Federal Reserve Bulletin, 1955-12

E D E R AL E S E R V BULLETIN DECEMBER 1955 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 Growth of Consumer Instalment Credit. 1311-1316 Monetary Policy and the Real Estate Markets. 1317-1322 Credit Extended by Banks to Real Estate Mortgage Lenders. . 1323-1324 Current Events and Announcements. . 1325-1326 National Summary of Business Conditions. . 1327-1328 Financial, Industrial, and Commercial Statistics, U. S. (See p. 1329 for list of tables) 1329-1387 International Financial Statistics (See p. 1389 for list of tables) . 1389-1407 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . 1408 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 1409 Federal Reserve Board Publications. 1410-1413 Map of Federal Reserve Districts. . 1414 Index 1415-1432 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 41 December 195 5 NUMBER 12 GROWTH OF CONSUMER INSTALMENT CREDIT An increase of 5 billion dollars in consumer instalment credit over the past year has been an important factor in the upswing in economic activity. Automobile paper accounted for most of the growth, as the chart shows. The remainder was shared about equally by other consumer goods paper and personal loans. At the end of October, outstanding instalment credit amounted to 27 billion dollars. Rapid expansion in instalment credit has reflected a sharp rise in new loans extended, accompanied by a moderate growth in repayments. Extensions, which were at a monthly rate of about 2.4 billion dollars seasonally adjusted in the late summer of 1954, began to expand in the closing months NOTE.—Repair and modernization credit, the only component not shown, decreased 10 million dollars. of the year. They reached a record rate finance increases in their receivables. In this September of 3.3 billion dollars and addition to increased borrowing at banks, then declined in October. Repayments rose finance companies borrowed substantially more slowly over this period, from a monthly through sales of debentures and commercial rate of about 2.4 billion dollars to 2.8 billion paper to nonbank investors. The large and in October of this year. Changes in repaypersistent demand for consumer credit was ments typically lag behind changes in a factor, along with increased demands for extensions, and the lag this year was greater many other types of credit, in the general than usual because a lengthening of maturitightening of credit markets and the rise in ties on new contracts reduced average interest rates during the year. monthly payments relative to credit extensions. INSTALMENT CREDIT AND CONSUMPTION Commercial banks and sales finance com- EXPENDITURES panies provided most of the additional instalment credit. Banks increased their own Extensions of instalment credit provide instalment loans and also advanced funds to consumers with additional current buying other instalment lenders and retail stores to power, while repayments of loans reduce DECEMBER 1955 1311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROWTH OF CONSUMER INSTALMENT CREDIT CONSUMER INSTALMENT CREDIT SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT Seasonally adjusted, billions of doliars OUTSTANDING 3.5 [Estimates, in millions of dollars] Increase, or r - 3.0 Amount decrease (—), year Type of credit Oct. 31, ending October 31— - A ' /x EXTENDED 1955 1955 1954 1953 7 - 2.5 / V ^/^^ Instalment credit. 26,963 5,011 186 4,155 Automobile paper 14,095 3,755 -33 2,743 **** REPAID -- 2.0 Other consumer goods paper.. . 5,917 593 -205 634 Repair and modernization loans 1,627 -10 18 257 Personal loans 5,324 673 406 521 A_ 1 1 i \y> 1.5 No S n in in gl s e t - a p l a m ym en en t t c l r o e a d n i s t 2 7 , , 6 6 6 7 6 7 6 28 5 9 4 1 1 8 7 9 8 2 1 9 7 8 4 Charge accounts 3,218 326 6 97 Service credit 1,793 39 5 27 NET CHANGE IN •1. i II - CREDIT OUTSTAND..IN.mG |iI I l l l l l l l ll l i - .5 Total consumer credit 34,640 5,665 375 4,453 .Jllil llllllliLi... .. . | . . Automobile credit. Sales of new autos t 1 i at a record rate of about 7.5 million units 1952 1953 1954 1955 this year have been associated with a marked NOTE.—Latest figures shown are for October. growth in automobile credit. Credit began their buying power. Extensions have been to expand sharply when the 1955 models substantially in excess of repayments this came on the market late in 1954. Since year, as shown in the accompanying chart. March extensions on a seasonally adjusted In October, however, the gap between the basis have averaged about 1.5 billion dollars two narrowed as extensions declined and monthly, as compared with a monthly averrepayments increased further. age of 1.1 billion in the fall of 1954. Over During the first ten months of this year the past ten months, automobile credit exthe amount of instalment credit extended tensions totaled 15 billion dollars, about 5 was 7 billion dollars larger than in the same billion or 45 per cent more than in the same period of 1954, while repayments increased period last year. This compares with an inabout 2 billion. Thus, expansion of instal- crease of 40 per cent in number of new autos ment credit made available about 5 billion sold in the same period and a substantial dollars more for consumption expenditures increase in sales of used cars. than during the corresponding period of Growth in both cash and credit sales con- 1954. This increase contributed to the tributed to the record volume of new car marked growth in consumption expendi- sales this year. Cash sales of new cars intures. creased more rapidly than credit sales im- The impact of the rapid increase in ex- mediately after the introduction of the 1955 tensions of instalment credit has been pri- models late in 1954, but in the spring and marily on markets for automobiles and other summer the greater increase was in credit consumer durable goods—the major types sales. This pattern—strong cash sales early of goods purchased on an instalment basis. in the model year, with credit sales gaining While the rise in repayments has led to some in importance toward the end of the model reduction in funds available to consumers, run—has characterized recent years. the effects on markets for specific products Credit sales in the first quarter of 1955 are not readily traceable. were less than three-fifths of all new car 1312 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROWTH OF CONSUMER INSTALMENT CREDIT sales, while in the third quarter nearly three- Lower down payments and higher finance fourths of new cars were sold on credit. and insurance charges associated with longer These proportions are a little higher than in maturities, together with the increased dethe corresponding periods a year earlier, as mand for optional equipment and a trend is shown in the accompanying table. toward purchase of more expensive cars, have been reflected in an increase in the aver- PERCENTAGE OF NEW AUTOMOBILES SOLD ON CREDIT age size of instalment notes on new car contracts. In October the average instalment Period 1955 1954 1953 1952 note was $2,200 as compared with about 1st Q.. 57 55 59 63 $2,000 a year earlier. This increase has also 2nd Q 63 56 57 58 been a factor in the rise in credit extensions, 3rdQ 72 70 59 67 Other consumer goods credit. Instalment 4th Q — 65 68 68 credit has also been important in this year's active markets for consumer durable goods The high level of both cash and credit sales other than automobiles. In recent years of new automobiles this year has reflected a more than half of the purchases of furninumber of special factors. Public response ture and major household appliances has to the 1955 models was enthusiastic. Subbeen financed through instalment credit. stantial price discounts, stemming from Although the growth this year in purchases strong competition among producers for a of these goods has been more moderate than larger share of the market, have been parthat for automobiles, such expenditures ticularly important. Moreover, credit sales reached a new high in the third quarter and have been stimulated by lower down payare expected to be at a record level for the ments and longer maturities, particularly on year as a whole. new cars. Total extensions of credit on furniture, By midsummer 30-month instalment conappliances, and other consumer goods were tracts on new automobiles were typical as about 1.1 billion dollars greater during the compared with 24-month contracts a year first ten months of this year than during the earlier. Contracts with 36-month maturisame period of 1954, and the proportion of ties have become fairly common and some purchases on credit increased somewhat. As 42-month contracts have been reported. Althe chart on the following page shows, the though most lenders still require down payratio of credit extended to purchases of conments of one-fourth to one-third of the transaction price, over-allowances on trade- sumer durable goods other than automobiles ins and other practices have reduced the during the third quarter of this year was real down payments of many credit buyers about 45 per cent as compared with 40 per of new cars sharply below these standards. cent a year earlier. Over-allowances on trade-ins may be partly Purchases of furniture and household apoffset by "packing," or inflating, the retail pliances, both for cash and on credit, have price suggested by the manufacturer. In any been stimulated by many factors. Prices case the nominal down payment may over- have become more attractive in many lines state the real down payment with the result as competition among sellers led to special that the buyer's equity may in fact be quite sales and other promotional activities. The small. high level of disposable personal income and DECEMBER 1955 1313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROWTH OF CONSUMER INSTALMENT CREDIT KATIO OF CREDIT EXTENDED TO PURCHASES equipment in connection with major altera- Per cent tions of homes, has not shown the upward 52 trend characteristic of most other types of consumer credit during the past year. The 48 amount outstanding leveled off in early DURABLE GOODS OTHER THAN AUTOMOBILES 1954, following several years of steady 44 growth, and since that time has shown little change. 40 ECONOMIC FACTORS INFLUENCING CREDIT EXPANSION 36 The favorable financial position of consumers, the high level of output and sales 1952 1953 1954 1955 of automobiles and other consumer durable NOTE.—Quarterly figures on purchases used in computing goods encouraged by vigorous selling efforts, ratios are Federal Reserve estimates based on Department of Commerce annual estimates of consumption expenditures for and the availability of credit on liberal terms durable goods other than automobiles and quarterly data (Commerce and Federal Reserve) on sales of such goods. have all contributed to the rapid expanthe record rate of sales of both new and old sion in instalment credit this year. homes also have contributed to the demand Consumer incomes, which were relatively for these goods. high at the beginning of 1955, increased fur- Instalment purchases of all types of con- ther as employment rose and wages and sumer goods have received some impetus most other types of personal income inthis year from the further development of creased during the year. These develop- "revolving credit" and similar plans. Such ments tended to reinforce the optimism conplans permit the customer to make a series sumers had expressed early in the year when of purchases on the same account without the Board's Survey of Consumer Finances changing his rate of repayment or receiving was taken. a separate credit clearance for each purchase. The large volume of purchases of automo- The National Retail Dry Goods Association biles and other consumer durable goods reports that about two-thirds of the larger stemmed in part from intensive efforts of redepartment stores offered a revolving credit tailers and manufacturers to expand their plan at the beginning of 1955 as compared sales. At both levels there was widespread with about two-fifths in 1950. reliance on promotional campaigns to stimu- Other instalment credit. Personal instal- late demand and to move the record volume ment loans have increased steadily for more of output. Many of these campaigns spethan ten years. This year the rate of growth cifically encouraged the use of credit. has accelerated slightly. This type of credit In the consumer credit market, competiprovides funds for a wide variety of pur- tive pressure among lenders for instalment poses, including consolidation of consumer business was intense. Lenders were in a debts, payment of medical expenses, and favorable position to expand their operasome purchases of consumer goods. tions, especially during the early part of the Repair and modernization credit, which year. Funds were available at relatively low is often used for purchases of household cost and delinquencies and repossessions on 1314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROWTH OF CONSUMER INSTALMENT CREDIT outstanding instalment indebtedness were dollars in the first ten months of 1955. This at a low level. included more than 1 billion dollars of new debentures, about 500 million dollars in debt SOURCES OF INSTALMENT FINANCING to banks—loans and bank-held commercial A large proportion of instalment contracts paper—and about 400 million of commeroriginate with credit sales of automobile cial paper placed directly with nonbank dealers and retail stores, and most such paper investors. is sold immediately to commercial banks and Among sales finance companies the methsales finance companies. These two groups ods of financing varied. Five of the larger of lenders together hold about 70 per cent companies, which have about three-fifths of of all instalment credit outstanding. the instalment debt held by all sales finance companies, accounted for three-fourths of Sales finance companies accounted for the increase in total long-term debt issues half of the 5 billion dollar increase in instalthis year and all of the increase in directly ment credit outstanding over the past year placed paper. Banks supplied a smaller prowhile the increase in commercial bank holdportion of the increased financing needs of ings accounted for nearly a third. In addithe larger companies than of other finance tion to expanding their own holdings of incompanies. stalment credit, commercial banks contributed indirectly to the expansion in total in- Interest rates on short-term funds borstalment credit through increased loans to rowed by sales finance companies have risen sales finance companies and other lenders. during 1955, reflecting in part heavy de- Sales finance companies, which specialize mands of these companies in the credit marin automobile credit, increased their share ket during a period when demands for other of total instalment credit outstanding to 32 purposes were also large. The rate on 3- to per cent at the end of October, compared 6-month commercial paper placed by the with 29 per cent a year earlier. This change larger sales finance companies directly with was accompanied by slight declines in the nonbank investors increased to 2% per cent proportions held by commercial banks and from ll/ 2 per cent in December 1954, while retail stores, as shown in the table* the rate paid on bank loans by these companies increased to 3l/ per cent, from 3 per 2 HOLDERS OF CONSUMER INSTALMENT CREDIT cent. Rates on commercial paper sold in the open market by smaller sales finance Amount Percentage distribution Oct. 31, companies increased to as much as 3% per Type of holder 1955 (million Oct. 31, Oct. 31, Oct. 31, cent, from 1% per cent at the close of 1954. dollars) 1955 1954 1953 S C a o l m es m fi e n r a c n ia c l e b c a o n m ks panies. . . 1 8 0 , , 7 1 7 4 1 5 3 3 8 2 3 2 9 9 4 2 1 8 CURRENT SITUATION Credit unions 1,547 6 6 5 Other financial institutions 2,861 11 11 11 Retail stores 3,639 13 15 15 Rapid growth in credit extensions and in All institutions 26,963 100 100 100 outstanding consumer instalment credit this year has not been accompanied by a propor- Sales finance companies borrowed sub- tionate increase in the burden of repayments. stantial amounts in both long- and short- In part because longer maturities have dampterm credit markets. As a group they in- ened the growth in repayments and in part creased their debt by an estimated 2 billion because incomes have also increased, the DECEMBER 1955 1315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROWTH OF CONSUMER INSTALMENT CREDIT ratio of repayments, including finance loans on which payments are delinquent. At charges, to disposable personal income has commercial banks, for example, delinquent increased only moderately, as is shown in the loans as a percentage of all instalment loans chart. held are now less than at any time in recent years. The current favorable experience of RELATION OF INSTALMENT CREDIT TO INCOME lenders reflects in part the high levels of em- Per cent 16 ployment and income. RATIOS TO DISPOSABLE PERSONAL INCOME: Liberalization of contract terms, particularly on automobiles, has resulted in a reduction of consumers' equities in instalment 14 purchases and an increase in lenders' risks. For example, for a new automobile which is purchased on terms of one-fourth down and 36 months to pay the owner's equity at the 12 end of a year may be as little as 10 per cent of the estimated depreciated value of the car. Under extremely liberal terms the *— "* CREDIT REPAID 10 amount of the loan for a number of months may exceed the depreciated value of the automobile purchased. 1952 1953 1954 1955 Efforts of producers and distributors to Moving up gradually after mid-1954, the maintain high levels of output and sales of ratio of repayments to disposable income automobiles and other consumer durable reached an all-time high of about 11.8 per goods continue to exert pressures for incent in the third quarter of this year. The creased extensions of instalment credit. On small rise in this ratio contrasts with rapid the other hand, funds have become less growth in the ratio of extensions to disposa- readily available to instalment lenders, and ble income, which increased from 11.5 per the rates charged for such funds have incent to 1.4.1 per cent over the past year. creased. Many lenders have taken steps to The relatively high level of repayments raise lending standards, and the trend toward this year has not been accompanied by an further easing of down payments and maincrease in the proportion of instalment turities appears to have slowed. 1316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY AND THE REAL ESTATE MARKETS1 Congress has placed on the Federal Re- MONETARY POLICY AND REAL ESTATE MARKETS serve System responsibility for formulating OVER THE PAST FEW YEARS and carrying out national credit and mone- The amount of housing that may be built, tary policies. The System's objective is to sold, and financed within any period depends contribute to sustainable economic growth upon a number of considerations. Demand and to maintenance of a stable value for the for housing depends on growth and shifts dollar. This responsibility for credit and in families and other occupants, upon price monetary conditions relates to the over-all factors, and upon ability of individual buyers credit situation, not to markets for particto finance their purchases. It also depends ular goods and services or to the activities upon the physical availability of resources of particular producer or consumer groups.2 for construction of new homes—land, build- The System's actions influence most directly ing materials, and labor. This places defithe lending and investing activities of comnite limits on the amount of housing that can mercial banks, which supply the credit used be added to the supply within any short peby individuals or businesses. These operariod of time. tions of the commercial banks, in turn, influ- The capacity of the economy to finance ence other financial institutions and marhome purchases must also be considered. kets. The availability of funds for investment in The general economic developments with mortgages depends on the flow of savings, which the System is primarily concerned are on alternative opportunities for investing the result of combined activities of the many funds, and on credit and capital market conmarkets that make up the economy. The ditions generally. System must keep itself informed constantly Residential building and home purchases about these particular markets in order to are strongly influenced by the availability make judgments and to determine approand terms of credit. The nature of this influpriate credit and* monetary policies. ence is not easy to trace, for many other fac- Response to the Subcommittee's inquiry tors are always at work. It is clear, however, about the influence of credit and monetary that because of the complexity of these marpolicy on mortgage and housing markets kets, the impact of credit and monetary must be considered against this background. policy on their different sectors and on As these are specific markets, the influence participants therein varies considerably. of credit and monetary policies upon them is Mortgage markets and lenders. Because indirect. mortgage markets are local in important re- 1 Statement on behalf of the Board of Governors of the spects, variations usually develop among Federal Reserve System, presented by Wm. McG. Martin, Jr., geographic areas, reflecting different market Chairman, at a roundtable discussion before the Subcomstructures as well as differences in regional mittee on Housing, Senate Banking and Currency Committee, Nov. 28-29, 1955. economic development. To a considerable 2 The System's only direct influence on a particular market extent the development of Federally underis exercised through margin requirements (Regulations T written mortgages has served to reduce reand U) in the market for registered stocks. DECEMBER 1955 1317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY AND THE REAL ESTATE MARKETS gional differences in the supply of savings were generally available to borrowers only relative to local investment demands. The at higher interest rates and on more restricrelative attractiveness of Federally under- tive terms than had been the case prior to written mortgages and conventional mort- selective credit regulation and general credit gages may change from time to time, partly restraint. because interest rates on the latter are free Interest rates on Federally underwritten to vary more widely than are rates on the mortgages were raised in May 1953. Shortly former. afterwards, the slackening of other credit The effects of changes in credit and mone- demands, the easing in credit and monetary tary policy normally take some time to per- policy, and the resulting decline in yields on meate a market as complex and variable as nonmortgage investments improved the the mortgage market. They may be partic- competitive position of mortgages generally ularly slow to influence construction, for in- in financial markets. Moreover, the flow of stance, if the amount of financing commit- savings to financial institutions was increasments by lending institutions is large. The ing rapidly while issues of corporate securiprecise timing of events cannot be foreseen ties available to investors were reduced. in view of the many variables involved and The changed demand and supply situathe changing circumstances of each period. tion in financial markets began to be re- For example, from mid-1952 to mid-1953 flected significantly in mortgage markets late large over-all demands for credit pressed in 1953. By that time, with slackening in upon limited, though growing, credit avail- other demands for credit and a continuing ability and resulted in some strains on finan- decline in yields on competitive investments, cial markets. Expansion of real estate mort- funds for mortgages with Federal undergage debt was restrained at the start of this writing became much more readily available, period by the selective regulation of real with both FHA and VA loans selling in secestate construction credit. Regulation X, ondary markets at prices close to par, and governing the extension of conventional interest rates on conventional loans reduced credit on new houses and other new struc- by % to l/ per cent. Investors began ac- 2 tures, was suspended in September 1952, but tively to seek mortgages on terms which they some restrictive conditions on Federally would not have granted six months earlier. underwritten mortgages continued until Commitments by lenders to take mortgages, April 1953. especially those guaranteed by VA, were Federally underwritten mortgages having made in increasing volume toward the end relatively low maximum interest rates be- of 1953 and rose sharply in 1954, and many came less attractive to investors in a market lenders who earlier did not engage in such of generally rising yields, and were salable activity began to do so. only at discounts from par. GI loans on new The rise in mortgage credit on newly comhouses, in particular, declined markedly dur- pleted and existing properties did not occur ing the year ending June 1953 and were a until the second half of 1954. In that period much smaller proportion of total mortgage total mortgage lending was one-fourth larger lending than in comparable earlier periods. than in the preceding six months, reflecting Conventional mortgage lending meanwhile gains in most types of loans for purchase of increased substantially, although such loans both new and existing houses. GI loans 1318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY AND THE REAL ESTATE MARKETS were increasingly available to borrowers with the change toward easier credit availability no down payment and maturities of 30 which began around mid-1953. The numyears, and other types of mortgage loans ber of housing units started through the first were also readily available on favorable half of 1954 was little different from comterms. parable periods in preceding years. Statis- Mortgage lending on residential properties tical measures of pre-building activity did not expanded sharply in the first half of 1955 to begin to move upward until early 1954, but an all-time high of almost 14 billion dollars. thereafter rose rapidly. By August, requests The volume of GI loans made on new houses by builders to the Veterans Administration rose markedly to over 2 billion dollars, the for appraisal of proposed houses were more largest total by far for any half year. In the than double the largest monthly total in the same period there was a sharp rise in FHA- three preceding years. Applications to FHA insured loans on existing houses to over 900 for mortgage insurance on new houses also million dollars, reflecting chiefly a liberalizareached considerably higher levels in the tion of terms made possible by the Housing summer and autumn of 1954 than in previ- Act of 1954. ous comparable periods. For the full year ending June 30,1955, new Reflecting the upsurge in pre-building acrecords for nearly all types of mortgage lendtivity, new private housing starts beginning ing were established. The ready acceptance in June 1954 increased contraseasonally by investors of VA-guaranteed loans on through the end of the year, with monthly terms favorable to borrowers and the actotals in the last quarter the largest for any cumulation of a large backlog of commitcomparable month on record. The substanments by lending institutions, to take morttially larger volume of units started in the gages in the future, stand out as major influsecond half of 1954 compared with the like ences on the mortgage market during this period of 1953 reflected chiefly a more than period. Increase in the volume of VA loans doubling in units started under VA guaranamounted to over two-thirds of the increase tee. Units started under FHA financing arin lending on new houses and over two-fifths rangements also increased slightly, while of the increase in lending on existing houses. conventionally financed starts declined. Meanwhile, FHA-insured loans made on Sales of old as well as new houses accelnew houses during these 12 months showed erated in the second half of 1954 and conlittle change from the two preceding 12tinued strong through the middle of 1955. month periods. In the 12 months ending June 1955, substan- Housing markets. The influence of credit tially more houses were sold than during conditions on home building and purchase preceding comparable periods. Reflecting is even more difficult to trace than that on the impact of easing terms in the GI loan mortgage markets, particularly as far as the market during 1954, the increase in units timing of changes is concerned. For exsold with VA-guaranteed mortgages in the ample, there was little decline in residential year ending June 1955 amounted to almost construction activity as a result of the credit stringency in the spring of 1953. Subse- two-thirds of the increase in new house sales quently, there was considerable lag in the and nearly two-fifths of the increase in existadjustment of residential market activity to ing house sales. DECEMBER 1955 1319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY AND THE REAL ESTATE MARKETS THE CURRENT SITUATION real estate activities—even more markedly than most manufacturing activities—are close This summer and autumn economic acto capacity. In these areas, as in the economy tivity in most lines has been at new high as a whole, a major current problem is to levels. The gross national product in the prevent development of inflationary forces, third quarter was a record 392 billion dollars which could lead to serious maladjustments (seasonally adjusted annual rate) and a furand declines from the gratifying levels of ther large increase is indicated for the curactivity experienced in recent years. rent quarter. In October, industrial produc- The recent volume of construction and tion continued at the new high established high levels of economic activity generally in September and nonagricultural employhave resulted in large and widespread price ment was a record for any October. increases for building materials. After about The most striking economic developments two years of comparatively easy material supover the past year have been the marked explies and efficient operations, materials shortpansion in consumer buying, especially of ages and delays in the progress of work have durable goods, renewed rise in business outreappeared. Likewise, financing—in comlays for fixed capital, and the relatively petition with many other expanded demands moderate nature of inventory accumulation. in a capital market characterized by large, Since output in many areas is now close to though limited, supply—has become more capacity, further increases in production will difficult and more expensive for many types necessarily be at a slower pace and growth of undertakings. in consumption and investment demands will Some observers in recent weeks have atneed to be correspondingly moderated. tributed these developments and the mod- Reflecting the pressures of expanding deerately reduced level of starts solely to a more mands upon limited supplies, wholesale restrictive monetary policy. This is by no prices of industrial commodities have been means an adequate explanation. For exrising considerably since midyear, with the ample, although housing starts for some increases more recently extending to intermonths have been below the very high levels mediate products and finished goods. Conreached last spring, the number of houses sumer prices, which have been relatively under construction this summer was probstable for two years, have recently shown ably larger than ever before. If construcsigns of edging up. tion delays have been as serious as some The situation is not greatly different in trade reports suggest, this number may still construction and real estate markets, except be rising. The number of new houses comthat these markets have been extraordinarily pleted and occupied in the first six months strong for a longer period. Since the recovof 1955 was considerably larger than in any ery in the general economy began more than other first half year. Completions in the seca year ago, activities revolving about conond half will undoubtedly rise further to struction and real estate, which continued exceed the all-time record second half of high throughout the 1953-54 recession, have 1950. expanded sharply further and are now at rec- These completions have required an excepord levels. The evidence in recent months tionally heavy volume of financing. In addisuggests increasingly that construction and tion, sales of an unprecedented number of 1320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY AND THE REAL ESTATE MARKETS old houses have also been financed. Accord- own forward commitments to lend. A speingly mortgage lending so far this year is at cial survey of large city banks indicated that record levels, more than one-fourth higher in the year ended August 10 loans of such than in the comparable period last year. De- banks to mortgage lenders had risen by over mands for financing are still rising. What- half a billion dollars and that additional comever effects the present credit situation may mitments for 154 billion dollars of loans to be having on housing markets, it has not such lenders were outstanding. In addition, prevented an extraordinarily large volume direct real estate loans by commercial banks of inbrtgage underwriting. It is the large are likely to rise this year by over 3 billion demands for credit throughout the economy, dollars. It should be borne in mind that rather than a curtailment of funds for in- expansion in commercial banking operations vestment in housing, that has caused a tight- creates new supplies of money in contrast ening in the money market. to other financial institutions which lend Mortgage repayments have also been ris- existing funds. ing, but at a slower rate. As a result, the It is evident that consumers have been amount of mortgage debt outstanding has buying houses—both old and new—at a been growing rapidly. Mortgage debt out- higher rate than ever before. Builders' operstanding on small properties this year can be ations—which means houses under conexpected to increase by about 13 billion dol- struction, builders' financial obligations, conlars, compared with 9.6 billion dollars in sumption of materials and need for credit— 1954. have been higher than ever before. Com- This year's increase in all nonfalrm mort- mitments of financial organizations to take gage debt will be close to 16 billion dollars, mortgage loans have been very close to, if not, and of this over 11 billion will be acquired the largest on record. Moreover, a larger by three major groups of lenders—savings proportion of financial institutions appears and loan associations, mutual savings banks, to be obligated on commitments. This and life insurance companies. This is a very means that individual institutions have not large proportion of the total increase this had the freedom to respond to the current year in the capital and liabilities due from demands that they might otherwise have these institutions to the public. In other re- had. It no doubt accounts in part for recent years the increase in their capital and ports that builders are unable to obtain addiliabilities to the public exceeded the increase tional forward commitments. in their mortgage holdings by a wider mar- With the housing industry operating close gin. * to capacity and bidding actively against other To obtain the funds needed to keep up the industries for resources, prices of construcrecent high and rising level of mortgage tion materials have increased. Properties lending and to meet other financing de- under construction have been very high and mands which have also been large, these so also has been construction financing to institutions have been borrowing heavily this carry these inventories. The demand for year from commercial banks. Mortgage funds has been beyond the supply of savlenders have also been obtaining forward ings, and additional funds have been supplied commitments from the banking system in from an unusually large expansion of bank order to be in a position to make good their credit. DECEMBER 1955 1321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY AND THE REAL ESTATE MARKETS Except, perhaps, for the extent to which additional cash balances, consistent with the commitments to finance future transactions growth needs of the economy, the commerare outstanding, the situation in residential cial banking system could not have met all construction and real estate is very much like of these demands for credit not supplied the credit situation generally. Heavy de- from savings without running the risk of mands for credit have been in evidence al- inflationary consequences. most everywhere—to finance the high level In a prosperous, expanding economy, of consumer buying of automobiles and other funds for financing home ownership, as well durable goods; to finance business expan- as financing ownership of other long-lasting sion of fixed plant and equipment; to finance capital goods, should come as far as possible public improvements by State and local gov- from savings in the hands of the owners or ernments. The Federal Government has made available on loan from institutional or also been a substantial borrower in recent other holders of accumulated savings funds. months, but most, if not all, of this borrow- Free competitive credit markets are the most ing will be offset by debt retirement during effective means for allocating these funds to the remainder of the fiscal year. The vol- applicants. ume of investable funds becoming available Under prevailing conditions, demands for from consumer and business savings has not funds are running far ahead of the supply been adequate to take care of all these de- of savings. To meet these demands by creatmands. Mortgages are competing with all ing new supplies of money through the comthese other uses for the large, but limited, mercial banking system with Federal Resupply of funds. serve assistance, would invite dangerous infla- While some expansion of commercial bank tionary repercussions throughout the entire credit has been desirable in order to supply country. 1322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT EXTENDED BY BANKS TO REAL ESTATE MORTGAGE LENDERS Credit extended to real estate mortgage CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY lenders by weekly reporting member banks WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES NOVEMBER 16 AND AUGUST 10, 1955 AND AUGUST 11, 1954 on November 16, 1955 amounted to 1,618 [In millions of dollars] million dollars as compared with 1,411 mil- Increase (or lion on August 10, 1955 and 606 million on Outstanding on Decrease —) August 11, 1954. Commitments to extend Aug. Aug. 11, 1,249 million dollars of additional credit to Nov. Aug. Aug. 10 to 1954 16, 10, 11, Nov. to these lenders were also available, 46 million 1955 1955 r 1954 r 16, Aug. 1955 10, less than on August 10, 1955. 1955' Real estate mortgage loans purchased from Real estate mortgage loans purchased from real estate mortgage lenders under resale agreements mortgage lenders under resale agreement, total 405 339 52 66 287 accounted for 405 million dollars of the 1,618 Insurance companies. . . 261 235 4 26 231 million total of holdings on November 16 Mortgage companies. . . 116 94 44 22 50 Others1 28 10 4 17 6 and for 66 million of the increase since Au- Loans to real estate mortgage lenders secured by gust. Of the 66 million increase, 26 million the pledge of real estate mortgage loans owned by was purchased from insurance companies the borrowers, total 1 ,105 983 517 122 466 and 22 million from mortgage companies. Insurance companies. . . 37 13 12 24 1 Mortgage companies.... 1,008 910 479 98 431 Loans to real estate mortgage lenders se- Others1 59 59 26 34 Loans to real estate mortcured by the pledge of real estate mortgage gage lenders, not secured, or secured other than by loans accounted for 1,105 million dollars of the pledge of real estate mortgage loans owned by the holdings and 122 million of the increase the borrowers, total 108 89 37 19 52 since August. As in the previous survey, Insurance companies. . . 2 4 2 -2 2 Mortgage companies.... 38 25 10 13 15 these loans were largely to real estate mort- Others1 68 60 25 8 35 Total loans to real estate gage companies. Other loans to real estate mortgage lenders 1,618 1,411 606 207 805 mortgage lenders, which were not secured Unused portions of firm commitments to purchase real or were secured other than by real estate estate mortgage loans from real estate mortgage mortgage loans, amounted to 108 million lenders with or without resale agreement, or to dollars on November 16. make secured or unsecured loans to real estate mortgage lenders, total 1,249 1,295 -46 Unused portions of firm commitments Insurance companies. . . 147 184 See -37 made by the reporting banks to purchase Mortgage companies.... 918 895 note 23 Others1 183 217 -34 real estate mortgage loans from real estate rRevisions in current survey of figures previously reported by lenders with or without resale agreement, or banks. 1 Savings and loan associations, mutual savings banks, builders to make secured or unsecured loans to these and other organizations (other than banks) that make or hold substantial amounts of real estate loans. lenders, amounted to 147 million dollars for NOTE.—Reporting banks were asked to estimate Aug. 11, 1954 figures, except commitments. Banks reporting less than a million insurance companies, 918 million for mort- dollars of loans and commitments at Aug. 10, 1955 were not asked to report on Nov. 16, but their Aug. 10 figures are included in Nov. 16 data shown above for comparative purposes. gage companies, and 183 million for other Details may not add to totals due to rounding. lenders. These commitments have decreased dates were obtained in two surveys under- 46 million dollars since August 10, 1955. taken for the purpose of ascertaining the The data for November 16 and the August amounts of all types of credit extended by DECEMBER 1955 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT EXTENDED BY BANKS TO REAL ESTATE MORTGAGE LENDERS commercial banks to real estate mortgage cluded in the weekly reporting series; banks lenders. Results of the earlier survey were in this series hold about two-thirds of total published in the September issue of the Fed- loans of all member banks. eral Reserve BULLETIN. Both surveys provide Although banks that reported less than a data on various types of "warehousing loans" million dollars of loans and commitments which are not set forth separately in the loan at August 10, 1955 were not asked to report figures published each Wednesday in the as of November 16, their holdings at Austatement of condition of weekly reporting gust 10, amounting to 39 million dollars in member banks in leading cities. Most of loans and 9 million in commitments, are inthe loans and commitments to real estate cluded in the November 16 figures for comlenders are financed at the large banks in- parison with the earlier dates. 1324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Growers, Inc., Presque Isle, Maine. A meeting of the Chairmen and Deputy Chair- (Re-elected) men of the Federal Reserve Banks with the mem- NEW YORK bers of the Board of Governors was held in Wash- Class A HOWARD C. SHEPERD, Chairman of the ington on December 1-2, 1955. Board, The First National City Bank A meeting of the Federal Open Market Comof New York, and Chairman of the mittee was held in Washington on December 13, Board, City Bank Farmers Trust 1955. Company, New York, New York. Increase in Federal Reserve Discount Rates Mr. Sheperd succeeds N. Baxter Jackson, Chairman, Chemical Corn Shortly following the increase in discount rates Exchange Bank, New York, New to 2% per cent by six Federal Reserve Banks as York. noted in the November BULLETIN, the Board of Governors of the Federal Reserve System approved Class B CLARENCE FRANCIS, Director, General actions by the other six Reserve Banks to increase Foods Corporation, New York, New their discount rates to 254 per cent. The approval York. (Re-elected) and effective dates of the new rates are as follows: PHILADELPHIA Approval Reserve Effective Class A LINDLEY S. HURFF, President and date Ban\ date Trust Officer, The First National Bank, Milton, Pennsylvania. Mr. Nov. 18, 1955 Kansas City Nov. 21, 1955 Hurff succeeds Mr. Bernard C. Nov. 18, 1955 Minneapolis Nov. 21, 1955 Wolfe, President, The First National Nov. 21,1955 St. Louis Nov. 22, 1955 Bank, Towanda, Pennsylvania. Nov. 21, 1955 Boston Nov. 22, 1955 Nov. 21,1955 Richmond Nov. 22, 1955 Class B CHARLES E. OAKES, President and Di- Nov. 22, 1955 Dallas Nov. 23,1955 rector, Pennsylvania Power and Light Company, Allentown, Penn- The rate previously in effect at these six banks sylvania. (Re-elected) was 2 J4 per cent, as it had been at the six banks that increased their discount rates effective No- CLEVELAND vember 18, 1955. Class A KING E. FAUVER, Director, The Savings Deposit Bank and Trust Com- Election of Class A and Class B Directors pany, Elyria, Ohio. Mr. Fauver The Federal Reserve Banks have announced the succeeds John D. Bainer, President, results of the annual elections by their member The Merchants National Bank and banks of Class A and Class B directors as shown Trust Company, Meadville, Pennbelow. The directors have been elected to serve for sylvania. three years beginning January 1, 1956. Class B CHARLES Z. HARDWICK, Executive Vice President and Director, The Ohio BOSTON Oil Company, Findlay, Ohio. Mr. Class A OLIVER B. ELLSWORTH, President and Hardwick succeeds Edward C. Doll, Trust Officer, Riverside Trust Com- President, Lovell Manufacturing pany, Hartford, Connecticut. (Re- Company, Erie, Pennsylvania. elected) RICHMOND Class B HARRY E. UMPHREY, Washburn, Class A JOSEPH E. HEALY, President, Citizens Maine. President, Aroostook Potato National Bank, Hampton, Virginia. DECEMBER 1955 1325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Mr. Healy succeeds Warren S. Class B THOMAS G. HARRISON, President, Super Johnson, Investment Counselor, Peo- Valu Stores, Inc., Minneapolis, Minples Savings Bank and Trust Com- nesota. Mr. Harrison succeeds pany, Wilmington, North Carolina. Homer P. Clark, Honorary Chairman of the Board, West Publishing Class B LAWRENCE VINTON HERSHEY, Presi- Company, St. Paul, Minnesota. dent, The Hagerstown Shoe Company, Hagerstown, Maryland. Mr. KANSAS CITY Hershey succeeds H. L. Rust, Jr., Class A W. S. KENNEDY, President and Chair- President, H. L. Rust Company, man, First National Bank, Junction Washington, D. C. City, Kansas. (Re-elected) Class B E. M. DODDS, Chairman of the Board, ATLANTA United States Cold Storage Corpora- Class A WILLIAM C. CARTER, Chairman and tion, Kansas City, Missouri. (Re- President, Gulf National Bank, Gulfelected) port, Mississippi. Mr. Carter succeeds Leslie R. Driver, President, DALLAS The First National Bank, Bristol, Class A J. EDD MCLAUGHLIN, President, Secu- Tennessee. rity State Bank and Trust Company, Rails, Texas. (Re-elected) Class B DONALD COMER, Chairman of the Class B J. B. THOMAS, President and General Board, Avondale Mills, Birming- Manager, Texas Electric Service ham, Alabama. (Re-elected) Company, Fort Worth, Texas. (Re- CHICAGO elected) Class A NUGENT R. OBERWORTMANN, Presi- SAN FRANCISCO dent, The North Shore National Class A JOHN A. SCHOONOVER, President, The Bank, Chicago, Illinois. (Re-elected) Idaho First National Bank, Boise, Class B WILLIAM J. GREDE, President, Grede Idaho. (Re-elected) Foundries, Inc., Milwaukee, Wiscon- Class B WALTER S. JOHNSON, President, Amerisin. (Re-elected) can Forest Products Corporation, San Francisco, California. (Re- ST. LOUIS elected) Class A J. E. ETHERTON, President, The Carbondale National Bank, Carbondale, Tables Published Annually and Semiannually, with Illinois. (Re-elected) Latest BULLETIN Reference Semiannually Issue Page Class B S. J. BEAUCHAMP, JR., President, Ter- Banking offices: minal Warehouse Company, Little Analysis of changes in number of. . . Aug. 1955 944 On, and not on, Federal Reserve Par Rock, Arkansas. (Re-elected) List, number of Aug. 1955 945 Stock Exchange firms, detailed debit MINNEAPOLIS and credit balances Sept. 1955 1046-1047 Class A JOSEPH F. RINGLAND, President and Annually Chairman of the Board, Northwest- Earnings and expenses: Federal Reserve Banks Feb. 1955 206-207 ern National Bank, Minneapolis, Member banks: Calendar year May 1955 564-572 Minnesota. Mr. Ringland succeeds First half of year Oct. 1955 1188 Edgar F. Zelle, Chairman of the Insured commercial banks May 1955 573 Banks and branches, number of, by Board, First National Bank, Min- class and State Apr. 1955 430-431 Operating ratios, member banks June 1955 712-714 neapolis, Minnesota. Banking and monetary statistics, 1954 |^eb- ^55 210-216 1326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication December 14] Economic activity continued to increase in No- trical appliance and equipment lines reflected in vember. Industrial production, employment, and part a work stoppage at plants of a major producer. incomes expanded somewhat further. Sales at de- Output of most types of producers' equipment conpartment stores were also up slightly further in tinued to advance. Production of construction ma- November and early December. Industrial com- terials continued at exceptionally high levels. modity prices continued to advance and prices of Nondurable goods output in November was at farm products and foods declined again. Bank a new record rate as gains continued in textile, aploans continued to expand, the Federal Reserve dis- parel, rubber, and paper products industries. Account rate was increased again, and short-term tivity in the leather products industries declined money rates rose further. moderately, reflecting in part work stoppages. Production of petroleum and metal mining activity ex- INDUSTRIAL PRODUCTION panded in November, after allowance for seasonal Reflecting continued strength in durable and non- changes, and total minerals output reached a new durable goods and minerals industries, the Board's peak. preliminary seasonally adjusted index of industrial CONSTRUCTION production in November advanced 1 point to a new The number of private housing units started in high of 144 per cent of the 1947-49 average. November was at a seasonally adjusted annual Output of primary metals reached a new record rate of 1.2 million units, slightly below the precedin November, with steel production at 99 per cent ing two months. Value of contract awards was of capacity. Steel mill activity continued at record only slightly less than in October as private resirates in early December. Auto and truck assemblies dential awards declined less than seasonally and have been close to earlier peak rates since midcontracts for all other construction remain un- November, following completion of model changechanged. The value of new construction put in overs. Auto output for the calendar year 1955 is place was maintained at a seasonally adjusted anexpected to total about 8 million cars. Output of nual rate of close to 42 billion dollars. furniture continued to increase in November, while production of appliances and television declined EMPLOYMENT somewhat further. Reduced activity in some elec- Seasonally adjusted employment in nonagricultural establishments increased in November to a INDUSTRIAL PRODUCTION peak of 50.1 million, 1.8 million above a year ago. A Manufacturing employment was up further, and TOTAL / 140 4 the average factory workweek increased slightly to 41.2 hours. Reflecting both longer hours and a \^ DURABLE 120 - MANUFACTURES /_ further rise in hourly earnings, average weekly pay at factories increased to $79.52, or 8 per cent above f \j a year ago. Unemployment increased seasonally to 100 1 /\/ 2.4 million as outdoor activities were curtailed and 140 holiday job seekers entered the labor market. MINERALS 120 NONDURABLE DISTRIBUTION MANUFACTURES ^ | - Seasonally adjusted retail sales in November were MI n 100 slightly below their advanced September-October ,Ml|,,,,,,,,, ,!,MMM.UK ,I|M MIMMMMI K level and about 8 per cent above a year ago. De- 1952 1953 1954 1955 1952 1953 1954 1955 partment store sales increased slightly further in Federal Reserve indexes. Monthly figures, latest shown are November to about their July high. Auto sales for November. DECEMBER 1955 1327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS remained below earlier record levels and, with out- serve averaged about one billion dollars during put of the new models close to the spring peak November and early December, and excess reserves rates, dealers' stocks of new autos rose sharply somewhat above 500 million dollars. Federal Refrom reduced levels. Used car stocks were little serve purchases of U. S. Government securities supchanged in November. plied some reserves to banks but not in sufficient amounts to offset substantial and larger-than-usual COMMODITY PRICES currency outflow. Prices of industrial commodities continued to rise In November, the discount rate at all Federal from mid-November to mid-December. Steel Reserve Banks was increased to 2l/ per cent. 2 scrap rose sharply to record levels and prices of various steel products, copper scrap, tin, rubber, SECURITY MARKETS cement, fuel oils, and cotton textiles advanced. Following the increase in discount rates, yields Prices of farm products and foods, on the other on short- and intermediate-term Government securihand, continued to decline, chiefly because of ties rose substantially. In mid-December the marfurther reductions in livestock and meat prices. ket yield on 90-day Treasury bills was around 2l/ 2 Marketings of both cattle and hogs have continued per cent. In a Treasury refunding offering for 12.2 in exceptionally large volume. billion dollars of Treasury securities maturing in December, about 11.4 billion, half of which were BANK CREDIT AND RESERVES held in Federal Reserve account, were exchanged Loans and investments at city banks changed into a new 2% per cent certificate or a 2% per little during November and early December as cent two and one-half year note. To obtain cash substantial loan expansion was offset by sales of needed to cover the cash redemption and for other U. S. Government and other securities. Business purposes, the Treasury subsequently sold on an loans increased one billion dollars. Loans to bor- auction basis 1.5 billion dollars of March taxrowers with special seasonal needs rose further and anticipation bills at an average issuing rate of 2.47 loans to sales finance companies, public utility con- per cent. Yields on the longest-term Government cerns, and metal manufacturers expanded consider- bonds remained stable at levels slightly below their ably. Real estate and consumer loans continued summer peaks. Yields on corporate and municipal to increase. bonds increased, the latter rather sharply, in late Member bank borrowings from the Federal Re- November and the first part of December. Common stock prices fluctuated within a narrow range PRICES AND TRADE at levels close to the September peak. Per cent, 1947-49 = 100 MONEY RATES WHOLESALE PRICES Per cent per FARM. V "w PRODUCTS V DEPARTMENT STORE TRADE DISPOSABLE PERSONAL * ^ INCOME V^ „/ ' HjJ 100 Seasonally adjusted, except for price indexes. Prices, Bu- 1952 1953 1954 1955 reau of Labor Statistics; disposable personal income and total Figures except for Federal Reserve discount rate are weekly retail sales, based on Department of Commerce data; depart- average market yields. Corporate Aaa bonds, Moody's Inment store trade, Federal Reserve. "Other" wholesale prices vestors Service; U. S. Government long-term (excludes 3J4 per exclude processed foods, included in total but not shown sep- cent bonds issued May 1, 1953), U. S. Treasury Department arately. Monthly figures, latest shown: October for income, and Federal Reserve; municipal high-grade bonds, Standard consumer prices, and department store stocks; November for and Poor's Corporation; Treasury bills, Federal Reserve. other series. Latest figures shown are for Dec. 7. 1328 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 1331-1332 Federal Reserve Bank rates; margin requirements; reserve requirements 1332-1333 Reserves and deposits of member banks 1334 Federal Reserve Bank statistics 1335-1337 Regulation V: guaranteed loans, fees, and rates 1337-1338 Bank debits and deposit turnover; Postal Savings System 1338 Money in circulation 1339 Consolidated statement of the monetary system; deposits and currency 1340 All banks in the United States, by classes 1341-1343 All commercial banks in the United States, by classes 1344-1345 Weekly reporting member banks 1346-1347 Commercial paper and bankers' acceptances 1348 Life insurance companies; savings and loan associations. ... 1349 Government corporations and credit agencies... 1350-1351 Security prices and brokers' balances 1352 Money market rates; bank rates on business loans; bond and stock yields 1353 Treasury finance 1354-1359 New security issues.. 1360 Business finance 1361-1362 Real estate credit statistics 1363-1365 Statistics on short- and intermediate-term consumer credit. . 1366-1368 Business indexes 1369-1378 Merchandise exports and imports. . 1378 Department store statistics. . . 1379-1383 Consumer and wholesale prices. 1384-1385 Gross national product, national income, and personal income 1386-1387 List of tables published in BULLETIN annually, or semiannually with references for latest data. 1326 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. DECEMBER 1955 1329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages of daily figures, 1951- Billions of dollars MEMBER BANK RESERVE BALANCES 20 15 EXCESS RESERVES MONEY IN CIRCULATION 25 20 ^AA TREASURY CASH AND DEPOSITS 1 11 1 L NONMEMBER DEPOSITS 1 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER I REPURCHASE AGREEMENTS 1 - -.- -— - ~ A,.-. --A-. . J DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT ^^^ 1949 1950 1951 1952 1953 1954 1955 Latest averages shown are for week ending Nov. 30. See p. 1331. 1330 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 p<;riod U To .S t . a l Go B v o o t u u . g t s - h e t cu u r r H e i n t p e d ie l u e d s r r - c D o a a n u d is - n d - ts Float o e A r t l h * 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 c y a t - - d y s- - M c t c o u i i i o n n l r a n e - - y T h c i u r n o a e r g l s y a d h s s - - T t r h u w e re r a s y i e a n t r h s v - m e F e . F e b m R i o a g b l r . n a e - B n r c a b e O n a s j k « e , n t s h r k - O s F e a R e t e r c h r v e d - a e - e - l r To r t e a s M l er e v m e q u b R b i e a r e r e - l a d b n 2 a c n e k c s E e x s - s' right cna e vances ing de- de- de- counts ment posits posits p it o s s- Averages of daily figures Week ending: 1954 Oct 6.... 24 49274,492 179 667 25,338 21,810 4,971 30,010 793 676 484 452 948 18 756 17,894 oct! 13.!!! 24,606 24,581 25 259 599 25,465 21,810 4,972 30,143 790 594 466 472 950 18!832 631 Oct. 20 24,487 24,456 31 284 927 25,699 21,788 4,973 30,125 796 570 443 440 950 19,136 18,269 867 Oct. 27 24,381 24,381 257 721 25,360 21,759 4,973 30,028 801 567 442 411 949 18,895 18,224 671 Nov. 3 24,464 24,448 16 355 617 25,436 21,759 4,976 30,088 806 669 432 472 895 18,810 18,233 577 Nov.10 24,754 24,745 9 277 669 25,701 21,752 4,977 30,206 796 362 423 394 886 19,364 18,244 1,120 Nov 17.... 24 68524,685 271 751 25,768 21,709 4,978 30,262 799 397 425 324 883 19,306 18,423 883 Nov!24!!!! 24,553 24,553 300 1,046 25,900 21,709 4,980 30,318 800 576 409 399 882 19,205 18',524 681 Dec. 1 24,722 24,715 7 498 698 25,918 21,710 4,982 30,466 806 605 396 405 881 19,052 18,464 588 Dec. 8 24,891 24,889 2 465 724 26,080 21,710 4,982 30,623 806 535 361 408 877 19,162 18,444 718 Dec. 15 24,919 24,888 31 442 810 26,172 21,711 4,982 30,755 812 363 405 398 891 19,241 18,555 686 Dec. 22 24,928 24,888 40 311 1,373 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 J Ja a n n . . 1 5 2 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 2 2 5 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 , , 5 3 0 6 1 1 8 8 0 1 4 4 4 3 4 7 9 8 5 4 2 9 7 3 4 4 0 1 9 3 9 9 1 0 6 5 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 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 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 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 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 24,964 21,715 4,989 29,782 824 399 486 458 913 18,806 18,236 570 Feb. 23.... 23,732 23,732 395 804 (8) 24,932 21,716 4,990 29,771 825 490 390 486 959 18,716 18,108 608 Mar. 2 23,604 23,604 490 797 24,892 21,716 4,995 29,796 827 575 324 481 957 18,642 18,089 553 Mar. 9 23,604 23,604 479 789 24,873 21,717 4,995 29,819 828 548 364 476 955 18,596 18,018 578 Mar,16 23,606 23,604 2 483 719 24,809 21,717 4,995 29,833 817 356 422 358 957 18,779 18,149 630 Mar 23 23,664 23,604 60 630 1,032 25,327 21,718 4,995 29,793 818 887 339 435 964 18,804 18,123 681 Mar 30.... 23,604 23,604 745 677 25,028 21,719 4,997 29,716 826 1,000 338 490 964 18,408 17,918 490 Apr. 6 23,643 23,604 39 613 656 7 24,918 21,719 4,997 29,831 821 559 344 492 976 18,611 18,055 556 Apr. 13 23,682 23,604 78 662 801 14 25,159 21,669 4,996 29,940 812 325 349 553 979 18,868 18,214 654 Apr. 20 23,604 23,604 521 1,031 19 25,175 21,670 4,997 29,793 820 483 419 454 978 18,895 18,253 642 Apr. 27.... 23,604 23,604 544 861 21 25,031 21,671 4,998 29,686 813 541 367 438 978 18,877 18,260 617 May 4 23,666 23,613 53 544 743 17 24,971 21,671 4,999 29,767 815 675 360 443 923 18,659 18,201 458 May 11 23,839 23,702 137 374 696 15 24,924 21,671 4,999 29,859 811 280 363 442 920 18,920 18,176 744 May 18 23,687 23,664 23 317 888 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 U 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 1^ 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 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 j * 24,956 21,676 5,001 30,058 832 304 434 387 940 18,678 18,099 579 June22 .*;.'.' 23,554 23,554 348 1,137 16 25,055 21,676 5,001 30,035 818 213 408 278 981 18,998 697 June 29 23,554 23,554 456 789 16 24,815 21,677 5,001 30,021 814 323 425 275 981 18,653 18!164 489 July 6 23,703 23,692 11 688 858 16 25,265 21,678 5,003 30,299 814 420 367 468 970 18,609 18,085 524 July 13 23,957 23,943 14 685 913 16 25,571 21,679 5,003 30,416 803 440 425 419 971 18,779 18,047 732 July 20 23,943 23,943 357 1,118 14 25,432 21,680 5,003 30,287 793 416 460 415 970 18,774 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 o46 434 396 885 18,824 18,163 661 Aug. 17.. . .23,891 23,891 796 794 15 25,495 21,682 5,003 30,33t> 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 >3,587 ii 901 960 19 25,478 21,683 5.006 30,323 787 693 370 386 990 18,618 18,134 484 Oct. 5 23,844 23,727 117 843 816 21 25,525 21,684 5,007 30,428 791 525 381 390 999 18,700 18,189 511 Oct. 12 23,911 23,792 119 909 874 20 25,714 21,684 5,007 30,552 788 514 383 429 1,01118,728 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 1,01019,119 18,494 625 Oct. 26 23,973 23,973 771 985 19 25,747 21,685 5,009 30,498 778 496 381 387 1,01018,891 18,433 458 Nov 2 23,995 23,995 943 793 18 25,748 21,686 5,009 30,528 772 500 408 385 951 18,898 18,421 477 Nov 9 24,024 24,024 1,144 776 19 25,963 21,686 5,009 30,657 774 571 384 433 939 18,899 18,343 556 "Nov 16 24,068 24,018 50 1,173 1,013 18 26,272 21,686 5,008 30,794 774 613 400 564 938 18,883 *>18,297 P586 Nov 23 23,888 23,888 816 1,486 18 26,208 21,687 5,008 30,824 783 532 395 399 935 19,036 P18,434 P602 TSJov 30 24,001 23,903 98 973 1,019 18 26,012 21,688 5,008 30,962 782 439 399 398 935 18,794 P18,347 M47 Monthly: 1954-Nov... 24,661 24,654 7 345 769 25,776 21,724 4,979 30,287 800 492 416 393 883 19,207 18,393 814 Dec... 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 18,576 703 JI955-Tan. .. 24,200 24,182 18 444 805 25,449 21,714 4,985 30,110 819 341 477 383 903 19,114 18,432 682 Feb... 23,838 23,787 51 473 710 25,021 21,715 4,990 29,784 826 477 420 473 927 18,819 18,195 624 Mar... 23,619 23,604 15 566 804 24,989 21,718 4,996 29,790 823 690 363 442 960 18,635 18,050 585 Apr... 23,632 23,604 28 585 838 16 25,070 21,680 4,997 29,807 816 501 370 481 973 18,800 18,210 590 May.. 23,666 23,617 49 445 798 15 24,924 21,673 4,999 29,861 818 421 389 432 928 18,746 18,166 580 June. . 23,598 23,596 465 878 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 1,00018,870 18,345 525 Nov.. 23,997 23,963 34 1,018 1,055 18 26,089 21,687 5,008 30,791 778 538 394 444 937 18,902 ^Preliminary. For footnotes see following page. DECEMBER 1955 1331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Con tinned [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities Tr u e r a y s- Money Treas- r w e i s t e h r v F e . b R a . l a B nc a e n s k , s O F t e h d e - r reserve balances p D e o r a i r t o e d Total B r o o ig u u h g t- t ht u c r a H e h n g p e a d r u l e s e d e r e r - - v c D a o a a n n u i d s c d n - - e ts s Float o A th ll - Total s G to o c ld k s r o c e t i a u n n u n g r 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 r o u d s e r e i a - y t s s - p F e o d i o s e g r i - t n - s O p d i e o t t e r s h s - - - c s R o e e a e u r r c - a v - n l e ts Total qu R ir e e - d* Exment Midyear or year-end: 1929—June. 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec. 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 2,361 22,737 3,24711,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec. 24,262 24,262 249 578 25,091 20,065 4,339 2288,,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec. 22,559 22.559 85 535 23,181 22,754 4,56228,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec. 20,778 20,725 53 67 1,368 22,216 22,706 4,636 "2~7,741 1,293 668 895 565 71417,681 16,509 1,172 1951—Dec. 23,80123,605 196 19 1,184 25,009 22,695 4, 709 29,;206 1,270 247 526 363 746 20,056 19,667 389 1952—Dec. 24,697 24,034 663 156 967 25,825 23,187 4,81230,433 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 3300,;125 1,259 132 527 176 95119,561 19,459 102 Dec. 25,916 25,318 598 28 935 26,880 22,030 4,89430,781 761 346 423 493 839 20,160 19,397 763 1954—June. 25,037 25,037 37 567 25,642 21,927 4,95929,922 811 875 545 377 98819,011 18,412 599 End of month: 1954 Nov.. 24,888 24,888 398 657 25,944 21,710 4,98230,500 800 694 397 381 88018,985 18,467 518 Dec. 24,932 24,888 44 143 808 25,885 21,713 4,98530,509 796 563 490 441 90718,876 18,618 258 1955 Jan.. 23,885 23,882 475 600 960 21,714 4,98929,789 837 360 441 419 89918,918 18,337 581 Feb.. 23,605 23,605 485 678 769 21,716 4,996 "2,9817 828 564 320 433 95718,562 18,091 471 Mar.. 23,612 23,604 391 659 667 21,719 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 23,662 23,662 460 643 24,78021,674 5,00230,009 828 649 402 413 93618,221 18,029 192 June 23,607 23,554 53 128 850 24,60121,678 5,00230,229 812 380 374 448 97218,066 18,139 -73 July 24,090 23,982 108 754 864 25,719 21,682 5,00330,244 798 623 410 419 91018,999 18,311 688 Aug 23,761 23,761 470 665 24,91121,682 5,00530,317 804 393 387 383 94518,368 18,151 217 Sept 23,83423,729 105 603 792 25 250 21,684 5,00630,422 787 554 385 379 99018,423 18,212 211 Oct 24,02424.024 706 683 25430 21,686 5.00830,559 776 484 402 396 94118,565 18,393 172 Nov 24,25623,991 "265 618 883 25,776P21,688*>5,OO8P30,988 477 408 412 93118,474P18.383 Wednesday 1955 Sept. 7....23,761 23,761 598 659 25,034 21,682 5,00530,536 810 475 377 374 942!18,207 18,088 119 Sept. 14 23,673 23,673 536 956 21,682 5,00530,452 805 427 410 382 94118,452 18,181 271 Sept. 21....23,56323,563 872 1,064 25,518 21,683 5,006 30,332 793 717 403 383 990 18,589 18,180 409 Sept. 28 23,70223,680 662 788 25,172 21,683 5,00730,338 791 512 383 372 989 18,475 18,178 297 Oct. 5....23,83223,729 103 650 817 25,320 21,684 5,00630,437 798 481 388 388 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 23,97323,973 803 1,144 25,939 21,685 5,008 30,542 783 575 379 380 1,009 18,963 18,506 457 Oct. 26 23,97323,973 1,026 731 25,748 21,t585 5,00930,441 777 494 407 379 1,00918,935 18,431 504 Nov. 2 24,02424,024 1,185 792 26,018 21,686 5,00930,540 779 535 387 382 940 19,151 18,443 70& Nov. 9.....24,02424,024 1,201 524 21,686 5,00930,786 779 617 400 388 939 18,554 18,306 24a Nov. 16: ...23,98723,987 548 1,288 25,840 21,686 5,00830,743 783 635 383 396 93618,658 18,411 P247 Nov. 23. ...23,88823,888 796 1,056 25,75721,687 5,00830,945 777 479 404 380 93518,533*>18,389 Nov. 30 24,25623,991 265 618 883 25,776P21.688 P30.988 477 408 412 93118,474P18,383 v Preliminary. 1 Includes industrial loans and acceptances, which are shown separately in subsequent tables. aThese figures are estimated. »Less 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 REQUIREMENTS1 [Per cent per annum] [Per cent of market value) Nov. 1, 1933- Feb. 1,1935- Effective Feb. 20, Jan. 4, Effec- Jan. 31. 1935 Dec. 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 2H 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 1 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 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 om 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. 1332 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] obl ( ig la a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. (Sees. 13 and 13a) 1 Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Nov. 30 beginning— rate Nov. 30 beginning— rate Nov. 30 beginning— rate Boston , Nov. 22,1955 Nov. 22,1955 Nov. 22,1955 V* N Ph e i w la d Y e o lp rk hia. . N N o o v v . . 1 1 8 8 , ' 1 1 9 9 5 5 5 5 Vi N N o o v v . . 1 1 8 8 , ,1 1 9 9 5 5 5 5 S N e o p v t . . 1 9 8 , ,1 1 9 9 5 5 5 5 Cleveland. 2H Nov. 18,1955 Nov. 18,1955 Nov. 18,1955 3 Richmond. .. Nov. 22,1955 Nov. 22,1955 Nov. 22,1955 3 Atlanta Nov. 18,1955 2M Nov. 18,1955 Nov. 18,1955 3 C S M t h . i i n c L n a o e g u a o i p s olis. . 2 2 2% V V 2 2 N N N o o o v v v . . . 2 2 1 1 2 8 , , , 1 1 1 9 9 9 5 5 5 5 5 5 2 2 2 M M M N N N o o o v v v . . . 2 2 1 2 1 8 , , ,1 1 1 9 9 9 5 5 5 5 5 5 N S N e o o p v v t . . . 2 1 1 2 8 2 , , , 1 1 1 9 9 9 5 5 5 5 5 5 k 3 3 M S K D a a a n l n l s a F a s r s a n C c i i t s y c . o . 2 2 2 V Y V 2 2 2 N N N o o o v v v . . . 2 2 1 3 1 8 , , , 1 1 1 9 9 9 5 5 5 5 5 5 ' 2 2 2 M M H N N N o o o v v v . . . 2 2 1 1 3 8 , , , 1 1 1 9 9 9 5 5 5 5 5 5 A S N e u o p g v t . . . 1 5 9 8 , , , 1 1 1 9 9 9 5 5 5 5 5 5 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 November 30. Per cent per annum] Time Effective date deposits To c b o i u n m s d i m u n s e e t s r r s c i e a ia s l l or To financing institutions of change C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e ( m n a k l b l s e ) r 1917—June 21 13 10 On discounts or Federal purchases 1936—Aug. 16 15 Reserve 1937—Mar. 1 22% Bank On On May 1 26 20 14 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% 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. 3-5 June 11 24 New York Sept. 16. . 16 Philadelphia Sept. 24 26 22 Cleveland Richmond 1949—May 1 15 27 Atlanta May 5 24 21 37 Chicago 2^-5 3^ June 30 20 36 St. Louis 3-5 00 July 1 14 26 Minneapolis.... (3) Aug. 1 13 Kansas City.... 2M-5 Aug. 11 35 Dallas 3-5^ () Aug. 16 12 25 San Francisco... 3-5% (8) A A u u g g . . 2 1 5 8 2 g 3 1 1 9 8 Sept. 1 18 3 1 2 R R In a a c t t e l e u d c c h i h n a a g r r g g l e e o d d a n b b s o o r m r r r o o a w d w e e e r r i . n le s p s a t c i o ci m p m ati i o tm n e w nt i th ra f t i e n . ancing institutions. 1951— J J J a a a n n n . . . 2 1 1 5 6 1 2 2 3 4 2 19 6 13 3 2 6 6 *Rate charged borrower but not to exceed 1 per cent above the dis- Feb. 1 14 count rate. ^Charge of H Per cent per annum is made on undisbursed portion 1953—July 1 13 of loan. July 9 *22* 19 6Charge 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 Dec. 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. * Present 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. DECEMBER 1955 1333 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—August .... 18,478 4,311 1,171 7,502 5,493 1954—August 839 -9 112 736 September .... 18,403 4,288 1,154 7.506 5,455 September 775 21 4 105 645 October 18,893 4,482 1,183 7,703 5,524 October 720 15 2 96 607 J955—August 18,728 4,286 1,140 7,737 5,565 1955—August 577 10 -1 54 514 September 18,711 4,262 1,129 7,738 5,583 September 564 14 63 487 October 18,870 4,316 1,127 7,823 5,604 October 524 1 64 460 Oct 19 19,119 4,388 1,135 7,904 5,692 Oct. 19 623 38 6 54 525 Oct. 26 18,891 4,336 1,131 7,837 5,587 Oct. 26 459 -17 2 49 425 Nov. 2 18,898 4,378 1,133 7,823 5,565 Nov. 2 477 23 1 45 408 Nov 9 18,899 4,251 1,140 7 827 5,682 Nov. 9 557 — 11 2 61 505 Nov. 16 18,883 4,230 1,139 7,839 5,676 Nov. 16 P587 33 47 P5O7 Nov 23 19 036 4,229 1,148 7 889 5,770 Nov. 23 2>603 — 14 4 43 P578 Nov. 30 18,794 4,284 1,145 7,836 5,530 Nov. 30 P448 47 5 27 P369 Borrowings at Federal Required reserves:1 Reserve Banks: 1954—August 17,638 4,320 1,172 7,390 4,757 1954—August 115 30 11 37 37 September 17,628 4,266 1,151 7,401 4,810 September 67 2 9 28 28 October 18,173 4,467 1,181 7,608 4,918 October 82 1 2 50 29 1955—August 18,152 4,277 1,141 7,682 5,052 1955—August 765 149 60 395 161 September 18,148 4,248 1,128 7,675 5,096 September.... 849 141 114 472 122* October 18,345 4,316 1,127 7,759 5,144 October 884 151 137 480 116 Oct. 19 18,494 4,349 1,129 7,850 5,166 Oct. 19 1,028 302 172 454 100 Oct. 26 18,433 4,354 1,129 7,788 5,162 Oct. 26 761 47 110 484 120 Nov. 2 . .. 18,421 4,354 1,132 7,778 5,157 Nov. 2 943 105 97 592 149 Nov 9 18,343 4,262 1,139 7,765 5,177 Nov. 9 1,143 290 65 662 126 Nov. 16 P18,297 4,197 1,140 7,791 P5,169 Nov. 16 . 1,173 440 98 490 145 Nov. 23 P18,434 4,243 1,152 7,846 P5,193 Nov. 23 811 195 33 477 106 NTV 30 P18,347 4,237 1,140 7,809 Nov. 30 970 233 56 531 150 *» Preliminary. i Weekly figures of required and excess reserves of all member banks and of country banks are estimates. Back figures.—See Banking and Monetary Statistics, pp. 396-399, and BULLETIN for February 1955, pp. 210-211. DEPOSITS. RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago October 1955 October 1954 Gross demand deposits: Total 115,186 23,539 6,035 45,190 40,422 113,213 23,883 6,227 43,974 39,129 Interbank 12,774 4,018 1,201 6,270 1,285 13,530 4,141 1,307 6,748 1,333 Other 102,412 19,520 4,834 38,921 39,137 99,683 19,742 4,920 37,226 37,796 Net demand deposits2 99,371 20,729 5,304 38,567 34,770 98,091 21,432 5,584 37,952 33,124 Time deposits 40,484 3,397 1,314 16,347 19,426 39,276 3,616 1,283 15,523 18,854 Demand balances due from domestic banks... 6,344 76 106 1,963 4,199 6,983 49 122 2,090 4,722 Reserves with Federal Reserve Banks: Total 18,870 4,316 1,127 7,823 5,604 18,893 4,482 1,183 7,703 5,524 Required 18,345 4,316 1,127 7,759 5,144 18,173 4,467 1,181 7,608 4,918 Excess 524 1 64 460 720 15 2 96 607 Borrowings at Federal Reserve Banks 884 151 137 480 116 82 1 2 50 29 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demand deposits subject to reserve requirements, i. e.« gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 1334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1955 1955 1954 Nov. 30 Nov. 23 Nov. 16 Nov. 9 Nov. 2 Nov. Oct. Nov. Assets Gold certificates 20,138,35120,138,353 20,155,353 20,171,35220,173,35120,138,35120,173,35320,166,102 Redemption fund for F. R. notes.. 863,750 867,002 845,003 832,159 833,294 863,750 833,339 863,877 Total gold certificate reserves. 21,002,10121,005,355 21,000,356 21,003,51121,006,64521,002,10121,006,692 21,029,979 F. R. notes of other Banks 227,338 224,989 242,460 221,305 258,776 227,338 239,667 123,338 Other cash 325,148 323,153 331,144 318,481 345,073 325,148 358,602 320,730 Discounts and advances: For member banks 618,329 787,897 547,916 1,201,287 1,185,252 618,329 705,631 225,530 For nonmember banks, etc 8,000 172,667 Industrial loans 704 733 674 669 562 704 693 641 Acceptances: Bought outright 17,493 16,981 16,174 17,450 16,882 17,493 16,219 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 1,269,846 1,166,846 1,265,546 1,302,546 1,302,546 1,269,846 1,302,546 2,167,000 Certificates: Special Other. 2,520076 ,520,076 2,520,076 2,520,076 2,520,076 2,520,076 520,076 6,599,791 Notes 17,399 53617,399,53617,399,53617,399,53617,399,53617,399,536 399,53613,029,021 Bonds 2,801 750 ,801,750 2,801,750 2,801,750 2,801,750 2,801,750 801,750 3,092,550 Total bought outright 23,991 208 23,888,208 23,986,908 24,023,908 24,023,908 23,991,208 24,023,908 24,888,362 Held under repurchase agreement. 265 160 265,160 . Total U. S. Government securities. 24,256,368 23,888,208 23,986,908 24,023,908 24,023,908 24,256,36824,023,908 24,888,362 Total loans and securities 24,892,894 24,701,819 24,551,672 25,243,314 25,226,604 24,892,894 24,746,451 25,287,200 Due from foreign banks. 22 22 22 22 22 22 Uncollected cash items.. 4,487 ,750,795 5,962,732 3,948,522 4,468,309 4,487,715 ,646,664 3,844,467 Bank premises 60 60,430 60,372 59,720 59,587 60,407 59,591 54,346 Other assets 200 190,668 182,813 174,763 166,145 200,942 163,313 203,360 Total assets. 51,196,567 51,257,231 52,331,571 50,969,638 51,531,161 51,196,567 50,221,002 50,863,442 Liabilities Federal Reserve notes 26,629,284 26,579,858 26,406,228 26,412,576 26,234,224 26,629,284 26,246,368 26,081,314 Deposits: Member bank—reserve accounts.. 18,474, 18,532,82418,657,78618,553,66719,150,58718,474, 18,565,337 ,984,898 U. S. Treasurer—general account. 476. 478,867 635,136 616,571 535,462 476, 484,412 694,336 Foreign 407, 404,203 383,466 399,707 386,881 407. 402,222 396,635 Other 411. 379,823 395,572 388,428 382,081 411, 395,843 381,089 Total deposits. 19,770,371 19,795,71720,071,960 19,958,373 20,455,01119,770,371 19,847,81420,456,958 Deferred availability cash items 3,604, 3,695,271 4,674,254 3,424,755 3,676,577 3,604. 2,963,187 ,187,399 Other liabilities and accrued dividends. 20, 20,482 19,695 21,010 19,388 20, 19,417 20,855 Total liabilities. 50,024,534 50,091,32851,172,137 49,816,714 50,385,200 50,024,534 49,076,786 49,746,526 Capital Accounts Capital paid in 300,220 300,165 299,896 299,755 299,328 300,220 299,252 283,954 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 , 183,369 177,294 171,094 164,725 158,189 183,369 156,520 180,406 Total liabilities and capital accounts. 51,196,567 51,257,231 52,331,571 50,969,638 51,531,16151,196.567 50,221,002 50,863,442 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.3 45.3 45.2 45.3 45.0 45.3 45.6 45.2 Contingent liability on acceptances purchased for foreign correspondents 27,234 27,734 26,681 28,832 27,135 27,234 26,128 18,583 Industrial loan commitments 2,339 2,312 2,452 2,638 2,745 2,339 2,751 1,899 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total.... 618,329 795,897 547,916 1,201,287 185,252 618,329 705,631 398,197 Within 15 days 610,079 789,719 542,658 1,155,991 176,681 610,079 697,535 246,321 16 days to 90 days 8,209 6,130 5,253 45,291 8,566 8,209 8,091 45,140 91 days to 1 year 41 48 5 5 5 41 5 106,736 Industrial loans—total 704 733 674 669 562 704 693 641 Within 15 days 12 12 11 12 12 12 13 2 16 days to 90 days 33 33 33 33 33 33 33 186 91 days to 1 year 555^ 584 526 519 412 555 542 422 Over 1 year to 5 years 104 104 104 105 105 104 105 31 Acceptances—total 17,493 16,981 16,174 17,450 16,882 17,493 16,219 Within 15 days 5,163 7,412 6,755 5,778 6,734 5,163 5,691 16 days to 90 days 12,330 9,569 9,419 11,672 10,148 12,330 10,528 91 days to 1 year U. S. Government securities—total. 256,368 23,888,208 23,986,908 24,023,908 24,023,908 24,256368 24,023,908 24,888,362 Within 15 days 123,059 119,700 169,100 72,700 191,300 6,123.059 142,600 7,532,550 16 days to 90 days 165,646 6,800,845 6,850,145 6,983,545 ,864,945 1,165 646 6,913,645 5,839,200 91 days to 1 year 952,06512,952,06512,952,06512,952,065 ,952,06512,952 06512,952,065 2,767,391 Over 1 year to 5 years 587,127 1,587,127 1,587,127 1,587,127 ,587,127 1,587.127 1,587,127 6,320,750 Over 5 years to 10 years 013,614 1,013,614 1,013,614 1,013,614 ,013,614 1,013 614 1,013,614 1,013,614 Over 10 years 414,857 1,414,857 1,414,857 1,414,857 ,414,857 1,414 857 1,414,857 1,414,857 1 Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. DECEMBER 1955 1335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1955 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u .#is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Assets Gold certificates.20,138,351 958,180 5,028,7871,186,6861,808,1781,282,217 876,7253,785,314 877,472 339,994 728,402 702,9682,563,428 Redemption fund for F. R. notes. 863,750 51,969 182,474 60,564 75,848 74,807 49,070 155,769 44,696 23,790 41,884 27,058 75,821 Total gold certificate reserves. .21,002,101 1,010,149 5,211,2611,247,250 1,884,0261,357,024 925,7953,941,083 922,168 363,784 770,286 730,0262,639,249 F. R. notes of other Banks... 227,338 16,183 43,116 18,244 8,631 19,991 37,152 18,782 8,581 8,410 5,617 16,528 26,103 Other cash 325,148 22,902 61,358 17,713 31,593 18,472 27,710 46,361 17,652 7,957 12,094 13,551 47,785 Discounts and advances: Secured by U. S. Govt. securities. . . 617,933 13,025 79,085 23,340 29,120 58,625 71,153 63,490 33,000 41,996 106,194 61,155 37,750 Other 396 150 114 132 Industrial loans.. 704 643 61 Acceptances: Bought outright 17,493 17,493 Held under repurchase agreement. . U. S. Government securities: Bought outright.... 23,991,208 1,324,891 6,097,2461,460,1532,061,8761,413,4181,238,3784,184,714 995,587 581,3791,043,378 961,9992,628,189 Held under repurchase agreement. . 265,160 265,160 Total loans and securities 24,892,894 1,337,916 6,458,9841,484,136 2,090,9961,472,0431,309,5314,248,3541,028,587 623,4361,149,6861,023,2862,665,939 Due from foreign banks 22 1 6 1 1 3 1 1 1 2 Uncollected cash items 4,487,715 355,641 834,775 267,986 445,935 315,987 313,335 754,050 188,533 117,719 229,492 227,007 437,255 O Ba th n e k r p a r s e s m ets ises... 60,407 5,638 7,698 1 5 1 , , 0 7 7 8 2 0 1 5 7 , , 6 2 9 0 5 4 1 5 1 , , 0 5 4 6 3 1 1 4 0 , , 2 8 6 8 1 1 6,088 3 8 , ,0 4 2 05 5 4 1 , , 7 84 4 8 0 3 8 , , 4 4 5 0 5 3 9 2 , , 2 0 0 36 3 2 1 1 0 , , 3 1 6 6 8 8 200,942 10,788 50,821 36,168 Total assets 51,196,567 2,759,21812,668,019 3,052,1834,484,082 3,200,122 2,628,666 9,050,8892,176,952 1,127,895 2,179,0342,021,6385,847,869 Liabilities F. R. notes 26,629,284 1,606,505 6,017,5541,820,3012,467,446 2,017,4431,363,710 5,136,5261,233,325 530,8571,046,299 727,6412,661,677 Deposits: Member bk.— reserve accts.18,474,149 726,552 5,196,991 853,1531,475,198 789,410 877,0753,039,602 687,786 428,953 847,383 977,242 2,574,804 U. S. Treas.— gen. acct.... 476,841 27,833 51,586 37,344 42,999 29,647 46,591 69,293 26,617 25,983 37,713 40,029 41,206 Foreign 407,615 23,040 2135,718 28,032 34,944 19,200 16,512 53,760 14,592 9,600 14,592 18,048 39,577 Other 411,766 4,149 324,865 9,871 5,264 2,594 1,536 966 14,832 1,113 2,360 1,270 42,946 Total deposits... 19,770,371 781,574 5,709,160 928,4001,558,405 840,851 941,714 3,163,621 743,827 465,649 902,0481,036,5892,698,533 Deferred availability cash items 3,604,599 299,618 608,226 217,873 350,258 278,822 268,392 581,347 152,717 100,047 183,246 199,387 364,666 Other liabilities and accrued dividends 20,280 1,023 5,609 1,149 2,288 972 1,027 3,284 706 537 881 782 2,022 Total liabilities.. 50,024,534 2,688,72012,340,549 2,967,723 4,378,397 3,138,088 2,574,8438,884,778 2,130,5751,097,090 2,132,4741,964,399 5,726,898 Capital Accounts Capital paid in. . 300,220 15,865 89,272 19,719 28,464 13,692 13,584 39,955 10,413 6,846 11,891 16,473 34,046 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 183,369 11,313 42,809 12,479 11,513 9,997 28,161 8,824 5,968 8,777 9,474 18,061 Total liabilities and capital accounts 51,196,567 2,759,21812,668,019 3,052,183 4,484,082 3,200,1222,628,666 9,050,8892,176,952 1,127,8952,179,0342,021,638 5,847,869 Reserve ratio 45.3% 42.3% 44.4% 45.4% 46.8% 47.5% 40.2% 47.5% 46.6% 36.5% 39.5% 41.4% 49.2% Contingent liability on acceptances purchased for foreign correspondents 27,234 1,632 37,977 1,986 2,475 1,360 1,170 3,808 1,033 680 1,033 1,278 2,802 Industrial loan commitments.. 2,339 86 322 11 1,920 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $271,872,000 participations of other Federal Reserve Banks. sAfter deducting $19,257,000 participations of other Federal Reserve Banks. 1336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1955 1955 1954 Nov. 30 Nov. 23 Nov. 16 Nov. 9 Nov. 2 Nov. Oct. Nov. F. R. notes outstanding (issued to Bank) 27,566,730 27,426,25627,320,810 27,219,00627,098,294 27,566,730 27,139,852 27,053,582 Collateral held against notes outstanding: Gold certificates 11,538,00011,438,000 11,438,000 11,413,000 11,413,000 11,538,000 11413,000 11,168,000 Eligible paper 276,180 263,888 187,125 272,669 256,526 276,180 248,151 139,040 U. S. Government securities 17,085,000 17,085,000 16,985,00016,935,000 16,935,00017,085,000 16935,00016,965,000 Total collateral 28,899,180 28,786,888 28,610,12528,620,669 28,604,526 28,899,180 28,596,15128,272,040 EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1955 [In thousands of dollars] San 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 r is a c n o - F. R. notes outstanding (issued to Bank) 27,566,730 1,651,046 6,231,6921,895,834 2,567,110 2,068,5721,424,070 5,227,0771,285,235 577,4211,076,235770,0652,792,373 Collateral held: G El o ig ld i b c le e r p ti a f p ic e a r t . e . s11, 2 5 7 3 6 8 , , 1 0 8 0 0 0 64 1 0 3 , , 0 02 0 5 0 2,,7f7t0,000 7 2 2 3 5 , , 3 0 4 0 0 01,070,000 79 58 5 , , 6 0 2 0 5 0 500,000 2,400,000 42 3 5 3 , , 0 0 0 0 0 0 1 4 5 1 0 , , 9 0 9 0 6 0 2 1 8 0 0 6 , , 0 1 0 9 0 4 283,000 1,500,000 U. S. Govt. securities 17,085,000 1,200,000 3,600,0001,200,000 1,550,0001,300,0001,000,000 3,000,000 910,000 500,000 800,000 525,000 1,500,000 Total collateral...28,899,180 1,853,0256,370,000 1,948,3402,620,000 2,153,625 500,000 5,400,000 1,368,000 691,9961,186,194808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVB [Amounts in thousands of dollars] BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] y E m e n o a d r n t o o h f r N b u A e m r p ap p - to p li r c d o a A a v t t i e m e o d n o s unt (a b p p m c l u r A e o o t o t m p v e u n - d e - n o d l t t) s (a t L a m o n o o u 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 u t m - t i n s n i t t g ) - s o ( i t a p t n f a u m a g o n f t t i u o i d i i n o o n u t i a - n n n s n n s t g s t c i ) 3 - - y E m e n o a d r n t o o h f r Gua a r u a t t o n h t o e d r e a i d t z e e l d oans o G u u t a s lo t r a a a n n n d t s e P in e o d g rtion a u a A n b v n t a o a d d e m r i d e e r l r i a o o t a b w i u g o g l n e u e n r t r e a a t s e r o l - - 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 gu t a e r e a d n^- out m st e a n n t d s ing 1946 3,542 565,913 4,577 554 8,309 2,670 1 1 1 1 1 9 9 9 9 9 5 5 4 4 4 1 0 9 8 7.. .... 3 3 3 3 3 , , , , , 6 5 7 6 6 0 7 4 3 9 7 4 9 6 8 5 6 6 6 7 8 2 1 5 1 6 9 5 1 0 , , , , , 7 3 6 3 9 2 2 5 8 3 6 6 3 9 1 4 3, , 5 8 3 9 5 1 1 3 4 3 3 9 5 5 9 4 2 2 1 , , , , 6 3 1 6 9 8 8 7 3 9 7 7 8 2 5 2 3 6 7 1 , , , , , 6 7 2 0 4 4 5 3 8 3 3 4 8 6 4 1 t 1 2 5 1 , , , , , 8 9 9 7 9 6 8 9 4 4 9 5 0 7 5 1 1 1 1 9 9 9 9 5 5 5 5 2 3 0 1 1 1, , 2 1 8 9 5 5 6 4 9 4 2 2 2 1 , , , 3 1 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 0 7 8 5 4 9 , , , , 0 6 4 4 1 8 5 2 7 6 9 8 5 8 6 0 4 6 6 3 6 6 , , , , 1 5 2 2 3 9 0 6 2 7 5 5 5 4 3 8 6 7 8 6 3 2 , , , , 6 8 3 2 6 2 0 9 7 7 3 9 1 1 9 9 5 5 2 3 3 3 , , 7 7 6 5 5 3 8 7 0 6 3 6 , , 4 49 2 2 9 1 1, , 9 6 5 3 1 8 3 1 , ,9 9 0 2 0 1 3 3 , , 2 5 1 6 0 9 5 5 , , 2 4 8 6 9 9 1954 1954 N O o c v to e b m e b r e .. r . . 1 1 , . 3 3 5 6 7 1 2 2 , , 4 4 7 8 8 1 , , 9 6 3 6 9 9 5 5 0 2 4 7 , ,0 7 7 0 4 8 4 3 1 9 6 5 , , 7 3 1 8 3 8 2 2 8 6 3 6 . . 5 7 1 9 0 8 October 3,769 816,582 395 812 1,896 1,343 December. 1,367 2,499,634 471,947 367,694 272,903 November. 3,770 817,605 520 652 1,898 L,2O2 1955 December.. 3,771 818,224 520 719 1,148 L,O27 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 March.... 1,380 2,511,829 442,268 333,269 254,840 January .. 3,772 821,407 170 629 3,152 ,504 April 1 ,384 2.522,864 425,394 320,557 255,248 February. . 3,772 822,063 170 542 3,227 L,498 May 1,388 2.530,259 398,867 298,354 272,484 March..... 3,775 823,195 315 521 3,519 ,564 June 1,390 2,542,819 394,343 293,507 234,634 April 3,775 823,359 270 675 3,389 [,576 July 1,302 2.544,344 295,711 224,659 211,296 May 3,775 823,754 170 707 3,410 ,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 ,305 October... 1,402 2,563,784 269,498 209,936 202,468 August.... 3,777 825,161 45 586 3,416 ,392 September. 3,777 825,282 45 700 2,795 ,230 October. . . 3,777 825,666 45 693 2,751 ,224 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts includes applications approved conditionally by the Federal Re- repaid, guarantees authorized but not completed, and authorizations 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. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. DECEMBER 1955 1337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEES AND RATES ESTABLISHED UNDER REGULATION V POSTAL SAVINGS SYSTEM ON LOANS GUARANTEED PURSUANT TO DEFENSE [In millions of dollars] PRODUCTION ACT OF 1950 [In effect November 30] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Percentage o G f uaranteed Po G ( r p t u e io a rc n ra e n n o t t f a e g e L e o f a e o n e f an P y e r c c o e m nt m ag it e m o e f nt End of month a i n b to a c l r e - s s ' 1 Total d b C e t a o p i a n n r o s k y s h s i- G s U m e o t c v i . e e u e S n s r r . t i n - - r f e C e u s t n a e c d s r . h v 2 s, e loan guaranteed interest payable fee charged by borrower) borrower 1945—December 2,933 3,022 6 2,837 179 1946—December 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December.... 3,417 3,525 6 3,308 212 75 15 15 1948—December 3,330 3,449 7 3,244 198 80 20 20 1949—December 3,188 3,312 7 3,118 187 85 25 25 1950—December 2,924 3,045 11 2,868 166 90 30 30 1951—December 2,705 2,835 28 2,644 162 95 35 35 1952—December 2,547 2,736 33 2,551 151 Over 95 40-50 40-50 1953—December.... 2,359 2,558 31 2,389 138 1954—July 2,230 2,379 31 2,220 129 Maximum Rates Financing Institution May Charge Borrower August 2,208 2,360 31 2,196 133 September. . . 2,189 2,339 31 2,176 133 [Per cent per annum] October 2,171 2,304 31 2,156 118 November 2,154 2,287 31 2,134 123 December.... 2,136 2,292 31 2,134 127 Interest rate 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 June 2,007 2,138 31 1,993 114 July *1,983 August P\,960 September *>1,942 October Pi 924 pPreliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts 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 centersx centers2 City centers1 centers2 City centers1 centers2 1944 . . . 848,561 327,490 194,751 326,320 22 3 18 3 14 6 1945 924,464 382,760 200,202 341,502 24.1 17.5 13 5 1946 . . .... 1,017,084 406,790 218,477 391,817 25 1 18 3 14 1 1947 1,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948. . . 1,227,476 443,216 270,912 513,348 26 9 21 6 16 6 1949 . . 1,206,293 446,224 260,897 499,172 27 9 20 9 15 9 1950 1,380,112 509,340 298,564 572,208 31.1 22 6 17 2 1951 1,542,554 544,367 336,885 661,302 31 9 24 0 18 4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36 7 25 6 18 9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1954—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 March . . 178,924 67,242 39,908 71,774 41 7 30 2 20 0 40 7 27 6 20 1 April 158,296 57,634 34,494 66,168 37 3 27 1 19 2 37 9 26 3 19 8 167,714 62,211 36,570 68,933 42.7 28.4 20.6 43.8 28.8 21.0 Tune.. . . .. 177,917 67,634 37,569 72,714 44 7 28 3 20 8 41 4 27 7 20 8 July 161,748 58,904 34,123 68,721 40 7 26 6 20 4 41 7 27 1 20 7 August 167,365 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 4? 4 27 7 20 8 October 175,807 67,568 35,803 72,437 44 7 26 5 20 3 46 1 27 3 20 3 November 173,198 63,406 36,876 72,916 45.4 P29.0 P22.0 45.9 P28.6 P20.9 ^Preliminary. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 2338 centers prior to April 1955. 3These data are compiled by the Federal Reserve Bank of New York. NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357. 1338 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 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 . . 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947. . . . . 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 2 1953 30,781 21,636 1,812 1,249 72 2,119 6.565 9,819 9,146 2,732 5,581 333 486 4 11 2 1954—October 30,074 21,118 1,819 1,212 70 2,049 6,400 9,568 8,958 2,650 5,514 318 464 3 8 2 November... 30,500 21,473 1,836 1,236 71 2,091 6,524 9,716 9,028 2,677 5,555 320 465 3 8 2 December... 30,509 21,374 1,834 1.256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 2 1955—January . 29,789 20,777 1,808 1,191 71 2,017 6,267 9,425 9,014 2,673 5,550 317 460 4 9 2 February 29,817 20,845 1,810 1,190 71 2,020 6,316 9,438 8,974 2,660 5,527 316 457 3 9 2 29,800 20,854 1,822 1,196 70 2,021 6,324 9,421 8,946 2,647 5,512 317 457 4 9 1 April 29,769 20,856 1,831 1,202 71 2,020 6,309 9,425 8,914 2,641 5,492 314 454 4 9 1 May 30,009 21,098 1,843 1,219 71 2,051 6,394 9,520 8,912 2,647 5,489 313 451 3 9 1 30,229 21,312 1,858 1,226 72 2,061 6,471 9,625 8,917 2,658 5,487 312 448 3 9 July . .. 30,244 21,351 1,865 1,228 72 2,052 6,466 9,668 8,894 2,652 5,475 310 445 3 9 (4) August 30,317 21,406 1,878 1,234 72 2,055 6,476 9,692 8,911 2,657 5,489 309 444 3 9 (4) 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 October 30,559 21,609 1,900 1,270 72 2,088 6,513 9,767 8,951 2,655 5,538 306 440 4 9 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks, 2Includes unassorted currency held in Treasury and Federal Reserve Banks; prior to June 30, 1955, also included $1,000,000 reported by the Treasury as destroyed. 'Paper currency only; $1 silver coins reported under coin. 4Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Oc 1 t 9 . 5 3 5 1, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F an e e d k se s e r r v a a n e l d B R a a n e g k s e e s n r t v a s n e d Oc 1 t 9 . 5 3 5 1, Se 1 p 9 t 5 . 5 30, Oc 1 t 9 . 5 3 4 1, certificates agents Gold 21,686 21,041 2 645 Gold certificates 21,041 18,191 2,816 34 34 35 Federal Reserve notes 27,140 71 1,133 25,936 25,806 25,487 Treasury currency—total 5,008 59 359 4,589 4,582 4,552 Standard silver dollars 489 111 35 6 228 227 216 Silver bullion 2,194 2,194 Silver certificates and Treasury notes of 1890. . 32,415 266 2,149 2,155 2,171 Subsidiary silver coin 1 ,298 20 49 1,229 1,229 1,179 ]Vtinor coin 454 2 9 443 441 424 United States notes 347 3 27 318 316 320 Federal Reserve Bank notes 160 (5) 2 157 158 174 National bank notes 67 (B) 1 66 66 69 Total—Oct. 31 1955 (4) 23,456 776 18,191 4,307 30,599 Sept. 30, 1955 (4) 23,453 787 18,178 4,354 30,422 Oct. 31, 1954 . (4) 23,524 806 18,263 4,191 30,074 JOutside 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. 1331. includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. *To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. DECEMBER 1955 1339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total ury U. S. Government obligations liabil- Capital Date cur- ities Total and Gold rency Other and deposits misc. out- Loans, Com- secu- capital, and acstand- Total net mercial Federal rities net currency counts, ing Total and Reserve Other net savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Dec. 31. 22,695 4,709 181,323 67,597 97,808 71,343 23,801 2,664 15,918 208,727 193,410 15,317 1952—Dec. 31. 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—June 30. 22,463 4,854 190,277 77,071 95,350 68,108 24,746 2,496 17,856 217,594 200,360 17,234 Dec. 31. 22 030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—June 30. 21,927 4,959 200,628 81,210 99,827 72.525 25,037 2,265 19,591 227,514 209,354 18,161 1954—Oct. 27. 21,800 5,000 207,700 81,900 105,600 79,000 24,400 2,200 20,300 234,400 215,400 19,100 Nov. 24. 21,700 5,000 209,700 83,900 105,600 78,900 24,600 2,200 20,300 236,400 217,200 19,200 Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Jan. 26 21,700 5,000 209,600 85,200 103,600 77,800 23,700 2,100 20,900 236,300 217,500 18,800 Feb. 23 21,700 5,000 208,200 85,800 101,400 75,600 23,700 2,100 21,000 234,900 216,000 18,900 Mar. 30 21,700 5,000 207.000 87,100 98,700 73,000 23,600 2,100 21,200 233,700 214,500 19,100 Apr. 27. 21,700 5,000 209,100 87,900 100,100 74.400 23,600 2,100 21,200 235,800 216,900 18,900 May 25. 21,700 5,000 209,100 89,000 99,300 73,700 23,500 2,000 20,900 235,800 216,600 19,200 June 30. 21,678 5,002 209,872 91,349 97,572 71,947 23,607 2,018 20,951 236,552 217,595 18,956 July 27* 21,700 5,000 211,400 92,000 98,600 72,400 24,100 2,000 20,900 238,100 218,800 19,300 Aug. 31* 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 Oct. 26* 21,700 5,000 214,000 95,800 97,300 71,400 24,000 1,900 20,800 240,700 220,700 20,000 Details of Deposits and Currency U.S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date eign bank At Time deposits3 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 justed banks 1929—June29 .. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—june 30 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1 1 9 9 3 4 9 1 — — D De e c c # # 3 31 0 . .... 1 1 , , 2 4 1 9 7 8 2 2, , 2 4 1 0 5 9 1,8 8 9 46 5 6 8 3 6 4 7 6 7 3 6 , , 2 3 5 3 3 6 2 2 7 7 , , 0 7 5 2 9 9 1 1 5 5 , , 2 8 5 8 8 4 1 10 0 , , 5 5 3 2 2 3 1 1 , , 2 3 7 1 8 3 3 2 8 9 , , 9 7 9 9 2 3 9 6 , , 6 4 1 0 5 1 1 1 9 9 4 4 5 7 — — £ D > e e c c . 3 3 1 1 2 1 , ,6 1 8 4 2 1 2 1 , ,3 2 3 8 6 7 24 1, , 4 6 5 0 2 8 9 8 7 7 7 0 1 1 7 5 0 0 , ,0 7 0 9 8 3 4 5 8 6 , , 4 4 5 1 2 1 3 3 5 0 , , 2 1 4 3 9 5 1 17 5 , , 7 3 4 8 6 5 3 2, , 9 4 3 1 2 6 8 7 7 5 , , 1 8 2 5 1 1 2 2 6 6 , , 4 4 7 9 6 0 111 ,100 85, 200 25,900 1950—Dec.30 2,518 1,293 2,989 668 176 ,917 59,247 36,314 20,009 2,923 92,272 25,398 114 ,300 89, 700 24,600 1951—Dec.31 2,279 1,270 3,615 247 185 ,999 61,450 37,859 20,887 2,704 98,234 26,315 120 100 94; 400 25,700 1952—Dec. 31 2,501 1,270 5,259 389 194 ,801 65,799 40,666 22,586 2,547 101,508 27,494 124 ,700 97, 800 26,900 1953—June30 2,467 1,259 3,942 132 192 ,560 68,293 42,245 23,589 2,459 96,898 27,369 126 ,100 98, 800 27,300 Dec. 31 2,694 761 4,457 346 200 ,917 70,375 43,659 24,358 2,359 102,451 28,091 126 ,700 99, 500 27,200 1954—June 30 3,256 811 5,895 875 198 ,517 73,292 45,653 25,388 2,251 98,132 27,093 126 ,700 99, 700 27,000 1954—Oct. 27 3,200 800 6,100 600 204 ,700 74,800 46,700 25,900 2,200103,100 26,900 128 ,700 101,900 26,800 Nov.24 3,200 800 6,900 500 205 ,800 74,300 46,300 25,900 2,200104,000 27,500 129 ,500 102, 600 26,900 Dec. 31 3,329 796 4,510 563 209 J684 75,282 46,844 26,302 2,136106,550 27,852 129 ,700 102, 800 26,900 1955—Jan. 26 3,200 800 3,800 400 209 ,200 75,400 46,800 26,500 2,100107,000 26,800 131 ,200 104, 200 27,000 Feb. 23 3,100 800 4,600 600 206 ,900 75,700 47,000 26,600 2,100104,500 26,800 131 ,200 104, 300 26,900 Mar. 30 3,200 800 4,400 900 205 ,300 76,200 47,200 26,900 2,100102,400 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, 600 27,000 May 25 3,200 800 5,500 400 206 ,700 76,500 47,400 27,100 2,000103,300 26,800 131 ,700 104, 800 26,900 June 30 3,247 812 5,418 380 207 ,738 77,129 47,846 27,277 2,007103,234 27,375 131 ,900 104, 900 27,000 July 27* 3,300 800 6,100 500 208 ,100 77,100 47,700 27,400 2,000103,900 27,100 132 ,700 105, 500 27,200 Aug.31* 3,100 800 5,200 *00 208 ,600 77,400 48,000 27,500 2,000103,900 27,300 132 .700 105, 500 27,200 Sept.28* 3,200 800 4,500 500 209 ,700 77,700 48,000 27,700 1,900104,900 27,200 133 ,300 106, 200 27,100 Oct. 26* 3,200 800 4,900 500 211 ,300 77,900 48,200 27,800 1,900106,100 27,300 132 ,000 104, 800 27,200 ^Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 3Prior to June 30, 1947, includes a relatively small amount of demand deposits. ^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 'Seasonally adjusted series begin in 1947 and are available only for last Wednesday of the month. For seasonal adjustment factors used in deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1340 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 eatimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits TiV oktf aoii assets— Other Total Total Niim- Class of bank U.S. Cash Ua: capital ber and date Total Loans G o m t b o i l v o e i e n g n r s a t n - - O s ri e t t c h ie u e s - r asstits1 c c D o a i a u p i c i n i t - t i t e a s s l 2 Total* b Ti n a tA n e k r - i U. D S. emand Time co a u c nts ba o t f iks 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 1 19 9 4 4 5 1 — — D j)e e c c # . 3 3 i 1 1 6 4 1 0 , , 1 2 2 2 6 7 3 2 0 6 , , 3 6 6 1 2 5 1 2 0 5 1 , , 5 2 1 8 1 8 8 8, , 5 9 7 9 7 9 2 3 7 5 3 41 4 5 4 1 9 7 0 7 , , 9 33 0 2 8 1 8 6 1 5 8 61 1 2 6 1 1 0 4 , , 9 0 8 6 2 5 1 4 0 4 5 3 9 5 3 5 5 2 4 6 5, 4 6 7 1 9 3 1 8 0 , , 4 5 1 4 4 2 1 1 4 4 , , 8 5 2 5 6 3 1 19 9 5 4 0 7 — — D D e ec c # . 3 3 1 0 3 1 13 4 4 8 ,0 9 2 2 1 4 4 6 3 0 , , 0 3 0 8 2 6 8 7 1 2 , , 1 8 9 9 9 4 1 14 0 , , 7 7 4 2 1 3 3 4 8 1 , ,0 3 8 8 6 8 1 19 7 1 5 , , 3 0 1 9 7 1 1 1 6 7 1 5 8 2 6 9 5 6 1 1 3 4,0 0 3 33 9 2 1 3 8 4 0 6 9 1 9 0 4 1, 3 9 8 3 1 6 5 5 6 3, ,5 1 1 0 3 5 1 11 3, 9 8 4 3 8 7 1 1 4 4 ,6 7 5 14 0 1952—Dec. 31 165,626 75,512 72,740 17,374 45,584 213,837 195 552 15,321 4 944 111,690 63, 598 15,367 14,575 1953—Dec. 31 171.497 80,518 72,610 18,370 45,811 220,140 201 100 15,957 4 149 112,639 68 354 16,118 14,509 1954—Tune 30 173,343 81,227 72,525 19,591 42,556 218,900 199 508 15,500 5 594 107 043 71,371 16 664 14.465 Oct. 27 181,600 82,330 79,000 20,270 41,630 226,360 205 250 15,670 5 730 110 920 72 930 17,080 14,422 Dec. 31 183,784 85,617 77,728 20.439 44,585 231,654 211,115 16,811 4 176 116 617 73, 510 17,270 14,367 1955—May 25 184,410 89,790 73,740 20,880 39,650 227,410 205 100 14,020 5 130 111 110 74 840 17 630 14,312 June 30 ... 184,253 91,355 71,947 20,951 42,014 229,631 208 850 15,245 5 081 113 034 75 491 17 663 14,309 July 27P 186,190 92,930 72,410 20,850 40,720 230,240 207 900 14,490 5 740 112 240 75 430 17 750 14,303 Aug. 31 P 186,070 93.940 71,190 20,940 40,610 230,060 207,750 14,570 4 860 112 490 75 830 17 890 14,290 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 Oct. 26P 188,490 96,260 71,410 20,820 41,480 233,340 210,450 14,710 4 530 114 910 76 300 18 090 14,269 11 commercial banks: 1939_Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32 513 15 331 6 885 14,484 1941—Dec. 31 ... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10 982 44 349 15 952 7 173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105 921 30 241 8 950 14,011 1 19 9 5 4 0 7 — — D De e c c > . 3 3 1 0 3 1 1 1 2 6 6 ,6 2 7 8 5 4 3 5 8 2 , , 0 2 5 4 7 9 6 6 2 9 , , 0 2 2 2 7 1 1 9 2 , , 0 3 0 9 6 9 3 4 7 0,2 5 8 02 9 1 1 5 6 5 8 , , 3 9 7 3 7 2 1 1 4 5 4 5 , ,2 1 6 0 5 3 1 1 3 4 , , 0 0 3 3 2 9 2 1 3 8 4 0 3 6 1 9 0 4 1 9 3 1 6 7 7 3 3 5 6 3 5 6 0 0 3 1 1 0 1 0 5 5 9 9 0 1 1 4 4 , ,1 1 2 8 1 1 1952—Dec. 31 141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 4 941 111 659 41 012 12 888 14,046 1953—Dec. 31 145,687 67,593 63 426 14,668 44 828 193,010 176,702 15 955 4 146 112 604 43 997 13 559 13,981 1954—June 30 146,383 67,337 63,508 15,538 41,569 190,585 174,068 15,497 5,591 106 996 45 983 038 13,937 Oct. 27. 154,010 67,740 70,160 16,110 40,720 197,480 179,300 15,670 730 110 870 47 030 14!420 13,895 Dec. 31. 155,916 70,619 68,981 16,316 43,559 202,378 184,757 16,809 4 172 116 567 47 209 14 576 13,840 1955—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 June 30. 155,264 75,183 63,271 16,809 41,025 199,249 181,516 15,242 5 078 112 983 48 214 14 906 13,781 July 27P 156,990 76,570 63,700 16,720 39,790 199,710 180,470 14,490 5,740 112 190 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 4,220 113 640 48 430 15 110 13,759 Oct. 26P 158,860 79,210 62,860 16,790 40,590 202,410 182,640 14,710 4,530114 860 48 540 15 300 13,742 All member banks: 1 1 9 9 3 4 9 1 — — i D > eecc>. 3 3 0 1 ... 3 43 3 , , 5 9 2 4 1 1 1 1 8 3, , 9 0 6 2 2 1 1 19 4 , , 5 3 3 2 9 8 5 5 , , 6 9 5 6 1 1 2 1 3 9, , 7 1 8 2 2 3 6 5 8 5 , , 1 3 2 6 1 1 6 4 1 9, ,7 3 1 4 7 0 10 9 ,5 4 2 10 5 1 7 70 4 9 3 3 2 7 7 4 1 8 3 9 6 1 1 1 2 6 34 9 7 9 5 5 8 52 8 2 6 6 6,6 36 1 2 9 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 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 52,76^ 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 52,60^ 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 Oct. 27 129,973 57,662 58,906 13,405 35,607 167,991 152,537 14,924 5,206 94 558 37 849 12 035 6,701 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—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 27* 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. 31P.... 131,897 66,291 51,642 13,964 35,018 169,535 153,215 13,811 4,424 96,125 38 855 12 617 6,589 Sept. 28P 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 Oct. 26P 133,650 67,889 51,897 13,864 35,732 171,983 155,108 13,936 4,109 98,030 39,033 12,774 6,571 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10 533 10 527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15^371 1,592 542 1947—Dec. 31* .... 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2 342 797 22,385 20 031 3 19 20 009 2,247 529 1952—Dec. 31 24,003 11,349 9,422 3,231 918 25,233 22,621 2 3 30 22',586 2,479 529 1953—Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 3 35 24,358 2,559 528 1954—June 30 26,959 13,890 9,017 4,052 987 28,315 25,440 3 47 25,388 2,626 528 Oct. 27 27,590 14,590 8,840 4,160 910 28,880 25,950 4) (4) 50 25,900 2,660 527 Dec. 31 27,868 14,998 8.748 4,123 1,026 29,276 26,359 4 50 26,302 2,694 527 1955—May 25 28,840 15,940 8,740 4,160 950 30,200 27,110 (4) (4) 50 27,060 2,740 528 June 30 28,990 16,172 8,675 4,142 989 30,382 27,334 51 27,277 2,757 528 July 27P 29,200 16,360 8,710 4,130 930 30,530 27,430 (4) () 50 27,380 2,770 527 Aug. 31 P 29,390 16,600 8,700 4,090 930 30,720 27,550 (4) f4) <?( 27,500 2,790 527 Sept. 28P 29,550 16,850 8,660 4,040 920 30,880 27,720 (4) ) 50 27,670 2,820 527 Oct. 26P 29,630 17,050 8,550 4,030 890 30,930 27,810 (4) (4 50 27,760 2,790 527 pPreliminary. •"All 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. ^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. DECEMBER 1955 1341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and nvestments Deposits 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 i v l o . e i S e n g n r . s a t n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 c b a i a_ l a l _ p i i n c at i a - i J - t e a s l Total1 1b In a t n e k r 1 - U.S D . emand Time c c o a a p u c i n - ta ts l ba b o n e f r ks counts2 Govern- Other ment Central reserve city member banks: New York City: 1939—Dec. 30 . 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 . 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 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 Oct. 27 23,877 11,741 9,687 2,449 6,984 31,463 27,406 5,410 1,395 18,227 2,374 2,657 21 1 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—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? 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. 28? 22,852 13,716 6,782 2,354 7,104 30,631 26,495 5,097 696 18,446 2,256 2,722 18 Oct. 26? 23,142 13,868 7,015 2,259 7,022 30,850 26,737 5,048 1,060 18,358 2,271 2,734 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1 1 9 9 5 4 0 7 — — D D eecc#. 3 3 1 0 5 5 ,5 0 6 8 9 8 2 1 , 0 8 8 0 3 1 2 2 ,9 8 1 9 1 0 3 5 9 7 7 6 2 1 , 0 7 3 3 4 9 6 7 ,6 8 4 6 9 6 6 7 , , 4 1 0 0 2 9 1,217 1 7 7 2 4 4 4 , , 2 60 0 4 1 1,1 9 0 1 3 3 4 4 2 9 6 0 1 1 4 3 1952—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 U350 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 1,339 410 4,403 1,267 583 13 Oct. 27 6,287 2,454 3,259 574 1,951 8,290 7,619 I 352 344 4,649 1,274 590 13 Dec. 31 . 6,518 2,784 3,120 614 1,954 8,520 7,845 t!321 251 4,977 1,295 600 13 1955—May 25 6,170 2,698 2,80/ 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 1,763 8,102 7,431 1,180 343 4,606 1,303 612 13 July 27?..... 6,276 2,862 2,712 702 1,844 8,171 7,408 1,163 382 4,577 1,286 613 13 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. 28? 6,202 2,950 2,543 709 1,889 8,140 7,345 1,218 241 4,590 1,296 616 13 Oct. 26? 6,264 2,977 2,581 706 1,930 8,247 7,387 1,200 251 4,635 L,301 619 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 $,686 435 9,004 1,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 t,460 491 12,557 it,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 <5,448 8,221 24,655 9,760 2,566 359' 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 5,448 976 32,366 11,647 3,322 336 1952—Dec. 31 45,583 21,697 19,624 4,262 15,544 61,941 57,357 7,001 1,814 35,281 i:$,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 (5,636 2,015 34,058 14.957 4,125 310 Oct. 27 . 49,933 22,745 22,128 5,060 14,175 65,086 59,544 5,852 1,804 35,557 U5,331 4,247 303 Dec. 31.... 50 738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 1.5,476 4,300 300 1955—May 25 50,705 25,114 20,354 5,237 14,152 65,883 59,744 i5,059 1.730 36,140 1!5,815 4,473 296 June 30 50,596 25,654 19,697 5,245 14,696 66,293 60,854 (5,545 l'843 36,459 If),007 4,492 297 July 27? 51,338 26,193 19,954 5,191 14,484 66,845 60,723 ( 5,234 1,891 36,659 It5,939 4,510 298 Aug. 31? 51 293 26,630 19,476 5.187 14,195 66,535 60,415 5 332 1,754 36,345 It5,984 4,543 297 Sept. 28? 51,306 27,041 19,137 5,128 14,430 66,765 60,582 < 5,383 1,522 36,698 It5,979 4,571 297 Oct. 26? 51,986 27,334 19,526 5,126 14,757 67,782 61,350 (5,420 1,477 37,386 U>,067 4,625 295 Country member banks: 1939—Dec. 30...... 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 i5,852 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 (),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 i:5,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22 857 3,268 10,778 47 553 44 443 L,O73 432 28,378 ut,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 14t,865 3,532 6,501 1952—Dec. 31 45,594 18,213 22,549 4,832 13,281 59,535 55,175 1,301 1,267 36,022 1(),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 vr,690 4,194 6,389 1954—June 30 47,474 20,537 21,779 5,158 12,506 60,745 55,943 1,241 ,362 34,879 I?5.460 4,372 6,376 Oct. 27 49,876 20,722 23,832 5,322 12,497 63,152 57,968 1,310 1,663 36,125 u5,870 4,541 6,364 Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 1,271 37,794 ii5,787 4,506 6.326 1955—May 25 50.903 22,353 22,912 5,638 11,418 63,118 57,753 1,153 1,420 36,153 u>,O27 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 >,220 4,642 6,283 July 27? 51,272 22,974 22,615 5,683 11,845 63,943 58,599 1,209 L.520 36,629 >,241 4,678 6,274 Aug. 31? 51,454 23,178 22,570 5,706 11,955 64,239 58,915 1,220 1,379 36,954 i<>,362 4,707 6,261 Sept. 28? 51,917 23,486 22,682 5,749 11,977 64,695 59,303 1,232 1,338 37,314 is>,419 4,715 6,256 Oct. 26? 52,258 23,710 22,775 5,773 12,023 65,104 59,634 L,268 1,321 37,651 u),394 4,796 6,245 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 wasadded, 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. 1342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments ]Deposits Total assets— Total Other 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 t h s1 c b c o a i a H l a u p i n o c n t i d i - t t e a s s l 2 Total* b In a t n e k r - 1 U. D S. emand Time c c a o a p u c i n - ta ts l ba b o n e f r ks Govern- Other ment All insured commercial banks: 1941—Dec. 31 . 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 7^,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 1?,670 1,325 92,975 34,882 9,734 13,398 1953—Dec. 31 143,796 67,082 62,381 14,333 44,398 190,638 174,697 IS,548 4,116 111,423 43,610 13,239 13,412 1954—june 30 144,451 66,805 62,461 15,185 41,164 188,191 172,048 15 044 5,562 105,847 45,596 13,714 13,380 Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16 S76 4.154 115,482 46,874 14,252 13,303 1955—June 30 153,488 74,692 62,342 16,454 40,685 197,077 179,728 14 794 5,064 111,993 47,876 14,579 13,267 National member banks: 1941—Dec. 31 .... 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9 779 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 10,15? ?,525 63,819 24,160 7,391 4,856 1954—june 30 82,482 37,672 35,759 9,051 24,636 108,611 99,362 9 750 3,325 60,827 25,459 7,686 4,835 Dec. 31 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10 714 ?,508 66,426 26,202 8,085 4,789 1955__june 30 . . 83,315 39,424 34,673 9,219 22,892 107,741 98,636 8 314 ?,849 60,919 26,554 7,714 4,744 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 . 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3 993 381 27,068 9.062 3,055 1,918 1953—Dec 31 40,509 19,931 17,121 3,457 12 903 54,179 49,510 «>,019 1,232 32,206 11,054 3,925 1,887 1954—june 30 40t704 19,525 17,353 3,826 12,086 53,593 48,890 4,983 1,840 30,627 11,441 4,023 1,886 Dec. 31 43,093 20,538 18.417 4,138 12,414 56,407 51,401 5 769 1.207 33.177 11,748 4,125 1.871 1955—June 30 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 1,867 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 179 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 744 t,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 766 149 12,366 6,558 1,271 6,478 1953—Dec. 31 21,396 9,328 9,790 2,278 5 020 26,679 24,555 S78 360 15,398 8,419 1,925 6,672 1954—june 30 21,288 9,615 9,362 2,310 4,444 26,012 23,819 ^1? 396 14,392 8,718 2,007 6,662 Dec 31 22,536 9.886 10,215 2,436 5,088 27,911 25,657 439 15,879 8.947 2,044 6,647 1955—June 30 22,723 10,385 9,811 2,527 4,388 27,417 25,082 W 408 15,251 9,090 2,121 6,660 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 379 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 45S 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 7,241 I954— D juence. 3 3 0 1 2 2 3 4 , , 2 33 2 7 0 1 1 0 0 . ,1 3 4 7 7 8 1 1 0 1 , . 4 1 0 8 9 4 2 2 , ,7 6 7 6 5 4 4 5, , 4 8 8 4 5 9 3 2 0 8 , , 1 4 6 0 1 6 2 2 5 7 , , 8 5 3 2 8 8 8 7 2 64 5 4 42 5 6 7 1 1 6 5, , 5 9 4 6 2 4 9 9 , , 1 2 0 8 6 2 2 2 , , 3 3 3 6 2 8 7 7 , . 2 1 1 8 9 3 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 ,252 194 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 7 2 33 18,345 ,819 219 1954—June 30 20,121 10,804 6,309 3,008 807 21,237 19,195 2 45 19,145 ,868 219 Dec. 31 20,830 11,651 6,117 3.062 832 21,981 19,885 3 3 48 19,831 920 218 1955—June 30 21,617 12,567 5,998 3,052 808 22,761 20,590 7 2 49 20,536 .965 218 Noninsured mutual savings banks: 1941—Dec. 31 8 687 4 259 3,075 1,353 642 9 846 8 744 5 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 I 5,020 558 350 1947—Dec. 313 5,957 1,384 3.813 760 211 6,215 5,556 2 5,553 637 339 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 6,243 758 309 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. DECEMBER 1955 1343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES • LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Cla c s a s l a l o n f d d at b e ank i m T n lo a v o e n a e n t n d a s t s t l s - Total C c o m m c k p i p l i p o i n u n a e e a e a e m g d - r t r - r l n , - - - - A t c u a u g r l l r - - i- b o p d a L s e e T r r u n e e o r r o o r a d s s c k c a c l u a - n - h r r s a i r t s o y e i T i e f t i r n o h n s o s g r - g l R o t e a a e s t n a - e l s O l v u o i d t t a i a n h o d i n l - - e s - s r O lo th an er s Total Total U. B S i . l ls Go C o v d c n e e f e a e r e d r t b t s e i n i - t n f s D s - m i - - i e re n N c t t ot o es blig B a o ti n o d n s s g t a e u n e a - d r- O S p d s s t a i t g o i u i b i c o a n o o v a l a l b t f d i n i n - i e l - - t - s s s - O r s i e t t h c ie e u s r - All commercial banks:2 1947—Dec. 31... 116,284 38,057 8,1671,660 8301,220 9,393 5,7231,063 78,226 69,221 2,193 7,789 6,03453,191 5,276 3,729 1953—Dec. 31... 145,687 57,593 27,204 4,9652,361 1,202 16,69414,4611,666 78,094 63,426 ,00410,237 12,439 35,713 10,8213,847 1954—June 30... 146,383 67,337 6,1205,1432,4621,256 17,22714,4621,657 79,04763,508 ,704 5,572 12,376 40,818 11,9303,608 Dec. 31... 155,916 r0,619 6,8675,2002,9291,525 18,41814,750 2,000 85,297 >8,981 ,065 5,361 14,672 43,861 12.586 3,729 1955—June 30. .. 155,264 75,183 ,3912,8591,613 19,77916,365 2,42880,081 63,271 ,220 1,710 16,640 41,685 12,785 4,025 All insured commercial banks: 1941—Dec. 31... 49,290 21,259 9,214 ,450 614 662 4,773 4,545 28,031 21,046 988 3,15912,797 ,1023,651 3,333 1945—Dec. 31. . .121,809 25,765 9,461 1,314 3 1643,606 4,677 2,361 1,181 96,043 88,9122,45519,071 6,04551,321 223,8733,258 1947—Dec. 31.., 114,274 37,583 8,012 1,610 8231,190 9,266 5,654 1,028 76,691 7,941 2,124 7,552 5,91852,334 145,129 3,621 1953—Dec. 31. . . 143,796 67,082 27,082 4,,8672,3441,18116,566 14,373 1,62976,714 2,381 4,89510,076122,,283 35,093 3310,587 3,746 1954—June 30... 144,451 66,805 15,976 5!,0572,4391,22817,101 14,370 1,62377,64662,461 ,575 5,505 2,,223 40,121 3811,6823,502 Dec. 31.., 154,115 0,127 :6,7315,108 2,9071.50118,302 14,,676 1,97383,988 .8,012 ,901 5,279 4,,523 43,287 2112,3523,624 1955—June 30.., 153,488 4,69228,7294,319 8341,58919,661 16,,283 2,40078,796 2,342 ,996 1,667 6,479 41,185 1512,5493,906 Member banks, total: 1941—Dec. 31.. 43,521 8,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,729 ,8323,0902,871 1 1 9 9 4 4 7 5 — — D D e e c c . . 3 31 1 . . . ., 1 9 0 7 7 , , 8 1 4 8 6 3 2 3 2 2 , , 7 6 7 2 5 8 1 8 6 , , 9 96 4 2 9 1,0 8 4 5 6 53,1 8 3 1 3 1 , ,0 3 6 7 5 8 3 7 , , 4 13 5 0 5 4 1 , ,9 6 0 6 0 2 1, 9 1 5 0 2 48 6 4 5 , , 4 2 0 1 8 85 8 7 , , 3 91 3 4 8 1, , 9 2 8 7 7 51 5 6 , , 8 9 1 8 6 51 4 4 , , 8 2 1 7 5 1 4 4 5 4, , 7 2 9 8 2 6 1 16 04 3 , , 1 2 9 5 9 4 3 2 ,1 ,8 0 1 5 5 1953—Dec. 31.. 122,422 7,76225,5193,2632,321 ,060 13,02011,9111,51864,66052,6034,095 8,28710,300 29,890 8,871 3,185 1954—June 30.. 123,185 57,19724,3623,4022,411 ,106 13,44011,8401,51365,98853,111 3,915 4,41710,374 34,369 9,8902,987 Dec. 31.. 131,602 60,25025,0073,5292,881 363 14,43312,1271,85871,35257,8094,075 4,30712,46436,944 20 10,449 3,094 1955—June 30. . 130,788 64,315 26,894 2,7992,808 440 15,59413,489 2,28566,473 52,543 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 3,6521,679 729 830 1945—Dec. 31. . 26,143 7,334 3,044 2,453 ,172 80 287 29818,809 7,574 477 3,433 3,325 10,337 1 606 629 1947—Dec. 31. . 20,393 7,179 5,361 545 267 111 564 33013,214 1,97 1,002 640 558 9,771 638 604 1953—Dec. 31.. 22,058 12,289 8,218 1261,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 ' 11,365 639 1954—June 30. . 22,681 11,619 7,447 1441,778 364 390 1,220 46611,062 8,695 ,014 711 1,454 5,510 61,851 516 Dec. 31.. 23,880 12,039 7,231 204 2,041 432 467 1,232 64411,841 9,34: 785 597 1,924 6,026 101,977 523 1955—June 30. . 23,099 13,016 7,928 162,034 466 656 1,379 75410,083 7.78: 537 146 1,830 5,262 71,754 547 Chicago:3 1941—Dec. 31. . 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 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 73 87 46 149 26 3,28' 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 34: 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 5,653 15,878 51,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 1,969 36622,591 20,196 373 2,358 1,901 15,560 31,342 1,053 1953—Dec. 31.. 46,755 22,763 10,568 774 308 456 5,453 4,942 61123,993 19,559 1,230 3,357 4,201 10,746 253,196 1,238 1954—June 30.. 47,056 22,453 10,010 953 326 468 5,639 4,797 62924,603 19,813 1,241 1,590 4,183 12,773 263,5851,206 Dec. 31. . 50,738 23,986 10,624 956 40 62: 6,134 4,912 72026,75: 21,718 1,326 1,695 4,95413,736 73,7821,252 1955—June 30. . 50,596 25,654 11,210 700 444 651 6,603 5,500 954 24,94219,69 503 481 5,77312,937 33,916 1,330 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 8611,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 471 1,881 707 36329,407 26,999 630 5,102 4,54416,713 91,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 22 3,82' 1,979 22926,125 22,85 480 2,583 2,10817,681 62,006 1,262 1953—Dec. 31.. 47,404 19,934 4,82 2,204 210 7,114 5,441 33627,47022,42. 1,819 3,374 4,28512,940 3,911 1,136 1954—June 30.. 47,474 20,537 5,071 2,170 200 7,331 5,618 34. 26,93721,779 1,548 1,85. 4,01714,355 44 ,0671,090 Dec. 31.. 50,466 21,442 5,3062,229 220 7,74: 5,760 38829,02423,62 1,893 1,774 4,731 15,228 4,275 1,120 1955—June 30.. 50,806 22,799 5,815 1,980 234 8,214 0,366 43928,006 22,32 1,261 58" 5,55414,916 4,458 1,227 All nonmember banks:2 1947—Dec. 31.. 18,454 5,43: ,205 614 156 2,266 1,061 11113,021 11,318 206 1,973 1,219 7,916 1,078 625 1953—Dec. 31.. 23,287 9,838 ,6851,702 142 3,681 2,551 14813,449 10,83, 909 1,951 2,139 5,834 1,951 662 1954—June 30.. 23,220 10,147 ,7581,741 150 3,795 2,622 14 13,073 10,409 790 1,155 2,00: 6,460 2,04: 621 Dec. 31.. 24,337 10,378 ,8591,671 161 3,993 2,623 14313,959 11,184 991 1,054 2,209 6,928 2,139 636 1955—June 30.. 24,499 10,876 ,9791,592 173 4,194 2,875 14313,622 10,74 843 429 2,67 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 savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 1344 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 anc:es mand Interbank U.S. Class of bank with Cash with de- deposits Certi- Indi- Gov- States Indi- Capiand Federal n do- posits U S. States Red viduals, ern- and viduals, Bor- tal call date Re- vault mestic ad- Gov- and ind partner- ment polit- partner- row- acserve banks4 justed6 ern- political Dffi- 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 99.S 2,512 12 103 102,452 13 444 1,344 4 146 9,546 2,996 100,062 1,167 338 1,944 41, 714 62 13,559 1954—June 30. . 18 924 2,660 11 033 98,117 12 470 1,328 5 591 9,925 2,789 94,282 1,699 331 2,319 43 334 55 14,038 Dec. 31 18 734 2,469 12 202 106,540 13,511 1 ,539 4 172 9,902 -,199 103,466 1,759 365 2,402 44 441 31 14,576 1955—June 30 17 941 2,681 10 529 103,221 11 906 1,577 5 078 10,278 3,154 99,550 1,759 368 2,435 45,410 150 4,906 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 11 724 101,289 13,221 1,296 4 116 9 407 2,978 99 038 1,031 338 1,891 41 381 54 13 239 1954—June 30 18.924 2,627 10 688 96,983 12,252 1,287 5 562 9 776 1!,765 93 306 1,506 331 2,264 43 001 50,13 714 Dec. 31 18.734 2.444 11 854 105,471 13.392 1.497 4 154 Q 763 3,176 102 543 1,487 365 2.348 44 160 21 14 252 1955—June 30. . 17,941 2,655 10 241 102,247 11,801 1,534 5 064 10 150 3,131 98 712 1,459 368 2,374 45 135 137 14 579 Member banks, total: 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 11994415——DDeecc.. 31. . 15.811 1,438 7 117 64,184 12,333 1,24322 179 4 240 2,450 62 950 64 99 399 23 712 208 7 589 1947—Dec. 31. . 17.797 1,672 6 270 73,528 10,978 1,375 1 176 5 504 2,401 72 704 50 105 693 27 542 54 8 464 1953—Dec. 31. . 19,997 1,870 7 554 86,127 12,858 1,291 3 756 7 530 2,783 85 711 1,021 308 1,595 33 311 43 11 316 1954—June 30. . 18.925 2,001 7 062 82,783 11,956 1,280 5 165 7 839 2,581 81 034 1,497 300 1,912 34 687 38 11 709 Dec. 31 . . 18,735 1,843 7 613 89,836 13.015 1 ,493 3 715 7 781 2,964 88 859 1,475 334 1,966 35 650 15 12 210 1955—June 30. . 17,942 2,017 6 704 87,207 11,482 1,531 4 656 8 117 2,919 85 706 1,449 338 1,968 36 504 115 12 461 New York City:* 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31 . . 4,015 111 78 15,065 3,535 1,105 6 940 237 1,338 15 712 17 io 20 1 206 "l95 2 120 1947—Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17 646 12 12 14 1 418 30 2 259 1953—Dec. 31. . 4,846 129 70 15,901 3,363 1,021 778 315 L ,071 17 509 831 53 139 1 958 23 2 572 1954—Tune 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—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3 160 719 377 1947—De(\ 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—Tune 30 1 290 30 15^ 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—Tune in 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—Tune 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 bee. 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. 3\ . . 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—Tune 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 AH nonmember banks:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1953—Dec. 31. . 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 1954—June 30 658 3,972 15,334 514 48 426 2,085 209 13,248 202 30 407 8,669 17 2,332 Dec. 31 . 627 4.590 16,704 496 46 457 2.121 235 14,608 284 31 436 8.814 16 2,369 1955—June 30. . 664 3,825 16,014 424 47 422 2,162 235 13,844 309 30 468 8,929 35 2,448 2 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commerical banks. ^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. DECEMBER 1955 1345 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 in T l m a o v o n a e e t d n n s a s t t l s - i j m L n u a a o v s e n d t a e n d e - n s t d t s s - 1 j L u a o s d a te - n d s 1 i C t n m c a r d o i i n e a a u m d r l l s , - , - - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C t f a e i e f t b i i e r n - t - s - - Notes Bonds2 O s ri e t t h c ie e u s r - b L a t o n o a k n s s t a c u g u r r l a - i- l G U t l i o i o o g . b v n a - S - s t . . O c t s u t i e h e r - s i e - r G l U t o i i o g o b . a v S n - - t s . .O c t u t i h e ri s e - r n e e d s - s Total- Leading Cities 1954—November. 85,876 85,248 39,220 21,619 2,246 1,009 7,038 7,970 37,456 2,611 2,348 8,615 23,882 8,572 628 1955—September. 85,432 84,473 45,072 24,427 2,398 1,197 8,199 9,588 3_0,656 1,011 564 8,212 20,8698,745 959 Octobers. . 86,324 85,458 45,930 25,082 2,624 1,195 8,015 9,750 30,891 1,058 1,148 8,02320,6628,637 866 November. 86,362 85,473 46,903 25,683 2,622 1,248 8,138 9,950 30,168 794 1,007 7,646 20,7218,402 889 1955—Sept. 7...85,189 84,150 44,570 24,080 2,392 1,188 8,135 9,513 30,791 890 607 8,352 20,9428,789 1.039 Sept. 14...85,824 84,735 45,029 24,400 2,404 1,200 8,188 9,575 30,940 1,1.50 617 8,26720,9068,766 1,089 Sept. 21...85,318 84,516 45,241 24,570 2,391 1,206 8,216 9,595 30,546 1,009 537 8,160 20.8408,729 802 Sept. 28. . .85,399 84,493 45,449 24,660 2,406 1,194 8,257 9,669 30,347 994 496 8,07020,7878,697 906 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, , 9 2 7 6 2 6 9 9 , , 6 6 7 5 5 0 30,282 989 480 8,103 20,710 r 886 Oct. 12... 86,93 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 9,771 30,941 1,03,5 1,300 7,95920,647 8,627 967 Oct. 26... 86,350 85,571 46,071 25,124 2,587 1,224 8,049 9,824 30,922 1,067 1,266 7,94820,641 8,578 779 Nov. 2... 86,356 85,623 46,499 25,303 2,689 1,245 8,073 9,926 30,559 842 1,196 7,877 20,6448,565 733 Nov. 9...86,013 85,259 46,604 25,485 2,593 1,248 8,106 9,910 30 300 77.5 1,088 7,74120,696 8,355 754 Nov. 16. ..86,790 85,781 47,017 25,783 2,646 1,249 8,143 9,935 30,377 932 1,053 7,645 20,747 8,387 1,009 Nov. 23...86,167 85,369 47,067 25,833 2,578 1,249 8,181 9,964 29,961 787 872 7,559 20,743 8,341 798 Nov. 30. ..86,487 85,337 47,331 26,014 2,605 1,248 8,188 10,01529,643 636 824 7,40620,777 8,363 1,150 New York City 1954—November. 23,685 23,286 11,336 7,405 3921,264 375 447 1,632 9,525 842 492 2,127 6,064 2,425 399 1955—September. 22,765 22,166 13,083 8,484 149 1,538 699 1,978 6,731 294 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 November. 22,961 22,408 13,713 8,896 1781,664 477 612 2,089 6,564 234 165 1,363 4,802 2,131 553 1955—Sept. 7...22,725 22,008 12,859 8,302 1,556 442 688 1,940 6,778 1,596 4,851 2,371 717 Sept. 14.. .23,004 22,292 13,096 8,490 1671,524 439 700 1,981 6,825 344 100 1,525 4,856 2,371 712 Sept. 21. ..22,576 22.128 13,140 8,547 1361,537 441 703 1,982 6,660 298 53 1,461 4,848 2,328 448 Sept. 28...22,756 22,239 13,237 8,600 1561,533 440 705 2,009 6,664 303 47 1,510 4,804 2,338 517 O O c c t t . . 1 5 2. 3 . . . . 2 2 2 3 , , 9 2 2 9 1 8 2 22 2 , , 8 3 2 8 1 8 1 1 3 3 , , 3 4 8 8 1 8 \ / 8 8 8 , , , 7 7 6 0 4 6 1 9 9 337 1 1 , , 5 5 9 2 7 8 4 44 4 1 0 \ 1 6 6 7 2 2 0 1 7 7 • 2 1 , , 0 9 6 9 3 1 6 7 , , 6 0 7 1 2 6 3 4 2 2 5 6 3 4 3 0 6 1 1 , , 5 5 2 2 6 9 4 4 , , 7 7 8 2 1 5 2 2 , , 3 3 3 1 5 7 4 53 7 3 7 Oct. 19. ..23,145 22,504 13,455 8,654 140 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 Nov. 2... 22,996 22,572 13,640 8.766 1,647 479 603 2,094 6,701 301 1,468 4,719 2,231 424 Nov. 9...22,764 22,309 13,618 8,810 1731,666 480 608 2,084 6,600 2 50 1,404 4,787 2,091 455 Nov. 16... 23,127 22,477 13,751 8,928 1831,664 478 616 2,085 6,614 269 1.5.5 1,351 4,839 2,112 650 Nov. 23 ...22,825 22,322 13,718 8,943 1261,673 476 617 2,086 6,499 219 136 1,316 4, ,105 503 Nov. 30. ..23,095 22,362 13,841 9,033 1561,668 472 618 2,098 6,408 130 162 1,278 4,838 2,113 733 Outside New York City 1954—November. 62,191 61,962 27,884 14,214 590 620 6,591 6,338 27,931 1,856 6,488 17,8186,147 229 1955—September 62,667 62,307 31,989 15,943 711 743 7.^00 7,610 490 6,689 16.0296,393 360 Octobers. . 63,222 62,884 32,487 16,390 785 733 7.397 7,701 24,0.54 945 6,518 15,926 6,343 338 November. 63,401 63,065 33,190 16,787 780 756 7,526 7,861 23,604 560 842 6,283 15,919 6,271 336 1955—Sept. 7...62,464 62,142 31,711 15,778 699 733 7,447 7.573 ?4,013 657 500 6,756 16,0916.418 322 Sept. 14...62,820 62,443 31,933 15,910 713 747 7,488 7,594 74.11* 80* 517 6,742 16.0^06.395 377 Sept. 21. ..62,742 62,388 32,101 16,023 718 752 7.513 7.613 23.88* 711 484 6,699 15,9926,401 354 Sept. 28...62,643 62,254 32,212 16,060 717 741 7,552 7.660 23.683 691 449 6,560 15,9836,359 389 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 72 3 3 2 '7 7, , 3 5 4 5 . 9 5 7 7, , 6 6 5 8 9 4 23,610, 664 440 6,577 15,929 \ / 6 6 , , 3 3 5 5 5 8 353 Oct. 12. .. 63,637 63,281 32,547 16,413 840 743 7,380 7,691 24.403 715 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 Nov. 2... 63,360 63,051 32,859 16,537 788 751 7,470 7,832 23,858 541 983 6,409 15,9256,334 309 Nov. 9... 63,249 62,950 32,986 16,675 754 753 7,498 7 826 23 700 525 929 6,337 15,909 6 264 299 Nov. 16. .. 63.663 63,304 33,266 16,855 799 756 7,527 7,850 23,763 663 898 6,294 15,908 6,275 359 Nov. 23... 63,342 63,047 33,349 16,890 779 758 7,564 7,878 23,462 568 736 6,243 15,9156,236 295 Nov. 30. .. 63,392 62,975 33,490 16,981 781 761 7,570 7,917 23,235 506 662 6,128 15,,939 6,250 417 ^Corrected. 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- 1346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Reserves Bal- De- Indi- Indi- Month or date B s w F e R e a e r r i e a n t d v - h l k - e s v C a i a n u s l h t m b a w a n d e n o i c s t - e k h ti s s c j p m u o a d s a d t s e n e - i - t d d s 4 s p p u v n c h a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l b a n d i t - i l t e - s - s c C h c o a e f e e e i f t n e f c r c r d i t d s . k - i ' s - , m G U er o . e n v n S - - t . s p p u n v c h a o a a o e n i i r r d p l r r d a s t - - - s - , - , p S s d s a i o i u t i c o n a v l b a n i d t i - l t e - s - s P m U G S e i a o n r a . n o e n s g v d n v S t - s - a t - . l m D t e i D o c s - - eman F e d i o g r n - Time F s B F e R e r e a r o r e a d n v m - l - k e s F ot r h o e m rs C it a a p l tions tions Total- Leading Cities 1954—November 14,014 2,719 55,74557,405 3,790 2,087 4,222 1,198 20311,602 1,315 1 .460 8,136 1955—September 13,262 1,000 2,480 56,05858,567 3,696 1,856 2,36919,176 1,015 20310,69^ 1 ,441 1 ,416 537 575 8.348 October.. . 13,533 998 2,502 56,,220099 58,773 3,708 1,965 3,14419,296 968 20010,645 1,462 1,423 732 488 8,404 November 13,478 992 2,456 56,33658,815 3,972 2,151 2,86419,252 957 20510,607 1,433 1,457 774 490 8,466 1955—Sept. 7 . .13,116 973 2,36155,55557,310 3,734 1,667 2,52219,128 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 2,10219,158 1,028 20211,401 1,442 1,417 404 802 8,342 Sept. 21. .13,364 967 2,47456,26358,699 3,636 1,903 2,21919,209 1,007 20210,524 1,436 1,421 737 388 8,339 Sept. 28. .13,370 1,030 2,426 56,30658,316 3,772 1,923 2,63519,210 993 20210,188 1,464 1,425 538 501 8,353 Oct. 5. .13,307 968 2,50955,860 57,857 3,790 2,049 2,364 19,249 979 20210,863 1,490 1,440 548 532 8,392 Oct. 12..13,338 1,022 2,603 55,61858,996 3,641 2,041 3,995 19,318 973 20010,883 1,452 1,416 773 488 8,401 Oct. 19..13,713 990 2,45356,293 5""9,145 3,606 1,996 3,284 19,292 966 19910,614 1,474 1,415 710 623 8,393 Oct. 26. .13,772 1,012 2,44157,06659,094 3,793 1,777 2,9.32 19,324 954 20010,218 1,433 1,419 897 308 8,433 Nov. 2. .13,899 948 2,38156,39458,130 4,055 1,968 2,876 19,356 952 20510,593 1,470 1,452 1,109 351 8,456 Nov. 9. .13,382 1,041 2,38655,95557,994 3,963 2,071 2,496 19,338 947 20610,687 1,448 1,443 1,106 326 8,468 Nov. 16. .13,285 977 2,686 56,04759,817 3,976 2,433 3,115 19,195 954 20511 ,246 1,456 1,476 472 626 8,453 Nov. 23. .13,392 969 2,340 56,38658,662 3,895 2,049 2,962 19.180 961 20510,219 1,409 1 ,472 686 426 8,458 Nov. 30. .13,431 1,023 2,48756,90059,475 3,971 2,234 2,870 19,192 971 20410,288 1,380 1,443 495 723 8,495 New York City 1954—November 4,491 163 4615,80516,837 356 1,130 1,393 2,021 237 3,189 1,059 1,194 2,776 1955—September 4,085 148 5615,75817,035 269 883 654 2,030 95 2,894 1,105 1,097 21 281 2,693 October.. . 4,278 150 6815.68416,957 301 1,025 1,104 2,074 83 2.898 1,129 1,100 121 269 2,703 November 4,132 159 7715,42916,811 335 1,101 924 2,075 95 2,938 1,108 1,151 166 277 2,715 1955—Sept. 7. . 3,961 145 4315,64716,668 242 733 769 1,990 99 2,833 1,081 1,090 24 233 2,699 Sept. 14. . 3,988 152 6315,72917,304 265 942 609 2.028 99 3,042 1,110 1,096 21 360 2,696 Sept. 21 .. 4,150 139 5915,82717,024 271 876 540 2.049 96 2,854 1.099 1,099 13 221 2,689 Sept. 28. . 4,239 154 6115,82917,143 297 984 698 2.054 85 2,845 1,132 1,104 25 310 2,688 Oct. 5. . 4,254 146 7515,719 16,887 306 1,070 675 2,076 85 2,908 1,162 1,105 200 334 705 Oct. 12.. 4,162 158 7015,37116,798 304 1,090 1,464 2.095 86 2,920 1,124 1,097 133 269 703 Oct. 19.. 4,299 146 6215,66117.019 259 1,049 1,219 2,051 84 2,924 1.139 1,097 63 276 703 Oct. 26. . 4,395 151 6415,98417,123 337 890 1,059 2,075 78 2,838 1.092 1,102 87 197 700 Nov. 2. . 4,535 148 5615,71116,637 472 994 1,022 2 , 0^8 81 2 ,896 1,143 1,137 244 254 2,718 Nov. 9. . 4,111 188 6115,17116.491 382 1,126 864 2,C 100 2,941 1,118 1,138 306 243 2,716 Nov. 16. . 3.725 151 9415,13716,858 289 1,242 968 2,054 98 3.0S5 1,133 1,169 53 262 2,710 Nov. 23. . 4.147 157 5815,40216,690 255 996 2,053 99 2.851 1,087 1,166 194 277 2.704 Nov. 30. . 4,13? 153 11615,72517,377 279 1,147 2,083 98 2,947 1,060 1,143 30 351 2,726 Outside New York City 1954—November 9,523 2,67339,940 40,568 3,434 957 2,82916,612 961 149 8,413 336 5,360 1955—September 9,177 852 2,42440,300 41,532 3,427 973 1,715 17,146 920 14 7.801 336 319 516 294 5,655 October. 9,255 848 2,434 40,525 41,816 3.407 940 2,040 17,222 885 144 7,747 333 323 611 219 5,701 November 9,346 833 2,379 40907 42,004 3,637 1,050 1,940 17,177 862 147 7,669 325 306 608 213 5,751 1955—Sept. 7 9,155 828 2,318 39,908 40,642 3,492 934 1,753 17,138 932 151 7,832 342 312 443 375 5,657 Sept. 14. 9,210 879 2,59440,38142,642 3,377 989 1,493 17,130 929 146 8,359 332 321 383 442 5,646 Sept. 21 9,214 828 2,41540,436 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 2,36540,47741,173 3,475 939 1,937 17,156 908 146 7,343 332 321 ' 513 191 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 2,533 40,24742,198 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 Nov. 2. . 9,364 800 2,325 40683 41,493 3,583 974 1,854 17,258 871 146 7,697 327 315 865 97 5,738 Nov. 9. . 9,271 853 2,325 40784 41,503 3.581 945 1,632 17,250 847 147 7,746 330 305 800 83 5,752 Nov. 16. . 9,560 826 2,592 40910 42,959 3,687 1,191 2,147 17,141 856 147 8,191 323 307 419 364 5,743 Nov. 23. . 9,245 812 2,282 40,984 41,972 3,640 1,053 2,078 17,127 862 147 7,368 322 306 492 149 5,754 Nov. 30. . 9,292 870 2,37141,175 42,098 3,692 1,087 1,989 17,109 873 146 7,341 320 300 465 372 5,769 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 DECEMBER 1955 1347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY * [Net declines, (—). In millions of dollars] ]Business of borrowei Manufacturing and mining Comm'l. Period2 l F iq a o n u o d o d r , , a T p e a p x n a t d i r l e e l s , , p m M r m ( a o a i e c e n d n t h t c d u a a i l c l l n . s t - s ch P l e c e e m o u t a m r i l o c , , a - l, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u p P t t t ( r i i o u i a o l n r b i n n t c t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu t o y s A t o i p h n f l e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch i a a t n a o g n n d t g r d a ' ' e l l l , . — tobacco leather ery and and trans. rubber equip.) 1953—Jan.-June... -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec.... 537 -107 -326 138 —49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June... -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec.... 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June... -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 Monthly: 1955— A juu iy gust -6 6 5 0 2 7 8 8 — 3 4 3 6 2 1 0 8 2 1 9 7 3 3 0 1 2 6 9 6 - 2 3 7 7 4 41 2 36 2 12 6 0 5 7 1 0 2 5 5 64 2 5 5 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 November... 135 -57 88 76 2 87 108 315 73 22 49 899 890 Week ending: 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 -2 -11 -4 -32 Oct. 26.... 34 —29 — 14 10 -6 38 53 -28 7 -7 58 42 Nov. 2 38 —27 3 5 -3 19 44 53 47 -5 16 189 179 Nov. 9.... 43 _2 26 6 3 26 14 38 -9 5 9 158 182 Nov. 16 46 -2 26 20 4 41 25 65 24 16 19 283 298 Nov. 23.... 11 -11 19 -8 -10 5 13 51 2 y 66 50 Nov. 30 _2 -14 15 54 9 A 12 107 9 6 13 203 181 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. 3Figures include increase of 318 million dollars resulting from errors 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] Dollar acceptances outstanding Commercial and finance paper outstanding Held by Based on End of month Total Accepting banks F. R. Goods stored in or Placed out- Banks Im- Ex- shipped between Total t P hr la o c u e g d h dir l e y ct- st i a n n g d- Oth- p i o n r to ts p fr o o r m ts D e o x l - lar points in dealersl ( p fi a n p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht a O c w ct n . c F e o i o g r r n r - . U St n a i t t e e s d U St n a i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g i n es 1949—December 837 270 567 272 128 58 70 11 133 184 49 30 9 1950—December . * 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951—December.. 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952—December 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953—December 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954—October 2,048 762 1,286 687 271 217 55 14 402 207 148 72 20S 55 November 2,032 769 1,263 768 313 241 71 19 437 248 164 42 247 66 December 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955—January 2,064 713 1,351 869 282 206 77 23 564 273 187 17 303 90 F M e a b r r c u h a . r . y 2 2 , , 1 1 8 9 7 1 6 7 8 0 1 3 1 1 , , 4 5 8 1 4 0 8 8 3 0 1 7 2 2 4 3 2 6 1 1 8 8 2 7 6 4 1 9 ' " '4 2 2 8 9 5 5 6 3 1 8 2 2 3 2 5 7 1 18 7 2 8 4 5 1 6 2 2 8 4 3 8 9 9 3 3 April 2,171 623 1,548 767 206 164 42 17 28 517 229 189 68 190 92 ]VIay 2,335 572 1,763 686 192 143 49 14 26 453 207 188 53 150 88 June 2,303 572 1,731 655 182 138 44 16 26 431 216 189 40 125 85 July , 2,411 593 1,818 650 184 144 40 10 23 433 223 186 41 108 92 August . . 2,359 580 1,779 655 186 142 44 14 27 427 220 182 41 111 101 September 2,245 564 1,681 671 190 147 43 21 27 433 253 189 33 108 87 October 2,255 547 1,708 662 189 144 45 16 26 430 258 201 33 82 87 xAs reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. 2As reported by finance companies that place their paper directly with investors. Back figures.—For hankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427. 1348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Date Total Mort- Real Policy Other assets Total U S n ta i t t e e s d St l a o t c e a l a i nd Foreign2 Total Bonds3 Stocks gages estate loans assets 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 1,840 1942 34,931 11,851 9,295 ? - 045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 1,773 684 10,494 9 842 652 6,714 1,352 2,373 1,830 1944 41,054 18,752 16,531 L,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 L,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 L,190 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 L.393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 L ,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,405 9,829 L.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 .968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—September '82,364 12,094 9,086 2,485 523 '36,328 33,717 '2,611 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 IVtay 86,515 12,099 9,058 2,632 409 37,693 34,906 2/787 27,217 2,407 3,190 3,909 Tune 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 September 88,529 12,175 9,129 2,636 410 38,273 35,403 2,870 28,250 2,492 3,260 4,079 'Revised. 1 Includes United States and foreign. 2 Central government only. 3Includes International Bank for Reconstruction and Development. 4 These 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 Other3 gages2 obli- gages2 obligations gations 1940 5,733 4,125 71 307 940 4,322 1952—4 22,585 18,336 1,791 1,306 1,072 19,143 1941 6,049 4,578 107 344 775 4,682 1942 6 150 4,583 318 410 612 4,941 1953—1. . . 23 442 19,051 1,926 1,259 1 128 20 072 1943 6,604 4,584 853 465 493 5,494 2 24,724 20,099 1,997 1,333 1,218 21,140 1944 7 458 4,800 1,671 413 391 6,305 3. ... 25,582 21,116 1,982 1,196 1,212 21,735 1945 8,747 5,376 2,420 450 356 7,365 4 26,638 21,882 1,923 1,500 1,258 22,778 1946 10,202 7,141 2,009 536 381 8,548 1947 11,687 8,856 1,740 560 416 9,753 1954—1P. . . 27,667 22,722 1,928 1,613 1,330 23,901 1948 .. 13,028 10,305 1,455 663 501 10,964 2P. . . 29,105 23,847 1,961 1,782 1,442 25,163 1949 14,622 11,616 1,462 880 566 12,471 3P... 30,168 25,053 1,972 1,671 1,400 25,895 1950 16 846 13,622 1,489 951 692 13,978 4=P.. . 31,680 26,142 2,026 1,958 1,481 27,259 1951 19,164 15,520 1,606 1,082 866 16,073 1952 22,585 18,336 1,791 1,306 1,072 19,143 1955—1P... 33,006 27,313 2,207 1,911 1,514 28,398 1953 26,638 21,882 1,923 1,500 1,258 22,778 2P... 34,946 28,988 2,287 1,948 1,652 29,839 1954? 31,680 26,142 2,026 1,958 1,481 27,259 3P... 36,233 30,616 2,339 1,581 1,632 30,516 ^Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. DECEMBER 1955 1349 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 1 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 6,929 466 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 63Q 725 847 Federal Farm Mortgage Corporation. . 149 109 80 60 45 34 25 18 15 13 1? 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 ,286 Commodity Credit Corporation 120 280 1,293 1,729 782 ,426 3,076 2,457 2,981 ,137 Other agencies 6 7 5 9 6 6 5 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 Federal National Mortgage Assn 6 4 199 828 1,347 1,850 2,242 2,462 2,392 2,461 2,593 Home Owners' Loan Corporation3 636 486 369 231 10 Reconstruction Finance Corporation4 10 61 177 168 137 123 115 108 V O e th 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 13 Reconstruction Finance Corporation4 153 145 138 112 108 99 80 77 Other agencies 18 3 3 3 2 2 2 2 13 To other industry, total 192 272 310 462 458 488 516 509 413 420 426 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 ie o s f the Treasury 31 38 38 58 74 58 1 4 7 0 4 34 6 9 4 35 6 3 7 35 7 3 3 34 7 8 8 To financing institutions, total 314 447 525 445 824 814 864 952 691 870 Federal home loan banks 293 436 515 433 816 806 864 952 689 868 1.017 Other agencies 7 4 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 ti o o 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 01 6 2,29 64 6 2,49 5 6 8 2,83 5 3 2 2,788 2,806 2,768 2,774 TJ. 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... 61,515 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 '"i44 113 110 100 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 11,692 12,733 13,228 18,603 19,348 18,927 9,714 14,42217,826 19,883 19,782 Investments: U. S. Government securities, total 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,602 2,988 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 ,69 2 2 1,706 2 1 Investment in international institutions. 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total^ 230 154 133 107 78 44 40 45 Reconstruction Finance Corporation4. 159 108 98 83 66 36 35 47 Production credit corporations 46 35 29 22 11 8 5 4 3 3 3 Department of the Treasury \ 24 11 43 42 38 40 Other agencies 2 2 3 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 t d ru it c y t io C n r e F d i i n t a C nc o e r p C or o a r t p io o n ration4 4 66 6 7 3 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 f { 272 55 9 6 5 47 8 0 0 56 6 4 5 54 1 7 9 Land, structures, and equipment, total 16,924 12,600 3,060 2,962 2,945 3,358 3,213 8,062 8,061 8,046 7,982 7,82] Public Housing Administration 227 204 1,448 1,352 1,248 1,251 1,173 1,018 8128 96 80 64 Reconstruction Finance Corporation4 2,861 35 630 611 605 594 199 175 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 agencies 9 2,044 1,793 189 168 206 465 "590 561 1,466 1,4-12 1,37? 1,137 Bonds, notes, and debentures payable (not guaranteed), total 1,252 689 965 772 1,190 1,369 1,330 1,182 1,072 1,068 1,561 1,840 Banks for cooperatives , 33 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. 1350 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 e r b e i a l v - e n - s m m C p r s t a i l i u o a o n i a e p e t m d l s d e - s s , i , - - - G s U ri e o t . c i v e I u S m n s t - . . v e e n O s s r ts t i e - t t c h ie u e s - r s e L 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 n u a b u o t r n e y e n a d e s r d d - s p d , e a n O b y o e a t t h n b e e - l s e r , l O i i a t t i b h e i e s l r - i G U n e o . t s e v t S r t - . . o i v n w P e a t r s t n e i e t - r e l - d y U.S. All agencies 1948—Dec. 31 21,718 630 11,692 627 1,854 3,518 3,060 337 38 965 1,663 18,886 166 1949—Dec 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31 . 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,193 21 995 234 1951—Dec. 313 26,744 931 14,422 1,461 2,226 3,463 3,358 882 43 1,369 1,161 23,842 329 1952—Dec. 313 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 1,728 26,456 378 1953—Dec. 313 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 1,182 3,81833 429 434 1954—Sept. 30 40.443 1,324 18,603 3 709 2,988 3,433 8,061 2,325 28 1,072 2,35736,488 498 Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,18335,610 508 1955—Mar. 31 41.996 1 .37519.782 3.612 3.187 3.429 7,982 2,629 31 1,561 4,01335,848 543 June 30 40,639 1,244 18,927 3,476 3,108 3,430 7,821 2,634 41 1,840 3,019 35,171 568 Classification by agency June 30, 1955 Farm Credit Administration: Banks for cooperatives 388 22 318 43 5 123 1 236 28 Federal intermediate credit banks. . 925 11 847 60 7 811 7 107 Production credit corporations 46 1 42 3 45 Federal Farm Mortgage Corp. 14 2 12 0 13 Department of Agriculture: Rural Electrification Administration. 2,399 6 2,282 1 110 1 2 399 Commodity Credit Corporation . 5,525 32 1,845 2,910 i 146 593 1,336 4,189 Farmers Home Administration . ... 713 18 662 30 2 711 Federal Crop Insurance Corp 26 19 7 9 17 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,735 51 1,017 ••er 662 5 336 862 -3 540 Federal Savings and Loan Insurance Corp.. 248 1 241 6 10 238 Public Housing Administration 323 25 99 64 135 25 298 Federal Housing Administration. . . . 587 45 55 354 1 1 132 41 171 376 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 Export-Import Bank 2,827 4 2,796 (7) 1 0) 26 103 2 724 F T e e d n e n r e a s l s e D e e V po a s ll i e t y I n A s u u t r h a o n r c i e t y Corp. 2 1 ,7 0 1 1 7 0 16 3 0 « 29 1,706 1 812 9 8 1 5 2 1 6 1 1 , 5 9 9 6 1 0 Federal Maritime Board and Maritime Adm.. . 5,435 268 44 (7) 4,807 315 179 5,256 Panama Canal Company 476 38 12 422 5 14 462 Veterans Administration 613 147 431 3 3 30 8 605 Department of the Treasury 8,545 112 3 913 19 3 425 27 1 049 12 8 533 Foreign Operations Administration 1,695 2 1,692 1 1,695 All other 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. 2Includes figures for the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the FHA since 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. 4The 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." beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 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 figurea see Banking and Monetary Statistics, Table 152, p. 517. DECEMBER 1955 1351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1 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 Yea o r r , w m e o ek nth, n ( M i h c i i u g p - h a - l ( C r h p a o i o t g r e - - h- e P rr r e e d - * Manufacturing Trade, t t i h r n ( a o i g n d u s - r O i s e e l s d - 2 r N i s e e e s w - 3 grade)4grade) * T ta o l - d t I u a r n i l s - - - R ro a a i d l- u P i l t t u i y i c l b- T ta o l - T ta o l - D r b a l u e - - N d b ra o u le - - n- T p t r o i a o r n n ta s - - u P i l t t i u i y c l b - - n s a a e i n f c n r i c e v - d e - , M in i g n- s s h a a o n r f d es s ) Number of issues. 3-7 15 17 14 480 420 20 40 265 170 98 72 21 29 31 14 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 276 1,404 1953 average 93.90 101.46 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 240 1,419 1954 average 99.51 109.60 125.8 117.2 174.5 227 250 180 136 230 271 295 233 136 236 267 2,270 1954—Nov 99.27 109.88 127.4 117.4 178.9 252 282 197 141 254 305 284 324 259 141 260 278 3,196 Dec 98.97 109.91 126.6 117.0 178.3 265 297 218 144 268 323 298 345 285 144 268 310 3,475 1955—Jan 97.88 108.43 125.4 116.7 175.7 269 302 222 145 271 326 307 344 288 145 270 314 3,555 Feb 96.97 103.51 125.0 115.7 175.0 278 312 232 150 281 340 320 358 300 150 276 315 3,201 Mar 97.08 103.63 124.4 115.4 174.6 278 311 238 150 280 337 318 354 305 151 275 315 2,907 Apr 96.31 103.43 124.9 115.3 176.0 286 322 252 152 287 347 327 365 320 152 277 311 2,689 May 96.53 103.66 125.1 114.7 175.6 285 320 251 152 289 350 324 372 326 154 280 303 2,163 June 96.37 103.75 123.9 114.5 175.8 301 341 259 153 303 370 344 393 337 154 294 314 2,643 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 33\ 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 Nov 95.46 102.73 122.6 113.7 174.7 322 369 255 154 328 411 389 430 325 154 325 313 2,252 Week ending: Nov, 96.20 103.21 123.1 113.7 175.1 307 351 239 152 321 401 376 424 313 153 314 304 1,939 Nov. 95.68 102.68 123.3 113.9 175.7 321 368 250 153 329 411 390 431 323 155 323 307 2,338 Nov, 95.37 102.61 123.1 113.9 174.9 327 377 257 155 331 415 395 432 324 155 331 316 2,486 Nov, 95.02 102.54 122.4 113.7 174.2 326 375 261 154 333 416 397 433 340 154 332 323 2,244 Dec. 95.01 102.65 121.2 113.1 173.5 327 375 266 155 332 415 394 435 338 155 329 329 2,498 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% 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. 4Prices 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. ©Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit Excluding U. S. Government securities Bank loans End of month or Net debit to others Money Money last Wednesday Net debit Bank loans to balances for borrowed borrowed Customers' of month balances others for pur- secured purchasing except on on net free excluding chasing or carry- by U. S. or carrying U. S. U. S. credit Total balances ing securities Government U.S. Government Government balances1 secured by U. S. except U. S. obligations1 Government obligations1 obligations1 Government Government obligations2 obligations1 obligations2 1951—December 1,826 1,253 573 40 118 659 36 822 1952—December 1,980 1,332 648 33 149 877 30 111 1953—December 2,445 1,665 780 31 88 1,074 88 713 1954—October 3,050 2,095 955 36 38 1,295 69 924 November 3,203 2,202 11,001 40 31 1,353 63 972 December 3,436 2,388 ]L,048 41 65 1,529 69 1,019 1955—January 3,537 2,517 L,020 42 35 1,620 77 1,069 February 3,643 2,590 1,053 63 39 1,666 113 1,063 March 3,732 2,652 1,080 49 33 1,861 78 1,022 April 3,785 2,704 L,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 October 3,944 2,749 L ,195 40 29 2,088 71 920 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. 1352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY MARKET RATES BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES Fi- U. S. Government [Per cent per annum] nance Prime securities (taxable) Prime com- bank- Size of loan (thous. of dol.) mo Y w n e e t a h e r k , , or m 4 m p c - o a e o t n p r o m t c e h i - 6 r a , s - l 1 m 3 d p p p - o i l a a r l a t n y p e o c n t , c e e y h 6 t r d - s - 1 a a d c n e a 9 c r c y s 0 e e ' s p s 1 , t- M 3 y a i - e m r l k d o e n t th o i n R s b s i a n u l t l e e e s w s 9 i m - s t s o o u n e 1 t s h 2 2 - 3 is - y s e t u o a e r s 5 3 - A A re n a n u an al d a p v e e r r io ag d es: lo A a l n l s 1 1 - 0 1 10 0- 0 1 2 0 0 0 0 - and 20 o 0 ver 19 cities: 1948 2.5 4.4 3.5 2.8 2.2 1952 average 2.33 2.16 .75 1.72 1.766 1.81 2.13 1949 2.7 4.6 3.7 3.0 2.4 1953 average. . .. 2.52 2.33 .87 1.90 1.931 2.07 2.56 1950.. 2.7 4.5 3.6 3.0 2.4 1954 average. . .. 1.58 1.42 .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—Nov 1.31 1.25 .25 .93 .948 .94 1.90 1953 3.7 5.0 4.4 3.9 3.5 Dec 1.31 1.25 .25 1.14 1.174 1.10 1.94 1954 3.6 5.0 4.3 3.9 3.4 1955—Jan 1.47 1.37 .33 1.23 L .257 1.36 2.11 Quarterly: Feb, 1.68 1.50 L.38 1.17 L .177 1.41 2.18 19 cities: Mar 1.69 1.50 1.38 1.28 1.335 1.49 2.30 1954—Dec 3.55 4.92 4.29 3.84 3.31 Apr 1.90 1.73 L.43 1.59 L.620 1.71 2.39 1955—Mar 3.54 4.93 4.29 3.83 3.30 May..... 2.00 1.88 L .50 1.45 L.491 1.72 2.40 June 3.56 4.92 4.29 3.83 3.33 June 2.00 1.82 1.50 1.41 1.432 1.71 2.42 Sept 3.77 4.98 4.43 3.99 3.56 July 2.11 1.87 L .50 1.60 L .622 1.88 2.54 New York City: Aug 2.33 2.02 L .67 1.90 L .876 2.12 2.73 1954—Dec 3.30 4.66 4.15 3.64 3.15 Sept. 2.54 2.28 2.08 2.07 2.086 2.14 2.72 1955—Mar 3.29 4.68 4.14 3.65 3.14 Oct 2.70 2.46 2.23 2.23 2.259 2.19 2.58 June 3 30 4.73 4.18 3.62 3.15 Nov 2.81 2.53 2.17 2.25 2.225 2.28 2.70 Sept 3.54 4.83 4.39 3.87 3.39 7 Northern and East- Week ending: ern cities: Nov. 5... 2.75 2.50 2.13 2.06 2.179 2.11 2.57 1954—Dec 3 55 4.99 4.31 3.89 3.33 Nov. 12... 2.75 2.50 2.13 2.07 2.034 2.14 2.61 1955—Mar 3.55 5.02 4.32 3.84 3.35 Nov. 19... 2.81 2.50 2.13 2.29 2.248 2.28 2.73 June 3.55 4 97 4.29 3.78 3.37 N De o c v . . 2 3 6 . . . . . . 2 2 . . 8 8 6 8 2 2 . . 5 6 6 3 2 2 . . 2 2 5 5 2 2 . . 4 4 1 1 2 2. . 4 4 5 4 0 0 2 2 . . 4 4 3 4 2 2 . . 7 8 9 0 11 Southe S r e n p t and 3.76 5.06 4.43 3.99 3.58 Western cities: 2Data are averages of daily prevailing rates. 1954—Dec 3.90 5.01 4.36 3.93 3.60 2Series 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. June 3.95 4 98 4.34 4.01 3.67 Sept 4.11 5.01 4.47 4.07 3.88 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, October 1947, pp. 1251- 1253, and February 1955, p. 215. NOTE.—'For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS 1 [Per cent per annum] Bonds Industrial stocks State and local government Corporate6 Earn- U (l . o n S g . - G te o rm vt ) . Dividends / ings/ Year, month, General obligations4 By selected By price ratio price or week ratings groups ratio Revse O ri l e d s2 se N r e ie w s3 Total A B a y r a a s t e in le g c B s t a e a d b e o n n u d e s 6 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- d7 m Co o m n8 - m Co o m n9 - Number of issues.. 3-7 1 20 5 5 10 120 30 30 40 40 40 14 125 125 1952 average 2.68 2.22 1.80 2.70 2.45 3.19 2.96 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 "3A6' 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—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 "•7.09 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 November. . 2.85 2.96 2.60 2.20 3.20 2.87 3.29 3.10 3.58 3.22 3.38 3.28 4.01 3.96 Week ending: Nov. 5.... 2.79 2.94 2.59 2.19 3.19 2.86 3.30 3.10 3.59 3.23 3.38 3.28 4.00 3.95 Nov. 12. . . . 2.83 2.96 2.59 2.19 3.19 2.86 3.28 3.08 3.58 3.21 3.38 3.27 3.99 3.87 Nov. 19 2.86 2.96 2.59 2.19 3.19 2.86 3.28 3.08 3.58 3.21 3.37 3.27 4.00 3.90 Nov. 26. . . . 2.88 2.96 2.61 2.21 3.20 2.88 3.30 3.11 3.59 3.22 3.38 3.29 4.02 3.95 Dec. 3 2.88 2.96 2.67 2.27 3.24 2.92 3.31 3.12 3.59 3.23 3.39 3.29 4.04 3.98 ^Revised. 1 Monthly and weekly yields are averages of daily figures for U. S. Government and corporate bonds. Yields of State and local government general obligations are based on Thursday figures; of revenue bonds, on Friday figures; and of preferred stocks, on Wednesday figures. Figures for common stocks are as of the end of the period, except for annual averages. 2Series is composed of fully taxable, marketable 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 3-M 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. DECEMBER 1955 1353 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 de In cr c e r a e s a e s e ( o — r ) Account of Treasurer of the United eexpenditures or expenditures during period States (end of period) Deposits n Period re N ce e ip t ts p t e u E n r x e d - s i- S d u e ( r o f - p i ) r c lu it 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 i g m e g m e G s a n a p t o c a r i t o y v k i n o n t e d . n t s s C co i a l n e u c g a - n r t - p d G d u i r r e b o e b l c s i t s c t G ba f e u l n a n e n d r c a e l 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 f c- S d it p e a e p r c i o e i s a s - l O s n a t e s e h t - t s er able collecfunds tion Cal. yr.—1951 52,979 56,337 -3,358 759 56 -106 2,711 62 4 295 321 146 2,693 1,134 1952 64,840 70,682 -5,842 49 -90 -319 7,973 1,770 6 064 389 176 4,368 1,132 1953 63,841 72,997 -9,157 82 19 -209 7,777 -1,488 4 577 346 131 3,358 742 19541. . . 61,171 64,854 -3,683 812 -73 -34 3,582 603 180 563 111 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—Nov. 4,201 3,842 358 358 33 -209 101 641 7 304 694 137 5,584 889 Dec 3,742 6,288 —2,546 126 —26 425 — 103 —2,124 5 180 563 111 3,461 1,045 1955—Jan. 4,655 4,942 -287 -179 511 -186 -311 -451 4 728 360 320 2,907 1,142 Feb. . .. 5,427 4,831 596 26 —37 354 -257 682 5 411 564 196 3,561 1,089 Mar. 9,741 5,894 3,846 -80 73 36 —4,134 —260 5 151 724 149 3,203 1,074 Apr. 3,732 5,228 -1,496 — 193 29 309 2,601 1,250 6 401 814 362 4,023 1,201 May 4,438 5,356 -919 -79 36 -384 824 -522 5 880 649 153 4,054 1,023 June 10 038 6,677 3,361 -269 238 104 -3,098 336 6 216 380 343 4,365 1 ,127 July 2 ,765 5,382 -2,617 -261 27 237 3,210 595 6 811 624 179 4,972 1,036 Aug. 4,734 6,225 — 1,491 -338 120 -74 725 -1,058 5 753 393 143 4,188 1,028 Sept.. 5,498 5,340 158 277 59 -40 -833 -378 5 376 554 191 3,638 993 Oct.... 2,692 5,355 -2,663 -373 280 353 2,341 -62 5 314 484 177 3,672 981 Nov n.a. n.a. n.a. .n.a. n.a. n.a. 319 —195 5 119 477 141 3,538 963 Budget expenditures INational security Period Total TotaP D f m e D e n i p e l s i - t e - ., M m t p a u r i r t o l y u i - - al e A n t e o r m gy ic n a I n a f n a f a f n n t a i t e c i d - ' r r l e s . - 3 I d n e o e t s n e b t r t - A e i t d V s i r m o t a e r n n a i t * - n s - - c g S p u r o s a r r e c o m i - i t - a y s l A t c u g u r r l e - i- n h H a a i o f n n o n m i g d u - c e e s- P w u o b r l k i s c o P d i f c e o f i i f s c t - t e c T t o f r r a e t u a u c o r n n s - s t t s s - Other tary gram Cal. yr.—1951 56,337 33,044 29,432 1,594 1 278 3,524 5,983 5,088 1,463 1,010 694 1.438 684 507 2,901 1952 70,682 47,936 42,078 3,052 1,813 2,574 6,065 4,433 ,508 1,564 646 1,573 775 510 3,098 1953 72,997 49,363 42,953 3, 784 1 f889 2,082 6,357 4,156 ,630 3,:>38 -159 1,685 525 154 3,966 19541 64,854 42,820 36,807 3, 249 1.937 1,265 6,567 4,206 ,653 3,437 -393 1,526 241 182 3,350 Fiscal yr.—1952 65,408 42,867 38,077 2,292 648 2,839 5,859 4,748 ,424 1,219 614 ,515 740 567 3,015 19531... 74,274 50,276 43,611 3,956 791 2,184 6,504 4,249 ,532 3,134 385 ,660 659 462 3,229 1 1 9 9 5 5 5 4 . . . . . . . . 6 6 7 4 , , 7 4 7 9 2 4 5 4 4 6 0 , , 5 9 2 8 2 9 4 3 0 5 , , 3 7 3 3 6 0 3 1 , , 6 8 2 9 9 5 1 1, 18 8 9 5 5 6 * 1 1 , . 5 1 5 75 3 6 6 , ,3 3 8 8 2 9 4 4 , , 1 3 7 7 6 6 , ,6 6 6 4 9 0 4 2 , , 6 84 8 1 9 -6 1 1 2 5 7 , . 5 47 1 2 9 3 3 1 6 2 6 1 1 6 5 4 7 3 3 , , 2 0 7 8 7 6 Semiannual totals: 1952—July-Dec. . 36,186 24,491 21,426 1,699 876 1,107 2,966 2,164 802 885 424 916 355 426 1,650 1953—Jan.-June.. 37,801 25,596 22,134 2, 113 926 1,113 3,542 2,086 791 2,178 -42 740 305 31 1,462 July-Dec.1 34,484 23,750 20,819 1,671 945 968 2,816 2,070 806 1,237 -176 900 220 118 1,774 1954—Jan.-June.. 33,288 22,773 19,517 1,958 950 585 3,567 2,106 834 1,604 -439 V 619 92 46 1,502 July-Dec.. 31,566 20,047 17,290 1,292 987 680 3,000 2,100 819 1,833 46 907 149 137 1,847 1955—Jan.-June.. 32,928 20,650 18,440 605 869 787 3,389 2,277 850 2,856 81 565 216 20 1,239 Monthly: 1954—Oct. 4,857 3,300 2,908 187 170 73 346 341 171 170 6 164 9 279 Nov 3,842 3,316 2,853 181 156 89 368 372 131 —1,034 96 142 148 1 212 Dec. 6,288 3,739 3,280 152 158 192 1,200 401 123 244 —61 149 2 65 234 1955—Jan 4,942 3,176 3,092 —113 158 171 222 373 181 381 35 101 23 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 63 153 109 478 386 119 690 —17 85 16 1 269 Apr 5,228 3,382 3,020 122 134 78 355 379 153 781 26 99 31 5 -60 May 5,356 3,346 3,017 99 126 184 443 378 133 390 34 108 43 3 294 June. 6,677 3,939 3,345 271 147 97 1,495 397 145 345 —33 84 32 1 175 July 5,382 2,863 2,547 92 138 56 592 357 159 346 28 151 85 341 404 Aug 0,225 3,420 3,111 88 138 95 522 370 165 933 — 1 132 59 61 470 Sept. 5,340 3,611 3,372 35 121 60 529 351 115 317 — 18 139 36 3 198 Oct 5,355 3,161 2,729 297 129 153 542 359 196 397 13 153 21 4 359 : r Revised. n.a. Not available. i Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2.' 2Includes stockpiling and, beginning with March 1955 and fiscal year 1955, direct forces support (formerly included with "International affairs and finance"), not shown separately. ^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other nonmilitary foreign aid programs, and State Department. 4 Excludes transfers to trust accounts, which are shown separately. 5Monthly figures do not add to total because figures for reclassified items are not available for July-February. 1354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of monthly statements of United States Treasury, unless otherwise noted. In millions of dollars] Budget receipts Income and profits taxes Deduct Unem- Period W he i I t l n h d d - ivid O u t a h l er1 r C a o ti r o p n o 1 - E ta a g s x n t if e a d t s te 1 E ta x x ci e s s e 1 i p m t a n a l n s o x e u c y 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 g i a p e l t t s A O p t f l r u d p u n - r a s d o t g p e ria R ti r m a o e i n t l e i s r r n o e t t a - o d : r R e e c f o e u f ip n t d s s r b e u N c d e e g i t p e t t s account Cal. yr.—1951 16, r>37 10,311 16,565 801 8,591 235 2,337 58,941 3,355 509 2,098 52 979 1952 20 04 S 11,834 22,140 849 9,566 266 2,639 71,788 3,814 683 2 451 64 840 1953 22,60S 11,279 19,045 923 10,288 269 2,570 71,524 3,918 628 3,137 63 841 19543 20,787 10,477 19,915 960 9,136 285 2,932 70.217 5,121 604 3,322 61,171 Fiscal yr.—1952 •«• 18,521 11,359 21,467 833 8,893 259 2,364 67,999 3,569 738 2,302 61,391 19533 21 351 11,417 21,595 891 9,934 277 2,478 72,649 4,086 620 3 118 64 825 1954 21,63S 10,747 21,523 945 10,014 285 2,882 73,173 4,537 603 3,377 64 655 1955 10,407 18,265 936 9,194 279 3,104 69,368 5,040 600 3,426 60 303 Semiannual totals: 1952—July-Dec 9 2,826 7,821 390 5,048 42 1,388 29,546 1,891 311 451 26 893 11 347 8,481 13,773 502 4,931 234 1,137 42,910 2,195 311 2 700 37 703 July-Dec.3. 11,078 2,593 5,375 405 5,405 40 1,255 28,195 1,722 321 395 25 757 10 558 8,154 16,148 540 4,609 245 1,627 44,978 2,815 282 2 982 38 899 July-Dec.. 10,230 2,323 3,767 420 4,527 40 1,305 25,239 2,305 322 339 22,272 1955—Jan.-June.. 11,013 8,084 14,498 516 4,666 239 1,800 44,129 2,734 278 3,087 38,031 Monthly: 1954—October . 1 077 199 361 65 785 4 187 2,887 188 21 39 2 639 November., 2, 759 78 290 61 781 16 272 4,905 554 94 56 4 201 December 1 359 272 1 181 82 715 (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.. 2,916 881 274 67 709 167 321 5,954 255 64 208 5,427 March 1, 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 IVtay 2,091 602 377 94 843 15 333 6,119 785 80 817 4 438 June 1, 1,428 6,201 64 907 2 301 11,193 703 53 399 10 038 July 884 277 547 79 796 2 290 3,089 198 15 110 2 765 August 004 115 328 77 867 16 446 5,848 Q12 85 118 4 734 September 1 604 1,685 1,100 66 881 1 264 6,180 519 60 103 5 498 October... 1,014 178 392 68 821 4 236 2,998 268 18 21 2,692 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 Total* Total Liquor Tobacco M a a n n d u e r f x e a c t c i a s t i u e l r e e r r s s ' ' Other ce R i e p - ts I m nv e e n s ts t- Ex t p u e re n s di- m In e v n e t s s t 7 - Other* Cal. yr.—1951 8,682 2 460 ,446 2,790 1987 759 7,906 3,155 1,507 271 786 1952 9,558 2 727 ,662 3,054 2 115 49 8,315 3,504 1,942 329 503 1953 9,714 819 ,614 3,262 2 0?,0 82 8,123 2,387 5.811 153 310 1954 9,248 2 707 ,543 3,131 1,867 3812 9,191 1,177 7,717 405 919 Fiscal yr.—1952 8,971 2 549 ,565 2,824 2,032 219 8,210 3,361 4,885 275 530 1953.... 9,946 2 781 ,655 3,359 2,151 3460 8,529 3,059 5,257 242 489 1954.... 9,517 2 78.3 ,580 3,127 2,027 332 8.708 1,687 5,846 367 524 1955 '9,218 '2 743 ,571 3,169 1,735 -612 9,096 1,222 3,100 312 -74 Semiannual totals: 1952—July-Dec... 5,027 482 845 1,573 1,127 121 4,073 1,495 2,456 106 105 !953—Jan.-June.. 4,919 299 810 1,786 1,025 341 4,458 1,564 2.802 136 385 July-Dec... 4,795 521 804 1,476 995 3-317 3,655 823 3,003 37 -109 1954—Jan.-June.. 4,722 •262 777 1,651 1,031 648 5,052 864 3,843 331 633 July-Dec... 4,527 445 766 1,480 835 164 4,143 313 3,874 74 282 1955—Jan.-June.. 4,674 1 281 804 1,688 900 -775 4,953 909 4,226 238 -356 Monthly: 1954—Oct 786 273 134 42 337 —288 334 -148 640 6 -124 Nov 778 280 124 696 -322 358 956 111 641 56 210 Dec 719 209 108 10 391 126 850 249 657 -58 124 1955—[an 654 155 131 27 340 -179 227 -334 704 200 164 Feb 707 181 119 676 -269 26 569 -126 697 47 75 Mar 844 246 139 99 360 -80 729 39 733 58 21 Apr. 718 209 122 9 378 -193 489 -358 700 -55 -395 May 844 224 143 754 -277 -79 1,298 644 705 -62 —91 June 908 267 150 123 368 -269 1,641 1,044 686 50 -130 July 798 231 116 i -261 692 252 671 -133 -164 Aug. 867 245 154 977 -338 1,465 982 673 -37 — 185 Sept 881 256 135 1 277 689 -334 661 -26 -110 Oct n.a. n.a. n.a. n.a. n.a. -373 466 -270 111 40 -347 n.a. Not available. 'Revised. 1 Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953. Excise taxes and nonwithheld individual taxes for that period are obtained by subtracting IRS data from appropriate Treasury daily statement totals. 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 (—). • 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. DECEMBER 1955 1355 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 c lu u ' c t s s s t : . . t t I G r L n a e o n t s r s v s a . t : 1 - . m O P ju a e l t u d h s n t s - e t - : s r 2 E p C q o d a u e s s a - i h t l s s: p B t e u e u n x r d e - d g s i e - t a T o P a c t r l n h u c u e d 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 l r t i u o c - 3 F E S l u t i x i t z n o a c a d b n h - 4 i . - c C o i a l n u c e g - a n P r t - lus T a T : o s c r r i u c a e d t t n a e - . s s 6 . , m O ju a e t d s h n t - e t - s r 2 E d w C q r a i a a u l t w s s a h h l - - s. d p w r o a o i a s l t r w s i h ) t - s - Cal. yr—1951 52,979 8,582 2,221 n.a. 59,338 56,337 4,397 2,221 567 -26 106 n.a. 58,034 1,304 1952 64,840 8,707 2,150 n.a. 71,396 70,682 4,825 2,150 734 38 319 n.a. 72,980 -1,583 1953 63,841 8,596 1,989 n.a. 70,440 72,997 5,974 1,989 575 -82 209 n.a. 76,529 -6,090 1954« 61,171 9,571 2,086 -65 68,595 64,854 7,182 2,086 565 -188 34 -274 -35 68,896 -301 Fiscal yr.—1952.... 61,391 8,807 2,104 68,093 65,408 4,952 2,104 710 9 401 -170 67,786 307 1953«... 64,825 8,929 2,194 -215 71,345 74,274 5,169 2,194 694 -28 250 -155 -215 76,407 -5,062 1954 64,655 9,155 2,097 101 71,815 67,772 6,769 2,097 509 -109 303 -274 118 71,974 -159 1955 60,303 9,538 2,009 -62 67,769 64,494 8,616 2,009 488 -156 -257 -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—-J<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 -385 35,732 6,057 Monthly: 1954—Nov 4,201 994 58 -14 5,122 3,842 469 58 45 -9 209 -1 -33 4,374 748 Dec 3,742 890 427 421 4,626 6,288 573 427 71 25 -425 -11 449 6,401 -1,775 1955—Jan 4,655 268 42 -582 4,299 4,942 581 42 51 186 -24 -582 5,009 -710 Feb 5,427 600 53 332 6,306 4,831 653 53 —18 '-8 -354 -40 434 5,481 825 Mar 9,741 778 64 488 tO,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 »-842 874 51 11 -104 177 6,677 4,368 July 2,765 745 394 -121 2,994 5,382 887 394 68 -46 -237 c —171 5,352 -2,358 Aug 4,734 1,502 156 254 6,333 6,225 895 156 31 74 249 7,256 -923 Sept 5,498 721 77 -155 5,988 5,340 804 77 40 40 -164 5,904 84 Oct 2,692 505 151 2,869 5,355 1,108 151 25 -353 166 5,659 -2,789 Nov n.a. n.a. -177 5,934 n.a n.a. 40 n.a n.a. 5,951 n.a. Not available. rRevised. cCorrected. xRepresents 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). 6To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below, beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not comparable to the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC Plus: Less: Noncash Details of net cash borrowing from or In- debt transactions Equals: repayment ( —) of borrowing to the public3 Period ( c c p o d g - r d r u r i e r ) e e r o b a , d a e b s s l s c e i t i e s e c t - n , a C F G n e a u s t d s e e a h e e c r r d - u i a s r l i s t u a ie g a a s n g e N n n c o u t o e c e f a n i e r o e - - d f s A T a t m d o r s c r f a i j u o e e c d u n r t a n t e s - s . s t t 1 . . - N s i a e n G f a e n c u g t . d F o n e i v d e n n t b t s d r . . v y . . . Ac I T b n c s a o r r t a n e . u n v a d a d o . s l s n . s to p P f F u a o i o e b y r n f m d l t i . s c . 2 b b ( r i e o n o - c N g p i r r a ) n r , r a , e s o o g y h t o o w w t r f . - - m i D s c k a s o i t u n r a n e e d b v c s l . t 4 e. b p ( S i i o r n s i a n s c g v u d e s - e s ) n S i o n a g t v e s - s s P i p S s S o s e 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 —1.1VI -1,099 —997 46 1952 7,973 12 -102 n.a. 3,833 770 -74 3,353 5.77S -406 -1,784 -113 -122 1953 7,777 22 -3 n.a. 2,540 591 66 4,601 «4,829 6-344 248 -162 -30 19547 3.582 -42 -31 -266 1,582 577 176 906 3,071 -175 -1,469 -195 —326 Fiscal yr.—1952 3,883 16 -88 -170 3,636 779 -79 -695 1,639 -717 -1,209 -155 -252 19537.... 6,966 7 -32 -155 3,301 719 3 2,763 «5,294 «-94 -2,164 -100 -173 1954 5 189 29 -33 -256 2,054 524 94 2,255 "2.530 -381 628 -239 -283 1955? 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 8-2,028 «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.-JuneP.. -4.376 10 830 -143 1,147 161 35 -5,021 -3,090 147 -2,654 -72 648 Monthly: 1954—Nov 101 1 32 -20 167 45 9 -107 -50 12 -62 -22 15 Dec -103 (8) -25 17 191 72 -26 -349 -198 -9 —136 -6 1955—Jan -311 -10 521 -24 -134 51 -1 259 -211 51 -56 -26 501 Feb -257 3 -40 63 -79 -17 7 -143 -241 169 -59 -27 16 Mar -4,134 6 67 -72 97 5 35 -4,270 -4,291 94 -129 62 -5 Apr 2,601 5 24 -52 -413 31 5 2,955 3,144 -88 -42 -30 —30 May 824 5 31 -30 582 39 (8) 209 1,778 -32 -1,476 -25 -36 June*3 -3,098 1 227 -28 1,094 51 -11 -4,031 -3,270 -48 -891 -26 203 July 3,210 -3 29 -50 119 69 45 2,953 3,306 -39 -259 -20 -35 Aug 725 2 118 -5 944 31 -1 -135 229 8 -453 -25 106 Sept -833 4 55 -9 -360 41 -1 -462 509 -197 -771 -4 Oct 2,341 (8) -280 11 -230 26 -11 2,728 2,918 -54 -324 26 161 Nov 319 n.a. n.a. n.a. 40 (8) -178 P253 -27 -21 -30 P-352 n.a. Not available. ^Preliminary. 1 Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases. 2Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 3Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 4Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 6Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6Excludes exchanges of savings bonds into marketable bonds in the amount of 409 million dollars, 7Beginning new reporting basis. See footnote 6 above. 8Less than $500,000. 1356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS * [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash deposits Cash withdrawals Period Total ta D u i x v n i a e i r d l d s e s i - c - 2 o t n t r a c D a x o t i e r i r p o s e o n c o t 7 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 t - . 'l s . 5 f I a n a i f r f - s l . 6 e I d s n t e t e b o r t n - g e V p r r a r a e o m n t - - s s 7 g c S p u r o s a r r e c o m i - i - t a y s l 8 Other Cal. yr.—1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 33,194 3,498 4,137 6,121 4,915 6,169 1952 71,396 32,728 22,140 9,566 6,589 2,823 2,451 72,980 47,971 2,612 4,230 5,209 5,617 7,341 1953 . . 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 50,294 2,000 4,589 4,885 6,648 8,113 1954» 68,595 31,785 20,280 8,801 7,655 3,433 3,358 68,896 42,400 1,089 4,870 4,664 8,587 7,285 Fiscal yr.—1952 68,093 30,713 21,467 8,893 6,521 2,801 2,302 67,786 42,935 2,848 4,059 5,826 5,206 6,912 19539 71,345 33,370 21,595 9,978 6,849 2,704 3,151 76,407 50,250 2,156 4,658 4,920 6,063 8,360 1954 . . 71,815 33,363 21,817 9,679 7,197 3.178 3,419 71,974 46,422 1,444 4,838 4,943 7,645 6,682 1955. 67,769 32,563 18,201 9,109 7,919 5,422 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 .498 437 37.244 24.398 930 2,334 2,465 3,368 3,748 1954—Jan.-June. .. . 42,615 18,885 16,545 4,322 4,165 L.680 2,982 34,730 22,024 10526 102,299 "2,482 4,277 W3.121 July-Dec 25,980 12,899 3,734 4,479 3,490 1,754 376 34,167 20,376 563 2,367 2,186 4,311 4,364 1955—Jan.-June.... 41,790 19,663 14,466 4,630 4,430 L.669 3,068 35,732 20,363 748 2,580 2,579 4,747 4,717 Monthly: 1954—NOV 5,122 2,881 271 783 939 296 47 4,374 3,314 80 r3H 419 720 '-470 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 10 73 470 439 792 1,351 Apr 3,651 2,688 444 694 464 235 874 5,355 3,084 72 314 434 794 657 May 5,547 3,743 394 802 1,215 221 829 6,278 3,253 184 481 432 783 1,144 11,045 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 io 157 379 769 1,279 6,333 3,341 343 899 1,405 466 121 7,256 3,668 r95 448 456 786 1,803 Sept. . 5,988 3,413 1,090 820 548 220 103 5,904 3,292 '60 505 401 725 ••921 Oct 2,869 1,009 360 866 427 294 87 5,659 3,434 164 320 398 801 r542 Nov 5,934 3,354 341 885 1,094 348 88 5,951 n.a. n.a. 330 445 n.a. n.a. n.a. Not available. rRevised. 1 Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals ot the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. 2Includes estate and gift taxes. 3 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 4Represents mostly nontax receipts. 5Includes 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. 18 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 r d io d o ) f Total m B at e u fo ri r t e y2 p (e e n r d io d o ) f Total m B a e tu fo r r i e ty p (e e n r d io 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—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 Sent 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 Nov. 438 465 226 58,279 395 311 209 39,906 43 155 18 18,373 1A change in procedure for processing redeemed sayings 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 oi these redemptions temporarily obscured relationships between matured and unmatured classifications. 2Redemptions of extended Series E bonds are included with matured issues. NOTE.—Sales and redemptions (the latter including exchanges) of bonds are shown at issue price; amounts outstanding are at current redemption value and include only interest-bearing issues. DECEMBER 1955 1357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basi? of daily statements of United States Treasury. In millions of dollars] Public issues* Marketable Nonmarketable E m n o d n t o h f d T g e r o b o t s t a * s l d d T g i e r o r o b e t s t a c s a l t Total Total Bills c e i C n a d e t d n e r e e t s b i s f o s t i f - - Notes B e b l a l i e g n * i k B - on s d t B s r r a i e c n - t k ed b v C i o e b o n r l n e d t - - s Total* b S i o n a n g v d s - s n s i T a n o 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 i6^534 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—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 4 955—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 270,866 279.818 233.619 162.544 20.812 12.017 47,797 81,918 11,448 59,628 58.261 81 43,657 Nov 280,189 280,136 233,615 162,561 20,812 12,017 47,817 81,915 11,428 59,627 58,279 65 44,013 includes some debt not subject to statutory debt limitation (such debt amounted to 476 million dollars on Nov. 30, 1955) and fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt, not shown separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,389 million dollars on Oct. 31, 1955. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 6Includes 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 Miscellaneous ing guar- Total Reserve mercial savings ance corpo- local anteed Special Public Banks banks2 banks com- rations govern- Savings Other invessecuri- issues issues panies ments bonds securities tors3 ties) 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,200 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 15.5(M! 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 I2,nnn 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 1? 700 49,400 16 000 13,200 1954—June 271,341 42,229 7,111 222,001 25,037 63,600 9,100 15,300 16,400 13 900 49,500 15,500 13,700 1954—Sept 274,838 42,407 7,042 225,389 24,271 67,100 8,900 15.100 18,100 13,800 49 700 14,700 13.700 Oct 278,786 42,238 7,047 229,501 24,381 70.100 8.900 15,100 18.700 13,900 49.800 14,700 14,000 Nov 278,888 42,351 7,080 229,457 24,888 69,700 8,800 15,000 19,300 13,800 49,900 14,300 13,800 Dec 278,784 42,566 7,043 229,175 24,932 69.200 8,800 15,000 19 300 13,800 50,000 14,200 13,900 1955—Jan 278,463 42,268 7,167 229,028 23,885 68,700 8,800 15,200 20 000 14,100 50,000 14,500 13.900 Feb.. 278,209 42,047 »7,203 '228,959 23,605 66,900 8,800 15,200 21.200 14,300 50.100 14,900 13.900 Mar 274,080 42,097 7,257 224,726 23,613 64,200 8,800 15,000 19.000 14,500 50,200 15,300 14,200 Apr 276,686 41,691 7,229 227,766 23,612 >-65,800 8,800 15,000 20,100 14,600 50,200 15,300 14,400 May 277,515 42,240 7,223 228.052 23,662 r64,800 8,800 14,900 21,200 14,700 50,200 15,300 14,400 June 274.418 43,250 7,287 223,881 23,607 '63,500 8.700 14,800 18,800 14,700 50,200 15,100 14,400 July 277,626 43,340 7,300 226,986 24.091 ^63,800 8,800 14.900 19,600 15,000 50,300 15,300 15,000 Aug 278,352 44,238 7,315 226,790 23.760 r62,700 8.800 15.000 21.000 15,100 50,300 15,400 14,900 Sept 277,524 43,891 7,312 226,321 23,834 62,100 8,700 15,000 20,900 15,100 50,200 15,600 15,000 r 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. 1358 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 November 30, 1955 [On basis of daily statements of United Stales Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount; Issue and coupon rate Amount Issue and coupon rate Amount Treasury Bills i Certificates Treasury notes—Cont. Treasury bonds—Cont. D D J D J D J J D a a a a e e e e e n n n n c c c c c . . . . . . . . . 2 1 2 1 1 2 5 8 1 5 2 9 2 9 6 , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 1 1 1 1 1 1 1 1 1 , , , , . , , , , 6 6 6 6 6 6 6 6 6 0 0 0 0 0 0 0 0 0 0 2 2 1 1 2 0 1 1 T J M J D A M A D r u u e e e u p n a n a a c c g r r e . e s r . . . . . u 2 2 r 1 1 2 I 1 y 2 S 2 5 5 2 5 1 , , , , , , , , n 1 1 1 1 1 1 1 1 o 9 9 9 9 9 9 9 9 t 5 5 5 5 5 5 5 e 5 6 6 5 s 5 6 6 6 6 2 2 2 1 1 1 1 2 % \ % H \ 2 \ % 2 i i 1 2 5 2 8 6 2 1 1 , , , , , , , 9 2 3 , 4 8 5 0 4 7 0 5 7 4 5 0 8 0 2 0 2 7 7 4 6 T O O A S S J M M r u e e e c c n a a n a p p t t r r s r . . e t t . . . u . . r 1 1 1 1 1 y 1 5 5 5 5 5 1 1 , , , , , , , . b 1 1 1 1 1 1 1 1 o 9 9 9 9 9 Q 0 9 n 6 5 6 5 5 5 d 5 5 0 6 6 0 7 6 s 9 8 - - - - . 5 5 . 5 5 . 9 9 . 0 . 8 3 . . . . . . . . 2 2 2 2 2 \ % } % 1 } % m ^ 4 4 )4 3 4 1 . , , 8 2 4 9 9 1 4 2 4 2 8 6 9 9 9 1 5 7 2 6 8 9 J S F D J J D M M D u u u e e e e e b n n a n c a p c c . . e e r . r . e t . . . 1 1 1 I 1 1 1 1 1 1 S 5 5 5 5 5 5 5 5 5 , , . , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 7 6 6 6 6 6 6 6 6 5 8 3 7 4 7 5 7 6 4 - - - - - - - - - 8 6 7 6 6 7 7 7 7 3 8 0 9 9 2 2 2 1 . . . . 2 2 H H 3 3 2 2 2 3 3 2 4 1 1 , , , , , , , , , , 7 8 6 7 8 9 7 8 8 7 0 8 4 0 1 6 5 2 2 1 6 0 5 6 6 0 3 9 5 6 Feb. 2 1956 1,602 O M c a t r . . 15 1 , , 1 1 9 9 5 5 6 7 2 1 % ^ 2,9 5 9 50 7 J D u e n c. e 1 1 5 5 , , 1 1 9 95 58 8 - 633 . 2 2 } % /2 2,3 9 6 1 8 9 Panama Canal Loan. . .3 50 Feb. 9 1956 1,600 Apr. 1,1957 IH 531 June 15, 1959-62. . .234 5,276 Feb. 16 1956 1,600 May 15, 1957 1% 4,155 Dec. 15, 1959-62. . .2\i 3,*64 Feb. 23, 1956 1,600 Aug. 15, 1957 2 3,792 Nov. 15, 1960 2j| 3,806 Convertible bonds Oct. 1,1957 1^ 824 Dec. 15, 1960-653.. 2 % 1,485 Investment Series B Apr. 1,1958 IH 383 Sept. 15, 1961 2% 2,239 Apr. 1, 1975-80. ..2% 11,428 Oct. 1, 1958 1H 121 Nov. 15, 1961 2% 11,177 Feb. 15, 1959 \% 5,102 Aug. 15, 1963 2)4 6,755 Apr. 1, 1959 \)4 1J9 June 15, 1962-67... 2^ 2,116 !Sold on discount basis. See table on Money Market Rates, p. 1353. 3Tax anticipation series. 3 Partially tax-exempt. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES < Marketable and Convertible Direct Public Securities [Par value in millions of dollars] U.S. U.S. End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e R e a e r r n e a d v k - l - e s b C m c a o i n e a m r k l - - s b M t s i a u n a n g a v u k l s - - s c In om su p r a a n n i c e e s Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e R e a e r r n e a d v - k l - e s b C m c a o i n e a m r k l - s - b M t s i a n u a n g u a v k s - l - s c In om su p r a a n n i c e e s Otber funds Life Other funds ]ife Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1953—June 159,675 6,899 24,74651,365 8,816 9,347 4 808 53,694 Series B): Dec 166,619 6,989 25,91655,933 8,524 9,120 4 905 55,233 1953—June 12,340 3,439 182 1,314 3,133 353 3 919 1954—June 162,216 6,985 25,03756,199 8,353 8,667 4 854 52,121 Dec. 11,989 3439 168 1,264 2,935 328 3 854 Dec. ... 169,599 6,918 24,93261,082 8,113 8,371 4 958 55,226 1954—June 11,861 3,439 165 1,265 2,876 317 3 800 1955—June..." 166,882 7,162 23,60755,667 8,069 8,339 4 779 59,260 Dec..." 11,767 3,439 163 1,239 2,865 305 3 756 Aug 170,497 7,192 23,76054,765 8,096 8521 4 806 63,358 1955—June 11,676 3,439 164 1,222 2,854 291 3,706 Sept 171,013 7,187 23,83454,234 8,061 8,452 4 833 64,413 Aug 11,637 3,439 160 1,220 2,830 291 3 697 Sept 11,538 3,439 158 1,216 2,758 288 Q 679 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. ... 49,506 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. S A e u p g t 2 20 0 , , 8 3 1 1 0 1 3 3 0 9 1 1 , , 0 1 3 0 9 4 2 2 , , 7 8 1 4 2 6 1 1 5 2 8 0 6 71 7 9 2 1 1 2 0 1 4 1 1 5 5, , 6 8 3 2 4 2 1 1 9 9 5 5 4 5 — — D J J u u e n n c e e c 4 6 6 9 0 2 , , , 7 1 8 0 2 2 3 3 9 1 7 7 0 0 4 7 1 1 1 9 7 6 , , , 4 4 2 1 8 0 7 0 5 1 1 7 5 7 , , , 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 5 2 6 9 5 5 8 6 2 2 2 2 4 6 4 , , , 0 3 5 6 0 6 2 1 8 Ce 1 rt 9 if 5 ic 3 a — te D J s e : u c ne.... 2 1 6 5 , , 3 85 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 7 2 5 S A e u p g t 5 5 8 8 , , 2 7 3 3 8 7 7 8 6 4 1 1 9 9 , , 2 3 4 1 5 8 8 7 , , 1 8 3 8 2 0 2 2 0 4 0 0 6 7 9 4 8 6 2 32 9 3 5 2 30 9 , , 1 5 4 9 5 2 > 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 9,496 1953—June 32,330 152 5,45218,344 464 109 914 5,895 1955—June 13,836 8 8,274 1,455 53 4 70 3,973 Dec 29,367 192 3,15516,056 431 123 980 5,430 S A e u p g t 9 9 , , 0 0 4 4 7 7 4 4 2 2, , 5 5 2 2 4 0 1 1 , , 2 1 7 0 4 7 2 2 1 0 5 7 5 6 2 0 5 5 ,3 1 3 6 4 2 1 1 9 9 5 5 5 4 — — D J J u u e n n c e e 3 2 2 8 9 7 , , , 1 6 9 8 0 6 8 6 5 2 1 1 0 9 3 5 9 7 3 5 5, , , 7 3 0 7 0 8 3 7 7 2 1 1 1 4 8 , , , 7 6 8 1 2 4 2 4 6 5 4 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 6 8 3 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 e . s: 3 31 0 , , 4 4 0 2 6 5 23 8 1 1 3 3 , , 7 2 7 8 4 9 1 11 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 A Se u p g t 3 32 2 , , 6 5 1 2 9 0 1 15 6 0 2 i2 2 , , 0 0 8 8 7 7 1 1 9 9 , , 7 5 9 5 7 6 4 4 9 7 3 4 1 1 3 3 9 0 :1 , , 1 18 8 9 1 9 8 , , 0 6 3 6 3 1 - 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 1,37410,051 1,315 725 1,198 5,211 S A e u p g t 4 4 7 7 , , 6 7 0 0 8 7 1 1 0 1 4 2 1 1 7 7 , , 4 4 0 0 0 4 1 1 4 4, , 6 9 0 1 2 1 2 2 7 8 9 9 6 6 9 5 7 7 3 7 2 0 1 1 4 4 , ,4 0 8 9 3 6 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 5 4 4 0 9 7 6 4 7 1 1 1, , , 0 0 0 1 1 3 4 4 5 2 2 1 1 1 8 , , , 1 1 7 1 0 4 0 1 1 1 1 1 , , , 3 4 5 8 4 0 9 4 5 3 5 4 8 1 3 8 6 9 : 1 1 , , , 6 6 6 6 5 3 4 5 9 7 6 7 , , , 6 4 7 2 3 1 6 9 1 Ma 1 r 9 k 5 e 3 t — ab D J le u e n b c e onds:1 8 7 1 7 , , 3 3 4 2 9 7 3 3 , , 3 3 7 0 7 0 3 4 , , 6 5 6 2 7 2 3 3 0 2 , , 6 0 7 6 1 6 6 7 , , 8 23 2 2 0 5 58 68 5 6 5 3 34 4 8 1 4 8 2 2 4 3 , ,6 8 8 9 8 0 S A e u p g t 3 3 3 3 , , 6 6 8 8 7 6 5 50 0 7 5 1 1, , 0 0 1 1 4 4 2 2 1 1 , ,0 0 9 3 4 5 1 1 , , 3 3 5 5 9 8 3 3 6 6 9 9 1 ]1 . , 6 60 3 8 1 7 7 , , 7 79 1 7 5 1954—June..... 80,474 3,395 3,09335,481 6,669 5 164 3641 23,032 After 10 years: Dec 81,835 3,378 2,80238,037 6,499 4 898 3673 22,548 1953—June 31,739 2 723 1,415 4,488 5,167 4,969 ]L,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 ],339 11,716 S A e u p g t 8 8 1 1 , , 8 9 9 1 4 0 3 3, , 6 6 0 0 1 7 2 2 , , 8 8 0 0 2 23 35 5 , , 5 7 2 0 0 8 6 6 , , 4 3 4 8 6 8 4 4 ,9 9 4 0 2 4 3 3 , ,6 6 1 0 9 1 2 2 4 5,0 7 9 6 4 9 1 1 9 9 • 5 5 5 4 — — D J J u u e n n c e e 3 3 3 3 1 1 , , , 6 7 7 2 1 2 8 9 5 2 2 2 9 7 7 4 4 9 4 0 6 ] , , , 4 4 4 1 1 1 5 5 5 5 4 5 , , , 4 2 9 9 3 8 4 4 5 4 4 4 , , , 9 7 6 3 4 6 0 6 8 4 4 4 , , , 3 5 3 9 8 6 0 2 4 ' 1 1 1 1 , , , 3 4 36 3 0 9 9 6 1 1 1 3 1 1 , , , 2 7 8 3 3 7 3 4 4 Aug 34,415 3010 l,415 5,582 4,823 4,485 1,407 13,694 Sept 34,432 3007 ,415 5,605 4,773 4,449 l,425 13,759 c Corrected. •Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" are residuals. 1 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. DECEMBER 1955 1359- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates, in millions of dollars] Proposed uses of net proceeds, Gross proceeds, all issuers'3 all corporate issuers0 Noncorporate Corporate New capital Year or Remonth Bonds Re- tire- Total State Mis- tire- ment 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 c a u d i l - - Other6 Total Total o P f li f u c e l r b y e - d p v P l a a r t c e i- e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N o e n w ey7 p l p a o o u n u s r e e s - - s m d b e e t a o e c b n f . n t k s t , s ri e o t c i f e u s - 1939 5,687 2. 13 1,128 50 2,164 1,979 1,276 703 98 87 il?0 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 ?62 569 19 174 1,854 1941 15,157 11,166 38 956 30 2,667 2,389 1,578 811 167 110 1, 340 868 28 144 1,583 1942 35,438 33, *46 1 524 5 1,062 917 506 411 112 34 <547 474 35 138 396 1943 44,518 42, ^15 2 435 97 1,170 990 621 369 124 56 108 308 27 73 789 1944 56,310 52, 1?4 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945 54,712 47, *S3 506 795 47 6,011 4,855 3,851 1,004 758 397 1 ,U7 1,080 133 134 4,555 J946 18,685 10, ?17 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 3, ,279 231 379 2,868 1947 . . 19,941 10, 589 2,324 451 6,577 5,035 2,888 2,147 761 778 s 4,591 168 356 1,352 1948 20,250 10, v>i 2,690 156 7,078 5,973 2,963 3,010 492 614 6 5S1 5,929 234 488 307 1949 21,110 11, 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, 587 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4, 390 4,006 364 620 1,271 1951 21,265 9, 778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7 PO 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, ^57 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8, 195 7,960 535 260 1954 29,765 12, 5^P 458 6,969 289 9,516 7,488 4,003 3.484 816 1,213 7,190 6,780 709 1,875 1954— Oct. 6,544 4, 511 184 615 3 1,130 813 470 343 52 265 1 103 856 146 109 Nov 1,350 166 459 4 422 321 116 205 37 64 244 46 123 Dec 2,552 557 906 71 1,019 854 288 566 62 103 504 515 89 400 1955—Jan. 2,706 74? 716 541 35 672 484 252 232 53 135 546 465 81 114 Feb.. . 1,431 50? 328 1 501 364 156 208 25 113 136 362 74 56 Mar 2,583 514 540 9 1,420 871 524 346 37 512 1 761 1,190 71 135 Apr 1,654 535 429 15 675 475 297 178 54 146 194 444 50 165 May.... 4,399 3,<r?o 30 350 2 998 694 465 229 95 209 303 791 112 74 June 1,915 196 651 4 796 533 190 344 57 206 597 635 62 81 Tulv 2,487 1, ?65 470 15 737 583 136 447 53 101 583 514 69 140 Aug 1,656 509 259 887 672 508 164 16 200 554 623 32 216 Sept 1,640 181 >-407 3 749 574 304 270 82 93 680 562 118 55 Oct 2,597 161 909 2 1,225 1,034 857 177 39 153 1,138 1,058 79 70 Proposed uses of net proceeds , by major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i e n s a t n a c te ial Year or month T c p n e o r e e o t d a t - s l N c it a a e p l w " - R m e e t n ir t e s1 - 0 T c p o n e r e t e o a d t - l s N c it a e a p w l - s R m e e t n ir t e s1 - 0 T c p n e o r e e o t d t a - s l N c it a e a p w l - ' R m e e t n ir ts e 1 - 0 T c p n e o r e e o t d a t - s l 1^ j t a a e p l w « - R m e e t n ir ts e 1 - 0 T c p n e o r e e o t d t a - s l N c it a a e p l w " - R m e e t n ir ts e 1 - 0 T c p n e o r e e o t d t a - s l N it e S w R m e e t n ir t e s" - 1 1949 1,391 1,347 44 338 310 28 795 784 11 ?,276 043 333 ,>67 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 ,608 1 682 195 314 81 739 639 100 1951 3,066 2,846 221 518 462 56 490 437 53 i,412 326 85 j505 600 5 515 449 66 1952 3,973 3,712 261 536 512 24 983 758 225 ,626 \ 539 88 f53 747 6 508 448 60 1953 2,218 2,128 90 542 502 40 589 553 36 2,972 2905 67 I374 871 3 1,561 1,536 24 1954 2,234 2,044 190 923 831 93 771 501 270 3,665 2675 990 rn 651 60 1,061 788 273 1954—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 17 ?A 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 August. . . . 169 119 50 41 36 5 203 45 158 91 90 1 90 90 ........ 276 274 2 September.. 186 167 18 82 76 6 55 50 5 221 208 13 29 19 163 160 3 October.... 131 128 3 55 42 13 99 46 53 146 146 1 393 693 85 84 1 •"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. 6Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. 8Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. •Includes all issues other than those for retirement of securities. 10Retirement of securities only. Source.—Securities and Exchange Commission. 1360 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 1954 1955 1949 1950 1951 1952 1953 1954 I 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales 8,176 5,598 2,693 4,266 3, 100 7,898 4,342 4,887 3, 494 5, 175 6 545 '17,867 17 061 Profits before taxes 5,250 8,133 8,806 7,271 8,338 7, 198 1,780 1,947 1,570 1,899 2 444 r2,754 2 376 Profits after taxes 3 ?44 4 900 3 530 3,191 3,639 3,815 908 999 803 1 109 1 210 1,385 1 909 Dividends ... 1,737 2,327 2,064 2,062 2,066 2,368 529 530 525 782 574 575 647 Nondurable goods industries (94 corps.):1 Sales 4 6 ?38 8 903 9 95S 0,704 90 691 ^ 066 5 079 5 046 5 49Q 5 508 751 6 033 Profits before taxes 2,054 2,932 3,420 2, 833 3,018 2 756 695 699 657 705 797 '844 864 Profits after taxes 1 353 1 653 1 S99 1 384 1 ,517 1 S99 381 391 370 448 441 489 Dividends 785 974 920 942 964 1 053 233 236 237 345 255 259 271 Durable goods industries (106 corps.):2 Sales 93 895 99 360 33 7903S 011 49 396 37 977 9 976 9 808 8 448 9 746 1 037 1 099 Profits before taxes . .. ... 3 196 5 201 5 386 4 438 5 320 4 442 1 085 1 248 913 1 194 1,646 n 911 1 512 Profits after taxes 1 8Q0 9 547 9 008 1 807 9 115 9 9?3 597 601 433 661 770 791 Dividends . 951 1 354 1 143 1 120 1 102 1 315 296 294 288 437 319 '316 376 Selected industries: Foods and kindred products (28 corps.): Sales 4 4 409 4 909 5 04? 5 411 5 464 1 337 1 351 1 339 1 437 1 35S 1 465 1 488 Profits before taxes 434 532 473 446 465 46 99 132 122 108 99 132 139 Profits after taxes ?68 989 99 7 904 911 994 46 63 59 56 46 64 69 Dividends 149 161 159 154 154 156 36 36 39 45 36 36 39 Chemicals and allied products (26 corps.): Sales 3 904 4 817 5 889 5 96S 6 373 6 18 1 509 1 540 1 518 1 699 1 791 1 811 1 801 Profits before taxes ... . ... 734 1 178 1 490 1 257 1 308 1 17 282 282 277 334 367 »-380 390 Profits after taxes 441 597 52 485 520 61 138 142 137 194 183 "•192 198 Dividends 338 467 38 396 413 49 100 102 99 194 114 115 134 Petroleum refining (14 corps.): Sales 4 003 4 369 5 09 5 418 5 89 6 01 1 511 1 473 1 471 1 560 1, 567 1 619 1 880 Profits before taxes 582 709 90 722 834 74 223 195 174 154 207 198 216 Profits after taxes 454 490 55 590 599 56 154 149 134 134 148 145 155 Dividends ?04 ?3 ?6 ?89 98 ?9 71 71 79 76 76 76 78 Primary metals and products (39 corps.): Sales 8 184 10 448 19 50 11 564 13 750 11 59 9 919 3 091 9 715 9 874 3 301 »\3858 3,706 Profits before taxes 996 1,706 2,099 1,166 1,82 1,37 302 360 306 407 487 >-633 582 Profits after taxes 580 85 77 578 79 71 151 180 151 93S 241 991 Dividends .. • 286 378 38 36 37 40 100 92 92 125 115 109 118 Machinery (27 corps.): Sales . .. 4,36 5,07 6,18 7,08 8,01 7,75 1,919 1,939 1,866 2,030 1,955 2,046 1,980 Profits before taxes 520 85 1,00 97 1,01 89 252 237 199 209 232 »-252 207 Profits after taxes 39 49 37 38 40 47 117 107 109 143 110 191 103 Dividends 13 20 19 20 16 26 58 64 65 76 67 67 68 Automobiles and equipment (15 corps.): Sales 9 57 11 80 19 49 1? 89 16 37 13 94 3 485 3 731 ,9?9 3 80? 4 7?9 5 031 4 909 Profits before taxes 1,47 2,30 1,91 1,94 2,04 1,74 43^ 532 299 476 819 885 584 86 1,08 70 69 74 89 957 197 ?99 367 415 9S9 Dividends 45 67 47 46 46 59 114 113 106 196 108 113 159 Public Utility Railroad: 8,58 Q,47 10,39 10,58 10,66 9,37 9,975 9,335 9,366 9,395 9,309 9,591 9,631 Profits before taxes 70 1,38 1,26 1,45 1,40 90 156 199 226 319 259 358 370 Profits after taxes 43 78 69 83 87 67 88 136 179 977 175 949 943 31 39 33 41 37 96 73 74 136 101 90 74 Electric power: 5,06 5,52 6,05 6,54 7,13 7,61 1,984 1,819 1,831 1,976 2,171 1,993 2,024 profits before taxes • 1,12 1,31 1,48 1,74 1,89 2,04 570 487 478 513 636 523 535 75 8? 81 94 1,03 1,14 39 966 ?64 ?88 341 996 984 56 61 65 79 78 85 910 911 994 225 99Q 99Q Telephone: 9,96 3,34 3,79 4,13 4, 59 4,90 1,174 1,910 1,933 1,98 1,298 1,340 1,368 Profits before taxes 33 58 69 78 92 1,05 242 262 262 284 306 315 325 ?0 33 34 38 45 59 116 19 141 14 152 156 161 Dividends • 21 27 31 35 41 44 109 11 112 116 118 122 126 "•Revised. 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). DECEMBER 1955 1361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES j UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars! All types Bonds and notes Stocks Year or Profits In- Profits Cash Undis- Year or quarter b t e a f x o e r s e c ta o x m e e s t a a f x te e r s d d e iv n i d - s tr p i r b o u fi t t e s d quarter i N ss e u w es R m e e 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 a e n t ge i N ss e u w es R m e e t n ir t e s - ch N an et ge 1 19 9 4 3 5 9.... 19 6.4 0 10 1 4 7 5 8 0 3 3 4 7 8 3 1 . 6 2 1 1 9 9 4 4 8 7 6 7 , , 8 57 8 0 2 2 1, , 6 5 8 2 3 3 4 5 , , 3 8 5 8 9 7 5 5 , , 0 9 1 3 5 8 2 1, , 2 01 8 1 3 4 3 . ,0 6 0 5 4 5 1 1 .8 ,6 6 3 7 2 4 5 0 1 0 2 1 1 , ,3 2 5 3 5 2 > : 1 1 9 9 4 4 7 8.... 3 2 2 9 5 8 1 1 1 2 3 5 2 1 0 8 3 2 6 7 2 5 1 1 3 1 7 0 1 19 9 5 49 0 . 6 7 , , 7 2 3 2 1 4 3 1, ,5 8 0 7 1 5 3 4 , , 7 8 2 5 4 6 4 4 , , 8 8 0 6 6 7 2 1 . . 8 5 0 8 2 3 3 2 . . 2 0 8 0 4 4 2 1 , . 4 86 1 4 8 6 2 9 9 8 2 1 1 , , 5 7 7 2 2 0- 1 1 9 9 4 5 9 0 2 4 6 0 0 2 1 1 0 7 4 8 2 1 2 5 8 9 7 .5 2 1 8 2 3 9 1 1 9 9 5 5 1 2 1 9 0 , . 0 6 4 7 8 9 2 2 , , 7 7 7 5 2 1 6 7 , , 2 9 7 2 7 7 5 7 , , 6 34 8 4 2 2 2, , 4 10 0 5 3 3 4 , . 5 9 7 4 7 0 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 95 5 1 2 4 3 1 5 9 2 2 19 2.5 8 1 1 6 8 7 1 9 9 .0 1 9 7 .2 6 1 1 9 9 5 5 4 3 1 9 1 . . 5 7 5 1 0 5 2 5 , . 4 3 2 5 8 3 6 7 , , 3 1 6 2 1 1 6 7 , , 6 8 5 7 1 2 3 1, . 8 89 9 7 6 4 3 . ,9 7 7 5 5 5 3 2 , , 8 8 4 9 3 8 1,4 5 5 3 6 3 2 2 , , 3 3 6 8 6 6 1 1 9 9 5 5 3 4 3 3 8 4 0 3 2 1 1 7 3 1 1 1 7 7 0 0 1 9 0 . . 3 0 6 7 . . 9 7 1954— 4 3 .. . '3 3 , , 0 0 9 2 7 7 n 1 , . 8 3 9 1 2 4 1 1, , 2 7 0 1 5 4 2 2, , 0 3 7 1 5 4 1,3 9 5 3 4 8 1 7 3 2 7 1 7 '1,0 7 2 1 2 3 '5 3 3 7 8 6 3 48 3 4 7 1954—1 3 2 4 . . . . 3 3 3 3 3 6 2 3 0 5 7 7 1 1 1 1 6 6 6 8 4 9 8 1 1 1 1 1 6 6 6 7 3 9 8 7 1 1 9 9 0 0 . . . . 7 8 0 6 6 6 7 7 . . . 6 0 3 7 1955— 3 2 1 . . . . . . . . .' ' • 2 2 3 , , , 8 8 0 9 9 1 1 5 4 n n l , , , 4 4 2 2 9 8 7 5 4 1 1 1 . , 4 7 .4 1 6 0 9 8 7 1 1 1 1 , . , 8 8 6 0 3 8 2 8 1 9 7 7 2 0 6 3 2 7 1.0 9 9 3 7 1 4 9 5 ' ' 1 1 1 , , , 3 0 05 3 8 7 3 9 ' ' 5 7 5 1 9 0 7 3 4 3 5 74 7 5 0 3 & * 1955—1 2 3 . . 1 4 4 4 4 3 0 0 0 9 2 2 2 2 0 1 5 6 1 2 2 2 1 0 1 4 4 9 1 1 1 0 0 1 . . . 2 7 0 1 1 1 0 0 0 . . . 7 9 2 issu 1 ' R e R s e e v f e l i x e s c c e t l d s u . d c e a s f h o re tr ig a n n sa a c n t d i o i n n s c l o u n d l e y . in A v s e s c t o m m e p nt a re c d o m w p i a t n h y d o a f t f a e ri s n h g o s w , n s a o le n s p o . f 13 s 6 e 0 c , u r n it e i w es; held by affiliated companies or RFC, special offerings to employees, and also new Preliminary estimates by Council of Economic Ad- stock issues and cash proceeds connected with conversions of bonds into stocks. Revisers. tirements include the same types of issues, and also securities retired with internal* Source.—Department of Commerce. funds or with proceeds of issues for that purpose shown on p. 1360. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS1 [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 r m al e 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. 2Receivables from and payables to U. S. Government do not include amounts offset againateach other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT ' [Estimates, in millions of dollars] Trans- Manu- Trans- Year Total f M a i c a n t n g u u r- - M in i g n- r R o a a i d l s - p o t t o h t i h o r a t e n n a r - P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a c in n t in u g d - r- p i r t o n i a r o c i t l n l a - . - P u u t t i b i e l l s i i - c ot A he ll r^ rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1953—4 7,625 3,565 743 1.247 2,070* 1945 8,692 3,983 383 548 574 505 321 2,378 1954—1 6,266 2,788 634 929 1.916 1948 22.059 9,134 882 1,319 1,285 2,543 1,742 5,154 2 6.932 3.120 620 1,121 2,071 1 19 9 5 4 0 9 2 1 0 9 . , 6 2 0 8 5 5 7 7. . 4 1 9 4 1 9 7 7 0 9 7 2 1 1. , 1 3 1 5 1 2 1,2 8 1 8 2 7 3 3 , . 1 3 2 0 5 9 1 1, , 1 3 0 2 4 0 4 5, , 6 6 7 6 1 0 4 3 6 6. , 9 6 8 4 8 0 3 2 . . 2 8 0 96 9 5 55 5 9 3 1 1. , 1 0 0 6 9 0 2 2. , 1 1 1 3 0 3 1951 25.644 10.852 929 1.474 1.490 3.664 1,319 5,916 1955—1 5.847 2,435 538 845 2,030 2 7.009 3,030 637 1,052 2.290 1952 26,493 11,632 985 1,396 1,500 3,887 1,537 5,557 3' 7,449 3,147 616 1,174 2,512- 1 1 9 05 5 4 3 2 2 8 6 , . 3 8 2 2 2 7 1 1 1 1 , . 9 0 0 3 8 8 9 97 8 5 6 1.3 8 1 5 1 4 1 I .5 « 6 5 5 t? 4 4 . . 5 2 5 1 2 0 1 1 , 6 .7 9 1 0 7 6 6 , . 3 5 1 1 0 3 44r 7,962 3,641 736 1,307 2,278; 19554 ' 28,268 11,320 933 929 1,598 4,378 9, L10 1956—14 7,290 3,343 750 971 2,226- 'Revised. 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 1362 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 fin billions of dollars' All properties Nonfarm Farm Other Multi-family and holders 1- to 4-family 1louses commercial properties1 E a n r d q o u f a r y t e e a r r All Fi c n ia a l n- All All Fi c n ia a l n- Other h e o r ld s - tu in t s io ti n - s S F e a e l c d g e i e e c e r n t s e a - d l v o i I d t a n h u n d e a d i r l - s s h e o r ld s - Total t F u in i c t n i s i a a o ti l n n - - s O h e o t r h ld s e - r Total t F u i i n c t n i s i a a o ti l n n - - s O h e o t r h ld s e - r h e o r ld s - tu in ti s o ti n - s holders2 £941 37.6 20,7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1942... . ..... 36.7 20 7 1 8 14.2 30.8 18 2 11 5 6.7 12.5 7 8 4.7 6.0 1.4 4 5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 1.3 4 1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1.3 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 1.3 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 1.5 3.4 1947 . .. 48.9 31 8 5 16.6 43.9 28 2 20 6 7.6 15 7 9 5 6.1 5.1 1.7 3 3 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1.9 3 4 1949 62.7 42.9 1.1 18.7 57.1 37.6 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 62.4 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 June 121 9 92 6 3 0 26 3 113.1 82.1 68.2 13.8 31.0 20.9 10.2 8 R 3.5 5.3 September?... 126.3 96.3 3.0 27.0 117.4 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 associations. 2Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * fin millions of dollars] Commercial bank holdings2 Mutual savings bank holdings4 Nonfarm Monfarm End of year or Quarter Total Residential' Residential8 Farm Total Farm Total Other Total Other FHA- VA- Con- FHA- VA- Con- Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941. 4,906 4 340 3,79? 1 048 566 4,812 4,784 3,884 900 28 1942 4 746 4 3, 33? 9?4 491 4,627 4,601 3,725 876 26 1943 4,521 4,058 80? 463 4,420 4,395 3,558 837 25 1944 4,430 ,967 ,218 749 463 4,305 4,281 3,476 805 24 1945. 4,77? 4 39 S 8S6 521 4,208 4,184 3,387 797 24 1946 7,234 6 533 s,146 1,387 702 4,441 4,415 3,588 827 26 1947 9,446 8 623 6 933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11 644 10 736 8 676 060 909 6,705 6,668 5,569 1 099 37 1950 H ,664 1?,69S 10,431 j ,?64 968 8,261 8,218 7,054 1,164 44 1951 14.732 13,728 11,270 3 421 2,921 4 929 2,458 1,004 9,916 9,869 8,595 2 567 1,726 4,303 1,274 47 1952 15.867 14,809 12,188 3 675 3,012 5 501 2,621 1,058 11,379 11,327 9,883 3 168 2,237 4 477 1,444 53 1953 16 , 76S 1? 9? 5 3 91? 3,061 951 843 1,082 12,943 12,890 11,334 3 489 3,053 4 79? 1 SS6 53 1954 18,573 17 41s? 14 4 106 3,350 6 69 S •^ ,159 15,007 14,951 13,211 800 4,262 149 1 740 56 1954—March 16,970 15,870 12,965 3 920 3,075 5 970 2,905 .10013,345 13,292 11,700 3 560 3,295 4 845 1,592 53 June . ... 17,382 16,242 13,232 3 962 3,117 6 153 3,010 .140 13,881 13,826 12,181 3 659 3,579 4 942 1,645 55 September 17,920 16,770 13,655 4020 3,235 6 400 3.115 ,15014,415 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 ,159 15,007 14,951 13,211 3 800 4,262 5 149 1.740 56 1955—March 19,125 17,920 14,535 4 205 3,450 6 880 3,385 ,205 15,560 15,503 13,745 3 895 4,600 5 250 1,758 57 Tnnp 19,940 18 677 1S 4 3,601 7 166 ,549 ,263 16,173 16,114 14.339 4 000 4.976 1 77S 59 September5P.. . 20,625 19,335 15,600 4 485 3,685 7 430 3,735 ,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. 4Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking cstatistics. 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. DECEMBER 1955 1363 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-, 334 >-4,921 '673 1,377 '•2,871 413 r25,927 ••23,881 '6,122 '4,636 '13,123 '2,046 1954—October r469 444 r56 148 r240 25 '25,260 '23,235 '6,103 '4,302 '12,830 '2,025 November r571 r538 80 ••183 '275 33 '25,574 '23,540 '6,133 '4,451 '12,956 '2,034 December »-631 588 62 '208 r318 '43 ••25,927 ••23,881 '6,122 '4,636 '13,123 '2 046 1955—January. . 521 479 69 161 249 42 26,223 24,171 6,132 4,771 13,268 2,052 February 495 443 66 118 259 52 26,474 24,405 6,156 4,861 13,388 2,069 IVtarch 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 October 578 535 76 160 299 43 28,563 26,320 6,289 5,692 14,339 2,243 '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 madeby purpose Loans outstanding (end of period)2 Amount, by type of leader Average Y m e o a n r t o h r Total s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e p O p o t s u h e r e s - r l Total 3 F su H in r A e - d - an g V t u e A a e r d - - tio C v n e o a n n l - - 3 m Y o o e n r a t r h N b u e m r - Total i a n S l s o g a s s a 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 a c o i n e a m r k l - s - M b s i u a n a t n g v u k s - a s l Other a c m l o ( a d r r o r 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 7,345 1948 2,535 11,882 3,629 ,016 2,664 745 4,688 1949 3 636 1 083 1 559 994 11 616 717 2,586 8,313 1949 2,488 11,828 3,646 ,046 2,446 750 3 940 4 755 1950 5 237 1 767 2 246 1,224 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 ,618 3,365 1,064 5,072 5,335 1951 5 250 1 657 2 357 1 236 15 520 864 3 125 11 5301951 2,878 16,405 5 295 ,615 3,370 1 013 5 112 5 701 1952 6,617 2,105 2,955 1,557 18,336 904 3,385 14,0471952 3,028 18,018 6,452 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 L7fi8 4,239 1,501 7 154 6 644 1954-Oct.... 824 283 364 177 1954-Oct.... 314 2,156 765 178 393 140 679 6,874 Nov... 807 278 357 172 Nov... 307 2,148 757 177 399 147 667 7,004 Dec... 853 295 369 189 26442 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 SeptP.. 1,012 342 503 167 30,616 1,350 5,649 23,6i7 Sept... 342 2,522 946 155 505 168 747 7.277 Oct.... 880 303 406 152 Oct.... 326 2,387 835 153 505 167 727 7,320 pPreliminary. 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. 1364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 Government- Home Home underwritten m Y o o e n r a t r h Total Total p e N r r m t o e i w o p es r - tga i p e g s E r r t e t o i x i s n p e - g s - g m P t e a y r o c g o p t r e - j e t - s - 1 p l P m o e r i r m r o a e o t n v n y p - s e t - 2 - Total e p N r r m t o e i w o e p s r - tga i e p s g E r r t e t o i x i s n p e - g s - r A e a a p t l i n t a o e d i n r r2 q y E u e n a a d r r t o o e f r r Total Total F su H in r A e - d - a g n V u t A e a e r - - d t C i v o e o n n n a - - l 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 5 5 5 4 4 4 4 5 5 4 2 1 0 7 6 8 9 3 4 5. , 3 6 6 5 5 5 5 7 7 , , , , , , , , , 8 2 0 2 8 9 0 4 3 8 3 5 2 3 5 7 4 1 2 5 4 0 2 0 8 4 6 6 3 7 3 3 4 3 3 3 3 1 , , , , , , , , 8 2 3 7 1 8 3 0 6 7 8 2 2 4 1 8 4 6 6 5 8 6 0 1 3 2 3 6 5 6 1 1 1 1 1 1 , , , , , , 3 6 2 4 2 0 2 4 9 1 1 3 1 3 5 3 5 7 6 2 9 7 6 4 9 5 7 7 9 0 1,0 3 4 8 2 6 9 8 9 7 3 0 9 1 1 8 7 5 0 1 0 2 2 7 8 4 4 6 7 3 1 1 , , 0 1 3 3 5 6 2 2 2 5 2 8 6 0 2 3 5 1 1 7 2 2 0 9 0 2 9 3 1,3 3 5 5 6 8 6 8 7 1 3 2 9 3 9 4 1 9 0 7 4 1 4 4 4 8 4 1 8 1 4 3 3 3 2 3 2 1 1 , , , , , , , , , 2 3 8 0 2 4 0 6 7 1 8 2 8 0 1 7 6 5 2 9 1 4 6 2 4 3 4 7 1 2 2 2 2 1 1 , , , , , 8 8 0 6 6 7 2 6 6 4 8 9 4 5 7 5 6 3 1 1 1 , , , 2 0 5 9 6 8 0 1 6 4 2 9 2 4 6 2 9 0 3 5 6 6 6 5 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 4 4 4 5 5 4 5 4 5 5 7 5 6 0 2 9 1 8 3 4 3 3 4 2 2 5 5 6 1 7 3 5 7 3 8 1 8 6 8 5 . . . . . . . . . . 3 2 6 7 4 0 2 0 7 6 2 2 2 3 1 1 1 4 9 6 2 5 8 2 2 8 5 . . . . . . . . . . 1 3 3 9 4 5 9 1 0 1 1 1 1 4 3 3 5 6 8 9 2 0 2 . . . . . . . . . 7 6 8 3 1 9 7 0 8 8 1 1 1 1 1 2 5 8 7 3 0 4 6 9 . . . . . . . . . . 5 4 1 2 2 2 3 6 1 3 2 3 2 2 3 4 2 1 1 1 0 3 2 8 7 3 6 8 6 4 . . . . . . . . . . 6 8 0 8 9 6 3 9 9 3 1954-O N c o t v .. . . . . . 7 7 7 6 0 0 2 2 5 6 2 6 8 9 0 1 9 7 2 4 9 7 8 7 9 6 4 5 9 1 4 8 3 3 0 0 7 4 2 1 1 8 1 9 . . 4 5 1952—Dec... 58.4 25.4 10.8 14.6 33.0 Dec.. . 843 287 92 109 23 63 556 337 219 .4 1953—Mar... 60.1 26.1 11.1 15.0 34.0 1955— F M J e a a b n r . . . . . . . . . . 9 8 8 3 4 5 1 0 6 3 3 2 2 0 7 4 9 4 1 1 8 0 0 9 7 9 1 1 1 4 6 3 5 0 8 1 5 9 2 5 4 3 2 6 6 6 5 5 2 3 6 2 2 7 3 3 3 5 4 9 7 5 0 2 2 1 3 0 8 1 9 6 1. . . 2 6 7 J S D u e e n p c e t . . . . . . . . . 6 6 6 4 2 6 . . . 4 3 0 2 2 2 6 8 7 . . . 7 1 5 1 1 1 1 1 2 . . . 7 4 0 1 1 16 5 5 . . . 1 3 8 3 3 3 5 7 6 . . . 6 9 9 J J A A M u u u p a l n g y r y e . . . . . . . . . . . . 8 8 8 9 8 3 6 8 0 0 2 7 8 3 9 3 3 2 2 2 3 5 8 8 9 6 0 4 3 4 1 1 9 9 9 1 0 3 2 3 3 7 1 1 1 1 1 3 6 6 5 3 6 6 3 1 8 3 4 5 5 3 4 5 6 6 5 5 1 2 7 0 5 5 5 6 5 5 1 2 4 1 2 7 0 8 5 3 3 3 3 3 4 8 3 4 1 1 6 2 8 9 2 2 2 1 1 0 0 3 8 9 7 4 0 7 5 . . . . . 8 6 5 5 6 1954— J S D M u e e n p a c e t r . . . . . . . . . . . . 6 6 7 7 7 9 2 5 . . . . 6 9 7 7 2 3 3 2 0 8 2 9 . . . . 5 8 7 1 1 1 1 1 2 2 2 2 . . . . 2 4 6 8 1 1 1 1 6 7 7 9 . . . . 6 9 3 3 3 4 4 4 8 0 3 2 . . . . 8 2 2 6 O Se c p t. t . . . . . . 1,0 9 5 3 5 7 3 3 3 4 8 7 1 1 1 1 3 3 1 1 6 6 0 2 9 2 6 6 4 3 5 7 9 1 0 7 3 4 7 6 8 1 2 2 1 5 1 5 . . 5 9 1955— J M un ar e . . . .. . 8 7 2 8 . . 1 5 '3 3 5 3 . . 3 5 1 1 3 3 . . 2 5 •• 2 2 0 1 . . 3 8 '4 4 6 5 . . 8 0 1 Monthly figures do not reflect mortgage amendments included in annual totals. Sept.p . 85.6 37.0 13.9 23.1 48.6 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 P Preliminary. r Revised. 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 LENDING [In millions of dollars] [In millions of dollars] Author- Com- Mortgage holdings Mort- Advances outstanding ized mit- gage Mort- (end of period) E o n r d m o o f n y t e h ar fu u n n d - s m u e n n - ts FHA- VA- ch p a u s r e - s s g a a l g e e s Year or month va A n d c - es R m e e p n a ts ym co it m te - d bu d r i s s- ed Total su in re - d a g n u te a e r- d ( p d e u ri r o in d g ) ( p d e u r r io in d g ) Total S te h r o m rt 1 - L te o r n m g 2 - 1948. 528 227 199 188 11 198 1945 278 213 195 176 19 1949. 848 824 828 403 425 672 20 1946 329 231 293 184 109 1950. 918 485 1,347 169 1 .178 1 .044 469 1947 351 209 436 218 217 1951. 661 239 1,850 204 1,646 677 111 1948.... 360 280 515 257 258 1952. 1.085 323 2,242 320 1.922 538 56 1949 256 337 433 231 202 1953. 550 638 2,462 621 1 841 542 221 1950.... 675 292 816 547 269 1954. 0) 476 2,434 802 1,632 614 525 1951 423 433 806 508 298 1952 586 528 864 565 299 1954—October. . . 678 603 2.368 752 1,616 39 23 1953.... 728 640 952 634 317 November. 0) 547 2,396 773 1.623 50 11 1954 734 818 867 612 255 December. 0) 476 2,434 802 1,632 64 15 1954—November. 74 38 743 495 248 1955—January.. . (x) 418 2,462 817 1.645 48 10 December. 171 47 867 612 255 February.. 0) 359 2,488 832 1,656 48 8 March. . . . 0) 287 2,512 839 1.673 54 18 1955—January.,. 38 188 717 491 226 April 0) 215 2.545 855 1,690 58 11 February.. 34 63 688 466 223 May 0) 163 2,562 860 1,702 39 7 March 71 58 702 464 238 June 0) 127 2,567 867 1,700 21 3 April 85 33 754 497 257 July 116 2.567 868 1,699 15 I May 104 37 821 542 279 August 0) 104 2,573 876 1,696 19 1 June 237 42 1,017 715 302 September. 105 2,564 871 1 ,693 11 1 July 152 107 1,061 748 313 October. . . 0) 83 2,587 891 1,696 42 1 August 156 30 1,187 822 365 September. 115 27 1,275 885 390 October... 90 21 1,344 932 412 *No authorization figures shown after October since under its new charter, November. 60 40 1,364 875 489 effective Nov. 1, 1954, FNMA maintains three separate programs, for which the type of fund authorization varies. Other figures represent the combined programs: secondary market, special assistance, and management and liquidation. 1 Secured or unsecured loans maturing in one year or less. Source.—Federal National Mortgage Association. 2 Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. DECEMBER 1955 1365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar Total Total Au p to ap m e o r b i ile co p O g n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e a z p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 i;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 L ,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 ,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 ,707 1953 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 ,720' 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 .720 1954—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 \955—January 29,760 22,436 10,459 5,609 J .574 4,794 7,324 2,371 3,225 1,72$ February 29,518 22,508 10,641 5,484 ,550 4,833 7,010 2,427 2,831 1,752 Miarch 29,948 22,974 11,053 5,479 1,530 4,912 6,974 2,481 2,735 J .758 April 30 655 23,513 11,482 5,492 1,534 5,005 7,142 2,496 2,859 ,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 L,57O 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 I ,611 5,311 7,594 2,657 3,108 1,829 October 34,640 26,963 14,095 5,917 1,627 5,324 7,677 2,666 3,218 1,793 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 o o f n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n c m k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n r s t t 1 - F s t t u u o r r r n e e i s - H a a h p o n o p u c l l s d e i e - - d m A ea o u l b t e o i r l - s e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941. 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945. 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946. 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947. 6,695 5,255 2,625 1.355 235 1,040 1,440 379 474 79 101 407 1948. 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949. 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950. 14,490 11,820 5,798 3.785 590 1,647 2,670 743 791 239 284 613 1951 . 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 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—October. . . 21,952 18,726 8,637 6,315 ,270 2,504 3,226 1.063 830 282 390 661 November. 22,014 18,719 8.586 6,325 ,282 2,526 3,295 1,098 846 283 390 678 December. 22,467 18,935 8,633 6.421 .293 2,588 3,532 1,201 890 293 394 754 1955--January. . 22,436 18,977 8,651 6,462 ,282 2,582 3,459 1,158 862 291 397 751 February.. 22,508 19.153 8 688 6.570 ,298 2,597 3,355 1,108 848 286 404 709 March 22,974 ,19.613 8.844 6 808 ,330 2,631 ,361 1,123 838 280 420 700 April 23,513 20,127 9.020 7.077 .360 2.670 3,386 1.138 834 278 437 699 May 24,149 20.718 9,228 7.390 395 2.705 3,431 1.150 842 277 457 705 June 24,914 21,432 9,495 7.747 ,434 2,756 3,482 1,160 851 279 481 711 July 25,476 21,980 9,656 8,087 ,458 2,779 3,496 1,155 856 281 501 703 August 26,155 22.605 9.871 8.422 ,495 2,817 3,550 1 ,167 871 284 523 705 September. 26,699 23,101 10,060 8,667 ,528 2.846 3,598 1,191 878 283 538 708 October. . . 26,963 23,324 10,145 8,771 1,547 2,861 3,639 1,203 889 281 546 720 1 Included mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 1366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS. BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets Automobile Repair E o n r d m of o n y t e h ar c T m n r o o e e t d n n a - i 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 <:r e e rv d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - ch P a u s r e - p d ape D r irect s O g c u o t o m o h n d e e - r s r e l m r t o a n i n a o o i d n z d n a s - - l s P o o a e n n r a - s l m ci e a r l - Other m pa e r n t- t Other banks stores1 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1940 2,824 636 164 251 1,220 553 1945 745 66 143 114 110 312 1941 3,087 693 152 275 1,370 597 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 1 ,014 1949 4,439 849 946 1,016 715 913 1947 4,875 1,203 153 532 1,821 1,166 1950 5,798 1,177 1,294 1,456 834 1,037 1948 5,443 1,261 184 575 2,138 1 ,285 1951 5,771 1,135 1,311 1,315 888 1,122 1949 . . 5,588 1,334 198 584 2,096 1,376 1952 7,524 1,633 1,629 1,751 1,137 ,374 1950 6,323 1,576 245 641 2,365 1,496 1953 8,998 2,215 1,867 2,078 1,317 ,521 1951 6,631 1,684 250 685 2,411 ,601 1954 8,633 2,198 1,645 1,839 1,275 ,676 1952 . . 7,143 1,844 250 730 2,612 1 707 1953 7,350 1,899 320 748 2,663 1 720 1954—October. .. 8,637 2,207 1,663 1,822 1,296 ,649 1954 7,658 2,085 335 764 2,754 1,720 November. 8,586 2,188 1,636 1,822 1,287 ,653 December. 8,633 2,198 1,645 1,839 1,275 ,676 1934—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 ,687 December. 7,658 2,085 335 764 2,754 1,720 February.. 8,688 2,241 1,680 1,845 L,219 ,703 March.... 8,844 2,309 1,751 1,846 1,201 ,737 1955—January... 7,324 2,048 323 623 2,602 1,728 April 9,020 2,371 1,818 1,842 1,205 ,784 February.. 7,010 2,085 342 535 2,296 1,752 May 9,228 2,466 1,880 1,865 L ,211 ,806 March 6,974 2,114 367 507 2,228 1,758 June 9,495 2,591 1,940 1 ,897 1,223 ,844 April 7,142 2,165 331 526 2,333 L.787 July 9,656 2,656 1,995 1,921 1,231 ,853 May 7,419 2,199 390 532 2,479 L.819 August... 9,871 2,765 2.041 1,950 ,243 ,872 June. . . 7,557 2,303 383 518 2,522 L 831 September. 10.060 2,842 2,088 1,986 1,259 ,885 July . . 7,420 2,268 327 474 2,517 1,834 October. . . 10.145 2,901 2,090 2,009 1,273 ,872 August.... 7,481 2,277 352 475 2,544 ,833 September* 7,594 2,273 384 519 2,589 1,829 October. .. 7,677 2,311 355 562 2,656 1,793 1 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 of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s O g p c u o a t o m o p h n d e e e - r s r r m R i l o z e a o a d p n a t e a d n i 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 10 8 2 1 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 1940 1,575 1,187 136 190 62 1946 991 77 34 22 858 1941 1,797 1,363 167 201 66 1947 1,275 130 69 39 1,037 1948 1,573 189 99 59 1,226 1945 300 164 24 58 54 1949 1,858 240 137 89 1,392 1946 677 377 67 141 92 1950 2,237 330 182 115 1,610 1947 1,355 802 185 242 126 1951 2,537 358 209 132 1.838 1948 1,990 1,378 232 216 164 1952 3,053 457 279 187 2,130 1949 2,950 2,425 303 83 139 1953 3,613 573 337 249 2,454 1950 3,785 3,257 313 57 158 1954 3,881 596 340 260 2,685 1 1 1 1 9 9 9 9 5 5 5 5 1 4 2 3 3 4 6 6 , , , , 4 7 1 8 2 6 4 3 1 9 7 3 3 4 5 5 , , , , 1 0 3 5 8 7 0 6 3 2 6 3 3 2 3 3 4 5 6 3 1 1 7 2 8 8 8 7 2 3 1 0 4 3 3 2 9 2 4 7 1 6 7 5 1954— D N O e c o c t v o e e b m m e b r b e e r r. . . 3 3 3 , , , 8 7 8 8 7 0 1 4 8 5 5 59 9 8 6 1 9 3 3 3 3 4 2 1 0 9 2 2 2 6 6 6 0 3 0 2 2 2 , , . 5 6 6 9 8 2 6 5 3 1954—O D N c o e t c v o e e b m m er b b e e r r . . . . . . . 6 6 6, , , 4 3 3 2 1 2 1 5 5 5 5 5 , , , 4 4 5 9 9 6 1 1 3 3 3 3 5 4 3 1 0 7 8 8 8 1 1 1 4 4 4 1 0 2 3 6 6 1955— F A M Ja e p a n b r r u i r c l u a h r a y ry. . . . 3 3 3 4 , , , , 9 8 8 0 6 6 9 3 1 4 5 0 6 5 6 6 0 9 2 4 7 5 8 9 3 3 3 3 3 4 3 5 9 4 8 3 2 2 2 2 5 5 5 5 4 3 3 3 2 2 2 2 , , , , 6 6 7 7 7 9 3 7 7 6 6 5 1955— J F A M M J u a e p n a a n b r y e r u i r c l a u h r a y ry. . . . 6 6 6 7 7 7 , , , , , , 4 7 5 8 0 3 6 4 7 7 0 9 2 7 7 0 8 0 6 6 5 5 6 5 , , , , , , 5 8 2 6 7 9 1 5 0 0 0 4 2 7 7 3 9 5 3 3 3 3 3 3 6 5 4 4 5 4 1 3 9 8 0 8 7 7 7 7 7 7 9 8 6 7 8 6 4 4 4 4 4 4 5 3 3 3 4 4 1 0 4 9 8 6 J J O A M S u u e c u n a l p t y g y e o t u e b s m e t r ber. . . 4 4 4 4 4 4 , , , , , , 1 1 3 2 4 3 0 9 1 3 0 7 0 0 2 7 8 4 6 6 7 7 7 7 9 7 2 0 3 3 2 0 2 6 2 6 3 3 3 4 4 4 8 6 0 1 8 1 0 3 1 7 8 0 2 2 2 2 2 2 6 6 7 5 7 6 1 1 2 8 1 6 2 2 2 2 2 2 , , , , , , 8 8 8 9 9 9 8 0 6 5 2 8 2 1 9 7 3 3 July 8,087 7,180 372 78 457 August 8,422 7.496 384 80 462 September. . . 8,667 7,729 392 81 465 NOTE.—Institutions included are consumer finance companies (oper- October 8,771 7,822 398 82 469 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. DECEMBER 1955 1367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r ds c o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe lo rs a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2.010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4 889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 . .. 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953.. .. 30,321 26,818 13,621 11,379 8,014 7,511 1,387 1,144 7,299 6,784 1954 29,304 29,024 12,532 12,477 7,700 7,863 1,245 1,278 7,827 7,406 WITHOUT SEASONAL ADJUSTMENT 1954—October 2,454 2,437 1 .031 1,056 687 650 106 111 630 620 November 2,554 2,492 ,040 1 084 716 642 108 114 690 652 3f046 2,593 ,184 1,084 936 666 95 110 831 733 2,389 2,420 ,060 997 616 675 67 109 646 639 2,416 2,344 ,167 985 529 654 72 96 648 609 March 3.159 2,693 ,569 1,157 708 713 99 119 783 704 April 3,089 2,550 ,512 1,083 703 690 106 102 768 675 May- 3,206 2,570 ,616 1.113 741 678 121 109 728 670 June 3,443 2,678 ,766 1,190 766 682 125 109 786 697 July 3,131 2,569 ,594 1,117 711 674 111 103 715 675 August . .. 3,436 2.757 ,745 1 .236 793 707 130 111 768 703 September 3.241 2,697 1,592 1,210 783 697 128 106 738 684 October 3,051 2,787 L ,417 1,251 785 716 126 110 723 710 SEASONALLY ADJUSTEL* 1954—October 2,461 2,424 ,068 1,039 633 652 92 106 668 627 November .. 2,612 2,500 ,109 1,098 677 101 113 725 658 December 2,762 2,488 ,298 1,083 679 643 99 108 686 654 1955—January 2,823 2,496 1,233 1,020 788 684 87 104 715 688 February 2,898 2,521 1,382 1,071 660 680 97 97 759 673 March 3 035 2 562 1,472 1 ,096 741 683 109 116 713 667 April 3.017 2,552 L.404 1,093 736 672 109 109 768 678 May 3.091 2,634 ,517 1 ,139 736 687 115 122 723 686 June 3,165 2,612 ,580 1,165 754 678 109 109 722 660 July 3,122 2,602 1,510 1,132 791 697 107 102 714 671 August 3,200 2.714 55Q 1 ,195 770 720 113 105 758 694 September 3,279 2,691 1,613 1,173 756 696 119 108 791 714 October 3,064 2,773 1,467 1,231 721 719 111 106 765 717 * Includes adjustment for differences in trading days NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en m ta p o g r n e e t c h e c d h i a n n g ge m f P ro o e m r n c t h e c n o t o y a r f e r g e a e p s r r p c e o h c n a e d n d i g i n n e g g Instalment accounts a C cc h o ar u g n e ts Item Oct. Sept. Aug. Oct. Sept. Aug. Month D m ep e a n r t t- F t u u r r n e i- h H p o l o l i d a u n a s c e p e - - D m ep e a n r t t- 1955 1955 1955 1955 1955 1955 stores stores stores stores Net sales: 1954—October. . , 14 12 10 47 Total +13 -3 +8 +11 +14 +14 November 13 12 10 48 Cash sales + 16 -3 +9 + 12 +11 +13 December. 14 12 9 46 Credit sales: Instalment +14 -4 +7 +11 +15 + 15 1955—January. . 14 12 9 44 Charge account +8 —4 +12 +15 +12 +17 February. 14 11 0 43 March.... 15 13 9 48 Accounts receivable, end April 15 12 9 44 of month: May 15 12 9 45 Total +2 +1 +4 + 10 +9 +9 June 15 12 9 46 Instalment + 1 +1 +2 +7 +7 +6 July 14 12 9 43 Charge accounts +3 +2 +9 +16 +14 +15 August. . . 14 13 9 46 September 15 12 9 45 Inventories, end of October. . 15 12 10 47 month, at retail value. +5 +5 +1 +4 +2 +3 1 Collections during month as percentage of accounts outstanding at beginning of month. 1368 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 y s 9 t s r 4 i i c 7 a a l - l 4 p 9 v r = o o l 1 d u 0 u m 0 c e ti ) o * n aw 1 a 9 rd 4 c e 7 o d - n 4 t 9 r ( a = v c a t 1 s l 0 u 0 e)1 Employ 1 m 94 en 7 t - 49 a n = d 1 0 p 0 ayrolls2 Depart- Whole- Freight ment Con- sale carload- store sumer com- Non- Manufacturing ings* sales* prices 2 modity Year Manufactures agri- production workers 1947-49 (retail 1947-49 prices2 or month Total M era in ls - Total R de e n si - - o A th l e l r t c u u r l a - l = 100 1 v 9 a 4 l 7 u - e 4 ) 9 3 = 100 19 = 4 1 7 0 -4 0 9 Non- tial em- Pay- = 100 Total r D ab u l - e ra d b u l - e p m lo en y t - Em m p e l n o t y- rolls 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 7 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 62 0 1928 53 52 53 51 63 73 76 70 68.0 64 2 32.8 112 37 73 3 62 9 1929 . . 59 58 60 56 68 63 52 70 71.0 68 3 35.0 115 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66.7 59 5 28.3 99 35 71 4 56 1 1931 40 39 31 48 51 34 22 41 60 4 50.2 21 5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53 5 42.6 14.8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53 7 47 2 15 9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58 8 55.1 20.4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61 3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65 9 63.9 27 2 81 33 59 3 52 5 1937. 61 60 55 64 71 32 25 36 70 3 70.1 32.6 84 35 61 4 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 S3 4 78 7 1947 100 100 101 99 too 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 n i 105 159 185 142 102.3 99.6 111.7 97 105 102 8 103 1 1951 120 121 128 i 14 115 171 170 172 108 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 no 113 5 111 6 1953 134 118 116 192 178 201 113 6 111 8 151.4 96 112 114 4 110 1 1954 Pi 25 P127 »137 P116 pin 216 232 204 110.4 101 8 137.7 86 111 114 8 110.3 1954 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 no 4 August 123 123 125 135 114 109 218 244 202 109.8 99.4 100.4 134.8 84 111 115 0 no 5 September.. 124 126 126 137 115 108 231 253 217 109.8 99.8 101.7 138.0 84 114.7 no o October 126 130 128 139 117 109 241 263 226 110.0 100.6 102.0 139.1 87 113 114.5 109 7 November.. 128 130 130 142 118 113 255 264 250 110.6 101.6 102.3 142.2 89 113 114.6 110.0 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 no i February.. . 133 135 134 147 121 123 261 297 238 110.7 102.5 102.3 144.4 92 112 114 3 no 4 March 135 138 136 148 124 121 260 291 239 111.5 103.5 103.3 146 6 93 115 114.3 no o April 136 138 138 151 126 119 253 286 230 111.7 104.6 103 6 146.7 93 119 114 2 110 5 May 138 138 140 153 127 121 245 280 221 112.5 105.8 104.1 150.1 96 117 114 2 109 9 June 139 139 141 155 128 122 253 290 228 113.2 106.7 105.8 152.1 94 114 114 4 110 3 July 130 130 141 155 126 12C 257 296 231 113.5 106.1 104.7 151.0 95 124 114 7 110 5 August.... 140 139 142 158 125 121 259 278 246 113.7 107.2 154.6 96 118 114 . 5 110.9 September. 142 14? 144 160 127 122 250 256 246 114.0 106^4 108.1 158.7 96 121 114.9 111 7 October 143 147 145 162 128 122 260 252 266 114.2 107.3 108.7 161.1 P122 114.9 111.6 November.. P146 P163 P129 P125 2>114.6P108.8 P109.4 164.4 99 123 111.2 e Estimated. pPreliminary. "-Revised. ^Average per working day. 1 Three-month moving average, based on F. VV. 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. 1377. 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. 1379-1383. Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. DECEMBER 1955 1369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average=100] 1947-49 Annual 1954 1955 pro- Industry portion 1953* 1954* Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED Industrial Production—Total , 100.00 134 125 126 128 130 132 133 135 136 138 139 139 140 142 143 Manufactures—Total 90.02 136 127 128 130 131 133 134 136 138 140 141 141 142 144 145 Durable Manufactures—Total 43.17 133 137 139 142 143 145 147 148 151 153 155 155 158 160 162 Primary metals 6.70 132 108 111 118 121 127 131 136 138 140 143 134 139 '146 147 Metal fabricating , 28.52 167 150 150 152 154 155 157 157 160 162 163 167 169 171 174 Fabricated metal products , 5.73 136 123 124 125 125 125 126 129 130 134 135 135 137 141 142 Machinery , 13.68 160 142 147 148 145 145 146 146 149 151 155 158 160 163 166 Nonelectrical machinery , 9.04 143 125 123 122 120 124 125 126 131 134 136 138 140 141 145 Electrical machinery 4.64 194 177 194 198 193 187 187 184 185 183 193 197 200 205 207 Transportation equipment 7.54 189 175 169 175 187 191 193 195 197 199 194 203 206 '205 209 Instruments and related products.., 1.29 155 140 137 138 140 140 142 143 143 142 149 151 153 '155 158 Clay, glass, and lumber Products 5.91 125 123 130 130 133 132 132 135 136 138 143 138 140 141 141 Stone, clay, and glass products 2.82 133 131 132 136 135 136 138 143 146 149 153 152 155 '155 153 Lumber and products , 3.09 118 115 128 124 131 129 127 127 127 128 133 125 127 127 130 Furniture and misc. manufactures 4.04 131 121 123 123 122 122 124 126 127 132 136 134 137 137 136 Furniture and fixtures , 1.64 117 106 110 108 108 109 109 112 113 117 121 122 124 125 124 Miscellaneous manufactures 2.40 140 131 132 132 131 132 133 136 136 142 145 143 145 145 145 Nondurable Manufactures—Total 44.83 118 116 117 118 119 121 121 124 126 127 128 126 125 127 128 Textiles and apparel 11.87 107 100 102 103 104 106 104 109 112 112 110 110 107 rlO9 112 Textile mill products 6.32 104 95 101 101 101 103 103 104 109 109 106 106 105 107 110 Apparel and allied products 5.55 110 105 103 105 107 108 106 115 114 115 116 113 111 111 114 Rubber and leather products 3.20 113 104 108 108 115 123 120 122 123 125 127 120 119 '122 124 Rubber products 1.47 128 115 125 122 133 143 138 140 144 147 149 137 138 143 148 Leather and products 1.73 99 95 94 96 100 105 104 105 105 105 107 106 102 "104 104 Paper and printing 8.93 125 125 127 127 127 130 131 134 135 138 139 139 138 140 141 Paper and allied products 3.46 132 134 138 137 136 140 143 147 151 156 156 155 153 157 158 Printing and publishing 5.47 121 120 121 120 121 123 123 125 125 126 128 128 128 130 131 Chemical and petroleum products , 9.34 142 142 143 145 148 148 151 154 156 159 161 160 '160 161 Chemicals and allied products 6.84 147 148 150 152 155 155 158 161 163 168 170 170 168 173 171 Petroleum and coal products 2.50 130 125 124 127 129 131 134 134 136 134 136 134 135 135 135 Foods, beverages, and tobacco 11.51 107 106 105 106 106 107 106 108 110 110 110 107 107 107 110 Food and beverage manufactures. . . 10.73 107 106 105 106 106 107 106 109 110 110 110 107 107 107 110 Tobacco manufactures 78 108 103 102 100 101 107 106 107 103 109 109 101 100 100 Minerals—Total 9.98 116 111 109 113 116 120 123 121 119 121 122 120 121 122 122 Mineral fuels 8.35 115 113 110 115 117 120 123 121 121 121 122 122 122 '122 122 Coal 2.68 78 67 70 69 73 74 79 72 72 81 86 87 82 80 80 Anthracite .36 57 52 43 51 66 55 61 45 41 42 43 53 41 50 42 Bituminous coal 2.32 81 70 74 72 74 77 82 76 77 87 92 92 89 84 86 Crude oil and natural gas 5.67 133 134 130 136 138 142 144 145 143 139 139 139 141 142 Metal, stone, and earth minerals 1.63 119 106 101 105 115 118 119 123 114 120 123 109 117 126 Metal mining 82 113 90 81 86 103 110 114 113 100 111 117 88 105 119 121 Stone and earth minerals 81 124 123 121 125 127 126 124 132 129 129 130 130 133 131 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100 00 134 125 130 130 128 132 135 138 138 138 139 130 139 142 147 MANUFACTURES—TOTAL 90.02 136 127 132 132 129 133 136 140 140 140 141 132 140 144 149 Durable Manufactures—Total.... 45.17 153 137 140 143 143 147 151 154 155 155 155 146 153 157 163 Primary metals 6.70 132 108 112 118 117 129 136 142 144 143 144 122 132 143 149 Ferrous metals 5.03 133 105 107 114 115 124 132 138 143 143 141 125 132 142 148 Pig iron and steel 3.51 138 108 111 121 121 128 136 144 147 149 146 132 140 149 153 Pig iron .37 130 101 101 110 113 117 122 131 134 138 137 129 134 140 141 Steel 3.05 139 109 112 122 121 130 138 146 148 151 147 133 141 150 154 Carbon steel 2.62 135 108 111 119 118 125 134 143 145 148 144 130 136 144 149 Alloy steel .43 165 115 120 138 145 155 165 165 171 169 169 147 168 186 188 Ferrous castings and forgings.... 1.52 121 97 97 98 101 113 121 124 133 128 129 108 114 125 137 Iron and steel castings 1.29 115 95 95 96 99 111 119 123 132 127 127 108 114 123 134 Steel forgings .23 154 106 106 107 110 127 133 132 140 132 139 108 115 133 148 p Preliminary. rRevised. 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. 1370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average — 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953*1954? Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 129 120 127 129 124 146 149 155 148 144 154 112 '132 '147 151 Primarv nonferrous metals .38 144 147 142 158 160 159 167 169 166 166 167 127 150 173 171 Copper smelting .09 112 101 98 124 121 118 140 134 133 132 130 49 95 '139 136 Copper refining . .06 116 109 91 118 131 122 134 133 124 133 133 50 97 142 126 Lead .04 101 105 114 107 103 99 99 112 115 101 110 53 82 116 119 Zinc .10 113 101 90 112 116 118 119 122 118 118 110 116 116 '117 122 Aluminum .... .09 209 244 246 246 250 252 253 256 257 258 259 261 263 265 265 Secondary nonferrous metals .13 114 105 108 107 107 114 125 133 124 123 121 100 '118 130 Nonferrous shapes and castings.... 1.16 126 113 124 123 114 146 146 153 144 139 154 108 127 '141 147 Copper mill shapes .63 112 100 115 111 90 135 125 133 114 110 128 75 91 110 114 .20 168 154 160 162 168 183 196 202 204 209 228 188 215 218 222 Nonferrous castings . .33 130 114 121 122 128 144 155 163 168 155 158 124 '144 154 Metal Fabricating 28.52 167 150 150 154 156 159 162 165 166 165 163 157 162 165 173 Fabricated metal products 5.73 136 123 126 125 124 124 126 130 131 134 135 130 '139 142 145 Structural metal parts ... 2.68 137 126 127 129 130 127 129 131 132 136 136 132 137 '141 143 Stampings and misc. metal products.. 2.12 138 117 115 122 124 124 M26 129 129 131 128 125 126 129 134 Tin cans .30 129 131 142 103 102 110 107 111 126 143 149 168 203 10? 197 Furnaces, gas ranges, and heaters. .. . .63 93 90 121 99 78 87 99 108 107 105 117 89 128 '142 138 Machinery 13.68 160 142 150 150 146 148 152 154 152 151 153 142 153 161 169 Nonelectrical machinery 9.04 143 125 121 121 123 126 129 132 134 135 137 131 131 137 142 8.13 139 121 116 116 119 119 121 124 126 129 131 128 129 131 136 Farm machinery 1.02 96 79 73 75 80 85 90 94 95 95 95 92 87 '69 94 Industrial and commercial machinery . . 7.11 145 127 122 122 125 124 125 128 131 134 136 133 135 140 142 Machine tools and presses .68 188 160 147 146 149 148 149 152 154 157 161 160 165 168 170 Laundry and refrigeration appliances. .69 128 114 123 124 122 146 155 164 161 155 157 116 113 '147 152 Electrical machinerv 4.64 194 177 207 206 191 191 196 195 189 181 184 165 194 207 222 Klectrical apparatus and parts 3.23 179 160 158 162 165 165 167 169 171 175 176 169 170 175 186 Radio and television sets .74 230 214 341 325 258 261 272 261 228 190 192 143 254 289 315 Transportation equipment 7.54 189 175 159 179 191 200 205 209 213 209 200 197 '192 185 197 Autos trucks, and parts . . .. 4.80 126 109 90 120 136 150 157 163 171 165 151 147 137 '122 138 Autos 1.50 146 131 70 144 174 195 210 215 223 205 184 195 166 130 153 Trucks .66 118 92 78 93 94 98 87 104 137 132 134 126 106 102 106 Light trucks .22 112 95 74 99 103 102 77 109 148 139 124 119 93 106 121 Medium trucks .19 58 59 46 58 59 64 48 67 89 88 81 81 65 53 50 Heavy trucks .14 183 133 121 134 130 143 144 141 193 192 220 203 167 138 138 Truck trailers .07 229 130 132 135 131 138 160 170 185 176 205 174 192 199 202 An to and truck Darts 2.58 117 101 105 113 125 137 145 148 150 150 137 125 129 122 Aircraft and parts 1.30 465 474 464 471 478 479 477 479 472 469 466 469 469 '484 491 Shipbuilding and repair.. .81 135 112 106 106 110 111 113 115 117 115 118 114 '117 '117 115 Railroad equipment .53 72 39 28 24 31 32 36 35 38 47 41 37 45 45 50 Railroad cars .35 64 29 18 12 20 20 25 26 28 39 29 22 32 30 38 Instruments and related products.. 1.29 155 140 138 140 142 140 142 145 144 142 149 147 r150 '155 160 Clay, Glass, and Lumber Products.. 5.91 125 123 136 130 125 124 129 133 137 139 146 133 145 141 149 Stone, clav, and glass products 2.82 133 131 139 137 134 132 134 140 146 149 155 149 158 '158 161 Gl F as l s a t a g n l d a s p s o a tt n e d ry v i p tr r e o o d u u s c ts products... 1. . 0 6 9 0 113263 113118 1 14 2 1 5 112444 112418 112468 114279 113419 1 1 3 5 2 0 '1 1 3 5 2 2 1 1 5 3 4 6 '1 1 2 3 4 9 115328 '1 1 6 3 1 7 1 1 4 6 4 4 Flat and other glass .47 139 133 144 148 151 151 150 152 152 152 154 136 153 '163 166 Olass containers .26 120 117 119 105 93 114 124 124 125 123 138 130 143 127 133 .23 91 85 92 '94 '81 '83 '90 r93 '95 '89 '88 '76 '95 '86 102 .32 132 135 152 145 131 119 115 132 151 159 163 161 164 164 Structural clav products . ... .35 110 111 115 117 113 107 111 119 121 125 134 128 138 '140 138 Brick .12 106 113 121 124 112 101 106 121 127 132 146 134 146 151 142 Clav firebrick, pipe and tile .20 115 111 113 114 115 114 115 120 120 122 128 126 134 134 137 Concrete and plaster products .48 163 161 168 166 162 155 155 165 174 184 190 191 195 '196 193 Misc. stone and earth manufactures.. .58 143 140 146 146 149 147 151 155 160 164 170 167 174 '175 178 Lumber and products 3.09 118 115 134 123 116 117 125 126 129 129 137 118 133 136 138 Lumber 2.05 112 106 119 107 100 101 108 109 115 116 122 108 119 121 122 Millwork and plywood .60 149 161 207 191 186 193 206 210 201 195 207 160 198 209 211 Mill work .39 118 123 164 139 137 143 151 155 148 139 151 121 148 155 157 Softwood plywood .12 199 222 274 275 264 274 794 298 288 285 299 224 279 295 299 ^Vood containers .29 99 88 91 88 88 88 88 91 89 91 94 85 86 90 93 Furniture and Misc. Manufactures. 4.04 131 121 129 128 125 121 126 128 125 127 131 125 134 140 144 Furniture and fixtures 1.64 117 106 113 112 112 109 113 114 111 113 116 113 123 *127 129 1.10 118 106 116 115 115 110 115 116 113 114 118 114 124 '179 132 .54 116 107 107 107 108 106 109 109 107 111 114 111 121 '123 122 2.40 140 131 140 139 134 129 134 137 135 137 141 133 142 149 154 pPreliminary. 'Revised. For other footnotes see preceding page. DECEMBER 1955 1371 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* Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 118 116 123 120 115 120 122 125 124 124 127 117 128 '130 135 Nondurable Manufactures—Total... 11.87 107 100 105 104 98 108 112 115 113 no 108 93 112 rlO9 115 Textiles and Apparel Textile mill products . ... 6.32 104 95 103 102 98 104 108 109 109 108 106 91 108 *106 112 Cotton and synthetic fabrics 3.72 107 100 109 110 104 114 116 118 118 116 110 96 115 '•111 117 2.30 104 97 104 104 95 105 106 105 103 104 100 84 106 103 109 Svnthetic fabrics .97 115 108 121 126 127 132 138 147 154 146 135 133 134 '132 134 .45 101 93 101 102 90 107 109 106 107 103 92 67 ••106 r87 111 Wool textiles . . .97 78 66 69 69 70 70 7? 74 79 83 85 73 79 ••80 85 Wool apparel yarns. ... .16 91 76 77 72 68 79 85 82 89 91 84 80 90 80 90 Wool fabrics .75 75 64 67 69 71 67 69 72 77 82 86 72 77 '80 84 1.15 116 106 113 110 103 105 112 110 108 108 113 98 113 114 118 Hosiery .65 113 108 115 109 102 110 119 111 109 103 108 85 104 '•106 113 .45 118 113 118 112 105 114 124 118 116 108 111 86 107 107 114 .20 102 97 107 102 93 100 106 96 93 92 102 82 99 101 110 .50 119 103 112 111 104 98 104 108 106 113 119 116 123 125 126 .48 Woven carpets .31 86 71 82 62 71 84 83 86 85 71 81 44 72 85 92 Apparel and allied products 5,55 110 105 106 107 99 113 116 123 117 113 110 95 116 111 117 1.78 113 103 108 108 96 115 113 113 118 119 107 84 120 109 117 .73 96 83 82 88 87 98 97 88 92 105 92 59 110 91 95 Men's suits .50 92 82 80 88 90 102 100 91 90 100 86 55 102 84 93 Men's outercoats .13 89 67 72 66 52 60 59 55 76 101 92 60 115 99 82 .99 124 116 124 121 99 126 124 130 135 127 117 98 126 119 130 1.85 103 109 102 102 93 120 17.5 143 129 116 114 98 117 108 113 .76 117 129 127 130 115 152 160 165 109 96 123 129 145 129 139 Misc. apparel and allied mfrs 1.92 112 103 110 110 106 103 109 112 103 104 108 103 112 117 122 Rubber and Leather Products 3.20 113 104 114 108 no 123 127 128 124 121 126 105 119 124 131 1.47 128 115 132 124 128 145 144 146 147 146 151 121 133 145 157 Tires and tubes .70 117 105 116 110 116 130 134 133 128 135 146 127 116 128 140 .40 117 110 117 111 119 136 141 145 140 150 161 138 125 135 143 Truck and bus tires. .. . .30 118 99 114 110 113 121 125 117 113 116 126 111 104 119 136 Miscellaneous rubber products .... .77 133 124 147 137 139 158 153 158 164 155 155 115 148 160 172 1.73 99 95 98 94 94 105 112 113 105 100 105 92 108 '107 108 Leather .44 91 87 88 88 88 94 98 94 95 93 95 74 90 '90 Cattlehide leathers .29 92 92 96 94 95 101 104 101 102 99 101 79 96 '98 Skin leathers . . 1 9 5 0 89 75 72 75 73 80 86 80 82 80 83 63 77 r74 Miscellaneous leather products .39 100 90 97 98 94 91 100 103 92 89 96 97 104 104 106 Paper and Printing 8.93 125 125 133 131 125 127 132 137 137 137 138 128 135 141 147 Paper and allied products 3 46 132 134 146 140 129 140 148 152 154 153 156 139 155 157 167 1.76 130 132 140 139 127 140 147 150 148 151 154 135 151 150 158 ^Vood pulp . ... .51 142 148 158 160 142 158 166 170 169 171 175 156 173 169 179 Paper and board 1.25 125 125 133 131 120 132 139 142 140 143 145 126 141 143 150 Printing paper .22 119 118 122 121 112 123 127 133 127 128 130 112 127 130 132 .14 116 120 130 127 124 132 138 134 131 148 138 107 122 134 140 Coarse paper .20 118 119 124 124 112 124 132 134 130 129 130 117 126 128 137 .18 129 137 145 142 135 150 154 153 160 158 159 148 156 156 175 .41 134 130 138 137 122 136 145 149 147 151 158 133 155 153 160 Building paper and board .10 118 124 135 129 115 122 126 141 139 142 14? 133 151 145 142 1.70 134 136 152 140 131 141 149 153 159 154 158 144 159 165 176 .51 133 133 151 140 131 135 146 153 156 154 159 141 160 167 175 Sanitary paper products .11 138 145 153 141 128 156 156 152 166 152 154 153 152 156 179 Printing and publishing 5.47 121 120 125 125 123 119 122 128 127 127 127 121 123 131 135 Newsprint consumption 1,85 118 119 129 130 123 114 121 132 134 135 131 112 116 132 142 3.62 122 121 122 122 124 122 123 125 124 123 125 125 127 131 131 Chemical and Petroleum Products.. 9 34 142 142 147 149 149 152 155 157 156 156 157 152 '157 rl62 166 Chemicals and allied products .... 6 84 147 148 155 156 156 158 162 166 165 165 165 158 163 rl71 176 Industrial chemicals 2.54 154 153 160 165 166 169 177 184 182 182 185 176 182 190 192 Basic inorganic chemicals .57 149 157 161 171 170 175 181 184 180 185 179 159 166 179 188 Industrial organic chemicals 1.97 155 152 159 164 165 168 175 184 182 182 186 181 187 rl94 193 24 183 184 197 200 196 206 231 243 247 244 246 207 234 264 Synthetic rubber 11 186 136 143 147 151 180 193 202 202 211 208 211 217 222 227 Synthetic fibers .59 156 152 165 174 173 172 181 196 189 178 184 177 184 191 188 Miscellaneous organic chemicals. 1.03 144 146 148 151 154 155 157 160 161 166 171 174 175 176 174 ,64 116 118 138 140 130 127 128 117 108 109 105 99 103 122 156 Vegetable oils .48 112 113 139 140 126 125 123 111 99 98 93 87 90 115 157 Grease and tallow . .. .16 131 133 134 137 139 135 145 136 134 142 143 133 145 144 154 Soap and allied products .71 113 108 117 105 105 109 115 108 108 105 103 79 104 126 130 Paints .66 118 116 115 117 118 116 116 119 122 125 131 130 130 126 127 Fertilizers .23 124 122 113 108 112 116 124 177 176 154 109 91 90 115 118 pPreliminary. rRevised. 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. 1372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued Federal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1954 1955 pro- Industry portion 1953*1954P Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 2 50 130 125 126 129 129 132 134 133 132 131 136 134 138 136 PePtreotrloeluemum arnedfi nciongal products 1.97 135 133 132 136 140 142 144 139 136 135 140 141 143 141 P142 Gasoline 1.04 144 141 140 143 146 146 147 143 144 146 152 156 157 155 P156 Automotive gasoline .98 139 136 135 139 141 142 143 140 140 141 146 151 149 Aviation gasoline .06 227 221 214 214 232 216 209 205 212 226 246 247 252 247 Fuel oil .56 130 128 128 135 140 146 152 142 129 128 133 131 133 132 P130 Distillate fuel oil .30 155 158 164 172 177 184 196 181 163 161 173 167 17? 172 Residual fuel oil .26 101 93 87 92 97 101 101 97 91 91 88 89 89 87 Kerosene .... .. . .10 117 110 101 116 125 134 123 117 102 97 88 94 95 91 Lubricating oil .17 106 108 106 110 108 109 105 110 124 113 118 108 116 111 Coke .26 111 84 84 90 93 96 98 102 104 105 103 101 104 107 108 Asphalt roofing and siding .15 99 103 133 106 62 70 75 110 131 124 144 114 142 131 Foods, Beverages, and Tobacco 11.51 107 106 116 109 99 99 97 100 101 105 112 110 117 rl21 121 Food and beverage manufactures.. . 10 73 107 106 117 110 101 98 97 100 101 104 112 111 117 rl22 122 Fo M od e a m t a p n r u o f d a u c c tu ts res 8 1 . . 4 4 9 8 1 11 0 5 8 1 11 0 7 7 1 1 1 27 8 1 13 1 5 3 1 13 0 6 4 1 1 0 38 2 1 9 24 9 1 1 0 28 0 1 11 0 8 0 1 1 0 14 2 1 11 0 4 8 1 1 0 0 4 9 1 11 1 8 8 1 1 2 2 9 5 1 1 4 2 3 5 Beef .46 129 135 142 136 132 140 129 134 133 138 147 137 151 155 154 Pork .83 104 103 115 131 134 133 117 121 106 98 93 83 96 111 133 Dairy products .69 105 106 85 78 79 85 91 104 117 140 145 132 120 101 88 Butter .14 108 110 81 79 85 99 101 104 119 143 139 116 90 84 88 Natural cheese .07 112 116 87 87 91 95 102 113 133 164 165 130 113 102 90 Concentrated milk .19 93 94 66 65 70 76 86 100 116 143 138 107 94 82 75 Ice cream .28 106 104 95 81 74 78 84 100 107 122 139 153 151 118 93 Canned and frozen foods 1.13 121 112 141 99 87 77 72 74 81 87 110 142 198 160 Grain-mill products 1.16 106 107 110 103 101 103 102 101 102 104 110 110 106 108 111 Wheat flour .46 81 81 90 84 80 87 85 83 79 76 80 80 77 83 96 Cereals and feeds 70 122 124 123 117 115 114 113 113 116 122 129 130 125 120 Bakery products 1.64 100 97 99 98 98 94 95 95 94 97 100 100 98 99 99 Sugar .27 113 117 258 273 176 93 61 67 64 64 71 73 81 111 Cane sugar .11 113 106 105 90 87 100 106 110 101 102 108 121 128 129 Beet sugar .13 108 121 385 427 248 81 17 24 27 28 35 26 36 90 Confectionery . . .71 102 99 123 125 87 106 112 96 93 78 86 65 79 140 134 Miscellaneous food preparations. . . 1.41 104 105 108 105 101 100 101 101 103 106 110 113 111 109 108 Beverages 2.24 105 103 110 97 88 84 89 101 107 113 127 121 114 111 54 1.70 100 98 107 99 84 80 86 100 106 107 117 106 104 102 Beer and ale 1.02 103 99 84 79 83 85 84 101 113 120 126 122 118 97 Liquor distilling .17 60 68 121 92 67 61 67 66 68 58 58 40 46 83 Liquor bottling .37 107 102 142 139 90 76 93 109 104 96 120 99 r94 118 Tobacco manufactures .78 108 103 111 103 83 105 104 105 99 109 116 92 112 107 Cigarettes .46 111 106 111 102 86 111 106 108 102 115 121 99 117 109 .17 107 105 121 113 82 99 107 106 99 105 111 82 110 111 MINERALS—TOTAL 9 98 116 111 112 114 114 117 119 118 119 122 121 119 124 '126 126 Mineral Fuels 8 35 115 113 113 117 117 121 123 121 120 120 118 119 122 rl23 124 Coal 2 68 78 67 77 75 75 77 79 71 72 77 74 77 82 83 88 Anthracite .36 57 52 52 57 61 55 61 41 39 43 46 42 39 53 Bituminous coal 2.32 81 70 81 78 77 81 82 76 77 83 78 82 89 88 93 Crude oil and natural &as 5 67 133 134 130 136 138 142 144 145 143 139 139 139 141 142 Oil C a ru n d d e g o a i s l extr . a c . tion 4 4. . 1 8 2 2 1 1 2 2 9 4 1 12 2 2 8 1 1 2 1 4 8 1 12 3 2 0 1 1 3 2 2 3 1 13 3 0 8 1 1 4 3 0 1 1 13 3 2 9 1 13 3 2 8 1 1 3 2 3 8 1 13 2 2 7 1 1 3 27 2 1 1 2 3 8 3 1 12 3 9 5 P P l 1 3 2 6 9 Natural gas .34 167 172 167 184 199 202 207 194 183 170 173 Natural gas liquids .36 157 160 163 170 172 175 176 169 161 157 157 159 163 170 .85 154 167 160 171 171 163 168 175 174 175 177 178 187 180 Metal, Stone, and Earth Minerals... 1 63 119 106 no 102 99 97 99 104 114 132 138 120 132 138 Metal mining .82 113 90 92 79 76 79 85 86 101 131 141 104 r126 136 Iron ore . . .33 128 84 87 43 37 36 39 41 79 152 179 168 179 181 Nonferrous metal mining .49 104 94 95 103 102 108 117 117 115 117 116 62 P116 Copper mining 24 114 103 106 118 116 124 134 133 132 135 133 50 r96 135 .09 86 80 78 82 83 83 89 91 87 88 87 79 78 82 82 Zinc mining .06 87 75 71 74 73 80 83 85 83 86 84 81 79 80 Stone and earth minerals . .81 124 123 129 126 122 115 113 122 128 133 134 135 139 139 p Preliminary. 'Revised. For other footnotes see preceding page. 1373 DECEMBER 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 Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 127 116 112 119 125 131 135 139 144 145 147 153 152 154 152 Major Durables 69.72 138 125 117 128 137 145 151 156 163 164 164 173 172 172 170 Autos 32.10 146 131 104 127 149 160 172 179 190 189 180 195 194 194 196 Major household goods 36.13 132 122 131 130 129 133 135 138 142 143 153 156 155 157 149 Furniture and floor coverings. 15.32 113 101 106 103 105 107 107 109 110 113 117 117 121 123 122 H Fl o o u o s r e h co ol v d e r f i u n r g n s i 1 ture 1 4 1 . .3 0 1 1 118 106 111 111 110 110 113 114 115 118 122 121 125 127 127 Appliances and heaters 15.60 118 111 110 114 115 128 131 137 145 150 150 143 149 Major appliances 11.88 123 115 114 120 119 132 135 139 152 153 156 159 150 156 Ranges 2.60 90 79 79 77 82 79 96 97 101 105 122 119 98 98 95 Refrigeration appliances.. 4.98 137 124 110 122 117 137 140 152 166 169 178 173 160 172 Laundry appliances 2.51 141 148 170 174 181 190 181 172 199 188 163 193 206 205 Heating apparatus 3.72 100 97 97 95 100 115 120 131 121 125 132 121 119 126 Radio and television sets 5.21 230 214 270 259 242 225 226 222 226 222 269 290 294 279 259 Radio sets 3.42 67 52 62 70 70 73 68 71 65 68 66 76 70 72 95 Television sets 1.79 541 522 667 620 571 515 527 512 532 516 658 698 720 676 572 Other Consumer Durables 30.28 102 95 98 97 96 98 99 100 100 103 106 106 107 111 112 Auto parts and tires 14.00 01 01 96 93 94 '96 »"95 r97 '100 107 106 Misc. home and personal goods 16.28 111 99 100 101 '98 '98 '101 •103 '103 -105 r112 115 117 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL..100.00 127 116 109 129 132 142 151 155 156 147 144 137 139 136 146 Major Durables 69.72 138 125 111 142 149 163 174 179 180 167 160 152 152 145 159 Autos 32.10 146 131 70 144 174 195 210 215 223 205 184 195 166 130 153 Major household goods 36.13 132 122 149 142 130 137 146 151 145 136 141 115 141 159 166 Furniture and floor coverings. 15.32 113 101 111 108 109 108 111 114 111 109 113 105 117 124 127 Household furniture 11.31 118 106 116 115 115 110 115 116 113 114 118 114 124 129 132 Floor coverings1 4.01 Appliances and heaters 15.60 118 111 124 116 108 124 138 151 150 145 152 116 127 151 Major appliances 11.88 123 115 121 118 116 134 149 163 162 156 160 120 122 149 R R e a f n r g ig e e s. r a .. t # ion appliances.. 2 4 . . 6 9 0 8 1 9 3 0 7 12 7 4 9 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 18 1 0 0 1 18 0 7 6 1 1 8 0 3 0 1 1 1 9 7 1 14 7 4 6 1 9 1 1 6 1 1 4 0 3 7 105 Laundry appliances 2.51 141 148 199 192 177 177 207 201 193 181 168 131 181 219 Heating apparatus 3.72 100 97 133 107 84 93 102 114 113 113 128 103 142 159 Radio and television sets 5.21 230 214 338 324 258 260 272 260 228 189 192 143 254 289 315 Radio sets 3.42 67 52 64 71 67 73 74 80 74 75 65 49 62 68 99 Television sets 1.79 541 522 860 806 623 618 648 604 521 408 434 321 619 710 726 Other Consumer Durables 30.28 102 95 104 100 94 95 97 99 99 102 106 103 110 115 118 A M u is to c. p h a o r m ts e a a n n d d t i p r e e r s sonal goods 1 1 4 6 . . 0 2 0 8 1 0 1 1 1 9 9 1 9 1 1 0 0 1 6 1 9 0 3 5 r 8 g 9 g r ' 9 9 4 6 102 1 •• 0 9 5 2 1 ' 0 9 3 5 1 10 0 3 0 1 1 0 0 5 6 1 1 0 0 2 3 1 11 0 2 7 113 1 1 1 2 2 3 'Revised. 1 Publication suspended pending revision of data for the period 1952 to date. N —idiMiial indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may be obtaOiTnEed fnromv the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics. In thousands of persons] 1954 1955 Industry group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. SEASONALLY ADJUSTED Total 12,572 12,580 12,586 12,673 12,798 12,934 13,081 13,200 13,119 , 1?7 160 13,?67 13,456 Durable £oods 7,159 7,177 7,191 7,269 7,350 7,443 7,549 7,634 7,609 7,592 r7 614 7,698 7,842 Ordnance and accessories . ,. 98 97 96 94 94 91 90 89 89 88 '87 84 82 Lumber and wood products .- 675 674 668 669 654 658 680 709 706 703 r701 702 693 Furniture and fixtures 794 7.91 289 7.90 295 298 306 309 310 '•318 317 315 Stone, clay, and glass products.. 436 435 434 438 442 448 456 464 467 470 477 476 P F r a i b m ri a c r a y t e m d e m ta e l t a in l d p u r s o t d ri u e c s ts 9 8 8 4 8 0 9 8 9 3 7 5 1,0 8 0 2 8 6 1,0 8 2 3 7 6 1,0 8 5 5 2 1 1,0 8 7 6 6 4 1,1 8 0 8 2 1 1,1 8 1 9 5 3 1,1 8 0 9 9 0 1,1 8 1 8 8 6 M 894 1 t 8 1 9 3 9 8 1 9 1 1 4 0 6 Machinery except electrical 1,103 1,095 1,093 1,108 1,127 1,147 1,162 1,170 1,172 1,185 r\ 178 1,220 1,233 Electrical machinery 799 793 792 795 795 804 817 824 831 8,3 S 87S 863 Transportation equipment 1,334 1,375 1,400 1,426 1,447 1,462 1,456 1,447 1,420 1,379 1 357 1,370 1,507 Instruments and related prod- 718 717 212 221 77,3 226 Misc. manufacturing industries.. 375 369 369 371 375 378 387 393 392 388 390 390 391 Nondurable goods....... 5,413 5,403 5,395 5,404 5,448 5,491 5,532 5,566 5,510 ,535 546 5,569 5,614 Food and kindred products 1,097 1,094 1,085 1,078 1,091 1,113 1,116 1,119 1,090 n,089 pl 082 1,087 1,094 Tobacco manufactures 96 93 90 93 92 90 91 94 91 95 95 95 91 Textile-mill products 973 968 967 970 975 983 970 979 978 i,001 rQQQ 991 998 Apparel and other finished textiles 1,060 1,057 1,058 1,064 1,072 1,073 1,096 1,108 1,073 1,079 M 088 1 ,106 1,132 440 435 435 435 437 441 446 453 457 461 464 465 462 Printing, publishing and allied industries 513 511 512 515 516 519 519 521 523 525 ••530 531 534 Chemicals and allied products... 528 531 534 532 540 546 556 553 553 551 ••550 551 552 Products of petroleum and coal. 173 173 171 172 174 175 176 175 175 173 171 172 171 Rubber products 199 204 207 208 212 212 217 220 223 219 223 7,7,4 228 Leather and leather products. .. 334 337 336 337 339 339 345 344 347 342 344 347 352 For footnote see following page. 1374 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT Total , 12,657 12,645 12,523 12,649 12,778 12,816 12,882 13,086 12,951 13,262 13,373 13,442 13,535 Durable goods 7,198 7,218 7,182 7,282 7,375 7,457 7,530 7,630 7,499 7,553 7,623 7,726 7,885 Ordnance and accessories 98 97 96 94 94 91 90 89 89 '87 84 82 Lumber and wood products 685 661 631 639 634 651 683 727 720 731 '726 716 703 Furniture and fixtures 301 297 293 296 298 297 298 300 298 313 '320 323 323 Stone, clay, and glass products.. 438 437 430 434 442 450 456 466 460 472 r479 479 478 Primary metal products 988 1,002 1,013 1,032 1,057 1,076 1,096 1,115 1,098 1,112 1,134 1,138 1,146 Fabricated metal products 844 843 834 844 860 868 877 884 863 877 894 903 915 Machinery except electrical 1,092 1,106 1,109 1,125 1,144 1,164 1,174 1,182 1,160 1,155 1,149 1,196 1,221 Electrical machinery 811 809 800 803 803 804 809 816 802 818 '855 884 876 Transportation equipment 1,334 1,375 1,400 1,426 1,447 1,462 1,456 1,447 1,420 1,379 1,357 1,370 1,507 Instruments and related products 218 218 217 216 219 218 211 220 219 220 ••223 227 227 Misc. manufacturing industries. 390 373 360 371 377 376 379 385 372 388 400 406 407 Nondurable goods 5,459 5,427 5,341 5,367 5,403 5,359 5,352 5,456 5,452 5,709 '5,750 5,716 5,650 Food and kindred products 1,111 1,062 1,007 985 991 1,011 1,035 1,089 1,150 1,250 1,245 1,188 1,107 Tobacco manufactures 103 100 91 89 83 80 80 82 79 105 114 113 97 Textile-mill products 983 983 977 985 985 983 965 974 954 986 '989 991 998 Apparel and other finished textiles 1,060 1,073 1,069 1,101 1,110 1,057 1,041 1,058 1,025 1,101 1,115 1,123 1,132 Paper and allied products 444 442 437 437 439 441 444 451 448 459 462 465 467 Printing, publishing and allied products 518 519 512 512 516 516 516 521 518 520 '530 536 539 Chemical and allied products. . . 533 534 534 535 548 551 550 545 542 543 '553 557 558 Products of petroleum and coal. 173 172 169 170 172 173 175 176 177 176 174 172 171 Rubber products 202 207 209 209 212 211 216 219 216 217 223 226 231 Leather and leather products. . . 332 335 336 345 347 337 331 342 342 351 346 345 350 '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 November 1955 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiledby Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1954 1955 1954 1955 1954 1955 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Total '. 73.57 77.71 78.50 79.52 40.2 40.9 41.1 41.2 1.83 1.90 1.91 1.93 Durable goods 79.15 '84.46 85.07 86.10 40.8 41.4 41.7 42.0 1.94 '2.04 2.04 2.05 Ordnance and accessories 81.81 '85.28 85.28 86.94 40.7 '41.0 41.0 41.6 2.01 2.08 2.08 2.09 Lumber and wood products 68.64 '70.93 71.21 69.80 41.1 '41.0 41.4 41.3 1.67 1.73 1.72 1.69 Furniture and fixtures 64.62 '69.37 70.13 70.29 40.9 42.3 42.5 42.6 1 -8 1.64 1.65 1.65 Stone, clay, and glass products 74.57 '79.19 78.77 78.81 41.2 41.9 41.9 41.7 1.81 1.89 1.88 1.89 Primary metal industries 84.53 '97.39 96.10 97.21 39.5 '41.8 41.6 41 .9 2.14 2.33 2.31 2.32 Fabricated metal products 79.52 '84.02 85.24 84.85 41.2 '41.8 42.2 41.8 1.93 n. oi 2.02 2.03 Machinery except electrical 82.01 '88.83 90.10 91.59 40.4 '42.1 42.3 42.6 2.03 2.13 2.15 Electrical machinery 74.89 76.17 78.47 78.66 40.7 40.3 41.3 41.4 1.84 2.11 1.90 1.90 Transportation equipment 91.12 '93.11 93.71 97.75 41.8 '41.2 41.1 42.5 2.18 1.89 2.28 2.30 Instruments and related products 74.56 79.52 80.51 78.94 40.3 41.2 41.5 40.9 1.85 2.26 1.94 1.93 Miscellaneous manufacturing industries 65.21 68.30 69.38 68.88 40.5 40.9 41.3 41.0 1.61 1 1. . 6 9 7 3 1.68 1.68 Nondurable goods 65.97 '68.97 69.32 69.77 39.5 '40.1 40.3 40.1 1.67 1.72 1.72 1.74 Food and kindred products 70.04 '72.98 73.63 74.80 41.2 '41.7 41.6 41.1 1.70 1.75 1.77 1.82 Tobacco manufactures 47.60 '50.50 51.25 51.17 36.9 '40.4 41.0 37.9 1.29 1.25 1.25 1.35 Textile-mill products 54.53 56.70 57.39 58.65 39.8 40.5 41.3 1.37 1.40 1.41 1.42 Apparel and other finished products... . 48.37 '50.05 50.59 50.05 36.1 36.8 36.8 1.34 1.36 1.36 1.36 Paper and allied products 76.18 81.10 81.35 82.34 42.8 43.6 43.5 43.8 1.78 1.86 1.87 1.88 Printing, publishing and allied products 88.55 '93.14 92.90 92.04 38.5 '39.3 39.2 39.0 2.30 2.37 2.37 2.36 Chemicals and allied products 79.71 84.25 83.21 84.66 41.3 41.5 41.4 41.5 1.93 2.03 2.01 2.04 Products of petroleum and coal 93.66 100.36 98.88 99.29 40.9 '41.3 41.2 41.2 2.29 '2.43 2.40 2.41 Rubber products 83.02 '86.74 89.25 91.37 41.1 '41.5 42.1 42.3 2.02 '2.09 2.12 2.16 Leather and leather products 51.43 52.45 53.39 54.29 37.0 37.2 37.6 37.7 1.39 1.41 1.42 1.44 'Revised. NOTE.—Data are for production and related workers. Figures for November 1955 are preliminary. Back data are available from the Bureau of Labor Statistics. DECEMBER 1955 1375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1948 44,448 15,321 982 2,169 4,141 9,519 1,741 4,925 5,650 1949 . 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 . 48,285 15,989 770 2,527 4,008 10,498 2,114 5,629 6,751 SEASONALLY ADJUSTED 1954—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 »-49,735 '16,661 747 2,543 4,106 10,797 2,208 5,732 6,941 September '•49,857 16,691 754 r2,568 r4,135 ••10,824 »"2,223 5,705 6,957 October 49,969 16,805 750 2,530 4,132 10,798 2,223 5,729 7,002 November 50,149 16,995 749 2,493 4,131 10,826 2,220 5,722 7,013 WITHOUT SEASONAL ADJUSTMENT 1954—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 J955—January. 47,741 15,925 741 2,237 3,927 10,419 2,124 5,533 6,835 February 47,753 16,060 737 2,169 3,937 10,309 2,132 5,536 6,873 March 48,212 16,201 739 2,255 3,966 10,408 2,150 5,571 6,922 April ... 48,643 16,255 739 2,399 3,939 10,549 2,161 5,674 6,927 May 48,918 16,334 742 2,526 3,997 10,534 2,171 5,733 6,881 June.. . 49,508 16,577 760 2,615 4,081 10,643 2,206 5,775 6,851 July 49.420 16,475 749 2,701 4;113 10,633 2,237 5,816 6,696 August 49,858 16,807 754 2,746 4,137 10,638 2,241 5,818 6,717 September r5O,322 r16,915 758 r2,748 r4,152 10,824 r2,223 5,791 6,911 October. 50,461 16,985 750 2,682 4,143 10,906 2,212 5,729 7,054 November 50,608 17,084 753 2,568 4,142 11,082 2,209 5,693 7,077 •"Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the onth. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. Figures for November 1955 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in p T s o o t p t i a t u u l l t a i n t o i o o n n n a - l T l f a o o b r t c o a e r l Total Employed1 Unem- l N ab o o t r i n f o t r h c e e Total In nonagricul- In ployed tural industries agriculture 1948 108 482 62,748 61,442 59,378 51,405 7,973 2 064 45,733 1949 109,623 63.571 62,105 58,710 50,684 8.026 3,395 46,051 1950 110,780 64,599 63.099 59,957 52,450 7,507 3.142 46,181 1951 111.924 65,832 62.884 61,005 53,951 7,054 1.879 46,092 1952 ... 113 119 66,410 62,966 61,293 54,488 6,805 1 ,673 46,710 1953 115.095 67,362 63.815 62,213 55,651 6,562 1,602 47,732 19542 116.220 67,818 64.468 61.238 54,734 6,504 3.230 48,402 1954—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—January 116.855 66,700 63,497 60,150 54,853 5,297 3,347 50,156 February 116.901 66,550 63.321 59,938 54.854 5,084 3,383 50,352 March 117,051 66.840 63.654 60.477 54,785 5,692 3,176 50,212 April 117.130 67.784 64,647 61,685 55,470 6,215 2.962 49,346 T^ay 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 November 117,864 70,164 67,206 64,807 57,887 6,920 2,398 47,701 1 Includes self-employed, unpaid family, and domestic service workers. 2Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month through June 1955. Beginning July 1955, data relate to the calendar week that contains the fifteenth day of the month. Back data may be obtained from the Bureau of the Census. 1376 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 Business Other Year or month Total Total d R en e t s i i a - l Indus- Com- Public n d re o e s n n i - - - Total M ta i r l y i- H w ig ay h- C va o t n i s o e n r- o A th l e l r Total trial mercial utility tial 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1 .287 346 155 786 413 10,660 5,016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 S95 240 1,039 1947 16,689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16.853 8,580 5.693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16.384 8.267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21.454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 31,182 21.764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5,160 1952 33,008 22,107 11.100 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 854 5,839 1953 35,271 23.877 11.930 8.436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 830 6,097 1954 37,577 25.768 13.496 8,583 2,030 2,212 4,341 3,689 11,809 1,030 3,750 704 6,325 1954—November 3,254 2,269 1,229 724 173 186 365 316 985 90 320 53 522 December 3,429 2.350 1.307 730 180 184 366 313 1,079 97 393 55 534 1955—January 3,418 2,398 1,337 748 181 199 368 313 1,020 93 340 55 532 February 3,451 2,437 1,346 777 183 223 371 314 1,014 101 338 51 524 March 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 3,576 553 1,418 813 191 248 374 322 1,023 110 350 55 508 June 3,564 546 1,419 816 197 245 374 311 1,018 117 338 53 510 July 3,541 556 1,416 827 202 252 373 313 985 112 336 50 487 August 3,524 551 1,390 854 205 276 373 307 973 109 332 48 484 September? 3,536 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 November? 3,468 2,470 1,297 861 217 274 370 312 998 122 344 44 488 pPreliminary. 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 or a i c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p ti u l b it l i i e c s 1948 9,430 3,107 6,323 3,608 840 975 725 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 L ,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 95R 4,142 1954—November. 1 499 475 1 .024 709 82 129 140 141 299 December 1,829 617 1,212 762 104 194 204 200 366 1,504 480 1,024 690 85 166 131 184 249 February 1,581 472 1,109 744 113 133 135 153 303 March 2,135 677 1,458 990 176 194 201 189 386 April 2,322 676 1,646 1,070 142 174 195 195 546 May 2,185 675 L.510 1,011 171 183 201 171 448 J une 2,255 757 1,498 951 163 228 181 270 461 July 2,272 761 511 959 146 288 231 227 420 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 1,312 783 186 185 163 159 388 November 1,797 726 178 200 143 142 408 CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas 1954—August 1,573 109 199 106 193 133 175 306 85 76 90 102 September 1,816 107 263 122 220 151 173 311 124 66 111 166 October 1,965 122 288 120 207 226 214 360 127 56 101 145 1955—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 October 1,863 114 298 123 221 210 219 310 106 52 86 124 DECEMBER 1955 1377 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—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 0) 46 20 26 February 90 n.a. n.a. 88 79 3 6 2 45 17 28 March . . 114 n.a. n.a. 113 100 4 9 1 54 24 30 April 132 n.a. n.a. 131 120 3 8 2 61 26 35 May... 138 n.a. n.a. 135 122 3 10 3 66 28 38 June 135 n.a. n.a» 131 121 3 8 3 72 32 40 July 123 n.a. n.a. 122 113 3 6 1 63 26 37 August . 125 n.a. n.a. 122 112 3 8 2 68 27 41 September... P113 n.a. n.a. P112 n.a. n.a. n.a. Pi »-58 25 r33 October P107 n.a. n.a. P107 n.a. n.a. n.a. 0) 54 19 P35 November P90 n.a. n.a. P89 n.a. n.a. n.a. Pi P46 P18 P28 ^Preliminary. r Revised, n.a. Not available. 1Less than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adjusted ]Monthly—without seasonal adjustment Annual Class 1954 1955 1954 1955 1953 1954 Oct. May June July Aug. Sept. Oct. Oct. May June July Aug. Sept. Oct. Total.... 127 114 115 128 125 125 126 127 129 124 130 130 131 131 138 139 Coal.. . 103 92 105 105 99 104 109 115 115 105 105 99 104 109 115 115 Coke 171 105 111 149 151 156 166 169 169 109 147 148 151 160 167 166 Grain 135 141 150 155 152 164 141 138 162 150 133 155 197 152 154 162 Livestock 63 62 72 57 50 50 51 60 67 111 52 41 41 49 80 103 Forest products 143 132 141 139 147 145 148 143 141 149 145 153 146 156 155 149 Ore 215 144 109 177 191 190 202 213 202 170 271 296 305 303 320 283 Miscellaneous 143 129 125 144 140 139 140 139 141 136 146 144 140 142 151 154 Merchandise, 1. c. 1 43 40 40 40 42 43 40 39 40 41 40 42 42 41 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 i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports-4 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 L ,183 •1,237 927 998 L ,143 856 809 850 1,390 1,126 1,343 1,052 923 ,251 1,004 '865 1,019 April . . 1,394 1,426 1,261 1,054 1,258 1,167 1,013 957 871 May 1,453 L.401 1,322 1,085 1,137 r.L.190 902 829 959 1,385 1,474 1,318 1,013 1,115 L,190 933 947 r936 July . . .. 1,363 L290 1,268 965 1,023 .140 908 822 885 August 1,187 .156 1,234 911 955 1,106 840 825 959 September 1,256 1,115 1,253 1,052 962 1,154 926 780 P945 October . ... . . .. 1,253 1,265 Pl.395 1,019 1,162 P1,275 813 763 el,034 November 1,247 1.250 1,031 1,165 849 840 December 1,353 1,318 1,138 1,221 907 942 January-October . . 13,174 12,528 P12,799 10,094 10,456 PI1,699 9,117 8,430 "9,329 ••Revised. ^Preliminary. "Estimated. 1 Exports of domestic and foreign merchandise. 2Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 3General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 1378 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 - l A an t t - a c C a h g i- o SALES1 1948 104 102 103 104 105 103 103 104 1949 98 99 98 100 98 100 101 97 1950 105 103 101 106 105 105 109 104 1951 109 105 105 109 110 113 115 108 1952 110 104 101 109 110 118 124 106 1953 112 105 102 111 113 121 126 111 1954 111 107 104 108 105 121 129 109 SEASONALLY ADJUSTED 1954—October rli3 109 '•103 109 106 '123 136 108 November 113 110 106 111 107 124 133 109 December 116 110 106 113 110 128 135 112 1955— Tanuarv 119 114 108 113 111 133 137 116 February J 112 109 101 108 108 122 134 109 March 115 107 105 111 107 129 133 114 April 119 108 102 115 116 126 142 119 !May , 117 111 103 115 113 128 137 117 June 114 107 104 114 108 123 136 114 July 124 114 108 121 124 136 152 122 August 118 107 106 114 114 134 143 115 September 121 '112 108 120 »"116 134 140 118 October P122 114 108 120 121 P132 P148 120 WITHOUT SEASONAL ADJUSTMENT 1954—October 118 110 '•110 rH4 111 130 141 114 November 137 133 134 146 133 153 154 133 December 201 200 186 197 191 231 234 1955—January 91 90 85 85 87 91 106 February 88 82 82 83 83 91 107 March 100 90 93 101 93 111 129 April 114 108 99 109 112 125 141 M!ay 116 111 101 114 110 129 134 June 110 107 100 107 104 118 121 July- 98 82 77 90 96 107 122 August 105 86 82 92 104 112 129 September 123 120 111 124 ••116 138 136 October P128 115 116 125 125 P140 i»154 STOCKS i 1948 107 105 105 107 107 105 108 1949 99 100 97 99 100 101 102 1950 109 109 105 108 106 113 120 1951 128 124 124 127 128 133 140 1952 118 111 113 113 111 130 136 1953 126 116 116 119 118 143 146 1954 122 117 114 116 114 139 141 SEASONALLY ADJUSTED 1954—October 122 116 ••116 115 114 ••144 142 November 123 118 114 117 114 141 143 December 124 119 114 121 117 144 144 1955^-"January 123 118 113 118 114 140 146 February 123 118 113 117 114 142 147 March 124 119 113 118 113 144 150 April 124 121 113 116 113 144 149 123 120 111 119 113 139 148 June 127 124 115 124 116 143 151 July 127 121 116 125 118 145 148 August 129 122 117 122 118 145 154 September 129 124 116 126 118 150 156 October P129 123 117 125 119 152 P156 WITHOUT SEASONAL ADJUSTMENT 1954—October 137 131 130 132 128 n59 155 November 138 138 131 134 129 152 162 December 110 111 104 107 104 120 127 1955—Tanuarv 110 107 101 103 101 125 134 February ... 117 111 106 112 109 132 145 March 127 122 116 122 117 149 156 April 129 125 119 124 119 153 155 ]Vtay 127 123 115 124 117 146 150 June 121 115 108 116 110 139 142 July- 119 109 105 112 109 142 139 August . 126 118 114 117 114 148 150 September 135 127 123 132 123 155 163 October P145 139 131 144 133 168 P170 oo oooc 00 00 Tf Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - 104 104 103 105 104 98 98 99 102 98 104 105 108 113 105 107 104 111 117 109 110 104 113 124 114 112 104 112 125 115 112 105 115 127 113 112 106 119 131 116 114 104 116 131 115 117 111 120 136 118 123 112 124 140 125 114 103 114 129 118 116 108 120 134 118 122 107 126 142 120 120 107 120 134 118 108 103 118 132 118 132 111 136 145 123 120 107 124 139 122 119 112 127 131 126 P122 109 125 138 126 123 122 125 138 116 137 120 133 149 134 194 180 205 228 209 92 80 94 110 97 89 81 89 103 93 98 101 88 104 120 97 114 118 108 123 136 112 116 120 108 119 133 116 112 106 95 113 120 113 96 102 89 111 123 107 103 109 102 117 129 118 123 122 119 127 131 123 126 P135 126 132 147 126 108 107 110 108 110 107 97 100 99 100 101 100 108 106 104 111 112 110 125 .125 116 130 132 131 112 114 107 121 126 126 122 124 115 133 138 134 120 116 115 126 132 125 117 113 118 128 134 127 119 114 119 128 133 128 120 118 119 130 139 128 118 121 116 129 134 131 118 120 116 129 136 127 119 117 116 131 139 129 120 120 113 131 137 128 122 121 117 132 137 126 124 126 123 136 143 130 121 126 119 134 143 131 123 126 123 136 145 138 121 123 122 135 146 137 120 129 125 141 147 P134 '134 127 128 138 148 144 138 129 133 142 147 141 108 106 107 117 126 108 106 105 107 116 119 116 112 114 111 125 132 118 121 124 119 135 144 129 123 126 118 136 144 133 123 121 118 135 139 136 116 116 116 131 133 131 114 116 115 129 136 130 120 126 120 134 144 133 127 133 128 140 155 142 137 145 136 152 162 P153 pPreliminary. rRevised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. DECEMBER 1955 1379 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 sales 3 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 c n n f k t d h s ) i o m ( s e r O t o n i d a n u n d n e g t t r d - h o s - 1 ) f m c ( e o t R f i o o p n e t r t t - a s h l 2 ) o m ( r N o t d f o o n e 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 n l u n u c e g t d s k - rs - s ce R i e p - ts 345 767 964 373 354 2.3 3 0 5 3 1 1 365 887 588 366 364 2.5 1.7 4 3 0 1948 average 381 979 494 386 363 2.7 1.4 4.1 0 1949 average 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 average 376 1,012 495 391 401 2.8 1.4 4 2 L 1 1951 average 391 1,202 460 390 379 3.2 1.3 4 4 0 1952 average. 397 1,097 435 397 401 2 9 1 2 4.1 1.0 1953 average . . 406 1,163 421 408 401 3.0 1 1 4 1 0 1954 average 407 1,136 387 407 409 3.0 1.0 4.0 1.0 1954—October '•1,275 r t79 '524 ••515 2 9 1 l 4 0 I 2 November 509 1 .318 406 559 488 2 6 0 8 3 4 I l December 766 1,056 301 504 399 1 4 0 4 1 8 () 7 1955—January 336 1,042 385 322 406 3.1 1.1 4 2 0 February 307 1,105 414 370 399 3.6 1 3 4 9 L 2 March 302 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 I i May 404 1,189 307 377 376 2 9 0.8 3 7 c) 9 June 390 1.122 449 323 465 2.9 1.2 4.0 () 8 July 324 1,090 554 292 397 3 4 1 7 5 1 ) 9 August . 382 1,157 550 449 445 3 0 1 .4 4 5 2 September 426 1 .244 576 513 539 2.9 1.4 4.3 ? October** 473 1,350 580 579 583 2.9 1.2 4.1 L.2 J» Preliminary. r 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. 3 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1947-49 = 100) Without seasonal adjustment 1952 1953 1954 1955 1952 1953 1954 1955 Jan. 5.... 78 Jan. 3 81 Jan. 2 81 Jan. 1 . 80July 5 79July 4 79 July 3.. . . 93July 2 . 98 12 92 10 89 9 94 8 .106 12 83 11 92 10. . .. 77 9 87 19 90 17 92 16.... 85 15 . 99 19 82 18 84 17. . .. 88 16 97 26.... 83 24 86 23. .. 86 22 . 95 26 79 25.... 83 24 84 23 94 31 87 30. . . 85 29 . 87 31. .. . 87 30 98 Feb. 2. ... 84 Feb. 7 88 Feb. 6 86 Feb. 5 . 86Aug. 2. ... 87 Aug. 1. . 86 Aug. 7 92 Aug. 6 97 9. ... 87 14 92 13 91 12 . 92 9. ... 90 8 92 14. . .. 97 13 .100 16 89 21 85 20 86 19 . 90 16 95 15 95 21... . 100 20 .106 23 83 28 93 27.... 90 26 . 93 23 100 22.... 100 28. .. . 102 27 .111 30 110 29 101 Mar. 1 85 Mar. 7 96 Mar. 6 85 Mar. 5 ..98 Sept. 6. . . 100 Sept. 5 101 Sept. 4. .. . 113Sept. 3 .125 8 88 14 100 13 92 12 .102 13 114 12 102 11. .. . 97 10 .108 15 90 21. . . 109 20 95 19 .108 20 113 19 120 18. .. . 120 17 .125 22... 94 28 112 27 100 26 .103 27 112 26 114 25. .. . 118 24 .121 29 101 Apr. 5 109 Apr. 4 118Apr. 3 103 Apr. 2 .114 Oct. 4 116 Oct. 3 112 Oct. 2. . .. 110Oct. 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 .134 Nov. 1 115 Nov. 7 121 Nov. 6. . ...127 Nov. 5. .-. ..128 10 117 9 128 8 123 14. . . ..108 8 118 14 133 13. .. . .13t 12.... .141 17 99 16 105 15 97 21. .. .115 15 130 21 131 20. . ...134 19 .142 24 105 23 112 22 106 28 .114 22 134 28 133 27... ..133 26 .146 31 97 30 97 29 104 29 138 June 7 111 June 6 118 June 5 97 June 4 .102 Dec. 6.... 195 Dec. 5 190 Dec. 4... . .192Dec. 3 .197 14 116 13 112 12 111 11 .114 13 223 12 216 11. . .. .224 10 21 98 20 111 19. . . . 115 18 .117 20 237 19 234 18.. ...240 17 28 91 27.... 94 26 97 25 .103 27.... 146 26 163 25... ..190 24 31 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 1380 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) Federal Reserve Oct.. Sept. 10 Federal Reserve Oct. Sept. 10 Federal Reserve Oct. Sept. 10 Federal Reserve Oct. Sept. 10 are d a i , s o tr r i c c t i , ty 1955 1955 1955 are d a i , s t o r r i c c t i , ty 1955 1955 m 19 o 5 s 5 . are d a i , s t o r r i c c t, ity 1955 1955 m 19 o 5 s 5 . are d a i , s t o r r i c c t, ity 1955 1955 United States.. p+8 +9 +7 llexe.-cont. Chicago -cont. Kan. City-cont. Met. Areas-cont. Met. Areas1-cont. Met. Areas-cont. Wheeling- Joliet2 + 14 + 11 +16 Wichita -3 +5 + 14 Boston +5 r+4 +4 Steubenville2. +9 + 13 + 7 Gary + 1.7 + 15 + 12 St. Joseph + 1 +27 +7 Decatur2 .... +9 +5 +4 Omaha +3 +3 +2 Met. Areas* City Peoria2 +8 +5 +9 Albuquerque. . . +10 +11 + 12 Portland +4 +3 +5 Portsmouth2. . + 1 +3 +3 Rockf ord + 13 + 10 +6 Oklahoma City +8 +9 +12 Boston , +5 •« +3 Fort Wayne2. +3 +8 +7 Tulsa + 11 +2 +3 Downtown Richmond.... P+8 +12 +9 Indianapolis2.. +9 +7| +6 Boston2 +3 -5 0 Muncie + 11 + 16 + 11 Cities Suburban Met. Areas1 South Bend2. + 7 +5| +8 Greeley +6 + 10 +8 Lo B w Q C o e u s a ll t i m o n n c b y ridge.. + + + + 1 3 9 7 0 + + + + 1 1 9 7 2 3 + + + + 1 6 8 5 1 W B D a a W o l s t w h i a m i s n n h t o g o r t w e o 2 n n .. 2 . . . ? P * > > + + + 3 8 4 + + + 1 9 7 4 + + + 8 4 5 T C D D e e e u r d s r b a e M u r q H R o u i a a n e u p e . t i s . d e . 2 . s . .. + + + + 1 6 4 1 1 + + + 1 5 3 2 0 + + + + 4 6 5 3 J K H E o n a u p i n t l d c i s n h as in C so i n ty. . . - + 14 3 0 y - + + + 12 8 4 5 - + + + 13 5 4 1 New Bedford.. . -4 -1 -1 Asheville2 -3 +3 +6 Sioux City. . . Worcester2 +7 +5 +5 Raleigh2. + 14 + 14 + 11 Waterloo +6 +8 +7 Winston-Salem 2 +6 + 13 + 7 Detroit2 + 13 + 16 + 12 Dallas . +6 +7 + 10 Cities Charleston, Flint2.... + 14 + 17 + 13 Springfield. +4 +9 +3 S. C.2 0 +43 +31 Grand Rapids2 +7 +6 +3 Providence2.... -5 + 14 +5 Columbia2 . . . + 17 +39 + 11 Jackson2... + 10 +7 +8 Met. Areas Greenville2.... +4. + 12 + 11 Kalamazoo.. + 1 +5 +4 Shreveport . . . +7 +2 +7 New York +6 +3 +3 N P o o rf r o ts lk m - outh2 +8 + 17 +9 L Sa a g n i s n i a n w g2 + + 2 1 0 1 + + 3 11 1 + + 2 8 0 C D o a r l p la u s s 2 Christi. (3 + ) 7 + -2 9 4 + + 1 9 1 M A e l n b t. e a n c A t y r a - e d S a y c s - h 1 T e r - oy +8 +5 +2 R C R h i o c a a h r n l m e o s o k t n o e d n 2 2 . , ... . . . + + 1 1 1 + +8 7 + + 4 9 G M M r a i e l d e w i n s a o u B n k a e y e2 . + + -1 8 8 + + + 1 5 5 5 + + 9 1 F E H o l o r u P t s a W t s o o n o 2 rth. . . + + + 8 7 6 + + + 9 7 7 + + + 9 9 7 B B N A N S B u i e n c f u w l i f b g a h f a a g f h e l a n o a a Y n l y r m o e a o 2 c t r F o t k a n a - d N l y l . s . E . . . . , + + + + + + 1 4 1 5 5 4 2 + + + + + 8 7 5 4 1 j + + + + + -3 3 2 2 2 6 C S C L i W H p t y u i a n e m a . r s g c t V b e h a e r n b a r s . u b l t 2 a o r u n g w r d 2 g n - .. + + + 1 5 8 6 ' + + + + 1 9 7 7 1 + + + + 4 4 8 7 C A D M B P i o p a a t u i r n t p e s t t v l s k l e e H i e t l g o l u C e o n r r n o e n e . k . . . . . + + + + - 3 1 1 4 4 8 7 0 + + + + 3 1 1 8 5 0 1 i 1 + + + + - 3 1 1 1 8 1 5 0 S S W a a n a n c F o A r n an to c n is io co ... P + + +9 6 9 + + + 1 1 2 0 8 + + + 1 8 8 3 C P S U P R B i h N N U y t o o r t i i r i . i u e c e t l d N a c i a s h g w c Y c g a d e e h a u e a - . w s e k s p r R t C l e k e e o p J o 2 e 2 r i r e h 2 m p t t r 2 y i s s a e 2 i e . e . . y . . . . . . . . . + + + + + + + + - — 1 1 1 9 8 0 7 9 4 1 1 1 + + + + + + + + - 1 1 1 1 4 2 1 3 7 5 1 3 i + + + + + + + + -1 3 6 4 5 5 8 7 1 0 M A O N F M H P M B J t M e a a a e i r u l o o t c i r r l a w . n r o m n b k a k n m t A p r t i n e s i g i l g t o o n r o r d e n a o a s e r n g . n o g n m t b a v t t . h t - u o s . N i o e . a 1 l r n r w l m e g y 2 e w n . 2 2 . . . . s . . P P P + + + + ( - + + + 3 + 2 3 2 1 1 9 ) 8 3 7 5 7 6 0 . + + + + + + + + + + 1 1 1 1 1 1 1 1 8 9 1 5 0 1 6 4 0 8 4 + + + + + + + + + + 1 1 1 1 9 7 6 1 9 9 7 4 7 1 M S F L S S L S E M t e p h o . t o i v . t t e r e r u a t . L i t m b L l i n n e A s o o g s o S p v r y v u R f u i h e m i g i l i e a o i i l l a s e i l s l s s c n e d t . 2 2 2 . h k . 2 . . . . . 2 . . . . . . . . . , + + + + + + - 1 2 1 3 4 2 3 1 4 1 + + + + + + + 3 1 1 1 1 5 3 6 1 3 0 3 0 + + + + + + + + + 3 1 8 3 5 6 8 5 7 1 1 M L P F S R L S P e o h r a i W e n t S v D a c s o o a . s L a e n r a s n e o A n e a A r r n a t . n g w s d s a o m d r n i i A t i 2 x e B n d e B s g n e M a 2 i t e n e e 2 o n o e d s a l r o a t w e * e a - . o n c L s n n 2 h i 2 d . c 2 A . a . . .2 P P + + + + + + + + + 1 1 9 5 4 4 8 4 5 2 0 7 + + + + + + + + - 1 1 1 1 8 3 5 7 7 5 7 5 0 + + + + + + + + + 1 1 1 6 4 8 6 7 5 0 5 0 6 M W L S W T P R H e c h a r e i i t r e i n l l . a a a l n k m c a z n A d e t d a l t i o r i s e o n e s e n - n t n t l g B a 2 o g p e t s a 2 h n o r . 2 r 2 i n . . r a . . . . e . . 2 - . . + + + + + + 1 1 1 4 3 7 3 0 3 0 + + + + + + + 1 1 1 1 1 3 1 7 0 5 1 4 + + + + + + + 1 1 1 4 6 2 8 0 1 1 A A S S C M B T S t a o u a t . a T l t v a l t g . a c u o P a m a u n o m n P m e n s n t p t t e n a b e 2 p a R a t 2 a u r a e 2 o s h s r b u s .. u b g r u e g 2 r - g P + + + + + + + — 1 1 1 9 2 3 1 1 2 0 2 3 + + + + + + + + + 1 1 1 8 8 5 4 7 1 5 1 3 + + + + + + + + + 1 1 5 2 7 8 4 9 2 2 8 M C M Q S P i e i t i a u o i t n e i d . u n n s x u A c e c y r a F e a p a a h o ll . l s . i . . s . . . + + 3 7 + + + -4 9 5 7 + + + -7 2 4 4 S S S O S V a a a O n n n a B a a n D l k a e J l F O D e r k l o o F a r k j a l w i s a o r n a e k e e a n d n l n l g 2 n e c - t a d y o c i o n 2 s i 2 w 2 c d s . . o c . n 2 . . o - . 2 P + + + + + + + 1 9 6 4 9 8 4 3 ^5 + + + + + + 9 4 3 4 6 8 + + + + + + + 1 2 4 2 6 4 8 2 C Y it o y rk2 +29 +41 + 13 J C N a h e c w a k t s t O a o n r n l o 2 e . o a .. g n a s2 2 . . . + + + 3 7 4 + -2 4 0 + + 7 2 0 C M M iti a i e n n s n k e a a to polis2. + + 4 3 + + 4 2 + + 4 1 S S P a o to l r t t c l L k a a n t k o d e n 2 2 C .. i . t . y2 + + + 2 1 4 2 1 + + + 1 6 9 1 + + + 1 8 5 1 Knoxville2 -11 + 14 + 13 St. Paul2 +2 + 15 +2 Seattle2 +4 +7 +6 Cleveland +13 + 11 +11 Nashville2 +8 +5 +8 Duluth- Spokane2 +2 + 13 +7 Superior2. . . +9 +3 +2 Tacoma2 + 14 +7 Met. Areas Cities Great Falls... +2 +2 +6 Lexington +8 +4 +2 Rome + 18 + 15 + 10 Grand Forks. +6 +2 +2 Cities Akron2 +15 +7 +7 Meridian.. + 19 + 11 + 11 LaCrosse +5 + 7 +4 Tucson *>+7 + 17 + 12 Canton2 +7 +7 +4 Bristol +8 +3 -2 Bakersfield2... +6 +4 +9 Cincinnati2. . +8 +4 +6 Boise and Cleveland2.. . +10 +9 +7 Chicago... + 10 +9 +7 Kansas City. +9 +8 Nampa +7 + 12 +10 Columbus2... + 11 + 11 +8 Idaho Falls.... -4 +6 +2 Springfield2 . . + 13 +7 + 12 Met. Areas1 Twin Falls . . 0 + 15 +5 Toledo2 + 11 +8 + 10 Chicago2.. + 10 +4 +5 Met. Areas Bellingham... . -5 + 1 + 1 Y Er o i u e n 2 gs town2 + + 2 1 6 2 + + 2 1 2 5 + + 1 4 4 A El u g r i o n ra. . . + + 1 1 1 6 + -4 9 + + 8 7 T D o en p v e e k r a . . . . . . + + 1 5 1 + + 1 9 3 + + 1 5 5 E W v a e ll r a e tt W 2 alla2.. + -3 1 + + 1 6 1 + + 9 6 Pittsburgh2. . +22 + 18 +20 Yakima2. -4 -3 -1 pPreliminary. rRevised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 3 Data not available. 4Nine months 1955. DECEMBER 1955 1381 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 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 l o to f F w ed it e h 1 r 9 o al 4 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 e d 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 ) September Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd S 1 e 9 p 5 t 5 . m N 1 o 9 i n 5 n t 5 e hs S 1 e 9 p 5 t 5 . 1955 1954 Sept. 1 955 Aug Sept. Sept 1 . 955 Aug S 1 e 9 p 5 t 4 . GRAND TOTAL—entire stores.. . +5 +5 +3 3.1 3.2 MAIN STORE — total +6 +5 +3 3.3 3.4 106 93 100 127 117 123 Piece goods and household textiles. . . +4 +2 +3 3.8 3.9 88 104 84 109 102 106 Piece goods -1 -4 +1 3.7 3.6 72 58 73 94 92 92 W S C i o l o k t o t s o l , e n v n e y y l a v a r e r d d t s g , g o a o o n o d d d s s synthetics. + -3 2 0 - - - 6 7 1 + + -3 2 7 4 2 4 . . . 0 3 7 3 2 4 . . . 8 8 1 1 5 6 1 9 7 0 4 7 7 4 3 6 1 6 6 1 0 6 0 1 1 8 0 1 6 2 0 1 1 8 0 0 4 7 6 1 1 8 0 0 4 5 2 Household textiles +6 +5 +4 3.8 3.9 98 137 92 117 106 113 Linens and towels +3 +5 +4 4.6 4.6 84 116 81 106 97 102 Domestics—muslins, sheetings.... +8 +4 +4 3.7 3.8 96 175 89 136 118 131 Blankets, comforters, and spreads. +7 +7 +4 3.1 3.3 126 122 117 121 113 116 Small wares. +5 +4 +5 3.7 3.7 101 86 96 119 111 114 Laces, trimmings, embroideries, and ribbons. + -2 +1 4.1 4.1 78 65 77 105 103 104 Notions +7 +6 +4 3.4 3.6 106 85 99 130 124 125 Toilet articles, drug sundries +9 +5 +3 3.3 3.5 107 99 98 106 102 103 Silverware and jewelry 0 +5 +9 4.8 4.4 93 77 93 130 116 118 Silverware and clocks +10 +12 +14 6.1 5.9 89 85 81 142 133 125 Costume jewelry -6 + 1 + 11 3.2 2.7 97 73 104 125 111 113 Fine jewelry and watches +7 + 11 +7 8.3 8.2 91 83 85 123 108 115 Art needlework. 2 -3 +2 4.7 4.6 86 71 113 105 Books and stationery. . . +9 +5 +3 3.2 3.4 111 89 102 126 117 122 Books and magazines. +17 +7 +1 2.6 3.1 106 87 91 103 98 102 Stationery +6 +4 +4 3.5 3.6 114 89 108 138 124 132 Women's and misses' apparel and accessories. +4 +2 +4 2.6 2.6 114 91 109 140 128 134 Women's and misses' ready-to-wear accessories.. +4 +2 +4 3.1 3.1 110 82 106 140 128 134 Neckwear and scarfs +5 0 +7 2.4 2.3 123 85 118 155 142 145 Handkerchiefs -4 -6 4.7 4.8 47 43 49 74 64 78 Millinery -2 ^ -6 0.8 0.8 141 63 143 106 101 112 Women's and children's gloves +5 +3 +2 5.7 5.9 72 36 69 118 98 115 Corsets and brassieres +6 +4 +4 3.0 3.1 132 112 124 151 143 146 Women's and children's hosiery + 1 0 +3 2.7 2.6 86 61 85 130 121 126 Underwear, slips, and negligees +4 + 1 +3 3.7 3.8 74 74 72 124 104 121 K S N i n e lk g it l i a u g n e n d e d s e m , rw u ro s e b li a e n r s . , u a n n d d e r l w ou ea n r g , in a g n d a p sl p ip ar s el + + + 5 8 1 +t + X 6 I 3 3 4 . . . 2 6 0 3 4 3 . . . 6 3 0 9 6 7 6 2 5 9 6 6 7 4 9 9 6 7 2 1 0 1 1 11 0 6 3 8 4 1 9 9 3 2 4 5 1 1 10 5 0 9 4 7 + 1 Infants' wear +5 +3 +2 2.6 2.7 136 109 129 141 138 137 Handbags, and small leather goods. +8 +6 +9 2.3 2.3 120 77 111 135 122 124 Women's and children's shoes. +6 +4 +6 4.3 4.4 138 98 130 162 154 153 Children's shoes + 1 +2 +5 3.6 3.4 143 131 141 157 163 149 Women's shoes +7 +4 +6 4.5 4.6 137 90 128 163 153 154 Women's and misses' ready-to-wear apparel +4 +3 +5 2.2 2.2 118 99 113 140 128 134 W S C om u o i a e ts t n s 's and misses' coats and suits +3 0 - - 3 9 i -5 0 2 2 2 2 . . . 6 4 1 2 2 2 . . . 5 6 1 9 9 9 5 3 4 6 5 7 7 7 6 1 9 9 0 5 0 2 1 1 1 4 5 0 1 3 6 1 1 1 2 1 3 9 5 8 1 1 1 4 5 1 5 3 2 Juniors' and girls' wear +5 +3 +5 2.0 2.0 135 133 129 157 142 149 Juniors' coats, suits, and dresses. +4 +2 +6 1.8 1.8 114 104 110 143 127 134 Girls' wear +5 +5 +5 2.2 2.2 159 167 152 168 155 160 Women's and misses' dresses. +4 +3 +6 1.6 1.6 110 80 105 120 102 114 Inexpensive dresses +5 +2 +6 1.3 1.3 104 79 99 109 97 102 Better dresses +5 +5 +6 2.0 1.9 118 87 112 127 109 119 Blouses, skirts, and sportswear +5 +5 +10 2.1 2.1 153 125 145 165 156 151 Aprons, housedresses, and uniforms. + 12 +6 +2 2.0 2.2 89 93 79 94 90 93 Furs 0 +8 +6 5.3 4.9 91 109 91 126 116 119 Men's and boys' wear. +4 +5 +3 4.9 4.9 95 77 91 142 125 138 Men's clothing +6 +4 0 5.8 6.0 95 70 90 153 134 153 Men's furnishings and hats +4 +5 +4 4.9 4.9 79 66 75 133 114 128 Boys' wear +2 +5 +8 3.6 3.5 131 118 129 143 131 132 Men's and boys' shoes and slippers. +6 +5 +3 5.3 5.5 117 91 110 139 132 136 For footnotes see following page. 1382 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage change s R t a o t c i k o s o t f o F w e i de t r h a o l u t R s e e s a e s r o v n e a l i n a d d e j x u s n t u m m e b n e t r , s from a year ago sales1 1947-49 average =1002 d S u a r l i e n s g ( S e t n o d ck o s f September Sales during Stocks at end Department period month) period of month 1955 1954 1955 1954 S 1 e 9 p 5 t 5 . mo 1 n 9 t 55 hs S 1 e 9 p 5 t 5 . 1955 1954 Sept. Aug. Sept. Sept. Aug. Sept. Homefurnishings +10 +11 +3 3.5 3.8 Ill 107 101 113 107 110 Furniture and bedding +11 + 10 +4 3.4 3.6 127 142 115 115 109 110 Mattresses, springs, and studio beds +8 +9 +7 1.5 1.6 153 178 141 136 123 127 Upholstered and other furniture + 10 + 10 +5 4.1 4.4 114 129 103 110 107 105 Domestic floor coverings + 11 +11 -2 3.8 4.4 101 81 91 106 97 107 Rugs and carpets + 15 + 12 -i 3.7 4.5 97 88 85 101 101 103 Linoleum + 12 +6 +3 4.1 4.4 55 56 49 64 64 62 Draperies, curtains, and upholstery +6 +4 0 3.9 4.2 107 85 100 114 110 115 C La h m in p a s a a n n d d g s l h as a s d w es are + + 1 7 3 + + 4 7 +4 0 3 7 . . 6 0 3 7 . . 8 4 1 9 0 6 2 9 7 4 8 9 8 8 9 1 1 1 2 3 6 1 12 0 5 5 1 1 2 0 6 9 Major household appliances +29 +6 2.0 2.4 87 105 72 85 SO 81 Housewares (including small appliances) +11 + 13 +6 3.3 3.5 120 109 108 126 119 119 Gift shop +5 +3 +3 5.8 6.0 98 96 93 142 133 137 Radios, phonographs, television, records, etc. +5 +6 +5 2.2 2.2 130 99 123 98 92 93 Radios, phonographs, television +2 +5 + 10 1.7 1.6 146 106 143 97 93 89 Records, sheet music, and instruments. .. . + 10 +7 +1 3.7 4.1 75 83 68 79 101 78 Miscellaneous merchandise departments.. +9 +6 0 3.7 4.0 85 79 78 127 110 126 Toys, games, sporting goods, cameras +14 +10 0 5.7 6.6 87 77 77 158 126 158 Toys and games + 12 +7 -2 6.0 7.1 79 63 71 180 133 184 Sporting goods and cameras + 17 +14 +3 5.2 5.8 99 99 85 125 113 121 Luggage +6 +10 +6 4.6 4.6 79 104 74 117 109 110 Candy + 12 +4 +1 1.2 1.3 83 65 75 91 75 89 +3 +2 +1 2.3 2.3 107 93 104 119 108 118 BASEMENT STORE—total +4 +2 +3 2.7 2.8 109 128 104 120 108 117 Domestics and blankets +3 +1 +2 1.9 1.9 104 88 101 117 105 115 Women's and misses* ready-to-wear +3 +2 +2 2.5 2.5 97 90 94 121 108 119 Intimate apparel + 1 + 1 +7 2.2 2.0 Hosiery +3 + 1 +1 2.6 2.7 Underwear, corsets and brassieres 0 -6 2.0 2.0 78 56 78 110 104 114 Coats and suits +1 0 +2 1.2 1.2 79 75 75 88 75 87 Dresses +4 +5 1.5 1.5 149 118 139 132 118 126 Blouses, skirts, and sportswear +6 +3 1.6 1.6 151 156 148 145 131 141 Girls' wear +2 +4 +3 2.0 2.0 157 119 151 139 130 134 Infants' wear +4 -3 -8 2.5 2.8 Aprons, housedresses, uniforms +3 Men's and boys* wear +2 +6 +3 2.7 2.7 117 100 115 138 120 133 Men's wear +2 +6 +2 2.9 2.9 106 87 103 134 115 131 Men's clothing + 1 +6 +3 3.1 3.0 115 92 114 140 127 136 Men's furnishings +3 +6 +2 2.8 2.8 98 86 95 127 111 124 Boys' wear + 1 +7 +7 2.3 2.1 156 154 154 151 135 141 Homef urnishing s +5 +7 +1 2.8 2.9 101 87 97 108 103 108 Shoes +4 +2 -1 3.2 3.3 120 97 115 122 117 123 NONMERGHANDISE—total +4 +2 (4) (4) (4) 106 106 102 (4) (4) (4) Barber and beauty shop +2 + 1 (4) (4) (4) 105 119 103 (4) (4) (4) JThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 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. 1379. 4Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1954, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. DECEMBER 1955 1383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Gas Solid House- House- parel porta- ical sonal and and Total Rent and fuels fur- hold tion care care recrea- servelec- and nish- opera- tion ices tricity fuel oil ings tion 1929 73 3 65 6 117 4 60 3 1933 55.3 41.6 83.6 45.9 1941 62.9 52 2 88.4 55.6 1942 69 7 61 3 90 4 64 9 1943 74 0 68 3 90.3 67.8 1944 75.2 67.4 90.6 72.6 1945 76 9 68 9 90 9 76 3 1946 83.4 79 0 91.4 83.7 1947 . 95.5 95.9 95.6 94.4 97.6 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 0 105.0 102.5 106 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—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 . . . 114.6 111.1 119.5 129.2 108.7 124.2 105.4 117.8 104.6 127.6 126.1 113.8 106.8 120.0 114 3 110 4 119 7 129.4 109 1 125 5 105.4 117.7 104.3 127.3 126.3 113.6 106.6 119 9 114.3 110.6 119.6 129.5 109.4 126.1 104.6 117.7 103.3 127.6 126.5 113.7 106.9 119.9 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 October 114.9 110.8 120.8 130.8 111.2 126.3 104.4 120.1 104.6 126.6 128.7 117.0 106.7 120.6 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 w n n i h e a a g d e t l - l - , r s , C a p i u a l h c r l n c o a e ie t d l m d s s d - - p R u a b r u c n o e b t d r d s - - L w p u a b r u o n c o e m o t d d r s d - - p a p P a u a l r u l p n c o i l e e t d d p s d r - , , M m p u a r e e c n o t t t d d a a s l - l s p c u M m a t e h r i n c o r v i o a y t d n d e s - - - - F h d o h t a b o u u t u o n l h u r r e r l n d e a s e d ? e r - i- - e s N t r t 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 t o g v r l d c s - e e - o . s d n c M e el o i l s u a - - s 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103 8 102.1 107.2 102.9 103.9 100 9 101 4 101 7 100 4 103 1 1949. 99 2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99 2 98 5 104 8 106 6 103 1 104 4 101 6 96 1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110 3 108.6 105 3 106.9 102.4 96 6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123 9 119.6 122 8 119.0 114.1 113.6 108.1 104.9 1952 111 .6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121 .5 112 0 113.6 110.6 108.3 1953 110 1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120 2 116 1 126 9 123 0 114 2 118 2 115 7 97 8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118 0 116.3 128 0 124 6 115 4 120 9 120 6 102 5 1954 October 109.7 93.1 103.7 114.5 95.4 92.4 106.9 106 9 128 5 119 8 116 3 129 7 124 3 115 6 121 9 121 5 96 7 November 110.0 93.2 103.8 114.8 95.2 92.8 107.4 107.0 131 .4 119 9 116.0 129 9 125 3 115 6 121 8 121 4 97 0 December 109.5 89.9 103.5 114.9 95.2 91.8 107.5 107.0 132.0 120 0 115.9 129.8 125 7 115 7 121 8 121 4 98 0 • 1955 January. 110.1 92.5 103.8 115.2 95.2 91.9 108.5 107.1 136.8 120 3 116 3 130 1 125 8 115 5 122 0 121 4 97 0 February 11-0.4 93.1 103.2 115.7 95.2 92.3 108.7 107.1 140.6 121.2 116.6 131.5 126 1 115 4 121 8 121 6 97 1 March 110 0 92.1 101.6 115.6 95.3 92.2 108.5 106 8 138 0 121 4 116 8 131 9 126 1 115 1 121 9 121 6 95 6 April 110 5 94.2 102.5 115.7 95.0 93.2 107.4 107.1 138.3 122.4 117.4 132 9 126 3 115 1 122 3 121 6 94 0 May 109.9 91.2 102.1 115.5 95.0 92.9 107 0 106.8 138.0 123.5 117.7 132.5 126.7 115.1 123.2 121.6 91.3 June 110 3 91.8 103.9 115.6 95.2 92.9 106.8 106 8 140 3 123 7 118 3 132 6 127 1 115 2 123 7 121 6 89 1 July 110.5 89.5 103.1 116.5 95.3 93.7 106.4 106.0 143.4 124.1 119.0 136 7 127 5 115 5 125 3 121 6 90 8 August 110.9 88 1 101 9 117.5 05 3 91 8 107.2 105.9 148 7 125 1 11«.7 139.5 128 5 116 0 126 1 121 .7 89.8 September rill .7 89.3 101.5 118.5 '95.4 94.0 108.0 106.0 151.7 125.7 120.5 141.9 130.0 116.4 126.4 121.7 90.3 October. 111.5 86.7 100.2 119.0 95.5 95.3 108.2 106.5 147.9 125.5 122.8 142.3 131.3 116.9 126.8 121.7 91.6 ••Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1384: 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 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm Products: Pulp, Paper, and Allied Products- Continued Fresh and dried produce 101.9 99.5 102.1 92.9 Grains 92 9 78 6 81 4 82 4 Paperboard 124 2 128 0 129 5 129 7 Livestock and poultry 77 5 75 5 75.5 71.8 Converted paper and paperboard. 111.9 113 2 114 3 118 9 107.1 102.9 100.8 99.1 Building paper and board 127.6 132.7 132.7 132 7 Fluid milk 93 8 91 8 >"93 6 95.2 Eggs 82.5 95 4 103.0 92.6 Metals and Metal Products: 91.7 81.6 75.1 75.9 Other farm oroducts 159 6 138 6 146 2 143 2 Iron and steel 135 0 144 9 145 0 145 6 Nonferrous metals „. 127.4 145.0 154.2 153.5 Processed Foods: Mietal containers 131.2 132.8 132.8 132.8 Hardware 141.6 146.1 147.8 151.3 114.5 115.1 114.4 114.8 Plumbing equipment 118.7 128.1 128.1 129.4 Treats Doultrv and fish 85.8 86.3 87.5 81.7 Heating equipment 114.3 116.0 117.2 117.3 Dairy products and ice cream 108.7 107.8 104.3 105.0 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 117.9 126.5 127.0 127.4 bles 105 5 105 0 106 8 107.4 Fabricated nonstructural metal Sugar and confectionery 112 0 110 1 109 6 110.1 products 126 0 129 3 130 8 131 4 Packaged beverage materials 206.3 173.7 176.6 183.8 Other processed foods . 99.8 99.5 98.1 98.3 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122 0 122 4 126 3 126 8 Cotton products 89.9 91.7 »-92.5 92.8 Construction machinery and equip Wool products 108 4 103 9 r103 0 102 8 ment . ... 131 6 138 2 140 5 141 9 86.1 86 7 86.7 86.4 Metal working machinery 134.0 146.7 146.9 147.2 Silk products. 127.0 128.7 126.8 123.7 General purpose machinery and Apparel 98 6 98 6 r98 6 98 7 equipment 128 1 134 8 136 7 138 3 Other textile products 80 9 72 9 72.1 71.6 Miscellaneous machinery , 126.1 130.2 132.0 133.0 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 125.2 127.7 130.6 130.8 118 6 122 0 122 0 124 5 Hides and skins 49.5 58.9 60.9 62.3 Leather 82.1 85 0 85.1 86.1 Furniture and Other Household Dura- Footwear 111.8 111.4 111.4 113.4 bles: Other leather products 96.1 96.3 96.0 96.0 Household furniture 112 8 114.3 115.2 115.4 Fuel, Power, and Lighting Materials: 127.3 134.3 136.2 137.1 Floor covering 124 0 126 8 128.0 128 7 Coal . 105 1 102 2 108 l 108.6 Household appliances 109.5 106.6 106.2 186.1 Coke 132.4 137 4 137.2 138.8 Radio 95.4 89.2 89.4 89.4 Gas 105.8 106.8 107.8 107.8 Television 68.7 68.9 69.3 69.5 Electricity 101.8 »-96.6 '95.5 95.5 Other household durable goods... 131.3 134.1 134.1 135.5 Petroleum and products 109.3 113.0 114.0 114.2 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 123 9 131.1 131.1 133.0 Industrial chemicals 117 6 118 1 rllg 2 118.9 Concrete ingredients „ 122.1 125.3 125.3 125.6 Prepared paint 112 8 114 8 114 8 115.0 117.8 118.6 119.8 120.1 Paint materials , 97.2 97.6 97.6 97.4 Structural clay products........ 135.4 142.9 143.9 144.2 Drugs, Pharmaceuticals, cosmetics. 93.6 92.4 92.4 92.3 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils inedible 56 5 54 6 '55.8 58.4 Prepared asphalt roofing 106.1 114.5 114.6 114.6 Mixed fertilizers 109.2 108.9 108.5 108.5 Other nonmetallic minerals..... 120.8 122.5 122.8 122.8 Fertilizer materials 112.1 112.1 112.0 112.3 Other chemicals and products 107.6 104.0 104.0 104.5 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes , 124.0 124.0 124.0 124.0 Crude rubber 132.0 170 3 176.4 164.7 Cigars 103.7 103.9 103.9 104.2 Tires and tubes 129 6 147 2 147 2 147 2 Other tobacco products 121.4 122.5 122.5 122.5 Other rubber products 125 2 137 1 141 4 138 3 Alcoholic beverages 114.3 114.7 114.7 114.7 Nonalcoholic beverages......... 148.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber..,.. .., 119 5 126 4 127.1 126.9 Millwork 130 2 128 3 128 2 128.2 Toys, sporting goods, small arms. 112.7 113.4 113.6 113.8 Plywood 104.3 105.7 106.1 106.1 84.3 71.7 72.5 74.7 Notions and accessories 101.2 91.0 91.0 91.0 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 103.5 104.3 104.3 104.4 120.8 121.5 122.2 122.3 Woodpulp.. , 109.6 113.8 113.8 114.2 Wastepaper 83.8 129.1 129.1 120.3 Paper 126.5 130.5 131.0 131.2 •"Revised. Source.—-Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. DECEMBER 1955 1385 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 Business transfer payments .6 .7 .5 .8 .8 1.0 1.2 1.2 1.2 1.2 1.2 1.2 ! 1.2 Statistical discrepancy .3 .9 .4 .1 .2 1.3 .7 1.3 -.8 1.2 .7 .7 — .2 n.a. 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.® 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 1.3 2.5 2.7 3.2 3.7 3.7 3.8 3.8 3.9 State and local 1.0 3.0 3.4 4.0 83.1 93.0 188.2 206.1 236.7 254.8 254.5 257.8 261.0 267.1 Equals: Disposable personal income. 45.7 226.1 250.4 271.7 79.0 81.9 180.6 194.0 218.3 236.5 237.9 241.0 245.8 250.5 Less: Personal consumption expenditures 46.4 208.3 230.6 256.0 4.2 11.1 7.6 12.1 18.4 18.3 16.6 16.8 15.3 16.6 Equals: Personal saving -.6 17.7 19.8 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. 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 salaries1 . 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 Government civilian 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 Proprietors' »nd rental Income2.... 20.2 7.6 20,9 42.© 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 Rsntal 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.® 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,® 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. 1386 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.® 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.® 46.4 %13 180.6 194.® 2©8.3 218.3 230.6 236.5 237.9 241.0 245.8 250.5 256.0 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 £8.1 32.5 51.2 56.9 49.6 51.4 47.2 45.9 5®.7 54.1 60.1 60.3 New construction^ . 8.7 1 4 6.6 17 5 ZZ.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 £ .3 12 6 11.0 11.1 11.9 13.5 14.2 15.0 16.1 16.9 16.7 Other s.i 1.0 3.1 9.2 10.1 12,4 12.6 13.8 14.3 14.3 14.4 15.1 15.7 16.1 Producers' durable equipment 5.9 1.6 6.9 17 8 21 1 23.2 23.1 24.4 22.3 22.2 21.9 21.5 23.2 25.1 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 i.S -1.4 4.0 -t 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 1.1 5 -2.2 .2 -.2 -2.0 -.3 -.7 .9 -.4 -.7 -.5 a2 Government purchases of goods and services 8.5 24.8 41.6 62.8 77.5 84.5 77.® 75.8 74.5 75.8 74.9 75.8 Federal 1.3 8.0 16.9 25 4 22.1 41.0 54.3 59.5 49.2 47.7 45.7 46.4 45.2 45.5 O N t a h ti e o r nal security }••• 2.0 / ( 1 3 3 .2 .8 1 6 9 . . 6 3 1 3 8 . . 9 5 3 4 7 , . 2 3 4 5 8 . . 8 8 5 8 1 . . 5 4 4 6 3 . . 3 2 4 6 2 . . 1 1 4 5 0 . . 5 5 4 5 1 . . 5 2 4 5 0 . . 2 4 4 5 0 . . 2 6 Less: Government sales2 .4 .3 4 .4 .4 .4 .4 .3 .3 .3 .3 State and local . 7.=2 0 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 a? annual rates' Wage and salary disbursements Less Year or month in s P c o e o n r m a - l e Total d p m i u C n ro o s g o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t u e v ri s s e b - - S in e tr r d i v u e i s s c - e m G er o e n n v - t - in O l c a t o b h m o e r r e8 p n r r c e P a i o n e r n o m t t d o a - e l rs 4 ' i i n d n s D p a t c o e e e n h o n n r r d m i d a e - - l s s e t m T p r e f a a e n y n r t - s s - s p b c i a s e u o n o n f r t n s c o s c i u t o o i r e r a r n n & i l - - s al i a n g N t c u r o o i r c s m a 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 A 77.7 1933. 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 fl 43.6 1941. 96.3 62.1 27.S 16.3 8.1 10 .7 20.9 10.3 3.1 .8 88.0 1948. 208.7 135.1 60.2 38.8 17.4 18 2.7 45.6 16.2 11.3 2.2 188.5 1949, 206.8 134.4 56.9 39.0 18.0 20 5 3.0 42.0 17.2 12.4 2/1 190/8 1950. 227.1 146.5 63.S 41.3 19.5 2? 2 3.8 44.6 19.8 1S.1 2.9 210. S 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 n 6 3.4 235.7 1952. 271.1 185.2 80.6 48.7 23.0 32.9 5.3 49.9 21.3 13.2 3.8 253.1 1953. 286.2 198.6 88.2 51.8 24.8 33.8 6.0 48.4 23.1 14.0 3.9 270.2 1954. 287.6 196.2 84.2 52.3 25.9 33.8 6.6 48.4 24.7 16.2 4.5 271.9 1954—October... 288.4 196.8 83.4 52.7 26.5 34.2 6.7 47.5 24.9 17.0 4.5 273.8 November. 290.8 198.6 85.2 52.5 26.6 34.3 6.7 48.3 24.9 16.8 4.5 275.9 December. 293.4 198.8 84.8 53.1 26.6 34.3 6.7 48.9 26.5 17.1 4.6 278.1 1955—January 292.2 199.3 85.4 52.9 26.8 34.2 6.S 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 34.9 6.9 49.0 25.9 17.6 5.1 283.7 May 301.4 207.3 90.6 54.5 27 34.8 6.9 48.8 26.1 17.5 5.2 286.6 June..... 301.6 208.0 90.9 54.9 27 34.8 6.9 48.5 26.3 17.1 5.2 287.2 July 305.3 212.4 91.7 55.7 27 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 September 307.9 212.4 92.2 56.4 28.0 35.8 7.1 49.7 27.1 16.9 5.3 293.0 OctoberP 309.6 213.6 92.9 56.7 28.1 35.9 7.1 49.8 27.5 16.9 5.3 294.8 ^Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 4Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 5Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 6Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividendspaid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. DECEMBER 1955 1387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States.. 1390-1394 Gold production 1394 Estimated foreign gold reserves and dollar holdings. 1395 Reported gold reserves of central banks and governments. 1396 Net gold purchases and gold stock of the United States. 1397 International Bank and Monetary Fund. . 1398 Central banks . 1398-1402 Money rates in foreign countries.. 1403 Commercial banks 1404 Foreign exchange rates.. 1405 Price movements in principal countries: Wholesale prices. . 1406 Consumers' price indexes.. 1407 Security prices 1407 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. DECEMBER 1955 1389 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 In- countries Ger- Date t t i e i n o r s n n t a i a - - l Official France m R F a e e n d p y . . Italy S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e C 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 1,595.5297.4 1952—Dec. 31. 1,584.9 8,961.2 4,654.2 342 6 551.1 308.9 641.8 817.9 1,093.3 3,755.5 1,420.7 1,612 9 1,836.5335.6 1953—Dec. 31. 1,629.4 10,019.0 5,666.9 428 5 898.8 465.7 674.2 708.9 1,557.5 4,733.6, 1,295.5 1,768 4 1,895.5326.1 1954—Oct. 31. 1,773.9 10,752.2 6,404.2 495 8 1,257.2 553.9 645.5 842.8 1,690.1 5,485.3 1,372.8 1,839 5 1,782.5272.1 Nov. 30. 1,792.8 10,781.8 6,379.3 502 11,287.2 563.0 623.7 829.7 1,673.7 5,479.2 1,377.8 1,848 1 1,811.8264.9 Dec. 31. 1,769.9 11,152.6 6,774.0 715 4 1,372.5 578.6 672.4 639.5 1,642.1 5,620.5 1,535.7 1,905 9 1,825.4265.1 1955—Jan. 31. 1,752.2 11,100.7 6,749.5 706 51,368.9 591.5 624.2 659.2 1,675.1 5,625.4 1,529.1 1,836 6 1,842.1267.4 Feb. 28. ,784.9 10,924.9 6,540.3 725 11,406.9 612.2 634.5 598.9 1,626.7 5,604.4 1,366.9 1,811 6 1,857.7284.3 Mar. 31. ,812.8 10,915.2 6,508.1 749 61,411.1 611.2 649.9 637.1 1,591.1 5,650.1 1,320.7 1,794 7 1,859.9289.8 Apr. 30. ,820.7 11,066.5 6,632.9 670 71,404.5 629.3 657.6 676.7 1,659.5 5,698.4 1,318.9 1,899 1 1,852.3297.9 May 31. ,875.0 11,177.8 6,711.3 766 11,407.6 637.7 672.4 663.6 1,576.6 5,723.9 1,274.7 1,989 0 1,884.7305.4 June 30. ,854.4 11,263.1 6,775.7 785 11,397.0 645.7 685.2 689.1 1,587.6 5,789.7 1,269.3 1,920 5 1,982.6301.0 July 31. ,860.8 11,280.8 6,658.0 834 71,418.3 675.7 702.2 623.2 1,560.8 5,814.8 1,302.3 1,896 5 1,967.7299.5 Aug. 31P ,858.6 11,182.2 6,552.0 914 6 1,420.1 711.7 675.6 561.1 1,570.2 5,853.2 1,168.8 1,853 1 1,990.7316.5 Sept. 30P 1,844.2 11,507.3 6,803.0 980 4 1,421.8 769.0 682.8 575.2 1,564.0 5,993.2 1,184.4 1,915.3 2,085.5328.9 Oct. 31P 1,820.8 11,744.0 6,888.5 1,017.1 1,425.0 813.4 709.1 645.3 1,556.9 6,166.9 1,143.0 1,937 9 2,161.7334.6 Table la.—Other ]Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a en rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - l P an o d - t P u o g r a - lm R a u n - ia Spain S d w en e- T k u ey r- U.S.S.R.Y sla u v go ia - o A th l e l r 1951—Dec. 31 846 6 57.1 134.7 45.3 27.0 45.8 148.8 99.7 2.8 40.7 6.1 17.1 71.7 14.1 2.5 7.1 125.9 1952—Dec. 31 1,093 3 •91.1 123.9 70.4 28.5 47.3 203.1 110.3 3.4 57.4 6.1 19.2 91.0 8.4 1.7 12.0 219.3 1953—Dec# 3i 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— 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,?. 2.0 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 71.3 141.0 8.2 1.8 8.6 359.5 1955—Jan. 31 1 675 1 272 8 98 1 76 2 39 7 129 2 256.3 88.8 2.0 92.6 8.0 78.4 130.5 9.5 1.8 9.4 381.9 Feb. 28 . ... 1,626 7 276 6 92 7 70.3 41.6 134.2 219.2 66.2 1.7 98.1 8.0 84.7 129.7 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. 1,659 5 272 3 105 5 69 7 37.2 134 5 218.2 76.8 2.3 94,6 8.3 99.2 118.2 11.1 1.8 8.9 400.9 May 31 1,576 6 271.7 103.5 64.3 40.4 131.0 194.6 67.8 1.9 94.1 8.1 100.6113.9 10.3 2.0 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 1,560 8 273.4 99.5 56.5 40.1 124.7 202.1 67.6 2.2 100.6 8.0 112.9130.4 9.0 1.1 8.4 324.4 Aug. 31 P 1,570 2 282 7 104 0 60 3 41 9 126 2 190.0 65.8 1.8 106.4 7.9 119.3143.7 9.6 .9 9.5 300.2 Sept 30P 1 564 0 279 9 104 4 63 7 41 1 134 0 199 3 67 7 2 0111 6 8 2120 1147 9 9 3 1 4 9 2 264 2 Oct. 31P 1,556.9 279.1 104.8 54.5 46.4 140.6 182.5 72.2 2.7 119.8 8.3 117.2 148.5 9.1 1.0 11.3 258.9 Table lb.—Latin America Neth- Do- er- Pan- 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 ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l W I a a n n n d e d d i s e s t s a p R m u e b a - - , 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 lic Suri- lic of 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 £953—Dec. 31. 1,768.4 130.0 19.1101.7 78.8 150.2 340.8 39.3 37.9 183.2 51.5 89.9, 68.0 26.8 109.6 222.4 119.2 1954—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 A 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. 1,989.0 167.4 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 31. 1,896.5 165.3 25.7 117.7 88.8 103.0 241 .3 70.6 51.1 326.8 44.3 79.8 88.9 45.1 61.3 253.1 133.7 Aug. 31 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 Oct. 31 P 1,937.9 152.7 25.4 161.9 77.0 105.7 249.1 68.3 38.5 362.2 42.4 81.7 95.3 26.6 60.3 260.3 130.7 P Preliminary. For footnotes see following page. 1390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued [Amounts outstanding, in millions of dollars] Table lo.—Asia and All Other For- Ko- Egypt mosa rea, and Union Date Asia C a h n i d na H K o o n n g g 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 th si e a r o A th l e l r t A ra us l - ia gian A Eg ng y l p o - - So o u f th Other Main- lic 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-Oct. 31. ,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. ,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. ,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. ,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. ,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. ,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. ,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. L.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. ,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. •1L,967.7 72.3 61.7 77.5107.9 47.7 43.1773.8106.2 258.5 121.2 297.7 299.5 70.0 42.2 45.0 32.8 109.5 Aug. 31 P ,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 J.085.5 71.9 58.1 92.0 120.0 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 Oct. 31 P 2,161.7 74.9 56.5 89.7127.4 42.3 46.0914.3 95.1 246.8 125.0 343.7 334.6 73.7 44.9 70.5 34.3 111.2 Table Id.—Supplementary Areas and Countries 5 End of year End of year Area or country Area or country 1951 1952 1953 1954 1951 1952 1953 1954 Other Europe: Other Asia: Albania .2 Afghanistan 10.6 4.0 2.7 n.a. Azores n.£ British dependencies. 21.0 25.5 19.8 21.1 British dependencies Bu 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 13.4 15.3 Italian Somaliland .1 1.1 .3 n.a. Ecuador 11.4 17.7 21.2 Liberia 6.1 10.3 11.8 5.6 French West Indies and French Libya .5 2.3 3.0 n.a. Guiana .8 2.2 .6 .4 New Zealand 5.2 3.5 2.1 2.3 Haiti 10.3 11.6 9.3 12.7 Portuguese dependencies. 4.3 6.3 5.0 n.a. Honduras 17.2 15.4 18.7 n.a. Spanish dependencies... . .2 .2 .2 .5 Nicaragua. 8.3 13.4 16.0 10.3 Tangier 21.5 26.7 36.1 35.7 Paraguay 5.4 5.0 6.0 3.6 ?Preliminary. n.a. available 1 "Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial paper and of liabilities payable in foreign currencies are also included. 2 Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes Bank for International Settlements, reported under "Other Europe." 3 Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 4Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 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. DECEMBER 1955 1391 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 i o i n m t g e - d E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 1951—Dec. 31 968.4 10.1 28.3 10.3 11.2 35.0 88.5 183.4 92.0 489.3 161.8 41.0 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—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 70.2 19.7 16.2 173.5 108 6 402.5 75.6 728 1 143 3 37 0 1955—jan# 3i 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 73 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 1,416.4 11.7 79.9 26.3 20.9 70.3 153.9 363.0 118.2 653.0 240.0 42.2 Aug. 3\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 Sept. 3QP 1,388.0 11.3 69.0 27.4 22.7 75.6 151.6 357.6 114.6 622.4 251.8 41.7 Table 2a.—Other Europe Date E O ur th o e p r e A tr u i s a - g B iu e j l n - m D a en rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - o A th l e l r 1951—Dec. 31 88.5 39.6 4.8 3.1 .2 5.0 2.5 .8 13.8 5.4 .6 3.9 4.0 1952—Dec. 31 98.2 16 2 2.1 r5.6 .2 4.4 1.9 .5 11.2 2.5 38.8 8.6 5.4 1953—Dec. 31. 87.5 .8 13.0 6.2 1.3 8.6 10 .6 24.3 2.7 35 7 4.8 6.8 1954—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. 3i 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 31 153.9 .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 Sept. 30? 151.6 .6 11.2 8.4 2.3 3.2 12.6 3.8 .7 6.2 5.6 91.8 .3 4.9 Table 2b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c u a i o 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 - s s s t l a P p i R m c u a e b n a - « - - , f Pern v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a m t c h t a i e e n r r lie Suri- lie ot nam 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 3.0 11.8 9.5 10.5 41.7 14.5 1952—Dec. 31.. 662.0 8.2 5.8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 1.3 6.5 14.8 9.1 14.3 36.7 13.7 1953—Dec. 31. . 472.7 7.1 10.8 125.1 22.6 56.9 51.2 1.9 4.1 92.9 2.6 4,6 20.2 8.2 3.7 41.6 19.3 1954—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 o.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. 31*. 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 Sept. 30*. 622.4 6.0 2.9 106.0 7.2 127.2 55.0 3.7 3.7 146.5 1.2 12.6 18.7 6.1 4.5 88.3 33.0 P Preliminary. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions (excluded from these statistics) amounted to 564 million dollars on Sept. 30, 1955. The term "foreigner" is used to designate foreign gsvernments, 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. 1392 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 o n 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 Isra<ilJapan K l p i R o c u r e b e o - - a f , 2 ip P p h i i n l e - s T la h n a d i- O A t s h i e a r ot A h l e l i t A ra u l s ia - C g • o Q i n - a 1 g n o A E t a n i g n a g y d n l p o - - A S U f o r n o 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—Sept.30.. 125 6 8.1 2.4 4 5 .6 16 9 p 30 0 .2 12.3 6 7 34. S 35.9 10 S 6 9 .5 5.3 12.1 Oct. 31. . 128 1 8.1 2 6 4 8 .6 17 7 8 ? 33 .4 10.8 6 9 34.8 33.9 10 Q 6 8 .5 5.2 10.4 Nov. 30.. 125 9 8.1 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 ? 10 8 48 1 .4 9.6 5 35.9 39.8 13 4 6 ? 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.C 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 31.. 240.0 7.9 4 \ 3 c .5 21 3 7 9 104.6 .4 16 7 12.9 60.3 42.2 10 2 5 1 1.5 6.7 18.7 Aug. 31P 236 •; 7 9 3 q a6 7 22 4 Q 9 108 4 5 15 ? 11 ? 52 4 39 4 9 4 7 1 6 7 1 16.7 Sept. 30 P 251 8 8.0 3 8 4 0 .8 20 ? 8 110 ? .6 17 7 6 70 7 41. 7 11.1 5.0 1.4 5.9 18.3 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES8 [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—September 38.6 39.2 — .6 103.8 86.6 17.2 126.0 78.7 47.3 30.5 41.0 — 10.5 October 48.0 25.9 22.1 117.2 111.4 5.7 103.5 53.4 50.1 35.7 49.5 -13.8 November 115 1 101.8 13.3 168.9 130.2 38.7 48.2 46.3 1.9 38.0 62.5 —24.6 December 101.3 261.3 -160.0 197.4 180.5 16.9 75.9 69.3 6.6 38.6 61.2 -22.6 1955—January 120.8 81.1 39.7 177.0 148.7 28.2 75.7 62.7 13.0 42.3 87.7 -45.4 February 360.8 216.0 144.8 159.5 161.2 -1.7 130.9 70.3 60.7 43.3 70.3 -27.0 IVtaxch 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 (7 142.4 106.6 147 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 47 8 23.9 23 9 166 9 139 1 27 8 59 6 30 3 29.2 55 0 67.6 — 12 6 August^ 180.6 24.3 156.3 134.8 115.8 19.1 40.5 20.0 20.5 53.7 73.7 -19.9 Septembers .. 38.2 33.0 5.2 180.1 154.3 25.8 36.6 40.6 -4.0 70.6 77.6 -7.0 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l fo c T t o r r o e i u t e i n a g s l - n France F R m l e G e i d c a p e n e u o r r y - f b a , - l Italy Sw la i n tz d er- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1951 —15 9 —568 4 6.0 (*) 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—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 .1 .3 13.0 8.0 -6.4 17.9 -2.3 36.3 .1 .6 Dec... -11.2 -132.0 -27.9 (4) .2 10.2 6.8 -8.3 -19.1 -108.0 -6.9 1.4 .6 1955—Jan 2.0 66.0 2.4 (4) .5 20.1 17.9 3.8 44.7 -7.9 29.1 .3 -.2 Feb.... 10.2 133.0 .7 -5.0 15.1 22.0 20.3 53.2 76.3 3.3 .2 (4) Mar.... .3 32.5 1.3 !i .3 19.9 -1.7 -4.0 15.8 -5.2 6.0 14.6 1.3 Apr.. .. .4 8.6 2.1 (4) -2.4 2.5 4.0 1.4 7.6 -5.0 4.4 1.2 .4 May... -44.2 165.6 -1.2 1.9 (4) -.8 41.1 39.3 80.4 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 48.8 .3 .1 -.3 25.8 13.4 9.0 48.4 -2.2 .6 .7 1.3 Aug.?.. 2.8 172.6 1.7 .6 — .1 27.5 -1.0 4.3 32.9 132.0 6.7 .3 .6 Sept.?.. 1.3 29.7 1.5 .9 .5 19.1 -8.9 6.0 19.3 -10.2 13.3 6.3 1.0 ^Preliminary. 1See footnote 1 on preceding page. 2Not reported separately until Mar. 31, 1954. 3 Includes transactions of international institutions. 4Less than $50,000. DECEMBER 1955 1393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN UNITED STATES, BY AREAS CORRESPONDENTS l [Net sales, (—). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r th or na in ti s o t n i- al f c o o re u i n g - n E T u o ro ta p l e C a a da n- A L • a m ti e _ n r- Asia o A th ll er Date Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous* 1951 —152.7 —224.3 28.5 —258.6 33.8 —36.0 7.9 1952 —118!l —99 8 19^9 —141 !o 25!3 —io!o 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—Nov. 30 397 3,002 104 Dec. 31 490 2,908 105 1954—Sept... -54.6 91.4 25.9 52.7 8.6 1.9 2.3 Oct.... -2.9 39.2 -4.1 38.6 7.7 -2.8 -.2 1955—Jan. 31 441 3,000 117 Nov... -1.9 -20.8 -11.7 -.8 -.3 -6.4 -1.6 Feb. 28 320 2,966 128 Dec... -2.6 -13.4 -3.4 4.7 -1.4 -3.3 -9.8 Mar. 31 351 3,062 131 Apr. 30 360 3,137 137 1955—Jan.... -2.6 -29.9 -22.7 -14.6 3.6 -5.3 9.2 May 31 402 3,264 141 Feb.... 10.9 22.8 -8.4 34.6 2.0 -3.7 -1.8 J une 30 374 3,295 139 Mar.. . .3 .3 -3.7 6.3 -1.9 -.9 .6 July 31 410 3,288 135 Apr. . . -2.4 —4.0 -8.1 6.2 .4 -2.4 0) Aug. 31 387 3,373 141 May.. -4.1 20.5 .7 16.2 .8 -2.3 5.1 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 26.3 -7.6 33.7 1.6 -2.7 1.2 Nov 30 408 3,558 137 Aug.p.. .8 -.2 -1.3 -.2 2.7 -4.4 3.1 Sept.*. -12.4 1.5 -6.7 6.8 1.8 -2.9 2.5 1955—Nov. 2 387 3,519 137 Nov. 9. . . 400 3,554 138 Nov. 16 383 3,540 136 ^Preliminary. Nov. 23 404 3,542 137 iLess than $50,000. 1 Excludes assets held for Int* 1. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1397, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa month Tota1 U.S.S.R.1 r m ep o o n r th te l d y South Rho- West Belgian United Africa desia Africa2 Congo2 States3 $1= 15Hi grain.? of goldHo fine: * 1951 840.0 758 3 403 1 17.0 22.9 12.3 66 3 1952 ••868.0 780 9 413 7 17.4 23.8 r> 9 67 4 1953 .... r864.5 776 417 Q 17.5 25.4 r; o 69 0 1954 913.5 826 2 462 4 18.8 27.5 r> 8 65 1 1954—September. 70 2 39.9 J -5 2.4 iL.I 5 1 October 71 3 40.5 L.7 2.3 .9 5 6 November. 720 40,7 6 2.3 Q 5 6 December. 713 40 8 L.5 2.3 .9 5 1955—~Tanuarv 70 4 40 7 L.4 2.2 L.5 5 February . 67 9 38 8 1.6 2.2 .2 4 73 42 S 2.2 5 April 71.4 41 7 L.6 2.2 L.3 5 M!ay 42 8 6 2.1 t 5 June... 42 7 S 2.2 0 5 July 43 7 6 2 2 0 4 August 44 4 2.2 .9 5 September. 43 6 2.2 L.I 7 00 O00"<* North and South America Other C a a d n a - M ic e o x- C b o i l a oif- Chile r N ag ic u a a - 4 Au l s i t a ra- India2 e., an ounce of fitte gold «=$35. 153.7 13.8 15.1 6.1 8.8 31.3 7.9 156.5 16 1 14.8 6. 8.9 34.3 8.9 142.4 16 9 15.3 4 9 1 37 7 7.8 152.8 13 S 13.2 4.4 8 2 39.1 8.4 13.1 9 1.1 4 .7 3.4 .6 13.3 14 1.1 3 .6 3.1 .6 13.5 1 1.2 4 6 3.3 .6 13.5 8 .8 4 .7 3.4 .6 12.8 .9 1.6 5 .6 2.8 .5 12.3 1 8 1.1 3 .6 2.7 .5 13.0 1 6 1.2 s 6 3.3 .6 .0 12.9 1.3 1.1 4 .7 2.8 .5 13 4 9 s 8 3.0 6 6 13.0 1.2 8 .6 1 13 5 8 8 6 .9 13.5 1 1 7 .6 .0 13.8 7 .5 ^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. 2 Reported 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. 1394 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 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 3QP Continental Western Europe: Austria ... 107* 143 208 238 267 289 335 '329 '331 '325 341 Belgium-Luxembourg (and Belgian Congo) 898 1 035 1,081 1,098 1,124 1 055 1 024 1 039 1 087 1,108 1,146 Denmark 76 101 113 127 133 124 107 102 100 85 95 Finland 53 55 57 64 71 73 69 72 69 69 73 France (and dependencies)1 896 967 1,003 1,049 1,060 1,092 1,124 1,358 1 417 1,452 1,648 Germany (Federal Republic of)... 434 691 1,053 1,225 1,381 1,503 1,822 1,999 2,125 2,155 2,247 Greece 49 57 89 112 123 125 105 124 141 138 145 Italy 633 655 714 812 841 802 874 925 957 992 1,115 Netherlands (and Netherlands West Indies and Surinam)... . 524 815 1,022 1,055 1,064 1,125 1,118 1,118 1 109 1,107 1,109 Norway 150 160 169 171 169 178 177 148 109 116 113 Portugal (and dependencies).. 331 374 437 469 499 516 537 560 570 571 580 Spain (and dependencies) 128 130 138 150 136 142 174 188 209 225 237 Sweden .. 224 275 309 335 337 342 399 406 386 383 412 1,973 2,053 2,120 2,133 2,134 2,105 2,172 2,185 2 149 2,170 2,196 Turkey 165 151 157 157 153 151 150 152 154 156 153 Other2 ; 477 712 839 887 972 1,004 928 '947 1,016 '1,239 1,270 Total 7,118 8,374 9,509 10,082 10,464 10,626 11,115 11,652 11,929 12,291 12,880 Sterling Area: United Kingdom 2 843 2,318 3,051 3 009 3,198 3 536 3,388 3 190 3 137 3 139 2,800 United Kingdom dependencies.... 99 113 111 108 105 105 104 103 103 102 100 India 309 312 340 346 329 338 320 334 334 344 339 Union of South Africa 197 194 214 214 221 225 234 232 236 242 251 Other 326 347 354 373 371 373 371 381 395 405 426 Total 3,774 3,284 4,070 4,050 4,224 4,577 4,417 4,240 4 205 4,232 3,916 Canada 2,157 2,492 2,292 2,417 2,487 2,463 2,543 2,616 2,493 2,539 2,623 Latin America: 518 427 518 501 541 548 576 531 523 528 536 Bolivia 51 45 41 40 35 36 35 32 26 28 26 Brazil 417 390 481 423 431 417 413 442 417 442 469 Chile 99 121 134 121 102 103 117 112 118 136 129 Colombia 154 194 202 236 247 317 254 308 183 188 184 Cuba 575 515 587 531 548 532 477 423 420 431 422 Dominican Republic 58 56 57 51 61 68 73 72 75 83 82 Guatemala 54 61 63 65 80 75 64 62 72 78 70 Mexico 366 375 325 341 329 258 315 391 427 419 3418 Panama, Republic of.. 68 81 102 90 93 88 76 74 79 84 85 Peru 93 107 106 104 109 103 110 118 114 118 124 El Salvador 54 55 63 56 80 74 58 59 72 79 61 Uruguay 306 301 311 337 329 335 329 317 308 291 277 Venezuela 445 519 571 595 562 621 614 597 591 664 662 Other '102 '132 ••145 130 163 146 147 134 '140 140 205 Total 3,360 3,379 3,706 3,621 3,710 3,721 3,658 '3,672 '3,565 '3,709 3,750 Asia: Indonesia 421 296 198 184 166 140 168 181 194 211 216 163 157 168 181 185 172 164 169 178 190 174 Japan 729 929 1,055 951 800 740 794 851 841 884 992 337 324 318 304 319 308 318 266 264 263 266 Thailand 210 294 304 281 268 243 238 236 245 243 235 Other 325 360 374 401 451 444 465 520 551 601 618 Total 2,185 2,360 2,417 2,302 2,189 2,047 2,147 2,223 2,273 2,392 2,501 Eastern Europe* 309 307 314 306 308 309 308 309 310 311 308 All other: Egypt 285 234 218 217 224 226 219 221 228 224 234 Other 42 49 63 67 74 67 70 69 71 84 85 Total 327 283 281 284 298 293 289 290 299 308 319 Total foreign countries . 19,230 20,479 22,589 23,062 23,680 24,036 24,477 '25,002 '25,074 '25,782 26,297 International 5 3 171 3 287 3.212 3.331 3 401 3 364 3,536 3.560 3,565 3,677 3,673 Grand total 22,401 23,766 25,801 26.393 27,081 27,400 28,013 '28,562 '28,639 '29,459 29,970 ^Preliminary. 'Revised. 1 Includes gold reserves of Bank of France and French dependencies only. 2 Includes holdings of other Continental OEEC countries, Yugoslavia, Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. 3 Includes latest available figure (July 31) for Mexican gold reserves. 4 Excludes gold reserves of the U. S. S. R. 5 Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private dollar holdings as shown in Tables 1 and la-Id of the preceding section, as well as certain longer term U. S. Government securities reported as purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245. DECEMBER 1955 1395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- U.S.S.R.)i Treasury Totals 1949—Dec 35,400 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,830 22,706 22,820 216 587 23 317 590 • 40 74 271 31 19 1951—Dec 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec 36,290 23,187 23,252 706 21 317 896 42 214 31 23 1953—Dec 36,710 22,030 22,091 371 776 21 321 996 42 86 186 31 23 1954—Oct 21,759 21,827 371 760 5 322 1,065 42 186 31 23 Nov.. . 21,710 21,791 371 767 3 322 1,071 42 186 31 23 Dec.. . . 37,350 21,713 21,793 371 778 3 322 1,080 42 186 31 23 1955—jan 21,714 21,786 371 781 (•) 322 1,083 43 186 31 23 Feb. 21,716 21,788 371 797 (') 322 1,086 43 186 31 23 Mar.... 37,500 21,719 21,763 371 824 (8) 322 1,097 43 186 31 23 Apr 21,671 21,724 371 839 322 1,103 43 186 31 23 May 21,674 21,727 371 848 322 1,111 43 186 31 23 June... 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 21,732 371 850 322 1,134 42 186 31 23 Sept.... P37,87O 21,684 21,745 371 877 322 1,141 42 186 31 23 Oct 21,686 21,747 920 322 1,150 181 31 23 Germ En o d n t o h f Egypt France4 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - Pa ta k n is- Peru of 1949—Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 174 576 326 27 247 145 137 346 158 737 52 38 36 1954—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 78 804 45 48 35 Aug 174 576 802 27 247 138 804 45 48 35 Sept.. . . 174 576 825 27 247 138 804 45 48 35 Oct 576 247 138 836 45 48 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 n i 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 - al Fund ment? 1949—Dec... 178 17 128 85 70 1,504 118 154 «1,688 178 373 L,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 «3,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 82,335 221 373 1,530 115 1952—Dec 286 29 170 51 134 1,411 113 143 81,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 62,518 227 373 1,702 193 1954—Oct 422 29 199 56 224 1,513 113 144 52,936 227 403 1,734 193 Nov.. . . 427 29 194 56 246 1,513 113 144 62,925 in 403 L,736 193 Dec... 429 29 199 56 265 L.513 113 144 82,762 227 403 L,740 196 1955—Jan. 431 29 195 56 265 1,512 113 144 82,763 227 403 1,744 198 Feb 431 29 201 56 265 ,501 113 144 «2,681 227 403 L,744 209 Mar.. . . 438 29 203 56 265 1,499 113 144 82,667 227 403 1,744 204 Apr 438 29 208 56 258 1,493 113 144 82,686 227 403 1,744 204 May.... 438 29 207 56 263 1,473 113 144 82,686 227 403 1,745 207 June.... 436 29 212 56 264 1,485 113 144 82,680 227 403 1,745 230 July.... 422 29 215 56 264 1,495 112 144 82,544 227 403 1,747 227 Aug 425 29 212 56 264 1,501 112 144 52,457 227 403 1,751 226 Sept 425 28 214 56 264 1,513 144 52,345 216 403 1,751 215 Oct. . 28 56 270 L ,535 144 82,297 403 L ,751 208 ^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. 2Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3Less than $500,000. 4Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). fiExchange 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. 1396 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) fin millions of dollars at $35 per fine troy ounce] Ger- Y qu e a a r r t e o r r Total K U in n g i d te o d m g B iu el m - France R m F e a p e n . d y . o , f N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o h p er e1 Canada A t r i g n e a n- Cuba Mexico 1945 —452 9 ^1 278 5 —47 9 —86 8 —7 4 36 8 -224.9 —85,0 -23.8 1946..,... 721.3 14 2 -10 0 80.2 —29.9 27.3 337 Q 153.2 -30.0 36.9 1947 .. 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69 8 15 8 40 7 6$ 0 3.0 —5.6 5.8 114.1 —10.0 61.6 1949...... 193.3 446.3 —41 0 —23. 14 0 -40.0 3 —159.9 3 4 -49.9 —10 0 -16.1 1950 . — 1,725 2 —1,020.0 0 —84.8 —79 8 —IS 0 —22.9 -38.0 —68 0 -100 0 28.2 —118.2 1951...... 75.2 469.9 -10 3 —20 0 —4.S -34 9 —32.0 -15.0 —60.1 — 10 0 -49.9 —20.0 -60.2 1952 393.7 440.0 -3 .8 -10 .0 -100.0 -5 .0 22.5 -17.3 7.2 -20.0 87.7 1953 . . -1.164 3 —480.0 —84 9 —130 0 —65 0 9 —20 !6" —65.0 —ill 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 -23. 0 -15 .0 -10.0 -20.0 -45.0 -54.9 -28.1 A Ju p ly r. - - S Ju ep n t e . . . - - 3 12 0 8 6 . . 2 6 -1 -4 2 0 0 . . 0 0 — -3 12 . . 4 4 - - 1 4 0 0 . . 0 0 ' -46!6 - - 1 1 5 5 . . 0 0 -io!6' - - 2 15 5 . , 0 0 -4 -8 2 . . 8 8 - - 2 1 0 0 . . 0 0 Oct.-Dec -130.3 -32 .6 -50 .0 -15 .0 -3.0 1954 Jan.-Mar.. -63.0 —40 0 —200 —2 4 Apr.-June. -19.6 -50.0 — 15 6 —5 0 —1.1 80.3 July-Sept.. —171.8 — 140 0 0 —8.0 —2,5 Oct.-Dec.. -72.3 -30 0 -10 .0 -15.0 -7.5 -11.3 1955 Jan.-Mar. -36.9 —22.5 —10 0 -5 0 Apr.-Tune, -41.7 —45 0 3.5 July-Sept.. 8.7 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 r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r Pcriod T e u r n e r d a y s o - fp T e o ri t o a d l1 I i n n s g c to r o to e l c d a t k a s l e g p e o o x N ld r p t e o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- p D ti r c o t o i m o d g u n o e l c s d - - 1945 -37.9 —73.1 —27.88-188.3 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. ft 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 —4598 35^8 1948. . , ..... 10.7 —108.0 13.4 —4.1 498.6 6.9 1945. 20,065 20,083 —547.8 —106.3 —3567 32.0 1949 -14.4 -50.0 -7.5 -52.1 195.7 -1.6 1946 20,529 20,706 623.1 311.5 465 4 51.2 1950 -64.8 -17.2 -35.4 13.1 4-47.2 1947. 22,754 22,868 22,162.1 1,866.3 210 0 75 8 1951 22.2 —17.2 «—50.1 52.1 4-84.0 1948. 24,244 24,399 1,530.4 1,680.4 — 1592 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 Jan.-Mar -10.0 -3.6 -1.1 —5 0 — 1 2 1954—Nov... 21,710 21,791 -35.9 1.5 -36 7 5 6 July-Sept. ...... —~ I —1.4 Dec... 21,713 21,793 2.6 .7 1 8 5.8 Oct -Dec. — .1 —2 4 -9.9 1955—Jan... 21,714 21,786 -7.3 2.2 -9 7 5.0 1954 Feb... 21,716 21,788 1.6 3.2 — 8 4.8 Mar... 21,719 21,763 -24.7 2.7 -27 7 5.4 Jan -!Mar —5 0 13 2 —8 9 Apr... 21,671 21,724 -39.4 2.5 -41 8 5.0 Aor.-June ... . -30.0 2.0 — 1 May.. 21,674 21,727 2.9 4.5 —1 0 5.3 July-Sept —1.2 June. . 21,678 21,730 3.1 3.8 — 9 5.6 Oct -Dec. 1.9 -.1 -.4 July.. 21,682 21,734 4.4 1.6 — 1 4.1 Aug.. . 21,682 21,732 -2.2 3.6 -2 9 5.9 1955 Sept... 21,684 21,745 12.7 4.4 10 6 7.0 Oct.... 21,686 21,747 2.0 10.4 -7 1 6.8 Jan -M!ar — 3 . 4 1 — 1 —2 7 Nov... P21.688P21.751 P3.8 (3) 4-27.0 (3) July-Sept 11.0 -.1 -2.2 ^Preliminary. !See footnote 2 on opposite page. 1 Includes Bank for International Settlements. 2Change includes transfer of 687.5 million dollars gold subscrip- 8 Includes sale of 114.3 million dollars of gold to Italy. tion to International Monetary Fund. 4 8 I I n n c c l l u u d d e e s s s s a a l l e e s s o o f f 18 g 5 o . l 3 d m t i o l lio E n g y d p o t l la a r s s o fo f l g lo o w ld s : t o 1 C 95 h 0 in , a 4 . 4.8 million 4 3 N G o o t l d y h et e l a d v u ai n l d a e b r l e e . armark at the Federal Reserve Banks for foreign dollars; and 1951, 76.0 million, account, including gold held for the account of international institu- 6Includes sales of 45.0 million dollars of gold to Indonesia, tions, amounted to 6,917.5 million dollars on Nov. 30, 1955. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. DECEMBER 1955 1397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND INTERNATIONAL MONETARY FUND [End-of-month figures In millions of dollars! 1955 1954 1955 International Bank Monetary Fund 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 1,73* Other currencies and securities' 977 996 1,001 1,010 1,049 Currencies:1 Effective loans2 1,837 1,796 1,694 1,738 1,620 United States 1,643 1,609 1,567 1,574 1,472 Other assets3 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 *8,863 58,85388,853 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 Capitals..... . 1,810 1,806 1,806 1,806 1,831 Cumulative net drawings Sub- on the Fund io Loansas of October 31, 1955 scrip- Country9 Quota p ti a o i n d 1955 1954 Country4 Outstanding go in ld Prin- Dis- Usdis- Re- Sept. Aug. July Sept cipal bursed bursed paid Sold Total to others5 Brazil 150 37.5 65.5 65.5 65.5 65. S Colombia 50 12.5 25.0 25.0 25.0 France 525 108.1 105.0 105.0 105.0 105.6' Australia...... 258.5 217.6 40.9 1.6 216.1 20.9 Germany 330 33.0 -49,5 -49.5 -49.5 -46.1 Belgium ..,..„. 106.0 92.7 13.3 2.5 90.2 18.0 India 400 27,5 12.6 12.6 12.6 53.3 Brazil 194.1 148.1 46.0 4.7 143.3 3.5 Indonesia 110 15.5 15.0 15.0 15.0 15.0* Chile 37 3 19 9 17 4 4.4 15.5 .5 Japan 250 62 5 62 4 62.4 62.4 02.4 Colombia ..... 94.7 51.6 43.1 6.3 45.2 3.0 Philippines 15 3.8 10.0 10.0 10.0 Denmark. 40.0 40.0 1.9 38.1 1.3 Turkey » ... 43 10.8 20.0 >o 0 20.0 27 0 Finland 50.1 40.0 "*"io!i 8.1 31.9 2.3 United States.... 2,750 687.5 -382.9 -382.9 -332.9 -455.8 France „ 267 5 254.5 13.0 8.3 246.2 21.6 India 125.1 62.1 63.0 16.6 45.5 5.7 Italy 90 0 32.8 57.2 32.8 6.0 1 Currencies include demand obligations held in lieu of deposits. Japan. ., 45.5 32.1 13.4 32.1 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 96.6 44.7 4.9 91.7 2.4 agreed to be sold to others, and exchange adjustment. NetherJ ands 221.5 221.5 134.6 86.8 8.3 3 Excludes uncalled portions of capital subscriptions. Norway . . 50 0 50 0 50.0 2.0 4Loans to dependencies are included with member. Pakistan 77.3 31.1 46.1 3.4 27.8 2.0 includes also effective loans agreed to be sold but not yet disbursed Peru 36.0 10.3 25.7 .6 9.7 3.1 6Includes 170 million dollars in loans not yet effective. Thailand. . 37.4 24.2 13.2 1.0 23.3 includes 122 million dollars not guaranteed by the Bank. Turkey 61.0 39.9 21.1 .4 39.5 8Includes 125 million dollar subscription of withdrawing member Union of S. Africa 110.0 110.0 3.4 106.6 "131 (Czechoslovakia). United Kingdom.. 66.0 61.2 4.8 61.2 14.7 includes countries having cumulative net drawings of 10 million Uruguay 38.5 31.4 7.1 29.7 .2 dollars (+ or —) on the latest date. Yugoslavia 60.7 55.6 5.1 3.5 52.2 10 Represents for each country purchases of other currencies from Other 154.5 60.8 93.7 10.3 50.5 Fund less purchases of own currency by it or other countries. Total 62,390.0 1,784.1 605.9 218.0 1,566.1 7139.5 CENTRAL BANKS A d ss e e p t a s r o tm 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 (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* O as t s h e e t r s N c a o o n t i d n es a c n o D d u i s n a - t d s - Se t c ie u s ri- cir ti c o u n la- Deposits t l i O i e a s t b h a i e l n i r - d vances Bankers' Public EGA Other capital 1948—Dec. 29.. .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18,1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 11,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .... .4 1,375.0 19.2 29.2 384.0 1L,357.7 313.5 15.4 4 85.0 18.1 1951-Dec, 26 ....... .4 1,450.0 14.1 18.2 389.2 L,437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 . ..... .4 1,575.0 51.3 11.2 371.2 L525.5 302.8 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—Nov. 24. ........ .4 1,675.0 25.9 4.5 374.9 1,651.9 293.7 11.7 9.6 72.3 17.9 Dec. 29 .4 1,775.0 26.0 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955—Jan. 26 . ... • .4 21,725.0 62.8 16.4 298.0 1,664.9 251.9 16.3 4.7 85.9 18.3 Feb. 23 .4 1,725.0 68.8 52.4 248.1 1,658.9 271.1 11.3 4.7 63.7 18.4 Mar. 30 .4 1,725.0 31.5 16.1 328.8 1,696.3 275.7 11.7 4.1 66.4 18.5 Apr. 27 .4 21,750.0 21.3 18.0 319.2 1,731.5 253.9 18.6 4.6 63.6 17.8 May 25 .4 21,775.0 25.6 11.8 307.2 1,752.2 240.5 13.7 6.9 65.6 18.0 June 29 .4 21,825.0 45.1 5.7 301 .6 1,782.7 246.6 14.2 .5 72.9 18.2 July 27 .4 21,875.0 16.9 21.0 305.9 1,860.9 240.8 13.6 2.2 68.8 18.3 Aug. 31 .4 21,825.0 45.5 20.0 280.2 1,782,3 243.6 10.9 2.7 70.0 18.5 Sept. 28 .4 21,800.0 36.4 11.1 295.8 1,766.4 239.3 14.5 2.6 68.2 18.6 Oct. 26... .4 1,800.0 37.3 20.2 301.2 L.765.5 250.6 21.9 2.6 65.7 17.8 *On 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. 1398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Co»*/»tt<?<* As<sets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures i i a n n m d i o ll l i l o a n rs s ) of Goldi an S d S t e t U a rl t i n e n i s g ted securities O as t s h e e t r s circ N u o la te tion lia O b a t i n h l d i e t r ies dollars Short- Other Chartered D g o o m ve in rn io - n Other capital term banks ment 1945—Dec. 31. . ISrt.R 1 (157 3 688.3 29.5 1,129.1 521 ? 153 3 ?Q R 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 1 022 0 858 5 43.7 1,211 4 536 2 68 8 67 5 42 4 194g—Dec. 31.. 4 233.7 779.1 45.4 1,289.1 S47 3 98.1 81.0 43 1 1949__Dec 31 7A i 1 781 4 227 8 42 5 1 307 4 541 7 30 7 126 9 119 2 1950—Dec. 30 . 111.4 1 229.3 712.5 297.1 1,367.4 S78 6 24.7 207 1 172 6 1951—Dec 31 117 ft 141 8 1 049 3 135 2 1 464 2 619 0 04 0 66 1 200 0 1952—Dec. 31 . 77.1 1 459 8 767.2 77 3 1,561.2 626 16 7 44 5 132 9 1953—Dec 31 54 9 f 376 6 893 7 112 0 1 599 1 623 9 51 S ?9 5 133 1 1954—NOV> 30. . S7 f 1,444.3 837.5 85.1 1,587.1 528 ft 141.1 36.0 131 5 Dec 31 54 2 361 5 871 1 114 1 1 623 5 S29 6 56 3 30 5 161 0 1955—jan 31 51 5 1 249 8 876 0 87 7 1,545 9 528 7 56 5 3S 6 95 4 Feb. 28 52 4 1 ,320 6 815 1 82 1 1,541 7 503 8 63 2 47 3 114 1 Mar.31. . SO 8 1 ,325.6 821.6 101.4 1,552.9 9 57 5 42 7 104 3 Apr 30 59 0 385 5 808 4 123 6 1,579 3 570 7 50 8 40 5 135 2 May 31 . 52 3 1 357 6 817 5 87 1 1,597 7 516 9 50 6 35 6 113 7 June 30 55 8 4=51 9 834 9 121 5 1 618 8 577 0 n 1 36 5 160 4 July 30 59 6 1 233 4 1,032 4 134 9 1,651 8 532 9 52 9 45 2 177 S Aug. 31 . S7 7 1 18S 2 1,140 3 73 2 1,653 9 S^R 7 59 5 38 1 175 2 Sept 30 60 6 1 103 2 1 196 S 156 6 1 665 8 S6S 7 63 4 29 1 192 8 Oct. 31.. 56.6 1,318.5 991.2 158.3 1,674.2 580 7 62.4 34.5 173.0 Assets Llabilities Bank of France Advances to (Figures in Foreign Domestic bills Government Other Note Deposits O lia t b h i e l r change m O a p rk en et Special Other Current Other ci tion G m ov e e n r t n- EGA Other ca a p n it d al 1945—Dec 27 1?9 817 68 17,980 303 25 548 445 447 24 734 570 006 048 57, 7SS 4 087 1946_Dec. 26 . 94,817 7 ,618 3,135 76,254 67 900 480,447 33 133 721»86S 765 468 7,213 1947—Dec 31 6S 225 12 67 395 64 117 826147 400 558 039 59 024 920 831 733 82' 479 10 942 1948—Dec. 30 , 6S 225 30 97,447 8 577 238,576 150 900 558 039 57 622 987 621 806 171 ,783 16 206 1949—Dec 29 6^ 274 61 943 689 548 335 727157 900 S60 990 112 6581 278211 i 168 158 973 19 377 1950—Dec. 28... 182,785 L62.017 136,947 34,081 393,054 158,900 481,039 212,822 1,560,561 70 15, 058 161, 720 24,234 1951—Dec. 27... 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 1,841,608 29 10, 587 166, 226 41,332 1952—Dec. 31... 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,7272,123,514 27 897 137, 727 49,305 1953—Dec. 31... 201,282 15,421 292,465 61,108 891,560 200,000 679,849 169,9642,310,452 21 2, 061 142, 823 56,292 1954—Nov. 25... 201,282 51,939 224,48? 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 27792i5 2,.538,455 76 3, 744 154, 100 67,935 1955—Jan. 27... 201,282 60,482 226,244 46,054 1,063,937190,000 592,249 286,200 2,472,650 97 3, 733 125, 962 64,006 Feb. 24... 201,282 66,689 172,750 40,224 1,062,552 190,000 617,649 306,480 2^ t82,667 61 137 121, 699 53,062 Mar. 31... 201,282 86,467 160,613 32,564 1,138,808 190,000 597,449 353,285 2 583,654 24 7, 351 115, 374 54.064 Apr. 28... 201,282 21,962 200,233 28,526 1,113,385 190,000 546,749 336,294 2,.544,115 51 11, 302 128, 552 54,410 May 26... 201,282 53,030 210,448 26,545 1,028,496 190,000 584,949 334,3892,.523,444 20 11, 120 129, 730 64,823 June 30... 201,282 :83,869 245,543 16,393 1,054,765190,000 579,449 355,5742,(>29,933 45 11, 713 126, 899 58,283 July 28... 201,282 :100,145 247,594 11,343 1,061,877 190.000 579,849 355,4852,(542,828 93 11, 680 133, 666 59,308 Aug. 25... 201,282 :100,186 190,030 7,462 1,042,874 190.000 ^79,349 371 ,5802 ,-588,468 83 8,841 116, 452 68,919 Sept.29... 201,282 1100,195 235,818 14,853 1,076,626190,000 557,949 409,794 2,()92,538 95 4, 223 133, 979 55,683 Oct. 27... 201,282 :00,231 245,399 30,002 1,060,834 190,000 545,249 3429,9102,(391,418 69 870 138, 176 72,374 1On 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 292.8 billion francs on Oct. 27. 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. DECEMBER 1955 1399 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) Ojt. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia— Cont. Gold reported separately ,623 1,623 1,623 Deposits 558,130 603,708 664,210 511,703 Other gold and foreign exchange. 519 678 1,653 Other liabilities and capital 190,925 176,662 171,595 123,954 Government securities ,049 4,056 3,710Central Bank of Costa Rica Rediscounts and loans to banka.. ,231 77,008 65,594 (thousands of colones): Other assets 435 362 278 Gold 11,503 ,503 11,503 11,503 Currency circulation ,734 32,042 27,773 Foreign exchange 109,968 ,950124,649 48,502 Deposits—Nationalized ,575 45,385 39,666 Net claim on Int'l. Fund2 7,032 ,032 7,032 7,032 Other sight obligations 914 812 603 Loans and discounts 82,704 ,472 68,363 121,244 Other liabilities and capital . .. ,634 5,489 4,816 Securities 6,558 ,158 2,858 3,828 Commonwealth Bank of Aus- Other assets 26,321 ,129 24,344 26,581 tralia (thousands of pounds): Note circulation 150,580 147,068146,332 140,041 G Ch o e ld c k a s n a d n f d o r b e i i l g ls n o e f x o c t h h a er n g b e a . n . k .. s 29 5 7 , , 6 2 5 6 4 231 4 3 , , 3 2 0 8 4 6 5,632 425 5 , , 5 8 4 6 2 3 O D t e h m er a n l d ia b d i e li p ti o e s s i t a s nd cap # ital 3 5 3 9 , , 6 8 7 29 7 , , 2 9 4 3 2 4 3 6 2 0 , , 2 1 9 2 2 5 4 31 7 , , 2 3 8 6 1 8 Securities (incl. Government and National Bank of Cuba Treasury bills) 526,560 508,739 499,780 467,859 (thousands of pesos): Other assets 62,552 65 58,557 60,551 Gold 180,873185,878 185,878 185,875 Note circulation 370,753370; 367,753 352,327 Foreign exchange (net) 133,939 127,413110,825 33,202 Deposits of Trading Banki: Foreign exchange (Stabilization Special 265,444265 444 265,444 310,670 Fund) 204,800 196,770 199,742 246,740 Other 31,558 35 34,441 36,677 Net claim on Int'l. Fund2 12,512 12,512 12,512 12,512 Other liabilities and capital 224,274 220,263 229,435 260,142 Loans and discounts 48,334 47,688 45,602 42,663 Austrian National Bank (million! Credits to Government 66,729 64,906 59,844 58,379 ©f schillings): Other assets 79,889 79,534 79,055 77,764 Gold 1,742 ,742 557 498 Note circulation 407,615 411,389414,647 418,322 Foreign exchange (net) 7,540 ,881 8,038 9,674 Deposits 298,436 282,794 258,915 219,857 Loans and discounts 5,641 ,426 5,437 5,158 Other liabilities and capital.... 21,025 20,517 19,897 18,958 Claim against Government 1,557 ,557 1,857 1,776 National Bank of Czechoslovakia3 Other assets 981 822 498 22 National Bank of Denmark Note circulation 12,508 ,508 12,660 11,575 (millions of kroner): Deposits—Banks 1,515 ,465 1,535 2,890 Gold. 68 68 68 69 Other 654 739 567 812 Foreign exchange 649 688 658 730 Blocked 1,415 ,424 1,626 1,850 Loans and discounts 192 176 179 322 Nati O on th a e l r B li a a n b k il i o ti f e s B a e n l d g c iu a m pital 1,370 ,292 S G e o c v u c r . i t c ie o s m pensat . i # on account. . 3, 5 1 5 2 8 4 3, 4 1 8 2 0 4 3, 4 1 7 2 7 5 3,2 5 1 10 5 (millions of francs): Other assets 816 837 919 383 Gold 45,993 43.831 42,518 37,976 Note circulation 2,007 1,959 1,926 1,964 Foreign claims and balances (net) 9,866 10 555 10,769 12,205 Deposits—Government 1,481 1,458 1,429 1,279 Loans and discounts 7,009 6.956 8.055 6,180 Other 1,654 1,698 1,816 1,739 Consolidated Government debt 34,660 34 660 34,660 34,660 Other liabilities and capital 265 259 256 246 Government securities 9,020 9 352 8,238 9,882Central Bank of the Dominican Other assets 5,178 5.185 5,179 4,667 Republic (thousands of pesos): Note circulation. 104,573 105 047 104,629 100,371 Gold 12,076 12,076 12,076 12,076 Deposits—Demand 3,536 1 853 1,175 1,820 Foreign exchange (net) 14,441 13,339 12,134 24,521 ECA 56 56 55 89 Net claim on Int'l. Fund2 1,250 1,250 1,250 1,250 Other liabilities and capital 3,562 583 3,560 3,291 Loans and discounts 2,500 3,030 3,274 3,165 Central Bank of Bolivia—Mone Government securities 8,890 8,890 8,890 9,420 tary dept. (millions of bolivianos); (Apr.)* Other assets 14,906 14,917 14,783 7,456 Gold at home and abroad 495 1,515 Note circulation 42,318 41,879 41,582 38,359 Foreign exchange (net) 854 ui.iso Demand deposits 8,980 8,917 8,179 17,243 Centr O O N L G D a o l t t e o o h h a p v t e e e n o e B r r s s r c a n i l a a i t i n r m s s a n c s k b e d u e i n t o l l d s a i t f t i t i s i s C e o c e s n e o c y a u u l n n r o i t d t s n i e c s ( a t p h i o ta u l sands 2 2 3 6 3 4 2 , , , , , 1 0 1 4 5 8 1 5 1 9 0 9 9 9 5 4 3 5 1 1 3 2 3 6 9 0 , , , , , , 2 9 5 6 7 5 9 0 0 0 7 9 4 6 5 0 4 7 Ce ( n th t F C O G N r o o r a o t e u e h r l t l s e d d e a B i c r i g n t l a a s n l d i — i n s a m e k b o x G i o c l o f o i h n f t s v i a u e e I n E c s n r g r c n t e a e ' u m l s n . a ( ) e d : n d F n c e o t u a t r ) p n i d ta 2. l ...,, . 2,765 3 39 4 4 1 8 3 8 2 8 , , , , , 0 5 5 7 7 5 2 9 5 0 2 6 0 7 6 3 41 4 3 1 1 3 0 2 8 , , , , , 1 4 3 7 6 4 7 9 5 4 5 7 3 7 6 3 3 1 7 4 6 1 5 2 5 2 8 , , , , , 6 7 7 7 2 5 5 1 5 8 2 2 9 7 6 of rupees): Other 244,807 252,234 240,427 Foreign exchange 648,280 640,579638,115 484,519 Other assets 275,076 265,052 210,877 Advances to Government 23,300 Note circulation 683,145 679,907 726,945 Government securities 18,176 050 19,150 19,014 Demand deposits—Private banks. 188,923 203,468 230,678 Other assets 6,133 085 8,037 5,254 Other 170,962 163,231 160,259 Currency in circulation 416,648 409 372394,367 380,973 Other liabilities and capital 285,778 274,453 236,302 Deposits—Government 50,456 951103,031 7,279 National Bank of Egypt (thou- Banks 144,300 530110,62-7 92,532 sands of pounds): Other liabilities and capital 61,185 861 57,277 51,302 Gold 60,553 60 553 60,553 60,553 Centra! Bank of Chile (millions Foreign assets4 160,507 164 131170,780 18,628 ©f pesos): Egyptian Govt. securities 78,875 74 290 74,205 271,676 Gold 811 5,811 5,712 Clearing and other accounts (net) -18,596 -18,578-18,545 Foreign exchange (net) 052 295 979 Loans and discounts 22,310 17 488 15,699 "26 ',799 Discounts for member banks. .. . 147 5,493 3,139 Other assets 3,168 2 680 2,509 2,845 Loans to Government 270 16,270 11,468 Note circulation 174,947 160 791157,117 185,367 Other loans and discounts 034 14,711 9,134 Deposits—Government......... 20,069 24 814 29,040 76,966 Other assets 195 5,608 3,421 Other 90,012 93 310 96,805 107,378 Note circulation 802 36,177 22,132 Other liabilities and capita! 21,788 21 649 22,239 10,791 Deposits—Bank 943 4,196 3,510Central Reserve Bank of El Salva- Other 440 2,113 610 dor (thousands of colones): Other liabilities and capital 325 5,703 7,601 Gold 71,182 71,229 71,280 71,966 Bank of the Republic of Colombia Foreign exchange (net) 28,718 39,995 47,013 20,658 (thousands of pesos): Net claim on Int'l. Fund2 1,569 1,569 1,569 1,568 Gold and foreign exchange 230,293 257. 268,339 361,549 Loans and discounts 56,009 50,076 49,876 45,138 Net claim on Int'l. Fund2 24,380 24, 24,380 24,379 Government debt and securities.. 7,381 9,071 7,366 5,723 Loans and discounts 555,170 554,152 610,014 459,965 Other assets 6,853 7,405 7,373 7,338 Government loans and securities. 471,058 460,742461,256 325,604 Note circulation 87,099 87,845 87,953 87,525 Other assets 102,485 101,822 99,905 105,982 Deposits 74,531 81,609 86,803 53,186 Note circulation 634,331 618 134 628,089 641,822 Other liabilities and capital 10,081 9,890 9,719 11,680 *Latest month available. i 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. 1400 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Bank of Finland (millions of mark- Central Bank of Ireland (thousands of pounds): aGold 7,347 7,096 6,882 6,946 Gold 2,646 2,646 2,646 2,646 Foreign assets and liabilities (net). 29,716 28,522 26,846 '28,261 Sterling funds 70,863 68,558 67,274 67,331 Loans and discounts 24,117 20,925 18,864 ••15,300 Note circulation 73,509 71,204 69,920 69,977 Securities—Government 20,000 20,000 20,000 20,000Bank of Israel4 (thousands of pounds) Other 2,008 2,040 2,064 2,179 Gold. . . 2,032 2,026 Other assets 11,029 11,075 9,160 1,976 Foreign exchange 84,184101,004 Note circulation 51,433 50,634 50,376 46,498 Clearing accounts (net) 4,294 6,006 Deposits 23,426 19,699 16,866 12,749 Loans and discounts 10,842 10,074 Other liabilities and capital 19,357 19,325 16,573 15,416 Advances to Government 38,365 25,100 Bank of German States1 Other Government accounts 16,546 17,228 (millions of German marks): Government securities 128,866125,096 Gold 3,566 3,463 3,370 2,514 Other assets 14,448 15,371 Foreign exchange 9,046 9,008 8,952 8,259 Notes and coin in circulation. . . . 184,357179,586 Loans and discounts 3,210 3,061 1,961 1,632 Deposits—Government 7,825 8,015 Loans to Government 4,252 4,177 4,246 4,401 Other 92,503100,124 Other assets 837 882 1,020 1,121 Other liabilities and capital 14,892 14,179 Note circulation 13,241 13,337 12,920 12,127Bank of Italy (billions of lire): Deposits—Government 2,515 2,309 1,727 1,103 Gold 4 4 4 4 Banks 3,369 3,127 2,985 2,616 Foreign exchange 76 76 76 82 Other 219 224 218 220 Advances to Treasury 567 567 567 567 Other liabilities and capital 1,566 1,594 1,700 1,861 Loans and discounts 396 374 381 379 Bank of Greece (millions of drach- Government securities 376 381 366 322 mae): Other assets 918 935 859 810 Gald and foreign exchange (net). 5,619 5,544 4,679 Note circulation 1,496 1,506 1,481 1,403 Loans and discounts 208 168 205 Deposits—Government 29 29 35 39 Advances—Government 9,425 9,489 8,609 Demand 74 83 83 56 Other 4,940 4,970 4,538 Other 587 566 510 532 Other assets 1,627 1,564 1,985 Other liabilities and capital.... 152 153 143 133 Note circulation 4,273 4,130 3,582Bank of Japan (millions of yen) : Deposits—Government 1,195 1,197 1,441 Bullion 448 448 448 448 Reconstruction and Advances to Government 1,250 ,250 1,250 1,377 relief accts 7,611 7,611 7,006 Loans and discounts 98,199 ,892181,554 380,952 Other 4,042 4,054 3,359 Government securities 461,140 ,215413,334 288,562 Other liabilities and capital 4,699 4,742 4,630 Other assets 206,960 ,376164,881 85,440 Bank of Guatemala (thousands of Note circulation 549,348 ,847540,849 529,814 quetzales): Deposits—Government 51,165 ,271 69,412 42,785 Gold 27,227 27,227 27,227 27,228 Other 83,230 ,231 67,573 85,000 Foreign exchange (net) 15,506 18,153 21,480 3,884 Other liabilities 84,254 ,831 83,633 99,179 G Re o d ld i s c c o o n u t n r t i s b u a t n io d n a d to v a I n n c t e 'l s . Fund. 9 1 , , 9 2 5 50 8 7 1 , , 2 2 7 5 5 0 6 1 , , 0 25 9 0 8 11 1, , 2 3 5 9 0 0 Bank M o o f n e M ta e r x y i c r o e se (m rv i e ll 5 ions of pesos): 1,630 1,614 1,582 1,321 Other assets 41,955 41,650 36,913 46,564 "Authorized" holdings of secu- Circulation—Notes 48,769 48,201 47,647 50,720 rities, etc 4,777 4,611 4,457 3,451 Coin 3,745 3,698 3,674 3,701 Bills and discounts 326 412 474 507 Deposits—Government 7,341 8,719 7,096 6,309 Other assets 499 519 504 772 Banks 15,921 15,437 16,287 9,919 Note circulation 4,501 4,369 4,374 3,871 Other liabilities and capital 20,121 19,501 18,264 19,667 Demand liabilities 2,019 2,087 1,953 1,412 National Bank of Hungary2 Other liabilities and capital. . 712 700 690 770 Reserve Bank of India (millions of Netherlands Bank (millions of rupees): guilders): Issue department: Gold 3,166 3,046 3,046 3,015 Gold at home and abroad 400 400 400 400 Silver (including subsidiary coin). 36 32 30 19 Foreign securities 6,271 6,718 6,220 6,232 Foreign assets (net) 1,362 1,441 1,423 1,295 Indian Govt. securities 5,436 4,889 5,437 4,177 Loans and discounts 35 31 30 30 Rupee coin 1,111 1,121 1,101 1,064 Govt. debt and securities 622 622 623 735 Note circulation 13,059 12,802 12,851 11,619 Other assets 405 395 400 478 Banking department: Note circulation—Old 28 28 28 29 Notes of issue department 160 326 307 253 New 3,866 3,715 3,770 3,367 Balances abroad 853 477 955 1,022 Deposits—Government 214 274 345 305 Bills discounted 72 143 123 35 ECA 514 514 514 803 Loans to Government 20 8 7 Other 790 831 693 833 Other assets 824 851 1,027 1,221 Other liabilities and capital 213 205 203 235 Deposits 1,531 1,488 2,087 2,266Reserve Bank of New Zealand Other liabilities and capital. . . 378 329 333 273 (thousands of pounds): Bank Indonesia (millions of rupiahs); Gold 6,161 6,161 6,174 Gold and foreign exchange (net).. 1,530 1,403 1,266 917 Foreign exchange reserve 53,919 55,117 62,661 Loans and discounts 623 477 423 503 Loans and discounts 17,739 27,948 13,464 Advances to Government 8,840 9,619 9,581 7,990 Advances to State or State un- Other assets 416 404 379 354 dertakings 30,779 18,946 34,365 Note circulation 8,145 8,236 8,210 6,525 Investments 33,263 33,257 33,421 Deposits—ECA 495 495 495 495 Other assets 1,767 1,276 1,301 Other 1,949 2,281 2,077 2,220 Note circulation 68,618 68,344 69,169 Other liabilities and capital 819 892 868 524 Demand deposits 66,227 65,826 73,780 Bank Melli Iran 3 (millions of rials): Other liabilities and capital 8,783 8,534 8,436 Gold 4,242 4,242 4,242 4,242Bank of Norway (millions of kroner): Foreign exchange 244 244 244 224 Gold 208 203 203 203 Gold contribution to Int'l. Fund. 282 282 282 282 Foreign assets (net) -84 -49 -96 67 Government-secured debt 7,187 7,187 7,187 6,354 Clearing accounts (net) -38 -44 -50 -84 Government loans and discounts. 10,800 10,749 11,073 10,225 Loans and discounts 80 75 77 50 Other loans and discounts 4,719 4,849 4,476 3,906 Securities 91 84 76 25 Securities 411 410 411 848 Occupation account (net) 5,546 5,546 5,546 5,546 Other assets 2,703 2,855 2,905 2,011 Other assets 94 83 56 72 Note circulation 9,938 9,873 9,912 10,071 Note circulation 3,161 3,156 3,168 3,124 Deposits—Government 5,097 5,169 5,114 3,505 Deposits—Government 1,395 1,415 1,278 1,248 Banks 1,131 1,198 1,262 1,112 Banks 428 439 491 684 Other 11,093 11,421 11,317 10,170 FOA 103 103 103 214 Other liabilities and capital 3,330 3,157 3,215 3,256 Other liabilities and capital 812 784 771 608 '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. 'Items for issue and banking departments consolidated. *Bank began operations in December 1954. ^Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. DECEMBER 1955 1401 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 594 582 582 494 Issue department: Foreign assets 1,096 1,087 1,047 1,416 Gold at home and abroad1.. 114 114 114 81 Net claim on Int'l. Fund2 129 129 129 129 Sterling securities 644 594 594 382 Swedish Govt. securities and ad- Pakistan Goyt. securities. . . 1,074 ,024 1,024 1,339 vances to National Debt Offices 3,210 2,839 2,866 2,642 Govt. of India securities.... 275 275 275 147 Other domestic bills and advances 29 159 68 44 India currency.............. 431 431 431 300 Other assets 1,026 1,017 1,015 883 Rupee coin 34 40 46 55 Note circulation 4,924 4,861 4,775 4,730 Notes in circulation........ 2,493 ,407 2,380 2,209 Demand deposits—Government.. 106 97 106 105 Banking department: Other 285 96 131 85 Notes of issue department... 80 73 104 94 Other liabilities and capital 768 760 695 688 Bills discounted 20 2 13Swiss National Bank (millions of Loans to Government 12 12 30 99 francs): Other assets 559 642 601 384 Gold. 6,415 6,323 6,268 6,321 Deposits 564 642 643 460 Foreign exchange 578 627 561 508 Other liabilities and capital. . 107 86 92 131 Loans and discounts 174 177 149 107 Central Bank of Paraguay Other assets 96 98 101 94 (thousands of guaranies): (July)1 Note circulation 5,222 5,228 5,131 5,066 Gold 3,984 3,984 Other sight liabilities 1,830 1,788 1,743 1,758 Foreign exchange (net) 30,853 56,745 Other liabilities and capital 212 209 204 206 Net claim on Int'l. Fund2 7.915 40 Central Bank of the Republic of Loans and discounts 1,101,775 558.640 Turkey (millions of pounds): Government loans and securities. 496,375 483,906 Gold 402 402 402 402 Other assets 281,092 373,521 Foreign exchange and foreign Note and coin issue 845,299 619,082 clearings 175 171 188 194 Deposits—Government 194,739 156,957 Loans and discounts ,488 3,438 3,235 2,637 Other 147,398 166,758 Securities 30 30 30 30 Other liabilities and capital 734,557 534,066 Other assets 134 128 131 98 Central Reserve Bank of Peru Note circulation ,963 1,936 1,759 1,554 (millions of soles): Deposits—Gold 155 154 154 154 Gold and foreign exchange 578 548 379 Other ,550 1,559 1,551 1,166 Net claim on Int'l. Fund2 67 67 67 Other liabilities and capital 563 520 521 487 Loans and discounts to banks.... 688 648 647 Bank of the Republic of Uruguay Loans to Government ,101 1,129 1,144 (thousands of pesos): Other assets 142 174 109 Gold 327,411344,167 344,167 Note circulation ,834 1,842 1,728 Silver 10,743 10,634 8,644 Deposits 518 469 375 Advances to State and Govern- Other liabilities and capital 224 256 244 ment bodies 176,702164, 146,291 Central Bank of the Philippines Other loans and discounts 476,237 469 377,729 (thousands of pesos): Other assets 934, 567,781 Gold 27,714 25,297 25,099 18,813 Note circulation 460,324 464 456,805 Foreign exchange 307,356 331,870 345,656 410,002 Deposits—Government 153,702 159,756 Net claim on Int'l. Fund2 9,504 504 9,504 29,504 Other 350,146 327 322,563 Loans 30,504 ,964 76,254 37,388 Other liabilities and capital 961,507 505,488 Domestic securities 366,892 ,326303,933 225,573Central Bank of Venezuela (mil- Other assets 164,925 ,547166,078 168,008 lions of bolivares): Circulation—Notes 599,167 ,259582,991 604,784 Gold 1,234 1,234 1,234 1,233 Coin 86,569 ,613 86,767 85,110 Foreign exchange (net) 412 425 321 218 Demand deposits 170,202 .717 208,102 138,702 Other assets 133 123 164 168 Other liabilities and capital 50,957 ,919 48,663 60,693 Note circulation 1,032 1,016 1,022 990 Bank of Portugal (millions of Deposits 263 260 297 202 escudos): Other liabilities and capital 484 506 399 427 Gold 536 5,496 5,479National Bank of Federal People's Foreign exchange (net) 276 13,175 13,097 Republic of Yugoslavia (millions Loans and discounts 912 912 890 of dinars): Advances to Government 386 1,383 1,408 Gold 4,612 4,589 4,269 Other assets 358 1,353 1,056 Gold contribution to Int'l. Fund. 2,369 2,369 2,369 Note circulation 546 10,484 10,012 Foreign assets 57,647 57,763 66,407 Demand deposits—Government.. 548 1,732 2,305 Loans (short-term) 730,298 715,891 725,745 ECA 101 101 17 Government debt (net) 17,619 27,102 -24,138 Other 697 7,424 7,377 Other assets 52,366 51,275 47,009 Sout O h t h A e f r r i l c ia a b n i li R ti e es s e a r n v d e c B a a p n it k al 575 2,579 2,219 D N e o m te a s n a d n d d e c p o o in si t i s n circulation.... 1 8 9 7 6 , , 0 0 6 3 7 81 8 9 6 4 , , 8 0 9 6 1 2 1 8 8 2 7 , ,3 5 5 7 5 7 (thousands of pounds): Foreign liabilities 103,398102,130 107,901 G Fo o r l e d ign bills 3 7 0 4 , , 2 7 8 1 5 6 , , 9 0 3 2 6 0 3 7 8 5 , ,0 9 6 8 3 0 5 70 2 , , 4 4 3 9 1 4 O Lo th n e g r - t l e i r a m bi l l i i t a ie b s i li a t n ie d s c ( a n p e i t t ) al 3 1 6 1 7 0 , , , 6 7 5 5 5 3 1 3 0 6 7 8 , , 6 2 1 9 6 0 3 8 5 9 4 , , 2 5 7 4 9 9 Other bills and loans. .. 21,219 ,527 21,796 9,745 Bank for International Settle- Other assets 53,424 ,349 53,983 45,443 ments (millions of Swiss gold Note circulation 107,069 ,357107,154 101,458 francs): Deposits 53,479 ,366 65,461 57,581 Gold in bars 636 658 692 589 Other liabilities and capital 19,195 ,109 17,206 19,073 Cash on hand and with banks.... 78 77 67 '60 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 615 615 615 613 ances (at cost) 313 296 287 303 Silver 321 323 323 323: Time funds at interest 145 152 151 346 Government loans and securities. 15,959 ,783 15,940 14,838 Sundry bills and investments.... 439 391 398 473 Other loans and discounts 32,403 ,020 31,233 28,022 Funds invested in Germany 297 297 297 297 Other assets 40,469 ,100 39,235 37,636 Other assets , 1 2 1 4 Note circulation 45,216 ,849 43,948 41,083 Demand deposits (gold) , 518 464 456 432 Deposits—Government 4,151 ,496 4,992 5,900 Short-term deposits: Other 5,170 ,608 4,490 3,074 Central banks—Own account.. 854 866 89. 1,098 Other liabilities and capital 35,231 33,916 31,375 Other 20 27 29 31 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 288 287 286 283 *Latest month available. 'Revised. *On 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. 1402 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve C a a d n a - U K d n i o i n m t g ed - France Ger- g B i e u l m - N la e e n r t - d h s - S d w e e n - ba C n e k n tr o a f— l R O 3 a c 1 t t e . ef D fec a t t i e ve ba C n e k n tr o a f— l R O 3 a c 1 t t e . ef D fec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Ireland 3 May 25, 1954 1949 IK 2 3 4 3M 2M 2H Austria May 20,1955 Italy 4 Apr. 6, 1950 Tune 8 1950 Belgium 3 2 Aug. 4, 1955 Japan 7.3 Aug. 10, 1955 Sept. 11 Bolivia 6 Sept. 30, 1950 Mexico 4K June 4, 1942 Sept. 26 3 Oct. 17 2 Oct. 27 6 Dec. 1 3 Canada Oct. 12, 1955 Netherlands . Apr. 7,1953 Apr. 17, 1951. 4 Ceylon June 11, 1954 New Zealand. Oct. 19, 1955 July 5 3H Chile 4^ June 13, 1935 Norway Feb. 14, 1955 Sept. 13 3M Colombia.... 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.. 3% Mar. 12 4 Denmark SM June 23, 1954 Peru 6 Nov. 13, 1947 May 29 5 Ecuador 10 May 13, 1948 Portugal. . . . Jan. 12, 1944 Aug. 1 . 3 Egypt 3 Nov. 15, 1952 South Africa. 414 Sept. 29, 1955 Aug. 21 4K El Salvador. .. 3 Mar. 22, 1950 Spain 3% July 1, 1954 Dec 18 3 Finland 5 Dec. 1, 1954 Sweden Apr. 19, 1955 Jan. 8,1953.. 4 Apr. 7 2H June 11 . .. Sept. 17 3H 3 Dec. 2, 1954 Switzerland.. Nov. 26, 1936 Oct. 29 2% Germany1 sy Aug. 4, 1955 Turkey June 28, 1955 N Fe o b v . 2 4 0 1 . 95 .. 4 3M "2% G In r d e i e a ce 9 2 J N a o n v . . 15 1 , . 1 1 9 9 5 5 1 5 Un d i o te m d King- Feb. 24,1955 M M a a y y 2 1 0 3 . ... 3 "h" Indonesia 3 3 Y2 Apr. 1, 1946 U.S.S.R. July 1, 1936 Dec 2 3 Jan. 27, 1955 1 Rates estaolished for the Land Central banks. Feb. 15 NOTE.—Changes since Oct. 31: Austria—Nov. 17, from 4>£to 5; Canada— Feb. 24 Nov. 18, from 2M to 2% per cent. Apr. 19 3K A A u u g g . . 4 5... 2 3y2 3 Oct. 12 In effect Oct. 31, 1955 2H 3 3V2 3 2V2 OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la i n tz d er- Month 3 T m re b o a il n s l u s th ry s1 m D o d ay n ay - e t y o 2 - 3 B a a m a c n n c o c k e n e p e s t r t h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a e i n r t c s s ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m p o o a n n to t s hs d P is r r i c a v o t a e u t n e t 1945—September. .36 1.03 1.00 1.13 .50 1.41 1.72 1.08 1.25 1946—September .40 .53 .51 .63 .50 1.32 1.30 1.00 1.25 1947—September .41 .53 .51 .63 .50 1.44 1.08 .75 1.25 1948—September .41 .56 .51 .63 .50 2.84 1.10 .84 1.63 1949—September .51 .69 .52 .63 .50 P2.03 1.15 1.01 1.50 1950—September .62 .69 .52 .63 .50 2.22 1.33 .91 1.50 1951—September .88 1.00 .51 .63 .50 2.56 1.24 1.00 1.50 1952—September 1.14 3.00 2.49 2.25 2.00 4.00 .85 .62 1.50 1953—September....... 1.91 2.67 2.27 2.09 .88 4.34 .43 .50 1.50 1954—September 1.21 .95 1.64 1.63 1.44 .25 3.77 .88 .51 1.50 1954—October 1.18 .96 1.62 1.44 .25 3.65 .88 .63 1.50 November. 1.17 .78 1.62 1.44 .25 3.51 .87 .50 1.50 December., 1.08 .76 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 2.68 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 September. 1.77 1.64 4.15 4.07 3.15 2.50 3.00 1.04 .75 1.50 ^Preliminary. 1 Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates made nearest to the 15th of each month. 2Represents an average of closing rates. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. DECEMBER 1955 1403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Liabilities ( b 1 m a 1 i n ll L k io s o s n . t n e s d r F o l o i n i n f g g u p c ) r o le e u a s n r i d i n n s g re C se a r s v h es M ca n o s l o n h l t e o i a y c r n t e a d t B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1949—December. 532 571 1,109 793 1,512 1,534 579 6,202 4,161 2,041 427 1950—December. 540 592 1,408 456 1,528 1,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1,965 1,950 867 6,333 4,290 2,042 651 1952—December. 549 529 1,248 2,148 1,764 748 6,460 4,232 2,228 528 1953—December. 542 501 1,417 2,275 1,725 729 6,694 4,327 2,368 495 1954—November 534 452 1,300 2,364 1,871 725 6,684 4,244 2,440 562 December. 571 498 1,313 2,353 1,920 881 6,941 4,485 2,456 595 1955—January. . 546 486 1,283 2,351 1,904 759 6,718 4,303 2,415 611 February. 525 445 1,072 2,298 2,013 810 6,525 4,112 2,413 637 March.... 514 438 966 2,281 2,037 843 6,402 4,017 2,384 677 April 539 434 973 2,217 2,080 811 6,381 4,033 2,348 673 May 515 417 1,011 2,141 2,116 829 6,361 4,040 2,321 668 June 526 440 996 2,099 2,207 879 6,510 4,155 2,356 637 July 535 458 1,015 2,098 2,149 807 6,406 4,068 2,339 655 August. . . 515 424 1,113 2,082 2,116 801 6.406 4,101 305 645 September 526 422 1,177 2,084 1,995 780 6,345 4,043 302 638 October... 520 408 1,228 2,086 1,978 794 6,376 4,081 2,295 638 Assets Liabilities Canada3 Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits Other End of month figures abroad Other liabilities Ca i n n a d m ia il n li o d n o s l l o a f rs) Cash Security loa O n t s h e a r nd d a f u o n e r d e f i r n g o e n m t Securities assets Notes* Total Demand Time c a a n p d ital reserves loans discounts banks 1949—December 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950—December 824 134 2,776 171 4,286 ,304 7,828 3,270 4,558 ,667 1951—December 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 ,714 1952—December 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 ,736 1953—December 906 154 3,897 424 3,831 ,510 8,881 3,847 5,034 ,841 1954—October 833 293 3,892 330 4,442 ,454 9,469 3,781 5,687 ,777 November 810 297 3,984 334 4,473 ,428 9,462 3,930 5,532 ,864 December 810 211 3,952 325 4,429 ,706 9,579 3,964 5,615 ,854 1955—January 806 176 3,876 288 4,625 ,488 9,402 3,656 5,746 ,857 February 760 214 3,857 285 4,707 ,663 9,608 3,728 5,880 ,879 March 791 197 3,873 252 4,795 ,619 9,650 3,678 5,972 ,877 April 802 230 3,954 255 4,812 ,618 9,788 3,667 6,120 ,883 May 805 250 3,955 275 4,874 ,730 9,946 3,825 6,122 ,942 June 793 244 4,044 255 4,869 ,921 10,202 4,018 6,184 ,924 July 790 269 4,122 254 4,953 .721 10,200 3,961 6,238 ,909 August 838 230 4,189 275 4,948 1.672 10,234 3,939 6,295 ,919 September 814 177 4,293 255 4,858 1,956 10,405 4,072 6,333 ,948 Liabilities France (4 o m f l i a l m r li g o o e n n s b th a o n f f i k g s f u r . r a e n s c E s i n n ) d re C se a r s v h es Du b e a n f k ro s m B co ill u s n t d e i d s- Loans Other Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a a b a O p n il t i d i h t t a i e e l r s 1949—December. 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December. 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December. 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—December. 51,155 68,243 636,624 170,298 29,734 902,547 870,504 32,043 24,957 28,551 1953—December. 50,746 86,273 744,076 184,930 35,673 1,037,169 994,620 42,549 30,308 34,222 1954—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 ,087,933 45,154 25,355 69,570 November. 47,696 82,270 797,574 229,729 63,785 1,119,354 1,071,500 47,854 28,515 73,185 December. 53,346 84,873 849,368 225,030 41,311 1,183,308 1,163,648 46,085 31,372 39,250 1955—January... 46,988 84,521 823,669 231,670 39,982 1,158,280 1,113,206 45,074 32,205 36,344 February.. 44,424 79,631 815,141 241,070 45,850 1,155,013 1,111,675 43,338 33,543 37,559 March 44,381 78,810 833,482 234,246 48,261 1,164,788 1,122,034 42,754 32,406 41,986 April 49,515 83,746 931,684 220,980 51,883 1,256,477 1,211,953 44,524 33,910 47,420 May 49,995 79,657 854,865 240,985 54,806 1,196,037 1,152,548 43,489 33,528 50,743 June 47,724 82,363 849,846 249,129 57.989 1,186,981 1,142,713 44,268 31,766 68,304 July 50,210 85,419 969,559 234,263 62,116 1,295,223 1,252,485 42,738 32,808 73,536 August 44,623 80,047 850,788 259,496 63,415 1,190,341 1,147,089 43,252 31,017 77,010 iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2Represent six-month loans to the Treasury with a yield of Y% per cent. 3 In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures shown may not be strictly comparable with those for earlier dates. Beginning February 1955, when two banks merged, figures are for 10 banks. 4 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 1404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada (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 ( e fr 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 Free 1949 29.774 293.80 2.2009 5.4406 42.973 97.491 92.8S1 1950 26.571 " 13.333' *8!289 223.15 J QQOft 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 L.9859 5.4406 32.849 94.939 1952 20.000 13.333 7.163 222.63 L.9878 5.4406 32.601 102.149 1953 20.000 13.333 7.198 224.12 3.8580 t2.0009 5 4<t?n 32.595 101.650 1954 20.000 13.333 7.198 223.80 3.8580 L.9976 H.2808 13.5261 32.641 102.724 1954—December 20.000 13.333 7.198 222.10 3.8580 1L.9954 32.544 103.292 1955—January 20.000 13.333 7.198 221.92 3.8580 1.9959 32.538 103.498 February 20.000 13.333 7.198 221.80 3.8580 L.9938 32.535 102.384 March 20.000 13.333 7.198 222.42 3.8580 L9856 32.608 101.587 April . . 20.000 13.333 7.198 222.83 3.8580 ]I.9890 32.675 101.404 May 20.000 13.333 7.168 222.78 3.8580 L.9896 32.686 101.405 20.000 13.333 7.175 222.29 3.8580 L,9871 32 614 101.568 July . . . 20.000 13.333 7.175 221.91 3.8580 L.9864 32.544 101.555 August 20.000 13.333 7.173 222.04 3.8580 L.9874 32.577 101.502 Sentember 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 t 9911 32.639 100.474 223.22 3.8580 9955 32.753 100.047 France Year or month Ceylon m De a n rk - Finland (franc) G (d e e r u m ts a c n h y e India Ireland Mexico e N rl e a t n h d - s (rupee) (krone) (markka) mark) (rupee) (pound) (peioft (guilder) Official Free 1949 27.839 19.117 .4671 .3017 27.706 12.620 34.528 1950 20.850 14.494 .2858 "23! 838 20.870 11.570 26.252 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 1952 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 26.315 1953 21.046 .4354 .2856 21 049 281.27 11.607 26.340 1954 21.017 .4354 .2856 323!838 21.020 280.87 49.052 26.381 1954—December 20.863 .4354 .2856 23.838 20.863 278.74 8.006 26.34$ 1955—January 20.843 .4354 .2856 23.838 20.843 278.52 8.006 26.349 February 20.834 .4354 .2856 23.838 20.834 278.36 8.006 26.290 March 20.892 .4354 .2856 23.838 20.892 279.14 8.006 26.297 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 20.8.52 .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 November 20.979 .4354 .2855 23.721 20.979 280.15 8.006 26.211 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 i e 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 o en n e- a) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur ( u p g es u o a ) 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—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 23.329 279.14 276.88 14.008 49.677 3.4900 278.61 19.333 23.330 279.65 May 276.82 14.008 49.677 3.4900 278.54 19.333 23.333 279.59 276.22 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 November 277.37 14.008 49.677 3.4900 279.10 19.333 23.335 280.14 1 Based on quotations through Aug. 13, 1954. 2 Based on quotations through Oct. 27, 1955. '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. 6For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for thil 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 sam« publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333, DECEMBER 1955 1405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers} Year or month ( U 1 S - 9 1 n t 4 a 0 i 7 t t 0 e e - ) 4 d s 9 ( C 1 - a 9 1 n 3 0 5 a 0 - d ) 3 a 9 M (1 1 e 9 0 x 3 0 i 9 ) 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 ) - (1 J 9 a 3 p 4 a - n 36 N ( l 1 e a 1 9 t 0 n h 4 0 d e 8 ) s r - - S (1 w 1 9 e 0 3 0 d 5 ) e - n ( S A w - l u 1 a i g 0 t n . z 0 d 1 e ) 9 r 3 - 9 1945. i 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 394g •••-.. 104 193 260 219 89 5 443 128 ioo 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 3952.;. 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 J954—October 110 214 450 329 134 5,276 343 136 296 215 110 215 454 331 135 5,320 346 136 298 216 110 215 460 336 135 5,350 344 136 299 217 1955—January 110 216 463 337 136 5,353 345 138 300 216 February 110 217 468 338 135 5,322 346 137 302 215 March 110 217 478 335 135 5,317 348 136 304 215 April 111 219 483 334 135 5,325 344 136 305 215 May 110 218 482 333 137 5,328 342 136 307 214 June 110 219 485 336 133 5,321 '338 136 308 215 July 111 218 342 134 '5,294 •"340 136 313 215 111 220 343 135 5,277 342 136 311 215 September... . 112 221 343 P137 P5.275 342 136 P312 216 October ...... 112 220 P345 P136 P314 216 ^Preliminary. 'Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES llndexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49-100) (1935-39-100) (1930-100) (1948-100) Year or month Raw and Fully and 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 c a t a r u n t r u l e y - d fa c m c h t a i u e n f r u l e y - d Foods p I r n t o r d d ia u u l s c - ts Foods t p r I r i n o a d d l u u r s c a - t w s p fi r n t o r i d s i h a u e l c d ts goods goods 1945 72 n.a. 71 166 136 130 158 175 1946 83 n.a. 78 180 140 138 158 184 1947 100 98 95 192 164 162 165 207 1948 *.... 107 106 103 232 196 192 181 242 100 100 100 1949 93 96 101 229 197 199 197 249 101 108 104 3950. 98 100 105 237 213 211 221 286 112 128 116 3951 113 111 116 269 238 242 247 »364 122 171 143 3952 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— 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 1955—January 93 104 115 207 205 222 315 123 158 139 February........ 93 103 116 207 208 223 311 120 158 139 March 92 102 116 204 206 224 303 117 158 138 April 94 103 116 213 210 224 301 116 159 138 May 91 102 116 213 210 223 298 116 159 138 June 92 104 116 212 210 224 305 117 160 138 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 r119 203 212 226 306 120 162 135 October 87 100 119 197 211 226 P314 n.a. Not available. ^Preliminary. 'Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 1406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U = S 19 t n 1 a 4 i 0 7 t t 0 e e - ) 4 d s 1 9 = C ( a 1 a 1 d 9 n 0 4 a 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 1 t n 9 0 h 5 d 0 e 1 ) s r 2 - 1 ( l 9 A a e 3 r n u 9 - d g = . ( U = S 19 t n 1 4 a i 0 7 t t 0 e e - ) 4 d s 1 9 = C ( a 1 a 1 d 9 n 0 4 a 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 1 n t 0 9 h 5 d 0 e 1 s ) r 2 - 1 ( l 9 A a e 3 n r u 9 - d g - . = 100) 100) = 100) 100) 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 162 100 100 76 100 174 1950 103 103 86 111 159 101 103 82 111 176 1951 111 114 95 130 100 167 113 117 91 128 100 181 1952 114 116 103 145 101 171 115 117 105 141 103 184 1953 114 115 106 144 101 170 113 113 112 137 104 184 1954 115 116 108 143 105 171 113 112 114 135 108 188 1954—October 115 117 109 143 105 173 112 114 116 134 108 192 November 115 117 109 144 106 173 111 113 117 135 108 192 114 117 110 145 106 173 110 113 118 136 109 192 1955—January 114 116 110 145 107 172 111 112 119 137 112 190 114 116 110 145 107 172 111 112 119 136 111 189 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 114 116 111 146 106 172 111 112 120 137 109 189 114 116 113 145 107 172 111 111 125 136 112 189 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 J>145 105 173 112 114 124 P135 108 191 October 115 117 114 P146 105 173 111 114 126 P138 P108 191 P Preliminary. i 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), sea BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( n t h r a a i ig t t d e e h e d s )1 ( C 1 = a 9 3 n 1 5 0 a - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 e g i = m d t 1 e o b 0 d 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- ( U 1 S = 9 t n 3 a 1 i 5 0 t t e e - 0 3 s d ) 9 ( C 1 - a 9 1 n 3 0 5 a 0 - d ) 3 a 9 ( K 19 U i 2 n n 6 g i = t d e o 1 d m 00) (1 F 9 r 4 a 9 n -1 c 0 e 0) N - l ( 1 e a 1 t 0 n 9 h 0 5 d e ) 3 s * r- 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—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 97.9 106.6 129.6 103.4 323.2 255.9 112.7 314 175 October 113.6 97.2 108.6 101.8 306.2 239.9 108.1 161 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. *For a detailed description of this weighted index, which replaces the series of monthly averages, see Maandstatistiek van het financiewetea 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. 1407 DECEMBER 1955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK A. L. MILLS, JR. CHAS. N. SHEPARDSON JAMES K. VARDAMAN, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel Special Assistant to the Board, CHARLES MOLONY OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS S. R. CARPENTER, Secretary ROBERT F. LEONARD, Director MERRITT SHERMAN, Assistant Secretary J. E. HORBETT, Associate Director KENNETH A. KENYON, Assistant Secretary LOWELL MYRICK, Assistant Director CLARKE L. FAUVER, Assistant Secretary GERALD M. CONKLING, Assistant Director JOHN R. FARRELL, Assistant Director LEGAL DIVISION DIVISION OF EXAMINATIONS GEORGE B. VEST, General Counsel GEORGE S. SLOAN, Director FREDERIC SOLOMON, Assistant General Counsel C. C. HOSTRUP, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel FRED A. NELSON, Assistant Director DAVID B. HEXTER, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve Examiner G. HOWLAND CHASE, Assistant General Counsel ROBERT C. MASTERS, Assistant Director GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director EDWIN J. JOHNSON, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN SPRECHER, JR., Assistant Director KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director ALBERT R. KOCH, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator DIVISION OF INTERNATIONAL FINANCE OFFICE OF THE CONTROLLER ARTHUR W. MARGET, Director EDWIN J. JOHNSON, Controller LEWIS N. DEMBITZ, Assistant Director M. B. DANIELS, Assistant Controller FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT C. CANBY BALDERSTON A. L. MILLS, JR. C. E. EARHART J. L. ROBERTSON WILLIAMR.K.MITCHELL, PHILADELPHIA DISTRICT W. D. FULTON CHAS. N. SHEPARDSON FRANK R. DENTON, CLEVELAND DISTRICT W. H. IRONS M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT HUGH LEACH JAMES K. VARDAMAN, JR. Vice President WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist W. W. CAMPBELL, ST. LOUIS DISTRICT J. DEWEY DAANE, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT L. MERLE HOSTETLER, Associate Economist MORGAN H. RICE, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist GEO. G. MATKIN, DALLAS DISTRICT O. P. WHEELER, Associate Economist RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WILLIAM J. KORSVIK, Acting Secretary 1408 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 Preside l n o t w s e i r n s c e h ct a io rg n e o o f f t h b i r s a P nc a h g e e s ) are listed in 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. Lowe2 New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse Forrest F Hill William F. Treiber John Exter T. G. Tiebout H. H. Kimball V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia William J Meinel Alfred H. Williams Karl R. Bopp P. M. Poor man Henderson Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari E. C. Hill Richard G. Wilgus • 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» 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.8 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 W. W. Turner L. G. Meyer 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 0. B. Jesness A. W. Mills E. B. Larson8 M. H. Strothman, Jr. H. G< McConnell Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy John T. Boysen 8 E. D. Vanderhoof Joe W. Seacrest Henry O. Koppang Clarence W. Tow D. W. Woolley Dallas Robert J. Smith Watrous H. Irons E. B. Austin L. G. Pondrom Hal Bogle W. D. Gentry Howard Carrithers Morgan H. Rice 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 Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis Helena Kyle K. Fossum Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City Denver Cecil Puckett Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathea Charlotte R. L. Cherry Omaha P. A. Debus Atlanta Birmingham H. C. Frazer Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston J. L. Cook Nashville 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. * Cashier. * Also Cashier. DECEMBER 1955 1409 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 and countries listed under Federal Reserve Bulthe Division of Administrative Services, Board of letin on this page, single copies 60 cents each Governors of the Federal Reserve System, Wash- or in quantities of 10 or more for single shipment ington 25, D. C. Where a charge is indicated, 50 cents each; elsewhere 70 cents per copy. remittance should be made payable to the order of the Board of Governors of the Federal Reserve FLOW OF FUNDS IN THE UNITED STATES, 1939-53. A System. new accounting record designed to picture the flow of funds through the major sectors of the THE FEDERAL RESERVE SYSTEM—PURPOSES AND national economy. December 1955. 390 pages. FUNCTIONS. November 1955. 224 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 BANKING AND MONETARY STATISTICS. Statistics of United States for 10 or more copies to one ad- banking, monetary, and other financial developdress, 50 cents per copy per month, or $5.00 ments. November 1943. 979 pages. $1.50 per for 12 months. copy. No charge for individual sections (unbound). FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. Annual THE FEDERAL RESERVE ACT, as amended to Novemsubscription includes one issue of Historical Sup- ber 1, 1946, with an Appendix containing proplement listed on this page. Subscription price visions of certain other statutes affecting the in the United States and the countries listed above Federal Reserve System. 372 pages. $1.00 per is $6.00 per annum, 60 cents per copy, or 50 cloth-bound copy. cents each in quantities of 10 or more of a particular issue for single shipment; elsewhere $7.00 RULES OF ORGANIZATION AND RULES OF PROCEDURE per annum or 70 cents per copy. —Board of Governors of the Federal Reserve System (with Amendments). September 1946. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE 31 pages. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. An- REGULATIONS OF THE BOARD OF GOVERNORS OF THE nual subscription to monthly chart book includes FEDERAL RESERVE SYSTEM. Individual regulations one issue of Supplement. In the United States with amendments and supplements thereto. 1410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS PERIODIC RELEASES DEPARTMENT STORE CREDIT DEPARTMENT STORE MERCHANDISING DATA WEEKLY EMPLOYMENT IN NONAGRICULTURAL ESTABLISH- WEEKLY AVERAGES OF MEMBER BANK RESERVES, MENTS RESERVE BANK CREDIT, AND RELATED ITEMS AND STATEMENT OF CONDITION OF THE FEDERAL RE- FEDERAL RESERVE PAR LIST (Also annual list. Both available at Federal Reserve Banks only) SERVE BANKS CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS INTERDISTRICT SETTLEMENT FUND BY INDUSTRY INDEX NUMBERS OF WHOLESALE PRICES CHANGES IN STATE BANK MEMBERSHIP MONTHLY DEPARTMENT STORE SALES CONDITION OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES MONTHLY DEPARTMENT STORE SALES AND STOCKS, BY DEPARTMENTS CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES MONTHLY DEPARTMENT STORE STOCKS WEEKLY DEPARTMENT STORE SALES MONTHLY FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES—SELECTED NATIONAL SUMMARY OF BUSINESS CONDITIONS CITIES AND AREAS OPEN-MARKET MONEY RATES AND BOND PRICES WEEKLY FOREIGN EXCHANGE RATES RETAIL FURNITURE REPORT WEEKLY REVIEW OF PERIODICALS (Available only for domestic distribution) SALES FINANCE COMPANIES STATE MEMBER BANKS OF THE FEDERAL RESERVE SYS- SEMIMONTHLY TEM AND NONMEMBER BANKS THAT MAINTAIN DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER CLEARING ACCOUNTS WITH FEDERAL RESERVE BANKS (Also annual list) BANKS SELECTED LIST OF ADDITIONS TO THE RESEARCH SEMIANNUAL-QUARTERLY LIBRARY ALL BANKS IN THE UNITED STATES AND POSSESSIONS— MONTHLY PRINCIPAL ASSETS AND LIABILITIES ASSETS AND LIABILITIES OF ALL BANKS IN THE MEMBER BANK CALL REPORT UNITED STATES (Including Consolidated Statement for Banks and the Monetary System) MEMBER BANK EARNINGS ASSETS AND LIABILITIES OF ALL MEMBER BANKS, BY MEMBER BANK LOANS DISTRICTS SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORA- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS TIONS BUSINESS INDEXES ANNUAL CONSUMER CREDIT (Short- and Intermediate-Term r> T^ r>. T^ A 1r> Ti /-.J-T? JJ i BANKS DEBITS TO DEMAND DEPOSIT ACCOUNTS and Consumer Instalment Credit Extended and DEPARTMENT STORE TRADE Repaid) CONSUMER FINANCE COMPANIES—LOANS OUTSTAND- ING AND VOLUME OF LOANS MADE BIENNIAL CONSUMER INSTALMENT CREDIT AT COMMERCIAL DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND BANKS STANDARD METROPOLITAN AREAS DECEMBER 1955 1411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS NOTES ON FOREIGN CURRENCY ADJUSTMENTS. NO- (From Federal Reserve Bulletin unless preceded by an asterisk) Vember 1949. 14 pages. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS MEASUREMENT OF CONSUMER CREDIT. November IN THE UNITED STATES. November 1938. 20 1950. 9 pages, pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- FOREIGN COUNTRIES—PROCEDURES AND TECH- SERVE BANKS. February 1940. 8 pages. NIQUES. November 1950. April 1951. 19 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- n T^ *X T^ ™ A -i min 11 THTOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING SERVE POLICY. April 1940. 11 pages. _ ~ r r ° THE ITN TRODUCTION OF nREAL ESTATE CR EDIT nREGU- LATION. July 1951. 23 pages. GENERAL INDEXES OF BUSINESS ACTIVITY. June 1940. 7 pages. REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS. December 1951. 53 pages. MEASUREMENT OF PRODUCTION. September 1940. 16 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE. March 1952. 7 pages. FEDERAL RESERVE BANK LENDING POWER NOT DE- PENDENT ON MEMBER BANK RESERVE BALANCES. g February 1941. 2 pages. pages< ADJUSTMENT FOR SEASONAL VARIATION. Descrip- DEPARTMENT STORE REVISED WEEKLY INDEX OF tion of method used by Board in adjusting eco- SALES. April 1952. 4 pages, nomic data for seasonal variation. June 1941. 11 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- LATION X. June 1952. 18 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28. September 1945. 2 pages. REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. BUSINESS LOANS OF MEMBER BANKS. March, May, June, July, and August 1947. 80 pages. MONETARY SYSTEM OF THE UNITED STATES. THE February 1953. 16 pages. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS FOR ECONOMIC RESEARCH. March 1947. INFLUENCE OF CREDIT AND MONETARY MEASURES ON 9 pages. ECONOMIC STABILITY. March 1953. 16 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- 1929. January 1948. 9 pages. BILITY. May 1953. 7 pages. SALES FINANCE COMPANY OPERATIONS IN 1947. July 1948. 6 pages. REVISION OF CONSUMER CREDIT STATISTICS. April 1953. 19 pages. THE PHILIPPINE CENTRAL BANK ACT and Text of the Act. In part a reprint from the August *DETAILED DESCRIPTION OF SOURCES AND METHODS 1948 BULLETIN. 36 pages. USED IN REVISION OF SHORT- AND INTERMEDIATE- TERM CONSUMER CREDIT STATISTICS (supplemcn- NEW STATISTICS OF INTEREST RATES ON BUSINESS tary details for item listed above), April 1953. LOANS. March 1949. 10 pages. 25 pages. 1412 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS FEDERAL RESERVE BANK RESPONSIBILITIES. May BANKING AND MONETARY STATISTICS, 1954. (Se- 1953. 5 pages. lected series of banking and monetary statistics for 1954 only) February and May 1955. 12 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA. May 1953. 6 pages. DOLLAR FLOWS AND INTERNATIONAL FINANCING. March 1955. 8 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS. July 1953. 12 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DE- POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR March 1955. 4 pages. DEPARTMENTS (Revised Indexes) November 1953. 65 pages. UNITED STATES BANKS AND FOREIGN TRADE FINANC- ING. April 1955. 11 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL BANKERS' ACCEPTANCE FINANCING IN THE UNITED PRODUCTION, 1953 Revision. December 1953. 96 STATES. May 1955. 13 pages. pages. 1955 SURVEY OF CONSUMER FINANCES—From March, EXTENSIONS AND REPAYMENTS OF CONSUMER IN- May, June, and August issues of BULLETIN. 52 STALMENT CREDIT. January 1954. 14 pages. pages. (Also, similar Surveys are available for most earlier years from 1947, 1948, 1949, 1950, NEW INDEXES OF OUTPUT OF CONSUMER DURABLE 1951, 1952, 1953, and 1954 BULLETINS.) GOODS. May 1954, 15 pages. (Also, similar re- ESTIMATES OF CONSUMER INSTALMENT CREDIT EXprint from October 1951 BULLETIN) TENDED AND REPAID, 1929-1939. June 1955. 8 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. FINANCING OF LARGE CORPORATIONS IN 1954. June 1955. 8 pages. RECENT FINANCIAL CHANGES IN WESTERN GER- MANY. October 1954. 10 pages. SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1955. 2 pages. (Also, similar article from July 1954 BULLETIN) USE OF MONETARY INSTRUMENTS SINCE MID-1952, December 1954. 8 pages. CREDIT AND MONEY IN 1955. July 1955. 8 pages. DIRECTLY PLACED FINANCE COMPANY PAPER. DC- A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, cember 1954. 8 pages. ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. CREDIT AND MONETARY EXPANSION IN 1954. Feb- BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55. ruary 1955. 8 pages. October 1955. 8 pages. THE FEDERAL BUDGET FOR 1956. February 1955. MONETARY POLICY AND THE REAL ESTATE MARKETS. 11 pages. December 1955. 6 pages. DECEMBER 1955 1413 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 w r=. BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES DECEMBER 1,1954 YSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 GUIDE TO PAGE NUMBERS Month of Issue Pages Month of Issue Pages Month of Issue Pages January 1-106 May 457-602 September 973-1074 February 107-240 June 603-740 October 1075-1214 March 241-356 July 741-848 November 1215-1310 April 357-456 August 849-972 December 1311-1432 Acceptances, bankers': Assets and liabilities—Continued Buying rates 27, 151, 277 Foreign central banks j.. .92, 226, 342, 442, 588, Financing in the U. S., article on 482 724, 832, 956, 1058, 1198, 1294, 1398 Open market rates 47, 171, 297, 395, 529, Foreign commercial banks 98, 232, 348, 448, 594, 677, 787, 909, 1011, 1153, 1249, 1353 730, 838, 962, 1064, 1204, 1300, 1404 1954 data 215 Govt. corporations and credit agencies, by type Rates, discussion 489 and agency 44, 168, 294, 392, 526, Volume outstanding 42, 166, 292, 390, 524, 674, 784, 906, 1008, 1150, 1246, 1350 672, 782, 904, 1006, 1148, 1244, 1348 Selected liquid asset holdings of individuals and Agricultural loans of commercial banks. . . .38, 162, 288, 386, businesses 749 520, 668, 778, 900, 1002, 1144, 1240, 1344 Weekly reporting member banks. .40, 164, 290, 388, 522, Agricultural situation, article on 973 670, 780, 902, 1004, 1146, 1242, 1346 Agriculture: 1954 data 212 Balance sheet, 1955 869 Australia: Govt. agency loans 44, 168, 294, 392, 526, Commonwealth Bank of, condition. . . .94, 228, 344, 444, 674, 784, 906, 1008, 1150, 1246, 1350 590, 726, 834, 958, 1060, 1200, 1296, 1400 National summary of business conditions... .760,. 1127 Foreign exchange rates 99, 233, 349, 449, 595, Alaska, banks on Par List 269 731, 839, 963, 1065, 1205, 1301, 1405 American Overseas Finance Corporation, granted final Gold production 88, 222, 338, 438, 584, permit to commence business 758 720, 828, 952, 1054, 1194, 1290, 1394 Annual report, Board of Governors, 1954 268 Austria: Argentina : Austrian National Bank: Central Bank of: Condition 94, 228, 344, 444, 590, Condition 94, 288, 344, 444, 590, 726, 834, 958, 1060, 1200, 1296, 1400 726, 834, 958, 1060, 1200, 1296, 1400 Discount rate 97, 231, 347, 447, 593, Discount rate 97, 231, 347, 447, 593, 729, 837, 961, 1063, 1203, 1299, 1403 729, 837, 961, 1063, 1203, 1299, 1401 Foreign exchange rates 99, 233, 349, 449, 595, Gold reserves 90, 224, 340, 440, 586, 731, 839, 963, 1065, 1205, 1301, 1405 722, 830, 954, 1056, 1196, 1292, 1396 Gold reserves and dollar holdings . 89, 223, 953, Foreign exchange rates 99, 233, 349, 449, 595, 1055, 1195, 1291, 1395 731, 839, 963, 1065, 1205, 1301, 1405 Automobiles: Gold purchases by U. S 91, 225, 341, 441, 587, Consumer durable goods output index. . . .68, 192, 318, 723, 831, 955, 1057, 1197, 1293, 1390 416, 550, 698, 808, 930, 1032, 1174, 1270, 1374 Gold reserves and dollar holdings. . . .89, 223, 339, 439, Consumer instalment credit. . . .60-62, 184-186, 310-312, 585, 721, 829, 953, 1055, 1195, 1291, 1397 408-410, 542-544, 690-692, 800-802, 922-924, Articles (See Leading articles; Special articles) 1024-1026, 1166-1168, 1262-1264, 1366-1368 Assets and liabilities (See also Foreign liabilities and Consumer instalment credit, growth of 1312 claims reported by banks): Industrial production index... 65, 189, 315, 413, 547, Agriculture 870 695, 805, 927, 1029, 1171, 1267, 1371 Banks, by classes 35, 159, 285, 383, 517, Production and sales 3 665, 775, 897, 999, 1141, 1237, 1341 Purchases in 1954, survey of consumer finances 465, 475 1954 data 575 Balance of international payments in 1954-1955, Commercial banks, by classes. .38, 162, 288, 386, 520, article on . 1075 668, 778, 900, 1002, 1144, 1240, 1344 Balance sheet of agriculture, 1955 869 Consolidated monetary statement. . . .34, 158, 284, 382, Balance sheet and income statement, large corpora- 516, 664, 774, 896, 998, 1140, 1236, 1340 tions in selected industries, 1952-1954... .629 1954 data 574 Balderston, C. Canby: Corporate, composite balance sheet and income Designation as Vice Chiairman of Board of statement, 1952-1954 629 Governors . 268 Corporate, current 56, 180, 306, 404, 538, Supervision of bank administration of pension 686, 796, 918, 1020, 1162, 1258, 1362 trusts, statement on 879 Federal Reserve Banks 29-30, 153-154, 279-280, Bank credit and reserves, national summary of busi- 377-378, 511,-512, 659-660, 769-770, 891-892, ness conditions 21, 146, 271, 370, 504, 993-994, 1135-1136, 1231-1232, 1335-1336 651, 761, 884, 986, 1128, 1224, 1328 DECEMBER 1955 1415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages Bank debits (See Debits to deposit accounts) Board of Governors—Continued Bank holding company legislation, statements of Chair- Publications 104, 238, 354, 454, 600, man Martin on 260, 753 736, 844, 968, 1070, 1210, 1306, 1410 Bank for International Settlements: Bogle, Hal, appointed Deputy Chairman at Dallas 19 Condition 96, 230, 346, 446, 592 Bolivia: 728, 836, 960, 1062, 1202, 1298, 1402 Central Bank of: Gold reserves 90, 224, 340, 440, 586 Condition 94, 228, 344, 444, 590, 722, 830, 954, 1056, 1196, 1292, 1396 726, 834, 958, 1060, 1200, 1296, 1400 Bank mergers and consolidations, statement of Chair- Discount rate 97, 231, 347, 447, 593, man Martin on 642 729, 837, 961, 1063, 1203, 1299, 1403 Gold reserves 90, 224, 340, 440, 586, Bankers' balances (See also Foreign liabilities and 722, 830, 954, 1056, 1196, 1292, 1396 claims reported by banks): Gold reserves and dollar holdings 585, 721, 829, 953, Commercial banks, by classes 39, 163, 289, 387, 521, 1055, 1195, 1291, 1395 669, 779, 901, 1003, 1145, 1241, 1345 Bonds (See also U. S. Govt. securities): Weekly reporting member banks. .41, 165, 291, 389, 523, Corporate, outstanding, net change in ..56, 180, 306, 671, 781, 903, 1005, 1147, 1243, 1347 404, 538, 686, 796, 918, 1020, 1162, 1258, 1362 1954 data 213 New issues 54, 178, 304, 402, 536, Banking and monetary statistics, 1954, special tables.. 143, 684, 794, 916, 1018, 1160, 1256, 1360 210, 502, 574 Prices: Banking offices: Domestic 46, 170, 296, 394, 528 Changes in number 208, 944 676, 786, 908, 1010, 1152, 1248, 1352 On, and not on, Par List, number 209, 945 Foreign 101, 235, 351, 451, 597, Banks and branches, number, by class and State 430 733, 841, 965, 1067, 1207, 1303, 1407 Banks and the monetary system, consolidated state- Yields 47, 171, 297, 395, 529, 677, ment 34, 158, 284, 382, 516, 664, 787, 909, 1011, 1153, 1249, 1353 774, 896, 998, 1140, 1236, 1340 1954 data . 216 1954 data „• 574 Yields, changes in table 759 Belgian Congo, gold production 88, 222, 338, 438, 584, Braley, Warren W., appointed director at Portland 720, 828, 952, 1054, 1194, 1290, 1394 Branch 984 Belgium: Branch banks, domestic: Foreign exchange rates 99, 233, 349, 449, 595, Number, by class and State ,. . 431 731, 839, 963, 1065, 1205, 1301, 1405 Branch banks, Federal Reserve System: Gold purchases by U. S 91, 225, 341, 441, 587, Directors (See Directors, Federal Reserve Branch 723, 831, 955, 1057, 1197, 1293, 1397 Banks) Gold reserves and dollar holdings 89, 223, 339, 439, Managing officers 103, 237, 353, 453, 599, 585, 721, 829, 953, 1055, 1195, 1291, 1395 13$, 843, 967, 1069, 1209, 1305, 1409 National Bank of: Branch, Harllee, Jr., appointed Deputy Chairman Condition 94, 228, 344, 444, 590, at Atlanta 18 726, 834, 958, 1060, 1200, 1296, 1400 Discount rate 97, 231, 347, 447, 593, Brazil: 729, 837, 961, 1063, 1203, 1299, 1403 Foreign exchange rates 99, 233, 349, 449, 595, Gold reserves 90, 224, 340, 440, 586, 731, 839, 963, 1065, 1205, 1301, 1405 722, 830, 954, 1056, 1196, 1292, 1396 Gold reserves 90, 224, 340, 440, 586, 722,, Board of Governors: 830, 954, 1056, 1196, 1292, 1396 Annual Report, 1954 268 Gold reserves and dollar holdings. . .89, 223, 339, 439 r Expenses, assessment on Federal Reserve Banks. . . 206 585, 721, 829, 953, 1055, 1195, 1291, 1395 Members: British Malaysia, foreign exchange rates 99, 233, 349, 449, Balderston, C Canby: 595, 731, 839, 963, 1065, 1205, 1301, 140S Designation as Vice Chairman 268 Brokers and dealers in securities, bank loans to: Supervision of bank administration of Commercial banks, by classes. . . .38, 162, 288, 386, 520,, pension trusts, statement on 879 668, 778, 900, 1002, 1144, 1240, 1344 Martin, Wm. McC, Jr.: Weekly reporting member banks 40, 164, 290, 388,, Bank holding company legislation, state- 522, 670, 780, 902, 1004, 1146, 1242, 1346 ments on 260, 753 1954 data 212 Bank mergers and consolidations, state- Brown, Edward E., re-elected President of Federal ment on 642 Advisory Council 143 Monetary policy and real estate markets, Business conditions, national summary of 20, 145, 270, statement on 1317 369, 503, 650, 760, 883, 985, 1127, 1223, 1327 Redesignation as Chairman 268 Business expenditures on new plant and equipment 56, 180, Re-elected Chairman of Federal Open 306, 404, 538, 686, 796, 918, 1020, 1162, 1258, 1362 Market Committee 268 Business financing in early 1955, article on 603 Securities Exchange Act, proposed Business indexes 63, 187, 313, 411, 545, changes, statement on S. 2054 751 693, 803, 925, 1027, 1169, 1265, 1369 Silver legislation, statement on S. 1427. .. .755 Business investment, discussion 1218 Stock market credit, statement on 256 Business loans (See Commercial and industrial loans) Shepardson, Charles N., appointment 268 Business situation, article on l Members and officers 102, 236, 352, 452, 598, Cameron, G. Ted, appointed director at Little Rock 734, 842, 966, 1068, 1208, 1304, 1408 Branch 6491 1416 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Canada: Charts—Continued Bank of: Construction contracts awarded 145, 369, 650 Condition 93, 227, 343, 443, 589, Construction outlays 457 725, 833, 957, 1059, 1199, 1295, 1399 Consumer instalment credit 1311, 1312 Discount rate 97, 231, 347, 447, 593, Corporate new capital issues 607 729, 837, 961, 1063, 1203, 1299, 1403 Crop production 974 Gold reserves 90, 224, 340, 440, 586, Debts and major assets of agriculture 978 722, 830, 954, 1056, 1196, 1292, 1396 Demand deposits and currency 745 Commercial banks 98, 232, 348, 448, 594, Demand deposits adjusted and currency outside 730, 838, 962, 1064, 1204, 1300, 1404 banks 252 Foreign exchange rates 99, 233, 349, 449, 595, Deposits and currency Ill 731, 839, 963, 1065, 1205, 1301, 1405 Dollar acceptances outstanding 483 Gold production SB, 222, 338, 438, 584, 720, Employment in nonagricultural establishments. .20, 270 828, 952, 1054, 1194, 1290, 1394 Excess reserves and borrowings, classes of mem- Gold purchases by U. S 91, 225, 341, 441, 587, ber banks 744 723, 831, 955, 1057, 1197, 1293, 1397 Farm land, changes in dollar value of 872 Gold reserves and dollar holdings. . . .89, 223, 339, 439, Farm mortgage debt held by major lenders 875 585, 721, 829, 953, 1055, 1195, 1291, 1395 Farm population and income 978 Price indexes. .100-101, 234-235, 350-351, 450-451, 596- Financing of U. S. exports 360 597, 732-733, 840-841, 964-965, 1066-1067, Foreign gold reserves and dollar holdings 241, 244 1206-1207, 1302-1303, 1406-1407 Foreign imports and gold reserves and dollar Capital accounts: holdings, by area 247 Banks, by classes 35, 159, 285, 383, 517, Foreign liabilities and assets of U. S. banks 363 665, 775, 897, 999, 1141, 1237, 1341 Funds from operations 605 1954 data 575 Gross national product 1215 Commercial banks, by classes. . . .39, 163, 289, 387, 521, Home ownership, within age groups 860 669, 779, 901, 1003, 1145, 1241, 1345 Households, net increase in 462 Federal Reserve Banks .29-30, 153-154, 279-280, 377- Import relationships, U. S 1082 378, 511-512, 659-660, 769-770, 891-892, 993-994, Imports of selected countries 1079 1135-1136, 1231-1232, 1335-1336 Income grouping of consumers 610 Weekly reporting member banks . . .41, 165, 291, 389, Industrial production 145, 270, 369, 503, 650, 760, 523, 671, 781, 903, 1005, 1147, 1243, 1347 883, 985, 1127, 1223, 1327 1954 data 213 Instalment credit, relation to income 1316 Carloadings 72, 196, 322, 420, 554, Labor force, growth of 852 702, 812, 934, 1036, 1178, 1274, 1378 Loans and investments, member banks in leading Central banks, foreign: cities. 21, 370, 651, 986, 1224 Assets and liabilities 92, 226, 342, 442, 588, Member bank reserves and related items 113 724, 832, 956, 1058, 1198, 1294, 1398 Member bank reserves, Reserve Bank credit, and Discount rates 97, 231, 347, 447, 593, related items 24, 148, 274, 372, 506, 654, 764, 729, 837, 961, 1063, 1203, 1299, 1403 886, 988, 1130, 1226, 1330 Gold reserves 90, 224, 340, 440, 586, 722, 830, Money rates 114, 146, 504, 748, 761, 884, 1128, 1328 954, 1056, 1196, 1292, 1396 Mortgage financing, structure of 463 Ceylon: Mortgage status related to length of house owner- Condition of Central Bank. .94, 228, 344, 444, 590, 726, ship 861 834, 958, 1060, 1200, 1296, 1400 Nonagricultural employment 849 Foreign exchange rates. .99, 233, 349, 449, 595, 731, 839, Nonfarm mortgage lendings. 459 963, 1065, 1205, 1301, 1405 Non-real-estate farm loans 877 Chairman, Board of Governors, redesignation of Output of consumer durables 2 Mr. Martin 268 Output of nondurable manufactures 5 Chairmen, Federal Reserve Banks: Ownership of demand deposits 639 Appointments for 1955 15 Personal consumption expenditures 1217 List 103, 237, 353, 453, 599, 735, 843, Personal income, consumption, and saving 1221 967, 1069, 1209, 1305, 1409 Plant and equipment expenditures, change in 626 Meeting 1325 Plant and equipment outlays 604 Smith, Robert J., designated at Dallas 19 Prices and trade. .20, 271, 503, 884, 986, 1128, 1224, 1328 Chart book on bank credit, money rates, Production and prices 973 and business 143, 368, 984 Ratio of credit extended to purchases 1314 Charts: Ratio of demand deposits and currency to gross Activity and prices 1 national product 746 Agricultural prices 977 Relation of liquid asset holdings to credit financ- Automobile ownership 467 ing of household goods 470 Average weekly earnings in manufacturing 851 Retail sales and stocks of new autos 3 Balance sheet of agriculture 869 Rooms per person, housing arrangements of con- Bank loans and investments, all commercial sumers 857 banks . .. .^ 108, 741 Selected bank loans, change, Jan.-June, 1955 742 Budget expenditures and related items 117 Selected business indexes 1216 Business investment 1219 Selected short-term money rates 490 Business loans at commercial banks 608 Unemployment 855 Business sales and inventories .- 1220 Wholesale prices of foods 6 DECEMBER 1955 1417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Charts—Continued Conkling, Gerald M., appointed Assistant Director, World exports 1076 Division of Bank Operations 882 World industrial production 1075 Construction: Chile: Contracts awarded 71, 195, 321, 419, 553, Central Bank of: 701, 811, 933, 1035, 1177, 1273, 1377 Condition 94, 228, 344, 444, 590, 726, 834, Dwelling units started 72, 196, 322, 420, 554, 958, 1060, 1200, 1296, 1400 702, 812, 934, 1036, 1178, 1274, 1374 Discount rate 97, 231, 347, 447, 593, 729, 837, Housing markets, article on 457 961, 1063, 1203, 1299, 1403 National summary of business conditions. .20, 145, 270, Gold reserves 90, 224, 340, 440, 586, 722, 830, 369, 503, 650, 760, 883, 985, 1127, 1223, 1327 954, 1056, 1196, 1292, 1396 Residential, discussion 1218 Gold production 88, 222, 338, 438, 584, 720, 828, Value of new activity 71, 195, 321, 419, 553, 952, 1054, 1194, 1290, 1394 701, 811, 933, 1035, 1177, 1273, 1377 Gold reserves and dollar holdings 89, 223, 339, 439, Consumer credit: 585, 721, 829, 953, 1055, 1195, 1291, 1395 Furniture store statistics 62, 186, 312, 410, 544, Coins, circulation of 33, 157, 283, 381, 515, 663, 773, 692, 802, 924, 1026, 1168, 1264, 1368 895, 997, 1139, 1235, 1339 Instalment credit: Colombia: Extensions and repayments, by type. .62, 186, 312, Bank of Republic of: 410, 544, 692, 802, 924, 1026, 1168, 1264, 1368 Condition 94, 228, 344, 444, 590, 726, 834, Extensions and repayments, 1929-1939, arti- 958, 1060, 1200, 1296, 1400 cle on 631 Discount rate 97, 231, 347, 447, 593, 729, 837, Growth of, article on 1311 961, 1063, 1203, 1299, 1403 Outstanding, by holder. . . .60-61, 184-185, 310-311, Gold reserves 90, 224, 340, 440, 586, 722, 830, 408-409, 542-543, 690-691, 800-801, 922-923, 954, 1056, 1196, 1292, 1396 1024-1025, 1166-1167, 1262-1263, 1366-1367 Gold production 88, 222, 338, 438, 584, 720, 828, Major parts 60, 184, 310, 408, 542, 952, 1054, H94, 1290, 1394 690, 800, 922, 1024, 1166, 1262, 1366 Colvard, Dean W., appointed Class C director at Noninstalment credit, by holder. .61, 185, 311, 409, 543, Richmond 18 691, 801, 923, 1025, 1167, 1263, 1367 Commercial banks: Ratio of collections to accounts receivable. .62, 186, 312, Assets and liabilities, by classes. .35-39, 159-163, 285-289, 410, 544, 692, 802, 924, 1026, 1168, 1264, 1368 383-387, 517-521, 665-669, 775-779, 897-901, Consumer durable goods: 999-1003, 1141-1145, 1237-1241, 1341-1345 Output, discussion 2 1954 data 575 Output indexes 68, 192, 318, 416, 550, Assets and liabilities of foreign 98, 232, 348, 448, 594, 698, 808, 930, 1032, 1174, 1270, 1374 730, 838, 962, 1064, 1204, 1300, 1404 Annual 981 Branches, number, by class and State 431 Purchases in 1954 465 Consumer loans held, by type... .61, 185, 311, 409, 543, Consumer finances, survey of, 1955: 691, 801, 923, 1025, 1167, 1263, 1367 Financial position of consumers 609 Loans and investments, discussion 108, 742 Housing arrangements of consumers 856 Number, by class 35, 159, 285, 383, 517, 665, Preliminary findings 249 775, 897, 999, 1141, 1237, 1341 Purchases of durable goods in 1954. 465 Number, by class and State 430 Consumer price indexes: Real estate mortgages held, by type 57, 181, 307, 405, Domestic 78, 202, 328, 426, 560, 539, 687, 797, 919, 1021, 1163, 1259, 1363 708, 818, 940, 1042, 1184, 1280, 1384 Commercial and industrial loans: Foreign 101, 235, 351, 451, 597, Bank term credit to railroads 627 733, 841, 965, 1067, 1207, 1303, 1407 Business loans, early 1955, discussion 607 Consumption expenditures 80-81, 204-205, 330-331, Commercial banks, by classes 38, 162, 288, 386, 520, 428-429, 562-563, 710-711, 820-821, 942-943, 668, 778, 900, 1002, 1144, 1240, 1344 1044-1045, 1186-1187, 1282-1283, 1386-1387 Weekly reporting member banks: Consumption expenditures, discussion 1217, 1311 1954 data 212, 214 Corporate balance sheet and income statement, se- Sample 42, 166, 292, 390, 524, 672, 782, lected industries, 1952-1954 629 904, 1006, 1148, 1244, 1348 Corporate financing in 1954, article on 623 Total, leading cities 40, 164, 290, 388, 522, 670, Corporate profits, early 1955, discussion 606 780, 902, 1004, 1146, 1242, 1346 Corporate sales, profits, taxes, and dividends. .55-56, 179- Commercial paper: 180, 305-306, 403-404, 537-538, 685-686, 795-796, Rates 47, 171, 297, 395, 529, 677, 787, 917-918, 1019-1020, 1161-1162, 1257-1258, 1361-1362 909, 1011, 1153, 1249, 1353 Corporate securities: 1954 data 215 New issues 54, 178, 304, 402, 536, Volume outstanding 42, 166, 292, 390, 524, 684, 794, 916, 1018, 1160, 1256, 1360 672, 782, 904, 1006, 1148, 1244, 1348 New issues, early 1955, discussion 607 Commodity Credit Corporation: Outstanding, net change in 56, 180, 306, 404, 538, Assets and liabilities 44, 168, 294, 392, 526, 686, 796, 918, 1020, 1162, 1258, 1362 674, 784, 906, 1008, 1150, 1246, 1350 Prices: Financial operations, discussion 975 Domestic ' 46, 170, 296, 394, 528, Common trust funds, publication of information 142 676, 786, 908, 1010, 1152, 1248, 1352 Condition statements {See Assets and liabilities) Foreign 101, 235, 351, 451, 597, Conferences {See Meetings) 733, 841, 965, 1067, 1207, 1303, 1407 1418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Corporate securities—Continued Demand deposits—Continued Yields . 47, 171, 297, 395, 529, Type of holder, at commercial banks. .39, 163, 289, 387, 677, 787, 909, 1011, 1153, 1249, 1353 521, 669, 779, 901, 1003, 1145, 1241, 1345 1954 data 216 Weekly reporting member banks. . ..41, 165, 291, 389, Corporate stock, ownership of, survey of consumer 523, 671, 781, 903, 1005, 1147, 1243, 1347 finances data . 612 1954 data ..213 Cost of living (See Consumer price indexes) Denmark: Costa Rica: Foreign exchange rates 99, 233, 349, 449, 595, Central Bank of: 731, 839, 963, 1065, 1205, 1301, 1405 Condition 94, 228, 344, 444, 590, Gold reserves and dollar holdings 585, 721, 829, 726, 834, 958, 1060, 1200, 1296, 1400 953, 1055, 1195, 1291, 1395 Discount rate 97, 231, 347, 447, 593, National bank of: 729, 837, 961, 1063 1203, 1299, 1403 Condition 94, 228, 344, 444, 590, Crandall, Shannon, Jr., appointed director at Los 726, 834, 958, 1060, 1200, 1296, 1404 Angeles Branch 984 Discount rate 97, 231, 347,, 447, 593, Credit extended by banks to real estate mortgage 729, 837, 961, 1063, 1203, 1299, 1403 lenders, articles on 980, 1323 Gold reserves 90, 224, 340, 440, 586, Credit, international flows, and bankers' acceptances. .. 493 722, 830, 954, 1056, 1196, 1292, 1396 Credit and monetary expansion in 1954, article on. ... .107 Department stores: Credit and money in 1955, article on 741 Merchandising data 74, 198, 324, 422, 556, Cuba: 704, 814, 936, 1038, 1180, 1276, 1380 Gold purchases by U, S 91, 225, 341, 441, 587, Sales 73-77, 197-201, 323-327, 723, 831, 955, 1057, 1197, 1293, 1397 421-425, 555-559, 703-707, 713-817, 935-939, Gold reserves and dollar holdings 89, 223, 339, 439, 1037-1041, 1179-1183, 1275-1279, 1379-1383 585, 721, 829, 953, 1055, 1195, 1291, 1395 Sales and stocks indexes, revised 882, 935 National Bank of: Stocks: Condition 94, 228, 344, 444, 590, Federal Reserve districts. .. .73, 197, 323, 421, 555, 726, 834, 958, 1060, 1200, 1296, 1400 703, 813, 935, 1037, 1179, 1275, 1379 Gold reserves 90, 224, 340, 440, 586, Major departments 76, 200, 326, 424, 558, 722, 830, 954, 1056, 1196, 1292, 1396 706, 816, 938, 1040, 1182, 1278, 1382 Currency (See also specific types of currency): Deposits (See also specific types of deposits): Consolidated monetary statement 34, 158, 284, 382, Adjusted, and currency 34, 158, 284, 382, 516, 516, 664, 774, 896, 998, 1140, 1236, 1340 664, 774, 896, 998, 1140, 1236, 1340 1954 data. . . ...574 1954 data 574 Outside banks, seasonal adjustment factors 252 Banks, by classes 35, 159, 285, 383, 517, Outstanding and in circulation, volume and 665, 775, 897, 999, 1141, 1237, 1341 kind 33, 157, 283, 381, 515, 1954 data 575 663, 773, 895, 997, 1139, 1235, 1339 Commercial banks, by classes. . .39, 163, 289, 387, 521, Customer credit, stock market 46, 170, 296, 394, 528, 669, 779, 901, 1003, 1145, 1241, 1345 676, 786, 908, 1010, 1152, 1248, 1352 Expansion of, discussion. Ill, 745 Customer debit and credit balances 46, 170, 296, Federal Reserve Banks: 394, 528, 676, 1046 Condition statement data. .29-30, 153-154, 279-280, Customers' debit balances and related items, stock 377-378, 511-512, 659-660, 769-770, 891-892, exchange firms, replaced by new monthly table. .... .759 993-994, 1135-1136, 1231-1232, 1335-1336 Debits to deposit accounts 32, 156, 282, 380, 514, Held for foreign correspondents. .88, 222, 338, 438, 662, 772, 894, 996, 1138, 1234, 1338 584, 720, 828, 952, 1054, 1194, 1290, 1394 Debt and equity financing •, 110 Maximum rates on time deposits. .26, 150, 276, 374, 508, 656, 766, 888, 990, 1132, 1228, 1332 Decker, Alonzo G., Jr. appointed Deputy Chairman Postal savings: at Richmond 18 Consolidated monetary statement 34, 158, 284, Defense Production Act of 1950, amendments of 1955. . .983 382, 516, 664, 774, 896, 998, 1140, 1236, 1340 Defense production loans: Maximum rates 26, 150, 276, 374, 508, Fees and rates 32, 156, 282, 380, 514, 656, 766, 888, 990, 1132, 1228, 1332 662, 772, 894, 996, 1138, 1234, 1338 Monthly balances 32, 156, 282, 380, 514, Guaranteed under Regulation V.. 31, 155, 281, 379, 513, 662, 772, 894, 996, 1138, 1234, 1338 661, 771, 893, 995, 1137, 1233, 1337 1954 data . .574 Demand deposits: Savings deposits not evidenced by pass book, Adjusted, banks and the monetary system. .34, 158, 284, amendments to Regulations D and Q and 382, 516, 664, 774, 896, 998, 1140, 1236, 1340 interpretations » 500, 648, 1125 1954 data 574 Turnover of 32, 156, 282, 380, 514, Adjusted, commercial banks, by classes... .39, 163, 289, 662, 772, 894, 996, 1138, 1234, 1338 387, 521, 669, 779, 901, 1003, 1145, 1241, 1345 Weekly reporting member banks 41, 165, 291, 389, Adjusted, and currency outside banks, seasonal 523, 671, 781, 903, 1005, 1147, 1243, 1347 adjustment factors, article on 252 1954 data .213 Banks, by classes .35, 159, 285, 383, 517, 665, Deposits, reserves, and borrowings, by class of mem- 775, 897, 999, 1141, 1237, 1341 ber bank '.28, 152, 278, 376, 510, 1954 data 575 658, 768, 890, 992, 1134, 1230, 1334 Held by consumers and businesses, discussion 745 Deputy Chairmen, Federal Reserve Banks: Ownership of, article on. . 639 Appointments for 1955 .16 DECEMBER 1955 1419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages Deputy Chairmen, Federal Reserve Banks—Continued Directors, Federal Reserve Branch Banks—Continued Bogle, Hal appointed at Dallas 19 Warner, J. C, appointed at Pittsburgh 18 Branch Harllee, Jr., appointed at Atlanta 18 Welk, Philip I., Portland, appointed Class C di- Decker, Alonzo G., Jr., appointed at Richmond. . ...18 rector at San Francisco 649 Hill, F. F., appointed at New York 18 Williams, Philip C, New Orleans, death of 882 Jesness, Oscar B., appointed at Minneapolis 368 Discount rates: List 103, 237, 353, 453, 599, 735, Federal Reserve Banks: 843, 967, 1069, 1209, 1305, 1409 Changes in 657, 884, 986, 991, 1133, 1222, 1325 Seacrest, Joe W., appointed at Kansas City 1222 Table 27, 151, 277, 375, 509, 657, 767, Sprague, Robert C., appointed at Boston 269 889, 991, 1133, 1229, 1333 Detoy, Charles, appointed director at Los Angeles Foreign central banks.. .97, 231, 347, 447, 593, 729, 837, Branch 1222 961, 1063, 1203, 1299, 1403 Directors, Federal Reserve Banks: Discounts and advances by Federal Reserve Banks: Appointments for 1955 16 Condition statement data 29, 153, 279, 377, 511, 659, Bogle, Hal, appointed Deputy Chairman at Dallas. .19 769, 891, 993, 1135, 1231, 1335 Branch, Harllee, Jr., appointed Deputy Chair- Regulation A revised 8 man at Atlanta 18 Weekly and monthly data. . 25, 149, 275, 373, 507, Chairmen and Federal Reserve Agents, appoint- 655, 765, 887, 989, 1131, 1227, 1331 ments for 1955 15 Dividends: (See also Chairmen, Federal Reserve Banks) Corporate 55-56, 179-180, 305-306, 403-404, Class A and B, elected for 1956 1325 537-538, 685-686, 795-796, 917-918, Colvard, Dean W., appointed Class C at Richmond. .18 1019-1020, 1161-1162, 1257-1258, 1361-1362 Decker, Alonzo G., Jr., appointed Deputy Chair- Federal Reserve Banks 15, 206 man at Richmond 18 Member banks 495, 499, 564, 1083, 1188 Deputy Chairmen, appointments for 1955 16 Dollar assets, foreign 88-89, 222-223, 338-339, 438-439, (See also Deputy Chairmen, Federal Reserve Banks) 584-585, 720-721, 828-829, 952-953, Drought, Henry P., appointed Class C at Dallas.. . .19 1054-1055, 1194-1195, 1290-1291, 1394-1395 Hill, F. F., appointed Class C and Deputy Chair- Dollar flows and international financing, article on 241 man at New York 18 Dominican Republic: Jesness, Oscar B., appointed Class C and Deputy Condition of Central Bank. .94, 228, 344, 444, 590, 726, Chairman at Minneapolis 368 834, 958, 1060, 1200, 1296, 1400 Killian, James R., Jr., appointed Class C at Boston. .15 Gold reserves and dollar holdings 585, 721, 829, 953, List ..126 1055, 1195, 1291, 1395 Parten, J. R., resignation as Class C at Dallas 19 Drought, Henry P., appointed Class C director at Dallas. . 19 Puckett, Cecil, resignation as Class C at Kansas Dwelling units started 72, 196, 322, 420, 554, 702, 812, City 758 934, 1036, 1178, 1274, 1378 Seacrest, Joe W.: Earnings and expenses: Appointed Class C at Kansas City 19 Federal Reserve Banks 15, 206 Appointed Deputy Chairman at Kansas City. .1222 Insured commercial banks 573 Smith, Robert J., designated Chairman and Fed- Member banks 495, 564, 1083, 1188 eral Reserve Agent at Dallas 19 Earnings and hours, manufacturing industries. .69, 193, 319, Sprague, Robert C., appointed Class C and Dep- 417, 551, 699, 809, 931, 1033, 1175, 1271, 1375 uty Chairman at Boston 269 Economic expansion in 1954-1955, article on 1215 Swensrud, Sidney A., appointed Deputy Chair- Ecuador: man at Cleveland 18 Central Bank of: Welch, Frank J., appointed Class C at Cleveland 18 Condition 94, 228, 344, 444, 590, 726, 834, Welk, Philip I., appointed Class C at San Francisco. . 649 958, 1060, 1200, 1296, 1400 Willham, Oliver S., appointed Class C at Kansas Discount rate 97, 231, 347, 447, 593, 729, 837, City 1222 961, 1063, 1203, 1299, 1403 Directors, Federal Reserve Branch Banks: Gold reserves 90, 224, 340, 440, 586, 722, Appointments for 1955 17 830, 954, 1056, 1196, 1292, 1396 Braley, Warren W., appointed at Portland 984 Egypt: Cameron, G. Ted, appointed at Little Rock 649 Gold reserves and dollar holdings. .89, 223, 339, 439, Crandall, Shannon, Jr., appointed at Los Angeles. . .984 585, 721, 829, 953, 1055, 1195, 1291, 1395 Detoy, Charles, appointed at Los Angeles 1222 National bank of: Essick, Bryant, resignation at Los Angeles 758 Condition 94, 228, 344, 444, 590, 726, Flanagan, John C, appointed at Houston 368 834, 958, 1060, 1200, 1296, 1400 Hall, Wm. Purnell, appointed at Baltimore 758 Discount rate 97, 231, 347, 447, 593, 729, Helms, Paul H., resignation at Los Angeles 758 837, 961, 1063, 1203, 1299, 1403 Irvine, W. Bay, appointed at Cincinnati. 18 Gold reserves 90, 224, 340, 440, 586, 722, List 127-141 830, 954, 1056, 1196, 1292, 1396 Maddox, D. U., appointed at New Orleans 984 El Salvador: Myers, A. Carter, appointed at Nashville 18 Central Reserve Bank of: Reynolds, Ray, appointed at Denver 649 Condition 95, 229, 345, 445, 591, Shepardson, Charles N., resignation at Houston... .268 727, 835, 959, 1061, 1201, 1296, 1400 Strauss, Sam B., resignation at Little Rock 143 Discount rate 97, 231, 347, 447, 593, Taylor, Howard M., Jr., resignation at Baltimore.. .758 729, 837, 961, 1063, 1203, 1299, 1403 Thomas, Alex R., appointed at San Antonio 368 Gold reserves 90, 224, 340, 440, 586, Timm, Tyrus, R., appointed at Houston 368 722, 830, 954, 1056, 1196, 1292, 1396 1420 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages El Salvador—Continued Federal Open Market Committee—Continued Gold reserves and dollar holdings. .585, 721, 829, 953, Members—Continued 1055, 1195, 1291, 1395 Sproul, Allan, re-elected Vice Chairman 268 Employment: Members and staff 102, 236, 352, 452, 598, 734, 842, Labor force 70, 194, 320, 418, 552, 966, 1068, 1208, 1304, 1408 700, 810, 932, 1034, 1176, 1272, 1376 Federal Reserve Act, section 24, amendments to per- Labor market in mid-1955, article on 849 mit national banks to make twenty-year real estate Manufacturing production worker..68, 192, 318, 416, loans and nine-month residential construction loans.. 983 550, 698, 808, 930, 1032, 1174, 1270, 1374 Federal Reserve Agents: National summary of business conditions. .20, 145, 270, Appointments for 1955 15 369, 503, 650, 760, 883, 985, 1127, 1223, 1327 Smith, Robert J., designated at Dallas 19 Nonagricultural 70, 194, 320, 418, 552, Federal Reserve Bank notes, outstanding and in cir- 700, 810, 932, 1034, 1176, 1272, 1376 culation 33, 157, 283, 381, 515, 663, 773, England {See United Kingdom) 895, 997, 1139, 1235, 1339 Essick, Bryant, resignation as director at Los Angeles Federal Reserve Bank of Kansas City: Branch 758 Puckett, Cecil, appointment as Vice President 758 Export financing, trends in 359 Federal Reserve Banks: Export-Import Bank, loans, etc.. .44, 168, 294, 392, 526, 674, Assessment for expenses of Board of Governors. .. .206 784, 906, 1008, 1150, 1246, 1350 Branches {See Branch banks, Federal Reserve System) Exports: Chairmen {See Chairmen, Federal Reserve Banks) Agricultural, discussion 976 Condition statement 29-30, 153-154, 279-280, 377- Merchandise 72, 196, 322, 420, 554, 702, 812, 378, 511-512, 659-660, 769-770, 891-892, 934, 1036, 1178, 1274, 1378 993-994, 1135-1136, 1231-1232, 1335-1336 World, discussion 1076 Deputy Chairmen {See Deputy Chairmen, Fed- Farm assets and claims, balance sheet of agriculture, eral Reserve Banks) 1955 869 Directors {See Directors, Federal Reserve Banks) Farm mortgage loans: Earnings and expenses 15, 206 Bank holdings 57, 181, 307, 405, 539, 687, 797, Federal Reserve Agents {See Federal Reserve Agents) 919, 1021, 1163, 1259, 1363 Officers 103, 237, 353, 453, 599, 735, Govt. agency loans 44, 168, 294, 392, 526, 674, 843, 967, 1069, 1209, 1305, 1409 784, 906, 1008, 1150, 1246, 1350 U. S. Govt. security holdings: Life insurance company holdings. .53, 182, 308, 406, 540, Condition statement data 29-30, 153-154, 279- ^ 688, 798, 920, 1022, 1164, 1260, 1364 280, 377-378, 511-512, 659-660, 769-770, 891- Farmers, financial position 978 892, 993-994, 1135-1136, 1231-1232, 1335-1336 Farrell, John R., appointed Assistant Director, Divi- Ownership data ...52-53, 176-177, 302-303, 400sion of Bank Operations 882 401, 534-535, 682-683, 792-793, 914-915, Fauver, Clarke L., appointed Assistant Secretary of 1016-1017, 1158-1159, 1254-1255, 1358-1359 Board of Governors 882 Weekly and monthly data 25, 149, 275, 373, Federal Advisory Council: 507, 655, 765, 887, 989, 1131, 1227, 1331 Directory 102, 236, 352, 452, 598, 734, 842, Federal Reserve Bulletin, changes in subscription rates. .982 966, 1068, 1208, 1304, 1408 Federal Reserve Chart Book 143, 368, 984 Meetings 143, 502, 1126, 1222 Federal Reserve credit: Federal budget for 1956, article on 115 Condition statement data 29-30, 153-154, 279-280, Federal Deposit Insurance Corporation, assets and 377-378, 511-512, 659-660, 769-770, 891-892, liabilities 44, 168, 294, 392, 526, 674, 784, 993-994, 1135-1136, 1231-1232, 1335-1336 906, 1008, 1150, 1246, 1350 Weekly and monthly data 25, 149, 275, 373, 507, Federal home loan banks: 655, 765, 887, 989, 1131, 1227, 1331 Assets and liabilities. . .44, 168, 294, 392, 526, 674, 784, Federal Reserve notes: 906, 1008, 1150, 1246, 1350 Collateral for 31, 155, 281, 379, 513, 661, Lending activity 59, 183, 309, 407, 541, 689, 771, 893, 995, 1137, 1233, 1337 799, 921, 1023, 1165, 1261, 1365 Condition statement data ...29-30, 153-154, 279-280, Federal Housing Administration: 377-378, 511-512, 659-660, 769-770, 891-892, Assets and liabilities 44, 168, 294, 392, 526, 674, 993-994, 1135-1136, 1231-1232, 1335-1336 784, 906, 1008, 1150, 1246, 1350 Federal Reserve Agents' accounts 31, 155, 281, 379, Loans insured by 57-59, 181-183, 307-309, 405-407, 513, 661, 771, 893, 995, 1137, 1233, 1337 539-541, 687-689, 797-799, 919-921, Interest paid to Treasury 15, 206 1021-1023, 1163-1165, 1259-1261, 1363-1365 Outstanding and in circulation ... 33, 157, 283, 381, Federal National Mortgage Association: 515, 663, 773, 895, 997, 1139, 1235, 1339 Assets and liabilities 44, 168, 294, 392, 526, 674, 784, Federal Reserve System: 906, 1008, 1150, 1246, 1350 Admissions of State banks to membership . 144, 269, Lending activity .59, 183, 309, 407, 541, 689, 799, 368, 502, 649, 758, 882, 1126, 1222 921, 1023, 1165, 1261, 1365 Map . . 106, 240, 356, 456, 602, Federal Open Market Committee: 740, 846, 970, 1072, 1212, 1308, 1414 Executive committee discontinued 756 Finance company paper: Meetings 143, 268, 502, 758, 882, 984, Rates 47, 171, 297, 395, 529, 677, 1126, 1222, 1325 787, 909, 1011, 1153, 1249, 1353 Members: 1954 data .215 Elected 268 Volume outstanding 42, 166, 292, 390, 524, Martin, Wm. McC, Jr., re-elected Chairman.. .268 672, 782, 904, 1006, 1148, 1244, 1348 DECEMBER 1955 1421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages Financing of large corporations in 1954, article on....623 France—Continued Finland: Bank of—Continued Bank of: Gold reserves . .90, 224, 340, 440, 586, Condition 95, 229, 345, 445, 591, 727, 722, 830, 954, 1056, 1196, 1292, 1396 835, 959, 1061, 1201, 1297, 1401 Commercial banks 98, 232 348, 448, 594, Discount rate 97, 231, 347, 447, 593, 730, 838, 962, 1064, 1204, 1300, 1404 729, 837, 961, 1063, 1203, 1299, 1403 Foreign exchange rates .99, 233, 349, 440, 595, Foreign exchange rates 99, 233, 349, 449, 595, 731, 839, 963, 1065, 1205, 1301, 1405 731, 839, 963, 1065, 1205, 1301, 1405 Gold purchases by U. S 91, 225, 341, 441, 587, Gold reserves and dollar holdings 585, 721, 829, 723, 831, 955, 1057, 1197, 1293, 1397 953, 1055, 1195, 1291, 1395 Gold reserves and dollar holdings 89, 223, 339, 439, First Vice Presidents of Federal Reserve Banks. 103, 237, 585, 721, 829, 953, 1055, 1195, 1291, 1395 353, 453, 599, 735, 843, Open market rates 97, 231, 347, 447, 593, 967, 1069, 1209, 1305, 1409 729, 837, 961, 1063, 1203, 1299, 1403 Flanagan, John C, appointed director at Houston Price indexes 100-101, 234-235, 350-351, Branch 368 450-451, 596-597, 732-733, 840-841, 964-965, Fleming, Robert V., re-elected Vice President of Fed- 1066-1067, 1206-1207, 1302-1303, 1406-1407 eral Advisory Council 143 Freight carloadings (See Carloadings) Flow-of-Funds Study, publication of 1085, 1222 Furniture and household appliances, purchases, sur- Flow-of-funds system of national accounts, annual vey of consumer finances data 469, 480 estimates, 193*9-54 1085 Furniture store statistics 62, 186, 312, 410, 544, Foreign banking corporations: 692, 802, 924, 1026, 1168, 1264, 1368 American Overseas Finance Corporation, granted General fund balance 48, 172, 298, 396, 530, final permit to commence business 758 678, 788, 910, 1012, 1154, 1250, 1354 Foreign banking facilities, comparison of 364 Germany: Foreign central banks: Bank of German States: Assets and liabilities 92, 226, 342, 442, 588, Condition 95, 229, 345, 445, 591, 724, 832, 956, 1058, 1198, 1294, 1398 727, 835, 959, 1061, 1201, 1297, 1401 Discount rates 97, 231, 347, 447, 593, Discount rate 97, 231, 347, 447, 593, 729, 837, 961, 1063, 1203, 1299, 1403 729, 837, 961, 1063, 1203, 1299, 1403 Gold reserves 90, 224, 340, 440, 586, Foreign exchange rates 99, 233, 349, 449, 595, 722, 830, 954, 1056, 1196, 1292, 1396 731, 839, 963, 1065, 1205, 1301, 1405 Foreign commercial banks 98, 232, 348, 448, 594, Gold reserves and dollar holdings 89, 223, 339, 439, 730, 838, 962, 1064, 1204, 1300, 1404 585, 721, 829, 953 % 1055, 1195, 1291, 1395 Foreign deposits in U. S. banks: Gold: Banks and the monetary system, consolidated. .34, 158, Earmarked 91, 225, 341, 441, 587, 284, 382, 516, 664, 774, 896, 998, 1140, 1236, 1340 723, 831, 955, 1057, 1197, 1293, 1397 Commercial banks, by classes. .. 39, 163, 289, 387, 521, Foreign purchases of newly produced .243 669, 779, 901, 1003, 1145, 1241, 1345 Movements, discussion 243 Federal Reserve Banks: Net purchases by U. S 91, 225, 341, 441, 587, Condition statement data. .29-30, 153-154, 279-280, 723, 831, 955, 1057, 1197, 1293, 1397 377-378, 511-512, 659-660, 769-770, 891-892, Outstanding, U. S. money..... .33, 157, 283, 381, 515, 993-994, 1135-1136, 1231-1232, 1335-1336 663, 773, 895, 997, 1139, 1235, 1339 Held for foreign correspondents 88, 222, 338, 438, Production: 584, 720, 828, 952, 1054, 1194, 1290, 1394 Domestic 91, 225, 341, 441, 587, Weekly and monthly data . 25, 149, 275, 373, 507, 723, 831, 955, 1057, 1197, 1293, 1397 655, 765, 887, 989, 1131, 1227, 1331 World 88, 222, 338, 438, 584, Weekly reporting member banks . 41, 165, 291, 389, 720, 828, 952, 1054, 1194, 1290, 1394 523, 671, 781, 903, 1005, 1147, 1243, 1347 Reserves of central banks and governments.... 90, 224, 1954 data 213 340, 440, 586, 722, 830, 954, 1056, 1196, 1292, 1396 Foreign exchange rates 99, 233, 349, 449, 595, Reserves of foreign countries and international 731, 839, 963, 1065, 1205, 1301, 1405 institutions 89, 223, 339, 439, 585, Foreign lending by U. S. banks 246 721, 829, 953, 1055, 1195, 1291, 1395 Foreign liabilities and claims reported by banks .84-88, 218- Estimated changes during 1954 248 222, 334-338, 434-438, 580-584, 716-720, Reserves, regional changes in holdings 244 824-828, 948-952, 1050-1054, 1190-1194, Stock: 1286-1290, 1390-1394 Changes in. . ., 91, 225, 341, 441, 587, 723, 831, Foreign liabilities and claims reported by banks, dis- 955, 1057, 1197, 1293, 1397 cussion 358-363 Consolidated monetary statement 34, 158, 284, Foreign trade 72, 196, 322, 420, 554, 382, 516, 664, 774, 896, 702, 812, 934, 1036, 1178, 1274, 1378 998, 1140, 1236, 1340 Foreign trade and monetary reserves 246 1954 data 574 Foreign trade financing and U. S. banks, article on 357 France: Weekly and monthly data.. .25, 149, 275, 373, 507, Bank of: 655, 765, 887, 989, 1131, 1227, 1331 Condition 93, 227, 343, 443, 589, Gold certificates: 725, 833, 957, 1059, 1199, 1295, 1399 Collateral against Federal Reserve notes 31, 155,. Discount rate 97, 231, 347, 447, 593, 281,379,513, 661, 771, 729, 837, 961, 1063, 1203, 1299, 1403 893, 995, 1137, 1233, 1337 1422 FEDERAL RESERVE BULLETINS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages Gold certificates—Continued Indonesia, Bank of: Federal Reserve Bank condition statement data. .29-30, Condition 95, 229, 345, 445, 591, 727, 835, 153-154, 279-280, 377-378, 959, 1061, 1201, 1297, 1401 511-512, 659-660, 769-770, 891-892, Discount rate 97, 231, 347, 447, 593, 729, 993-994, 1135-1136, 1231-1232, 1335-1336 837, 961, 1063, 1203, 1299, 1403 Outstanding and in circulation 33, 157, 283, 381, Gold reserves 90, 224, 340, 440, 586, 722, 515, 663, 773, 895, 997, 1139, 1235, 1339 830, 954, 1056, 1196, 1292, 1396 Govt. agencies, assets and liabilities, by type and Industrial advances by Federal Reserve Banks: agency 44, 168, 294, 392, 526, 674, 784, Condition statement data 29-30, 153-154, 279-280, 377-378, 511-512, 659-660, 769-770, 891-892, 906, 1008, 1150, 1246, 1350 993-994, 1135-1136, 1231-1232, 1335-1336 Govt. debt (See U. S. Govt. securities) Number and amount 31, 155, 281, 379, 513, 661, Govt. expenditures, discussion ... 1220 771, 893, 995, 1137, 1233, 1337 Govt. securities (See U. S. Govt. securities) Rates . ..27, 151, 277, 375, 509, 657, 767, Greece: 889, 991, 1133, 1229, 1333 Bank of: Industrial production: Condition 95, 229, 345, 445, 591, 727, 835, Developments in 1 959, 1061, 1201, 1297, 1401 National summary of business conditions. .20, 145, 270, Discount rate 97, 231, 347, 447, 593, 729, 369, 503, 760, 883, 985, 1127, 1223, 1327 837, 961, 1063, 1203, 1299, 1403 Industrial production indexes 64, 188, 314, 412, 546, Gold reserves and dollar holdings 585, 721, 829, 953, 694, 804, 926, 1028, 1170, 1266, 1370 1055, 1195, 1291, 1395 Annual „ 981 Gross national product 80-81, 204-205, 330-331, 428-429, Instalment credit, growth of 1311, 1314 562-563, 710-711, 820-821, 942-943, Instalment loans 60-62, 184-186, 310-312, 408-410, 1044-1045, 1186-1187, 1282-1283, 1386-1387 542-544, 690-692, 800-802, 922-924, 1024- Guatemala: 1026, 1166-1168, 1262-1264, 1366-1368 Bank of: Insurance companies: Condition 95, 229, 345, 445, 591, 727, 835, Mortgage activity of life insurance companies. .58, 182, 959, 1061, 1201, 1297, 1401 308, 406, 540, 688, 798, 920, 1022, 1164, 1260, 1364 Gold reserves 90, 224, 340, 440, 586, 722, 830, Principal assets of life insurance companies. .43, 167, 954, 1056, 1196, 1292, 1403 293, 391, 525, 673, 783, 905, 1007, 1149, 1245, 1349 Gold reserves and dollar holdings 585, 721, 829, 953, U. S. Govt. security holdings 52-53, 176-177, 302- 1055, 1195, 1291, 1395 303, 400-401, 534-535, 682-683, 792-793, 914-915, 1016-1017, 1158-1159, 1254-1255, 1358-1359 Hall, Wm. Purnell, appointed director at Baltimore Insured commercial banks: Branch 758 Assets and liabilities 37-39, 161-163, 287-289, 385- Hawaii, banks on Par List 269 387, 519-521, 667-669, 777-779, 899-901, Helms, Paul H., resignation as director at Los Angeles 1001-1003, 1143-1145, 1239-1241, 1343-1345 Branch 758 Banking offices, changes in number 208, 944 Hill, F. F., appointed Class C director and Deputy Branches, number, by State 431 Chairman at New York 18 Earnings and expenses 573 Holding company affiliates, legislation, statements by Number 37, 161, 287, 385, 519, 667, Chairman Martin on 260, 753 777, 899, 1001, 1143, 1239, 1343 Home owners, Govt. agency loans 44, 168, 294, 392, 526, Number, by State 430 674, 784, 906, 1008, 1150, 1246, 1350 Interbank deposits: Horbett, J. E., appointed Associate Director, Division Banks, by classes 35, 159, 285, 383, 517, 665, 775, of Bank Operations 882 897, 999, 1141, 1237, 1341 Hours and earnings, manufacturing industries. .69, 193, 319, 1954 data 575 417, 551, 699, 809, 931, 1033, 1175, 1271, 1375 Commercial banks, by classes. . . .39, 163, 289, 387, 521, Housing arrangements of consumers, 1955 survey of 669, 779, 901, 1003, 1145, 1241, 1345 consumer finances 856 Weekly reporting member banks. ...41, 165, 291, 389, Housing markets, article on 45 7 523, 671, 781, 903, 1005, 1147, 1243, 1347 Imports and balance of payments 1077 1954 data 213 Imports of merchandise 72, 196, 322, 420, 554, Interest rates: 702, 812, 934, 1036, 1178, 1274, 1378 Bankers' acceptances, discussion 489 India: Bond yields 47, 171, 297, 395, 529, 677, Foreign exchange rates 99, 233, 349, 449, 595, 731, 787, 909, 1011, 1153, 1249, 1353 839, 963, 1065, 1205, 1301, 1405 Bond yields, changes in table 759 Gold production 88, 222, 338, 438, 584, 720, Business loans by banks 47, 171, 297, 395, 529, 828, 952, 1054, 1194, 1290, 1394 677, 787, 909, 1011, 1153, 1249, 1353 Gold reserves and dollar holdings. .89, 223, 339, 439, Changes in, discussion 113, 748 585, 721, 829, 953, 1055, 1195, 1291, 1395 Discount rates, Federal Reserve Banks: Reserve Bank of: Changes in 657, 884, 986, 991, Condition 95, 229, 345, 445, 591, 727, 1133, 1222, 1325 835, 959, 1061, 1201, 1297, 1401 Table . ....27, 151, 277, 375, 509, 657, Discount rate 97, 231, 347, 447, 593, 729, 767, 889, 991, 1133, 1229, 1333 837, 961, 1063, 1203, 1299, 1403 Federal Reserve rates 27, 151, 277, 375, 509, 657, Gold reserves 90, 224, 340, 440, 586, 722, 830, 954, 1056, 1196, 1292, 1396 767, 889, 991, 1133, 1229, 1333 DECEMBER 1955 1423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages Interest rates—Continued Iran—Continued Foreign countries 97, 231, 347, 447, 593, 729, Bank Melli Iran—Continued 837, 961, 1063, 1203, 1299, 1403 Gold reserves 90, 224, 340, 440, 586, 722, National summary of business conditions 986 830, 954, 1056, 1196, 1292, 1396 Open market rates: Gold reserves and dollar holdings. . . .89, 223, 339, 439, Domestic 47, 171, 297, 395, 529, 677, 585, 721, 829, 953, 1055, 1195, 1291, 1395 787, 909, 1011, 1153, 1249, 1353 Ireland: 1954 data 215 Central Bank of: Foreign 97, 231, 347, 447, 593, 729, 837, Condition 95, 229, 345, 445, 591, 727, 835, 961, 1063, 1203, 1299, 1403 959, 1061, 1201, 1297, 1401 Regulation V loans 32, 156, 282, 380, 514, 662, 772, Discount rate 97, 231, 347, 447, 593, 729, 837, 894, 996, 1138, 1234, 1338 961, 1063, 1203, 1299, 1403 Stock yields 47, 171, 297, 395, 529, 677, 787, Foreign exchange rates 99, 233, 349, 449, 595, 731, 909, 1011, 1153, 1249, 1353 839, 963, 1065, 1205, 13.01, 1405 1954 data 216 Irvine, W. Bay, appointed director at Cincinnati Branch 18 Stock yields, changes in table 759 Israel, Bank of, condition statement 1297, 1401 Time deposits, maximum rates. . . .26, 150, 276, 374, 508, Italy: 656, 766, 888, 990, 1132, 1228, 1332 Bank of: Internal revenue collections 49, 173, 299, 397, 531, 679, Condition 95, 229, 345, 445, 591, 727, 835, 789, 911, 1013, 1155, 1251, 1355 959, 1061, 1201, 1297, 1401 International capital transactions of the U. S 84, 218, Discount rate 97, 231, 347, 447, 593, 729, 837, 334, 434, 580, 716, 824, 961, 1063, 1203, 1299, 1403 948, 1050, 1190, 1286, 1390 Gold reserves 90, 224, 340, 440, 586, 722, 830, International financial institutions: 954, 1056, 1196, 1292, 1396 Condition 92, 226, 342, 442, 588, 724, 832, Gold reserves and dollar holdings. .89, 223, 339, 439, 585, 956, 1058, 1198, 1294, 1398 721, 829, 953, 1055, 1195, 1291, 1395 Gold reserves 90, 224, 340, 440, 586, 722, 830, Wholesale prices 100, 234, 350, 450, 596, 732, 840, 954, 1056, 1196, 1292, 1396 964, 1066, 1206, 1302, 1406 Gold reserves and dollar holdings 89, 223, 339, 439, Japan: 585, 721, 829, 953, 1055, 1195, 1291, 1395 Bank of: International financing and dollar flows, article on 241 Condition 95, 229, 345, 445, 591, 727, International flows of credit and bankers' acceptances. .493 835, 959, 1061, 1201, 1297, 1401 Interpretations: Discount rate 97, 231, 347, 447, 593, 729, Regulation D, savings deposits not evidenced by 837, 961, 1063, 1203, 1299, 1403 pass book, withdrawals from 648 Gold reserves and dollar holdings 89, 223, 339, 439, Regulation F, common trust funds, publication of 585, 721, 829, 953, 1055, 1195, 1291, 1395 information 142 Wholesale prices 100, 234, 350, 450, 596, 732, 840, Regulation Q: 964, 1066, 1206, 1302, 1406 Savings deposits, agreement without pass Jesness, Oscar B., appointed Class C director and book : 1125 Deputy Chairman at Minneapolis 368 Savings deposits, withdrawals not evidenced Killian, James R., Jr., appointed Class C director at by pass book 648 Boston 15 Regulations T and U, arranging loan to purchase Koch, Albert R., appointed Assistant Director, Diviopen-end investment company shares 267 sion of Research and Statistics 15 Inventories 81, 205, 331, 429, 563, 711, 821, Labor force 70, 194, 320, 418, 552, 700, 810, 943, 1045, 1187, 1283, 1387 932, 1034, 1176, 1272, 1376 Inventories, early 1955, discussion 604 Labor market in mid-1955, article on 849 Investments (See also specific types of investments): Leading articles: Banks, by classes 35, 159, 285, 383, 517, 665, Agricultural situation 973 775, 897, 999, 1141, 1237, 1341 Balance of international payments in 1954-1955.... 1075 1954 data 575 Business financing in early 1955 603 Commercial banks, by classes. . . .38, 162, 288, 386, 520, Consumer instalment credit, growth of 1311 668, 778, 900, 1002, 1144, 1240, 1344 Credit and monetary expansion in 1954 107 Commercial banks, discussion 108, 742 Credit and money in 1955 741 Federal Reserve Banks 29-30, 153-154, 279-280, Current business situation 1 377-378, 511-512, 659-660, 769-770, 891-892, Dollar flows and international financing 241 993-994, 1135-1136, 1231-1232, 1335-1336 Economic expansion in 1954-1955 1215 Govt. agencies, etc 44, 168, 294, 392, 526, 674, 784, Housing markets 457 906, 1008, 1150, 1246, 1350 Labor market in mid-1955 849 Life insurance companies 43, 167, 293, 391, 525, 673, U. S. banks and foreign trade financing 357 783, 905, 1007, 1149, 1245, 1349 Legislation: Savings and loan associations 43, 167, 293, 391, 525, Bank holding company, statements by Chairman 673, 783, 905, 1007, 1149, 1245, 1349 Martin on 260, 753 Weekly reporting member banks 40, 164, 290, 388, Defense Production Act of 1950, amendments of 522, 670, 780, 902, 1004, 1146, 1242, 1346 1955 983 1954 data 212 Federal Reserve Act, section 24, amendments to Iran: permit national banks to make twenty-year Bank Melli Iran: real estate loans and nine-month residential Condition .. .959, 1061, 1201, 1297, 1401 construction loans 983 1424 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Legislation—Continued Martin, Wm. McC, Jr.: Securities Exchange Act, proposed changes in, Bank holding company legislation, statements statement of Chairman Martin on S. 2054 751 on 260, 753 Silver, statement of Chairman Martin on S. 1427. . .755 Bank mergers and consoldations, statement on.... 642 Life insurance companies (See Insurance companies) Monetary policy and real estate markets, state- Liquid asset holdings of individuals and businesses 749 ment on 1317 Redesignation as Chairman of Board of Gov- Loans (See also specific types of loans): ernors 268 Bank credit extended to real estate mortgage Re-elected Chairman of Federal Open Market lenders, articles on 980, 1323 Committee 268 Banks, by classes 35, 159, 285, 383, 517, Securities Exchange Act, proposed changes, state- 665, 775, 897, 999, 1141, 1237, 1341 ment on S. 2054 751 1954 data 575 Commercial banks by classes. . . .38, 162, 288, 386, 520, Silver legislation, statement on S. 1427 755 668, 778, 900, 1002, 1144, 1240, 1344 Stock market credit, statement before Senate Commercial banks, discussion 109, 742 Banking and Currency Committee 256 Federal Reserve Banks: Meetings: Condition statement data. .29-30, 153-154, 279-280, Chairmen of Federal Reserve Banks 1325 377-378, 511-512, 659-660, 769-770, 891-892, Federal Advisory Council 143, 502, 1126, 1222 993-994, 1135-1136, 1231-1232, 1335-1336 Federal Open Market Committee. .143, 268, 502, 758, Industrial advances .31, 155, 281, 379, 513, 661, 882, 984, 1126, 1222, 1325 771, 893, 995, 1137, 1233, 1337 Presidents of Federal Reserve Banks 268, 758, 1126 Member bank borrowings. . . .28, 152, 278, 376, 510, Member banks: 658, 768, 890, 992, 1134, 1230, 1334 Assets and liabilities, by classes . 35-39, 159-163, 285- 1954 data 211 289, 383-387, 517-521, 665-669. 775-779, 897-901, 999-1003, 1141-1145, 1237-1241, 1341-1345 Weekly and monthly data. .25, 149, 275, 373, 507, 1954 data 575 655, 765, 887, 989, 1131, 1227, 1331 Banking offices, changes in number 208, 944 Foreign lending by U. S. banks 246 Borrowings at Federal Reserve Banks: Govt. agencies, etc 44, 168, 294, 392, 526, By class of member bank 28, 152, 278, 376, 674, 784, 906, 1008, 1150, 1246, 1350 510, 658, 768, 890, 992, 1134, 1230, 1334 Life insurance companies: Weekly and monthly data 25, 149, 275, 373, Assets 43, 167, 293, 391, 525, 507, 655, 765, 887, 989, 1131, 1227, 1331 673, 783, 905, 1007, 1149, 1245, 1349 Branches, number, by State 431 Mortgage activity 58, 182, 308, 406, 540, Deposits and reserves, by classes ...28, 152, 278, 376, 688, 798, 920, 1022, 1164, 1260, 1364 510, 658, 768, 890, 992, 1134, 1230, 1334 Savings and loan associations: Earnings and expenses 495, 564, 1083, 1188 Assets 43, 167, 293, 391, 525, Number, by class 35, 159, 285, 383, 517, 665, 673, 783, 905, 1007, 1149, 1245, 1349 775, 897, 999, 1141, 1237, 1341 Mortgage activity 58, 182, 308, 406, 540, Number, by class and State 430 688, 798, 920, 1022, 1164, 1260, 1364 Operating ratios 712 Weekly reporting member banks. .40, 164, 290, 388, 522, Reserve positions 112, 744 670, 780, 902, 1004, 1146, 1242, 1346 Reserve requirements, by classes. .. .27, 151, 277, 375, 1954 data 212, 214 509, 657, 767, 889, 991, 1133, 1229, 1333 Loans insured or guaranteed: Reserves and borrowings at Federal Reserve FHA-insured 57-59, 181-183, 307-309, Banks, 1954 data 210 405-407, 539-541, 687-689, 797-799, 919-921, Reserves and related items 25, 149, 275, 373, 507, 1021-1023, 1163-1165, 1259-1261, 1363-1365 655, 765, 887, 989, 1131, 1227, 1331 Regulation V loan guarantees. . . .31, 155, 281, 379, 513, Changes in 745 661, 771, 893, 995, 1137, 1233, 1337 Revision of table 145 VA-guaranteed 57-59, 181-183, 307-309, Weekly reporting series . . .40, 164, 290, 388, 522, 670, 405-407, 539-541, 687-689, 797-799, 919-921, 780, 902, 1004, 1146, 1242, 1346 1021-1023, 1163-1165, 1259-1261, 1363-1365 1954 data 212-214 Luxembourg, gold reserves and dollar holdings .89, 223, 339, Membership in Federal Reserve System, admissions of State banks 144, 269, 368, 502, 649, 439, 585, 721, 829, 953, 1055, 1195, 1291, 1395 Maddox, D. U., appointed director at New Orleans 758, 882, 1126, 1222 Branch 984 Mexico: Manufacturers, production indexes: Bank of: Annual 981 Condition 95, 229, 345, 445, 591, 727, Consumer durable goods output. .68, 192, 318, 416, 550, 835, 959, 1061, 1201, 1297, 1401 698, 808, 930, 1032, 1174, 1270, 1374 Discount rate 97, 231, 347, 447, 593, 729, Industrial. . 64, 188, 314, 412, 546, 694, 804, 837, 961, 1063, 1203, 1299, 1403 Gold reserves 90, 224, 340, 440, 586, 722, 926, 1028, 1170, 1266, 1370 830, 954, 1056, 1196, 1292, 1396 Map of Federal Reserve System 106, 240, 356, 456, 602, Foreign exchange rates . . 99, 233, 349, 449, 595, 731, 740, 846, 970, 1072, 1212, 1308, 1414 839, 963, 1065, 1205, 1301, 1405 Margin requirements: Gold production . .. 88, 222, 338, 438, 584, 720, Increases in 8, 500 828, 952, 1054, 1194, 1290, 1394 Table 26, 150, 276, 374, 508, 656, 766, Gold purchases by U. S 91, 225, 341, 441, 587, 888, 990, 1132, 1228, 1332 723, 831, 955, 1057, 1197, 1293, 1397 DECEMBER 1955 1425 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages Mexico—Continued Netherlands—Continued Gold reserves and dollar holdings 89, 223, 339, 439, Gold purchases by U. S 91, 225, 341, 441, 587, 723, 585, 721, 829, 953, 1055, 1195, 1291, 1395 831, 955, 1057, 1197, 1293, 1397 Minerals, production index 64, 188, 314, 412, 546, 694, Gold reserves and dollar holdings 89, 223, 339, 439, 804, 926, 1028, 1170, 1266, 1370 585, 721, 829, 953, 1055, 1195, 1291, 1395 Annual 981 Netherlands Bank: Monetary and credit expansion in 1954, article on 107 Condition 95, 229, 345, 445, 591, 727, Monetary policy and real estate markets, statement 835, 959, 1061, 1201, 1297, 1401 of Chairman Martin on 1317 Discount rate 97, 231, 347, 447, 593, 729, Monetary reserves and international financing 245 837, 961, 1063, 1203, 1299, 1403 Money in circulation: Gold reserves 90, 224, 340, 440, 586, 722, Volume and kind 33, 157, 283, 381, 515, 663, 773, 830, 954, 1056, 1196, 1292, 1396 895, 997, 1139, 1235, 1339 Open market rates 97, 231, 347, 447, 593, 729, Weekly and monthly data 25, 149, 275, 373, 507, 837, 961, 1063, 1203, 1299, 1403 655, 765, 887, 989, 1131, 1227, 1331 Price indexes. 100-101, 234-235, 350-351, 450-451, Money and credit in 1955, article on 741 596-597, 732-733, 840-841, 964-965, Money rates (See Interest rates) 1066-1067, 1206-1207, 1302-1303, 1406-1407 Mortgages (See Real estate loans) New Zealand: Mutual savings banks: Foreign exchange rates 99, 233, 349, 449, 595, 731, Assets and liabilities 35, 159, 285, 383, 517, 665, 839, 963, 1065, 1205, 1301, 1405 775, 897, 999, 1141, 1237, 1341 Reserve Bank of: 1954 data 576 Condition 95, 229, 345, 445, 591, 727, Banking offices, changes in number 208, 944 835, 959, 1061, 1201, 1297, 1390 Branches, number, by State 431 Discount rate 97, 231, 347, 447, 593, 729, Consolidated monetary statement ... .34, 158, 284, 382, 837, 961, 1063, 1203, 1299, 1401 516, 664, 774, 896, 998, 1140, 1236, 1340 Nicaragua, gold production 88 222, 338, 438, 584, 720, Number 35, 159, 285, 383, 517, 665, 775, 828, 952, 1054, 1194, 1290, 1394 897, 999, 1141, 1237, 1341 Nonmember banks: Number, by State 430 Assets and liabilities.. .37-39, 161-163, 287-289, 385-387, Real estate loans held by 57, 181, 307, 405, 539, 519-521, 667-669, 777-779, 899-901, 687, 797, 919, 1021, 1163, 1259, 1363 1001-1003, 1143-1145, 1239-1241, 1343-1345 U. S. Govt. security holdings 52-53, 176-177, 302- Banking offices, changes in number 208, 944 303, 400-401, 534-535, 682-683, 792-793, 914- Branches, number, by State 431 915, 1016-1017, 1158-1159, 1254-1255, 1358-1359 Discounts and advances by Federal Reserve Myers, A. Carter, appointed director at Nashville Banks 29, 153, 279, 377, 511, 659, Branch 18 769, 891, 993, 1135, 1231, 1335 National bank notes, outstanding and in circulation 33, Number 37, 161, 287, 385, 519, 667, 157, 283, 381, 515, 663, 773, 895, 997, 1139, 1235, 1339 777, 899, 1001, 1143, 1239, 1343 National banks: Number, by State 430 Assets and liabilities 37, 161, 287, 385, 519, 667, Norway: 777, 899, 1001, 1143, 1239, 1343 Bank of: Banking offices, changes in number 208, 944 Condition 95, 229, 345, 445, 591, 727, Branches, number, by State 431 835, 959, 1061, 1201, 1297, 1401 Collective investment of trust funds established Discount rate 97, 213, 347, 447, 593, 729, under employee pension, profit-sharing, or 837, 961, 1063, 1203, 1299, 1403 stock bonus plans, amendment to Regulation Gold reserves 90, 224, 340, 440, 586, 722, F 501 830, 954, 1056, 1196, 1292, 1396 Common trust funds, publication of information... 142 Foreign exchange rates 99, 233, 349, 449, 595, 731, Earnings and expenses 564 839, 963, 1065, 1205, 1301, 1405 Number. .. .' 37, 161, 287, 385, 519, 667, Gold reserves and dollar holdings. .89, 223, 339, 439, 585, 777, 899, 1001, 1143, 1239, 1343 721, 829, 953, 1055, 1195, 1291, 1395 Number, by State 430 Open market rates (See Interest rates) Real estate loans and residential construction Open-end investment company shares, arranging loan loans, amendments to section 24 of Federal to purchase, interpretation of Regulations T and U 267 Reserve Act with respect to maximum permis- Operating ratios, member banks 712 sible maturity 983 Ownership of demand deposits, article on 639 National income 80, 204, 330, 428, 562, 710, Pakistan, State Bank of: 820, 942, 1044, 1186, 1282, 1386 Condition 96, 230, 346, 446, 592, 728, National security expenditures: 836, 960, 1062, 1202, 1298, 1402 Federal budget for 1956 117 Discount rate 97, 231, 347, 447, 593, 729, National product series 81, 205, 331, 429, 563, 711, 837, 961, 1063, 1203, 1299, 1403 821, 943, 1045, 1187, 1283, 1387 Gold reserves 90, 224, 340, 440, 586, 722, Treasury statement basis 48, 172, 298, 396, 530, 678, 830, 954, 1056, 1196, 1292, 1396 788, 910, 1012, 1154, 1250, 1354 Panama, Republic of, gold reserves and dollar National summary of business conditions 20, 145, 270, holdings 585, 721, 829, 953, 1055, 1195, 1291, 1395 369, 503, 650, 760, 883, 985, 1127, 1223, 1327 Par List 209, 269, 945 Netherlands: Paraguay, condition of Central Bank of 96, 230, 346, 446, Foreign exchange rates 99, 233, 349, 449, 595, 731, 592, 728, 836, 960, 1062, 1202, 1298,1402 839, 963, 1065, 1205, 1301, 1405 Parten, J. R., resignation as Class C director at Dallas... .19 1426 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages Payrolls: Prices—Continued Manufacturing index 63, 187, 313, 411, 545, 693, Wholesale commodity . . . .78, 202, 328, 426, 560, 708, 803, 925, 1027, 1169, 1265, 1369 818, 940, 1042, 1184, 1280, 1384 National summary of business conditions 883 Production: Pension trusts, supervision of bank administration of, Annual indexes 981 statement by Vice Chairman Balderston on 879 Consumer durable goods output. .68, 192, 318, 416, 550, Personal income 81,. 205, 331, 429, 563, 711, 698, 808, 930, 1032, 1174, 1270, 1374 821, 943, 1045, 1187, 1283,-1387 Developments in 1 Industrial 64, 188, 314, 412, 546, 694, Personal income, discussion 1221 804, 926, 1028, 1170, 1266, 1370 Peru: Profits: Central Reserve Bank of: Corporate 55-56, 179-180, 305-306, 403-404, Condition. 96, 230, 346, 446, 592, 728, 537-538, 685-686, 795-796, 917-918, 836, 960, 1062, 1202, 1298, 1402 1019-1020, 1161-1162, 1257-1258, 1361-1362 Discount rate 97, 231, 347, 447, 593, 729, Member banks 1083, 1188 837, 961, 1063, 1203, 1299, 1403 Publications: Gold reserves .90, 224, 340, 440, 586, 722, Annual Report, Board of Governors, 1954 268 830, 954, 1056, 1196, 1292, 1396 Banking and monetary statistics, 1954, special Gold reserves and dollar holdings 585, 721, 829, 953, tables 502 1055, 1195, 1291, 1395 Board of Governors, list. .104, 238, 354, 454, 600, 736, Philippine Republic: 844, 968, 1070, 1210, 1306, 1410 Central Bank of the Philippines, Federal Reserve Bulletin, changes in subscription condition 96, 230, 346, 446, 592, 728, rates 982 836, 960, 1062, 1202, 1298, 1402 Federal Reserve Chart Book 143, 368, 984 Foreign exchange rates 99, 233, 349, 449, 595, 731, Flow-of-Funds Study 1085, 1222 839, 963, 1065, 1205, 1301, 1405 Puckett, Cecil, resignation as Class C director at Gold reserves and dollar holdings 89, 223, 339, 439, Kansas City, to accept appointment as Vice Presi- 585, 721, 829, 953, 1055, 1195, 1291, 1395 dent of Federal Reserve Bank of Kansas City 758 Portugal: Rates (See Foreign exchange rates; Interest rates) Bank of: Real estate loans: Condition 96, 230, 346, 446, 592, 728, Commercial banks 57, 181, 307, 405, 539, 687, 836, 960, 1062, 1202, 1298, 1402 797, 919, 1021, 1163, 1259, 1363 Discount rate 97, 231, 347, 447, 593, 729, Commercial banks, by classes . .38, 162, 288, 386, 520, 837, 961, 1063, 1203, 1299, 1403 668, 778, 900, 1002, 1144, 1240, 1344 Gold reserves 90, 224, 340, 440, 586, 722, Farm-mortgage loans 875 830, 954, 1056, 1196, 1292, 1396 Housing markets, article on 457 Foreign exchange rates 99, 233, 349, 449, 595, 731, Mortgage debt, survey of consumer finances data. .860, 839, 963, 1065, 1205, 1301, 1405 867, 868 Gold purchases by U. S 91, 225, 341, 441, 587, 723, National banks, amendments to section 24 of 831, 955, 1057, 1197, 1293, 1397 Federal Reserve Act with respect to maximum Gold reserves and dollar holdings... .89, 223, 339, 439, permissible maturity 983 585, 721, 829, 953, 1055, 1195, 1291, 1395 Type of mortgage holder. .. .57-59, 181-183, 307-390, Postal Savings System: 405-407, 539-541, 687-689, 797-799, 919-921 Depositors' balances and assets. . . .32, 156, 282, 380, 514, 1021-1023, 1163-1165, 1259-1261, 1363-1365 662, 772, 894, 996, 1138, 1234, 1338 Type of property mortgaged 57-59, 181-183, Deposits: 307-309, 405-407, 539-541, 687-689, 797-799, 919-921, Consolidated monetary statement 34, 158, 284, 1021-1023, 1163-1165, 1259-1261, 1363-1365 382, 516, 664, 774, 896, 998, 1140, 1236, 1340 Weekly reporting member banks. 40, 164, 290, 388, 522, Maximum rates 26, 150, 276, 374, 508, 656, 670, 780, 902, 1004, 1146, 1242, 1346 766, 888, 990, 1132, 1228, 1332 1954 data 212 1954 data 574 Real estate markets and monetary policy, statement Presidents of Federal Reserve Banks: of Chairman Martin on 1317 List 103, 237, 353, 453, 599, 735, 843, 967, 1069, 1209, 1305, 1409 Real estate mortgage lenders, credit extended bv Meetings 268, 758, 1126 banks to, articles on 980, 1323 Prices: Reconstruction Finance Corporation, loans, etc. . .44, 168, Agricultural, discussion 977 294, 392, 526, 674, 784, 906 } 1008, 1150, 1246, 1350 Commodity, changes in, discussion 5 Regulations, Board of Governors: Commodity, national summary of business con- A, Advances and Discounts by Federal Reserve Banks: ditions 21, 146, 271, 370, 504, 651, Revision of 8 761, 884, 986, 1128, 1224, 1328 D, Reserves of Member Banks: Consumer 78, 202, 328, 426, 560, 708, Savings deposits not evidenced by pass book: 818, 940, 1042, 1184, 1280, 1384 Amendment to section 1 (e) 500 Federal price support operations 975 Withdrawal from, interpretation 648 Foreign... 100-101, 234-235, 350-351, 450-451, 596-597, F, Trust Powers of National Banks: 732-733, 840-841, 964-965, 1066-1067, Collective investment of trust funds estab- 1206-1207, 1302-1303, 1406-1407 lished under employee pension, profit-shar- Security .. 46, 170, 296, 394, 528, 676, ing, or stock bonus plans, amendment with 786, 908, 1010, 1152, 1248, 1352 respect to 501 DECEMBER 1955 1427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages Regulations, Board of Governors—Continued Residential construction loans, national banks, F, Trust Powers of National Banks—Continued amendment to section 24 of Federal Reserve Act Common trust funds, publication of infor- with respect to maximum permissible maturity.... 983 mation 142 Residential mortgage loans 57-59, 181-183, 307-309, Q, Payment of Interest on Deposits: 405-407, 539-541, 687-689, 797-799, 919-921, Savings deposits not evidenced by pass book: 1021-1023, 1163-1165, 1259-1261, 1363-1365 Amendment to section l(e) 500 Resignations: Interpretations with respect to 648, 1125 Essick, Bryant, as director at Los Angeles Branch . 758 Helms, Paul H., as director at Los Angeles Branch. 758 T, Extension and Maintenance of Credit by Puckett, Cecil, as Class C director at Kansas Brokers, Dealers, and Members of National City, to accept appointment as Vice President Securities Exchanges: of Federal Reserve Bank of Kansas City 758 Amendments increasing margin requirements. 8, 500 Shepardson, Charles N., as director of Houston Arranging loan to purchase open-end invest- Branch, to become Member of Board of Govment company snares 267 ernors 268 U, Loans by Banks for the Purpose of Purchasing Strauss, Sam B., as director at Little Rock Branch. .143 or Carrying Stocks Registered on a National Taylor, Howard M., Jr., as director at Baltimore Securities Exchange: Branch ; 758 Amendments increasing margin requirements. 8, 500 Youngdahl, C. Richard, as Assistant Director, Arranging loan to purchase open-end in- Division of Research and Statistics 15 vestment company shares 267 Reynolds, Ray, appointed director at Denver Branch. .649 V, Loan Guarantees for Defense Production: Rhodesia, gold production. 88, 222, 338, 438, 584, 720, Fees and rates. .. .32, 156, 282, 380, 514, 662, 772, 828, 952, 1054, 1194, 1290, 1394 894, 996, 1138, 1234, 1338 Russia (See Union of Soviet Socialist Republics) Loans guaranteed 31 155, 281, 379, 513, 661, Sales finance companies, consumer loans of. .. .60-61, 184- 771, 893, 995, 1137, 1233, 1337 185, 310-311, 408-409, 542-543, 690-691, 800-801, Regulations, Federal Open Market Committee: 922-923, 1024-1025, 1166-1167, 1262-1263, 1366-1367 Amendment discontinuing executive committee.... 756 Savings 80, 204, 330, 428, 562, 710, Reserve requirements, member banks 27, 151, 277, 375, 820, 942, 1044, 1186, 1282, 1386 Savings, discussion 1221 509, 657, 767, 889, 991, 1133, 1229, 1333 Savings bonds, sales and redemptions. . . .51, 175, 301, 399, Reserves: 533, 681, 791, 913, 1015, 1157, 1253, 1357 Commercial banks, by classes. . .39, 163, 289, 387, 521, Savings deposits (See also Time deposits): 669, 779, 901, 1003, 1145, 1241, 1345 Pass book, not evidenced by, amendments to Federal Reserve Banks 29-30, 153-154, 279-280, Regulations D and Q and interpretations 500, 377-378, 511-512, 659-660, 769-770, 891-892, 648, 1125 993-994, 1135-1136, 1231-1232, 1335-1336 Savings institutions, principal assets. .43, 167, 293, 391, 525, Foreign central banks and governments. . . .90, 224, 340, 673, 783, 905, 1007, 1149, 1245, 1349 440, 586, 722, 830, 954, 1056, 1196, 1292, 1396 Savings and loan associations: Foreign countries and international institutions.... 89, Mortgage activity 58, 182, 308, 406, 540, 688, 223, 339, 439, 585, 721, 829, 798, 920, 1022, 1164, 1260, 1364 953, 1055, 1195, 1291, 1395 Principal assets 43, 167, 293, 391, 525, 673 Foreign monetary, and international financing 245 783, 905, 1007, 1149, 1245, 1349 Member banks: Seacrest, Joe W.: Accounts with Federal Reserve Banks 29-30, Appointed Class C director at Kansas City 19 153-154, 279-280, 377-378, 511-512, 659-660, Appointed Deputy Chairman at Kansas City. ... 1222 769-770, 891-892, 993-994, 1135-1136, Securities, international transactions 87-88, 221-222, 1231-1232, 1335-1336 337-338, 437-438, 583-584, 719-720, 827-828, By class of member bank 28, 152, 278, 376, 510, 951-952, 1053-1054, 1193-1194, 1289-1290, 1393-1394 658, 768, 890, 992, 1134, 1230, 1334 Securities Exchange Act, proposed changes, statement 1954 data 210 of Chairman Martin on S. 2054 751 Security issues: Commercial bank statement. .. .39, 163, 289, 387, Corporate, outstanding, net change in. .56, 180, 306, 521, 669, 779, 901, 1003, 1145, 1241, 1345 404, 538, 686, 796, 918, 1020, 1162, 1258, 1362 Reserve positions 112, 744 New issues 54, 178, 304, 402, 536, 684, Reserves and related items. .25, 149, 275, 373, 507, 794, 916, 1018, 1160, 1256, 1360 655, 765, 887, 989, 1131, 1227, 1331 Security markets, national summary of business con- Revision of table 143 ditions 21, 146, 271, 370, 504, 651, Savings deposits not evidenced by pass book, 761, 884, 986, 1128, 1224, 1328 amendment to Regulation D and interpre- Shepardson, Charles N., appointment as Member of tation . .. 500, 648 Board of Governors 268 Weekly reporting banks 41, 165, 291, 389, 523, Silver coin and silver certificates, outstanding and in 671, 781, 903, 1005, 1147, 1243, 1347 circulation 33, 157, 283, 381, 515, 663, 1954 data 213 773, 895, 997, 1139, 1235, 1339 Reserves and bank credit, national summary of busi- Silver legislation, statement of Chairman Martin on ness conditions 21, 146, 271, 370, 504, 651, S. 1427 755 761, 884, 986, 1128, 1224, 1328 Smith, Robert J., designated Chairman and Federal Residential construction, discussion 1218 Reserve Agent at Dallas 19 1428 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages South Africa: Staff of Board of Governors: Foreign exchange rates 99, 233, 349, 449, 595, 731, Conkling, Gerald M., appointed Assistant Di- 839, 963, 1065, 1205, 1301, 1405 rector, Division of Bank Operations 882 Gold production 88, 222, 338, 438, 584, 720, Farrell, John R., appointed Assistant Director, 828, 952, 1054, 1194, 1290, 1394 Division of Bank Operations 882 Gold purchases by U. S 91, 225, 341, 441, 587, 723, Fauver, Clarke L., appointed Assistant Secretary 831, 955, 1057, 1197, 1293, 1397 of Board of Governors 882 Gold reserves and dollar holdings 89, 223, 339, 439, Horbett, J. E., appointed Associate Director, 585, 721, 829, 953, 1055, 1195, 1291, 1395 Division of Bank Operations 882 Reserve bank: Koch, Albert R., appointed Assistant Director, Condition 96, 230, 346, 446, 592, 728, Division of Research and Statistics 15 836, 960, 1062, 1202, 1298, 1402 Youngdahl, C. Richard, Assistant Director, Divi- Discount rate 97, 231, 347, 447, 593, 729, sion of Research and Statistics, resignation 15 837, 961, 1063, 1203, 1299, 1403 State member banks: Gold reserves 90, 224, 340, 440, 586, 722, Admissions to membership in Federal Reserve 830, 954, 1056, 1196, 1292, 1396 System 144, 269, 368, 502, 649, 758, 882, 1126, 1222 Spain: Assets and liabilities 37, 161, 287, 385, 519, 667, Bank of: 777, 899, 1001, 1143, 1239, 1343 Condition 96, 230, 346, 446, 592, 728, Banking offices, changes in number 208, 944 836, 960, 1062, 1202, 1298, 1402 Branches, number, by State 431 Discount rate 97, 231, 347, 447, 593, 729, Earnings and expenses 564 837, 961, 1063, 1203, 1299, 1403 Number 37, 161, 287, 385, 519, 667, Gold reserves 90, 224, 340, 440, 586, 722, 777, 899, 1001, 1143, 1239, 1343 830, 954, 1056, 1196, 1292, 1396 Number, by State 430 Gold reserves and dollar holdings 89, 223, 339, 439, State and municipal securities: 585, 721, 829, 953, 1055, 1195, 1291, 1395 New issues 54, 178, 304, 402, 536, 684, Special articles: 794, 916, 1018, 1160, 1256, 1360 Balance sheet of agriculture, 1955 869 Prices. .. 46, 170, 296, 394, 528, 676, Bank holding company legislation, statements of 786, 908, 1010, 1152, 1248, 1352 Chairman Martin on 260, 753 Yields 47, 171, 297, 395, 529, 677, Bank mergers and consolidations, statement of 787, 909, 1011, 1153, 1249, 1353 Chairman Martin on 642 1954 data 216 Bankers' acceptance financing in the U. S 482 States and political subdivisions: Consumer instalment credit extended and repaid, Deposits: 1929-1939, estimates of 631 Commercial banks, by classes. . . .39, 163, 289, 387, Credit extended by banks to real estate mortgage 521, 669, 779, 901, 1003, 1145, 1241, 1345 lenders 980, 1323 Weekly reporting member banks. .41, 165, 291, 389, Federal budget for 1956 115 523, 671, 781, 903, 1005, 1147, 1243, 1347 Financing of large corporations in 1954 623 1954 data 213 Flow-of-funds system of national accounts, an- Holdings of U. S. Govt. securities 52, 176, 302, 400, nual estimates, 1939-1954 1085 534, 682, 792, 914, 1016, 1158, 1254, 1358 Member bank earnings, 1954 495 Ownership of obligations of: Member bank earnings, first half of 1955 1083 Commercial bank holdings. .38, 162, 288, 386, 520, Monetary policy and the real estate markets, 668, 778, 900, 1002, 1144, 1240, 1344 statement of Chairman Martin on 1317 Life insurance company holdings 43, 167, 293, Ownership of demand deposits 639 391, 525, 673, 783, 905, 1007, 1149, 1245, 1349 Production indexes, annual . 981 Stock market credit: Seasonal adjustment factors for demand deposits Arranging loan to purchase open-end investment adjusted and currency outside banks 252 company shares, interpretation of Regula- Securities Exchange Act, proposed changes in, tions T and U 267 statement of Chairman Martin on S. 2054 751 Customers' balances and related items, June and Selected liquid asset holdings of individuals and Dec, 1941-1955 1046 businesses 749 Margin requirements, increases in 8, 500 Silver legislation, statement of Chairman Martin Monthly table 46, 170, 296, 394, 528, 676, on S. 1427 755 786, 908, 1010, 1152, 1248, 1352 Stock market credit, statement of Chairman New table to replace customers' debit balances Martin on 256 and related items 759 Supervision of bank administration of pension Statement of Chairman Martin before Senate trusts, statement of Vice Chairman Balderston Banking and Currency Committee 256 on 879 Stocks: Survey of consumer finances, 1955: Corporate, outstanding, net change in 56, 180, 306, Financial postion of consumers 609 404, 538, 686, 796, 918, 1020, 1162, 1258, 1362 Housing arrangements of consumers 856 New issues 54, 178, 304, 402, 536, 684, Preliminary findings 249 794, 916, 1018, 1160, 1256, 1360 Purchases of durable goods in 1954 465 Prices: Sprague, Robert C, appointed Class C director and Domestic 46, 170, 296, 394, 528, 676, Deputy Chairman at Boston 269 786, 908, 1010, 1152, 1248, 1352 Sproul, Allan, re-elected Vice Chairman of Federal Foreign 101, 235, 351, 451, 597, 733, Open Market Committee 268 841, 965, 1067, 1207, 1303, 1407 DECEMBER 1955 1429 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages Stocks—Continued Tables, Federal Reserve Bulletin—Continued Yields 47, 171, 297, 395, 529, 677, Treasury financial statistics, revision of 143 787, 909, 1011, 1153, 1249, 1353 Tax receipts, Federal .49, 173, 299, 397, 531, 679, 1954 data 216 789, 911, 1013, 1155, 1251, 1355 Yields, changes in table 759 Taylor, Howard M., Jr., resignation as director of Strauss, Sam B., resignation as director at Little Rock Baltimore Branch 758 Branch 143 Thailand: Supervision of bank administration of pension trusts, Gold reserves 90, 224, 340, 440, 586, 722, statement by Vice Chairman Balderston on 879 830, 954, 1056, 1196, 1292, 1396 Survey of consumer finances, 1955: Gold reserves and dollar holdings 89, 223, 339, 439, Financial position of consumers 609 585, 721, 829, 953, 1055, 1195, 1291, 1395 Housing arrangements of consumers. 856 Thomas, Alex R., appointed director at San Antonio Preliminary findings 249 Branch 368 Purchases of durable goods in 1954 465 Time deposits: Sweden: Adjusted, banks and the monetary system. .. .34, 158, Bank of: 284, 382, 516, 664, 774, Condition 96, 230, 346, 446, 592, 728, 896, 998, 1140, 1236, 1340 836, 960, 1062, 1202, 1298, 1402 1954 data 574 Discount rate ... .97, 231, 347, 447, 593, 729, 837, Banks, by classes 35, 159, 285, 383, 517, 665, 961, 1063, 1203, 1299, 1403 775, 897, 999, 1141, 1237, 1341 Gold reserves. . . 90, 224, 340, 440, 586, 722, 830, 1954 data 575 954, 1056, 1196, 1292, 1396 Commercial banks, by classes. . . .39, 163, 289, 387, 521, Foreign exchange rates 99, 233, 349, 449, 595, 731, 669, 779, 901, 1003, 1145, 1241, 1345 839, 963, 1065, 1205, 1301, 1405 Foreign commercial banks 98, 232, 348, 448, Gold purchases by U. S 91, 225, 341, 441, 587, 723, 594, 730, 838, 962, 1064, 1204, 1300, 1404 831, 955, 1057, 1197, 1293, 1397 Maximum rates 26, 150, 276, 374, 508, 656, Gold reserves and dollar holdings. . . .89, 223, 339, 439, 766, 888, 990, 1132, 1228, 1332 585, 721, 829, 953, 1055, 1195, 1291, 1395 Member banks, by classes. . .28, 152, 278, 376, 510, 658, Open market rates 97, 231, 347, 447, 593, 729, 768, 890, 992, 1134, 1230, 1334 837, 961, 1063, 1203, 1299, 1403 Weekly reporting member banks 41, 165, 291, 389, Wholesale prices 100, 234, 350, 450, 596, 732, 523, 671, 781, 903, 1005, 1147, 1243, 1347 1954 data 213 840, 964, 1066, 1206, 1302, 1406 Timm, Tyrus R., appointed director at Houston Branch. .368 Swensrud, Sidney A., appointed Deputy Chairman at Trade: Cleveland 18 Foreign trade and monetary reserves 246 Switzerland: Merchandise exports and imports 72, 196, 322, 420, Foreign exchange rates. .99, 233, 349, 449, 595, 731, 839, 554, 702, 812, 943, 1036, 1178, 1274, 1378 963, 1065, 1205, 1301, 1405 U. S. banks and foreign trade financing 357 Gold purchases by U. S 91, 225, 341, 441, 587, 723, Treasury cash: 831, 955, 1057, 1197, 1293, 1397 Consolidated monetary statement. .. .34, 158, 284, 382, Gold reserves and dollar holdings 89, 223, 339, 439, 516, 664, 774, 896, 998, 1140, 1236, 1340 585, 721, 829, 953, 1055, 1195, 1291, 1395 1954 data 574 Open market rates 97, 231, 347, 447, 593, 729, Weekly and monthly data. . .25, 149, 275, 373, 507, 655, 837, 961, 1063, 1203, 1299, 1403 765, 887, 989, 1131, 1227, 1331 Price indexes 100-101, 234-235, 350-351, 450-451, Treasury currency: 596-597, 732-733, 840-841, 964-965, Consolidated monetary statement... .34, 158, 284, 382, 1066-1067, 1206-1207, 1302-1303, 1406-1407 516, 664, 774, 896, 998, 1140, 1236, 1340 Swiss National Bank: 1954 data 574 Condition 96, 230, 346, 446, 592, 728, Outstanding and in circulation 33, 157, 283, 381, 836, 960, 1062, 1202, 1298, 1402 515, 663, 773, 895, 997, 1139, 1235, 1339 Discount rate 97, 231, 347, 447, 593, 729, Weekly and monthly data. . .25, 149, 275, 373, 507, 655, 837, 961, 1063, 1203, 1299, 1403 765, 887, 989, 1131, 1227, 1331 Gold reserves 90, 224, 340, 440, 586, 722, Treasury deposits: 830, 954, 1056, 1196, 1292, 1396 Federal Reserve Banks: Tables, Federal Reserve Bulletin: Condition statement data 29-30, 153-154, Banking and monetary statistics, 1954 special 279-280, 377-378, 511-512, 659-660, 769-770, 891tables 143, 210, 502, 574 892, 993-994, 1135-1136, 1231-1232, 1335-1336 Bond and stock yields, changes in 759 Treasury statement basis 48, 172, 298, 396, Customers' debit and credit balances and related 530, 678, 788, 910, 1012, 1154, 1250, 1354 items of stock exchange firms, detailed series Weekly and monthly data. .'.... .25, 149, 275, 373, to be published semiannually 759 507, 655, 765, 887, 989, 1131, 1227, 1331 Index to statistical tables, monthly 758 Special depositories. 48, 172, 298, 396, 530, 678, Member bank reserves and related items, 788, 910, 1012, 1154, 1250, 1354 revision of 143 Treasury finance: Published annually and semiannually, with latest Cash income, outgo, and borrowing. . .50, 174, 300, 398, Bulletin reference 15, 144, 269, 368, 502, 649, 532, 680, 790, 912, 1014, 1156, 1252, 1356 759, 882, 984, 1126, 1326 First half of 1955, discussion 746 Stock market credit, to replace monthly table on General fund balance 48, 172, 298, 396, 530, 678, customers' debit balances and related items 759 788, 910, 1012, 1154, 1250, 1354 1430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Treasury finance—Continued U. S. Govt. securities: Receipts and expenditures. . .48, 172, 298, 396, 530, 678, Bank holdings: 788, 910, 1012, 1154, 1250, 1354 By class of bank 35, 159, 285, 383, 517, 665, Treasury financial statistics, revision of tables 143 775, 897, 999, 1141, 1237, 1341 Trust funds: 1954 data 575 Collective investment of, established under em- Consolidated monetary statement 34, 158, 284, ployee pension, profit-sharing, or stock bonus 382, 516, 664, 774, 896, 998, 1140, 1236, 1340 plans, amendment to Regulation F 501 1954 data 574 Common, publication of information 142 1955, discussion 743 Pension trusts, supervision of bank administration Ownership data 52-53, 176-177, 302-303, of, statement by Vice Chairman Balderston on... .879 400-401, 534-535, 682-683, 792-793, 914-915, Turkey: 1016-1017, 1158-1159, 1254-1255, 1358-1359 Central Bank of the Republic of: Commercial bank holdings 38, 162, 288, 386, 520, Condition 96, 230, 346, 446, 592, 728, 668, 778, 900, 1002, 1144, 1240, 1344 836, 960, 1062, 1202, 1298, 1402 Federal Reserve Bank holdings: Discount rate 97, 231, 347, 447, 593, 729, Condition statement data 29-30, 153-154, 837, 961, 1063, 1203, 1299, 1403 279-280, 377-378, 511-512, 659-660, 769-770, Gold reserves 90, 224, 340, 440, 586, 722, 891-892, 993-994, 1135-1136, 1231-1232, 1335-1336 830, 954, 1056, 1196, 1292, 1396 Ownership data 52-53, 176-177, 302-303, Gold reserves and dollar holdings. . . .89, 223, 339, 439, 400-401, 534-535, 682-683, 792-793, 914-915, 585, 721, 829, 953, 1055, 1195, 1291, 1395 1016-1017, 1158-1159, 1254-1255, 1358-1359 Unemployment 70, 194, 320, 418, 552, 700, Weekly and monthly data 25, 149, 275, 373, 507, 655, 765, 887, 989, 1131, 1227, 1331 810, 932, 1034, 1176, 1272, 1376 International transactions 87, 221, 337, 437, 583, Unemployment, labor market in mid-1955 .854 719, 827, 951, 1053, 1193, 1289, 1393 Union of Soviet Socialist Republics, discount New issues, gross proceeds 54, 178, 304, 402, 536, rate 97, 231, 347, 447, 593, 729, 684, 794, 916, 1018, 1160, 1256, 1360 837, 961, 1063, 1203, 1299, 1403 Ownership of 52-53, 176-177, 302-303, 400-401, United Kingdom: 534-535, 682-683, 792-793, 914-915, Bank of England: 1016-1017, 1158-1159, 1254-1255, 1358-1359 Condition 92, 226, 342, 442, 588, 724, Ownership of, 1954 109 832, 956, 1058, 1198, 1294, 1398 Prices 46, 170, 296, 394, 528, 676, Discount rate 97, 231, 347, 447, 593, 729, 786, 908, 1010, 1152, 1248, 1352 837, 961, 1063, 1203, 1299, 1403 Savings bonds, sales and redemptions. . . .51, 175, 301, Gold reserves 90, 224, 340, 440, 586, 722 399, 533, 681, 791, 913, 1015, 1157, 1253, 1357 830, 954, 1056, 1196, 1292, 1396 Volume and kind outstanding 52-53, 176-177, 302- Commercial banks 98, 232, 348, 448, 594, 730, 303, 400-401, 534-535, 682-683, 792-793, 914-915, 838, 962, 1064, 1204, 1300, 1404 1016-1017, 1158-1159, 1254-1255, 1358-1359 Foreign exchange rates 99, 233, 349, 449, 595, 731, Weekly reporting member bank holdings. .40, 164, 290, 839, 963, 1065, 1025, 1301, 1405 388, 522, 670, 780, 902, 1004, 1146, 1242, 1346 Gold purchases by U. S 91, 225, 341, 441, 587, 723, 1954 data 212 831, 955, 1057, 1197, 1293, 1397 Yields 47, 171, 297, 395, 529, 677, Gold reserves and dollar holdings 89, 223, 339, 439, 787, 909, 1011, 1153, 1249, 1353 585, 721, 829, 953, 1055, 1195, 1291, 1395 1954 data _^...216 Open market rates 97, 231, 347, 447, 593, 729 United States notes, outstanding and in circulation. .33, 157, 837, 961, 1063, 1203, 1299, 1403 283, 381, 515, 663, 773, Price indexes , . .100-101, 234-235, 350-351, 450-451 895, 997, 1139, 1235, 1339 596-597, 732-733, 840-841, 964-965, Uruguay: 1066-1067, 1206-1207, 1302-1303, 1406-1407 Bank of the Republic of: U. S. balance of payments 1080 Condition 96, 230, 346, 446, 592, 728, 836, 960, 1062, 1202, 1298, 1402 U. S. banks and foreign trade financing, article on. . . .357 Gold reserves 90, 224, 340, 440, 586, 722, U. S. Govt. balances: 830, 954, 1056, 1196, 1292, 1396 Commercial bank holdings, by classes. .39, 163, 289, 387, Foreign exchange rates 99, 233, 349, 449, 595, 731, 521, 669, 779, 901, 1003, 1145, 1241, 1345 839, 963, 1065, 1205, 1301, 1405 Consolidated monetary statement 34, 158, 284, 382, Gold purchases by U. S 91, 225, 341, 441, 587, 723, 516, 664, 774, 896, 998, 1140, 1236, 1340 831, 955, 1057, 1197, 1293, 1397 1954 data 574 Gold reserves and dollar holdings 89, 223, 339, 439, Treasury deposits at Federal Reserve Banks: 585, 721, 829, 953, 1055, 1195, 1291, 1395 Condition statement data. .29-30, 153-154, 279-280, Venezuela: 377-378, 511-512, 659-660, 769-770, 891-892, Central Bank of: 993-994, 1135-1136, 1231-1232, 1335-1336 Condition 96, 230, 346, 446, 592, 728, Treasury statement basis 48, 172, 298, 396, 836, 960, 1062, 1202, 1298, 1402 530, 678, 788, 910, 1012, 1154, 1250, 1354 Gold reserves 90, 224, 340, 440, 586, 722, Weekly and monthly data 25, 149, 275, 373, 830, 954, 1056, 1196, 1292, 1396 507, 655, 765, 887, 989, 1131, 1227, 1331 Gold purchases by U. S 91, 225, 341, 441, 587, 723, Weekly reporting member banks 41, 165, 291, 389, 831, 955, 1057, 1197, 1293, 1397 523, 671, 781, 903, 1005, 1147, 1243, 1347 Gold reserves and dollar holdings. . . .89, 223, 339, 439, 1954 data 213 585, 721, 829, 953, 1055, 1195, 1291, 1395 DECEMBER 1955 1431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 41 Pages Pages Veterans Administration: Welk, Philip I., appointed Class C director at San Assets and liabilities 44, 168, 294, 392, 526, 674 Francisco 649 784, 906, 1008, 1150, 1246, 1350 West Africa, gold production. ...88, 222, 338, 438, 584, 720, Loans guaranteed by 57-59, 181-183, 307-309, 828, 952, 1054, 1194, 1290, 1394 405-407, 539-541, 687-689, 797-799, 919-921, Wfflham, Oliver S., appointed Class C director at v r, • 1021-1023, 1163-116S, 1259-1261, 1363-1365 * J^ ^ ^ Orleans'Branch, directorat New Vice Chairman of Board of Governors, designation of death gg 2 Mr. Balderston 268 Yields (See interest rates) Warner, J. C, appointed director at Pittsburgh Youngdahl, C. Richard, resignation as Assistant Di- Branch 18 rector, Division of Research and Statistics 15 Welch, Frank J., appointed Class C director at Cleve- Yugoslavia, National Bank of Federal People's Reland 18 public of, condition. .728, 836, 960, 1062, 1202, 1298, 1402 1432 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis