Federal Reserve Bulletin, 1956-01

FEDERAL RESERVE BULLETIN January ***** BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHIXGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE 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 Prices during the Economic Expansion j Current Events and Announcements s i 1 National Summary of Business Conditions 13 i Financial and Business Statistics, U. S. (Contents on p. 15) 17 ^ International Financial Statistics (Contents on p. 69) 70 \ i ; Federal Reserve Board Publications 85 I Board of Governors and Staff 87 Open Market Committee and Staff; Federal Advisory Council 88 Federal Reserve Banks and Branches 88 Index to Statistical Tables 95 Map of Federal Reserve Districts Insideback cover Volume 42 • Number i ; i 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 $4.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FURTHER EXPANSION in business and con- pressures on prices of basic materials and sumer demands in the latter part of 1955 wage rates has also characterized recent was accompanied by increases in industrial economic activity in Europe. Expansion in output and prices, to new record levels. In- outlays, especially for construction, business dustrial production in December, at 144 per equipment, and consumer durable goods, cent of the 1947-49 average, was 11 per has exerted upward pressure on such world cent above a year earlier and 5 per cent commodities as copper and rubber, and has above the previous high of mid-1953, when been reflected in sharp increases in the voldefense output was substantially greater. ume of United States exports of coal, steel Average prices of industrial materials ad- scrap, and steel mill products. vanced 4 per cent in the second half of 1955. Prices of finished industrial products also WHOLESALE PRICES 1953 55-100 rose, as shown in the chart. Widespread ad- 120 vances among industrial commodities— which together account for about four-fifths of the value of all commodities in the wholesale price index—occur only in response to strong and pervasive pressure of demands. / \ INDUSTRIAL Meanwhile, with marketings of meat ani- / \ MATERIALS mals sharply expanded and with Federal — 100 support levels for some important crops re- / / INDUSTRIAL duced, wholesale prices of farm and food / / PRODUCTS products on the average declined 7 per cent Jj further in the second half of the year. The combined index of wholesale commodity prices in December was 1 per cent above midyear. While production increased to record NOTE.—Federal Reserve groupings of BLS mid-month indexes highs in the latter part of 1955, the volume for all commodities other than foods and feeds, both raw and processed, in the wholesale index. Latest figures shown are of business inventory accumulation was rela- for December 1955. tively small. Output of a number of indus- Expansion in consumer buying in the trial materials reached capacity levels and United States has been supported by rising order backlogs accumulated. Increases in incomes and more active use of credit. Conthe value of inventories have reflected in sumer incomes after taxes, which had been part the higher level of prices. maintained during the 1953-54 decline in High level production with accompanying business activity, began to increase in the 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1956 autumn of 1954. Since then, fuller utili- rowings at the Federal Reserve Banks. zation of the labor force—in terms of Pressure of total demands for funds longer hours and increased employment— against the available supply of savings and and higher rates of pay have been reflected of bank credit was reflected in a substantial in a rise of 10 per cent in disposable per- rise in short-term interest rates and some sonal income. Retail sales, which had de- increase in long-term rates. In order to clined moderately after mid-195 3, have ex- exert restraint on member bank borrowing, panded about 15 per cent from the reduced the Reserve Banks raised their discount rates early 1954 level. The rise in sales has in- four times during the year, from 1.5 per volved a substantial growth in consumer in- cent to 2.5 per cent. stalment credit. At the same time, longterm debt to finance home buying has in- PRICE RISE BROADENS FOR MATERIALS creased at an unprecedented rate. Economic recovery from mid-1954 to mid- With economic activity rising to new rec- 1955 was accompanied by price advances ord levels, business profits after taxes in- for such basic industrial materials as noncreased considerably last year, providing ferrous metals, steel scrap, and rubber. both greater incentive and larger means to Work stoppages at copper mines and inprogram substantial increases in investment creased Federal stockpiling of lead and zinc expenditures. While corporate dividend were factors in the advances, as were rising payments expanded, retained earnings— demands in Europe. Meanwhile, prices of along with other internal sources of funds— agricultural commodities were being realso increased. Common stock prices rose duced by increased supplies. further by about two-fifths in the twelve After mid-1955 agricultural prices demonths ending in late September; after a clined considerably further, while the adshort but sharp decline, prices recovered by vance in prices of industrial materials acearly November and then showed little celerated. The rise extended to steel mill change to mid-January. products and other manufactured durable Demands for credit to finance the higher materials, and also to fuels, leather, and level of business activity as well as to finance paper. By early 1956 prices of most nonconsumer short-term credit, mortgages, busi- food materials were higher than a year ness capital outlays, and public works proj- earlier, with a number of commodities up ects of State and local governments have 20 per cent or more and many others up been large. The bulk of the credit has been from 5 to 10 per cent. For all industrial supplied directly or indirectly by nonbank materials as a group, the rise over the year lenders. Business loans of all commercial was 5 per cent. banks increased by about $5.5 billion dur- The broadening of the price rise after ing 1955, and total bank loans by about mid-1955 was associated with capacity twice that amount. Bank loan expansion, operations in a number of lines of manufachowever, was accompanied by substantial turing activity and further expansion in sales of United States Government securities buying by consumers and businesses. Adto nonbank investors. Additional reserves vances in rates of pay in Government and needed by banks were obtained largely in such basic industries as autos and steel, through an increase in member bank bor- and also in transportation and the service Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES DURING THE ECONOMIC EXPANSION industries, were reflected both in rising in- December were 15 per cent above a year comes and in upward pressures on costs. earlier and, as the chart shows, about the From early 1954 to early 1955, rapid ex- same amount above the previous record high pansion in output per man-hour had accom- in 1953. panied recovery in industrial output. Sub- Nonferrous metal prices generally showed sequently, the rise in output per man-hour greater rises than iron and steel and as a apparently slackened somewhat. group increased 20 per cent during the Prices of sensitive industrial materials year. Copper was raised four times by eased in late September, but in early No- major United States producers, for a total vember the advance was resumed. Other advance of 40 per cent; secondary copper— materials such as cotton goods, industrial refined from scrap—rose even more sharply. alcohol, plywood, and newsprint also ad- Prices abroad have been above domestic vanced at the year-end, and additional gen- quotations for the primary metal since the eral advances in prices of steel products autumn of 1954, and United States imports were being discussed in trade circles. through most of the period have been Metals. With output in the consumer smaller than in most other postwar periods. durable, business equipment, and construc- To some extent aluminum has been subtion industries all at advanced levels in stituted for copper. This has added to an 1955, steel production reached capacity already heavy demand for aluminum, prices levels. Output of other primary metals also of which were raised 10 per cent during was at peak rates. Nevertheless, metals 1955. Postponement of deliveries to the have been in short supply and their price Federal strategic stockpile contributed somerises have been the largest among industrial what to a larger market supply of both commodities. Similarly, increases in wage copper and aluminum during 1955. rates in the metal products industries have Steel output rose one-third from 1954 to exceeded increases in most other sectors. 1955. Output in the earlier year had been The products of the metal industries account curtailed as inventories were being liquifor about one-third of the total value of all dated. Steel shipments to the automobile commodities at wholesale. Average prices industry rose sharply during the model of all primary and scrap metals in mid- change-over period in late 1954 and ship- MAJOR INDUSTRIAL MATERIALS 1953-55-100 120 1953 1954 1955 1953 19S4 1955 1953 1954 1955 1953 1954 1955 NOTE.—Seasonally adjusted production indexes. BLS mid- month data for the remaining price indexes. Latest figures month price indexes for paper and allied products, shifted to shown are for December 1955. 1953-55 = 100, and Federal Reserve groupings of BLS mid- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1956 ments to appliance manufacturers also in- In addition to marked increases in prices creased. Demands of other users expanded of metal materials and products used in later, in the spring of 1955, and over-all construction, lumber and brick prices rose supplies have been tight since then. about 10 per cent, and cement and glass 6 Following wage rate increases in mid- per cent. Wage rates in the building trades 1955, steel mill list prices were raised 7 per advanced 3 per cent during 1955 to a level cent. Toward the year-end some additional at the year-end 5 per cent above mid-1954. increases were made in base quotations and In late autumn, prices of lumber declined a number of upward adjustments were made in some markets. The easing in demands in charges for extras. During this period was partly seasonal, however, and toward purchases of some steel at premium prices the year-end prices about recovered. by the automobile and some other industries Total construction activity in the latter were reported. Capacity steel output and part of 1955 was down from the record the advanced level of steel scrap exports spring and summer levels but was above any maintained scrap prices near record levels other period. Residential building activity during the autumn. Prices rose about oneat the year-end was moderately below, while fifth in December and early January as trade business construction was somewhat above, reports indicated prospects of continuance the spring rates. of capacity operations in the months ahead. Other industrial materials. For most ma- After mid-December auto assemblies were terials other than metals and building items, reduced, mainly by curtailing overtime operdemands have not expanded so sharply, and ations. In November and early December supplies—especially those of agricultural new model car assemblies had been at peak origin—have been larger in relation to derates, and dealers' stocks were built up mands. A major exception is natural rubrapidly. Since the curtailment, auto prober. ducers reportedly have confined their pur- United States rubber consumption in chases of steel to regular mill channels, dis- 1955, influenced by the expanded rate of continuing their premium price purchases. auto output, was one-fourth larger than in Meanwhile, there has been an accumulation 1954, and crude rubber prices rose about of unsatisfied demands from other metal two-fifths further during the year. Output fabricating industries, particularly those of synthetic rubber reached capacity levels producing machinery and railroad equiplast year and synthetic accounted for threement as well as most branches of the heavy fifths of domestic consumption as compared construction industry. with about one-half in the preceding year; Building materials. Building material its price was not increased and at the yearprices began to rise in mid-1954, when an end was about half that of crude rubber. extended work stoppage in the Northwest lumber industry curtailed output. In the Growth in demands for paper products spring and summer of 1955, the rise ex- and for chemical and petroleum products tended to most other building items, and has been heightened by expanding business in mid-December average prices of building activity, and production has increased conmaterials were 8 per cent above the level siderably. Woodpulp prices were raised prevailing from 1951 to mid-1954. about 5 per cent in early 1955 and demands Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES DURING THE ECONOMIC EXPANSION and prices for wastepaper material rose eral supports removed, domestic wool prices sharply during the year. also declined. Since mid-1955 prices of packaging ma- Toward the year-end apparel and carpet terials, fine papers, and newsprint have been wool prices strengthened, prices of cotton increased by amounts ranging up to 10 per yarns increased further, and print cloths and cent. Prices of chemicals on the average other cotton apparel fabrics advanced. Acehave shown relatively little change, while tate yarns were raised 2 to 5 per cent, while petroleum and coal products and bitumi- prices of synthetic fabrics changed little. Innous coal prices have generally risen since creased business demands for textile matemid-1955. rials reflected mainly an expansion in con- Prices of hides and skins have advanced sumer purchases of clothing during the from the sharply reduced level prevailing a autumn months. By the year-end, activity year ago, despite a further substantial ex- in the apparel, textile, and leather products pansion in livestock slaughter. Prices of industries had increased further to relatively these raw materials and of leather continue high levels. well below the high levels prevailing earlier in the postwar period. FARM PRICES DECLINE FURTHER Growth in consumer purchases of textile Despite expansion in industrial activity and products in recent years has been much less in incomes generally, prices of farm comthan that for durable goods and housing. modities declined further after last spring Moreover, inventory demands for textiles and at the year-end were 7 per cent below during the past year appear to have been a year earlier. Supplies of these commodismaller than in most other periods of ex- ties—including carryovers—increased, and panding industrial activity. The limited in- Federal price support levels for wheat, oilventory demands may have resulted in part seeds, and feed grains other than corn were from uncertainty about future levels of Fed- significantly reduced. eral price supports for cotton. Actual and potential increases in textile imports also PRICES RECEIVED BY FARMERS were a restraining influence on inventory 953-55-100 170 demands and prices, especially for cotton A goods. Textile output generally remained 110 1 i \ i GRAINS ~ well below capacity levels. With demands f*^ TOT At 100 not so strong as in most other manufacturing industries, increases in wage rates 90 \ were below the average. Prices of cotton yarns and industrial MtAT • no ANIMAIS > fabrics increased somewhat in late 1954 and VA11 OTHER 1 early 1955, while raw wool and yarns de- 100 \yvA clined. Synthetic fabrics declined in the 90 1 spring, and prices of some of the newer 1955 fibers were reduced substantially. During the summer and early autumn foreign raw NOTE.—Department of Agriculture mid-month indexes for total and meat animals shifted, to 1953-55 = 100. Federal Reserve wool prices dropped and, with direct Fed- groupings of Agriculture data for grams and oil seeds and for all other. Latest figures shown are for December 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1956 Earlier in the postwar period, prices of seasonally and, with consumer incomes confarm products had been unusually high in tinuing to rise, prices of meats and some relation to the level of industrial commodity other foods were strengthening. While prices. Continued decline from the ad- marketings will rise seasonally again in the vanced level of 1951 has resulted in a rela- spring, the large year-to-year increases of tionship between farm and industrial price 1953 and 1955 are unlikely. averages more like that in the 1920's and PRICES OF FINISHED PRODUCTS RISE the late 1930's. The crop harvest, despite more drastic With the marked increase in steel prices in Federal acreage restrictions for several mid-1955, the broadening of the price admajor crops, was 4 per cent larger in 1955 vance to other materials, and increases in than in 1954. Higher yields per acre in business costs, further expansion in desome cases more than offset the effects of mands in the second half of 1955 was acreduction in acreages, and land diverted companied by a rise of 3 per cent in averfrom wheat and cotton was devoted largely age wholesale prices of finished industrial to the production of feeds. With feed sup- products. The most general advances were plies larger and prices lower, output and in prices of business equipment. marketings of livestock expanded consider- When steel prices were raised 3 per cent ably, providing a meat supply in the second in mid-1954, machinery prices were genhalf of 1955 about one-tenth larger than a erally unchanged, but small price advances year earlier. Average farm prices of meat occurred later in the year as demands inanimals declined about one-fourth. For creased. Early in 1955 uncertainty over hogs, the decline in prices was considerably the extent of increases in demands for greater than for other meat animals. electrical equipment resulted in reports of Farm prices for wheat, feed grains other marked price concessions. Since then, howthan corn, and oilseeds declined during the ever, an advance of about 5 per cent in list summer and early autumn to levels about in prices has been general for machinery, inline with the lower Federal supports. Corn cluding agricultural equipment which had prices fell considerably below supports, been stable since early 1951. which were changed little. Some recovery Changes in wholesale prices of consumer for corn and other grains toward the year- products have been more diverse, partly beend was mainly seasonal in nature. Sup- cause of the importance of such nondurable port levels for cotton and tobacco were goods as clothing, textile housefurnishings, unchanged last season, and average prices and chemical products. Prices of tires and for these and other farm products—milk, other rubber products rose early in 1955 as eggs, poultry, and fresh fruits and vege- rubber prices increased. During the spring tables—have continued relatively stable. furniture and carpets were advanced, while Reductions in Federal support levels for refrigerators, stoves, and washing machines some crops are in prospect for this year, and declined somewhat. large carryovers of cotton and grains indi- In recent months, price increases have cate continued ample supplies. At the end predominated. While there have been addiof 1955, however, the pressure of increas- tional decreases in factory list prices for ing marketings of meat animals was abating applicances, prices of tires, furniture, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES DURING THE ECONOMIC EXPANSION carpets have been increased again. Other tion to increases in incomes than in other consumer durables, including autos, auto re- periods. Retail meat prices declined sharply pair parts, television sets, and silverware further in the autumn, but the decrease was have been raised by varying amounts. Prices considerably smaller than that for farm of shoes, fuel oil, paints, and some other prices of meat animals. Marketing costs, nondurable goods have also been increased. which account for a considerable part of the With productive capacity relatively ample, price of meat to consumers, have increased. competitive influences have remained strong Retail prices of other foods on the average in markets for finished consumer goods. have changed little since last spring. This has tended to moderate, but not pre- Prices of consumer services rose further vent, increases in wholesale prices. in 1955. Such important services as medical care, laundry, and dry cleaning increased CONSUMER PRICES TEND HIGHER at an accelerated rate and in December aver- Rising wholesale prices and increases in busi- aged about 3 per cent above a year earlier, ness costs since mid-1955 have exerted up- as compared with an increase of 1 per cent ward pressure on retail prices of nonfood in 1954. Home and auto repairs also rose. commodities and on consumer services. The postwar advance in rents continued at Through the first half of the year, when the slackened rate of 1954. At the yearaverage wholesale list prices of nonfood end, the average level of all consumer prices commodities were stable, retail prices de- was slightly above both mid-195 5 and Declined. These declines at retail reflected cember 1954. mainly the spreading of discount selling of appliances, television, and some other goods. CONSUMER PRICES 1953-55-100 Retail prices tended higher after midyear, when wholesale prices of a variety of con- AIL ITEMS RENT^^^-C sumer products were raised. At the same - 100 time, competitive pressures remained strong ^y£? MttKAl CAM *•» s* HOWStHOlP OPIMTIOHS and prices of refrigerators and some other 1 1 90 appliances declined further. During the no summer, retail prices of autos, both new and ,A ,-A OTHER used, declined seasonally as introduction of \ 1 \ 1 \ FOODS HOUSEFUIMIfHIMOS 1956 models approached. With introduction of the higher-priced new models in the autumn, retail list prices for new autos were MEATS \ raised about 5 per cent. Discounts and 1 1 1 1 other concessions in auto markets have been 1953 1955 1953 1955 larger, however, than at this time a year ago. NOTE.—BLS midmonth data except for other foods and for Demands for foods have grown over the medical care and household operations, which are Federal Reserve groupings of BLS data; all shifted to 1953-55 = 100. past year, although apparently less in rela- Latest figures shown are Federal Reserve estimates for December 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements APPOINTMENTS OF CHAIRMEN, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced the following designations and appointments of officers and directors at the Federal Reserve Banks and branches. Names in CAPITALS indicate new appointments; all others are reappointments. Brief biographical data on newly appointed directors follow the list of appointments. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1956 Federal Reserve Bank Boston ROBERT C. SPRAGUE, North Adams, Massachusetts. New York Jay E. Crane, Orange, New Jersey. Philadelphia William J. Meinel, Philadelphia, Pennsylvania. Cleveland John C. Virden, Shaker Heights, Ohio. Richmond John B. Woodward, Jr., Newport News, Virginia. Atlanta WALTER M. MITCHELL, Atlanta, Georgia. Chicago BERT R. PRALL, Winnetka, Illinois. St. Louis M. Moss Alexander, St. Louis, Missouri. Minneapolis Leslie N. Perrin, Minneapolis, Minnesota. Kansas City Raymond W. Hall, Kansas City, Missouri. Dallas Robert J. Smith, Dallas, Texas. San Francisco A. H. Brawner, San Mateo, California. DEPUTY CHAIRMEN FOR YEAR 1956 Federal Reserve Bank Boston JAMES R. KILLIAN, JR., Cambridge, Massachusetts. New York Forrest F. Hill, Ithaca, New York. Philadelphia Henderson Supplee, Jr., Radnor, Pennsylvania. Cleveland ARTHUR B. VAN BUSKIRK, Pittsburgh, Pennsylvania. Richmond Alonzo G. Decker, Lutherville, Maryland. Atlanta Harllee Branch, Jr., Atlanta, Georgia. Chicago CARL E. ALLEN, JR., Muskegon, Michigan. St. Louis Caffey Robertson, Memphis, Tennessee. Minneapolis O. B. Jesness, St. Paul, Minnesota. Kansas City Joe W. Seacrest, Lincoln, Nebraska. Dallas Hal Bogle, Dexter, New Mexico. San Francisco Y. Frank Freeman, Beverly Hills, California. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS FEDERAL RESERVE BANK DIRECTORS (Three-year terms) Federal Reserve Bank Boston HARVEY P. HOOD, Brookline, Massachusetts. New York Franz Schneider, New York, New York. Philadelphia Henderson Supplee, Jr., Radnor, Pennsylvania. Cleveland ARTHUR B. VAN BUSKIRK, Pittsburgh, Pa. Richmond John B. Woodward, Jr., Newport News, Virginia. Atlanta HENRY G. CHALKLEY, JR., Lake Charles, La. Chicago CARL E. ALLEN, JR., Muskegon, Michigan. St. Louis Caffey Robertson, Memphis, Tennessee. Minneapolis F. Albee Flodin, Iron Mountain, Michigan. Kansas City Raymond W. Hall, Kansas City, Missouri. Dallas Henry P. Drought, San Antonio, Texas. San Francisco Y. Frank Freeman, Beverly Hills, California. FEDERAL RESERVE BANK BRANCH DIRECTORS 2 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch New York Buffalo RALPH F. PEO, Buffalo, New York. Cleveland Cincinnati IVAN JETT, Georgetown, Kentucky. Pittsburgh Douglas M. Moorhead, North East, Pennsylvania. Richmond Baltimore Wm. Purnell Hall, Baltimore, Maryland. Charlotte T. Henry Wilson, Morganton, North Carolina. Atlanta Jacksonville Harry M. Smith, Winter Garden, Florida. Nashville Ernest J. Moench, Nashville, Tennessee. Chicago Detroit William M. Day, Detroit, Michigan. J. THOMAS SMITH, Detroit, Michigan. St. Louis Little Rock A. Howard Stebbins, Jr., Little Rock, Arkansas. Louisville J. D. MONIN, JR., Oakland, Kentucky. Memphis Henry Banks, Clarkedale, Arkansas. 1 Each Federal Reserve Bank has a Board of Direc- 2 Federal Reserve Bank branches have either five tors consisting of nine members, divided into three or seven directors, of whom a majority are appointed classes, designated as Classes A, B, and C. The six by the board of directors of the parent Federal Re- A and B directors are elected by the member banks, serve Bank, and the others are appointed by the Board and the three C directors are appointed by the Board of Governors of the Federal Reserve System. One of Governors. The terms of two of the elected di- of the directors appointed by the Board of Governors rectors and one of the appointed directors expire at at each branch is designated annually as Chairman of the end of each year. the Branch Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN • JANUARY 1956 Minneapolis (two-year term) Helena George R. Milburn, Grass Range, Montana. Kansas City (two-year terms) Denver Aksel Nielsen, Denver, Colorado. Oklahoma City Davis D. Bovaird, Tulsa, Oklahoma. Omaha JAMES L. PAXTON, JR., Omaha, Nebraska. Dallas El Paso E. J. Workman, Socorro, New Mexico. Houston Tyrus R. Timm, College Station, Texas. San Antonio HAROLD VAGTBORG, San Antonio, Texas. San Francisco (two-year terms) Los Angeles Shannon Crandall, Jr., Los Angeles, Calif. Portland Warren W. Braley, Portland, Oregon. Salt Lake City Joseph Rosenblatt, Salt Lake City, Utah. Seattle D. K. MacDonald, Seattle, Washington. Federal Reserve Bank of Boston Federal Reserve Bank of New York ROBERT C. SPRAGUE, North Adams, Mas- RALPH F. PEO, Buffalo, New York, was apsachusetts, who has been serving as a Board-ap- pointed a director of the Buffalo Branch of the pointed director of the Federal Reserve Bank of Federal Reserve Bank of New York for a term Boston since February 19, 1955, and as Deputy ending December 31, 1958. Mr. Peo is President Chairman during 1955, was appointed Chairman of Houdaille Industries, Inc., Buffalo, New York, and Federal Reserve Agent for the year 1956. and succeeds Mr. Edgar F. Wendt, President, Buf- Mr. Sprague is Chairman and Treasurer of the falo Forge Company, Buffalo, New York, whose Sprague Electric Company, North Adams, Massa- term expired December 31, 1955. chusetts. He succeeds Mr. Harold D. Hodgkinson, whose term as Chairman expired December Federal Reserve Bank of Cleveland 31, 1955. ARTHUR B. VAN BUSKIRK, Pittsburgh, JAMES R. KILLIAN, JR., Cambridge, Massa- Pennsylvania, was appointed a director of the chusetts, who has been serving as a Board- Federal Reserve Bank of Cleveland for a term appointed director of the Federal Reserve Bank of ending December 31, 1958, and as Deputy Chair- Boston since December 23, 1954, was appointed man of the Cleveland Bank for the year 1956. Deputy Chairman for the year 1956. Dr. Killian Mr. Van Buskirk is Vice President and Governor, is President of the Massachusetts Institute of Tech- T. Mellon & Sons, Pittsburgh. He succeeds Mr. nology, Cambridge. He succeeds Mr. Robert C. Sidney A. Swensrud, Chairman of the Board, Gulf Sprague, who will become Chairman. Oil Corporation, Pittsburgh, whose terms as a HARVEY P. HOOD, Brookline, Massachusetts, director of the Bank and as Deputy Chairman was appointed a director of the Federal Reserve expired December 31, 1955. Bank of Boston for a term ending December 31, 1958. Mr. Hood has been serving as an elected IVAN JETT, Georgetown, Kentucky, was apdirector of the Boston Bank since January 1951. pointed a director of the Cincinnati Branch of the He is President, H. P. Hood & Sons, Inc., Boston. Federal Reserve Bank of Cleveland for a term He succeeds Mr. Harold D. Hodgkinson, Vice ending December 31, 1958. Mr. Jett is engaged in President, General Manager and Chairman of the farming in Scott County, Kentucky. He succeeds Management Board, Wm. Filene's Sons Company, Mr. Henry C. Besuden, Winchester, Kentucky, Boston, whose term as a director of the Boston whose term as a director of the Cincinnati Branch Bank expired December 31, 1955. expired December 31, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 11 Federal Reserve Bank of Atlanta 1956. Mr. Smith is President of the Detroit Harvester Company and succeeds Mr. W. H. Vander- WALTER M. MITCHELL, Atlanta, Georgia, ploeg, President, Kellogg Company, Battle Creek, was appointed a director of the Federal Reserve Michigan, who resigned. Bank of Atlanta for a term ending December 31, 1958, and as Chairman and Federal Reserve Agent Federal Reserve Bank of St. Louis for the year 1956. Mr. Mitchell is Vice President of Draper Corporation of Atlanta. He succeeds J. D. MONIN, JR., Oakland, Kentucky, was Mr. Rufus C. Harris, President, Tulane University appointed a director of the Louisville Branch of of Louisiana, in New Orleans, whose term as the Federal Reserve Bank of St. Louis for a term Chairman and as a director of the Atlanta Bank ending December 31, 1958. Mr. Monin is enexpired on December 31, 1955. gaged in farming. He succeeds Mr. Smith Broadbent, Jr., Cadiz, Kentucky, whose term as a direc- HENRY G. CHALKLEY, JR., Lake Charles, tor of the Louisville Branch expired December 31, Louisiana, was appointed a director of the Fed- 1955. eral Reserve Bank of Atlanta for the unexpired portion of a term ending December 31, 1957. Federal Reserve Bank of Kansas City Mr. Chalkley is President of the Sweet Lake Land JAMES L. PAXTON, JR., Omaha, Nebraska, & Oil Company of Lake Charles and has previwas appointed a director of the Omaha Branch of ously served as a Board-appointed director of the the Federal Reserve Bank of Kansas City for a New Orleans Branch of the Federal Reserve Bank term ending December 31, 1957. Mr. Paxton is of Atlanta. President of the Paxton-Mitchell Company, Omaha, Nebraska. He succeeds Mr. Gilbert C. Federal Reserve Bank of Chicago Swanson, Vice President, Campbell Soup Company, and General Manager, C. A. Swanson & BERT R. PRALL, Winnetka, Illinois, who has Sons Operations, Omaha, Nebraska, whose term been serving as a Board-appointed director of the expired. Federal Reserve Bank of Chicago since February 1953 and as its Deputy Chairman, was appointed Federal Reserve Bank of Dallas Chairman and Federal Reserve Agent for the year 1956. Mr. Prall is President of Butler Brothers, HAROLD VAGTBORG, San Antonio, Texas, Chicago. As Chairman and Federal Reserve Agent, was appointed a director of the San Antonio he succeeds Mr. John S. Coleman, President, Branch of the Federal Reserve Bank of Dallas Burroughs Corporation, Detroit, Michigan, whose for a term ending December 31, 1958. Mr. term as Chairman expired December 31, 1955. Vagtborg is President of the Southwest Foundation for Research and Education in San Antonio, CARL E. ALLEN, JR., Muskegon, Michigan, Texas. He succeeds Mr. D. Hayden Perry, of was appointed a director of the Federal Reserve Robstown, Texas, whose term expired December Bank of Chicago for a term ending December 31, 1955. 31, 1958, and as Deputy Chairman of the Bank for the year 1956. Mr. Allen is President of the Campbell, Wyant & Cannon Foundry Com- FEDERAL RESERVE MEETINGS pany, Muskegon. He succeeds Mr. John S. Cole- A meeting of the Federal Open Market Committee man, President of the Burroughs Corporation, was held in Washington on January 10, 1956. Detroit, whose term as a director of the Bank expired December 31, 1955. CHANGE IN THE BOARD'S STAFF Mr. Jerome W. Shay was appointed an Assistant J. THOMAS SMITH, Detroit, Michigan, was General Counsel of the Legal Division, effective appointed a director of the Detroit Branch of the January 1, 1956. Mr. Shay, who has been a Federal Reserve Bank of Chicago for the unex- member of the staff since January 1937, has pired portion of a term ending December 31, served as Assistant Counsel since March 1946. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN • JANUARY 1956 EARNINGS AND EXPENSES OF THE FEDERAL RESERVE releases H.8.a, G.7.2, and G.7.3, respectively, BANKS IN 1955 AND 1954 which are available upon request to the Division A condensed comparative statement of earnings of Administrative Services, Board of Governors and expenses of the Federal Reserve Banks in of the Federal Reserve System, Washington 25, 1955 and 1954 is shown below. A detailed state- D. C. ment of earnings and expenses of each Federal In the international section, the tables Com- Reserve Bank in 1955 will appear in the Febru- mercial Banks—United Kingdom, Canada, and ary Federal Reserve BULLETIN. France (page 1404) and Price Movements in Principal Countries (pages 1406-1407) have been Thousands of dollars eliminated. Data for the commercial banks may Item be found in the official sources of the countries 1955 1954 concerned; price indexes, in the official sources of the various countries or in the Monthly Bulletin of Current earnings 412,488 438,486 Current expenses 110,060 109,733 Statistics of the United Nations. Current net earnings 302,428 328,753 A substantial amount of detail has been elimi- Additions to current net earnings 178 1527 nated from the tables Treasury Receipts, Expendi- Deductions from current net earnings 1443 661 tures, and Related Items (pages 1354-1355) and Net deductions 265 134 Treasury Cash Income, Outgo, and Borrowing Net earnings before payments to U. S. (pages 1356-1357), and the major Budget clas- Treasury 302,163 328,619 sifications conform with the revised classifications Paid U. S. Treasury (interest on F. R. notes).. 251,741 276,289 Dividends 17,712 16,442 published currently by the Treasury. The table Transferred to surplus (Sec. 7) 32,710 35,888 Discount Rates of Central Banks (page 1403) has been changed in content and arrangement to show i Includes $482,000 net profits in 1954 and $506 net losses in 1955 important variations in rates more clearly. Most on sales of U. S. Government securities. tables now show only selected years of retrospect prior to 1948. CHANGES IN BULLETIN TABLES This issue of the BULLETIN includes a number TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY of major changes in the content of the statistical section, in addition to detailed changes that are Latest BULLETIN Reference associated with the restyling of the tables. The Semiannually Issue Page following tables (with page references to the De- Banking offices: cember 1955 issue) have been eliminated from Analysis of changes in number of Aug. 1955 944 On, and not on, Federal Reserve Par the domestic section: Postal Savings System (page List, number of Aug. 1955 945 Stock Exchange firms, detailed debit and 1338); United States Savings Bonds—Sales, Re- credit balances Sept. 1955 1046-1047 demptions, and Amount Outstanding (page 1357); Annually Freight Carloadings (page 1378); and Department Earnings and expenses: Store Statistics—Weekly Index of Sales (page Federal Reserve Banks Feb. 1955 206-207 Member banks: 1380), Sales by Federal Reserve Districts, Metro- Calendar year May 1955 564-572 First half of year Oct. 1955 1188 politan Areas, and Cities (page 1381), and Sales Insured commercial banks May 1955 573 Banks and branches, number of, by class and Stocks by Major Departments (pages 1382- and State Apr. 1955 430-431 Operating ratios, member banks June 1955 712-714 1383). The three sets of department store sta- Banking and monetary statistics, 1954.. j^f]^ J9^ 574I577 tistics are published regularly in the Board's press Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication January 17 Industrial production and employment re- ing materials was generally maintained. With mained at advanced levels in December and total steel demands continuing very strong, steel outconstruction activity was close to earlier highs. put declined less than seasonally in late Decem- Retail sales rose to a new high in December, and ber and in early January was back to earlier recin early January sales at department stores con- ord weekly tonnage levels. Steel mills operated tinued at advanced levels after allowing for sea- in early January at 98 per cent of capacity, now sonal influences. Average prices of industrial rated about 2 per cent larger than 1955 capacity. commodities increased further. Bank loans ex- The new high in output of nondurable goods, panded again in December. reached in November and apparently sustained in December, reflected mainly further strengthening INDUSTRIAL PRODUCTION at the year-end in the textile, apparel, chemical, The Board's preliminary seasonally adjusted and petroleum industries. Paper output was index of industrial production in December re- maintained at record levels. Unusually severe mained at the record rate of 144 per cent of the weather contributed to the increased production 1947-49 average, with durable goods down slightly, of mineral fuels in December. nondurable goods maintained at record levels and minerals at a new high. For the year 1955 indus- CONSTRUCTION trial production was 139 per cent of the 1947-49 Private housing units started in December were average, up 11 per cent from 1954. at a seasonally adjusted annual rate of slightly Activity in the motor vehicle industry declined less than 1.2 million units, and for the year as moderately in December, reflecting mainly some a whole exceeded 1.3 million. Value of contract curtailment in auto assemblies from earlier excep- awards rose in December, reflecting chiefly an tional levels. Production of furniture held steady, increase in public awards which was accompanied while output of television sets decreased slightly by a less than seasonal decline in private resifurther. Activity in the machinery industries re- dential contracts. Expenditures for new conmained somewhat below the October level, reflect- struction, seasonally adjusted, were at an annual ing in part continuation of work stoppages at rate of $41.9 billion in December and for the plants of a major producer. Production of build- entire year totaled a record $42.3 billion. INDUSTRIAL PRODUCTION EMPLOYMENT Seasonally adjusted employment in nonfarm TOTAL -X- 140 establishments showed little change in December from the all-time peak reached in November DURABLE 120 _- MAcNUFACTUR\ES ys*. -and was 1.7 million above a year ago. The average workweek at factories continued about one hour longer than a year ago, and average weekly w '"•• ! .^W^,. 100 pay was 8 per cent higher than at the end of 140 1954. Unemployment was unchanged at 2.4 million, as hiring in retail trade was offset by seasonal MINERALS , j/ 120 ~ V NONDURABLE curtailment in farm and construction employment. MANUFACTURES DISTRIBUTION ; , , , ; 100 • Total retail sales in December were at a new 1952 1953 1954 1955 1952 1953 1954 1955 high, about 5 per cent above a year ago after ad- Federal Reserve indexes, Monthly figures, latest shown are for December. justment for seasonal and trading day differences. 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN • JANUARY 1956 Seasonally adjusted department store sales in De- Most types of loans continued to expand, and cember and early January were maintained at bank holdings of U. S. Government securities also about their earlier advanced rate. Dealer sales increased reflecting bank acquisitions of new of new and used autos in December remained Treasury tax anticipation bills. At the turn of above their seasonally high year-ago levels, with the year and in early January, bank credit declined used car stocks at the year-end up by about the somewhat, reflecting primarily a reduction in holdsame amount as sales and with new car stocks well ings of U. S. Government securities. Loans also above a year ago. declined slightly, as the usual year-end and seasonal liquidation of business borrowing and some COMMODITY PRICES reduction in real estate loans more than offset continued expansion in other areas. Wholesale prices of industrial commodities continued to rise from mid-December to mid-Janu- Pressure continued in the money market, alary, while prices of farm products and foods re- though member bank borrowings from the Fedmained near the reduced levels reached in mid- eral Reserve declined in late December and early January to an average of around $700 million, November. Among industrial materials, prices of about the same as excess reserves. In the latter metals generally showed the most strength, with part of December a larger than usual increase in advances for zinc, lead, and additional steel prod- Reserve Bank float and Federal Reserve puructs as well as for most metal scrap prices. Adchases of U. S. Government securities under revances also occurred in cement, paper, plywood, purchase contracts supplied more reserves than industrial alcohol, and some other materials. were absorbed, largely through currency out- Crude rubber and copper scrap prices declined flows and increases in required reserves. In from the peaks reached in early December. early January funds supplied largely through the post-Christmas currency inflow and reductions BANK CREDIT AND RESERVES in Treasury and other deposits at the Reserve Total loans and investments at banks in lead- Banks were about absorbed through reductions ing cities increased substantially in December. in System holdings of U. S. Government securities and a decline in float. LOANS AND INVESTMENTS MEMIER BANKS IN LEADING CITIES SECURITY MARKETS Billions of dollars Yields on short- and intermediate-term Government securities rose to seasonal peaks around Christmas, then turned down, and in the following two weeks fluctuated—at times rather sharply —around somewhat lower levels. Long-term Treasury bond yields remained generally stable, edging slightly lower in the second week of January. The average market yield on 3-month Treasury bills rose to 2.64 per cent in the pre- Christmas week, but subsequently declined to a level just above the Federal Reserve discount rate. Yields on corporate and municipal bonds declined during the latter part of December and early January. Common stock prices fluctuated Federal Reserve data. Weekly figures, latest shown are for Jan. 4. within a fairly narrow range. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items... 17 Reserve Bank discount rates; reserve requirements; margin requirements. 20 Federal Reserve Banks. . 21 Bank debits; currency in circulation. 24 All banks: consolidated statement of monetary system; deposits and currency. 26 All banks, by classes. 27 Commercial banks, by classes. 30 Weekly reporting member banks. 32 Commercial loans; commercial paper and bankers' acceptances. 34 Interest rates 35 Security prices; stock market credit. 36 Savings institutions . . 37 Federal credit agencies. . 38 Federal finance 40 Security issues 44 Business finance 45 Real estate credit . . .. 47 Short- and intermediate-term consumer credit. 50 Selected indexes on business activity. 53 Production ... 54 Employment and earnings. 60 Department stores 62 Foreign trade . 63 Wholesale and consumer prices. 64 National product and income series. 66 Tables published in BULLETIN, annually or semiannually—list, with references. . 12 Index to statistical tables. 95 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating to for gold stock, currency in circulation, Federal financial and business developments in the finance, and Federal credit agencies are obtained United States. The data relating to Federal from Treasury statements; the remaining data Reserve Banks, member banks of the Federal are obtained largely from other sources. Back Reserve System, and department store trade, and figures for 1941 and prior years for banking and the consumer credit estimates are derived from monetary tables, together with descriptive text, regular reports made to the Board; production may be obtained from the Board's publication, indexes are compiled by the Board on the basis Banking and Monetary Statistics. 15 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 35 MONEY IN CIRCULATION •t V*.*1* l\ 30 ---~- ^ A 25 V \\ 'r"'* '* RRESERVE BANK CREDIT ./v 20 -AK TREASURY CASH AND DEPOSITS 1 KirkKIKACJUIDCD DnCEPDOACSIITTCS JI 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER J 2 REPURCHASE AGREEMENTS 0 DISCOUNTS AND ADVANCES 2 0 FEDERAL RESERVE FLOAT I 2 0 1949 1950 1951 1952 1953 1954 1955 Latest averages shown are for week ending Dec. 28. See p. 17. 16 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 than member bank Member bank reserves, reserves e W nd e i e n k g T U o . t a S l . G B o r o o i v g u u t h t g . - t h s i ecu r a u c H r e g n h i e p r t d a i l e u s e e e r d s e r - - v c D a o a a i u n n d s n c d - - t e : s Float Total s G to o c ld k T r s c o e t u i r a u n n u e r n g r c y t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u r o n a e r l g s a y d h s s - - Tr u w e r i a y t s h - F. F e o i R g r . n - Ba O n t k h s er c O F o t . a u h c n e R - t r . s Total qu R ir e e - d2 Exment Averages of daily figures 1954 Nov. 3.... 24.464 24,448 355 61 25,436 21,759 4,976 30,088 806 669 432 47: 89518,810 18,233 577 Nov. 10 24,754 24,745 27' 66925,701 21,752 4,977 30,206 796 362 423 394 88619,364 18,244 1,120 Nov. 17 24, "" 24, "" 27 75 25,708 21,709 4,978 30,262 799 397 425 324 19,306 18,423 883 Nov. 24.... 24,553 24,553 300 1,04625,900 21,709 4,980 30,318 800 576 409 399 19,205 18,524 681 Dec. 1... . 24.722 24,715 498 69825,918 21,710 4,98: 30,466 806 605 396 405 88119,052 18,464 588 Dec. 8 24.89 24,889 465 72- 26,080 21,710 4,982 30,623 806 535 361 408 87719,162 18,444 718 Dec. 15.... 24,919 24,888 442 81026,172 21,711 4,98' 30,755 812 363 405 398 89119,241 18,555 686 Dec. 22.... 24.928 24,888 311 1,37326,612 21,712 4,98 30,885 800 345 443 346 97519,512 18,690 822 Dec. 29. ... 24,918 24,888 377 1,13826,433 21,712 4,98: 30,828 801 453 523 295 97619,250 18,630 620 1955 Jan. 5 .. . . 24,918 24,87- 372 26,176 21,712 4,984 30,501 804 449 527 413 91619,263 18,580 683 Jan. 12.... 24,532 24.51 504 75625,792 21,713 4,984 30,361 814 378 493 409 90519,130 18,436 694 Jan. 19 24,155 24,128 445 88 25,482 21,714 4,985 30,079 818 275 516 413 90219,176 18,383 793 Jan. 26.... 23,683 23,671 453 80624,942 21,71 4,985 29,866 827 272 422 280 90119,074 18,429 645 Feb. 2.. . . 23,852 23.844 524 66625,042 21.714 4,988 29,767 834 431 441 419 89918,95: 18,361 591 Feb. 9.... 24,01 23.902 555 64025,212 21,715 4,988 29,794 827 472 447 480 89519,000 18,272 728 Feb. 16.... 23,908 23,827 38' * 24,96421,715 4,989 29,782 824 399 486 458 91318,806 18,236 570 Feb. 23 ... . 23,732 23,732 395 804 24,932 21,716 4,990 29,771 825 490 390 486 95918,716 18,108 608 Mar. 2.... 23,604 23,604 490 797 24,892 21,716 4,995 29,796 827 575 324 481 95718,64: 18,089 553 Mar. 9 . . . . 23,604 23,604 479 789 24,873 21,717 4,995 29,819 828 548 364 476 95518,596 18,018 578 Mar. 16.... 23,606 23.604 483 71924,809 21,717 4,995 29,833 817 356 422 358 95718,779 18,149 630 Mar. 23 ... . 23,664 23.604 60 630 1,03225,327 21,718 4,995 29,793 818 887 339 435 96418,804 18,123 681 Mar. 30.. . . 23,604 23,604 745 67^25,028 21,719 4,99^ 29,716 826 1,000 338 490 96418,408 17,918 490 Apr. 6.. . . 23.643 23,604 613 65624,918 21,719 4,997 29,831 821 559 344 492 97618,611 18,055 556 Apr. 13.... 23.682 23,604 662 80125,15r 21,669 4,996 29,940 81 325 349 553 97918,868 18,214 654 Apr. 20. ... 23,604 23,604 521 1,03125,175 21,670 4,997 29,793 820 483 419 454 97818,895 18,253 642 Apr. 27. ... 23,604 23,604 544 86125,031 21,671 4,998 29,686 813 541 367 438 97818,877 18,260 617 May 4.... 23,666 23,613 53 544 74 24,971 21,671 4,999 29,767 815 675 360 443 92318,659 18,201 458 May 11.... 23,839 23,702 137 37- 69624,924 21,671 4,999 29,859 811 280 363 442 92018,920 18,176 744 May 18 23,68^ 23,664 23 317 88824,908 21,672 4,999 29,877 821 310 417 377 92418,853 18,207 646 May 25 ... . 23,513 23,513 427 88024,834 21,673 4,999 29,826 818 437 394 421 93718,673 18,192 481 June 1 ... . 23,603 23,600 612 77: 25,001 21,67- 5,001 29,961 823 582 400 478 93618,496 18,063 433 June 8 23,683 23, 533 81225,044 21,675 5,00: 30,059 835 440 387 416 93518,648 18,036 612 June 15 23,588 23.588 558 79324,956 21,676 5,001 30,058 83: 304 434 387 94018,678 18,099 579 June 22.... 23,554 23.554 348 1,13725,055 21,676 5,001 30,035 818 213 408 278 98118,998 18,301 697 June 29.... 23,554 23,554 456 78924,815 21,67 5,001 30,021 814 323 425 275 98118,653 18,164 489 July 6... . 23,703 23,69: 688 85825,265 21,678 5,003 30,299 814 420 367 468 97018,609 18,085 524 July 13.... 23,957 23,94: 685 91325,571 21,679 5,003 30,416 803 440 425 419 97118,779 18,047 732 July 20 23,943 23.94: 357 1,11825,43" 21,680 5,003 30,287 793 416 460 415 97018,774 18,209 565 July 27 24,140 24,03: 105 43« 91525,506 21,681 5,002 30,157 798 480 439 403 96718,945 18,386 559 Aug. 3. 24,044 23,982 781 25,638 21,682 5,003 30,237 638 422 412 90018,910 18,320 590 Aug. 10. 24,055 23.983 888 62725,584 21,68 5,003 30,285 800 646 434 396 88518,824 18,163 661 Aug. 17. 23,891 23,891 796 79425,495 21,68: 5,003 30,336 79' 507 474 400 91018,757 18,155 602 Aug. 24. 23,796 23.796 724 89125,425 21,682 5,005 30,288 80: 594 415 393 94618,673 18,100 573 Aug. 31. 23,761 23,761 770 67125,217 21,682 5,005 30,268 803 479 399 394 94618,614 18,130 484 Sept. 7. 23,826 23,761 865 68 25,401 21,68: 5,005 30,436 806 447 379 393 94318,685 18,111 574 Sept. 14. 23,813 23,744 918 82625,577 21,682 5,006 30,520 803 431 419 400 94218,750 18,142 608 Sept. 21 . 23,564 23,564 768 1,26325,613 21,683 5,006 30,401 794 579 377 394 990 18,767 18,191 576 Sept. 28. 23,598 23,587 901 96025,478 21,683 5,006 30,323 787 693 370 386 99018,618 18,134 484 Oct. 5. 13,844 23,727 117 843 81625,525 21,684 5,007 30,428 791 525 381 390 99918,700 18,189 511 Oct. 12. •3,911 23,792 119 909 87425,714 21,684 5,007 30,552 788 514 383 429 1,011 18,728 18,175 553 Oct. 19. !4,021 23,916 105 1,041 1,08826,169 21,685 5,007 30,621 777 534 391 409 1,01019,119 18,494 625 Oct. 26. !3,973 23,973 771 98525,747 21,685 5,009 30,498 778 496 381 387 1,01018,891 18,433 458 Nov. 2. 23,995 23,995 943 79325,748 21,686 5,009 30,528 772 500 408 385 95118,898 18,421 477 Nov. 9. 24,024 24,024 1,144 77625,963 21,686 5,009 30,657 774 571 384 433 93918,899 18,343 556 Nov. 16. 24,068 24,018 50 1,173 1,01326,722 21,686 5,008 30,794 774 613 400 564 93818,883 18,302 581 Nov. 23. 13 "" 23,888 816 1,48626,208 21,687 5,008 30,824 783 532 395 399 93519,036 18,468 568 Nov. 30. 24,001 23,903 973 1,01926,012 21,688 5,008 00,963 '781 439 399 398 93518,794 18,381 413 Dec. 7. 24,364 24,039 325 935 95726,274 21,688 5,008 31,070 780 483 424 413 931 18,411 458 Dec. 14. 24,589 24,443 146 878 94126,428 21,689 5,007 31,244 786 337 446 372 989 8,950 18,488 462 Dec. 21. 24,588 24,375 213 747 1,74627,101 21,689 5,008 31,364 772 401 469 336 1,010 9,446P18,776 P670 Dec. 28. 24,767 24,385 382 753 1,87527,420 21,690 5,008 31,415 774 523 497 410 1,012 9,487 18,785 P702 p Preliminary. rRevised. 2 These figures are estimated. 1 Includes industrial loans and acceptances, not shown separately. 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank reserves, reserves U. S. Govt. securities T u re ry as- r C en u c r- y Treas- with F. R. Banks Other P d e o a ri r t o e d Total B r o o ig u u h t g - t ht r a u c H e g n h p r e a d e u l s e d e r e r - - c v D o a a a n n u d is c d n - - e ts s Float Total i s G to o c ld k r s c o 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 - Tr u e r a y s- F e o ig r n - Other c F o . a u c R n - . ts Total qu R ir e e - d2 c E es x s - 2 ment Averages of daily figures 1954 Dec 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 92919,279 18,576 703 1955 Jan 24,200 24,182 18 444 80525,449 21,714 4,985 30,110 819 341 All 383 90319,114 18,432 682 Feb 23,838 23,787 51 473 71025,021 21,715 4,990 29,ISA 826 477 420 473 92718,819 18,195 624 Mar 23,619 23,604 15 566 80424,989 21,718 4,996 29,790 823 690 363 442 96018,635 18,050 585 Apr 23,632 23,604 28 585 83825,070 21,680 4,997 29,807 816 501 370 481 97318,800 18,210 590 May 23,666 23,617 49 445 79824,924 21,673 4,999 29,861 818 421 389 432 92818,746 18,166 580 June 23,598 23,596 2 465 87824,958 21,676 5,001 30,050 825 329 412 345 95918,715 18,146 569 July 23,967 23,925 42 576 94025,497 21,680 5,003 30,284 801 461 423 423 96218,824 18,205 619 Aug 23,886 23,870 16 803 74625,450 21,682 5,004 30,289 801 569 431 398 91818,728 18,152 576 Sept 23,709 23,668 41 872 92425,525 21,682 5,006 30,420 797 540 386 392 96818,711 18,148 563 Oct 23,951 23,881 70 895 92625,792 21,685 5,008 30,532 781 509 390 403 1,00018,870 18,345 525 Nov 23,997 23,963 34 1,018 1,05526,089 21,687 5,008 30,791 778 538 394 444 93718,902 18,378 524 Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 98319,240 Midyear or year-end 1929—June.... 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June.... 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec 2,254 2,254 3 94 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947_Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1949—Dec 18,885 18,885 78 53419,499 24,427 4,598 27.600 1,312 821 767 750 70616,568 15,550 1,018 1950—Dec 20,778 20,725 53 67 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1951—Dec 23,801 23,605 196 19 1,18425,009 22,695 4,709 29,206 1,270 247 526 363 74620,056 19,667 389 1952—Dec 24,697 24,034 663 156 96725,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec 25,916 25,318 598 28 93526,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 1954—June.... 25,037 25,037 37 56725,642 21,927 4.959 29,922 811 875 545 377 ""! 19,011 18,412 599 Dec 24,932 24, r 44 143 25,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 End of month 1955 Jan 23,885 23,882 475 24,960 21,714 4,989 29,789 837 360 441 419 899 18,337 581 Feb 23,605 23,605 485 67824,769 21,716 4,996 29,817 828 564 320 433 957 18,091 471 Mar 23,612 23,604 391 65Q24,667 21,719 4,998 29,800 819 724 351 448 959 17,871 412 Apr 23,612 23,604 560 79924.988 21,671 4,999 29,769 809 812 360 490 923 18,161 334 May 23,662 23,662 460 64324,780 21,674 5,002 30,009 828 649 402 413 936 18,029 192 June 23,607 23,554 53 128 85024,601 21,678 5,002 30.229 812 380 374 448 972 18,139 -73 July 24,090 23,982 108 754 86425,719 21,682 5.003 30,244 798 623 410 419 910 18,311 688 A O S N e c u o p t g v t 2 2 2 2 3 4 3 4 , , , , 7 0 8 2 6 2 3 5 1 4 4 6 2 2 2 2 3 3 4 3 , , , , 7 9 7 0 6 9 2 2 1 1 9 4 2 1 6 0 5 5 4 6 7 6 0 7 0 1 3 0 6 8 6 7 6 8 6 8 8 9 5 3 3 2 ? 2 2 2 . 5 5 5 4 , , , , 7 2 4 9 7 5 3 1 6 0 0 1 2 2 2 2 1 1 1 1 , , , , 6 6 6 6 8 8 8 8 6 8 2 4 5 5 5 5 , , , . 0 0 0 0 0 0 0 0 5 9 6 8 3 3 3 30 0 0 0 , , , , 9 5 3 4 9 5 1 2 3 8 7 2 7 7 8 7 7 8 7 0 8 7 8 4 4 A 3 5 9 8 5 l 3 4 4 l 4 4 3 3 0 0 8 8 2 8 5 7 4 3 3 3 1 8 7 9 2 3 9 6 9 9 9 9 4 3 4 9 1 1 5 0 1 1 1 1 8 8 8 8 , , , , 1 2 3 4 5 1 9 1 1 2 3 7 2 2 1 1 1 5 7 1 7 7 2 Dec 24,785 24,391 394 108 1,58526,507 '21,690P5,009 P31,155 P770 394 402 554 925 P18,884 P121 Wednesday 1955 Oct. 5 23,832 23,729 103 650 81725,320 21.684 5,006 30,437 798 481 388 388 1,010 18,507 18,213 294 Oct. 12 23,993 23,873 120 1,02025,914 21,685 5.007 30,623 776 502 385 662 1,01118,646 18,412 234 Oct. 19 23,973 23,973 1,14425,939 21,685 5,008 30,54: 783 575 379 380 1,009 18,963 18,506 457 Oct. 26 23,973 23,973 1,026 73125,748 21,685 5,009 30,441 77' 494 407 379 1,009 18,935 18,431 504 Nov. 2 24,024 24,024 1,185 79216.018 21,686 5,009 30,540 779 535 387 382 94019,151 18,443 708 Nov. 9 24,024 24,024 1,201 52425,767 21,686 5,009 30.786 779 617 400 388 93918,554 18,306 248 Nov. 16 23,987 23,987 548 1,28825,840 21,686 5,008 30,743 783 635 383 396 93618,658 18,445 213 Nov. 23 23,888 23,888 796 1,05625,757 21,687 5,008 30,945 77' 479 404 380 93518,533 18,423 110 Nov. 30 24,256 23,991 265 618 25,776 21,688 5,008 30,993 778 477 408 412 93118,474 18,417 57 Dec. 7 24,373 24,077 296 978 79126,160 21,689 5,008 31.14 793 469 441 427 93118,647 18,424 223 Dec. 14 24,562 24,407 155 564 1,19326,338 21,689 5,007 31,277 779 425 434 323 98818,809 18,543 266 Dec. 21 24,638 24,357 281 670 1,89327,221 21,690 5,008 31,406 776 539 479 320 1,01019,38r P18,844 P545 Dec. 28 24,"" 24,391 416 509 1,40726,75" 21,690 5,008 31,357 778 522 468 425 1,01118,890>18,757 P133 P Preliminary. 2 These figures are estimated. 1 Includes industrial loans and acceptances, which are shown separately in subsequent tables but not in this table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 19 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve week en M di o n n g t h W , o e r dnesday b m a b A e n e m l k r l s - N c e i w ty ban C k h s i- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - week en M di o n n g t h W , o e r dnesday b m a b A e n e m l k r l s - Ne c w ity ban C k h s i- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:1 1954—Sept 18,403 4,288 1,154 7,506 5,455 1954_Sept 775 21 4 105 645 Oct 18,893 4,482 1,183 7,703 5,524 Oct 720 15 2 96 607 Nov 19,207 4,507 1,212 7,852 5,636 Nov 814 59 11 110 633 1955—Sept 18,711 4,262 1,129 7,738 5,583 1955—Sept 564 14 63 487 Oct 18 870 4,316 1,127 7,823 5,604 Oct 524 1 64 460 Nov 18,902 4,257 1,144 7,840 5,660 Nov 525 14 3 38 470 Nov. 16 18,883 4,230 [,139 7,839 5,676 Nov. 16 582 33 47 502 Nov 23 19,036 4,229 [,148 7,889 5,770 Nov. 23 568 -14 -4 43 543 Nov. 30 18 794 4,284 1,145 7,836 5,530 Nov. 30 414 47 5 27 335 Dec 7 18,869 4,309 1,144 7,817 5,598 Dec 7 458 1 3 45 409 Dec 14 . 18,950 4,401 1,143 7,777 5,628 Dec. 14. 462 21 1 9 431 Dec. 21 19,446 4,451 1,180 7,953 5,862 Dec. 21 P670 — 10 3 43 Dec 28 19,487 4,434 1,182 8,047 5,824 Dec 28 P703 32 77 P594- Borrowings at Federal Required reserves:1 Reserve Banks: 1954—Sept 17,628 4,266 1,151 7,401 4,810 1954 Sept 67 2 9 28 28 Oct 18,173 4,467 1,181 7,608 4,918 Oct 82 1 2 50 29 Nov 18,393 4,447 1,200 7,742 5,003 Nov 164 32 7 82 43 1955—Sept 18,148 4,248 1,128 7,675 5,096 1955_Sept 849 141 114 472 122 Oct 18,345 4,316 1,127 7,759 5,144 Oct 884 151 137 480 116 Nov 18,378 4,243 1,142 7,802 5,191 Nov 1,016 279 70 538 129 Nov 16 18 302 4 197 [ 140 7,791 5 174 Nov. 16. 1 173 440 98 490 145 Nov. 23 18,468 4,243 1,152 7,846 5,227 Nov. 23 811 195 33 477 106 Nov 30 18,381 4,237 1,140 7,809 5,195 Nov 30 970 233 56 531 150 Dec. 7 18,411 4,309 1,141 7,772 5,189 Dec. 7. 932 206 98 471 157 Dec. 14 18,488 4,380 1,142 7,769 5,197 Dec. 14 878 86 104 482 206 Dec. 21.. P18,776 4 461 [,177 7,910 P5,228 Dec 21. 744 204 82 317 141 Dec. 28 P18,785 4,402 ,182 7,970 P5,231 Dec. 28 753 237 59 297 160 p Preliminary. 1 Weekly figures of required and excess reserves of all member banks and of country banks are estimates. 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 November 1955 November 1954 Gross demand deposits: Total 115,670 23,163 6,091 45,511 40,904 115,171 23,914 6,352 44,899 40,006 Interbank 12,870 4,022 1,194 6,319 1,336 13,682 4,186 1,328 6,797 1,371 Other 102,800 19,141 4,898 39,193 39,568 101,489 19,728 5,024 38,102 38,635 Net demand deposits2 99,748 20,351 5,381 38,818 35,197 99,566 21,341 5,681 38,701 33,844 Time deposits 40,402 3,452 1,312 16,297 19,341 39,223 3,582 1,285 15,523 18,833 Demand balances due from domestic banks 6,341 72 106 1,943 4,219 7,108 51 125 2,121 4,811 Reserves with Federal Reserve Banks: Total 18,902 4,257 1,144 7,840 5,660 19,207 4,507 1,212 7,852 5,636 Required 18,378 4,243 1,142 7,802 5,191 18,393 4,447 1,200 7,742 5,003 Excess 525 14 3 38 470 814 59 11 110 633 Borrowings at Federal Reserve Banks , 1,016 279 70 538 129 164 32 7 82 43 1 Averages of daily closing figures for reserves and borrowings and of 2 Demand deposits subject to reserve requirements, i. e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 DISCOUNT RATES 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 Federal Reserve Bank a o d b v l a i n g c a e ti s o ( n S s s e e c e a u s n . r e d 1 d 3 d b i a s y n c d o e u l 1 i n g 3 t i s b a l ) e o i f p a a n p d er Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances b o a b n l ( i k g la s a s t t s i o e p c n a u s r r . e o d S f e t b c h y . e 1 d U 3 i ) r . e S ct . Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Dec. 31 beginning— rate Dec. 31 beginning— rate Dec. 31 beginning— rate Boston Nov.22, 1955 214 Nov. 22,1955 2% Nov. 22,1955 3% New York. . . Nov. 18, 1955 214 Nov. 18,1955 2VA Sept. 9,1955 P C A C R S M K h t l h i t a . e i c l i i n n a v l L c h a s n n e a m o a d l e t g u a s a e a o o n i l p s n C p d o d h i l . t i i a y s . . . . . , . . 2 2 I I 2 2 1 V B B i / / / / 2 2 2 2 N N N N N N N N o o o o o o o o v v v v v v v v . . . . . . . . 2 2 2 2 1 1 1 1 2 1 1 2 8 8 8 8 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 2 V 1 V V 1 1 1 1 A 4 4 4 4 4 4 4 N N N N N N N N o o o o o o o o v v v v v v v v . . . . . . . . 2 2 2 2 1 1 1 1 1 2 1 2 8 8 8 8 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 V V V % V V Y A A 4 4 4 N N N N N N S S e e o o o o o o p p v v v v v v t t . . . . . . . . 1 1 1 1 2 2 9 8 1 8 8 8 2 2 , , , 2 , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 3 3 3 3 3 31 % 4 Dallas Nov.23, 1955 214 Nov. 23,1955 2% Aug. 5,1955 314 San Francisco 21/2 Nov. 18, 1955 214 Nov. 18,1955 2V Nov. 18,1955 31/4 1 Rates shown also apply to advances secured by obligations of Federal ances and of agricultural paper may have maturities not exceeding 6 intermediate credit banks maturing within 6 months. months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] MARGIN REQUIREMENTS 1 Net demand deposits 1 Time deposits [Per cent of market value] S P ec re u s r c it r i i e b s e d E x in c h a a c n c g o e r d A a c n t ce o f w 1 i 9 th 34 F J e 1 a 1 b 9 n 9 . 5 . 5 3 2 5 4 - 0 , , A J 1 p a 1 9 n r 9 . 5 . 5 5 2 5 4 - 2 , , A E p 1 t f r i 9 f . v e 5 e c 2 5 - 3, Ef o fe f c t c iv h e a n d ge ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t r d r y r v v a e e l C ba o tr n u y k n s banks Regulation T: For extensions of credit by brokers and 1917—June 21 13 10 7 3 dealers on listed securities 50 60 70 For short sales 50 60 70 1936—Aug. 16 191/2 15 IOI/2 41/2 Regulation U: 1937_M M a a r y . 1 1 2 26 2Y4 2 1 0 71/2 1 1 2 4 14 !» For loans by banks on stocks 50 60 1938_Apr. 16 2234 171/2 12 5 5 1 Regulations T and U limit the amount of credit that may be extended 1941_Nov. 1 26 20 14 6 6 on a security by prescribing a maximum loan value, which is a specified 1942—Aug. 20 24 percentage of its market value at the time of extension; "margin require- Sept. 14 22 ments" are the difference between the market value (100%) and the maxi- Oct. 3 20 mum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. 1948—Feb. 27 22 June 11 24 Sept. 16, 24*.... 26 22 16 71/2 71/2 1949—May 1,5* 24 21 15 7 7 MAXIMUM RATES ON TIME DEPOSITS June 30, July 1 * . 20 14 6 6 Aug. 1,11*.... 231/2 191/2 13 5 [Per cent per annum] Aug. 16, 18*.... 23 19 12 5 A Se u p g t . . 25 1 2* I 1 8 8 I/2 Nov. 1, Feb. 1, Effec- 1933- 1935- tive 1951—Jan. 11, 16*.... 23 19 13 6 6 Jan. 31, Dec. 31, Jan. 1, Jan. 25,Feb. 1*. 24 20 14 1935 1935 1936 1953—July 1, 9*.... 22 19 13 Savings deposits 2i/2 2% 1954_ J ju u n l e y 1 2 6 9 , , A 24 ug * . . . 1 . . *. 2 2 0 1 18 12 5 5 Postal Savings deposits.. 2V2 21/2 In effect, Jan. 1, 1956... 20 18 12 5 5 Other deposits payable: I I n n 9 6 0 m d o a n y t s h s to o 6 r m m o o r n e t . h s . 2i/2 2V4 Prese m nt e nt l s e g : al require- In less than 90 days... 1 Minimum 13 10 7 3 3 Maximum 26 20 14 6 6 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. 1 Demand deposits subject to reserve requirements, which beginning Under this Regulation the rate payable by a member bank may not in any Aug. 23, 1935, have been total demand deposits minus cash items in event exceed the maximum rate payable by State banks or trust companies process of collection and demand balances due from domestic banks (also on like deposits under the laws of the State in which the member bank is minus war loan and series E bond accounts during the period Apr. 13, located. Maximum rates that may be paid by insured nonmember banks 1943-June 30, 1947). as established by the F.D.I.C, effective Feb. 1, 1936, are the same as •First-of-month or midmonth dates are changes at country banks, and those in effect for member banks. other dates (usually Thursdays) are at central reserve city or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 21 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1955 1955 1954 Dec. 28 Dec. 21 Dec. 14 Dec. 7 Nov. 30 Dec. Nov. Dec. Assets Gold certificates 20,136,35320,136,352 20,141,352 20.137,352 20,138,35120,141,353 20.138,35120,165,102 Redemption fund for F. R. notes.. 867,841 869,949 867,083 862,820 863,750 867,842 863,750 867,405 Total gold certificate reserves. 21,004,194 21,006,30121,008,435 21,000,172 21,002,10121,009,195 21,002,10121,032,507 F. R. notes of other Banks 280,165 262,631 248,619 237,024 227,338 344,535 227,338 239,001 Other cash 293,700 285,616 291,457 298,748 325,148 340,898 325,148 374,660 Discounts and advances: For member banks 508,373 670,438 564,371 977,862 618,329 106,762 618,329 9,970 For nonmember banks, etc , 1,000 1,000 133,334 Industrial loans 712 640 702 694 704 702 704 708 Acceptances: Bought outright 21,877 17,589 17,495 17,495 17,493 23,802 17,493 Held under repurchase agreement. 6,556 2,004 816 4,403 U. S. Government securities: Bought outright: Bills 1,502,696 1,467,846 1,518,346 1,355,346 1,269,846 1,502,696 1,269,846 2,167,000 Certificates: Special Other 5,920. 920,699 5,920,699 2,520,076 2,520,076 5,920,699 2,520,076 13,882,341 Notes 14,165! 14 165,91314,165,913 17,399,536 17,399,536 14,165,913 17,399,536 6,037,271 Bonds 2,80i; 801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 Total bought outright 24,391,05824356,208 24,406,70824,076,708 23,991,208 24.391,058 23991,208 24,888,362 Held under repurchase agreement. 415,900 281,680 154,780 296,507 265,160 393,575 265,160 44,000 Total U. S. Government securities. 24,806,958 24,637,88824,561,488 24,373,21524,256,368 24,784,633 24,256,368 24,932,362 Total loans and securities 25,345,476 25,328,55925,144,872 25,369,266 24,892,894 24,921,302 24,892,894 25,076,374 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 5,105,372 ,716,030 5,200,695 4,163,484 4,487,715 5,502,663 4,487,715 3,958,555 Bank premises 61,207 61,414 61,429 60,458 60,407 61,164 60,407 54,748 Other assets 156,049 148,004 161,440 210,284 200,942 160,227 200,942 136,268 Total assets. 52,246,185 52,808,57752,116,969 51,339,45851,196,567 52,340,006 51,196,567 50,872,135 Liabilities Federal Reserve notes 27,014,786 27,038,037 26,908,08726,780,468 26,629,284 26,920,94126,629,284 26,253,133 Deposits: Member bank reserves 18,889,897 19,389 18,809,069 18:,647,18818,474. 19,004,93018,474. 18,876,128 U. S. Treasurer—general account. 521,617 539 424,820 469,171 476! 3"9'3 ,863 476; 563,137 Foreign 467,726 479 433,811 441,395 407; 401,986 407; 489,960 Other 425,268 319 322,758 427,285 ; 554,:272 411: 441,493 Total deposits. 20,304,508 20,727,157 19,990,458 19,985,039 19,770,371 20,355,051 19,770,37120,370,718 Deferred availability cash items 3,698,515 3,823 4,007,720 3,372,466 3,604. 3,917,294 3,604. 3,150,357 Other liabilities and accrued dividends * 23,690 23 22,954 21,840 20; U4.687 20; 113,945 Total liabilities 51,041,49951,612,069 50,929,21950,159,81350,024,53451,207,97350,024,534 49,788,153 Capital Accounts Capital paid in 302,361 301,888 300,705 300,304 300,220 302,739 300,220 287,754 Surplus (Section 7) 660,901 660,901 660,901 660,901 660,901 693,612 660,901 660,901 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 213,881 206,176 198,601 190,897 183,369 108,139 183,369 107,784 Total liabilities and capital accounts. 52,246,18552,808,577 52,116,96951,339,458 51,196,56752,340,006 51,196,56750,872,135 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 44.4 44.0 44.8 44.9 45.3 44.4 45.3 45.1 Contingent liability on acceptances purchased for foreign correspondents , 33,487 34,161 32,579 26,998 27,234 33,461 27,234 19,052 Industrial loan commitments 2,294 2,366 2,305 2,314 2,339 2,294 2,339 1,149 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total 509,373 670,438 564,371 977,862 618,329 107,762 618,329 143,304 Within 15 days 502,931 666,064 559,788 971,719 610,079 103,312 610,079 8,105 16 days to 90 days 5,427 4,353 4,559 6,115 8,209 4,450 8,209 41,865 91 days to 1 year 1,015 21 24 28 41 41 93,334 Industrial loans—total 712 640 702 694 704 702 704 708 Within 15 days 21 21 12 12 12 1 12 17 16 days to 90 days 4 4 13 13 33 4 33 182 91 days to 1 year 584 512 573 565 555 587 555 434 Over 1 year to 5 years 103 103 104 104 104 110 104 75 Acceptances—total 28,433 19,593 18,311 17,495 17,493 28,205 17,493 Within 15 days 12,600 8,650 6,812 4,160 5,163 9,019 5,163 16 days to 90 days 15,833 10,943 11,499 13,335 12,330 19,186 12,330 91 days to 1 year U. S. Government securities—total 24,806,958 24,637,888 24,561,48824,373,215 24,256,368 24,784,63324,256,36824,932,362 Within 15 days 952,550 698,130 470,630 6,190,156 6,123,059 737,025 6,123,059 458,550 16 days to 90 days 4,978,046 5,063,396 1,202,496 1,215,396 1,165,646 5,171,246 1,165,646 5,764,450 91 days to 1 year 14,860,764 14,860,764 18,872,764 12,952,065 12,952,065 14,860,764 12,952,065 13,193,764 Over 1 year to 5 years 1,587,127 1,587,127 1,587,127 1,587,127 1,587,127 1,587,127 1,587,127 3,C87,127 Over 5 years to 10 years 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 Over 10 years 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1 No accrued dividends at end-of-December dates. 2 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1955 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates 962,856 5,189,4331,105,726 ,702,371 ,275,460 3,657,307 895,248 339,279 832,999 785,5922,505,971 Redemption fund for F. R. notes , 53,542 180,781 61,738 78,193 72,427 53,717 155,100 44,502 23,729 41,731 26,921 75,461 Total gold certificate reserves. ,016,398 5,370,214 1,167,4641,780,564 ,347,887 942,8283,812,407 939,750 363,008 874,730 812,5132,581,432 F. R. notes of other Banks 24,368 55,855 37,672 17,923 38,250 48,161 32,502 14,289 9,587 8,868 23,316 33,744 Other cash 23,567 65,444 16,770 27,270 23,788 27,113 50,521 20,063 7,908 15,129 16,879 46,446 Discounts and advances: Secured by U. S. Govt. securities , 1,300 18,950| 26,855 525 4,125 19,700 3,200 1,800 1,355 16,952 2,000 10,000 Other 60 292 73 91 50 43 140 38 25 38 47 103 Industrial loans 642 60 Acceptances: Bought outright 23,802 Held under repurchase agreement 4,403 U. S. Govt. securities: Bought outright ,346,972 6,198,8651,484,4882,096,2411,436,9751,259,018 4,254,4591,012,180 591,0681,060,767 978,0332,671,992 Held under repurchase agreement 393,575 Total loans and securities.... ,348,332 6,639,8871,512,0582,096,8571,441,150 1,278,7614,257,7991,014,018 592,5081,011,151 980,080 ,682,095 Due from foreign banks 1 16 2 2 1 1 3 1 1 1 1 Uncollected cash items 485,280 1,025,230 327,844 653,563 437,745 376,499 900,964 225,904 137,663 222,454 227,375 482,142 Bank premises 5,642 7,766 5,050 5,905 5,218 4,045 6,071 3,399 2,194 3,490 2,146 10,238 Other assets 8,412 39,165 9,264 13,551 9,161 9,001 29,088 6,455 3,805 6,816 7,767 17,742 Total assets. 2,912,00013,203,567 3,076,124 4,595,6353,303,200 2,686,409 9,089,3552,223,8791,116,6742,209,2452,070,0775,853,841 Liabilities F. R. notes 1,613,946 6,120,412 1,839,889 2,492,709 2,024,9171,398,443 5,190,330 ,248,229 531,7091,051,429 720,0212,688,907 Deposits: Member bank reserves.... 861,914 5,552,721 868,4551,492,811 833,907 851,420 2,987,410 716,406 405,586 884,2261,019,8152,530,259 U. S. Treasurer—general account 29,377 68,614 22,008 26,036 17,777 39,760 40,009 7,888 25,108 34,666 47,589 35,031 Foreign 23,160 2128,673 28,178 35,126 19,300 16,598 54,040 14,668 9,650 14,668 18,142 39,783 Other 6,115 369,765 15,458 12,884 21,225 5,766 16,540 26,322 5,693 4,835 2,590 67,079 Total deposits 920,566 6,119,773 934,099 ,566,857 892,209 913,544 3,097,999 765,284 446,037 938,3951,088,1362,672,152 Deferred availability cash items 308,187 642,671 219,651 432,141 325,780 322,119 640,401 164,959 108,768 174,184 204,329 374,104 Other liabilities 658 5,414 751 1,185 612 591 2,480 545 411 521 401 1,118 Total liabilities. 2,843,35712,888,270 2,994,390 4,492,892 3,243,5182,634,6978,931,210 2,179,0171,086,9252,164,529 2,012,88' 5,736,281 Capital Accounts Capital paid in 16,161 89,473 19,757 29,296 13,772 13,693 40,487 10,564 6,861 11,951 16,563 34,161 Surplus (Sec. 7) 41,667 195,827 49,491 62,563 35,012 30,841 101,894 27,649 17,586 25,960 33,847 71,275 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 76f 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 7,804 22,678 7,997 9,878 7,549 6,416 14,335 6,128 4,229 5,668 5,473 9,984 Total liabilities and capital accounts 2,912,00013,203,567 3,076,124 4,595,6353,303,2002,686,409 9,089,3552,223,8791,116,6742,209,2452,070,0775,853,841 Reserve ratio 40.1% 43.9% 42.1% 43.9% 46.2% 40.8% 46.0% 46.7% 37.1% 44.0% 44.9% 48.2% Contingent liability on acceptances purchased for foreign correspondents 2,010 39,743 2,445 3,048 1,675 1,440 4,690 1,273 838 1,273 1,575 3,451 Industrial loan commitments. 41 322 11 1,920 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $23,718,000 participations of other Federal Reserve 2 After deducting $273,288,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 23 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1955 1955 1954 Dec. 28 Dec. 21 Dec. 14 Dec. 7 Nov. 30 Dec. Nov. Dec. F. R. notes outstanding (issued to Bank). 27,986,590 28,014,96127,919,894 27,729,600 27,566,730 27,989,142 27,566,730 27,346,789 Collateral held against notes outstanding: Gold certificates 11,713,00011,713,00011,688,00011,588,00011,538,00011.713,00011,538,00011,208,000 Eligible paper 141,272 172,830 167,7"' 243,400 276,180 52,387 276,180 7,150 U. S. Government securities 17,185,00017,185,00017,135,00017,085,00017,085,00017,185,00017,085,00017,140,000 Total 29,039,27229,070,830 28,990,27128,916,400 28,899,180 28,950,387 28,899,180 28,355,150 EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1955 [In thousands of dollars] Item 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 Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1,673,687 6,347,8371,920,748 2,613,5182,107,742 1,461,819 5,314,915 1,299,693 583,1541,088,386 761,4192,816,224 Collateral held: Gold certificates 640,0002,870,000 725,000 1,070,000 845,000 500,000 2,400,000 450,000 150,000 280,000 283,0001,500,000 E U l . i g S i . b G le o p v a t. p s e e r curities. 1,20 1, 0 3 0, 0 0" 0 0 3 ^ 600 ^ 6661,20 2 0 6, , 8 0 5 0 5 0i]6oo,bob 1,30 4 0 , , 1 0 2 0 5 01,000,000 3,000,000 910 1 , ,8 0 0 0 0 0 500 1, . 3 0 5 0 5 0 85 1 0 6 , , 0 9 0 5 0 2 525,0001,500,000 Total collateral 1,841,300 6,470,000 1,951,8552,670,000 2,149,125 1,500,000 5,400,0001,361,800 651,3551,146,952 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION Vi [Amounts in thousands of dollars] [Amounts in millions 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 a p p - t p o p l i r c d o A a a v t t m i e e o d o ns unt (a b p p m c u r l A e o o t o t p v m e n u - e d - o n d t t i ) s ( t a a L m n o o d o u a i u t n n - n s g t ) 2 ( C s a t m o m a m n e o d n m u i t n n s it g t - ) s o ( i t a n P p f t a u m g a a n o f t t r i i d u o i i n t o n o i i t u a c n n - s n n n i t g s s - i c t - ) 3 - y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a A r a n i t z s m e e o d unt am To o t o u a u n l t t L st o a a n n d s g P in u o t g a e rt r e i a d o n n - a u o a A b n v u n a o d t a t d e m m s r d i e e r l t i r a e a o o t a b n n i w u g o g l t d n e u s e n r i t e a r n a s t e r l g o - - 1948 3,607 615,653 335 995 1,643 1,990 1950 62 31 8 6 8 1949 3,649 629,326 539 2,178 2,288 2,947 1951 854 1,395 675 547 473 1950 3,698 651,389 4,819 2,632 3,754 3,745 1952 ,159 2,124 979 803 586 1951 3,736 710,931 3,513 4,687 6,036 11,985 1953 ,294 2,358 805 666 364 1952 3,753 766,492 1,638 3,921 3,210 3,289 1953 3,765 803,429 1,951 1,900 3,569 3,469 1954 1954 Nov ,361 2,482 505 395 267 Dec ,367 2,500 472 368 273 Nov 3,770 817,605 520 652 1,898 1,202 Dec 3,771 818,224 520 719 1,148 1,027 1955 1955 Jan ,370 2,501 454 347 265 Feb ,375 2,504 437 334 263 Jan 3,772 821,407 170 629 3,152 1,504 Mar ,380 2,512 442 333 255 Feb 3,772 822,063 170 542 3,227 1,498 Apr ,384 2,523 425 321 255 Mar 3,775 823,195 315 521 3,519 1,564 May ,388 2.530 399 298 272 Apr 3,775 823,359 270 675 3,389 1,576 June ,390 2,543 394 294 235 May 3,775 823,754 170 707 3,410 1,586 July ,392 2,544 296 225 211 June 3,775 824,441 170 460 3,571 1,577 Aug ,396 2,552 291 221 207 July 3,775 824,847 170 489 3,265 1,305 Sept ,400 2,557 281 217 204 Aug 3,777 825,161 45 586 3,416 1,392 Oct :,402 2,564 269 210 202 Sept 3,777 825,282 45 700 2,795 1,230 Nov l,404 2,568 281 217 192 Oct 3,777 825,666 45 693 2,751 1,224 Nov 3,777 826,111 45 704 2,339 1,107 1 Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Includes applications approved conditionally by the Federal Reserve of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing Banks and under consideration by applicant. agencies in these transactions, and the procedure is governed by Regula- 2 Includes industrial loans past due 3 months or more, which are not tion V of the Board of Governors. included in industrial loans outstanding in weekly statement of condition NOTE.—The difference between guaranteed loans authorized and sum of Federal Reserve Banks. of loans outstanding and additional amounts available to borrowers 3 Not covered by F. R. Bank commitment to purchase or discount. under guarantee agreements outstanding represents amounts repaid, NOTE.—The difference between amount of applications approved and guarantees authorized but not completed, and authorizations expired or the sum of the following four columns represents repayments of advances, withdrawn. and applications for loans and commitments withdrawn or expired. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect December 31. Per cent per annum] [In effect December 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or lo P a e n r c g e u n a ta r g an e t o ee f d in ( b p t y e e r r e c b s e o t n rr t p a o a g w y e a e b o r) l f e any f e b e c o o r c m r h o m a w r i g e t e m r d ent Bank On On On commit- Portion Re- commitloans 2 ments ibr which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 95 35 35 B N o ew sto Y n ork 3 31 -5 /2 1 - / 5 2 1/2 V 1 2 /1 -W 3/ 2 ( ( 3 3 ) ) ( ( 4 4 ) ) V2- Over 95 .... 40-50 40-50 Philadelphia 21/2-5 Cleveland 21/2-5 (3) (4) Maximum Rates Financing Institution May Charge Borrower Richmond 21/2-5 (3) [Per cent per annum] Atlanta 234-5 (3) (4) Chicago ^It5 21/2-5 St. Louis 21/2-3 Interest rate D K M a a i l n n l n s a a s e s a p C o i l t i y s 2 3 3 - 3 - 5 5 4 1 1 - / / 5 2 2 2\A ( ( ( 3 3 3 ) ) ) ( ( ( 4 4 4 ) ) ) Commitment rate. San Francisco 3-51/2 2-1Y& (3) 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of V2 per cent per annum is made on undisbursed portion. 7 Charge of VA per cent per annum is made on undisbursed portion. 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 adjusteds Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centers1 centers2 City centers1 centers2 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 1955 2,043,538 766,889 431,651 844,998 42.7 P21 .5 P20 .5 1954 Oct 152,322 58,792 30,706 62,823 39.3 23.6 18.6 40.5 24.3 18.6 Nov 156,843 58,787 32,230 65,826 42.2 26.3 20.7 42.6 25.9 19.6 Dec 186,317 73,817 38,217 74,282 48.1 28.1 21.0 42.6 26.9 19.9 1955_ F ja e n b 1 1 4 6 9 3 , , 7 3 4 9 4 3 6 57 2 , , 0 6 9 4 1 2 3 3 3 1 , , 5 5 3 9 1 5 6 6 7 1 , , 2 0 2 5 0 8 4 41 2 . . 9 0 2 26 5 . . 4 4 1 1 9 9 . . 6 6 4 4 3 1 . . 0 8 2 27 5 . . 1 9 1 19 9 . . 7 4 Mar 178,924 67,242 39,908 71,774 41.7 30.2 20.0 40.7 27.6 20.1 Apr 158,296 57 634 34,494 66,168 37.3 27.1 19.2 37.9 26 3 19 8 May.. 167,714 62,211 36,570 68,933 42.7 28.4 20.6 43.8 28.8 21.0 June 177,917 67,634 37,569 72,714 44.7 28.3 20.8 41.4 27.7 20.8 July 161,748 58,904 34,123 68,721 40.7 26.6 20.4 41.7 27.1 20 7 Aug.. '167,343 58,980 35,863 ^72,499 38.2 25.9 19.9 44.2 28.3 21.2 Sept '•168,967 62,550 35,126 r71,291 43.5 27.4 21.1 42.4 27.7 20.8 Oct r175,779 67,568 35,803 r72,409 44.7 26.5 20.3 46.1 27.3 20 3 Nov. '•173,190 63,406 36,876 r72,908 45.4 29.0 22.0 45.9 28.6 20.9 Dec 200,523 81,027 40,193 79,303 51.3 P28.3 ?21.9 45.4 P27.1 P20.8 r Revised. 2 338 centers prior to April 1955. p Preliminary. 3 These data are compiled by the Federal Reserve Bank of New York. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 25 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin 2$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 2,048 460 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 261 556 24 46 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 287 586 9 25 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 407 749 9 22 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 555 990 10 24 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 454 801 7 24 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 438 783 8 26 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 428 782 5 17 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 400 707 5 17 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 382 689 4 11 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 368 588 4 12 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 355 556 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 333 486 4 11 1954—Nov 30,500 21,473 1,836 1,236 71 2,091 6,524 9,716 9,028 2,677 320 465 3 Dec 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 321 464 3 15 1955—Jan 29,789 20,777 1,808 1,191 71 2,017 6,267 9,425 9,014 2,673 317 460 4 9 Feb 29,817 20,845 1,810 1,190 71 2,020 6,316 9,438 8,974 2,660 316 457 3 9 Mar 29,800 20,854 1,822 1,196 70 2,021 6,324 9,421 8,946 2,647 317 457 4 9 Apr 29,769 20,856 1,831 1,202 71 2,020 6,309 9,425 8,914 2,641 314 454 4 9 May 30,009 21,098 1,843 1,219 71 2,051 6,394 9,520 8,912 2,647 313 451 3 9 June 30,229 21,312 1,858 1,226 72 2,061 6,471 9,625 8,917 2,658 312 448 3 9 July 30,244 21,351 1,865 1,228 72 2,052 6,466 9,668 8,894 2,652 310 445 3 9 Aug 30,317 21,406 1,878 1,234 72 2,055 6,476 9,692 8,911 2,657 309 444 3 9 Sept 30,422 21,489 1,887 1,252 72 2,072 6,495 9,711 8,933 2,653 308 442 4 9 Oct 30,559 21,609 1,900 1,270 72 2,088 6,513 9,767 8,951 2,655 306 440 4 9 Nov 30,993 21,971 1,922 1,288 73 2,129 6,642 9,917 9,023 2,687 306 438 3 9 i Outside Treasury and Federal Reserve Banks. Includes amounts of 2 Paper currency only; $1 silver coins reported under coin. coin and paper currency shown by denominations, less unassorted curency in Federal Reserve Banks (not shown separately). KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Held by T s N o ta o t 1 n a v 9 l d . 5 i o 5 3 n u 0 g t , , - A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s B a F g a a . e n n n R d k t . s s No 1 v 9 . 5 5 30, Oc 1 t 9 . 5 3 5 1, No 1 v 9 . 5 4 30, certificates agents Gold 21 688 21,036 2652 Gold certificates 21,036 18,187 2,816 34 34 35 Federal Reserve notes 27 567 62 1,165 26,340 25,936 25,895 Treasury currency—total 5,008 12,409 64 325 4,619 4,589 4,570 Standard silver dollars. . .... 489 215 40 6 229 228 216 Silver bullion 2,194 2,194 Silver certificates and Treasury notes of 1890 . . ^2,409 252 2,157 2,H9 2,173 Subsidiary silver coin 1,298 18 35 1,245 1,229 1,191 Minor coin 455 1 6 448 443 428 United States notes .. . .. 347 3 25 319 318 319 Federal Reserve Bank notes 159 1 2 156 157 173 National bank notes 67 66 66 69 Total Nov 30 1955 23,445 778 18,187 4,305 30,993 Oct 31 1955 23,456 776 18,191 4,307 '30,559 Nov 30 1954 23,468 800 18,214 4,232 30,500 r Revised. receipt); (3) as security for outstanding silver certificates—silver in bullion 1 Outside Treasury and Federal Reserve Banks. Includes any paper and standard silver dollars of a monetary value equal to the face amount currency held outside the continental limits of the United States. Totals of such silver certificates; and (4) as security for gold certificates—gold for other end-of-month dates are shown in table above; totals by weeks bullion of a value at the legal standard equal to the face amount of in table on p. 17. such gold certificates. Federal Reserve notes are obligations of the 2 Includes $156,039,431 held as reserve against United States notes United States and a first lien on all the assets of the issuing Federal Reserve and Treasury notes of 1890. Bank. Federal Reserve notes are secured by the deposit with Federal 3 To avoid duplication, amount of silver dollars and bullion held as Reserve agents of a like amount of gold certificates or of gold certificates security against silver certificates and Treasury notes of 1890 outstanding and such discounted or purchased paper as is eligible under the terms of is not included in total Treasury currency outstanding. the Federal Reserve Act, or of direct obligations of the United States. 4 Because some of the types of currency shown are held as collateral or Each Federal Reserve Bank must maintain a reserve in gold certificates of reserves against other types, a grand total of all types has no special at least 25 per cent against its Federal Reserve notes in actual circulasignificance and is not shown. See note for explanation of duplications. tion. Gold certificates deposited with Federal Reserve agents as collat- 5 Less than $500,000. eral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. Gold certificates, as herein NOTE.—There are maintained in the Treasury—(1) as a reserve for used, includes credits with the Treasurer of the United States payable United States notes and Treasury notes of 1890—$156,039,431 in gold in gold certificates. Federal Reserve Bank notes and national bank bullion; (2) as security for Treasury notes of 1890—an equal dollar amount notes are in process of retirement. in standard silver dollars (these notes are being canceled and retired on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, Treas- net— Date c u u r r y - u. s.Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C e a o r n m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c t y s c m o n a u i c e n s - t c t . s, 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 9J863 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, 307 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 8J577 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 10,773 188,148 175,348 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 C184,384 14,624 1951—Dec 31 . 22 695 4,709 181,323 67,597 97,808 71,343 23,801 2,664 1 S918 208,727 193 410 15,^17 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—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—Nov 24 21 700 5,000 209,700 83,900 105,600 78,900 24,600 2,200 70,300 236,400 217,200 19,200 Dec. 31 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 70 439 237,686 218,882 18,806 1955—Jan. 26 21,700 5,000 209,600 85,200 103,600 77,800 23,700 2,100 70,900 236,300 217,500 18,800 Feb 23 21 700 5,000 208,200 85,800 101,400 75,600 23,700 2,100 000 234 900 216 000 18 900 Mar. 30 21,700 5,000 207,000 87,100 98,700 73,000 23,600 2,100 71,700 233,700 214,500 19,100 A M p a r y 2 2 7 5 2 2 1 1 ,7 7 0 0 0 0 5 5 ,0 0 0 0 0 0 2 2 0 0 9 9 , , 1 1 0 0 0 0 8 8 7 9 , , 9 0 0 0 0 0 1 9 0 9 0 , , 3 1 0 0 0 0 7 7 4 3 , , 4 7 0 0 0 0 2 2 3 3 , , 6 5 0 0 0 0 2 2 , , 1 0 0 0 0 0 7 ? 1 0 j ,9 ?0 0 0 0 2 2 3 3 5 5 8 8 0 0 0 0 2 2 1 1 6 6 ,6 9 0 0 0 0 1 1 8 9 ,2 9 0 0 0 0 June 30 21,678 5,002 209,872 91,349 97,572 71,947 23,607 2,018 70 951 236,552 217,595 18,956 July 27P 21,700 5,000 211,400 92,000 98,600 72,400 24,100 2,000 20,900 238,100 218,800 19,300 Aug. 31 P 21,700 5,000 211,100 93,200 96,900 71,200 23,800 2,000 70 900 237,800 218,200 19,600 Sept 28P 21 700 5 000 211 900 94,600 96,400 70,700 23,700 2,000 70 900 238 600 218 800 19 800 Oct. 26P ... . 21 700 5,000 214,000 95,800 97,300 71,400 24,000 1,900 70,800 240 700 220 700 20,000 Nov. 30? 21,700 5,000 214,400 97,800 96,000 69,800 24,300 1,900 20,600 241,100 221,200 19,900 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 Date p b e o n d a i s g e e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - m s b c a a a o A e v n n m r i t d c k n - i s g a s l B F a . A n R t k . s Total Total m T b C e i a m o r n c m e k ia s - d l e M p b s o a a u s n v t i i k u t n s s a g 2 3 l sS S P a y o v s s i t n t e a g m l s p m o D d s a e e i n - - t d s4 b r C o s e a i n u n u d c t k r e - - y s c a d d u d e T e r j a p m o u r n o e s t a d s n a t n i e l c t d d y s j m p u D o a d s a d s e e t n - i - e - t d d s b r C o e s a n i u u n d c t r k e - - y s 1929 June 29 365 204 381 16 54,790 28,611 19,557 8,905 149 77 540 3,639 1933 June 30 50 264 852 35 40,828 21,656 10,849 9,621 •1,186 14 411 4,761 1939 Dec 30 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 79 793 6,401 1941 Dec 31 1 498 2 215 1,895 867 76,336 27,729 15,884 10,532 1,313 38 997 9, S15 1945 Dec 31 2 141 2 287 24 608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947 Dec 31 1 682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87 171 26,476 111, 00 85,20025,900 1950—Dec. 30 2,518 1,293 2,989 668 C176,916 59,247 36,314 20,009 7/923 97 777 75 398 114,.WO 89,70024,600 1951 Dec 31 2,279 1,270 3,615 247 185,999 61,450 37,859 20,887 7 70498 734 76 315 120, 00 94,40025,700 1952—Dec. 31 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547101,508 27, 194 124,'700 97,80026,900 1953 Dec 31 2,694 761 4,457 346 200,917 70,375 43,659 24,358 7 359107 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 ?;?5i 98 137 77 193 126 '700 99,70027,000 1954 Nov 24 3 200 800 6,900 500 205,800 74,300 46,300 25,900 7 ?00104,000 77, son 129 SOO 102,60026,900 Dec 31 3,329 796 4,510 563 209,684 75,282 46,844 26,302 7 136106 550 77 R57 129, 700 102,80026,900 1955 Jan 26 3,200 800 3,800 400 209,200 75,400 46,800 26,500 7,100 107 000 76, R00 131, 700 104,20027,000 Feb 23 3,100 800 4,600 600 206,900 75,700 47,000 26,600 7 100104 500 76 R00 131, 700 104,30026,900 Mar. 30 3,200 800 4,400 900 205,300 76,200 47,200 26,900 2,100 10? 400 76 700 131, soo 104,60026,900 Apr 27 3 100 800 5,000 600 207,400 76,200 47,200 26,900 2,100 104 500 76 700 132, 600 105,60027,000 May 25 3,200 800 5,500 400 206,700 76,500 47,400 27,100 7 000103 300 76 R00 131, 700 104,80026,900 June 30 3 247 812 5,418 380 207,738 77,129 47,846 27,277 2,007103,734 77,375 131 300 104 90027,000 July 27 P 3 300 800 6,100 500 208,100 77,100 47,700 27,400 7 000103,900 77,100 132 700 105,50027,200 Aug 31p 3,100 800 5,200 400 208,600 77,400 48,000 27,500 7 000103 900 77 300 132, 700 105,50027,200 Sept 28P 3,200 800 4,500 500 209,700 77,700 <48,100 27,700 1 900104 900 77 700 133, 300 106,20027,100 Oct 26 P 3 200 800 4,900 500 211,300 77,900 48,200 27,800 1,900 106 100 77,300 132 100 104,80027,200 Nov. 30P 3,200 800 4,500 500 212,200 77,400 47,700 27,800 1,900 106,900 27,900 132, 900 105,40027,500 P Preliminary. c Corrected. NOTE.—For description of statement and back figures, see BULLETIN 1 Includes all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Government deposits and Treasury cash. Total items reported as in process of collection. deposits and currency shown in the monthly Chart Book excludes foreign 5 Seasonally adjusted series begin in 1947 and are available only for bank deposits, net, and Treasury cash. Except on call dates, figures last Wednesday of the month. For seasonal adjustment factors and for are rounded to nearest $100 million and may not add to the totals. back figures, see BULLETIN for March 1955, pp. 252-255. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 27 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U b q l . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l l p i i n a t i d i t - e a s l Total 2 b In a t n e k r - 2 Demand c c o a a p u c i n - t t a s l ba b o n e f k r s tions ac- Time counts 3 U. S. Other Govt. All banks: 1939_Dec. 30. . 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941 _Dec. 31. . 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31. . 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 3H. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30. . 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1952—Dec. 31. . 165,626 75,512 72,740 17,374 45,584 213,837 195,552 15,321 4,944 111,690 63,598 15,367 14,575 1953—Dec. 31. . 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 68,354 16,118 14,509 1954_june 30. . 173,343 81,227 72,525 19,591 42,556 218,900 199,508 15,500 5,594107,043 71,371 16,664 14,465 Nov.24. . 183,370 84,230 78,860 20,280 42,180 228,690 207,260 15,570 6,620112,540 72,530 17,320 14,406 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—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 27?. 186,190 92,930 72,410 20,850 40,720 230,240 207,900 14,490 5,740112,240 75,430 17,750 14,303 Aug. 31 P. 186,070 93,940 71,190 20,940 40,610 230,060 207,750 14,570 4,860 112,490 75,830 17,890 14,290 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 Nov.30P. 189,100 98,650 69s840 20,610 42,470 235,120 211,860 14,780 4,210 116,980 75,890 18,210 14,264 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945_Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947_Dec. 31 4 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1952—Dec. 31 141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 4,941 111,659 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 14,038 13,937 Nov. 24 155,710 69,450 70,110 16,150 41,260 199,720 181,280 15,570 6,620112,490 46,600 14,640 13,879 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—June 30 155,264 75,183 63,271 16,809 41,025 199,249 181,516 15,242 5,078112,983 48,214 14,906 13,781 July 27P 156,990 76,570 63,700 16,720 39,790 199,710 180,470 14,490 5,740112,190 48,050 14,980 13,776 Aug. 31 P 156,680 77,340 62,490 16,850 39,680 199,340 180,200 14,570 4,860 112,440 48,330 15,100 13,763 Sept. 28P 157,260 78,390 62,020 16,850 40,190 200,350 180,990 14,700 4,220 113,640 48,430 15,110 13,759 Oct. 26P 158,860 79,210 62,860 16,790 40,590 202,410 182,640 14,710 4,530 114,860 48,540 15,300 13,742 Nov. 30? 159,390 81,390 61,370 16,630 41,580 204,100 184,020 14,780 4,210 116,930 48,100 15,390 13,737 All member banks: 1939_Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941_Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,r~ 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 6,884 1947_Dec. 31 97,r" 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 7,589 6,923 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 0 2 5 3 4 — — — — _ D J A S N O N D D J D j u u u e e u c o o e e e n l n p c g y t e c c c v v . . e t . . . . . . . 3 2 2 2 3 2 3 3 3 3 3 3 0 0 4 8 7 6 1 1 1 0 0 1 - P P P " P 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 2 1 3 3 3 3 0 3 2 4 2 3 3 9 1 2 1 0 7 1 2 . , , , , , , , , , , , 3 0 1 6 5 8 2 5 7 4 6 4 3 2 8 5 4 9 7 4 8 2 0 2 1 9 5 0 7 7 7 8 8 4 2 2 4 6 5 6 6 6 6 5 5 5 6 6 4 9 6 7 4 5 9 0 7 5 7 7 , , , , , , , , , , , , 2 7 8 2 8 3 1 0 2 6 7 1 9 0 5 6 8 9 1 3 4 5 6 9 1 5 1 5 9 3 5 4 7 0 2 7 5 5 5 5 5 5 5 5 5 5 5 5 0 3 2 2 2 7 1 1 1 2 8 2 , , , , , , , , , , , , 1 4 3 7 5 6 8 8 8 8 6 1 1 8 6 6 4 0 0 6 9 3 4 4 1 3 5 3 3 3 9 9 7 8 2 4 1 1 1 1 1 1 1 1 1 1 1 1 1 3 0 3 2 3 3 3 3 3 2 3 , , , , , , , , , , , , 7 6 3 5 8 8 9 9 4 9 8 0 5 8 5 4 7 4 2 3 4 6 6 5 1 1 5 3 6 6 8 0 0 4 4 7 3 3 3 3 3 3 3 3 3 3 3 3 9 5 5 8 6 9 5 6 5 6 5 6 , , , , , , , , , , , , 3 2 0 2 7 0 7 5 7 1 3 4 8 5 0 1 3 7 2 2 2 5 0 0 1 5 5 8 2 6 6 4 2 2 0 0 1 1 1 1 1 1 1 1 1 1 1 1 4 7 6 6 6 7 6 6 7 7 7 7 3 2 4 0 9 2 0 0 9 0 3 1 , , , , , , , , , , , , 2 9 2 5 9 0 6 8 6 1 5 2 3 8 0 8 3 5 6 2 8 7 0 4 1 3 3 3 5 8 0 6 6 7 7 2 1 1 1 1 1 1 1 1 1 1 1 1 3 5 4 4 5 5 5 5 5 5 5 5 3 5 7 8 4 4 0 7 3 3 3 6 , , , , , , , , , , , , 0 1 2 7 5 2 4 6 6 1 2 3 8 1 2 0 2 5 5 2 7 6 5 5 9 5 5 8 7 2 7 0 0 4 2 4 1 1 1 1 1 1 1 1 1 1 1 1 3 4 5 3 4 5 3 3 4 4 4 3 , , , , , , , , , , , , 8 7 4 9 6 1 9 7 0 8 4 9 1 3 8 4 1 7 3 4 0 5 6 3 1 3 3 8 7 0 6 4 0 4 2 0 2 4 4 4 4 6 3 5 3 5 3 3 , , , , , , , , , , , , 5 1 5 0 1 4 6 7 7 2 7 8 4 6 2 0 6 1 2 5 5 6 9 4 1 5 3 9 7 5 4 6 6 4 7 5 9 9 9 9 9 9 9 9 8 9 9 9 5 5 6 5 6 1 9 6 7 7 8 9 , , , , , , , , , , , , 9 4 7 1 9 0 0 4 6 7 0 7 8 5 8 2 9 2 4 5 0 4 3 9 1 3 3 5 6 4 8 4 4 2 0 4 2 3 3 3 3 3 3 3 3 3 3 3 9 5 2 7 6 8 8 7 8 9 8 8 , , , , , , , , , , , , 3 2 6 8 8 9 9 0 7 5 8 9 1 3 5 5 9 5 3 1 0 4 1 5 3 6 3 5 0 0 3 5 0 4 0 0 1 1 1 1 1 1 1 1 1 1 1 9 8 0 2 1 1 2 2 2 2 2 2 2 , , , , , , , , , , , , , 6 7 4 4 3 7 2 5 2 6 8 6 7 6 9 6 6 1 0 1 1 1 5 5 7 2 1 1 5 6 9 4 0 7 7 2 0 4 4 6 6 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , , , 5 7 6 8 7 7 5 5 6 6 6 5 2 7 1 7 5 9 4 8 6 8 8 0 1 1 1 3 9 8 3 4 0 9 7 3 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941_Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947_Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1952—Dec. 31 24,003 11,349 9,422 3,231 918 25,233 22,621 22,586 2,479 529 1953—Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 24,358 2,559 528 1954—June 30 26,959 13,890 9,017 4,052 987 28,315 25,440 25,388 2,626 528 Nov. 24 27,660 14,780 8,750 4,130 920 28,970 25,980 25,930 2,680 527 Dec. 31 27,868 14,998 8,748 4,123 1,026 29,276 26,359 26,302 2,694 527 1955—June 30 28,990 16,172 8,675 4,142 989 30,382 27,334 27,277 2,757 528 July 27? 29,200 16,360 8,710 4,130 930 30,530 27,430 27,380 2,770 527 Aug. 31P 29,390 16,600 8,700 4,090 930 30,720 27,550 27,500 2,790 527 Sept. 28P 29,550 16,850 8,660 4,040 920 30,880 27,720 27,670 2,820 527 Oct. 26P 29,630 17,050 8,550 4,030 890 30,930 27,810 27,760 2,790 527 Nov. 30" 29,710 17,260 8,470 3,980 890 31,020 27,840 27,790 2,820 527 asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Rese ve membership, insurance status, and the reserve classifications of cities b an a n n k o n in m e A m la o s e k r a c t o h m at m b e e rc c i a a m l e o a a n K m s e m an b u e r a n b a m nk e in o o n e r A u p a r n . K 1 s 5 , m 1 c 9 iu 5 u 4 m , a g n d o n a e and 2 B in e d g i i v n i n d i u n a g l b Ju an ne k s, 3 a 0 n , d 1 b 9 y 42 m , e e r x g c e lu rs d , e e s t c r . eciprocal balances, which on noninsured State member nondeposit trust company, but excluding three Dec. 31, 1942, aggregated $513 million at all member banks and $525 million at all insured commercial banks. 3 Includes other assets and liabilities not shown separately. For other footnotes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— T l o ia ta - l Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b i o l o . i v n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a a l p i n c t i d i - t e a s l Total 2 b In a t n e k r - 2 Demand Time c c a o a p u c i n - ta ts l ba b o n e f k r s counts 3 U.S. Other Govt. 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 5,516 1,378 18,114 2,216 2,630 22 Nov. 24 23,933 11,897 9,632 2,404 7,349 31,932 27,666 5,404 1,355 18,569 2.338 2,811 21 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—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 21 v 23,445 13,618 7,557 2,270 6,979 31,099 26,927 5,138 1,471 18,131 2,187 2,716 18 Aug. 31 P 22,915 13,596 6,959 2,360 6,993 30,595 26,471 5,037 995 18,210 2,229 2,746 18 Sept. 28P 22,852 13,716 6,782 2,354 7,104 30,631 26,495 5,097 696 18,446 2,256{ 2,722 18 N O o ct v . . 2 3 6 0 P P 2 2 3 3 , , 1 2 4 1 2 2 1 14 3 , , 5 8 3 6 6 8 7 6 , , 0 5 1 4 5 6 2 2, , 1 2 3 5 0 9 7 7 , , 5 0 9 2 1 2 3 3 0 1 , , 8 56 5 8 0 2 27 6 , , 2 7 2 3 9 7 5 5, , 1 0 6 4 6 8 1,0 8 6 7 0 9 1 1 8 8 , , 3 8 5 8 8 8 ) 2 2, , 2 2 9 7 6 1| 2 2, , 7 7 5 3 9 4 1 1 8 8 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719i 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913! 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 ,229 174 4,604 ,103 490 13 1952—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 ,350 343 4,789 ,205 541 13 1953—Dec. 31 6,204 2,776 2,856 572 2,115 8,366 7,724 ,387 259 4,837! ,242 566 13 1954_ N ju o ne v . 3 2 0 4 6 5 , , 4 9 2 7 2 5 2 2 , , 5 5 8 8 9 0 2 3 , , 8 2 2 5 5 0 5 56 9 1 2 2 1 , , 0 86 3 6 6 8 8 , , 3 0 4 6 1 4 7 7, , 6 4 5 1 1 9 , , 3 3 4 0 0 6 4 4 5 1 2 0 4 4, , 6 4 2 0 7 3 , ,2 2 6 6 6 7 5 5 8 9 3 2 1 1 3 3 Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 ,321 251 4,977 ,295 600 13 1955—June 30 6,288 2,846 2,742 699 1,763 8,102 7,431 ,180 343 4,606 ,303 612 13 July 27 ' 6,276 2,862 2,712 702 1,844 8,171 7,408 ,163 382 4,577 ,286 613 13 Aug. 31° 6,235 2,887 2,637 711 1,875 8,166 7,414 ,222 296 4,616 ,280 621 13 Sept. 28" 6,202 2,950 2,543 709 1,889 8,140 7,345 ,218 241 4,590 ,296 616 13 Oct. 26P 6,264 2,977 2,581 706 1,930 8,247 7,387 ,200 251 4,635 ,301 619 13 Nov. 30 ' 6,210 3,079 2,430 701 1,956 8,222 7,453 1,156 254 4,745 .298 628 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4.616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12.557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24:655 9,760 2,566 359 1947_Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990j 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32,366 11,647 3,322 336 1952—Dec. 31 45,583 21,697 19,624 4,262 15,544 61,941 57,357 7,001 1,814 35,281 13,261 3,745 319 1953—Dec. 31 46,755 22,763 19,559 4,434 15,925 63,547 58,663 7,254 1,504 35,773 14,132 3,984 319 1954—June 30 47,056 22,453 19,813 4,791 14,656 62,624 57,665 6,636 2,015 34,058 14,956^4,124 310 Nov. 24 50,612 23,580 21,986 5,046 14,485 66,063 60,391 6,807 2,357 35,981 15,246 4,281 303 Dec. 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955_ J j uulnye 3 2 0 7P 5 5 0 1 , , 5 3 9 3 6 8 2 2 6 5 , , 1 6 9 5 3 4 1 1 9 9 , , 6 9 9 5 7 4 5 5 , , 1 2 9 4 1 5 1 1 4 4 , , 6 4 9 8 6 4 6 6 6 6 , , 2 8 9 4 3 5 6 6 0 0 , , 7 8 2 5 3 4 6 6 , , 5 2 4 3 5 4 1 1, , 8 8 9 4 1 3 3 3 6 6 , , 6 4 5 5 9 9 1 1 5 6 , , 9 0 3 0 9 7 4 4 , , 5 4 1 9 0 2 2 2 9 9 8 7 Aug. 31 P 51,293 26,630 19,476 5,187 14,195 66,535 60,415 6,332 1,754 36.345 15,984 4,543 297 Sept. 28 > 51,306 27,041 19,137 5,128 14,430 66,765 60,582 6,383 1,522 36,698 15,979 4,571 297 Oct. 26P 51,986 27,334 19,526 5,126 14,757 67,782 61,350 6,420 1.477 37.386 16,067 4,625 295 Nov. 30P 52,054 28,114 18,892 5,048 15,098 68,214 61,685 6,390 1,551 37,757 15,987 4,650 294 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158, 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945_Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235i 12,494 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,3781 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1952—Dec. 31 45,594 18,213 22,549 4,832 13,281 59,535 55,175 1,301 1,267 36,022j 16,585 3,970 6,444 1953—Dec. 31 47,404 19,934 22,423 047 13,268 61.385 56,740 1,315 1,216 36,5201 17,690 4,194 6,389 1954_ N ju o ne v . 3 2 0 4 4 50 7 , , 5 4 8 7 1 4 2 2 0 1 , , 5 1 3 9 7 4 2 2 4 1 , , 0 7 0 7 1 9 5 5, , 1 3 5 8 8 6 1 1 2 2 , , 5 5 0 0 5 6 6 6 3 0 , , 8 7 4 4 1 5 5 5 5 8 , , 9 7 4 1 3 2 1 1 , , 2 3 4 3 1 7 1 1, , 8 3 7 6 7 2 3 3 4 6 , , 8 8 7 0 9 4 1 i • 1 1 8 8 , ,4 6 6 9 1 4 4 4, , 5 3 6 7 6 2 6 6 , , 3 35 7 0 6 Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 1,271 37,794! 18,787 4,506 6.326 1955—June 30 50,806 22,799 22,321 5,685 12,092 63,732 58,594 1,283 1,339 36.7511 19,220 4,642 6; 283 July 27 P 51,272 22,974 22,615 5,683 11,845 63,943 58,599 1,209 1,520 36,629! 19,241 678 6,274 Aug. 31 P 51,454 23,178 22,570 5,706 11,955 64,239 58,915 1,220 1,379 36,954! 19,362i 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' 19,419)4,715 6,256 Oct. 26 ° 52,258 23,710 22,775 5,773 12,023 65,104 59,634 1,268 1,321 37.6511 19.394'4,796 6,245 Nov. 30P 52,553 24,136 22,615 5,802 12,081 65,503 59,987 1,288 1,161 38,404: 19.134;4,815 6,234 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 8 banks with total loans and investments of $34 million were transferred nounced in November 1947 by the Federal bank supervisory agencies. from noninsured mutual savings to nonmember commercial banks. At that time a net of 115 noninsured nonmember commercial banks 5 Less than $5 million. with total loans and investments of about $110 million was added, and For other footnotes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 29 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i Continued [Amounts in millions of dollars] Loans and nvestments Deposits Total assets — Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b i o l o . i v n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l a l p i n i c a t i d i - t - e a s l Total 2 b In a t n e k r- 2 Demand Time c c a o a p u c i n - ta ts l ba b o n e f k r s counts 3 U.S. Other Govt. 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 23,740 80,276 29,876 8,671 13,297 1947—Dec. 31 114 274 37,583 67 941 8,750 36,926 152,733 141,851 12,670 1 325 92,975 34,882 9,734 13,398 1953_Dec. 31 143,796 67,082 62,381 14,333 44,398 190,638 174,697 15,548 4,116 111,423 43,610 13,239 13,412 1954—June 30 144 451 66,805 62 461 15 185 41,164 188 191 172,048 15,044 5 562 105,847 45,596 13,714 13,380 Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16,376 4,154 115,482 46,874 14,252 13,303 1955__june 30 153,488 74,692 62,342 16,454 40,685 197,077 179,728 14,794 5,064 111,993 47,876 14,579 13,267 National member banks: 1941_Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 . 69 312 13,925 51 250 4,137 20,114 90,220 84,939 9,229 14 013 45,473 16,224 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1953—Dec. 31 81,913 37,831 35,482 8,600 26,479 109,804 100,654 10,152 2,525 63,819 24,160 7,391 4,856 1954—june 30 82,482 37,672 35,759 9,051 24,636 108,611 99,362 9,750 3,325 60,827 25,459 7,686 4,835 Dec. 31 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10,714 2,508 66,426 26,202 8,085 4,789 1955—June 30 83,315 39,424 34,673 9,219 22,892 107,741 98,636 8,314 2,849 60,919 26,554 7,714 4,744 State member banks : 1941—Dec. 31 .. 15 950 6,295 7,500 2,155 8,145 24 688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945_Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947—Dec 31 32 566 11,200 19 240 2,125 10,822 43 879 40,505 3,993 381 27 068 9,062 3,055 1,918 1953—Dec. 31 40,509 19,931 17,121 3,457 12,903 54,179 49,510 5,019 1 232 32,206 11,054 3,925 1,887 1954—June 30 40,704 19,525 17,353 3,826 12,086 53,593 48,890 4,983 1,840 30,627 11,441 4,023 1,886 Dec. 31 . 43 093 20,538 18,417 4,138 12,414 56 407 51,401 5,269 1 207 33 177 11,748 4,125 1,871 1955—June 30 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 1,867 Insured nonmember commercial banks: 1941—Dec. 31 ... 5 776 3,241 1,509 1,025 2,668 8 708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947_Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1953—Dec. 31 21,396 9,328 9,790 2,278 5,020 26,679 24,555 378 360 15,398 8,419 1,925 6,672 I954—june 30 21 288 9 615 9 362 2 310 4 444 26 012 23,819 312 396 14 392 8,718 2,007 6,662 Dec. 31 22,536 9,886 10,215 2,436 5,088 27,911 25,657 393 439 15,879 8,947 2,044 6,647 1955—June 30 22,723 10,385 9,811 2,527 4,388 27,417 25,082 332 408 15,251 9,090 2,121 6,660 Noninsured nonmember commercial banks: 1941—Dec 31 1 457 455 761 241 763 2 283 1,872 329 1?Q1 253 329 852 1945_Dec. 31 2,211 318 1 693 200 514 2,768 2,452 181 l'9O5 365 279 714 1947—Dec 313 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1953—Dec. 31 ... 1 891 511 1 045 335 430 2 372 2,005 407 30 1,182 386 320 569 1954 June 30 1,932 532 1,047 354 405 2,394 2,020 453 30 1,150 388 325 557 Dec. 31 ... 1 800 492 969 339 397 2,250 1,871 433 18 1,085 335 324 536 1955—June 30 1,776 491 930 355 340 2,172 1,788 448 13 990 337 327 513 All nonmember commercial banks: 1941—Dec. 31... 7 233 3,696 2 270 1,266 3,431 10,992 9,573 457 5 504 3,613 1,288 7,662 1945—Dec 31 16 849 3 310 12 277 1 262 4 962 22 024 20 571 425 14'101 6 045 1,362 7,130 1947—Dec. 313 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1953—Dec 31. . 23 287 9,838 10 835 2 613 5 450 29 051 26,560 784 390 16 580 8,806 2,245 7,241 1954 June 30 23,220 10,147 10,409 2,664 4,849 28,406 25,838 764 426 15,542 9,106 2,332 7,219 Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7,183 1955—June 30 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,173 Insured mutual savings 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 I947—Dec 31. 12 683 3 560 8 165 958 675 13 499 12,207 1 2 12 12 192 1 252 194 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 2 2 33 18,345 1,819 219 1954 June 30. 20 121 10 804 6 309 3 008 807 21 237 19,195 3 2 45 19,145 1,868 219 Dec. 31 ... 20 830 11 651 6 117 3 062 832 21,981 19,885 3 3 48 19,831 1,920 218 1955—June 30 21,617 12,567 5,998 3,052 808 22,761 20,590 2 2 49 20,536 1,965 218 Noninsured mutual savings banks: 1941—Dec. 31 ... 8 687 4 259 3 075 1 353 642 9,846 8,744 t 8,738 1,077 496 1945_Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 558 350 I947—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 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 other footnotes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES* [In millions of dollars] Loans1 Investments Com- Loans for U. S. Government obligations Oblimer- purchasng ga- Cla c s a s l a l o n d d f a b te ank i m T l n o a v o e n a e n t n d a s t s t l s - Total' e o m c i l i p i n u n a a e g d - r l n , - - A c tu u a g r l l r - - i- b o T r s r o e o c c k a u - r r r i y ti T i e n o s g l R o t e a a e s t - n a e l s O l v o i d t t i a n o h i d - n - e - s r O lo t a h n e s r Total Total C c e a r t t e if D s i- irect G a u n a - r- S p t a i i t o c o o a n l a t n f i d e l t s - s O s r e i t t h c i e e u r s ket ers oth- uals Bills of in- Notes Bonds teed subpa- and ers debt- diviper deal- ed- sions ers ness All commercial banks:2 1947—Dec. 31 116,28438,057 18,167 1,660 830 1,220 9,393 5,723 1,063 78,22669,2212,193 7,789 6,03453,191 14 5,2763,729 1953—Dec. 31.... 145,68767,59327,2044,9652,361 1,202 16,694 14,461 1,666 78,09463,4265,004 10,237 12,43935,713 34 10,8213,847 1954—Dec. 31.... 155,91670,61926,867 5,2002,929 1,525 18,418 14,7502,00085,29768,9815,065 5,361 14,67243,861 22 12,5863,729 1955—June 30.... 155,26475,18328,8724,391 2,859 1,613 19,779 16,3652,42880,08163,271 3,220 1,710 16,64041,685 1612,7854,025 Oct. 5e... 157,34078,60030,8404,120 2,710 1,620 20,310 17,0803,05078,74061,780 3,380 1,390 15,82041,170 1012,9903,980 All insured commercial banks: 1941 Dec. 31 49,29021 259 9 2141 450 614 662 4,773 4,545 28,03121,046 988 3,159 12,797 4 102 3 6513,333 1945—Dec. 31.... 121,80925,765 9,461 1,314 3,164 3,606 4,677 2,361 1,181 96,04388,9122,455 19,07i 16,04551,321 22 3,8733,258 1947—Dec. 31.... 114,27437,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,69167,9412,124 7,552 5,918 52,334 14 5,129 3,621 1953—Dec. 31 143,79667,08227,0824,8672,344 1,181 16,566 14,373 1,629 76,71462,3814 89510,07612,28335,093 33 10,5873,746 1954—Dec. 31.... 154,11570,12726,731 5,108 2,907 1,501 18,302 14,676 1,973 83,98868,0124,901 5,279 14,52343,287 21 12,3523,624 1955—June 30.... 153,48874,69228,7294,319 2,834 1,589 19,661 16,2832,40078,79662,3422,996 1,667 16,47941,185 1512,5493,906 Member banks, total: 1941_Dec. 31 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,729 3,832 3,0902,871 1945—Dec. 31.... 107,18322,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,40878,3382,275 i6,98514,27144,792 16 3,2542,815 1947_Dec. 31.... 97,846.32,62816,962 1,046 811 1,065 7,130 4,662 95265,218 57,914 1,987 5,816 4,81545,286 10 4,199 3,105 1953—Dec. 31.... 122,42257,76225,519 3,2632,321 1,060 13,020 11,911 1,518 64,66052,6034,095 8,287 10,30029,890 31 8,871 3,185 1954—Dec. 31 131,60260,25025,007 3,5292,881 1,363 14,433 12,127 1,858 71,35257,8094,075 4,307 12,46436,944 20 10,4493,094 1955—June 30.... 130,78864,31526,8942,7992,808 1,440 15,594 13,4892,28566,473 52,5432,377 1,281 13,96934,903 1310,5843,346 Oct. 5.... 132,34567,38128,8002,4772,658 1,440 15,981 14,1192,90664,961 50,9312,534 960 13,11934,309 1010,7473,283 New York City:* 1941_Dec. 31 12,896 4,072 2,807 8 412 169 123 5f4 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.... 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,32510,337 606 629 1947—Dec. 31 ... 20,393 7,179 5,361 545 267 111 564 330 13,214 11,972 1,002 640 558 9,771 638 604 1953—Dec. 31.... 22,058 12,289 8,218 126 1,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 i 1,365 639 1954_Dec. 31.... 23,880 12,039 7,231 2042,041 432 467 1,232 644 11,841 9,342 785 597 1,924 6,026 10 1,977 523 1955—June 30.... 23,099 13,016 7,928 162,034 466 656 1,379 754 10,083 7,782 537 146 1,830 5,262 7 1,754 547 Oct. 5.... 23,007 13,882 8,683 11,773 449 645 1,404 1,142 9,125 6,774 330 37 1,555 4,850 2 1,816 535 Chicago:3 1941_Dec. 31 2,760 954 732 6 48 52 22 5 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 i,467 749 1,864 181 204 1947—Dec 31 . 5 088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1953—Dec. 31.... 6,204 2,776 1,912 158 286 75 70 234 96 3,428 2,856 123 450 684 1,598 400 172 1954—Dec. 31 6,518 2,784 1,847 140 345 89 91 223 105 3,734 3,120 70 241 855 1,953 415 199 1955—June 30 6 288 2,846 1,940 102 270 88 122 244 139 3,441 2,742 76 66 812 1 788 456 243 Oct. 5.... 6.210 2,968 2,140 17 223 95 128 263 164 3,242 2,537 31 39 619 1,848 468 237 Reserve city banks: 1941_Dec. 31 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945_Dec. 31 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,59429,552 1,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31.... 36,040 13,449 7,088 225 170 484 3,147 1,969 36622,59120,196 373 2,358 1,901 15,560 3 1,342 1,053 1953—Dec. 31 46,75522,763 10,568 774 308 456 5,453 4,942 61123,993 19,559 1,230 3,357 4,201 10,746 25 3,196 1,238 1954—Dec. 31.... 50,73823,986 10,624 956 407 622 6,134 4,912 72026,75221,718 1,326 1,695 4,954 13,736 7 3,782 1,252 1955_ O jucnet . 30 5.... 5 5 0 1 , , 5 3 9 2 6 3 2 27 5 , , 0 6 4 5 2 4 1 1 2 1 , , 0 2 4 1 0 0 7 54 0 3 0 4 5 4 0 4 8 6 6 5 5 8 1 6 6, , 7 6 2 0 7 3 5 5 , , 8 5 3 0 4 0 1,1 9 4 5 3 42 2 4 4 , ,2 9 8 4 1 2 1 1 9 9 , , 6 0 9 9 7 3 5 57 0 4 3 4 3 8 6 1 1 5 5 , , 4 7 3 7 7 3 1 1 2 2 , , 7 9 1 3 7 7 5 3 3 3 , ,9 9 1 0 6 7 1 1 , , 3 2 3 8 0 1 Country banks: 1941—Dec. 31... 12,518 5,890 1 676 659 20 183 1,823 30 6,628 4,377 110 481 2 926 861 1,222 1 028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707" 36329,40726,999 630 5,102 4,544 16,713 9 1,342 1,067 1947—Dec. 31.... 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,108 17,681 6 2,006 1,262 1953—Dec. 31.... 47,404 19,934 4,8222,204 59 210 7,114 5,441 33627,47022,423 1,819 3,374 4,285 12,940 5 3,911 1,136 1954—Dec. 31.... 50,46621,442 5,3062,229 89 220 7,742 5,760 38829,02423,629 1,893 1,774 4,731 15,228 3 4,275 1,120 1955—June 30.... 50,80622,799 5,815 1,980 61 234 8,214 6,366 439 28,006 22,321 1,261 587 5,55414,916 3 4,458 1,227 Oct. 5.... 51,80323,490 5,937 1,916 154 238 8,482 6,618 457 28,31322,528 1,599 523 5,50814,895 3 4,555 1,230 All nonmember banks:2 1947—Dec. 31.... 18,454 5,432 1,205 614 20 156 2,266 1,061 11113,021 11,318 206 1,973 1,219 7,916 4 1,078 625 1953—Dec. 31.... 23,287 9,838 1,685 1,702 40 142 3,681 2,551 148 13,449 10,835 909 1,951 2,139 5,834 2 1,951 662 1954—Dec. 31.... 24,337 10,378 1,859 1,671 49 161 3,993 2,623 143 13,959 11,184 991 1,054 2,209 6,928 1 2,139 636 1955—June 30.... 24,499 10,876 1,979 1,592 51 173 4,194 2,875 143 13,622 10,741 843 429 2,672 6,794 3 2,203 679 e Estimated. c Corrected. Reserve membership, insurance status, and the reserve classifications of *A11 commercial banks in the United States. These figures exclude cities and individual banks, and by mergers, etc. data for banks in U. S. possessions except for one bank in Alaska that 1 Beginning June 30, 1948, figures for various loan items are shown became a member bank on Apr. 15, 1954. During 1941 three mutual gross (i. e., before deduction of valuation reserves); they do not add to the savings banks became members of the Federal Reserve System; these total and are not entirely comparable with prior figures. Total loans banks are included in member banks but are not included in all continue to be shown net. insured commercial banks or all commercial banks. Comparability For other footnotes see opposite page. of figures for classes of banks is affected somewhat by changes in Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 31 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES* -Continued [In millions of dollars] Demand deposits Time deposits Reserves Bal- De- Cla c s a s l a l o n d f d a b te ank F B e s w R e d a i r n e e t v - r h k e a s l v C a i a n u s l h t b m a w a d n e n o i c s t k - e t h i s s c 4 ju m p s o d a a t e s d e n - i - d t d s 5 m D e [ s o d n t - e i t c e p 4 r o b s a i n t F e s i k o g r n - G U o .S v . t. p v s S o i u a l t s i a b n i t o t d i d e c n i s a - s l c C c h o a f e e e i e f t n e f c r r c d i t s d . - k i ' - s, p a v n s a p i I t d h d i r n o o t u i d r n p c n a a i e s o s - l - , r s r - , - I b n a t n e k r- P U G S i a o n . a n o g s v d S v t s - a t . l . v S p s i a u i t s o c a n i b l a o t i d d e l t n - i s s - p a v n s a p i I t h d d i r n o o t i u d r c n p n a a o i e s s - - l , r r s - - , B r i o n o g w r s - - c C o a t a u a c p n - l i t - s All commercial banks:2 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1953—Dec. 31.... 19,995 2,512 12, 103 102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 1954—Dec. 31.... 18,734 2,469 12,202 106,540 13,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—June 30.... 17,941 2,681 10,529 103,221 11,906 ,577 5.078 10,278 3.154 99,550 1,759 368 2,435 45,410 150 14,906 Oct. 5e... 18,440 2,680 10,530 104,900 12,150 ,560 3,700 9,680 2,920 101,410 1,780 360 2,350 45,780 1,280 15,260 All insured commercial banks: 1941 _Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 c1,762 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 ,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—Dec. 31.... 18,734 2,444 11,854 105,471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 21 14,252 1955—June 30.... 17,941 2,655 10,241 102,247 11,801 1,534 5,064 10,150 3,131 98,712 1,459 368 2,374 45,135 137 14,579 Member banks total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945_Dec. 31.... 15,811 1,438 7, 117 64,184 12,333 1,24322,179 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 1C,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 43I1K316 1954—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 Oct. 5.... 18,437 2,003 6,447 88,358 11,720 1,513 3,258 7,462 2,678 87,091 1,466 325 1,875 36,776 1,197 12,734 New York City:* 1941_Dec. 31 5,105 93 141 10,761 ,595 607 866 319 450 11 282 6 29 778 1 648 1945_Dec. 31.... 4,015 111 78 15,065 ,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 ,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 ,363 1,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 1954—Dec. 31.... 4,398 126 67 16,500 z,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 2,129 1,187 1,131 374 1,252 17,300 1,137 57 110 2,114 10 2,715 Oct. 5.... 4,265 145 81 15,745 .,910 1,171 675 306 1,087 16,895 1,121 58 72 2,142 516 2,728 Chicago:^ 1941_Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31 1,070 30 175 3 737 1,196 21 72 285 63 3^853 2 9 902 426 1953—Dec. 31.... 1,287 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 1954—Dec 31 . 1 177 29 162 4 400 1,264 40 251 274 80 4 622 18 6 10 1 280 600 1955—June 30.... 1,021 28 127 4,024 1,125 39 343 288 79 4^238 16 6 10 1,287 612 Oct. 5 987 28 94 3,881 1,229 38 200 240 66 4,167 17 6 10 1,278 '"'23 620 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 A,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—Dec. 31.... 7,783 558 2, 327 32,694 6,946 259 1,457 2,876 866 33,677 239 111 965 14,399 '"•3 4,300 1955—June 30 7,359 634 2 232 32,024 e5,979 289 1,843 3,021 757 32,681 277 117 1,018 14,871 50 4,492 Oct. 5.... 7,607 626 2,022 32,243 6,304 290 1,325 2,622 750 33,263 310 106 944 14,965 524 4,579 Country banks: 1941—Dec. 31.... 2,210 526 3 216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945_Dec. 31.... 4,527 796 4 665 23,595 ,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 ,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 ,288 12 1,216 4,063 820 31,636 15 153 615 16,921 20 4,194 1954—Dec. 31 5,377 1,129 5,057 36,242 ,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 ,249 15 1,339 4,433 831 31,487 19 158 830 18,232 55 4,642 Oct. 5.... 5,579 1,205 4,251 36,489 ,276 15 1,057 4,293 775 32,765 19 156 850 18,390 134 4,806 All nonmembei banks:2 1947—Dec. 31 544 3 947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1953—Dec. 31 642 4 550 16,325 586 52 390 2 016 213 14 351 146 30 350 8,426 19 2,245 1954—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 Dec. 31, 1942, aggregated $513 million at all member banks and $525 available prior to 1947; summary figures for earlier dates appear in the million at all insured commercial banks. preceding table. 5 Demand deposits other than interbank and U. S. Govt., less cash items 3 Central reserve city banks. reported as in process of collection. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on For other footnotes see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans i U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e n a e n t n d a s t s t l s - j i L m u n a s o a v e n t d a e n e d - n s d t t s s - * j L us o a t d a e - n d s i i C t n m c a r o d i i n e a a m u d r l l s - , , - - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C t f a e i e f t b i i e r n - t - s - - Notes Bonds: O s ri e t t c h ie u e s - r b L a o t n a o k n s s t a c u g u r r l a - i- l G U l t o i i o g o b . v a S n - - t . s . O c t s u t i e e h r - i s e - rG U l t o i i o g o b . v a S n - - t . s .O c t s u t i e h e r - s i e - r n e e d s - s Total— Leading Cities 1954_Dec 86,965 86,181 40,543 22,334 2,538 1,062 7,128 8,141 37,028 2,491 2,547 8,377 23,613 8,610 784 1955_Oct 86,324 85,458 45,930 25,082 2,624 1,195 8,015 9,750 30,891 1,058 1,148 8,023 20,662 8,637 866 Nov 86,36f 85,473 46,903 25,683 2,622 1,248 8,138 9,950 30,168 794 1,007 7,646 20,721 8,402 889 Dec 87,290 86,182 48,019 26,433 2,816 1,264 8,154 10,094 29,875 1,134 949 7,079 20,713 8,288 1,108 Oct. 5.... 85,502 84,616 45,641 25,010 2,567 1,177 7,972 9,650 30,282 989 480 8,103 20,710 8,693 886 Oct. 12.... 86,935 86,1Of 46,035 25,114 2,705 1,198 8,001 9,754 31,419 1,141 ,544 8,082 20,652 8,648 833 Oct. 19.... 86,509 85,54: 45,974 25,082 2,636 1,180 8,040 9,771 30,941 1,035 ,300 7,959 20,647 8,627 967 Oct. 26.... 86,350 85,571 46,071 25,124 2,587 1,224 8,049 9,824 3"0,922 1,067 ,266 7,948 20,641 8,578 779 Nov. 2.... 86,356 85,623 46,499 25,303 2,689 ,245 8,073 9 92<16 30,559 842 ,196 7,877 20,644 8,565 733 Nov. 9.... 86,013 85,259 46,604 25,485 2,593 ,248 8,106 9,910 30,300 775 ,088 7,741 20,696 8,355 754 Nov. 16 86,790 85,781 47,017 25,783 2,646 ,249 8,143 9,935 30,377 932 ,053 7,645 20,747 8,387 1,009 Nov. 23.... 86,167 85,369 47,067 25,833 2,578 ,249 8,181 9,964 2299,961 787 872 7,559 20,743 8,341 798 Nov. 30.... 86,487 85,337 47,331 26,014 2,605 ,248 8,188 10,015 29,643 636 824 7,406 20,777 8,363 1,150 Dec. 7 86,419 85,451 47,552 26,117 2,714 ,252 8,156 10,053 29,559 690 939 7,174 20,756 8,340 968 Dec. 14 86,951 85,698 47,844 26,317 2,787 ,261 8,156 10,063 29,559 778 991 7,094 20,696 8,295 1,253 Dec. 21 87,929 86,846 48,324 26,627 2,910 ,270 8,158 10,102 30,260 1,534 956 7,051 20,719 8,262 1,083 87,864 86,736 48,356 26,67.3 2,852 1,271 8,147 10,15930,122 1,535 910 6,997 20,680 8,258 1,128 Dec. 28 New York City 24,081 23,623 11,788 7,563 4791,371 387 458 1,707 9,382 840 497 2,002 6,043 2,453 458 1954_Dec 23,102 22,574 13,443 8,692 217 ,622 448 618 2,049 6,837 393 203 1,505 4,736 2,294 528 1955_Oct 22,961 22,408 13,713 8,896 178 ,664 477 612 2,089 6,564 234 165 1,363 4,802 2,131 553 Nov 23,444 22,723 14,068 9,104 206 ,805 478 577 2,098 6,536 353 131 1,171 4,881 2,119 721 Dec Oct. 5 22,921 22,388 13,381 8,749 180 ,597 440 627 1,991 6,672 325 40 ,526 4,781 2,335 533 Oct. 12 23,298 22,821 13,488 8,701 337 ,528 441 621 2,063 7,016 426 336 ,529 4,725 2,317 477 Oct. 19 23,145 22,504 13,455 8,654 140 ,745 440 621 2,058 6,768 364 199 ,488 4,717 2,281 641 Oct. 26 23,045 22,585 13,449 8,665 212 ,616 471 604 2,084 6,893 457 237 ,477 4,722 2,243 460 Nov. 2 22,996 22,572 13,640 8,766 ,647 479 603 2,094 6,701 301 213 ,468 4,719 2,231 424 Nov. 9 22,764 22,309 13,618 8,810 173 ,666 480 608 2,084 6.600 250 159 ,404 4,787 2,091 455 Nov. 16 23,127 22,477 13,751 8,928 183 ,664 478 616 2,085 6,614 269 155 ,351 4,839 2,112 650 Nov. 23 22,825 22,322 13,718 8,943 126 ,673 476 617 2,086 6,499 219 136 ,316 4,828 2,105 503 Nov. 30 23,095 22,362 13,841 9,033 156 ,668 472 618 2,098 6,408 130 162 ,278 4,838 2,113 733 Dec. 7 23,134 22,550 13,964 9,053 129 ,808 474 598 2,103 6,450 175 171 ,252 4,852 2,136 584 Dec. 14 23,377 22,483 13,990 9,061 191 ,798 477 582 2,083 6,367 201 127 ,171 4,868 2,126 894 Dec. 21 23,674 22,993 14,157 9,131 262 ,820 482 571 2,091 6,725 552 125 ,143 4,905 2,111 681 Dec. 28 23,591 22,865 14,160 9,173 241 ,795 478 557 2,115 6,601 486 99 1,117 4,899 2,104 726 Outside New York City 1954—Dec 62,884 62,558 28,755 14,771 659 6,670 6,434 27,646 ,651 2,050 6,375 17,570 6,157 326 1955—Oct 63,222 62,884 32,487 16,390 785 733 7,397 7,701 24,054 665 945 6,518 15,926 6,343 338 Nov 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 Dec 63,846 63,459 33,951 17,329 805 768 7,577 7,996 23,339 781 818 5,908 15,832 6,169 387 Oct. 5 62,581 62,228 32,260 16,261 790 723 7,345 7,659 23,610 664 440 6,577 15,929 6,358 353 Oct. 12 63,637 63,281 32,547 16,413 840 743 7,380 7,691 24,403 715 1,208 6,553 15,927 6,331 356 Oct. 19 63,364 63,038 32,519 16,428 751 726 7,419 7,71324,173 671 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 7,83223,858 541 983 6,409 15,925 6,334 309 Nov. 9 63,249 62,950 32,986 16.675 754 753 7,498 7,82623,700 525 929 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 7,87823,462 568 736 6,243 15,915 6,236 295 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 Dec. 7 63,285 62,901 33,588 17,064 777 760 7,558 7,95023,109 515 768 5,922 15,904 6,204 384 Dec. 14 63,574 63,215 33,854 17,256 798 767 7,574 7,980 23,192 577 864 5,923 15,828 6,169 359 Dec. 21 64,255 63,853 34,167 17,496 828 770 7,587 8,011 23,535 982 831 5,908 15,814 6,151 402 Dec. 28 64,273 63,871 34,196 17,500 816 773 7,590 8,04423,521 1,049 811 5,\ ~ 15,781 6,154 402 !' Exclusive of loans to banks and after deduction of valuation reserve; 2 Includes guaranteed obligations. individual loan items are shown gross. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 33 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Month or date s B F w e R a r . i e v R n t - h e k . s s C va i a n u s l h t b m a w B n a d e a o n i c s l t - e k - h t s i s c j p m u D o d a s a t s e d e e n - i - - d t d s 3 s p I p u n c v h a n o a a o e i n i d r d r l p r r d s a i t - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t n d i - i e l t s - - s c C h c o f a e e e e i f t n e c r c f r d i d t . s k - i ' s - , G U o . v t S . . s p I p u n c v h a n o a a o e i n i d r r d l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t n d i - i e l t - s - s G P U S i a o o . a n s n v g v S t d t - s a . . l m D t e D i o c s - - eman F e d o ig r n - Time F B F a r . n o R k m . s F ot r h o er m s C i a ta p l tions tions Total— Leading Cities 1954—Dec 14,107 1,052 2,706 57,478 59,275 3,876 2,289 3,38718,674 ,182 20611,556 ,404 1,448 816 8,156 1955—Oct 13,533 998 2,502 56,20958,773 3,708 1,965 3,14419,296 968 20010,645 ,462 ,423 732 488 8,404 Nov 13,478 992 2,456 56,336 58,815 3,972 2,151 2,86419,252 957 20510,607 ,433 ,457 774 490 8,466 Dec 13,640 1,141 2,620 58,358 61,139 3,901 2,078 1,99519,273 979 20410,860 ,449 ,368 544| 680 8,460 Oct. 5 13,307 2,509 55,860 57,857 3,790 2,049 2,364 19,249 979 20210,863 ,490 ,440 5481 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 ,452 ,416' 773! 488 8,401 Oct. 19 13,713 990 2,453 56,29359,145 3,606 1,996 3,284 19,292 966 19910,614 ,474 ,415: 710| 623 8,393 Oct. 26 13,772 1,012 2,441 57,066 59,094 3,793 1,777 2,932 19,324 954 20010,218 ,433 ,419| 897 308 8,433 Nov. 2 13,899 948 2,381 56,394 58130 4,055 1,968 2,876 19,356 952 20510,593 ,470 ,452 1,109 351 8,456 Nov. 9 13,382 1,041 2,386 55,95557,994 3,963 2,071 2,496 19,338 947 20610,687 ,448 ,443 1,106! 326 8,468 Nov. 16 13,285 977 2,686 .5. 6_,,0. 47.5.9,817 3,976 2,433 3,115 19,195 954 20511,246 ,456 ,476 472| 626 8,453 Nov. 23 13,392 969 2,340 56,386 58,662 3,895 2,049 2,962 19,180 961 20510,219 ,409 ,472 426 8,458 Nov. 30 13,431 1,023 2,487 56 900 59,475 3,971 2,234 2,870 19,192 971 20410,288 ,380 ,443 495! 723 8,495 Dec. 7 13,435 1,060 2,356 57,256 59 3,847 1,878 1 89019,197 979 20310,546 ,421 ,403 842 589 8,471 Dec. 14.... 13,570 1,175 2,629 58,,558 61 3,863 2,076 1,52119,259 976 20510,802 ,447 ,377 384 825 8,447 Dec. 21 13,901 1,134 2,692 5588,,739 61 3,869 2,083 2,32919,283 990 20511,035 ,437 ,359| 5721 668 8,451 13,655 1,194 2,801 58,882 62,166 4,026 2,277 2,23919,354 969 20411,057 ,491 ,334 377| 640 8,470 Dec. 28.... New York City 4,498 181 5416,41517,630 310 1,304 967 2,060 220 3,211 ,133 ,185 389 2,770 1954—Dec 4,278 150 6815,68416,957 301 1,025 1,104 2,074 83 2,898 ,129 ,100J 269 2,703 1955_Oct 4,i3r 159 7715,42916,811 335 1,101 924 2,075 95 2,938 ,108 ,151 166! 277 2,715 Nov 4,278 192 6916,38017,888 271 1,015 603 2,090 98 3,018 ,121 ,092 94| 301 2,694 Dec Oct. 5 4,254 146 7515,71916,887 306 1,070 675 2,076 85 2,908 ,162 ,105 2001 334 2,705 Oct. 12 4,16f 158 7015,37116,798 304 1,090 1,464 2,095 86 2,920 ,124 ,0971 133! 269 2,703 Oct. 19.... 4,299 146 6215,66117,019 259 1,049 1,219 2,051 84 2,924 ,139 ,097! 63! 276 2.703 Oct. 26.... 4,395 151 6415,98417,123 337 890 1,059 2,075 78 2,838 ,092 ,102 87 197 2,700 Nov. 2 4,535 148 5615,71116,637 472 994 1,022 2,098 81 2,S96 ,143 ,137 244 S 254 718 Nov. 9 4, 188 6115,17116,491 382 1,126 864 2,088 100 2,941 ,118 ,138! 306 j 243 716 Nov. 16 3,725 151 9415,13716,858 289 1,242 968 2,054 98 3,055 ,133 ,169j 53 262 710 Nov. 23 4,14^ 157 5815,40216,690 255 996 884 2.053 99 2,851 ,087 ,166! 194 277 704 Nov. 30 4,139 153 11615,72517,377 279 1,147 881 2,083 2,947 ,060 ,143 30| 351 2,726 Dec. 7 4,236 186 6916,16117,258 319 884 575 2,067 99 2,907 ,101 ,114 155) 297 2,698 Dec. 14 4,280 210 8016,58818,207 295 1,013 443 2,103 102 3,010 ,130 ,096j 293 2,694 Dec. 21 4,391 189 16,42017,904 207 968 708 2,087 103 3,048 ,109 ,086! 147| 398 2,690 Dec. 28 4,205 183 16,35318,181 265 1,195 686 2,104 87 3,106 ,146 ,O73i 75i 217 2,693 Outside New York City 1954—Dec 9,609 871 2,652 41,06341,645 3,566 985 2,42016,614 962 152 8,345 271 263 427 5,386 1955—Oct 9,255 848 2,434 40,52541,816 3,407 940 2,040 17,222 144 7,747 333 323 611 219 5,701 Nov 9,346 833 42,004 3,637 1,050 1.940 17,177 862 147 7.669 325 306 6081 213 5,751 Dec 9,362 949 2', 55141,978 43,251 3,630 1,063 1,392 17,183 881 145 7,842 328 276 450 379 5,766 Oct. 5 9,053 822 2,434 40,14140,970 3,484 979 1,68917,173 894 146 7.955 328 335 348 198 5,687 Oct. 12 9,176 864 2,533 40,24742,198 3,3371 951 2,53117,223 887 144 7,963 328 319 640 219 5,698 Oct. 19 9,414 844 2,391 40,63'42,126 3,347 947 2 06517,241 88: 143 7,690 335 318 647 347 5,690 Oct. 26 9,377 861 2,377 41,08241,971 3,456 887 1,87317,249 876 144 7,380 341 317 810 in 5,733 Nov. 2 9,364 800 2,325 40,68341,493 3,583 974 1,854 17.258 871 146 7,697 327 315 865 97 5,738 Nov. 9 9,271 853 2,325 40,784 4'1',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 40,91042,959 3,687 ,191 2,147 17,141 856 147 8,191 323 307 419 364 5,743 Nov. 23 9,245 812 2,28 40,984 41,972 3,6^0 ,053 2,078 17,127 86: 147 322 306 492 149 5,754 Nov. 30 9,29: 870 2,37141,17542,098 3,692 ,087 1,989 17,109 873 146 320 300 465 372 5,769 i Dec. 7 9,199 874 2,287 41,09541,842 3,528 994 1,315 17,130 880 144 320 289 687J 292 5,773 Dec. 14 9,290 965 2,549 41.97043.733 3,568 ,063 1,078 17,156 874 146 317 281 3841 532 5,753 Dec. 21.... 9,510 945 2,62«16 42,31943,444 3,662 ,115 1,621 17,196 887 146 328 273 425 i 270 5,761 Dec. 28 9,450 1,011 2,73942,52943, \ 3,761 ,082 1,553 17,250 145 345 261 302 ( 423 5,777 3 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for At>ril 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Business of borrower Comm'l ind'l, Manufacturing and mining and agr'l Perioda t l o F i b q a o a n u o c d o d c r , o , a T l p e e a p a x n t a t h d i r l e e e r l s , , M m p u a r e c e n o t t t d a d s a 3 l - l s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( r T w e a s r h t 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 o i u i i a l o n r b i n c n t t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d g s t i e - s c r h w b e a a e p i n a n e n o g l g k l k r e l s t — y rubber 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 -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 July-Dec 480 71 224 208 63 327 469 704 -7 106 370 3,016 42,875 1955 Oct 161 -55 22 -13 163 159 -204 -109 17 40 180 4464 Nov 135 -57 88 76 2 87 108 315 73 22 49 899 890 Dec 62 2 145 56 8 -44 -7 482 -65 5 58 700 659 Week ending: Oct. 5 39 2 -6 23 -3 10 41 6 -83 3 23 53 4350 Oct. 12 39 2 22 -11 5 69 34 -122 -5 9 35 73 104 Oct. 19 49 -26 -2 -8 46 31 -60 -20 -3 -11 -4 -32 Oct. 26 34 -29 -14 10 -6 38 53 -28 7 -7 58 42 Nov. 2 38 -27 3 5 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 -7 66 50 Nov. 30 -2 -14 15 54 9 -4 12 107 9 6 13 203 181 Dec. 7 23 -7 26 -12 6 6 100 -29 -2 -5 105 103 Dec. 14 9 18 38 14 12 -1 -6 132 -81 12 37 183 200 Dec. 21 53 10 68 23 -2 3 9 134 5 -13 290 310 Dec. 28 -23 -19 13 31 -3 -52 -15 111 44" * -10 38 121 46 iData for a sample of about 210 banks reporting changes in their 2 Figures for other than weekly periods are based on weekly changes larger loans; these banks hold over 90 per cent of total commercial during period. and industrial loans of all weekly reporting member banks and nearly 3 Includes machinery and transportation equipment. 70 per cent of those of all commercial banks. 4 Includes increase of $318 million resulting from errors disclosed incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dolfcir acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Banks Im- Ex- shipped between Placed direct- Oth- ports ports Dollar points in: Total through ly into from exdealers] ( p f a in 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 O ac w ct n . F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign corr. States countries 1949 837 270 567 272 128 58 70 11 133 184 49 30 9 1950 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 Nov 2,032 769 1,263 768 313 241 71 19 437 248 164 42 247 66 Dec 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 Jan 2,064 713 ] 351 869 282 206 77 23 564 273 187 17 303 90 Feb . . 2,187 703 ,484 831 242 182 61 28 561 235 178 41 283 93 Mar 2,191 681 1,510 807 236 187 49 4 29 538 227 182 56 248 93 Apr 2,171 623 1,548 767 206 164 42 17 28 517 229 189 68 190 92 May . . .. 2,335 572 ,763 686 192 143 49 14 26 453 207 188 53 150 88 June 2,303 572 ,731 655 182 138 44 16 26 431 216 189 40 125 85 July 2,411 593 ,818 650 184 144 40 10 23 433 223 186 41 108 92 Aug 2,359 580 ,779 655 186 142 44 14 27 427 220 182 41 111 101 Sept 2,245 564 ,681 671 190 147 43 21 27 433 253 189 33 108 87 Oct 2,255 547 ,708 662 189 144 45 16 26 430 258 201 33 82 87 Nov 2,283 542 741 642 187 134 52 17 27 410 259 205 20 73 86 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 35 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) mo Y w n e e t a h e r k , , or m 4 m p P - c o a e r o t n p i r o m m c e t i h r - e 6 a , s l - 1 3 p d n p - c p l i a a o a r l a t y n p e o c m n , c c e e y - t 6 e r d - - a a P b d c n e a r a c 9 r c i n y e 0 s m e ' k p s s e 1 - t , - M 3 k - a e m t r- on s t o e h n c R u b a n r i t l e i e l t w s ies 9 i m ( - s t t s a o o u x n e a 1 t s b h 2 2 l - e) 3 is - y s t e u o a e r s 5 3 - Annu A al re a a v e a ra n g d e s p , eriod lo A a l n l s 1 1 - 0 1 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 yield issues 19 large cities: 1953.. 3.7 5.0 4.4 3.9 3.5 1954 3.6 5.0 4.3 3.9 3.4 1953 average 2.52 2.33 1.87 .90 1.931 2.07 2.56 1955 3.7 5.0 4.4 4.0 3.5 1954 average 1.58 1.42 1.35 .94 .953 .92 1.82 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 Quarterly: 19 large cities: 1954—Dec 1.31 1.25 1.25 L.14 1.174 1.10 1.94 1955—Mar 3.54 4.93 4.29 3.83 3.30 June 3.56 4.92 4.29 3.83 3.33 1955—Jan 1.47 1.37 1.33 1.23 .257 1.36 2.11 Sept 3.77 4.98 ^4.44 3.99 3.56 Feb 1.68 1.50 1.38 1.17 .177 1.41 2.18 Dec... 3.93 5.01 4.52 4.14 3.75 Mar 1.69 1.50 1.38 1.28 .335 1.49 2.30 New York City: Apr 1.90 1.73 1.43 1.59 .620 1.71 2.39 1955—Mar 3.29 4.68 4.14 3.65 3.14 May 2.00 1.88 1.50 1.45 .491 1.72 2.40 June 3.30 4.73 4.18 3.62 3.15 June 2.00 1.82 1.50 L .41 .432 1.71 2.42 Sept 3.54 4.83 4.39 3.87 3.39 July 2.11 1.87 1.50 1.60 .622 1.88 2.54 Dec. 3.76 4.86 4.48 4.00 3.64 Aug 2.33 2.02 1.67 1.90 .876 2.12 2.73 7 Northern & Eastern Sept 2.54 2.28 2.08 2.07 >.O86 2.14 2.72 cities: Oct 2.70 2.46 2.23 2.23 >.259 2.19 2.58 1955—Mar 3.55 5.02 4.32 3.84 3.35 Nov 2.81 2.53 2.17 2.25 2.225 2.28 2.70 June 3.55 4.97 4.29 3.78 3.37 Dec 2.99 2.80 2.43 2.54 >.562 2.56 2.83 Sept 3.76 5.06 4.43 3.99 3.58 Dec 3.95 5.08 4.52 4.16 3.79 Week ending: 11 Southern & Western Dec. 3... 2.88 2.63 2.25 2.41 >.45O 2.44 2.80 cities: Dec. 10. .. 3.00 2.70 2.35 2.48 >.465 2.47 2.81 1955—Mar 3.87 5.00 4.35 3.92 3.54 Dec. 17. .. 3.00 2.84 2.48 2.54 >.591 2.51 2.83 June 3.95 4.98 4.34 4.01 3.67 Dec. 24... 3.00 2.88 2.50 2.63 >.618 2.62 2.84 Sept 4.11 5.01 4.47 4.07 3.88 Dec. 31. .. 3.00 2.88 2.50 2.58 1.688 2.73 2.87 Dec 4.17 5.06 4.54 4.22 3.91 1 Averages of daily prevailing rates. c Corrected. 2 Includes certificates of indebtedness and selected note and bond issues. NOTE.—For description see BULLETIN for March 1949, 3 Includes selected note and bond issues. pp. 228-237. BOND AND STOCK YIELDS i [Per cent per annum] State <ind locail govt.bonds Corporate bonds4 Industrial stocks U. S.Govt. bonds Ye o ar r , w m e o ek nth, (long-term) ob G lig e a n t e i r o a n l s4 Rev- By r a s t e in le g c s ted gr B ou y ps D pr i i v c i e d e r n at d i s o / p E r a ic rn e i r n a g ti s o / enue Totals se O ri l e d s2 s N er e ie w s3 Totals Aaa Baa bonds 6 Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P rr r e e d - 7 C m o o m n4 - m Co o m n8 - Number of issues.... 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 1953 average 2.93 3.16 2.82 2.31 3.41 3.02 3.43 3.20 3.74 3.30 3.55 3.45 4.27 5.51 10 14 1954 averase 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 1955 average 2.80 2.94 2.57 2.18 3.14 2.85 3.25 3.06 3.53 3.19 3.34 3.22 4.01 3.93 1954—Dec 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 Jan 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 Feb 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 Mar 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 Apr 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 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 Aug 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 Sept 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 Oct 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 Nov 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 Dec 2.88 2.97 2.70 2.29 3.25 2.97 3.33 3.15 3.62 3.26 3.42 3.31 4.05 3.92 Week ending: 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 Dec 10 2 88 2 96 2 68 2 28 3 25 2 97 3 32 3 13 3 61 3 24 3 41 3 30 4 04 3 92 Dec 17 2 88 2 97 2 71 2 30 3 25 2 99 3.34 3 17 3 62 3.26 3 43 3 32 4 04 3 97 Dec 24 2 97 2 73 2 30 3.25 2.99 3.35 3.17 3.63 3.27 3.43 3.32 4 05 3 95 Dec 31 2.89 2.96 2.73 2.30 3.26 2.99 3.34 3.16 3.63 3.27 3.43 3.32 4.07 3.92 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. and corporate bonds. Yields of State and local govt. general obligations 5 Includes bonds rated Aa and A, data for which are not shown sepaare based on Thursday figures; of revenue bonds, on Friday figures; and rately. Because of a limited number of suitable issues, the number of of preferred stocks, on Wednesday figures. Figures for common stocks corporate bonds in some groups has varied somewhat. are as of the end of the period, except for annual averages. 6 Dow-Jones and Co. 2 Includes fully taxable, marketable 2Vi per cent bonds due or first 7 Standard and Poor's Corporation. Ratio is based on 9 median yields callable after 12 years, through Sept. 30, 1955, and those due or callable in a sample of noncallable issues, 12 industrial and 2 public utility. in 10-20 years, beginning Oct. 1, 1955. 8 Computed by Federal Reserve from data published by Moody's In- 3 The 3*4 per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the vestors Service. 3 per cent bond of February 1995. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 SECURITY MARKETS SECURITY PRICES l Bond prices Common stock prices Vol- U. S. Govt. Standard and Poor's series Securities and Exchange Commission series ume (long-term) (index, 1935-39= 100) (index, 1939= 100) of Year, month, Mu- C p o o r - - tr i a n d g - 5 or week nicipal rate Manufacturing Trade, (in O ri s e l e d s - 2 N ri s e e e s w - 3 g ( r h a i d g e h ) - g ( r h a i d gh e) - 4 Total t d I r u n ia s - - l R ro a a i d l- P u i l u t t i i y b c l - - Total Total r D ab u l - e N ra d o b u n l - e - T p t r o i a o r n n ta s - - P u i u l t t i i y b c l - - n s a a e i f n c n r i- e d v c - e, M in i g n- s s t h h a a o n o r f d u e s s - ) Number of issues... 3-7 1-2 15 17 480 420 20 40 265 170 98 72 29 31 14 1953 average 93.90 101.46 119.7 112.1 189 204 170 122 193 220 193 245 219 122 207 240 1,419 1954 average.... 99.51 109.60 125.8 117.2 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1955 average.... 95.97 103.36 123.1 114.4 342 341 248 152 305 374 352 394 320 153 297 313 2,578 1954—Dec 98.67 109.91 126.6 117.0 265 297 218 144 268 323 298 345 285 144 268 310 3,475 1955—Jan 97.88 108.43 125.4 116.7 269 302 222 145 271 326 307 344 288 145 270 314 3,555 Feb 96.97 103.51 125.0 115.7 278 312 232 150 281 340 320 358 300 150 276 315 3,201 Mar 97.08 103.63 124.4 115.4 278 311 238 150 280 337 318 354 305 151 275 315 2,907 Apr 96.31 103.43 124.9 115.3 286 322 252 152 287 347 327 365 320 152 277 311 2,689 May 96.53 103.66 125.1 114.7 285 320 251 152 289 350 324 372 326 154 280 303 2,163 June 96.37 103.75 123.9 114.5 301 341 259 153 303 370 344 393 154 294 314 2,643 July 94.96 102.73 121.4 114.3 315 360 256 156 319 395 366 421 334 157 304 317 2,423 Aug 94.51 101.57 120.5 113.2 311 354 250 156 315 390 368 410 324 156 302 311 1,818 Sept 94.87 101.95 121.3 113.1 323 371 257 155 327 407 387 425 331 155 320 317 2,862 Oct 95.83 102.75 122.5 113.6 306 350 241 151 310 385 365 403 309 151 307 294 2,008 Nov 95.46 102.73 122.6 113.7 322 369 255 154 328 411 389 430 325 154 325 -312 2,319 Dec 95.07 102.62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 2,428 Week ending: Dec. 3... 95.01 102.65 121.2 113.1 327 375 266 155 332 415 394 434 338 155 329 329 2,498 Dec. 10... 95.09 102.58 120.3 113.0 328 377 261 154 335 421 400 440 336 155 324 332 2,619 Dec. 17... 95.08 102.59 119.6 112.1 325 374 256 153 331 415 392 436 327 154 320 323 2,437 Dec. 24. .. 95.11 102.61 119.6 111.9 328 378 257 153 334 420 397 441 328 154 321 324 2,388 Dec. 31... 94.96 102.66 119.6 112.4 327 377 257 153 335 422 396 445 329 154 321 323 2,252 c Corrected. or first callable after 12 years through Sept. 30, 1955, and those due or 1 Monthly and weekly data for U. S. Government bond prices and callable in 10-20 years beginning Oct. 1, 1955. volume of trading are averages of daily figures; for other series monthly 3 The 3VA per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3 and weekly data are based on figures for one day each week—weekly per cent bond of February 1995. closing prices for common stocks (Securities and Exchange Commission) 4 Prices derived from average yields, as computed by Standard and and Wednesday closing prices for all others. Poor's Corporation, on basis of a 4 per cent 20-year bond. 2 Series composed of fully taxable, marketable 1x/i per cent bonds due 5 Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 E W nd e d o n f e s m d o ay n th o f o m r o la n s t t h U o s . t T e h S c o e u . r t r G a i t t h l i o - e a v s n t. N N ew e t Y d o e r b k i t f S i b r t a m o l c s a k 1 n c E e x s c w ha it n h ge ch b a B r s o a i k n n e g k r s a l o n a a d n n d s c a d t r o e r a y o l i e n t r h g s e ) r s s f e o c ( r u t h r p i a u t n i r e - s2 Money borrowed Cu f s n r t e e o e t mer obligations credit (co c l o . l. 3 5) + U o S b . e c l S i u g . r a e G t d i o o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e t r ies U ob . l S ig . O a n G ti o o v ns t. se o cu O th r n i e t r ies balances 1951—Dec 1,826 40 1,253 118 573 36 659 822 1952 Dec 1,980 33 1,332 149 648 30 877 727 1953 Dec 2,445 31 1,665 88 780 88 1,074 713 1954 Nov 3,203 40 2,202 31 1 001 63 1 353 972 Dec 3,436 41 2,388 65 ,048 69 1,529 1 019 1955 Jan 3,537 42 2,517 35 ,020 77 1 620 1 069 Feb 3,643 63 2,590 39 .053 113 1,666 1 063 M^ar 3 732 49 2 652 33 080 78 1 861 1 022 Apr 3,785 48 2,704 27 ,081 74 1 988 '973 May 3,787 47 2,684 28 ,103 72 2.047 928 June 3,870 46 2,711 31 ,159 73 2.020 917 July 3,911 45 2,734 29 ,177 77 2 003 918 Aug 3,865 43 2,710 29 ,155 71 1,994 887 Sept 3,966 43 2,805 33 161 68 2,056 977 Oct 3,944 40 2,749 29 1,195 71 2 088 920 Nov 3,980 38 2,759 27 1,221 75 2,185 876 1 Ledger balances of member firms of the New York Stock Exchange Data are as of the end of the month, except money borrowed, which is as carrying margin accounts, as reported to the Exchange. Customers' debit of the last Wednesday of the month beginning June 1955. and free credit balances exclude balances maintained with the reporting 2 Data, except as noted below, are for all weekly reporting member firm by other member firms of national securities exchanges and balances banks, which account for about 70 per cent of all loans to others for purof the reporting firm and of general partners of the reporting firm. Bal- chasing or carrying securities. Figures are for the last Wednesday of the ances are net for each customer—i.e., all accounts of one customer are month. Some loans for purchasing or carrying U. S. Govt. securities are consolidated. Money borrowed includes borrowings from banks and included in column 5 after 1952; loans for that purpose are shown sepfrom other lenders except member firms of national securities exchanges. arately in column 4 for all weekly reporting member banks in 1951 and 1952 and for New York and Chicago banks thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 37 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d St l a o te c a a l n 2 d Foreign Total Bonds4 Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r End of year: 5 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1948 55,512 19,085 16,746 'I,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,405 9,829 1,990 586 34,570 31,997 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,100 9,070 2,549 481 37,462 34,194 3,268 25,976 2,298 3,127 3,523 End of month: 6 1952—Dec.. . 73,034 12,683 10,195 1,733 755 -31,417 29,226 '2,191 21,245 1,868 2,699 '3,122 1953—Dec... 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—Oct.. . '82,852 12,013 9,024 2,509 480 '36,580 33,979 '2,601 25,260 2,241 3,061 '3,697 Nov... 83,338 11,992 8,936 2,575 481 36,663 34,040 2,623 25,574 2,260 3,075 3,774 Dec... 84,052 12,037 9,021 2,533 483 36,843 34,147 2,696 25,927 2,275 3,087 3,883 1955—Jan.. . , 84,912 12,348 9,233 2,643 472 37,061 34,305 2,756 26,223 310 3,127 3,843 Feb... 85,324 12,323 9,242 2,664 417 37,130 34,367 2,763 26,474 344 3,144 3,909 Mar... 85,627 12,153 9,091 2,649 413 37,384 34,611 2,773 26,727 2,367 3,159 3,837 Apr.. . 86,061 12,167 9,105 2,643 419 37,524 34,733 2,791 26,949 2,381 3,177 3,863 May. . 86,515 12,099 9,058 2,632 409 37,693 34,906 2,787 27,217 2,407 3,190 3,909 June.. 86,967 12,086 9,046 2,629 411 37,830 35,001 2,829 27,483 2,420 3,207 3,941 July. . . 87,636 12,138 9,096 2,643 399 38,081 35,212 2,869 27,748 2,453 3,230 3,986 Aug... 88,087 12,218 9,179 2,638 401 38,071 35,196 2,875 28,001 2,471 3,245 4,081 Sept... 88,529 12,175 9,129 2,636 410 38,273 35,403 2,870 28,250 2,492 3,260 4,079 Oct.. . 89,016 12,087 9,027 2,644 416 38,534 35,655 2,879 28,563 2,506 3,271 4,055 ' Revised. 5 These represent annual statement asset values, with bonds carried on 1 Figures are for all life insurance companies in the United States. an amortized basis and stocks at end-of-year market value. 2 Includes foreign and domestic issues. 6 These represent book value of ledger assets. Adjustments for interest 3 Central government only. due and accrued and for differences between market and book values 4 Includes issues of the International Bank for Reconstruction and are not made on each item separately, but are included, in total, in "Other Development. assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Assets End of year Total2 g M ag o e r s t- 3 G U ob o .S l v i . t - . Cash Other4 S c a a v p i i n ta g l s q E u n a d r t o e f r Total2 g M ag o e r s t- 3 G U o o b . l v S i t - . . Cash Other4 S c a a v p i i n ta g l s gations gations 1941 6,049 4,578 107 344 775 4,682 1953—4 .. 26,638 21,882 1,923 1,500 1,258 22,778 1945 8,747 5,376 2,420 450 356 7,365 1954—1 P 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 30,168 25,053 1,972 1,671 1,400 25,895 1950 16,846 13,622 1,489 951 692 13,978 Ap 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 21,882 923 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 36,233 30,616 2,339 1,581 1,632 30,516 p Preliminary. 3 Net of mortgage pledged shares. 1 Figures are for all savings and loan associations in the United States. 4 Includes other loans, stock in the Federal home loan banks and other 2 Includes gross mortgages with no deduction for mortgage pledged investments, real estate owned and sold on contract, and office building shares. and fixtures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and corporation or agency1 1954 1955 1948 1949 1950 1951 1952 1953 Loans, by purpose and agency: To aid agriculture, total 3,632 4,362 4,161 5,070 6,811 6,527 6,929 7,466 6,362 Banks for cooperatives 305 302 345 425 424 311 343 367 340 322 Federal intermediate credit banks 426 437 510 633 673 590 754 638 725 847 Federal Farm Mortgage Corporation. 80 60 45 34 25 18 15 13 12 Farmers Home Administration 2 525 523 535 539 596 648 754 701 774 "776' Rural Electrification Administration. . 999 1,301 1,543 1,742 1,920 2,096 2,200 2,226 2,253 2,286 Commodity Credit Corporation 1,293 1,729 898 782 1,426 3,076 2,457 2,981 3,357 2,137 Other agencies 5 9 7 6 6 5 4 4 4 To aid home owners, total 768 1,251 1,528 2,142 2,603 2,930 2,818 2,907 3,013 3,095 Federal National Mortgage Assn 199 828 1,347 1,850 2,242 2,462 2,392 2,461 2,538 2,593 Home Owners' Loan Corporation3. . . 369 231 10 Reconstruction Finance Corporation4. 177 168 137 123 115 108 V O e th te e r r a n a s g e A n d ci m es inistration • 22 24 35 169 246 \ f 3 6 0 0 0 36 5 7 9 3 6 8 3 3 4 6 0 7 8 4 7 3 2 0 To railroads, total 140 114 110 101 82 79 12 12 11 13 Reconstruction Finance Corporation4. 138 112 108 99 80 11 Other agencies 3 3 2 2 2 2 12 12 11 13 To other industry, total 310 462 458 488 516 509 413 420 426 426 Reconstruction Finance Corporation4. 272 423 400 415 457 294 D O e th p e a r r t a m g e en n c t ie o s f the Treasury 38 38 58 74 58 / 1 17 4 4 0 34 6 9 4 35 6 3 7 35 7 3 3 3 7 4 8 8 To financing institutions, total. 525 445 824 814 864 952 691 870 704 1,019 Federal home loan banks... 515 433 816 806 864 952 689 868 702 1,017 Other agencies no 2 2 2 2 Foreign, total 6,102 6,090 6,078 6,110 7,736 8,043 7,968 8,001 7,968 8,032 Export-Import Bank 2,145 2,187 2,226 2,296 2,496 2,833 2,788 2,806 2,768 2,774 Reconstruction Finance Corporation4. 206 154 101 64 58 52 U. S. Treasury Departments 3,750 3,750 3,750 3,750 3,667 3,620 3,618 3,570 3,570 3,567 Foreign Operations Administration3. . 1,515 1,537 1,563 1,624 1,630 1,692 All other purposes, total 584 484 531 779 1,095 763 451 438 451 474 Reconstruction Finance Corporation4. 190 88 59 61 50 57 Public Housing Administration 294 297 366 609 919 535 144 113 119 100 Other agencies 100 99 105 109 126 171 307 325 332 374 Less: Reserve for losses 368 476 185 173 140 203 276 228 259 494 Total loans receivable (net). 11,692 12,733 13,228 14,422 17,826 19,883 18,603 19,348 19,782 18,927 Investments: U. S. Government securities, total 1,854 2,047 2,075 2,226 2,421 2,602 2,988 2,967 3,187 3,108 Banks for cooperatives 43 43 43 43 43 43 43 43 43 43 Federal intermediate credit banks 44 74 46 51 60 63 58 61 60 60 Production credit corporations 66 39 42 43 43 45 42 42 42 42 Federal home loan banks 274 275 199 249 311 387 687 641 771 661 Federal Savings and Loan Insurance Corp., 199 214 193 200 208 217 222 228 234 241 Home Owners' Loan Corporation3 12 8 Federal Housing Administration 144 188 244 285 316 319 324 327 344 354 Federal Deposit Insurance Corporation. . . 1,064 1,205 1,307 1,353 1,437 1,526 1,610 1,624 1,692 1,706 Other agencies 9 1 2 1 1 1 2 2 1 Investment in international institutions. 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 133 107 78 44 40 45 Reconstruction Finance Corporation4. 98 83 71 66 36 35 47 Production credit corporations 29 22 16 11 5 4 3 3 3 Department of the Treasury 43 42 38 40 Other agencies 1 2 2 3 2 Commodities, supplies, and materials, total... 627 1,549 1,774 1,461 1,280 2,514 3,709 3,852 3,612 3,476 Commodity Credit Corporation 437 1,376 1,638 1,174 978 2,086 3,059 3,302 2,983 2,910 Reconstruction Finance Corporation4 157 142 108 129 172 156 D Ot e h p e a r r t a m ge e n n c t ie o s f the Treasury 32 30 28 159 131 { 272 5 9 5 5 6 470 5 6 6 5 4 54 1 7 9 Land, structures, and equipment, total 3,060 2,962 2,945 3,358 3,213 8,062 8,061 8,046 7,982 7,821 Public Housing Administration 1,448 1,352 1,248 1,251 1,173 1,018 8128 96 80 64 Reconstruction Finance Corporation4 630 611 605 594 199 175 Tennessee Valley Authority 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^* 189 168 206 465 590 561 1,466 1,412 1,372 1,137 Bonds, notes, and debentures payable (not guaranteed), total 965 772 1,190 1,369 1,330 1,182 1,072 1,068 1,561 1,840 Banks for cooperatives 70 78 110 170 181 150 131 156 139 123 Federal intermediate credit banks 480 490 520 674 704 619 762 640 713 811 Federal home loan banks 415 204 560 525 445 414 179 272 139 336 Federal National Mortgage Assn 570 570 c Corrected. For footn otes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL CREDIT AGENCIES 39 PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Lia in b t i e li r t a i g es e , n o c t y h e it r e m th s an Date, and corporation or agency Total Cash L c a r e o b e i a l v - e n - s m C m p s r t a l i o i u o a n i e a e m p t d s d l e s - s , i - - , - G U se o . c S v I u m n . t - . v e e n s O t r s t s i e - t t c h ie u e s - r L s t e m u t a q a r r n u e u n e d n i c s d p - t , , - O s a t e h s t - e s r a B t G u n a o b r n t u n e e y d a e s d r d s - d p , e a O n 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 - G i U n e o . t s e v t S r t - . . o v in w P a e t t r s e n e i t - r e ly - d rities U.S. All agencies 1948—Dec. 31 21,718 63011,692 627 1,854 3,518 3,060 337 965 1,66318,886 166 1949_Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 772 1,720 "2 1,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 1,190 1,193 21,995 234 1951—Dec. 313 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 1,16123,842 329 1952—Dec. 31 3 29,945 944 17,826 1,280 2,421 3,429 3,213 832 1,330 1,728 2266,456 378 1953—Dec. 31 3 38,937 1,19019,883 2,514 2,602 3,425 8,062 1,261 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 1,072 2,357 36,488 498 Dec. 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,18335,610 508 1955—Mar. 31 41,996 1,37519,782 3,612 3,187 3,429 7,982 2,629 1,561 4,001133 35,848 543 June 30 40,639 1,24418,927 3,476 3,108 3,430 7,821 2,634 1,840 3,019 35,171 568 Classification by agency June 30, 1955 Farm Credit Administration: Banks for cooperatives 388 318 123 236 28 Federal intermediate credit banks 925 847 811 107 Production credit corporations 46 45 Federal Farm Mortgage Corp 14 12 13 Department of Agriculture: Rural Electrification Administration 2,399 2,282 110 1 2,399 Commodity Credit Corporation 5,525 1,845 2,910 146 593 1,336 4,189 Farmers Home Administration 713 663 30 2 711 Federal Crop Insurance Corp 26 7 9 17 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,735 51 1,017 661 5 336 862 -3 540 Federal Savings and Loan Insurance Corp 248 1 241 6 10 238 Public Housing Administration 323 25 99 135 25 298 Federal Housing Administration 58' 45 55 354 132 171 376 Federal National Mortgage Association 2,696 85 2,594 () 17 570 37 2,088 Office of the Administrator 774 38 226 472 37 7 767 Small Business Administration 34 1 33 () () 34 Export-Import Bank 2,827 4 2,796 26 103 2,724 Federal Deposit Insurance Corp 1,717 3 (7) 1,706 () 8 126 1,591 Tennessee Valley Authority 2,010 160 1,812 9 51 1,960 Federal Maritime Board and Maritime Adm 5,435 268 4,807 315 179 5,256 Panama Canal Company 476 38 422 5 14 462 Veterans Administration 613 147 431 3 30 8 605 Department of the Treasury 8,545 112 3,913 3,425 27 1,049 12 8,533 Foreign Operations Administration 1,695 2 1,692 1 1,695 All other 888 152 105 459 66 106 59 829 1 Loans by purpose and agency are shown on a gross basis; total loans 5 Figures represent largely the Treasury loan to United Kingdom and and all other assets are shown on a net basis, i.e., after reserve for losses. through 1952 are based in part on information not shown in Treasury 2 Includes figures for the Regional Agricultural Credit Corporation, the compilation. assets and liabilities of which have been administered by this agency 6 Figure not published in Treasury compilation, but derived by Federal since dissolution of the RACC in 1949. Reserve. See also footnote 3. 3 Changes in coverage over the period for which data are shown are as 7 Less than $500,000. follows: exclusion of the Home Owners' Loan Corporation after June 8 Effective July 1, 1954, the public war housing program of the PHA 1951, when U. S. Govt. interest was repaid; and inclusion of the Mutual (represented largely by land, structures, and equipment) and several Security Agency (superseded by the Foreign Operations Administration) small housing programs managed by the Office of the Administrator, beginning June 1952 and of the Federal Maritime Board and Maritime Housing and Home Finance Agency, were designated to be liquidated by Administration beginning June 1953. the Office of the Administrator, shown under other agencies. 4 The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) 9 Beginning 1951, includes figures for Panama Canal Company, a new terminated the RFC's lending authority, effective Sept. 28, 1953. Its corporation combining the Panama Railroad Company (included in lending activities under the Federal Civil Defense Act of 1950 and the earlier Treasury compilations) and the business activities of the Panama Defense Production Act of 1950 were transferred to the Treasury on that Canal (not reported prior to that time). See also footnote 8. date. When the Corporation went out of existence on June 30, 1954, NOTE.—Statement includes certain business-type activities of the U. S. c t N h e a e r t t i a E o in n x a p l l o o r a M t n -I o s m , r t s p g e a o c g r u t e r it B A ie a s s n s , o k a c , n ia a d t n io d o n th , t e h t r e h e a T s S s r e e m t a s a s l u w l ry e B r u e a s i s t n r s a e u n s m s s f e e A d r d re r m d es in p to i o s n t t r s h a i e b ti i o l F i n t e y , d e a f r n o a d r l G fo o r v d e a r t n e m s e o n t t h . er F th ig a u n r e th s o f s o e r in so d m ic e a te a d g . encies—usually small ones—may be completing liquidation of other activities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL FINANCE FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period B r u N e d c e t g t s e . t T P r f e u r l c u n u t s d s s : t . t I G L r n a e o t n s r v s s a t : . - . * E p T r f q u e r t o u b o h c a t l m t e a s i l c s l . : 2 B p t u e u e n d x re d g - s i e - t p T P t f e u u e l r n r u x u n e d s - d s s : i t - A m L d e e j n s u s t s s : t 3 - E p p t T q o u a o u y b t a t l h t a l i s e s l c . : t p p f o r u a t o h o ( y b m r e - t li s ) , c . , & ( c c ( o - d r d r a r I e ) e i e n g r a a , d b e e - s i s e t c n n e e - t . , ) t a r i G n g . N v e f o n u . e v n . t b t & d . L y s ess: O d n c e a t o h b s n e t h - 4 r b E r i o e n q c ( N p r g u a ) r a e s a o y o h t l w s t r . : - Cal. year—1954 5.. , 61,171 9,571 2,132 68,549 64,854 7,596 2,815 69,635 -1,086 3,509 1,582 753 1,174 Fiscal year—1953 5. 64,825 8,929 2,193 71,505 74,274 5,288 2,784 76,778 -5,273 6,941 3,301 722 2,918 1954.. 64,655 9,155 2,109 71,628 67,772 7,202 3,114 71,860 -232 5,185 2,054 619 2,512 1955.. 60,390 9,536 2,069 67,828 64,570 8,545 2,575 70,539 -2,712 3,996 1,532 644 1,819 Semiannual totals: 1953—July-Dec. 5 25,757 3,953 847 28,833 34,484 3,217 722 36,979 -8,147 9,196 860 313 8,023 1954—Jan.-June. 38,898 5,202 1,262 42,795 33,288 3,985 2,392 34,881 7,914 -4,011 1,194 306 -5,511 July-Dec.. 22,272 4,368 869 25,754 31,566 3,611 422 34,754 -9,000 7,520 387 448 6,685 1955—Jan.-June. 38,118 5,168 1,200 42,074 33,004 4,934 2,154 35,785 6,289 -3,525 1,145 196 -4,866 Monthly: 1954_Nov 4,201 994 60 5,130 3,842 407 -369 4,618 513 134 167 54 -87 Dec 3,742 890 436 4,194 6,288 524 802 6,010 -1,816 -129 191 46 -366 1955—Jan 4,655 268 62 4,859 4,942 842 200 5,584 -725 200 -134 51 284 Feb 5,427 600 58 5,966 4,831 757 429 5,159 807 -294 -79 -10 -205 Mar 9,741 778 65 10,451 5,894 781 269 6,406 4,045 -4,061 97 40 -4,198 Apr 3,732 528 79 4,179 5,228 1,070 362 5,935 -1,756 2,630 -413 37 3,006 May 4,438 1,320 64 5,692 5,356 736 -241 6,333 -641 860 582 39 239 June 10,125 1,675 884 10,915 6,753 750 1,146 6,356 4,559 -2,860 1,092 40 -3,992 July 2,765 745 410 3,098 5,382 752 587 5,547 -2,449 3,237 119 114 3,004 Aug 4,734 1,502 133 6,101 6,225 727 17 6,935 -834 845 944 31 -130 Sept 5,498 721 104 6,114 5,340 688 -62 6,090 25 -774 -360 40 -454 Oct 2,692 505 151 3,044 5,355 900 316 5,939 -2,895 2,622 -230 14 2,837 Nov 4,662 1,142 65 5,738 5,172 668 43 5,797 -59 490 604 40 -154 Effects of operations on Treasurer's account Cash balances: Operating transactions Financing transactions increase or Account of Treasurer of United decrease ( —) States (end of period) Period s b d u u N e r o d f p e i r g c l t u e it s t T ac d l r a c . e t o u f i f i r m o u c n i n u t d - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m s o a ( t G s + g i b N a o u e ) o l r n a i o n e v k g n s t f c t e a c . y 6 t - e t i r i n s a . n G e v g f N a c . e u o F n . n e n v d e b ( c t d t d - y . y s ) . 6 I d n ( p e d g c - d c u i r r ) o e r r b o e e , e r b l a s i c a i t n s s c s t e e , T o r H u e t a e s s l i u d d r e y a T u c r c r e e o a r u ' s s n - t Balance f ( B F u a a . a v n b D n a d R l k e i e s l . s ) p - osi T t A T s a L r u x c i o e n r c a a y a t n s s n . - d O as n t s h e e t e ts r Fiscal yr.—1952. .. -4,017 3,490 -401 114 -3,457 3,883 n.a. -388 6,969 333 5,106 1,530 19535... -9,449 3,641 -250 -59 -3,148 6,966 n.a. -2,299 4,670 132 3,071 1,467 1954. .. -3,117 1,953 -46 -14 -1,611 5,189 257 2,096 6,766 875 4,836 1,055 1955. .. -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 Semiannual totals: 1953—Jan.-June. -96 1,778 -248 81 -1,589 -1,320 n.a. -1,395 4,670 132 3,071 ,467 July-Dec. 5 -8,728 736 -250 -139 -810 9,097 n.a. -94 4,577 .346 3,358 873 1954—Jan.-June. 5,611 1,217 204 125 -801 -3,908 n.a. 2,190 6,766 875 4,836 ,055 July-Dec.. -9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 ,156 1955—Jan.-June. 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 ,471 Monthly: 1954_Nov 358 587 -420 -75 -121 101 -211 641 7,304 694 5,584 ,026 Dec -2,546 366 369 -25 -241 -103 -56 -2,124 5,180 563 3,461 ,156 1955_jan -287 -574 -174 571 335 -311 12 -451 4,728 360 2,907 ,461 Feb 596 -158 276 27 119 -257 -78 682 5,411 564 3,561 ,286 Mar 3,846 2 145 51 -56 -4,134 109 -260 5,151 724 3,203 ,224 Apr -1,496 -541 311 29 348 2,601 2 1,250 6,401 814 4,023 ,564 May -919 584 -262 36 -663 824 122 -522 5,880 649 4,054 ,177 June 3,372 925 363 38 -1,032 -3,098 232 336 6,216 380 4,365 1,471 July -2,617 -7 199 27 -254 3,210 -38 595 6,811 624 4,972 1,215 Aug -1,491 775 21 -994 725 95 -1,058 5,753 393 4,188 1,172 Sept 158 33 -90 -16 319 -833 -50 -378 5,376 554 3,638 1,184 Oct -2,663 -394 479 -55 236 2,341 6 -62 ,314 484 3,672 1,158 Nov -510 474 -53 -64 -378 319 -17 -195 5,119 477 3,538 1,104 P Preliminary. n.a. Not available. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consist primarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between Intl. Monetary Fund and Exand to Treasury by Govt. agencies, transfers to trust accounts representing change Stabilization Fund, (5) reconciliation items to Treasury cash, and budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4 described in footnote 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2. 3 Consist primarily of (1) intra-Governmental transactions as described 6 Excludes net transactions of Govt. sponsored enterprises, which are in footnote 1, (2) net accruals over payments of interest on savings bonds included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 41 FEDERAL FISCAL OPERATIONS—Continued [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p - g t t e s t O T l r d a - nsfers R a to il : - fu R o n e f d - s B c T u e o i d p t g a t e s l t Individual C ra o ti r o p n o - i ta p E x i x s e e - s! t p m a E l x o m e e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s re s .' - ' t a ru g s e t re r t o 'm ad ent ce r i e p - ts W he i l t d h - i Other i fund acct. Fiscal yr.—1952 61,391 3,569 738 2,302 67,999 18,521 11,359 21,467 8,893 4,562 3,197 2,549 1,565 2,824 19533 64,825 4,086 620 3,118 72,649 21,351 11,417 21,595 9,934 4,983 3,369 2,781 1,655 3,359 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1954 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,169 1955 Semiannual totals: 1953—Jan.-June 37,703 2,195 311 2,700 42,910 11,347 8,481 13,773 4,931 2,740 1,637 ,299 810 1,786 July-Dec.3 25,757 1,722 321 395 28,195 11,078 2,593 5,375 5,405 2,083 1,661 ,521 804 1,476 1954—Jan.-June 38,898 2,815 282 2,982 44,978 10,557 8,154 16,148 4,609 3,342 2,168 ,277 '777 1,651 July-Dec 22,272 2,305 322 339 25,239 10,230 2,323 3,767 4,527 2,668 1,724 ,453 '767 1,480 1955—Jan.-June 38,118 2,735 277 3,087 44,215 11,024 8,073 14,498 4,684 3,552 2,384 ,290 805 1,689 Monthly: 1954_Nov 4,201 554 94 56 4,905 2,759 78 290 781 664 333 280 124 696 Dec 3,742 329 64 82 4,217 1,359 272 1,181 715 393 297 209 108 10 1955—Jan 4,655 113 17 48 4,833 884 2,239 355 649 161 545 '157 131 27 Feb 5,427 255 64 208 5,954 2,916 881 274 709 786 388 ••183 119 676 Mar 9,741 562 46 741 11,089 1,721 745 6,812 841 628 342 '247 139 99 Apr 3,732 316 19 874 4,941 967 2,190 478 717 341 248 '210 122 9 May 4,438 785 80 817 6,119 2,991 602 377 843 879 427 '226 143 754 June 10,125 703 52 399 11,279 1,545 1,417 6,201 924 757 435 '268 150 123 July 2,765 198 15 110 3,089 884 277 547 796 216 369 231 116 Aug 4,734 912 85 118 5,848 3,004 115 " 328 867 1,012 522 245 154 \ 977 Sept 5,498 519 60 103 6,180 1,604 1,685 1,100 881 579 331 256 135 Oct 2,692 268 18 21 2,998 1,014 178 392 821 290 303 289 138 Nov 4,662 692 85 89 5,527 3,037 94 293 921 791 391 Budget expenditures4 National security Hous- Agri- Trans- Vet- Social ing culture porta- Period Intl. Inter- erans' secu- and and Nat- tion affairs est on serv- rity, com- agri- ural and Total Totals D m D e i e l f i e p t n a t. r s , y e m s M e i c u li u t t u r a i r a t y y l ,A e t n o e m rg i y c fin a a n n d ce p d u e b b li t c ic b e f e s i n t a s e n - d w h e e a l a n f l a d t r h e, m ve u d l e n o - i p ty - t c u r u e r l - a - l re- m c c o u a m n - i - - Other 6 sources Fiscal yr.: 1952 65,408 42,867 38,077 2,292 1,648 2,839 5,859 4,952 1,672 665 1,063 1,451 1,839 2,202 19533 7 6 4 7 , , 2 7 7 7 4 2 4 5 6 0 , , 5 27 2 6 2 4 4 3 0 , , 6 3 1 3 1 6 3 3, , 6 9 2 5 9 6 1 1 , , 8 7 9 9 5 1 2 1 , ,5 1 5 8 3 4 6 6 , , 3 5 8 0 2 4 4 4, , 2 3 4 3 9 4 1 1 , , 8 8 0 8 1 2 -5 4 5 3 6 5 2 2 , , 6 96 5 1 3 1 1, , 3 5 8 5 9 4 1 1 , , 4 8 5 4 3 1 2 2 , , 2 3 4 8 4 5 1954 764,570 40,989 35,730 81,895 1,856 81,175 6,389 4,405 1,821 169 4,500 1,294 1,540 2,212 1955 7 Semiannual totals: 1953—Jan.-June 37,801 25,596 22,134 2,113 926 1,113 3,542 2,115 n.a. -27 2,172 733 770 n.a. July-Dec. 3 34,484 23,750 20,819 1,671 945 968 2,816 2,110 n.a. -153 1,130 788 919 n.a. 1954—Jan.-June 33,288 22,773 19,517 1,958 950 585 3,567 2,139 n.a. -402 1,521 601 535 n.a. July-Dec 31,566 20,047 17,290 1,292 987 680 3,000 2,114 933 67 1,722 752 854 1,396 1955—Jan.-June 7.... 733,004 20,650 18,440 §605 869 8787 3,389 2,292 101 2,775 543 684 820 Monthly: 1954_Nov 3,842 3,316 2,853 181 156 368 373 146 102 -1,064 134 247 131 Dec 6,288 3,739 3,280 152 158 192 1,200 401 142 -59 236 117 121 198 1955—Jan 4,942 3,176 3,092 -113 158 171 222 379 178 38 349 91 97 240 Feb 4,831 3,048 2,705 163 151 148 396 365 135 40 260 96 137 205 Mar 5,894 3,759 3,261 863 153 8109 478 386 137 -13 684 80 89 187 Apr 5,228 3,382 3,020 122 134 78 355 383 170 28 762 87 109 -128 May 5,356 3,346 3,017 99 126 184 443 381 144 37 384 83 175 179 June7 76,753 3,939 3,345 271 147 97 1,495 398 124 -29 336 106 77 135 July 5,382 2,863 2,547 92 138 56 592 364 179 30 336 73 238 652 Aug 6,225 3,420 3,111 88 138 95 522 434 175 2 919 93 231 333 Sept 5,340 3,611 3,372 35 121 60 529 363 164 -14 295 114 166 52 Oct 5,355 3,161 2,729 297 129 153 542 364 216 14 362 95 152 297 Nov. p 5,172 3,116 2,828 114 128 156 542 426 169 34 323 109 143 155 P Preliminary. ' Revised. n.a. Not available. support under the Mutual Security program beginning 1954, and prior 1 Corporation and estate and gift taxes are from Internal Revenue to 1954, some other small expenditures not shown separately. Service reports prior to July 1953. Excise taxes and nonwithheld indi- 6 Includes expenditures for the function of finance, commerce, and vidual taxes for that period are obtained by subtracting Internal Revenue industry shown separately in Treasury Bulletin, for legislative and judicial Service data from appropriate monthly Treasury statement totals. functions, and for executive departments and other agencies not shown 2 Represents the sum of taxes for old-age insurance, railroad retire- elsewhere. ment, and unemployment insurance. 7 Final figures for components are not available. 3 Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2. 8 Figures for reclassified items involving a shift between intl. affairs 4 For a detailed description of components, see Treasury Bulletin. and finance and national security became available on a monthly basis 5 Includes stockpiling of strategic and critical materials, direct forces beginning with March 1955 and on an annual basis beginning with fiscal year 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f T g d r e o o b t s a t s i l d T g d i r e o r o b e t s a c t s 2 l t Total Certifi- Bonds C ve o r n t- - Sav- T an a d x S i p ss e u c e ia s l Total Bills c i e n a d t d e n e s e b s o t s - f Notes B el a ig n i k - B r a e n - k bonds Totals b i o n n g d s s n s i o n a t g v e s - s ble 4 stricted 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec . 257.0 256 9 225.3 165.8 15.1 21.2 11.4 68.4 49 6 59.5 52.1 5 4 29.0 1950—Dec 256.7 256.7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951 Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953 Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—June . 271.3 271.3 226.7 150.4 19.5 18.4 32.0 71.8 8.7 11.9 64.5 58.1 5.1 42.2 Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955_jan 278.5 278.4 233.4 157.8 19.5 28.5 28.0 81.8 11.8 63.8 58.0 4.5 42.3 Feb 278.2 278.2 233.5 157.8 19.5 21.5 35.3 81.5 11.7 64.0 58.2 4.4 42.0 Mar . . 274.1 274.0 229.1 153.4 19.5 17.7 35.0 81.1 11.7 64.0 58.4 4.3 42.1 Apr 276.7 276.6 232.2 156.6 19.5 20.9 35.0 81.1 11.7 64.0 58.3 4.3 41.7 IVtay , 277.5 277.5 232.6 158.4 19.5 17.0 40.7 81.1 11.7 62.5 58.3 2.8 42.2 June 274.4 274.4 228.5 155.2 19.5 13.8 40.7 81.1 11.7 61.6 58 4 1.9 43.3 July 277 6 277 6 231 6 158 6 19 9 16 0 40 7 81 9 11 7 61 4 58 4 1 7 43 3 Aug 278.4 278.3 231.5 158.9 20.3 9.0 47.6 81.9 11.6 61.0 58.5 1.2 44.2 Sept 277 5 277.5 231.0 159.5 20.8 9.0 47.7 81.9 11.5 60 0 58 3 .4 43.9 Oct 279.9 279.8 233.6 162.5 20.8 12.0 47.8 81.9 11.4 59.6 58.3 .1 43.7 Nov . 280.2 280.1 233.6 162.6 20.8 12.0 47.8 81.9 11.4 59.6 58.3 .1 44.0 Dec ... . 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $474 million on Dec. 31, 1955) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes noninterest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $7,605 million on Nov. 30, 1955. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( a s i g n e n t i c c t e g e u l s u u e r ) d i a d - r - - S is p t s e r u u c e i s a s t l fun P d is u s s b u i l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m c k i s a - 2 l M s b a a v u n i t n u k g a s s l p I c n a a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n v c a d a t t s e l . S b a o v n i I n n d g d s s ivid se u O c a u l th s ri e ti r es i M t n o v i r e s s c s 3 - . 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.0 '12.7 49.4 '16.0 13.2 1954—June 271.3 42.2 7.1 222.0 25.0 63.6 9.1 15.3 16.4 '13.9 49.5 '15.5 13.7 1954—Oct 278.8 42.2 7.0 229.5 24.4 70.1 8.9 15.1 18.7 '13.9 49.8 '14.7 14.0 Nov 278.9 42.4 7.1 229.5 24.9 69.7 8.8 15.0 19.3 '13.8 49.9 '14.3 13.8 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.3 '13.8 50.0 '14.2 13.9 1955—Jan 278.5 42.3 7.2 229.0 23.9 68.7 8.8 15.2 20.0 '14.1 50.0 '14.5 13.9 Feb 278.2 42.0 7.2 229.0 23.6 66.9 8.8 15.2 21.2 '14.3 50.1 '14.9 13.9 Mar 274.1 42.1 7.3 224.7 23.6 64.2 8.8 15.0 19.0 '14.5 50.2 '15.3 14.2 Apr 276.7 41.7 7.2 227.8 23.6 '65.8 8.8 15.0 20.1 '14.6 50.2 '15.3 14.4 May 277.5 42.2 7.2 228.1 23.7 -64.8 8.8 14.9 21.2 '14.7 50.2 '15.3 14.4 June 274.4 43.3 7.3 223.9 23.6 '63.5 8.7 14.8 18.8 '14.7 50.2 '15.1 14.4 July 277.6 43.3 7.3 227.0 24.1 '63.8 8.8 14.9 19.9 '15.0 '50.2 '15.3 15.0 Aug 278.4 44.2 7.3 226.8 23.8 '62.7 8.8 15.0 21.0 '15.1 50.3 '15.4 14.9 Sept 211.5 43.9 7.3 226.3 23.8 62.1 8.7 15.0 20.9 15.1 50.2 15.6 15.0 Oct 279.9 43.7 7.4 228.8 24.0 62.7 8.6 14.9 22.2 15.3 50.2 15.6 15.2 'Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Holdings of Federal Reserve Banks and U. S. Govt. agencies which amounted to $300 million on June 30, 1955. and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 43 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, DECEMBER 31, 19551 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Certificates—Cont. Treasury notes—Cont. Treasury bonds—Cont. Jan 5 iQSfi 600 June 77 1956 3 2 970 Oct. 1 1959 • Wi 99 Aug. 15. 1963 2V> 6 755 Jan. 12, 1956 . ,601 Dec. 1, 1956... 2V 9,083 Apr. 1, I960 198 June 15, 1962-67. 7,116 Jan. 19 1956 601 Oct. 1, I960 106 Dec. 15, 1963-68. 7 875 Jan. 26, 1956.. ,602 Treasurv notes June 15, 1964-69. 3, 753 Feb 2 1956 602 Mar 15 1956... 1 VR 8,472 Treasurv bonds Dec. 15, 1964-69. 2V2 3 879 Feb. 9, 1956 600 Apr. 1, 1956... 1,007 Mar. 15, 1956-58.. 2V> 1,449 Mar. 15, 1965-70. .2V2 4,716 Feb 16 1956 600 Aug 15 1956 2 12,547 Sept. 15, 1956-594.•2Y4 982 Mar. 15, 1966-71. 7 959 Feb. 23 1956 600 Oct 1, 1956..... AV 550 Sept. 15, 1956-59.. 3,821 June 15, 1967-72. 2V? 1 879 Mar 1, 1956.. . ,601 Mar. 15, 1957......2%2 2,997 Mar. 15, 1957-59.. 2Vfi 927 Sept. 15, 1967-72. 2Vx 2,716 Mar 8 1956 600 Apr 1 1957. . 531 June 15, 1958 2V% 4,245 Dec. 15,1967-72. .2V2 3 805 Mar 15 1956 601 May 15, 1957... IV 4,155 June 15, 1958-634. 23/ 919 June 15, 1978-83. .314 1,606 Mar 22 1956 ,601 Aug. 15 1957 2 3,792 Dec. 15, 1958 .21/2 2,368 Feb. 15, 1995 ...3 2,745 M M a a r r 2 2 9 3 1 19 9 5 5 6 6 3 .. ,6 5 0 0 3 1 A Oc p t r. 1 1 , , 1 1 9 9 5 5 8 7 . . . . . ....\y2 8 3 2 83 4 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 9 9 - -6 6 2 2 . . . . .2V4 5 3 , , 2 4 7 6 6 4 Panama Canal Loan ...3 50 June 1 1958. . 2% 2,281 Nov. 15, 1960 2V& 3,806 Certificates Oct. 1, 1958......IVi 121 Dec. 15, 1960-654. 1,485 Convertible bonds J M u a n r e . 2 2 2 2 , , 1 1 9 9 5 5 6 6 3 3 . . . . . .•:vi 2 1 , , 2 48 0 6 2 A Fe p b r . . 15 1 1 1 9 9 5 5 9 9......IV 1% 2 5,1 1 0 1 2 9 N Se o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 1 1 '.2% 1 2 1 , , 2 1 3 7 9 7 I A n p v r e . s 1 tm , e 1 n 9 t 7 5 S e 8 r 0 ie . s . B 11 387 1 Direct public issues. 3 Tax anticipation series. 2 Sold on discount basis. See table on Money Market Rates, p. 35. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Certifi- Market- Con- Within 1-5 5-10 Over 10 Total Bills cates Notes bo a n b d le s2 v b e o rt n i d b s le Total 1 year years years All holders: 1953—June 30 159,675 19,707 15,854 30,425 81,349 12,340 147,335 64,589 32,330 18,677 31,739 1954_ D ju e n c e . 3 3 0 1 1 1 6 6 2 9 , ,5 2 9 1 9 6 1 1 9 9 , , 5 5 1 0 5 6 2 1 8 8 , , 4 4 5 0 8 5 2 3 8 1 , , 0 9 3 6 3 0 8 8 0 1 , , 4 8 7 3 4 5 1 1 , , 7 86 6 1 7 1 1 5 5 0 7 , , 3 8 5 3 4 2 6 6 0 2 , , 1 8 2 2 3 9 2 2 7 9 , , 9 6 6 0 5 6 3 33 0 , , 6 5 7 4 7 2 3 3 1 1 , , 7 71 2 9 5 1955—June 30 166,882 19,514 13,836 40,729 81,128 1 ,676 155,206 49,703 38,188 33,687 33,628 Sept. 30 171,013 20,810 9,047 47,707 81,910 1 ,538 159,475 58,737 32,619 33,686 34,432 Oct. 31 173,991 20,812 12,017 47,797 81,918 1 ,448 162,544 62,259 32,159 33,686 34,440 U. S. Govt. agencies and trust funds: 1 19 9 5 5 4 3 — _ J ju u n n e e 3 3 0 0 6 6 , , 8 9 9 8 9 5 1 4 0 6 6 4 3 1 0 2 6 3 4 3 3 , , 3 3 0 9 0 5 5 5, , 4 4 3 3 9 9 3 3 , , 5 4 4 6 6 0 1 16 0 3 7 2 1 0 5 5 2 4 49 2 4 2 2 2 , , 7 7 4 2 0 3 Dec. 31 6,918 51 4 46 3,378 5,439 3,479 70 137 477 2,796 1955— S Ju e n p e t. 3 3 0 0 7 7 , , 1 18 6 7 2 4 3 0 9 4 8 1 1 1 0 9 4 3 3 , , 6 5 0 5 1 6 5 5 , , 4 4 3 3 9 9 3 3 , , 7 7 4 2 8 3 7 8 4 4 1 1 9 5 9 0 5 5 0 0 6 7 2 3 , , 9 0 4 0 4 7 Oct. 31 7,263 112 13 123 3,576 5,439 3,824 173 176 464 3,011 Federal Reserve Banks: 1953—June 30 24,746 1,455 4,996 13,774 4,522 24,746 15,505 6,452 1,374 1,415 1954_ D ju e n c e . 3 3 0 1 2 2 4 5 , , 9 0 3 3 2 7 2 2, , 3 2 1 0 6 4 1 6 3 , , 6 8 0 82 0 1 6 3 , , 0 02 4 9 4 2 3 , , 8 0 0 9 2 3 2 2 4 5 , , 9 0 3 3 2 7 1 1 6 9 , , 2 4 8 1 0 7 6 3, , 0 3 8 0 7 7 1 1 , , 0 0 3 1 5 4 1 1 , , 4 4 1 1 5 5 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 1,014 1,415 Sept. 30 23,834 1,104 2,524 17,404 2,802 23,834 19,318 2,087 1,014 1,415 Oct. 31 24,024 1,303 2,520 17,400 2,802 24,024 20,008 1,587 1,014 1,415 Commercial banks: 1953—June 30 51,365 4,411 4,351 10,355 32,066 182 51,183 19,580 18,344 8,772 4,488 1 19 9 5 5 5 4 — — D J J u u e n n c. e e 3 3 3 1 0 0 5 6 5 6 1 5 , , , 1 0 6 9 8 6 9 2 7 4 4 2, , , 7 1 3 2 8 9 1 7 9 4 4 1 , , ,4 8 9 5 3 4 5 5 2 1 1 1 1 5 3 , , , 4 3 6 2 8 4 3 5 9 3 3 3 5 5 8 , , , 4 9 0 8 4 3 1 2 7 1 1 1 6 6 6 3 5 4 6 5 5 0 5 6 , , , 9 5 0 0 1 3 3 9 4 1 1 7 5 7 , , , 1 7 6 8 3 8 7 8 4 2 1 1 1 8 4 , , , 7 8 6 1 4 2 2 6 4 2 2 1 1 1 8 , , , 1 7 1 0 4 1 1 1 0 4 5 5 , , , 9 4 2 8 9 3 5 4 4 S O e c p t. t . 3 3 0 1 5 5 4 4 , , 7 2 1 3 2 4 8 5 4 8 6 4 2 1 , , 2 10 4 7 4 1 14 4 , , 2 6 8 0 1 2 3 3 5 5 , , 4 5 4 2 6 0 1 1 5 5 7 8 5 54 4 , , 5 0 5 7 5 6 7 8 , , 8 6 8 5 0 4 1 1 9 9 , , 2 5 2 5 7 6 2 2 1 1 , ,0 0 3 0 5 7 5 5 , , 6 6 6 0 7 5 Mutual savings banks: 1953—June 30 8,816 120 87 62 7,232 1,314 7,502 476 464 1,395 5,167 1954—June 30 8,353 98 101 221 6,669 1,265 7,089 294 476 1,389 4,930 Dec. 31 8,113 75 57 242 6,499 ,239 6,873 159 502 1,544 4,668 1955—June 30 8,069 84 53 289 6,422 [,222 6,848 164 533 1,405 4,746 Sept. 30 8,061 158 20 279 6,388 [,216 6,845 240 474 1,358 4,773 Oct. 31 7,935 155 30 266 6,280 ,204 6,731 237 470 1.347 A,611 Insurance companies: 1953—June 30 14,155 460 337 534 9,339 5,486 10,669 ,472 1,023 1,849 6,325 1954—June 30 13,520 622 209 691 8,805 3,193 10,327 ,190 1,045 2,171 5,921 1955— D S O Ju e e c n p c t . . e t . 3 3 3 3 1 1 0 0 1 1 1 1 3 3 3 3 , , , , 2 2 3 1 8 2 2 1 5 6 8 7 9 6 6 8 4 6 3 4 8 3 0 0 1 7 7 5 8 4 7 8 3 7 7 8 84 3 8 4 3 6 9 2 8 8 8 8 , , , , 5 3 4 5 7 9 7 0 1 7 9 6 5 5 3 2 , , , , 1 1 9 0 7 4 6 4 0 5 0 5 1 1 1 9 0 0 0 , , , , 2 2 9 1 3 6 5 7 9 5 8 2 , , , 8 1 1 0 1 9 4 7 0 5 4 0 1 1 1 1 , , . , 3 1 3 3 1 8 1 3 9 0 2 9 2 2 1 1 , , , , 1 0 9 9 6 7 0 2 0 6 2 7 5 5 5 5 , , , , 7 8 7 7 3 7 9 9 2 4 6 8 Other investors: 1953—June 30 53,694 13,155 6,052 5,678 24,890 3,919 49,775 27,393 5,895 4,865 11,621 1954—June 30 52,121 12,248 6,511 6,531 23,032 3,800 48,322 24,568 5,308 6,711 11,734 Dec. 31 55,226 12,115 9,496 7,310 22,548 3,756 51,469 26,301 5,855 7,439 11,874 1955—June 30 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10,633 7,626 13,233 S O e c p t. t . 3 3 1 0 6 6 6 4 , , 8 4 3 1 1 3 1 15 5 , , 7 8 1 2 0 2 5 7, , 1 3 3 3 3 4 1 1 4 4 , , 4 8 8 8 3 4 2 2 5 5 , , 0 4 9 1 4 7 3 3 , , 6 6 7 8 9 7 6 6 0 3 , , 7 1 3 4 3 5 3 31 0 , , 9 1 9 4 1 5 9 9 , , 0 3 3 8 3 8 7 7 , , 7 8 9 9 7 5 1 1 3 3, , 8 7 7 5 1 9 1 Direct public issues. panies included in the survey account for over 90 per cent of total holdings 2 Includes minor amounts of Panama Canal and Postal Savings bonds. by these institutions. Data are complete for Federal agencies and trust NOTE.—Commercial banks, mutual savings banks, and insurance com- funds and Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers 2 Propo a s ll e d c o u r s p e o s r a o t f e n i e ss t u p e r r o s c 6 eed Noncorporate Corporate New capital Year or Remonth Total G U o . v S t. . 3 ag F e e e r n a d c l - y 4 S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l f o i u e c n b r ly d e - d s p v l P a a t r 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 on ew ey7 p l M p a c o o u e n u i s l s r e e s - - - - s m b d e t R i t a e o c r e e n b e f . n - k t - 8 t , m s r t i e i o t r e c i e f e n u - s t - 1939 5,687 2,332 13 1,128 50 2,164 :l,980 1,276 703 98 87 420 325 69 1,695 1941 15,157 11,466 38 956 30 2,667 ;2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1948 20,250 10,327 2,690 156 7,078 5,973 ;2,965 =3,008 492 614 6,652 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 =2,437 =2,453 <425 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26,929 12,577 459 :4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1,875 1954_Nov 1,350 466 459 4 422 321 116 205 37 64 290 244 46 123 Dec 2,552 557 906 71 1,019 854 288 566 62 103 604 515 400 1955—Jan 2,706 742 716 541 35 672 484 252 232 53 135 546 465 81 114 Feb 1,431 602 328 1 501 364 156 208 25 113 436 362 74 56 Mar 2,583 614 540 9 1,420 871 524 346 37 512 1,261 1,190 71 135 Apr 1,654 535 429 15 675 475 297 178 54 146 494 444 50 165 May 4,399 3,020 30 350 2 998 694 465 229 95 209 903 791 112 74 June 1,915 496 651 4 796 533 190 344 57 206 697 635 62 81 July 2,487 1,265 470 15 737 583 136 447 53 101 583 514 69 140 Aug 1,656 509 259 887 672 508 164 16 200 654 623 32 216 Sept 1,640 481 407 749 574 304 270 82 93 680 562 118 55 Oct -2,614 461 -926 1,225 1,034 857 177 39 153 1,138 1,058 79 70 Nov 1,764 438 606 687 413 153 260 83 192 601 562 38 73 I Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital9 secu- capital secu- capital 9 secu- capital 9 secu- capital9 secu- capital9 securities rities rities rities rities rities 1948 2,126 54 382 21 691 56 2,005 144 890 2 557 30 1949 1,347 44 310 28 784 11 2,043 233 517 49 558 35 1950 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1954_Nov.. 105 3 73 18 51 46 15 20 54 26 Dec. 123 64 132 52 18 153 305 43 100 1955—Jan.. 163 23 5 37 43 198 41 6 2 97 Feb.. 68 16 12 8 101 8 26 18 145 2 Mar.. 547 85 94 3 36 196 27 21 6 368 13 Apr.. 141 26 37 I 18 89 178 36 12 6 108 6 May. 376 48 42 4 55 230 17 24 177 5 June. 164 10 110 11 52 260 15 31 39 78 2 July. 215 138 66 1 27 103 45 127 A Se u p g t . . . . 1 1 1 6 9 7 5 1 0 8 7 3 6 6 5 6 4 5 5 0 15 5 8 2 9 0 0 8 1 1 3 9 1 0 9 *io" 2 1 7 6 4 0 "2 3 Oct.. 128 3 42 13 46 53 146 1 693 84 1 Nov.. 138 41 69 4 19 5 245 17 41 7 T Revised. c Corrected. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues sold for cash in the United States. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 2 Gross proceeds are derived by multiplying principal amounts or num- 7 Includes proceeds for plant and equipment and working capital. ber of units by offering price. 8 Includes proceeds for the retirement of mortgages and bank debt with 3 Includes issues guaranteed. original maturities of more than one year. Proceeds for retirement of 4 Issues not guaranteed. short-term bank debts are included under the uses for which the bank 5 Includes foreign government, International Bank, and domestic debt was incurred. eleemosynary and other nonprofit. 9 Includes all issues other than those for retirement of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 45 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1954 1955 1949 1950 1951 1952 1953 1954 Manufacturing Total (200 corps.):r Sales 38,31145,78752,940 54,517 63,343 58,09814,39614,94113,53915,22316,610 17,93117,096 Profits before taxes 5,278 8,176 7,308 8,375 246 ,793 1,960 1,581 1,910 2,458 2,769 2,385 Profits after taxes 3,261 4,222 3,548 3,192 3,649 841 915 999 809 1,115 1,218 1,392 1,207 Dividends 1,746 2,339 2,075 2,073 2,154 380 531 532 528 786 577 577 650 Nondurable goods industries (94 corps.): *T Sales 14,29216,25218,91619,266 20,694 20,610 ,061 5,074 5,046 5,427 5,508 5,744 6,024 Profits before taxes 2,067 2,947 3,447 2,853 3,028 776 701 703 663 710 802 848 868 Profits after taxes 1,361 1,661 1,533 1,392 1,526 604 384 394 374 451 444 470 484 Dividends 789 977 925 946 972 059 234 237 238 347 257 260 272 Durable goods industries (106 corps.): 2 >• Sales 24,020 29,53534,02435,25142,649 489 ,335 9,867 8,494 9,79611,10212,18711,072 Profits before taxes 3,212 5,229 5,422 4,455 5,346 469 ,093 1,256 918 1,200 1,655 1,921 \517 Profits after taxes 1,900 2,560 2,015 1,800 2,123 236 531 605 435 664 774 922 723 Dividends 958 1,362 1,149 1,127 1,182 ,321 297 295 290 439 320 317 378 Selected industries: Foods and kindred products (28 corps.): P S r a o le fi s ts before taxes 4, 4 22 34 3 4,402 ,9 4 0 7 9 3 5, ' 0 4 4 5 2 3 5,4 4 1 65 1 5, 4 4 6 6 1 4 1,33 9 7 9 1,3 1 5 3 1 2 1,3 1 3 2 9 2 1,4 1 3 0 7 8 1,3 9 5 9 5 1,4 1 6 3 5 2 > 1 00 39 Profits after taxes 268 532 227 -203 '212 224 46 63 59 56 46 64 69 Dividends 149 289 159 154 154 156 36 36 39 45 36 36 39 Chemicals and allied products (26 corps.): 161 Sales 3,904 ,882 5,965 6,373 6,182 1,502 1,540 1,518 1,622 1,721 1,811 1,801 Profits before taxes 734 4,817 ,490 -1,259 1,308 1,175 282 282 277 334 367 380 390 Profits after taxes 441 1,178 521 '486 520 612 138 142 137 194 183 192 198 Dividends 338 597 381 396 '417 495 100 102 99 194 114 115 134 Petroleum refining (14 corps.):r 467 Sales 3,991 :,078 5,411 5,883 6,014 1,509 1,472 1,473 1,561 1,568 1,613 1,882 Profits before taxes 587 4,359 911 728 841 756 225 197 177 157 210 200 218 Profits after taxes 457 712 560 524 603 571 156 143 136 136 150 147 156 Dividends 206 492 262 283 290 295 72 72 73 77 77 77 79 Primary metals and products (39 corps.): 236 Sales 8,184 1,50711,56413,75011,522 2,912 3,021 2,715 2,874 3,301 3,858 3,706 Profits before taxes 99610,448 :,098 '1,147'1,817 1,375 302 360 306 407 487 633 582 Profits after taxes 580 1,706 778 '564 '790 717 151 180 151 235 241 313 291 Dividends 286 857 382 '369 '377 409 100 92 92 125 115 109 118 Machinery (27 corps.): r 378 Sales 4,342 5,049 i, 168 7,077 8,005 7,745 1,918 1,939 1,865 2,024 1,953 2,044 1,977 Profits before taxes 518 847 ,000 971 1,011 901 252 238 200 209 232 252 207 Profits after taxes 320 424 365 375 402 471 117 108 102 143 110 121 103 Dividends 138 208 192 199 237 262 58 64 65 76 67 67 68 Automobiles and equipment (15 corps.):r Sales 69511,96912,707 13,03816,61114,137 3,540 3,785 2,963 3,850 4,790 5,101 4,245 Profits before taxes 2,332 1,950 1,982 2,078 1,762 440 538 302 481 827 890 588 Profits after taxes 871 1,101 111 709 758 837 217 260 129 232 371 420 261 Dividends 457 679 486 469 469 535 115 114 108 198 109 114 161 Public Utility Railroad: Operating revenue : 8,580 9,47310,391 10,58110,664 9,371 2,275 2,335 2,366 2,395 2,302 2,521 2,631 Profits before taxes 700 1,385 1,260 1,451 1,404 900 156 199 226 319 259 358 370 Profits after taxes 438 784 693 832 871 674 88 136 172 277 175 242 243 Dividends 252 312 328 338 412 379 96 73 74 136 101 90 74 Electric power: Operating revenue 5,069 5,528 6,058 6,549 7,136 7,610 1,984 1,819 1,831 1,976 2,171 1,993 2,024 Profits before taxes 1,129 1,313 1,482 1,740 1 ,8"9"5 2,049 570 487 478 513 636 523 535 Profits after taxes 757 822 814 947 1,030 1,140 321 266 264 288 341 296 284 Dividends 560 619 651 725 780 857 212 210 211 224 225 229 229 Telephone: Operating revenue 2,967 3,342 3,729 4,136 4,525 4,902 1,174 1,210 1,233 1,285 1,298 1,340 1,368 Profits before taxes 333 580 691 787 925 1,050 242 262 262 284 306 315 325 Profits after taxes 207 331 341 384 452 525 116 125 141 143 152 156 161 Dividends 213 276 318 355 412 448 109 111 112 116 118 122 126 r Revised. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Profits In- Profits Cash Undis- Year or before come after divi- tributed Year or quarter taxes taxes taxes dends profits quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1939.... 6.4 1.4 5.0 3.8 1.2 1945.... 19.0 10.7 4.7 3.6 1948 7,570 1,683 5,887 5,938 1,283 4,655 1,632 400 1,232 8.3 1949 6,731 1,875 4,856 4,867 1,583 3,284 1,864 292 1,572 1948.... 32.8 12.5 20.3 7.2 13.0 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1949.... 26.2 10.4 15.8 7.5 8.3 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 666 2,700 1950.... 40.0 17.8 22.1 9.2 12.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1951.... 41.2 22.5 18.7 9.1 9.6 1953 9,550 2,428 7,121 6,651 1,896 4,755 2,898 533 2,366 1952.... 35.9 19.8 16.1 9.0 7.2 1954 . 11,715 5,353 6,361 7,872 3,897 3,975 3,843 1,456 2,386 1953.... 38.3 21.3 17.0 9.3 7.7 1954.... 34.0 17.1 17.0 10.0 6.9 1954—3 3,027 1,314 1,714 2,314 938 1,377 713 376 337 19551... 43.2 21.7 21.5 11.1 10.4 4 3,097 1,892 1,205 2,075 1,354 721 1,022 538 484 1954_4. 36.0 18.1 17.9 10.6 7.3 1955—1 3,014 1,295 1,719 1,681 702 979 1,333 593 740 2 2,891 1,484 1,407 1,802 767 1,034 1,089 717 373 1955—1. 40.9 20.5 20.4 10.2 10.2 3 2,895 1,427 1,468 1,838 923 915 1,057 504 553 2. 43.0 21.6 21.4 10.7 10.7 3. 44.5 22.3 22.2 11.0 11.2 41 44.5 22.3 22.2 12.6 9.6 1 Reflects cash transactions only. As contrasted with data shown on p. 45, new issues exclude foreign and include investment company offerings, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues 1 Preliminary estimates by Council of Economic and cash proceeds connected with conversions of bonds into stocks. Retirements include Advisers. the same types of issues, and also securities retired with internal funds or with proceeds NOTE.—Quarterly data are at seasonally adjusted of issues for that purpose shown on p. 45. annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. Federal or quarter w c o a r p k it i a n l g Total Cash s G U e t c o i . e u v S s r t i . . - G U o . v r S e t. . c 2 eivab O le ther I t n o v ri e e n s - Other Total G U o . v S t p . . a 2 yabl O e ther i b n i c l t l i a i o a t x i m - es e Other 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 ,3 11.5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 .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_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 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 3 102.3 198.9 31.3 20.6 2.2 74.5 67.3 3.0 96.6 2.2 58.0 15.3 21.0 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Govt. exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- Rail- 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 Other 2 Quarter Total fa m a i c n n i tu n g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he l r l 3 road Other ing 1939 5.5 1.9 .3 .3 .4 .5 .3 1.8 1954—1 6.3 2.8 .6 .9 1.9 1945 8.7 4.0 .4 .5 .6 .5 .3 2.4 2. , . 6.9 3.1 .6 1.1 2.1 3 6.6 2.9 .6 1.1 2.1 1948 22.1 9.1 .9 1.3 1.3 2.5 1.7 5.2 4 7.0 3.2 .6 1.1 2.1 1949 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 1950 20.6 7.5 .7 1.1 1.2 3.3 1.1 5.7 1955—1 5.8 2.4 .5 .8 2.0 1951 25.6 10.9 .9 1.5 1.5 3.7 1.3 5.9 2 7.0 3.0 .6 1.1 2.3 1952. 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 3 7.4 3.1 .6 1.2 2.5 1953. 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 44 8.0 3.6 .7 1.3 2.3 1954 26.8 11.0 1.0 .9 1.5 4.2 1 7 6 5 19554 28.3 11.3 .9 .9 1.6 4.4 9.1 1956—H 7.3 3.3 .8 1.0 2.2 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 47 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ^onfarm Farm Other 1- to 4-family houses Multi-family and E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a ti l n n - s - S F e a e c l g d e i e e e c h n r s te a - o d l lde v o r I i s a t d n h n u d e d a i r - l s s h A o er l l s d l - Total t F u i i n c t n i i s o a a ti l n n - s - O ho e th r l s d e - r c T o o m ta m l erc t F u i i a i n c t n l i i s o a a t p l i n n - r s - ope O h r o e t t i h r l e s d e s - r ! h e A o r l s l d l - t F u i i n c t n i i s o a a ti l n n - s - ho O l t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6 4 1 5 4 9 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 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 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 \A 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—Mar 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 SeDt .... 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 Dec 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 Mar 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 o a 3 5 5 3 Sept. P 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 ^Preliminary. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts 1 Derived figures, which include negligible amount of farm loans held through 1948 held by HOLC, since then by FNMA). Other Federal by savings and loan associations. agencies (amounts small and separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Home Loan Bank NOTE.—Figures for first three quarters of each year are Federal Reserve Board, Institute of Life Insurance, Departments of Agriculture and estimates. Financial institutions include commercial banks (including Commerce, Federal National Mortgage Association, Veterans Adminisnondeposit trust companies but not trust departments), mutual savings tration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bankholdings2 Mutual savings bank holdings 3 Residential Residential End of year or quarter Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a t o r h n m e - r Farm Total Total FH in A - - g V u A ar - - C ve o n n - - O n fa o t r h n m e - r Farm sured anteed tional sured anteed tional 1941 4 906 3 292 1 048 566 4,812 3 884 900 28 1945 4,112 3,395 856 521 4,208 3,387 797 24 1948 10,897 8,066 1,957 874 5,806 4,758 1,015 34 1949 11,644 8,676 2,060 909 6,705 5,569 1,099 37 1950 13,664 10,431 2,264 968 8,261 7,054 1.164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 004 9,916 8,595 2,567 1,726 4,303 774 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 ,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 ,087 12,943 11,334 3,489 3,053 4,792 556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 ,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1954 Mar 16,970 12,965 3,920 3,075 5,970 2,905 100 13,345 11,700 3,560 3,295 4,845 1,592 53 June 17 382 13,232 3,962 3,117 6,153 3,010 ,140 13,881 12,181 3,659 3,579 4,942 ,645 55 Sept 17,920 13,655 4,020 3,235 6,400 3,115 150 14,415 12,665 3,725 3,900 5,040 695 55 Dec 18,573 14,152 4,106 3,350 6,695 3,263 159 15,007 13,211 3,800 4,262 5,149 740 56 1955—Mar 19,125 14,535 4,205 3,450 6,880 3,385 1,205 15,560 13,745 3,895 4,600 5,250 758 57 June 19,940 15,128 4,361 3,601 7,166 3,549 1,263 16,173 14,339 4,000 4,976 5,362 ,775 59 Sept.? 20,625 15,600 4,485 3,685 7,430 3,735 1,290 16,855 15,000 4,125 5,385 5,490 1,795 60 ^Preliminary. banking statistics. March and September figures are Federal Reserve 1 Includes all banks in the United States and possessions. estimates based in part on data from National Association of Mutual 2 Includes loans held by nondeposit trust companies but excludes Savings Banks. holdings of trust departments of commercial banks. March and Septem- Sources.—All-bank series prepared by Federal Deposit Insurance ber figures are Federal Reserve estimates based on data from Member Corporation from data supplied by Federal and State bank supervisory Bank Call Report and from weekly reporting member banks. agencies, Comptroller of the Currency, and Federal Reserve. 3 Figures for 1941 and 1945, except for the grand total, are estimates based on Federal Reserve preliminary tabulation of a revised series of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6 442 5 529 815 4 714 913 1945 976 6,636 5 860 1,394 4 466 776 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,104 6,358 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,223 7,091 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,025 8,177 1 327 1951 . 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,130 9,400 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,346 10,519 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,334 4,921 673 1,377 2,871 413 25,927 23,881 6,122 4,636 13,123 2,046 1954 Nov 571 538 80 183 275 33 25,574 23,540 6,133 4,451 12,956 2 034 Dec.. 631 588 62 208 318 43 25,927 23,881 6,122 4,636 13,123 2,046 1955 Jan 521 479 69 161 249 42 26,223 24,171 6 132 4,771 13 268 2 052 Feb. . 495 443 66 118 259 52 26,474 24,405 6,156 4,861 13,388 2 069 Mar 563 493 77 154 262 70 26,727 24,629 6,166 4,982 13,481 2,098 Apr 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 Aug. 536 503 77 140 286 33 28,001 25,787 6 244 5,468 14 075 2 214 Sept 513 485 80 127 278 28 28,250 26,025 6,260 5,573 14,192 2 225 Oct 578 535 76 160 299 43 28,563 26,320 6,289 5,692 14,339 2,243 Nov 545 514 86 155 273 31 28,868 26,613 6,328 5,808 14,477 2,255 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because year-end adjustments are based on more nearly totals, and for loans outstanding, the end-of-December figures may differ complete data. from end-of-year figures, because monthly figures represent book value of Source.—Institute of Life Insurance; end-of-year figures are from edger assets whereas year-end figures represent annual statement asset Life Insurance Fact Book; and end-of-month figures from the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [Number in thousands; amounts in millions of dollars] Loans made Loans outstanding (end of period) Amount, by type of lender Y m e o a n r t o h r Total i 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 Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l 2 Y m e o ar n t o h r N b u e m r - Total i i a n l S s o g s a s a n v n s - & . p I c a n a o n s n m u c ie e r - - s b C m c a o i n e a m r k l - s - M b s i a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941 1,628 4,732 1,490 404 1,166 218 1945 1,913 181 1,358 5,376 1945 1,639 5,650 2,017 250 1,097 217 1948 3,607 1,046 1,710 10,305 563 2,397 7,345 1948 2,535 11,882 3,629 1,016 2,664 745 1949 3,636 1,083 1,559 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 1950 5,237 1,767 2,246 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 1951 5,250 1,657 2,357 15,520 864 3,125 11,530 1951 2,878 16,405 5,295 1,615 3,370 1,013 1952 6,617 2,105 2,955 18,336 904 3,385 14,047 1952 3,028 18,018 6,452 1,420 3,600 1,137 1953 7,767 2,475 3,488 21,882 1,044 3,961 16,877 1953 3,164 19,747 7,365 1,480 3,680 1,327 1954 8,969 3,076 3,846 26,142 1,171 4,714 20,257 1954 3,458 22,974 8,312 1,768 4,239 1,501 1954 1954 Nov 807 278 357 .. . Nov 307 2,148 757 177 399 147 Dec 853 295 369 26,142 1,171 4,714 20,257 Dec 318 2,267 784 191 420 158 1955 1955 Jan 744 252 326 Jan.. ... 284 2,024 688 165 379 128 Feb 775 265 340 Feb 277 1,958 702 151 365 116 Mar 1,026 386 427 27,313 1,232 4,946 21,135 Mar 343 2,455 928 174 458 134 Apr 1,016 380 430 Apr 328 2,357 900 165 456 136 May 1,069 395 470 May 344 2,483 950 163 482 153 June 1,157 418 536 28,988 1,283 5,318 22,387 June 360 2,636 1,024 174 516 171 July 1,054 371 494 July 335 2,463 953 161 472 168 Aug 1,171 416 553 Aus 366 2,697 1,060 163 521 179 Sept 1,012 342 503 30,616 1,350 5,649 23,617 Sept 342 2,522 946 155 505 168 Oct 880 303 426 Oct 326 2,387 835 153 505 167 Nov 782 261 385 Nov 314 2,316 765 152 499 171 1 Includes loans for other purposes (for repair, additions and alterations, i Includes amounts for other lenders, not shown separately. refinancing, etc.) not shown separately. Source.—Home Loan Bank Board. 2 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 49 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON [In millions of dollars] NONFARM 1- TO 4-FAMILY PROPERTIES [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home mortgages Proj- Prop- mortgages Government- Year or month Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a e y g o c p e r t- e t s - l p m o r e i a o m r e t n v n y - s e t 2 - TotaP p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E u e n a a d r r t o e o r f r Total underwritten t C i v o e o n n n a - - l FHA- VA- 1 1 9 9 4 4 5 8 ,3 6 4 6 1 5 1, 2 4 5 3 7 4 2 6 1 8 7 4 6 2 0 0 9 6 1 1 7 4 1 1,8 1 8 9 1 2 Total su in re - d a g n u t a e r e - d 1949 ,826 1,319 892 1,021 594 1,424 793 629 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 4 1 2 3 0 4 3 3 3 , , , , 3 2 1 0 8 4 1 2 6 8 3 3 0 6 2 1 1 1 1 , , , , 9 2 2 0 6 6 5 3 1 3 9 9 5 6 7 1, 9 9 7 8 0 0 1 7 5 3 7 3 4 6 0 1, 2 2 5 3 1 3 5 8 2 5 2 9 2 2 7 1, 6 7 8 8 3 9 0 4 9 3 1 8 8 4 4 4 2 3 3 3 , , , , , 7 2 0 6 0 2 5 7 1 6 1 7 3 4 4 2 2 2 1 1 , , , , , 6 0 6 8 8 4 8 6 6 2 5 6 5 7 4 1 1 1 , , , 9 8 5 2 0 4 9 6 0 1 2 0 6 2 4 1 1 1 1 1 9 9 9 9 9 4 5 4 4 5 8 1 9 5 0 . . 4 3 5 3 1 5 1 3 7 8 . . . . . 2 7 3 6 6 2 1 1 1 4 2 2 8 5 . . . . . 3 9 5 9 0 9 4 6 5 8 . . . . . 7 1 9 3 6 1 1 7 8 3 0 . . . . . 1 2 2 2 3 2 2 2 2 1 8 2 0 6 4 . . . . . 8 6 8 3 3 1952 58 4 25 4 10.8 14.6 33.0 1954—Nov. 266 91 92 7 76 494 304 189 1953 66 0 28.1 12.0 16.1 37.9 Dec. 287 92 109 23 63 556 337 219 1954 75.7 32.1 12.8 19.3 43.6 1955—Jan.. 309 107 145 5 52 622 390 231 1954_Mar 67.6 28.8 12.2 16.6 38.8 A M F M e p a a b r y r . . . 2 2 2 3 8 7 9 2 4 4 4 4 1 9 9 8 0 3 3 9 9 1 1 1 1 3 5 3 6 6 1 8 0 1 9 3 5 2 4 4 5 3 6 5 1 6 5 5 5 5 4 1 6 3 8 5 7 2 3 3 3 3 4 4 5 1 1 5 7 9 2 2 1 1 0 0 9 8 9 7 5 6 J D S u e e n p c e t . 6 7 7 9 2 5 . . . 9 7 7 2 3 3 9 0 2 . . . 7 5 1 1 1 1 2 2 2 . . . 4 6 8 1 1 1 7 7 9 . . . 9 3 3 4 4 4 0 2 3 . . . 2 2 6 June 336 107 163 5 62 552 348 204 1955—Mar 78.5 33.5 13.2 20.3 45.0 J A S u e u l p y g t . . . 2 3 3 8 5 4 3 0 7 1 1 9 1 1 2 3 3 1 1 1 6 3 6 6 8 2 4 9 3 6 6 5 7 4 0 6 5 5 1 9 2 7 0 0 3 3 3 7 8 3 8 6 2 2 2 1 1 3 8 1 0 7 J S u e n p e t.? 8 8 2 5 . . 1 6 3 37 5 . . 0 3 1 13 3 . . 9 5 2 2 1 3 . . 8 1 4 4 8 6 . . 6 8 Oct.. 338 113 160 2 63 716 461 255 Nov. 345 122 154 11 59 754 511 243 P Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Home Loan Bank Board, Federal Housoans in amounts of more than $1,000 need be secured. ing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. oans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts r t i a o n d d ) in (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt i - L te o r n m g 2 - 1945 278 213 195 176 19 1948 360 280 515 257 258 1948 199 188 11 198 227 1949 256 337 433 231 202 1949 828 403 425 672 20 824 1950 675 292 816 547 269 1950 1,347 169 1,178 1,044 469 485 1951 423 433 806 508 298 1951 1,850 204 1,646 677 111 239 1952 . . 586 528 864 565 299 1952 . 2,242 320 1,922 538 56 323 1953 728 640 952 634 317 1953 2,462 621 1,841 542 221 638 1954 734 818 867 612 255 1954 2,434 802 1,632 614 525 476 1954—Dec 171 47 867 612 255 1954—Nov 2,396 773 1,623 50 11 547 Dec 2,434 802 1,632 64 15 476 1955_Jan 38 188 717 491 226 Feb 34 63 688 466 223 1955—Jan 2,462 817 1,645 48 10 418 Mar 71 58 702 464 238 Feb 2,488 832 1,656 48 I1 359 Apr 85 33 754 497 257 Mar 2,512 839 1,673 54 U 287 May... 104 37 821 542 279 Apr 2,545 855 1,690 58 1[ 215 June 237 42 1,017 715 302 May 2,562 860 1,702 39 7 163 July 152 107 1,061 748 313 June 2,567 867 1,700 21 127 Aug.... 156 30 1,187 822 365 July 2,567 868 1,699 15 116 Sept 115 27 1,275 885 390 Aug 2,573 876 1,696 19 104 Oct 90 21 1,344 932 412 Sept 2,564 871 1,693 11 105 Nov 60 40 1,364 875 489 Oct 2,587 891 1,695 42 83 Dec 109 56 1,417 991 426 Nov 2,596 896 1,700 27 80 1 Secured or unsecured loans maturing in one year or less. 2 Secured loans, amortized quarterly, having maturities of more than charter, one year but not more than ten years. mar Source.—Home Loan Bank Board. Source.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p O g n a o s t p o h u e d e m r r s * er e a r n R n l d o i e z a 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 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 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 ,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 3,096 601 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 Nov 29,209 22,014 10,296 5,398 1,631 4,689 7,195 2,407 3,042 746 Dec 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 720 1955 Jan 29,760 22,436 10,459 5,609 1,574 4,794 7,324 2,371 3,225 728 Feb 29 518 22,508 10,641 5 484 1,550 4,833 7,010 2,427 2 831 752 Mar . . 29,948 22,974 11,053 5,479 1,530 4,912 6,974 2,481 2,735 758 Apr 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 ,819 June . 32,471 24,914 12,561 5,639 1,562 5,152 7,557 2,686 3,040 831 July 32,896 25,476 13,038 5,676 1,570 5,192 7,420 2,595 2,991 Aug 33 636 26,155 13,547 5 762 1,589 5,257 7,481 2,629 3 019 1 833 Sept .. 34,293 26,699 13,929 5,848 1,611 5,311 7,594 2,657 3,108 1 829 Oct 34,640 26,963 14,095 5,917 1,627 5,324 7,677 2,666 3,218 1 793 Nov 35,059 27,247 14,172 6,057 1,634 5,384 7,812 2,757 3,285 1,770 1 Includes all consumer instalment credit extended for the purpose of NOTE.—Monthly figures for the period December 1939 through 1951 purchasing automobiles and other consumer goods and secured by the and a general description of the series are shown on pp. 336-354 of the items purchased, whether held by retail outlets or financial institutions. BULLETIN for April 1953. Revised monthly figures are shown in later Includes credit on purchases by individuals of automobiles or other BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. consumer goods that may be used in part for business. A detailed description of the methods used to derive the estimates may 2 Includes only repair and modernization loans held by financial institu- be obtained from Division of Research and Statistics. tions; such loans held by retail outlets are included in other consumer goods paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars Financial institutions Retail outlets Total End of year or month i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i c S 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 i - F s t t u u o r r r n e e i s - H a h a o p n o u p c l s l d e i e - - d m A ea o u l b e to 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 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 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 Nov 22,014 18,719 8,586 6,325 1.282 2,526 3,295 1,098 846 283 390 678 Dec 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 1955 Jan 22,436 18,977 8,651 6,462 1,282 2,582 3,459 1,158 862 291 397 751 Feb 22,508 19,153 8,688 6,570 1,298 2,597 3,355 1,108 848 286 404 709 Mar 22,974 19,613 8,844 6,808 1,330 2,631 3,361 1,123 838 280 420 700 Apr 23 513 20,127 9,020 7,077 1,360 2,670 3,386 1,138 834 278 437 699 May 24,149 20,718 9,228 7,390 1,395 2,705 3,431 1,150 842 277 457 705 24,914 21,432 9,495 7,747 1,434 2,756 3,482 1,160 851 279 481 711 July . . .. 25,476 21,980 9,656 8,087 1,458 2,779 3,496 1,155 856 281 501 703 Aus 26,155 22,605 9,871 8,422 1,495 2,817 3,550 1,167 871 284 523 705 Sept 26,699 23,101 10,060 8,667 1.528 2,846 3,598 1,191 878 283 538 708 Oct 26,963 23,324 10,145 8,771 1,'547 2,861 3,639 1,203 889 281 546 720 Nov 27,247 23,524 10,227 8,825 1,556 2,916 3,723 1,251 909 284 550 729 1 Includes mail-order houses. 2 Includes only automobile paper; other instalment credit held by automobile d alers is included with other retail outlets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 51 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g p O c u o a o t m o p h n d e e e - r s r r e R m l r t o a e n i o a n p o i n z d d a n a s - ir - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m p o h n d e e e - r s r r m i R z l o o a e a d n a p ti e n d a o r s i n n r - s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1948 1,990 1,378 232 216 164 1948 3,529 575 753 794 568 839 1949 2,950 2,425 303 83 139 1949 4,439 849 946 1,016 715 913 1950 3,785 3,257 313 57 158 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,769 3,183 241 70 275 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,833 4,072 332 82 347 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 6,147 5,306 367 83 391 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,421 5,563 351 81 426 1954 8,633 2,198 1,645 1,839 1,275 1,676 1954—Nov. 6,325 5,491 340 81 413 1954—Nov 8,586 2,188 ,636 1,822 1,287 ,653 Dec. 6,421 5,563 351 81 426 Dec 8,633 2,198 ,645 1,839 1,275 ,676 1955—Jan.. 6,462 5,603 350 79 430 1955—Jan 8,651 2,208 ,656 1,859 1,241 ,687 Feb. 6,570 5,709 349 78 434 Feb 8,688 2,241 ,680 1,845 1,219 ,703 Mar. 6,808 5,945 348 76 439 Mar 8,844 2,309 ,751 1,846 1,201 ,737 Apr. 7,077 6,207 348 76 446 Apr 9,020 2,371 ,818 1,842 1,205 ,784 May 7,390 6,512 353 77 448 May 9,228 2,466 1,880 1,865 1,211 ,806 June 7,747 6,857 361 78 451 June 9,495 2,591 1,940 1,897 1,223 ,844 July. 8,087 7,180 372 78 457 July 9,656 2,656 1,995 1,921 1,231 ,853 Aug. 8,422 7,496 384 80 462 Aug 9,871 2,765 2,041 1,950 1,243 ,872 Sept. 8,667 7,729 392 81 465 Sept 10,060 2,842 2,088 1,986 1,259 ,885 Oct.. 8,771 7,822 398 82 469 Oct 10,145 2,901 2,090 2,009 1,273 ,872 Nov. 8,825 7,860 403 83 479 Nov 10,227 2,935 2,087 2,052 1,275 ,878 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets 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 d t n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a d n a p ti n d e a o s r i n r n- s l P o o e n a r a n - l s E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a - i l t l t - C m c m ( o i s e a m e i r n l n - - g t le lo -p O a a n t y h s - ) er m p D a e a e r n ( c - t- c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e 1939 789 81 24 15 669 banks stores! 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1948 1,573 189 99 59 1,226 1941 3,087 693 152 275 1,370 597 1949 1,858 240 137 89 1,392 1945 3,203 674 72 290 1,322 845 1950 2,237 330 182 115 1,610 1951 2,537 358 209 132 1,838 1948 5,443 1,261 184 575 2,138 1,285 1952 3,053 457 279 187 2,130 1949 5,588 1,334 198 584 2,096 1,376 1953 3,613 573 337 249 2,454 1950 6,323 1,576 245 641 2,365 1,496 1954 3,881 596 340 260 2,685 1951 6,631 1,684 250 685 2,411 1,601 1952 7,143 1,844 250 730 2,612 1,707 1954_Nov. 3,808 591 331 263 2,623 1953 7,350 1,899 320 748 2,663 1,720 Dec. 3,881 596 340 260 2,685 1954 7,658 2,085 335 764 2,754 1 720 1955—Jan.. 3,864 595 338 254 2,677 1954_Nov 7,195 2,049 358 574 2,468 1,746 Feb.. 3,895 607 339 253 2,696 Dec 7,658 2,085 335 764 2,754 1,720 Mar. 3,961 628 344 253 2,736 Apr., 4,030 649 353 253 2,775 1955—Jan 7,324 2,048 323 623 2,602 1,728 May, 4,100 670 363 258 2,809 Feb ... 7,010 2,085 342 535 2,296 1,752 June, 4,190 692 380 261 2,857 Mar 6,974 2,114 367 507 2,228 1,758 July. 4,237 706 388 261 2,882 Apr . 7,142 2,165 331 526 2,333 1,787 Aug. 4,312 722 401 266 2,923 May 7,419 2,199 390 532 2,479 1,819 Sept. 4,374 732 410 271 2,961 June 7,557 2,303 383 518 2,522 1,831 Oct.. 4,408 736 417 272 2,983 July 7,420 2,268 327 474 2,517 1,834 Nov. 4,472 740 429 276 3,027 Aug.. . . 7,481 2,277 352 475 2,544 1,833 Sept 7,594 2,273 384 519 2,589 1,829 Oct 7,677 2,311 355 562 2,656 ,793 NOTE.—Institutions included are consumer finance companies (oper- Nov 7,812 2,348 409 618 2,667 ,770 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. 1 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID [Estimates of short- and intermediate-term credit, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t 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 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 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—Nov . 2,554 2,492 1,040 1,084 716 642 108 114 690 652 Dec 3,046 2,593 1,184 1,084 936 666 95 110 831 733 1955—Jan 2,389 2 420 J 060 997 616 675 67 109 646 639 Feb 2,416 2,344 167 985 529 654 72 96 648 609 Mar 3,159 2,693 ,569 1,157 708 713 99 119 783 704 Apr 3,089 2,550 ,512 1,083 703 690 106 102 768 675 May 3,206 2,570 1,616 1,113 741 678 121 109 728 670 June 3,443 2,678 1,766 1,190 766 682 125 109 786 697 July . . 3,131 2,569 1,594 1,117 711 674 111 103 715 675 Aug 3,436 2,757 1,745 1,236 793 707 130 111 768 703 Sept 3,241 2,697 1,592 1,210 783 697 128 106 738 684 Oct 3,051 2,787 ,417 1,251 785 716 126 110 723 710 Nov 3,103 2,819 1,341 1,264 850 710 124 117 788 728 SEASONALLY ADJUSTED* 1954—Nov 2,612 2,500 I 109 1 098 677 631 101 113 725 658 Dec 2,762 2,488 1,298 1,083 679 643 99 108 686 654 1955_jan 2,823 2 496 I 233 1 020 788 684 87 104 715 688 Feb 2,898 2,521 1,382 1,071 660 680 97 97 759 673 Mar 3,035 2,562 1,472 1,096 741 683 109 116 713 667 Apr 3,017 2 552 I 404 1 093 736 672 109 109 768 678 May 3,091 2,634 1,517 1,139 736 687 115 122 723 686 June ... 3,165 2,612 1,580 1,165 754 678 109 109 722 660 July 3,122 2,602 1,510 1,132 791 697 107 102 714 671 Aug . 3,200 2,714 1,559 1,195 770 720 113 105 758 694 Sept 3,279 2,691 1,613 1,173 756 696 119 108 791 714 Oct 3 064 2 773 [ 467 1 231 721 719 111 106 765 717 Nov . . 3,175 2,830 4?Q 1,280 802 699 117 117 827 734 •Includes adjustment for differences in trading days. stalment credit extended and repaid are based on information from ac- NOTE.—Back figures by months for the period 1940-52, together with counting records of retail outlets and financial institutions and include a discussion of the composition and characteristics of the data and a finance, insurance, and other charges incurred under the instalment condescription of the methods used to derive the estimates, are shown in the tract. Renewals and refinancing of loans, repurchases and resales of in- BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are stalment paoer, and certain other transactions may increase the amount shown in the BULLETIN for November 1954, p. 1212. Estimates of in- of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i Pe fr r o ce m n ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding year Item Nov. Oct. Sept. Nov. Oct. Sept. Month D s m e to p e r a n e r t s t- F st t u o u r r r n e e i s - h H p o l o l i d a u n s a c e p e - - D s m e to p e r a n e r t s t- 1955 1955 1955 1955 1955 1955 stores Net sales: 1954—Nov 13 12 10 48 T C C o a re t s a d h l i t s a s l a e l s es: + + 2 5 + + 1 1 3 6 - - 3 3 + + 3 8 + + 1 1 1 2 + + 1 1 1 4 1955— D Ja e n c 1 14 4 1 12 2 9 9 4 4 6 4 Instalment , 0 + 14 -4 + 10 + 11 + 15 Feb 14 11 9 43 Charge account +2 + 8 -4 +8 + 15 + 12 A M p a r r 1 1 5 5 1 1 2 3 9 9 4 4 8 4 Accounts receivable, end of May 15 12 9 45 month: June 15 12 9 46 Total + 3 + 2 + 1 + 10 + 10 +9 July 14 12 9 43 Instalment +2 + 1 + 1 + 8 +7 +7 Aug 14 13 9 46 Charge accounts , +5 + 3 +2 + 16 + 16 + 14 Sept 15 12 9 45 Oct 15 12 10 47 Inventories, end of month, Nov 15 12 10 47 at retail value + 1 + 5 + 5 + 6 +4 +2 1 Collections during month as percentage of accounts outstanding at beginning of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS ACTIVITY 53 SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction In ( d p u hy st s r i i c a a l l p v r o o l d u u m c e t ) io * n awar co d n e t d r a ( c v t a s lue) i Employment and payrolls2 Depart- Whole- Freight ment Con- sale Manufactures N ag o r n i- - pro M du an ct u i f o a n c t w ur o in rk g ers l c o a a r d - - s s a t l o e r s e * p s r u i m ce e s r 2 m c o o d m it - y Year Min- Resi- All cul- ings* (retail prices 2 or month Total Total r D a u bl - e N r d a o u b n l - - e erals Total d t e ia n l - other p m t e u l m o e ra y n - l - t Em m p e l n o t y- P ro a l y ls - value) 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. 38 38 37 45 26 39 61.4 68.7 31.1 90 27 74.0 1920. 3! 42 36 53 18 45 62.0 69.0 37.1 98 32 85.7 1921. 30 24 34 42 27 32 55.2 52.8 24.0 83 30 76.4 1922. 39 37 40 45 41 43 58.5 58.4 25.7 92 30 71.6 1923. 45 47 44 62 49 42 64.4 66.9 32.6 107 34 72.9 1924. 43 43 42 57 57 46 63.5 62.1 30.4 105 34 73. 1925. 48 49 46 59 75 59 65.2 64.2 32.1 110 36 75.0 1926. 50 52 48 63 73 67 67.6 65.5 33.0 115 37 75.6 65.0 1927. 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928. 52 53 51 63 73 76 70 68.0 64.2 32.8 112 37 73.3 62.9 1929. 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930. 48 45 51 59 49 30 62 66.7 59.5 28.3 99 35 71.4 56.1 1931. 39 31 48 51 34 22 41 60.4 50.2 21.5 79 32 65.0 47.4 1932. 30 19 42 42 15 8 20 53.5 42.6 14.8 59 24 58.4 42.1 1933. 36 24 48 48 14 7 18 53.7 47.2 15.9 62 24 55.3 42.8 1934. 3' 30 49 51 17 7 24 58. 55.1 20.4 67 27 57.2 48.7 1935. 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936. 55 49 61 63 30 22 35 65.9 63.9 27.2 81 33 59.3 52.5 1937. 60 55 64 71 32 25 36 70.3 70.1 32.6 84 35 61.4 56.1 1938. 46 35 57 62 35 27 40 66. 59.6 25.3 67 32 60.3 51.1 1939. 5' 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940. 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941. 88 91 84 81 66 54 74 82. 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. 10 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101.6 102. 105.1 104 104 102.8 104.4 1949 97 97 95 99 94 113 116 111 99.0 93. 97.2 88 98 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951. 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114.8 1952. 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 1953. 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 112 114.4 110.1 1954. 125 127 137 116 111 216 232 204 110.4 101.8 137.7 86 111 114.8 110.3 1955. P139 P140 *>122 P105.6P152.9 P95 1954 Oct.. 126 130 128 139 117 109 241 263 226 110.0 100.6 102.0 139.1 ir 114.5 109.7 Nov.. 128 130 130 142 118 113 255 264 250 110.6 101.6 102.3 142.2 113 114.6 110.0 Dec. 130 128 131 143 119 116 259 277 248 110.6 101.7 102.2 143.1 116 114.3 109.5 1955 Jan... 132 132 133 145 121 120 261 288 243 110.6 101.8 101.2 141.5 92 119 114.3 110.1 Feb.. 133 135 134 147 121 123 261 297 238 110.7 102.5 102.3 144.4 92 112 114.3 110.4 Mar.. 135 138 136 148 124 121 260 291 239 111.5 103.5 103.3 146.6 93 115 114.3 110.0 Apr.. 136 138 138 151 126 119 253 286 230 111 104.6 103.6 146.7 93 119 114.2 110.5 May. 138 138 140 153 127 121 245 280 221 112 105.8 104.1 150.1 96 117 114.2 109. £ June. 139 139 141 155 128 122 253 290 228 113.2 106.7 105.8 152.1 94 114 114.4 110.3 July.. 139 130 141 155 126 120 257 296 231 113.5 106.1 104.7 151.0 95 124 114.7 110.5 Aug.. 140 139 142 158 125 121 259 278 246 113.7 106.1 107.2 154.6 96 118 114.5 110.9 Sept.. 142 142 144 160 '128 '123 250 256 246 114.0 106.4 108.1 158.7 96 121 114.9 111.7 Oct.. . 143 147 145 '161 ••129 '123 260 252 266 114.3 107.3 108.7 161.2 98 122 114.9 111.6 Nov.. 144 146 146 161 130 125 270 252 282 114.7 108.7 109.4 164.3 99 P122 115.0 111.2 Dec. P141 P130 P127 '114.4 107.9P108.5 '163.8 P101 M21 111.3 e Estimated. P Preliminary. r Revised. and consumer prices are compiled by the Bureau of Labor Statistics. 1 •'A A T vv h ee r rr e aa e gg - e m e p o pe n err th ww m oorr o kk v iinn in gg g dd a aa v yy e .. rage, based on F. W. Dodge Corporation n JNN e o l o n i n n aag g t r h nicc e uu a litt r uu m rra e ai d l ee f mm or pp c ll e oo s yy . mme T enn h tt e W c c Yo o Wv n eO s r u s w m emm er vp p lio^ r y i v c ew e e s i u n o d un e ^l x y a U i a s un t dW h e eA xU r c e Ul v uU i d s M e e d s^ tp s u e eu r r i s e uo s -n ,, data. A description of the index may be obtained from the Division of reflecting, beginning January 1953, the inclusion of some new series and Research and Statistics. revised weights; prior to January 1953 indexes are based on the "interim, 2 The indexes of employment and payrolls, wholesale commodity prices, adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 PRODUCTION INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953 1954 Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL... 100.00 134 125 128 130 132 133 135 136 138 139 139 140 142 143 144 MANUFACTURES—TOTAL 90.02 136 127 130 131 133 134 136 138 140 141 141 142 144 145 146 Durable Manufactures—Total 45.17 137 142 145 147 148 151 153 155 155 158 160 161 161 Primary metals 6.70 132 108 118 121 127 131 136 138 140 143 134 139 146 -148 149 Metal fabricating 28.52 167 150 •153 -755 -757 -755 -750 '752 -753 '754 -755 '755 '770 -773 772 Fabricated metal products 5.73 136 123 125 125 125 126 129 130 134 135 135 137 141 142 139 Machinery 13.68 160 142 "147 145 145 146 '147 '151 '153 155 158 '159 '161 '164 162 Nonelectrical machinery 9.04 143 125 122 -121 124 125 126 131 134 136 138 140 141 '143 143 Electrical machinery 4.64 194 177 196 -193 187 -189 '190 '191 '189 '192 197 -196 -199 '205 198 Transportation equipment 7.54 189 175 "179 -189 -197 '199 '200 •'202 '202 '198 -202 '203 205 '208 212 Instruments and related products 1.29 155 140 138 140 140 142 143 143 142 149 151 153 155 '156 159 Clay, glass, and lumber products 5.91 125 123 130 133 132 132 735 735 735 143 735 740 747 747 739 Stone, clay, and glass products 2.82 133 131 136 135 136 138 143 146 149 153 152 155 155 153 157 Lumber and products 3.09 118 115 124 131 129 127 127 127 128 133 125 127 127 130 123 Furniture and misc. manufactures 4.04 131 121 123 122 122 124 725 727 732 735 134 737 737 735 735 Furniture and fixtures 1.64 117 106 108 108 109 109 112 113 117 121 122 124 125 124 123 Miscellaneous manufactures 2.40 140 131 132 131 132 133 136 136 142 145 143 145 145 145 145 Nondurable Manufactures—Total 44.85 118 116 118 119 121 121 124 126 127 128 125 '128 '129 130 Textiles and apparel 11.87 107 100 '104 104 106 104 '109 mo 110 -709 rlO9 rill 112 115 T A e p x p t a il r e e l m a i n ll d p a ro ll d ie u d c t p s roducts 6 5. . 5 3 5 2 1 1 1 0 0 4 1 9 0 5 5 " 1 1 0 0 1 7 - 1 1 0 0 7 2 - -1 1 1 0 0 2 ' -• 1 1 0 0 3 6 ' 1 11 0 1 4 ' ' 1 1 0 1 7 2 ' - 1 1 0 1 6 4 ' ' 1 1 0 1 7 4 - 1 1 0 1 6 2 - ' 1 1 0 1 7 2 ' 1 1 0 1 7 6 ' ' 1 1 0 1 9 6 1 12 1 1 0 Rubber and leather products 3.20 113 104 108 775 123 720 722 723 725 727 720 779 '727 -725 722 Rubber products 1.47 128 115 122 133 143 138 140 144 147 149 137 138 '142 -147 147 Leather and products 1.73 99 95 96 100 105 104 105 105 105 107 106 102 104 -105 102 Paper and printing 8.93 125 125 127 727 730 737 134 735 735 739 739 735 740 747 747 Paper and allied products 3.46 132 134 137 136 140 143 147 151 156 156 155 153 157 158 157 Printing and publishing 5.47 121 120 120 121 123 123 125 125 126 128 128 128 130 131 130 Chemical and petroleum products 9.34 142 142 145 148 148 757 154 755 759 757 750 750 753 -752 754 Chemicals and allied products 6.84 147 148 152 155 155 158 161 163 168 170 170 168 173 171 173 Petroleum and coal products 2.50 130 125 127 129 131 134 134 136 134 136 134 135 135 -137 139 Foods, beverages, and tobacco 11.51 107 106 "707 -707 707 106 -707 '709 -705 '709 -705 707 707 -777 772 Food and beverage manufactures 10.73 107 106 107 -107 107 106 '107 '109 -108 '109 -108 '108 '108 -111 112 Tobacco manufactures .78 108 103 100 101 107 106 107 103 109 109 101 100 100 100 MINERALS—TOTAL 9.98 116 111 113 116 120 123 121 119 121 122 120 121 '123 -123 125 Mineral fuels 5.55 115 113 775 777 720 723 727 727 727 722 723 722 722 '723 724 Coal 2.68 78 67 69 73 74 79 72 72 81 86 87 82 80 80 80 Anthracite .36 57 52 51 66 55 61 45 41 42 43 53 41 50 42 47 Bituminous coal 2.32 81 70 72 74 77 82 76 77 87 92 92 89 84 86 85 Crude oil and natural gas 5.67 133 134 136 138 142 144 145 143 139 139 139 141 141 143 P144 Metal, stone, an^, earth minerals 1.63 119 106 705 775 775 779 723 774 720 723 709 777 725 725 730 Metal mining .82 113 90 86 103 110 114 113 100 111 117 88 105 119 "120 127 Stone and earth minerals .81 124 123 125 127 126 124 132 129 129 129 130 130 133 131 133 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL.... 100.00 134 125 130 128 132 135 138 138 138 139 130 139 142 147 146 MANUFACTURES—TOTAL 90.02 136 127 132 129 133 136 140 140 140 141 132 140 144 149 148 Durable Manufactures—Total 45.17 153 137 143 143 147 151 154 155 155 155 146 153 157 -164 163 Primary metals 6.70 132 108 118 117 129 136 142 144 143 144 122 132 143 149 149 Ferrous metals 5.03 133 105 114 115 124 132 138 143 143 141 125 132 142 148 147 Pig iron and steel 3.51 138 108 121 121 128 136 144 147 149 146 132 140 149 153 154 Pig iron .37 130 101 110 113 117 122 131 134 138 137 129 134 140 141 140 Steel 3.05 139 109 122 121 130 138 146 148 151 147 133 141 150 154 156 Carbon steel 2.62 135 108 119 118 125 134 143 145 148 144 130 136 144 149 150 Alloy steel .43 165 115 138 145 155 165 165 171 169 169 147 168 186 188 189 Ferrous castings and forgings 1.52 121 97 98 101 113 121 124 133 128 129 108 114 125 137 131 Iron and steel castings 1.29 115 95 96 99 111 119 123 132 127 127 108 114 123 '135 129 Steel forgings .23 154 106 107 110 127 133 132 140 132 139 108 115 133 148 141 p Preliminary. r Revised. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-1271. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953, group in addition to the groups shown. Certain types of combat materiel pp. 1247-1293 and pp. 1298-1328, respectively. are included in major group totals but not in individual indexes for autos, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 55 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953 1954 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.Nov. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 129 120 '130 124 146 149 155 148 144 154 112 132 147 '153 156 Primary nonferrous metals .38 144 147 158 160 159 167 169 166 166 167 127 150 173 171 173 Copper smelting '. .09 112 101 '125 121 118 140 134 133 132 130 49 95 139 136 130 Copper refining .06 116 109 118 131 122 134 133 124 133 133 50 97 142 126 136 Lead .04 101 105 107 103 99 99 112 115 101 110 53 82 116 119 121 Zinc .10 113 101 112 116 118 119 122 118 118 119 116 116 117 122 124 Aluminum .09 209 244 246 250 252 253 256 257 258 259 261 263 265 265 272 Secondary nonferrous metals .13 114 105 107 107 114 125 133 124 123 121 100 118 130 134 134 Nonferrous shapes and castings 1.16 126 113 123 114 146 146 153 144 139 154 108 127 141 ri49 152 Copper mill shapes .63 112 100 111 90 135 125 133 114 110 128 75 91 110 114 118 Aluminum mill shapes .20 168 154 162 168 183 196 202 204 209 228 188 215 218 222 220 Nonferrous castings .33 130 114 122 128 144 155 163 168 155 158 124 144 154 173 Metal Fabricating 28.52 167 150 156 159 162 165 166 165 163 157 162 165 173 174 Fabricated metal products 5.73 136 123 125 124 124 126 130 131 134 135 130 139 142 145 Structural metal parts 2.68 137 126 129 130 127 129 131 132 136 136 132 137 141 rl44 144 T S F t u i a n r m n c a p a c i n n e s s g , s g a a n s d r a m n i g s e c s . , m a e n t d a l h p ea ro te d r u s cts 2. . . 1 6 3 2 3 0 1 1 9 2 3 3 9 8 1 1 9 3 1 0 1 7 1 1 9 0 2 9 3 2 1 1 7 0 2 8 2 4 1 1 8 1 2 7 0 4 1 1 9 2 0 9 6 7 1 1 1 1 2 0 1 9 8 1 1 1 2 2 0 9 6 7 1 1 1 3 4 0 1 3 5 1 1 1 4 2 1 9 8 7 1 1 8 2 6 9 5 8 2 1 1 0 2 2 3 8 6 1 1 1 9 2 4 2 9 2 - 1 1 1 3 9 3 4 7 4 1 1 9 3 1 6 7 7 Machinery 13.68 160 142 150 146 148 152 154 152 151 153 142 153 161 169 174 Nonelectrical machinery 9.04 143 125 121 123 126 129 132 134 135 137 131 131 137 '141 141 Farm and industrial machinery 8.13 139 121 116 119 119 121 124 126 129 131 128 129 131 136 138 Farm machinery 1.02 96 79 75 80 85 90 94 95 95 95 92 87 69 r92 93 Industrial and commercial machinery 7.11 145 127 122 125 124 125 128 131 134 136 133 135 140 142 145 Machine tools and presses .68 188 160 146 149 148 149 152 154 157 161 160 165 168 170 178 Laundry and refrigeration appliances... .69 128 114 124 122 146 155 164 161 155 157 116 113 147 '141 130 Electrical machinery 4.64 194 177 206 191 191 196 195 189 181 184 165 194 207 -223 208 Electrical apparatus and parts 3.23 179 160 162 165 165 167 169 171 175 176 169 170 175 -188 180 Radio and television sets .74 230 214 325 258 261 272 261 228 190 192 143 254 289 315 280 Transportation equipment 7.54 189 175 179 191 200 205 209 213 209 200 197 192 185 -200 215 Autos, trucks, and parts 4.80 126 109 120 136 150 157 163 171 165 151 147 137 122 -144 165 Autos 1.50 146 131 144 174 195 210 215 223 205 184 195 166 130 153 212 Trucks .66 118 92 93 94 98 87 104 137 132 134 126 106 102 106 122 Light trucks .22 112 95 99 103 102 77 109 148 139 124 119 93 106 121 128 Medium trucks .19 58 59 58 59 64 48 67 89 88 81 81 65 53 50 73 Heavy trucks .14 183 133 134 130 143 144 141 193 192 220 203 167 138 138 172 Truck trailers .07 229 130 135 131 138 160 170 185 176 205 174 192 199 202 199 Auto and truck parts 2.58 117 101 113 125 137 145 148 150 150 137 125 129 122 149 Aircraft and parts 1.30 465 474 471 478 479 477 479 472 469 466 469 469 484 -490 501* Shipbuilding and repair .81 135 112 106 110 111 113 115 117 115 118 114 117 117 115 113 Railroad equipment .53 72 39 24 31 32 36 35 38 47 41 37 45 45 50 48 Railroad cars 20 20 33 .35 64 29 12 25 26 28 39 29 22 32 30 38 Instruments and related products 142 140 160 1.29 155 140 140 142 145 144 142 149 147 150 155 -158 Clay, Glass, and Lumber Products 125 124 140 5.91 125 123 130 129 133 137 139 146 133 145 147 149 Stone, clay, and glass products 2.82 133 131 137 134 132 134 140 146 149 155 149 158 158 161 159 Glass and pottery products 1.09 123 118 124 121 126 129 131 132 132 136 124 138 137 144 143 Flat glass and vitreous products .60 136 131 144 148 148 147 149 150 152 154 139 152 161 164 168 Flat and other glass .47 139 133 148 151 151 150 152 152 152 154 136 153 163 -167 170 Glass containers .26 120 117 105 93 114 124 124 125 123 138 130 143 127 133 121 Home glassware and pottery .23 91 85 94 81 83 90 93 95 89 88 76 95 86 102 103 Cement .32 132 135 145 131 119 115 132 151 159 163 161 164 164 164 Structural clay products .35 110 111 117 113 107 111 119 121 125 134 128 138 140 138 'i38* Brick .12 106 113 124 112 101 106 121 127 132 146 134 146 151 142 141 Clay firebrick, pipe, and tile .20 115 111 114 115 114 115 120 120 122 128 126 134 134 137 138 Concrete and plaster products .48 163 161 166 162 155 155 165 174 184 190 191 195 196 -192 187 Misc. stone and earth manufactures .58 143 140 146 149 147 151 155 160 164 170 167 174 175 -177 178 Lumber and products 118 115 123 116 117 125 126 129 129 137 118 133 136 138 123 Lumber 112 106 107 100 101 108 109 115 116 122 108 119 121 122 106 Millwork and plywood 149 161 191 186 193 206 210 201 195 207 160 198 209 211 194 Millwork 118 123 139 137 143 151 155 148 139 151 121 148 155 157 140 Softwood plywood 199 222 275 264 274 294 298 288 285 299 224 279 295 299 Wood containers 89 91 94 85 86 90 93 "92* Furniture and Misc. Manufacturing . . . 4.04 131 121 128 125 121 126 128 125 127 131 125 134 140 144 142 Furniture and fixtures 1.64 117 106 112 111 109 113 114 111 113 116 113 123 111 '128 128 Household furniture 1.10 118 106 115 115 110 115 116 113 114 118 114 124 129 -131 131 Fixtures and office furniture .54 116 107 107 108 106 109 109 107 111 114 111 121 123 -123 121 Miscellaneous manufactures 2.40 140 131 139 134 129 134 137 135 137 141 133 142 149 154 152 r Revised. For other footnotes see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953 1954 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 118 116 120 115 120 122 125 124 124 127 117 128 130 135 132 Nondurable Manufactures—Total.. . . 11.87 107 100 104 98 108 112 115 113 110 108 112 109 116 Textiles and Apparel Textile mill products 6.32 104 95 102 98 104 108 109 109 108 91 108 106 112 111 Cotton and synthetic fabrics.. .. 3.72 107 100 110 104 114 116 118 118 116 110 96 115 111 117 118 Cotton consumption 2.30 104 97 104 95 105 106 105 103 104 100 84 106 103 109 109 Synthetic fabrics .97 115 108 126 127 132 138 147 154 146 135 133 134 132 133 136 Fabric finishing .45 101 93 102 90 107 109 106 107 103 92 67 106 87 111 110 Wool textiles .97 78 66 69 70 70 72 74 79 83 85 73 79 80 85 83 Wool apparel yarns .16 91 76 72 68 79 85 82 89 91 84 80 90 80 90 86 Wool fabrics .75 75 64 69 71 67 69 72 77 82 86 72 77 80 84 83 Knit goods 1.15 116 106 110 103 105 112 110 108 108 113 98 113 114 119 115 Hosiery .65 113 108 109 102 110 119 109 103 108 85 104 106 113 108 Full-fashioned hosiery .45 118 113 112 105 114 124 118 116 108 111 86 107 107 114 109 Seamless hosiery .20 102 97 102 93 100 106 96 93 92 102 82 99 101 110 106 Knit garments .50 119 103 111 104 98 104 108 106 113 119 116 123 125 126 125 Floor coveringsl .48 Woven carpets .31 86 62 71 84 83 86 85 81 72 85 '89 78 Apparel and allied products 5.55 110 105 107 99 113 116 123 117 113 110 95 116 111 117 121 Men's outerwear 1.78 113 103 108 96 115 113 113 118 119 107 84 120 109 117 116 Men's suits and coats .73 96 83 87 98 97 88 92 105 92 59 110 91 95 94 Men's suits .50 92 82 90 102 100 91 90 100 86 55 102 84 93 95 Men's outercoats .13 89 67 66 52 60 59 55 76 101 92 60 115 99 82 69 Shirts and work clothing. . . .99 124 116 121 99 126 124 130 135 127 117 98 126 119 130 131 Women's outerwear 1.85 103 109 102 93 120 125 143 129 116 114 98 117 108 113 124 Women's suits and coats. . . .76 117 129 130 115 152 160 165 109 96 123 129 145 129 139 157 Misc. apparel and allied mfrs.. 1.92 112 103 110 106 103 109 112 103 104 108 103 112 117 122 122 Rubber and Leather Products . 3.20 113 104 110 123 127 128 724 121 126 105 124 130 123 Rubber products 1.47 128 115 124 128 145 144 146 147 146 151 121 133 144 155 150 Tires and tubes .70 117 105 110 116 130 134 133 128 135 146 127 116 128 140 138 Auto tires .40 117 110 111 119 136 141 145 140 150 161 138 125 135 143 140 Truck and bus tires .30 118 99 110 113 121 125 117 113 116 126 111 104 119 136 134 Miscellaneous rubber products.. .77 133 124 137 139 158 153 158 164 155 155 115 148 '158 170 161 Leather and products 1.73 99 95 94 94 105 112 113 105 100 105 92 108 107 109 100 Leather .44 91 87 88 88 94 98 94 95 93 95 74 90 90 97 97 Cattlehide leathers .29 92 92 94 95 101 104 101 102 99 101 79 96 98 105 Skin leathers .15 75 75 73 80 86 80 82 80 83 63 77 74 82 Shoes and slippers2 .90 Miscellaneous leather products .39 100 90 94 100 103 92 89 96 97 104 104 106 106 Paper and Printing 8.93 125 125 131 125 127 132 137 137 137 138 128 135 141 147 144 Paper and allied products 3.46 132 134 140 129 140 148 152 154 153 156 139 155 157 167 158 Pulp and paper 1.76 130 132 139 127 140 147 150 148 151 154 135 151 150 158 156 Wood pulp .51 142 148 160 142 158 166 170 169 171 175 156 173 169 179 177 Paper and board 1.25 125 125 131 120 132 139 142 140 143 145 126 141 143 150 147 Printing paper .22 119 118 121 112 123 127 133 127 128 130 112 127 130 132 131 Fine paper .14 116 120 127 124 132 138 134 131 148 138 107 122 134 140 136 Coarse paper .20 118 119 124 112 124 132 134 130 129 130 117 126 128 137 132 Miscellaneous paper .18 129 137 142 135 150 154 153 160 158 159 148 156 156 -176 168 Paperboard .41 134 130 137 122 136 145 149 147 151 158 133 155 153 160 161 Building paper and board . .10 118 124 129 115 122 126 141 139 142 142 133 151 145 142 137 Converted paper products 1.70 134 136 140 131 141 149 153 159 154 158 144 159 165 '177 161 Shipping containers .51 133 133 140 131 135 146 153 156 154 159 141 160 167 175 160 Sanitary paper products .11 138 145 141 128 156 156 152 166 152 154 153 152 156 '180 163 Printing and publishing 5.47 121 120 125 123 119 122 128 127 127 127 121 123 131 135 135 Newsprint consumption 1.85 118 119 130 123 114 121 132 134 135 131 112 116 132 142 143 Job printing and periodicals. 3.62 122 121 122 124 122 123 125 124 '124 125 125 127 131 131 131 Chemical and Petroleum Products 9.34 142 142 149 149 151 155 157 156 156 157 152 157 162 166 168 Chemicals and allied products 6.84 147 148 156 156 158 162 166 165 165 165 158 163 111 176 178 Industrial chemicals 2.54 154 153 165 166 169 177 184 182 182 185 176 182 190 192 197 Basic inorganic chemicals .57 149 157 171 170 175 181 184 180 185 179 159 166 179 188 194 Industrial organic chemicals 1.97 155 152 164 165 168 175 184 182 182 186 181 187 194 193 198 Plastics materials .24 183 184 200 196 206 231 243 247 244 246 207 234 264 267 Synthetic rubber .11 186 136 147 151 180 193 202 202 211 208 211 217 222 227 244* Synthetic fibers .59 156 152 174 173 172 181 196 189 178 184 177 184 191 188 196 Miscellaneous organic chemicals 1.03 144 146 151 154 155 157 160 161 166 171 174 175 176 '175 178 Vegetable and animal oils .64 116 118 140 130 127 128 117 108 109 105 99 103 122 156 165 Vegetable oils .48 112 113 140 126 125 123 111 99 98 93 87 90 115 157 162 Grease and tallow .16 131 133 137 139 135 145 136 134 142 143 133 145 144 154 174 Soap and allied products .71 113 108 105 105 109 115 108 108 105 103 79 104 126 130 118 Paints .66 118 116 117 118 116 116 119 122 125 131 130 130 126 127 126 Fertilizers .23 124 122 108 112 116 124 177 176 154 109 91 90 115 118 113 ' Revised. NOTE.—A number of groups and subgroups include individual series 1 Publication suspended pending revision for the period 1952 to date. not published separately. For description and back figures, see BULLETIN 2 Publication suspended pending adjustment to revised Census produc- for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. tion figures for the period 1950 to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 57 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953 1954 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 130 125 129 129 132 134 133 132 131 136 134 138 136 138 Petroleum refining 1.97 135 133 136 140 142 144 139 136 135 140 141 143 141 143 *>148 Gasoline . 1.04 144 141 143 146 146 147 143 144 146 152 156 157 155 157 P158 Automotive casoline .. .98 139 136 139 141 142 143 140 140 141 146 151 151 149 151 Aviation gasoline • . • • .06 227 221 214 232 216 209 205 212 226 246 247 252 247 252 Fuel oil .56 130 128 135 140 146 152 142 129 128 133 131 133 132 134 P144 Distillate fuel oil .30 155 158 172 177 184 196 181 163 161 173 167 172 172 171 Residual fuel oil .26 101 93 92 97 101 101 97 91 91 88 89 89 87 92 .10 117 110 116 125 134 123 117 102 97 88 94 95 91 101 Lubricating oil . • • • .17 106 108 110 108 109 105 110 124 113 118 108 116 111 111 Coke .26 111 84 90 93 96 98 102 104 105 103 101 104 107 108 110 Asphalt roofing and siding .15 99 103 106 62 70 75 110 131 124 144 114 142 131 131 11.51 107 106 109 99 99 97 100 101 105 112 110 117 121 '123 114 10.73 107 106 110 101 98 97 100 101 104 111 111 111 111 115 Food manufactures 8.49 108 107 113 104 102 99 100 100 102 108 109 118 125 125 118 M^eat products 1.48 115 117 135 136 138 124 128 118 114 114 104 118 129 143 150 Beef .46 129 135 136 132 140 129 134 133 138 147 137 151 155 154 146 Pork .83 104 103 131 134 133 117 121 106 98 93 83 96 111 133 148 Dairy products. . .69 105 106 78 79 85 91 104 117 140 145 132 120 101 oo 83 Butter .14 108 110 79 85 99 101 104 119 143 139 116 90 84 88 83 Natural cheese .07 112 116 87 91 95 102 113 133 164 165 130 113 102 90 87 Concentrated milk .19 93 94 65 70 76 86 100 116 143 138 107 94 82 75 71 Ice cream .28 106 104 81 74 78 84 100 107 122 139 153 151 118 93 86 Canned and frozen foods 1.13 121 112 99 87 77 72 74 81 87 110 142 198 201 113 Grain-mill products 1.16 106 107 103 101 103 102 101 102 104 110 110 106 108 111 103 Wheat flour .46 81 81 84 80 87 85 83 79 76 80 80 77 83 96 86 Cereals and feeds .70 122 124 117 115 114 113 113 116 122 129 130 125 124 114 Bakery products 1.64 100 97 98 98 94 95 95 94 97 100 100 98 99 '100 99 Sugar .27 113 117 273 176 93 61 67 64 64 71 73 81 111 247 Cane susar .11 113 106 90 87 100 106 110 101 102 108 121 128 129 130 Beet sugar .13 108 121 427 248 81 17 24 27 28 35 26 36 90 340 Confectionery .71 102 99 125 87 106 112 96 93 78 86 65 79 140 134 129 Miscellaneous food preparations 1.41 104 105 105 101 100 101 101 103 106 110 113 111 109 108 105 Beverages 2.24 105 103 97 88 84 89 101 107 113 127 121 114 111 118 Bottled soft drinks .54 Alcoholic beverages 1.70 100 98 99 84 80 86 100 106 107 117 106 104 102 117 Beer and ale 1.02 103 99 79 83 85 84 101 113 120 126 122 118 97 88 Liquor distilling .17 60 68 92 67 61 67 66 68 58 58 40 46 83 157 Liquor bottling .37 107 102 139 90 76 93 109 104 96 120 99 94 118 154 Tobacco manufactures .78 108 103 103 83 105 104 105 99 109 116 92 112 107 109 Cigarettes . .46 111 106 102 86 111 106 108 102 115 121 99 117 109 Cigars .17 107 105 113 99 107 106 99 105 111 110 111 82 82 MINERALS—TOTAL 9.98 116 111 114 117 119 118 119 122 121 124 126 126 114 119 8.35 115 113 117 121 123 121 120 120 118 122 123 '125 126 117 119 Coal 2.68 78 67 75 75 11 79 71 11 11 74 11 82 83 88 87 A Bi n t t u h m ra in ci o t u e s coa . l . .. . 2. . 3 3 2 6 5 8 7 1 7 5 0 2 7 5 8 7 7 6 7 1 5 8 5 1 6 8 1 2 4 7 1 6 7 3 7 9 4 8 3 3 4 7 6 8 4 8 2 2 8 3 9 9 8 5 8 3 9 5 3 1 9 5 3 1 Crude oil and natural gas 5.67 133 134 136 138 142 144 145 143 139 139 139 141 142 143 144 Oil and gas extraction 4.82 129 128 130 132 138 140 139 138 133 132 132 133 135 137 140 Crude oil 4.12 124 122 122 123 130 131 132 132 128 127 127 128 129 131 132 Natural gas .34 167 172 184 199 202 207 194 183 170 173 165 167 176 Natural gas liquids .36 157 160 170 172 175 176 169 161 157 157 159 163 170 174 Oil and gas well drilling. ... . .. .85 154 167 171 171 163 168 175 174 175 177 178 187 180 175 Metal, Stone, and Earth Minerals 1.63 119 106 102 99 97 99 104 114 132 138 120 132 141 rl37 125 M^etal mining .82 113 90 79 76 79 85 86 101 131 141 104 126 141 136 111 Iron ore .33 128 84 43 37 36 39 41 79 152 179 168 179 181 165 Nonferrous metal mining .49 104 94 103 102 108 117 117 115 117 116 62 90 114 116 119 Copper mining .24 114 103 118 116 124 134 133 132 135 133 50 96 '134 137 Lead mining .09 86 80 82 83 83 89 91 87 88 87 79 78 82 82 Zinc mining . . .. .06 87 75 74 73 80 83 85 83 86 84 81 79 '81 80 Stone and earth minerals .81 124 123 126 122 115 113 122 128 133 134 135 139 141 139 135 Preliminary. • Revised. For other footnotes see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1954 1955 1947-49 Product proportion 1953 1954 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 127 116 119 125 139 141 142 144 145 144 150 152 154 152 151 Major Durables 69.72 138 125 128 137 157 159 161 163 163 160 169 171 172 168 167 Autos 32.10 146 131 127 149 188 191 192 192 190 173 188 193 195 194 196 Major household goods 36.13 132 122 130 129 133 134 136 140 141 151 155 155 156 148 143 Furniture and floor coverings. 15.32 113 101 103 105 107 107 109 110 113 117 117 121 123 121 121 Household furniture 11.31 118 106 111 110 110 113 114 115 118 122 121 125 127 126 126 Floor coverings1 4.01 Appliances and heaters 15.60 118 111 114 115 126 130 133 140 142 145 146 143 147 137 Major appliances 11.88 123 115 120 119 130 133 134 147 148 149 154 150 153 147 141 Ranges 2.60 90 79 77 82 79 96 97 101 105 122 119 98 98 95 Refrigeration appliances. 4.98 137 124 122 117 131 133 141 152 158 163 161 160 166 162 146 Laundry appliances 2.51 141 148 174 181 190 181 172 199 188 163 193 206 205 187 200 Heating apparatus 3.72 100 97 95 100 115 120 131 121 125 132 121 119 126 108 Radio and television sets 5.21 230 214 259 242 225 226 222 226 222 269 290 294 279 259 235* Radio sets 3.42 67 52 70 70 73 68 71 65 68 66 76 70 72 95 103 Television sets 1.79 541 522 620 571 515 527 512 532 516 658 698 720 676 572 486 Other Consumer Durables 30.28 102 95 97 96 98 99 100 100 103 106 106 107 111 114 114 Auto parts and tires 14.00 91 91 93 94 '98 96 95 97 100 102 101 101 107 108 108 Misc. home and personal goods. 16.28 111 99 101 98 101 103 103 105 109 111 112 115 118 119 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 127 116 129 132 142 151 155 156 147 144 137 139 136 146 159 Major Durables 69.72 138 125 142 149 163 174 179 180 167 160 152 152 145 157 178 Autos 32.10 146 131 144 174 195 210 215 223 205 184 195 166 130 153 212 Major household goods 36.13 132 122 142 130 137 146 151 145 136 141 115 141 159 162 150 Furniture and floor coverings. 15.32 113 101 108 109 108 111 114 111 109 113 105 117 124 127 124 Household furniture 11.31 118 106 115 115 110 115 116 113 114 118 114 124 129 131 131 Floor coverings1 4.01 Appliances and heaters 15.60 118 111 116 108 124 138 151 150 145 152 116 127 151 145 Major appliances 11.88 123 115 118 116 134 149 163 162 156 160 120 122 149 144 134 Ranges 2.60 90 79 83 77 81 104 110 106 100 117 76 91 107 105 Refrigeration appliances.. 4.98 137 124 106 112 147 152 180 187 183 191 144 116 143 131 ii3* Laundry appliances 2.51 141 148 192 177 177 207 201 193 181 168 131 181 219 218 220 Heating apparatus 3.72 100 97 107 84 93 102 114 113 113 128 103 142 159 148 Radio and television sets 5.21 230 214 324 258 260 272 260 228 189 192 143 254 289 315 279* Radio sets 3.42 67 52 71 67 73 74 80 74 75 65 49 62 68 99 105 Television sets 1.79 541 522 806 623 618 648 604 521 408 434 321 619 710 726 612 Other Consumer Durables 30.28 102 95 100 94 95 97 99 99 102 106 103 110 115 120 117 Auto parts and tires 14.00 91 91 93 89 '93 92 92 95 100 105 102 107 113 115 108 Misc. home and personal goods. 16.28 111 99 105 99 96 102 105 103 103 106 103 112 116 124 124 r Revised. carpets, appliances, heating apparatus, radio sets, and television sets may 1 Publication suspended pending revision for the period 1952 to date. be obtained from the Division of Research and Statistics. For a descrip- NOTE.—Individual indexes without seasonal adjustment for woven tion of this index, see BULLETIN for May 1954, pp. 438-447. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Total In tr d i B u al s u - sin m e C s e s o r m ci - al P u u ti b li l t i y c O n r d t e t o e i h s a n n i e l - - - r Total M ta i r l y i- H w ig a h y - s C e ti r o o v n n a - - o A t l he l r 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 ,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 ,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 ,030 750 704 6,325 42,250 30,250 16,600 9,907 2,403 3,039 4,465 3,743 12,000 ,300 4,100 595 6,005 1954—Dec 3,429 2,350 1,307 730 180 184 366 313 1,079 97 393 55 534 1955—Jan.'.... 3,422 2,400 1,338 749 181 200 368 313 1,022 93 342 55 532 Feb.'... 3,453 2,438 ,348 776 183 222 371 314 1,015 101 339 51 524 Mar. '... 3,464 2,464 ,349 797 188 235 374 318 1,000 93 337 54 516 Apr.r. . . 3,525 2,525 ,391 812 188 248 376 322 1,000 104 336 54 506 Mayr. . . 581 2,556 ,419 816 192 250 374 321 1,025 110 352 55 508 Juner. .. 565 2,545 ,420 817 198 245 374 308 1,020 118 339 53 510 July 566 2,578 ,435 831 205 253 373 312 988 113 338 50 487 Aug.r... 568 2,591 ,433 852 207 272 373 306 977 110 334 48 485 Sept.'... 573 2,599 ,422 871 209 290 372 306 974 112 327 44 491 Oct.p 526 2,551 ,374 874 212 291 371 303 975 117 332 43 483 NOV.P. .. 518 2,517 ,345 860 218 272 370 312 1,001 111 357 43 490 Dec.p. . . 3,489 2,486 1,326 852 222 261 369 308 1,003 118 367 45 473 p Preliminary. •• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 59 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 of dollars] B ow y n ty e p rs e h i o p f By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10 359 3 718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16 775 6 711 10,064 6,668 2,562 979 1,472 1,686 3,408 1953 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 3,008 1954 . 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1955 23,745 7,475 16,270 10,185 1954—Dec 1,829 617 1,212 762 104 194 204 200 366 1955_jan '1,485 480 '1,005 -671 85 166 131 184 249 Feb 1 581 472 J.109 744 113 133 135 153 303 Mar 2,135 677 ,458 990 176 194 201 189 386 Apr 2,322 676 ,646 1,070 142 174 195 195 546 May 2 185 675 ,510 1 011 171 183 201 171 448 June 2,255 757 ,498 951 163 228 181 270 461 July 2,272 761 ,511 959 146 288 231 227 420 1 895 549 ,346 835 170 215 153 144 378 Sept.. . 2,035 621 ,414 733 201 197 163 148 593 Oct 1,863 551 ,312 783 186 185 163 158 388 Nov 1,797 527 ,269 726 178 200 143 142 408 Dec 1,921 730 190 711 r Revised. 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—Sept 1,816 107 263 122 220 151 173 311 124 66 111 166 Oct 1,965 122 288 120 207 226 214 360 127 56 101 145 Nov 1,499 97 243 109 155 194 153 239 73 48 60 127 1955—Sept 2,035 123 259 147 224 194 220 386 164 77 92 149 Oct.. . 1,863 114 298 123 221 210 219 310 106 52 86 124 Nov 1,797 116 276 114 184 177 218 334 116 47 81 134 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Non- Private Government-underwrittenl Metro- metro- Year or month Total po a l r i e t a a s n p a o r l e it a a s n Total fam 1- ily fam 2- ily f M am ul i t l i y - Public Total FHA VA 1948 932 n.a. n.a. 914 763 46 104 18 393 291 102 1949 ,025 n.a. n.a. 989 792 35 162 36 466 361 105 1950 ,396 n.a. n.a. 1,352 1,151 42 159 44 686 486 200 1951 ,091 n.a. n.a. 1,020 892 40 88 71 413 264 149 1952 ,127 n.a. n.a. 1,069 939 46 84 58 420 279 141 1953 ,104 n.a. n.a. 1,068 933 42 94 36 407 252 155 1954 ,221 897 324 1,202 1,077 34 90 19 585 277 308 1955 ,330 976 354 1311 ^670 P277 393 1954—Dec. 91 70 21 90 80 51 22 29 1955—Jan.. 68 20 87 78 2 7 46 20 26 Feb.. 90 67 23 88 79 3 6 45 17 28 Mar. 114 87 27 113 100 4 9 54 24 30 Apr. 132 97 35 131 120 3 8 61 26 35 May 138 100 38 135 122 3 10 66 28 38 June 135 99 36 131 121 3 8 72 32 40 July. 123 88 34 122 113 3 6 63 26 37 Aug. 125 92 33 122 112 3 8 68 27 41 Sept. 115 84 31 114 104 2 7 '59 25 33 Oct.. P107 77 30 n.a. n.a. n.a. 54 19 35 Nov. P90 65 26 n.a. n.a. n.a. 45 17 28 Dec. 54 21 n.a. n.a. n.a. P)6 22 v Preliminary. 'Revised, June 1950 and all FHA figures are based on field office reports of first n.a. Not available. compliance inspections; VA figures prior to that month are estimates 1 Government-underwritten units are those started under commitments based on loans-closed information. of FHA or VA to insure or guarantee the mortgage. VA figures after 2 Less than 500 units. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Total non- Total Employed1 Not in the Year or month institutional labor Unem- labor force population force Total ployed In nonagricul- In Total tural industries agriculture 1948 108 482 62,748 61 442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110 780 64 599 63 099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952. 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115 095 67,362 63 815 62,213 55,651 6,562 1,602 47,732 19542 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1954_Dec 116,763 66,811 63,526 60,688 55,363 5,325 2,838 49,952 1955—Jan 116,855 66,700 63,497 60,150 54,853 5,297 3,347 50,156 Feb. 116,901 66,550 63,321 59,938 54,854 5,084 3,383 50,352 Mar 117 051 66,840 63 654 60,477 54,785 5,692 3,176 50,212 Apr 117,130 67,784 64,647 61,685 55,470 6,215 2,962 49,346 May 117 236 68 256 65 192 62,703 55,740 6,963 2,489 48,979 June 117,318 69,692 66,696 64,016 56,335 7,681 2,679 47,626 July. . 117,404 70,429 67,465 64,994 57,291 7,704 2,471 46,975 Aug 117,517 70 695 67 726 65,488 57,952 7,536 2,237 46,823 Sept 117,634 69,853 66,882 64,733 56,858 7,875 2,149 47,781 Oct 117 749 70 250 67 292 65,161 57,256 7,905 2,131 47,499 Nov 117,864 70,164 67,206 64,807 57,887 6,920 2,398 47,701 Dec. 117,995 69,538 66,592 64,165 58,281 5,884 2,427 48,457 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information on the labor force status of the population, 2 Monthly estimates of the labor force beginning 1954 are based on an relating to persons 14 years of age and over, is obtained through interimproved sample covering a larger number of areas and are, therefore, views of households on a sample basis. Data through June 1955 relate not strictly comparable with earlier data. to the calendar week that contains the eighth day of the month; beginning July 1955, to the calendar week that contains the fifteenth day. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b 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 1955 49,388 16,551 748 2,504 4,055 10,721 2,192 5,693 6,924 SEASONALLY ADJUSTED 1954—Dec 48,380 15,992 743 2,476 3,986 10,575 2,147 5,644 6,817 1955—Jan 48,398 15,993 741 2,458 3,974 10,574 2,145 5,646 6,867 Feb 48,440 16,091 741 2,410 3,984 10,541 2,154 5,649 6,870 Mar 48,766 16,229 739 2,478 3,986 10,633 2,161 5,656 6,884 Apr 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 Aug 49,735 16,661 747 2,543 4,106 10,797 2,208 5,732 6,941 Sept 49,857 16,691 754 2,568 4,135 10,824 2,223 5,705 6,957 Oct r49,982 r16,822 r751 r2,533 r4,116 r10,801 r2,227 r5,730 7,002 Nov 50,181 16,987 750 2,494 4,134 10,859 2,227 5,720 7,010 Dec 50,031 16,920 749 2,445 4,130 10,873 2,236 5,710 6,968 WITHOUT SEASONAL ADJUSTMENT 1954—Dec 49,463 16,050 747 2,426 3,996 11,354 2,136 5,588 7,166 1955—Jan 47,741 15,925 741 2,237 3,927 10,419 2,124 5,533 6,835 Feb 47,753 16,060 737 2,169 3,937 10,309 2,132 ,536 6,873 Mar 48,212 16,201 739 2,255 3,966 10,408 2,150 5,571 6,922 Apr 48,643 16,255 739 ,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 Aug 49,858 16,807 754 2,746 4,137 10,638 2,241 5,818 6,717 Sept 50,322 16,915 758 2,748 4,152 10,824 2,223 5,791 6,911 Oct r50,471 r16,999 r751 r2,685 r4,127 r10,909 r2,216 r5,73O 7,054 Nov 50,640 17,075 754 2,569 4,145 11,116 2,216 5,691 7,074 Dec 51,169 16,984 753 2,396 4,141 11,674 2,225 5,653 7,343 r Revised. month. Proprietors, self-employed persons, domestic servants, unpaid NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for December 1955 and 1955 annual averages are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 61 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] 1954 1955 1954 1955 Industry group Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Seasonally adjusted Without seasonal adjustment Total 12,580 -13,270 13,439 13,351 12,645 '13,446 13,527 13,421 Durable goods 7,177 r7,701 7,825 7,797 7,218 '7,729 7,867 7,841 Ordnance and accessories 97 84 84 84 97 84 84 84 Lumber and wood products 674 702 689 688 661 716 699 674 Furniture and fixtures 291 317 315 315 297 323 323 321 Stone, clay, and glass products 435 -476 476 464 437 '478 478 466 Primary metal products 997 '1,135 1,152 1,150 1,002 '1,135 1,152 1,156 Fabricated metal products 835 '900 906 898 843 '904 911 907 Machinery except electrical 1,095 '1,218 1,226 1,216 1,106 '1,194 1,214 1,228 Electrical machinery 793 '876 859 857 809 '885 872 874 Transportation equipment 1,375 '1,378 1,503 1,510 1,375 '1.378 1,503 1,510 Instruments and related products 216 '224 225 224 218 '225 226 226 Misc. manufacturing industries 369 '391 390 391 373 '407 406 395 Nondurable goods 403 5,569 5,614 5,554 5,427 '5,717 5,660 5,580 Food and kindred products 094 '1,090 1,115 1,078 1,062 '1,191 1,127 1,049 Tobacco manufactures 93 95 94 86 100 113 101 92 Textile-mill products 968 '991 988 984 983 991 998 999 Apparel and other finished textiles 057 1,106 1,138 1,120 1,073 1,123 1,138 1,137 Paper and allied products 435 '464 460 457 442 '464 465 464 Printing, publishing and allied products 511 '530 534 527 519 '535 539 535 Chemical and allied products 531 551 552 554 534 557 558 557 Products of petroleum and coal 173 172 170 169 172 172 170 168 Rubber products 204 224 228 230 207 226 231 233 Leather and leather products 337 '346 335 349 335 '344 333 347 'Revised. time) who worked during, or received pay for, the pay period ending NOTE.—Data cover production and related workers only (full- and part- nearest the 15th of the month. Figures for December 1955 are preliminary. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] 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 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Total 74.12 78.50 79.52 79.90 40.5 41.1 41.2 41.4 1.83 1.91 1.93 1.93 Durable goods 80.15 85.07 86.31 86.52 41.1 41.7 41.9 42.0 1.95 2.04 2.06 2.06 Ordnance and accessories 82.21 85.28 86.94 85.48 40.7 41.0 41.4 40.9 2.02 2.08 2.10 2.09 Lumber and wood products 66.91 '71.10 68.45 67.73 40.8 '41.1 40.5 40.8 1.64 '1.73 1.69 1.66 Furniture and fixtures 65.83 '69.96 69.04 69.80 41.4 '42.4 42.1 42.3 1.59 1.65 1.64 1.65 Stone, clay, and glass products 73.98 78.77 79.04 79.15 41.1 41.9 41.6 42.1 1.80 1.88 1.90 1.88 Primary metal industries 85.60 96.10 96.33 98.14 40.0 41.6 41.7 42.3 2.14 2.31 2.31 2.32 Fabricated metal products 80.70 '85.67 84.44 85.26 41.6 42.2 41.8 42.0 1.94 '2.03 2.02 2.03 Machinery except electrical 83.44 90.10 90.74 93.10 40.9 42.3 42.4 43.1 2.04 2.13 2.14 2.16 Electrical machinery 74.52 '79.46 79.27 79.49 40.5 '41.6 41.5 41.4 1.84 '1.91 1.91 1.92 Transportation equipment 93.08 '94.21 99.56 95.95 42.5 '41.5 43.1 41.9 2.19 '2.27 2.31 2.29 Instruments and related products 75.33 '80.32 80.51 81.51 40.5 '41.4 41.5 41.8 1.86 1.94 1.94 1.95 Miscellaneous manufacturing industries... 66.18 69.38 69.63 70.38 40.6 41.3 41.2 41.4 1.63 1.68 1.69 1.70 Nondurable goods 66.47 '69.32 70.12 71.23 39.8 40.3 40.3 40.7 1.67 1.72 1.74 1.75 Food and kindred products 70.79 73.63 74.88 76.62 41.4 41.6 41.6 42.1 1.71 1.77 1.80 1.82 Tobacco manufactures 49.92 51.25 51.46 53.58 38.4 41.0 38.4 39.4 1.30 1.25 1.34 1.36 Textile-mill products 55.07 '57.53 58.50 58.50 40.2 '40.8 41.2 1.37 1.41 1.42 1.42 Apparel and other finished products 49.01 50.59 50.46 51.38 36.3 37.2 37.1 1.35 1.36 1.36 1.37 Paper and allied products 76.01 81.35 81.53 81.72 42.7 43.5 43.6 1.78 1.87 1.87 1.87 Printing, publishing and allied products... 90.09 '92.67 92.28 95.36 39.0 '39.1 39.1 39.9 2.31 2.37 2.36 2.39 Chemicals and allied products 79.90 '83.42 84.86 85.28 41.4 '41.5 41.6 41.6 1.93 2.01 2.04 2.05 Products of petroleum and coal 92.57 '99.84 99.95 100.91 40.6 '41.6 41.3 41.7 2.28 2.40 2.42 2.42 Rubber products 84.85 '89.04 92.44 90.09 41.8 '42.0 42.6 41.9 2.03 2.12 2.17 2.15 Leather and leather products 52.16 53.39 54.96 57.46 37.8 37.6 37.9 39.9 1.38 1.42 1.45 1.44 'Revised. NOTE.—Data are for production and related workers. Figures for December 1955 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district Year or month United States Boston Y N o e r w k a p P d h h e i i a l l - - C l l a e n v d e- R m i o c n h d - la A n t t - a c C a h g i o - Lo S u t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - SALESi 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 110 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 104 108 105 121 129 109 112 105 115 127 113 SEASONALLY ADJUSTED 1954_Nov 113 110 '107 nn 107 '125 133 '108 114 104 116 131 115 Dec 116 110 106 110 128 135 112 117 111 120 136 118 113 1955—Jan 119 114 108 113 111 133 137 116 123 112 124 140 125 Feb 112 109 101 108 108 122 134 109 114 103 114 129 118 Mar , 115 107 105 111 107 129 133 114 116 108 120 134 118 Apr 119 108 102 115 116 126 142 119 122 107 126 142 120 May 117 111 103 115 113 128 137 117 120 107 120 134 118 June 114 107 104 114 108 123 136 114 108 103 118 132 118 July 124 114 108 121 124 136 152 122 132 111 136 145 123 Aug , 118 107 106 114 114 134 143 115 120 107 124 139 122 Sept 121 112 108 120 116 134 140 118 119 112 127 131 126 Oct 122 114 '109 120 rl20 132 148 120 122 109 125 138 126 Nov , P122 116 110 121 118 P134 P142 121 124 109 124 136 125 WITHOUT SEASONAL ADJUSTMENT 1954_Nov 137 133 '135 146 133 153 '155 133 137 120 '134 149 134 Dec 201 200 186 197 191 231 234 188 194 180 205 228 209 1955—Jan 91 90 85 85 87 91 106 92 80 94 110 97 Feb 88 82 82 83 83 91 107 84 89 81 89 103 93 Mar 100 90 93 101 93 111 129 98 101 88 104 120 97 Apr 114 108 99 109 112 125 141 114 118 108 123 136 112 May 116 111 101 114 110 129 134 116 120 108 119 133 116 June 110 107 100 107 104 118 121 112 106 95 113 120 113 July 98 82 77 90 96 107 122 96 102 89 111 123 107 Aug 105 86 82 92 104 112 129 103 109 102 117 129 118 Sept 123 120 111 124 116 138 136 123 122 119 127 131 123 Oct 128 115 116 125 125 140 154 126 135 126 '131 '146 126 Nov , P148 141 139 159 147 P!64 P165 147 149 125 142 155 145 STOCKS i 1948 107 105 105 107 107 105 108 108 107 110 108 110 107 1949 99 100 97 99 100 101 102 97 100 99 100 101 100 1950 109 109 105 108 106 113 120 108 106 104 111 112 110 1951 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 118 111 113 113 111 130 136 112 114 107 121 126 126 1953 126 116 116 119 118 143 146 122 124 115 133 138 134 1954 122 117 114 116 114 139 141 120 116 115 126 132 125 SEASONALLY ADJUSTED 1954—NOV 123 118 '115 117 114 '142 143 119 114 119 '127 133 128 Dec 124 119 114 121 117 144 144 120 118 119 130 139 128 1955—Jan 123 118 113 118 114 140 146 118 121 116 129 134 131 Feb 123 118 113 117 114 142 147 118 120 116 129 136 127 Mar 124 119 113 118 113 144 150 119 117 116 131 139 129 Apr 124 121 113 116 113 144 149 120 120 113 131 137 128 May 123 120 111 119 113 139 148 122 121 117 132 137 126 June 127 124 115 124 116 143 151 124 126 123 136 143 130 July 127 121 116 125 118 145 148 121 126 119 134 143 131 Aug 129 122 117 122 118 145 154 123 126 123 136 145 138 Sept 129 124 116 126 118 150 156 121 123 122 135 146 137 Oct 129 123 117 '126 119 152 156 120 129 125 141 147 134 Nov P!32 P123 119 127 P121 P\54 P159 123 P131 128 P142 P151 P138 WITHOUT SEASONAL ADJUSTMENT 1954—Nov '139 138 131 134 129 "153 162 138 129 133 '141 '148 141 Dec 110 111 104 107 104 120 127 108 106 107 117 126 108 1955—Jan 110 107 101 103 101 125 134 106 105 107 116 119 116 Feb 117 111 106 112 109 132 145 112 114 111 125 132 118 Mar 127 122 116 122 117 149 156 121 124 119 135 144 129 Apr 129 125 119 124 119 153 155 123 126 118 136 144 133 May 127 123 115 124 117 146 150 123 121 118 135 139 136 June 121 115 108 116 110 139 142 116 116 116 131 133 131 July 119 109 105 112 109 142 139 114 116 115 129 136 130 Aug 126 118 114 117 114 148 150 120 126 120 134 144 133 Sept 135 127 123 132 123 155 163 127 133 128 140 155 142 Oct 145 139 '132 144 133 168 170 137 145 136 152 162 153 Nov P148 P!44 136 146 P137 P167 P180 142 142 P158 P167 P152 P Preliminary. ' Revised. NOTE.—For description and monthly indexes for back years, see i Figures for sales are the average per trading day, while those for stocks BULLETIN for December 1951, pp. 1463-1515. are as of the end of the month or the annual average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 63 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t o a f o o n le 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 m ( o s e O r t o n i a d n d n u n e g t t d r - h o s - ) f 1 m c ( e t o R f o i o n p e t r t t a - s h l ) 2 m o ( r N t o d f o o e n e t r w t r a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o st 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 1946 average 345 767 964 373 354 2.3 3.0 5.3 1.1 1947 average 365 887 588 366 364 2.5 1.7 4.3 1.0 1948 average 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 average 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 average 376 ,012 495 391 401 2.8 1.4 4.2 1.1 1951 average 391 ,202 460 390 379 3.2 1.3 4.4 1.0 1952 average 397 ,097 435 397 401 2.9 1.2 4.1 1.0 1953 average 406 ,163 421 408 401 3.0 1.1 4.1 1.0 1954 average 407 ,136 387 407 409 3.0 1.0 4.0 1.0 1954—Nov.. -513 ,327 406 '565 '492 2.6 0.8 3.4 1.1 Dec... 766 ,056 301 504 399 1.4 0.4 1.8 0.7 1955—Jan... 336 ,042 385 322 406 3.1 1.1 4.2 1.0 Feb... 307 ,105 414 370 399 3.6 1.3 4.9 1.2 Mar.. 392 ,190 367 477 430 3.0 0.9 4.0 1.2 Apr... 413 ,216 308 439 380 2.9 0.7 3.7 1.1 May. 404 ,189 307 377 376 2.9 0.8 3.7 0.9 June.. 390 ,122 449 323 465 2.9 1.2 4.0* 0.8 July.. 324 ,090 554 292 397 3.4 1.7 5.1 0.9 Aug.. 382 ,157 550 449 445 3.0 1.4 4.5 1.2 Sept.. 426 ,244 576 513 539 2.9 1.4 4.3 1.2 Oct... 473 ,350 581 579 584 2.9 1.2 4.1 1.2 Nov.. P546 ,417 P488 P613 P520 P0.9 P3.5 Pl.l p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the'month States. They are the actual dollar amounts reported by a group of de- to sales during the month. The final ratio is based on totals of sales and partment stores located in various cities throughout the country. In 1954, receipts for the month. sales by these stores accounted for about 50 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports i Mer m ch i a li n ta d r i y se -a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1953 1954 1955 1953 1954 1955 1953 1954 1955 Jan ,293 1,092 1,168 1,016 923 1,083 922 833 871 Feb ,200 1,183 1,237 927 998 1,143 856 809 850 Mar ,390 1,126 1,343 1,052 923 1,251 1,004 865 1,019 Apr ,394 1,426 1,261 1,054 1,258 1,167 1,013 957 871 May ,453 1,401 1,322 1,085 1,137 1,190 902 829 959 June ,385 1,474 1,318 1,013 1,115 1,190 933 947 936 July ,363 1,290 1,268 965 1,023 1,140 908 822 885 Aug ,187 1,156 1,234 911 955 1,106 840 825 959 Sept ,256 1,115 1,253 1,052 962 1,154 926 780 945 Oct ,253 1,265 PI.395 1,019 1,162 P1,275 813 763 P1,010 Nov ,247 1,250 *1,302 1,031 1,165 «l,230 849 840 «1,053 Dec ,353 1,318 1,138 1,221 907 942 Jan.-Nov 14,421 13,778 11,125 11,621 *12,929 9,966 9,270 40,358 «Estimated. 2 Department of Defense shipments of grant-aid military equipment p Preliminary. and supplies under the Mutual Security Program. i Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 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 Total Rent e G a l n e a d c s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- H o h p o o e u l r d s a e - - parel p t o i r o t n a- c ic a a re l s c o a n r a e l re t a c i n o re d n a- s a i e c n r e v d s 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 1945 76.9 68.9 90.9 76.3 1948 102.8 104 1 101.7 100.7 100 0 104 4 103.2 102.6 103.5 100 9 100 9 101 3 100 4 100 5 1949 . .... 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112 6 112.4 113.1 103 1 116.4 111.2 109.0 106.9 118.4 111 1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1954—Nov 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 Dec 114.3 110.4 119.7 129.4 109.1 125.5 105.4 117.7 104.3 127.3 126.3 113.6 106.6 119.9 1955—Jan 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 Feb 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 Mar 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 Apr 114.2 111.2 119.5 129.9 110.3 125.7 104.5 118.1 103.1 125.3 127.3 113.7 106.6 119.8 May 114.2 111 1 119.4 130.3 110.9 122.5 103.7 119.0 103.3 125.5 127.5 113.9 106.5 119.9 June 114.4 111.3 119.7 130.4 110.7 122.7 103.8 119.2 103.2 125.8 127.6 114.7 106.2 119.9 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 Aug 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 Sept 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 Oct 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 Nov 115.0 109.8 120.9 130.9 111.5 126.7 104.5 120.5 104.7 128.5 129.8 117.5 106.8 120.6 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total 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 l t F o i m e a i g u n w r n h a i e g d a e - t l - l r , s , C p a i u a l h c r l c n o a e ie t d l d m s s d - - p R u a b r u c n o e b t d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p p P a u a a l r u l n c o p i l e t d d e p s d r - , , M m p u a r e e n c o t t t d d a a s l - l s p c m M u a t e r h i n c o r v o i a y t d n d e - s - - - h F d o h t b o a u u t u o n l h u r r e r l d e s a n d e s e r - i- -e s N r t m t m t a a u r o l l i r u e s l n n a i - — c c - l - - b b e m o b a T a r t e a f n c o t r v g l d c - s e - e o . d s n c M e e o l i l s u a - - s 1948 104.4 107.3 106.1 103.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 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 99.8 105.0 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 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 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 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 Nov 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 Dec 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 Jan 110. 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 Feb 110.4 93.1 103.2 115 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 Mar 110.0 92.1 101.6 115.6 95.3 92.2 108.5 106.8 138.0 121.4 116.8 131.9 126.1 115 121.9 121.6 95.6 Apr 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 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 Aug 110.9 88.1 101.9 117.5 95.3 93.8 107.2 105.9 148.7 125.1 119.7 139.5 128.5 116.0 126.1 121.7 89.8 Sept 111.7 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 Oct •111.6 -86.8 100.2 119.0 '95.4 95.3 '108.0 106.5 '147.8 '125.4 122.8 '142.4 131.4 116.9 126.8 121.7 "91.5 Nov 111.2 84.1 119.3 95.6 96.3 108.4 106.6 150.4 125.1 123.2 143.0 132.1 117.2 125.5 121.7 88.0 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 65 WHOLESALE PRICES, BY GROUPS OF COMMODITIES-Continued [Bureau of Labor Statistics index, 1947-49= 100] 1954 1955 1954 1955 Subgroup Subgroup Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm Products: Pulp, Paper, and Allied Products— Continued Fresh and dried produce 103.2 102.1 92.9 102.6 Grains 93.5 81.4 82.4 79.8 Paperboard 124.1 129.5 129.7 130.1 Livestock and poultry 76.4 75.5 71.8 62.2 Converted paper and paperboard 111.3 114.3 118.9 118.9 Plant and animal fibers 104.5 100.8 99.1 100.9 Building paper and board 127.6 132.7 133.3 133.3 Fluid milk 95.1 93.6 -95.1 94.9 Eggs 83.5 103.0 92.6 98.9 Metals and Metal Products: Hay and seeds 92.0 75.1 75.9 75.8 Other farm products 164.6 146.2 145.4 140.1 Iron and steel 135.5 145.0 145.7 146.0 Nonferrous metals 127.2 154.2 153.9 153.9 Processed Foods: Metal containers 131.6 132.8 132.8 138.0 Hardware 142.0 147.8 151.3 151.4 Cereal and bakery products 116.5 114.4 114.8 114.7 Plumbing equipment 118.7 128.1 129.4 133.0 Meats, poultry, and fish 86.3 87.5 '81.6 77.8 Heating equipment 114.3 117.2 117.3 117.3 Dairy products and ice cream 108.8 104.3 105.0 105.9 Fabricated structural metal products . 117.4 127.0 127.4 128.1 Canned, frozen fruits, and vegetables 105.5 106.8 107.4 107.8 Fabricated nonstructural metal Sugar and confectionery 112.3 109.6 110.0 109.7 products 126.2 130.8 131.3 132.0 Packaged beverage materials 197.8 176.6 183.8 176.6 Other processed foods 97.8 98.1 98.3 97.4 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 121.3 126.3 126.7 126.0 Cotton products 89.9 92.5 92.8 93.1 Construction machinery and equip- Wool products 106.6 103.0 102.8 102.8 ment 131.8 140.5 142.1 142.4 Synthetic textiles 86.9 86.7 -86.1 85.8 Metal working machinery 134.0 146.9 147.2 147.3 Silk products 127.4 126.8 123.7 120.8 General purpose machinery and Apparel 98.4 98.6 98.7 98.9 equipment 128.1 136.7 138.6 140.1 Other textile products 77.6 72.1 71.6 72.5 Miscellaneous machinery 126.0 132.0 133.1 133.1 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 126.7 130.6 130.7 131.4 Motor vehicles , 121.0 122.0 •124.7 125.8 Hides and skins 52.7 60.9 62.3 60.2 Leather 82.0 85.1 86.1 87.7 Furniture and Other Household Dura- Footwear 111.7 111.4 113.5 115.3 bles: Other leather products 96.0 96.0 96.0 96.1 Household furniture , 112.9 115.2 115.6 116.1 Fuel, Power, and Lighting Materials: Commercial furniture 128.6 136.2 137.1 137.1 Floor covering 124.0 128.0 128.7 128.7 Coal 105.1 108.1 •108.7 108.8 Household appliances 109.1 106.2 c106.1 106.4 Coke 132.4 137.2 138.8 138.8 Radio 95.4 89.4 -89.5 89.9 Gas 107.3 107.8 109.3 109.3 Television 69.2 69.3 69.5 69.5 Electricity 103.0 95.5 -94.3 94.3 Other household durable goods , 131.5 134.1 135.5 136.0 Petroleum and products 109.5 114.0 114.2 115.0 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 123.9 131.1 133.0 133.0 Industrial chemicals 117.7 118.2 118.9 119.3 Concrete ingredients 122.1 125.3 125.6 125.6 Prepared paint 112.8 114.8 115.0 115.0 Concrete products 117.4 119.8 120.2 120.5 Paint materials 96.6 97.6 97.4 97.1 Structural clay products 135.4 143.9 144.3 144.5 Drugs, Pharmaceuticals, cosmetics . . 93.6 92.4 92.3 92.3 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 57.8 55.8 -58.2 57.6 Prepared asphalt roofing 106.1 114.6 •114.4 100.6 Mixed fertilizers 109.1 108.5 108.5 108.4 Other nonmetallic minerals 119.5 122.8 122.8 122.5 Fertilizer materials 112.2 112.0 112.3 112.3 Other chemicals and products 107.6 104.0 104.5 104.6 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 134.1 176.4 165.0 166.8 Cigars 103.7 103.9 104.2 104.2 Tires and tubes 134.9 147.2 147.2 151.8 Other tobacco products 121.4 122.5 122.5 122.5 Other rubber products 125.4 141.4 137.9 139.0 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 119.6 127.1 -126.8 126.4 Millwork 130.2 128.2 128.2 128.2 Toys, sporting goods, small arms. .. 112.8 113.6 113.8 114.3 Plywood 104.3 106.1 106.1 105.9 Manufactured animal feeds 85.0 72.5 74.7 67.8 Notions and accessories 101.2 91.0 91.0 91.0 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment.. 103.5 104.3 104.3 104.3 Other miscellaneous 120.9 122.2 122.3 122.9 Woodpulp 109.6 113.8 114.2 114.2 Wastepaper 87.3 129.1 120.3 133.9 Paper 126.5 131.0 131.2 131.7 r Revised. c Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 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 '392.0 Less: Capital consumption allowances 8.6 7.2 9.0 18.4 20.5 23.5 25.5 27. 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 1.2 Statistical discrepancy .3 .9 .4 .1 .2 1.3 1.3 .7 -.2 Plus: Subsidies less current surplus of gov- .7 -1.5 .7 ernment enterprises -.1 .0 .1 -.2 .2 .2 -.4 -.1 -.3 .4 .6 -.1 .0 .3 Equals: National income 87.8 40.2 104.7 216.2 240.0 277.0 303.6 299.7 303.2 320.7 325.7 289.5 298.7 311.4 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 28.1 35. 39.9 36.9 37.2 33.8 33.1 35.5 39.6 42.2 4!.9 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 .5 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 .7 Equals: Personal income 85.8 96.3 206.8 227.1 255.3 271.1 286.2 287.6 287.3 290.8 293.6 300.5 306.1 47.2 Less: Personal tax and related payments.... 2.6 3.3 18.7 20.9 29.3 34.4 35.8 32.8 32.8 33.1 32.6 33.4 34.4 Federal 1.3 7.5 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 .5 1.3 2.5 3.2 3.8 4.0 State and local 2.7 3.0 3.4 3.7 3.7 3.8 3.9 83.1 1.0 93.0 188.2 236.7 257.8 271.7 Equals: Disposable personal income 206.1 226.1 250.4 254.8 254.5 261.0 267.1 79.0 45.7 81.9 180.6 218.3 241.0 255.7 Less: Personal consumption expenditures... 194.0 208.3 230.6 236.5 237.9 245.8 250.5 4.2 46.4 11.1 7.6 16.8 16.0 Equals: Personal saving 12.1 17.7 184 19.8 18.3 16.6 15.3 16.6 -.6 r Revised. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates Item 1954 1955 1929 1933 1941 1949 1950 1951 1952 1953 1954 National income 87.8 40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 298.7 303.2 311.4 320.7 327.7 Compensation of employees 51.1 29.5 64.8 140.9 154.3 180.4 195.3 209.2 207.9 207.8 209.8 213.1 219.5 224.3 Wages and salaries * 50.4 29.0 62.1 134.3 146.5 170.9 185.1 198.5 196.2 795.7 198.1 200.8 207.0 277.3 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' and rental income2 20.2 7.6 20.9 42.0 44.6 49.9 49.9 48.4 48.4 48.3 48.2 48.8 48.7 48.8 Business and professional 8.8 3.2 10.9 21.4 22.9 24.8 25.7 25.9 25.9 26.0 26.3 26.6 27.1 27.6 Farm 6.0 2.4 6.5 12.7 13.3 16.0 14.3 12.3 12.0 11.7 11.2 11.5 11.0 10.6 Rental income of persons 5.4 2.0 3.5 7.9 8.5 9.1 9.9 10.3 10.5 10.6 10.7 10.7 10.7 10.7 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 28.1 35.1 39.9 36.9 37.2 33.8 33.1 35.5 39.6 42.2 41.9 Corporate profits before tax 9.6 .2 77.0 26.2 40.0 41 35.9 38.3 34.0 33.5 36.0 40.9 43.0 44.5 Corporate profits tax liability 1.4 .5 7.6 10.4 17.8 22 19.8 21.3 17.1 16.8 18.1 20.5 21.6 22.3 Corporate profits after tax 8.3 -.4 9.4 15.8 22.1 18 16.1 17.0 17.0 16.7 17.9 20.4 21.4 22.2 Inventory valuation adjustment .5 -2. -2.5 1.9 -4.9 -1 1.0 -1.1 -.2 -.5 -.5 -1.3 -2.6 Net interest 6.4 5.0 4.5 5.2 5.9 6.8 7.4 8.8 9.5 9.5 9.7 9.9 10.3 10.7 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 67 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] 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 ^392.0 Personal consumption expenditures. 79.0 46.4 81.9 180.6 194.0 208.3 218.3 230.6 236.5 237.9 241.0 245.8 250.5 '255.7 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 Nondurable goods 37.7 22.3 43.2 96.9 100.4 111.1 116.0 118.9 120.9 121.5 122.5 122.4 125.3 127 .'0 Services 32.1 20.7 29.0 60.1 65.0 70.1 75.7 81.8 86.4 87.0 88.1 89.0 90.2 91.8 Gross private domestic investment 16.2 1.4 18.1 32.5 51.2 56.9 49.6 51.4 47.2 45.9 50.7 54.1 60.1 -60.5 New constructionx 8.7 1.4 6.6 17.5 22.7 23.3 23.7 25.8 27.8 28.5 29.4 31.2 32.6 r33.2 Residential, nonfarm 3.6 .5 3.5 8.3 12.6 11.0 11.1 11.9 13.5 14.2 15.0 16.1 16.9 -17.2 Other 5.1 1.0 3.1 9.2 10.1 12.4 12.6 13.8 14.3 14.3 14.4 15.1 15.7 -16.0 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 -24.9 Change in business inventories 1.7 -1.6 4.5 -2.7 7.4 10.4 2.8 1.2 -2.9 -4.9 -.6 1.5 4.3 2.4 Nonfarm only 1.8 -1.4 4.0 -1.9 6.4 9.0 2.1 1.9 -3.2 -5.4 -1.0 1.5 4.2 2.0 Net foreign investment .2 1.1 .5 -2.2 -.2 -2.0 -.3 -.7 .9 -.4 n -.0 Government purchases of goods and services 8.5 8.0 24.8 43.6 42.0 62.8 77.5 84.5 77.0 75.8 74.5 75.8 74.9 75.8 Federal , 1.3 2.0 16.9 25.4 22.7 41.0 54.3 59.5 49.2 47.7 45.7 46.4 45.2 45.5 National security 13.8 19.3 18.5 37.3 48.8 51.4 43.2 42.1 40.5 41.2 40.4 40.6 Other 2.0 3.2 6.6 3.9 4.2 5.8 8.5 6.3 6.1 5.5 5.5! 5.2 5.2 Less: Government sales2 .0 .0 .0 .4 .3 .4 .4 .4 .4 .4 .3 .3 .3 .3 State and local 7.2 6.0 7.8 18.2 19.9 21.8 23.2 25.0 27.8 28.1 28.7 29.4 29.7 30.2 r Revised. 2 Consists of sales abroad and domestic sales of surplus consumption 1 Includes construction expenditures for crude petroleum and natural goods and materials. gas drilling. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Year or month i in s P c o e o n r m a - l e Total W p a d m i C g r n u o o e g s o d d t m r a i u i i n n t e - c y - d s - sa D l i u a n i t s r r t d i y i t e u v r i s s e d b - i - sbu S i r n e t s r r d e i v m e u i s s c e - e nts m G er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r P c e a i o n e r n o m t t d o a - e l r s 3 ' i i n n d s D p a t c o e e i e n o n n v r r d m d a e - i- l s s e t m T p r e f a a e n y n r t - s s - 4 p b c i s a e u o n L o n r f t n s o e s c i c u o t o s i r e r a r s n n i 5 - l - s al i a n N g t c u r o o i r c m n a u l - e l- 6 1929 85 8 50.4 21 5 15.6 8 4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1949 206.8 134.4 56.9 39.0 18.0 20.5 3.0 42.0 17.2 12.4 2.2 190.8 1950.. . . 227 1 146.5 63 5 41.3 19 5 22.2 3.8 44.6 19 8 15.1 2.9 210.5 1951 255 3 170 8 74 9 45.8 21 3 28.8 4.8 49.9 20 7 12.6 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—Nov. . 290 8 198 6 85 2 52.5 26 6 34.3 6.7 48.3 24 9 16.8 4.5 275.9 Dec 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 Jan. 292.2 199.3 85.4 52.9 26.8 34.2 6.8 49.1 25.0 17.0 5.0 276.5 Feb 293 2 200.3 86.3 53.0 26 7 34.3 6.8 48.8 25.3 17.0 5.0 277.7 Mar. 295.7 202.6 87.8 53.6 27.0 34.2 6.8 48.5 25.5 17.4 5.1 280.9 Apr 298.9 204.6 88.9 53.6 27.2 34.9 6.9 49.0 25.9 17.6 5.1 283.7 May. 301 4 207 3 90 6 54.5 27 4 34.8 6.9 48.8 26.1 17.5 5.2 286.6 June 301.6 208.0 90.9 54.9 27.4 34.8 6.9 48.5 26.3 17.1 5.2 287.2 July. . . . 305 3 212 4 91 7 55.7 27 8 37.2 7.0 47.9 26.4 16.9 5.3 291.7 Aug 305 3 211.2 91.5 56.1 27.9 35.7 7.0 48.8 26.7 16.9 5.3 290.8 Sept 307.9 212.4 92.2 56.4 28.0 35.8 7.1 49.7 27.1 16.9 5.3 293.0 Oct 309 2 213.3 92 8 56.4 28 2 35.9 7.1 49.8 27.4 16.9 5.3 294.4 Nov.P. . . 311.4 215.0 94.1 56.6 28.4 35.9 7.1 49.9 27.6 17.1 5.3 296.4 P Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Includes compensation for injuries, employer contributions to private 1952, includes also contributions to the old-age and survivors' insurance pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Includes business and professional income, farm income, and rental Social Security Act Amendments of 1950. Personal contributions are income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Includes personal income exclusive of net income of unincorporated 4 Includes government social insurance benefits, direct relief, mustering- farm enterprise, farm wages, agricultural net interest, and net dividends out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 9 Gold production 74 Net gold purchases and gold stock of the United States. 75 Reported gold reserves of central banks and governments. 76 Estimated foreign gold reserves and dollar holdings. 77 International Bank and Monetary Fund. 78 Central banks 78 Money rates in foreign countries. 83 Foreign exchange rates 84 Index to statistical tables. 5 Tables on the following pages include the prin- dealers in the United States in accordance with cipal available statistics of current significance the Treasury Regulation of November 12, 1934. relating to international capital transactions of Other data are compiled largely from regularly the United States, foreign gold reserves and dol- published sources such as central bank statelar holdings, and foreign central banks. Figures ments and official statistical bulletins. Back figon international capital transactions of the ures for 1941 and prior years, together with de- United States are collected by the Federal Re- scriptive text, may be obtained from the Board's serve Banks from banks, bankers, brokers, and publication, Banking and Monetary Statistics. 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 INT'L CAPITAL TRANSACTIONS OF THE U. S. 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 Gerterna- many, Switz- United Other Total Can- Latin All Date t i i n o s n ti a - l Official France R F e e p d . . Italy la e n r- d K d i o n m g- Europe Europe ada America Asia other tutions2 and Official of private 1951—Dec. 31.... 1,641 7,661 3,548 289 406 300 521 643 847 3,006 1,307 1,455 [,595 297 1952—Dec. 31.... 1,585 8,961 4,654 343 551 309 642 818 1,093 3,755 1,421 1,613 1,837 336 1953—Dec. 31.... 1,629 10,019 5,667 429 899 466 674 709 1,558 4,734 1,296 1,768 1,896 326 1954_Nov. 30.... 1,793 10,782 6,379 502 1,287 563 624 830 1,674 5,479 1,378 1,848 1,812 265 Dec. 31.... 1,770 11,153 6,774 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,825 265 1955—Jan. 31.... 1,752 11,101 6,750 707 1,369 592 624 659 1,675 5,625 1,529 1,837 1,842 267 Feb. 28.... 1,785 10,925 6,540 725 1,407 612 634 599 ,627 5,604 ,367 1,812 ,858 284 Mar. 31 1,813 10,915 6,508 750 1,411 611 650 637 ,591 5,650 ,321 1,795 ,860 290 Apr. 30... . 1,821 11,067 6,633 671 1,405 629 658 677 ,660 5,698 ,319 1,899 ,852 298 May 31.... 1,875 11,178 6,711 766 1,408 638 672 664 ,577 5,724 ,275 1,989 ,885 305 June 30 1,854 11,263 6,116 785 1,397 646 685 689 ,588 5,790 ,269 1,920 ,983 301 July 31.... 1,861 11,281 6,658 835 1,418 676 702 623 ,561 5,815 ,302 1,897 ,968 299 Aug. 31.... ,859 11,189 6,552 915 1,420 702 679 561 ,567 5,844 ,180 1,854 ,994 316 Sept. 30P. .. 1,844 11,507 6,803 980 1,422 769 683 575 ,564 5,993 ,184 1,915 2,086 329 Oct. 31 P.. . ,821 11,744 6,888 1,017 1,425 813 709 645 ,557 6,167 ,143 1,938 2,162 335 Nov. 30P.. . ,823 11,797 6,938 1,069 1,421 810 740 645 ,484 6,168 ,125 1,945 2,217 341 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w en e- T k u ey r- Y sla u v g i o a - o A th ll er 1951—Dec. 31 847 57 135 45 27 46 149 100 41 6 17 72 14 7 131 1952 Dec 31 1,093 91 124 70 29 47 203 110 57 6 19 91 8 12 224 1953—Dec 31 . 1,558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954 Nov 30 1,674 272 103 69 40 110 241 116 89 8 71 159 8 9 378 Dec 31 . 1,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Jan 31 675 273 98 76 40 129 256 89 93 8 78 131 9 9 386 Feb. 28 ,627 277 93 70 42 134 219 66 98 8 85 130 9 10 386 Mar 31 ,591 275 99 69 38 130 222 64 92 8 93 121 10 8 362 Apr. 30 ,660 272 106 70 37 134 218 77 95 8 99 118 11 9 405 May 31 ,577 272 103 64 40 131 195 68 94 8 101 114 10 9 368 June 30 ,588 269 107 54 38 127 202 71 94 8 109 119 12 11 367 July 31 ,561 273 99 56 40 125 202 68 101 8 113 130 9 8 328 Aug 31 ,567 283 104 60 42 126 190 66 106 8 119 141 10 10 303 Sept. 30?... ,564 280 104 64 41 134 199 68 112 8 120 148 9 9 268 Oct. 31 v ,557 279 105 54 46 141 183 72 120 8 117 149 9 11 330 Nov. 30P ,484 270 98 64 44 156 173 68 125 8 112 149 9 9 198 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m D i R c u li i o a e b c n - - n - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d d - s e i s - t s l a p P i R m u c a e b n o a - - - , f Peru v S a E a d l l o - r U gu 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 nam 1951—Dec. 31 1 455 250 28 100 54 106 264 46 27 158 35 68 47 28 85 72 88 1952—Dec. 31 1,613 139 24 73 79 118 301 44 34 231 44 81 61 26 94 146 117 1953—Dec 31 1 768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954_Nov. 30 1,848 175 32 160 73 169 244 60 31 265 47 76 80 20 92 202 122 Dec 31 1 906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955_jan. 31 1,837 143 31 100 73 189 234 68 37 336 43 73 81 40 87 178 122 Feb. 28 1 812 144 27 105 67 139 228 65 43 358 45 75 79 47 83 177 130 Mar. 31 1,795 152 26 95 75 97 234 63 45 363 45 79 79 43 81 188 129 Apr. 30 1,899 156 27 111 76 88 252 68 48 376 44 78 82 46 74 243 132 May 31 1 989 167 28 129 95 91 254 67 51 372 45 74 82 48 68 285 133 June 30 1 920 157 28 120 94 102 245 71 51 341 42 84 83 50 64 261 129 July 31 1 897 165 26 118 89 103 241 71 51 327 44 80 89 45 61 253 134 Aug. 31 1,854 174 25 126 75 106 231 71 47 321 43 85 86 39 60 234 132 Sept. 30? 1,915 165 26 147 87 98 236 70 43 340 46 85 89 33 61 259 132 Oct. 31P 1,938 153 25 162 77 106 249 68 38 362 42 82 95 27 60 260 131 Nov. 30 P 1,945 152 24 149 75 120 255 65 41 379 42 87 92 22 63 261 117 P Preliminary. For other footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 71 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 —Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Egypt Date Total m M C a h o n a i s d i n n a a - H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l e i e b a c - - , P p i i h p n - i e l- s T la h n a d i- Other Total A tr u a s l - ia C g B o i e n a l n g - o A E t a n g i n g a y d n l p o - - S U A o f n o r u i f i o t c h n a Other land Sudan 1951—Dec. 31 1,595 87 62 62 141 25 27 596 26 330 97 142 297 39 54 111 7 87 1952—Dec. 31 1,837 76 71 65 61 19 19 808 54 315 181 167 336 47 119 60 24 87 1953—Dec. 31 1,896 74 68 99 39 44 18 828 92 295 168 171 326 59 90 43 38 96 1954_Nov. 30 1,812 71 65 82 101 28 26 713 89 277 124 237 265 37 44 48 38 97 Dec. 31 1,825 70 61 87 100 31 41 725 96 257 123 234 265 48 44 47 33 94 1955—Jan. 31 1,842 69 61 95 109 45 39 707 99 265 132 222 267 44 46 49 31 97 Feb. 28 1,858 70 60 102 112 47 41 700 97 263 133 233 284 59 43 52 36 95 Mar. 31 1,860 70 61 87 98 40 45 714 97 254 132 262 290 57 44 54 33 102 Apr. 30 1,852 69 59 84 96 47 45 709 98 249 130 266 298 60 44 54 36 103 May 31 1,885 70 61 93 100 52 43 720 106 249 129 261 305 70 43 48 34 110 June 30 1,983 71 60 97 115 52 41 757 108 252 130 299 301 64 43 50 30 114 July 31 1,968 72 62 78 108 48 43 774 106 258 121 298 299 70 42 45 33 109 Aug. 31 1,994 72 60 73 110 42 55 808 102 261 122 290 316 75 46 47 37 112 Sept. 30P 2,086 72 58 92 120 36 46 865 100 253 123 321 329 72 . 44 60 37 116 Oct. 31 P.... 2,162 75 56 90 127 42 46 914 95 247 125 344 335 74 45 71 34 111 Nov. 30P 2,217 76 57 89 145 37 49 952 91 254 129 339 341 75 44 68 35 119 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1951 1952 1953 1954 1951 1952 1953 1954 Other Europe: Other Asia: Albania .. . . 1 2 2 2 Afghanistan 10 6 4 0 2 7 n a. Azores .3 .3 .4 n.a. British dependencies 21.0 25.5 19.8 21.1 .6 .4 .4 .6 Burma 9.5 16.9 23.0 29.7 Bulgaria . . 6 6 6 6 Ceylon 19 2 13 9 17 1 n a Czechoslovakia6 1.3 .6 .6 .7 Iraq 12.9 14.1 13.8 10.0 1.2 5 6 .9 .8 Estonia . ... 2 7 1 9 1 9 n.a. Lebanon 15 3 19 3 23 9 16 5 Hungary 1.0 1.0 1.0 1.0 Pakistan 13.1 14.4 9.7 3.8 Iceland 3.5 3.7 7.5 8.9 Palestine .1 .1 .1 Ireland Republic of 15.9 12.6 14.1 n.a. Portuguese dependencies 2.7 2.8 5.3 1.8 Latvia 1 3 1 3 1 3 1 0 Saudi Arabia 13 2 15 9 18 5 61 5 Lithuania .6 .6 .4 .5 Syria 5.4 11.4 20.5 21.5 Luxembourg 11.8 5.0 4.0 4.5 Viet-Nam n.a. n.a. n.a. 8.1 M^onaco 3.2 2.6 3.0 5.3 Poland6 2.8 3.4 2 2 2.1 All other: Trieste 5.6 4.1 2.5 2.2 British dependencies 1.2 1.6 1.6 1.4 U. S S R.6 2.5 1.7 2.0 1.8 Ethiopia and Eritrea 6.9 3.5 9.1 n.a. French dependencies 36 5 27 0 22 3 16.8 Other Latin America: Italian Somaliland 1 1 l .3 n.a. British dependencies 14.6 14.6 18.0 19.0 Liberia .... 6.1 10.3 11.8 5.6 Costa Rica 8 7 12 1 13 4 15 3 Libya 5 2 3 3 0 n a Ecuador 11 4 23 7 17 7 21 2 New Zealand 5 2 3 5 2 1 2 3 French West Indies and French Guiana... .8 2.2 .6 .4 Portuguese dependencies 4.3 6.3 5.0 n.a. Haiti 10.3 11.6 9.3 12.7 Spanish dependencies .2 .2 .2 .5 Honduras 17 2 15 4 18 7 n.a. Tangier 21.5 26.7 36.1 35.7 Nicaragua 8.3 13.4 16.0 10.3 Paraguay 5.4 5.0 6.0 3.6 ^Preliminary, 4 Through 1952, reported by banks in the Second (New York) Federal n.a. Not available. Reserve District only. 1 Short-term liabilities reported in these statistics represent principally 5 Except where noted, these data are based on reports by banks in the deposits and U. S. Govt. obligations maturing in not more than one year Second (New York) Federal Reserve District only and represent a partial from their date of issue, held by banking institutions in the United States; breakdown of the amounts shown in the "other" categories in Tables small amounts of bankers' acceptances and commercial paper and of la-lc. For each date the Second District reported at least 90 per cent of liabilities payable in foreign currencies are also included. the total amount in the "other" categories. 2 Includes International Bank for Reconstruction and Development, 6 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other international NOTE.—Statistics on international capital transactions of the United organizations. Excludes Bank for International Settlements, reported States are based on reports by banks, bankers, brokers, and dealers. under Other Europe. Beginning with the BULLETIN for June 1954 (as explained on p. 591 of 3 Represents funds held with banks and bankers in the United States that issue), tables reflect changes in reporting forms and instructions made (and in accounts with the U. S. Treasury) by foreign central banks and by as of Mar. 31, 1954, as well as changes in content, selection, and arrangeforeign central governments and their agencies (including official pur- ment of material published. For discontinued tables and data reported chasing missions, trade and shipping missions, diplomatic and consular under previous instructions, see BULLETIN for May 1954, pp. 540-545. establishments, etc.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES! [Amounts outstanding, in millions of dollars] Date Total France R m e G F a p e e n . d r y o - . , f Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O ur t o h p er e E T ur o o ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1951—Dec. 31 968 10 28 10 11 35 89 183 92 489 162 42 1952—Dec. 31 1,049 32 27 18 7 30 98 212 62 662 90 22 1953 Dec 31 . 905 11 31 19 18 71 88 236 56 473 115 25 1954 Oct 31 1,291 7 47 16 16 126 107 320 68 740 128 34 Nov. 30 1,316 10 56 19 13 128 114 341 66 750 126 33 Dec. 31 1,387 14 70 20 16 173 109 402 76 728 143 37 1955—Jan. 31 1,380 12 73 20 19 146 137 407 104 677 152 40 Feb 28 1,368 12 80 22 22 116 143 394 105 671 160 38 Mar. 31 1,366 7 74 23 19 119 140 382 91 686 170 37 Apr. 30 1,380 8 79 23 20 96 127 354 104 694 190 38 May 31 . 1,415 10 77 26 22 98 135 369 108 684 213 41 June 30 1,450 10 84 28 20 91 143 375 122 671 239 43 July 31 1,416 12 80 26 21 70 154 363 118 653 240 42 Aug. 31 1,429 10 74 30 20 74 151 359 112 682 236 39 Sept. 30P 1,388 11 69 27 23 76 152 358 115 622 252 42 Oct 31 P . . .. 1,429 11 67 30 27 65 159 358 123 660 243 45 Table 2a. Other Europe Date E O ur th o e p r e Aus- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u a g v o ia - o A th l e l r 1951—Dec. 31.. 89 40 5 () 5 19 1 4 1952—Dec. 31.. 98 16 2 (2) 4 11 39 9 1953—Dec. 31.. 13 6 9 24 16 5 1954_Oct. 31.. 107 14 6 11 4 55 1 Nov. 30.. 114 17 7 15 6 52 1 Dec. 31.. 109 20 10 16 4 41 1 1955_jan. 31.. 137 19 18 3 66 3 Feb. 28.. 143 19 18 4 67 6 Mar. 31., 140 19 19 3 68 4 Apr. 30.. 127 18 15 4 62 4 May 31.. 135 18 15 4 67 4 June 30.. 143 15 13 5 80 3 July 31.. 154 14 12 8 89 2 Aug. 31., 151 12 12 6 88 (2) Sept. 30P. 152 11 13 6 92 (2) Oct. 31 P. 159 13 13 7 93 (2) Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a P p i R c m u a e n b o a - - - , f Peru v S a E a d l l o - r U gu 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 nam 1951—Dec. 31 489 8 7 185 25 44 32 2 4 91 1 3 12 9 11 42 15 1952—Dec. 31 662 8 6 356 26 42 32 2 4 89 1 7 15 9 14 37 14 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 1954—Oct. 31 740 6 2 361 7 79 65 2 3 99 8 14 10 4 57 22 Nov. 30 750 6 2 322 12 92 63 2 5 115 1 12 15 13 6 61 24 Dec. 31 728 6 3 273 14 107 71 3 4 116 9 16 10 7 63 27 1955_jan. 31 677 6 l2 252 15 97 53 4 4 111 2 13 15 9 7 63 25 Feb. 28 671 6 2 249 12 90 48 4 4 111 2 15 15 7 7 76 24 Mar. 31 686 5 3 220 19 88 65 4 4 128 18 15 6 8 79 24 Apr. 30 694 5 3 221 13 97 69 4 4 125 1 18 16 6 7 79 25 May 31 684 6 3 189 11 116 71 4 5 122 2 20 16 5 7 81 27 June 30 671 8 3 153 15 132 65 4 4 125 3 18 16 5 6 83 32 July 31 653 6 3 137 17 125 60 4 4 133 4 15 18 6 5 85 32 Aug. 31 682 6 3 133 15 132 71 4 4 141 1 15 20 6 10 91 32 Sept. 30P 622 6 3 106 7 127 55 4 4 146 1 13 19 6 5 88 33 Oct. 31P 660 6 3 91 8 122 92 4 4 151 2 14 20 6 10 93 34 p Preliminary. maturity of more than one year reported by U. S. banking institutions 1 Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $594 million on Oct. 31, following items payable on demand or with a contractual maturity of 1955. The term foreigner is used to designate foreign governments, not more than one year: loans made to and acceptances made for for- central banks, and other official institutions as well as banks, organizaeigners; drafts drawn against foreigners that are being collected by bank- tions, and individuals domiciled outside the United States, including ing institutions on behalf of their customers in the United States; and U. S. citizens domiciled abroad and the foreign subsidiaries and offices foreign currency balances held abroad by banking institutions and their of U. S. banks and commercial firms. customers in the United States. Claims on foreigners with a contractual 2 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 73 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding," in millions of dollars] Table 2c. Asia and All Other Asia For- Date mosa Total and China Mainland 1951—Dec. 31 162 1952—Dec. 31 90 1953—Dec. 31 115 1954—Oct. 31 128 Nov. 30 126 Dec. 31 143 1955—Jan. 31 152 Feb. 28 160 Mar. 31 170 Apr. 30 190 May 31 213 June 30 239 July 31 240 Aug. 31 236 Sept. 30P 252 Oct. 31P 243 OOOO OOOOOO 00 00 00 00 00 00 00 00 00 00 All other Egypt H K o o n n g g India I n n e d s o ia - Iran Israel Japan ip P p h i i n l e - s T la h n a d i- Other Total t A ra u l s ia - C g B o i e n a l n g - o A E t a n g i n a g y n d l p o - - A U S f o n r o u i i f c o t a h n Other Sudan 3 13 (2) 9 30 12 29 2 52 42 23 6 (2) 7 6 4 10 15 13 8 3 25 22 10 6 2 4 3 4 1 14 23 26 6 6 25 25 8 6 (2) 2 8 3 5 1 18 8 33 11 7 35 34 11 7 (2) 5 10 3 4 1 17 9 30 11 7 36 33 10 7 (2) 6 9 3 5 1 16 11 50 7 6 36 37 14 6 6 10 3 4 1 18 11 48 10 13 36 40 13 6 1 7 12 3 4 1 19 8 60 9 11 36 38 12 6 1 8 11 4 5 (2) 16 8 60 10 12 47 37 11 6 1 7 12 5 5 (2) 19 7 70 13 15 48 38 11 5 6 15 5 4 (2) 19 7 87 18 17 48 41 11 5 2 8 15 3 4 (2) 20 8 92 15 20 69 43 10 5 3 7 17 4 4 21 8 105 17 13 61 42 10 5 1 7 19 4 4 1 22 10 108 15 11 53 39 9 5 2 7 17 4 4 1 20 9 110 17 8 71 42 11 5 6 18 4 5 1 19 9 107 17 6. 67 45 11 5 2 11 16 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3 [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 c P ha u s r e - s Sales o c r h p a u s s a r e l - e s, s c P ha u s r e - s Sales o c r h p a u s s a r e l - e s, s c P ha u s r e - s Sales o ch r p a u s s a r e l - e s, s c P ha u s r e - s Sales o c r h p a u s s a r e l - e s, s ( 1951 674 1,357 -683 860 761 99 500 801 -301 272 349 -76 1952 534 231 302 850 838 13 495 677 -182 294 330 -36 1953 646 728 -82 802 731 70 543 622 -79 310 303 7 1954 801 793 ,405 1,264 141 792 841 -49 393 645 -252 1954_Oct... 48 26 22 117 111 6 103 53 50 36 49 -14 Nov.., 115 102 13 169 130 39 48 46 2 38 63 -25 Dec... 101 261 -160 197 181 17 76 69 7 39 61 -23 1955—Jan.. . 121 81 40 177 149 28 76 63 13 42 -45 Feb... 361 216 145 160 161 -2 131 70 61 43 70 -27 Mar.., 83 72 11 185 163 22 59 30 29 54 75 -21 Apr... 48 45 4 135 130 5 49 46 4 48 58 -10 May.. 249 142 107 148 133 15 45 27 18 '55 •77 ••-22 June.. 14 17 -3 176 158 19 70 34 36 69 '101 '-33 July.. 48 24 24 167 139 28 60 30 29 55 •75 '-20 Aug.., 181 24 156 135 116 19 40 26 14 54 73 -19 Sept.? 38 33 5 180 154 26 37 41 -4 71 82 -11 Oct. P. 21 30 154 141 13 46 37 9 58 62 -4 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Ger- Inter- Total many, Switzer- United Other Total Latin All Year or month national foreign France Federal Italy land King- Europe Europe Canada Amer- Asia other insti- coun- Repub- dom ica tutions tries lic of 1951 -16 -568 6 2 46 21 -66 9 -595 14 5 1952 15 300 5 (2) 51 70 -16 111 192 5 -9 1 1 9 9 5 5 4 3 2 7 3 8 -3 7 4 2 -4 1 2 7 (2) 7 5 3 7 7 7 1 0 - -2 2 0 4 1 6 3 2 9 - -1 1 8 2 7 1 1 2 1 5 3 1954_Oct... 26 2 5 6 -2 9 -5 C2) (2) Nov.., -1 53 3 (2) 13 8 -6 18 -2 36 (2) Dec.. , -11 -132 -28 (2) 10 7 -8 -19 -108 -7 1955—Jan... 2 66 2 (2) 1 20 18 4 45 -8 29 Feb... 10 133 1 (2) -5 15 22 20 53 76 3 Mar.. (2) 33 (2) (2) 20 -2 -4 16 -5 6 Apr.. , (2) 9 2 3 4 ^ 4 May. . -44 166 -1 (2) -1 41 39 78 6 I June., 1 15 1 1 (2) 9 15 -1 24 -9 -2 July.. 3 49 (2) (2) (2) 26 13 9 48 -2 1 Aug.. 3 173 (2) 28 -1 4 33 132 7 Sept.p 1 30 2 1 19 -9 6 19 -10 13 Ot 4 2 3 C2) 2 -7 -5 P Preliminary. ' Revised. 2 Less than $500,000. 1 See footnote 1 on preceding page. 3 Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (—). In millions of dollars] Assets in custody Inter- Total Latin Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A i m ca er- Asia o A th l e l r Date Deposits U. S. Govt. Misceltutions tries securities 2 laneous 3 1951 -153 -224 29 -259 34 -36 8 1953—Dec. 31 423 2,586 106 1952 -118 -100 20 -141 25 -10 6 1954_Dec. 31 490 2,908 105 1953 -61 -11 96 -138 35 -30 26 1954 -164 -137 -9 -133 33 -34 7 1955—Jan. 31 441 3,000 117 Feb. 28 320 2,966 128 1954— Oct... . -3 39 -4 39 8 -3 0) Mar. 31 351 3,062 131 Nov.... -2 -21 -12 -1 G) -6 -2 Apr. 30 360 3,137 137 Dec.... -3 -13 -3 5 -1 -3 -10 May 31 402 3,264 141 June 30 374 3,295 139 1955—Jan 2 -30 -23 -15 4 -5 9 July 31 410 3,288 135 Feb.. .. 11 23 -8 35 2 4 -2 Aug. 31 387 3,373 141 Mar.... 0) 0) A 6 -2 -1 1 Sept. 30 385 3,463 142 Apr.... -2 -4 -8 6 0) -2 0) Oct. 31 402 3,506 138 May... -4 r(l) 1 r_4 1 -2 5 Nov. 30 408 3,558 137 June... 0) r4 -21 ••21 5 -2 2 Dec. 31 402 3,543 126 July.... -10 '19 -8 '26 2 -3 Aug.... 1 -6 i -6 3 -4 3 1955—Dec. 7 441 3,558 136 Sept.P. . -12 -3 -7 3 2 -3 2 Dec. 14 434 3,625 140 Oct.p . . -3 8 7 0) 2 -3 0) Dec. 21 479 3,665 138 Dec. 28 468 3,648 132 p Preliminary. r Revised. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked i Less than $500,000. gold. See footnote 4, p. 75, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars] Production reported Inonthly Estimated world Africa North and South America Other Year or production month U. ( S e . x S c . l R . .) Total A So fr u ic th a R de h s o i - a B W rit e i s s t h B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - i Au li s a tra- India Africa $1= /5%igrains ojrgold %ofine: i. e., an ounce of fine' gold= $35. 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6 5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6 7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9 1 37 7 7 8 1954 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1954—Oct 71.3 40.5 1.7 2.3 .9 5.6 13.3 1.4 1.1 .3 6 3 1 6 Nov . . 72.0 40.7 1.6 2.3 .9 5.6 13.5 1.2 1.2 .4 .6 3.3 .6 Dec 71.3 40.8 1.5 2.3 .9 5.8 13.5 .8 .8 .4 .7 3 4 .6 1955__jan 70.4 40.7 1.4 2.2 1 5 5.0 12.8 .9 1.6 .5 .6 2 8 5 Feb 67.9 38.8 1.6 2.2 ? 4.8 12.3 1.8 1.1 .3 .6 2.7 .5 Mar 73.3 42.3 1.5 2.2 1.2 5.4 13.0 1.6 1.2 .5 .6 3.3 .6 Apr 71.4 41.7 1.6 2.2 5.0 12.9 1.3 1.1 .4 .7 2.8 5 May . .. 42.8 1.6 2.1 L.I 5.3 13.4 .9 .5 .8 3.0 .6 June 42.7 1.5 2.2 [.0 5.6 13.0 1.2 .2 .8 3.5 .6 July 43.7 1.6 2.2 0 4.1 13.5 .8 .8 3 3 .6 Aug 44.4 1.6 2.2 .9 5.9 13.5 1 i .7 2.9 .6 Sept 43 6 2.2 L.I 7.0 13.8 1 3 7 .5 Oct 43.8 0 6.8 13.8 .7 .6 1 Gold exports, representing approximately 90 per cent of total produc- British West Africa, Belgian Congo, and India, data for which are from tion. American Bureau of Metal Statistics. For the United States, annual Sources.—World production: estimates of U. S. Bureau of Mines. figures are from the Mint and monthly figures from American Bureau of Production reported monthly: reports from individual countries except Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 75 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annua]totals Area and country 1954 1955 1947 1948 1949 1950 1951 1952 1953 1954 J S u e l p y t - . O D c e t c . . - J M an ar .- . A Ju p n r. e - S Ju e l p y t - . Continental Western Europe: Belgium ... 222.8 69.8 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 France 264.6 15.8 -84.8 -20.0 -22.5 -45.0 Germany (Federal Republic , of) -10.0 -130.0 -225.6 -140.0 -30.0 -10.0 Netherlands i 30.8 *"-79!8 "-4*. 5 -100.0 -65.0 Portugal 116.0 63.0 14.0 -15.0 -34.9 -5.0 -59.9 -54.9 -20.0 -10.0 -5.0 Sweden 238.0 3.0 -22.9 -32.0 -20.0 -15.0 -15.0 Switzerland 10 0 -40.0 -38 0 — 15 0 22 5 — 65 0 — 15 5 — 8 0 —7 5 Bank for International Settlements -5.6 -34.3 -65.3 -30.4 (2) -94.3 -20.0 -2.6 -8.4 Other 59.2 4.8 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 -2.9 (2) 3.5 Total 1,041.4 191.5 -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -170.5 -73.7 -37.5 -41.5 Sterling Area: United Kingdom 406.9 734.3 446.3 -1,020.0 469.9 440.0 -480.0 -50.0 Union of South Africa 256.0 498.6 195.7 13.1 52.1 11.5 Other 3.2 3.5 3.6 -.3 -.5 -.5 -.1 -.1 -.1 (2) Total 662.9 1,232.9 645.2 -1,003.4 525.6 451.2 -480.5 -50.5 -.1 -.1 (2) Canada 311.2 (2) 3.4 -100.0 -10.0 7.2 Latin America: Argentina .. 727.5 114.1 -49.9 -49.9 -20.0 -84.8 Colombia 60.0 15.5 7.0 -10.0 17.5 -22.8 -3.5 Cuba -65.0 -10.0 -10.0 28.2 -20.0 M^exico .... . . . 45.4 61.6 -16.1 -118.2 -60.2 87.7 -28.1 80.3 Uruguay 25.1 10.7 -14.4 -64.8 22.2 14.9 -15.0 -5.0 11.0 Venezuela -3 7 — 108.0 -50.0 g — 30 0 Other .. 19.1 -2.1 -10.5 -7.2 -34.7 -2.4 -.3 17.2 (2) 1.9 3.4 -.1 -.1 Total. ... 808.4 81.8 -143.9 -172.0 -126.0 57.5 -131.8 62.5 1.9 3.4 -.1 10.9 Asia 1.0 -4.1 4-55.4 5-38.9 5-53.7 -6.7 -5.7 -9.9 -1.1 -2.2 27.4 1.0 -6.2 13.7 All other 12.1 6.9 .4 6-44.2 6-76.0 (2) -.4 -.4 -2.7 (2) Grand total 2,864.4 1,510.0 193.3 -1,725.2 75.2 393.6 -1,164.3 -326.6 -171.8 -72.3 -36.9 -41.7 8.7 1 Includes sales of gold to Belgian Congo as follows (in millions): 1949, 5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million; $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. and 1951, $45.0 million. 2 Less than $50,000. <> Includes sales of gold to Egypt as follows: 1950, $44.8 million; and 3 Includes sale of $114.3 million of gold to Italy. 1951, $76.0 million. 4 Includes sale of $43.1 million of gold to Thailand. ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] Year T G e r u n e o r d a y l d s o - s f t p o T e c o r k i t o a a d l t 1 I i n n s g c t o r o t e o l c d a t k a s l e i e m g x N p o o p e r o l o d t r r t t , g m c o c o r E r l ( a r e d e r a - a a : k i ) r s n s - e d e e - d e , - p D ti r c o t o i m o d g n o u e l c s d - - Month T G e u r n e o r d a y l d s o - s f t p o T e c o r k i t o a a d l t 1 I i n n s g c to r o to e c ld a t k a s l e i e m g x N ( p o - o p ) e r o l o d t r r t t , g m c o c o r E l r ( a r e d e - r a a a : k i ) r n s s e - d e e - d e , - D p ti r c o t o i m o g d n o u e l c s d - - 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1954—Dec 21,713 21,793 2.6 .7 1.8 5.8 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1 1 9 9 4 4 5 6 2 2 0 0 , , 0 5 6 2 5 9 2 20 0 , , 7 0 0 8 6 3 -5 6 4 2 7 3 . . 8 1 -1 3 0 1 6 1 . . 3 5 -3 4 5 6 6 5 . . 7 4 3 5 2 1 . . 0 2 1955_ F ja e n b 2 2 1 1 , , 7 7 1 1 4 6 2 2 1 1 , , 7 78 8 8 6 -7 1 .3 .6 2 3 . . 2 2 -9 -. . 8 7 4 5 . . 8 0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Mar 21,719 21,763 -24.7 2.7 -27.7 5.4 1948 24 24424 399 1,530.41,680.4 -159.2 70.9 Apr 21,671 21,724 -39.4 2.5 -41.8 5.0 1949 24,427 24,563 164.6 686.5 -495.7 67.3 May 21,674 21,727 2.9 4.5 -1.0 5.3 June 21,678 21,730 3.1 3.8 -.9 5.6 1950 . ... 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 July 21,682 21,734 4.4 1.6 -.1 4.1 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Aug 21,682 21,732 -2.2 3.6 -2.9 5.9 1952 23,187 23,252 379.8 684,3 -304.8 67.4 Sept 21,684 21,745 12.7 4.4 10.6 7.0 1953 22 030 22,091 -1,161.9 2.2 -1,170.8 69.0 Oct 21,686 21,747 2.0 10 4 -7.1 6.8 1954 21,713 21,793 -297.2 16.6 -325.2 65.4 Nov 21,688 21,751 3.9 31.9 -27.0 6.3 Dec *>21,690P21,752 Pi.8 0) 4-23.8 (3) P Preliminary. 3 Not yet available. 1 See footnote 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,941.3 million on Dec. 31, 1955. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- U.S.S.R.)i Treasury Total2 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 Nov 21,710 21,791 371 767 3 322 1,071 42 186 31 23 Dec 37,350 21,713 21,793 371 778 3 322 1,080 42 186 31 23 1955 Jan 21 714 21 786 371 781 (3) 322 ,083 43 186 31 23 Feb 21,716 21,788 371 797 (3) 322 [,086 43 186 31 23 Mar 37,500 21,719 21,763 371 824 (3) 322 ,097 43 186 31 23 Apr 21 671 21 724 371 839 (3) 322 ,103 43 186 31 23 May 21,674 21,727 371 848 322 ,111 43 186 31 23 June 37,730 21,678 21,730 371 839 322 ,112 42 186 31 23 July 21,682 21 734 371 845 322 ,122 42 186 31 23 Aug 21 682 21 732 371 850 322 I 134 42 186 •31 23 Sept P37,870 21,684 21,745 371 877 322 1,141 42 186 31 23 Oct 21 686 21 747 371 920 322 150 42 181 31 23 Nov 21,688 21,751 922 .147 23 Germany, E m n o d n t o h f Egypt France4 R F e e p d u e b ra li 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 - P s a ta k n i- 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 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 27 247 138 130 804 45 48 35 Sept 174 576 825 27 247 138 804 45 48 35 Oct 174 576 849 27 247 138 836 45 48 Nov 174 576 868 138 856 45 48 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 Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e 5 - d U gu r a u y - V zu e e n l e a - M F I t n u a o t r n n ' y l d e . - B S m a I e n n e t t k t n ' l l t e . s f - or 1949 Dec 178 17 128 85 70 J. 504 118 154 1,688 178 373 ,451 68 1950—Dec 192 23 197 61 90 ,470 118 150 3,300 236 373 ,495 167 1951 Dec 265 26 190 51 152 ,452 113 151 2,335 221 373 I 530 115 1952—Dec 286 29 170 51 1&4 ,411 113 143 1,846 207 373 [,692 196 1953 Dec. 361 29 176 54 218 1,459 113 143 2,518 227 373 [,702 193 1954 Nov 427 29 194 56 246 1,513 113 144 2,925 227 403 I 736 193 Dec.. . . 429 29 199 56 265 1,513 113 144 2,762 227 403 I 740 196 1955 Jan 431 29 195 56 265 [,512 113 144 2,763 227 403 I 744 198 Feb.. . 431 29 201 56 265 1,501 113 144 2,681 227 403 1,744 209 M^ar 438 29 203 56 265 1,499 113 144 2,667 227 403 1,744 204 Apr 438 29 208 56 258 [,493 113 144 2,686 227 403 1 744 204 May 438 29 207 56 263 1,473 113 144 2,686 227 403 1,745 207 June 436 29 212 56 264 1,485 113 144 2,680 227 403 1,745 230 July 422 29 215 56 264 1,495 112 144 2,544 227 403 1,747 227 Aug 425 29 212 56 264 1,501 112 144 2,457 227 403 1 751 226 Sept 425 28 214 56 264 1,513 112 144 2,345 216 403 1,751 215 Oct 428 28 211 56 270 1,535 112 144 2,297 216 403 1.751 208 Nov 428 28 213 56 278 1,560 144 2,283 403 234 p Preliminary. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Includes reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Less than $500,000. banks and governments, estimated holdings of British Exchange Equaliza- 4 Represents holdings of Bank of France (holdings of French Exchange tion Account based on figures shown below under United Kingdom, Stabilization Fund are not included). and estimated official holdings of countries from which no reports are 5 Exchange Equalization Account holdings of gold and of United received. States and Canadian dollars, as reported by British Government. (Gold 2 Includes gold in Exchange Stabilization Fund. Gold in active portion reserves of Bank of England have remained unchanged at $1 million of this Fund is not included in regular statistics on gold stock (Treasury since 1939, when Bank's holdings were transferred to Exchange Equalizagold) used in the Federal Reserve statement "Member Bank Reserves, tion Account.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 77 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [Am ounts outstanding, in millions of dollars] End of year End of quarter Area and country 1954 1955 1949 1950 1951 1952 1953 Continental Western Europe: Austria 92 92 107 143 238 335 329 331 325 341 Belgium-Luxembourg (and Belgian Congo) 912 848 898 1,035 1,098 1,024 1,039 1,087 1,108 1,146 Denmark 70 76 76 101 127 107 102 100 85 95 Finland 31 30 53 55 64 69 72 69 69 73 France (and dependencies) i 740 834 896 967 1,049 1,124 1,358 1,417 1,452 1,648 Germany (Federal Republic of) 149 222 434 691 1,225 1,822 1,999 2,125 2,155 2,247 Greece 36 36 49 57 112 105 124 141 138 145 Italy.... 556 571 633 655 812 874 925 957 992 1,115 Netherlands (and Netherlands West Indies and Surinam) 415 559 524 815 1,055 1,118 1,118 1,109 1,107 1,109 Norway 120 94 150 160 171 177 148 109 116 113 Portugal (and dependencies) 234 257 331 374 469 537 560 570 571 580 Spain (and dependencies) 127 132 128 130 150 174 188 209 225 237 Sweden 160 205 224 275 335 399 406 386 383 412 Switzerland 2,021 2,023 1,973 2,053 2,133 2,172 2,185 2,149 2,170 2,196 Turkey 164 164 165 151 157 150 152 154 156 153 Other 2 349 689 All 712 887 928 947 1,016 1,239 1,270 Total. 6,176 6,832 7,118 8,374 10,082 11,115 11,652 11,929 12,291 12,880 Sterling Area: United Kingdom 1,924 3,557 2,843 2,318 3,009 3,388 3,190 3,137 3,139 2,800 United Kingdom dependencies. 104 120 99 113 108 104 103 103 102 100 India 310 303 309 312 346 320 334 334 344 339 Union of South Africa 134 241 197 194 214 234 232 236 242 251 Other 254 232 326 347 373 371 381 395 405 426 Total. 2,726 4,453 3,774 3,284 4,050 4,417 4,240 4,205 4,232 3,916 Canada 1,365 1,988 2,157 2,492 2,417 2,543 2,616 2,493 2,539 2,623 Latin America: Argentina 417 518 518 427 501 576 531 523 528 536 Bolivia 37 43 51 45 40 35 32 26 28 26 Brazil 510 543 417 390 423 413 442 417 442 469 Chile 101 120 99 121 121 117 112 118 136 129 Colombia 138 127 154 194 236 254 308 183 188 184 Cuba 463 530 575 515 531 477 423 420 431 422 Dominican Republic.. 39 47 58 56 51 73 72 75 83 82 Guatemala 51 53 54 61 65 64 62 72 78 70 Mexico 267 415 366 375 341 315 391 427 419 3 470 Panama, Republic of.. 74 59 68 81 90 76 74 79 84 85 Peru 81 91 93 107 104 110 118 114 118 124 El Salvador 45 50 54 55 56 58 59 72 79 61 Uruguay 236 311 306 301 337 329 317 308 291 277 Venezuela 516 458 445 519 595 614 597 591 664 662 Other 81 90 102 132 130 147 134 140 140 153 Total. 3,056 3,455 3,360 3,379 3,621 3,658 3,672 3,565 3,709 3,750 Asia: Indonesia.., 194 324 421 296 18.4 168 181 194 211 216 Iran 157 160 163 157 181 164 169 178 190 174 Japan 377 587 729 929 951 794 851 841 884 992 Philippines. 298 377 337 324 304 318 266 264 263 266 Thailand. . . 143 166 210 294 281 238 236 245 243 235 Other 339 256 325 360 401 465 520 551 601 621 Total 1,508 1,870 2,185 2,360 2,302 2,147 2,223 2,273 2,392 2,504 Eastern Europe4 . 380 344 309 307 306 308 309 310 311 308 All other: Egypt 115 173 285 234 217 219 221 228 224 234 Other 25 28 42 49 67 70 69 71 84 85 Total 140 201 327 283 284 289 290 299 308 319 Total foreign countries. 15,351 19,143 19,230 20,479 23,062 24,477 25,002 25,074 25,782 26,300 International5 3,109 3,090 3,171 3,287 3,331 3,536 3,560 3,565 3,677 3,673 Grand total 18,460 22,233 22,401 23,766 26,393 28,013 28,562 28,639 29,459 29,973 P Preliminary. 5 Includes holdings of International Bank for Reconstruction and De- 1 Includes gold reserves of Bank of France and French dependencies velopment, International Monetary Fund, and United Nations and other only. international organizations. 2 Includes holdings of other Continental OEEC countries, Yugoslavia, NOTE.—Includes reported and estimated gold reserves of central banks, Bank for International Settlements (both for its own and European Pay- governments, and international institutions, and official and private ments Union account), gold to be distributed by the Tripartite Commis- dollar holdings as shown in Short-term Liabilities to Foreigners Resion for Restitution of Monetary Gold, and unpublished gold reserves of ported by Banks in the United States, by Countries (Tables I and la-Id certain Western European countries. of the preceding section) as well as certain longer term U. S. Govt. se- 3 Includes latest available figure (Aug. 31) for Mexican gold reserves. curities reported as purchased within 20 months of maturity. 4 Excludes gold reserves of the U. S. S. R. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1955 1954 1955 1954 Item Item Oct. July Apr. Jan, Oct. Sept. June Mar. Dec. Sept. Gold 1,751 1,747 1,744 1,744 1,734 Dollar deposits and U. S. securities 440 464 485 466 478 Currencies: 1 Other currencies and securities1... 977 996 1,001 1,010 1,049 United States 1,633 1,643 1,609 1,567 1,574 Effective Ioans2 1,837 1,796 1,694 1,738 1,620 Other 4,540 4,656 4,691 4,734 4,738 Other assets3 36 52 35 37 33 Unpaid member subscriptions 815 805 798 798 798 IBRD bonds outstanding 849 852 838 849 850 Member subscriptions 8,751 88,863 58,853 38,853 8,853 Undisbursed loans 429 456 386 420 336 Accumulated net income -12 -11 -10 -9 Other liabilities 9 10 11 11 9 Reserves 193 184 174 165 154 Capital 1,810 1,806 1,806 1,831 Cumulative net drawing Quota on the Fund9 Loans by country, Nov. 30, 1955 Country 9 Paid 1955 1954 Area and member country 4 Outstanding Total go in ld Oct. Sept. Oct. Prin- Dis- Recipal bursed paid Sold Total to Brazil 150 38 66 66 66 others^ Colombia 50 13 25 25 France 525 108 105 105 105 Germany 330 33 -50 -50 -46 Continental W. Europe, total 981 848 163 685 60 India 400 28 13 13 53 Belgium and Luxembourg. 118 105 5 101 19 Indonesia.... 110 16 15 15 15 France 268 255 10 245 20 Iran 35 9 18 9 9 Italy 90 33 33 6 Japan 250 63 62 62 62 Netherlands 221 221 135 87 Philippines... 15 4 10 10 Other 284 234 14 220 Turkey 43 11 20 20 27 United States 2,750 688 -392 -383 -456 Sterling area, total 693 502 34 468 57 Australia 259 220 2 219 22 India 125 63 17 46 6 Footnotes to tables on international institutions: Pakistan 77 31 3 28 2 1 Currencies include demand obligations held in lieu of deposits. Union of S. Africa 135 110 6 104 13 2 Represents principal of authorized loans, less loans not yet effective, Other 97 77 6 71 15 repayments, the net amount outstanding on loans sold or agreed to be sold to others, and exchange adjustment. Latin America, total 623 386 27 359 18 3 Excludes uncalled portions of capital subscriptions. Brazil 194 148 5 143 4 4 Loans to dependencies are included with member. Colombia 95 52 8 44 3 5 Includes also effective loans agreed to be sold but not yet disbursed. Mexico 141 99 5 94 2 6 Includes $153 million in loans not yet effective. Other 193 87 9 78 9 7 Includes $124 million not guaranteed by the Bank. 8 Includes $125 million subscription of withdrawing member (Czech- Asia (excl. Sterling area).... 110 58 57 oslovakia). 9 Countries shown are those with cumulative net drawings of $10 mil- Africa (excl. Sterling area).. 9 lion (+ or —) on the latest date. Net drawings for each represent purchases of other currencies from Fund less purchases of own currency by Total 62,415 1,801 225 1,576 7142 it or other countries. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Date Note circula- O as t s h e e ts r co D u i n s- ts Securi- tion1 Deposits Capita Gold (fiduciary Coin Notes and ad- ties and issue) vances Bankers' Public ECA Other surplus 1948 Dec 29 . . .2 1 325.0 3.9 32.2 16.7 * 401.1 J.293.1 314.5 11.7 17.4 92 1 18 1 1949 Dec 28 .4 1,350.0 5.3 28.4 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 1.5 17.7 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951 Dec 26 4 1 450 0 1.7 12.5 18.2 389.2 L437.9 299.8 13.4 .6 89 8 18 1 1952 Dec 31 .4 1,575.0 1.4 49.9 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953 Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954 Dec 29 ... .4 1,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955 Jan 26 .4 1,725.0 2.3 60.4 16.4 298.0 1,664.9 251.9 16.3 4.7 85 9 18 3 Feb 23 .4 1,725.0 2.4 66.4 52.4 248.1 1,658.9 271.1 11.3 4.7 63.7 18.4 Mar. 30 .4 1,725.0 2.4 29.1 16.1 328.8 1,696.3 275.7 11.7 4.1 66.4 18.5 Apr 27 .4 1,750.0 2.4 18.8 18.0 319.2 1,731.5 253.9 18.6 4.6 63 6 17 8 May 25 .4 1,775.0 2.4 23.1 11.8 307.2 1,752.2 240.5 13.7 6.9 65.6 18.0 June 29 .4 1,825.0 2.4 42.7 5.7 301.6 1,782.7 246.6 14.2 .5 72.9 18.2 July 27 . . 4 1,875.0 2.4 14.5 21.0 305.9 1,860.9 240.8 13.6 2.2 68.8 18.3 Aug. 31 .4 1,825.0 2.4 43.1 20.0 280.2 1,782.3 243.6 10.9 2.7 70.0 18.5 Sept. 28 .4 1,800.0 2.4 33.9 11.1 295.8 1,766.4 239.3 14.5 2.6 68.2 18.6 Oct. 26 .4 1,800.0 2.4 33.9 20.2 301.2 1,765.5 250.6 21.9 2.6 65.7 17.8 Nov. 30 .4 1,850.0 2.4 54.7 20.8 287.4 1,795.7 263.1 10.1 3.0 71.2 18.0 1 Notes issued, less amounts held in banking department. from official reports of individual banks and are as of the last report date NOTE.—All figures, including gold and foreign exchange, are compiled of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 79 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets i Liabilities Dominion and provin- Date S U d S t o e a n t l a r n i l l t t a d i e e n r s d s g S t h e c o r i m a r l t s - e g c o u v r e it r i n e m s O e t n h t er O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed D D g o e o m p v o i e n r s n i i o t - s n Other 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 ment 1948—Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30, 111.4 ,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31, 117.8 ,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 1,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31, 54.9 ,376.6 893.7 112.0 1,599.1 623.9 51.5 29.5 133.1 1954—Dec. 31, 54.2 ,361.5 871.1 114.1 1,623.5 529.6 56.3 30.5 161.0 1955—Jan. 31, 51.5 ,249.8 876.0 87.7 1,545.9 528.7 56.5 38.6 95.4 Feb. 28, 52.4 ,320.6 815.1 82.1 1,541.7 503.8 63.2 47.3 114.1 Mar. 31, 50.8 ,325.6 821.6 101.4 1,552.9 541.9 57.5 42.7 104.3 Apr. 30, 59.0 ,385.5 808.4 123.6 1,579.3 570.7 50.8 40.5 135.2 May 31, 52.3 .357.6 817.5 87.1 1,597.7 516.9 50.6 35.6 113.7 June 30, 55.8 ,451.9 834.9 121.5 1,618.8 577.0 71.3 36.5 160.4 July 30, 59.6 ,233.4 1,032.4 134.9 1,651.8 532.9 52.9 45.2 177.5 Aug. 31, 57.7 ,185.2 1,149.3 73.2 1,653.9 538.7 59.5 38.1 175.2 Sept. 30, 60.6 ,103.2 1,196.5 156.6 1,665.8 565.7 63.4 29.1 192.8 Oct. 31. 56.6 ,318.5 991.2 158.3 1,674.2 580.7 62.4 34.5 173.0 Nov. 30, 52.9 ,326.2 1,060.2 141.3 1,684.0 562.6 128.3 45.2 160.4 Bank of France (billions of francs) Assets Liabilities Date Gold F c o h e r a x e n i - g g e n m O a p r e k n et Dom Sp e e s c ti i c a l bills Other Cu A G rr d o e v v n a e t n rn c m e O s e t n t h o t er O as t s h e e ts r ci N t r i c o o u n t l e a- Go m v e e n rn t - De E p C o A sits Other c O l a i i a a t p t n i b h e i d t i e s a l r - l 1948—Dec. 30. 65.2 () 97.4 8.6 238.6 150.9 558.0 57.6 987.6 171.8 16.2 1949—Dec. 29. 62.3 61.9 137.7 28.5 335.7 157.9 561.0 112.7 1,278.2 1.2 159.0 19.4 1950—Dec. 28. 182.8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 15.1 161.7 24.2 1951—Dec. 27. 191.4 28.3 234.9 32.0 741.3 160.0 481.0 190.8 1,841.6 10.6 166.2 41.3 1952—Dec. 31. 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2,123.5 .9 137.7 49.3 1953—Dec. 31. 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 2.1 142.8 56.3 1954—Dec. 30. 201.3 57.3 236.8 48.9 1,130.2 195.0 617.6 277.2 2,538.5 154.1 67.9 3.7 1955_ F ja e n b . . 2 2 7 4 . . 2 2 0 0 1 1 6 6 6 0 . . 7 5 2 1 2 7 6 2 . . 2 7 4 4 6 0 . . 1 2 1 1 , , 0 0 6 6 3 2 . . 9 6 1 1 9 9 0 0 . . 0 0 5 61 9 7 2 . . 6 2 2 3 8 0 6 6 . . 2 5 2 2 , , 4 4 7 8 2 2 . . 6 7 . . 1 1 3.7 1 1 2 2 6 1 . . 0 7 6 5 4 3 . . 0 1 Mar. 31. 201 86.5 160.6 32.6 1,138.8 190.0 597.4 353.3 2,583.7 115.4 54.1 Apr. 28. 201 122.0 200.2 28.5 1,113.4 190.0 546.7 336.3 2,544.1 7.'4 128.6 54.4 May 26. 201 153.0 210.4 26.5 1,028.5 190.0 584.9 334.4 2,523.4 129.7 64.8 June 30. 201 183.9 245.5 16.4 1,054.8 190.0 579.4 355.6 2,629.9 () 126.9 58.3 July 28. 201 200.1 247.6 11.3 1,061.9 190.0 579.8 355.5 2,642.8 133.7 59.3 Aug. 25. 201 200.2 190.0 7.5 1,042.9 190.0 579.3 371.6 2,588.5 ".1 116.5 68.9 Sept. 29. 201 200.2 235.8 14.9 1,076.6 190.0 557.9 409.8 2,692.5 .1 4.2 134.0 55.7 Oct. 27. 201.3 200.2 245.4 30.0 1,060.8 190.0 545.2 429.9 2,691.4 .1 .9 138.2 72.4 Nov. 24. 201.3 200.2 209.0 43.2 1,037.8 190.0 536.4 3417.8 2,647.6 .9 119.7 67.5 1955 1954 1955 1954 Central bank, monetary unit, Central bank, monetary unit, and item and item Nov. Oct. Sept. Nov. Nov. Oct. Sept, Nov. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 1,623 1.623 1,623 Gold and foreign exchange 297 313 423 Other gold and foreign exchange.. 279 519 1,552 Checks and bills of other banks 6 4 7 Govt. securities 4,044 4,049 3.727 Securities (incl. Govt. and Treas- Rediscounts and loans to banks. .. 79,629 78,231 66,690 ury bills) 527 509 460 Other assets 424 435 257 Other assets 63 66 55 Currency circulation 33,327 32,734 28,641 Note circulation 371 370 354 Deposits—Nationalized 45,894 45.575 39,820 Deposits of Trading Banks: Other sight obligations 1,003 914 467 Special 265 265 296 Other liabilities and capital 5,116 5,634 4,920 Other 32 36 38 Other liabilities and capital 224 220 257 1 Gold was transferred on May 1, 1940, to Foreign Exchange Control NOTE.—All figures, including gold and foreign exchange, are compiled Board in return for short-term Govt. securities (see BULLETIN for July 1940, from official reports of individual banks and are as of the last report date pp. 677-678). of the month. For details relating to individual items, see BULLETIN for 2 Less than 50 million francs. April 1955, p. 443. For last available report from the Reichsbank 3 Includes advance to Stabilization Fund, amounting to 295.9 billion (February 1945), see BULLETIN for December 1946, p. 1424. francs on Nov. 24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1955 1954 1955 1954 Central bank, monetary unit, Central bank, monetary unit, and item and item Nov. Oct. Sept, Nov. Nov. Oct. Sept. Nov. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,742 1,742 1,742 556 Fund) 205 197 226 Foreign exchange (net) 7,305 7,540 7,881 9,079 Net claim on Intl. Fund 2 13 13 13 Loans and discounts 5,627 5,641 5,426 5,176 Loans and discounts 48 48 49 Claim against Government 1,547 1,557 1,557 1,776 Credits to Government 67 65 62 Other assets 1,159 981 822 372 Other assets 80 80 78 Note circulation 12,498 12,508 12,508 11,656 Note circulation 408 411 413 Deposits—Banks 1,474 1,515 1,465 2,638 Deposits 298 283 238 Other 666 654 739 819 Other liabilities and capital 21 21 20 Blocked 1,376 1,415 1,424 1,846 National Bank of Czechoslovakia 3 Other liabilities and capital 1,365 1,370 1,292 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68 68 Gold 46,088 45,993 43,831 38,345 Foreign exchange 714 649 688 715 Foreign claims and balances (net). 10,241 9,866 10,555 12,234 Loans and discounts 189 192 176 254 Loans and discounts 4,368 7,009 6,956 7,465 Securities 545 558 480 505 Consolidated Govt. debt 34,660 34,660 34,660 34,660 Govt. compensation account 3,123 3,124 3,124 3,214 Govt. securities 8,597 9,020 9,352 6,163 Other assets 1,032 816 837 418 Other assets 5,277 5,178 5,185 4,809 Note circulation , 2,068 2,007 1,959 1,991 Note circulation 104,104104,573105,047 98,857 Deposits—Government 1,539 1,481 1,458 1,285 Deposits—Demand 1,079 3,536 1,853 1,271 Other 1,797 1,654 1,698 1,652 ECA 56 56 56 87 Other liabilities and capital 267 265 259 247 Other liabilities and capital 3,794 3,562 3,583 3,460 Central Bank of the Dominican Re- Central Bank of Bolivia—Monetary public (thousands of pesos): dept. (millions of bolivianos): (Apr.)* Gold 12,076 12,076 12,076 12,076 Gold at home and abroad 495 1,134 Foreign exchange (net) 16,493 14,441 13,339 23,979 Foreign exchange (net) 854 U0,430 Net claim on Intl. Fund2 1,250 1,250 1,250 1,250 Loans and discounts 26,019 11,034 Loans and discounts 2,500 2,500 3,030 3,339 Govt. securities 2,505 2,505 Govt. securities 8,890 8,890 8,890 9,420 Other assets 894 3,707 Other assets 14,998 14,906 14,917 7,424 Note circulation 23,159 19,645 Note circulation 44,930 42,318 41,879 40,647 Deposits 3,493 2,089 Demand deposits 8,414 8,980 8,917 14,511 Other liabilities and capital 4,115 7,076 Other liabilities and capital 2,863 2,765 2,706 2,330 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 640 648 641 501 Gold 344 344 344 343 Govt. securities 18 18 19 20 Foreign exchange (net) 25 74 49 169 Other assets 11 6 10 7 Net claim on Intl. Fund2 19 19 19 19 Currency in circulation 420 417 409 373 Credits—Government 417 390 398 361 Deposits—Government 43 50 48 14 Other 230 243 245 227 Banks 144 144 154 89 Other assets 285 289 275 211 Other liabilities and capital 63 61 59 52 Note circulation 660 697 683 709 Central Bank of Chile (millions of Demand deposits—Private banks. 195 202 189 227 pesos) : Other 146 154 171 161 Gold 5,814 5,811 5,737 Other liabilities and. capital 319 305 286 233 Foreign exchange (net) 1,480 1,052 r887 National Bank of Egypt (millions of Discounts for member banks. 6,318 5,147 2,569 pounds): Loans to Government 16,269 16,270 11,468 Gold 61 61 61 61 Other loans and discounts . 15,822 15,034 10,442 Foreign assets* .. 156 161 164 20 Other assets 6,080 6,195 r3,497 Egyptian Govt. securities 84 79 74 272 Note circulation 36,742 36,802 21,953 Clearing and other accounts (net) . — 17 -19 -19 Deposits—Bank , 5,394 4,943 3,849 Loans and discounts 26 22 17 22 Other 2,264 1,440 1,066 Other assets 4 3 3 3 Other liabilities and capital 7,383 6,325 7,732 Note circulation 177 175 161 181 Bank of the Republic of Colombia (mil- Deposits—Government 19 20 25 78 lions of pesos): Other 95 90 93 107 Gold and foreign exchange 270 230 257 393 Other liabilities and capital 22 22 22 11 Net claim on Intl. Fund 2 24 24 24 24 Central Reserve Bank of El Salvador Loans and discounts 520 555 554 408 (thousands of colones): Govt. loans and securities 471 471 461 332 Gold 71,119 71,182 71,229 71,891 Other assets 104 102 102 98 Foreign exchange (net) 19,579 28,718 39,995 14,835 Note circulation 658 634 618 657 Net claim on Intl. Fund2 1,569 1,569 1,569 1,568 Deposits 547 558 604 468 Loans and discounts 61,980 56,009 50,076 50,803 Other liabilities and capital 183 191 177 130 Govt. debt and securities 11,576 7,381 9,071 6,578 Central Bank of Costa Rica (millions Other assets 6,990 6,853 7,405 7,138 of colones): Note circulation 88,249 87,099 87,845 92,441 Gold 12 12 12 12 Deposits 74,299 74,531 81,609 50,899 Foreign exchange 104 110 118 55 Other liabilities and capital 10,264 10,081 9,890 9,473 Net claim on Intl. Fund 2 7 7 7 7 Bank of Finland (millions of markkaa): Loans and discounts 92 83 74 130 Gold 7,879 7,347 7,096 6,940 Securities 8 7 4 3 Foreign assets and liabilities (net).. 30,239 29,716 28,522 '29,766 Other assets 26 26 28 27 Loans and discounts 23,864 24,117 20,925 '35,880 Note circulation 157 151 147 148 Securities—Government 20,000 20,000 20,000 20,000 Demand deposits 59 60 63 54 Other 1,999 2,008 2,040 2,174 Other liabilities and capital 34 34 33 32 Other assets 10,852 11,029 11,075 1,943 National Bank of Cuba (millions of Note circulation 53,493 51,433 50,634 48,711 pesos): Deposits 22,528 23,426 19,699 12,189 Gold 181 186 186 Other liabilities and capital 18,812 19,357 19,325 15,802 Foreign exchange (net) 134 127 58 r Revised. *Latest month available. 4 Beginning December 1954, includes foreign government securities 1 Represents chiefly bills secured by stocks of mined tin not yet sold in formerly shown with Egyptian Government securities. wo 2 r l T d h m is a f r i k g e u t r s e . represents the amount of the country's subscription to the fro N m O T of E f . i — cia A l ll r e f p ig o u r r ts e s o , f i n in cl d u i d v i i n d g u a g l o b l a d n a k n s d a n fo d r e a i r g e n a e s x o c f h t a h n e g e la , s a t r r e e p c o om rt p d il a e t d e Fu 3 n d F o le r ss la s th t e a v b a a i n la k b 's l e l o r c e a p l o c rt u r ( r M en a c r y c h l ia 1 b 9 i 5 li 0 ty ), t s o e e t h B e U L F L u E n T d I . N for September of the month. 1950, p. 1262. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 81 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1955 1954 1955 1954 Central bank, monetary unit, Central bank, monetary unit, and item and item Nov. Oct. Sept Nov. Nov. Oct. Sept Nov. Bank of German Statesx (millions of Bank of Israel (thousands of pounds)4 German marks): Gold 2,03: Gold 3,644 3,566 3,463 ,568 Foreign exchange 84,184 Foreign exchange 9,132 9,046 9,008 288 Clearing accounts (net) 4,294 Loans and discounts 3,223 3,210 3,061 703 Loans and discounts 10,842 Loans to Government 4,353 4,252 4,177 190 Advances to Government 38,365 Other assets 1,032 837 882 225 Other Govt. accounts 16,546 Note circulation 13,380 13,241 13,337 164 Govt. securities 128,866 Deposits—Government 2,890 2,515 2,309 109 Other assets 14,448 Banks 3,292 3,369 3,127 643 Notes and coin in circulation 184,357 Other 201 219 224 224 Deposits—Government 7,825 Other liabilities and capital 1,621 1,566 1,594 ,835 Other 92,503 Bank of Greece (millions of drachmae): Other liabilities and capital 14,892 Gold and foreign exchange (net). . 5,754 5,619 4,965Bilank of Italy (billions of lire): Loans and discounts 222 208 157 Gold 4 4 4 4 Advances—Government 9,666 9,425 ,739 Foreign exchange 69 76 76 80 Other 4,980 4,940 ,423 Advances to Treasury 567 567 567 567 Other assets 1,690 1,627 ,989 Loans and discounts 386 396 374 370 Note circulation 4,474 4,273 ,449 Govt. securities 399 376 381 329 Deposits—Government 1,180 1,195 ,508 Other assets 953 918 935 831 Reconstruction and Note circulation 1,504 1,496 1,506 1,403 relief accts 7,611 7,611 ,101 Deposits—Government 27 29 29 42 Other 4,246 4,042 ,433 Demand 88 74 83 57 Other liabilities and capital 4,800 4,699 ,783 Other 608 587 566 537 Bank of Guatemala (thousands of Other liabilities and capital 152 152 153 142 quetzales): Bank of Japan (billions of yen): D O C R O G F G o i e e t t o o r h h r p d l l c e e e d d o i u i s r r s g l c c a i n l a o o t i t s s a i u n — s o e b n t e x n r i t t l i c G B s — s i b h t a i o u a a e N C n v t n n s i k e o o o g d s r a t i n e n e n a n s m d ( t d o n v e c e a I n a n t n t ) p t c l i e . t s a F l und. .. 4 4 2 1 1 1 1 7 1 9 7 3 9 6 1 6 1 , , , , , , , , , , 4 0 8 2 7 7 8 2 2 2 3 0 7 5 8 7 7 2 4 5 1 1 2 0 6 0 8 7 5 0 2 4 4 2 1 1 0 7 1 8 9 7 5 3 5 1 , , , , , , , , , , 1 3 9 9 7 7 9 2 2 5 2 4 2 5 4 6 5 2 5 0 1 1 1 5 9 5 7 8 6 0 4 4 2 1 1 1 8 8 1 9 7 7 3 5 8 1 , , , , , , , , , , 2 5 7 6 6 4 2 2 1 2 0 0 1 9 3 7 5 2 5 5 1 1 9 7 0 8 7 3 5 0 2 5 2 7 2 2 5 0 8 1 9 7 0 5 3 2 5 0 9 0 1 3 1 7 8 7 0 8 9 0 Bank D O B A N L O G o o u e t d t o o h h f l p a v t v l e e e n o i M a t r o r . s n s c n i e c l s a i t a i x e r e s s a n c c s i s — b c u e u d i o t t l l r G O s o a i d i t t t ( i i o i t i G m e s e h o v c s s e o n i e o l r v r l u i n e o n m r n t n s s e m n o e t f n t pesos) : 4 2 5 7 5 4 7 6 8 5 0 6 8 8 5 9 9 () 4 2 5 6 9 8 4 0 8 5 1 8 3 9 7 4 1 () 3 5 1 1 7 7 6 9 3 9 6 4 8 5 3 0 2 0 () 3 5 3 1 9 5 8 1 2 4 7 1 4 6 1 2 2 8 1 National Bank of Hungary2 Monetary reserve 6 1,662 1,630 1,614 1,338 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 4,999 A,111 4,611 3,402 Issue department: Bills and discounts 291 326 412 507 Gold at home and abroad 400 400 400 400 Other assets 411 499 519 857 Foreign securities 6,471 6,271 6,718 i,232 Note circulation 4,602 4,501 4.369 4,001 Indian Govt. securities 5,486 5,436 4,889 •,177 Demand liabilities 2,045 2.019 2,087 1,353 Rupee coin 1,097 1,111 1,121 Other liabilities and capital 715 712 700 751 Note circulation 13,238 13,059 12,802 ,619 N(etherlands Bank (millions of Banking department: guilders): Notes of issue department 216 160 326 260 Gold 3,241 3,166 3,046 ,015 Balances abroad 726 853 477 979 Silver (including subsidiary coin) . . 40 36 32 21 Bills discounted 58 72 143 45 Foreign assets (net) 1,334 1,362 1,441 ,369 Loans to Government 19 20 9 Loans and discounts 31 35 31 35 Other assets 851 " ' 824 851 ,098 Govt. debt and securities 622 622 622 735 Deposits 1,469 1,531 1,488 :,098 Other assets 405 405 395 474 Other liabilities and capital.... 401 378 329 294 Note circulation—Old 28 28 28 28 Bank Indonesia (millions of rupiahs): New 3,852 3,866 3,715 i.516 Gold and foreign exchange (net). . 1,807 1,530 1,403 994 Deposits—Government 268 214 274 455 Loans and discounts 721 623 All 484 ECA 490 514 514 704 Advances to Government 8,135 8,840 9,619 i,249 Other 827 790 831 710 Other assets 429 416 404 339 Other liabilities and capital 208 213 205 237 Note circulation 7,957 8,145 8,236 1,789 R:'eserve Bank of New Zealand (thou- Deposits—ECA 495 495 495 495 sands of pounds): Other 1,801 1,949 2,281 1,160 Gold 6,161 6,161 6,175 Bank G O M o th ld e e r ll i l i I a r b a i n li 3 t ie ( s m a il n li d on c s a p o i f t a r l ials) 4,2 8 4 38 2 4,2 81 4 9 2 4.2 8 4 92 2 , 6 2 2 4 1 2 A F L o o d r a v e n a i s g n n c a e n s e d x c t d o h i a s n S c g o ta e u t n e r t e s s o e r r v S e tate un- 4 2 3 2 , , 3 5 7 7 R 6 5 1 3 7 , , 9 7 1 3 9 9 2 5 0 2 , , 8 54 0 8 8 Foreign exchange 244 244 '244 244 dertakings 41,970 30,779 38,503 Gold contribution to Intl. Fund. .. 282 282 282 282 Investments 33,269 33,263 33,430 Govt.-secured debt 7,187 7,187 7,187 ,554 Other assets 1,395 1,767 1,749 Govt. loans and discounts 10,836 10,800 10,749 ,561 Note circulation 69,970 68,618 70,065 Other loans and discounts 4,786 4,719 4,849 ,972 Demand deposits 69,711 66.227 73,937 Securities 444 411 410 848 Other liabilities and capital 9,069 8,783 9,211 Other assets 3,017 2,703 2,855 198 Bankof Norway (millions of kroner): Note circulation 9,970 9,938 9.873 ,079 Gold 209 208 203 203 Deposits—Government 4,758 097 5,169 ,060 Foreign assets (net) -98 -84 -49 -63 Banks 1,645 1,131 1,198 996 Clearing accounts (net) -45 -38 -44 -97 Other 11,436 1,093 11,421 ,499 Loans and discounts 116 75 48 Other liabilities and capital 3,229 3,330 3,157 ,268 Securities 96 91 84 25 Central Bank of Ireland (thousands of Occupation account (net) ,546 ,546 5,546 5,546 pounds) Other assets 105 94 83 59 Gold 2,646 2,646 2,646 Note circulation ,142 ,161 3,156 3,134 Sterling funds 71,211 70,863 68,558 Deposits—Government ,365 ,395 1,415 1,237 Note circulation 73,857 73,509 71,204 Banks 504 428 439 527 FOA 106 103 103 161 Other liabilities and capital 812 812 784 664 1 Combined figures for the Bank of German States and the nine Land 5 Bullion holdings in each month were 448 million yen. Central Banks. 6 Includes gold, silver, and foreign exchange forming required reserve 2 For last available report (February 1950), see BULLETIN for September (25 per cent) against notes and other demand liabilities. 1950, p. 1263. NOTE.—All figures, including gold and foreign exchange, are compiled 3 Items for issue and banking departments consolidated. from official reports of individual banks and are as of the last report date 4 Bank began operations in December 1954. of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1955 1954 1955 1954 Central bank, monetary unit, Central bank, monetary unit, and item and item Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 612 594 582 543 Issue department: Foreign assets (net) 998 1,096 1,087 1,274 Gold at home and abroad i 114 114 114 81 Net claim on Intl. Fund3 129 129 129 129 Sterling securities 694 644 594 383 Swedish Govt. securities and ad- Pakistan Govt. securities.... 1,124 1,074 1,024 1,357 vances to National Debt Office 3,282 3,210 2,839 2,699 Govt. of India securities.... 275 275 275 178 Other domestic bills and advances 81 29 159 72 India currency 431 431 431 300 Other assets 1,051 1,026 1,017 950 Rupee coin 29 34 40 5: Note circulation 5,029 4,924 4,861 4,739 Notes in circulation 2,601 2,493 2,407 2,286 Demand deposits—Government. 142 106 97 213 Banking department: Other 152 285 96 29 Notes of issue department. . 67 80 73 64 Other liabilities and capital 829 768 760 684 Bills discounted 21 20 2 1 Swiss National Bank (millions of Loans to Government c 1 12 101 francs): Other assets 540 559 642 39 Gold 6,526 6,415 6,323 6,321 Deposits 523 564 642 460 Foreign exchange 601 578 627 488 Other liabilities and capital.... 110 107 86 113 Loans and discounts 173 174 177 116 Central Bank of Paraguay (millions of Other assets 111 96 98 96 guaranies): Note circulation 5,255 5,222 5,22! 5,115 Gold2 4 4 Sight liabilities 1,946 1,830 1,788 1,700 Foreign exchange (net) 101 42 Other liabilities and capital 211 212 209 206 Net claim on Intl. Fund3 8 4) Central Bank of the Republic of Turkey Loans and discounts 1,313 1,280 1,200 618 (millions of pounds): Govt. loans and securities 523 512 495 503 Gold 402 402 402 402 Other assets 444 441 440 385 Foreign exchange and foreign Note and coin issue 876 866 867 625 clearings 173 175 171 182 Deposits—Government 215 236 256 159 Loans and discounts 3,459 3,488 3,438 2,657 Other 220 189 161 142 Securities 30 30 30 30 Other liabilities and capital 1,082 1,032 947 624 Other assets 140 134 128 93 Central Reserve Bank of Peru (millions Note circulation 1,965 1,963 1,936 1,500 of soles): Deposits—Gold 155 155 154 154 Gold and foreign exchange 467 557 578 459 Other 1,531 1,550 1,559 1,242 Net claim on Intl. Fund 3 67 67 67 67 Other liabilities and capital 554 563 520 467 Loans and discounts to banks.... 810 743 688 588 BJank of the Republic of Uruguay (mil- Loans to Government 1,037 1,064 1,101 1,142 lions of pesos): Other assets 206 146 142 94 Gold 327 327 344 Note circulation 1,831 1,846 1,834 1,715 Silver 11 11 9 Deposits 463 500 518 400 Advances to State and Govt. Other liabilities and capital 293 231 224 235 bodies 185 177 148 Central Bank of the Philippines Other loans and discounts , 474 476 382 (millions of pesos): Other assets. 980 935 560 Gold 28 28 25 19 Note circulation 461 460 465 Foreign exchange 270 307 332 388 Deposits—Government 148 154 147 Net claim on Intl. Fund3 10 10 10 30 Other 327 350 316 Loans 32 31 12 50 Other liabilities and capital 1,040 962 515 Domestic securities 372 367 353 226 Oentral Bank of Venezuela (millions Other assets 179 165 167 167 of bolivares): Circulation—Notes 603 599 587 608 Gold 1,234 1,234 1,234 1,233 Coin 87 87 87 85 Foreign exchange (net) 380 412 425 221 Demand deposits 151 170 175 121 Other assets 131 133 123 186 Other liabilities and capital 51 51 50 64 Note circulation 1,065 1,032 1,016 1,038 Bank of Portugal (millions of escudos): Deposits 236 263 260 262 Gold 5,567 5,536 5,544 Other liabilities and capital 444 484 506 339 Foreign exchange (net) 13,326 13,276 13,147Nirational Bank of Federal People's Re- Loans and discounts 963 912 977 public of Yugoslavia (billions of Advances to Government 1,390 1,386 1,414 dinars): Other assets 1,380 1,358 1,094 Gold 5 5 5 4 Note circulation 10,538 10,546 10,118 Gold contribution to Intl. Fund. .. 2 2 2 2 Demand deposits—Government. . 1,654 1,548 2,195 Foreign assets 61 59 58 73 ECA 101 101 25 Loans (short-term) 760 745 730 723 Other 7,726 7,697 7.590 Government debt (net) 4) 16 18 -35 Other liabilities and capital 2,608 2,575 2,249 Other assets 64 60 52 49 South African Reserve Bank (millions Notes and coin in circulation 88 86 87 88 of pounds): Demand deposits 176 205 196 178 Gold 76 75 76 69 Foreign liabilities 104 104 103 110 Foreign bills 32 30 31 58 Long-term liabilities (net) 387 375 368 351 Other bills and loans 19 21 25 6 Other liabilities and capital 137 117 111 91 Other assets 54 53 54 47 B•ank for International Settlements Note circulation 107 107 107 102 (millions of Swiss gold francs): Deposits 55 53 61 59 Gold in bars 716 636 658 592 Other liabilities and capital 18 19 17 19 Cash on hand and with banks 50 78 77 »74 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 616 615 615 613 ances (at cost) 269 313 296 319 Silver 321 321 323 323 Time funds at interest 138 145 152 350 Govt. loans and securities 15,995 15,959 15,783 16,070 Sundry bills and investments 469 439 391 469 Other loans and discounts 36,109 32,403 32,020 29,125 Funds invested in Germany 297 297 297 297 Other assets 44,026 40,469 41,100 37,814 Other assets 1 2 5 Note circulation 44,379 45,216 44,849 40.622 Demand deposits (gold) 588 518 464 436 Deposits—Government 8,504 4,151 4,496 7,620 Short-term deposits: Other 5,460 5,170 4,608 3,068 Central banks—Own account... 821 854 866 ,128 Other liabilities and capital 38,723 35,231 35,888 32,636 Other 14 20 27 29 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 289 288 287 284 r Revised. 4 Less than 500,000. 1 On July 31, 1955, gold revalued from 115.798 to 166.667 rupees per 5 Includes small amount of non-government bonds. troy ounce of fine gold. NOTE.—All figures, including gold and foreign exchange, are compiled 2 On Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of from official reports of individual banks and are as of the last report date fine gold oer guarani. of the month. 3 This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 83 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since December 1953 Month effective A tr u ia s- g B iu e m l- m De a n rk - France m G a e n r y - Greece N w o a r y - Spain S d w en e- T k u ey r- U K d n i o n i m t g e - d C ad a a n- N Z la e e n a w d - U S. n o i A f o f n r. C Io ey n - Japan2 P p h in il e ip s -N g r i u a c - a a- In effect, Dec. 31,1953.. 4.0 2.75 4.0 3.5 3.5 12.0 2.5 4.0 2.75 3.0 3.5 2.0 1.5 4.0 3.0 6.57 2.0 5.0 1954_jan 10.0 Feb 3 25 Mar 1.5 Apr 3 5 6.0 May 3 0 3 0 June 3 5 5 0 2 5 July 3 75 Nov 4.0 Dec 3.6 1955_jan 9.0 3.5 Feb 3 5 4 5 i 5 Apr 3.75 May 4.5 5.5 June . ... 4 5 July 5.0 Aus 3 0 3 5 2 0 8 03 Sept 6 0 4 5 Oct 2.25 7.0 Nov 5 0 2 75 In effect, Dec. 31,1955.. 5.0 3.0 5.5 3.0 3.5 9.0 3.5 3.75 3.75 4.5 4.5 2.75 7.0 4.5 2.5 8.03 1.5 6.0 Other selected central banks—Rates in effect on December 31, 1955 A tr r a e l a , b a a n n k d c o e f n — - Rate e M ffe o c n ti t v h e A tr r a e l a b , a a n n k d o c f e — n- Rate e M ffe o c n ti t v h e A tr r a e l a b , a a n n k d c of e — n- Rate e M ffe o c n ti t v h e A tr r a e l a b , a a n n k d o c f e — n- Rate e M ffe o c n ti t v h e Europe: Asia: Asia—Cont.: Latin Am.—Cont. Italy 4.0 Apr. 1950 Burma 3.0 Feb. 1948 Thailand 7.0 Feb. 1945 El Salvador 2. 3.0 Mar. 1950 Netherlands.... 2.5 Apr. 1953 India2 3.0 Jan. 1952 Latin America: Mexico 4.5 June 1942 Portugal 2.5 Jan. 1944 Indonesia2... 3.0 Apr. 1946 Colombia2... 4.0 July 1933 Peru2 6.0 Nov. 1947 Switzerland.... 1.5 Nov. 1936 Pakistan 3.0 July 1948 Costa Rica2.. 3.0 Apr. 1939 Venezuela. .. 2.0 May 1947 1 Rates shown represent mainly those at which the central bank either mercial transactions (rate shown is for advances on commercial paper and discounts or makes advances against eligible commercial paper and/or miscellaneous collateral); India—3.5 per cent for discounts and for adgovernment securities for commercial banks or brokers. For countries vances on government securities (rate shown is for advances on commerwith more than one rate applicable to such discounts or advances, the cial paper); Indonesia—various rates dependent on type of paper, colrate shown is the one at which the largest proportion of central bank lateral, commodity involved, etc.; Colombia—3 per cent for agricultural credit operations is understood to be transacted. In certain cases other paper and for loans on products in bonded warehouses; Costa Rica—5 per rates for these countries are given in the following footnote. cent for paper related to commercial transactions (rate shown is for 2 Discounts or advances at other rates include: Japan—various rates agricultural and industrial paper); El Salvador—2 per cent for agricultural dependent on type of paper or transaction and extent of borrowing, in- paper; and Peru—4 per cent for agricultural, industrial, and mining paper. cluding 7.3 per cent for discount of paper related to domestic com- OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la i n tz d er- Month 3 T r m e b a o il s n l u s th ry s1 D m a d o y a n - y e to y - 2 3 B a a m c a n c n o k e c n p e e t s 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 a s e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a o i s l n l u s t r h y s D m a d o y a n - y e to y - 3 L m u o p 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 1952—Dec. 1.35 3.00 2.41 2.25 2.00 3.93 .92 .58 3-5 .50 1953—Dec. . 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 .50 1954_Oct..> 1.18 .96 1.62 1.59 1.44 1.25 .63 234~5 .50 Nov 1.17 .78 1.62 1.60 1.44 1.25 .87 .50 .50 Dec 1.08 .76 1.78 1.78 1.45 1.25 .77 .57 3*4-51/2 .50 1955_ F ja e n b . . 9 9 9 0 . . 6 6 9 9 2 2 . . 5 0 8 2 2 2 . . 6 0 8 5 2 1 . . 1 5 5 5 1 1 . . 2 6 9 7 3 3. . 2 2 5 7 . . 7 7 9 9 . . 5 5 3 8 3 31 * / 4 4 - - 5 5 1 1 / / 2 2 . .5 5 0 0 Mar .13 .98 3.81 3.80 3.29 2.50 3.28 1.16 .71 3^-51/2 ,50 Apr .23 .97 3.83 3.81 3.17 2.50 3.23 1.04 .58 414-61/2 .50 May .24 .77 3.94 3.92 3.33 2.50 3.27 1.49 .90 414-61/2 .50 June .36 1.11 3.99 3.97 3.21 2.50 3.19 .91 .62 41/4-614 ,50 July .43 1.11 4.00 3.97 3.14 2.50 3.30 .75 .50 41/4-61/2 ,50 Aug .60 1.36 4.06 4.00 3.24 2.50 3.06 .80 .56 414-61/2 ,50 Sept .77 1.64 4.15 4.07 3.15 2.50 3.00 1.04 .75 414-61/2 .50 Oct 2.07 1.99 4.16 4.07 3.32 2.50 3.02 .94 .57 414-6/2 ,50 iBeginning 1953, these figures show average rate at tenders. Earlier 2Represents an average of closing rates. figures represent tender rates made nearest to the 15th of each month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 FOREIGN EXCHANGE RATES 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- Austria Belgium M Br a i l t a is y h - (dollar) Year or month tralia (schilling) (franc) sia Prefer- (pound) (dollar) Basic ential Free Official Free 1950. 26.571 13.333 8.289 223.15 .9908 32.788 90.909 91.474 1951. 20.000 13.333 7.067 223.07 .9859 32.849 94.939 1952. 20.000 13.333 7.163 222.63 .9878 32.601 102.149 1953. 20.000 13.333 7.198 224.12 3.8580 2.0009 32.595 101.650 1954. 20.000 13.333 7.198 223.80 3.8580 .9976 32.641 102.724 1955. 120.000 U3.333 17.183 222.41 3.8580 .9905 32.624 101.401 1955_ F ja e n b .. . . ., 2 20 0 . . 0 0 0 0 0 0 1 1 3 3 . . 3 3 3 3 3 3 1 19 9 8 8 2 22 2 1 1 . . 8 9 0 2 3 3. . 8 8 5 5 8 8 0 0 . . 9 9 9 9 5 3 9 8 3 32 2 . . 5 5 3 3 5 8 1 1 0 0 3 2 . . 4 3 9 8 8 4 Mar.. 20.000 13.333 198 222.42 3.8580 .9856 32.608 101.587 Apr.. 20.000 13.333 198 222.83 3.8580 .9890 32.675 101.404 May. 20.000 13.333 168 222.78 3.8580 .9896 32.686 101.405 June. 20.000 13.333 175 222.29 3.8580 .9871 32.614 101.568 July.. 20.000 13.333 175 221.91 3.8580 .9864 32.544 101.555 Aug.. 20.000 13.333 7.173 222.04 3.8580 .9874 32.577 101.502 Sept.. 20.000 13.333 7.175 221.98 3.8580 .9874 32.568 101.228 Oct... 120.000 113.333 17.175 222.47 3.8580 .9911 32.639 100.474 Nov.. 223.22 3.8550 1.9955 32.753 100.047 Dec. 223.32 3.8580 1.9986 32.764 100.048 Den- Germany Neth- Year or month C (r e u y p l e o e n ) (k m ro ar n k e) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) (d m eu a t r s k c ) he (r I u n p d e ia e) ( I p re o l u a n n d d ) M (p e e x s i o c ) o ( e g r u l i a l n d d e s r) 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 2 23.838 21.020 280.87 39.052 26.381 1955. 20.894 .4354 .2856 23.765 20.894 279.13 8.006 26.230 1955—Jan 20.843 .4354 .2856 23.838 20.843 278.52 8.006 26.349 Feb 20.834 .4354 .2856 23.838 20.834 278.36 8.006 26.290 Mar 20.892 .4354 .2856 23.838 20.892 279.14 8.006 26.297 Apr 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 Aug 20.861 .4354 .2856 23.729 20.861 278.67 8.006 26.127 Sept 20.852 .4354 .2856 23.726 20.852 278.58 8.006 26.148 Oct 20.907 .4354 .2855 23.724 20.907 279.21 8.006 26.213 Nov 20.979 .4354 .2855 23.721 20.979 280.15 8.006 26.211 Dec 20.988 .4354 .2854 23.719 20.988 280.26 8.006 26.128 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i n l u s i e o b p ) l - ic (e P s g c o a u r l t d u o - ) ( A p S o o fr u u i n c th a d) S (k w ro ed n e a n ) ( e S f r r w l a a i n n t c z d ) - ( U p K d o n i o u n i m t n g e d - d ) 1950 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 1951 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 1952 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1955__jan.. 275.76 14.008 49.677 3.4900 277.48 19.333 23.326 278.52 Feb. 275.60 14.008 49.677 3.4900 277.32 19.333 23.319 278.36 Mar. 276.38 14.008 49.677 3.4900 278.10 19.333 23.329 279.14 Apr. 276.88 14.008 49.677 3.4900 278.61 19.333 23.330 279.65 May 276.82 14.008 49.677 3.4900 278.54 19.333 23.333 279.59 June 276.22 14.008 49.677 3.4900 277.94 19.333 23.335 278.98 July. 275.74 14.008 49.677 3.4900 277.45 19.333 23.332 278.49 Aug. 275.91 14.008 49.677 3.4900 277.62 19.333 23.331 278.66 Sept. 275.82 14.008 49.677 3.4900 277.54 19.333 23.334 278.58 Oct.. 276.44 14.008 49.677 3.4900 278.16 19.333 23.332 279.20 Nov. 277.37 14.008 49.677 3.4900 279.10 19.333 23.335 280.14 Dec. 277.49 14.008 49.677 3.4900 279.21 19.333 23.335 280.26 1 Based on quotations through Oct. 27, 1955. 3 The Mexican peso was devalued, effective Apr. 19, 1954, from a par 2 Based on quotations beginning Apr. 1, 1954. value of 8.65 to 12.50 pesos per U. S. dollar. 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 cludes one issue of Supplement. In the United the Division of Administrative Services, Board of States and countries listed under Federal Re- Governors of the Federal Preserve System, Wash- serve Bulletin on this page, single copies 60 cents ington 25, D. C. Where a charge is indicated, each or in quantities of 10 or more for single remittance should be made payable to the order shipment 50 cents each; elsewhere 70 cents per of the Board of Governors of the Federal Reserve copy. System. A more complete list, including periodic releases and reprints, appeared on pages 1408-12 FLOW OF FUNDS IN THE UNITED STATES, 1939-53. A new accounting record designed to picture of the December 1955 Bulletin. the flow of funds through the major sectors of THE FEDERAL RESERVE SYSTEM—PURPOSES AND the national economy. December 1955. 390 FUNCTIONS. November 1955. 224 pages. pages. $2.75 per copy. ANNUAL REPORT of the BOARD OF GOVERNORS OF THE DEVELOPMENT OF BANK DEBITS AND CLEAR- THE FEDERAL RESERVE SYSTEM. Issued each INGS AND THEIR USE IN ECONOMIC ANALYSIS. year. January 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single FEDERAL RESERVE BULLETIN. Issued monthly. shipment, 15 cents each. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, A STATISTICAL STUDY OF REGULATION V LOANS. Costa Rica, Cuba, Dominican Republic, Ecua- Septeniber 1950. 74 pages. 25 cents per copy; dor, Guatemala, Haiti, Republic of Honduras, in quantities of 10 or more copies for single Mexico, Nicaragua, Panama, Paraguay, Peru, shipment, 15 cents each. El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere BANKING AND MONETARY STATISTICS. Statistics of $7.00 per annum or 70 cents per copy. Group banking, monetary, and other financial developsubscriptions in the United States for 10 or ments. November 1943. 979 pages. $1.50 more copies to one address, 50 cents per copy per copy. No charge for individual sections per month, or $5.00 for 12 months. (unbound). FEDERAL RESERVE CHARTS ON BANK CREDIT, THE FEDERAL RESERVE ACT, as amended to No- MONEY RATES, AND BUSINESS. Issued monthly. vember 1, 1946, with an Appendix containing Annual subscription includes one issue of Hisprovisions of certain other statutes affecting the torical Supplement listed on this page. Sub- Federal Reserve System. 372 pages. $1.00 per scription price in the United States and the copy. countries listed above is $6.00 per annum, 60 cents per copy, or 50 cents each in quantities RULES OF ORGANIZATION AND RULES OF PROCEof 10 or more of a particular issue for single DURE—Board of Governors of the Federal Reshipment; elsewhere $7.00 per annum or 70 serve System (with Amendments). September cents per copy. 1946. 31 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE REGULATIONS OF THE BOARD OF GOVERNORS OF CHARTS ON BANK CREDIT, MONEY RATES, AND THE FEDERAL RESERVE SYSTEM. Individual BUSINESS. Issued annually in September. An- regulations with amendments and supplements nual subscription to monthly chart book in- thereto. 85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 FEDERAL RESERVE BULLETIN • JANUARY 1956 REPRINTS USE OF MONETARY INSTRUMENTS SINCE MID- 1952. December 1954. 8 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) DIRECTLY PLACED FINANCE COMPANY PAPER. December 1954. 8 pages. THE MONETARY SYSTEM OF THE UNITED STATES. THE FEDERAL BUDGET FOR 1956. February 1955. February 1953. 16 pages. 11 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES BANKING AND MONETARY STATISTICS, 1954. (Se- ON ECONOMIC STABILITY. March 1953. 16 lected series of banking and monetary statistics pages. for 1954 only) February and May 1955. 12 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pages. DOLLAR FLOWS AND INTERNATIONAL FINANCING. March 1955. 8 pages. REVISION OF CONSUMER CREDIT STATISTICS. April 1953. 19 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE ^DETAILED DESCRIPTION OF SOURCES AND METH- BANKS. March 1955. 4 pages. ODS USED IN REVISION OF SHORT- AND INTER- MEDIATE-TERM CONSUMER CREDIT STATISTICS UNITED STATES BANKS AND FOREIGN TRADE FI- (supplementary details for item listed above), NANCING. April 1955. 11 pages. April 1953. 25 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED FEDERAL RESERVE BANK RESPONSIBILITIES. May STATES. May 1955. 13 pages. 1953. 5 pages. 1955 SURVEY OF CONSUMER FINANCES—From March, May, June, and August issues of BULLE- UNITED STATES POSTWAR INVESTMENT IN LATIN TIN. 52 pages. (Also, similar Surveys are AMERICA. May 1953. 6 pages. available for most earlier years from 1947, WARTIME AND POSTWAR CREDIT DEMANDS OF 1948, 1949, 1950, 1951, 1952, 1953, and 1954 LARGE CORPORATIONS. July 1953. 12 pages. BULLETINS.) DEPARTMENT STORE SALES AND STOCKS, BY ESTIMATES OF CONSUMER INSTALMENT CREDIT MAJOR DEPARTMENTS (Revised Indexes). No- EXTENDED AND REPAID, 1929-1939. June 1955. vember 1953. 65 pages. 8 pages. FINANCING OF LARGE CORPORATIONS IN 1954. FEDERAL RESERVE MONTHLY INDEX OF INDUS- June 1955. 8 pages. TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. SELECTED LIQUID ASSET HOLDINGS OF INDIVID- UALS AND BUSINESSES. July 1955. 2 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STALMENT CREDIT. January 1954. 14 pages. (Also, similar article from July 1954 BULLE- TIN) NEW INDEXES OF OUTPUT OF CONSUMER DUR- A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- ABLE GOODS. May 1954. 15 pages. (Also, COUNTS, ANNUAL ESTIMATES, 1939-54. Octosimilar reprint from October 1951 BULLETIN) ber 1955. 40 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- BALANCE OF INTERNATIONAL PAYMENTS IN 1954tember 1954. 10 pages. 55. October 1955. 8 pages. RECENT FINANCIAL CHANGES IN WESTERN GER- MONETARY POLICY AND THE REAL ESTATE MAR- MANY. October 1954. 10 pages. KETS. December 1955. 6 pages. 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. J. L. ROBERTSON JAMES K. VARDAMAN, JR. CHAS. N. SHEPARDSON 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 CHARLES MOLONY, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director S. R. CARPENTER, Secretary J. E. HORBETT, Associate Director MERRITT SHERMAN, Assistant Secretary LOWELL MYRICK, Assistant Director KENNETH A. KENYON, Assistant Secretary CLARKE L. FAUVER, Assistant Secretary GERALD M. CONKLING, Assistant Director JOHN R. FARRELL, Assistant Director LEGAL DIVISION DIVISION OF EXAMINATIONS GEORGE S. SLOAN, Director GEORGE B. VEST, General Counsel C. C. HOSTRUP, Assistant Director FREDERIC SOLOMON, Assistant General Counsel FRED A. NELSON, Assistant Director HowARDH.HACKLEY,;4mstaftf General Counsel ARTHUR H. LANG, Chief Federal Reserve DAVID B. HEXTER, Assistant General Counsel Examiner G. HOWLAND CHASE, Assistant General Counsel ROBERT C. MASTERS, Assistant Director JEROME W. SHAY, Assistant General Counsel GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser on Economic Research DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Assistant Director LISTON P. BETHEA, Director SUSAN S. BURR, Assistant Director JOSEPH E. KELLEHER, Assistant Director GUY E. NOYES, 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 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 FEDERAL RESERVE BULLETIN • JANUARY 1956 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALLAN SPROUL, Vice Chairman C. CANBY BALDERSTON W. H. IRONS CHAS. N. SHEPARDSON C. E. EARHART HUGH LEACH M. S. SZYMCZAK W. D. FULTON A. L. MILLS, JR. JAMES K. VARDAMAN, JR. J. L. ROBERTSON WINFIELD W. RIEFLER, Secretary L. MERLE HOSTETLER, Associate Economist ELLIOTT THURSTON, Assistant Secretary MORGAN H. RICE, Associate Economist GEORGE B. VEST, General Counsel H. V. ROELSE, Associate Economist FREDERIC SOLOMON, Assistant General Counsel O. P. WHEELER, Associate Economist WOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist J. DEWEY DAANE, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account Federal Advisory Council WILLIAM D. IRELAND, BOSTON HOMER J. LIVINGSTON, CHICAGO ADRIAN M. MASSIE, NEW YORK LEE P. MILLER, ST. LOUIS WILLIAM R. K. MITCHELL, PHILADELPHIA JULIAN B. BAIRD, MINNEAPOLIS FRANK R. DENTON, CLEVELAND R. CROSBY KEMPER, KANSAS CITY ROBERT V. FLEMING, RICHMOND GEO. G. MATKIN, DALLAS COMER J. KIMBALL, ATLANTA FRANK L. KING, SAN FRANCISCO WILLIAM J. KORSVIK, Acting Secretary *> Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent James R. Killian, Jr., Deputy Chairman Frederick S. Blackall, jr. Harold I. Chandler Harvey P. Hood Lloyd D. Brace Oliver B. Ellsworth Harry E. Umphrey (Vacancy) J. A. Erickson, President Alfred C. Neal, First Vice President Vice Presidents D. H. Angney E. O. Latham O. A. Schlaikjer Carl B. Pitman District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS Jay E. Crane, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman John E. Bierwirth John R. Evans Howard C. Sheperd Ferd I. Collins Clarence Francis Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 89 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Allan Sproul, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby H. V. Roelse T. G. Tiebout John Exter Robert G. Rouse V. Willis H. H. Kimball I. B. Smith, in charge R. B. Wiltse A. Phelan of Buffalo Branch J. H. Wurts BUFFALO BRANCH—BOARD OF DIRECTORS Leland B. Bryan Ralph F. Peo Robert C. Tait, Robert L. Davis John W. Remington Chairman Charles H. Diefendorf Clayton G. White District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS William J. Meinel, Chairman and Federal Reserve Agent Henderson Supplee, Jr., Deputy Chairman W. Elbridge Brown Bayard L. England Warren C. Newton Lester V. Chandler Lindley S. Hurfl Charles E. Oakes Wm. Fulton Kurtz Alfred H. Williams, President W. J. Davis, First Vice President Vice Presidents Karl R. Bopp E. C. Hill P. M. Poorman Robert N. Hilkert Wm. G. McCreedy J. V. Vergari District 4—FEDERAL RESERVE BANK OF CLEVELAND BOARD OF DIRECTORS John C. Virden, Chairman and Federal Reserve Agent Arthur B. Van Buskirk, Deputy Chairman King E. Fauver Charles Z. Hardwick Alexander E. Walker Joseph B. Hall Edison Hobstetter Frank J. Welch J. Brenner Root W. D. Fulton, President Donald S. Thompson, First Vice President Vice Presidents Dwight L. Allen J. W. Kossin, in charge of Martin Morrison Roger R. Clouse Pittsburgh Branch H. E. J. Smith R. G. Johnson, in charge of A. H. Laning Paul C. Stetzelberger Cincinnati Branch CINCINNATI BRANCH—BOARD OF DIRECTORS Leonard M. Campbell Bernard H. Geyer Ivan Jett Roger Drackett Anthony Haswell, Chairman William A. Mitchell W. Bay Irvine PITTSBURGH BRANCH—BOARD OF DIRECTORS John H. Lucas Sumner E. Nichols John C. Warner Douglas M. Moorhead Albert L. Rasmussen Irving W. Wilson Henry A. Roemer, Jr., Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 FEDERAL RESERVE BULLETIN • JANUARY 1956 District 5—FEDERAL RESERVE BANK OF RICHMOND BOARD OF DIRECTORS John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman Daniel W. Bell ' Joseph E. Healy Robert O. Huffman D. W. Colvard L. Vinton Hershey W. A. L. Sibley (Vacancy) Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of James M. Slay R. L. Cherry, in charge of Baltimore Branch C. B. Strathy Charlotte Branch Aubrey N. Heflin Chas. W. Williams Upton S. Martin BALTIMORE BRANCH—BOARD OF DIRECTORS Theodore E. Fletcher Charles W. Hoff Stanley B. Trott Wm. Purnell Hall Charles A. Piper Clarence R. Zarfoss John W. Stout CHARLOTTE BRANCH—BOARD OF DIRECTORS Archie K. Davis Ernest Patton G. G. Watts William H. Grier I. W. Stewart T. Henry Wilson Paul T. Taylor District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter A. B. Freeman W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents V. K. Bowman John L. Liles, Jr. L. B. Raisty J. E. Denmark R. E. Moody, Jr., in charge Earle L. Rauber H. C. Frazer, in charge of of Nashville Branch S. P. Schuessler Birmingham Branch Harold T. Patterson M. L. Shaw, in charge T. A. Lanford, in charge of of New Orleans Jacksonville Branch Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Edwin C. Bottcher John Will Gay Malcolm A. Smith Robert M. Cleckler E. W. McLeod Adolf Weil, Sr., (Vacancy) Chairman JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James L. Niblack Harry M. Smith W. E. Ellis J. Wayne Reitz McGregor Smith, James G. Garner Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 91 District 6—FEDERAL RESERVE BANK OF ATLANTA-Conthmed NASHVILLE BRANCH—BOARD OF DIRECTORS Stewart Campbell A. Carter Myers Frank B. Ward, J. R. Kellam, Jr. W. E. Tomlinson Chairman Ernest J. Moench C. L. Wilson NEW ORLEANS BRANCH—BOARD OF DIRECTORS William J. Fischer Leon J. Minvielle H. A. Pharr Joel L. Fletcher, Jr. (Vacancy) E. E. Wild, D. U. Maddox Chairman District 7—FEDERAL RESERVE BANK OF CHICAGO BOARD OF DIRECTORS Bert R. Prall, Chairman and Federal Reserve Agent Carl E. Allen, Jr., Deputy Chairman Walter J. Cummings William A. Hanley Nugent R. Oberwortmann William J. Grede Walter E. Hawkinson J. Stuart Russell Vivian W. Johnson C. S. Young, President E. C. Harris, First Vice President Vice Presidents Neil B. Dawes C. T. Laibly R. A. Swaney, in charge W. R. Diercks George W. Mitchell of Detroit Branch A. M. Gustavson H. J. Newman W. W. Turner A. L. Olson DETROIT BRANCH—BOARD OF DIRECTORS William M. Day Ira A. Moore Ernest W. Potter John A. Hannah Howard P. Parshall J. Thomas Smith Raymond T. Perring District 8—FEDERAL RESERVE BANK OF ST. LOUIS BOARD OF DIRECTORS M. Moss Alexander, Chairman and Federal Reserve Agent Caffey Robertson, Deputy Chairman S. J. Beauchamp, Jr. J. E. Etherton Louis Ruthenburg Phil E. Chappell William A. McDonnell Leo J. Wieck Joseph H. Moore Delos C. Johns, President Frederick L. Deming, First Vice President Vice Presidents Wm. J. Abbott, Jr. Darryl R. Francis, in charge Wm. E. Peterson Fred Burton, in charge of of Memphis Branch H. H. Weigel Little Rock Branch Dale M. Lewis J. C. Wotawa Victor M. Longstreet, in charge of Louisville Branch LITTLE ROCK BRANCH—BOARD OF DIRECTORS Donald Barger H. C. McKinney, Jr. J. V. Satterfield, Jr. E. C. Benton Shuford R. Nichols A. Howard Stebbins, Jr. (Vacancy) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 FEDERAL RESERVE BULLETIN • JANUARY 1956 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks Pierre B. McBride J. D. Monin, Jr. Magnus J. Kreisle W. Scott Mclntosh Noel Rush M. C. Minor MEMPHIS BRANCH—BOARD OF DIRECTORS Henry Banks A. E. Hohenberg John D. Williams J. H. Harris John A. McCall John K. Wilson William B. Pollard District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS BOARD OF DIRECTORS Leslie N. Perrin, Chairman and Federal Reserve Agent O. B. Jesness, Deputy Chairman John E. Corette Thomas G. Harrison Joseph F. Ringland F. Albee Flodin Ray C. Lange Harold N. Thomson Harold C. Refling O. S. Powell, President A. W. Mills, First Vice President Vice Presidents Kyle K. Fossum, in charge E. B. Larson Otis R. Preston of Helena Branch H. G. McConnell M. H. Strothman, Jr. C. W. Groth Sigurd Ueland HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel Geo. N. Lund Carl McFarland J. Willard Johnson George R. Milburn District 10—FEDERAL RESERVE BANK OF KANSAS CITY BOARD OF DIRECTORS Raymond W. Hall, Chairman and Federal Reserve Agent Joe W. Seacrest, Deputy Chairman K. S. Adams E. M. Dodds Max A. Miller W. L. Bunten W. S. Kennedy Oliver S. Willham Harold Kountze H. G. Leedy, President Henry O. Koppang, First Vice President Vice Presidents J. T. Boysen R. L. Mathes, in charge Clarence W. Tow P. A. Debus, in charge of Oklahoma City Branch E. D. Vanderhoof of Omaha Branch Cecil Puckett, in charge D. W. Woolley of Denver Branch DENVER BRANCH—BOARD OF DIRECTORS Merriam B. Berger Ralph S. Newcomer Aksel Nielsen, Chairman Arthur Johnson Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman Phil H. Lowery R. Otis McClintock George R. Gear F. M. Overstreet Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 93 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr., George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford D. A. Hulcy J. B. Thomas Henry P. Drought J. Edd McLaughlin Sam D. Young W. L. Peterson Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of T. W. Plant Howard Carrithers, in charge San Antonio Branch L. G. Pondrom of El Paso Branch W. H. Holloway Morgan H. Rice J. L. Cook, in charge of Harry A. Shuford Houston Branch EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton James A. Dick D. F. Stahmann John P. Butler Thomas C. Patterson E, J. Workman J. M. Sakrison HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan Herbert G. Sutton L. R. Bryan, Jr. John C. Flanagan Tyrus R. Timm S. Marcus Greer SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres E. C. Breedlove Alex R. Thomas J. W. Beretta Burton Dunn Harold Vagtborg V. S. Marett District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard Alden G. Roach Philip I. Welk John A. Schoonover C. E. Earhart, President H. N. Mangels, First Vice President Vice Presidents J. M. Leisner, in charge of J. A. Randall, in charge of Eliot J. Swan Seattle Branch Portland Branch W. F. Volberg, E. R. Millard H. F. Slade in charge of W. L. Partner, in charge of Los Angeles Branch Salt Lake City Branch O. P. Wheeler Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 FEDERAL RESERVE BULLETIN • JANUARY 1956 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Charles Detoy Hugh C. Gruwell Shannon Crandall, Jr., Chairman James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley John B. Rogers William H. Steiwer, Sr., J. H. McNally E. C. Sammons Chairman SALT LAKE CITY BRANCH—BOARD OF DIRECTORS Harry Eaton Russell S. Hanson Joseph Rosenblatt, Chairmi George S. Eccles Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS James Brennan S. B. Lafromboise Ralph Sundquist, Charles F. Frankland D. K. MacDonald Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES Acceptances, bankers', 34, 35 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 30 Adjusted, and currency, 26 Agriculture, Govt. agency loans, 38, 39 Banks, by classes, 27, 31, 33 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 21, 22, 74 claims reported by banks): Postal savings, 20, 26 Banks and the monetary system, consolidated, 26 Turnover of, 24 Corporate, current, 46 Deposits, reserves, and borrowings, by class of mem- Domestic banks, by classes, 27, 30, 32 ber bank, 19 Federal Reserve Banks, 21, 22 Discount rates, 20, 83 Foreign central banks, 78 Discounts and advances by Federal Reserve Govt. corporations and credit agencies, by type Banks, 17, 21 and agency, 38, 39 Dividends, corporate, 45, 46 Automobiles: Dollar assets, foreign, 74, 77 Consumer instalment credit, 50, 51, 52 Dwelling units started, 59 Production index, 55, 58 Earnings and hours, manufacturing industries, 53, 61 Bankers' balances, 31, 33 Employment, 53, 61 (See also Foreign liabilities and claims reported by Export-Import Bank, loans, etc., 38, 39 banks) Farm mortgage loans, 38, 47, 48 Banks and the monetary system, consolidated state- Federal credit agencies (See Govt. agencies) ment, 26 Federal Deposit Insurance Corporation, Bonds (See also U. S. Govt. securities): assets, etc., 38, 39 New issues, 44, 46 Federal finance: Prices and yields, 35, 36 Cash transactions, 40 Brokers and dealers in securities, bank loans to, 30, 32 Receipts and expenditures, 41 Business expenditures on new plant and equipment, 46 Treasurer's balance, 40 Business indexes, 53 Federal home loan banks, loans, etc., 38, 39, 49 Business loans (See Commercial and industrial loans) Federal Housing Administration, loans, etc., 38, 39, Capital accounts: 47, 48, 49 Banks, by classes, 27, 31, 33 Federal National Mortgage Association, Federal Reserve Banks, 21, 22 loans, etc., 38, 39, 49 Carloadings, 53 Federal Reserve Banks: Central banks, foreign, 76, 78, 83 Condition statement, 21, 22 Coins, circulation of, 25 U. S. Govt. securities held by, 17, 21, 22, 42, 43 Commercial banks: Federal Reserve credit, 17, 21, 22 Assets and liabilities, 27, 30 Federal Reserve notes, 21, 22, 23, 25 Consumer loans held, by type, 51 Finance company paper, 34, 35 Number, by classes, 27 Foreign central banks, 76, 78, 83 Real estate mortgages held, by type, 47 Foreign deposits in U. S. banks, 17, 21, 22, 26, 31, 33 Commercial and industrial loans: Foreign exchange rates, 84 Commercial banks, 30 Foreign liabilities and claims reported by banks, 70, Weekly reporting member banks, 32, 34 72, 74 Commercial paper, 34, 35 Foreign trade, 63 Commodity Credit Corporation, loans, etc., 38, 39 Gold: Condition statements (See Assets and liabilities) Earmarked, 75 Construction, 53, 58, 59 Net purchases by U. S., 75 Consumer credit: Production, 74, 75 Instalment credit, 50, 51, 52 Reserves of central banks and governments, 76 Major parts, 50 Reserves of foreign countries and international Noninstalment credit, by holder, 51 institutions, 77 Ratio of collections to accounts receivable, 52 Stock, 17, 26, 75 Consumer durable goods output indexes, 58 Gold certificates, 21, 22, 23, 25 Consumer price indexes, 53, 64 Govt. agencies, assets and liabilities, by type and Consumption expenditures, 66, 67 agency, 38, 39 Corporate sales, profits, taxes, and dividends, 45, 46 Govt. debt (See U. S. Govt. securities) Corporate security issues, 44, 46 Gross national product, 66, 67 Corporate security prices and yields, 35, 36 Cost of living (See Consumer price indexes) Home owners, Govt. agency loans, 38, 39 Currency in circulation, 17, 25 Hours and earnings, manufacturing industries, 53, 61 Customer credit, stock market, 36 Industrial advances by Federal Reserve Banks, 21, 22, Debits to deposit accounts, 24 23, 24 Demand deposits: Industrial production indexes, 53, 54, 58 Adjusted, banks and the monetary system, 26 Instalment loans, 50, 51, 52 Adjusted, commercial banks, by classes, 31 Insurance companies, 37, 42, 43, 48 Banks, by classes, 27, 33 Insured commercial banks, 29, 30 Type of holder, at commercial banks, 31 Interbank deposits, 27, 31, 33 Department stores: Interest rates: Merchandising data, 63 Bond yields, 35 Sales, 53, 62 Business loans by banks, 35 Stocks, 62 Federal Reserve rates, 20, 24 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN • JANUARY 1956 INDEX TO STATISTICAL TABLES—Continued Interest rates—continued Regulation V, loan guarantees, 23, 24 Foreign countries, 83 Reserve requirements, member banks, 20 Open market, 35, 83 Reserves: Regulation V loans, 24 Commercial banks, 31 Stock yields, 35 Federal Reserve Banks, 21, 22 Time deposits, maximum rates, 20 Foreign central banks and governments, 76 International capital transactions of the U. S., 70 Foreign countries and international International financial institutions, 76, 77, 78 institutions, 77 Inventories, 67 Member banks, 17, 19, 21, 22, 31, 33 Investments (See also specific types of investments): Residential mortgage loans, 47, 48, 49 Banks, by classes, 27, 30, 32 Sales finance companies, consumer loans of, 50, 51 Federal Reserve Banks, 21, 22 Savings, 66 Govt. agencies, etc., 38, 39 Savings deposits (See Time deposits) Life insurance companies, 37 Savings institutions, principal assets, 37 Savings and loan associations, 37 Savings and loan associations, 37, 48 Labor force, 60 Securities, international transactions, 73, 74 Loans (See also specific types of loans): Security issues, 44, 46 Banks, by classes, 27, 30, 32 Silver coin and silver certificates, 25 Federal Reserve Banks, 17, 19, 21, 22, 23, 24 State member banks, 29 Govt. agencies, etc., 38, 39 State and municipal securities: Insurance companies, 37, 48 New issues, 44 Savings and loan associations, 37, 48 Prices and yields, 35, 36 Loans insured or guaranteed, 23, 47, 48, 49 States and political subdivisions: Deposits of, 31, 33 Manufacturers, production indexes, 53, 54, 58 Holdings of U. S. Govt. securities, 42 Margin requirements, 20 Ownership of obligations of, 30, 37 Member banks: Stock market credit, 36 Assets and liabilities, by classes, 27, 30 Stocks: Borrowings at Federal Reserve Banks, 17, 19 New issues, 44 Deposits and reserves, by classes, 19 Prices and yields, 35, 36 Number, by classes, 27 Reserve requirements, by classes, 20 Tax receipts, Federal, 41 Reserves and related items, 17 Time deposits, 19, 20, 26, 27, 31, 33 Weekly reporting series, 32 Treasurer's account balance, 40 Minerals, production indexes, 53, 54 Treasury cash, 17, 26 Money rates (See Interest rates) Treasury currency, 17, 25, 26 Mortgages (See Real estate loans) Treasury deposits, 17, 21, 22, 40 Mutual savings banks, 26, 27, 29, 42, 43, 47 Unemployment, 60 National banks, 29 U. S. Govt. balances: National income, 66 Commercial bank holdings, by classes, 31, 33 National security expenditures, 41, 67 Consolidated monetary statement, 26 Nonmember banks, 21, 29, 30 Treasury deposits at Federal Reserve Banks, 17, 21, 22, 40 Payrolls, manufacturing, index, 53 U. S. Govt. securities: Personal income, 67 Bank holdings, 26, 27, 30, 32, 42, 43 Postal Savings System, 20, 26 Federal Reserve Bank holdings, 17, 21, 22, 42, 43 Prices: International transactions, 73 Consumer, 53, 64 New issues, gross proceeds, 44 Security, 36 Outstanding, by type of security, 42, 43 Wholesale commodity, 53, 64 Ownership of, 42, 43 Production, 53, 54, 58 Prices and yields, 35, 36 Profits, corporate, 45, 46 United States notes, outstanding and Real estate loans: in circulation, 25 Commercial banks, 30, 32, 47 Veterans Administration, loans, etc., 38, 39, 47, 48 Type of mortgage holder, 47, 48, 49 Type of property mortgaged, 47, 48, 49 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(6 THE FEDERAL RESERVE SYSTEM e) -Ct BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Legend > Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis