts 610,014 602,216 420,093 Other assets 7,405 7,373 7,312 7,453 Government loans and securitiei. 461,256 463,064 322,058 Note circulation 87,845 87,953 89,871 88,524 Other assets 99,905 98,194 111,331 Deposits 81,609 86,803 92,176 61,172 Note circulation 628,089638,303 634,849 Other liabilities and capital 9,890 9,719 9,472 10,703 •Latest month available. 1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2Represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3For last available report (March 1950). see BULLETIN for September 1950, p. 1262. 4 Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities. 1296 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Bank of Finland (millions of rnark- Central Bank of Ireland (thousands kaa): of pounds): Gold 7,096 6,882 6,882 6,973 Gold 646 2,646 2,646 2,646 Foreign assets and liabilities (net). 28,522 26,846 '31,578 '27,629 Sterling funds 558 67,274 68,734 65,034 Loans and discounts 20,925 18,864••27,929 17,146 Note circulation . 204 69,920 71,380 67,680 Securities—Government 20,000 20,000 20,000 20,000Bank of Israel4 (thousands of pounds) Other 2,040 2,064 2,050 2,214 Gold 2,026 2,025 Other assets 11,075 9,160 1,942 2,025 Foreign exchange 101,004 73,577 Note circulation 50,634 50,376 49,903 45,080 Clearing accounts (net) 6,006 9,125 Deposits. , 19,699 16,866 21,732 15,250 Loans and discounts 10,074 7,335 Other liabilities and capital 19,325 16,573 18,745 15,657 Advances to Government....... 25,100 32,335 Bank of German States1 Other Government accounts 17,228 12,019 (millions of German marks): Government securities. 125,096141,502 Gold .. 3,463 3,370 3,258 2,413 Other assets 15,371 15,012 Foreign exchange 9,008 8,952 9,082 8,198 Notes and coin in circulation. . . . 179,586182,570 Loans and discounts 3,061 1,961 2,348 1,734 Deposits—Government 8,015 4,859 Loans to Government 4,177 4,246 4,126 4,167 Other 100,124 92,026 Other assets. 882 1,020 933 1,106 Other liabilities and capital 14,179 13,498 Note circulation 13,337 12,920 13,028 11,966 Bank of Italy (billions of lire): Deposits—Government 2,309 1,727 1,613 1,122 Gold 4 4 4 4 Banks 3,127 2,985 3,088 2,412 Foreign exchange 76 76 74 79 Other 224 218 204 293 Advances to Treasury 567 567 567 567 Other liabilities and capital 1,594 1,700 1,814 1,825 Loans and discounts 374 381 363 357 Bank of Greece (millions of drach- Government securities 381 366 376 322 mae): Other assets 935 859 864 835 Gold and foreign exchange (net). 5,619 5,544 5,709 4,684 Note circulation ,506 1,481 1,508 1,410 Loans and discounts 208 168 158 187 Deposits—Government 29 35 32 35 Advances—Government 9,425 9,489 8,924 8,801 Demand 83 83 83 60 Other 4,940 4,970 5,012 4,472 Other 566 510 486 523 Other assets 1,627 1,564 1,710 2,119 Other liabilities and capital 153 143 139 136 Note circulation 4,273 4,130 3,967 3,612Bank of Japan (millions of yen): Deposits—Government 1,195 1,197 1,246 1,511 Bullion 448 448 448 448 Reconstruction and Advances to Government 250 ,250 1,250 1,377 relief accts 7,611 7,611 7,507 7,006 Loans and discounts 892181,554 202,209 415,913 Other 4,042 4,054 4,020 3,019 Government securities 215 413,334384,445 200,379 Other liabilities and capital 4,699 4,742 4,772 5,114 Other assets 376 164881160,490 92,467 Bank of Guatemala (thousands of Note circulation 847540,849 537,882 515,346 quetzales): Deposits—Government 58,685 41,533 Gold 27,227 27,228 Other 69,310 75,766 Foreign exchange (net) 25,054 7,547 Other liabilities 82,966 77,939 Gold contribution to Int'l. Fund. 1,250 1,250Bank of Mexico (millions of pesos): Rediscounts and advances...... 5,193 9,824 Monetary reserve6 1,614 1,582 1,535 1,288 Other assets 36,931 45,526 "Authorized" holdings of secu- Circulation—Notes 47,548 51,370 rities, etc 611 4,457 4,343 3,436 Coin 3,689 3,699 Bills and discounts 412 474 485 486 Deposits—Government 10,619 5,575 Other assets.. 519 504 480 720 Banks 16,856 12,277 Note circulation ,369 4,374 4,315 3,728 Other liabilities and capital 16,942 18,455 Demand liabilities ,087 1,953 1,824 1,423 National Bank of Hungary2 Other liabilities and capital 700 690 703 779 Reserve Bank of India (millions of Netherlands Bank (millions of rupees): guilders): Issue department: Gold 046 3,046 3,046 3,015 Gold at home and abroad 400 400 400 400 Silver (including subsidiary coin). 32 30 27 18 Foreign securities 6,718 6,220 6,370 6,132 Foreign assets (net) 441 1,423 1,478 1,324 Indian Govt. securities 4,889 5,437 5,436 4,177 Loans and discounts 31 30 26 30 N Ru o p te e e c i c rc o u in la . t . i ; on 12 1, , 1 8 2 0 1 2 12 1, , 1 8 0 5 1 1 12 1, , 0 9 8 15 5 11 1 , , 4 0 7 6 1 4 O G t o h v e t r . d as e s b e t t s and securities 6 39 2 5 2 4 62 0 3 0 3 6 6 2 0 8 4 7 6 0 3 3 Banking department: Note circulation—Old 28 28 28 29 Notes of issue department.. .. 326 307 377 302 New 715 3,770 3,728 3,373 Balances abroad 477 955 800 1,174 Deposits*—Government 274 345 236 420 Bills discounted 143 123 78 80 ECA 514 514 534 801 Loans to Government 20 8 10 9 Other 831 693 842 696 Other assets 851 1,027 903 1,209 Other liabilities and capital 205 203 198 234 Deposits 1,488 2,087 1,699 2,523Reserve Bank of New Zealand Other liabilities and capital. . . 329 333 469 252 (thousands of pounds): Bank Indonesia (millions of rupiahs): Gold 161 6,161 6,161 6,173 Gold and foreign exchange (net).. 1,403 1,266 1,135 769 Foreign exchange reserve 919 55,117 56,905 73,940 Loans and discounts 477 423 390 424 Loans and discounts 739 27,948 30,342 11,019 Advances to Government 9,619 9,581 9,760 8,013 Advances to State or State un- O N t o h t e e r c a ir s c s u e l t a s t . i ; on 8, 4 2 0 3 4 6 8, 3 2 7 1 9 0 8, 3 2 4 0 5 3 6,3 3 2 1 1 9 Inv d e e s rt t a m k e in n g ts s 2 7 6 7 3 9 3 1 3 8 , , 2 9 5 4 7 6 3 1 3 1 , , 2 4 5 8 7 7 3 2 3 6 , , 4 9 1 0 3 6 Deposits—ECA 495 495 495 495 Other assets.. 767 1,276 1,514 1,819 Other 2,281 2,077 2,023 2,207 Note circulation 618 68,344 68,318 67,916 Other liabilities and capital 892 868 909 502 Demand deposits 227 65,826 63,172 77,043 Bank Melli Iran^ (millions of rials): Other liabilities and capital. .... 783 8,534 8,176 8,311 Gold. 4,242 4,242 4,242 4,242Bank of Norway (millions of kroner): Foreign exchange 244 244 244 244 Gold 203 203 203 203 Gold contribution to Int'l. Fund. 282 282 282 282 Foreign assets (net) -49 -96 -266 82 Government-secured debt 7,187 7,187 7,187 6,354 Clearing accounts (net) -44 -50 -42 -83 Government loans and discounts. 10,749 11,073 11,155 10,186 Loans and discounts 75 77 97 50 Other loans and discounts 4,849 4,476 4,410 3,875 Securities 84 76 109 26 Securities 410 411 411 848 Occupation account (net) ,546 5,546 5,546 5,546 Other assets 2,855 2,905 3,085 1,841 Other assets. 83 56 73 94 Note circulation 9,873 9,912 10,021 9,871 Note circulation ,156 3,168 3,184 3,100 Deposits—Government 5,169 5,114 5,185 3,617 Deposits—Government ,415 1,278 1,132 1,343 Banks 1,198 1,262 1,177 1,007 Banks 439 491 493 626 Other 11,421 11,317 11,583 10,136 FOA 103 '103 '102 207 Other liabilities and capital 3,157 3,215 3,050 3,241 Other liabilities and capital 784 '771 643 ••Revised. 1 Combined figures for the Bank of German States and the nine Land Central Banks. 2For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 3 Items for issue and banking departments consolidated. 4 Bank began operations in December 1954. 6Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. NOVEMBER 1955 1297 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 582 582 582 482 Issue department: Foreign assets ,087 1,047 1,002 1,439 Gold at home and abroad1.. 114 114 114 81 Net claim on Int'l. Fund2 129 129 129 129 Sterling securities 594 594 413 382 Swedish Govt. securities and ad- Pakistan Goyt. securities. . . 1,024 ,024 1,391 1,299 vances to National Debt Office3 ,839 2,866 3 ,006 2,477 Govt. of India securities.... 275 275 222 147 Other domestic bills and advances 159 68 42 84 India currency 431 431 300 300 Other assets ,017 1,015 1,011 868 Rupee coin 40 46 46 57 Note circulation ,861 4,775 4,735 4,615 Notes in circulation 2,407 ,380 2,400 2,171 Demand deposits—Government.. 97 106 93 149 Banking department: Other 96 131 240 33 Notes of issue department.. . 73 104 85 95 Other liabilities and capital 760 695 704 682 Bills discounted 2 1 Swiss National Bank (millions of Loans to Government 12 "30 30 101 francs): Other assets 642 601 466 363 Gold ,323 6,268 6,243 6,278 Deposits 642 643 492 463 Foreign exchange 627 561 683 527 Other liabilities and capital. . 86 92 89 96 Loans and discounts 177 149 158 109 Central Bank of Paraguay Other assets 98 101 102 98 (thousands of guaranies): Note circulation ,228 5,131 5,123 5,052 Gold 3,984 3,984 Other sight liabilities ,788 1,743 1,858 1,754 Foreign exchange (net) 30,853 58,730 Other liabilities and capital 209 204 205 205 Net claim on Int'l. Fund2 7,915 40 Central Bank of the Republic of Loans and discounts 1,101,775 469,142 Turkey (millions of pounds): Government loans and securities. 496,375 489,182 Gold 402 402 402 402 Other assets 281,092 368,608 Foreign exchange and foreign Note and coin issue 845,299 604,602 clearings 171 188 198 198 Deposits—Government 194,739 152,644 Loans and discounts ,438 3,235 3,237 2,529 Other 147,398 159,663 Securities 30 30 30 30 Other liabilities and capital 734,557 472,778 Other assets 128 131 118 92 Central Reserve Bank of Peru Note circulation ,936 1,759 1,811 1,500 (millions of soles): Deposits—Gold 154 154 154 154 Gold and foreign exchange 548 636 364 Other ,559 1,551 1,503 1,092 Net claim on Int'l. Fund2....... 67 67 67 Other liabilities and capital 520 521 516 506 Loans and discounts to banks.... 648 562 669 Bank of the Republic of Uruguay Loans to Government ,129 1,156 1,160 (thousands of pesos): Other assets 174 146 105 Gold 344,167 344,167 Note circulation ,842 1,895 1,737 Silver 10,508 8,756 Deposits 469 446 384 Advances to State and Govern- Other liabilities and capital 256 227 244 ment bodies 141,704 147,986 Central Bank of the Philippines Other loans and discounts 466,454 374,147 (thousands of pesos): Other assets 827,901 571,105 Gold 25,297 25 099 23,598 18,813 Note circulation 468,959 457,222 Foreign exchange 331,870345 656331,071 425,235 Deposits—Government 149,127 157,027 Net claim on Int'l. Fund2 9,504 9 504 9,504 29,504 Other 334,568 350,452 Loans 11,964 76 254 79,010 20,037 Other liabilities and capital 838,080 481,460 Domestic securities 353,326303 933297,288 224,059 Central Bank of Venezuela (mil- Other assets. 166,547166 078163,027 166,141 lions of bolivares): Circulation—Notes 587,259582 991575,641 601,737 Gold 234 1,234 1,234 1,232 Coin 86,613 86 767 86,958 84,992 Foreign exchange (net) 425 321 380 293 Demand deposits 174,717208 102194,724 138,684 Other assets 123 164 151 174 Other liabilities and capital 49,919 48 663 46,174 58,376 Note circulation 016 1,022 1,013 982 Bank of Portugal (millions of Deposits. 260 297 281 253 escudos): Other liabilities and capital 506 399 469 464 Gold 496 5,435 5,463 National Bank of Federal People's Foreign exchange (net) 175 13,007 13,098 Republic of Yugoslavia (millions Loans and discounts 912 804 890 of dinars): Advances to Government 383 1,384 1,408 Gold 4 612 4 589 4,566 4,228 Other assets 353 1,059 1,087 Gold contribution to Int'l. Fund. 2 369 2 369 2,369 2,369 Note circulation 484 10,194 10,052 Foreign assets 57 647 57 763 55,687 59,678 Demand deposits—Government.. 732 1,531 2,165 Loans (short-term) 730 298715 891704,423 713,295 EGA 101 99 17 Government debt (net) 17 619 27 102 34,594 -17,904 Other 424 7,648 7,464 Other assets 52 366 51 275 50,737 47,497 Other liabilities and capital 579 2,217 2,248 Notes and coin in circulation.... 87!067 86 891 87,665 78,620 South African Reserve Bank Demand deposits 196.038 94 062187,714 173,405 (thousands of pounds): Foreign liabilities 103,398102 130102,236 107,684 Gold 75,936 75,063 76,318 68,975 Long-term liabilities (net) 367!753368 290373,465 363,761 Foreign bills 31,020 38,980 39,010 47,289 Other liabilities and capital 110 655107 616101,296 85,693 Other bills and loans 24,527 21,796 22,320 8,181 Bank for International Settle- Other assets 54,349 53,983 52,733 47,836 ments (millions of Swiss gold Note circulation 107,357107,154106,100 101,507 francs): Deposits 61,366 65.,461 66,502 52,702 Gold in bars 658 692 696 596 Other liabilities and capital 17,109 17,,206 17,780 18,072 Cash on hand and with banks.... 77 67 79 Bank of Spain (millions of pesetas) : Rediscountable bills and accept- Gold 615 615 615 613 ances (at cost) 296 287 336 262 Silver 323 323 323 323 Time funds at interest 152 151 153 369 Government loans and securities. 15,783 ,940 16,239 16,191 Sundry bills and investments.... 391 398 380 466 Other loans and discounts 32,020 ,233 31,322 27,032 Funds invested in Germany 297 297 297 297 Other assets 41,100 ,235 40,845 37,579 Other assets 2 1 1 5 Note circulation 44,849 ,948 44,047 40,517 Demand deposits (gold) 464 456 456 431 Deposits—Government 4,496 ,992 6,319 5,469 Short-term deposits: Other 4,608 ,490 4,212 3,209 Central banks—Own account.. 866 893 945 1,079 Other liabilities and capital 35,888 ,916 34,767 32,543 Other 27 29 28 25 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 287 286 285 282 ^-Revised. xOn July 31, 1955 gold revalued from 115.798 to 166.667 rupees per troy ounce of fine gold. 2 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. 1298 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve C a a d n a - U K d n i o i n m t g ed - 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 en e- ba C n e k n tr o a f— l S R 3 e a 0 p te t. eff D ec a t t i e ve ba C n e k n tr o a f— l S R 3 e a 0 p te t. eff D ec a t t i e ve In 1 e 9 ff 4 e 9 ct Dec. 31, 2 3 4 3K 2X 2X A A r u g s e tr n i t a ina zy 2 M M a a r y . 20 1 , , 1 1 9 9 3 5 6 5 I I t r a e l l y and 4 3 A M p a r y . 25 6 , , 1 1 9 9 5 5 4 0 June 8 1950 2X Belgium 3 Aug. 4, 1955 Japan 7.3 Aug. 10, 1955 Sept. 11. . 3% Bolivia . 6 Sept. 30, 1950 Mexico 4^ June 4, 1942 Sept. 26 3 Oct. 17 2 Oct. 27 6 A De p c r . . 1 1 7, 1951.. 4 3 Canada 2 A Ju u n g e . 1 5 1 , , 1 1 9 9 5 5 4 5 N Ne e w th e Z r e la a n la d n s d . . 6 2y2 A Se p p r t . . 5 7 , , 1 1 9 9 5 5 5 3 July 5 3% Chile 4^ June 13, 1935 Norway 3H Feb. 14, 1955 Sept. 13 3% 4 July 18, 1933 Pakistan.... July 1, 1948 Oct. 11 3 Costa Rica 5 Apr. 1, 1954 Nov. 8 Nov. 9 4 Jan. 22, 1952 3X M Ma a y r . 2 1 9 2.. . . 4 5 D Ec e u n a m d a o r r k 1 5 0 y2 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 2H J N a o n v . . 1 1 2 3 , , 1 1 9 94 4 7 4 Aug. 1 3 Egypt 3 Nov. 15, 1952 South Africa. 4X Sept. 29, 1955 Aug. 21, *H El Salvador. .. 3 Mar. 22, 1950 Spain 3/% July 1, 1954 Dec. 18 3 Finland 5 Dec. 1, 1954 Sweden 3K Apr. 19, 1955 Jan. 8, 1953.. 4 Apr. 7 2X June 11 3H Sept. 17 3X 3X France 3 Dec. 2, 1954 Switzerland.. IX Nov. 26, 1936 Oct. 29.. 2% "in Germany1 3% Aug. 4, 1955 Turkey June 28, 1955 N Fe o b v . 2 4 0 1954 3H G In r d ee i c a e ... I 9 * J N a o n v . . 1 1 5 , , 1 1 9 9 5 5 1 5 Un d i o te m d K .. i . n . g . - . ±y2 Feb. 24, 1955 M M a a y y 2 1 0 3 , 3 3 Indonesia Apr. 1, 1946 U.S.S.R. ±y2 July 1, 1936 Dec. 2 3 4 Jan. 27, 1955 3X 1 Rates established for the Land Central banks. Feb. 15 NOTE.—Changes since Sept. 30: Canada—Oct. 12, from 2 to 2M; New Zea- Feb 24 *X land—Oct. 19, from 6 to 7 per cent. Apr 19 3% Aug. 4 3V 2 3 Aug. 5 2 In effect Sept. 30, 1955 2 3 sy 2 3 iy 2 3M 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 c i a v o t a e u t n e t 1945—August . .36 1.03 1.00 1.13 .50 1.50 1.25 1946—August .40 .53 .51 .63 .50 1.32 1.41 1.18 1.25 1947—August .41 .53 .51 .63 .50 1.46 1.30 1.00 1.25 1948—August .41 .56 .51 .63 .50 1.88 1.35 1.06 1.63 1949—August .51 .67 .52 .63 .50 P2.06 1.25 .91 1.50 1950—August .55 .69 .51 .63 .50 2.35 1.44 .95 1.50 1951—August. .79 «1.00 .51 .63 .50 2.64 1.38 1.00 1.50 1952—August 1.10 3.00 2.46 2.25 2.00 3.77 .85 .58 1.50 1953—August 1.81 3.00 2.36 2.25 2.00 4.18 .50 .50 1.50 1954—August 1.32 1.06 1.61 1.60 1.44 1.25 3.82 .75 .53 1.50 1954—September. 1.21 .95 1.64 1.63 1.44 .25 3.77 .51 1.50 October 1.18 .96 1.62 1.59 1.44 .25 3.65 .88 .63 1.50 November. 1.17 .78 1.62 1.60 1.44 .25 3.51 .87 .50 1.50 December.. 1.08 .76 1.78 1.78 1.45 .25 3.29 .77 .57 1.50 1955—January .99 .69 2.02 2.05 1.55 .29 3.27 .79 .58 1.50 February... .90 .69 2.58 .68 2.15 .67 3.25 .79 .53 1.50 March 1.13 .98 3.81 3.80 3.29 2.50 3.28 1.16 .71 1.50 April 1.23 .97 3.83 3.81 3.17 2.50 3.23 1.04 .58 1.50 May 1.24 .77 3.94 3.92 3.33 2.50 3.27 1.49 .90 1.50 June 1.36 1.11 3.99 3.97 3.21 2.50 3.19 .91 .62 1.50 July 1.43 1.11 4.00 3.97 3.14 2.50 3.30 .75 .50 1.50 August 1.60 1.36 4.06 4.00 3.24 2.50 3.06 .80 .56 1.50 ^Preliminary. 'Revised. 1 Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates made nearest to the 15th of each month. 2 Represents an average of closing rates. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. NOVEMBER 1955 1299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities ( b 1 m 1 a i n ll L k io s o s . n n t s e d r o F l o i n i f n g g u p c ) r l o e e u a s n r i i d n n s g re C se a r s v h es M ca n o s l o n h l t e o a i y c r n t e a d t B co il u ls n t d e i d s- T r d e 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 t e o rs Other Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1949—December. 532 571 1,109 793 1,512 1,534 579 6,202 4,161 2,041 427 1950—December. 540 592 1,408 456 1,528 1,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1,965 ,950 867 6,333 4,290 2,042 651 1952—December. 549 529 1,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—December. 542 501 1,417 2,275 ,725 729 6,694 4,327 2.368 495 1954—October. . 532 437 1,296 2,364 ,836 691 6,609 4,214 2,396 545 November 534 452 1,300 2,364 ,871 725 6,684 4,244 2,440 562 December. 571 498 1,313 2,353 ,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 September 526 422 1,177 2,084 1,995 780 6,345 4,043 2,302 638 Assets Liabilities E (1 n 0 d c o h C f a a r m t n e o r a n e d t d h a 3 b fi a g n u k r s e . s Entirely in Canada S a e l b o c r a u o n r a i s d ty e D xc e l p u o d s i i n ts g p i a n y te a r b b l a e n i k n C de a p n o a s d i a ts Other Ca i n n a d m i i a l n li o d n o s ll o a f rs) re C se a r s v h es Se lo c a u n ri s ty l d o i a O s n c t s o h a u er n n t d s d a f u b o n e a r d e n f i r n k g o s e n m t Securities O as t s h e e t r s Notes* Total Demand Time li c a a b a p i n l i d i t t a i l es 1949—December. 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 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—September 802 175 3,890 322 4,337 1,396 9,226 3,641 5,585 .695 October... 833 293 3,892 330 4,442 1,454 9,469 3,781 5,687 ,777 November 810 297 3,984 334 4,473 1,428 9,462 3,930 5,532 ,864 December. 810 211 3,952 325 4,429 1,706 9,579 3,964 5,615 ,854 1955—January.. 806 176 3,876 288 4,625 1,488 9,402 3,656 5,746 ,857 February. 760 214 3,857 285 4,707 1,663 9,608 3,728 5,880 ,879 March 791 197 3,873 252 4,795 1,619 9,650 3,678 5,972 ,877 April 802 230 3,954 255 4,812 1,618 9,788 3,667 6,120 ,883 May 805 250 3,955 275 874 1,730 9,946 3,825 6,122 1,942 June 793 244 4,044 255 869 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 August. . . 838 230 4,189 275 4,948 1,672 10,234 3,939 6,295 1,919 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 E c i s 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 d te i d s- Loans Other Deposits ac O c w ep n t- liab a O i n l t d i h ti e e r s Total Demand Time ances capital 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 31,614 749,92& 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—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 79,631 815,1141 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 i July., A-.'. 50,210 85,419 969,559 234,263 62,116 1,295,223 1,252,485 42,738 32,808 73,536 JThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent. 3In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures shown may not be strictly comparable with those for earlier dates. Beginning February 1955, when two banks merged, figures are for 10 banks. 4In January 1950, the Bank of Canada assumed responsibility for these notes. 5 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 publi- 1300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] i irgentina Canada (peso) Aus- British (dollar) Year or month (p tr o a u l n ia 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) Ma si l a ay- Basic P e r n e t f i e a r l - Free (dollar) Official Frea 1949 29.774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 13'.333 "8.289 223.15 1.9908 5.4406 32.788 90.909 91.474 1951 20 000 13 333 7 067 223 07 1 9859 5 4406 32 849 94 939 1952 20.000 13.333 7.163 222.63 1.9878 5.4406 32.601 102.149 1953 20 000 13 333 7 198 224 12 3 8580 2 0009 5 44?fs 32 595 101 650 1954 20.000 13.333 7.198 223.80 3.8580 1.9976 H.2808 *3.5261 32.641 102.724 1954—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 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 IVIay 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 SeDtember 20.000 13.333 7.175 221 98 3.8580 1.9874 32.568 101.228 October 220.000 213.333 27.175 222.47 3.8580 1.9911 32.639 100.474 Franc© Year or month C (r e u y pe lo e n ) ( m k D r e a o n n r - 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 l M (p e e x so ic * o ( e g N r u l e i a l t n d h e d - r s ! Official Free 1949 27 839 19.117 4671 3017 27 706 12 620 34 528 1950 20.850 14.494 ,2858 23.838. 20.870 11.570 26 252 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 1952 20.903 14,492 4354 .2856 23.838 20.922 279.68 11.588 26 3 IS 1953 21.046 .4354 ,2856 21.049 281.27 11.607 26.340 1954 21.017 .4354 .2856 '3231838' 21.020 280.87 49.052 26.381 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— Tanuarv 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 October 20.907 .4354 .2855 23.724 20.907 279.21 8.006 26.213 Year or month Z (p e N o a e u l w a n n d d ) N (k o r r o w n a e y ) R P ( e p h p p i e i u n l s i o b 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 e o n e n - a) e S (f r w r l a a i n t n c z d ) - ( U K p d o n o i u n i m t n g e d - d ) Ur ( u p g es u o a ) y 5 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—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 IVIay 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 October 276.44 14.008 49.677 3.4900 278.16 19.333 23.332 279.20 1 Based on quotations through Aug. 13, 1954. 2Based on quotations through Oct. 27, 1955. 8 Based on quotations beginning Apr. 1, 1954. 4The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. $For 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. NOVEMBER 1955 1301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U 1 S - 9 n t 1 4 a i 0 7 t t 0 e e - ) 4 d s 9 ( C 1 - a 9 1 n 3 0 5 a 0 - d ) 3 a 9 M (1 1 9 e 0 3 x 0 9 i ) c o - K U ( i 1 n 1 n 9 g 0 i 3 0 t d e 0 ) o d - m F (1 r 1 9 a 0 4 n 0 9 ) c - e (1 I 1 t 9 0 a 3 0 ly 8 ) - ( a 1 J v 9 a - e 3 p 1 r 4 a ) a - g n 3 e 6 N ( l 1 e a 1 9 t n 0 4 h 0 8 d e ) s r - - S (1 w 1 9 0 e 3 0 d 5 ) en - ( S A w - l u 1 a i g 0 t n . z 0 d e 1 ) r 9 - 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—September 110 215 439 329 135 5,267 344 134 295 215 October 110 214 450 329 134 5,276 343 136 296 215 November 110 215 454 331 135 5,320 346 136 298 216 December 110 215 460 336 135 5,350 344 136 299 217 1955—January 110 216 463 337 136 5,353 345 138 300 216 February 110 217 468 338 135 5,322 346 137 302 215 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 111 218 342 134 r5,294 341 136 313 215 August 111 220 P343 P135 5,277 342 136 P311 215 September 112 221 P343 P137 216 pPreliminary. ^Revised. NOTE.—'For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49-100) (1935-39-100) (1930-100) (1948-100) Year or month Raw and Fully and Induspr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p g c a o a t r u o n t r d l u e y s - d fa c m g c h o a t i u e o n f d r u l e s y - d Foods p I r n o tr d d ia u u l s c - ts Foods t p r I r i n o a d d l u u ra s c - w ts p f r in o tr d i i s a u h l 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 ioo 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 >364 122 171 143 1952 107 109 113 250 219 231 284 P352 129 166 135 1953 97 105 114 222 207 229 307 123 156 132 1954 96 105 115 210 205 224 308 124 155 134 1954—September 94 106 114 205 203 223 302 116 156 135 October. . . 93 104 115 202 201 222 301 122 156 135 93 104 115 204 202 222 305 124 156 135 December 90 104 115 205 204 222 315 123 156 136 195 5—"January 93 104 115 207 205 222 315 123 158 139 February 93 103 116 207 208 223 , 311 120 158 139 IWLarch 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 88 102 118 205 211 225 305 114 161 137 September 89 102 118 203 212 226 P305 n.a. Not available. PPreliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 1302 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 1 = 9 n t 4 1 a i 0 7 t t e 0 e -4 ) d s i 9 = C ( a 1 a 1 d 9 n 0 4 a 0 - 9 ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N = l ( e a 1 t n 1 9 h 0 5 d e 0 1 s ) r 2 - 1 ( l 9 A a e 3 n r u 9 - d g = . ( U = S 19 1 n ta 4 0 i 7 t t 0 e e - ) d s 4 i 9 = C ( a 1 a 1 d 9 n 0 a 4 0 - 9 ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( a e 1 n 1 t 9 h 0 d 5 0 e s 1 ) r 2 - 1 ( l 9 A a e 3 r n 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—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 115 116 113 143 106 173 111 112 122 133 109 190 September 115 117 113 *>145 105 173 112 114 124 P135 191 p Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights, Prior to January 1953_ indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100. 2In February 1955 the base period for this index was changed from 1949 = 100 to 1951 = 100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( n t h r a a i ig t t d e e h e s d ) * ( C 1 = a 9 3 n 1 5 a 0 - d 0 3 ) a 9 ( 1 K D 9 U 2 i e n 1 c n g e i = m t d e 1 o b d 0 m e 0 r ) F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N la e n th d e s r 2 - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e 0 -3 s d ) 9 ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( K 19 U i 2 n n 6 g i = t d e o d 1 m 00) (1 F 94 r 9 a n = c 1 e 00) N = l ( e a 1 1 t n 9 h 0 5 d 0 e 3 s ) r 3 - Number of issues. . . 17 87 60 14 480 99 278 295 26 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 113 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 102 1950 121.9 109.6 121.2 99.8 106.7 146.4 131.6 90.0 90 102 1951 117.7 95.7 117.6 101.4 86.9 176.5 168.3 97.1 112 101 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 91 1953 112.1 83.6 112.0 113.5 100.2 189.0 160.3 92.2 159 100 1954 117.2 98.6 117.4 116.4 103.2 226.7 181.2 99.8 214 125 1954—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 98.5 108.6 129.3 105.0 311.0 245.3 112.2 310 172 September. . . 113.1 97.9 106.6 103.4 323.2 255.9 112.7 175 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. NOVEMBER 1955 1303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK A. L. MILLS, JR. CHAS. N. SHEPARDSON JAMES K. VARDAMAN, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel Special Assistant to the Board, CHARLES MOLONY OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS S. R. CARPENTER, Secretary ROBERT F. LEONARD, Director MERRITT SHERMAN, Assistant Secretary J. E. HORBETT, Associate Director KENNETH A. KEN YON, Assistant Secretary LOWELL MYRICK, Assistant Director CLARKE L. FAUVER, Assistant Secretary GERALD M. CONKLING, Assistant Director JOHN R. FARRELL, Assistant Director DIVISION OF EXAMINATIONS LEGAL DIVISION GEORGE 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 WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist W. W. CAMPBELL, ST. LOUIS DISTRICT J. DEWEY DAANE, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT L. MERLE HOSTETLER, Associate Economist MORGAN H. RICE, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist GEO. G. MATKIN, DALLAS DISTRICT O. P. WHEELER, Associate Economist RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Mar\et Account WILLIAM J. KORSVIK, Acting Secretary 1304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman l President Vice Presidents Bank of Deputy Chairman First Vice President {Vice Presidents in charge of branches are listed in lower section of this fage) Boston.... Harold D. Hodgkinson J. A. Erickson D. H. Angney Carl B. Pitman Robert C. Sprague Alfred C. Neal E. O. Latham O. A. Schlaikjer J. E. Lowe 2 New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse Forrest F Hill William F. Treiber John Exter T. G. Tiebout H. H. Kimball V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia... William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman Henderson Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari E. C. Hill Richard G. Wilgus 3 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 Joe W. Seacrest Henry O. Koppang Clarence W. Tow D. W. Woolley E. B. Austin L. G. Pondrom Dallas Robert J. Smith Watrous H. Irons Howard Carrithers Morgan H. Rice Hal Bogle W. D. Gentry W.H.Holloway3 Harry A. Shuford T. W. Plant 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 1. 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 O Om kla a h h o a ma City R P. . A L . . D M e a b t u h s es 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. 3 Also Cashier. 1305 NOVEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from one issue of Supplement. In the United States the Division of Administrative Services, Board of and countries listed under Federal Reserve Bul- Governors of the Federal Reserve System, Wash- letin on this page, single copies 60 cents each ington 25, D. C. Where a charge is indicated, or in quantities of 10 or more for single shipment remittance should be made payable to the order 50 cents each; elsewhere 70 cents per copy. of the Board of Governors of the Federal Reserve System. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. A new accounting record designed to picture the THE FEDERAL RESERVE SYSTEM—PURPOSES AND flow of funds through the major sectors of the FUNCTIONS. Revised edition. July 1954. 224 national economy. December 1955. 390 pages. pages. $2.75 per copy. ANNUAL REPORT of the Board of Governors of the THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Federal Reserve System. Issued each year. INGS AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 pages. 25 cents per copy; in FEDERAL RESERVE BULLETIN. Issued monthly. Sub- quantities of 10 or more copies for single shipscription price in the United States and its pos- ment, 15 cents each. sessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, A STATISTICAL STUDY OF REGULATION V LOANS. Guatemala, Haiti, Republic of Honduras, Mexico, September 1950. 74 pages. 25 cents per copy; Nicaragua, Panama, Paraguay, Peru, El Salvador, in quantities of 10 or more copies for single Uruguay, and Venezuela is $6.00 per annum or shipment, 15 cents each. 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 ad- BANKING AND MONETARY STATISTICS. Statistics of dress, 50 cents per copy per month, or $5.00 banking, monetary, and other financial developfor 12 months. ments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (unbound). FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. Annual subscription includes one issue of Historical Sup- THE FEDERAL RESERVE ACT, as amended to Novemplement listed on this page. Subscription price ber 1, 1946, with an Appendix containing proin the United States and the countries listed above visions of certain other statutes affecting the is $6.00 per annum, 60 cents per copy, or 50 Federal Reserve System. 372 pages. $1.00 per cents each in quantities of 10 or more of a par- cloth-bound copy. ticular issue for single shipment; elsewhere $7.00 per annum or 70 cents per copy. RULES OF ORGANIZATION AND RULES OF PROCEDURE —Board of Governors of the Federal Reserve HISTORICAL SUPPLEMENT TO FEDERAL RESERVE System (with Amendments). September 1946. CHARTS ON BANK CREDIT, MONEY RATES, AND 31 pages. BUSINESS. Issued annually in September. Annual subscription to monthly chart book includes REGULATIONS OF THE BOARD OF GOVERNORS OF THE *A more complete list, including periodic releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 736-39 of the June 1955 BULLETIN. with amendments and supplements thereto. 1306 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. 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 FINANC 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. 1307 NOVEMBER 1955 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 g ==. BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES I -jAr BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES td Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES Acceptances, bankers', 1244, 1249 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 1240 Adjusted, and currency, 1236 Agriculture, Govt. agency loans, 1246, 1247 Banks, by classes, 1237, 1241, 1243 Assets and liabilities (See also Foreign liabilities and claims Federal Reserve Banks, 1231, 1232, 1290 reported by banks): Postal savings, 1228, 1234, 1236 Banks and the monetary system, consolidated, 1236 Turnover of, 1234 Corporate, current, 1258 Deposits, reserves, and borrowings, by class of member Domestic banks, by classes, 1237, 1240, 1242 Federal Reserve Banks, 1231, 1232, 1233 bank, 1230 Foreign banks, 1294, 1300 Discount rates, 1229, 1299 Govt. corporations and credit agencies, by type and Discounts and advances by Federal Reserve Banks, 1227, 1231 agency, 1246, 1247 Dividends, corporate, 1257, 1258 Automobiles: Dollar assets, foreign, 1290, 1291 Consumer instalment credit, 1262, 1263, 1264 Dwelling units started, 1274 Production index, 1267, 1270 Earnings and hours, manufacturing industries, 1265, 1271 Bankers' balances, 1241, 1243 Employment, 1265, 1270, 1272 (See also Foreign liabilities and claims reported by banks) Export-Import Bank, loans, etc., 1246, 1247 Banks and the monetary system, consolidated statement, 1236 Bonds (See also U. S. Govt. securities): Farm mortgage loans, 1246, 1259, 1260 New issues, 1256, 1258 Federal Deposit Insurance Corporation, assets, etc., 1246, 1247 Prices and yields, 1248, 1249, 1303 Federal home loan banks, loans, etc., 1246, 1247, 1261 Federal Housing Administration, loans, etc., 1246, 1247, Brokers and dealers in securities, bank loans to, 1240, 1242 Business expenditures on new plant and equipment, 1258 1259, 1260, 1261 Federal National Mortgage Association, loans, etc., 1246, Business indexes, 1265 1247, 1261 Business loans (See Commercial and industrial loans) Federal Reserve Banks: Capital accounts: Banks, by classes, 1237, 1241, 1243 Condition statement, 1231, 1232 Federal Reserve Banks, 1231, 1232 U. S. Govt. securities held by, 1227, 1231, 1232, 1254, Carloadings, 1265, 1274 1255 Central banks, foreign, 1292, 1294, 1299 Federal Reserve credit, 1227, 1231, 1232 Coins, circulation of, 1235 Federal Reserve notes, 1231, 1232, 1233, 1235 Commercial banks: Finance company paper, 1244, 1249 Assets and liabilities, 1237, 1240, 1300 Foreign central banks, 1292, 1294, 1299 Consumer loans held, by type, 1263 Foreign commercial banks, 1300 Number, by classes, 1237 Foreign deposits in U. S. banks, 1227, 1231, 1232, 1236, Real estate mortgages held, by type, 1259 1241, 1243 Commercial and industrial loans: Foreign exchange rates, 1301 Commercial banks, 1240 Foreign liabilities and claims reported by banks, 1286, 1288, Weekly reporting member banks, 1242, 1244 1290 Commercial paper, 1244, 1249 Foreign trade, 1274 Commodity Credit Corporation, loans, etc., 1246, 1247 Conditions statements (See Assets and liabilities) General fund balance, 1250 Construction, 1265, 1273, 1274 Gold: Consumer credit: Earmarked, 1293 Instalment credit, 1262, 1263, 1264 Net purchases by U. S., 1293 Major parts, 1262 Production, 1290, 1293 Noninstalment credit, by holder, 1263 Reserves of central banks and governments, 1292 Reserves of foreign countries and international institu- Ratio of collections to accounts receivable, 1264 tions, 1291 Consumer durable goods output indexes, 1270 Stock, 1227, 1236, 1293 Consumer price indexes, 1265, 1280, 1303 Consumption expenditures, 1282, 1283 Gold certificates, 1231, 1232, 1233, 1235 Corporate sales, profits, taxes, and dividends, 1257, 1258 Govt. agencies, assets and liabilities, by type and agency, Corporate security issues, 1256, 1258 1246, 1247 Corporate security prices and yields, 1248, 1249, 1303 Govt. debt (See U. S. Govt. securities) Cost of living (See Consumer price indexes) Gross national product, 1282, 1283 Customer credit, stock market, 1248 Home owners, Govt. agency loans, 1246, 1247 Debits to deposit accounts, 1234 Hours and earnings, manufacturing industries, 1265, 1271 Demand deposits: Adjusted, banks and the monetary system, 1236 Industrial advances by Federal Reserve Banks, 1229, 1231, Adjusted, commercial banks, by classes, 1241 1232, 1233 Banks, by classes, 1237, 1243 Industrial production indexes, 1265, 1266, 1270 Type of holder, at commercial banks, 1241 Department stores: Instalment loans, 1262, 1263, 1264 Merchandising data, 1276 Insurance companies, 1245, 1254, 1255, 1260 Sales, 1265, 1275, 1276, 1277, 1278 Insured commercial banks, 1239, 1240 Stocks, 1275, 1278 Interbank deposits, 1237, 1241, 1243 NOVEMBER 1955 1309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES— Continued Interest rates: Regulation V, loan guarantees, 1233, 1234 Bond yields, 1249 Reserve requirements, member banks, 1229 Business loans by banks, 1249 Reserves: Federal Reserve rates, 1229 Commercial banks, 1241 Foreign countries, 1299 Federal Reserve Banks, 1231, 1232 Open market, 1249, 1299 Regulation V loans, 1234 Foreign central banks and governments, 1292 Stock yields, 1249 Foreign countries and international institutions, 1291 Time deposits, maximum rates, 1228 Member banks, 1227, 1230, 1231, 1232, 1241, 1243 Internal revenue collections, 1251 Residential mortgage loans, 1259, 1260, 1261 International capital transactions of the U. S., 1286 Sales finance companies, consumer loans of, 1262, 1263 International financial institutions, 1291, 1292, 1294 Savings, 1282 Inventories, 1283 Savings bonds, sales and redemptions, 1253 Investments (See also specific types of investments): Savings deposits (See Time deposits) Banks, by classes, 1237, 1240, 1242 Federal Reserve Banks, 1231, 1232 Savings institutions, principal assets, 1245 Govt. agencies, etc., 1246, 1247 Savings and loan associations, 1245, 1260 Life insurance companies, 1245 Securities, international transactions, 1289, 1290 Savings and loan associations, 1245 Security issues, 1256, 1258 Labor force, 1272 Silver coin and silver certificates, 1235 Loans (See also specific types of loans): State member banks, 1239 Banks, by classes, 1237, 1240, 1242 State and municipal securities: Federal Reserve Banks, 1227, 1229, 1230, 1231, 1232, New issues, 1256 1233 Prices and yields, 1248, 1249 Govt. agencies, etc., 1246, 1247 Insurance companies, 1245, 1260 States and political subdivisions: Savings and loan associations, 1245, 1260 Deposits of, 1241, 1243 Holdings of U. S. Govt. securities, 1254 Loans insured or guaranteed, 1233, 1259, 1260, 1261 Ownership of obligations of, 1240, 1245 Manufacturers, production indexes, 1265, 1266, 1270 Stock market credit, 1248 Margin requirements, 1228 Stocks: Member banks: New issues, 1256 Assets and liabilities, by classes, 1237, 1240 Prices and yields, 1248, 1249, 1303 Borrowings at Federal Reserve Banks, 1227, 1230 Deposits and reserves, by classes, 1230 Tax receipts, Federal, 1251 Number, by classes, 1237 Time deposits, 1228, 1230, 1236, 1237, 1241, 1243, 1300 Reserve requirements, by classes, 1229 Treasury cash, 1227, 1236 Reserves and related items, 1227 Treasury currency, 1227, 1235, 1236 Weekly reporting series, 1242 Treasury deposits, 1227, 1231, 1232, 1250 Minerals, production indexes, 1265, 1266 Treasury finance: Money in circulation, 1227, 1235 Cash income, outgo, and borrowing, 1252 Money rates (See Interest rates) General fund balance, 1250 Mortgages (See Real estate loans) Receipts and expenditures, 1250 Mutual savings banks, 1236, 1237, 1239, 1254, 1255, 1259 Unemployment, 1272 National banks, 1239 U. S. Govt. balances: National income, 1282 Commercial bank holdings, by classes, 1241, 1243 National security expenditures, 1250, 1283 Consolidated monetary statement, 1236 Nonmember banks, 1231, 1239, 1240 Treasury deposits at Federal Reserve Banks, 1227, 1231, 1232, 1250 Payrolls, manufacturing, index, 1265 Personal income, 1283 U. S. Govt. securities: Postal Savings System, 1228, 1234, 1236 Bank holdings, 1236, 1237, 1240, 1242, 1254, 1255 Federal Reserve Bank holdings, 1227, 1231, 1233, 1254, Prices: 1255 Consumer, 1265, 1280 International transactions, 1289 Foreign, 1302, 1303 New issues, gross proceeds, 1256 Security, 1248 Ownership of, 1254, 1255 Wholesale commodity, 1265, 1280 Prices and yields, 1248, 1249 Production, 1265, 1266, 1270 Volume and kind outstanding, 1253, 1254, 1255 Profits, corporate, 1257, 1258 United States notes, outstanding and in circulation, 1235 Real estate loans: Veterans Administration, loans, etc., 1246, 1247, 1259, 1260, Commercial banks, 1240, 1242, 1259 1261 Type of mortgage holder, 1259, 1260, 1261 Type of property mortgaged, 1259, 1260, 1261 Yields (See Interest rates) 1310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis